SFT Balanced Stabilization Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Principal | Value(a) | |||||||
Long-Term Debt Securities (24.6%) | ||||||||
Government Obligations (4.2%) | ||||||||
U.S. Government Agencies and Obligations (4.2%) | ||||||||
Federal Home Loan Mortgage Corp. (0.0%) | ||||||||
3.000%, 09/01/43 | $ | 57,051 | $ | 57,297 | ||||
3.500%, 10/01/44 | 61,769 | 62,961 | ||||||
3.500%, 11/01/44 | 60,123 | 61,285 | ||||||
3.500%, 12/01/44 | 65,994 | 67,269 | ||||||
248,812 | ||||||||
Federal National Mortgage Association (0.1%) | ||||||||
3.000%, 04/01/43 | 89,087 | 88,982 | ||||||
3.000%, 05/01/43 | 30,690 | 30,654 | ||||||
3.000%, 06/01/43 | 132,799 | 132,643 | ||||||
3.500%, 08/01/42 | 60,242 | 61,267 | ||||||
3.500%, 02/01/43 | 79,779 | 81,284 | ||||||
394,830 | ||||||||
U.S. Treasury (4.1%) | ||||||||
U.S. Treasury Note, 1.000%, 12/15/24 | 29,500,000 | 28,375,313 | ||||||
Total government obligations (cost: $30,118,017) | 29,018,955 | |||||||
Other Mortgage-Backed Securities (0.2%) | ||||||||
Commercial Mortgage-Backed Securities (0.2%) | ||||||||
Bank-BNK18, 3.584%, 05/15/62 | 1,500,000 | 1,521,525 | ||||||
Total other mortgage-backed securities (cost: $1,543,624) | 1,521,525 | |||||||
Corporate Obligations (20.2%) | ||||||||
Basic Materials (0.2%) | ||||||||
Chemicals (0.2%) | ||||||||
Nutrien Ltd., 3.000%, 04/01/25 (b) | 1,000,000 | 992,493 | ||||||
Communications (1.4%) | ||||||||
Cable/Satellite TV (0.3%) | ||||||||
Comcast Corp. | ||||||||
2.887%, 11/01/51 (c) | 1,319,000 | 1,117,087 | ||||||
2.937%, 11/01/56 (c) | 327,000 | 271,447 | ||||||
4.200%, 08/15/34 (d) | 500,000 | 533,220 | ||||||
1,921,754 | ||||||||
Diversified Telecommunication Services (0.6%) | ||||||||
AT&T, Inc. | ||||||||
2.550%, 12/01/33 | 943,000 | 835,780 | ||||||
3.550%, 09/15/55 | 1,405,000 | 1,231,138 | ||||||
3.800%, 12/01/57 | 75,000 | 68,494 | ||||||
4.500%, 05/15/35 | 1,000,000 | 1,053,928 | ||||||
Verizon Communications, Inc., 2.987%, 10/30/56 | 1,194,000 | 984,816 | ||||||
4,174,156 | ||||||||
Internet & Catalog Retail (0.2%) | ||||||||
Amazon.com, Inc., 3.875%, 08/22/37 | 1,000,000 | 1,055,142 | ||||||
Media (0.1%) | ||||||||
Paramount Global | ||||||||
3.500%, 01/15/25 | 344,000 | 346,215 | ||||||
4.000%, 01/15/26 | 250,000 | 254,963 | ||||||
601,178 | ||||||||
Telecommunication (0.2%) | ||||||||
Crown Castle Towers LLC, 3.663%, 05/15/45 (c) | 1,000,000 | 998,502 | ||||||
Vodafone Group PLC, 4.125%, 05/30/25 (b) | 500,000 | 514,997 | ||||||
1,513,499 | ||||||||
Wireless Telecommunication Services (0.0%) | ||||||||
Rogers Communications, Inc., 4.100%, 10/01/23 (b) | 250,000 | 253,864 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Consumer Cyclical (0.6%) | ||||||||
Food & Staples Retailing (0.2%) | ||||||||
Kroger Co., 4.450%, 02/01/47 | $ | 1,000,000 | $ | 1,062,116 | ||||
Home Furnishings (0.1%) | ||||||||
Harman International Industries, Inc., 4.150%, 05/15/25 | 1,000,000 | 1,029,765 | ||||||
Retail (0.3%) | ||||||||
AutoZone, Inc., 3.250%, 04/15/25 | 1,000,000 | 1,000,919 | ||||||
Target Corp., 3.500%, 07/01/24 (d) | 750,000 | 766,842 | ||||||
1,767,761 | ||||||||
Consumer Staples (0.4%) | ||||||||
Consumer Products — Miscellaneous (0.1%) | ||||||||
SC Johnson & Son, Inc., 3.350%, 09/30/24 (c) | 750,000 | 747,750 | ||||||
Household Products (0.1%) | ||||||||
Kimberly-Clark Corp., 3.900%, 05/04/47 | 1,000,000 | 1,044,592 | ||||||
Personal Care (0.2%) | ||||||||
Estee Lauder Cos., Inc., 4.150%, 03/15/47 | 1,000,000 | 1,078,881 | ||||||
Consumer, Non-cyclical (1.7%) | ||||||||
Beverages (0.2%) | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38 | 1,000,000 | 1,048,462 | ||||||
Commercial Service — Finance (0.1%) | ||||||||
Moody's Corp., 4.875%, 02/15/24 | 250,000 | 258,018 | ||||||
Diagnostic Equipment (0.3%) | ||||||||
Abbott Laboratories | ||||||||
3.875%, 09/15/25 | 750,000 | 776,402 | ||||||
4.750%, 11/30/36 | 1,000,000 | 1,162,159 | ||||||
4.750%, 04/15/43 | 250,000 | 290,046 | ||||||
2,228,607 | ||||||||
Drugstore Chains (0.0%) | ||||||||
CVS Pass-Through Trust, 6.943%, 01/10/30 | 133,771 | 147,404 | ||||||
Food (0.3%) | ||||||||
Mars, Inc., 3.950%, 04/01/49 (c) | 1,000,000 | 1,041,962 | ||||||
Tyson Foods, Inc., 5.150%, 08/15/44 | 1,000,000 | 1,134,521 | ||||||
2,176,483 | ||||||||
Food Products (0.1%) | ||||||||
General Mills, Inc., 3.000%, 02/01/51 | 1,002,000 | 864,350 | ||||||
Pharmaceuticals (0.7%) | ||||||||
AbbVie, Inc. | ||||||||
3.600%, 05/14/25 | 1,000,000 | 1,015,254 | ||||||
3.800%, 03/15/25 | 670,000 | 683,675 | ||||||
Bristol-Myers Squibb Co. | ||||||||
3.250%, 11/01/23 | 500,000 | 506,690 | ||||||
3.875%, 08/15/25 | 1,000,000 | 1,033,430 | ||||||
Novartis Capital Corp., 3.400%, 05/06/24 (d) | 500,000 | 509,277 | ||||||
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 (b) | 1,000,000 | 1,084,175 | ||||||
4,832,501 | ||||||||
Energy (2.5%) | ||||||||
Oil & Gas (1.2%) | ||||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27 | 1,000,000 | 995,476 | ||||||
BP Capital Markets America, Inc., 4.234%, 11/06/28 | 1,000,000 | 1,047,843 | ||||||
Chevron Corp., 3.191%, 06/24/23 | 250,000 | 252,495 | ||||||
Chevron USA, Inc., 3.900%, 11/15/24 | 1,000,000 | 1,029,953 | ||||||
Coterra Energy, Inc., 3.900%, 05/15/27 (c) | 1,000,000 | 1,006,250 | ||||||
EOG Resources, Inc., 2.625%, 03/15/23 | 250,000 | 250,623 | ||||||
Marathon Petroleum Corp., 3.625%, 09/15/24 | 750,000 | 755,625 | ||||||
Phillips 66, 4.650%, 11/15/34 | 1,000,000 | 1,062,778 | ||||||
TotalEnergies Capital International SA, 3.750%, 04/10/24 (b) | 750,000 | 764,581 | ||||||
Valero Energy Corp., 4.350%, 06/01/28 | 1,000,000 | 1,033,410 | ||||||
8,199,034 | ||||||||
Pipelines (1.3%) | ||||||||
Columbia Pipeline Group, Inc., 4.500%, 06/01/25 | 1,000,000 | 1,032,566 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Energy Transfer LP | ||||||||
4.250%, 04/01/24 | $ | 1,000,000 | $ | 1,017,500 | ||||
4.900%, 03/15/35 | 1,000,000 | 1,005,000 | ||||||
Enterprise Products Operating LLC, 5.750%, 03/01/35 | 250,000 | 277,030 | ||||||
Florida Gas Transmission Co. LLC, 4.350%, 07/15/25 (c) | 1,000,000 | 1,030,161 | ||||||
Kinder Morgan, Inc., 5.300%, 12/01/34 | 750,000 | 820,751 | ||||||
Magellan Midstream Partners LP, 4.200%, 10/03/47 | 1,000,000 | 963,230 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 3.850%, 10/15/23 | 250,000 | 252,312 | ||||||
Southern Natural Gas Co. LLC, 4.800%, 03/15/47 (c) | 1,500,000 | 1,569,147 | ||||||
Williams Cos., Inc. | ||||||||
3.750%, 06/15/27 | 500,000 | 505,634 | ||||||
4.300%, 03/04/24 | 500,000 | 508,944 | ||||||
8,982,275 | ||||||||
Financial (6.2%) | ||||||||
Banks (2.2%) | ||||||||
Associated Banc-Corp., 4.250%, 01/15/25 | 750,000 | 764,077 | ||||||
Bank of America Corp. | ||||||||
3.950%, 04/21/25 | 1,000,000 | 1,019,313 | ||||||
4.183%, 11/25/27 | 1,000,000 | 1,030,580 | ||||||
4.244%, 04/24/38 (3-Month USD LIBOR + 1.814%) (e) | 1,000,000 | 1,034,238 | ||||||
Capital One Financial Corp., 4.250%, 04/30/25 | 1,500,000 | 1,542,342 | ||||||
Citigroup, Inc. | ||||||||
3.300%, 04/27/25 | 750,000 | 756,134 | ||||||
3.980%, 03/20/30 (3-Month USD LIBOR + 1.338%) (e) | 1,000,000 | 1,014,646 | ||||||
Discover Bank, 4.250%, 03/13/26 | 500,000 | 514,642 | ||||||
Fifth Third Bank NA, 3.950%, 07/28/25 | 1,000,000 | 1,029,279 | ||||||
Goldman Sachs Group, Inc., 3.850%, 01/26/27 | 1,000,000 | 1,012,186 | ||||||
JPMorgan Chase & Co., 3.125%, 01/23/25 | 1,000,000 | 1,005,167 | ||||||
KeyBank NA, 3.180%, 10/15/27 | 1,000,000 | 996,941 | ||||||
PNC Bank NA | ||||||||
2.450%, 07/28/22 | 1,000,000 | 1,002,854 | ||||||
3.800%, 07/25/23 | 250,000 | 253,770 | ||||||
4.050%, 07/26/28 | 1,000,000 | 1,027,002 | ||||||
Synchrony Bank, 3.000%, 06/15/22 | 1,000,000 | 1,001,826 | ||||||
Truist Bank, 2.750%, 05/01/23 | 250,000 | 251,395 | ||||||
15,256,392 | ||||||||
Capital Markets (0.3%) | ||||||||
Bank of New York Mellon Corp., 3.442%, 02/07/28 (3-Month USD LIBOR + 1.069%) (e) | 1,000,000 | 1,013,247 | ||||||
Morgan Stanley Domestic Holdings, Inc., 2.950%, 08/24/22 | 1,000,000 | 1,004,571 | ||||||
2,017,818 | ||||||||
Diversified Financial Services (0.9%) | ||||||||
American Express Co., 3.300%, 05/03/27 (c) | 1,000,000 | 1,008,416 | ||||||
CME Group, Inc., 3.000%, 03/15/25 | 1,000,000 | 1,007,282 | ||||||
Discover Financial Services, 3.750%, 03/04/25 | 1,000,000 | 1,010,916 | ||||||
Eaton Vance Corp., 3.500%, 04/06/27 | 1,000,000 | 1,007,510 | ||||||
Pine Street Trust I, 4.572%, 02/15/29 (c) | 1,500,000 | 1,560,828 | ||||||
TD Ameritrade Holding Corp., 2.950%, 04/01/22 | 700,000 | 699,969 | ||||||
6,294,921 | ||||||||
Insurance (1.2%) | ||||||||
American Financial Group, Inc., 4.500%, 06/15/47 | 1,000,000 | 1,041,405 | ||||||
Assured Guaranty U.S. Holdings, Inc., 5.000%, 07/01/24 | 330,000 | 342,619 | ||||||
First American Financial Corp., 4.600%, 11/15/24 | 750,000 | 769,403 | ||||||
Hanover Insurance Group, Inc., 4.500%, 04/15/26 | 1,000,000 | 1,035,109 | ||||||
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (c) | 750,000 | 763,108 | ||||||
Manulife Financial Corp., 4.150%, 03/04/26 (b) | 750,000 | 766,855 | ||||||
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47 | 1,000,000 | 1,066,703 | ||||||
Metropolitan Life Global Funding I, 3.875%, 04/11/22 (c) | 250,000 | 250,147 | ||||||
Old Republic International Corp., 4.875%, 10/01/24 | 750,000 | 774,016 | ||||||
Pacific Life Insurance Co., 4.300%, 10/24/67 (3-Month USD LIBOR + 2.796%) (c) (e) | 1,000,000 | 943,750 | ||||||
StanCorp Financial Group, Inc., 5.000%, 08/15/22 | 750,000 | 757,774 | ||||||
8,510,889 | ||||||||
Property / Casualty Insurance (0.2%) | ||||||||
Arch Capital Finance LLC, 4.011%, 12/15/26 (d) | 1,000,000 | 1,024,305 | ||||||
Real Estate Investment Trust — Diversified (0.1%) | ||||||||
Kite Realty Group Trust, 4.000%, 03/15/25 (d) | 1,000,000 | 1,006,454 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Real Estate Investment Trust — Health Care (0.7%) | ||||||||
Healthcare Realty Trust, Inc., 3.875%, 05/01/25 | $ | 1,000,000 | $ | 1,010,999 | ||||
Healthcare Trust of America Holdings LP, 3.750%, 07/01/27 | 1,000,000 | 1,011,695 | ||||||
Physicians Realty LP, 4.300%, 03/15/27 | 1,000,000 | 1,027,419 | ||||||
Welltower, Inc., 4.125%, 03/15/29 | 1,500,000 | 1,549,798 | ||||||
4,599,911 | ||||||||
Real Estate Investment Trust — Office Property (0.1%) | ||||||||
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29 | 500,000 | 530,983 | ||||||
Real Estate Investment Trust — Shopping Centers (0.0%) | ||||||||
Retail Opportunity Investments Partnership LP, 5.000%, 12/15/23 | 250,000 | 254,766 | ||||||
