# EDGAR Filing Document

**Accession Number:** 0000766351
**File Stem:** 0001410368-25-025643
**Filing Date:** 2025-11
**Character Count:** 522790
**Document Hash:** d3c813df3a0075df711f1ca696fd32fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-025643.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001410368-25-025643

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Securian Funds Trust
- **CENTRAL INDEX KEY:** 0000766351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04279
- **FILM NUMBER:** 251492811

**BUSINESS ADDRESS:**
- **STREET 1:** 400 N ROBERT ST
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101
- **BUSINESS PHONE:** 6516656918

**MAIL ADDRESS:**
- **STREET 1:** 400 ROBERT STREET NORTH
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101-2098

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVANTUS SERIES FUND INC
- **DATE OF NAME CHANGE:** 19970609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIMLIC SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SFT Index 500 Fund (Series ID: S000024507)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000072680 | Class 1      |  |
| C000072681 | Class 2      |  |

## Nport-Ex

SFT Balanced Stabilization Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value(a)** |
| **Long-Term Debt Securities (31.9%)** | **Long-Term Debt Securities (31.9%)** | **Long-Term Debt Securities (31.9%)** |
| &nbsp;&nbsp;&nbsp;**Government Obligations (1.7%)** | &nbsp;&nbsp;&nbsp;**Government Obligations (1.7%)** | &nbsp;&nbsp;&nbsp;**Government Obligations (1.7%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations (1.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations (1.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations (1.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation (0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation (0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation (0.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/43 | $40446 | $37264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/44 | 41057 | 38681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/44 | 40301 | 37959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/44 | 44021 | 41463 |
|  |  | 155367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/43 | 61466 | 56568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/43 | 19975 | 18390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/43 | 92587 | 85165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/42 | 40456 | 38287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/43 | 48884 | 46556 |
|  |  | 244966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury (1.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury (1.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury (1.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/42 | 5530000 | 5110066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | 1200000 | 1061062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.875%, 12/31/27 | 3350000 | 3368975 |
|  |  | 9540103 |
| &nbsp;&nbsp;&nbsp;**Total government obligations (cost: $10,439,600)** |  | **9940436** |
| &nbsp;&nbsp;&nbsp;**Other Mortgage-Backed Securities (0.2%)** | &nbsp;&nbsp;&nbsp;**Other Mortgage-Backed Securities (0.2%)** | &nbsp;&nbsp;&nbsp;**Other Mortgage-Backed Securities (0.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank, Series 2019-BN18, Class A4, 3.584%, 05/15/62 | 1500000 | 1436727 |
| &nbsp;&nbsp;&nbsp;**Total other mortgage-backed securities (cost: $1,541,754)** |  | **1436727** |
| &nbsp;&nbsp;&nbsp;**Corporate Obligations (30.0%)** | &nbsp;&nbsp;&nbsp;**Corporate Obligations (30.0%)** | &nbsp;&nbsp;&nbsp;**Corporate Obligations (30.0%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic Materials (0.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic Materials (0.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic Materials (0.7%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co., 5.450%, 11/15/33 | 200000 | 206462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yara International ASA, 3.148%, 06/04/30 (b) | 1000000 | 939182 |
|  |  | 1145644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining (0.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital PLC, 2.625%, 09/10/30 (b) | 2000000 | 1835986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury Pty. Ltd., 6.125%, 04/15/32 (b) | 1000000 | 1033379 |
|  |  | 2869365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications (2.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications (2.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications (2.3%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media (0.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media (0.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media (0.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/15/28 | 1500000 | 1477166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.834%, 10/23/55 | 1000000 | 1019011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.887%, 11/01/51 | 1319000 | 811487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.937%, 11/01/56 | 327000 | 193976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 08/15/34 (c) | 500000 | 478304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co., 4.950%, 10/15/45 | 500000 | 475102 |
|  |  | 4455046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.875%, 08/22/37 | 1000000 | 922558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., 4.875%, 04/15/28 | 2000000 | 2044526 |
|  |  | 2967084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunication (1.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunication (1.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunication (1.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/01/33 | 943000 | 802996 |

---

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/15/55 | 1405000 | 967367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/01/57 | 75000 | 53412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/35 | 1000000 | 966159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 2.700%, 03/15/32 | 1000000 | 896531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 11/20/40 | 1000000 | 723258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.987%, 10/30/56 | 1194000 | 735579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/20/60 | 2000000 | 1211880 |
|  |  | 6357182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Cyclical (1.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Cyclical (1.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Cyclical (1.8%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Manufacturers (0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Manufacturers (0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Manufacturers (0.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.000%, 04/09/27 | 2000000 | 2018624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd., 5.150%, 09/13/34 | 1000000 | 994345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines (0.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines (0.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines (0.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada Pass-Through Trust, Series 2015-2, Class A, 4.125%, 06/15/29 (b) | 626856 | 610194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29 | 549917 | 536054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/28 (b) | 2000000 | 2011329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, Series 2018-1, Class AA, 3.500%, 09/01/31 | 791125 | 759089 |
|  |  | 3916666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail (0.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 04/15/46 | 2000000 | 1535565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 04/15/53 | 2250000 | 2234590 |
|  |  | 3770155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical (5.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical (5.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical (5.8%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Operations (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Operations (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Operations (0.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/25/51 (b) | 1000000 | 677829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/22/52 (b) | 2150000 | 1852397 |
|  |  | 2530226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages (0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages (0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages (0.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 5.250%, 11/15/48 | 2050000 | 1907715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (1.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (1.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (1.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 4.050%, 08/18/29 | 2000000 | 1991354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., 3.700%, 03/15/32 | 2000000 | 1869309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., 4.600%, 09/01/35 | 2000000 | 1977551 |
|  |  | 5838214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services (0.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services (0.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services (0.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital, Inc., 5.500%, 08/11/32 (b) | 2000000 | 2069365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 04/01/26 | 750000 | 750845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 08/15/29 | 1500000 | 1534617 |
|  |  | 4354827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc., 3.000%, 02/01/51 | 1002000 | 653224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co., 5.150%, 08/01/43 | 1100000 | 1042454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars, Inc., 3.950%, 04/01/49 (b) | 1000000 | 800478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., 5.150%, 08/15/44 | 1000000 | 936492 |
|  |  | 3432648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, 4.750%, 11/30/36 | 1000000 | 1009067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (0.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., 2.625%, 08/01/31 | 2000000 | 1720559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.375%, 12/01/47 | 1000000 | 833447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 6.000%, 04/01/54 | 1500000 | 1502410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novant Health, Inc., 2.637%, 11/01/36 | 1000000 | 799904 |
|  |  | 4856320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp., 3.900%, 05/04/47 | 1000000 | 807408 |

---

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., 4.150%, 03/15/47 | $1000000 | $805379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (1.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (1.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (1.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 11/06/42 | 1000000 | 900958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/14/46 | 1000000 | 884548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co., 4.298%, 08/22/32 | 2000000 | 1968740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 5.200%, 02/22/34 | 1000000 | 1036951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Pass-Through Trust, 6.943%, 01/10/30 | 82735 | 86362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mead Johnson Nutrition Co., 5.900%, 11/01/39 | 1000000 | 1061435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 | 2000000 | 2044474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc., 4.000%, 06/22/50 | 2000000 | 1363060 |
|  |  | 9346528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy (1.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy (1.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy (1.7%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas (0.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp., 6.100%, 02/15/35 | 1000000 | 1022184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27 | 1000000 | 986040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 4.234%, 11/06/28 | 1000000 | 1004951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc., 3.900%, 05/15/27 | 1000000 | 993638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 4.650%, 11/15/34 | 1000000 | 976354 |
|  |  | 4983167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pipelines (0.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pipelines (0.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pipelines (0.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.900%, 03/15/35 | 1000000 | 973185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35 | 250000 | 264063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.300%, 12/01/34 | 750000 | 764807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.950%, 09/01/32 | 2000000 | 2006306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.950%, 09/30/34 (b) | 1000000 | 1030927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 3.750%, 06/15/27 | 500000 | 496688 |
|  |  | 5535976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial (9.9%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial (9.9%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial (9.9%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks (6.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks (6.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks (6.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series L, 4.183%, 11/25/27 | 1000000 | 1000525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.244%, 04/24/38 (3-Month USD TERM SOFR + 2.076%) (d) | 1000000 | 932356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.948%, 07/22/28 (SOFRRATE + 2.040%) (d) | 1500000 | 1521858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.442%, 02/07/28 (3-Month USD TERM SOFR + 1.331%) (d) | 1000000 | 993288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J, 4.967%, 04/26/34 (SOFRRATE + 1.606%) (d) | 1500000 | 1528696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834%, 10/25/33 (SOFRRATE + 2.074%) (d) | 1000000 | 1077296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One NA, Series BKNT, 4.250%, 03/13/26 | 500000 | 499789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.980%, 03/20/30 (3-Month USD TERM SOFR + 1.600%) (d) | 1000000 | 988133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 07/23/48 | 1250000 | 1114803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/18/46 | 1200000 | 1065095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comerica Bank, 5.332%, 08/25/33 (SOFRRATE + 2.610%) (d) | 2000000 | 1999127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 6.361%, 10/27/28 (SOFRRATE + 2.192%) (d) | 1000000 | 1042897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Republic Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/01/46 (e) | 575000 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/13/47 (e) | 1379000 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 01/26/27 | 1000000 | 997324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.482%, 08/23/28 (SOFRRATE + 1.725%) (d) | 2000000 | 2012804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 05/22/45 | 1000000 | 940163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.328%, 04/22/52 (SOFRRATE + 1.580%) (d) | 2000000 | 1431135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.897%, 01/23/49 (3-Month USD TERM SOFR + 1.482%) (d) | 1000000 | 805442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank NA, 4.390%, 12/14/27 | 3000000 | 3016442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp., 4.553%, 08/16/28 (SOFRRATE + 1.780%) (d) | 3000000 | 3019153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.802%, 01/25/52 (SOFRRATE + 1.430%) (d) | 2000000 | 1290156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.342%, 10/18/33 (SOFRRATE + 2.560%) (d) | 1000000 | 1098710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.050%, 07/26/28 | 1000000 | 997629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 6.123%, 11/21/34 (SOFRRATE + 1.958%) (d) | 1500000 | 1623617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.867%, 06/08/34 (SOFRRATE + 2.361%) (d) | 1000000 | 1059613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.123%, 10/28/33 (SOFRRATE + 2.300%) (d) | 2000000 | 2155092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp, 5.850%, 10/21/33 (SOFRRATE + 2.090%) (d) | 1000000 | 1066658 |

---

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Fund Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.068%, 04/30/41 (SOFRRATE + 2.530%) (d) | 1600000 | 1241838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/07/46 | 2300000 | 2040259 |
|  |  | 38561840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services (1.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services (1.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services (1.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 05/03/27 | 1000000 | 989844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 12/03/42 | 1000000 | 866442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 02/09/27 | 1000000 | 998449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.468%, 02/01/29 (SOFRRATE + 2.080%) (d) | 1500000 | 1538645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Corp., 3.500%, 04/06/27 | 1000000 | 993150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc., 4.350%, 06/15/29 | 3000000 | 3026646 |
|  |  | 8413176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance (1.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance (1.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance (1.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc., 4.500%, 06/15/47 | 1000000 | 836359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Finance LLC, 4.011%, 12/15/26 (c) | 1000000 | 998229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., 4.350%, 01/30/47 | 500000 | 427283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 1.550%, 01/07/31 (b) | 3000000 | 2619886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp., 5.750%, 03/28/34 | 1500000 | 1563656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 1.500%, 08/27/30 (b) | 3000000 | 2620238 |
|  |  | 9065651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust — Health Care (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust — Health Care (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust — Health Care (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29 | 500000 | 501730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOC Dr. LLC, 4.300%, 03/15/27 | 1000000 | 1000371 |
|  |  | 1502101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (0.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., 3.375%, 10/15/26 | 1000000 | 992550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc., 4.750%, 05/15/47 | 1000000 | 879699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (b) | 500000 | 464644 |
|  |  | 2336893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials (2.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials (2.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials (2.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (0.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp., 1.850%, 06/15/30 | 1000000 | 902647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 05/04/47 | 500000 | 406808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/16/28 | 1500000 | 1501988 |
|  |  | 2811443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH America Finance, Inc., 4.400%, 05/09/47 (b) | 1000000 | 852108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (0.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd., 4.875%, 06/15/29 | 1000000 | 1010751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 3.600%, 01/15/30 | 2000000 | 1929179 |
|  |  | 2939930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc., 3.750%, 12/01/27 | 1000000 | 992515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging & Containers (0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging & Containers (0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging & Containers (0.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Finance USA, Inc., 4.500%, 05/15/28 | 1000000 | 1004295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 6.875%, 07/15/33 (b) | 1000000 | 1085997 |
|  |  | 2090292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation (0.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co., 4.300%, 05/15/43 | 250000 | 216613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp., 4.400%, 01/15/47 (b) | 1000000 | 820596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp., 5.375%, 06/01/33 | 2500000 | 2593371 |
|  |  | 3630580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucking & Leasing (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucking & Leasing (0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucking & Leasing (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GATX Corp., 4.550%, 11/07/28 | 1000000 | 1005802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology (2.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology (2.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology (2.0%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computers (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computers (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computers (0.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 4.375%, 05/13/45 (c) | 1000000 | 903774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 6.200%, 07/15/30 | 2000000 | 2145970 |

---

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos, Inc., 4.375%, 05/15/30 | 2000000 | 1993985 |
|  |  | 5043729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment (0.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment (0.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.419%, 04/15/33 (b) | 2000000 | 1850966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., 2.703%, 04/15/32 | 2000000 | 1779711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc., 4.650%, 05/20/35 | 1000000 | 1005145 |
|  |  | 4635822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 3.800%, 11/15/37 | 1000000 | 864315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware LLC, 1.400%, 08/15/26 | 1800000 | 1760319 |
|  |  | 2624634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities (3.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities (3.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities (3.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities (2.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities (2.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities (2.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama Power Co., 3.125%, 07/15/51 | 2000000 | 1352847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Illinois Co., 3.700%, 12/01/47 | 1000000 | 781501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co., 4.350%, 11/15/45 | 1000000 | 844879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52 | 3150000 | 2863268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.500%, 08/15/32 | 1000000 | 993888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 5.950%, 11/15/52 | 1000000 | 1051403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 3.600%, 09/15/47 | 1000000 | 758281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 3.450%, 12/01/27 | 3000000 | 2944114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern States Power Co., 3.750%, 12/01/47 | 1000000 | 740914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power Corp., 4.250%, 04/01/46 | 800000 | 634801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Gas & Electric Co., 4.150%, 04/01/47 | 500000 | 412949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric Co., 5.250%, 01/15/54 | 1500000 | 1432754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co., 3.950%, 09/01/32 | 3000000 | 2879561 |
|  |  | 17691160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (0.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp., 4.125%, 03/15/49 | 750000 | 614175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co., 4.750%, 09/01/28 | 1000000 | 1006958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Gas Light Co., Series K, 3.796%, 09/15/46 | 1000000 | 766619 |
|  |  | 2387752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Utilities (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Utilities (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Utilities (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp., 3.750%, 09/01/47 | 1000000 | 778053 |
| &nbsp;&nbsp;&nbsp;**Total corporate obligations (cost: $185,878,653)** |  | **181265067** |
| **Total long-term debt securities (cost: $197,860,007)** |  | **192642230** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Mutual Funds (61.5%)** | **Mutual Funds (61.5%)** | **Mutual Funds (61.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Companies (61.5%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Companies (61.5%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Companies (61.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF (c) (f) | 12940 | 8660742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFT Index 500 Fund, Class 1 (f) (g) (h) | 11295068 | 335898676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust (c) (f) | 34500 | 22983210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF (f) | 6700 | 4102946 |
| **Total mutual funds (cost: $103,555,136)** |  | **371645574** |
| **Short-Term Securities (4.6%)** | **Short-Term Securities (4.6%)** | **Short-Term Securities (4.6%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Companies (4.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 27844008 | 27844008 |
| **Total short-term securities (cost: $27,844,008)** |  | **27844008** |
| **Total investments excluding purchased options (98.0%) (cost: $329,259,151)** |  | **592131812** |
| **Total purchased options outstanding (0.1%) (cost: $638,959)** |  | **534128** |
| **Total investments in securities (cost: $329,898,110)** |  | **592665940** |
| **Cash and other assets in excess of liabilities (1.9%)** |  | **11628450** |
| **Total net assets (100.0%)** |  | $**604294390** |

---

---

| | |
|:---|:---|
| **Investments in Securities Legend** | **Investments in Securities Legend** |
| (a) | Securities are valued in accordance with 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. |

---

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

(f) Reports and other information about these investment companies are available in the EDGAR database on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

(g) Affiliated security.

(h) Non-income producing security.

**Holdings of Open Futures Contracts**

On September 30, 2025, securities with an aggregate market value of $32,896,003 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Number of<br> Contracts** | **Position<br> Type** | **Notional<br> Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)(a)** |
| 3-Month SOFR Future | December 2025 | 60 | Long | $14457931 | $14447250 | $(10681) |
| 2 Year U.S. Treasury Note | December 2025 | 25 | Long | 5220958 | 5209961 | (10997) |
| 5 Year U.S. Treasury Note | December 2025 | 215 | Long | 23579778 | 23476992 | (102786) |
| 10 Year U.S. Ultra | December 2025 | 110 | Long | 12552315 | 12658594 | 106279 |
| S&P 500 E-Mini Index Future | December 2025 | 287 | Long | 95367230 | 96701062 | 1333832 |
| Ultra U.S. Treasury Bond | December 2025 | 20 | Long | 2424427 | 2401250 | (23177) |
|  |  |  |  |  | $**154895109** | $**1292470** |

---

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional <br> Amount** | **Value(a)** |
| CBOE Volatility Index | $22 | November 2025 | 1730 | $173000 | $294100 |

---

**Put Options Purchased:**

The Fund had the following put options purchased open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Value(a)** |
| S&P 500 Index | $6290 | November 2025 | 46 | $4600 | $240028 |

---

**Call Options Written:**

The Fund had the following call options written open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Value(a)** |
| CBOE Volatility Index | $40 | November 2025 | 1730 | $173000 | $(107260) |

