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Securian Funds Trust

Filed: 31 Aug 20, 3:25pm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-4279

 

Securian Funds Trust

(Exact name of registrant as specified in charter)

 

400 Robert Street North

St. Paul, Minnesota 55101-2098

(Address of principal executive offices) (Zip code)

 

David Dimitri, Esq.

400 Robert Street North

St. Paul, Minnesota 55101-2098

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

(651) 665-3500

 

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

 

 

  

 

ITEM 1.REPORT TO STOCKHOLDERS.

 

Filed herewith.

 

SECURIAN FUNDS TRUST

Offered in Minnesota Life
Insurance Company and
Securian Life Insurance
Company variable products

Semi-Annual report

June 30, 2020

SFT Core Bond Fund

SFT Dynamic Managed Volatility Fund

SFT Government Money Market Fund

SFT Index 400 Mid-Cap Fund

SFT Index 500 Fund

SFT International Bond Fund

SFT IvySM Growth Fund

SFT IvySM Small Cap Growth Fund

SFT Managed Volatility Equity Fund

SFT Real Estate Securities Fund

SFT T. Rowe Price Value Fund

SFT Wellington Core Equity Fund



TABLE OF CONTENTS

  

Page No.

 

Fund Reviews

 
SFT Core Bond Fund  

1

  

SFT Dynamic Managed Volatility Fund

  

2

  

SFT Government Money Market Fund

  

3

  

SFT lndex 400 Mid-Cap Fund

  

4

  
SFT lndex 500 Fund  

5

  

SFT lnternational Bond Fund

  

6

  

SFT IvySM Growth Fund

  

7

  

SFT IvySM Small Cap Growth Fund

  

8

  

SFT Managed Volatility Equity Fund

  

9

  

SFT Real-Estate Securities Fund

  

10

  

SFT T. Rowe Price Value Fund

  

11

  

SFT Wellington Core Equity Fund

  

12

  

Investments In Securities

 
SFT Core Bond Fund  

13

  

SFT Dynamic Managed Volatility Fund

  

22

  

SFT Government Money Market Fund

  

29

  

SFT lndex 400 Mid-Cap Fund

  

30

  
SFT lndex 500 Fund  

37

  

SFT lnternational Bond Fund

  

45

  

SFT IvySM Growth Fund

  

51

  

SFT IvySM Small Cap Growth Fund

  

53

  

SFT Managed Volatility Equity Fund

  

55

  

SFT Real-Estate Securities Fund

  

57

  

SFT T. Rowe Price Value Fund

  

58

  

SFT Wellington Core Equity Fund

  

61

  

Financial Statements

 

Statements of Assets and Liabilities

  

64

  

Statements of Operations

  

66

  

Statements of Changes in Net Assets

  

68

  

Financial Highlights

  

73

  

Notes to Financial Statements

  

85

  

Fund Expense Examples

  

101

  

Proxy Voting and Quarterly Holdings Information

  

102

  

Statement Regarding Basis for Approval of Advisory Contracts

  

104

  

Trustees and Executive Officers

  

107

  


SFT Core Bond Fund

Fund Objective

The SFT Core Bond Fund seeks as high a level of long-term total return as is consistent with prudent investment risk. Preservation of capital is a secondary objective. The SFT Core Bond Fund invests in long-term, fixed income, high quality debt instruments. The risks incurred by investing in debt instruments include, but are not limited to, reinvestment of prepaid debt obligations at lower rates of return, and the inability to reinvest at higher interest rates when debt obligations are prepaid more slowly than expected. In addition, the net asset value of the SFT Core Bond Fund may fluctuate in response to changes in interest rates and is not guaranteed.

Performance Update

The Fund's performance for the six-month period ended June 30, 2020, for each class of shares offered was as follows:

Class 1

  

3.54

percent*

 

Class 2

  

3.42

percent*

 

The Fund's benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 6.14 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged benchmark composite representing average market-weighted performance of U.S. Treasury and agency securities, investment-grade corporate bonds and mortgage-backed securities with maturities greater than one year.


1



SFT Dynamic Managed Volatility Fund

Fund Objective

The SFT Dynamic Managed Volatility Fund seeks to maximize risk-adjusted total return relative to its blended benchmark index comprised of 60 percent S&P 500® Index and 40 percent Barclays U.S. Aggregate Bond Index (collectively, the Blended Benchmark Index).

The SFT Dynamic Managed Volatility Fund invests primarily in Class 1 shares of the SFT Index 500 Fund for equity exposure, in a basket of fixed income securities for fixed income exposure and certain derivative instruments. The Fund is subject to risks associated with such investments as described in detail in the prospectus. The net asset value of the Fund will fluctuate and is not guaranteed. It is possible to lose money by investing in the Fund. There is no assurance that efforts to manage Fund volatility will achieve the desired results.

Performance Update

For the six-month period ended June 30, 2020, the Fund had a net return of -0.48 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor.** The Blended Benchmark Index returned 0.98 percent over the same period.

Sector Diversification (shown as a percentage of net assets)

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

**  Securian Asset Management, Inc. (Securian AM) and the Securian Funds Trust, on behalf of the SFT Dynamic Managed Volatility Fund (the "Fund"), have entered into an Expense Limitation Agreement, dated May 1, 2013, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with the generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through April 30, 2021. The Agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. As of June 30, 2020, Securian AM has waived $3,270,069 pursuant to the agreement, of which $1,693,009 was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

The Blended Benchmark Index is comprised of 60 percent of the S&P 500® Index and 40 percent of the Bloomberg Barclays U.S. Aggregate Bond Index. The S&P 500® Index is a broad, unmanaged index of 500 common stocks which are representative of the U.S. stock market overall. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged benchmark composite representing average market-weighted performance of U.S. Treasury and agency securities, investment- grade corporate bonds and mortgage-backed securities with maturities greater than one year.


2



SFT Government Money Market Fund

Fund Objective

The SFT Government Money Market Fund seeks maximum current income to the extent consistent with liquidity and the preservation of capital. The Fund invests at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash or government securities).

Investment in the SFT Government Money Market Fund is neither insured nor guaranteed by the U.S. Government, and there can be no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. It is possible to lose money by investing in the Fund.

Performance Update

For the six-month period ended June 30, 2020, the Fund had a net return of 0.21 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor and principal underwriter.** The Fund's benchmark, the Bloomberg Barclays U.S. Treasury Bill 1-3 Month Index, returned 0.61 percent for the same period.

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Investment in the SFT Government Money Market Fund is neither insured nor guaranteed by the U.S. Government or any other agency, and there can be no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. Shares upon redemption may be worth more or less than their original cost.

Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

The Bloomberg Barclays U.S.Treasury Bill 1-3 Month Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of three months, excluding zero coupons.

**  Effective May 1, 2012, the Board of Trustees of Securian Funds Trust approved a Restated Net Investment Income Maintenance Agreement among Securian FundsTrust (on behalf of SFT Government Money Market Fund), Securian Asset Management, Inc. (Securian AM) and Securian Financial Services, Inc. (Securian Financial). A similar agreement was previously approved by the Board of Directors of Advantus Series Fund, Inc., the Trust's predecessor, effective October 29, 2009. Under such Agreement, Securian AM agrees to waive, reimburse or pay SFT Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. As of June 30, 2020, Securian AM and Securian Financial have collectively waived $4,829,065 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $197,114 was eligible for recovery as of such date. If Securian AM and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement is effective through April 30, 2021, and shall continue in effect thereafter, provided such continuance is specifically approved by Securian AM, Securian Financial, and a majority of the Trust's independent Trustees.

Effective November 1, 2017, Securian AM and Securian Funds Trust, on behalf of the SFT Government Money Market Fund, entered into an Expense Limitation Agreement which limits the operating expenses of the Fund, excluding certain expenses, (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Funds' business), to 0.70% of the Fund's Average daily net assets through April 30, 2021. The Agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of the contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause any Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Funds' shareholder reports and in Other Expenses under Fees and Expenses of the Fund in the prospectus. As of June 30, 2020, Securian AM has waived $296,069 pursuant to the agreement, all of which was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses to the Fund.


3



SFT Index 400 Mid-Cap Fund

Fund Objective

The SFT Index 400 Mid-Cap Fund seeks to provide investment results generally corresponding to the aggregate price and dividend performance of publicly traded common stocks that comprise the Standard & Poor's MidCap 400® Index (S&P 400). It is designed to provide an economical and convenient means of maintaining a diversified portfolio in this equity security area as part of an overall investment strategy. The risks incurred by investing in the SFT Index 400 Mid-Cap Fund include, but are not limited to, the risk that the Fund may not be able to replicate the performance of the S&P 400, and the risk of declines in the market for mid-cap stocks or in the equity markets generally.

Performance Update

The Fund's performance for the six-month period ended June 30, 2020, for each class of shares offered was as follows:

Class 1

  

-12.90

percent*

 

Class 2

  

-13.01

percent*

 

The Fund's benchmark, the Standard and Poor's MidCap 400® Index, returned -12.78 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

"Standard & Poor's®", "S&P®", "Standard & Poor's MidCap 400" and "S&P MidCap 400" are trademarks of the S&P Global, Inc. and have been licensed for use by the Securian Funds Trust—Index 400 Mid-Cap Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

S&P MidCap 400® Index consists of 400 domestic stocks chosen for market size (median market capitalization of about $3.6 billion), liquidity and industry group representation. It is a market-weighted index (stock price times shares outstanding), with each stock affecting the index in proportion to its market value.


4



SFT Index 500 Fund

Fund Objective

The SFT Index 500 Fund seeks investment results that correspond generally to the price and yield performance of the common stocks included in the Standard and Poor's 500® Index (S&P 500). It is designed to provide an economical and convenient means of maintaining a broad position in the equity market as part of an overall investment strategy. The risks incurred by investing in the SFT Index 500 Fund include, but are not limited to, the risk that the Fund may not be able to replicate the performance of the S&P 500, and the risk of declines in the equity markets generally.

Performance Update

The Fund's performance for the six-month period ended June 30, 2020, for each class of shares was as follows:

Class 1

  

-3.12

percent*

 

Class 2

  

-3.24

percent*

 

The Fund's benchmark, the Standard & Poor's 500® Index, returned -3.08 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

"Standard & Poor's®", "S&P®", "Standard & Poor's 500" and "S&P 500" are trademarks of the S&P Global, Inc. and have been licensed for use by Securian Funds Trust—Index 500 Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

The S&P 500® Index is a broad, unmanaged index of 500 common stocks which are representative of the U.S. stock market overall.


5



SFT International Bond Fund

Fund Objective

The SFT International Bond Fund seeks to maximize current income consistent with protection of principal. The Fund pursues its objective by investing primarily in debt securities issued by issuers located anywhere in the world. While Securian Asset Management, Inc. (Securian AM) acts as the investment adviser for the Fund, Franklin Advisers, Inc. provides investment advice to the SFT International Bond Fund under a sub-advisory agreement. Investment risks associated with international investing in addition to other risks include currency fluctuations, political and economic instability, and differences in accounting standards when investing in foreign markets.

Performance Update

The Fund's performance for the six-month period ended June 30, 2020, for each class of shares offered was as follows:

Class 1

  

-6.24

percent*

 

Class 2

  

-6.36

percent*

 

The Fund's benchmark, the FTSE World Government Bond Index, returned 4.08 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

African

  

1.62

%

 

Ghana Cedi

  

1.62

%

 

Americas

  

74.04

%

 

United States Dollar

  

70.66

%

 

Argentine Peso

  

2.12

%

 

Brazilian Real

  

1.24

%

 

Mexican Peso

  

0.02

%

 

Canadian Dollar

  

0.00

%

 

Asia Pacific

  

35.53

%

 

Japanese Yen

  

51.87

%

 

Indonesian Rupiah

  

2.76

%

 

Republic of Korea Won

  

0.11

%

 

Australian Dollar (AUD)**

  

-19.21

%

 

Europe

  

-11.19

%

 

Norwegian Krone

  

8.92

%

 

Swiss Franc

  

6.00

%

 

Swedish krona

  

5.40

%

 

Euro**

  

-31.51

%

 

**A negative figure reflects net "short" exposure, designed to benefit if the value of the associated currency decreases. Conversely, the Fund's value would potentially decline if the value of the associated currency increases.

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

The FTSE World Government Bond Index is a market capitalization weighted index consisting of the government bond markets from over twenty countries. Country eligibility is determined based upon market capitalization and investability criteria. The index includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million. Government securities typically exclude floating or variable rate bonds, U.S./Canadian savings bonds and private placements. Each bond must have a minimum rating of BBB-/Baa3 by S&P or Moody's.


6



SFT IvySM Growth Fund

Fund Objective

The SFT IvySM Growth Fund seeks to provide growth of capital. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks issued by large capitalization companies. While Securian Asset Management, Inc. acts as the investment adviser for the Fund, Ivy Investment Management Company (IICO) provides investment advice to the Fund under a sub-advisory agreement. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for large cap stocks or in the equity markets generally.

Performance Update

For the six-month period ended June 30, 2020, the Fund had a net return of 8.92 percent*. The Fund's benchmark, the Russell 1000 Growth Index, returned 9.81 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

'Ivy' is the registered service mark of Ivy Funds Distributor, Inc., an affiliate of the Ivy Investment Management Company, the Fund's sub-adviser.

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The index measures the performance of the 1,000 largest companies in the Russel 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.


7



SFT IvySM Small Cap Growth Fund

Fund Objective

The SFT IvySM Small Cap Growth Fund seeks to provide growth of capital. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks issued by small capitalization companies. While Securian Asset Management, Inc. acts as the investment adviser for the Fund, Ivy Investment Management Company (IICO) provides investment advice to the Fund under a sub-advisory agreement. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for small cap stocks or in the equity markets generally.

Performance Update

For the six-month period ended June 30, 2020, the Fund had a net return of -0.49 percent*. The Fund's benchmark, the Russell 2000 Growth Index, returned -3.06 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

'Ivy' is the registered service mark of Ivy Funds Distributor, Inc., an affiliate of the Ivy Investment Management Company, the Fund's sub-adviser.

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

The Russell 2000 Growth Index is an unmanaged index of those Russell 2000 Index growth companies with higher price-to-book ratios and higher forecasted growth values. The index is broad-based, comprised of 2,000 of the smallest U.S.-domiciled company common stocks based on total market capitalization.


8



SFT Managed Volatility Equity Fund

Fund Objective

The SFT Managed Volatility Equity Fund seeks to maximize risk-adjusted total return relative to its blended benchmark index comprised of 60 percent S&P 500® Low Volatility Index, 20 percent S&P 500® BMI International Developed Low Volatility Index and 20 percent Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index (collectively, the Blended Benchmark Index).

The SFT Managed Volatility Equity Fund invests at least 80% of its assets in equity securities. Equity securities include those that are equity based, such as ETFs that invest primarily in U.S. and foreign equity securities. The Fund is subject to risks associated with such investments as described in detail in the prospectus. The net asset value of the Fund will fluctuate and is not guaranteed. It is possible to lose money by investing in the Fund. There is no assurance that efforts to manage Fund volatility will achieve the desired results.

Performance Update

For the six-month period ended June 30, 2020, the Fund had a net return of -11.32 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor.** The Blended Benchmark Index, returned -11.41 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

**  Securian Asset Management, Inc. (Securian AM) and the Securian Funds Trust, on behalf of the SFT Managed Volatility Equity Fund (the "Fund"), have entered into an Expense Limitation Agreement, dated November 18, 2015, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with the generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through April 30, 2021. The Agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. As of June 30, 2020, Securian AM has waived $1,764,561 pursuant to the agreement, of which $1,200,156 was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

The Blended Benchmark Index is comprised of 60 percent of the S&P 500® Low Volatility Index, 20% S&P 500® BMI International Developed Low Volatility Index and 20% Bloomberg Barclays U.S. 3-MonthTreasury Bellwether Index. The S&P 500® Low Volatility Index measures performance of the 100 least volatile stocks in the S&P 500®. The S&P 500® BMI International Developed Low Volatility Index measures the performance of the 200 least volatile stocks in the S&P Developed Market large/midcap universe. Constituents are weighted relative to the inverse of their corresponding volatility, with the least volatile stocks receiving the highest weights. The Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index tracks the market for the on-the-run 3 month Treasury bill issued by the U.S. government.


9



SFT Real Estate Securities Fund

Fund Objective

The SFT Real Estate Securities Fund seeks above-average income and long-term growth of capital. The Fund intends to pursue its objective by investing primarily in equity securities of companies in the real estate industry. Investment risks associated with investing in the SFT Real Estate Securities Fund, in addition to other risks, include rental income fluctuations, depreciation, property tax value changes, and differences in real estate market value.

Performance Update

The Fund's performance for the six-month period ended June 30, 2020, for each class of shares offered was as follows:

Class 1

  

-12.96

percent*

 

Class 2

  

-13.07

percent*

 

The Fund's benchmark, the FTSE NAREIT Equity REITs Index, returned -18.71 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

FTSE NAREIT Equity REITs Index is a broad-based index consisting of real estate investment trusts.


10



SFT T. Rowe Price Value Fund

Fund Objective

The SFT T. Rowe Price Value Fund seeks to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective. The Fund pursues its objective by taking a value approach to investment selection. Holdings consist primarily of large cap stocks, but may also include stocks of mid-cap and small-cap companies. While Securian Asset Management, Inc. acts as the investment adviser for the Fund, T. Rowe Price Associates, Inc. (T. Rowe Price) provides investment advice to the Fund under a sub-advisory agreement. The Fund's value approach to investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced at a low level.

Performance Update

For the six-month period ended June 30, 2020, the Fund had a net return of -13.88 percent*. The Fund's benchmark, the Russell 1000 Value Index, returned -16.26 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.


11



SFT Wellington Core Equity Fund

Fund Objective

The SFT Wellington Core Equity Fund seeks long-term capital appreciation. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks. Securian Asset Management, Inc. acts as the investment adviser for the Fund, Wellington Management Company LLP (Wellington Management) provides investment advice to the Fund under a sub-advisory agreement. Risks associated with investing in the Fund include, but are not limited to, issuer-specific market volatility and risk of declines in the equity markets generally.

Performance Update

The Fund's performance for the six-month period ended June 30, 2020, for each class of shares offered was as follows:

Class 1

  

-4.31

percent*

 

Class 2

  

-4.43

percent*

 

The Fund's benchmark, the Standard & Poor's 500® Index, returned -3.08 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

*  The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

The S&P 500® Index is a broad, unmanaged index of 500 common stocks which are representative of the U.S. stock market overall.


12



SFT Core Bond Fund
Investments in Securities

June 30, 2020
(Unaudited)

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

  

Principal

 

Value(a)

 

Long-Term Debt Securities (98.9%)

 

Government Obligations (24.8%)

 

Other Government Obligations (1.7%)

 
Provincial or Local Government
Obligations (1.7%)
 
Douglas County Public
Utility District No. 1,
5.450%, 09/01/40 (b)
 

$

1,185,000

  

$

1,636,343

  
Municipal Electric
Authority of Georgia,
6.655%, 04/01/57
  

1,176,000

   

1,723,499

  
Ohio State Water
Development Authority,
4.817%, 12/01/30
  

250,000

   

305,225

  
Port Authority of
New York & New Jersey
 

4.458%, 10/01/62

  

1,150,000

   

1,526,659

  

4.926%, 10/01/51

  

2,055,000

   

2,861,053

  
Texas A&M University,
4.000%, 05/15/31
  

325,000

   

364,728

  
     

8,417,507

  
U.S. Government Agencies and
Obligations (23.1%)
 
Federal Home Loan Mortgage Corporation
(FHLMC) (5.1%)
 
0.833%, 01/25/23 (1-Month
USD LIBOR + 0.650%) (c)
  

40,970

   

40,996

  
1.135%, 10/25/29 (1-Month
USD LIBOR + 0.950%) (c)
  

450,000

   

417,062

  

2.500%, 03/01/28

  

381,278

   

406,311

  

2.500%, 04/01/28

  

133,962

   

142,423

  

3.000%, 08/01/42

  

476,973

   

515,730

  

3.000%, 12/01/42

  

181,428

   

196,170

  

3.000%, 01/01/43

  

238,640

   

259,070

  

3.000%, 02/01/43

  

566,399

   

617,749

  

3.000%, 04/01/43

  

916,841

   

991,400

  

3.000%, 10/25/46

  

235,355

   

237,375

  
3.485%, 10/25/27 (1-Month
USD LIBOR + 3.300%) (c)
  

1,000,000

   

1,015,069

  

3.500%, 10/01/25

  

150,545

   

158,306

  

3.500%, 05/01/32

  

196,235

   

209,916

  

3.500%, 03/01/42

  

760,435

   

831,471

  

3.500%, 08/01/42

  

585,278

   

640,007

  

3.500%, 05/25/45

  

805,449

   

825,276

  
3.635%, 10/25/29 (1-Month
USD LIBOR + 3.450%) (c)
  

4,000,000

   

4,053,839

  

4.000%, 09/01/40

  

589,537

   

644,275

  

4.000%, 11/01/40

  

1,233,302

   

1,380,519

  

4.000%, 02/01/41

  

283,626

   

312,718

  

4.000%, 03/01/41

  

268,954

   

300,737

  

4.500%, 04/01/23

  

16,000

   

17,156

  

4.500%, 09/01/40

  

124,265

   

136,008

  

4.500%, 01/01/41

  

527,822

   

587,170

  

4.500%, 02/01/41

  

278,147

   

307,212

  

4.500%, 03/01/41

  

582,503

   

647,627

  

4.500%, 04/01/41

  

464,680

   

523,007

  
4.735%, 10/25/24 (1-Month
USD LIBOR + 4.550%) (c)
  

123,936

   

126,328

  
4.985%, 05/25/28 (1-Month
USD LIBOR + 4.800%) (c)
  

1,591,626

   

1,646,711

  
  

Principal

 

Value(a)

 

5.000%, 03/01/23

 

$

9,769

  

$

10,650

  

5.000%, 05/01/29

  

21,176

   

23,226

  

5.000%, 04/01/35

  

88,409

   

96,632

  

5.000%, 08/01/35

  

50,173

   

57,546

  

5.000%, 11/01/35

  

89,724

   

102,734

  

5.000%, 11/01/39

  

508,597

   

584,477

  

5.000%, 04/01/40

  

173,900

   

195,393

  

5.000%, 08/01/40

  

122,046

   

140,165

  

5.500%, 10/01/20

  

2,562

   

2,570

  

5.500%, 11/01/23

  

77,513

   

85,199

  

5.500%, 05/01/34

  

550,121

   

635,752

  

5.500%, 10/01/34

  

180,925

   

206,875

  

5.500%, 07/01/35

  

220,436

   

252,660

  

5.500%, 10/01/35

  

224,441

   

257,441

  

5.500%, 12/01/38

  

122,181

   

139,717

  
5.718%, 07/25/28 (1-Month
USD LIBOR + 5.550%) (c)
  

2,752,236

   

2,875,816

  

6.000%, 09/01/22

  

14,461

   

14,980

  

6.000%, 11/01/33

  