Real Estate Investment Trust — Single Tenant (0.1%) | ||||||||
Office Properties Income Trust, 4.500%, 02/01/25 | 750,000 | 748,883 | ||||||
Specialized REITs (0.4%) | ||||||||
American Tower Corp., 3.375%, 10/15/26 | 1,000,000 | 991,359 | ||||||
Essex Portfolio LP, 3.500%, 04/01/25 | 1,000,000 | 1,003,778 | ||||||
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (c) | 500,000 | 515,713 | ||||||
2,510,850 | ||||||||
Health Care (0.9%) | ||||||||
Health Care Providers & Services (0.5%) | ||||||||
Aetna, Inc., 3.875%, 08/15/47 | 1,000,000 | 972,159 | ||||||
Anthem, Inc., 4.375%, 12/01/47 | 1,000,000 | 1,073,001 | ||||||
Laboratory Corp. of America Holdings, 4.000%, 11/01/23 | 250,000 | 252,952 | ||||||
UnitedHealth Group, Inc. | ||||||||
2.750%, 02/15/23 (d) | 250,000 | 251,288 | ||||||
3.750%, 07/15/25 (d) | 1,000,000 | 1,030,586 | ||||||
3,579,986 | ||||||||
Pharmaceuticals (0.4%) | ||||||||
Cardinal Health, Inc., 3.750%, 09/15/25 | 1,000,000 | 1,014,982 | ||||||
Mead Johnson Nutrition Co., 5.900%, 11/01/39 | 1,000,000 | 1,256,990 | ||||||
Mylan, Inc., 4.200%, 11/29/23 | 500,000 | 508,191 | ||||||
2,780,163 | ||||||||
Industrials (2.8%) | ||||||||
Aerospace & Defense (0.7%) | ||||||||
General Dynamics Corp., 3.500%, 05/15/25 | 1,000,000 | 1,019,120 | ||||||
L3Harris Technologies, Inc., 3.832%, 04/27/25 | 1,000,000 | 1,015,510 | ||||||
Raytheon Technologies Corp. | ||||||||
3.700%, 12/15/23 | 500,000 | 508,745 | ||||||
4.050%, 05/04/47 | 1,000,000 | 1,033,827 | ||||||
4.125%, 11/16/28 | 1,500,000 | 1,568,499 | ||||||
5,145,701 | ||||||||
Air Freight & Logistics (0.2%) | ||||||||
FedEx Corp., 4.400%, 01/15/47 | 1,000,000 | 1,029,584 | ||||||
Building Products (0.2%) | ||||||||
CRH America Finance, Inc., 4.400%, 05/09/47 (c) | 1,000,000 | 1,058,460 | ||||||
Containers & Packaging (0.2%) | ||||||||
Amcor Finance USA, Inc., 4.500%, 05/15/28 | 1,000,000 | 1,070,767 | ||||||
Electrical Equipment (0.2%) | ||||||||
Flex Ltd., 4.750%, 06/15/25 (b) | 1,000,000 | 1,032,375 | ||||||
Environmental Control (0.1%) | ||||||||
Republic Services, Inc., 3.950%, 05/15/28 | 1,000,000 | 1,025,256 | ||||||
Industrial Conglomerates (0.1%) | ||||||||
3M Co., 3.625%, 10/15/47 | 1,000,000 | 998,682 | ||||||
Machinery (0.3%) | ||||||||
Caterpillar Financial Services Corp. | ||||||||
2.850%, 05/17/24 | 1,000,000 | 1,006,221 | ||||||
3.750%, 11/24/23 (d) | 750,000 | 766,628 | ||||||
1,772,849 | ||||||||
Miscellaneous Manufacturing (0.3%) | ||||||||
Carlisle Cos., Inc., 3.750%, 12/01/27 | 1,000,000 | 1,016,878 | ||||||
Textron, Inc. |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
3.875%, 03/01/25 | $ | 750,000 | $ | 761,687 | ||||
4.300%, 03/01/24 | 500,000 | 509,356 | ||||||
2,287,921 | ||||||||
Road & Rail (0.0%) | ||||||||
Kansas City Southern, 4.300%, 05/15/43 | 250,000 | 253,510 | ||||||
Transportation (0.2%) | ||||||||
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24 | 350,000 | 356,911 | ||||||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.900%, 02/01/24 (c) | 1,000,000 | 1,013,566 | ||||||
1,370,477 | ||||||||
Trucking & Leasing (0.3%) | ||||||||
GATX Corp. | ||||||||
3.250%, 03/30/25 | 1,000,000 | 996,798 | ||||||
4.550%, 11/07/28 | 1,000,000 | 1,052,727 | ||||||
2,049,525 | ||||||||
Information Technology (0.8%) | ||||||||
Communications Equipment (0.1%) | ||||||||
QUALCOMM, Inc., 4.650%, 05/20/35 | 1,000,000 | 1,116,082 | ||||||
Computers (0.2%) | ||||||||
Apple, Inc., 4.375%, 05/13/45 (d) | 1,000,000 | 1,127,692 | ||||||
Interactive Media & Services (0.1%) | ||||||||
eBay, Inc., 3.450%, 08/01/24 | 750,000 | 760,337 | ||||||
IT Services (0.1%) | ||||||||
Global Payments, Inc., 4.800%, 04/01/26 | 750,000 | 787,121 | ||||||
Software (0.3%) | ||||||||
Fiserv, Inc., 3.850%, 06/01/25 | 1,000,000 | 1,016,955 | ||||||
Oracle Corp., 3.800%, 11/15/37 | 1,000,000 | 901,357 | ||||||
1,918,312 | ||||||||
Materials (0.5%) | ||||||||
Chemicals (0.3%) | ||||||||
Mosaic Co., 5.450%, 11/15/33 | 200,000 | 229,765 | ||||||
Sherwin-Williams Co., 3.950%, 01/15/26 | 1,000,000 | 1,031,820 | ||||||
Yara International ASA, 4.750%, 06/01/28 (b) (c) | 1,000,000 | 1,032,523 | ||||||
2,294,108 | ||||||||
Construction Materials (0.2%) | ||||||||
Vulcan Materials Co., 4.500%, 06/15/47 | 1,000,000 | 1,052,252 | ||||||
Transportation (0.3%) | ||||||||
Airlines (0.2%) | ||||||||
American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 03/22/29 | 715,790 | 653,159 | ||||||
British Airways 2013-1 Class A Pass Through Trust, 4.625%, 12/20/25 (c) | 469,204 | 471,550 | ||||||
United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/27 | 157,008 | 156,941 | ||||||
1,281,650 | ||||||||
Transport — Rail (0.1%) | ||||||||
Norfolk Southern Corp., 3.850%, 01/15/24 | 500,000 | 508,254 | ||||||
Union Pacific Corp., 3.750%, 03/15/24 | 500,000 | 508,625 | ||||||
1,016,879 | ||||||||
Utilities (1.9%) | ||||||||
Electric Utilities (0.9%) | ||||||||
Ameren Illinois Co., 3.700%, 12/01/47 | 1,000,000 | 990,883 | ||||||
Arizona Public Service Co., 4.350%, 11/15/45 | 1,000,000 | 1,004,530 | ||||||
Duke Energy Progress LLC, 3.600%, 09/15/47 | 1,000,000 | 985,847 | ||||||
Entergy Louisiana LLC, 3.300%, 12/01/22 | 250,000 | 251,592 | ||||||
Northern States Power Co., 3.750%, 12/01/47 | 1,000,000 | 965,755 | ||||||
Oglethorpe Power Corp., 4.250%, 04/01/46 | 800,000 | 748,457 | ||||||
Oklahoma Gas & Electric Co., 4.150%, 04/01/47 | 1,000,000 | 1,023,549 | ||||||
5,970,613 | ||||||||
Electric — Integrated (0.1%) | ||||||||
Berkshire Hathaway Energy Co., 3.750%, 11/15/23 | 250,000 | 254,422 | ||||||
Gas Utilities (0.7%) | ||||||||
National Fuel Gas Co. |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
4.750%, 09/01/28 | $ | 1,000,000 | $ | 1,005,852 | ||||
5.200%, 07/15/25 | 1,000,000 | 1,036,304 | ||||||
ONEOK, Inc. | ||||||||
4.000%, 07/13/27 | 500,000 | 503,819 | ||||||
4.350%, 03/15/29 | 1,500,000 | 1,527,502 | ||||||
Washington Gas Light Co., 3.796%, 09/15/46 | 1,000,000 | 982,957 | ||||||
5,056,434 | ||||||||
Multi-Utilities (0.0%) | ||||||||
Eastern Energy Gas Holdings LLC, 3.550%, 11/01/23 | 250,000 | 252,516 | ||||||
Water Utilities (0.2%) | ||||||||
American Water Capital Corp., 3.750%, 09/01/47 | 1,000,000 | 976,136 | ||||||
Aquarion Co., 4.000%, 08/15/24 (c) | 500,000 | 506,356 | ||||||
1,482,492 | ||||||||
Total corporate obligations (cost: $136,542,133) | 138,562,423 | |||||||
Total long-term debt securities (cost: $168,203,774) | 169,102,903 |
Shares | ||||||||
Mutual Funds (54.4%) | ||||||||
Investment Companies (54.4%) | ||||||||
iShares Core S&P 500 ETF | 105,440 | 47,837,073 | ||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 230,335 | 27,856,715 | ||||||
SFT Index 500 Fund (f) | 14,224,618 | 273,864,436 | ||||||
SPDR S&P 500 ETF Trust (d) | 36,170 | 16,335,819 | ||||||
Vanguard S&P 500 ETF | 20,175 | 8,376,055 | ||||||
Total mutual funds (cost: $198,787,901) | 374,270,098 | |||||||
Short-Term Securities (19.2%) | ||||||||
Investment Companies (19.2%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 131,681,174 | 131,681,174 | ||||||
Total short-term securities (cost: $131,681,174) | 131,681,174 | |||||||
Total investments excluding purchased options (98.2%) (cost: $498,672,849) | 675,054,175 | |||||||
Total purchased options outstanding (0.1%) (cost: $416,869) | 352,500 | |||||||
Total investments in securities (cost: $499,089,718) (g) | 675,406,675 | |||||||
Cash and other assets in excess of liabilities (1.7%) | 11,337,211 | |||||||
Total net assets (100.0%) | $ | 686,743,886 |
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. | |
(b) | Foreign security: The Fund held 0.9% of net assets in foreign securities at March 31, 2022. | |
(c) | Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program. | |
(d) | Fully or partially pledged as initial margin deposits on open futures contracts. | |
(e) | Variable rate security. | |
(f) | Affiliated security. | |
(g) | At March 31, 2022, the cost of investments for federal income tax purposes was $493,165,107. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 183,572,752 | ||
Gross unrealized depreciation | (7,217,035 | ) | ||
Net unrealized appreciation | $ | 176,355,717 |
Holdings of Open Futures Contracts
On March 31, 2022, securities with an aggregate market value of $21,227,603 have been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | ||||||||||||||
S&P 500 E-Mini Index Future | June 2022 | 414 | Short | $ | (87,929,390 | ) | $ | (93,786,525 | ) | $ | (5,857,135 | ) |
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2022:
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||||
S&P 500 Index | $ | 4,655 | May 2022 | 75 | $ | 7,500 | $ | 352,500 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Call Options Written:
The Fund had the following call options written open at March 31, 2022:
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||||
S&P 500 Index | $ | 4,900 | May 2022 | 75 | $ | 7,500 | $ | (28,716 | ) |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Principal | Value(a) | |||||||
Long-Term Debt Securities (98.2%) | ||||||||
Government Obligations (31.0%) | ||||||||
Other Government Obligations (1.5%) | ||||||||
Provincial or Local Government Obligations (1.5%) | ||||||||
Douglas County Public Utility District No. 1, 5.450%, 09/01/40 | $ | 1,185,000 | $ | 1,403,372 | ||||
Municipal Electric Authority of Georgia, 6.655%, 04/01/57 | 1,163,000 | 1,611,243 | ||||||
Ohio Water Development Authority, 4.817%, 12/01/30 | 250,000 | 275,832 | ||||||
Port Authority of New York & New Jersey | ||||||||
4.458%, 10/01/62 | 1,150,000 | 1,284,918 | ||||||
4.926%, 10/01/51 | 2,055,000 | 2,471,528 | ||||||
Texas A&M University, 4.000%, 05/15/31 | 325,000 | 336,762 | ||||||
7,383,655 | ||||||||
U.S. Government Agencies and Obligations (29.5%) | ||||||||
Federal Home Loan Mortgage Corporation (2.1%) | ||||||||
0.891%, 01/25/23 (1-Month USD LIBOR + 0.650%) (b) | 15,710 | 15,602 | ||||||
1.407%, 10/25/29 (1-Month USD LIBOR + 0.950%) (b) | 417,570 | 402,080 | ||||||
2.500%, 03/01/28 | 201,453 | 199,893 | ||||||
2.500%, 04/01/28 | 75,496 | 74,877 | ||||||
3.000%, 08/01/42 | 299,497 | 300,298 | ||||||
3.000%, 12/01/42 | 120,846 | 121,169 | ||||||
3.000%, 01/01/43 | 165,569 | 166,993 | ||||||
3.000%, 02/01/43 | 419,949 | 419,281 | ||||||
3.000%, 04/01/43 | 580,984 | 582,499 | ||||||
3.000%, 10/25/46 | 51,341 | 49,670 | ||||||
3.500%, 10/01/25 | 66,304 | 67,092 | ||||||
3.500%, 05/01/32 | 97,307 | 98,457 | ||||||
3.500%, 03/01/42 | 426,752 | 432,774 | ||||||
3.500%, 08/01/42 | 362,702 | 368,977 | ||||||
3.500%, 05/25/45 | 211,910 | 199,731 | ||||||
3.757%, 10/25/27 (1-Month USD LIBOR + 3.300%) (b) | 263,746 | 267,871 | ||||||