---

**Put Options Written:**

The Fund had the following put options written open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Value(a)** |
| S&P 500 Index | $5700 | November 2025 | 46 | $4600 | $(76130) |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund <br> Investments in Securities **<br> September 30, 2025 <br> (Unaudited)**<br> (Percentages of each investment category relate to total net assets)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value(a)** |
| **Long-Term Debt Securities (101.5%)** | **Long-Term Debt Securities (101.5%)** | **Long-Term Debt Securities (101.5%)** |
| &nbsp;&nbsp;&nbsp;**Government Obligations (62.7%)** | &nbsp;&nbsp;&nbsp;**Government Obligations (62.7%)** | &nbsp;&nbsp;&nbsp;**Government Obligations (62.7%)** |
| &nbsp;&nbsp;&nbsp;**Other Government Obligations (0.6%)** | &nbsp;&nbsp;&nbsp;**Other Government Obligations (0.6%)** | &nbsp;&nbsp;&nbsp;**Other Government Obligations (0.6%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial or Local Government Obligations (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial or Local Government Obligations (0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial or Local Government Obligations (0.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Valley Independent School District, GO, (PSF-GTD), 4.750%, 02/15/50 | $155000 | $157001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series E, 5.000%, 11/01/53 | 465000 | 481708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Series F-1, 5.000%, 02/01/51 | 415000 | 425690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, 5.000%, 03/15/54 | 295000 | 305033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/56 | 105000 | 108719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/59 | 105000 | 108464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.000%, 03/15/53 | 395000 | 404847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Independent School District, GO, (PSF-GTD), 5.000%, 02/15/55 | 225000 | 233840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas A&M University, Series D, 4.000%, 05/15/31 | 325000 | 324108 |
|  |  | 2549410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations (62.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations (62.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations (62.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of the United States (0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of the United States (0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of the United States (0.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of the U.S., 2.578%, 12/10/25 | 2619 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation (10.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation (10.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation (10.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/41 | 1369326 | 1183253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51 | 4429927 | 3593605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52 | 2488907 | 2016204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 1559210 | 1322074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 6689337 | 5666645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/42 | 225376 | 207747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/42 | 78361 | 72190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/43 | 112251 | 103306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/43 | 252198 | 232261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/43 | 397709 | 365894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/52 | 2842711 | 2521120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/32 | 50703 | 49796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/42 | 278685 | 265296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/42 | 230508 | 219434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/52 | 4606433 | 4218336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/40 | 215384 | 211071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/40 | 410425 | 399244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/41 | 100244 | 98113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/41 | 103064 | 100619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/52 | 5708542 | 5399515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/52 | 3022123 | 2860363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/52 | 3088247 | 2925656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/53 | 506335 | 478087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/40 | 30607 | 30768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/41 | 140503 | 140720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/41 | 92801 | 92906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/41 | 203020 | 203104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/41 | 178164 | 177943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/52 | 577194 | 563258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/52 (b) | 950105 | 926480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/52 | 3789913 | 3695286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/53 (b) | 1224902 | 1194572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/29 | 4488 | 4517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/35 | 32576 | 33385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 15282 | 15643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/35 | 33517 | 34378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 177104 | 181445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/40 | 56547 | 57934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/40 | 37083 | 37992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/55 | 1320375 | 1310643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/34 | 198148 | 201554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/34 | 55858 | 57876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/35 | 78198 | 81158 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/35 | 84049 | 87306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/38 | 47255 | 48828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/33 | 97004 | 99795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/32 | 10379 | 10711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/32 | 9040 | 9370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/36 | 57959 | 61286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/37 | 19969 | 20852 |
|  |  | 43889539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (10.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (10.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (10.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 2501998 | 2033803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51 | 11272788 | 9142366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 1003478 | 811486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52 | 2836938 | 2297697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 2174202 | 1844899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 497467 | 420122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 2285474 | 1937168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 3850162 | 3268414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/42 | 53522 | 49307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/46 | 47475 | 42940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/52 | 2090846 | 1840067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 4958836 | 4366827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 2138581 | 1884120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/52 | 380966 | 338415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/32 | 45198 | 44354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/40 | 192800 | 183977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/41 | 210159 | 200604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/41 | 242053 | 231130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/41 | 117221 | 111783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/41 | 733033 | 698271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/41 | 147493 | 140438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/42 | 75686 | 72128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/43 | 160329 | 152071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/43 | 195534 | 186222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/43 | 645838 | 605883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/40 | 27000 | 26215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/41 | 423284 | 412726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/41 | 106710 | 104046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/41 | 69460 | 67596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/42 | 206413 | 200876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/43 | 128611 | 124204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/35 | 56502 | 56953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/35 | 135657 | 135100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/37 | 49273 | 49113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/39 | 62262 | 62358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/41 | 493620 | 494409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/41 | 357110 | 357310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/47 | 141122 | 139529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/52 | 4974598 | 4851416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/53 | 838120 | 816749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/33 | 58725 | 59534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/34 | 46447 | 47636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/34 | 10448 | 10604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/34 | 56069 | 56533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/35 | 52052 | 53106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 23295 | 23835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/38 | 21842 | 22385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/38 | 47078 | 47972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/39 | 41834 | 42859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/39 | 135871 | 139229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/40 | 17821 | 18258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/41 | 163083 | 167082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/53 | 1907375 | 1899733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/33 | 218131 | 221521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/33 | 2408 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/33 | 20558 | 21039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/34 | 40246 | 41227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/34 | 39048 | 40335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/34 | 50574 | 51020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/34 | 35842 | 36393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/34 | 1140 | 1163 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/34 | $52431 | $54345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/34 | 17292 | 17711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/35 | 28436 | 29485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/35 | 65441 | 67708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/35 | 63066 | 65297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/35 | 2815 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/35 | 41141 | 41781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/35 | 86189 | 89365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/35 | 19152 | 19922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/36 | 37053 | 38049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/39 | 24404 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/53 | 902432 | 913113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/32 | 3971 | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/32 | 116902 | 119881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/32 | 156523 | 164308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/33 | 95070 | 97460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/33 | 45669 | 47116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/34 | 8944 | 9249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/34 | 8524 | 8935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/34 | 4736 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/34 | 33550 | 34897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/36 | 4588 | 4820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/37 | 63127 | 66523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/37 | 32125 | 33751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/38 | 44395 | 46783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/31 | 9832 | 10146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/32 | 64455 | 66513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/32 | 33683 | 35254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/32 | 8811 | 9092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/32 | 43466 | 44854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/32 | 35136 | 36258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/32 | 22752 | 23478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/32 | 26437 | 27281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/34 | 1710 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/34 | 2037 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/35 | 23978 | 25083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/37 | 39651 | 41804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/37 | 17238 | 18212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/01/31 | 17833 | 18622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 09/01/31 | 52794 | 55129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/31 | 37753 | 39422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/32 | 22457 | 23450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/01/32 | 2694 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/01/32 | 13199 | 13783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/01/31 | 9136 | 9159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/31 | 2931 | 2936 |
|  |  | 46321903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association (7.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 12/20/42 | 32564 | 27739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/16/44 | 516217 | 469251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/45 | 339732 | 306151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/15/45 | 704624 | 634970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/45 | 29837 | 26888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/20/33 | 49598 | 47931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/20/35 | 498389 | 478553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/20/35 | 282729 | 270638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/20/36 | 499855 | 478911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/40 | 41716 | 39220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/46 | 176214 | 162113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/49 | 475000 | 430094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/20/46 | 541819 | 507022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/31 | 114375 | 113804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/39 | 123117 | 117485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/40 | 279252 | 269023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/41 | 15016 | 14528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/41 | 117588 | 112915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/41 | 80528 | 77773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/44 | 35343 | 34025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/15/40 | 80159 | 79790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/52 | 2028389 | 1983071 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/54 | $2158365 | $2096100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/20/54 | 1183621 | 1149476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/33 | 19120 | 19301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/39 | 32187 | 32742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/40 | 273891 | 278519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/40 | 65555 | 66686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/38 | 80799 | 84251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/38 | 94603 | 98310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.539%, 06/20/54 (30 day USD SOFR Average + 1.150%) (c) | 810295 | 811678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/55, TBA (b) | 6650000 | 6072759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/55, TBA (b) | 4800000 | 4517436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/55, TBA (b) | 2200000 | 2134846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/54, TBA (b) | 5100000 | 5075275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/54, TBA (b) | 3325000 | 3350278 |
|  |  | 32469552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury (26.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/15/55 | 18678000 | 18727614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 08/15/45 | 11260000 | 11501035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 09/15/28 | 11540000 | 11463367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/30/27 | 3910000 | 3902363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/31/30 | 13294000 | 13229607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/30/30 | 39407000 | 39216122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/30/32 | 12435000 | 12396141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/35 | 5243000 | 5285599 |
|  |  | 115721848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security (6.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/14/55, TBA (b) | 2725000 | 2196630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/14/55, TBA (b) | 4900000 | 4130708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/14/55, TBA (b) | 5300000 | 4658048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/14/55, TBA (b) | 3025000 | 2765386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/14/55, TBA (b) | 4550000 | 4290455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/14/55, TBA (b) | 2625000 | 2547669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/14/55, TBA (b) | 4450000 | 4414723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/54, TBA (b) | 3300000 | 3328395 |
|  |  | 28332014 |
| &nbsp;&nbsp;&nbsp;**Total government obligations (cost: $272,102,205)** |  | **269286876** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (8.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 12 Ltd., Series 2021-12A, Class B, 6.187%, 07/20/34 (3-Month USD TERM SOFR + 1.862%) (c) (d) | 875000 | 876688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO X Ltd., Series 2019-1A, Class ARR, 5.456%, 04/20/32 (3-Month USD TERM SOFR + 1.130%) (c) (d) | 639060 | 639196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO 28 Ltd., Series 2024-28A, Class A1A, 5.876%, 07/20/37 (3-Month USD TERM SOFR + 1.550%) (c) (d) | 1000000 | 1003872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XII Ltd., Series 2013-12A, Class ARR, 5.398%, 04/15/31 (3-Month USD TERM SOFR + 1.080%) (c) (d) | 680069 | 680043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbour CLO VII DAC, Series 7A, Class B1R, 4.064%, 12/15/38 (3-Month EUR EURIBOR + 2.050%) (c) (d) | 1350000 | 1588561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES XXVII CLO Ltd., Series 2013-2A, Class BR3, 5.964%, 10/28/34 (3-Month USD TERM SOFR + 1.650%) (c) (d) | 1080000 | 1081634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO Ltd., Series 2021-6A, Class A1R, 5.416%, 10/21/34 (3-Month USD TERM SOFR + 1.090%) (c) (d) | 1200000 | 1201435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 5.247%, 02/25/34 (1-Month USD TERM SOFR + 1.089%) (c) | 264231 | 269437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO Ltd., Series 2018-3A, Class BR, 6.169%, 10/25/30 (3-Month USD TERM SOFR + 1.850%) (c) (d) | 1200000 | 1202855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-3, Class 2A1, 4.912%, 08/25/32 (1-Month USD TERM SOFR + 0.754%) (c) | 75813 | 75265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2, Class 2A2, 4.832%, 02/25/33 (1-Month USD TERM SOFR + 0.674%) (c) | 70464 | 70537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4RA, Class A1A2, 5.312%, 01/17/35 (3-Month USD TERM SOFR + 0.990%) (c) (d) | 1070000 | 1071936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, 5.736%, 04/21/35 (3-Month USD TERM SOFR + 1.410%) (c) (d) | 1250000 | 1252845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class A2, 3.300%, 12/26/51 (d) | 1035000 | 1010223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AGS, Class C, 5.280%, 05/25/41 (d) | 18377 | 16919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AGS, Class A1, 3.210%, 02/25/44 (d) | 382065 | 361859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AGS, Class A2, 4.772%, 02/25/44 (1-Month USD TERM SOFR + 0.614%) (c) (d) | 69615 | 68794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-AGS, Class A1, 2.540%, 01/25/47 (d) | 821710 | 752061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AGS, Class A, 1.200%, 03/25/52 (d) | 344589 | 293861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2, 6.000%, 05/20/55 (d) | 385000 | 394626 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund <br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, 5.968%, 10/15/30 (3-Month USD TERM SOFR + 1.650%) (c) (d) | $1100000 | $1099936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class A, 5.560%, 05/25/55 (c) (d) | 1440842 | 1458861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Series 2021-SFR1, Class F2, 3.452%, 08/17/38 (d) | 1050000 | 1031628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.250%, 11/27/51 (d) | 445000 | 432004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRTKL Group, Inc., Series 2021-SFR1, Class G, 4.105%, 09/17/38 (d) | 1250000 | 1212088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Partners of America Trust, Series 2021-1, Class A, 1.698%, 09/17/41 (d) | 1507045 | 1363295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG U.S. CLO Ltd., Series 2016-1A, Class A2R3, 5.914%, 04/29/34 (3-Month USD TERM SOFR + 1.600%) (c) (d) | 1100000 | 1101650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA, Class A, 1.310%, 01/15/69 (d) | 349754 | 331053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BA, Class A, 0.940%, 07/15/69 (d) | 918597 | 839627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FA, Class A, 1.110%, 02/18/70 (d) | 946418 | 844181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A, 2.230%, 07/15/70 (d) | 1092808 | 997714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, 6.229%, 07/15/36 (3-Month USD TERM SOFR + 1.912%) (c) (d) | 1125000 | 1126878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class A2R2, 02/14/34 (3-Month USD TERM SOFR + 1.550%) (b) (c) (d) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7, Class D, 2.341%, 08/17/40 (d) | 1525000 | 1422178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR8, Class F, 3.181%, 10/17/38 (d) | 2000000 | 1958132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta 32 Funding Ltd., Series 2025-4A, Class A1, 5.628%, 07/25/38 (3-Month USD TERM SOFR + 1.340%) (c) (d) | 1100000 | 1105728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class AR2, 5.334%, 08/20/32 (3-Month USD TERM SOFR + 1.130%) (c) (d) | 926214 | 927716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class BR, 5.863%, 07/20/34 (3-Month USD TERM SOFR + 1.700%) (c) (d) | 1070000 | 1068063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class BR, 5.975%, 07/20/35 (3-Month USD TERM SOFR + 1.700%) (c) (d) | 1100000 | 1103442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D, 1.570%, 01/15/27 (d) | 602553 | 600773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saxon Asset Securities Trust, Series 2004-1, Class A, 4.579%, 03/25/35 (1-Month USD TERM SOFR + 0.654%) (c) | 158135 | 140297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (d) | 1270458 | 1114714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO XX Ltd., Series 2018-20A, Class AR2, 5.418%, 01/16/32 (3-Month USD TERM SOFR + 1.100%) (c) (d) | 326184 | 326249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 5.466%, 01/20/32 (3-Month USD TERM SOFR + 1.140%) (c) (d) | 615251 | 615694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (d) | 975000 | 920298 |
| &nbsp;&nbsp;**Total asset-backed securities (cost: $38,302,027)** |  | **38054846** |
| &nbsp;&nbsp;**Other Mortgage-Backed Securities (10.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations/Mortgage Revenue Bonds (7.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.625%, 01/25/45 (c) (d) | 36071 | 35350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29 | 13420 | 7718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R3, Class A1, 1.951%, 06/25/57 (c) (d) | 1461496 | 1335199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R3, Class A1A, 4.500%, 01/25/63 (c) (d) | 1346986 | 1332449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RP1, Class A1, 3.000%, 09/25/64 (c) (d) | 44785 | 44115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (c) (d) | 1550245 | 1395531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class B4, 3.433%, 08/25/43 (c) (d) | 430499 | 385101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-HL1, Class A12, 3.500%, 06/25/47 (c) (d) | 707231 | 646159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FARM 21-1 Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (c) (d) | 1332582 | 1085039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class M1, 4.000%, 08/25/56 (c) (d) | 89967 | 89583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class TT, 2.000%, 03/25/61 | 813679 | 735931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Debt Notes, Series 2017-DNA2, Class M2R, 5.421%, 10/25/29 (30 day USD SOFR Average + 1.064%) (c) | 195340 | 194610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Whole Loan Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-SC01, Class 1A, 3.500%, 05/25/45 | 144645 | 131590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC02, Class 1A, 3.000%, 10/25/46 | 37973 | 32914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2016-C05, Class 2M2, 8.921%, 01/25/29 (30 day USD SOFR Average + 4.564%) (c) | 303790 | 308640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICS, Series 2004-33, Class AL, 4.500%, 05/25/34 | 537000 | 538042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5INV, Class A5, 2.500%, 07/25/51 (c) (d) | 1882036 | 1691664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6INV, Class A6, 2.500%, 08/25/51 (c) (d) | 1698362 | 1529562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 6.707%, 07/25/44 (c) (d) | 2110021 | 2082419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class B1, 3.383%, 06/25/29 (c) (d) | 85169 | 82622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-6, Class B4, 3.514%, 10/25/45 (c) (d) | 1375000 | 981295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3, Class B3, 3.302%, 10/25/46 (c) (d) | 113517 | 109563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class B4, 3.644%, 05/25/47 (c) (d) | 2342317 | 2162063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13, Class A4, 2.500%, 04/25/52 (c) (d) | 2915146 | 2618041 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A5, 2.500%, 08/25/51 (c) (d) | $2400000.0 | $1663232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luminent Mortgage Trust, Series 2005-1, Class A1, 4.792%, 11/25/35 (1-Month USD TERM SOFR + 0.634%) (c) | 1072071.0 | 1037110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Residential Funding Corp. Mortgage Pass-Through Trust, Series 1998-2, Class B1, 6.750%, 06/25/28 | 469.0 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM2, Class A1, 2.984%, 01/25/62 (c) (d) | 1739408.0 | 1667748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2024-INV1, Class A3, 5.500%, 10/25/59 (c) (d) | 1235544.0 | 1244103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRKCM Trust, Series 2021-AFC2, Class A1, 2.071%, 11/25/56 (c) (d) | 903056.0 | 804683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class B4, 3.481%, 06/25/43 (c) | 441116.0 | 347619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1, Class B2, 3.937%, 01/25/45 (c) (d) | 84522.0 | 82401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3, Class B1, 3.727%, 07/25/45 (c) (d) | 121009.0 | 118828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4, Class B2, 3.103%, 11/25/30 (c) (d) | 20585.0 | 19638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1, Class B3, 3.601%, 02/25/47 (c) (d) | 818187.0 | 680066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.595%, 04/25/47 (c) (d) | 1092768.0 | 834427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.127%, 06/25/56 (c) (d) | 605036.0 | 535911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A1, 1.920%, 11/25/66 (c) (d) | 1089365.0 | 961908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured Asset Mortgage Investments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2, Class B, 6.750%, 05/02/30 (c) | 5571.0 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2, Class C, 6.750%, 05/02/30 (c) | 3606.0 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.000%, 06/25/58 (c) (d) | 1311934.0 | 1246886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES3, Class A1, 5.679%, 01/25/55 (c) (d) | 1345836.0 | 1352173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.700%, 06/20/45 (c) (d) | 1011224.0 | 951700 |
|  |  | 33104415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities (2.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A, 4.325%, 08/15/46 (c) (d) | 1350000.0 | 1228919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2023-LIFE, Class A, 5.045%, 02/15/28 (d) | 900000.0 | 890520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRSNT Trust, Series 2021-MOON, Class A, 5.095%, 04/15/36 (1-Month USD TERM SOFR + 0.934%) (c) (d) | 1070000.0 | 1062644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class A, 5.649%, 01/13/40 (c) (d) | 430000.0 | 444450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class B, 5.950%, 01/13/40 (c) (d) | 430000.0 | 445499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50 | 1000000.0 | 990486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C1, Class AS, 3.724%, 06/15/50 | 2750000.0 | 2685523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C6, Class A5, 3.580%, 12/15/50 | 3500000.0 | 3428258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C7, Class AS, 4.061%, 12/15/50 (c) | 1505000.0 | 1465417 |
|  |  | 12641716 |
| &nbsp;&nbsp;&nbsp;**Total other mortgage-backed securities (cost: $49,363,957)** |  | **45746131** |
| &nbsp;&nbsp;&nbsp;**Corporate Obligations (16.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic Materials (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc., 2.300%, 11/01/30 (d) | 1205000.0 | 1078123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 04/01/31 | 1130000.0 | 1020741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/50 | 315000.0 | 249298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/30 (d) | 172000.0 | 65494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/29 (d) | 529000.0 | 390971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 01/31/29 (d) | 390000.0 | 327970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc., 3.875%, 01/15/29 (d) | 50000.0 | 44049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable LLC, 5.500%, 09/01/41 | 145000.0 | 132762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.875%, 07/15/28 | 295000.0 | 386820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing BV, 5.000%, 01/15/32 (d) | 535000.0 | 484005 |
|  |  | 3102110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.000%, 06/15/27 (d) | 45000.0 | 44953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getty Images, Inc., 11.250%, 02/21/30 (d) | 16832.0 | 16073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., 4.800%, 09/15/34 | 445000.0 | 445913 |
|  |  | 506939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunication (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/28 (d) | 34000.0 | 26435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/15/29 (d) | 72000.0 | 54180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 07/15/27 (d) | 50000.0 | 45000 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241%, 07/15/48 (d) | $625000.0 | $617803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (d) | 250000.0 | 250954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc., 9.250%, 03/09/30 (d) | 51617.0 | 49295 |
|  |  | 1043667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Cyclical (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Manufacturers (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 03/25/32 (d) | 700000.0 | 722796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/27/35 (d) | 100000.0 | 102584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen International Finance NV, 7.875%, 09/06/32 (9 year EUR Swap + 4.783%) (c) | 100000.0 | 135570 |
|  |  | 960950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp./Raptor LLC, 8.750%, 11/15/29 (d) | 70000.0 | 69205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent LLC, 9.250%, 07/01/32 (d) | 93000.0 | 98342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/42 | 10000.0 | 7975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/52 | 122000.0 | 90814 |
|  |  | 266336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lodging-Hotel (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., 6.000%, 06/14/30 | 425000.0 | 442637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34 | 606759.0 | 570749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc., 9.500%, 07/01/32 (d) | 65000.0 | 67957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/26 (d) | 340000.0 | 336579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/29 (d) | 362000.0 | 336929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp., 4.950%, 03/03/35 | 645000.0 | 653539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/28 (d) | 396000.0 | 363008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/01/29 (d) | 106000.0 | 88510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875%, 09/15/29 (d) | 225000.0 | 214531 |