290,811

   

339,171

  

6.250%, 12/15/23

  

24,037

   

25,592

  

6.500%, 09/01/32

  

30,322

   

36,107

  

6.500%, 11/01/32

  

27,566

   

32,238

  

6.500%, 06/01/36

  

163,936

   

198,807

  

7.000%, 12/01/37

  

38,702

   

45,975

  
     

24,547,361

  
Federal National Mortgage Association
(FNMA) (6.5%)
 

2.500%, 03/01/27

  

215,368

   

229,423

  

2.500%, 11/01/27

  

364,892

   

382,099

  

2.500%, 03/01/28

  

240,526

   

255,418

  

2.500%, 07/01/28

  

335,404

   

357,351

  

3.000%, 06/01/22

  

49,408

   

51,912

  

3.000%, 09/01/22

  

35,272

   

37,059

  

3.000%, 11/01/27

  

157,218

   

165,553

  

3.000%, 06/01/28

  

132,693

   

141,335

  

3.000%, 09/01/42

  

130,493

   

141,096

  

3.000%, 01/01/46

  

417,659

   

442,582

  

3.500%, 11/01/25

  

171,952

   

180,904

  

3.500%, 01/01/26

  

204,491

   

215,115

  

3.500%, 12/01/32

  

162,486

   

173,870

  

3.500%, 11/01/40

  

459,937

   

507,652

  

3.500%, 01/01/41

  

545,204

   

594,954

  

3.500%, 02/01/41

  

747,185

   

814,030

  

3.500%, 04/01/41

  

287,374

   

314,251

  

3.500%, 11/01/41

  

1,944,125

   

2,132,811

  

3.500%, 12/01/41

  

489,476

   

529,339

  

3.500%, 05/01/42

  

197,324

   

215,783

  

3.500%, 01/01/43

  

475,347

   

514,371

  

3.500%, 02/01/43

  

424,864

   

471,876

  

3.500%, 05/01/43

  

1,619,589

   

1,780,958

  
3.835%, 09/25/29 (1-Month
USD LIBOR + 3.650%) (c)
  

227,093

   

227,093

  

4.000%, 06/25/23

  

45,836

   

46,748

  

4.000%, 12/01/40

  

96,804

   

105,477

  

4.000%, 04/01/41

  

1,041,586

   

1,157,716

  

4.000%, 09/01/41

  

404,856

   

446,157

  

4.000%, 11/01/41

  

209,260

   

229,790

  

4.000%, 06/01/42

  

566,820

   

622,501

  

4.000%, 09/01/43

  

364,578

   

400,412

  
4.485%, 02/25/25 (1-Month
USD LIBOR + 4.300%) (c)
  

1,428,698

   

1,440,226

  

See accompanying notes to financial statements.
13



SFT Core Bond Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 

4.500%, 04/01/21

 

$

510

  

$

537

  

4.500%, 04/01/25

  

29,328

   

31,272

  

4.500%, 05/25/34

  

537,000

   

632,147

  

4.500%, 05/01/35

  

174,816

   

189,562

  

4.500%, 07/01/35

  

363,434

   

396,961

  

4.500%, 09/01/37

  

145,873

   

159,571

  

4.500%, 06/01/39

  

149,481

   

166,295

  

4.500%, 04/01/41

  

1,280,155

   

1,459,524

  

4.500%, 07/01/41

  

1,106,415

   

1,231,502

  

4.500%, 07/01/47

  

375,580

   

426,497

  
4.585%, 01/25/24 (1-Month
USD LIBOR + 4.400%) (c)
  

86,249

   

75,934

  
4.635%, 01/25/29 (1-Month
USD LIBOR + 4.450%) (c)
  

1,648,366

   

1,684,315

  

5.000%, 10/01/20

  

2,309

   

2,426

  

5.000%, 06/25/23

  

44,274

   

46,142

  

5.000%, 07/01/23

  

32,560

   

35,496

  

5.000%, 11/01/33

  

164,297

   

188,085

  

5.000%, 03/01/34

  

152,487

   

172,511

  

5.000%, 05/01/34

  

35,445

   

40,516

  

5.000%, 12/01/34

  

174,655

   

200,385

  

5.000%, 07/01/35

  

156,024

   

178,987

  

5.000%, 08/01/35

  

52,825

   

60,550

  

5.000%, 03/01/38

  

83,827

   

96,052

  

5.000%, 04/01/38

  

112,668

   

129,171

  

5.000%, 06/01/39

  

91,519

   

104,414

  

5.000%, 12/01/39

  

378,924

   

437,303

  

5.000%, 06/01/40

  

56,669

   

65,128

  

5.000%, 04/01/41

  

337,769

   

388,782

  

5.500%, 08/01/23

  

20,433

   

22,459

  

5.500%, 02/01/24

  

31,236

   

34,333

  

5.500%, 04/01/33

  

516,017

   

592,259

  

5.500%, 05/01/33

  

9,396

   

10,677

  

5.500%, 12/01/33

  

60,415

   

69,383

  

5.500%, 01/01/34

  

119,625

   

137,185

  

5.500%, 02/01/34

  

121,400

   

137,254

  

5.500%, 03/01/34

  

203,523

   

233,792

  

5.500%, 04/01/34

  

120,574

   

138,119

  

5.500%, 05/01/34

  

4,592

   

5,055

  

5.500%, 09/01/34

  

164,986

   

184,619

  

5.500%, 10/01/34

  

47,846

   

54,795

  

5.500%, 01/01/35

  

79,499

   

91,167

  

5.500%, 02/01/35

  

218,791

   

247,258

  

5.500%, 04/01/35

  

218,747

   

250,545

  

5.500%, 06/01/35

  

36,486

   

40,383

  

5.500%, 08/01/35

  

122,499

   

140,251

  

5.500%, 10/01/35

  

309,894

   

358,431

  

5.500%, 11/01/35

  

60,385

   

69,583

  

5.500%, 09/01/36

  

105,994

   

121,367

  

5.500%, 12/01/39

  

73,139

   

83,654

  

6.000%, 08/01/23

  

27,098

   

28,429

  

6.000%, 09/01/32

  

11,227

   

13,070

  

6.000%, 10/01/32

  

404,277

   

471,043

  

6.000%, 11/01/32

  

356,872

   

415,914

  

6.000%, 03/01/33

  

338,230

   

393,235

  

6.000%, 04/01/33

  

23,070

   

25,693

  

6.000%, 12/01/33

  

111,875

   

130,345

  

6.000%, 08/01/34

  

37,266

   

42,399

  

6.000%, 09/01/34

  

18,921

   

22,042

  

6.000%, 11/01/34

  

12,473

   

14,004

  

6.000%, 12/01/34

  

90,840

   

105,949

  

6.000%, 11/01/36

  

11,283

   

13,142

  

6.000%, 01/01/37

  

112,183

   

130,635

  

6.000%, 08/01/37

  

69,390

   

80,729

  
  

Principal

 

Value(a)

 

6.000%, 12/01/37

 

$

4,119

  

$

4,576

  

6.000%, 10/01/38

  

138,491

   

164,527

  

6.500%, 11/01/23

  

18,512

   

19,536

  

6.500%, 12/01/31

  

57,576

   

68,778

  

6.500%, 02/01/32

  

175,178

   

209,970

  

6.500%, 04/01/32

  

124,540

   

146,997

  

6.500%, 05/01/32

  

29,952

   

34,173

  

6.500%, 07/01/32

  

240,294

   

282,894

  

6.500%, 08/01/32

  

94,745

   

111,708

  

6.500%, 09/01/32

  

66,109

   

78,372

  

6.500%, 10/01/32

  

78,906

   

93,196

  

6.500%, 09/01/34

  

9,771

   

11,315

  

6.500%, 11/01/34

  

4,207

   

4,954

  

6.500%, 03/01/35

  

68,355

   

79,423

  

6.500%, 02/01/36

  

14,145

   

15,734

  

6.500%, 09/01/37

  

63,553

   

74,093

  

6.500%, 11/01/37

  

40,190

   

48,273

  

7.000%, 07/01/31

  

51,104

   

62,395

  

7.000%, 09/01/31

  

153,704

   

181,897

  

7.000%, 11/01/31

  

169,083

   

197,363

  

7.000%, 02/01/32

  

77,416

   

92,118

  

7.000%, 03/01/32

  

15,610

   

18,786

  

7.000%, 07/01/32

  

63,271

   

74,106

  

7.000%, 10/01/37

  

15,250

   

16,364

  

7.500%, 07/25/22

  

6,648

   

6,822

  

7.500%, 04/01/31

  

80,928

   

93,273

  

7.500%, 05/01/31

  

19,676

   

22,708

  
     

31,049,476

  
Government National Mortgage Association
(GNMA) (2.6%)
 

0.004%, 06/17/45 (c) (d)

  

347,553

   

36

  

0.643%, 07/16/40 (c) (d)

  

20,766

   

  

1.000%, 12/20/42

  

98,383

   

95,085

  

3.000%, 03/15/45

  

1,232,745

   

1,305,526

  

3.000%, 04/15/45

  

2,211,388

   

2,341,384

  

3.000%, 05/15/45

  

119,210

   

126,664

  

3.250%, 04/20/33

  

134,039

   

142,739

  

3.250%, 03/20/35

  

1,049,434

   

1,117,934

  

3.250%, 11/20/35

  

532,339

   

566,305

  

3.250%, 01/20/36

  

946,179

   

1,006,480

  

3.500%, 11/15/40

  

69,298

   

74,044

  

3.500%, 04/20/46

  

592,243

   

630,260

  

3.750%, 03/20/46

  

895,562

   

961,159

  

4.000%, 07/20/31

  

312,747

   

336,083

  

4.000%, 04/20/39

  

209,949

   

225,416

  

4.000%, 12/20/40

  

660,824

   

740,840

  

4.000%, 01/15/41

  

41,310

   

44,963

  

4.000%, 02/15/41

  

294,504

   

327,040

  

4.000%, 10/15/41

  

205,329

   

225,605

  

4.000%, 12/20/44

  

107,505

   

117,054

  

4.500%, 06/15/40

  

204,722

   

232,222

  

5.000%, 05/15/33

  

64,772

   

73,377

  

5.000%, 12/15/39

  

78,480

   

90,614

  

5.000%, 01/15/40

  

869,520

   

985,730

  

5.000%, 07/15/40

  

202,885

   

230,549

  

5.500%, 07/15/38

  

208,750

   

243,452

  

5.500%, 10/15/38

  

282,086

   

328,565

  

8.500%, 10/15/22

  

5,429

   

5,452

  
     

12,574,578

  

See accompanying notes to financial statements.
14



SFT Core Bond Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 

U.S. Treasury (8.9%)

 

U.S. Treasury Bond

 

2.000%, 02/15/50

 

$

12,016,000

  

$

13,761,135

  

5.375%, 02/15/31 (e)

  

5,115,000

   

7,600,970

  

U.S. Treasury Note

 

0.250%, 05/31/25

  

11,917,000

   

11,902,569

  

0.250%, 06/30/25

  

1,500,000

   

1,497,071

  

0.375%, 03/31/22

  

1,850,000

   

1,856,576

  

0.500%, 05/31/27

  

6,020,000

   

6,026,114

  

2.250%, 02/15/27 (e)

  

150,000

   

167,561

  

2.750%, 02/15/28

  

200,000

   

233,297

  
     

43,045,293

  

Vendee Mortgage Trust (0.0%)

 
Vendee Mortgage Trust,
7.793%, 02/15/25
  

22,499

   

24,697

  
Total government obligations
(cost: $113,027,578)
    

119,658,912

  

Asset-Backed Securities (14.1%)

 
AmeriCredit Automobile
Receivables Trust
 

2.740%, 12/08/22

  

1,250,000

   

1,267,614

  

3.180%, 07/18/23

  

3,250,000

   

3,329,191

  
Bank of The West Auto Trust,
3.210%, 04/15/25 (f)
  

2,293,000

   

2,338,746

  
Bear Stearns Asset Backed
Securities Trust,
1.160%, 02/25/34
(1-Month USD LIBOR +
0.975%) (c)
  

361,951

   

336,795

  
California Republic Auto
Receivables Trust,
3.430%, 02/15/22
  

1,000,000

   

1,001,116

  
CarMax Auto Owner Trust,
2.950%, 11/15/23
  

1,950,000

   

1,966,500

  

Chase Funding Trust

 
0.745%, 02/25/33 (1-Month
USD LIBOR + 0.560%) (c)
  

155,233

   

140,047

  
0.825%, 08/25/32 (1-Month
USD LIBOR + 0.640%) (c)
  

110,704

   

103,470

  

Chesapeake Funding II LLC

 

3.260%, 11/15/29 (f)

  

375,000

   

370,619

  

3.380%, 08/15/29 (f)

  

275,000

   

278,191

  

3.570%, 04/15/30 (f)

  

1,200,000

   

1,222,573

  

3.710%, 05/15/29 (f)

  

1,885,000

   

1,901,814

  
Commonbond Student
Loan Trust
 

2.550%, 05/25/41 (f)

  

328,309

   

335,921

  

5.280%, 05/25/41 (f)

  

45,414

   

49,083

  
Commonbond Student Loan
Trust 2018-A-GS
 
0.685%, 02/25/44
(1-Month USD LIBOR +
0.500%) (c) (f)
  

602,786

   

593,486

  

3.210%, 02/25/44 (f)

  

1,610,364

   

1,655,564

  
Commonbond Student
Loan Trust 2019-A-GS,
2.540%, 01/25/47 (f)
  

3,686,234

   

3,828,032

  
Drive Auto Receivables
Trust, 5.300%, 07/15/24 (f)
  

1,045,000

   

1,071,641

  
  

Principal

 

Value(a)

 
Earnest Student Loan
Program LLC
 

2.650%, 01/25/41 (f)

 

$

2,785,502

  

$

2,818,938

  

2.720%, 01/25/41 (f)

  

234,632

   

238,106

  

3.020%, 05/25/34 (f)

  

303,304

   

305,348

  
Entergy Gulf States
Reconstruction
Funding 1 LLC,
5.930%, 06/29/22
  

147,625

   

150,419

  
Exeter Automobile
Receivables Trust 2016-2,
8.250%, 04/17/23 (f)
  

1,676,895

   

1,720,098

  
Foursight Capital
Automobile Receivables
Trust,
5.280%, 08/15/24 (f)
  

3,850,000

   

3,911,916

  
GM Financial Consumer
Automobile Receivables
Trust,
2.770%, 07/17/23
  

800,000

   

815,572

  
Home Partners of
America 2018-1 Trust,
1.094%, 07/17/37
(1-Month USD LIBOR +
0.900%) (c) (f)
  

1,361,719

   

1,341,712

  
Invitation Homes
2018-SFR1 Trust
 
1.444%, 03/17/37
(1-Month USD LIBOR +
1.250%) (c) (f)
  

3,500,000

   

3,440,885

  
1.644%, 03/17/37
(1-Month USD LIBOR +
1.450%) (c) (f)
  

1,000,000

   

972,862

  
Invitation Homes
2018-SFR3 Trust
 
1.194%, 07/17/37
(1-Month USD LIBOR +
1.000%) (c) (f)
  

1,996,613

   

1,981,769

  
1.844%, 07/17/37
(1-Month USD LIBOR +
1.650%) (c) (f)
  

1,500,000

   

1,467,477

  
Invitation Homes
2018-SFR4 Trust,
1.594%, 01/17/38
(1-Month USD LIBOR +
1.400%) (c) (f)
  

4,300,000

   

4,219,965

  
Invitation Homes Trust,
1.465%, 06/17/37
(1-Month USD LIBOR +
1.280%) (c) (f)
  

1,500,000

   

1,469,335

  
Morgan Stanley Dean
Witter Capital I, Inc.,
0.745%, 08/25/32
(1-Month USD LIBOR +
0.560%) (c)
  

178,343

   

168,683

  
Progress Residential
2018-SFR1 Trust,
3.684%, 03/17/35 (f)
  

500,000

   

506,627

  
Progress Residential
2019-SFR2 Trust,
3.446%, 05/17/36 (f)
  

2,500,000

   

2,574,224

  
Progress Residential Trust,
3.565%, 08/17/34 (f)
  

1,525,000

   

1,549,534

  

See accompanying notes to financial statements.
15



SFT Core Bond Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
Saxon Asset Securities Trust,
0.725%, 03/25/35
(1-Month USD LIBOR +
0.540%) (c)
 

$

270,238

  

$

240,632

  
Sofi Professional Loan
Program 2017-F LLC,
2.840%, 01/25/41 (f)
  

1,427,407

   

1,459,063

  
Sofi Professional Loan
Program 2018-A LLC,
2.950%, 02/25/42 (f)
  

1,200,000

   

1,230,000

  
SoFi Professional Loan
Program LLC,
2.650%, 09/25/40 (f)
  

1,046,417

   

1,072,700

  

Towd Point Mortgage Trust

 

3.000%, 06/25/58 (c) (f)

  

3,424,856

   

3,613,647

  

3.750%, 04/25/55 (c) (f)

  

1,455,000

   

1,550,971

  

4.477%, 11/25/57 (c) (f)

  

3,154,000

   

3,305,273

  
Volvo Financial
Equipment LLC
Series 2018-1,
3.060%, 12/15/25 (f)
  

1,300,000

   

1,291,664

  
Westlake Automobile
Receivables Trust 2017-1,
5.050%, 08/15/24 (f)
  

725,000

   

727,629

  
Westlake Automobile
Receivables Trust 2017-2,
4.630%, 07/15/24 (f)
  

850,000

   

861,461

  
Westlake Automobile
Receivables Trust 2018-1,
2.920%, 05/15/23 (f)
  

1,210,105

   

1,213,661

  
Total asset-backed securities
(cost: $67,504,326)
    

68,010,574

  

Other Mortgage-Backed Securities (11.6%)

 
Collateralized Mortgage Obligations/Mortgage
Revenue Bonds (6.5%)
 
Agate Bay Mortgage Trust,
3.796%, 01/25/45 (c) (f)
  

226,938

   

229,084

  
Bear Stearns Mortgage
Securities, Inc.,
8.000%, 11/25/29
  

45,342

   

29,616

  
Bellemeade Re 2018-1, Ltd.,
1.785%, 04/25/28
(1-Month USD LIBOR +
1.600%) (c) (f) (g)
  

840,070

   

831,571

  
Bellemeade Re 2018-3, Ltd.,
2.035%, 10/25/28 (
1-Month USD LIBOR +
1.850%) (c) (f) (g)
  

2,073,741

   

2,053,851

  
Citigroup Mortgage Loan
Trust, Inc.,
3.000%, 09/25/64 (c) (f)
  

367,077

   

381,443

  
COLT 2018-3 Mortgage
Loan Trust,
3.692%, 10/26/48 (c) (f)
  

809,448

   

824,453

  
COLT 2019-2 Mortgage
Loan Trust,
3.337%, 05/25/49 (c) (f)
  

1,965,109

   

1,988,337

  

CSMC Trust

 

3.331%, 08/25/43 (c) (f)

  

3,166,806

   

3,134,737

  

3.500%, 06/25/47 (c) (f)

  

2,550,000

   

2,634,535

  
Eagle RE 2020-1 Ltd.,
1.635%, 01/25/30 (c) (f)
  

4,725,000

   

4,463,014

  
  

Principal

 

Value(a)

 
GS Mortgage-Backed
Securities Trust,
3.106%, 07/25/44 (c) (f)
 

$

2,371,556

  

$

1,751,560

  

JP Morgan Mortgage Trust

 

3.358%, 10/25/46 (c) (f)

  

294,812

   

292,272

  

3.397%, 06/25/29 (c) (f)

  

196,050

   

195,879

  

3.632%, 05/25/43 (c) (f)

  

302,662

   

294,662

  

4.098%, 11/25/33 (c)

  

94,182

   

89,831

  
MRFC Mortgage
Pass-Through Trust
Series 1998-2,
6.750%, 06/25/28
  

4,961

   

5,025

  
Prudential Home Mortgage
Securities
 

7.659%, 09/28/24 (c) (f)

  

375

   

357

  

7.900%, 04/28/22 (f)

  

105

   

105

  
PSMC Trust,
3.500%, 02/25/48 (c) (f)
  

2,236,846

   

2,264,871

  
Radnor RE 2019-1, Ltd.,
2.135%, 02/25/29
(1-Month USD LIBOR +
1.950%) (c) (f) (g)
  

726,645

   

719,866

  
Seasoned Credit Risk
Transfer Trust
 

4.000%, 07/25/56 (c)

  

2,602,000

   

2,590,837

  

4.000%, 08/25/56 (c) (f)

  

1,200,000

   

1,181,674

  

Sequoia Mortgage Trust

 

3.176%, 11/25/30 (c) (f)

  

544,140

   

548,122

  

3.518%, 06/25/43 (c)

  

1,630,134

   

1,613,696

  

3.701%, 07/25/45 (c) (f)

  

435,877

   

444,135

  

3.870%, 01/25/45 (c) (f)

  

335,449

   

339,595

  
Structured Asset Mortgage
Investments, Inc.,
6.750%, 05/02/30 (c)
  

9,657

   

561

  
WinWater Mortgage Loan
Trust 2015-4,
3.771%, 06/20/45 (c) (f)
  

2,804,390

   

2,535,233

  
     

31,438,922

  

Commercial Mortgage-Backed Securities (5.1%)

 
BAMLL Commercial
Mortgage Securities
Trust 2014-520M,
4.325%, 08/15/46 (c) (f)
  

1,350,000

   

1,652,625

  
BB-UBS Trust,
4.160%, 11/05/36 (c) (f)
  

1,000,000

   

925,430

  
CFCRE Commercial
Mortgage Trust,
3.839%, 12/10/54
  

500,000

   

558,073

  
Citigroup Commercial
Mortgage Trust 2018-TBR,
1.015%, 12/15/36
(1-Month USD LIBOR +
0.830%) (c) (f)
  

4,000,000

   

3,655,851

  
CSMC Trust,
3.304%, 09/15/37 (f)
  

384,179

   

381,412

  
Hometown Commercial
Mortgage,
6.057%, 06/11/39 (f)
  

28,292

   

13,515

  
Irvine Core Office Trust,
2.068%, 05/15/48 (f)
  

159,989

   

160,378

  

See accompanying notes to financial statements.
16



SFT Core Bond Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
JPMCC Commercial
Mortgage Securities Trust,
3.723%, 03/15/50
 

$

1,000,000

  

$

1,125,061

  
Morgan Stanley Bank of
America Merrill Lynch
Trust,
3.720%, 12/15/49
  

225,000

   

251,661

  
Morgan Stanley Capital I
Trust,
3.451%, 08/05/34 (f)
  

700,000

   

692,811

  
One Market Plaza Trust,
3.614%, 02/10/32 (f)
  

2,500,000

   

2,616,436

  
UBS Commercial
Mortgage Trust
 

3.580%, 12/15/50

  

3,500,000

   

3,965,416

  

3.724%, 06/15/50

  

2,750,000

   

2,924,668

  

4.061%, 12/15/50 (c)

  

1,505,000

   

1,638,077

  
Wells Fargo Commercial
Mortgage Trust
 

3.184%, 04/15/50

  

1,544,000

   

1,646,730

  

3.637%, 06/15/48

  

1,905,000

   

2,075,228

  
     

24,283,372

  
Total other mortgage-backed securities
(cost: $56,211,292)
    

55,722,294

  

Corporate Obligations (48.4%)

 

Basic Materials (0.3%)

 

Chemicals (0.3%)

 
Albemarle Corp.,
1.442%, 11/15/22
(3-Month USD LIBOR +
1.050%) (c) (f)
  

1,530,000

   

1,470,253

  

Communications (2.7%)

 

Media (1.1%)

 
Comcast Corp.,
3.300%, 04/01/27
  

2,120,000

   

2,377,516

  
The Walt Disney Co.,
3.600%, 01/13/51
  

2,750,000

   

3,063,338

  
     

5,440,854

  

Telecommunication (1.6%)

 

AT&T, Inc.