4.000%, 09/01/40 | 354,793 | 373,449 | ||||||
4.000%, 11/01/40 | 727,831 | 766,240 | ||||||
4.000%, 02/01/41 | 151,620 | 158,960 | ||||||
4.000%, 03/01/41 | 175,832 | 187,807 | ||||||
4.500%, 04/01/23 | 3,963 | 3,913 | ||||||
4.500%, 09/01/40 | 47,168 | 50,228 | ||||||
4.500%, 01/01/41 | 263,928 | 282,218 | ||||||
4.500%, 02/01/41 | 136,231 | 144,205 | ||||||
4.500%, 03/01/41 | 326,847 | 346,056 | ||||||
4.500%, 04/01/41 | 273,647 | 299,209 | ||||||
5.000%, 03/01/23 | 1,705 | 1,685 | ||||||
5.000%, 05/01/29 | 14,967 | 15,701 | ||||||
5.000%, 04/01/35 | 40,788 | 44,002 | ||||||
5.000%, 08/01/35 | 28,268 | 30,480 | ||||||
5.000%, 11/01/35 | 52,069 | 56,403 | ||||||
5.000%, 11/01/39 | 291,485 | 316,125 | ||||||
5.000%, 04/01/40 | 86,447 | 95,148 | ||||||
5.000%, 08/01/40 | 59,236 | 64,234 | ||||||
5.007%, 10/25/24 (1-Month USD LIBOR + 4.550%) (b) | 33,801 | 34,657 | ||||||
5.257%, 05/25/28 (1-Month USD LIBOR + 4.800%) (b) | 789,658 | 807,862 | ||||||
5.500%, 11/01/23 | 25,714 | 25,843 | ||||||
5.500%, 05/01/34 | 393,214 | 442,036 | ||||||
5.500%, 10/01/34 | 118,136 | 132,525 | ||||||
5.500%, 07/01/35 | 147,777 | 165,183 | ||||||
5.500%, 10/01/35 | 161,301 | 183,238 | ||||||
5.500%, 12/01/38 | 72,632 | 80,567 | ||||||
6.000%, 11/01/33 | 164,984 | 190,641 | ||||||
6.007%, 07/25/28 (1-Month USD LIBOR + 5.550%) (b) | 1,408,068 | 1,499,232 | ||||||
6.250%, 12/15/23 | 7,941 | 8,124 | ||||||
6.500%, 09/01/32 | 19,698 | 22,552 | ||||||
6.500%, 11/01/32 | 17,938 | 20,199 | ||||||
6.500%, 06/01/36 | 106,466 | 123,854 | ||||||
7.000%, 12/01/37 | 36,669 | 41,495 | ||||||
10,781,335 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Federal National Mortgage Association (3.5%) | ||||||||
2.500%, 03/01/27 | $ | 117,348 | $ | 116,620 | ||||
2.500%, 11/01/27 | 190,467 | 188,497 | ||||||
2.500%, 03/01/28 | 137,637 | 136,465 | ||||||
2.500%, 07/01/28 | 189,399 | 187,403 | ||||||
3.000%, 06/01/22 | 1,290 | 1,291 | ||||||
3.000%, 09/01/22 | 2,709 | 2,722 | ||||||
3.000%, 11/01/27 | 82,582 | 83,628 | ||||||
3.000%, 06/01/28 | 72,909 | 73,668 | ||||||
3.000%, 09/01/42 | 83,288 | 83,189 | ||||||
3.000%, 01/01/46 | 91,209 | 91,315 | ||||||
3.500%, 11/01/25 | 82,952 | 84,947 | ||||||
3.500%, 01/01/26 | 90,589 | 92,761 | ||||||
3.500%, 12/01/32 | 92,691 | 94,364 | ||||||
3.500%, 11/01/40 | 282,059 | 286,256 | ||||||
3.500%, 01/01/41 | 311,942 | 319,405 | ||||||
3.500%, 02/01/41 | 390,139 | 398,171 | ||||||
3.500%, 04/01/41 | 190,685 | 193,584 | ||||||
3.500%, 11/01/41 | 1,091,696 | 1,108,333 | ||||||
3.500%, 12/01/41 | 223,143 | 228,414 | ||||||
3.500%, 05/01/42 | 117,177 | 118,965 | ||||||
3.500%, 01/01/43 | 269,921 | 276,576 | ||||||
3.500%, 02/01/43 | 319,116 | 325,138 | ||||||
3.500%, 05/01/43 | 1,055,783 | 1,085,303 | ||||||
4.000%, 12/01/40 | 42,618 | 44,224 | ||||||
4.000%, 04/01/41 | 670,778 | 708,061 | ||||||
4.000%, 09/01/41 | 196,445 | 205,923 | ||||||
4.000%, 11/01/41 | 104,969 | 109,378 | ||||||
4.000%, 06/01/42 | 295,037 | 311,251 | ||||||
4.000%, 09/01/43 | 181,237 | 187,420 | ||||||
4.107%, 09/25/29 (1-Month USD LIBOR + 3.650%) (b) | 172,003 | 176,801 | ||||||
4.500%, 04/01/25 | 10,851 | 11,137 | ||||||
4.500%, 05/25/34 | 537,000 | 576,332 | ||||||
4.500%, 05/01/35 | 97,273 | 109,251 | ||||||
4.500%, 07/01/35 | 259,763 | 275,733 | ||||||
4.500%, 09/01/37 | 92,257 | 97,902 | ||||||
4.500%, 06/01/39 | 93,050 | 99,710 | ||||||
4.500%, 04/01/41 | 813,335 | 862,764 | ||||||
4.500%, 07/01/41 | 541,102 | 572,938 | ||||||
4.500%, 07/01/47 | 233,505 | 251,337 | ||||||
4.757%, 02/25/25 (1-Month USD LIBOR + 4.300%) (b) | 464,351 | 471,922 | ||||||
4.857%, 01/25/24 (1-Month USD LIBOR + 4.400%) (b) | 35,978 | 37,198 | ||||||
4.907%, 01/25/29 (1-Month USD LIBOR + 4.450%) (b) | 1,101,982 | 1,143,903 | ||||||
5.000%, 06/25/23 | 10,783 | 10,903 | ||||||
5.000%, 07/01/23 | 8,770 | 8,712 | ||||||
5.000%, 11/01/33 | 104,767 | 112,494 | ||||||
5.000%, 03/01/34 | 87,765 | 94,703 | ||||||
5.000%, 05/01/34 | 18,067 | 19,458 | ||||||
5.000%, 12/01/34 | 108,496 | 116,483 | ||||||
5.000%, 07/01/35 | 97,461 | 106,831 | ||||||
5.000%, 08/01/35 | 39,098 | 42,177 | ||||||
5.000%, 03/01/38 | 47,306 | 52,499 | ||||||
5.000%, 04/01/38 | 75,815 | 85,071 | ||||||
5.000%, 06/01/39 | 67,024 | 72,847 | ||||||
5.000%, 12/01/39 | 250,611 | 272,180 | ||||||
5.000%, 06/01/40 | 32,103 | 34,974 | ||||||
5.000%, 04/01/41 | 261,485 | 284,750 | ||||||
5.500%, 08/01/23 | 5,475 | 5,511 | ||||||
5.500%, 02/01/24 | 10,298 | 11,214 | ||||||
5.500%, 04/01/33 | 389,710 | 442,720 | ||||||
5.500%, 05/01/33 | 5,393 | 5,933 | ||||||
5.500%, 12/01/33 | 39,605 | 44,952 | ||||||
5.500%, 01/01/34 | 75,929 | 83,546 | ||||||
5.500%, 02/01/34 | 82,020 | 93,703 | ||||||
5.500%, 03/01/34 | 133,676 | 148,909 | ||||||
5.500%, 04/01/34 | 75,642 | 84,403 | ||||||
5.500%, 05/01/34 | 2,345 | 2,541 | ||||||
5.500%, 09/01/34 | 92,432 | 105,755 | ||||||
5.500%, 10/01/34 | 29,383 | 33,296 | ||||||
5.500%, 01/01/35 | 55,296 | 62,376 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
5.500%, 02/01/35 | $ | 148,377 | $ | 165,729 | ||||
5.500%, 04/01/35 | 126,437 | 137,533 | ||||||
5.500%, 06/01/35 | 7,247 | 8,024 | ||||||
5.500%, 08/01/35 | 80,603 | 88,706 | ||||||
5.500%, 10/01/35 | 174,589 | 197,933 | ||||||
5.500%, 11/01/35 | 36,954 | 41,499 | ||||||
5.500%, 09/01/36 | 70,502 | 78,999 | ||||||
5.500%, 12/01/39 | 43,473 | 48,500 | ||||||
6.000%, 08/01/23 | 7,924 | 8,074 | ||||||
6.000%, 09/01/32 | 8,032 | 9,253 | ||||||
6.000%, 10/01/32 | 277,821 | 320,284 | ||||||
6.000%, 11/01/32 | 299,960 | 345,675 | ||||||
6.000%, 03/01/33 | 197,893 | 226,370 | ||||||
6.000%, 12/01/33 | 76,557 | 89,018 | ||||||
6.000%, 08/01/34 | 18,974 | 21,564 | ||||||
6.000%, 09/01/34 | 13,803 | 16,232 | ||||||
6.000%, 11/01/34 | 11,079 | 12,503 | ||||||
6.000%, 12/01/34 | 63,188 | 72,099 | ||||||
6.000%, 11/01/36 | 7,784 | 9,079 | ||||||
6.000%, 01/01/37 | 85,672 | 100,081 | ||||||
6.000%, 08/01/37 | 45,678 | 52,838 | ||||||
6.000%, 10/01/38 | 79,769 | 90,707 | ||||||
6.500%, 11/01/23 | 6,387 | 6,561 | ||||||
6.500%, 12/01/31 | 32,627 | 37,146 | ||||||
6.500%, 02/01/32 | 127,891 | 146,768 | ||||||
6.500%, 04/01/32 | 84,333 | 95,082 | ||||||
6.500%, 05/01/32 | 21,745 | 24,963 | ||||||
6.500%, 07/01/32 | 145,519 | 164,238 | ||||||
6.500%, 08/01/32 | 68,900 | 79,077 | ||||||
6.500%, 09/01/32 | 43,848 | 49,698 | ||||||
6.500%, 10/01/32 | 57,651 | 64,523 | ||||||
6.500%, 09/01/34 | 3,003 | 3,396 | ||||||
6.500%, 11/01/34 | 3,079 | 3,441 | ||||||
6.500%, 03/01/35 | 46,191 | 51,023 | ||||||
6.500%, 09/01/37 | 59,841 | 67,027 | ||||||
6.500%, 11/01/37 | 34,787 | 39,895 | ||||||
7.000%, 07/01/31 | 36,598 | 42,022 | ||||||
7.000%, 09/01/31 | 105,803 | 119,665 | ||||||
7.000%, 11/01/31 | 99,077 | 111,968 | ||||||
7.000%, 02/01/32 | 44,298 | 50,129 | ||||||
7.000%, 03/01/32 | 9,787 | 11,225 | ||||||
7.000%, 07/01/32 | 44,521 | 50,149 | ||||||
7.000%, 10/01/37 | 14,464 | 15,451 | ||||||
7.500%, 04/01/31 | 38,898 | 41,711 | ||||||
7.500%, 05/01/31 | 17,369 | 19,355 | ||||||
17,704,354 | ||||||||
Government National Mortgage Association (1.4%) | ||||||||
0.000%, 06/17/45 (b) (c) (d) | 121,583 | 14 | ||||||
1.000%, 12/20/42 | 43,464 | 40,459 | ||||||
3.000%, 03/15/45 | 490,666 | 485,848 | ||||||
3.000%, 04/15/45 | 892,901 | 886,351 | ||||||
3.000%, 05/15/45 | 52,066 | 51,514 | ||||||
3.250%, 04/20/33 | 99,595 | 99,501 | ||||||
3.250%, 03/20/35 | 789,335 | 802,896 | ||||||
3.250%, 11/20/35 | 441,381 | 449,076 | ||||||
3.250%, 01/20/36 | 708,869 | 721,147 | ||||||
3.500%, 11/15/40 | 60,598 | 61,974 | ||||||
3.500%, 04/20/46 | 318,367 | 320,815 | ||||||
3.750%, 03/20/46 | 600,812 | 622,130 | ||||||
4.000%, 07/20/31 | 242,352 | 249,294 | ||||||
4.000%, 04/20/39 | 182,390 | 187,721 | ||||||
4.000%, 12/20/40 | 449,918 | 470,717 | ||||||
4.000%, 01/15/41 | 22,138 | 23,492 | ||||||
4.000%, 02/15/41 | 186,681 | 196,443 | ||||||
4.000%, 10/15/41 | 114,109 | 119,665 | ||||||
4.000%, 12/20/44 | 53,763 | 56,229 | ||||||
4.500%, 06/15/40 | 130,666 | 143,357 | ||||||
5.000%, 05/15/33 | 34,581 | 38,728 | ||||||
5.000%, 12/15/39 | 51,501 | 58,239 | ||||||
5.000%, 01/15/40 | 431,427 | 486,691 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
5.000%, 07/15/40 | $ | 93,848 | $ | 104,275 | ||||
5.500%, 07/15/38 | 119,763 | 131,697 | ||||||
5.500%, 10/15/38 | 178,127 | 194,948 | ||||||
8.500%, 10/15/22 | 938 | 900 | ||||||
7,004,121 | ||||||||
U.S. Treasury (22.5%) | ||||||||
U.S. Treasury Bond | ||||||||
1.375%, 11/15/40 | 7,150,000 | 5,857,414 | ||||||
1.750%, 08/15/41 | 14,928,000 | 12,957,037 | ||||||
1.875%, 02/15/41 | 6,570,000 | 5,857,566 | ||||||
1.875%, 11/15/51 | 4,685,000 | 4,108,891 | ||||||
2.000%, 11/15/41 | 2,250,000 | 2,039,063 | ||||||
2.000%, 08/15/51 | 7,975,000 | 7,193,699 | ||||||
2.250%, 05/15/41 | 750,000 | 709,219 | ||||||
2.375%, 02/15/42 | 3,750,000 | 3,621,094 | ||||||
2.375%, 05/15/51 | 359,000 | 352,157 | ||||||
5.375%, 02/15/31 (e) | 5,115,000 | 6,355,387 | ||||||
U.S. Treasury Note | ||||||||
0.125%, 01/15/24 | 10,500,000 | 10,109,531 | ||||||
0.250%, 05/31/25 | 3,000,000 | 2,795,625 | ||||||
0.375%, 04/15/24 | 1,725,000 | 1,658,156 | ||||||
0.500%, 02/28/26 | 3,750,000 | 3,471,094 | ||||||
0.500%, 05/31/27 | 2,020,000 | 1,830,309 | ||||||
0.625%, 10/15/24 | 5,203,000 | 4,971,304 | ||||||
0.625%, 12/31/27 | 8,000,000 | 7,220,000 | ||||||
0.750%, 11/15/24 | 2,500,000 | 2,391,797 | ||||||
0.875%, 09/30/26 | 5,305,000 | 4,943,597 | ||||||
1.125%, 01/15/25 | 769,000 | 741,364 | ||||||
1.125%, 02/29/28 | 8,328,000 | 7,732,027 | ||||||
1.250%, 12/31/26 | 2,450,000 | 2,317,930 | ||||||
1.250%, 05/31/28 | 1,485,000 | 1,384,066 | ||||||
1.250%, 06/30/28 | 1,215,000 | 1,131,469 | ||||||
1.375%, 11/15/31 | 940,000 | 862,744 | ||||||
1.500%, 02/29/24 | 6,500,000 | 6,410,625 | ||||||
1.500%, 01/31/27 | 2,300,000 | 2,201,172 | ||||||
1.500%, 11/30/28 | 1,250,000 | 1,178,711 | ||||||
1.750%, 03/15/25 | 250,000 | 245,000 | ||||||
2.250%, 02/15/27 (e) | 150,000 | 148,617 | ||||||
2.750%, 02/15/28 | 200,000 | 203,313 | ||||||
112,999,978 | ||||||||
Vendee Mortgage Trust (0.0%) | ||||||||
Vendee Mortgage Trust, 7.793%, 02/15/25 | 7,276 | 7,278 | ||||||
Total government obligations (cost: $160,826,566) | 155,880,721 | |||||||
Asset-Backed Securities (12.9%) | ||||||||
AMSR 2021-SFR2 Trust, 2.278%, 08/17/38 (f) | 1,150,000 | 1,078,838 | ||||||
AMSR 2021-SFR4 Trust, 2.417%, 12/17/38 (f) | 4,950,000 | 4,665,078 | ||||||
Bear Stearns Asset Backed Securities Trust, 1.432%, 02/25/34 (1-Month USD LIBOR + 0.975%) (b) | 361,951 | 379,016 | ||||||
CarMax Auto Owner Trust, 2.800%, 04/15/26 | 1,400,000 | 1,395,799 | ||||||