|  |  | 2061053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical (3.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Products (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/26/29 (d) | 30000.0 | 29474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/27/27 (d) | 470000.0 | 485106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc., 5.250%, 06/15/30 (d) | 635000.0 | 658326 |
|  |  | 1172906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 2.250%, 08/01/31 | 755000.0 | 665005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo Investment Corp., 5.625%, 04/15/35 | 635000.0 | 674157 |
|  |  | 1339162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.650%, 03/02/53 | 110000.0 | 109733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon University, 5.125%, 10/01/28 | 70000.0 | 68837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upbound Group, Inc., 6.375%, 02/15/29 (d) | 75000.0 | 74010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.500%, 08/15/30 (d) | 40000.0 | 40702 |
|  |  | 183549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/32 | 1320000.0 | 1208285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/34 | 165000.0 | 182172 |
|  |  | 1390457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/31 | 220000.0 | 189779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/30 | 757000.0 | 676598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group, 5.250%, 01/15/36 | 640000.0 | 648130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommonSpirit Health, 4.350%, 11/01/42 | 405000.0 | 348250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/36 | $445000 | $442015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/34 | 275000 | 283614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc., 5.550%, 05/01/35 | 645000 | 657170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.700%, 05/15/28 | 825000 | 850740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kedrion SpA, 6.500%, 09/01/29 (d) | 305000 | 301012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc., 6.250%, 01/15/33 (d) | 40000 | 40330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinai Health System, 3.034%, 01/20/36 | 935000 | 877957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.625%, 07/15/54 | 425000 | 422410 |
|  |  | 5738005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands, Inc., 3.875%, 03/15/31 (d) | 61000 | 48952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC Ltd., 10.000%, 04/15/32 (d) | 130000 | 133257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer U.S. Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/28 (d) | 1180000 | 1175987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 07/15/44 (d) | 1000000 | 801568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.780%, 03/25/38 | 90000 | 84367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/25/48 | 335000 | 297867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/10/55 (5 year CMT + 2.886%) (c) | 305000 | 320336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols SA, 7.500%, 05/01/30 | 328000 | 406091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 12/01/32 | 266000 | 277059 |
|  |  | 3496532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol SA, 8.875%, 01/13/33 | 40000 | 43448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC, 5.375%, 04/24/30 | 300000 | 308299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP, 7.875%, 09/18/30 (5 year CMT + 4.230%) (c) (d) | 300000 | 305313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International Ltd., 8.750%, 02/15/30 (d) | 33750 | 35510 |
|  |  | 692570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pipelines (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.850%, 02/15/40 | 1850000 | 2013049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 8.250%, 01/15/32 (d) | 20000 | 21094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGPL PipeCo LLC, 3.250%, 07/15/31 (d) | 1000000 | 906214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32 | 1500000 | 1769218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/30 (d) | 67000 | 69247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/30/29 (5 year CMT + 5.440%) (c) (d) | 203000 | 201179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/32 (d) | 181000 | 197064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/15/34 (d) | 16000 | 16837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/36 (d) | 91000 | 96658 |
|  |  | 5290560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial (5.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks (3.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.922%, 10/24/31 (SOFRRATE + 1.370%) (c) | 710000 | 630830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.884%, 10/22/30 (3-Month USD TERM SOFR + 1.452%) (c) | 2410000 | 2287826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.520%, 11/03/32 (SOFRRATE + 1.177%) (c) | 215000 | 190981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.333%, 03/27/36 (SOFRRATE + 1.465%) (c) | 425000 | 434385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.449%, 06/11/35 (SOFRRATE + 1.447%) (c) | 135000 | 139998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.431%, 03/09/27 (SOFRRATE + 0.798%) (c) | 555000 | 548015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.383%, 07/21/32 (SOFRRATE + 1.248%) (c) | 600000 | 535607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.016%, 10/23/35 (SOFRRATE + 1.420%) (c) | 180000 | 181213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.536%, 01/28/36 (SOFRRATE + 1.380%) (c) | 55000 | 57493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, 2.357%, 08/18/31 (SOFRRATE + 1.947%) (c) | 95000 | 86016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 02/04/27 (3-Month USD TERM SOFR + 0.695%) (c) | 2500000 | 2472460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.470%, 09/22/27 (SOFRRATE + 0.765%) (c) | 910000 | 887121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.545%, 11/08/32 (SOFRRATE + 1.180%) (c) | 145000 | 130083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.580%, 04/22/32 (3-Month USD TERM SOFR + 1.250%) (c) | 275000 | 249999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.946%, 10/22/35 (SOFRRATE + 1.340%) (c) | 250000 | 252117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.502%, 01/24/36 (SOFRRATE + 1.315%) (c) | 210000 | 219732 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.928%, 04/28/32 (SOFRRATE + 1.020%) (c) | $219000 | $191179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.511%, 10/20/32 (SOFRRATE + 1.200%) (c) | 125000 | 111531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.943%, 01/21/33 (SOFRRATE + 1.290%) (c) | 20000 | 18181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.587%, 01/18/36 (SOFRRATE + 1.418%) (c) | 275000 | 288003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank NA, 4.734%, 07/18/31 (SOFRRATE + 1.080%) (c) | 590000 | 598886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 6.875%, 10/20/34 (SOFRRATE + 2.284%) (c) | 120000 | 135949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander U.K. Group Holdings PLC, 2.469%, 01/11/28 (SOFRRATE + 1.220%) (c) | 1775000 | 1733464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/30/29 | 765000 | 732267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J, 5.300%, 04/15/27 (3-Month USD TERM SOFR + 3.176%) (c) | 800000 | 797688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.393%, 06/02/28 (SOFRRATE + 2.100%) (c) | 1630000 | 1584474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.879%, 10/30/30 (3-Month USD TERM SOFR + 1.432%) (c) | 130000 | 123123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/23/26 | 1100000 | 1088997 |
|  |  | 16707618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 3.250%, 10/01/29 | 620000 | 588954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.667%, 04/25/36 (SOFRRATE + 1.790%) (c) | 425000 | 448965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (d) | 659000 | 633706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/32 (d) | 143000 | 144939 |
|  |  | 1816564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%) (c) (d) | 500000 | 420703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/64 (10 year CMT + 3.864%) (c) (d) | 235000 | 243930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 5.150%, 03/28/33 (d) | 290000 | 300425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (d) | 2125000 | 1762207 |
|  |  | 2727265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 06/15/30 | 211000 | 203544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 01/15/29 | 140000 | 141295 |
|  |  | 344839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust — Health Care (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Holdings LP, 3.100%, 02/15/30 | 380000 | 357621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust — Office Property (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/30 | 542000 | 465663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/01/27 | 10000 | 9623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 04/01/29 | 2000 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/15/28 | 15000 | 14750 |
|  |  | 491897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential REITs (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent LP, 5.500%, 02/01/34 | 210000 | 216734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail REITs (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp., 3.375%, 06/20/31 | 145000 | 170879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Assets Trust LP, 6.150%, 10/01/34 | 110000 | 111974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 01/15/30 | 430000 | 405361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 03/15/30 | 435000 | 443675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc., 5.300%, 01/15/29 | 310000 | 315663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties LP/VICI Note Co., Inc., 3.875%, 02/15/29 (d) | 665000 | 649406 |
|  |  | 1926079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storage REITs (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage LP, 2.400%, 10/15/31 | 70000 | 61657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.100%, 03/17/30 | 280000 | 286404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery — Diversified (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Tool Lux LP, 7.875%, 10/15/29 (d) (e) | 68024 | 23277 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Manufacture (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyno Nobel Ltd., 5.400%, 11/08/32 | $130000.0 | $86624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging & Containers (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/26 (d) | 65000.0 | 62400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/15/27 (d) | 446000.0 | 169480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berry Global, Inc., 5.500%, 04/15/28 | 1000000.0 | 1028358 |
|  |  | 1260238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific National Finance Pty. Ltd., 3.700%, 09/24/29 | 120000.0 | 73898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucking & Leasing (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC, 5.300%, 04/03/29 (d) | 440000.0 | 451888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC, 5.100%, 04/01/30 (d) | 440000.0 | 449729 |
|  |  | 901617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computers (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 5.000%, 04/01/30 | 425000.0 | 435487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office Automation & Equipment (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xerox Corp., 10.250%, 10/15/30 (d) | 125000.0 | 126979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 5.500%, 01/25/31 (d) | 75000.0 | 77850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 12/08/47 | 450000.0 | 332109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 02/10/53 | 95000.0 | 91873 |
|  |  | 501832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 8.750%, 05/01/29 (d) | 200000.0 | 207038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp., 6.900%, 12/01/27 (d) | 85000.0 | 88530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 08/03/28 | 330000.0 | 335612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/26/35 | 1070000.0 | 1075601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc., 5.350%, 04/15/32 | 425000.0 | 441057 |
|  |  | 2147838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp., 5.750%, 04/01/56 (5 year CMT + 2.077%) (c) | 345000.0 | 345443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.800%, 03/15/56 (5 year CMT + 2.128%) (c) | 185000.0 | 184538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.050%, 03/15/56 (5 year CMT + 1.940%) (c) | 460000.0 | 460473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., 5.950%, 04/01/56 (5 year CMT + 2.223%) (b) (c) | 350000.0 | 349825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 6.200%, 02/15/56 (5 year CMT + 2.006%) (c) | 465000.0 | 467781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 4.250%, 12/15/41 | 1280000.0 | 1129631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA, 4.750%, 06/17/44 | 200000.0 | 235374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Mississippi LLC, 3.250%, 12/01/27 | 500000.0 | 489510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.278%, 10/01/34 (d) | 490000.0 | 463813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 5.350%, 04/01/35 (d) | 635000.0 | 656905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scottish Hydro Electric Transmission PLC, 3.375%, 09/04/32 | 185000.0 | 217582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co., Series 21-A, 3.750%, 09/15/51 (5 year CMT + 2.915%) (c) | 860000.0 | 848547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennet Netherlands BV, 4.750%, 10/28/42 | 150000.0 | 194238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co., 5.000%, 01/15/31 (d) | 1060000.0 | 1087327 |
|  |  | 7130987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 06/01/28 (d) | 106000.0 | 108845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50 | 1410000.0 | 976100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/25 | 1105000.0 | 1104423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/30/47 | 775000.0 | 650623 |
|  |  | 2839991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severn Trent Utilities Finance PLC, 4.000%, 03/05/34 | 180000.0 | 217127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suez SACA, 2.875%, 05/24/34 | 300000.0 | 329710 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Utilities Water Finance PLC, 3.750%, 05/23/34 | $175000.0 | $206132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yorkshire Water Finance PLC, 6.375%, 11/18/34 | 205000.0 | 281175 |
|  |  | 1034144 |
| &nbsp;&nbsp;&nbsp;**Total corporate obligations (cost: $71,561,385)** |  | **71165459** |
| &nbsp;&nbsp;&nbsp;**Bank Loans (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 5.913%, 09/20/30 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 51866.0 | 51671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, 6.413%, 12/21/28 (1-Month USD TERM SOFR + 2.250%) (c) (d) | 45344.0 | 45268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMI Corp., 2021 Term Loan B2, 0.000%, 12/23/27 (b) (c) (d) (f) | 40849.0 | 38501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing, Inc., 2024 Term Loan, 8.797%, 10/28/27 (3-Month USD TERM SOFR + 4.250%) (c) (d) | 51402.0 | 45780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 7.280%, 07/31/28 (1-Month USD TERM SOFR + 3.000%) (c) (d) | 23975.0 | 24026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Term Loan B, 6.163%, 09/30/31 (1-Month USD TERM SOFR + 2.000%) (c) (d) | 91034.0 | 90892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amspec Parent LLC, 2024 Delayed Draw Term Loan, 0.000%, 12/22/31 (c) (d) (f) | 2603.0 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmWINS Group, Inc., 2025 Term Loan B, 6.252%, 01/30/32 (3-Month USD TERM SOFR + 2.250%) (c) (d) | 51942.0 | 51896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antylia Scientific, Term Loan, 8.291%, 05/27/32 (3-Month USD TERM SOFR + 4.000%) (c) (d) | 40001.0 | 39567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artera Services LLC, 2024 Term Loan, 8.502%, 02/15/31 (3-Month USD TERM SOFR + 4.500%) (c) (d) | 49035.0 | 43748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, 2021 Second Lien Term Loan B4, 9.528%, 01/20/29 (1-Month USD TERM SOFR + 5.250%) (c) (d) | 34789.0 | 33218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 5.885%, 06/24/30 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 223443.0 | 223511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balcan Innovations, Inc., Term Loan B, 9.058%, 10/18/31 (3-Month USD TERM SOFR + 4.750%) (c) (d) | 37003.0 | 34783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barracuda Networks, Inc., 2022 Term Loan, 8.808%, 08/15/29 (3-Month USD TERM SOFR + 4.500%) (c) (d) | 27882.0 | 23157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Corp., 2023 Incremental Term Loan, 8.166%, 09/29/28 (1-Month USD TERM SOFR + 4.000%) (c) (d) | 56034.0 | 55964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 8.278%, 06/09/28 (1-Month USD TERM SOFR + 4.000%) (c) (d) | 56954.0 | 56811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc., 2025 Term Loan B, 8.163%, 03/12/29 (1-Month USD TERM SOFR + 4.000%) (c) (d) | 49115.0 | 49264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, 2025 USD Term Loan B2, 6.002%, 01/31/31 (3-Month USD TERM SOFR + 2.000%) (c) (d) | 51529.0 | 51529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C&S Wholesale Grocers, Inc., Term Loan B, 0.000%, 08/06/30 (b) (c) (d) (f) | 95124.0 | 92746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B10, 5.913%, 01/31/31 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 107688.0 | 107562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B5, 5.913%, 02/15/32 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 80223.0 | 80129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 7.913%, 12/29/28 (1-Month USD TERM SOFR + 3.750%) (c) (d) | 21073.0 | 18946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castle U.S. Holding Corp., 2025 New Money FLFO Term Loan, 9.205%, 04/29/30 (3-Month USD TERM SOFR + 5.000%) (c) (d) | 4472.0 | 4516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, 8.711%, 03/06/28 (3-Month USD TERM SOFR + 4.250%) (c) (d) | 18519.0 | 5926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Acquisition Facility, 8.549%, 03/06/28 (3-Month USD TERM SOFR + 4.250%) (c) (d) | 49794.0 | 15934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., Term Loan, 7.291%, 04/01/32 (3-Month USD TERM SOFR + 3.000%) (c) (d) | 43627.0 | 43654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 2024 Term Loan B5, 6.541%, 12/15/31 (3-Month USD TERM SOFR + 2.250%) (c) (d) | 93628.0 | 93582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours Co., 2023 USD Term Loan B, 7.163%, 08/18/28 (1-Month USD TERM SOFR + 3.000%) (c) (d) | 47294.0 | 47176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleanova U.S. Holdings LLC, 2025 Term Loan B, 8.808%, 06/14/32 (3-Month USD TERM SOFR + 4.750%) (c) (d) | 26875.0 | 25935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Generation LLC, Term Loan B, 7.252%, 08/11/32 (3-Month USD TERM SOFR + 3.250%) (c) (d) | 22404.0 | 22505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti Corp., 2025 2nd Amendment Term Loan, 7.030%, 03/26/32 (1-Month USD TERM SOFR + 2.750%) (c) (d) | 28909.0 | 28403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's, Inc., 2024 1st Lien Term Loan B, 7.558%, 11/01/31 (3-Month USD TERM SOFR + 3.250%) (c) (d) | 56621.0 | 51837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery Hero SE, 2024 USD Term Loan B, 9.226%, 12/12/29 (3-Month USD TERM SOFR + 5.000%) (c) (d) | 87142.0 | 87686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DK Crown Holdings, Inc., 2025 Term Loan B, 6.005%, 03/04/32 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 29551.0 | 29486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTI Holdco, Inc., 2025 Term Loan B, 8.163%, 04/26/29 (1-Month USD TERM SOFR + 4.000%) (c) (d) | 27499.0 | 24337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EagleView Technology Corp., 2025 Term Loan, 9.502%, 08/14/28 (3-Month USD TERM SOFR + 5.500%) (c) (d) | 86461.0 | 84804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edgewater Generation LLC, 2025 Repriced Term Loan, 7.163%, 08/01/30 (1-Month USD TERM SOFR + 3.000%) (c) (d) | 21242.0 | 21268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, 7.677%, 07/06/29 (c) (d) | 30494.0 | 30621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOC Borrower LLC, Term Loan A, 7.913%, 03/24/28 (1-Month USD TERM SOFR + 3.750%) (c) (d) | 79500.0 | 79401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Financing BV, 2025 Term Loan B, 6.002%, 06/04/32 (3-Month USD TERM SOFR + 2.000%) (c) (d) | 62099.0 | 61905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Corp., 2025 Term Loan B, 6.650%, 07/01/31 (1-Month USD TERM SOFR + 2.500%) (c) (d) | 24533.0 | 24502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Ferry Acquisition I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan, 0.000%, 08/16/32 (c) (d) (f) | 4475.0 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, 7.711%, 08/16/32 (3-Month USD TERM SOFR + 3.500%) (c) (d) | 26211.0 | 25923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 6.663%, 01/30/32 (1-Month USD TERM SOFR + 2.500%) (c) (d) | 29665.0 | 29443 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Partners LLC, 2024 Term Loan B, 6.502%, 11/26/31 (3-Month USD TERM SOFR + 2.500%) (c) (d) | $24800.0 | $24862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GVC Holdings (Gibraltar) Ltd., 2025 Term Loan B6 (2029), 6.370%, 10/31/29 (3-Month USD TERM SOFR + 2.250%) (c) (d) | 29508.0 | 29474.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDI Aerospace Intermediate Holding III Corp., Term Loan B, 8.829%, 02/11/32 (3-Month USD TERM SOFR + 4.500%) (c) (d) | 49750.0 | 49812.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan A3, 5.070%, 03/01/29 (3-Month USD TERM SOFR + 0.850%) (c) (d) | 280012.0 | 273012.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan A1, 5.103%, 08/20/27 (1-Month USD TERM SOFR + 0.840%) (c) (d) | 138742.0 | 137008.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan A2, 5.103%, 02/22/27 (1-Month USD TERM SOFR + 0.840%) (c) (d) | 138742.0 | 137008.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental LLC, 2025 Term Loan, 7.913%, 08/25/32 (1-Month USD TERM SOFR + 3.750%) (c) (d) | 73801.0 | 73628.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 5.908%, 11/08/30 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 226949.0 | 226992.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership LP, 2024 Term Loan, 5.125%, 09/09/28 (1-Month USD TERM SOFR + 0.850%) (c) (d) | 397356.0 | 396362.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., 2025 Incremental Term Loan B5, 5.752%, 01/02/31 (3-Month USD TERM SOFR + 1.750%) (c) (d) | 78084.0 | 78435.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group LLC, 2024 Term Loan B1, 6.199%, 12/15/31 (3-Month USD TERM SOFR + 2.000%) (c) (d) | 63600.0 | 63054.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, 6.413%, 05/05/28 (1-Month USD TERM SOFR + 2.250%) (c) (d) | 49222.0 | 49277.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kestrel Acquisition LLC, 2024 Term Loan B, 7.502%, 11/06/31 (3-Month USD TERM SOFR + 2.500%, 3-Month USD TERM SOFR + 3.500%) (c) (d) | 25683.0 | 25725.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KFC Holding Co., 2021 Term Loan B, 6.000%, 03/15/28 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 57905.0 | 58104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan B, 0.000%, 12/02/31 (b) (c) (d) (f) | 22220.0 | 22229.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnite, Inc., 2025 Repriced Term Loan B, 7.163%, 02/06/31 (1-Month USD TERM SOFR + 3.000%) (c) (d) | 60753.0 | 60829.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee LLC, 2024 USD 1st Lien Term Loan B, 7.223%, 03/01/29 (1-Month USD TERM SOFR + 3.000%) (c) (d) | 10848.0 | 10324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 Term Loan, 8.252%, 05/03/28 (3-Month USD TERM SOFR + 4.250%) (c) (d) | 46390.0 | 44602.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B4, 8.413%, 12/31/31 (1-Month USD TERM SOFR + 4.250%) (c) (d) | 72400.0 | 66457.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modena Buyer LLC, Term Loan, 8.808%, 07/01/31 (3-Month USD TERM SOFR + 4.500%) (c) (d) | 16298.0 | 16074.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modivcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan B, 12.752%, 07/01/31 (3-Month USD TERM SOFR + 8.750%) (c) (d) (g) | 189840.0 | 87326.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 DIP Term Loan, 11.135%, 02/22/26 (1-Month USD TERM SOFR + 7.000%) (c) (d) | 37311.0 | 36192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Incremental Term Loan, 13.779%, 01/12/26 (3-Month USD TERM SOFR + 9.500%) (c) (d) (g) | 73690.0 | 51583.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naked Juice LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 FLFO Term Loan, 9.502%, 01/24/29 (3-Month USD TERM SOFR + 5.500%) (c) (d) | 248772.0 | 250016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 FLSO Term Loan, 7.352%, 01/24/29 (3-Month USD TERM SOFR + 3.250%) (c) (d) | 91045.0 | 67828.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 FLTO Term Loan, 10.102%, 01/24/30 (3-Month USD TERM SOFR + 6.000%) (c) (d) | 319.0 | 128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS, USD Term Loan B, 7.252%, 04/28/32 (3-Month USD TERM SOFR + 3.250%) (c) (d) | 41561.0 | 41671.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Tool, Inc., 2025 2nd Lien Term Loan, 8.447%, 10/15/29 (3-Month USD TERM SOFR + 4.000%) (c) (d) | 71027.0 | 55135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peer Holding III BV, 2025 USD Term Loan B5B, 6.502%, 07/01/31 (3-Month USD TERM SOFR + 2.500%) (c) (d) | 98421.0 | 98451.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelican Products, Inc., 2021 Term Loan, 8.513%, 12/29/28 (3-Month USD TERM SOFR + 4.250%) (c) (d) | 59354.0 | 50204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp., Term Loan B, 8.013%, 02/01/28 (1-Month USD TERM SOFR + 3.750%) (c) (d) | 72988.0 | 61401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHRG Intermediate LLC, 2025 Term Loan B, 0.000%, 02/20/32 (b) (c) (d) (f) | 40878.0 | 40674.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plano HoldCo, Inc., Term Loan B, 7.502%, 10/02/31 (3-Month USD TERM SOFR + 3.500%) (c) (d) | 14925.0 | 14403.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potomac Energy Center LLC, 2025 Term Loan, 7.321%, 08/05/32 (3-Month USD TERM SOFR + 3.000%) (c) (d) | 27058.0 | 27194.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp., 2025 Term Loan B, 6.252%, 03/31/28 (3-Month USD TERM SOFR + 2.250%) (c) (d) | 11302.0 | 11295.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PUG LLC, 2024 Extended Term Loan B, 8.913%, 03/15/30 (1-Month USD TERM SOFR + 4.750%) (c) (d) | 14775.0 | 14590.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuidelOrtho Corp., Term Loan, 8.002%, 08/20/32 (3-Month USD TERM SOFR + 4.000%) (c) (d) | 66443.0 | 66069.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Ventures LLC, 2024 Term Loan B, 6.913%, 03/04/30 (1-Month USD TERM SOFR + 2.750%) (c) (d) | 50364.0 | 46988.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Holdings Corp., 2024 1st Lien Term Loan, 8.163%, 04/05/30 (1-Month USD TERM SOFR + 4.000%)(c) (d) | 89238.0 | 77209.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc., 2024 First Lien First Out Term Loan, 9.456%, 07/15/28 (3-Month USD TERM SOFR + 5.000%) (c) (d) | 15254.0 | 15178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan LLC, Term Loan, 7.663%, 11/14/30 (1-Month USD TERM SOFR + 3.500%) (c) (d) | 28008.0 | 28035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre GLBL, Inc., 2024 Term Loan B1, 10.263%, 11/15/29 (1-Month USD TERM SOFR + 6.000%) (c) (d) | 32116.0 | 30189.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Showtime Acquisition LLC, 2024 1st Lien Term Loan, 8.945%, 08/16/31 (3-Month USD TERM SOFR + 4.750%) (c) (d) | 71775.0 | 71865.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Field LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 1st Lien Term Loan B, 7.002%, 08/29/31 (3-Month USD TERM SOFR + 3.000%) (c) (d) | 27147.0 | 27215.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 1st Lien Term Loan C, 7.002%, 08/29/31 (3-Month USD TERM SOFR + 3.000%) (c) (d) | 1746.0 | 1750.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Parent, Inc., Term Loan B, 8.002%, 09/27/30 (3-Month USD TERM SOFR + 4.000%) (c) (d) | 17866.0 | 17850.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Station Casinos LLC, 2024 Term Loan B, 6.163%, 03/14/31 (1-Month USD TERM SOFR + 2.000%) (c) (d) | 22602.0 | 22595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tacala LLC 2025 Repriced Term Loan B, 0.000%, 01/31/31 (b) (c) (d) (f) | 82460.0 | 82769.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Sunbelt Acquisition Co., 2024 Term Loan B, 8.448%, 10/24/31 (3-Month USD TERM SOFR + 4.250%) (c) (d) | 44663.0 | 44690.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 Term Loan J, 6.502%, 02/28/31 (3-Month USD TERM SOFR + 2.500%) (c) (d) | 37105.0 | 37067.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan K, 6.252%, 03/22/30 (3-Month USD TERM SOFR + 2.250%) (c) (d) | 21654.0 | 21622.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan M, 6.502%, 08/19/32 (1-Month USD TERM SOFR + 2.338%) (c) (d) | 73533.0 | 73461.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TripAdvisor, Inc., Term Loan, 6.913%, 07/08/31 (1-Month USD TERM SOFR + 2.750%) (c) (d) | 41153.0 | 40175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruGreen LP, 2020 Term Loan, 8.263%, 11/02/27 (1-Month USD TERM SOFR + 4.000%) (c) (d) | 241751.0 | 235808.0 |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc., 2024 Term Loan, 8.913%, 05/01/31 (1-Month USD TERM SOFR + 4.750%) (c) (d) | $57146 | $57307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, 2025 Term Loan Y4, 7.593%, 03/31/31 (3-Month USD TERM SOFR + 3.175%) (c) (d) | 41184 | 40515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 1st Lien Term Loan B3, 5.913%, 12/20/30 (1-Month USD TERM SOFR + 1.750%) (c) (d) | 100656 | 100722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent LLC, Term Loan B, 8.752%, 07/01/32 (3-Month USD TERM SOFR + 4.750%) (c) (d) | 81462 | 81564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC U.S. Holdings Ltd., 2024 Term Loan, 6.530%, 01/27/31 (1-Month USD TERM SOFR + 2.250%) (c) (d) | 40852 | 40872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Fixed Term Loan, 9.500%, 10/26/29 (c) (d) | 43692 | 43856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, 10.958%, 10/26/29 (3-Month USD TERM SOFR + 6.500%) (c) (d) | 52394 | 51357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xerox Holdings Corp., 2023 Term Loan B, 8.002%, 11/19/29 (3-Month USD TERM SOFR + 4.000%, 6-Month USD TERM SOFR + 4.000%) (c) (d) | 69664 | 64265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc., USD Term Loan, 7.278%, 03/09/27 (1-Month USD TERM SOFR + 3.000%) (c) (d) | 82561 | 81116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo Financing Partnership, USD Term Loan I, 6.765%, 04/30/28 (1-Month USD TERM SOFR + 2.500%) (c) (d) | 24518 | 24428 |
| &nbsp;&nbsp;&nbsp;**Total Bank Loans (cost: $6,562,473)** |  | **6382744** |
| &nbsp;&nbsp;&nbsp;**Foreign Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil Government International Bonds, 6.125%, 03/15/34 | 200000 | 204300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bonds, 6.250%, 08/15/36 | 369000 | 380875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government International Bonds, 2.125%, 09/22/31 | 250000 | 214820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel Government International Bonds, 5.375%, 02/19/30 | 275000 | 283537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.659%, 05/24/31 | 313000 | 278069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/19/33 | 287000 | 277652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New South Wales Treasury Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/20/37 | 1105000 | 711115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/24/38 | 585000 | 389527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bonds, 2.252%, 09/29/32 | 250000 | 202063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queensland Treasury Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/21/37 | 1105000 | 719779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/13/38 | 870000 | 572614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 09/30/29 | 200000 | 197738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/22/30 | 200000 | 204497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania Government International Bonds, 3.625%, 03/27/32 | 300000 | 267114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria, 2.000%, 11/20/37 | 550000 | 258020 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Bonds (cost: $5,076,726)** |  | **5161720** |
| **Convertible Foreign Bond (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davide Campari-Milano NV, 2.375%, 01/17/29 | 200000 | 226821 |
| **Total long-term debt securities (cost: $443,187,746)** |  | **436024597** |
|  | **Shares** |  |
| **Short-Term Securities (11.7%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (5.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 25327554 | 25327554 |
| &nbsp;&nbsp;**U.S. Government Agencies and Obligations (5.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.588%, 10/07/2025 | 25015000 | 24998095 |
| **Total short-term securities (cost: $50,325,002)** |  | **50325649** |
| **Total investments in securities (cost: $493,512,748)** |  | **486350246** |
| **Liabilities in excess of cash and other assets (-13.2%)** |  | **(56794741)** |
| **Total net assets (100.0%)** |  | $**429555505** |