 

2.300%, 06/01/27

  

650,000

   

672,926

  

3.650%, 06/01/51

  

650,000

   

680,563

  

4.850%, 07/15/45

  

1,850,000

   

2,198,341

  
Crown Castle Towers LLC,
3.222%, 05/15/42 (f)
  

2,375,000

   

2,414,441

  
Verizon
Communications, Inc.,
1.492%, 05/15/25
(3-Month USD LIBOR +
1.100%) (c)
  

1,500,000

   

1,518,270

  
     

7,484,541

  

Consumer Cyclical (2.4%)

 

Auto/Truck Parts & Equipment — Original (1.8%)

 
Ford Motor Credit Co. LLC,
5.750%, 02/01/21
  

2,190,000

   

2,198,322

  
General Motors
Financial Co., Inc.,
2.170%, 04/09/21
(3-Month USD LIBOR +
0.850%) (c)
  

1,650,000

   

1,640,156

  
  

Principal

 

Value(a)

 

Hyundai Capital America

 
1.308%, 09/18/20
(3-Month USD LIBOR +
1.000%) (c) (f)
 

$

875,000

  

$

873,512

  

2.750%, 09/18/20 (f)

  

225,000

   

225,490

  

2.850%, 11/01/22 (f)

  

3,000,000

   

3,061,259

  

3.250%, 09/20/22 (f)

  

625,000

   

641,965

  
     

8,640,704

  

Retail (0.6%)

 

AutoZone, Inc.

 

3.625%, 04/15/25

  

1,375,000

   

1,533,264

  

4.000%, 04/15/30

  

1,000,000

   

1,159,398

  
     

2,692,662

  

Consumer, Non-cyclical (3.3%)

 

Agricultural Products (0.2%)

 
Altria Group, Inc.,
5.800%, 02/14/39
  

955,000

   

1,181,017

  

Drugstore Chains (0.9%)

 

CVS Pass-Through Trust

 

5.298%, 01/11/27 (f)

  

919,178

   

987,897

  

5.880%, 01/10/28

  

325,946

   

367,533

  

6.036%, 12/10/28

  

1,978,544

   

2,236,182

  

6.943%, 01/10/30

  

508,429

   

582,158

  
     

4,173,770

  

Food (0.5%)

 

Ingredion, Inc.

 

2.900%, 06/01/30

  

1,100,000

   

1,171,220

  

3.900%, 06/01/50

  

1,160,000

   

1,326,775

  
     

2,497,995

  

Health Care Products (0.5%)

 
Dentsply Sirona, Inc.,
3.250%, 06/01/30
  

2,465,000

   

2,591,496

  

Pharmaceuticals (1.2%)

 
McKesson Corp.,
3.650%, 11/30/20
  

1,275,000

   

1,291,392

  

Upjohn, Inc.

 

2.300%, 06/22/27 (f)

  

1,400,000

   

1,444,145

  

3.850%, 06/22/40 (f)

  

1,000,000

   

1,074,654

  
Zoetis, Inc.,
3.000%, 05/15/50
  

1,800,000

   

1,854,158

  
     

5,664,349

  

Energy (7.5%)

 

Oil & Gas (0.7%)

 
Equinor ASA,
3.000%, 04/06/27 (g)
  

2,800,000

   

3,077,646

  

Oil, Gas & Consumable Fuels (0.9%)

 

Marathon Petroleum Corp.

 

4.750%, 12/15/23

  

1,884,000

   

2,067,452

  

5.850%, 12/15/45

  

2,270,000

   

2,384,521

  
     

4,451,973

  

Pipelines (5.9%)

 

Boardwalk Pipelines L.P.

 

4.450%, 07/15/27

  

538,000

   

564,992

  

4.800%, 05/03/29

  

1,095,000

   

1,166,034

  

4.950%, 12/15/24

  

1,000,000

   

1,070,797

  

See accompanying notes to financial statements.
17



SFT Core Bond Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
El Paso Natural Gas Co. LLC,
8.375%, 06/15/32
 

$

675,000

  

$

902,172

  
Enterprise Products
Operating LLC,
3.128%, 06/01/67
(3-Month USD LIBOR +
2.778%) (c)
  

2,180,000

   

1,700,400

  
EQM Midstream
Partners L.P.,
6.500%, 07/15/48
  

975,000

   

889,980

  
Florida Gas Transmission
Co. LLC,
2.550%, 07/01/30 (f)
  

2,425,000

   

2,483,310

  
Kinder Morgan Energy
Partners L.P.,
5.800%, 03/01/21
  

1,000,000

   

1,032,612

  

MPLX L.P.

 
1.413%, 09/09/22
(3-Month USD LIBOR +
1.100%) (c)
  

2,230,000

   

2,193,004

  

5.250%, 01/15/25

  

2,450,000

   

2,547,581

  

5.500%, 02/15/49

  

1,700,000

   

1,883,984

  
ONEOK, Inc.,
7.150%, 01/15/51
  

2,260,000

   

2,745,431

  
Sabine Pass
Liquefaction LLC,
4.500%, 05/15/30 (f)
  

825,000

   

915,918

  
Sunoco Logistics Partners
Operations L.P.,
6.850%, 02/15/40
  

2,150,000

   

2,370,889

  
Tennessee Gas
Pipeline Co. LLC,
8.375%, 06/15/32
  

1,850,000

   

2,459,624

  
Western Midstream
Operating L.P.
 

3.950%, 06/01/25

  

2,250,000

   

2,107,620

  

5.250%, 02/01/50

  

1,665,000

   

1,440,725

  
     

28,475,073

  

Financial (13.8%)

 

Banks (9.5%)

 
American Express
Credit Corp.,
1.363%, 09/14/20
(3-Month USD LIBOR +
1.050%) (c)
  

1,890,000

   

1,892,207

  
Bank of America Corp.,
3.974%, 02/07/30
(3-Month USD LIBOR +
1.210%) (c)
  

4,040,000

   

4,703,907

  

BBVA USA

 

3.500%, 06/11/21

  

850,000

   

868,476

  

3.875%, 04/10/25

  

2,500,000

   

2,641,016

  
Citibank NA,
0.977%, 05/20/22
(3-Month USD LIBOR +
0.600%) (c)
  

3,650,000

   

3,656,169

  
Citizens Bank
NA/Providence,
1.256%, 03/29/23
(3-Month USD LIBOR +
0.950%) (c)
  

3,150,000

   

3,154,059

  
  

Principal

 

Value(a)

 
Discover Bank,
3.450%, 07/27/26
 

$

1,900,000

  

$

2,054,124

  

HSBC Holdings PLC

 
0.968%, 09/11/21
(3-Month USD LIBOR +
0.650%) (c) (g)
  

1,350,000

   

1,350,630

  
3.262%, 03/13/23
(3-Month USD LIBOR +
1.055%) (c) (g)
  

1,875,000

   

1,942,422

  

JPMorgan Chase & Co.

 
3.540%, 05/01/28
(3-Month USD LIBOR +
1.380%) (c)
  

1,500,000

   

1,674,134

  
3.616%, 10/01/20
(3-Month USD LIBOR +
3.320%) (c)
  

1,700,000

   

1,500,250

  
4.230%, 07/30/20
(3-Month USD LIBOR +
3.470%) (c)
  

734,000

   

668,160

  

4.600%, 02/01/25 (c)

  

1,175,000

   

1,048,688

  

Morgan Stanley

 

3.125%, 07/27/26

  

800,000

   

881,840

  

5.500%, 07/28/21

  

740,000

   

779,226

  
Regions Financial Corp.,
3.800%, 08/14/23
  

1,675,000

   

1,821,524

  
Synovus Financial Corp.,
3.125%, 11/01/22
  

2,580,000

   

2,611,940

  
The Goldman Sachs
Group, Inc.,
1.540%, 10/31/22
(3-Month USD LIBOR +
0.780%) (c)
  

1,050,000

   

1,049,664

  
Truist Bank,
0.976%, 05/17/22
(3-Month USD LIBOR +
0.590%) (c)
  

2,850,000

   

2,858,769

  
Truist Financial Corp.,
5.050%, 12/15/24
(3-Month USD LIBOR +
3.102%) (c)
  

1,770,000

   

1,579,725

  

US Bancorp

 

3.000%, 07/30/29

  

765,000

   

831,613

  
5.300%, 04/15/27
(3-Month USD LIBOR +
2.914%) (c)
  

800,000

   

808,000

  

Wells Fargo & Co.

 

2.393%, 06/02/28 (c)

  

4,125,000

   

4,262,009

  

3.000%, 10/23/26

  

1,100,000

   

1,198,745

  
     

45,837,297

  

Diversified Financial Services (1.9%)

 
Block Financial LLC,
4.125%, 10/01/20
  

2,050,000

   

2,057,601

  
DY7 Leasing LLC,
2.578%, 12/10/25
  

57,615

   

60,006

  
Export Leasing 2009 LLC,
1.859%, 08/28/21
  

38,160

   

38,360

  

Helios Leasing I LLC

 

1.825%, 05/16/25

  

66,572

   

67,916

  

2.018%, 05/29/24

  

93,667

   

95,713

  
Pine Street Trust I,
4.572%, 02/15/29 (f)
  

1,450,000

   

1,653,726

  

See accompanying notes to financial statements.
18



SFT Core Bond Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
Raymond James
Financial, Inc.,
4.650%, 04/01/30
 

$

1,375,000

  

$

1,638,598

  
The Charles Schwab Corp.,
4.625%, 03/01/22
(3-Month USD LIBOR +
3.315%) (c)
  

2,200,000

   

2,073,500

  
USAA Capital Corp.,
1.500%, 05/01/23 (f)
  

1,250,000

   

1,282,475

  
     

8,967,895

  

Insurance (1.9%)

 
AIG Global Funding,
0.800%, 07/07/23 (f) (h)
  

1,390,000

   

1,390,099

  
Equitable Financial Life
Global Funding,
1.400%, 07/07/25 (f) (h)
  

2,450,000

   

2,451,436

  
Teachers Insurance &
Annuity Association of
America,
4.270%, 05/15/47 (f)
  

2,500,000

   

2,967,264

  
Unum Group,
5.750%, 08/15/42 (b)
  

2,310,000

   

2,451,761

  
     

9,260,560

  

Real Estate Investment Trust — Office Property (0.4%)

 
SL Green Operating
Partnership L.P.,
1.366%, 08/16/21
(3-Month USD LIBOR +
0.980%) (c)
  

2,000,000

   

1,970,676

  

Real Estate Investment Trust — Residential (0.1%)

 
UDR, Inc.,
4.000%, 10/01/25
  

400,000

   

446,145

  

Health Care (1.1%)

 

Health Care Providers & Services (0.7%)

 
NYU Langone Hospitals,
4.428%, 07/01/42
  

1,480,000

   

1,679,412

  
Sinai Health System,
3.034%, 01/20/36
  

1,315,000

   

1,456,039

  
     

3,135,451

  

Medical Products/Supplies (0.4%)

 
Bio-Rad Laboratories, Inc.,
4.875%, 12/15/20
  

1,985,000

   

2,018,158

  

Industrials (1.4%)

 

Aerospace & Defense (0.2%)

 
General Dynamics Corp.,
3.000%, 05/11/21
  

1,150,000

   

1,176,552

  

Machinery (0.7%)

 
Westinghouse Air Brake
Technologies Corp
 
1.613%, 09/15/21
(3-Month USD LIBOR +
1.300%) (c)
  

1,925,000

   

1,925,000

  

3.200%, 06/15/25

  

1,350,000

   

1,375,647

  
     

3,300,647

  
  

Principal

 

Value(a)

 

Transportation (0.5%)

 

CSX Corp.

 

4.250%, 11/01/66

 

$

1,085,000

  

$

1,314,934

  

4.750%, 11/15/48

  

625,000

   

829,778

  
     

2,144,712

  

Technology (1.7%)

 

Computers (1.7%)

 

Apple, Inc.

 

0.750%, 05/11/23

  

965,000

   

975,167

  

1.125%, 05/11/25

  

2,435,000

   

2,486,363

  
Dell International LLC /
EMC Corp.,
5.300%, 10/01/29 (f)
  

1,475,000

   

1,628,000

  

Leidos, Inc.

 

2.950%, 05/15/23 (f)

  

1,950,000

   

2,031,315

  

3.625%, 05/15/25 (f)

  

975,000

   

1,062,467

  
     

8,183,312

  

Transportation (3.5%)

 

Airlines (3.5%)

 
Air Canada 2013-1 Class B
Pass Through Trust,
5.375%, 11/15/22 (f) (g)
  

687,372

   

619,547

  
Air Canada 2017-1 Class A
Pass Through Trust,
3.550%, 07/15/31 (f) (g)
  

2,007,960

   

1,657,079

  
America West Airlines
2000-1 Pass Through Trust,
8.057%, 01/02/22
  

434,598

   

434,198

  
American Airlines 2013-1
Class B Pass Through Trust,
5.625%, 07/15/22 (f)
  

947,130

   

855,686

  
American Airlines 2013-2
Class B Pass Through Trust,
5.600%, 01/15/22 (f)
  

767,440

   

767,545

  
American Airlines 2016-1
Class B Pass Through Trust,
5.250%, 07/15/25
  

987,629

   

653,297

  
American Airlines 2017-1
Class B Pass Through Trust,
4.950%, 08/15/26
  

741,750

   

560,726

  
British Airways 2019-1
Class A Pass Through Trust,
3.350%, 12/15/30 (f)
  

1,453,945

   

1,199,499

  
Delta Air Lines 2015-1
Class B Pass Through Trust,
4.250%, 01/30/25
  

1,287,551

   

1,173,474

  
Delta Air Lines 2020 Class A
Pass Through Trust,
2.500%, 12/10/29
  

1,900,000

   

1,704,277

  
Hawaiian Airlines 2013-1
Class B Pass Through
Certificates,
4.950%, 07/15/23
  

1,832,805

   

1,737,407

  
United Airlines 2014-1
Class B Pass Through Trust,
4.750%, 10/11/23
  

381,517

   

338,819

  
United Airlines 2014-2
Class B Pass Through Trust,
4.625%, 03/03/24
  

1,597,411

   

1,408,115

  

See accompanying notes to financial statements.
19



SFT Core Bond Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
United Airlines 2016-1
Class B Pass Through Trust,
3.650%, 07/07/27
 

$

969,583

  

$

715,443

  
United Airlines 2019-2
Class B Pass Through Trust,
3.500%, 11/01/29
  

1,515,000

   

1,139,168

  
US Airways 2012-2 Class B
Pass Through Trust,
6.750%, 12/03/22
  

1,624,408

   

1,312,011

  
US Airways 2013-1 Class B
Pass Through Trust,
5.375%, 05/15/23
  

1,029,865

   

836,577

  
     

17,112,868

  

Utilities (10.7%)

 

Electric Companies (0.5%)

 
Indianapolis Power &
Light Co.,
4.700%, 09/01/45 (f)
  

1,900,000

   

2,374,298

  

Electric Utilities (6.9%)

 
Cleco Corporate
Holdings LLC,
3.743%, 05/01/26
  

1,125,000

   

1,191,724

  
Entergy Mississippi LLC,
3.250%, 12/01/27
  

1,100,000

   

1,186,565

  
Entergy Texas, Inc.,
3.450%, 12/01/27
  

1,885,000

   

2,050,443

  
Eversource Energy,
3.800%, 12/01/23
  

2,400,000

   

2,626,923

  
Exelon Generation Co. LLC,
3.250%, 06/01/25
  

2,950,000

   

3,185,121

  
FirstEnergy
Transmission LLC,
5.450%, 07/15/44 (f)
  

2,000,000

   

2,584,416

  
IPALCO Enterprises, Inc.,
3.700%, 09/01/24
  

1,175,000

   

1,256,191

  
MidAmerican Energy Co.,
4.250%, 07/15/49
  

1,750,000

   

2,257,438

  
Pacific Gas and Electric Co.,
1.750%, 06/16/22
  

2,000,000

   

2,003,200

  
PacifiCorp,
3.300%, 03/15/51
  

1,410,000

   

1,543,331

  
PPL Capital Funding, Inc.,
2.973%, 03/30/67
(3-Month USD LIBOR +
2.665%) (c)
  

2,175,000

   

1,631,250

  
Public Service Co. of
Colorado,
3.200%, 11/15/20
  

1,045,000

   

1,045,607

  
Southern Power Co.,
4.950%, 12/15/46
  

2,450,000

   

2,714,276

  
The AES Corp.,
3.300%, 07/15/25 (f)
  

1,825,000

   

1,879,403

  
Vistra Operations Co. LLC,
3.700%, 01/30/27 (f)
  

2,550,000

   

2,626,064

  
Xcel Energy, Inc.,
3.500%, 12/01/49
  

3,040,000

   

3,365,861

  
     

33,147,813

  
  Shares/
Principal
 

Value(a)

 

Electric — Integrated (1.5%)

 
Ameren Corp.,
3.500%, 01/15/31
 

$

2,150,000

  

$

2,413,632

  
Edison International,
4.950%, 04/15/25
  

1,375,000

   

1,506,765

  
Exelon Corp.,
4.700%, 04/15/50
  

1,410,000

   

1,793,990

  
Florida Power & Light Co.,
2.850%, 04/01/25
  

1,450,000

   

1,588,859

  
     

7,303,246

  

Gas Utilities (1.8%)

 
Piedmont Natural Gas
Co., Inc.,
3.350%, 06/01/50
  

1,800,000

   

1,973,664

  
Southern Co. Gas
Capital Corp.
 

3.875%, 11/15/25

  

2,605,000

   

2,882,253

  

4.400%, 05/30/47

  

775,000

   

920,370

  

The East Ohio Gas Co.

 

1.300%, 06/15/25 (f)

  

1,380,000

   

1,386,500

  

3.000%, 06/15/50 (f)

  

1,685,000

   

1,677,543

  
     

8,840,330

  
Total corporate obligations
(cost: $226,054,485)
    

233,062,293

  
Total long-term debt securities
(cost: $462,797,681)
    

476,454,073

  

Short-Term Securities (1.8%)

 

Investment Companies (1.8%)

 
State Street Institutional
U.S. Government Money
Market Fund, current rate
0.116% (i)
  

8,860,488

   

8,860,488

  
Total short-term securities
(cost: $8,860,488)
    

8,860,488

  
Total investments in securities
(cost: $471,658,169) (j)
    

485,314,561

  
Liabilities in excess of cash and
other assets (-0.7%)
    

(3,387,819

)

 

Total net assets (100.0%)

   

$

481,926,742

  

See accompanying notes to financial statements.
20



SFT Core Bond Fund
Investments in Securities – continued

Investments in Securities Legend

(a)  Securities are valued by procedures described in Note 2 of the Notes to Financial Statements.

(b)  Security sold within terms of a private placement memorandum exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program. This security has been determined to be illiquid.

(c)  Variable rate security.

(d)  Interest-only security that entitles holders to receive only interest on the underlying mortgages. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The yield to maturity of an interest-only security is sensitive to the rate of principal payments on the underlying mortgage assets. The rate disclosed represents the market yield based upon the current cost basis and estimated timing and amount of future cash flows.

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

Holdings of Open Futures Contracts

On June 30, 2020, securities with an aggregate market value of $1,597,723 have been pledged to cover margin requirements for the following open futures contracts:

Description

 Expiration
Date
 Number of
Contracts
 Position
Type
 Notional
Amount
 Market
Value
 Unrealized
Appreciation/
(Depreciation)(a)
 

5 Year U.S. Treasury Note

 

September 2020

  

192

  

Long

 

$

24,082,965

  

$

24,142,500

  

$

59,535

  

10 Year U.S. Ultra

 

September 2020

  

138

  

Short

  

(21,643,004

)

  

(21,732,844

)

  

(89,840

)

 

U.S. Long Bond

 

September 2020

  

266

  

Long

  

47,313,356

   

47,497,625

   

184,269

  

U.S. Ultra Bond

 

September 2020

  

61

  

Short

  

(13,257,809

)

  

(13,307,531

)

  

(49,722

)

 
          

$

36,599,750

  

$

104,242

  

(f)  Security sold within terms of a private placement memorandum exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program. This security has been determined to be liquid unless otherwise indicated.

(g)  Foreign security: The Fund held 2.5% of net assets in foreign securities at June 30, 2020.

(h)  Security is issued on a when-issued or forward commitment basis. As of June 30, 2020 the total cost of investments issued on a when-issued or forward commitment basis was $3,834,446.

(i)  All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of June 30, 2020.