Chase Funding Trust | ||||||||
1.017%, 02/25/33 (1-Month USD LIBOR + 0.560%) (b) | 137,766 | 138,456 | ||||||
1.097%, 08/25/32 (1-Month USD LIBOR + 0.640%) (b) | 94,443 | 97,291 | ||||||
Commonbond Student Loan Trust | ||||||||
2.550%, 05/25/41 (f) | 138,727 | 138,882 | ||||||
5.280%, 05/25/41 (f) | 21,352 | 20,515 | ||||||
Commonbond Student Loan Trust 2018-A-GS | ||||||||
0.957%, 02/25/44 (1-Month USD LIBOR + 0.500%) (b) (f) | 293,129 | 291,982 | ||||||
3.210%, 02/25/44 (f) | 747,748 | 752,214 | ||||||
Commonbond Student Loan Trust 2019-A-GS, 2.540%, 01/25/47 (f) | 1,549,707 | 1,536,878 | ||||||
Commonbond Student Loan Trust 2021-A-GS, 1.200%, 03/25/52 (f) | 636,725 | 618,828 | ||||||
Drive Auto Receivables Trust, 3.990%, 01/15/25 | 104,486 | 104,579 | ||||||
Exeter Automobile Receivables Trust 2020-3, 1.730%, 07/15/26 | 1,850,000 | 1,810,304 | ||||||
FirstKey Homes Trust | ||||||||
1.788%, 08/17/38 (f) | 2,075,000 | 1,877,356 | ||||||
2.058%, 09/17/38 (f) | 1,950,000 | 1,810,517 | ||||||
Home Partners of America 2021-1 Trust, 1.698%, 09/17/41 (f) | 3,540,820 | 3,250,825 | ||||||
Home Partners of America 2021-3 Trust, 2.649%, 01/17/41 (f) | 3,966,387 | 3,650,980 | ||||||
Invitation Homes 2018-SFR1 Trust, 1.691%, 03/17/37 (1-Month USD LIBOR + 1.250%) (b) (f) | 3,499,498 | 3,509,717 | ||||||
Invitation Homes 2018-SFR2 Trust, 1.677%, 06/17/37 (1-Month USD LIBOR + 1.280%) (b) (f) | 1,499,764 | 1,496,450 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Invitation Homes 2018-SFR3 Trust, 1.441%, 07/17/37 (1-Month USD LIBOR + 1.000%) (b) (f) | $ | 483,809 | $ | 483,494 | ||||
Invitation Homes 2018-SFR4 Trust, 1.841%, 01/17/38 (1-Month USD LIBOR + 1.400%) (b) (f) | 5,049,767 | 5,038,506 | ||||||
Morgan Stanley Dean Witter Capital I, Inc., 1.017%, 08/25/32 (1-Month USD LIBOR + 0.560%) (b) | 178,343 | 181,426 | ||||||
Navient Private Education Refi Loan Trust | ||||||||
0.940%, 07/15/69 (f) | 1,932,311 | 1,814,705 | ||||||
1.310%, 01/15/69 (f) | 1,099,909 | 1,067,629 | ||||||
2.230%, 07/15/70 (f) | 1,750,000 | 1,697,209 | ||||||
Navient Private Education Refi Loan Trust 2021-C, 1.060%, 10/15/69 (f) | 960,358 | 914,192 | ||||||
Navient Private Education Refi Loan Trust 2021-F, 1.110%, 02/18/70 (f) | 1,710,059 | 1,594,318 | ||||||
Progress Residential 2019-SFR2 Trust, 3.446%, 05/17/36 (f) | 2,500,000 | 2,436,575 | ||||||
Progress Residential Trust, 2.341%, 08/17/40 (f) | 1,525,000 | 1,337,762 | ||||||
Santander Bank NA - SBCLN, 1.833%, 12/15/31 (f) | 1,442,711 | 1,422,572 | ||||||
Santander Consumer Auto Receivables Trust 2021-A, 1.570%, 01/15/27 (f) | 1,500,000 | 1,419,861 | ||||||
Santander Drive Auto Receivables Trust, 1.120%, 01/15/26 | 2,225,000 | 2,211,030 | ||||||
Saxon Asset Securities Trust, 0.997%, 03/25/35 (1-Month USD LIBOR + 0.540%) (b) | 241,163 | 241,764 | ||||||
SoFi Professional Loan Program 2021-B Trust, 1.140%, 02/15/47 (f) | 2,382,934 | 2,218,746 | ||||||
SoFi Professional Loan Program LLC | ||||||||
2.650%, 09/25/40 (f) | 361,075 | 358,244 | ||||||
2.840%, 01/25/41 (f) | 459,260 | 456,637 | ||||||
2.950%, 02/25/42 (f) | 437,852 | 437,289 | ||||||
Towd Point Mortgage Trust | ||||||||
3.000%, 06/25/58 (b) (f) | 2,141,155 | 2,190,971 | ||||||
3.750%, 04/25/55 (b) (f) | 2,505,000 | 2,519,087 | ||||||
3.930%, 11/25/57 (b) (f) | 3,154,000 | 3,197,654 | ||||||
Tricon American Homes Trust, 1.832%, 11/17/39 (f) | 975,000 | 886,197 | ||||||
Tricon Residential 2021-SFR1 Trust, 2.244%, 07/17/38 (f) | 2,300,000 | 2,156,388 | ||||||
Total asset-backed securities (cost: $67,501,291) | 64,906,761 | |||||||
Other Mortgage-Backed Securities (14.7%) | ||||||||
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (9.6%) | ||||||||
Agate Bay Mortgage Trust, 3.703%, 01/25/45 (b) (f) | 106,653 | 107,102 | ||||||
Bear Stearns Mortgage Securities, Inc., 8.000%, 11/25/29 | 27,109 | 25,875 | ||||||
Bellemeade Re Ltd., 2.307%, 10/25/28 (1-Month USD LIBOR + 1.850%) (b) (f) (g) | 2,073,741 | 2,066,888 | ||||||
Citigroup Mortgage Loan 2018-RP1 Trust, 2.500%, 05/25/51 (b) (f) | 2,088,634 | 2,004,998 | ||||||
Citigroup Mortgage Loan Trust 2021-INV1, 2.500%, 05/25/51 (b) (f) | 3,556,346 | 3,413,938 | ||||||
Citigroup Mortgage Loan Trust, Inc., 3.000%, 09/25/64 (b) (f) | 193,237 | 192,810 | ||||||
CSMC Trust | ||||||||
3.350%, 08/25/43 (b) (f) | 1,268,674 | 1,273,723 | ||||||
3.500%, 06/25/47 (b) (f) | 1,134,461 | 1,152,685 | ||||||
Eagle RE Ltd., 1.907%, 01/25/30 (1-Month LIBOR + 1.450%) (b) (f) | 4,725,000 | 4,625,108 | ||||||
FARM 21-1 Mortgage Trust, 2.180%, 01/25/51 (b) (d) (f) | 1,664,237 | 1,552,747 | ||||||
Flagstar Mortgage Trust | ||||||||
2.500%, 07/25/51 (b) (f) | 2,349,336 | 2,243,852 | ||||||
2.500%, 08/25/51 (b) (f) | 2,448,669 | 2,343,010 | ||||||
GS Mortgage-Backed Securities Trust, 2.453%, 07/25/44 (b) (f) | 2,110,021 | 2,094,876 | ||||||
JP Morgan Mortgage Trust | ||||||||
2.270%, 11/25/33 (b) | 46,782 | 48,309 | ||||||
2.500%, 08/25/51 (b) (f) | 2,400,000 | 2,062,402 | ||||||
2.500%, 04/25/52 (b) (f) | 4,317,520 | 4,147,471 | ||||||
3.285%, 10/25/46 (b) (f) | 243,016 | 241,544 | ||||||
3.419%, 06/25/29 (b) (f) | 90,429 | 87,982 | ||||||
3.662%, 05/25/47 (b) (f) | 2,938,471 | 2,977,248 | ||||||
JP Morgan Trust 2015-6, 3.532%, 10/25/45 (b) (f) | 1,375,000 | 1,348,468 | ||||||
MRFC Mortgage Pass-Through Trust Series 1998-2, 6.750%, 06/25/28 | 3,619 | 3,663 | ||||||
PMT Loan Trust, 2.500%, 07/25/51 (b) (f) | 4,414,444 | 4,237,683 | ||||||
Prudential Home Mortgage Securities Co., Inc., 7.480%, 09/28/24 (b) (f) | 86 | 84 | ||||||
Radnor RE Ltd., 2.407%, 02/25/29 (1-Month USD LIBOR + 1.950%) (b) (f) (g) | 726,645 | 727,612 | ||||||
Seasoned Credit Risk Transfer Trust | ||||||||
4.000%, 08/25/56 (b) (f) | 1,200,000 | 1,207,178 | ||||||
4.000%, 07/25/56 (b) | 2,442,261 | 2,414,263 | ||||||
Sequoia Mortgage Trust | ||||||||
3.152%, 11/25/30 (b) (f) | 286,064 | 287,676 | ||||||
3.493%, 06/25/43 (b) | 571,695 | 573,140 | ||||||
3.612%, 02/25/47 (b) (f) | 1,077,484 | 1,076,612 | ||||||
3.722%, 07/25/45 (b) (f) | 248,424 | 251,218 | ||||||
3.916%, 01/25/45 (b) (f) | 156,308 | 158,332 | ||||||
Shellpoint Co-Originator Trust, 3.619%, 04/25/47 (b) (f) | 1,444,258 | 1,438,506 | ||||||
Structured Asset Mortgage Investments, Inc., 6.750%, 05/02/30 (b) | 9,371 | 240 | ||||||
WinWater Mortgage Loan Trust 2015-4, 3.683%, 06/20/45 (b) (f) | 1,678,915 | 1,672,071 | ||||||
48,059,314 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Commercial Mortgage-Backed Securities (5.1%) | ||||||||
BAMLL Commercial Mortgage Securities Trust 2014-520M, 4.185%, 08/15/46 (b) (f) | $ | 1,350,000 | $ | 1,387,719 | ||||
BB-UBS Trust, 4.026%, 11/05/36 (b) (f) | 1,000,000 | 977,555 | ||||||
CFCRE Commercial Mortgage Trust, 3.839%, 12/10/54 | 500,000 | 506,955 | ||||||
Citigroup Commercial Mortgage Trust 2018-TBR, 1.227%, 12/15/36 (1-Month USD LIBOR + 0.830%) (b) (f) | 4,000,000 | 3,945,360 | ||||||
CSMC OA LLC, 3.304%, 09/15/37 (f) | 357,244 | 352,858 | ||||||
Hometown Commercial Mortgage, 6.057%, 06/11/39 (f) | 28,292 | 8,438 | ||||||
Irvine Core Office Trust, 2.068%, 05/15/48 (f) | 63,095 | 63,122 | ||||||
JPMCC Commercial Mortgage Securities Trust, 3.723%, 03/15/50 | 1,000,000 | 1,014,190 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, 3.720%, 12/15/49 | 225,000 | 227,716 | ||||||
Morgan Stanley Capital I Trust, 3.451%, 08/05/34 (f) | 700,000 | 696,451 | ||||||
ONE 2021-PARK Mortgage Trust, 1.097%, 03/15/36 (1-Month USD LIBOR + 0.700%) (b) (f) | 3,050,000 | 2,956,121 | ||||||
One Market Plaza Trust, 3.614%, 02/10/32 (f) | 2,500,000 | 2,458,975 | ||||||
UBS Commercial Mortgage Trust | ||||||||
3.580%, 12/15/50 | 3,500,000 | 3,515,925 | ||||||
3.724%, 06/15/50 | 2,750,000 | 2,754,510 | ||||||
4.061%, 12/15/50 (b) | 1,505,000 | 1,515,625 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
3.184%, 04/15/50 | 1,544,000 | 1,528,838 | ||||||
3.637%, 06/15/48 | 1,905,000 | 1,911,477 | ||||||
25,821,835 | ||||||||
Total other mortgage-backed securities (cost: $76,428,230) | 73,881,149 | |||||||
Corporate Obligations (39.6%) | ||||||||
Communications (1.4%) | ||||||||
Media (0.3%) | ||||||||
Comcast Corp., 3.300%, 04/01/27 | 1,740,000 | 1,762,256 | ||||||
Telecommunication (1.1%) | ||||||||
AT&T, Inc. | ||||||||
2.300%, 06/01/27 | 650,000 | 619,987 | ||||||
3.550%, 09/15/55 | 4,012,000 | 3,515,535 | ||||||
3.650%, 06/01/51 | 650,000 | 590,496 | ||||||
Crown Castle Towers LLC, 4.241%, 07/15/48 (f) | 625,000 | 640,985 | ||||||
5,367,003 | ||||||||
Consumer Cyclical (1.4%) | ||||||||
Auto Components (0.4%) | ||||||||
Aptiv PLC/Aptiv Corp., 2.396%, 02/18/25 (g) | 1,975,000 | 1,925,046 | ||||||
Auto/Truck Parts & Equipment — Original (1.0%) | ||||||||
General Motors Financial Co., Inc., 1.002%, 03/08/24 (SOFRRATE + 0.760%) (b) | 1,775,000 | 1,762,629 | ||||||
Hyundai Capital America | ||||||||
2.850%, 11/01/22 (f) | 3,000,000 | 3,010,398 | ||||||
3.250%, 09/20/22 (f) | 625,000 | 629,951 | ||||||
5,402,978 | ||||||||
Consumer, Non-cyclical (2.4%) | ||||||||
Agricultural Operations (0.5%) | ||||||||
Bunge Ltd. Finance Corp. | ||||||||
1.630%, 08/17/25 | 1,000,000 | 946,328 | ||||||
2.750%, 05/14/31 | 2,000,000 | 1,835,958 | ||||||
2,782,286 | ||||||||
Biotechnology (0.3%) | ||||||||
Bio-Rad Laboratories, Inc., 3.300%, 03/15/27 | 1,400,000 | 1,380,217 | ||||||
Commercial Services (0.4%) | ||||||||
Block Financial LLC | ||||||||
2.500%, 07/15/28 | 1,005,000 | 921,034 | ||||||
3.875%, 08/15/30 | 1,025,000 | 1,002,597 | ||||||
1,923,631 | ||||||||
Drugstore Chains (0.9%) | ||||||||
CVS Pass-Through Trust | ||||||||
5.298%, 01/11/27 (f) | 694,122 | 720,054 | ||||||
6.036%, 12/10/28 | 1,643,340 | 1,759,839 | ||||||
6.943%, 01/10/30 | 1,736,342 | 1,913,297 | ||||||
4,393,190 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Pharmaceuticals (0.3%) | ||||||||
Johnson & Johnson, 2.250%, 09/01/50 | $ | 1,750,000 | $ | 1,428,322 | ||||
Energy (4.8%) | ||||||||
Oil & Gas (1.7%) | ||||||||
Chevron USA, Inc., 3.900%, 11/15/24 | 2,035,000 | 2,095,954 | ||||||
DT Midstream, Inc. | ||||||||
4.125%, 06/15/29 (f) | 1,357,000 | 1,302,720 | ||||||
4.375%, 06/15/31 (f) | 685,000 | 654,175 | ||||||
Equinor ASA, 3.000%, 04/06/27 (g) | 2,800,000 | 2,783,990 | ||||||
NGPL PipeCo LLC, 3.250%, 07/15/31 (f) | 1,965,000 | 1,833,587 | ||||||
8,670,426 | ||||||||
Oil, Gas & Consumable Fuels (0.6%) | ||||||||
HollyFrontier Corp., 2.625%, 10/01/23 | 1,700,000 | 1,683,039 | ||||||
Marathon Petroleum Corp., 5.850%, 12/15/45 | 1,505,000 | 1,661,144 | ||||||
3,344,183 | ||||||||
Pipelines (2.5%) | ||||||||
Boardwalk Pipelines LP, 4.950%, 12/15/24 | 1,000,000 | 1,017,702 | ||||||