---

---

| | |
|:---|:---|
| **Investments in Securities Legend** | **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 September 30, 2025 the total cost of investments issued on a when-issued or forward commitment basis was $55,441,727. |
| (c) | Variable rate security. |
| (d) | 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. |
| (e) | 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. |
| (f) | Unsettled security, coupon rate undetermined at September 30, 2025. |
| (g) | This security has been determined to be illiquid pursuant to the procedures of the Funds' Liquidity Risk Management Program. |

---

See accompanying notes to investments in securities.

SFT Core Bond Fund<br> Investments in Securities – continued

On September 30, 2025, SFT Core Bond Fund had entered into forward foreign currency contracts that obligate the Fund to deliver currencies at specified future dates. The terms of the open contracts were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | **Currency to be<br> delivered - SELL** | **Currency to be<br> delivered - SELL** | **Currency to be<br> received - BUY** | **Currency to be<br> received - BUY** | **Unrealized<br> Appreciation(a)** | **Unrealized<br> Depreciation(a)** | **Counterparty** |
| 10/10/25 | 162693 | GBP | 217028 | USD | $— | $(2008) | CITI |
| 10/10/25 | 128200 | GBP | 171906 | USD |  | (692) | GSI |
| 10/10/25 | 851657 | AUD | 557019 | USD |  | (7482) | GSI |
| 10/10/25 | 313088 | AUD | 206504 | USD |  | (1019) | GSI |
| 10/10/25 | 104274 | GBP | 140981 | USD | 596 |  | GSI |
| 10/10/25 | 685785 | AUD | 452657 | USD |  | (1900) | GSI |
| 10/10/25 | 284799 | EUR | 335948 | USD | 1146 |  | GSI |
| 10/10/25 | 134008 | AUD | 89241 | USD | 417 |  | GSI |
| 10/10/25 | 610018 | AUD | 407680 | USD | 3344 |  | GSI |
| 10/10/25 | 923437 | AUD | 615371 | USD | 3292 |  | GSI |
| 10/10/25 | 635993 | AUD | 421026 | USD |  | (527) | GSI |
| 10/10/25 | 154488 | USD | 131723 | EUR | 362 |  | GSI |
| 10/10/25 | 100756 | EUR | 118013 | USD |  | (433) | GSI |
| 10/10/25 | 100566 | EUR | 117282 | USD |  | (940) | GSI |
| 10/10/25 | 112589 | AUD | 73986 | USD |  | (641) | GSI |
| 10/10/25 | 108189 | GBP | 145286 | USD |  | (371) | GSI |
| 10/10/25 | 3263047 | EUR | 3842678 | USD | 6738 |  | GSI |
| 10/10/25 | 308309 | USD | 261417 | EUR |  | (995) | GSI |
|  |  |  |  |  | $**15895** | $**(17008)** |  |

---

---

| | |
|:---|:---|
| **Currency Legend** | **Currency Legend** |
| AUD | Australian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
| **Counterparty Legend** | **Counterparty Legend** |
| CITI | Citi Bank |
| GSI | Goldman Sachs International |

---

**Holdings of Open Futures Contracts**<br> On September 30, 2025, $1,000,000 in cash has been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Number of<br> Contracts** | **Position<br> Type** | **Notional<br> Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)(a)** |
| 2 Year U.S. Treasury Note | December 2025 | 373 | Long | $77683848 | $77732617 | $48769 |
| 3 Year Australian Bond | December 2025 | 3 | Short | (213188) | (212426) | 762 |
| 5 Year U.S. Treasury Note | December 2025 | 5 | Long | 545750 | 545976 | 226 |
| 10 Year Australian Bond | December 2025 | 44 | Short | (3312680) | (3305446) | 7234 |
| 10 Year U.S. Ultra | December 2025 | 8 | Long | 911140 | 920625 | 9485 |
| 30 Year Euro BUXL | December 2025 | 3 | Short | (399671) | (403542) | (3871) |
| German Euro BOBL | December 2025 | 1 | Short | (138273) | (138427) | (154) |
| German Euro Bund | December 2025 | 6 | Short | (903513) | (906418) | (2905) |
| German Euro Schatz | December 2025 | 3 | Short | (377417) | (377104) | 313 |
| Long Gilt | December 2025 | 2 | Short | (244489) | (244586) | (97) |
| U.S. Long Bond | December 2025 | 3 | Long | 341789 | 349781 | 7992 |
| Ultra U.S. Treasury Bond | December 2025 | 75 | Long | 8758556 | 9004687 | 246131 |
|  |  |  |  |  | $**82965737** | $**313885** |

---

See accompanying notes to investments in securities.

---

| | |
|:---|:---|
| **Country Diversification** | **%** |
| United States | 104.3% |
| Cayman Islands | 4.3% |
| United Kingdom | 1.0% |
| Ireland | 0.8% |
| Germany | 0.7% |
| Australia | 0.6% |
| Netherlands | 0.2% |
| Japan | 0.2% |
| France | 0.1% |
| Israel | 0.1% |
| Mexico | 0.1% |
| Italy | 0.1% |
| Spain | 0.1% |
| South Africa | 0.1% |
| Guatemala | 0.1% |
| Kazakhstan | 0.1% |
| Romania | 0.1% |
| Canada | 0.1% |
| Hungary | 0.1% |
| Brazil | 0.0% |
| Panama | 0.0% |
| Luxembourg | 0.0% |
| Colombia | 0.0% |
| Liabilities in excess of cash and other assets | -13.2% |
|  | 100.00% |

---

SFT Equity Stabilization Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Mutual Funds (93.3%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (93.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core High Dividend ETF (b) | 394802 | $48343505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI EAFE Minimum Volatility Factor ETF (b) | 784269 | 66529539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets Minimum Volatility Factor ETF (b) | 253206 | 16162139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Germany ETF (b) | 296791 | 12349473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI USA Minimum Volatility Factor ETF (b) (c) | 907287 | 86319285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Short Duration Bond Active ETF (b) | 318620 | 16338834 |
| **Total mutual funds (cost: $171,625,550)** |  | **246042775** |
| **Short-Term Securities (3.8%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 10105615 | 10105615 |
| **Total investments excluding purchased options (cost: $181,731,165)** |  | **256148390** |
| **Total purchased options outstanding (0.1%) (cost: $277,399)** |  | **231860** |
| **Total investments in securities (cost: $182,008,564)** |  | **256380250** |
| **Cash and other assets in excess of liabilities (2.8%)** |  | **7508367** |
| **Total net assets (100.0%)** |  | $**263888617** |

---

---

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

---

**Holdings of Open Futures Contracts**<br> On September 30, 2025, securities with an aggregate fair value of $16,744,640 and cash collateral of $500,000 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Number of<br> Contracts** | **Position<br> Type** | **Notional<br> Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)(a)** |
| S&P 500 E-Mini Index Future | December 2025 | 78 | Long | $25918620 | $26281125 | $362505 |

---

---

| |
|:---|
| **Call Options Purchased:** |
| The Fund had the following call options purchased open at September 30, 2025: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Value(a)** |
| CBOE Volatility Index | $22 | November 2025 | 750 | $75000 | $127500 |

---

---

| |
|:---|
| **Put Options Purchased:** |
| The Fund had the following put options purchased open at September 30, 2025: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Value(a)** |
| S&P 500 Index | $6290 | November 2025 | 20 | $2000 | $104360 |

---

---

| |
|:---|
| **Call Options Written:** |
| The Fund had the following call options written open at September 30, 2025: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Value(a)** |
| CBOE Volatility Index | $40 | November 2025 | 750 | $75000 | $(46500) |

---

See accompanying notes to investments in securities.

SFT Equity Stabilization Fund

Investments in Securities – continued

---

| |
|:---|
| **Put Options Written:** |
| The Fund had the following put options written open at September 30, 2025: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Value(a)** |
| S&P 500 Index | $5700 | November 2025 | 20 | $2000 | $(33100) |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Common Stocks (97.5%)** |  |  |
| &nbsp;&nbsp;**Communication Services (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc. (b) | 18746 | $700163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 7947 | 138755 |
|  |  | 838918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp. Class A | 10926 | 372140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. (b) | 20999 | 229099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp. Class A (b) | 10071 | 769021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. Class A | 12135 | 696549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 2104 | 416045 |
|  |  | 1881615 |
| &nbsp;&nbsp;**Consumer Discretionary (12.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile Components (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoliv, Inc. | 5292 | 653562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 16438 | 465195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (b) | 21423 | 160244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 3936 | 396001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visteon Corp. | 1997 | 239361 |
|  |  | 1914363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 9103 | 253974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 3916 | 406050 |
|  |  | 660024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 20336 | 364625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. (b) | 4551 | 584348 |
|  |  | 948973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. (b) | 2944 | 947497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co. Class B | 277 | 326115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. (b) | 2125 | 466480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. | 10026 | 507015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | 10503 | 874059 |
|  |  | 3121166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 19685 | 755904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 4443 | 384097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc. (b) | 7468 | 451142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 1547 | 165390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 4989 | 483983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc. (b) | 4619 | 193120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. Class A | 3197 | 453750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder, Inc. (b) | 6287 | 527731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 2073 | 137979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. Class A (b) | 6284 | 652279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 4943 | 821280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 4862 | 289240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 2726 | 407728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 2108 | 530542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 5718 | 456868 |
|  |  | 6711033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Durables (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | 5096 | 324310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 15669 | 1321367 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. (b) | 7402 | $488606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 7353.0 | 1015743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. (b) | 2096.0 | 819243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corp. | 4157.0 | 326740 |
|  |  | 4296009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leisure Products (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corp. | 4888.0 | 309117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. (b) | 24130.0 | 406108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc. | 3987.0 | 231764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. (b) | 6083.0 | 201834 |
|  |  | 1148823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail (3.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A (b) | 3528.0 | 301820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. (b) | 2118.0 | 463355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 15848.0 | 408244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. (b) | 4667.0 | 1187752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chewy, Inc. Class A (b) | 16659.0 | 673857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 5056.0 | 1123544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. (b) | 4160.0 | 643552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. Class A (b) | 8065.0 | 594391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GameStop Corp. Class A (b) | 30822.0 | 840824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. | 16967.0 | 362924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 1979.0 | 625364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 1350.0 | 524151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 1347.0 | 234257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RH (b) | 1109.0 | 225304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. (b) | 9520.0 | 341863 |
|  |  | 8551202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capri Holdings Ltd. (b) | 8904.0 | 177368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 1927.0 | 100782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc. (b) | 4090.0 | 341719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH Corp. | 3554.0 | 297718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc. Class A (b) | 14142.0 | 70569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc. Class C (b) | 9082.0 | 43866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Corp. | 24574.0 | 354603 |
|  |  | 1386625 |
| &nbsp;&nbsp;**Consumer Staples (4.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beverages (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. Class A (b) | 585.0 | 123681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. (b) | 11906.0 | 684476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 4464.0 | 523002 |
|  |  | 1331159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail (2.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos., Inc. Class A | 30188.0 | 528592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. (b) | 9889.0 | 922149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2785.0 | 1574416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc. (b) | 13810.0 | 507656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. (b) | 11722.0 | 1219557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. (b) | 7319.0 | 796307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods Holding Corp. (b) | 16863.0 | 1292043 |
|  |  | 6840720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. (b) | 11847.0 | 365717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 15812.0 | 206346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | 4806.0 | 586861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marzetti Co. | 1497.0 | 258667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 3202.0 | 130385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc. (b) | 3580.0 | 384778 |
|  |  | 1932754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc. (b) | 9435.0 | 342962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coty, Inc. Class A (b) | 27438.0 | 110850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elf Beauty, Inc. (b) | 4442.0 | 588476 |
|  |  | 1042288 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Energy (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc. | 27812.0 | $368509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 30782.0 | 1214350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valaris Ltd. (b) | 4958.0 | 241802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | 5379.0 | 368085 |
|  |  | 2192746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels (3.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 25085.0 | 487652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. (b) | 21980.0 | 737649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | 4288.0 | 426099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 6245.0 | 202962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp. (b) | 10591.0 | 340183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 7608.0 | 860160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 11909.0 | 623317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | 8764.0 | 393766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 10048.0 | 285464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 19250.0 | 777315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc. Class A | 6152.0 | 185606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | 52466.0 | 671565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 17839.0 | 671460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viper Energy, Inc. Class A | 12636.0 | 482948 |
|  |  | 7146146 |
| &nbsp;&nbsp;**Financial (16.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks (6.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 12236.0 | 314588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 7928.0 | 404169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 13953.0 | 523796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 22396.0 | 576473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comerica, Inc. | 9625.0 | 659505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 9272.0 | 554095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 4774.0 | 605200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 10322.0 | 1098777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 9731.0 | 327448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. | 38027.0 | 859790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 22409.0 | 258824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNB Corp. | 26897.0 | 433311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 8878.0 | 432092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 6347.0 | 397386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 13726.0 | 388446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bancshares Corp. | 4035.0 | 277406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 26119.0 | 573312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 5685.0 | 533196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 7114.0 | 472014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southstate Bank Corp. | 7517.0 | 743206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 10395.0 | 510187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. (b) | 3392.0 | 286726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp. | 5335.0 | 631397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 10583.0 | 393793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 36050.0 | 382130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 12446.0 | 739790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 7753.0 | 672340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 4998.0 | 661935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp NA | 11056.0 | 625548 |
|  |  | 15336880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets (3.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 2118.0 | 504995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 19504.0 | 1222901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. Class A | 2891.0 | 975192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 5535.0 | 287433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. Class A | 3030.0 | 408414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 4051.0 | 831751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 9345.0 | 415946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 12343.0 | 807479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar, Inc. | 1832.0 | 425042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 7036.0 | 597005 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 7652 | $868272 |
|  |  | 7344430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 20978.0 | 822338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 2932.0 | 464487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Corp. | 15613.0 | 432168 |
|  |  | 1718993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services (1.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 22433.0 | 1139148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group Ltd. | 7379.0 | 469009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. (b) | 2886.0 | 253419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 17264.0 | 489780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. Class A (b) | 5020.0 | 388548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 7221.0 | 540131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. | 24188.0 | 193262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc. (b) | 2557.0 | 402804 |
|  |  | 3876101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance (4.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 5184.0 | 755413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. (b) | 4241.0 | 225112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 7259.0 | 287093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 19129.0 | 1157113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp. | 7624.0 | 489766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 2628.0 | 477324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Corp. | 4699.0 | 242233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 1720.0 | 731447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 17120.0 | 727086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 2423.0 | 672601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 4950.0 | 951044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 3525.0 | 895103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLI Corp. | 6877.0 | 448518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 8438.0 | 475566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 4502.0 | 364977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 11734.0 | 912671 |
|  |  | 9813067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage REITs (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 48087.0 | 971838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | 25846.0 | 500637 |
|  |  | 1472475 |
| &nbsp;&nbsp;**Health Care (8.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (2.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. (b) | 14380.0 | 778821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cytokinetics, Inc. (b) | 8961.0 | 492497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. (b) | 20161.0 | 832649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. (b) | 8760.0 | 642458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. (b) | 7428.0 | 1042743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (b) | 32148.0 | 486399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. (b) | 3438.0 | 1441244 |
|  |  | 5716811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 14940.0 | 189589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corp. (b) | 12446.0 | 253525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc. Class A (b) | 8435.0 | 483072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp. (b) | 3608.0 | 175854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. (b) | 5092.0 | 261169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LivaNova PLC (b) | 4018.0 | 210463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp. (b) | 3433.0 | 506539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. (b) | 2901.0 | 734881 |
|  |  | 2815092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (2.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp. | 1071.0 | 479530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 7543.0 | 958112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 4316.0 | 745675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. (b) | 6476.0 | 613730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. (b) | 15485.0 | 878309 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. (b) | 12154.0 | $337395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. (b) | 6617.0 | 1343516 |
|  |  | 5356267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. Class A (b) | 10194.0 | 745691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc. (b) | 51058.0 | 637204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. Class A (b) | 1389.0 | 389462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruker Corp. | 8294.0 | 269472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. (b) | 11511.0 | 1093199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. (b) | 1662.0 | 854534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp. (b) | 3942.0 | 526927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Co. (b) | 13140.0 | 206692 |
|  |  | 3977490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. (b) | 37208.0 | 749369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC (b) | 4543.0 | 598768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. PLC | 10304.0 | 229470 |
|  |  | 1577607 |
| &nbsp;&nbsp;**Industrials (22.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (3.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. (b) | 2425.0 | 763608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. (b) | 10322.0 | 839591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 6845.0 | 1262013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 3768.0 | 925195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 2822.0 | 1532177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corp. | 5958.0 | 373567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. (b) | 12641.0 | 1155008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 4510.0 | 1139722 |
|  |  | 7990881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. (b) | 8573.0 | 453426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products (2.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc. | 5025.0 | 469536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 5362.0 | 743709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3187.0 | 1048395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 8990.0 | 479976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 6263.0 | 885964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 3162.0 | 529509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. (b) | 8031.0 | 414962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 4386.0 | 410047 |
|  |  | 4982098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies (1.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. | 3098.0 | 362032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. (b) | 3776.0 | 876863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 2756.0 | 474225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 13900.0 | 1506204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 19680.0 | 656918 |
|  |  | 3876242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering (2.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 9919.0 | 1294132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. (b) | 27721.0 | 952771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2682.0 | 2213133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. (b) | 12107.0 | 509341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. (b) | 4592.0 | 977224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 1511.0 | 585860 |
|  |  | 6532461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity, Inc. | 2311.0 | 795885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnerSys | 2806.0 | 316966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. Class A (b) | 11081.0 | 819883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 12053.0 | 1188908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 4932.0 | 707446 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 10907.0 | $333209 |
|  |  | 4162297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Group, Inc. (b) | 1259.0 | 202164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 12155.0 | 480244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 2544.0 | 311793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 3055.0 | 576295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. (b) | 1967.0 | 588841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. (b) | 8819.0 | 1140032 |
|  |  | 3299369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery (5.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 4589.0 | 491344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. (b) | 3309.0 | 662296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial NV | 66511.0 | 721644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | 3663.0 | 674505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 8726.0 | 714223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 4209.0 | 470314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 9794.0 | 520453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 12409.0 | 1054269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 5842.0 | 1044316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 4133.0 | 974685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp. (b) | 3492.0 | 464192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 8290.0 | 838202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 4793.0 | 621652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. (b) | 2354.0 | 918743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex Corp. | 4875.0 | 250087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. | 4726.0 | 355301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 7390.0 | 563118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. Class A | 2119.0 | 591794 |
|  |  | 11931138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marine Transportation (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. (b) | 4140.0 | 345483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. (b) | 8636.0 | 429900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. (b) | 49417.0 | 555447 |
|  |  | 985347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services (2.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. Class A (b) | 1631.0 | 813510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | 3351.0 | 154649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. (b) | 12096.0 | 532587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 3726.0 | 258882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc. (b) | 2378.0 | 384404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd. | 12138.0 | 508461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insperity, Inc. | 2669.0 | 131315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 9649.0 | 456301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. | 4159.0 | 380008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons Corp. (b) | 3999.0 | 331597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp. (b) | 3355.0 | 534351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp. | 3492.0 | 347000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 14589.0 | 1222266 |
|  |  | 6055331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2879.0 | 751563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. Class A (b) | 14203.0 | 764548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GATX Corp. | 2698.0 | 471610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. Class A | 3381.0 | 311525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 2606.0 | 1053606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 3645.0 | 770918 |
|  |  | 4123770 |
| &nbsp;&nbsp;**Information Technology (13.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. (b) | 10587.0 | 1542208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. (b) | 5269.0 | 857319 |
|  |  | 2399527 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components (3.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. (b) | 3857.0 | $466697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 6280.0 | 328318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | 2956.0 | 355518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 12574.0 | 569602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. (b) | 11641.0 | 1253968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Co. | 3617.0 | 242592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet (b) | 2711.0 | 988485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. (b) | 28109.0 | 1629479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp. (b) | 1840.0 | 145710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 1876.0 | 485903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. (b) | 2632.0 | 263595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 5724.0 | 937305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 10986.0 | 461082 |
|  |  | 8128254 |
| &nbsp;&nbsp;&nbsp;&nbsp;IT Services (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN, Inc. (b) | 3188.0 | 150952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. (b) | 17311.0 | 519850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. (b) | 12519.0 | 1147992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc. Class A (b) | 11491.0 | 1150134 |
|  |  | 2968928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment (2.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. (b) | 9285.0 | 271122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 8514.0 | 241798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. (b) | 3844.0 | 481615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 11353.0 | 1049698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. (b) | 10252.0 | 751677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. (b) | 4796.0 | 597054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 4989.0 | 617488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. (b) | 3630.0 | 469069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 4155.0 | 167072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. (b) | 8058.0 | 839643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. (b) | 2398.0 | 314450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc. (b) | 2882.0 | 196956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Display Corp. | 3281.0 | 471250 |
|  |  | 6468892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software (3.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfolio, Inc. Class A (b) | 1689.0 | 465590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bill Holdings, Inc. (b) | 6867.0 | 363745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbaud, Inc. (b) | 2763.0 | 177688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commvault Systems, Inc. (b) | 3305.0 | 623918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Docusign, Inc. (b) | 15133.0 | 1090938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. Class A | 4551.0 | 329356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. Class A (b) | 13861.0 | 418741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. (b) | 22580.0 | 1094001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. (b) | 6306.0 | 1449497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. (b) | 4517.0 | 925895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. Class A (b) | 20077.0 | 1493528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 6918.0 | 397785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. (b) | 2709.0 | 358482 |
|  |  | 9189164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware Storage & Peripherals (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. Class A (b) | 23253.0 | 1948834 |
| &nbsp;&nbsp;**Materials (4.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashland, Inc. | 3379.0 | 161888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corp. | 6855.0 | 225872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. (b) | 16220.0 | 464216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cabot Corp. | 3956.0 | 300854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corp. | 628.0 | 520116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin Corp. | 8585.0 | 214539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 9614.0 | 1133298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 3249.0 | 185031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Corp. | 2403.0 | 185175 |
|  |  | 3390989 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 2414.0 | $562559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp. (b) | 4183.0 | 321547 |
|  |  | 884106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 4930.0 | 658944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 8616.0 | 832219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 22187.0 | 434200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc. Class A | 1925.0 | 115038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 6650.0 | 286016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. | 7386.0 | 318263 |
|  |  | 2644680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp. | 19391.0 | 637770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. (b) | 37018.0 | 451620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. | 8382.0 | 480121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. (b) | 10080.0 | 676066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | 4005.0 | 1124724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 4930.0 | 988859 |
|  |  | 4359160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paper & Forest Products (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 4725.0 | 419769 |
| &nbsp;&nbsp;**Real Estate (6.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified REITs (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP Carey, Inc. | 16401.0 | 1108215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care REITs (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 26333.0 | 474784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 21999.0 | 928798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 17958.0 | 334737 |
|  |  | 1738319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels & Resort REITs (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 14972.0 | 165890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial REITs (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 3945.0 | 667731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 9916.0 | 510376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 17684.0 | 726989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 13982.0 | 493425 |
|  |  | 2398521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office REITs (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | 8439.0 | 245238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 12579.0 | 364036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 8129.0 | 343450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust | 12081.0 | 489643 |
|  |  | 1442367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Management & Development (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. (b) | 3549.0 | 1058596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential REITs (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | 24403.0 | 811400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 14500.0 | 880150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 17482.0 | 286530 |
|  |  | 1978080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail REITs (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | 8273.0 | 587714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 22925.0 | 634564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 16466.0 | 367192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 14138.0 | 601854 |
|  |  | 2191324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CubeSmart | 17078.0 | 694392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties | 5685.0 | 329787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | 21195.0 | 987899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Co. Class A | 6500.0 | 795730 |