(j)  At June 30, 2020 the cost of investments for federal income tax purposes was $471,948,907. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation

 

$

23,115,025

  

Gross unrealized depreciation

  

(9,645,129

)

 

Net unrealized appreciation

 

$

13,469,896

  

See accompanying notes to financial statements.
21



SFT Dynamic Managed Volatility Fund
Investments in Securities

June 30, 2020
(Unaudited)

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

  

Principal

 

Value(a)

 

Long-Term Debt Securities (31.5%)

 

Government Obligations (2.9%)

 
U.S. Government Agencies
and Obligations (2.9%)
 
Federal Home Loan Mortgage
Corporation (FHLMC) (0.1%)
 

3.000%, 09/01/43

 

$

111,788

  

$

119,785

  

3.500%, 10/01/44

  

169,335

   

181,450

  

3.500%, 11/01/44

  

163,416

   

174,809

  

3.500%, 12/01/44

  

174,885

   

187,184

  
     

663,228

  
Federal National Mortgage
Association (FNMA) (0.2%)
 

3.000%, 04/01/43

  

179,502

   

192,366

  

3.000%, 05/01/43

  

72,320

   

77,492

  

3.000%, 06/01/43

  

231,423

   

248,009

  

3.500%, 08/01/42

  

96,098

   

105,086

  

3.500%, 02/01/43

  

106,216

   

117,969

  
     

740,922

  

U.S. Treasury (2.6%)

 
U.S. Treasury Note,
2.625%, 12/15/21
  

15,000,000

   

15,534,375

  
Total government obligations
(cost: $16,276,466)
    

16,938,525

  

Other Mortgage-Backed Securities (0.3%)

 

Commercial Mortgage-Backed Securities (0.3%)

 
Bank 2019-BNK18,
3.584%, 05/15/62
  

1,500,000

   

1,727,275

  
Total other mortgage-backed
securities
(cost: $1,544,478)
    

1,727,275

  

Corporate Obligations (28.3%)

 

Basic Materials (0.2%)

 

Chemicals (0.2%)

 
Nutrien, Ltd.,
3.000%, 04/01/25 (b)
  

1,000,000

   

1,071,444

  

Mining (0.0%)

 
BHP Billiton Finance
USA, Ltd.,
2.875%, 02/24/22 (b)
  

122,000

   

126,317

  

Communications (2.0%)

 

Cable/Satellite TV (0.4%)

 
Comcast Corp.
4.200%, 08/15/34 (c)
  

500,000

   

608,476

  

4.650%, 07/15/42 (c)

  

250,000

   

322,023

  

6.400%, 05/15/38

  

1,000,000

   

1,490,097

  
     

2,420,596

  

Diversified Telecommunication Services (0.8%)

 
AT&T, Inc.
4.100%, 02/15/28
  

803,000

   

918,596

  

4.350%, 06/15/45

  

250,000

   

281,335

  

4.500%, 05/15/35

  

1,000,000

   

1,186,699

  

4.850%, 07/15/45

  

1,000,000

   

1,188,292

  
  

Principal

 

Value(a)

 
Verizon
Communications, Inc.,
5.250%, 03/16/37
 

$

1,000,000

  

$

1,338,761

  
     

4,913,683

  

Internet & Catalog Retail (0.2%)

 
Amazon.com, Inc.,
3.875%, 08/22/37
  

1,000,000

   

1,238,206

  

Media (0.2%)

 
ViacomCBS, Inc.
3.500%, 01/15/25
  

750,000

   

817,320

  

4.000%, 01/15/26

  

250,000

   

279,875

  
     

1,097,195

  

Telecommunication (0.3%)

 
Crown Castle Towers LLC,
3.663%, 05/15/45 (d)
  

1,000,000

   

1,066,770

  
Vodafone Group PLC,
4.125%, 05/30/25 (b)
  

500,000

   

566,876

  
     

1,633,646

  

Wireless Telecommunication Services (0.1%)

 
Rogers
Communications, Inc.,
4.100%, 10/01/23 (b)
  

250,000

   

277,829

  

Consumer Cyclical (0.8%)

 

Auto/Truck Parts & Equipment — Original (0.1%)

 
Harley-Davidson Financial
Services, Inc.,
3.550%, 05/21/21 (d)
  

575,000

   

583,957

  

Food & Staples Retailing (0.2%)

 
The Kroger Co.,
4.450%, 02/01/47
  

1,000,000

   

1,225,854

  

Home Furnishings (0.2%)

 
Harman International
Industries, Inc.,
4.150%, 05/15/25
  

1,000,000

   

1,084,928

  

Retail (0.3%)

 
AutoZone, Inc.,
3.250%, 04/15/25
  

1,000,000

   

1,090,185

  
Target Corp.,
3.500%, 07/01/24 (c)
  

750,000

   

837,714

  
     

1,927,899

  

Consumer Staples (1.1%)

 

Beverages (0.1%)

 
The Coca-Cola Co.,
3.200%, 11/01/23 (c)
  

500,000

   

544,330

  

Consumer Products — Miscellaneous (0.2%)

 
Johnson (S.C.) & Son, Inc.,
3.350%, 09/30/24 (d)
  

750,000

   

805,617

  

Food Products (0.4%)

 
Archer-Daniels-Midland Co.,
3.750%, 09/15/47
  

1,000,000

   

1,198,965

  

See accompanying notes to financial statements.
22



SFT Dynamic Managed Volatility Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
General Mills, Inc.,
4.150%, 02/15/43
 

$

1,000,000

  

$

1,213,653

  
     

2,412,618

  

Household Products (0.2%)

 
Kimberly-Clark Corp.,
3.900%, 05/04/47
  

1,000,000

   

1,233,234

  

Personal Care (0.2%)

 
The Estee Lauder Cos., Inc.,
4.150%, 03/15/47
  

1,000,000

   

1,263,192

  

Consumer, Non-cyclical (1.7%)

 

Beverages (0.2%)

 
Anheuser-Busch InBev
Worldwide, Inc.,
4.375%, 04/15/38
  

1,000,000

   

1,135,556

  

Commercial Service — Finance (0.1%)

 
Moody's Corp.,
4.875%, 02/15/24
  

250,000

   

282,509

  

Diagnostic Equipment (0.4%)

 
Abbott Laboratories
3.875%, 09/15/25
  

750,000

   

862,938

  

4.750%, 11/30/36

  

1,000,000

   

1,354,652

  

4.750%, 04/15/43

  

250,000

   

335,146

  
     

2,552,736

  

Drugstore Chains (0.0%)

 
CVS Pass-Through Trust,
6.943%, 01/10/30
  

155,009

   

177,487

  

Food (0.4%)

 
Mars, Inc.,
3.950%, 04/01/49 (d)
  

1,000,000

   

1,245,935

  
Tyson Foods, Inc.,
5.150%, 08/15/44
  

1,000,000

   

1,239,093

  
     

2,485,028

  

Pharmaceuticals (0.6%)

 
AbbVie, Inc.,
3.800%, 03/15/25 (d)
  

670,000

   

743,375

  
Bristol-Myers Squibb Co.,
3.875%, 08/15/25 (d)
  

1,000,000

   

1,137,591

  
Novartis Capital Corp.,
3.400%, 05/06/24 (c)
  

500,000

   

549,800

  
Takeda
Pharmaceutical Co., Ltd.,
5.000%, 11/26/28 (b)
  

1,000,000

   

1,238,845

  
     

3,669,611

  

Energy (3.3%)

 

Oil & Gas (0.7%)

 
Baker Hughes a GE Co.
LLC / Baker Hughes
Co-Obligor, Inc.,
3.337%, 12/15/27
  

1,000,000

   

1,065,470

  
BP Capital Markets
America, Inc.,
4.234%, 11/06/28
  

1,000,000

   

1,161,943

  
Cimarex Energy Co.,
3.900%, 05/15/27
  

1,000,000

   

1,011,766

  
  

Principal

 

Value(a)

 
Valero Energy Corp.,
4.350%, 06/01/28
 

$

1,000,000

  

$

1,131,920

  
     

4,371,099

  

Oil, Gas & Consumable Fuels (0.9%)

 
Apache Corp.,
3.250%, 04/15/22
  

74,000

   

71,607

  
Chevron Corp.,
3.191%, 06/24/23 (c)
  

250,000

   

267,874

  
EOG Resources, Inc.,
2.625%, 03/15/23
  

250,000

   

261,924

  
Marathon Petroleum Corp.,
3.625%, 09/15/24
  

750,000

   

799,689

  
Noble Energy, Inc.,
3.900%, 11/15/24
  

1,000,000

   

1,006,083

  
Phillips 66,
4.650%, 11/15/34
  

1,000,000

   

1,183,047

  
Total Capital
International SA,
3.750%, 04/10/24 (b)
  

750,000

   

828,936

  
Valero Energy Corp.,
3.650%, 03/15/25
  

1,000,000

   

1,085,898

  
     

5,505,058

  

Pipelines (1.7%)

 
Columbia Pipeline
Group, Inc.,
4.500%, 06/01/25
  

1,000,000

   

1,135,927

  
Energy Transfer
Operating L.P.,
4.900%, 03/15/35
  

1,000,000

   

1,004,952

  
Enterprise Products
Operating LLC,
5.750%, 03/01/35
  

250,000

   

309,183

  
Florida Gas
Transmission Co. LLC,
4.350%, 07/15/25 (d)
  

1,000,000

   

1,122,339

  
Kinder Morgan, Inc.,
5.300%, 12/01/34
  

750,000

   

872,504

  
Magellan Midstream
Partners L.P.,
4.200%, 10/03/47
  

1,000,000

   

1,018,143

  
MPLX L.P.,
5.250%, 01/15/25
  

500,000

   

519,914

  
Plains All American
Pipeline L.P./PAA
Finance Corp.,
3.850%, 10/15/23
  

250,000

   

259,254

  
Southern Natural
Gas Co. LLC,
4.800%, 03/15/47 (d)
  

1,500,000

   

1,657,176

  
Sunoco Logistics Partners
Operations L.P.,
4.250%, 04/01/24
  

1,000,000

   

1,069,970

  
The Williams Cos., Inc.
3.750%, 06/15/27
  

500,000

   

535,307

  

4.300%, 03/04/24

  

500,000

   

543,589

  
     

10,048,258

  

Financial (8.8%)

 

Banks (3.5%)

 
Associated Banc-Corp.,
4.250%, 01/15/25
  

750,000

   

786,512

  

See accompanying notes to financial statements.
23



SFT Dynamic Managed Volatility Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
Bank of America Corp.
3.950%, 04/21/25
 

$

1,000,000

  

$

1,107,311

  

4.183%, 11/25/27

  

1,000,000

   

1,144,458

  
4.244%, 04/24/38 (3-Month
USD LIBOR + 1.814%) (e)
  

1,000,000

   

1,215,168

  

5.700%, 01/24/22

  

250,000

   

270,322

  
Barclays Bank PLC,
2.650%, 01/11/21 (b)
  

1,000,000

   

1,009,897

  
Capital One Financial Corp.
4.250%, 04/30/25
  

1,500,000

   

1,685,496

  

4.750%, 07/15/21

  

250,000

   

260,683

  
Citigroup, Inc.
3.300%, 04/27/25
  

750,000

   

823,637

  
3.980%, 03/20/30 (3-Month
USD LIBOR + 1.338%) (e)
  

1,000,000

   

1,149,170

  
Discover Bank,
4.250%, 03/13/26
  

500,000

   

562,018

  
Fifth Third Bank,
3.950%, 07/28/25
  

1,000,000

   

1,143,196

  
HSBC Bank USA NA,
4.875%, 08/24/20
  

250,000

   

251,585

  
JPMorgan Chase & Co.
3.125%, 01/23/25
  

1,000,000

   

1,089,888

  

4.500%, 01/24/22

  

250,000

   

265,321

  
KeyBank NA,
3.180%, 10/15/27
  

1,000,000

   

1,036,741

  
PNC Bank NA
2.450%, 07/28/22
  

1,000,000

   

1,037,701

  

3.800%, 07/25/23

  

250,000

   

271,894

  

4.050%, 07/26/28

  

1,000,000

   

1,171,472

  
Regions Financial Corp.,
3.800%, 08/14/23
  

2,000,000

   

2,174,954

  
Synchrony Bank,
3.000%, 06/15/22
  

1,000,000

   

1,021,052

  
The Goldman Sachs
Group, Inc.,
3.850%, 01/26/27
  

1,000,000

   

1,128,015

  
Truist Bank,
2.750%, 05/01/23
  

250,000

   

263,655

  
     

20,870,146

  

Capital Markets (0.4%)

 
E*TRADE Financial Corp.,
2.950%, 08/24/22
  

1,000,000

   

1,041,217

  
The Bank of New York
Mellon Corp.,
3.442%, 02/07/28 (3-Month
USD LIBOR + 1.069%) (e)
  

1,000,000

   

1,134,426

  
     

2,175,643

  

Diversified Financial Services (1.1%)

 
American Express
Credit Corp.,
3.300%, 05/03/27
  

1,000,000

   

1,134,259

  
CME Group, Inc.,
3.000%, 03/15/25
  

1,000,000

   

1,103,836

  
Discover Financial Services,
3.750%, 03/04/25
  

1,000,000

   

1,076,378

  
Eaton Vance Corp.,
3.500%, 04/06/27
  

1,000,000

   

1,097,015

  
Pine Street Trust I,
4.572%, 02/15/29 (d)
  

1,500,000

   

1,710,751

  
  

Principal

 

Value(a)

 
TD Ameritrade
Holding Corp.,
2.950%, 04/01/22
 

$

700,000

  

$

728,264

  
     

6,850,503

  

Insurance (1.6%)

 
American Financial
Group, Inc.,
4.500%, 06/15/47
  

1,000,000

   

1,032,119

  
Assured Guaranty US
Holdings, Inc.,
5.000%, 07/01/24
  

500,000

   

558,340

  
First American
Financial Corp.,
4.600%, 11/15/24
  

750,000

   

808,229

  
Liberty Mutual Group, Inc.,
4.250%, 06/15/23 (d)
  

750,000

   

814,058

  
Manulife Financial Corp.,
4.150%, 03/04/26 (b)
  

750,000

   

881,399

  
Marsh & McLennan
Cos., Inc.,
4.350%, 01/30/47
  

1,000,000

   

1,252,931

  
Metropolitan Life Global
Funding I,
3.875%, 04/11/22 (d)
  

250,000

   

265,087

  
Old Republic
International Corp.,
4.875%, 10/01/24
  

750,000

   

811,127

  
Pacific Life Insurance Co.,
4.300%, 10/24/67 (3-Month
USD LIBOR +
2.796%) (d) (e)
  

1,000,000

   

1,040,893

  
StanCorp Financial
Group, Inc.,
5.000%, 08/15/22
  

750,000

   

793,000

  
The Hanover Insurance
Group, Inc.,
4.500%, 04/15/26
  

1,000,000

   

1,096,565

  
     

9,353,748

  

Property / Casualty Insurance (0.2%)

 
Arch Capital Finance LLC,
4.011%, 12/15/26 (c)
  

1,000,000

   

1,133,211

  

Real Estate Investment Trust — Diversified (0.2%)

 
Retail Properties of
America, Inc.,
4.000%, 03/15/25 (c)
  

1,000,000

   

973,533

  

Real Estate Investment Trust — Health Care (0.8%)

 
Healthcare Realty Trust, Inc.,
3.875%, 05/01/25
  

1,000,000

   

1,062,289

  
Healthcare Trust of
America Holdings L.P.,
3.750%, 07/01/27
  

1,000,000

   

1,055,189

  
Physicians Realty L.P.,
4.300%, 03/15/27
  

1,000,000

   

1,041,586

  
Welltower, Inc.,
4.125%, 03/15/29
  

1,500,000

   

1,670,233

  
     

4,829,297

  

See accompanying notes to financial statements.
24



SFT Dynamic Managed Volatility Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 

Real Estate Investment Trust — Office Property (0.1%)

 
Alexandria Real Estate
Equities, Inc.,
4.500%, 07/30/29
 

$

500,000

  

$

599,037

  

Real Estate Investment Trust — Residential (0.1%)

 
UDR, Inc.,
4.000%, 10/01/25
  

750,000

   

836,522

  

Real Estate Investment Trust — Shopping Centers (0.0%)

 
Retail Opportunity
Investments
Partnership L.P.,
5.000%, 12/15/23
  

250,000

   

256,710

  

Real Estate Investment Trust — Single Tenant (0.2%)

 
Office Properties
Income Trust,
4.500%, 02/01/25
  

750,000

   

729,380

  
Tanger Properties L.P.,
3.875%, 12/01/23
  

500,000

   

491,306

  
     

1,220,686

  

Real Estate Investment Trust — Storage (0.1%)

 
CubeSmart L.P.,
4.375%, 12/15/23
  

500,000

   

545,804

  

Specialized REITs (0.5%)

 
American Tower Corp.,
3.375%, 10/15/26
  

1,000,000

   

1,112,219

  
Essex Portfolio L.P.,
3.500%, 04/01/25
  

1,000,000

   

1,090,212

  
Goodman US Finance
Four LLC,
4.500%, 10/15/37 (d)
  

500,000

   

570,737

  
Healthpeak Properties, Inc.,
4.250%, 11/15/23
  

13,000

   

14,150

  
     

2,787,318

  

Health Care (1.7%)

 

Health Care Providers & Services (0.7%)

 
Aetna, Inc.,
3.875%, 08/15/47
  

1,000,000

   

1,128,145

  
Anthem, Inc.,
4.375%, 12/01/47
  

1,000,000

   

1,244,287

  
Laboratory Corp. of
America Holdings,
4.000%, 11/01/23
  

250,000

   

272,057

  
UnitedHealth Group, Inc.
2.750%, 02/15/23 (c)
  

250,000

   

263,552

  

3.750%, 07/15/25 (c)

  

1,000,000

   

1,139,326

  
     

4,047,367

  

Pharmaceuticals (1.0%)

 
AbbVie, Inc.,
3.600%, 05/14/25
  

1,000,000

   

1,105,772

  
Bristol-Myers Squibb Co.,
3.250%, 11/01/23
  

500,000

   

543,935

  
Cardinal Health, Inc.,
3.750%, 09/15/25
  

1,000,000

   

1,115,599

  
Eli Lilly & Co.,
3.950%, 05/15/47
  

1,000,000

   

1,239,136

  
Mead Johnson Nutrition Co.,
5.900%, 11/01/39
  

1,000,000

   

1,398,322

  
  

Principal

 

Value(a)

 
Mylan, Inc.,
4.200%, 11/29/23
 

$

500,000

  

$

547,079

  
     

5,949,843

  

Industrials (3.9%)

 

Aerospace & Defense (1.0%)

 
General Dynamics Corp.,
3.500%, 05/15/25
  

1,000,000

   

1,118,223

  
L3Harris Technologies, Inc.,
3.832%, 04/27/25
  

1,000,000

   

1,116,057

  
Raytheon
Technologies Corp.
3.700%, 12/15/23 (d)
  

500,000

   

542,531

  

4.050%, 05/04/47

  

1,000,000

   

1,195,035

  

4.125%, 11/16/28

  

1,500,000

   

1,766,826

  
     

5,738,672

  

Air Freight & Logistics (0.2%)

 
FedEx Corp.,
4.400%, 01/15/47
  

1,000,000

   

1,059,926

  

Building Products (0.2%)

 
CRH America Finance, Inc.,
4.400%, 05/09/47 (d)
  

1,000,000

   

1,079,028

  

Containers & Packaging (0.2%)

 
Amcor Finance USA, Inc.,
4.500%, 05/15/28
  

1,000,000

   

1,149,841

  

Electrical Equipment (0.2%)

 
Flex. Ltd.,
4.750%, 06/15/25 (b)
  

1,000,000

   

1,116,309

  

Electronic Parts Distributions (0.2%)

 
Avnet, Inc.,
3.750%, 12/01/21
  

1,500,000

   

1,539,158

  

Environmental Control (0.4%)

 
Republic Services, Inc.,
3.950%, 05/15/28
  

1,000,000

   

1,167,790

  
Waste Management, Inc.,
3.900%, 03/01/35
  

1,000,000

   

1,183,534

  
     

2,351,324

  

Industrial Conglomerates (0.2%)

 
3M Co.,
3.625%, 10/15/47
  

1,000,000

   

1,156,233

  

Machinery (0.3%)

 
Caterpillar Financial
Services Corp.
2.850%, 05/17/24
  

1,000,000

   

1,079,883

  

3.750%, 11/24/23 (c)

  

750,000

   

829,613

  
     

1,909,496

  

Miscellaneous Manufacturing (0.4%)

 
Carlisle Cos., Inc.,
3.750%, 12/01/27
  

1,000,000

   

1,096,435

  
Textron, Inc.
3.875%, 03/01/25
  

750,000

   

798,033

  

4.300%, 03/01/24

  

500,000

   

532,803

  
     

2,427,271

  

See accompanying notes to financial statements.
25



SFT Dynamic Managed Volatility Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 

Road & Rail (0.0%)

 
Kansas City Southern,
4.300%, 05/15/43
 

$

250,000

  

$

297,045

  

Transportation (0.2%)

 
Burlington Northern
Santa Fe LLC,
3.750%, 04/01/24
  

350,000

   

386,823

  
Penske Truck Leasing Co.
L.P. / PTL Finance Corp.,
3.900%, 02/01/24 (d)
  

1,000,000

   

1,066,735

  
     

1,453,558

  

Trucking & Leasing (0.4%)

 
GATX Corp.
3.250%, 03/30/25
  

1,000,000

   

1,045,116

  

4.550%, 11/07/28

  

1,000,000

   

1,106,481

  
     

2,151,597

  

Information Technology (1.2%)

 

Communications Equipment (0.3%)

 
Juniper Networks, Inc.,
4.500%, 03/15/24
  

500,000

   

554,066

  
QUALCOMM, Inc.,
4.650%, 05/20/35
  

1,000,000

   

1,329,196

  
     

1,883,262

  

Computers (0.2%)

 
Apple, Inc.,
4.375%, 05/13/45 (c)
  

1,000,000

   

1,318,452

  

Interactive Media & Services (0.1%)

 
eBay, Inc.,
3.450%, 08/01/24
  

750,000

   

818,466

  

IT Services (0.2%)

 
Global Payments, Inc.,
4.800%, 04/01/26
  

750,000

   

877,801

  

Software (0.4%)

 
Fiserv, Inc.,
3.850%, 06/01/25
  

1,000,000

   

1,128,926

  
Oracle Corp.,
3.800%, 11/15/37
  

1,000,000

   

1,153,882

  
     

2,282,808

  

Materials (0.7%)

 

Chemicals (0.5%)

 
The Dow Chemical Co.,
3.500%, 10/01/24
  

750,000

   

809,558

  
The Mosaic Co.,
5.450%, 11/15/33
  

200,000

   

212,282

  
The Sherwin-Williams Co.,
3.950%, 01/15/26
  

1,000,000

   

1,128,353

  
Yara International ASA,
4.750%, 06/01/28 (b) (d)
  

1,000,000

   

1,150,207

  
     

3,300,400

  

Construction Materials (0.2%)

 
Vulcan Materials Co.,
4.500%, 06/15/47
  

1,000,000

   

1,116,246

  
  

Principal

 

Value(a)

 

Transportation (0.4%)

 

Airlines (0.2%)

 
American Airlines 2015-2
Class A Pass
Through Trust,
4.000%, 03/22/29
 

$

810,551

  

$

667,242

  
British Airways 2013-1
Class A Pass
Through Trust,
4.625%, 12/20/25 (d)
  

684,643

   

637,288

  
United Airlines 2013-1
Class A Pass
Through Trust,
4.300%, 02/15/27
  

181,932

   

170,631

  
     

1,475,161

  

Transport — Rail (0.2%)

 
Norfolk Southern Corp.,
3.850%, 01/15/24
  

500,000

   

553,441

  
Union Pacific Corp.,
3.750%, 03/15/24
  

500,000

   

551,077

  
     

1,104,518

  

Utilities (2.5%)

 

Electric Utilities (1.2%)

 
Ameren Illinois Co.,
3.700%, 12/01/47
  

1,000,000

   

1,155,877

  
Arizona Public Service Co.,
4.350%, 11/15/45
  

1,000,000

   

1,208,519

  
Duke Energy Progress LLC,
3.600%, 09/15/47
  

1,000,000

   

1,152,061

  
Entergy Louisiana LLC,
3.300%, 12/01/22
  

250,000

   

263,369

  
Northern States Power Co.,
3.750%, 12/01/47
  

1,000,000

   

1,155,040

  
Oglethorpe Power Corp.,
4.250%, 04/01/46
  

800,000

   

889,993

  
Oklahoma Gas & Electric Co.,
4.150%, 04/01/47
  

1,000,000

   

1,164,447

  
PPL Capital Funding, Inc.,
3.400%, 06/01/23
  

250,000

   

264,702

  
     

7,254,008

  

Electric — Integrated (0.1%)

 
Berkshire Hathaway
Energy Co.,
3.750%, 11/15/23
  

250,000

   

274,758

  

Gas Utilities (0.7%)

 
National Fuel Gas Co.,
4.750%, 09/01/28
  

1,000,000

   

1,015,000

  
ONEOK, Inc.
4.000%, 07/13/27
  

500,000

   

506,886

  

4.350%, 03/15/29

  

1,500,000

   

1,578,023

  
Washington Gas Light Co.,
3.796%, 09/15/46
  

1,000,000

   

1,121,609

  
     

4,221,518

  

Multi-Utilities (0.2%)

 
Dominion Energy Gas
Holdings LLC,
3.550%, 11/01/23
  

250,000

   

268,614

  

See accompanying notes to financial statements.
26



SFT Dynamic Managed Volatility Fund
Investments in Securities – continued

  

Principal

 

Value(a)

 
National Fuel Gas Co.,
5.200%, 07/15/25
 

$

1,000,000

  

$

1,059,008

  
     

1,327,622

  

Water Utilities (0.3%)

 
American Water
Capital Corp.,
3.750%, 09/01/47
  

1,000,000

   

1,161,548

  
Aquarion Co.,
4.000%, 08/15/24 (d)
  

500,000

   

550,634

  
     

1,712,182

  
Total corporate obligations
(cost: $151,264,582)
    

168,913,915

  
Total long-term debt securities
(cost: $169,085,526)
    

187,579,715

  

Mutual Funds (34.6%)

 

Investment Companies (34.6%)

 
iShares iBoxx $ Investment
Grade Corporate Bond ETF
  

44,500

   

5,985,250

  

SFT Index 500 Fund (f)

  

14,224,618

   

183,405,197

  

SPDR S&P 500 ETF Trust (c)

  

36,170

   

11,153,381

  

Vanguard S&P 500 ETF

  

20,175

   

5,718,200

  
Total mutual funds
(cost: $123,653,386)
    

206,262,028

  
  

Principal

 

Value(a)

 

Short-Term Securities (30.9%)

 

Investment Companies (30.9%)

 
State Street Institutional
U.S. Government Money
Market Fund, current
rate 0.116%
 

$

184,334,888

  

$

184,334,888

  
Total short-term securities
(cost: $184,334,888)
    

184,334,888

  
Total investments excluding
purchased options (97.0%)
(cost: $477,073,800)
    

578,176,631

  
Total purchased options
outstanding (0.0%)
(cost: $2,225,519)
    

116,211

  
Total investments in securities
(cost: $479,299,319) (g)
    

578,292,842

  
Cash and other assets in
excess of liabilities (3.0%)
    

17,755,433

  

Total net assets (100.0%)

   

$

596,048,275

  

Investments in Securities Legend

(a)  Securities are valued by procedures described in Note 2 of the Notes to Financial Statements.