El Paso Natural Gas Co. LLC, 8.375%, 06/15/32 | 675,000 | 862,975 | ||||||
Energy Transfer LP, 6.850%, 02/15/40 | 2,150,000 | 2,526,250 | ||||||
Enterprise Products Operating LLC, 3.301%, 06/01/67 (3-Month USD LIBOR + 2.778%) (b) | 2,180,000 | 1,853,892 | ||||||
Gray Oak Pipeline LLC, 3.450%, 10/15/27 (f) | 1,525,000 | 1,473,441 | ||||||
Midwest Connector Capital Co. LLC, 3.625%, 04/01/22 (f) | 2,300,000 | 2,299,772 | ||||||
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32 | 1,850,000 | 2,417,806 | ||||||
12,451,838 | ||||||||
Financial (12.7%) | ||||||||
Banks (6.4%) | ||||||||
Athene Global Funding, 3.000%, 07/01/22 (f) | 1,275,000 | 1,278,967 | ||||||
Bank of America Corp., 3.974%, 02/07/30 (3-Month USD LIBOR + 1.210%) (b) | 4,040,000 | 4,096,568 | ||||||
Discover Bank, 3.450%, 07/27/26 | 1,900,000 | 1,893,677 | ||||||
Goldman Sachs Group, Inc., 2.383%, 07/21/32 (SOFRRATE + 1.248%) (b) | 3,785,000 | 3,361,788 | ||||||
JPMorgan Chase & Co., 3.540%, 05/01/28 (3-Month USD LIBOR + 1.380%) (b) | 1,500,000 | 1,504,356 | ||||||
Morgan Stanley | ||||||||
0.529%, 01/25/24 (SOFRRATE + 0.455%) (b) | 3,700,000 | 3,641,196 | ||||||
3.125%, 07/27/26 | 800,000 | 793,438 | ||||||
PNC Bank NA, 3.875%, 04/10/25 | 4,500,000 | 4,585,765 | ||||||
Synovus Financial Corp., 3.125%, 11/01/22 | 2,580,000 | 2,588,395 | ||||||
Truist Financial Corp., 5.050%, 12/15/24 (3-Month USD LIBOR + 3.102%) (b) | 1,770,000 | 1,719,112 | ||||||
U.S. Bancorp | ||||||||
3.000%, 07/30/29 | 765,000 | 747,744 | ||||||
5.300%, 04/15/27 (3-Month USD LIBOR + 2.914%) (b) | 800,000 | 789,000 | ||||||
Wells Fargo & Co. | ||||||||
2.393%, 06/02/28 (SOFRRATE + 2.100%) (b) | 4,125,000 | 3,898,108 | ||||||
3.000%, 10/23/26 | 1,100,000 | 1,086,476 | ||||||
31,984,590 | ||||||||
Diversified Financial Services (2.4%) | ||||||||
Charles Schwab Corp., 3.838%, 06/01/22 (3-Month USD LIBOR + 3.315%) (b) | 2,200,000 | 2,172,500 | ||||||
DY7 Leasing LLC, 2.578%, 12/10/25 | 39,283 | 39,258 | ||||||
Helios Leasing I LLC, 1.825%, 05/16/25 | 43,969 | 43,483 | ||||||
Macquarie Group Ltd., 2.691%, 06/23/32 (SOFRRATE + 1.440%) (b) (f) (g) | 4,575,000 | 4,027,359 | ||||||
Main Street Capital Corp., 3.000%, 07/14/26 | 2,025,000 | 1,887,343 | ||||||
Pine Street Trust I, 4.572%, 02/15/29 (f) | 1,450,000 | 1,508,800 | ||||||
Sixth Street Specialty Lending, Inc., 3.875%, 11/01/24 | 1,305,000 | 1,303,502 | ||||||
USAA Capital Corp., 1.500%, 05/01/23 (f) | 1,250,000 | 1,241,011 | ||||||
12,223,256 | ||||||||
Finance (2.2%) | ||||||||
Bank of New York Mellon Corp., 3.750%, 12/20/26 (5-Year CMT + 2.630%) (b) | 1,800,000 | 1,649,250 | ||||||
Blackstone Secured Lending Fund, 2.125%, 02/15/27 (f) | 2,125,000 | 1,886,737 | ||||||
Citigroup, Inc., 1.281%, 11/03/25 (SOFRRATE + 0.528%) (b) | 2,625,000 | 2,495,136 | ||||||
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31 | 2,100,000 | 1,850,432 | ||||||
Seasoned Credit Risk Transfer Trust, 2.000%, 03/25/61 | 1,481,562 | 1,415,201 | ||||||
State Street Corp., 2.200%, 03/03/31 | 2,001,000 | 1,809,606 | ||||||
11,106,362 | ||||||||
Insurance (1.7%) | ||||||||
Equitable Financial Life Global Funding, 1.400%, 07/07/25 (f) | 2,450,000 | 2,304,382 | ||||||
Security Benefit Global Funding, 1.250%, 05/17/24 (f) | 2,250,000 | 2,157,070 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (f) | $ | 2,500,000 | $ | 2,655,380 | ||||
Unum Group, 5.750%, 08/15/42 | 1,300,000 | 1,398,930 | ||||||
8,515,762 | ||||||||
Health Care (1.8%) | ||||||||
Health Care Providers & Services (1.6%) | ||||||||
New York & Presbyterian Hospital | ||||||||
2.256%, 08/01/40 | 3,175,000 | 2,537,511 | ||||||
2.606%, 08/01/60 | 650,000 | 502,058 | ||||||
NYU Langone Hospitals | ||||||||
3.380%, 07/01/55 | 2,354,000 | 2,110,738 | ||||||
4.428%, 07/01/42 | 1,570,000 | 1,703,167 | ||||||
Sinai Health System, 3.034%, 01/20/36 | 1,185,000 | 1,186,469 | ||||||
8,039,943 | ||||||||
Pharmaceuticals (0.2%) | ||||||||
Viatris, Inc., 3.850%, 06/22/40 | 1,000,000 | 862,942 | ||||||
Industrials (1.3%) | ||||||||
Transportation (1.3%) | ||||||||
CSX Corp. | ||||||||
4.250%, 11/01/66 | 1,085,000 | 1,124,740 | ||||||
4.750%, 11/15/48 | 625,000 | 716,141 | ||||||
Kansas City Southern, 3.125%, 06/01/26 | 1,500,000 | 1,493,027 | ||||||
Triton Container International Ltd. | ||||||||
2.050%, 04/15/26 (f) (g) | 2,340,000 | 2,185,368 | ||||||
3.150%, 06/15/31 (f) (g) | 1,285,000 | 1,175,143 | ||||||
6,694,419 | ||||||||
Technology (1.3%) | ||||||||
Computers (0.7%) | ||||||||
Dell International LLC/EMC Corp., 5.300%, 10/01/29 | 1,475,000 | 1,601,962 | ||||||
Leidos, Inc., 2.950%, 05/15/23 | 1,950,000 | 1,954,875 | ||||||
3,556,837 | ||||||||
Semiconductor Equipment (0.6%) | ||||||||
TSMC Arizona Corp. | ||||||||
1.750%, 10/25/26 | 1,550,000 | 1,455,075 | ||||||
2.500%, 10/25/31 | 1,675,000 | 1,547,527 | ||||||
3,002,602 | ||||||||
Transportation (2.8%) | ||||||||
Airlines (2.8%) | ||||||||
Air Canada 2017-1 Class A Pass Through Trust, 3.550%, 07/15/31 (f) (g) | 1,785,240 | 1,651,226 | ||||||
American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/25 | 690,124 | 674,596 | ||||||
American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 08/15/26 | 560,750 | 539,722 | ||||||
British Airways 2019-1 Class A Pass Through Trust, 3.350%, 12/15/30 (f) | 1,185,053 | 1,131,726 | ||||||
British Airways 2020-1 Class A Pass Through Trust, 4.250%, 05/15/34 (f) | 522,571 | 525,540 | ||||||
Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/25 | 1,040,259 | 1,044,046 | ||||||
Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/29 | 1,642,477 | 1,545,779 | ||||||
JetBlue 2020-1 Class A Pass Through Trust, 4.000%, 05/15/34 | 803,724 | 800,785 | ||||||
United Airlines 2014-1 Class B Pass Through Trust, 4.750%, 10/11/23 | 288,196 | 288,195 | ||||||
United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/24 | 1,099,071 | 1,099,071 | ||||||
United Airlines 2019-2 Class B Pass Through Trust, 3.500%, 11/01/29 | 1,265,913 | 1,128,036 | ||||||
United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/29 | 1,750,142 | 1,789,520 | ||||||
United Airlines 2020-1 Class B Pass Through Trust, 4.875%, 07/15/27 | 1,987,200 | 1,947,456 | ||||||
14,165,698 | ||||||||
Utilities (9.7%) | ||||||||
Electric Companies (0.4%) | ||||||||
Indianapolis Power & Light Co., 4.700%, 09/01/45 (f) | 1,900,000 | 2,013,580 | ||||||
Electric Utilities (6.9%) | ||||||||
AES Corp. | ||||||||
1.375%, 01/15/26 | 620,000 | 571,432 | ||||||
3.300%, 07/15/25 (f) | 1,825,000 | 1,786,237 | ||||||
American Electric Power Co., Inc., 2.031%, 03/15/24 | 2,550,000 | 2,505,592 | ||||||
American Transmission System, Inc., 2.650%, 01/15/32 (f) | 2,300,000 | 2,122,865 | ||||||
Cleco Corporate Holdings LLC, 3.743%, 05/01/26 | 1,125,000 | 1,137,413 | ||||||
Duke Energy Carolinas LLC | ||||||||
4.000%, 09/30/42 | 550,000 | 565,535 | ||||||
4.250%, 12/15/41 | 4,030,000 | 4,215,078 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Duke Energy Progress LLC, 4.150%, 12/01/44 | $ | 926,000 | $ | 953,495 | ||||
Entergy Mississippi LLC, 3.250%, 12/01/27 | 1,100,000 | 1,084,856 | ||||||
Entergy Texas, Inc., 3.450%, 12/01/27 | 1,957,000 | 1,932,281 | ||||||
Eversource Energy, 3.800%, 12/01/23 | 2,400,000 | 2,433,403 | ||||||
FirstEnergy Transmission LLC, 5.450%, 07/15/44 (f) | 2,000,000 | 2,190,000 | ||||||
IPALCO Enterprises, Inc., 3.700%, 09/01/24 | 1,175,000 | 1,177,938 | ||||||
MidAmerican Energy Co. | ||||||||
4.250%, 07/15/49 | 1,750,000 | 1,901,585 | ||||||
4.400%, 10/15/44 | 480,000 | 515,951 | ||||||
Pacific Gas & Electric Co. | ||||||||
1.750%, 06/16/22 | 1,525,000 | 1,524,128 | ||||||
3.250%, 02/16/24 | 3,075,000 | 3,062,386 | ||||||
PacifiCorp, 3.300%, 03/15/51 | 1,410,000 | 1,282,192 | ||||||
PG&E Energy Recovery Funding LLC, 1.460%, 07/15/33 | 1,700,000 | 1,570,720 | ||||||
PPL Capital Funding, Inc., 3.661%, 03/30/67 (3-Month USD LIBOR + 2.665%) (b) | 2,147,000 | 1,883,992 | ||||||
34,417,079 | ||||||||
Electric — Integrated (0.9%) | ||||||||
Exelon Corp., 4.050%, 04/15/30 | 1,000,000 | 1,029,358 | ||||||
Florida Power & Light Co. | ||||||||
2.450%, 02/03/32 | 2,250,000 | 2,113,061 | ||||||
2.850%, 04/01/25 | 1,450,000 | 1,450,178 | ||||||
4,592,597 | ||||||||
Gas Utilities (1.5%) | ||||||||
East Ohio Gas Co., 1.300%, 06/15/25 (f) | 1,380,000 | 1,300,658 | ||||||
Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50 | 1,800,000 | 1,590,500 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
3.875%, 11/15/25 | 2,605,000 | 2,651,017 | ||||||
4.400%, 05/30/47 | 775,000 | 780,072 | ||||||
6.000%, 10/01/34 | 1,090,000 | 1,304,451 | ||||||
7,626,698 | ||||||||
Total corporate obligations (cost: $208,195,321) | 199,633,741 | |||||||
Total long-term debt securities (cost: $512,951,408) | 494,302,372 |
Shares | ||||||||
Short-Term Securities (1.3%) | ||||||||
Investment Companies (1.3%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 6,659,131 | 6,659,131 | ||||||
Total short-term securities (cost: $6,659,131) | 6,659,131 | |||||||
Total investments in securities (cost: $519,610,539) (h) | 500,961,503 | |||||||
Cash and other assets in excess of liabilities (0.5%) | 2,563,411 | |||||||
Total net assets (100.0%) | $ | 503,524,914 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. | |
(b) | Variable rate security. | |
(c) | 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. | |
(d) | These securities are being fair-valued according to procedures approved by the Board of Trustees of Securian Funds Trust. | |
(e) | Fully or partially pledged as initial margin deposits on open futures contracts. | |
(f) | Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program. | |
(g) | Foreign security: The Fund held 3.3% of net assets in foreign securities at March 31, 2022. | |
(h) | At March 31, 2022, the cost of investments for federal income tax purposes was $519,247,965. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 5,264,460 | ||
Gross unrealized depreciation | (24,110,011 | ) | ||
Net unrealized depreciation | $ | (18,845,551 | ) |
Holdings of Open Futures Contracts
On March 31, 2022, securities with an aggregate market value of $1,341,578 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 | June 2022 | 126 | Long | $ | 14,803,336 | $ | 14,450,625 | $ | (352,711 | ) | ||||||||||
10 Year U.S. Ultra | June 2022 | 117 | Short | (16,309,330 | ) | (15,849,844 | ) | 459,487 | ||||||||||||
U.S. Long Bond | June 2022 | 231 | Long | 35,615,625 | 34,664,438 | (951,188 | ) | |||||||||||||
U.S. Ultra Bond | June 2022 | 55 | Short | (10,027,198 | ) | (9,741,875 | ) | 285,323 | ||||||||||||
$ | 23,523,344 | $ | (559,089 | ) |
See accompanying notes to investments in securities.