---

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 5243 | $158443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | 5325.0 | 216994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rayonier, Inc. | 10606.0 | 281483 |
|  |  | 3464728 |
| &nbsp;&nbsp;**Utilities (3.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALLETE, Inc. | 4279.0 | 284126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 4027.0 | 532168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OGE Energy Corp. | 15083.0 | 697890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Co. | 8205.0 | 361020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 7069.0 | 399752 |
|  |  | 2274956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 6767.0 | 625068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 7523.0 | 362233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 4464.0 | 361316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 4797.0 | 375797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc. | 4366.0 | 355916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Corp. | 16096.0 | 535353 |
|  |  | 2615683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Power And Renewable Electricity Producers (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 4547.0 | 437649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp. (b) | 3481.0 | 1480748 |
|  |  | 1918397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp. | 5422.0 | 333941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 4549.0 | 266617 |
|  |  | 600558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Utilities (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 21005.0 | 838099 |
| **Total common stocks (cost: $163,283,409)** |  | **233630586** |
| **Mutual Funds (0.3%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 400 Mid Cap ETF (c) | 11500.0 | 657685 |
| **Total mutual funds (cost: $664,703)** |  | **657685** |
| **Short-Term Securities (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment Companies (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 4285803.0 | 4285803 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| &nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government Agencies and Obligations (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, current rate 3.750%, 04/15/26 (d) | 1000000 | 999578 |
| **Total short-term securities (cost: $5,284,474)** |  | **5285381** |
| **Total investments in securities (cost: $169,232,586)** |  | **239573652** |
| **Cash and other assets in excess of liabilities (0.0%)** |  | **79655** |
| **Total net assets (100.0%)** |  | $**239653307** |

---

**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 Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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

**Holdings of Open Futures Contracts**<br> On September 30, 2025, securities with an aggregate fair value of $999,578 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration <br> Date** | **Number of<br> Contracts** | **Position<br> Type** | **Notional<br> Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)(a)** |
| S&P Mid 400<sup>®</sup> E-Mini Index Future | December 2025 | 16 | Long | $5288355 | $5257920 | $(30435) |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Common Stocks (98.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services (10.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 200669 | $5666892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 118327 | 5200472 |
|  |  | 10867364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 6319 | 1274542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (b) | 4356 | 711770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. (b) | 11926 | 14298320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. (b) | 4866 | 1257180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 1895 | 382714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 50457 | 5777327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. (b) | 69480 | 1356944 |
|  |  | 25058797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services (7.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 163249 | 39685832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 131054 | 31918202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 6752 | 238481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 60870 | 44701710 |
|  |  | 116544225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. Class A (b) | 2617 | 719950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 103353 | 3247351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. Class A | 5892 | 371550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. Class B | 4170 | 238899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | 10278 | 286859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. Class A | 10564 | 324420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. Class B | 3496 | 120787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 5416 | 441567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. Class B | 8572 | 162182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. Class A (b) | 12507 | 612968 |
|  |  | 6526533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless Telecommunication Services (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 13583 | 3251499 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary (10.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (b) | 6056 | 522148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles (2.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 109702 | 1312036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 26719 | 1629057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. (b) | 78752 | 35022590 |
|  |  | 37963683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail (3.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (b) | 272364 | 59802963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 12825 | 1166434 |
|  |  | 60969397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributors (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 3840 | 532224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 7198 | 219827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corp. | 970 | 300768 |
|  |  | 1052819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. Class A (b) | 12041 | 1462018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 910 | 4913336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. (b) | 30468 | 880830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (b) | 37630 | 1474720 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 3238 | $616385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 870.0 | 375588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. Class A (b) | 10389.0 | 2825704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 3317.0 | 709009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 6600.0 | 1712304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 8668.0 | 466252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. Class A | 6336.0 | 1650148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 20027.0 | 6086005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International (b) | 5729.0 | 198567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. (b) | 12632.0 | 311126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 7063.0 | 2285445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 31900.0 | 2698740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 2322.0 | 297843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 7759.0 | 1179368 |
|  |  | 30143388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Durables (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DR Horton, Inc. | 7716.0 | 1307631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 4592.0 | 1130642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp. Class A | 6387.0 | 805017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. (b) | 1413.0 | 182164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. (b) | 87.0 | 699015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 5536.0 | 731472 |
|  |  | 4855941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 3657.0 | 277384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. (b) | 473.0 | 2029283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 5446.0 | 411827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc. (b) | 4207.0 | 188768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 27922.0 | 11313715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 15725.0 | 3951850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (b) | 23812.0 | 2567172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 9179.0 | 1398788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 31308.0 | 4525258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 14872.0 | 845771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (b) | 1278.0 | 698746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 3386.0 | 661794 |
|  |  | 28592972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. (b) | 4092.0 | 414806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (b) | 3069.0 | 546067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc. Class B | 33309.0 | 2322637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 1133.0 | 355263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 5772.0 | 653506 |
|  |  | 4292279 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples (4.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | 4941.0 | 133802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 108700.0 | 7208984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. Class A | 4006.0 | 539488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 38123.0 | 972518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | 4750.0 | 214938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. (b) | 20003.0 | 1346402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 38421.0 | 5395845 |
|  |  | 15811977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 12445.0 | 11519465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 6118.0 | 632295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (b) | 5446.0 | 513939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 17070.0 | 1150689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 13400.0 | 1103356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 12746.0 | 1143316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 123179.0 | 12694828 |
|  |  | 28757888 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 13483.0 | $805474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global SA | 3930.0 | 319312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell's Co. | 5464.0 | 172553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 13396.0 | 245281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 15005.0 | 756552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | 4084.0 | 763912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 8140.0 | 201384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 2915.0 | 316569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kellanova | 7501.0 | 615232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 23915.0 | 622747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 3889.0 | 225873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 7044.0 | 471314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. Class A | 36313.0 | 2268473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. Class A | 7992.0 | 433966 |
|  |  | 8218642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 6836.0 | 599039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 3422.0 | 421933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 22681.0 | 1813119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 9281.0 | 1153999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 65736.0 | 10100336 |
|  |  | 14088426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. Class A | 6522.0 | 574719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 53856.0 | 874083 |
|  |  | 1448802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 47144.0 | 3114333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 43684.0 | 7085545 |
|  |  | 10199878 |
| &nbsp;&nbsp;&nbsp;**Energy (2.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 27667.0 | 1347936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | 23927.0 | 588604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 41870.0 | 1439072 |
|  |  | 3375612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels (2.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 10040.0 | 243771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 54010.0 | 8387213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 35050.0 | 3315379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 21416.0 | 506488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 17815.0 | 624594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 5186.0 | 742117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 15322.0 | 1717903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 17513.0 | 953232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 6683.0 | 710002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 119644.0 | 13489861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 54877.0 | 1553568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 8532.0 | 1644458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 20168.0 | 952938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 17660.0 | 1288650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | 11341.0 | 1542603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 6038.0 | 1011606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 531.0 | 495763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 8718.0 | 1484327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 34271.0 | 2171068 |
|  |  | 42835541 |
| &nbsp;&nbsp;&nbsp;**Financial (13.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks (3.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 191239.0 | 9866020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 51663.0 | 5243794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 12105.0 | 643502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 18575.0 | 827516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 41089.0 | 709607 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 77169.0 | $24341418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 26156.0 | 488856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 4356.0 | 860833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 11052.0 | 2220678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 25041.0 | 660331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 36186.0 | 1654424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | 43673.0 | 2110716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 89901.0 | 7535502 |
|  |  | 57163197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets (3.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 2655.0 | 1304269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 19791.0 | 2156427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 4042.0 | 4712446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 20629.0 | 3524465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 2960.0 | 725940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 47885.0 | 4571581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 10088.0 | 2725677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. Class A (b) | 6347.0 | 2142049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 1021.0 | 292506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 8596.0 | 198825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 8496.0 | 6765790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. Class A | 12495.0 | 859781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 16064.0 | 2706463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 12515.0 | 287094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 19252.0 | 2501797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 4386.0 | 2089841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 34047.0 | 5412111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 2215.0 | 1256813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 12721.0 | 1125172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 5366.0 | 722264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 4980.0 | 859548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. Class A (b) | 21720.0 | 3109870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 8770.0 | 4268447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 7961.0 | 923556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 6129.0 | 629081 |
|  |  | 55871813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 15233.0 | 5059793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 17947.0 | 3815173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 10441.0 | 741833 |
|  |  | 9616799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services (4.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 12850.0 | 1712519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. Class B (b) | 51462.0 | 25872006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. (b) | 15423.0 | 1114620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc. (b) | 1994.0 | 574392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 14660.0 | 966680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. (b) | 15255.0 | 1966827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 6795.0 | 564529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 1988.0 | 296073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 23167.0 | 13177621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. (b) | 26811.0 | 1797946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. Class A | 47672.0 | 16274267 |
|  |  | 64317480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 13508.0 | 1508844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 7387.0 | 1585620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 15547.0 | 1221061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC Class A | 6105.0 | 2176921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 10431.0 | 946405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 7243.0 | 2243447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 1355.0 | 293493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 8222.0 | 771141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 10406.0 | 2937094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 4319.0 | 682834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co. Class A | 702.0 | 223348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 1152.0 | 403465 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 2254 | $322254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 7890.0 | 1052447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | 4773.0 | 479162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 13797.0 | 2780509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 15677.0 | 1291315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 5689.0 | 471675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 16451.0 | 4062574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 9878.0 | 1024744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 6305.0 | 1760482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 8373.0 | 641539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 2721.0 | 939969 |
|  |  | 29820343 |
| &nbsp;&nbsp;**Health Care (8.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (1.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 49577.0 | 11479059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 15103.0 | 4262067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. (b) | 4045.0 | 566624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 34822.0 | 3865242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp. (b) | 4603.0 | 390380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. (b) | 9622.0 | 248536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 2888.0 | 1623836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (b) | 7160.0 | 2804142 |
|  |  | 25239886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (2.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 48844.0 | 6542165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. (b) | 1832.0 | 229403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 14409.0 | 328093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 8003.0 | 1497921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. (b) | 41584.0 | 4059846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (b) | 5554.0 | 380782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc. (b) | 10986.0 | 739248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (b) | 16476.0 | 1281339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 12812.0 | 962181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. (b) | 6200.0 | 418438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (b) | 2268.0 | 1449003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. (b) | 2003.0 | 618386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (b) | 10034.0 | 4487506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 35957.0 | 3424545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 4067.0 | 1113260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp. (b) | 4060.0 | 296380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS PLC | 2777.0 | 687141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 9624.0 | 3557704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 5493.0 | 541060 |
|  |  | 32614401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 6648.0 | 1043470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 5441.0 | 1700476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. (b) | 13094.0 | 467194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 7453.0 | 2148327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 35594.0 | 2683432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc. (b) | 999.0 | 132737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 6288.0 | 2031779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 4597.0 | 1959241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. (b) | 2892.0 | 191942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 3390.0 | 881976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 2344.0 | 672869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3474.0 | 2683804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (b) | 1540.0 | 294694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 3063.0 | 583746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 25417.0 | 8776490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. Class B | 1599.0 | 326900 |
|  |  | 26579077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 7960.0 | 1021666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 4332.0 | 240989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. (b) | 1310.0 | 204962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 17885.0 | 3545880 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (b) | 4771 | $906204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (b) | 597.0 | 732883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 3158.0 | 276799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 10573.0 | 5128116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. (b) | 1644.0 | 492888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 2027.0 | 531743 |
|  |  | 13082130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (2.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 57122.0 | 2576202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 22341.0 | 17046183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 67588.0 | 12532167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 70098.0 | 5883325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 159559.0 | 4065564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 32719.0 | 323918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 12437.0 | 1819782 |
|  |  | 44247141 |
| &nbsp;&nbsp;**Industrials (8.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (2.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (b) | 2240.0 | 1607514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (b) | 21218.0 | 4579481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 7126.0 | 2429966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 29760.0 | 8952403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 11313.0 | 2219950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 1089.0 | 313534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 5214.0 | 1592408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 5766.0 | 2878445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 3768.0 | 2295918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 37565.0 | 6285751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | 5001.0 | 422534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 1588.0 | 2093016 |
|  |  | 35670920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 3256.0 | 431094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3772.0 | 462410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 6035.0 | 1423113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. Class B | 20645.0 | 1724477 |
|  |  | 4041094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 3186.0 | 233884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 2363.0 | 419078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (b) | 3068.0 | 371995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 22442.0 | 1339787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 18364.0 | 2019122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 900.0 | 476424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 5864.0 | 412767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 6211.0 | 2620794 |
|  |  | 7893851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 9604.0 | 1971317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. (b) | 24965.0 | 1122676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 5643.0 | 1294956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 7847.0 | 460933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | 6907.0 | 736355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 10353.0 | 2286253 |
|  |  | 7872490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1257.0 | 816472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 4190.0 | 1736420 |
|  |  | 2552892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 6427.0 | 1208276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 10925.0 | 4088681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 15794.0 | 2071857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 7640.0 | 4697836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. (b) | 1618.0 | 270853 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 1510 | $649768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 3194.0 | 1116399 |
|  |  | 14103670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | 52319.0 | 1857848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 2071.0 | 277866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 6274.0 | 1884772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 5157.0 | 726003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (b) | 58525.0 | 5733694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 16643.0 | 3933906 |
|  |  | 14414089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Conglomerates (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 14947.0 | 2319476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 17818.0 | 3750689 |
|  |  | 6070165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 13148.0 | 6273568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 3907.0 | 1650200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 7137.0 | 3263465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 3780.0 | 630617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 9495.0 | 465160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 2049.0 | 333495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 7438.0 | 1939533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 10150.0 | 838593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 1510.0 | 342694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 11014.0 | 1007010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | 14736.0 | 1448844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 3586.0 | 2718726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 4551.0 | 504069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 1455.0 | 504201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 4295.0 | 319247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 4738.0 | 949827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 6780.0 | 1000050 |
|  |  | 24189299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 18203.0 | 1033020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 14738.0 | 470290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (b) | 9085.0 | 876702 |
|  |  | 2380012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 11367.0 | 3336215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 3240.0 | 771671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc. (b) | 4420.0 | 304494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 3433.0 | 880667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 3321.0 | 497685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 3547.0 | 670241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 9063.0 | 1148826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 1353.0 | 281613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 3865.0 | 972086 |
|  |  | 8863498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 32207.0 | 1579431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1806.0 | 1724116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 1227.0 | 1169282 |
|  |  | 4472829 |
| &nbsp;&nbsp;**Information Technology (34.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. (b) | 28923.0 | 4214370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 111133.0 | 7603720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. (b) | 1621.0 | 523891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 4728.0 | 2162067 |
|  |  | 14504048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 34200.0 | 4232250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 3627.0 | 577708 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 21794.0 | $1787762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 2998.0 | 651076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (b) | 4786.0 | 837167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 8284.0 | 1818586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. (b) | 1368.0 | 801703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. (b) | 6645.0 | 542564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A (b) | 1410.0 | 418996 |
|  |  | 11667812 |
| &nbsp;&nbsp;&nbsp;&nbsp;IT Services (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC Class A | 17480.0 | 4310568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. (b) | 4023.0 | 304782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | 13706.0 | 919261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc. (b) | 1489.0 | 224526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. (b) | 2111.0 | 554919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. Class A (b) | 3885.0 | 531585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 26142.0 | 7376227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 2336.0 | 653076 |
|  |  | 14874944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment (13.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (b) | 45543.0 | 7368402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 13923.0 | 3420881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 22521.0 | 4610950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 131999.0 | 43547790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. (b) | 3032.0 | 668647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. (b) | 122836.0 | 4121148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 3703.0 | 3994056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 35518.0 | 4755860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 15106.0 | 970107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 31407.0 | 5255019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 1329.0 | 1223531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 684763.0 | 127763080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 7042.0 | 1603675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (b) | 11477.0 | 565931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 30267.0 | 5035218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 4068.0 | 313155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 4435.0 | 610433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 25514.0 | 4687687 |
|  |  | 220515570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software (11.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. (b) | 11905.0 | 4199489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. Class A (b) | 7598.0 | 5459467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. (b) | 6053.0 | 1922857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (b) | 7620.0 | 2676601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. Class A (b) | 7042.0 | 3453256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc. Class A (b) | 9033.0 | 1286299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. (b) | 690.0 | 1032606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. (b) | 18278.0 | 1536814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 15728.0 | 446518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 7828.0 | 5345819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 208605.0 | 108046960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 46508.0 | 13079910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. Class A (b) | 63825.0 | 11642956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (b) | 18720.0 | 3811766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc. (b) | 3391.0 | 688441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 3055.0 | 1523498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 26829.0 | 6358473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. (b) | 5853.0 | 5386399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. (b) | 5229.0 | 2579936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (b) | 1285.0 | 672261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. Class A (b) | 6025.0 | 1450398 |
|  |  | 182600724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware Storage & Peripherals (7.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. (c) | 416482.0 | 106048812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. Class C | 8470.0 | 1200792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 36826.0 | 904446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 26359.0 | 717756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 5615.0 | 665153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 6000.0 | 1416360 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. (b) | 14069.0 | $674468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | 9736.0 | 1168904 |
|  |  | 112796691 |
| &nbsp;&nbsp;**Materials (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 6292.0 | 1715954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | 3226.0 | 261564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 4498.0 | 403471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 19058.0 | 1288893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 19885.0 | 455963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 11732.0 | 913923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 3185.0 | 200814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 7134.0 | 1953717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 7132.0 | 438903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 13160.0 | 6251000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | 7169.0 | 351568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. | 8869.0 | 307577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 6318.0 | 664085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 6518.0 | 2256923 |
|  |  | 17464355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 1693.0 | 1067064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 3747.0 | 1152652 |
|  |  | 2219716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 64687.0 | 529140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2130.0 | 345422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 7637.0 | 385057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | 14817.0 | 687509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2482.0 | 540902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 14652.0 | 623736 |
|  |  | 3111766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 40293.0 | 1580292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 30826.0 | 2598940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 6424.0 | 870002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 3803.0 | 530252 |
|  |  | 5579486 |
| &nbsp;&nbsp;**Real Estate (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care REITs (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 4353.0 | 362779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 19502.0 | 373463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 12659.0 | 886004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 18770.0 | 3343688 |
|  |  | 4965934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels & Resort REITs (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 17944.0 | 305407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial REITs (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 26045.0 | 2982673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office REITs (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. | 4133.0 | 307247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Management & Development (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. Class A (b) | 8202.0 | 1292307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. (b) | 11828.0 | 997928 |
|  |  | 2290235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential REITs (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 3934.0 | 759931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | 2934.0 | 313292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 9668.0 | 625810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 1810.0 | 484465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 15827.0 | 464206 |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 3236 | $452166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | 8423.0 | 313841 |
|  |  | 3413711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail REITs (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 2195.0 | 222375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 19004.0 | 415237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | 25659.0 | 1559811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. | 4535.0 | 330601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 9162.0 | 1719433 |
|  |  | 4247457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | 13136.0 | 2526316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 12212.0 | 1178336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 8951.0 | 1547449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | 2746.0 | 2150777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 5900.0 | 831546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 8242.0 | 840189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 4435.0 | 1281050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. | 3038.0 | 587397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 29877.0 | 974289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 20248.0 | 501948 |
|  |  | 12419297 |
| &nbsp;&nbsp;**Utilities (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 7162.0 | 482790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 15003.0 | 1687838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 8761.0 | 2882982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | 21823.0 | 2700596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 10778.0 | 595808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 12519.0 | 1166646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 6405.0 | 486908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 10387.0 | 738931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 28344.0 | 1275763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 14523.0 | 665444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 57792.0 | 4362718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 5428.0 | 879065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | 61680.0 | 930134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 3315.0 | 297223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | 20753.0 | 771182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. | 30871.0 | 2925645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 16597.0 | 1338548 |
|  |  | 24188221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 4505.0 | 769229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Power And Renewable Electricity Producers (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp. | 19983.0 | 262976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 8938.0 | 1751133 |
|  |  | 2014109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | 7541.0 | 787130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 18322.0 | 710894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | 8357.0 | 612234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 10086.0 | 1013845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 23950.0 | 1465021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | 5767.0 | 815627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 13208.0 | 571906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 14006.0 | 1168941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra | 18311.0 | 1647624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 9023.0 | 1033945 |
|  |  | 9827167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Utilities (0.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 5413.0 | 753435 |
| **Total common stocks (cost: $433,424,228)** |  | **1600551505** |

---

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

---

| | |
|:---|:---|
| **Short-Term Securities (1.1%)** | **Short-Term Securities (1.1%)** |
| &nbsp;&nbsp;**Investment Companies (1.1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | $17489010 |
| **Total short-term securities (cost: $17,489,010)** | **17489010** |
| **Total investments in securities (cost: $450,913,238)** | **1618040515** |
| **Liabilities in excess of cash and other assets (0.0%)** | **(89402)** |
| **Total net assets (100.0%)** | $**1617951113** |

---

---

| | |
|:---|:---|
| **Investments in Securities Legend** | **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**<br> On September 30, 2025, securities with an aggregate fair value of $35,648,200 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Number of<br> Contracts** | **Position<br> Type** | **Notional<br> Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)(a)** |
| S&P 500 E-Mini Index Future | December 2025 | 50 | Long | $16659934 | $16846875 | $186941 |

---

See accompanying notes to investments in securities.