(b)  Foreign security: The Fund held 1.4% of net assets in foreign securities at June 30, 2020.

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

Holdings of Open Futures Contracts

On June 30, 2020, securities with an aggregate market value of $18,225,182 have been pledged to cover margin requirements for the following open futures contracts:

Description

 Expiration
Date
 Number of
Contracts
 Position
Type
 Notional
Amount
 Market
Value
 Unrealized
Appreciation/
(Depreciation)(a)
 

10 Year U.S. Ultra

 

September 2020

  

4

  

Short

 

$

(618,958

)

 

$

(629,937

)

 

$

(10,979

)

 

5 Year U.S. Treasury Note

 

September 2020

  

56

  

Short

  

(7,016,490

)

  

(7,041,563

)

  

(25,073

)

 

S&P Mid 500® E-Mini Index Future

 

September 2020

  

94

  

Long

  

15,014,866

   

14,523,940

   

(490,926

)

 

U.S. Long Bond

 

September 2020

  

25

  

Short

  

(4,385,873

)

  

(4,464,063

)

  

(78,190

)

 

U.S. Ultra Bond

 

September 2020

  

10

  

Short

  

(2,111,536

)

  

(2,181,562

)

  

(70,026

)

 
          

$

206,815

  

$

(675,194

)

 

(d)  Security sold within terms of a private placement memorandum exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program. This security has been determined to be liquid unless otherwise indicated.

(e)  Variable rate security.

(f)  Affiliated security.

(g)  At June 30, 2020 the cost of investments for federal income tax purposes was $476,488,951. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation

 

$

101,353,154

  

Gross unrealized depreciation

  

(275,932

)

 

Net unrealized appreciation

 

$

101,077,222

  

See accompanying notes to financial statements.
27



SFT Dynamic Managed Volatility Fund
Investments in Securities – continued

Put Options Purchased:

The Fund had the following put options purchased open at June 30, 2020:

Description

 

Exercise Price

 

Expiration Date

 

Number of Contracts

 

Notional Amount

 

Value(a)

 

S&P 500 Index

 

$

2,600

  

July 2020

  

130

  

$

13,000

  

$

46,800

  

S&P 500 Index

  

2,520

  

July 2020

  

130

   

13,000

   

38,025

  

S&P 500 Index

  

2,450

  

July 2020

  

130

   

13,000

   

29,250

  

S&P 500 Index

  

2,660

  

July 2020

  

54

   

5,400

   

1,080

  

S&P 500 Index

  

2,625

  

July 2020

  

66

   

6,600

   

1,056

  
          

$

116,211

  

Put Options Written:

The Fund had the following put options written open at June 30, 2020:

Description

 

Exercise Price

 

Expiration Date

 

Number of Contracts

 

Notional Amount

 

Value(a)

 

S&P 500 Index

 

$

2,170

  

July 2020

  

130

  

$

13,000

  

$

(15,600

)

 

S&P 500 Index

  

2,090

  

July 2020

  

130

   

13,000

   

(12,675

)

 

S&P 500 Index

  

2,020

  

July 2020

  

130

   

13,000

   

(11,050

)

 

S&P 500 Index

  

2,970

  

July 2020

  

54

   

5,400

   

(3,240

)

 

S&P 500 Index

  

2,925

  

July 2020

  

66

   

6,600

   

(8,910

)

 
          

$

(51,475

)

 

See accompanying notes to financial statements.
28



SFT Government Money Market Fund
Investments in Securities

June 30, 2020
(Unaudited)

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

  

Principal

 

Value(a)

 

Short-Term Securities (99.9%)

 

U.S. Government Obligations (79.0%)

 

Discount Notes (79.0%)

 
Federal Farm Credit,
0.108%, 07/28/20 (b)
 

$

2,500,000

  

$

2,499,794

  
Federal Home Loan Bank
0.060%, 09/23/20 (b)
  

20,000,000

   

19,997,200

  

0.085%, 07/06/20 (b)

  

20,000,000

   

19,999,722

  

0.089%, 07/06/20 (b)

  

30,665,000

   

30,664,553

  

0.094%, 07/13/20 (b)

  

1,500,000

   

1,499,950

  

0.100%, 07/17/20 (b)

  

10,000,000

   

9,999,533

  

0.114%, 08/12/20 (b)

  

6,600,000

   

6,599,115

  

0.119%, 08/12/20 (b)

  

1,100,000

   

1,099,846

  

0.125%, 09/01/20 (b)

  

10,000,000

   

9,997,847

  

0.130%, 08/28/20 (b)

  

6,513,000

   

6,511,636

  

0.147%, 07/29/20 (b)

  

6,700,000

   

6,699,218

  

0.150%, 09/02/20 (b)

  

8,425,000

   

8,422,789

  

0.291%, 09/23/20 (b)

  

35,000,000

   

34,976,317

  

Total U.S. government obligations

    

158,967,520

  
  

Shares

 

Value(a)

 

Investment Companies (20.9%)

 
State Street Institutional
U.S. Government Money
Market Fund,
current rate 0.116%
  

42,035,903

  

$

42,035,903

  
Total short-term securities
(cost: $201,003,423)
    

201,003,423

  
Total investments in securities
(cost: $201,003,423) (c)
    

201,003,423

  
Cash and other assets in
excess of liabilities (0.1%)
    

108,122

  

Total net assets (100.0%)

   

$

201,111,545

  

Investments in Securities Legend

(a)  Securities are valued by procedures described in Note 2 of the Notes to Financial Statements.

(b)  Rate represents annualized yield at date of purchase.

(c)  Also represents the cost of securities for federal income tax purposes at June 30, 2020.

See accompanying notes to financial statements.
29



SFT Index 400 Mid-Cap Fund
Investments in Securities

June 30, 2020
(Unaudited)

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

  

Shares

 

Value(a)

 

Common Stocks (96.4%)

 

Communication Services (0.1%)

 

Wireless Telecommunication Services (0.1%)

 
Telephone & Data
Systems, Inc.
  

9,886

  

$

196,534

  

Consumer Discretionary (15.5%)

 

Auto Components (1.3%)

 

Adient PLC (b) (c)

  

8,832

   

145,021

  

Dana, Inc.

  

14,632

   

178,364

  
Delphi
Technologies PLC (b) (c)
  

8,736

   

124,139

  

Gentex Corp.

  

24,800

   

639,096

  

Lear Corp.

  

5,522

   

602,008

  
The Goodyear Tire &
Rubber Co.
  

23,566

   

210,798

  

Visteon Corp. (b)

  

2,800

   

191,800

  
     

2,091,226

  

Automobiles (0.6%)

 

Harley-Davidson, Inc.

  

15,513

   

368,744

  

Thor Industries, Inc.

  

5,612

   

597,846

  
     

966,590

  

Distributors (0.7%)

 

Pool Corp.

  

4,041

   

1,098,627

  

Diversified Consumer Services (1.2%)

 
Adtalem Global
Education, Inc. (b)
  

5,246

   

163,413

  
Graham Holdings Co. –
Class B
  

458

   

156,943

  
Grand Canyon
Education, Inc. (b)
  

4,791

   

433,729

  
Service Corp.
International/US
  

18,042

   

701,653

  

Strategic Education, Inc.

  

2,250

   

345,713

  

WW International, Inc. (b)

  

4,717

   

119,717

  
     

1,921,168

  

Hotels, Restaurants & Leisure (3.3%)

 

Boyd Gaming Corp.

  

8,101

   

169,311

  
Caesars
Entertainment Corp. (b)
  

56,805

   

689,045

  
Choice Hotels
International, Inc.
  

3,161

   

249,403

  

Churchill Downs, Inc.

  

3,596

   

478,807

  
Cracker Barrel Old Country
Store, Inc.
  

2,394

   

265,518

  

Dunkin' Brands Group, Inc.

  

8,316

   

542,453

  

Eldorado Resorts, Inc. (b)

  

8,427

   

337,586

  

Jack in the Box, Inc.

  

2,296

   

170,111

  
Marriott Vacations
Worldwide Corp.
  

3,700

   

304,177

  
Papa John's
International, Inc.
  

2,175

   

172,717

  
Penn National
Gaming, Inc. (b)
  

13,081

   

399,494

  
Scientific Games Corp. –
Class A (b)
  

5,504

   

85,092

  
  

Shares

 

Value(a)

 
Six Flags
Entertainment Corp.
  

7,939

  

$

152,508

  

Texas Roadhouse, Inc.

  

6,584

   

346,121

  

The Wendy's Co.

  

18,043

   

392,976

  

Wyndham Destinations, Inc.

  

8,622

   

242,968

  
Wyndham Hotels &
Resorts, Inc.
  

9,428

   

401,821

  
     

5,400,108

  

Household Durables (1.4%)

 

Helen of Troy, Ltd. (b) (c)

  

2,604

   

491,010

  

KB Home

  

8,772

   

269,125

  
Taylor Morrison
Home Corp. (b)
  

13,125

   

253,181

  
Tempur Sealy
International, Inc. (b)
  

4,384

   

315,429

  

Toll Brothers, Inc.

  

11,705

   

381,466

  

TopBuild Corp. (b)

  

3,370

   

383,405

  

TRI Pointe Group, Inc. (b)

  

13,190

   

193,761

  
     

2,287,377

  

Internet & Catalog Retail (1.3%)

 

Etsy, Inc. (b)

  

12,019

   

1,276,779

  

GrubHub, Inc. (b)

  

9,277

   

652,173

  

TripAdvisor, Inc.

  

10,204

   

193,978

  
     

2,122,930

  

Leisure Equipment & Products (0.8%)

 

Brunswick Corp.

  

8,013

   

512,912

  

Mattel, Inc. (b)

  

35,133

   

339,736

  

Polaris, Inc.

  

5,760

   

533,088

  
     

1,385,736

  

Media (1.5%)

 
AMC Networks, Inc. –
Class A (b)
  

4,107

   

96,063

  

Cable One, Inc.

  

548

   

972,618

  

Cinemark Holdings, Inc.

  

10,837

   

125,167

  
John Wiley & Sons, Inc. –
Class A
  

4,368

   

170,352

  

TEGNA, Inc.

  

22,132

   

246,550

  
The New York Times Co. –
Class A
  

14,614

   

614,226

  
World Wrestling
Entertainment, Inc. –
Class A
  

4,690

   

203,781

  
     

2,428,757

  

Multiline Retail (0.4%)

 

Nordstrom, Inc.

  

10,971

   

169,941

  
Ollie's Bargain Outlet
Holdings, Inc. (b)
  

5,727

   

559,241

  
     

729,182

  

Specialty Retail (2.1%)

 

Aaron's, Inc.

  

6,793

   

308,402

  
American Eagle
Outfitters, Inc.
  

15,755

   

171,730

  

AutoNation, Inc. (b)

  

5,829

   

219,054

  

Dick's Sporting Goods, Inc.

  

6,528

   

269,345

  

Five Below, Inc. (b)

  

5,575

   

596,023

  

See accompanying notes to financial statements.
30



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

  

Shares

 

Value(a)

 

Foot Locker, Inc.

  

10,552

  

$

307,696

  

Murphy USA, Inc. (b)

  

2,778

   

312,775

  

RH (b)

  

1,678

   

417,654

  
Sally Beauty
Holdings, Inc. (b)
  

11,431

   

143,231

  

Urban Outfitters, Inc. (b)

  

7,117

   

108,321

  

Williams-Sonoma, Inc.

  

7,867

   

645,173

  
     

3,499,404

  

Textiles, Apparel & Luxury Goods (0.9%)

 

Carter's, Inc.

  

4,416

   

356,371

  

Columbia Sportswear Co.

  

2,879

   

231,990

  

Deckers Outdoor Corp. (b)

  

2,872

   

564,032

  
Skechers U.S.A., Inc. –
Class A (b)
  

13,747

   

431,381

  
     

1,583,774

  

Consumer Staples (3.1%)

 

Beverages (0.4%)

 
The Boston Beer Co., Inc. –
Class A (b)
  

1,030

   

552,750

  

Food & Staples Retailing (0.7%)

 

Casey's General Stores, Inc.

  

3,714

   

555,317

  
Grocery Outlet
Holding Corp. (b)
  

6,450

   

263,160

  
Sprouts Farmers
Market, Inc. (b)
  

11,929

   

305,263

  
     

1,123,740

  

Food Products (1.6%)

 

Flowers Foods, Inc.

  

19,499

   

435,998

  

Ingredion, Inc.

  

6,722

   

557,926

  

Lancaster Colony Corp.

  

2,053

   

318,194

  

Post Holdings, Inc. (b)

  

6,490

   

568,654

  

Sanderson Farms, Inc.

  

2,018

   

233,866

  
The Hain Celestial
Group, Inc. (b)
  

7,950

   

250,504

  

Tootsie Roll Industries, Inc.

  

1,699

   

58,225

  

TreeHouse Foods, Inc. (b)

  

5,630

   

246,594

  
     

2,669,961

  

Household Products (0.2%)

 

Energizer Holdings, Inc.

  

6,447

   

306,168

  

Personal Products (0.2%)

 
Edgewell Personal
Care Co. (b)
  

5,419

   

168,856

  
Nu Skin Enterprises, Inc. –
Class A
  

5,256

   

200,937

  
     

369,793

  

Consumer, Non-cyclical (0.3%)

 

IT Services (0.3%)

 

CoreLogic, Inc.

  

8,042

   

540,583

  

Energy (1.4%)

 

Energy Equipment & Services (0.2%)

 

ChampionX Corp. (b)

  

18,813

   

183,615

  

Transocean, Ltd. (b) (c)

  

58,508

   

107,069

  
     

290,684

  
  

Shares

 

Value(a)

 

Oil, Gas & Consumable Fuels (1.2%)

 

Antero Midstream Corp.

  

28,472

  

$

145,207

  

Cimarex Energy Co.

  

10,340

   

284,247

  

CNX Resources Corp. (b)

  

18,945

   

163,874

  

EQT Corp.

  

25,881

   

307,984

  

Equitrans Midstream Corp.

  

41,162

   

342,056

  

Murphy Oil Corp.

  

14,793

   

204,144

  

PBF Energy, Inc. – Class A

  

10,329

   

105,769

  

World Fuel Services Corp.

  

6,412

   

165,173

  

WPX Energy, Inc. (b)

  

41,358

   

263,864

  
     

1,982,318

  

Financial (14.7%)

 

Capital Markets (2.8%)

 
Affiliated Managers
Group, Inc.
  

4,784

   

356,695

  

Eaton Vance Corp.

  

11,515

   

444,479

  

Evercore, Inc. – Class A

  

4,012

   

236,387

  
Factset Research
Systems, Inc.
  

3,836

   

1,260,011

  
Federated Hermes, Inc. –
Class B
  

9,711

   

230,151

  
Interactive Brokers
Group, Inc. – Class A
  

7,762

   

324,219

  
Janus Henderson
Group PLC (c)
  

15,544

   

328,911

  

Legg Mason, Inc.

  

8,468

   

421,283

  

SEI Investments Co.

  

12,585

   

691,923

  

Stifel Financial Corp.

  

6,919

   

328,168

  
     

4,622,227

  

Commercial Banks (5.9%)

 

Associated Banc-Corp.

  

15,563

   

212,902

  

BancorpSouth Bank

  

9,750

   

221,715

  

Bank of Hawaii Corp.

  

4,014

   

246,500

  

Bank OZK

  

12,243

   

287,343

  

Cathay General Bancorp

  

7,654

   

201,300

  

CIT Group, Inc.

  

9,962

   

206,512

  

Commerce Bancshares, Inc.

  

10,166

   

604,572

  

Cullen/Frost Bankers, Inc.

  

5,715

   

426,968

  

East West Bancorp, Inc.

  

14,329

   

519,283

  
First Financial
Bankshares, Inc.
  

14,386

   

415,611

  

First Horizon National Corp.

  

31,585

   

314,587

  

FNB Corp.

  

32,719

   

245,392

  

Fulton Financial Corp.

  

16,386

   

172,545

  

Glacier Bancorp, Inc.

  

8,985

   

317,081

  

Hancock Whitney Corp.

  

8,738

   

185,246

  

Home BancShares, Inc.

  

15,555

   

239,236

  
International
Bancshares Corp.
  

5,639

   

180,561

  

PacWest Bancorp

  

11,796

   

232,499

  
Pinnacle Financial
Partners, Inc.
  

7,220

   

303,168

  

Prosperity Bancshares, Inc.

  

9,384

   

557,222

  

Signature Bank

  

5,425

   

580,041

  

Sterling Bancorp

  

19,694

   

230,814

  

Synovus Financial Corp.

  

14,916

   

306,225

  

TCF Financial Corp.

  

15,405

   

453,215

  
Texas Capital
Bancshares, Inc. (b)
  

5,018

   

154,906

  

Trustmark Corp.

  

6,423

   

157,492

  

UMB Financial Corp.

  

4,279

   

220,582

  

See accompanying notes to financial statements.
31



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

  

Shares

 

Value(a)

 

Umpqua Holdings Corp.

  

22,303

  

$

237,304

  

United Bankshares, Inc.

  

12,881

   

356,288

  

Valley National Bancorp

  

39,669

   

310,212

  

Webster Financial Corp.

  

9,132

   

261,266

  

Wintrust Financial Corp.

  

5,781

   

252,167

  
     

9,610,755

  

Consumer Finance (0.4%)

 

FirstCash, Inc.

  

4,196

   

283,146

  

Navient Corp.

  

17,273

   

121,429

  

SLM Corp.

  

37,989

   

267,063

  
     

671,638

  

Diversified Financial Services (0.2%)

 
Jefferies Financial
Group, Inc.
  

22,870

   

355,628

  

Diversified REITs (0.2%)

 

PS Business Parks, Inc.

  

1,977

   

261,755

  

Insurance (4.4%)

 

Alleghany Corp. (b) (d)

  

1,482

   

724,905

  
American Financial
Group, Inc.
  

7,544

   

478,742

  
Brighthouse
Financial, Inc. (b)
  

9,504

   

264,401

  

Brown & Brown, Inc.

  

23,823

   

971,025

  

CNO Financial Group, Inc.

  

14,545

   

226,466

  
First American
Financial Corp.
  

11,284

   

541,858

  
Genworth Financial, Inc. –
Class A (b)
  

50,975

   

117,752

  

Kemper Corp.

  

6,212

   

450,494

  

Mercury General Corp.

  

2,714

   

110,596

  
Old Republic
International Corp.
  

28,940

   

472,011

  

Primerica, Inc.

  

4,130

   

481,558

  
Reinsurance Group of
America, Inc.
  

6,868

   

538,726

  
RenaissanceRe
Holdings, Ltd. (c)
  

5,131

   

877,555

  

RLI Corp.

  

4,000

   

328,400

  
Selective Insurance
Group, Inc.
  

5,959

   

314,278

  
The Hanover Insurance
Group, Inc.
  

3,848

   

389,918

  
     

7,288,685

  

Thrifts & Mortgage Finance (0.8%)

 

Essent Group, Ltd. (c)

  

11,203

   

406,333

  

LendingTree, Inc. (b)

  

810

   

234,520

  
New York Community
Bancorp, Inc.
  

46,986

   

479,257

  

Washington Federal, Inc.

  

7,667

   

205,782

  
     

1,325,892

  

Health Care (10.7%)

 

Biotechnology (1.5%)

 
Arrowhead
Pharmaceuticals, Inc. (b)
  

10,277

   

443,864

  

Exelixis, Inc. (b)

  

31,058

   

737,317

  
Ligand
Pharmaceuticals, Inc. (b)
  

1,603

   

179,295

  
  

Shares

 

Value(a)

 

Repligen Corp. (b)

  

4,711

  

$

582,327

  
United
Therapeutics Corp. (b)
  

4,449

   

538,329

  
     

2,481,132

  

Health Care Equipment & Supplies (3.5%)

 

Avanos Medical, Inc. (b)

  

4,749

   

139,573

  

Cantel Medical Corp.

  

3,713

   

164,226

  
Globus Medical, Inc. –
Class A (b)
  

7,663

   

365,602

  

Haemonetics Corp. (b)

  

5,067

   

453,800

  

Hill-Rom Holdings, Inc.