SFT Delaware IvySM Growth Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (99.9%) | ||||||||
Communication Services (0.5%) | ||||||||
Interactive Media & Services (0.5%) | ||||||||
Pinterest, Inc. Class A (b) | 134,121 | $ | 3,300,718 | |||||
Consumer Discretionary (12.4%) | ||||||||
Automobiles (1.7%) | ||||||||
Ferrari NV (c) | 50,073 | 10,920,420 | ||||||
Hotels, Restaurants & Leisure (1.3%) | ||||||||
Booking Holdings, Inc. (b) | 3,408 | 8,003,518 | ||||||
Internet & Catalog Retail (7.1%) | ||||||||
Amazon.com, Inc. (b) | 13,620 | 44,400,519 | ||||||
Specialty Retail (1.1%) | ||||||||
Home Depot, Inc. | 22,210 | 6,648,119 | ||||||
Textiles, Apparel & Luxury Goods (1.2%) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE ADR (c) | 14,205 | 2,025,349 | ||||||
NIKE, Inc. Class B | 42,597 | 5,731,852 | ||||||
7,757,201 | ||||||||
Consumer Staples (3.0%) | ||||||||
Beverages (2.8%) | ||||||||
Coca-Cola Co. | 281,675 | 17,463,850 | ||||||
Personal Care (0.2%) | ||||||||
Estee Lauder Cos., Inc. Class A | 4,987 | 1,358,060 | ||||||
Financial (4.2%) | ||||||||
Capital Markets (4.2%) | ||||||||
Intercontinental Exchange, Inc. | 100,326 | 13,255,071 | ||||||
S&P Global, Inc. | 32,187 | 13,202,464 | ||||||
26,457,535 | ||||||||
Health Care (10.6%) | ||||||||
Health Care Equipment & Supplies (4.4%) | ||||||||
Cooper Cos., Inc. | 31,590 | 13,191,668 | ||||||
Danaher Corp. | 21,804 | 6,395,767 | ||||||
Intuitive Surgical, Inc. (b) | 26,452 | 7,980,040 | ||||||
27,567,475 | ||||||||
Health Care Providers & Services (3.7%) | ||||||||
UnitedHealth Group, Inc. | 45,186 | 23,043,504 | ||||||
Health Care Technology (1.5%) | ||||||||
Cerner Corp. | 100,977 | 9,447,408 | ||||||
Pharmaceuticals (1.0%) | ||||||||
Zoetis, Inc. | 33,539 | 6,325,120 | ||||||
Industrials (10.2%) | ||||||||
Machinery (0.9%) | ||||||||
Stanley Black & Decker, Inc. | 39,062 | 5,460,477 | ||||||
Professional Services (6.7%) | ||||||||
CoStar Group, Inc. (b) | 306,823 | 20,437,480 | ||||||
TransUnion | 145,887 | 15,075,962 | ||||||
Verisk Analytics, Inc. | 29,974 | 6,433,320 | ||||||
41,946,762 | ||||||||
Road & Rail (2.6%) | ||||||||
JB Hunt Transport Services, Inc. | 54,495 | 10,942,051 | ||||||
Union Pacific Corp. | 19,741 | 5,393,439 | ||||||
16,335,490 | ||||||||
Information Technology (59.0%) | ||||||||
Communications Equipment (4.0%) | ||||||||
Motorola Solutions, Inc. | 103,303 | 25,019,987 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Growth Fund
Investments in Securities – continued
Computers & Peripherals (9.2%) | ||||||||
Apple, Inc. | 329,791 | $ | 57,584,806 | |||||
Interactive Media & Services (9.1%) | ||||||||
Alphabet, Inc. Class A (b) | 13,727 | 38,179,591 | ||||||
Alphabet, Inc. Class C (b) | 2,120 | 5,921,139 | ||||||
Meta Platforms, Inc. Class A (b) | 56,796 | 12,629,159 | ||||||
56,729,889 | ||||||||
IT Services (11.8%) | ||||||||
Broadridge Financial Solutions, Inc. | 69,311 | 10,792,416 | ||||||
PayPal Holdings, Inc. (b) | 66,777 | 7,722,760 | ||||||
VeriSign, Inc. (b) | 110,774 | 24,642,784 | ||||||
Visa, Inc. Class A | 138,979 | 30,821,373 | ||||||
73,979,333 | ||||||||
Semiconductors & Semiconductor Equipment (4.0%) | ||||||||
NVIDIA Corp. | 92,663 | 25,284,026 | ||||||
Software (20.9%) | ||||||||
Adobe, Inc. (b) | 23,439 | 10,679,277 | ||||||
Autodesk, Inc. (b) | 17,571 | 3,766,344 | ||||||
Electronic Arts, Inc. | 131,539 | 16,640,999 | ||||||
Intuit, Inc. | 25,043 | 12,041,676 | ||||||
Microsoft Corp. | 252,088 | 77,721,251 | ||||||
Salesforce.com, Inc. (b) | 47,053 | 9,990,293 | ||||||
130,839,840 | ||||||||
Total common stocks (cost: $355,061,734) | 625,874,057 | |||||||
Short-Term Securities (0.2%) | ||||||||
Investment Companies (0.2%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 1,545,322 | 1,545,322 | ||||||
Total short-term securities (cost: $1,545,322) | 1,545,322 | |||||||
Total investments in securities (cost: $356,607,056) (d) | 627,419,379 | |||||||
Liabilities in excess of cash and other assets (-0.1%) | (532,973 | ) | ||||||
Total net assets (100.0%) | $ | 626,886,406 |
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. | |
(b) | Non-income producing security. | |
(c) | Foreign security: The Fund held 2.1% of net assets in foreign securities at March 31, 2022. | |
(d) | At March 31, 2022, the cost of investments for federal income tax purposes was $357,426,686. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 280,062,278 | ||
Gross unrealized depreciation | (10,069,585 | ) | ||
Net unrealized appreciation | $ | 269,992,693 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Small Cap Growth Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (97.3%) | ||||||||
Communication Services (0.7%) | ||||||||
Media (0.7%) | ||||||||
Gray Television, Inc. | 60,451 | $ | 1,334,154 | |||||
Consumer Discretionary (17.8%) | ||||||||
Auto Components (2.4%) | ||||||||
Fox Factory Holding Corp. (b) | 23,169 | 2,269,403 | ||||||
Visteon Corp. (b) | 20,474 | 2,234,328 | ||||||
4,503,731 | ||||||||
Entertainment (1.4%) | ||||||||
Monarch Casino & Resort, Inc. (b) | 30,757 | 2,682,933 | ||||||
Hotels, Restaurants & Leisure (8.3%) | ||||||||
Churchill Downs, Inc. | 10,957 | 2,430,043 | ||||||
Marriott Vacations Worldwide Corp. | 25,667 | 4,047,686 | ||||||
Red Rock Resorts, Inc. Class A | 70,335 | 3,415,468 | ||||||
Sweetgreen, Inc. Class A (b) | 10,242 | 327,642 | ||||||
Texas Roadhouse, Inc. | 25,546 | 2,138,967 | ||||||
Wyndham Hotels & Resorts, Inc. | 36,224 | 3,067,810 | ||||||
15,427,616 | ||||||||
Leisure Equipment & Products (1.2%) | ||||||||
Malibu Boats, Inc. Class A (b) | 37,733 | 2,188,891 | ||||||
Media (2.4%) | ||||||||
Nexstar Media Group, Inc. Class A | 24,091 | 4,540,672 | ||||||
Specialty Retail (1.3%) | ||||||||
Boot Barn Holdings, Inc. (b) | 12,463 | 1,181,368 | ||||||
EVgo, Inc. (b) | 93,695 | 1,204,918 | ||||||
2,386,286 | ||||||||
Textiles, Apparel & Luxury Goods (0.8%) | ||||||||
Deckers Outdoor Corp. (b) | 5,400 | 1,478,358 | ||||||
Consumer, Non-cyclical (0.7%) | ||||||||
Beverages (0.7%) | ||||||||
Duckhorn Portfolio, Inc. (b) | 68,968 | 1,254,528 | ||||||
Energy (3.0%) | ||||||||
Energy Equipment & Services (2.0%) | ||||||||
Cactus, Inc. Class A | 52,835 | 2,997,858 | ||||||
Liberty Oilfield Services, Inc. Class A (b) | 56,783 | 841,524 | ||||||
3,839,382 | ||||||||
Oil, Gas & Consumable Fuels (1.0%) | ||||||||
Northern Oil & Gas, Inc. | 10,640 | 299,942 | ||||||
SM Energy Co. | 39,313 | 1,531,241 | ||||||
1,831,183 | ||||||||
Financial (5.5%) | ||||||||
Capital Markets (0.6%) | ||||||||
Focus Financial Partners, Inc. Class A (b) | 24,184 | 1,106,176 | ||||||
Commercial Banks (4.2%) | ||||||||
Pinnacle Financial Partners, Inc. | 43,024 | 3,961,650 | ||||||
Seacoast Banking Corp. of Florida | 46,562 | 1,630,601 | ||||||
Veritex Holdings, Inc. | 57,359 | 2,189,393 | ||||||
7,781,644 | ||||||||
Insurance (0.7%) | ||||||||
Kinsale Capital Group, Inc. | 6,022 | 1,373,137 | ||||||
Health Care (21.8%) | ||||||||
Biotechnology (4.9%) | ||||||||
CareDx, Inc. (b) | 93,795 | 3,469,477 | ||||||
Insmed, Inc. (b) | 36,307 | 853,214 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Small Cap Growth Fund
Investments in Securities – continued
PTC Therapeutics, Inc. (b) | 18,268 | $ | 681,579 | |||||
Veracyte, Inc. (b) | 31,483 | 867,986 | ||||||
Vericel Corp. (b) | 85,657 | 3,273,811 | ||||||
9,146,067 | ||||||||
Health Care Equipment & Supplies (7.0%) | ||||||||
Axonics, Inc. (b) | 49,722 | 3,112,597 | ||||||
CryoPort, Inc. (b) | 95,998 | 3,351,290 | ||||||
Inmode Ltd. (c) | 18,215 | 672,316 | ||||||
Lantheus Holdings, Inc. | 35,483 | 1,962,565 | ||||||
Tandem Diabetes Care, Inc. (b) | 34,684 | 4,033,402 | ||||||
13,132,170 | ||||||||
Health Care Providers & Services (5.8%) | ||||||||
AMN Healthcare Services, Inc. (b) | 29,791 | 3,108,095 | ||||||
Castle Biosciences, Inc. (b) | 36,323 | 1,629,450 | ||||||
Joint Corp. (b) | 15,672 | 554,632 | ||||||
PetIQ, Inc. (b) | 109,837 | 2,680,023 | ||||||
Progyny, Inc. (b) | 55,448 | 2,850,027 | ||||||
10,822,227 | ||||||||
Health Care Technology (1.8%) | ||||||||
Omnicell, Inc. (b) | 26,622 | 3,447,283 | ||||||
Pharmaceuticals (2.3%) | ||||||||
Harmony Biosciences Holdings, Inc. | 22,856 | 1,111,944 | ||||||
Pacira BioSciences, Inc. (b) | 41,293 | 3,151,482 | ||||||
4,263,426 | ||||||||
Industrials (15.2%) | ||||||||
Air Freight & Logistics (1.2%) | ||||||||
Air Transport Services Group, Inc. (b) | 67,002 | 2,241,217 | ||||||
Commercial Services & Supplies (4.0%) | ||||||||
Brink's Co. | 26,204 | 1,781,872 | ||||||
Casella Waste Systems, Inc. | 24,348 | 2,134,102 | ||||||
Clean Harbors, Inc. (b) | 31,421 | 3,507,841 | ||||||
7,423,815 | ||||||||
Construction & Engineering (1.7%) | ||||||||
Valmont Industries, Inc. | 13,246 | 3,160,495 | ||||||
Electrical Equipment (1.4%) | ||||||||
EnerSys | 25,201 | 1,879,238 | ||||||
Regal Rexnord Corp. | 4,597 | 683,942 | ||||||
2,563,180 | ||||||||
Machinery (2.3%) | ||||||||
John Bean Technologies Corp. | 16,194 | 1,918,503 | ||||||
Kornit Digital Ltd. (b) (c) | 10,938 | 904,463 | ||||||
RBC Bearings, Inc. (b) | 7,613 | 1,476,009 | ||||||
4,298,975 | ||||||||
Marine (1.1%) | ||||||||
Kirby Corp. (b) | 27,641 | 1,995,404 | ||||||
Road & Rail (2.2%) | ||||||||
Knight-Swift Transportation Holdings, Inc. | 82,396 | 4,157,702 | ||||||
Trading Companies & Distributors (1.3%) | ||||||||
Herc Holdings, Inc. | 15,064 | 2,517,044 | ||||||
Information Technology (29.1%) | ||||||||
Communications Equipment (1.7%) | ||||||||
Viavi Solutions, Inc. (b) | 195,543 | 3,144,331 | ||||||
IT Services (4.2%) | ||||||||
Shift4 Payments, Inc. Class A (b) | 63,059 | 3,905,244 | ||||||
Switch, Inc. Class A | 129,411 | 3,988,447 | ||||||
7,893,691 | ||||||||
Semiconductors & Semiconductor Equipment (5.2%) | ||||||||
Allegro MicroSystems, Inc. (b) | 109,591 | 3,112,384 | ||||||
Monolithic Power Systems, Inc. | 1,696 | 823,713 | ||||||
Onto Innovation, Inc. | 15,577 | 1,353,486 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Small Cap Growth Fund
Investments in Securities – continued
SiTime Corp. (b) | 18,099 | $ | 4,485,294 | |||||
9,774,877 | ||||||||
Software (18.0%) | ||||||||