SFT Macquarie Growth Fund <br> Investments in Securities<br> **September 30, 2025<br> (Unaudited)**<br> (Percentages of each investment category relate to total net assets)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Common Stocks (99.5%)** |  |  |
| &nbsp;&nbsp;**Communication Services (5.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services (5.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 118962 | $28919662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 8724 | 6406731 |
|  |  | 35326393 |
| &nbsp;&nbsp;**Consumer Discretionary (9.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari NV | 17148 | 8320552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail (6.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (b) | 180094 | 39543240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 2175 | 11743412 |
| &nbsp;&nbsp;**Consumer Staples (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beverages (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 138330 | 9174046 |
| &nbsp;&nbsp;**Financial (13.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets (6.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 123019 | 20726241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 10902 | 6185904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 26505 | 12900249 |
|  |  | 39812394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services (7.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 30348 | 17262246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. Class A | 85843 | 29305083 |
|  |  | 46567329 |
| &nbsp;&nbsp;**Health Care (9.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (3.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (b) | 95013 | 6514091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (b) | 9551 | 6102039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (b) | 20786 | 9296123 |
|  |  | 21912253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 28287 | 9767501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc. Class A (b) | 40296 | 12004581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services (2.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 79168 | 15695848 |
| &nbsp;&nbsp;**Industrials (7.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies (1.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 71195 | 12516081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 46819 | 6591179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services (4.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 36843 | 8774897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 49251 | 12634359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 31515 | 7926338 |
|  |  | 29335594 |
| &nbsp;&nbsp;**Information Technology (50.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 8523 | 3897483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 39476 | 6287737 |

---

See accompanying notes to investments in securities.

SFT Macquarie Growth Fund <br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment (19.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (b) | 40692.0 | $6583559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 37333.0 | 12316530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 499970.0 | 93284402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 48186.0 | 13457868 |
|  |  | 125642359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software (22.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. (b) | 24978.0 | 7934762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 26577.0 | 18149699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 190299.0 | 98565367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 41706.0 | 9884322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. (b) | 21285.0 | 10501806 |
|  |  | 145035956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware Storage & Peripherals (8.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 207518.0 | 52840308 |
| &nbsp;&nbsp;**Materials (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 29702.0 | 9136929 |
| &nbsp;&nbsp;**Real Estate (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Management & Development (1.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. (b) | 124408.0 | 10496303 |
| **Total common stocks (cost: $338,366,449)** |  | **651647478** |
| **Short-Term Securities (0.3%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 1983000.0 | 1983000 |
| **Total short-term securities (cost: $1,983,000)** |  | **1983000** |
| **Total investments in securities (cost: $340,349,449)** |  | **653630478** |
| **Cash and other assets in excess of liabilities (0.2%)** |  | **1249625** |
| **Total net assets (100.0%)** |  | $**654880103** |

---

---

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

---

See accompanying notes to investments in securities.

SFT Macquarie Small Cap Growth Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Common Stocks (97.1%)** |  |  |
| &nbsp;&nbsp;**Communication Services (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment (2.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. (b) | 122613 | $4015576 |
| &nbsp;&nbsp;**Consumer Discretionary (11.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile Components (3.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products, Inc. (b) | 19800 | 3086424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. (b) | 15891 | 2259064 |
|  |  | 5345488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. (b) | 23582 | 3027929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services (3.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 83165 | 1758108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc. (b) | 121836 | 3965762 |
|  |  | 5723870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure (2.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. (b) | 6222 | 788203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Sports Ltd. (b) | 94033 | 1164129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group AG Class A (b) | 63099 | 1697363 |
|  |  | 3649695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. (b) | 9470 | 1569368 |
| &nbsp;&nbsp;**Consumer Staples (3.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail (2.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (b) | 38347 | 2236781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 16807 | 2036840 |
|  |  | 4273621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Farms, Inc. (b) | 33446 | 1376303 |
| &nbsp;&nbsp;**Energy (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 64579 | 1567978 |
| &nbsp;&nbsp;**Financial (7.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks (2.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 75260 | 2290162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 23991 | 2080499 |
|  |  | 4370661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets (3.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. Class A | 11514 | 1551972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 12828 | 2633845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 154720 | 2150608 |
|  |  | 6336425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 7894 | 1250568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remitly Global, Inc. (b) | 53759 | 876272 |
| &nbsp;&nbsp;**Health Care (23.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (6.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. (b) | 122449 | 1795102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareDx, Inc. (b) | 50131 | 728905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. (b) | 75643 | 1490167 |

---

See accompanying notes to investments in securities.

SFT Macquarie Small Cap Growth Fund<br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc. (b) | 42107.0 | $3086864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. (b) | 71771.0 | 1715327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corp. (b) | 58914.0 | 1854024 |
|  |  | 10670389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (3.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc. (b) | 88524.0 | 1287139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. (b) | 24070.0 | 2487153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. (b) | 13364.0 | 476961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. (b) | 6874.0 | 771263 |
|  |  | 5022516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (5.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 25664.0 | 3259841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. (b) | 22420.0 | 2415531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. (b) | 28315.0 | 1769121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. (b) | 14601.0 | 1383737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. (b) | 11322.0 | 642184 |
|  |  | 9470414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia, Inc. (b) | 69258.0 | 1628948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. (b) | 163543.0 | 2446603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (5.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. (b) | 30454.0 | 2789586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. (b) | 15840.0 | 1923768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. (b) | 69718.0 | 4143341 |
|  |  | 8856695 |
| &nbsp;&nbsp;**Industrials (23.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (6.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corp. (b) | 32466.0 | 2911226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. (b) | 4731.0 | 1489745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. (b) | 23856.0 | 1940447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. (b) | 5600.0 | 511672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | 50796.0 | 2306138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. (b) | 15137.0 | 1171604 |
|  |  | 10330832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. (b) | 18100.0 | 935227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. (b) | 8385.0 | 1947165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering (4.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. Class A (b) | 21985.0 | 2792095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. (b) | 41665.0 | 3572774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Corp. Class A (b) | 15851.0 | 488369 |
|  |  | 6853238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (2.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor Corp. (b) | 46457.0 | 2759081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A (b) | 7819.0 | 661253 |
|  |  | 3420334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery (3.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 4997.0 | 594593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 36251.0 | 1926378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. (b) | 11223.0 | 2096232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International Corp. | 3957.0 | 838488 |
|  |  | 5455691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marine Transportation (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. (b) | 5726.0 | 477835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest, Inc. (b) | 9197.0 | 925402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services (3.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ, Inc. (b) | 39723.0 | 2103730 |

---

See accompanying notes to investments in securities.

SFT Macquarie Small Cap Growth Fund <br> Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. (b) | 42558.0 | $1873829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc. (b) | 13705.0 | 2011483 |
|  |  | 5989042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 13092.0 | 2184531 |
| &nbsp;&nbsp;**Information Technology (23.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment (3.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. (b) | 32975.0 | 5365362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components (6.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 16348.0 | 2781449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. (b) | 21239.0 | 2645530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. (b) | 20440.0 | 5094465 |
|  |  | 10521444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment (5.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. (b) | 18896.0 | 2352363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. (b) | 18367.0 | 1913842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. (b) | 19785.0 | 2594407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc. (b) | 26591.0 | 1817229 |
|  |  | 8677841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software (8.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc. (b) | 20467.0 | 2154152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint, Inc. (b) | 170163.0 | 2554147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. Class A (b) | 36073.0 | 650036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (b) | 19467.0 | 1834375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. (b) | 12405.0 | 897998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. Class A (b) | 25053.0 | 2060609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint, Inc. (b) | 124605.0 | 2751278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI, Inc. Class A (b) | 13416.0 | 215729 |
|  |  | 13118324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware Storage & Peripherals (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. (b) | 6112.0 | 375888 |
| &nbsp;&nbsp;**Materials (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp. (b) | 25801.0 | 1983323 |
| **Total common stocks (cost: $127,734,343)** |  | **160040798** |
| **Mutual Funds (1.4%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF (c) | 7308.0 | 2338852 |
| **Total mutual funds (cost: $2,133,304)** |  | **2338852** |
| **Short-Term Securities (1.6%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 2609220.0 | 2609220 |
| **Total short-term securities (cost: $2,609,220)** |  | **2609220** |
| **Total investments in securities (cost: $132,476,867)** |  | **164988870** |
| **Liabilities in excess of cash and other assets (-0.1%)** |  | **(166346)** |
| **Total net assets (100.0%)** |  | $**164822524** |

---

---

| | |
|:---|:---|
| **Investments in Securities Legend** | **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 Securities and Exchange Commission's ("SEC") website at www.sec.gov. |

---

See accompanying notes to investments in securities.

SFT Real Estate Securities Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Common Stocks (98.5%)** |  |  |
| &nbsp;&nbsp;**Consumer Discretionary (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 8986 | $776839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. (b) | 49870 | 1347737 |
|  |  | 2124576 |
| &nbsp;&nbsp;**Health Care (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACS Group, Inc. (b) | 22294 | 306097 |
| &nbsp;&nbsp;**Real Estate (96.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care REITs (16.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 46498 | 1612551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 134346 | 2422259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 42937 | 1812800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 79166 | 14102631 |
|  |  | 19950241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels & Resort REITs (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 193489 | 3293183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial REITs (6.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 28606 | 350137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 3211 | 543494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 61117 | 6999119 |
|  |  | 7892750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office REITs (4.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. | 31667 | 2354125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 53481 | 1701765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. (b) | 115109 | 317701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 25201 | 1064742 |
|  |  | 5438333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential REITs (14.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | 54302 | 1805542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 14895 | 904127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 13143 | 850746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 13893 | 3718600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 140676 | 4126027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 25686 | 3313494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | 72693 | 2708541 |
|  |  | 17427077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail REITs (11.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | 58735 | 4172535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 109971 | 2402866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 52443 | 1169479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | 31161 | 1894277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 20319 | 3813267 |
|  |  | 13452424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (39.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | 30353 | 5837489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 62841 | 6063528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 47361 | 8187770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | 5931 | 4645396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 32984 | 4648765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 38545 | 3929277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Co. Class A | 4529 | 554440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 34293 | 628248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 8461 | 2443960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. | 28806 | 5569640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 40991 | 1336717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 117693 | 2917609 |
|  |  | 46762839 |

---

See accompanying notes to investments in securities.

SFT Real Estate Securities Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| **Total common stocks (cost: $110,572,819)** |  | $**116647520** |
| **Warrant (0.5%)** |  |  |
| &nbsp;&nbsp;**Real Estate (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Office REITs (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc., Exp.12/31/49 (b) (c) (d) | 202314.0 | 556363 |
| **Total Warrants (cost: $449,137)** |  | **556363** |
| **Short-Term Securities (0.8%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 913462.0 | 913462 |
| **Total short-term securities (cost: $913,462)** |  | **913462** |
| **Total investments in securities (cost: $111,935,418)** |  | **118117345** |
| **Cash and other assets in excess of liabilities (0.2%)** |  | **283466** |
| **Total net assets (100.0%)** |  | $**118400811** |

---

---

| | |
|:---|:---|
| **Investments in Securities Legend** | **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) | This security has been determined to be illiquid pursuant to the procedures of the Funds' Liquidity Risk Management Program. |
| (d) | 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. |

---

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Common Stocks (99.5%)** |  |  |
| &nbsp;&nbsp;**Communication Services (5.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services (4.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 14873 | $3615626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 12935 | 3150319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 1430 | 1050164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc. Class A (b) | 25554 | 822072 |
|  |  | 8638181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 8983 | 282246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless Telecommunication Services (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 7687 | 1840114 |
| &nbsp;&nbsp;**Consumer Discretionary (6.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (b) | 15385 | 3378084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 9714 | 2951988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail (3.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. (b) | 787 | 3376419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 7222 | 2926282 |
|  |  | 6302701 |
| &nbsp;&nbsp;**Consumer Staples (6.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (b) | 18800 | 1774156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 17600 | 1813856 |
|  |  | 3588012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food Products (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. Class A | 45203 | 2823832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Products (2.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 19602 | 1566984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 21493 | 3302399 |
|  |  | 4869383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 110773 | 1797846 |
| &nbsp;&nbsp;**Energy (7.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services (1.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 50110 | 1722281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 39496 | 1558117 |
|  |  | 3280398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels (6.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 19583 | 3041044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 37593 | 3555922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 12221 | 1377918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 63071 | 2373992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 14000 | 2383640 |
|  |  | 12732516 |
| &nbsp;&nbsp;**Financial (23.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks (7.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 55496 | 2863039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 14477 | 1469415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 17700 | 788535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 26547 | 8373720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 103624 | 1936733 |
|  |  | 15431442 |

---

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets (4.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 40591.0 | $3875223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 3833.0 | 1035638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 1893.0 | 1507490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 18485.0 | 3114353 |
|  |  | 9532704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance (1.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 7785.0 | 2585866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 3225.0 | 685570 |
|  |  | 3271436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services (5.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 7400.0 | 986198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. Class B (b) | 13596.0 | 6835253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 50163.0 | 1607724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc. (b) | 3622.0 | 1043353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. Class A | 2831.0 | 966447 |
|  |  | 11438975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance (3.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 17762.0 | 3812613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 6161.0 | 507482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 1107.0 | 273374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 10101.0 | 2820401 |
|  |  | 7413870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage REITs (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 54436.0 | 1100152 |
| &nbsp;&nbsp;**Health Care (11.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 22850.0 | 2536350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (2.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 15900.0 | 2129646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon AG | 27509.0 | 2049696 |
|  |  | 4179342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (6.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 9404.0 | 2939032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 6400.0 | 1844800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 4654.0 | 1503801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (b) | 2700.0 | 516672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 6185.0 | 1178737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. (b) | 13179.0 | 2675864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 6358.0 | 2195417 |
|  |  | 12854323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 3689.0 | 731381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 20238.0 | 1773861 |
|  |  | 2505242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | 14282.0 | 1095715 |
| &nbsp;&nbsp;**Industrials (16.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (2.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 8247.0 | 2480863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 2379.0 | 726570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2638.0 | 1607386 |
|  |  | 4814819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 6095.0 | 862199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 11516.0 | 2642692 |

---

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 19271.0 | $3622948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation (2.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | 11255.0 | 399665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 6582.0 | 1977299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 11791.0 | 1659937 |
|  |  | 4036901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery (7.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 5300.0 | 2528895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 10487.0 | 4795285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 4121.0 | 3124336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 9700.0 | 1074372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 16827.0 | 3373309 |
|  |  | 14896197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 4260.0 | 1092818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 1110.0 | 1057785 |
| &nbsp;&nbsp;**Information Technology (8.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components (3.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (b) | 26696.0 | 4669664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 6170.0 | 1354500 |
|  |  | 6024164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment (4.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 8570.0 | 2105649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. (b) | 40142.0 | 1346764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 1189.0 | 1282456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 19095.0 | 3508324 |
|  |  | 8243193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 3890.0 | 2014826 |
| &nbsp;&nbsp;**Materials (6.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals (3.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 5720.0 | 2717000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 8565.0 | 900267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 10404.0 | 3602489 |
|  |  | 7219756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging (2.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 24581.0 | 1239374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | 81860.0 | 3798304 |
|  |  | 5037678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 1715.0 | 382291 |
| &nbsp;&nbsp;**Real Estate (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care REITs (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 11000.0 | 1959540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential REITs (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 5067.0 | 1356233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 3496.0 | 1009820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 30574.0 | 997018 |
|  |  | 2006838 |
| &nbsp;&nbsp;**Utilities (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. | 24700.0 | 2340819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 41578.0 | 3353265 |
|  |  | 5694084 |

---

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 7464.0 | $1274478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | 24160.0 | 2521821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Utilities (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 7010.0 | 975722 |
| **Total common stocks (cost: $168,627,500)** |  | **201581835** |
| **Short-Term Securities (0.4%)** |  |  |
| &nbsp;&nbsp;**Investment Companies (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 117952.0 | 117952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund, current rate 4.160% | 646821.0 | 646821 |
| **Total short-term securities (cost: $764,773)** |  | **764773** |
| **Total investments in securities (cost: $169,392,273)** |  | **202346608** |
| **Cash and other assets in excess of liabilities (0.1%)** |  | **200470** |
| **Total net assets (100.0%)** |  | $**202547078** |

---

---

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

---

See accompanying notes to investments in securities.

---

| | |
|:---|:---|
| **Country Diversification** | **%** |
| United States | 97.7% |
| United Kingdom | 1.3% |
| Switzerland | 0.7% |
| Canada | 0.2% |
| Liabilities in excess of cash and other assets | 0.1% |
|  | 100.0% |

---

SFT Wellington Core Equity Fund

Investments in Securities

**September 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| &nbsp;&nbsp;&nbsp;**Communication Services (10.9%)** | &nbsp;&nbsp;&nbsp;**Communication Services (10.9%)** | &nbsp;&nbsp;&nbsp;**Communication Services (10.9%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment (1.6%) | &nbsp;&nbsp;&nbsp;&nbsp;Entertainment (1.6%) | &nbsp;&nbsp;&nbsp;&nbsp;Entertainment (1.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. (b) | 1869 | $2240782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services (8.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 29225 | 7104597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 5510 | 4046434 |
|  |  | 11151031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless Telecommunication Services (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 6114 | 1463569 |
| &nbsp;&nbsp;**Consumer Discretionary (10.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. (b) | 1857 | 825845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail (4.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (b) | 29861 | 6556580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributors (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corp. | 3825 | 1186018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. Class A | 5378 | 1400646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Durables (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp. Class A | 6252 | 788002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail (2.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. (b) | 308 | 1321394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 5290 | 1329430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 7743 | 1119173 |
|  |  | 3769997 |
| &nbsp;&nbsp;**Consumer Staples (5.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beverages (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. (b) | 10467 | 704534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. (b) | 13876 | 1293937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 24653 | 2540738 |
|  |  | 3834675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food Products (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 18684 | 1250147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 10750 | 1743650 |
| &nbsp;&nbsp;**Energy (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels (2.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 5889 | 625647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 17096 | 1927574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 16488 | 1044515 |
|  |  | 3597736 |
| &nbsp;&nbsp;**Financial (13.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks (4.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 10875 | 3430302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 24521 | 2055350 |
|  |  | 5485652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets (3.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 2002 | 1594293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 8047 | 1355758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 7408 | 962670 |

---

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 15750.0 | $1393087 |
|  |  | 5305808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 3984.0 | 1323325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klarna Group PLC (b) | 15686.0 | 574892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 5712.0 | 3249043 |
|  |  | 3823935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 3483.0 | 1078824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 3590.0 | 1013278 |
|  |  | 2092102 |
| &nbsp;&nbsp;**Health Care (6.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology (2.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 12700.0 | 1409700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (b) | 3286.0 | 1286929 |
|  |  | 2696629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies (1.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 14570.0 | 1951506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. (b) | 7004.0 | 683800 |
|  |  | 2635306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 4009.0 | 1252933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (1.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 3430.0 | 2617090 |
| &nbsp;&nbsp;**Industrials (9.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense (2.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 6040.0 | 1816953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 10149.0 | 1698232 |
|  |  | 3515185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (b) | 5754.0 | 697672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 2857.0 | 1205540 |
|  |  | 1903212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 4547.0 | 1043446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment (2.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 4856.0 | 912928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 7565.0 | 992377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 1988.0 | 1222421 |
|  |  | 3127726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 2908.0 | 1387552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 13553.0 | 1119749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 1747.0 | 1324488 |
|  |  | 3831789 |
| &nbsp;&nbsp;**Information Technology (32.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 2242.0 | 1025244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. (b) | 8800.0 | 718520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment (13.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 14183.0 | 4679113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 1642.0 | 1771061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 60984.0 | 11378395 |
|  |  | 17828569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software (10.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 20623.0 | 10681683 |

---

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 6590 | $1853372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 2529 | 1261187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (b) | 1989 | 1040565 |
|  |  | 14836807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware Storage & Peripherals (7.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 41252 | 10503997 |
| &nbsp;&nbsp;**Materials (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 3088 | 1466800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 8263 | 974042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 3871 | 1340373 |
|  |  | 3781215 |
| &nbsp;&nbsp;**Real Estate (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care REITs (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 9001 | 1603438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | 6146 | 1181999 |
| &nbsp;&nbsp;**Utilities (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 7320 | 1249890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 15700 | 960369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 12176 | 1395248 |
|  |  | 2355617 |
| **Total common stocks (cost: $81,906,536)** |  | **136252646** |
| **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** |
| &nbsp;&nbsp;**Investment Companies (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, current rate 4.090% | 497822 | 497822 |
| **Total short-term securities (cost: $497,822)** |  | **497822** |
| **Total investments in securities (cost: $82,404,358)** |  | **136750468** |
| **Liabilities in excess of cash and other assets (-0.1%)** |  | **(189123)** |
| **Total net assets (100.0%)** |  | $**136561345** |

---

---

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

---

See accompanying notes to investments in securities.