  

6,731

   

738,929

  

ICU Medical, Inc. (b)

  

1,993

   

367,330

  
Integra LifeSciences
Holdings Corp. (b)
  

7,132

   

335,133

  

LivaNova PLC (b) (c)

  

4,920

   

236,800

  

Masimo Corp. (b)

  

5,089

   

1,160,241

  

NuVasive, Inc. (b)

  

5,190

   

288,875

  

Penumbra, Inc. (b)

  

3,320

   

593,682

  

Quidel Corp. (b)

  

3,871

   

866,098

  
     

5,710,289

  

Health Care Providers & Services (2.9%)

 
Acadia
Healthcare Co., Inc. (b)
  

8,984

   

225,678

  

Amedisys, Inc. (b)

  

3,238

   

642,872

  

Chemed Corp.

  

1,652

   

745,168

  

Encompass Health Corp.

  

10,022

   

620,662

  

HealthEquity, Inc. (b)

  

7,226

   

423,949

  

LHC Group, Inc. (b)

  

3,000

   

522,960

  

Mednax, Inc. (b)

  

8,636

   

147,676

  

Molina Healthcare, Inc. (b)

  

5,996

   

1,067,168

  

Patterson Cos., Inc.

  

8,721

   

191,862

  

Tenet Healthcare Corp. (b)

  

10,532

   

190,735

  
     

4,778,730

  

Life Sciences Tools & Services (1.7%)

 

Bio-Techne Corp.

  

3,849

   

1,016,406

  
Charles River Laboratories
International, Inc. (b)
  

5,063

   

882,734

  

PRA Health Sciences, Inc. (b)

  

6,414

   

624,018

  

Syneos Health, Inc. (b)

  

6,241

   

363,538

  
     

2,886,696

  

Pharmaceuticals (1.1%)

 

Catalent, Inc. (b)

  

16,457

   

1,206,298

  

Nektar Therapeutics (b)

  

17,960

   

415,954

  
Prestige Consumer
Healthcare, Inc. (b)
  

5,012

   

188,251

  
     

1,810,503

  

Industrials (15.3%)

 

Aerospace & Defense (1.1%)

 

Axon Enterprise, Inc. (b)

  

6,357

   

623,813

  

Curtiss-Wright Corp.

  

4,218

   

376,583

  

Hexcel Corp.

  

8,455

   

382,335

  

Mercury Systems, Inc. (b)

  

5,550

   

436,563

  
     

1,819,294

  

Air Freight & Logistics (0.4%)

 

XPO Logistics, Inc. (b)

  

9,229

   

712,940

  

See accompanying notes to financial statements.
32



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

  

Shares

 

Value(a)

 

Airlines (0.2%)

 

JetBlue Airways Corp. (b)

  

27,315

  

$

297,733

  

Building Products (1.3%)

 

Lennox International, Inc.

  

3,525

   

821,290

  

Owens Corning

  

10,922

   

609,011

  

Trex Co., Inc. (b)

  

5,859

   

762,080

  
     

2,192,381

  

Commercial Services & Supplies (1.6%)

 

Clean Harbors, Inc. (b)

  

5,131

   

307,758

  

Deluxe Corp.

  

4,222

   

99,386

  
Healthcare Services
Group, Inc.
  

7,489

   

183,181

  

Herman Miller, Inc.

  

5,926

   

139,913

  

HNI Corp.

  

4,248

   

129,861

  

KAR Auction Services, Inc.

  

13,086

   

180,063

  

MSA Safety, Inc.

  

3,595

   

411,412

  

Stericycle, Inc. (b)

  

9,253

   

517,983

  

Tetra Tech, Inc.

  

5,469

   

432,707

  

The Brink's Co.

  

5,087

   

231,509

  
     

2,633,773

  

Construction & Engineering (1.3%)

 

AECOM (b)

  

16,126

   

606,015

  

Dycom Industries, Inc. (b)

  

3,167

   

129,499

  

EMCOR Group, Inc.

  

5,554

   

367,341

  

Fluor Corp.

  

14,196

   

171,488

  

KBR, Inc.

  

14,411

   

324,968

  

MasTec, Inc. (b)

  

5,900

   

264,733

  

Valmont Industries, Inc.

  

2,144

   

243,601

  
     

2,107,645

  

Electrical Equipment (2.0%)

 

Acuity Brands, Inc.

  

3,939

   

377,120

  

Belden, Inc.

  

3,808

   

123,950

  

EnerSys

  

4,207

   

270,847

  

Generac Holdings, Inc. (b)

  

6,310

   

769,378

  

Hubbell, Inc.

  

5,444

   

682,460

  

nVent Electric PLC (c)

  

15,826

   

296,421

  

Regal Beloit Corp.

  

4,103

   

358,274

  

Woodward, Inc.

  

5,738

   

444,982

  
     

3,323,432

  

Industrial Conglomerates (0.4%)

 

Carlisle Cos., Inc.

  

5,561

   

665,485

  

Machinery (4.2%)

 

AGCO Corp.

  

6,293

   

349,010

  

Colfax Corp. (b)

  

8,467

   

236,229

  

Crane Co.

  

4,991

   

296,765

  

Donaldson Co., Inc.

  

12,774

   

594,246

  

Graco, Inc.

  

16,872

   

809,687

  

ITT, Inc.

  

8,740

   

513,388

  

Kennametal, Inc.

  

8,355

   

239,872

  
Lincoln Electric
Holdings, Inc.
  

6,014

   

506,619

  

Nordson Corp.

  

5,199

   

986,302

  

Oshkosh Corp.

  

6,887

   

493,247

  

Terex Corp.

  

6,457

   

121,198

  

The Middleby Corp. (b)

  

5,629

   

444,353

  

The Timken Co.

  

6,842

   

311,243

  

The Toro Co.

  

10,844

   

719,391

  

Trinity Industries, Inc.

  

9,547

   

203,256

  
     

6,824,806

  
  

Shares

 

Value(a)

 

Marine (0.2%)

 

Kirby Corp. (b)

  

6,014

  

$

322,110

  

Professional Services (0.9%)

 

ASGN, Inc. (b)

  

5,288

   

352,604

  

FTI Consulting, Inc. (b)

  

3,757

   

430,364

  

Insperity, Inc.

  

3,690

   

238,854

  

Manpowergroup, Inc.

  

5,879

   

404,181

  
     

1,426,003

  

Road & Rail (0.9%)

 

Avis Budget Group, Inc. (b)

  

5,424

   

124,155

  
Knight-Swift Transportation
Holdings, Inc.
  

12,383

   

516,495

  

Landstar System, Inc.

  

3,886

   

436,437

  

Ryder System, Inc.

  

5,433

   

203,792

  

Werner Enterprises, Inc.

  

5,794

   

252,213

  
     

1,533,092

  

Trading Companies & Distributors (0.8%)

 

GATX Corp.

  

3,503

   

213,613

  
MSC Industrial
Direct Co., Inc. – Class A
  

4,569

   

332,669

  

Univar Solutions, Inc. (b)

  

14,026

   

236,478

  

Watsco, Inc.

  

3,283

   

583,389

  
     

1,366,149

  

Information Technology (15.5%)

 

Communications Equipment (1.2%)

 

Ciena Corp. (b)

  

15,560

   

842,730

  

InterDigital, Inc.

  

3,029

   

171,532

  

Lumentum Holdings, Inc. (b)

  

7,585

   

617,647

  

NetScout Systems, Inc. (b)

  

6,436

   

164,504

  

ViaSat, Inc. (b)

  

5,877

   

225,500

  
     

2,021,913

  

Computers & Peripherals (0.1%)

 

NCR Corp. (b)

  

12,943

   

224,173

  

Electronic Equipment, Instruments & Components (3.5%)

 

Arrow Electronics, Inc. (b)

  

7,967

   

547,253

  

Avnet, Inc.

  

10,002

   

278,906

  

Cognex Corp.

  

17,388

   

1,038,411

  

Coherent, Inc. (b)

  

2,488

   

325,878

  

II-VI, Inc. (b)

  

8,788

   

414,969

  

Jabil, Inc.

  

13,890

   

445,591

  

Littelfuse, Inc.

  

2,450

   

418,044

  

National Instruments Corp.

  

11,903

   

460,765

  

SYNNEX Corp.

  

4,139

   

495,728

  

Trimble, Inc. (b)

  

25,295

   

1,092,491

  

Vishay Intertechnology, Inc.

  

13,424

   

204,985

  
     

5,723,021

  

Interactive Media & Services (0.5%)

 

j2 Global, Inc.

  

4,590

   

290,134

  

LogMeIn, Inc.

  

4,911

   

416,305

  

Yelp, Inc. (b)

  

6,558

   

151,687

  
     

858,126

  

IT Services (2.1%)

 

Alliance Data Systems Corp.

  

4,293

   

193,700

  
CACI International, Inc. –
Class A (b)
  

2,581

   

559,767

  

See accompanying notes to financial statements.
33



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

  

Shares

 

Value(a)

 

LiveRamp Holdings, Inc. (b)

  

6,617

  

$

281,024

  

MAXIMUS, Inc.

  

6,209

   

437,424

  

Perspecta, Inc.

  

13,824

   

321,132

  

Sabre Corp.

  

27,904

   

224,906

  
Science Applications
International Corp.
  

4,988

   

387,468

  

Teradata Corp. (b)

  

10,988

   

228,551

  

WEX, Inc. (b)

  

4,389

   

724,229

  
     

3,358,201

  

Semiconductors & Semiconductor Equipment (4.6%)

 
Cabot
Microelectronics Corp.
  

2,888

   

402,991

  

Cirrus Logic, Inc. (b)

  

5,831

   

360,239

  

Cree, Inc. (b)

  

10,898

   

645,053

  

Enphase Energy, Inc. (b)

  

8,150

   

387,695

  

First Solar, Inc. (b)

  

7,672

   

379,764

  

MKS Instruments, Inc.

  

5,552

   

628,708

  
Monolithic Power
Systems, Inc.
  

4,272

   

1,012,464

  

Semtech Corp. (b)

  

6,598

   

344,548

  

Silicon Laboratories, Inc. (b)

  

4,396

   

440,787

  
SolarEdge
Technologies, Inc. (b)
  

5,070

   

703,615

  

Synaptics, Inc. (b)

  

3,414

   

205,250

  

Teradyne, Inc.

  

16,788

   

1,418,754

  

Universal Display Corp.

  

4,294

   

642,468

  
     

7,572,336

  

Software (3.5%)

 

ACI Worldwide, Inc. (b)

  

11,742

   

316,917

  

Blackbaud, Inc.

  

5,001

   

285,457

  

CDK Global, Inc.

  

12,308

   

509,797

  
Ceridian HCM
Holding, Inc. (b)
  

10,280

   

814,896

  
CommVault
Systems, Inc. (b)
  

4,212

   

163,004

  

Fair Isaac Corp. (b)

  

2,998

   

1,253,284

  
Manhattan
Associates, Inc. (b)
  

6,431

   

605,800

  

Paylocity Holding Corp. (b)

  

3,680

   

536,875

  

PTC, Inc. (b)

  

10,545

   

820,296

  

Qualys, Inc. (b)

  

3,393

   

352,940

  
     

5,659,266

  

Leisure and Consumer Staples (0.6%)

 

Food & Staples Retailing (0.3%)

 
BJ's Wholesale Club
Holdings, Inc. (b)
  

12,410

   

462,521

  

Food Products (0.3%)

 

Darling Ingredients, Inc. (b)

  

16,613

   

409,012

  

Pilgrim's Pride Corp. (b)

  

5,231

   

88,351

  
     

497,363

  

Materials (5.8%)

 

Chemicals (2.5%)

 
Ashland Global
Holdings, Inc.
  

6,078

   

419,990

  

Cabot Corp.

  

5,717

   

211,815

  

Ingevity Corp. (b)

  

4,142

   

217,745

  

Minerals Technologies, Inc.

  

3,437

   

161,298

  

NewMarket Corp.

  

728

   

291,550

  
  

Shares

 

Value(a)

 

Olin Corp.

  

15,986

  

$

183,679

  

PolyOne Corp.

  

9,175

   

240,660

  

RPM International, Inc.

  

13,114

   

984,337

  

Sensient Technologies Corp.

  

4,190

   

218,550

  

The Chemours Co.

  

16,631

   

255,286

  

The Scotts Miracle-Gro Co.

  

3,987

   

536,132

  

Valvoline, Inc.

  

18,739

   

362,225

  
     

4,083,267

  

Construction Materials (0.2%)

 

Eagle Materials, Inc.

  

4,159

   

292,045

  

Containers & Packaging (1.1%)

 

Aptargroup, Inc.

  

6,444

   

721,599

  

Greif, Inc. – Class A

  

2,624

   

90,292

  

O-I Glass, Inc.

  

15,857

   

142,396

  

Silgan Holdings, Inc.

  

7,860

   

254,585

  

Sonoco Products Co.

  

10,161

   

531,319

  
     

1,740,191

  

Metals & Mining (1.8%)

 
Allegheny
Technologies, Inc. (b)
  

12,824

   

130,677

  

Carpenter Technology Corp.

  

4,745

   

115,209

  

Commercial Metals Co.

  

12,034

   

245,494

  
Compass Minerals
International, Inc.
  

3,415

   

166,481

  
Reliance Steel &
Aluminum Co.
  

6,445

   

611,824

  

Royal Gold, Inc.

  

6,601

   

820,636

  

Steel Dynamics, Inc.

  

21,302

   

555,769

  

United States Steel Corp. (d)

  

22,292

   

160,948

  

Worthington Industries, Inc.

  

3,644

   

135,921

  
     

2,942,959

  

Paper & Forest Products (0.2%)

 

Domtar Corp.

  

5,589

   

117,984

  

Louisiana-Pacific Corp.

  

11,364

   

291,486

  
     

409,470

  

Real Estate (9.4%)

 

Health Care REITs (1.5%)

 

Healthcare Realty Trust, Inc.

  

13,629

   

399,194

  
Medical Properties
Trust, Inc.
  

53,508

   

1,005,950

  
Omega Healthcare
Investors, Inc.
  

22,980

   

683,195

  

Physicians Realty Trust

  

20,514

   

359,405

  
     

2,447,744

  

Hotels & Resort REITs (0.3%)

 

Park Hotels & Resorts, Inc.

  

23,860

   

235,975

  

Pebblebrook Hotel Trust

  

13,242

   

180,886

  

Service Properties Trust

  

16,667

   

118,169

  
     

535,030

  

Industrial REITs (0.6%)

 

EastGroup Properties, Inc.

  

3,896

   

462,105

  
First Industrial Realty
Trust, Inc.
  

12,883

   

495,222

  
     

957,327

  

See accompanying notes to financial statements.
34



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

  

Shares

 

Value(a)

 

Office REITs (1.9%)

 
Corporate Office
Properties Trust
  

11,360

  

$

287,862

  

Cousins Properties, Inc.

  

14,966

   

446,436

  

Douglas Emmett, Inc.

  

16,696

   

511,899

  

Highwoods Properties, Inc.

  

10,521

   

392,749

  
Hudson Pacific
Properties, Inc.
  

15,525

   

390,609

  

JBG SMITH Properties

  

11,907

   

352,090

  

Kilroy Realty Corp.

  

10,722

   

629,382

  

Mack-Cali Realty Corp.

  

9,175

   

140,286

  
     

3,151,313

  

Real Estate Management & Development (0.3%)

 

Jones Lang LaSalle, Inc.

  

5,229

   

540,992

  

Residential REITs (0.9%)

 
American Campus
Communities, Inc.
  

13,936

   

487,203

  

Camden Property Trust

  

9,841

   

897,696

  
     

1,384,899

  

Retail REITs (1.3%)

 
Brixmor Property
Group, Inc.
  

30,023

   

384,895

  
National Retail
Properties, Inc.
  

17,416

   

617,920

  

Spirit Realty Capital, Inc.

  

10,425

   

363,416

  

Taubman Centers, Inc.

  

6,150

   

232,224

  

The Macerich Co.

  

11,775

   

105,622

  

Urban Edge Properties

  

11,212

   

133,086

  

Weingarten Realty Investors

  

12,195

   

230,851

  
     

2,068,014

  

Specialized REITs (2.6%)

 

CoreCivic, Inc.

  

12,115

   

113,396

  

CoreSite Realty Corp.

  

4,047

   

489,930

  

CyrusOne, Inc.

  

11,621

   

845,428

  

EPR Properties

  

7,847

   

259,971

  
Lamar Advertising Co. –
Class A
  

8,717

   

581,947

  

Life Storage, Inc.

  

4,739

   

449,968

  

PotlatchDeltic Corp.

  

6,770

   

257,463

  

Rayonier, Inc.

  

14,023

   

347,630

  

Sabra Health Care REIT, Inc.

  

20,818

   

300,404

  

STORE Capital Corp.

  

22,534

   

536,535

  

The GEO Group, Inc.

  

12,291

   

145,402

  
     

4,328,074

  

Utilities (4.0%)

 

Electric Utilities (0.9%)

 

ALLETE, Inc.

  

5,159

   

281,733

  
Hawaiian Electric
Industries, Inc.
  

11,054

   

398,607

  

IDACORP, Inc.

  

5,028

   

439,296

  

PNM Resources, Inc.

  

8,063

   

309,942

  
     

1,429,578

  
  

Shares

 

Value(a)

 

Gas Utilities (1.5%)

 

National Fuel Gas Co.

  

9,151

  

$

383,702

  

New Jersey Resources Corp.

  

9,697

   

316,607

  

ONE Gas, Inc.

  

5,271

   

406,131

  
Southwest Gas
Holdings, Inc.
  

5,535

   

382,192

  

Spire, Inc.

  

5,171

   

339,786

  

UGI Corp.

  

21,093

   

670,757

  
     

2,499,175

  

Multi-Utilities (1.0%)

 

Black Hills Corp.

  

6,355

   

360,074

  

MDU Resources Group, Inc.

  

20,308

   

450,432

  

NorthWestern Corp.

  

5,033

   

274,399

  

OGE Energy Corp.

  

20,272

   

615,458

  
     

1,700,363

  

Water Utilities (0.6%)

 

Essential Utilities, Inc.

  

22,583

   

953,906

  
Total common stocks
(cost: $136,983,714)
    

158,417,450

  
  Shares/
Principal
   

Short-Term Securities (3.5%)

 

Investment Companies (2.9%)

 
State Street Institutional
U.S. Government Money
Market Fund, current
rate 0.116%
  

4,820,150

   

4,820,150

  

U.S. Government Obligations (0.6%)

 
U.S. Treasury Bill, current
rate 0.000%, 05/20/21 (d)
  

1,000,000

   

998,497

  
Total short-term securities
(cost: $5,818,701)
    

5,818,647

  
Total investments in securities
(cost: $142,802,415) (e)
    

164,236,097

  
Cash and other assets in
excess of liabilities (0.1%)
    

164,709

  

Total net assets (100.0%)

   

$

164,400,806

  

See accompanying notes to financial statements.
35



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

Investments in Securities Legend

(a)  Securities are valued by procedures described in Note 2 of the Notes to Financial Statements.

(b)  Non-income producing security.

(c)  Foreign security: The Fund held 1.8% of net assets in foreign securities at June 30, 2020.

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

Holdings of Open Futures Contracts

On June 30, 2020, securities with an aggregate market value of $1,750,396 have been pledged to cover margin requirements for the following open futures contracts:

Description

 Expiration
Date
 Number of
Contracts
 Position
Type
 Notional
Amount
 Market
Value
 Unrealized
Appreciation/
(Depreciation)(a)
 

S&P Mid 400® E-Mini Index Future

 

September 2020

  

33

  

Long

 

$

6,111,118

  

$

5,871,030

  

$

(240,088

)

 

(e)  At June 30, 2020 the cost of investments for federal income tax purposes was $142,860,621. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation

 

$

43,163,564

  

Gross unrealized depreciation

  

(22,028,176

)

 

Net unrealized appreciation

 

$

21,135,388

  

See accompanying notes to financial statements.
36



SFT Index 500 Fund
Investments in Securities

June 30, 2020
(Unaudited)

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

  

Shares

 

Value(a)

 

Common Stocks (98.2%)

 

Communication Services (2.1%)

 

Diversified Telecommunication Services (1.8%)

 

AT&T, Inc.

  

230,444

  

$

6,966,322

  

CenturyLink, Inc.

  

31,882

   

319,776

  
Verizon
Communications, Inc.
  

133,835

   

7,378,324

  
     

14,664,422

  

Media (0.1%)

 

Fox Corp. – Class A

  

11,082

   

297,219

  

Fox Corp. – Class B

  

5,150

   

138,226

  

ViacomCBS, Inc. – Class B

  

17,459

   

407,144

  
     

842,589

  

Wireless Telecommunication Services (0.2%)

 
T-Mobile US, Inc. –
Class A (b)
  

18,440

   

1,920,526

  
T-Mobile US, Inc. – Rights,
Exp 07/27/20 (b)
  

12,370

   

2,078

  
     

1,922,604

  

Consumer Discretionary (13.2%)

 

Auto Components (0.1%)

 

Aptiv PLC (c)

  

8,662

   

674,943

  

BorgWarner, Inc.

  

6,642

   

234,463

  
     

909,406

  

Automobiles (0.2%)

 

Ford Motor Co.

  

126,338

   

768,135

  

General Motors Co.

  

40,731

   

1,030,494

  
     

1,798,629

  

Distributors (0.1%)

 

Genuine Parts Co.

  

4,610

   

400,886

  

LKQ Corp. (b)

  

9,831

   

257,572

  
     

658,458

  

Diversified Consumer Services (0.0%)

 

H&R Block, Inc.

  

6,152

   

87,851

  

Entertainment (0.8%)

 

The Walt Disney Co.

  

58,420

   

6,514,414

  

Hotels & Resort REITs (0.1%)

 
Hilton Worldwide
Holdings, Inc.
  

8,967

   

658,626

  

Hotels, Restaurants & Leisure (1.4%)

 

Carnival Corp. (c)

  

15,322

   

251,587

  
Chipotle Mexican
Grill, Inc. (b)
  

859

   

903,977

  

Darden Restaurants, Inc.

  

4,138

   

313,536

  

Domino's Pizza, Inc.

  

1,270

   

469,189

  

Las Vegas Sands Corp.

  

10,868

   

494,929

  
Marriott International, Inc. –
Class A
  

8,689

   

744,908

  

McDonald's Corp.

  

24,049

   

4,436,319

  

MGM Resorts International

  

15,952

   

267,994

  
Norwegian Cruise Line
Holdings, Ltd. (b) (c)
  

8,291

   

136,221

  
  

Shares

 

Value(a)

 
Royal Caribbean
Cruises, Ltd. (c)
  

5,476

  

$

275,443

  

Starbucks Corp.

  

37,779

   

2,780,157

  

Wynn Resorts, Ltd.

  

3,055

   

227,567

  

Yum! Brands, Inc.

  

9,727

   

845,373

  
     

12,147,200

  

Household Durables (0.4%)

 

DR Horton, Inc.