Box, Inc. Class A (b) | 29,262 | 850,354 | ||||||
BTRS Holdings, Inc. Class A (b) | 164,773 | 1,232,502 | ||||||
CyberArk Software Ltd. (b) (c) | 9,237 | 1,558,744 | ||||||
Domo, Inc. Class B (b) | 59,062 | 2,986,765 | ||||||
Five9, Inc. (b) | 21,988 | 2,427,475 | ||||||
ForgeRock, Inc. Class A (b) | 20,158 | 441,863 | ||||||
Globant SA (b) (c) | 19,450 | 5,097,262 | ||||||
Mimecast Ltd. (b) (c) | 42,197 | 3,357,193 | ||||||
NCR Corp. (b) | 64,781 | 2,603,548 | ||||||
Paycor HCM, Inc. (b) | 88,645 | 2,580,456 | ||||||
Sailpoint Technologies Holdings, Inc. (b) | 43,876 | 2,245,574 | ||||||
SimilarWeb Ltd. (b) (c) | 22,543 | 291,932 | ||||||
Smartsheet, Inc. Class A (b) | 46,918 | 2,570,168 | ||||||
Tenable Holdings, Inc. | 29,857 | 1,725,436 | ||||||
Varonis Systems, Inc. (b) | 78,186 | 3,716,963 | ||||||
33,686,235 | ||||||||
Leisure and Consumer Staples (2.7%) | ||||||||
Beverages (0.6%) | ||||||||
MGP Ingredients, Inc. | 12,416 | 1,062,685 | ||||||
Food & Staples Retailing (1.9%) | ||||||||
BJ's Wholesale Club Holdings, Inc. (b) | 53,806 | 3,637,824 | ||||||
Food Products (0.2%) | ||||||||
Sovos Brands, Inc. (b) | 27,604 | 391,425 | ||||||
Materials (0.4%) | ||||||||
Metals & Mining (0.4%) | ||||||||
Allegheny Technologies, Inc. | 6,949 | 186,511 | ||||||
MP Materials Corp. | 10,814 | 620,075 | ||||||
806,586 | ||||||||
Real Estate (0.4%) | ||||||||
Hotels & Resort REITs (0.4%) | ||||||||
Ryman Hospitality Properties, Inc. | 7,229 | 670,634 | ||||||
Total common stocks (cost: $148,095,377) | 181,965,984 | |||||||
Short-Term Securities (2.8%) | ||||||||
Investment Companies (2.8%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 5,274,649 | 5,274,649 | ||||||
Total short-term securities (cost: $5,274,649) | 5,274,649 | |||||||
Total investments in securities (cost: $153,370,026) (d) | 187,240,633 | |||||||
Liabilities in excess of cash and other assets (-0.1%) | (246,254 | ) | ||||||
Total net assets (100.0%) | $ | 186,994,379 |
Investments in Securities Legend | |
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Non-income producing security. |
(c) | Foreign security: The Fund held 6.4% of net assets in foreign securities at March 31, 2022. |
(d) | At March 31, 2022, the cost of investments for federal income tax purposes was $154,085,955. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 40,777,035 | |||
Gross unrealized depreciation | (7,622,357 | ) | |||
Net unrealized appreciation | $ | 33,154,678 |
See accompanying notes to investments in securities.
SFT Equity Stabilization Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Mutual Funds (89.2%) | ||||||||
Investment Companies (89.2%) | ||||||||
BlackRock Short Maturity Bond ETF | 318,620 | $ | 15,793,993 | |||||
iShares Core High Dividend ETF | 591,822 | 63,259,854 | ||||||
iShares Edge MSCI Minimum Volatility EAFE ETF | 1,161,303 | 83,776,398 | ||||||
iShares Edge MSCI Minimum Volatility Emerging Markets ETF | 358,085 | 21,853,928 | ||||||
iShares Edge MSCI Minimum Volatility USA ETF (b) | 1,454,532 | 112,828,047 | ||||||
iShares MSCI Germany ETF | 531,232 | 15,081,676 | ||||||
Total mutual funds (cost: $247,247,171) | 312,593,896 | |||||||
Short-Term Securities (8.3%) | ||||||||
Investment Companies (8.3%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 29,239,376 | 29,239,376 | ||||||
Total investments excluding purchased options (cost: $276,486,547) | 341,833,272 | |||||||
Total purchased options outstanding (0.1%) (cost: $279,305) | 287,430 | |||||||
Total investments in securities (cost: $276,765,852) (c) | 342,120,702 | |||||||
Cash and other assets in excess of liabilities (2.4%) | 8,454,615 | |||||||
Total net assets (100.0%) | $ | 350,575,317 |
Investments in Securities Legend | |
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Fully or partially pledged as initial margin deposits on open futures contracts. |
(c) | At March 31, 2022, the cost of investments for federal income tax purposes was $276,845,636. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 63,427,763 | |||
Gross unrealized depreciation | (213,247 | ) | |||
Net unrealized appreciation | $ | 63,214,516 |
Holdings of Open Futures Contracts
On March 31, 2022, securities with an aggregate market value of $13,652,320 have been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | ||||||||||||
S&P 500 E-Mini Index Future | June 2022 | 142 | Short | $ | (30,159,356 | ) | $ | (32,168,325 | ) | $ | (2,008,969 | ) |
Put Options Purchased: |
The Fund had the following put options purchased open at March 31, 2022: |
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||||
S&P 500 Index | $ | 4,450 | May 2022 | 39 | $ | 3,900 | $ | 287,430 |
Put Options Written: |
The Fund had the following put options written open at March 31, 2022: |
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||||
S&P 500 Index | $ | 3,990 | May 2022 | 39 | $ | 3,900 | $ | (51,581 | ) |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (93.8%) | ||||||||
Communication Services (0.2%) | ||||||||
Diversified Telecommunication Services (0.2%) | ||||||||
Iridium Communications, Inc. (b) | 11,862 | $ | 478,276 | |||||
Consumer Discretionary (14.2%) | ||||||||
Auto Components (1.3%) | ||||||||
Adient PLC (b) (c) | 8,503 | 346,667 | ||||||
Dana, Inc. | 12,941 | 227,374 | ||||||
Fox Factory Holding Corp. (b) | 3,724 | 364,766 | ||||||
Gentex Corp. | 21,222 | 619,046 | ||||||
Goodyear Tire & Rubber Co. (b) | 25,211 | 360,265 | ||||||
Lear Corp. | 5,358 | 763,997 | ||||||
Visteon Corp. (b) | 2,500 | 272,825 | ||||||
2,954,940 | ||||||||
Automobiles (0.4%) | ||||||||
Harley-Davidson, Inc. | 13,807 | 543,996 | ||||||
Thor Industries, Inc. | 4,965 | 390,745 | ||||||
934,741 | ||||||||
Diversified Consumer Services (0.9%) | ||||||||
Graham Holdings Co. Class B | 358 | 218,906 | ||||||
Grand Canyon Education, Inc. (b) | 3,589 | 348,528 | ||||||
H&R Block, Inc. | 14,763 | 384,428 | ||||||
Service Corp. International | 14,797 | 973,939 | ||||||
1,925,801 | ||||||||
Entertainment (0.1%) | ||||||||
World Wrestling Entertainment, Inc. Class A | 3,848 | 240,269 | ||||||
Hotels, Restaurants & Leisure (2.7%) | ||||||||
Boyd Gaming Corp. (b) | 7,312 | 480,983 | ||||||
Choice Hotels International, Inc. | 2,943 | 417,200 | ||||||
Churchill Downs, Inc. | 3,147 | 697,942 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,080 | 246,958 | ||||||
Marriott Vacations Worldwide Corp. | 3,787 | 597,210 | ||||||
Papa John's International, Inc. | 2,886 | 303,838 | ||||||
Scientific Games Corp. Class A (b) | 8,642 | 507,717 | ||||||
Six Flags Entertainment Corp. (b) | 6,869 | 298,802 | ||||||
Texas Roadhouse, Inc. | 6,262 | 524,317 | ||||||
Travel & Leisure Co. | 7,743 | 448,629 | ||||||
Wendy's Co. | 15,837 | 347,939 | ||||||
Wingstop, Inc. | 2,668 | 313,090 | ||||||
Wyndham Hotels & Resorts, Inc. | 8,387 | 710,295 | ||||||
5,894,920 | ||||||||
Household Durables (1.4%) | ||||||||
Helen of Troy Ltd. (b) (c) | 2,147 | 420,468 | ||||||
KB Home | 7,690 | 249,002 | ||||||
Leggett & Platt, Inc. | 11,967 | 416,452 | ||||||
Taylor Morrison Home Corp. (b) | 11,026 | 300,128 | ||||||
Tempur Sealy International, Inc. | 17,273 | 482,262 | ||||||
Toll Brothers, Inc. | 10,082 | 474,056 | ||||||
TopBuild Corp. (b) | 3,013 | 546,528 | ||||||
TRI Pointe Group, Inc. (b) | 9,972 | 200,238 | ||||||
3,089,134 | ||||||||
Interactive Media & Services (0.1%) | ||||||||
TripAdvisor, Inc. (b) | 8,815 | 239,063 | ||||||
Leisure Equipment & Products (1.1%) | ||||||||
Brunswick Corp. | 6,950 | 562,186 | ||||||
Callaway Golf Co. (b) | 10,515 | 246,261 | ||||||
Mattel, Inc. (b) | 31,435 | 698,172 | ||||||
Polaris, Inc. | 5,107 | 537,869 | ||||||
YETI Holdings, Inc. (b) | 7,841 | 470,303 | ||||||
2,514,791 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Media (0.9%) | ||||||||
Cable One, Inc. | 448 | $ | 655,980 | |||||
John Wiley & Sons, Inc. Class A | 3,836 | 203,423 | ||||||
New York Times Co. Class A | 14,992 | 687,233 | ||||||
TEGNA, Inc. | 19,855 | 444,752 | ||||||
1,991,388 | ||||||||
Multiline Retail (0.9%) | ||||||||
Kohl's Corp. | 12,486 | 754,903 | ||||||
Macy's, Inc. | 26,852 | 654,115 | ||||||
Nordstrom, Inc. (b) | 10,006 | 271,263 | ||||||
Ollie's Bargain Outlet Holdings, Inc. (b) | 5,245 | 225,325 | ||||||
1,905,606 | ||||||||
Specialty Retail (2.9%) | ||||||||
American Eagle Outfitters, Inc. | 13,687 | 229,942 | ||||||
AutoNation, Inc. (b) | 3,581 | 356,596 | ||||||
Dick's Sporting Goods, Inc. | 5,645 | 564,613 | ||||||
Five Below, Inc. (b) | 5,022 | 795,334 | ||||||
Foot Locker, Inc. | 7,835 | 232,386 | ||||||
GameStop Corp. Class A (b) | 5,480 | 912,858 | ||||||
Gap, Inc. | 19,065 | 268,435 | ||||||
Lithia Motors, Inc. Class A | 2,790 | 837,335 | ||||||
Murphy USA, Inc. | 2,032 | 406,319 | ||||||
RH (b) | 1,599 | 521,418 | ||||||
Urban Outfitters, Inc. (b) | 5,809 | 145,864 | ||||||
Victoria's Secret & Co. (b) | 6,518 | 334,764 | ||||||
Williams-Sonoma, Inc. | 6,537 | 947,865 | ||||||
6,553,729 | ||||||||
Textiles, Apparel & Luxury Goods (1.5%) | ||||||||
Capri Holdings Ltd. (b) (c) | 13,245 | 680,661 | ||||||
Carter's, Inc. | 3,786 | 348,274 | ||||||
Columbia Sportswear Co. | 3,035 | 274,759 | ||||||
Crocs, Inc. (b) | 5,271 | 402,704 | ||||||
Deckers Outdoor Corp. (b) | 2,456 | 672,379 | ||||||
Hanesbrands, Inc. | 31,333 | 466,548 | ||||||
Skechers U.S.A., Inc. Class A (b) | 12,104 | 493,359 | ||||||
3,338,684 | ||||||||
Consumer Staples (2.0%) | ||||||||
Beverages (0.1%) | ||||||||
Boston Beer Co., Inc. Class A (b) | 885 | 343,796 | ||||||
Food & Staples Retailing (0.6%) | ||||||||
Casey's General Stores, Inc. | 3,384 | 670,607 | ||||||
Grocery Outlet Holding Corp. (b) | 7,840 | 256,995 | ||||||
Sprouts Farmers Market, Inc. (b) | 10,072 | 322,103 | ||||||
1,249,705 | ||||||||
Food Products (1.0%) | ||||||||
Flowers Foods, Inc. | 17,751 | 456,378 | ||||||
Hain Celestial Group, Inc. (b) | 8,119 | 279,294 | ||||||
Ingredion, Inc. | 5,909 | 514,969 | ||||||
Lancaster Colony Corp. | 1,797 | 268,022 | ||||||
Post Holdings, Inc. (b) | 5,106 | 353,642 | ||||||
Sanderson Farms, Inc. | 1,918 | 359,606 | ||||||
2,231,911 | ||||||||
Household Products (0.1%) | ||||||||