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 September 30, 2025, the SFT Core Bond Fund and SFT Real Estate Securities Fund held two and one illiquid securities with a fair value of $138,909 and $556,363 which represents 0.0% and 0.5% 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 September 30, 2025, 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**<br> **September 30, 2025 using** | **Fair Value Measurement at**<br> **September 30, 2025 using** | **Fair Value Measurement at**<br> **September 30, 2025 using** | |
| <br>**Fund** | **Level 1** | **Level 2** | **Level 3** | <br>**Total** |
| **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** |  |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Government Obligations | $— | $9940436 | $— | $9940436 |
| &nbsp;&nbsp;&nbsp;Other Mortgage-Backed Securities |  | 1436727 |  | 1436727 |
| &nbsp;&nbsp;&nbsp;Corporate Obligations |  | 181265067 |  | 181265067 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 534128 |  |  | 534128 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 399489582 |  |  | 399489582 |
| &nbsp;&nbsp;&nbsp;Total Investments | 400023710 | 192642230 |  | 592665940 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 1440111 |  |  | 1440111 |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (147641) | **—** |  | (147641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (183390) | **—** |  | (183390) |
| **SFT Core Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Government Obligations |  | 269286876 |  | 269286876 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 38054846 |  | 38054846 |
| &nbsp;&nbsp;&nbsp;Other Mortgage-Backed Securities |  | 45746131 |  | 45746131 |
| &nbsp;&nbsp;&nbsp;Corporate Obligations |  | 71165459 |  | 71165459 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  | 6382744 |  | 6382744 |
| &nbsp;&nbsp;&nbsp;Foreign Bonds |  | 5161720 |  | 5161720 |
| &nbsp;&nbsp;&nbsp;Convertible Foreign Bond |  | 226821 |  | 226821 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 25327554 |  |  | 25327554 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations |  | 24998095 |  | 24998095 |
| &nbsp;&nbsp;&nbsp;Total Investments | 25327554 | 461022692 |  | 486350246 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | 15895 |  | 15895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 320912 |  |  | 320912 |

---

Securian Funds Trust

Notes to Financial Statements – continued

**Fair Value Measurement - (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement at**<br> **September 30, 2025 using** | **Fair Value Measurement at**<br> **September 30, 2025 using** | **Fair Value Measurement at**<br> **September 30, 2025 using** | |
| <br>**Fund** | **Level 1** | **Level 2** | **Level 3** | <br>**Total** |
| **SFT Core Bond Fund (Continued)** | **SFT Core Bond Fund (Continued)** | **SFT Core Bond Fund (Continued)** | **SFT Core Bond Fund (Continued)** |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $(17008) | $— | $(17008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (7027) |  |  | (7027) |
| **SFT Equity Stabilization Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Investment Companies | 256148390 |  |  | 256148390 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 231860 |  |  | 231860 |
| &nbsp;&nbsp;&nbsp;Total Investments | 256380250 |  |  | 256380250 |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 362505 |  |  | 362505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (79600) |  |  | (79600) |
| **SFT Index 400 Mid-Cap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Common Stocks | 233630586 |  |  | 233630586 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 4943488 |  |  | 4943488 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies and Obligations |  | 999578 |  | 999578 |
| &nbsp;&nbsp;&nbsp;Total Investments | 238574074 | 999578 |  | 239573652 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* | &nbsp;&nbsp;&nbsp;Other Financial Instruments\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (30435) |  |  | (30435) |
| **SFT Index 500 Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Common Stocks | 1600551505 |  |  | 1600551505 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 17489010 |  |  | 17489010 |
| &nbsp;&nbsp;&nbsp;Total Investments | 1618040515 |  |  | 1618040515 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 186941 |  |  | 186941 |
| **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Common Stocks | 651647478 |  |  | 651647478 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 1983000 |  |  | 1983000 |
| &nbsp;&nbsp;&nbsp;Total Investments | 653630478 |  |  | 653630478 |
| **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Common Stocks | 160040798 |  |  | 160040798 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 4948072 |  |  | 4948072 |
| &nbsp;&nbsp;&nbsp;Total Investments | 164988870 |  |  | 164988870 |
| **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Common Stocks | 116647520 |  |  | 116647520 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 913462 |  |  | 913462 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 556363 |  | 556363 |
| &nbsp;&nbsp;&nbsp;Total Investments | 117560982 | 556363 |  | 118117345 |

---

Securian Funds Trust

Notes to Financial Statements – continued

**Fair Value Measurement - (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement at**<br> **September 30, 2025 using** | **Fair Value Measurement at**<br> **September 30, 2025 using** | **Fair Value Measurement at**<br> **September 30, 2025 using** | |
| <br>**Fund** | **Level 1** | **Level 2** | **Level 3** | <br>**Total** |
| **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $201581835 | $— | $— | $201581835 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 764773 |  |  | 764773 |
| &nbsp;&nbsp;&nbsp;Total Investments | 202346608 |  |  | 202346608 |
| **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** |
| &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** | &nbsp;&nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;&nbsp;Common Stocks | 136252646 |  |  | 136252646 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 497822 |  |  | 497822 |
| &nbsp;&nbsp;&nbsp;Total Investments | 136750468 |  |  | 136750468 |