  

10,699

   

593,260

  

Garmin, Ltd. (c)

  

4,656

   

453,960

  

Leggett & Platt, Inc.

  

4,219

   

148,298

  

Lennar Corp. – Class A

  

8,881

   

547,247

  

Mohawk Industries, Inc. (b)

  

1,913

   

194,667

  

Newell Brands, Inc.

  

12,281

   

195,022

  

NVR, Inc. (b)

  

125

   

407,344

  

PulteGroup, Inc.

  

8,149

   

277,310

  

Whirlpool Corp.

  

1,935

   

250,641

  
     

3,067,749

  

Internet & Catalog Retail (5.5%)

 

Amazon.com, Inc. (b)

  

13,552

   

37,387,529

  

Booking Holdings, Inc. (b)

  

1,324

   

2,108,258

  

Expedia Group, Inc.

  

4,381

   

360,118

  

Netflix, Inc. (b)

  

14,240

   

6,479,770

  
     

46,335,675

  

Leisure Equipment & Products (0.0%)

 

Hasbro, Inc.

  

4,035

   

302,423

  

Media (1.2%)

 
Charter Communications,
Inc. – Class A (b)
  

4,875

   

2,486,445

  

Comcast Corp. – Class A

  

147,313

   

5,742,261

  

Discovery, Inc. – Class A (b)

  

5,112

   

107,863

  

Discovery, Inc. – Class C (b)

  

10,231

   

197,049

  
DISH Network Corp. –
Class A (b)
  

8,218

   

283,603

  
Live Nation
Entertainment, Inc. (b)
  

4,529

   

200,771

  

News Corp. – Class A

  

12,525

   

148,547

  

News Corp. – Class B

  

3,893

   

46,521

  

Omnicom Group, Inc.

  

6,912

   

377,395

  
The Interpublic Group
of Cos., Inc.
  

12,598

   

216,182

  
     

9,806,637

  

Multiline Retail (0.5%)

 

Dollar General Corp.

  

8,141

   

1,550,942

  

Dollar Tree, Inc. (b)

  

7,654

   

709,372

  

Kohl's Corp.

  

5,049

   

104,868

  

Target Corp.

  

16,172

   

1,939,508

  
     

4,304,690

  

Specialty Retail (2.3%)

 

Advance Auto Parts, Inc.

  

2,199

   

313,247

  

AutoZone, Inc. (b)

  

755

   

851,731

  

Best Buy Co., Inc.

  

7,342

   

640,736

  

CarMax, Inc. (b)

  

5,166

   

462,615

  

L Brands, Inc.

  

7,504

   

112,335

  

Lowe's Cos., Inc.

  

24,419

   

3,299,495

  

O'Reilly Automotive, Inc. (b)

  

2,472

   

1,042,368

  

See accompanying notes to financial statements.
37



SFT Index 500 Fund
Investments in Securities – continued

  

Shares

 

Value(a)

 

Ross Stores, Inc.

  

11,494

  

$

979,749

  

The Gap, Inc.

  

6,800

   

85,816

  

The Home Depot, Inc.

  

34,786

   

8,714,241

  

The TJX Cos., Inc.

  

38,743

   

1,958,846

  

Tiffany & Co.

  

3,454

   

421,181

  

Tractor Supply Co.

  

3,709

   

488,809

  
Ulta Salon Cosmetics &
Fragrance, Inc. (b)
  

1,778

   

361,681

  
     

19,732,850

  

Textiles, Apparel & Luxury Goods (0.6%)

 

Hanesbrands, Inc.

  

11,256

   

127,080

  

NIKE, Inc. – Class B

  

40,105

   

3,932,295

  

PVH Corp.

  

2,292

   

110,131

  

Ralph Lauren Corp.

  

1,533

   

111,173

  

Tapestry, Inc.

  

8,860

   

117,661

  
Under Armour, Inc. –
Class A (b)
  

6,024

   

58,674

  
Under Armour, Inc. –
Class C (b)
  

6,355

   

56,178

  

VF Corp.

  

10,312

   

628,413

  
     

5,141,605

  

Consumer Staples (7.2%)

 

Beverages (1.7%)

 
Brown-Forman Corp. –
Class B
  

5,818

   

370,374

  
Constellation Brands, Inc. –
Class A
  

5,419

   

948,054

  
Molson Coors Beverage
Co. – Class B
  

6,014

   

206,641

  

Monster Beverage Corp. (b)

  

12,091

   

838,148

  

PepsiCo, Inc.

  

44,876

   

5,935,300

  

The Coca-Cola Co.

  

125,018

   

5,585,804

  
     

13,884,321

  

Food & Staples Retailing (1.8%)

 

Costco Wholesale Corp.

  

14,255

   

4,322,259

  

CVS Health Corp.

  

42,272

   

2,746,412

  

Sysco Corp.

  

16,417

   

897,353

  

The Kroger Co.

  

25,427

   

860,704

  
Walgreens Boots
Alliance, Inc.
  

23,832

   

1,010,238

  

Walmart, Inc.

  

45,797

   

5,485,565

  
     

15,322,531

  

Food Products (1.1%)

 

Archer-Daniels-Midland Co.

  

17,966

   

716,843

  

Campbell Soup Co.

  

5,469

   

271,426

  

Conagra Brands, Inc.

  

15,712

   

552,591

  

General Mills, Inc.

  

19,538

   

1,204,518

  

Hormel Foods Corp.

  

9,034

   

436,071

  

Kellogg Co.

  

8,059

   

532,378

  

Lamb Weston Holdings, Inc.

  

4,697

   

300,279

  

McCormick & Co., Inc.

  

3,936

   

706,158

  
Mondelez International,
Inc. – Class A
  

46,168

   

2,360,570

  

The Hershey Co.

  

4,707

   

610,121

  

The JM Smucker Co.

  

3,633

   

384,408

  

The Kraft Heinz Co.

  

20,136

   

642,137

  

Tyson Foods, Inc. – Class A

  

9,491

   

566,708

  
     

9,284,208

  
  

Shares

 

Value(a)

 

Household Products (1.7%)

 

Church & Dwight Co., Inc.

  

7,906

  

$

611,134

  

Colgate-Palmolive Co.

  

27,702

   

2,029,448

  

Kimberly-Clark Corp.

  

11,014

   

1,556,829

  

The Clorox Co.

  

4,027

   

883,403

  

The Procter & Gamble Co.

  

80,069

   

9,573,850

  
     

14,654,664

  

Personal Care (0.2%)

 
The Estee Lauder Cos.,
Inc. – Class A
  

7,231

   

1,364,345

  

Personal Products (0.0%)

 

Coty, Inc. – Class A

  

9,587

   

42,854

  

Tobacco (0.7%)

 

Altria Group, Inc.

  

60,105

   

2,359,121

  
Philip Morris
International, Inc.
  

50,362

   

3,528,362

  
     

5,887,483

  

Energy (2.7%)

 

Energy Equipment & Services (0.2%)

 

Baker Hughes Co.

  

21,116

   

324,975

  

Halliburton Co.

  

28,373

   

368,282

  

National Oilwell Varco, Inc.

  

12,536

   

153,566

  

Schlumberger, Ltd. (c)

  

44,883

   

825,398

  

TechnipFMC PLC (c)

  

13,555

   

92,716

  
     

1,764,937

  

Oil, Gas & Consumable Fuels (2.5%)

 

Apache Corp.

  

12,118

   

163,593

  

Cabot Oil & Gas Corp.

  

12,891

   

221,467

  

Chevron Corp.

  

60,383

   

5,387,975

  

Concho Resources, Inc.

  

6,359

   

327,488

  

ConocoPhillips

  

34,685

   

1,457,464

  

Devon Energy Corp.

  

12,377

   

140,355

  

Diamondback Energy, Inc.

  

5,080

   

212,446

  

EOG Resources, Inc.

  

18,803

   

952,560

  

Exxon Mobil Corp.

  

136,753

   

6,115,594

  

Hess Corp.

  

8,400

   

435,204

  

HollyFrontier Corp.

  

4,782

   

139,634

  

Kinder Morgan, Inc.

  

62,903

   

954,239

  

Marathon Oil Corp.

  

25,561

   

156,433

  

Marathon Petroleum Corp.

  

20,998

   

784,905

  

Noble Energy, Inc.

  

15,441

   

138,351

  

Occidental Petroleum Corp.

  

29,026

   

531,176

  

Phillips 66

  

14,123

   

1,015,444

  
Pioneer Natural
Resources Co.
  

5,318

   

519,569

  

The Williams Cos., Inc.

  

39,238

   

746,307

  

Valero Energy Corp.

  

13,186

   

775,601

  
     

21,175,805

  

Financial (9.9%)

 

Capital Markets (2.6%)

 

Ameriprise Financial, Inc.

  

3,957

   

593,708

  

BlackRock, Inc.

  

5,049

   

2,747,110

  

CBOE Global Markets, Inc.

  

3,454

   

322,189

  

CME Group, Inc.

  

11,544

   

1,876,362

  

E*Trade Financial Corp.

  

7,149

   

355,520

  

Franklin Resources, Inc.

  

8,960

   

187,891

  

See accompanying notes to financial statements.
38



SFT Index 500 Fund
Investments in Securities – continued

  

Shares

 

Value(a)

 
Intercontinental
Exchange, Inc.
  

17,698

  

$

1,621,137

  

Invesco, Ltd. (c)

  

12,093

   

130,121

  

MarketAxess Holdings, Inc.

  

1,269

   

635,667

  

Moody's Corp.

  

5,250

   

1,442,332

  

Morgan Stanley

  

38,730

   

1,870,659

  

MSCI, Inc.

  

2,747

   

917,004

  

Nasdaq, Inc.

  

3,675

   

439,052

  

Northern Trust Corp.

  

6,711

   

532,451

  
Raymond James
Financial, Inc.
  

3,854

   

265,271

  

S&P Global, Inc.

  

7,792

   

2,567,308

  

State Street Corp.

  

11,383

   

723,390

  

T Rowe Price Group, Inc.

  

7,359

   

908,837

  
The Bank of New York
Mellon Corp.
  

26,060

   

1,007,219

  

The Charles Schwab Corp.

  

37,048

   

1,250,000

  
The Goldman Sachs
Group, Inc.
  

10,010

   

1,978,176

  
     

22,371,404

  

Commercial Banks (3.6%)

 

Bank of America Corp.

  

252,536

   

5,997,730

  

Citigroup, Inc.

  

67,332

   

3,440,665

  
Citizens Financial
Group, Inc.
  

13,798

   

348,262

  

Comerica, Inc.

  

4,496

   

171,298

  

Fifth Third Bancorp

  

22,959

   

442,650

  

First Republic Bank

  

5,455

   

578,175

  

Huntington Bancshares, Inc.

  

32,802

   

296,366

  

JPMorgan Chase & Co.

  

98,550

   

9,269,613

  

KeyCorp

  

31,547

   

384,242

  

M&T Bank Corp.

  

4,148

   

431,268

  
People's United
Financial, Inc.
  

13,734

   

158,902

  

Regions Financial Corp.

  

30,952

   

344,186

  

SVB Financial Group (b)

  

1,632

   

351,745

  
The PNC Financial Services
Group, Inc.
  

13,721

   

1,443,586

  

Truist Financial Corp.

  

43,575

   

1,636,241

  

US Bancorp

  

44,333

   

1,632,341

  

Wells Fargo & Co.

  

120,671

   

3,089,178

  

Zions Bancorp NA

  

5,299

   

180,166

  
     

30,196,614

  

Consumer Finance (0.5%)

 

American Express Co.

  

21,348

   

2,032,330

  

Capital One Financial Corp.

  

14,726

   

921,700

  

Discover Financial Services

  

9,906

   

496,191

  

Synchrony Financial

  

17,368

   

384,875

  
     

3,835,096

  

Insurance (3.2%)

 

Aflac, Inc.

  

23,206

   

836,112

  
American International
Group, Inc.
  

27,856

   

868,550

  

Aon PLC (c)

  

7,474

   

1,439,492

  

Arthur J Gallagher & Co.

  

6,055

   

590,302

  

Assurant, Inc.

  

1,855

   

191,603

  
Berkshire Hathaway, Inc. –
Class B (b)
  

62,876

   

11,223,995

  

Chubb, Ltd. (c)

  

14,598

   

1,848,399

  

Cincinnati Financial Corp.

  

4,806

   

307,728

  
  

Shares

 

Value(a)

 

Everest Re Group, Ltd. (c)

  

1,252

  

$

258,162

  

Globe Life, Inc.

  

3,074

   

228,183

  
Hartford Financial Services
Group, Inc.
  

11,581

   

446,448

  

Lincoln National Corp.

  

6,249

   

229,901

  

Loews Corp.

  

7,827

   

268,388

  
Marsh & McLennan
Cos., Inc.
  

16,502

   

1,771,820

  

MetLife, Inc.

  

24,951

   

911,210

  
Principal Financial
Group, Inc.
  

8,216

   

341,293

  

Prudential Financial, Inc.

  

12,775

   

777,997

  

The Allstate Corp.

  

10,159

   

985,321

  

The Progressive Corp.

  

18,896

   

1,513,759

  

The Travelers Cos., Inc.

  

8,177

   

932,587

  

Unum Group

  

6,513

   

108,051

  
Willis Towers
Watson PLC (c)
  

4,136

   

814,585

  

WR Berkley Corp.

  

4,566

   

261,586

  
     

27,155,472

  

Health Care (14.0%)

 

Biotechnology (2.4%)

 

AbbVie, Inc.

  

56,999

   

5,596,162

  
Alexion
Pharmaceuticals, Inc. (b)
  

7,126

   

799,822

  

Amgen, Inc.

  

19,026

   

4,487,472

  

Biogen, Inc. (b)

  

5,278

   

1,412,129

  

Gilead Sciences, Inc.

  

40,558

   

3,120,533

  

Incyte Corp. (b)

  

5,800

   

603,026

  
Regeneron
Pharmaceuticals, Inc. (b)
  

3,326

   

2,074,260

  
Vertex
Pharmaceuticals, Inc. (b)
  

8,440

   

2,450,216

  
     

20,543,620

  

Health Care Equipment & Supplies (3.7%)

 

Abbott Laboratories

  

57,209

   

5,230,619

  

ABIOMED, Inc. (b)

  

1,425

   

344,223

  

Align Technology, Inc. (b)

  

2,343

   

643,013

  

Baxter International, Inc.

  

16,457

   

1,416,948

  

Becton Dickinson and Co.

  

9,582

   

2,292,685

  

Boston Scientific Corp. (b)

  

46,208

   

1,622,363

  

Danaher Corp.

  

20,346

   

3,597,783

  

Dentsply Sirona, Inc.

  

7,036

   

310,006

  

DexCom, Inc. (b)

  

3,000

   

1,216,200

  
Edwards
Lifesciences Corp. (b)
  

20,041

   

1,385,033

  

Hologic, Inc. (b)

  

8,351

   

476,007

  

IDEXX Laboratories, Inc. (b)

  

2,788

   

920,486

  

Intuitive Surgical, Inc. (b)

  

3,756

   

2,140,281

  

Medtronic PLC (c)

  

43,374

   

3,977,396

  

ResMed, Inc.

  

4,629

   

888,768

  

STERIS PLC (c)

  

2,745

   

421,193

  

Stryker Corp.

  

10,462

   

1,885,148

  

Teleflex, Inc.

  

1,554

   

565,625

  

The Cooper Cos., Inc.

  

1,566

   

444,180

  
Varian Medical
Systems, Inc. (b)
  

2,861

   

350,530

  
West Pharmaceutical
Services, Inc.
  

2,330

   

529,306

  
Zimmer Biomet
Holdings, Inc.
  

6,683

   

797,683

  
     

31,455,476

  

See accompanying notes to financial statements.
39



SFT Index 500 Fund
Investments in Securities – continued

  

Shares

 

Value(a)

 

Health Care Providers & Services (2.4%)

 

AmerisourceBergen Corp.

  

4,712

  

$

474,828

  

Anthem, Inc.

  

8,139

   

2,140,394

  

Cardinal Health, Inc.

  

9,403

   

490,743

  

Centene Corp. (b)

  

18,730

   

1,190,291

  

Cigna Corp.

  

11,934

   

2,239,415

  

DaVita, Inc. (b)

  

2,755

   

218,031

  

HCA Healthcare, Inc.

  

8,496

   

824,622

  

Henry Schein, Inc. (b)

  

4,583

   

267,601

  

Humana, Inc.

  

4,341

   

1,683,223

  
Laboratory Corp. of
America Holdings (b)
  

3,084

   

512,283

  

McKesson Corp.

  

5,187

   

795,790

  

Quest Diagnostics, Inc.

  

4,227

   

481,709

  

UnitedHealth Group, Inc.

  

30,674

   

9,047,296

  
Universal Health Services,
Inc. – Class B
  

2,430

   

225,723

  
     

20,591,949

  

Health Care Technology (0.1%)

 

Cerner Corp.

  

9,843

   

674,738

  

Life Sciences Tools & Services (1.2%)

 

Agilent Technologies, Inc.

  

9,955

   

879,723

  
Bio-Rad Laboratories, Inc. –
Class A (b)
  

692

   

312,431

  

Illumina, Inc. (b)

  

4,742

   

1,756,200

  

IQVIA Holdings, Inc. (b)

  

5,724

   

812,121

  
Mettler-Toledo
International, Inc. (b)
  

827

   

666,190

  

PerkinElmer, Inc.

  

3,534

   

346,650

  
Thermo Fisher
Scientific, Inc.
  

12,774

   

4,628,531

  

Waters Corp. (b)

  

2,044

   

368,738

  
     

9,770,584

  

Pharmaceuticals (4.2%)

 

Bristol-Myers Squibb Co.

  

73,182

   

4,303,101

  

Eli Lilly & Co.

  

27,239

   

4,472,099

  

Johnson & Johnson

  

85,211

   

11,983,223

  

Merck & Co., Inc.

  

81,637

   

6,312,989

  

Mylan NV (b) (c)

  

16,670

   

268,054

  

Perrigo Co. PLC (c)

  

4,373

   

241,696

  

Pfizer, Inc.

  

179,660

   

5,874,882

  

Zoetis, Inc.

  

15,361

   

2,105,071

  
     

35,561,115

  

Industrials (7.9%)

 

Aerospace & Defense (1.7%)

 

General Dynamics Corp.

  

7,465

   

1,115,719

  

Howmet Aerospace, Inc.

  

12,412

   

196,730

  
Huntington Ingalls
Industries, Inc.
  

1,289

   

224,918

  

L3Harris Technologies, Inc.

  

6,982

   

1,184,636

  

Lockheed Martin Corp.

  

7,966

   

2,906,953

  

Northrop Grumman Corp.

  

5,065

   

1,557,183

  
Raytheon
Technologies Corp.
  

47,569

   

2,931,202

  
Teledyne
Technologies, Inc. (b)
  

1,186

   

368,787

  

The Boeing Co.

  

17,373

   

3,184,471

  

TransDigm Group, Inc.

  

1,669

   

737,781

  
     

14,408,380

  
  

Shares

 

Value(a)

 

Air Freight & Logistics (0.5%)

 
CH Robinson
Worldwide, Inc.
  

4,350

  

$

343,911

  
Expeditors International of
Washington, Inc.
  

5,339

   

405,978

  

FedEx Corp.

  

7,767

   

1,089,089

  
United Parcel Service, Inc. –
Class B
  

22,769

   

2,531,457

  
     

4,370,435

  

Airlines (0.2%)

 

Alaska Air Group, Inc.

  

3,943

   

142,973

  
American Airlines
Group, Inc.
  

16,083

   

210,205

  

Delta Air Lines, Inc.

  

18,360

   

514,998

  

Southwest Airlines Co.

  

17,346

   

592,886

  
United Airlines
Holdings, Inc. (b)
  

8,093

   

280,099

  
     

1,741,161

  

Building Products (0.4%)

 

Allegion PLC (c)

  

2,938

   

300,322

  

AO Smith Corp.

  

4,350

   

204,972

  

Carrier Global Corp.

  

26,262

   

583,542

  
Fortune Brands Home &
Security, Inc.
  

4,502

   

287,813

  
Johnson Controls
International PLC (c)
  

24,058

   

821,340

  

Masco Corp.

  

8,530

   

428,291

  

Trane Technologies PLC (c)

  

7,721

   

687,015

  
     

3,313,295

  

Commercial Services & Supplies (0.4%)

 

Avery Dennison Corp.

  

2,630

   

300,056

  

Cintas Corp.

  

2,691

   

716,775

  

Copart, Inc. (b)

  

6,682

   

556,410

  

Republic Services, Inc.

  

6,716

   

551,048

  

Rollins, Inc.

  

4,533

   

192,154

  

Waste Management, Inc.

  

12,557

   

1,329,912

  
     

3,646,355

  

Construction & Engineering (0.1%)

 
Jacobs Engineering
Group, Inc.
  

4,207

   

356,753

  

Quanta Services, Inc.

  

4,451

   

174,613

  
     

531,366

  

Electrical Equipment (0.5%)

 

AMETEK, Inc.

  

7,376

   

659,193

  

Eaton Corp. PLC (c)

  

12,937

   

1,131,729

  

Emerson Electric Co.

  

19,324

   

1,198,667

  

Rockwell Automation, Inc.

  

3,733

   

795,129

  
     

3,784,718

  

Industrial Conglomerates (1.1%)

 

3M Co.

  

18,585

   

2,899,074

  

General Electric Co.

  

282,907

   

1,932,255

  

Honeywell International, Inc.

  

22,700

   

3,282,193

  

Roper Technologies, Inc.

  

3,381

   

1,312,707

  

Textron, Inc.

  

7,335

   

241,395

  
     

9,667,624

  

See accompanying notes to financial statements.
40



SFT Index 500 Fund
Investments in Securities – continued

  

Shares

 

Value(a)

 

Machinery (1.5%)

 

Caterpillar, Inc.

  

17,505

  

$

2,214,382

  

Cummins, Inc.

  

4,771

   

826,623

  

Deere & Co.

  

10,119

   

1,590,201

  

Dover Corp.

  

4,589

   

443,114

  

Flowserve Corp.

  

4,109

   

117,189

  

Fortive Corp.

  

9,502

   

642,905

  

IDEX Corp.

  

2,449

   

387,040

  

Illinois Tool Works, Inc.

  

9,298

   

1,625,755

  

Ingersoll Rand, Inc. (b) (c)

  

11,144

   

313,369

  

Otis Worldwide Corp.

  

13,081

   

743,786

  

PACCAR, Inc.

  

11,138

   

833,679

  

Parker Hannifin Corp.

  

4,117

   

754,523

  

Pentair PLC (c)

  

5,349

   

203,209

  

Snap-On, Inc.

  

1,755

   

243,085

  

Stanley Black & Decker, Inc.

  

5,001

   

697,039

  
Westinghouse Air Brake
Technologies Corp.
  

5,822

   

335,173

  

Xylem, Inc.

  

5,751

   

373,585

  
     

12,344,657

  

Professional Services (0.4%)

 

Equifax, Inc.