---

\* 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Securian Funds Trust

- **b. Investment Company Act file number:** 811-04279

- **c. CIK number of Registrant:** 0000766351

- **d. LEI of Registrant:** 549300J5E2OE7HWZ1521

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 400 N ROBERT ST

  - **City:** ST PAUL

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55101

  - **Telephone number:** 651-665-3500

**Item A.2. Information about the Series.**

- **a. Name of Series:** SFT Index 500 Fund

- **b. EDGAR series identifier (if any):** S000024507

- **c. LEI of Series:** 549300G6PNE5BCVU7620

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1618839372.79

**Total Liabilities:** $520641.99

**Net Assets:** $1618318730.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000072681 | 2.21%                | 1.98%                | 3.61%                |
| Class ID C000072680 | 2.23%                | 2.01%                | 3.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $896293.09               | $30693329.65                               |
| Month 2  | $351241.74               | $28566960.71                               |
| Month 3  | $10919063.52             | $43779744.72                               |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Honeywell International Inc                                | Honeywell International, Inc.                                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     17818 | NS      | $3750689.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                                   | EQT Corp.                                                    | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     17513 | NS      | $953232.59    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                               | Nordson Corp.                                                | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      1510 | NS      | $342694.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc               | Charles River Laboratories International, Inc.               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      1310 | NS      | $204962.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                                           | EPAM Systems, Inc.                                           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      1489 | NS      | $224526.31    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                                  | Jabil, Inc.                                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      2998 | NS      | $651075.66    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                          | Cisco Systems, Inc.                                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    111133 | NS      | $7603719.86   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                             | Albemarle Corp.                                              | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      3226 | NS      | $261564.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                               | Assurant, Inc.                                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      1355 | NS      | $293493.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                             | Salesforce, Inc.                                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     26829 | NS      | $6358473.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                 | Intuit, Inc.                                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      7828 | NS      | $5345819.48   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                                    | Dow, Inc.                                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     19885 | NS      | $455963.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                                  | L3Harris Technologies, Inc.                                  | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      5214 | NS      | $1592407.74   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                                    | Zebra Technologies Corp.                                     | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      1410 | NS      | $418995.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                                  | Warner Bros Discovery, Inc.                                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     69480 | NS      | $1356944.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                                  | United Parcel Service, Inc.                                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     20645 | NS      | $1724476.85   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                                        | Dollar General Corp.                                         | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      6118 | NS      | $632295.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                                              | Blackrock, Inc.                                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      4042 | NS      | $4712446.54   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                              | Accenture PLC                                                | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     17480 | NS      | $4310568.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                         | Equity Residential                                           | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |      9668 | NS      | $625809.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                                 | AMETEK, Inc.                                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      6427 | NS      | $1208276.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                             | American Electric Power Co., Inc.                            | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     15003 | NS      | $1687837.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                                          | General Motors Co.                                           | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     26719 | NS      | $1629057.43   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                                       | Western Digital Corp.                                        | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      9736 | NS      | $1168904.16   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                                  | Teledyne Technologies, Inc.                                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      1368 | NS      | $801702.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                                | Vistra Corp.                                                 | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      8938 | NS      | $1751132.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                              | Welltower, Inc.                                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |     18770 | NS      | $3343687.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc                 | Expeditors International of Washington, Inc.                 | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      3772 | NS      | $462409.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                                           | Genuine Parts Co.                                            | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      3840 | NS      | $532224.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                                   | MSCI, Inc.                                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      2215 | NS      | $1256813.15   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                                 | Chipotle Mexican Grill, Inc.                                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37630 | NS      | $1474719.70   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                                | Viatris, Inc.                                                | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     32719 | NS      | $323918.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                                       | Progressive Corp.                                            | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     16451 | NS      | $4062574.45   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                                | Jack Henry & Associates, Inc.                                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      1988 | NS      | $296072.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                                  | Pool Corp.                                                   | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       970 | NS      | $300767.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                                | American Water Works Co., Inc.                               | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      5413 | NS      | $753435.47    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                 | Vertex Pharmaceuticals, Inc.                                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      7160 | NS      | $2804142.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                        | Dominion Energy, Inc.                                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     23950 | NS      | $1465021.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                                 | Mondelez International, Inc.                                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     36313 | NS      | $2268473.11   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                         | Union Pacific Corp.                                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     16643 | NS      | $3933905.91   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                          | Johnson & Johnson                                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     67588 | NS      | $12532166.96  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                         | Realty Income Corp.                                          | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |     25659 | NS      | $1559810.61   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                            | McDonald's Corp.                                             | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     20027 | NS      | $6086005.03   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                                 | NetApp, Inc.                                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      5615 | NS      | $665152.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                     | UnitedHealth Group, Inc.                                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     25417 | NS      | $8776490.10   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                                              | Clorox Co.                                                   | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      3422 | NS      | $421932.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                                   | Molson Coors Beverage Co.                                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      4750 | NS      | $214937.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc                            | Philip Morris International, Inc.                            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     43684 | NS      | $7085544.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                                         | United Rentals, Inc.                                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1806 | NS      | $1724115.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp                       | International Business Machines Corp.                        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     26142 | NS      | $7376226.72   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                                | Pentair PLC                                                  | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |      4551 | NS      | $504068.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                                         | Valero Energy Corp.                                          | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      8718 | NS      | $1484326.68   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                | Future                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        50 | NC      | $186941.29    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                              | Amphenol Corp.                                               | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     34200 | NS      | $4232250.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                           | Wells Fargo & Co.                                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     89901 | NS      | $7535501.82   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                                        | Northern Trust Corp.                                         | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      5366 | NS      | $722263.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                                  | News Corp.                                                   | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |     10564 | NS      | $324420.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                                    | Marathon Petroleum Corp.                                     | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      8532 | NS      | $1644457.68   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                                | Revvity, Inc.                                                | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |      3158 | NS      | $276798.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                         | NextEra Energy, Inc.                                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     57792 | NS      | $4362718.08   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                              | Hilton Worldwide Holdings, Inc.                              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      6600 | NS      | $1712304.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                    | UDR, Inc.                                                    | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |      8423 | NS      | $313840.98    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                                          | General Mills, Inc.                                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     15005 | NS      | $756552.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                                              | DR Horton, Inc.                                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      7716 | NS      | $1307630.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                                | Paychex, Inc.                                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      9063 | NS      | $1148825.88   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                              | Interactive Brokers Group, Inc.                              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     12495 | NS      | $859780.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                                            | Schlumberger NV                                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     41870 | NS      | $1439071.90   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                                 | AbbVie, Inc.                                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     49577 | NS      | $11479058.58  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                          | Tractor Supply Co.                                           | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     14872 | NS      | $845770.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                              | Universal Health Services, Inc.                              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      1599 | NS      | $326899.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                                                  | Ball Corp.                                                   | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      7637 | NS      | $385057.54    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                            | Seagate Technology Holdings PLC                              | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      6000 | NS      | $1416360.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc                             | Air Products & Chemicals, Inc.                               | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      6292 | NS      | $1715954.24   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                                 | Ventas, Inc.                                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |     12659 | NS      | $886003.41    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                               | Thermo Fisher Scientific, Inc.                               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     10573 | NS      | $5128116.46   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                      | Costco Wholesale Corp.                                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     12445 | NS      | $11519465.35  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                          | Expedia Group, Inc.                                          | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      3317 | NS      | $709008.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                                          | Everest Group Ltd.                                           | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      1152 | NS      | $403464.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                      | Uber Technologies, Inc.                                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     58525 | NS      | $5733694.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                                          | Brown-Forman Corp.                                           | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |      4941 | NS      | $133802.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                               | Teradyne, Inc.                                               | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      4435 | NS      | $610433.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp                        | Cognizant Technology Solutions Corp.                         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     13706 | NS      | $919261.42    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                                 | Masco Corp.                                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      5864 | NS      | $412766.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                                   | eBay, Inc.                                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     12825 | NS      | $1166433.75   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                                       | WEC Energy Group, Inc.                                       | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      9023 | NS      | $1033945.57   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                          | EOG Resources, Inc.                                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     15322 | NS      | $1717902.64   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                                     | Arch Capital Group Ltd.                                      | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     10431 | NS      | $946404.63    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                                      | 3M Co.                                                       | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     14947 | NS      | $2319475.46   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                                   | NIKE, Inc.                                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     33309 | NS      | $2322636.57   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                                   | Agilent Technologies, Inc.                                   | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      7960 | NS      | $1021666.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                                      | Micron Technology, Inc.                                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     31407 | NS      | $5255019.24   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                                       | Regency Centers Corp.                                        | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |      4535 | NS      | $330601.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                                       | Williams Cos., Inc.                                          | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     34271 | NS      | $2171067.85   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                                | Snap-on, Inc.                                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      1455 | NS      | $504201.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                              | Citigroup, Inc.                                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     51663 | NS      | $5243794.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                                  | Chubb Ltd.                                                   | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     10406 | NS      | $2937093.50   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                                          | Omnicom Group, Inc.                                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      5416 | NS      | $441566.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                                                  | Amcor PLC                                                    | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |     64687 | NS      | $529139.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The                       | PNC Financial Services Group, Inc.                           | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     11052 | NS      | $2220678.36   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                                         | Cooper Cos., Inc.                                            | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      5554 | NS      | $380782.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                                      | General Dynamics Corp.                                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      7126 | NS      | $2429966.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                                      | Robinhood Markets, Inc.                                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     21720 | NS      | $3109869.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                                            | Xcel Energy, Inc.                                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     16597 | NS      | $1338548.05   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DaVita Inc                                                 | DaVita, Inc.                                                 | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |       999 | NS      | $132737.13    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                              | Mosaic Co.                                                   | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      8869 | NS      | $307576.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                               | Allegion PLC                                                 | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      2363 | NS      | $419078.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                               | Comcast Corp.                                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    103353 | NS      | $3247351.26   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                                         | PPG Industries, Inc.                                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      6318 | NS      | $664084.98    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                                | Invesco Ltd.                                                 | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     12515 | NS      | $287094.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                                          | Atmos Energy Corp.                                           | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      4505 | NS      | $769228.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                              | Marriott International, Inc.                                 | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      6336 | NS      | $1650147.84   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                               | Moody's Corp.                                                | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      4386 | NS      | $2089841.28   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                                   | Fox Corp.                                                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      5892 | NS      | $371549.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                                   | PPL Corp.                                                    | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     20753 | NS      | $771181.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                                | Exelon Corp.                                                 | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     28344 | NS      | $1275763.44   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                                 | Nucor Corp.                                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      6424 | NS      | $870002.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                                | Cintas Corp.                                                 | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9604 | NS      | $1971317.04   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                              | Medtronic PLC                                                | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     35957 | NS      | $3424544.68   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                        | Paycom Software, Inc.                                        | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      1353 | NS      | $281613.42    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                                      | Truist Financial Corp.                                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     36186 | NS      | $1654423.92   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                                | Corteva, Inc.                                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     19058 | NS      | $1288892.54   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                                 | Advanced Micro Devices, Inc.                                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     45543 | NS      | $7368401.97   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH                               | Huntington Bancshares, Inc.                                  | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |     41089 | NS      | $709607.03    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                         | Coterra Energy, Inc.                                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     21416 | NS      | $506488.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                                | PepsiCo, Inc.                                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     38421 | NS      | $5395845.24   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                                      | Texas Instruments, Inc.                                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     25514 | NS      | $4687687.22   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                              | CME Group, Inc.                                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     10088 | NS      | $2725676.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc                                   | Super Micro Computer, Inc.                                   | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     14069 | NS      | $674467.86    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                                        | Vulcan Materials Co.                                         | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      3747 | NS      | $1152652.14   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                                        | PayPal Holdings, Inc.                                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     26811 | NS      | $1797945.66   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                               | Centene Corp.                                                | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     13094 | NS      | $467193.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                                      | Dell Technologies, Inc.                                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      8470 | NS      | $1200791.90   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                               | Alphabet, Inc.                                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    163249 | NS      | $39685831.90  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                                    | BXP, Inc.                                                    | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |      4133 | NS      | $307247.22    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The                                   | Estee Lauder Cos., Inc.                                      | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      6522 | NS      | $574718.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                                | Phillips 66                                                  | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     11341 | NS      | $1542602.82   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                                   | Microchip Technology, Inc.                                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     15106 | NS      | $970107.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                               | Prologis, Inc.                                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |     26045 | NS      | $2982673.40   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                   | Visa, Inc.                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     47672 | NS      | $16274267.36  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                              | Hewlett Packard Enterprise Co.                               | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     36826 | NS      | $904446.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                                            | Southern Co.                                                 | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     30871 | NS      | $2925644.67   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                                 | Zoetis, Inc.                                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     12437 | NS      | $1819781.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                             | NRG Energy, Inc.                                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      5428 | NS      | $879064.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                                        | Eastman Chemical Co.                                         | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      3185 | NS      | $200814.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                                     | Boston Scientific Corp.                                      | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     41584 | NS      | $4059845.92   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                 | Zimmer Biomet Holdings, Inc.                                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      5493 | NS      | $541060.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                                  | Archer-Daniels-Midland Co.                                   | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     13483 | NS      | $805474.42    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                                 | ResMed, Inc.                                                 | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      4067 | NS      | $1113259.91   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                                        | Elevance Health, Inc.                                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      6288 | NS      | $2031778.56   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                                | Lennar Corp.                                                 | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      6387 | NS      | $805017.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                          | Lam Research Corp.                                           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     35518 | NS      | $4755860.20   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                                            | Baker Hughes Co.                                             | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27667 | NS      | $1347936.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                                         | J.M. Smucker Co.                                             | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      2915 | NS      | $316569.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                      | NXP Semiconductors NV                                        | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      7042 | NS      | $1603674.66   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                                        | Leidos Holdings, Inc.                                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      3547 | NS      | $670241.12    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                             | CBRE Group, Inc.                                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      8202 | NS      | $1292307.12   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                                | Raymond James Financial, Inc.                                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      4980 | NS      | $859548.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                                 | Biogen, Inc.                                                 | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      4045 | NS      | $566623.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                                  | Block, Inc.                                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     15423 | NS      | $1114620.21   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                                 | Fiserv, Inc.                                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     15255 | NS      | $1966827.15   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                       | Edison International                                         | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     10778 | NS      | $595807.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                                    | Procter & Gamble Co.                                         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     65736 | NS      | $10100336.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc                                     | TKO Group Holdings, Inc.                                     | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1895 | NS      | $382714.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc                                    | Akamai Technologies, Inc.                                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      4023 | NS      | $304782.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Skydance Corp                                    | Paramount Skydance Corp.                                     | CUSIP: 69932A204<br>LEI: 529900B6VAJG54Y9QF02 | Long             | EC               | CORP              | US        |      8572 | NS      | $162182.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                                       | Generac Holdings, Inc.                                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      1618 | NS      | $270853.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                          | State Street Corp.                                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      7961 | NS      | $923555.61    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                                       | Lockheed Martin Corp.                                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      5766 | NS      | $2878444.86   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                             | Lowe's Cos., Inc.                                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     15725 | NS      | $3951849.75   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                              | Old Dominion Freight Line, Inc.                              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      5157 | NS      | $726002.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                                 | Hasbro, Inc.                                                 | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      3657 | NS      | $277383.45    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                                | Cummins, Inc.                                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      3907 | NS      | $1650199.59   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                                | Workday, Inc.                                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      6025 | NS      | $1450398.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                                | Royal Caribbean Cruises Ltd.                                 | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |      7063 | NS      | $2285445.54   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                                  | IDEX Corp.                                                   | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |      2049 | NS      | $333495.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                                          | Ralph Lauren Corp.                                           | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      1133 | NS      | $355263.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                                | CDW Corp.                                                    | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |      3627 | NS      | $577708.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                                     | Tyler Technologies, Inc.                                     | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1285 | NS      | $672260.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                                      | Norfolk Southern Corp.                                       | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      6274 | NS      | $1884772.34   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                             | Microsoft Corp.                                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    208605 | NS      | $108046959.75 | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                               | Insulet Corp.                                                | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      2003 | NS      | $618386.19    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                                             | A.O. Smith Corp.                                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      3186 | NS      | $233884.26    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                                       | Align Technology, Inc.                                       | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      1832 | NS      | $229403.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                                       | Targa Resources Corp.                                        | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      6038 | NS      | $1011606.52   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                                            | Tyson Foods, Inc.                                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      7992 | NS      | $433965.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                                      | Becton Dickinson & Co.                                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      8003 | NS      | $1497921.51   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                        | American Tower Corp.                                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     13136 | NS      | $2526315.52   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                            | Dollar Tree, Inc.                                            | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      5446 | NS      | $513939.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America                                  | Packaging Corp. of America                                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      2482 | NS      | $540902.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                         | IQVIA Holdings, Inc.                                         | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      4771 | NS      | $906203.74    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                                        | Axon Enterprise, Inc.                                        | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      2240 | NS      | $1607513.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                              | Intercontinental Exchange, Inc.                              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     16064 | NS      | $2706462.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                                      | Applied Materials, Inc.                                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     22521 | NS      | $4610949.54   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                                  | Occidental Petroleum Corp.                                   | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     20168 | NS      | $952938.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                         | Trade Desk, Inc.                                             | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     12507 | NS      | $612968.07    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                                  | Aptiv PLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |      6056 | NS      | $522148.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                                    | Rockwell Automation, Inc.                                    | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      3194 | NS      | $1116398.82   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                                | Moderna, Inc.                                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      9622 | NS      | $248536.26    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp                                  | Constellation Energy Corp.                                   | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      8761 | NS      | $2882982.27   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                                  | Kellanova                                                    | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |      7501 | NS      | $615232.02    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                            | Federal Realty Investment Trust                              | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |      2195 | NS      | $222375.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                               | Stryker Corp.                                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      9624 | NS      | $3557704.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc                          | Huntington Ingalls Industries, Inc.                          | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      1089 | NS      | $313533.99    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                                     | Trane Technologies PLC                                       | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      6211 | NS      | $2620793.56   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                               | Newmont Corp.                                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     30826 | NS      | $2598940.06   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc                        | Alexandria Real Estate Equities, Inc.                        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |      4353 | NS      | $362779.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                                 | Pinnacle West Capital Corp.                                  | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      3315 | NS      | $297222.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                                   | Constellation Brands, Inc.                                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      4006 | NS      | $539488.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                                | Trimble, Inc.                                                | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      6645 | NS      | $542564.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                                   | Willis Towers Watson PLC                                     | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      2721 | NS      | $939969.45    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                                | NVIDIA Corp.                                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    684763 | NS      | $127763080.54 | 7.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                            | Best Buy Co., Inc.                                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      5446 | NS      | $411826.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                               | Chevron Corp.                                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54010 | NS      | $8387212.90   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                                        | Williams-Sonoma, Inc.                                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      3386 | NS      | $661793.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                         | Johnson Controls International PLC                           | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     18364 | NS      | $2019121.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                  | Adobe, Inc.                                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     11905 | NS      | $4199488.75   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                    | KeyCorp                                                      | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |     26156 | NS      | $488855.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc                          | Take-Two Interactive Software, Inc.                          | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      4866 | NS      | $1257179.76   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                                       | Waste Management, Inc.                                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     10353 | NS      | $2286252.99   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                               | Entergy Corp.                                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     12519 | NS      | $1166645.61   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                                                | Hubbell, Inc.                                                | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      1510 | NS      | $649768.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                               | Alphabet, Inc.                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    131054 | NS      | $31918201.70  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                                            | Cigna Group                                                  | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      7453 | NS      | $2148327.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                                               | Dayforce, Inc.                                               | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |      4420 | NS      | $304493.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                              | M&T Bank Corp.                                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      4356 | NS      | $860832.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                     | Sempra                                                       | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     18311 | NS      | $1647623.78   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                                    | O'Reilly Automotive, Inc.                                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     23812 | NS      | $2567171.72   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                           | W.R. Berkley Corp.                                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      8373 | NS      | $641539.26    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                            | CVS Health Corp.                                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     35594 | NS      | $2683431.66   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                           | Crown Castle, Inc.                                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |     12212 | NS      | $1178335.88   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                                      | DuPont de Nemours, Inc.                                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     11732 | NS      | $913922.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                                            | EMCOR Group, Inc.                                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      1257 | NS      | $816471.78    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                         | Walt Disney Co.                                              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     50457 | NS      | $5777326.50   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                                  | Linde PLC                                                    | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     13160 | NS      | $6251000.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                                 | Garmin Ltd.                                                  | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      4592 | NS      | $1130642.24   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                                        | Quanta Services, Inc.                                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      4190 | NS      | $1736419.80   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                                | Target Corp.                                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     12746 | NS      | $1143316.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                                | Gartner, Inc.                                                | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      2111 | NS      | $554918.57    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                                   | Marsh & McLennan Cos., Inc.                                  | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     13797 | NS      | $2780509.41   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                              | Principal Financial Group, Inc.                              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |      5689 | NS      | $471674.99    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                | Walmart, Inc.                                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    123179 | NS      | $12694827.74  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                           | Coca-Cola Co.                                                | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    108700 | NS      | $7208984.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                               | Fortinet, Inc.                                               | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     18278 | NS      | $1536814.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                                | GoDaddy, Inc.                                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      3885 | NS      | $531584.55    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                             | Public Storage                                               | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |      4435 | NS      | $1281049.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                                 | Stanley Black & Decker, Inc.                                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      4295 | NS      | $319247.35    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                 | Airbnb, Inc.                                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     12041 | NS      | $1462018.22   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                                 | PACCAR, Inc.                                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     14736 | NS      | $1448843.52   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                           | Exxon Mobil Corp.                                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    119644 | NS      | $13489861.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                                | Corning, Inc.                                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     21794 | NS      | $1787761.82   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                                     | Franklin Resources, Inc.                                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      8596 | NS      | $198825.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                            | CMS Energy Corp.                                             | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      8357 | NS      | $612233.82    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                                  | Host Hotels & Resorts, Inc.                                  | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |     17944 | NS      | $305406.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                                         | Steel Dynamics, Inc.                                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      3803 | NS      | $530252.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                                     | Darden Restaurants, Inc.                                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      3238 | NS      | $616385.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                                      | McCormick & Co., Inc.                                        | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      7044 | NS      | $471314.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                  | Palantir Technologies, Inc.                                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     63825 | NS      | $11642956.50  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                                    | Consolidated Edison, Inc.                                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     10086 | NS      | $1013844.72   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                              | Martin Marietta Materials, Inc.                              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      1693 | NS      | $1067064.04   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                           | CoStar Group, Inc.                                           | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     11828 | NS      | $997928.36    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                            | TJX Cos., Inc.                                               | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     31308 | NS      | $4525258.32   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                                | Incyte Corp.                                                 | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      4603 | NS      | $390380.43    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                                    | Texas Pacific Land Corp.                                     | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       531 | NS      | $495762.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                                      | Monster Beverage Corp.                                       | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     20003 | NS      | $1346401.93   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                                   | Lamb Weston Holdings, Inc.                                   | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      3889 | NS      | $225873.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                                     | Berkshire Hathaway, Inc.                                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     51462 | NS      | $25872005.88  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                               | DoorDash, Inc.                                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     10389 | NS      | $2825704.11   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                             | Hershey Co.                                                  | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4084 | NS      | $763912.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                                        | TransDigm Group, Inc.                                        | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1588 | NS      | $2093015.76   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                                | Netflix, Inc.                                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     11926 | NS      | $14298319.92  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                                 | Cadence Design Systems, Inc.                                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      7620 | NS      | $2676601.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                                          | Kimco Realty Corp.                                           | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |     19004 | NS      | $415237.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                                     | Intuitive Surgical, Inc.                                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     10034 | NS      | $4487505.82   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                                               | Xylem, Inc.                                                  | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      6780 | NS      | $1000050.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                                 | Ecolab, Inc.                                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      7134 | NS      | $1953717.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                             | Mastercard, Inc.                                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     23167 | NS      | $13177621.27  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                                      | Republic Services, Inc.                                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      5643 | NS      | $1294955.64   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                   | AT&T, Inc.                                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    200669 | NS      | $5666892.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                                      | Southwest Airlines Co.                                       | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     14738 | NS      | $470289.58    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                               | Broadcom, Inc.                                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    131999 | NS      | $43547790.09  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                  | Amgen, Inc.                                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     15103 | NS      | $4262066.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                                       | Bank of America Corp.                                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    191239 | NS      | $9866020.01   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                         | Norwegian Cruise Line Holdings Ltd.                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     12632 | NS      | $311126.16    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                                   | Essex Property Trust, Inc.                                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |      1810 | NS      | $484464.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                                          | Hormel Foods Corp.                                           | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      8140 | NS      | $201383.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                            | Bunge Global SA                                              | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |      3930 | NS      | $319312.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                  | Tesla, Inc.                                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     78752 | NS      | $35022589.44  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                                 | U.S. Bancorp                                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     43673 | NS      | $2110716.09   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/The                                     | Campbell's Co.                                               | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |      5464 | NS      | $172553.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                         | Home Depot, Inc.                                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     27922 | NS      | $11313715.18  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                                        | Alliant Energy Corp.                                         | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      7162 | NS      | $482790.42    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                                 | Intel Corp.                                                  | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    122836 | NS      | $4121147.80   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                                       | Labcorp Holdings, Inc.                                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2344 | NS      | $672868.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                      | Camden Property Trust                                        | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |      2934 | NS      | $313292.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                                 | Evergy, Inc.                                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      6405 | NS      | $486908.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                                         | Conagra Brands, Inc.                                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     13396 | NS      | $245280.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                          | Iron Mountain, Inc.                                          | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |      8242 | NS      | $840189.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                                  | PG&E Corp.                                                   | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     61680 | NS      | $930134.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                                       | Jacobs Solutions, Inc.                                       | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3321 | NS      | $497685.06    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                                  | News Corp.                                                   | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      3496 | NS      | $120786.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                        | Abbott Laboratories                                          | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     48844 | NS      | $6542165.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                                 | FedEx Corp.                                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      6035 | NS      | $1423113.35   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                               | Veralto Corp.                                                | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |      6907 | NS      | $736355.27    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                                        | Synchrony Financial                                          | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     10441 | NS      | $741833.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                                              | Ford Motor Co.                                               | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    109702 | NS      | $1312035.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                                 | Kenvue, Inc.                                                 | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     53856 | NS      | $874082.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                               | Apollo Global Management, Inc.                               | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     12850 | NS      | $1712519.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                            | Match Group, Inc.                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      6752 | NS      | $238480.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                    | SBA Communications Corp.                                     | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |      3038 | NS      | $587397.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                        | Arista Networks, Inc.                                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     28923 | NS      | $4214370.33   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                                         | Domino's Pizza, Inc.                                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       870 | NS      | $375587.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                                       | Parker-Hannifin Corp.                                        | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      3586 | NS      | $2718725.90   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc                             | GE HealthCare Technologies, Inc.                             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     12812 | NS      | $962181.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                                   | CSX Corp.                                                    | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     52319 | NS      | $1857847.69   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                                 | Corpay, Inc.                                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      1994 | NS      | $574391.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                                          | Kinder Morgan, Inc.                                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     54877 | NS      | $1553567.87   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                                           | Wynn Resorts Ltd.                                            | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |      2322 | NS      | $297842.94    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                                  | Cincinnati Financial Corp.                                   | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      4319 | NS      | $682833.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                                | Goldman Sachs Group, Inc.                                    | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      8496 | NS      | $6765789.60   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                                | Rollins, Inc.                                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      7847 | NS      | $460932.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                                       | Freeport-McMoRan, Inc.                                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     40293 | NS      | $1580291.46   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                             | ServiceNow, Inc.                                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      5853 | NS      | $5386398.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                                     | CenterPoint Energy, Inc.                                     | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     18322 | NS      | $710893.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                                 | Sysco Corp.                                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     13400 | NS      | $1103356.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                                  | AvalonBay Communities, Inc.                                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |      3934 | NS      | $759930.78    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc                               | FactSet Research Systems, Inc.                               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      1021 | NS      | $292506.29    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc                 | Fidelity National Information Services, Inc.                 | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     14660 | NS      | $966680.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                                          | Erie Indemnity Co.                                           | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |       702 | NS      | $223348.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                                    | Sherwin-Williams Co.                                         | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      6518 | NS      | $2256922.68   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                                                 | Dexcom, Inc.                                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     10986 | NS      | $739247.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                                     | International Paper Co.                                      | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     14817 | NS      | $687508.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                               | NiSource, Inc.                                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     13208 | NS      | $571906.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                                           | FirstEnergy Corp.                                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     14523 | NS      | $665443.86    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                        | General Electric Co.                                         | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     29760 | NS      | $8952403.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                                   | APA Corp.                                                    | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     10040 | NS      | $243771.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                                 | Deere & Co.                                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      7137 | NS      | $3263464.62   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                         | Analog Devices, Inc.                                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     13923 | NS      | $3420881.10   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                                    | Charles Schwab Corp.                                         | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     47885 | NS      | $4571580.95   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                                | MetLife, Inc.                                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     15677 | NS      | $1291314.49   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                                    | Illinois Tool Works, Inc.                                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      7438 | NS      | $1939532.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                                  | MGM Resorts International                                    | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      5729 | NS      | $198567.14    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                                  | Aflac, Inc.                                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     13508 | NS      | $1508843.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                          | Eversource Energy                                            | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     10387 | NS      | $738931.18    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                                     | F5, Inc.                                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      1621 | NS      | $523890.99    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                           | Duke Energy Corp.                                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     21823 | NS      | $2700596.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                         | Meta Platforms, Inc.                                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     60870 | NS      | $44701710.60  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                                 | Pfizer, Inc.                                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    159559 | NS      | $4065563.32   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                               | VeriSign, Inc.                                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      2336 | NS      | $653075.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                            | Ross Stores, Inc.                                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      9179 | NS      | $1398787.81   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                            | Bio-Techne Corp.                                             | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      4332 | NS      | $240989.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                                    | Lululemon Athletica, Inc.                                    | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      3069 | NS      | $546067.17    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                                | Ameren Corp.                                                 | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      7541 | NS      | $787129.58    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                            | First Solar, Inc.                                            | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      3032 | NS      | $668646.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                                 | Verizon Communications, Inc.                                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    118327 | NS      | $5200471.65   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                                      | Molina Healthcare, Inc.                                      | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      1540 | NS      | $294694.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                                | Oracle Corp.                                                 | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     46508 | NS      | $13079909.92  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                                 | CarMax, Inc.                                                 | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4207 | NS      | $188768.09    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                                   | RTX Corp.                                                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     37565 | NS      | $6285751.45   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                                  | Edwards Lifesciences Corp.                                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     16476 | NS      | $1281338.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                               | KKR & Co., Inc.                                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     19252 | NS      | $2501797.40   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                             | Globe Life, Inc.                                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      2254 | NS      | $322254.38    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                                        | Avery Dennison Corp.                                         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      2130 | NS      | $345422.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                                          | Brown & Brown, Inc.                                          | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |      8222 | NS      | $771141.38    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                                              | Boeing Co.                                                   | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     21218 | NS      | $4579480.94   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                               | Autodesk, Inc.                                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      6053 | NS      | $1922856.51   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                                   | Crowdstrike Holdings, Inc.                                   | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      7042 | NS      | $3453255.96   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                                    | Aon PLC                                                      | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      6105 | NS      | $2176920.90   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                                   | Fox Corp.                                                    | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      4170 | NS      | $238899.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                                             | GE Vernova, Inc.                                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      7640 | NS      | $4697836.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                             | Blackstone, Inc.                                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     20629 | NS      | $3524464.65   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                                            | Gen Digital, Inc.                                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     15728 | NS      | $446517.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                                          | Allstate Corp.                                               | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      7387 | NS      | $1585619.55   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                                             | Solventum Corp.                                              | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |      4060 | NS      | $296380.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                                                 | Dover Corp.                                                  | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |      3780 | NS      | $630617.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                                        | Cardinal Health, Inc.                                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      6648 | NS      | $1043470.08   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                | Cencora, Inc.                                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5441 | NS      | $1700475.73   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                                        | Carrier Global Corp.                                         | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     22442 | NS      | $1339787.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                                     | Roper Technologies, Inc.                                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      3055 | NS      | $1523497.95   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                                          | Devon Energy Corp.                                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     17815 | NS      | $624593.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                               | LyondellBasell Industries NV                                 | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      7169 | NS      | $351567.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                                     | Skyworks Solutions, Inc.                                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      4068 | NS      | $313154.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                           | Altria Group, Inc.                                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     47144 | NS      | $3114332.64   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                        | VICI Properties, Inc.                                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |     29877 | NS      | $974288.97    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                                   | LKQ Corp.                                                    | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      7198 | NS      | $219826.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                     | Palo Alto Networks, Inc.                                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     18720 | NS      | $3811766.40   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                             | Starbucks Corp.                                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     31900 | NS      | $2698740.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                                        | TE Connectivity PLC                                          | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      8284 | NS      | $1818586.52   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                                        | Emerson Electric Co.                                         | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     15794 | NS      | $2071856.92   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc                             | JB Hunt Transport Services, Inc.                             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      2071 | NS      | $277866.07    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                               | Citizens Financial Group, Inc.                               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     12105 | NS      | $643501.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                                   | Simon Property Group, Inc.                                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |      9162 | NS      | $1719432.54   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                                            | Yum! Brands, Inc.                                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      7759 | NS      | $1179368.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                              | Live Nation Entertainment, Inc.                              | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      4356 | NS      | $711770.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                                | Datadog, Inc.                                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      9033 | NS      | $1286299.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                                             | PulteGroup, Inc.                                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5536 | NS      | $731471.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc                     | International Flavors & Fragrances, Inc.                     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      7132 | NS      | $438903.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                           | Bank of New York Mellon Corp.                                | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     19791 | NS      | $2156427.36   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                                    | PTC, Inc.                                                    | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      3391 | NS      | $688440.82    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                             | Morgan Stanley                                               | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     34047 | NS      | $5412111.12   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                              | Carnival Corp.                                               | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     30468 | NS      | $880829.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                            | Ulta Beauty, Inc.                                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1278 | NS      | $698746.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                                         | Ingersoll Rand, Inc.                                         | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     10150 | NS      | $838593.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                            | Caterpillar, Inc.                                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     13148 | NS      | $6273568.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                                 | CF Industries Holdings, Inc.                                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      4498 | NS      | $403470.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                               | Monolithic Power Systems, Inc.                               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      1329 | NS      | $1223530.56   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                               | QUALCOMM, Inc.                                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     30267 | NS      | $5035218.12   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                                | Textron, Inc.                                                | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      5001 | NS      | $422534.49    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                               | AutoZone, Inc.                                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       473 | NS      | $2029283.52   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                                      | ON Semiconductor Corp.                                       | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     11477 | NS      | $565930.87    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                                   | Ameriprise Financial, Inc.                                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2655 | NS      | $1304268.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                                         | HCA Healthcare, Inc.                                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      4597 | NS      | $1959241.40   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                                        | Otis Worldwide Corp.                                         | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     11014 | NS      | $1007010.02   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                                   | KLA Corp.                                                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      3703 | NS      | $3994055.80   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                                 | Copart, Inc.                                                 | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     24965 | NS      | $1122676.05   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                                               | AES Corp.                                                    | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     19983 | NS      | $262976.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                                      | Northrop Grumman Corp.                                       | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      3768 | NS      | $2295917.76   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/The                           | Hartford Insurance Group, Inc.                               | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      7890 | NS      | $1052447.10   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                     | Diamondback Energy, Inc.                                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      5186 | NS      | $742116.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                                    | NVR, Inc.                                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        87 | NS      | $699015.42    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                                        | Electronic Arts, Inc.                                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      6319 | NS      | $1274542.30   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                              | McKesson Corp.                                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3474 | NS      | $2683803.96   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                                     | Regions Financial Corp.                                      | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     25041 | NS      | $660331.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                                       | Verisk Analytics, Inc.                                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      3865 | NS      | $972086.15    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                 | Humana, Inc.                                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      3390 | NS      | $881976.30    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                               | Tapestry, Inc.                                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      5772 | NS      | $653505.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                                  | Keysight Technologies, Inc.                                  | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      4786 | NS      | $837167.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                              | Kroger Co.                                                   | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     17070 | NS      | $1150688.70   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                               | United Airlines Holdings, Inc.                               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      9085 | NS      | $876702.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                                               | Fortive Corp.                                                | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |      9495 | NS      | $465160.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                                     | Church & Dwight Co., Inc.                                    | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      6836 | NS      | $599038.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                               | Synopsys, Inc.                                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      5229 | NS      | $2579936.31   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                  | Apple, Inc.                                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    416482 | NS      | $106048811.66 | 6.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                               | Danaher Corp.                                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     17885 | NS      | $3545880.10   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC                                       | Smurfit WestRock PLC                                         | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |     14652 | NS      | $623735.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                                   | Lennox International, Inc.                                   | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       900 | NS      | $476424.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                              | Regeneron Pharmaceuticals, Inc.                              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      2888 | NS      | $1623835.76   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                                    | Cboe Global Markets, Inc.                                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      2960 | NS      | $725940.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                                   | Builders FirstSource, Inc.                                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      3068 | NS      | $371995.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                                       | Howmet Aerospace, Inc.                                       | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     11313 | NS      | $2219949.99   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                              | AppLovin Corp.                                               | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      7598 | NS      | $5459466.92   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                              | Automatic Data Processing, Inc.                              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     11367 | NS      | $3336214.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc                      | Mid-America Apartment Communities, Inc.                      | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |      3236 | NS      | $452166.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                                   | Prudential Financial, Inc.                                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      9878 | NS      | $1024743.72   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                                   | Digital Realty Trust, Inc.                                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |      8951 | NS      | $1547448.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                                 | Nasdaq, Inc.                                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     12721 | NS      | $1125172.45   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                                            | WW Grainger, Inc.                                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1227 | NS      | $1169281.92   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                                | Equifax, Inc.                                                | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      3433 | NS      | $880667.49    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                        | Fifth Third Bancorp                                          | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     18575 | NS      | $827516.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                            | T-Mobile U.S., Inc.                                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     13583 | NS      | $3251498.54   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                                        | Kimberly-Clark Corp.                                         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      9281 | NS      | $1153999.54   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc                           | Mettler-Toledo International, Inc.                           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       597 | NS      | $732883.17    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/The                           | Interpublic Group of Cos., Inc.                              | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     10278 | NS      | $286858.98    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                                      | Travelers Cos., Inc.                                         | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      6305 | NS      | $1760482.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                                 | Charter Communications, Inc.                                 | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      2617 | NS      | $719949.79    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                                       | Deckers Outdoor Corp.                                        | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      4092 | NS      | $414806.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                                         | Kraft Heinz Co.                                              | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     23915 | NS      | $622746.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                            | Weyerhaeuser Co.                                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |     20248 | NS      | $501947.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                                    | Extra Space Storage, Inc.                                    | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |      5900 | NS      | $831546.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                                        | Delta Air Lines, Inc.                                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     18203 | NS      | $1033020.25   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                                       | Las Vegas Sands Corp.                                        | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      8668 | NS      | $466251.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                                       | Booking Holdings, Inc.                                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       910 | NS      | $4913335.70   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                                     | T. Rowe Price Group, Inc.                                    | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      6129 | NS      | $629080.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                                       | Keurig Dr. Pepper, Inc.                                      | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     38123 | NS      | $972517.73    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                             | Merck & Co., Inc.                                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     70098 | NS      | $5883325.14   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                                | Equinix, Inc.                                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |      2746 | NS      | $2150777.04   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                                  | Healthpeak Properties, Inc.                                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               |  | US        |     19502 | NS      | $373463.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                                         | Expand Energy Corp.                                          | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      6683 | NS      | $710001.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                                       | Colgate-Palmolive Co.                                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     22681 | NS      | $1813119.14   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc                         | Broadridge Financial Solutions, Inc.                         | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      3240 | NS      | $771670.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                                      | Quest Diagnostics, Inc.                                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      3063 | NS      | $583746.54    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                                 | STERIS PLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      2777 | NS      | $687140.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                             | S&P Global, Inc.                                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      8770 | NS      | $4268446.70   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc                           | West Pharmaceutical Services, Inc.                           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      2027 | NS      | $531742.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                                | Waters Corp.                                                 | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      1644 | NS      | $492887.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                             | Eli Lilly & Co.                                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     22341 | NS      | $17046183.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                                    | Arthur J Gallagher & Co.                                     | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      7243 | NS      | $2243446.82   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                                        | Global Payments, Inc.                                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      6795 | NS      | $564528.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                                           | Henry Schein, Inc.                                           | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      2892 | NS      | $191942.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                        | JPMorgan Chase & Co.                                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     77169 | NS      | $24341417.67  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                                             | Halliburton Co.                                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     23927 | NS      | $588604.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                             | Amazon.com, Inc.                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    272364 | NS      | $59802963.48  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                                     | HP, Inc.                                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     26359 | NS      | $717755.57    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp                   | Westinghouse Air Brake Technologies Corp.                    | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      4738 | NS      | $949826.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                                              | DTE Energy Co.                                               | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      5767 | NS      | $815626.81    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                                                 | Loews Corp.                                                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      4773 | NS      | $479161.47    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                                     | Motorola Solutions, Inc.                                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      4728 | NS      | $2162067.12   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                            | Fair Isaac Corp.                                             | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       690 | NS      | $1032605.70   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                        | Coinbase Global, Inc.                                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      6347 | NS      | $2142049.03   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | EC               | RF                | US        |  17489010 | NS      | $17489009.91  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                                     | IDEXX Laboratories, Inc.                                     | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      2268 | NS      | $1449002.52   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                                  | ONEOK, Inc.                                                  | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     17660 | NS      | $1288650.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                                | Hologic, Inc.                                                | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      6200 | NS      | $418438.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                                      | Mohawk Industries, Inc.                                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      1413 | NS      | $182163.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc                                   | Baxter International, Inc.                                   | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     14409 | NS      | $328092.93    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                                    | Bristol-Myers Squibb Co.                                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     57122 | NS      | $2576202.20   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                                       | Invitation Homes, Inc.                                       | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |     15827 | NS      | $464205.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                                        | American Express Co.                                         | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     15233 | NS      | $5059793.28   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                                  | CH Robinson Worldwide, Inc.                                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      3256 | NS      | $431094.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                                 | Capital One Financial Corp.                                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     17947 | NS      | $3815173.26   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc                        | Public Service Enterprise Group, Inc.                        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     14006 | NS      | $1168940.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                           | American International Group, Inc.                           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     15547 | NS      | $1221061.38   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                                | Fastenal Co.                                                 | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     32207 | NS      | $1579431.28   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                             | Eaton Corp. PLC                                              | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     10925 | NS      | $4088681.25   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                                        | Gilead Sciences, Inc.                                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     34822 | NS      | $3865242.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                             | ConocoPhillips                                               | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     35050 | NS      | $3315379.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

**Name of Applicant:** Securian Funds Trust

**Signature:** Kevin Ligtenberg

**Name of Signer:** Kevin Ligtenberg

**Title:** Director Investment Operations