  

3,863

   

663,972

  

IHS Markit, Ltd. (c)

  

12,902

   

974,101

  

Nielsen Holdings PLC (c)

  

11,461

   

170,311

  
Robert Half
International, Inc.
  

3,652

   

192,935

  

United Rentals, Inc. (b)

  

2,293

   

341,749

  

Verisk Analytics, Inc.

  

5,196

   

884,359

  
     

3,227,427

  

Road & Rail (1.0%)

 

CSX Corp.

  

24,757

   

1,726,553

  
JB Hunt Transport
Services, Inc.
  

2,671

   

321,428

  

Kansas City Southern

  

3,073

   

458,768

  

Norfolk Southern Corp.

  

8,285

   

1,454,598

  
Old Dominion Freight
Line, Inc.
  

3,050

   

517,250

  

Union Pacific Corp.

  

21,947

   

3,710,579

  
     

8,189,176

  

Trading Companies & Distributors (0.1%)

 

Fastenal Co.

  

18,526

   

793,654

  

WW Grainger, Inc.

  

1,386

   

435,426

  
     

1,229,080

  

Information Technology (32.9%)

 

Communications Equipment (0.9%)

 

Arista Networks, Inc. (b)

  

1,729

   

363,142

  

Cisco Systems, Inc.

  

137,163

   

6,397,282

  

F5 Networks, Inc. (b)

  

1,921

   

267,941

  

Juniper Networks, Inc.

  

10,716

   

244,968

  

Motorola Solutions, Inc.

  

5,445

   

763,008

  
     

8,036,341

  

Computers & Peripherals (5.8%)

 

Apple, Inc. (d)

  

131,775

   

48,071,520

  

NetApp, Inc.

  

7,153

   

317,379

  

Western Digital Corp.

  

9,650

   

426,047

  
     

48,814,946

  
  

Shares

 

Value(a)

 

Electronic Equipment, Instruments & Components (0.5%)

 

Amphenol Corp. – Class A

  

9,499

  

$

910,099

  

CDW Corp.

  

4,564

   

530,246

  

Corning, Inc.

  

24,548

   

635,793

  

FLIR Systems, Inc.

  

4,231

   

171,652

  

IPG Photonics Corp. (b)

  

1,098

   

176,108

  
Keysight
Technologies, Inc. (b)
  

6,005

   

605,184

  

Seagate Technology PLC (c)

  

7,304

   

353,587

  

TE Connectivity, Ltd. (c)

  

10,668

   

869,975

  
     

4,252,644

  

Interactive Media & Services (5.6%)

 
Akamai
Technologies, Inc. (b)
  

5,223

   

559,331

  

Alphabet, Inc. – Class A (b)

  

9,706

   

13,763,593

  

Alphabet, Inc. – Class C (b)

  

9,460

   

13,372,751

  

eBay, Inc.

  

21,363

   

1,120,489

  

Facebook, Inc. – Class A (b)

  

77,771

   

17,659,461

  

Twitter, Inc. (b)

  

25,377

   

755,981

  
     

47,231,606

  

IT Services (5.5%)

 

Accenture PLC – Class A (c)

  

20,635

   

4,430,747

  
Automatic Data
Processing, Inc.
  

13,900

   

2,069,571

  
Broadridge Financial
Solutions, Inc.
  

3,641

   

459,458

  
Cognizant Technology
Solutions Corp. – Class A
  

17,484

   

993,441

  

DXC Technology Co.

  

8,191

   

135,152

  
Fidelity National
Information Services, Inc.
  

19,970

   

2,677,777

  

Fiserv, Inc. (b)

  

18,188

   

1,775,513

  
FleetCor
Technologies, Inc. (b)
  

2,710

   

681,646

  

Gartner, Inc. (b)

  

2,830

   

343,364

  

Global Payments, Inc.

  

9,666

   

1,639,547

  
International Business
Machines Corp.
  

28,677

   

3,463,321

  
Jack Henry &
Associates, Inc.
  

2,488

   

457,867

  

Leidos Holdings, Inc.

  

4,244

   

397,535

  

Mastercard, Inc. – Class A

  

28,585

   

8,452,585

  

Paychex, Inc.

  

10,251

   

776,513

  

PayPal Holdings, Inc. (b)

  

37,976

   

6,616,558

  

The Western Union Co.

  

13,289

   

287,308

  

VeriSign, Inc. (b)

  

3,288

   

680,057

  

Visa, Inc. – Class A

  

54,566

   

10,540,514

  
     

46,878,474

  

Office Electronics (0.1%)

 
Zebra Technologies Corp. –
Class A (b)
  

1,710

   

437,675

  

Semiconductors & Semiconductor Equipment (4.7%)

 
Advanced Micro
Devices, Inc. (b)
  

37,879

   

1,992,814

  

Analog Devices, Inc.

  

11,867

   

1,455,369

  

Applied Materials, Inc.

  

29,641

   

1,791,798

  

Broadcom, Inc.

  

12,989

   

4,099,458

  

Intel Corp.

  

136,940

   

8,193,120

  

KLA Corp.

  

5,015

   

975,317

  

See accompanying notes to financial statements.
41



SFT Index 500 Fund
Investments in Securities – continued

  

Shares

 

Value(a)

 

Lam Research Corp.

  

4,758

  

$

1,539,023

  
Maxim Integrated
Products, Inc.
  

8,619

   

522,398

  

Microchip Technology, Inc.

  

7,934

   

835,530

  

Micron Technology, Inc. (b)

  

35,971

   

1,853,226

  

NVIDIA Corp.

  

19,886

   

7,554,890

  

Qorvo, Inc. (b)

  

3,659

   

404,429

  

QUALCOMM, Inc.

  

36,383

   

3,318,493

  

Skyworks Solutions, Inc.

  

5,372

   

686,864

  

Texas Instruments, Inc.

  

29,683

   

3,768,851

  

Xilinx, Inc.

  

7,864

   

773,739

  
     

39,765,319

  

Software (9.6%)

 

Activision Blizzard, Inc.

  

24,863

   

1,887,102

  

Adobe, Inc. (b)

  

15,583

   

6,783,436

  

ANSYS, Inc. (b)

  

2,827

   

824,721

  

Autodesk, Inc. (b)

  

7,050

   

1,686,289

  
Cadence Design
Systems, Inc. (b)
  

9,017

   

865,271

  

Citrix Systems, Inc.

  

3,766

   

557,029

  

Electronic Arts, Inc. (b)

  

9,337

   

1,232,951

  

Fortinet, Inc. (b)

  

4,339

   

595,614

  

Intuit, Inc.

  

8,458

   

2,505,175

  

Microsoft Corp.

  

245,272

   

49,915,305

  

NortonLifeLock, Inc.

  

17,526

   

347,541

  

Oracle Corp.

  

67,317

   

3,720,611

  

Paycom Software, Inc. (b)

  

1,540

   

476,984

  

Salesforce.com, Inc. (b)

  

29,141

   

5,458,983

  

ServiceNow, Inc. (b)

  

6,228

   

2,522,714

  

Synopsys, Inc. (b)

  

4,852

   

946,140

  
Take-Two Interactive
Software, Inc. (b)
  

3,704

   

516,967

  

Tyler Technologies, Inc. (b)

  

1,286

   

446,088

  
     

81,288,921

  

Technology Hardware Storage & Peripherals (0.2%)

 
Hewlett Packard
Enterprise Co.
  

41,552

   

404,301

  

HP, Inc.

  

46,249

   

806,120

  

Xerox Holdings Corp.

  

5,922

   

90,547

  
     

1,300,968

  

Materials (2.4%)

 

Chemicals (1.7%)

 
Air Products &
Chemicals, Inc.
  

7,163

   

1,729,578

  

Albemarle Corp.

  

3,362

   

259,580

  

Celanese Corp.

  

3,756

   

324,293

  

CF Industries Holdings, Inc.

  

6,914

   

194,560

  

Corteva, Inc.

  

24,204

   

648,425

  

Dow, Inc.

  

23,957

   

976,487

  

DuPont de Nemours, Inc.

  

23,733

   

1,260,934

  

Eastman Chemical Co.

  

4,305

   

299,800

  

Ecolab, Inc.

  

8,035

   

1,598,563

  

FMC Corp.

  

4,184

   

416,810

  
International Flavors &
Fragrances, Inc.
  

3,389

   

415,017

  

Linde PLC (c)

  

16,986

   

3,602,901

  
LyondellBasell Industries
NV – Class A (c)
  

8,277

   

543,965

  

PPG Industries, Inc.

  

7,543

   

800,011

  

The Mosaic Co.

  

11,261

   

140,875

  

The Sherwin-Williams Co.

  

2,660

   

1,537,081

  
     

14,748,880

  
  

Shares

 

Value(a)

 

Construction Materials (0.1%)

 
Martin Marietta
Materials, Inc.
  

1,999

  

$

412,933

  

Vulcan Materials Co.

  

4,247

   

492,015

  
     

904,948

  

Containers & Packaging (0.3%)

 

Amcor PLC (b) (c)

  

50,922

   

519,914

  

Ball Corp.

  

10,529

   

731,660

  

International Paper Co.

  

12,641

   

445,090

  

Packaging Corp. of America

  

2,982

   

297,603

  

Sealed Air Corp.

  

4,994

   

164,053

  

WestRock Co.

  

8,350

   

235,971

  
     

2,394,291

  

Metals & Mining (0.3%)

 

Freeport-McMoRan, Inc.

  

46,961

   

543,339

  

Newmont Corp.

  

25,958

   

1,602,647

  

Nucor Corp.

  

9,739

   

403,292

  
     

2,549,278

  

Real Estate (2.8%)

 

Health Care REITs (0.2%)

 

Healthpeak Properties, Inc.

  

17,409

   

479,792

  

Ventas, Inc.

  

12,011

   

439,843

  

Welltower, Inc.

  

13,502

   

698,728

  
     

1,618,363

  

Hotels & Resort REITs (0.0%)

 

Host Hotels & Resorts, Inc.

  

22,800

   

246,012

  

Industrial REITs (0.3%)

 

Duke Realty Corp.

  

11,843

   

419,124

  

ProLogis, Inc.

  

23,887

   

2,229,373

  
     

2,648,497

  

Office REITs (0.2%)

 
Alexandria Real Estate
Equities, Inc.
  

4,085

   

662,791

  

Boston Properties, Inc.

  

4,632

   

418,640

  

SL Green Realty Corp.

  

2,470

   

121,747

  

Vornado Realty Trust

  

5,124

   

195,788

  
     

1,398,966

  

Real Estate Services (0.1%)

 
CBRE Group, Inc. –
Class A (b)
  

10,777

   

487,336

  

Residential REITs (0.3%)

 
Apartment Investment &
Management Co. –
Class A
  

4,804

   

180,823

  
AvalonBay
Communities, Inc.
  

4,495

   

695,107

  

Equity Residential

  

11,242

   

661,254

  

Essex Property Trust, Inc.

  

2,110

   

483,549

  
Mid-America Apartment
Communities, Inc.
  

3,633

   

416,596

  

UDR, Inc.

  

9,522

   

355,932

  
     

2,793,261

  

See accompanying notes to financial statements.
42



SFT Index 500 Fund
Investments in Securities – continued

  

Shares

 

Value(a)

 

Retail REITs (0.2%)

 
Federal Realty
Investment Trust
  

2,243

  

$

191,126

  

Kimco Realty Corp.

  

13,989

   

179,619

  

Realty Income Corp.

  

11,035

   

656,582

  

Regency Centers Corp.

  

5,432

   

249,274

  

Simon Property Group, Inc.

  

9,870

   

674,911

  
     

1,951,512

  

Specialized REITs (1.5%)

 

American Tower Corp.

  

14,393

   

3,721,166

  
Crown Castle
International Corp.
  

13,510

   

2,260,898

  

Digital Realty Trust, Inc.

  

8,678

   

1,233,231

  

Equinix, Inc.

  

2,852

   

2,002,960

  

Extra Space Storage, Inc.

  

4,120

   

380,564

  

Iron Mountain, Inc.

  

9,230

   

240,903

  

Public Storage

  

4,847

   

930,091

  

SBA Communications Corp.

  

3,602

   

1,073,108

  

Weyerhaeuser Co.

  

24,112

   

541,556

  
     

12,384,477

  

Utilities (3.1%)

 

Electric Utilities (1.8%)

 

Alliant Energy Corp.

  

8,069

   

386,021

  
American Electric
Power Co., Inc.
  

15,950

   

1,270,258

  

Duke Energy Corp.

  

23,688

   

1,892,434

  

Edison International

  

12,223

   

663,831

  

Entergy Corp.

  

6,383

   

598,789

  

Evergy, Inc.

  

7,248

   

429,734

  

Eversource Energy

  

10,881

   

906,061

  

Exelon Corp.

  

31,486

   

1,142,627

  

FirstEnergy Corp.

  

17,456

   

676,944

  

NextEra Energy, Inc.

  

15,882

   

3,814,380

  

Pinnacle West Capital Corp.

  

3,575

   

262,012

  

PPL Corp.

  

24,848

   

642,072

  

The Southern Co.

  

34,076

   

1,766,841

  

Xcel Energy, Inc.

  

16,939

   

1,058,687

  
     

15,510,691

  

Gas Utilities (0.1%)

 

Atmos Energy Corp.

  

3,873

   

385,673

  

ONEOK, Inc.

  

14,212

   

472,123

  
     

857,796

  
  

Shares

 

Value(a)

 

Independent Power Producers & Energy Traders (0.1%)

 

AES Corp.

  

21,472

  

$

311,129

  

NRG Energy, Inc.

  

7,894

   

257,029

  
     

568,158

  

Multi-Utilities (1.0%)

 

Ameren Corp.

  

7,963

   

560,277

  

CenterPoint Energy, Inc.

  

17,617

   

328,909

  

CMS Energy Corp.

  

9,222

   

538,749

  

Consolidated Edison, Inc.

  

10,801

   

776,916

  

Dominion Energy, Inc.

  

27,143

   

2,203,469

  

DTE Energy Co.

  

6,147

   

660,803

  

NiSource, Inc.

  

12,380

   

281,521

  
Public Service Enterprise
Group, Inc.
  

16,332

   

802,881

  

Sempra Energy

  

9,461

   

1,109,113

  

WEC Energy Group, Inc.

  

10,149

   

889,560

  
     

8,152,198

  

Water Utilities (0.1%)

 
American Water
Works Co., Inc.
  

5,772

   

742,625

  
Total common stocks
(cost: $319,026,308)
    

828,850,901

  

Short-Term Securities (1.8%)

 

Investment Companies (1.8%)

 
State Street Institutional
U.S. Government Money
Market Fund, current
rate 0.116%
  

14,894,810

   

14,894,810

  
Total short-term securities
(cost: $14,894,810)
    

14,894,810

  
Total investments in securities
(cost: $333,921,118) (e)
    

843,745,711

  
Cash and other assets in
excess of liabilities (0.0%)
    

311,151

  

Total net assets (100.0%)

   

$

844,056,862

  

See accompanying notes to financial statements.
43



SFT Index 500 Fund
Investments in Securities – continued

Investments in Securities Legend

(a)  Securities are valued by procedures described in Note 2 of the Notes to Financial Statements.

(b)  Non-income producing security.

(c)  Foreign security: The Fund held 3.2% of net assets in foreign securities at June 30, 2020.

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

Holdings of Open Futures Contracts

On June 30, 2020, securities with an aggregate market value of $12,768,000 have been pledged to cover margin requirements for the following open futures contracts:

Description

 Expiration
Date
 Number of
Contracts
 Position
Type
 Notional
Amount
 Market
Value
 Unrealized
Appreciation/
(Depreciation)(a)
 

S&P Mid 500® E-Mini Index Future

 

September 2020

  

96

  

Long

 

$

15,061,315

  

$

14,832,960

  

$

(228,355

)

 

(e)  At June 30, 2020 the cost of investments for federal income tax purposes was $336,189,596. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation

 

$

527,887,130

  

Gross unrealized depreciation

  

(20,559,370

)

 

Net unrealized appreciation

 

$

507,327,760

  

See accompanying notes to financial statements.
44



SFT International Bond Fund
Investments in Securities

June 30, 2020
(Unaudited)

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

  

Principal(b)

 

Value(a)

 

Long-Term Debt Securities (74.4%)

 

Argentina (2.0%)

 

Government (2.0%)

 
Argentina Treasury Bond
BONCER (ARS)
1.100%, 04/17/21
  

9,239,435

  

$

89,820

  

1.200%, 03/18/22

  

55,812,318

   

526,366

  

1.400%, 03/25/23

  

32,768,158

   

275,925

  

1.500%, 03/25/24

  

32,768,162

   

256,469

  
Argentine Bonos del
Tesoro (ARS)
 

15.500%, 10/17/26

  

59,411,000

   

204,698

  

16.000%, 10/17/23

  

29,346,000

   

145,309

  

18.200%, 10/03/21

  

28,501,000

   

199,510

  
Letras de la Nacion
Argentina con Ajuste
por CER (ARS)
 

3.545%, 12/04/20 (c) (d)

  

11,833,800

   

115,173

  
     

1,813,270

  

Brazil (8.0%)

 

Government (8.0%)

 
Brazil Letras do Tesouro
Nacional (BRL)
 

1.422%, 07/01/20 (d)

  

19,971,000

   

3,637,175

  

1.424%, 10/01/20 (d)

  

15,020,000

   

2,721,170

  

1.427%, 04/01/21 (d)

  

340,000

   

60,946

  

1.441%, 01/01/22 (d)

  

3,100,000

   

540,189

  
Brazil Notas do Tesouro
Nacional Serie F (BRL)
 

10.000%, 01/01/21

  

784,000

   

141,234

  
     

7,100,714

  

Ghana (1.5%)

 

Government (1.5%)

 
Ghana Government
Bond (GHS)
 

18.750%, 01/24/22

  

960,000

   

166,617

  

19.000%, 11/02/26

  

2,890,000

   

458,201

  

19.750%, 03/25/24

  

960,000

   

167,546

  

19.750%, 03/15/32

  

2,890,000

   

461,976

  

24.500%, 06/21/21

  

50,000

   

9,093

  

24.750%, 03/01/21

  

100,000

   

17,963

  

24.750%, 07/19/21

  

160,000

   

29,251

  
Republic of Ghana
Government Bonds (GHS)
 

16.250%, 05/17/21

  

130,000

   

22,107

  

16.500%, 03/22/21

  

100,000

   

17,093

  

17.600%, 11/28/22

  

50,000

   

8,477

  

18.250%, 09/21/20

  

50,000

   

8,648

  
     

1,366,972

  

Indonesia (2.7%)

 

Government (2.7%)

 
Indonesia Treasury
Bond (IDR)
 

8.375%, 03/15/24

  

7,865,000,000

   

584,163

  

9.500%, 07/15/23

  

18,680,000,000

   

1,425,355

  

10.000%, 09/15/24

  

1,959,000,000

   

154,279

  

10.250%, 07/15/22

  

2,658,000,000

   

201,922

  
     

2,365,719

  
  

Principal(b)

 

Value(a)

 

Japan (1.8%)

 

Government (1.8%)

 
Japan Treasury Discount
Bill (JPY)
 

3.958%, 07/06/20 (d)

  

172,600,000

  

$

1,599,878

  

Mexico (8.9%)

 

Government (8.9%)

 

Mexican Bonos (MXN)

 

6.500%, 06/10/21

  

20,100,000

   

883,801

  

6.500%, 06/09/22

  

49,538,000

   

2,216,358

  

6.750%, 03/09/23

  

26,998,000

   

1,227,990

  

7.250%, 12/09/21

  

44,130,000

   

1,977,265

  

8.000%, 12/07/23

  

22,829,000

   

1,088,357

  

10.000%, 12/05/24

  

9,340,000

   

486,329

  

Mexican Udibonos (MXN)

 

2.500%, 12/10/20

  

1,778,490

   

77,522

  
     

7,957,622

  

Norway (4.4%)

 

Government (4.4%)

 
Norway Government
Bond (NOK)
 

1.500%, 02/19/26 (e)

  

1,910,000

   

210,283

  

1.750%, 03/13/25 (e)

  

3,215,000

   

355,643

  

2.000%, 05/24/23 (e)

  

8,483,000

   

924,222

  

3.000%, 03/14/24 (e)

  

9,548,000

   

1,090,368

  

3.750%, 05/25/21 (e)

  

12,135,000

   

1,298,759

  
     

3,879,275

  

South Korea (16.8%)

 

Government (16.8%)

 

Korea Treasury Bond (KRW)

 

1.375%, 12/10/29

  

4,709,000,000

   

3,909,672

  

3.000%, 03/10/23

  

967,000,000

   

849,227

  

3.000%, 09/10/24

  

2,419,000,000

   

2,170,272

  

3.375%, 09/10/23

  

2,729,000,000

   

2,442,282

  

3.500%, 03/10/24

  

1,785,000,000

   

1,618,224

  

4.250%, 06/10/21

  

4,577,300,000

   

3,936,155

  
     

14,925,832

  

United States (28.3%)

 

Government (28.3%)

 

U.S. Treasury Note (USD)

 

1.500%, 10/31/24

  

170,000

   

179,197

  

1.500%, 11/30/24

  

4,250,000

   

4,483,584

  

1.625%, 02/15/26

  

890,000

   

952,091

  

1.625%, 10/31/26

  

890,000

   

955,950

  

1.750%, 12/31/24

  

3,489,000

   

3,722,600

  

2.000%, 02/15/25

  

4,140,000

   

4,470,230

  

2.125%, 05/15/25

  

4,950,000

   

5,390,086

  

2.125%, 05/31/26

  

405,000

   

445,991

  

2.625%, 12/31/25

  

1,641,000

   

1,844,074

  

2.875%, 05/31/25

  

2,390,000

   

2,691,457

  
     

25,135,260

  
Total long-term debt securities
(cost: $74,724,127)
    

66,144,542

  

See accompanying notes to financial statements.
45



SFT International Bond Fund
Investments in Securities – continued

  

Principal(b)

 

Value(a)

 

Short-Term Securities (23.3%)

 

Japan (9.9%)

 
Japan Treasury Discount
Bill (JPY)
0.001%, 08/24/20 (d)
  

369,800,000

  

$

3,428,535

  

0.005%, 08/24/20 (d)

  

122,600,000

   

1,136,664

  

0.008%, 11/25/20 (d)

  

461,000,000

   

4,276,450

  
     

8,841,649

  

Mexico (0.9%)

 

Mexico Cetes (MXN)

 

0.019%, 02/25/21 (d)

  

5,906,000

   

247,670

  

0.038%, 07/16/20 (d)

  

8,909,000

   

384,697

  

0.039%, 09/10/20 (d)

  

1,590,900

   

68,185

  

0.051%, 07/16/20 (d)

  

189,800

   

8,196

  

0.051%, 07/23/20 (d)

  

113,900

   

4,914

  

0.051%, 08/13/20 (d)

  

189,800

   

8,165

  

0.051%, 09/24/20 (d)

  

474,400

   

20,294

  

0.052%, 10/22/20 (d)

  

265,600