Energizer Holdings, Inc. | 5,881 | 180,899 | ||||||
Personal Products (0.2%) | ||||||||
Coty, Inc. Class A (b) | 30,857 | 277,404 | ||||||
Nu Skin Enterprises, Inc. Class A | 4,396 | 210,481 | ||||||
487,885 | ||||||||
Energy (3.4%) | ||||||||
Energy Equipment & Services (0.5%) | ||||||||
ChampionX Corp. (b) | 18,131 | 443,847 | ||||||
NOV, Inc. | 35,232 | 690,899 | ||||||
1,134,746 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Oil, Gas & Consumable Fuels (2.9%) | ||||||||
Antero Midstream Corp. | 29,134 | $ | 316,686 | |||||
CNX Resources Corp. (b) | 18,168 | 376,441 | ||||||
DT Midstream, Inc. (b) | 8,587 | 465,931 | ||||||
EQT Corp. (b) | 26,943 | 927,109 | ||||||
Equitrans Midstream Corp. | 36,478 | 307,874 | ||||||
HF Sinclair Corp. | 13,413 | 534,508 | ||||||
Murphy Oil Corp. | 13,028 | 526,201 | ||||||
PDC Energy, Inc. | 8,740 | 635,223 | ||||||
Range Resources Corp. | 22,331 | 678,416 | ||||||
Targa Resources Corp. | 20,545 | 1,550,531 | ||||||
6,318,920 | ||||||||
Financial (13.3%) | ||||||||
Capital Markets (1.8%) | ||||||||
Affiliated Managers Group, Inc. | 3,695 | 520,810 | ||||||
Evercore, Inc. Class A | 3,456 | 384,722 | ||||||
Federated Hermes, Inc. Class B | 8,649 | 294,585 | ||||||
Interactive Brokers Group, Inc. Class A | 7,833 | 516,273 | ||||||
Janus Henderson Group PLC (c) | 15,078 | 528,032 | ||||||
Jefferies Financial Group, Inc. | 17,360 | 570,276 | ||||||
SEI Investments Co. | 9,392 | 565,492 | ||||||
Stifel Financial Corp. | 9,297 | 631,266 | ||||||
4,011,456 | ||||||||
Commercial Banks (6.3%) | ||||||||
Associated Banc-Corp. | 13,341 | 303,641 | ||||||
Bank of Hawaii Corp. | 3,589 | 301,189 | ||||||
Bank OZK | 10,856 | 463,551 | ||||||
Cadence Bank | 16,899 | 494,465 | ||||||
Cathay General Bancorp | 6,709 | 300,228 | ||||||
Commerce Bancshares, Inc. | 9,908 | 709,314 | ||||||
Cullen/Frost Bankers, Inc. | 5,080 | 703,123 | ||||||
East West Bancorp, Inc. | 12,723 | 1,005,371 | ||||||
First Financial Bankshares, Inc. | 11,510 | 507,821 | ||||||
First Horizon Corp. | 47,914 | 1,125,500 | ||||||
FNB Corp. | 30,487 | 379,563 | ||||||
Fulton Financial Corp. | 14,473 | 240,541 | ||||||
Glacier Bancorp, Inc. | 9,733 | 489,375 | ||||||
Hancock Whitney Corp. | 7,790 | 406,249 | ||||||
Home BancShares, Inc. | 13,438 | 303,699 | ||||||
International Bancshares Corp. | 4,776 | 201,595 | ||||||
Old National Bancorp | 26,393 | 432,317 | ||||||
PacWest Bancorp | 10,730 | 462,785 | ||||||
Pinnacle Financial Partners, Inc. | 6,825 | 628,446 | ||||||
Prosperity Bancshares, Inc. | 8,234 | 571,275 | ||||||
Synovus Financial Corp. | 12,932 | 633,668 | ||||||
Texas Capital Bancshares, Inc. (b) | 4,537 | 260,016 | ||||||
UMB Financial Corp. | 3,859 | 374,940 | ||||||
Umpqua Holdings Corp. | 19,437 | 366,582 | ||||||
United Bankshares, Inc. | 12,187 | 425,083 | ||||||
Valley National Bancorp | 37,814 | 492,338 | ||||||
Webster Financial Corp. | 16,078 | 902,297 | ||||||
Wintrust Financial Corp. | 5,115 | 475,337 | ||||||
13,960,309 | ||||||||
Consumer Finance (0.5%) | ||||||||
FirstCash Holdings, Inc. | 3,524 | 247,878 | ||||||
Navient Corp. | 13,818 | 235,459 | ||||||
PROG Holdings, Inc. | 5,089 | 146,410 | ||||||
SLM Corp. | 25,025 | 459,459 | ||||||
1,089,206 | ||||||||
Diversified Financial Services (0.3%) | ||||||||
Voya Financial, Inc. | 9,690 | 642,932 | ||||||
Insurance (3.8%) | ||||||||
Alleghany Corp. (b) | 1,280 | 1,084,160 | ||||||
American Financial Group, Inc. | 5,928 | 863,235 | ||||||
Brighthouse Financial, Inc. (b) | 6,949 | 358,985 | ||||||
CNO Financial Group, Inc. | 10,803 | 271,047 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
First American Financial Corp. | 9,857 | $ | 638,931 | |||||
Hanover Insurance Group, Inc. | 3,199 | 478,315 | ||||||
Kemper Corp. | 5,371 | 303,676 | ||||||
Kinsale Capital Group, Inc. | 1,920 | 437,798 | ||||||
Mercury General Corp. | 2,380 | 130,900 | ||||||
Old Republic International Corp. | 25,618 | 662,738 | ||||||
Primerica, Inc. | 3,524 | 482,154 | ||||||
Reinsurance Group of America, Inc. | 5,998 | 656,541 | ||||||
RenaissanceRe Holdings Ltd. (c) | 3,947 | 625,639 | ||||||
RLI Corp. | 3,541 | 391,741 | ||||||
Selective Insurance Group, Inc. | 5,372 | 480,042 | ||||||
Unum Group | 18,345 | 578,051 | ||||||
8,443,953 | ||||||||
Thrifts & Mortgage Finance (0.6%) | ||||||||
Essent Group Ltd. (c) | 9,908 | 408,309 | ||||||
MGIC Investment Corp. | 28,742 | 389,454 | ||||||
New York Community Bancorp, Inc. | 41,724 | 447,281 | ||||||
Washington Federal, Inc. | 5,852 | 192,063 | ||||||
1,437,107 | ||||||||
Health Care (8.3%) | ||||||||
Biotechnology (1.4%) | ||||||||
Arrowhead Pharmaceuticals, Inc. (b) | 9,462 | 435,157 | ||||||
Exelixis, Inc. (b) | 28,389 | 643,579 | ||||||
Halozyme Therapeutics, Inc. (b) | 12,632 | 503,764 | ||||||
Neurocrine Biosciences, Inc. (b) | 8,488 | 795,750 | ||||||
United Therapeutics Corp. (b) | 4,012 | 719,793 | ||||||
3,098,043 | ||||||||
Health Care Equipment & Supplies (2.7%) | ||||||||
Envista Holdings Corp. (b) | 14,479 | 705,272 | ||||||
Globus Medical, Inc. Class A (b) | 7,015 | 517,567 | ||||||
Haemonetics Corp. (b) | 4,570 | 288,915 | ||||||
ICU Medical, Inc. (b) | 1,791 | 398,748 | ||||||
Integra LifeSciences Holdings Corp. (b) | 6,510 | 418,333 | ||||||
LivaNova PLC (b) (c) | 4,740 | 387,874 | ||||||
Masimo Corp. (b) | 4,543 | 661,188 | ||||||
Neogen Corp. (b) | 9,668 | 298,161 | ||||||
NuVasive, Inc. (b) | 4,561 | 258,609 | ||||||
Penumbra, Inc. (b) | 3,218 | 714,814 | ||||||
Quidel Corp. (b) | 3,397 | 382,027 | ||||||
STAAR Surgical Co. (b) | 4,250 | 339,618 | ||||||
Tandem Diabetes Care, Inc. (b) | 5,652 | 657,271 | ||||||
6,028,397 | ||||||||
Health Care Providers & Services (2.4%) | ||||||||
Acadia Healthcare Co., Inc. (b) | 8,059 | 528,106 | ||||||
Amedisys, Inc. (b) | 2,894 | 498,607 | ||||||
Chemed Corp. | 1,411 | 714,742 | ||||||
Encompass Health Corp. | 8,923 | 634,515 | ||||||
HealthEquity, Inc. (b) | 7,478 | 504,317 | ||||||
LHC Group, Inc. (b) | 2,895 | 488,097 | ||||||
Option Care Health, Inc. (b) | 12,427 | 354,915 | ||||||
Patterson Cos., Inc. | 7,732 | 250,285 | ||||||
Progyny, Inc. (b) | 6,173 | 317,292 | ||||||
R1 RCM, Inc. (b) | 11,904 | 318,551 | ||||||
Tenet Healthcare Corp. (b) | 9,600 | 825,216 | ||||||
5,434,643 | ||||||||
Life Sciences Tools & Services (1.2%) | ||||||||
Bruker Corp. | 9,080 | 583,844 | ||||||
Medpace Holdings, Inc. (b) | 2,546 | 416,500 | ||||||
Repligen Corp. (b) | 4,585 | 862,392 | ||||||
Syneos Health, Inc. (b) | 9,306 | 753,321 | ||||||
2,616,057 | ||||||||
Pharmaceuticals (0.6%) | ||||||||
Jazz Pharmaceuticals PLC (b) (c) | 5,523 | 859,766 | ||||||
Perrigo Co. PLC (c) | 12,003 | 461,275 | ||||||
1,321,041 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Industrials (17.3%) | ||||||||
Aerospace & Defense (1.0%) | ||||||||
Axon Enterprise, Inc. (b) | 6,144 | $ | 846,213 | |||||
Curtiss-Wright Corp. | 3,515 | 527,812 | ||||||
Hexcel Corp. (b) | 7,527 | 447,631 | ||||||
Mercury Systems, Inc. (b) | 5,008 | 322,766 | ||||||
2,144,422 | ||||||||
Air Freight & Logistics (0.3%) | ||||||||
GXO Logistics, Inc. (b) | 8,840 | 630,646 | ||||||
Airlines (0.2%) | ||||||||
JetBlue Airways Corp. (b) | 28,536 | 426,613 | ||||||
Building Products (2.2%) | ||||||||
Builders FirstSource, Inc. (b) | 17,152 | 1,106,990 | ||||||
Carlisle Cos., Inc. | 4,675 | 1,149,676 | ||||||
Lennox International, Inc. | 3,060 | 789,052 | ||||||
Owens Corning | 9,000 | 823,500 | ||||||
Simpson Manufacturing Co., Inc. | 3,891 | 424,275 | ||||||
Trex Co., Inc. (b) | 10,344 | 675,773 | ||||||
4,969,266 | ||||||||
Commercial Services & Supplies (1.4%) | ||||||||
Brink's Co. | 4,365 | 296,820 | ||||||
Clean Harbors, Inc. (b) | 4,488 | 501,040 | ||||||
IAA, Inc. (b) | 12,099 | 462,787 | ||||||
MillerKnoll, Inc. | 6,796 | 234,870 | ||||||
MSA Safety, Inc. | 3,268 | 433,663 | ||||||
Stericycle, Inc. (b) | 8,242 | 485,619 | ||||||
Tetra Tech, Inc. | 4,849 | 799,794 | ||||||
3,214,593 | ||||||||
Construction & Engineering (1.4%) | ||||||||
AECOM (b) | 12,682 | 974,105 | ||||||
Dycom Industries, Inc. (b) | 2,667 | 254,058 | ||||||
EMCOR Group, Inc. | 4,820 | 542,877 | ||||||
Fluor Corp. (b) | 12,688 | 364,019 | ||||||
MasTec, Inc. (b) | 5,280 | 459,888 | ||||||
Valmont Industries, Inc. | 1,944 | 463,838 | ||||||
3,058,785 | ||||||||
Electrical Equipment (1.7%) | ||||||||
Acuity Brands, Inc. | 3,182 | 602,353 | ||||||
EnerSys | 3,707 | 276,431 | ||||||
Hubbell, Inc. | 4,877 | 896,246 | ||||||
nVent Electric PLC (c) | 15,095 | 525,004 | ||||||
Regal Rexnord Corp. | 6,084 | 905,177 | ||||||
Sunrun, Inc. (b) | 18,574 | 564,092 | ||||||
Vicor Corp. (b) | 1,921 | 135,527 | ||||||
3,904,830 | ||||||||
Machinery (4.5%) | ||||||||
AGCO Corp. | 5,544 | 809,590 | ||||||
Chart Industries, Inc. | 3,200 | 549,664 | ||||||
Colfax Corp. (b) | 12,197 | 485,319 | ||||||
Crane Co. | 4,462 | 483,145 | ||||||
Donaldson Co., Inc. | 11,084 | 575,592 | ||||||
Flowserve Corp. | 11,688 | 419,599 | ||||||
Graco, Inc. | 15,222 | 1,061,278 | ||||||
ITT, Inc. | 7,621 | 573,175 | ||||||
Kennametal, Inc. | 7,398 | 211,657 | ||||||
Lincoln Electric Holdings, Inc. | 5,326 | 733,976 | ||||||
Middleby Corp. (b) | 4,989 | 817,897 | ||||||
Oshkosh Corp. | 5,976 | 601,484 | ||||||
Terex Corp. | 6,263 | 223,339 | ||||||
Timken Co. | 6,184 | 375,369 | ||||||
Toro Co. | 9,401 | 803,691 | ||||||
Trinity Industries, Inc. | 7,339 | 252,168 | ||||||
Watts Water Technologies, Inc. Class A | 2,464 | 343,950 | ||||||
Woodward, Inc. | 5,704 | 712,487 | ||||||
10,033,380 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Marine (0.2%) | ||||||||
Kirby Corp. (b) | 5,390 | $ | 389,104 | |||||
Professional Services (1.6%) | ||||||||
ASGN, Inc. (b) | 4,644 | 542,001 | ||||||
CACI International, Inc. Class A (b) | 2,165 | 652,228 | ||||||
FTI Consulting, Inc. (b) | 3,131 | 492,256 | ||||||
Insperity, Inc. | 3,181 | 319,436 | ||||||
KBR, Inc. | 12,525 | 685,493 | ||||||
ManpowerGroup, Inc. | 4,863 | 456,733 | ||||||
Science Applications International Corp. | 5,097 | 469,791 | ||||||
3,617,938 | ||||||||
Road & Rail (1.8%) | ||||||||
Avis Budget Group, Inc. (b) | 3,590 | 945,247 | ||||||
Knight-Swift Transportation Holdings, Inc. | 14,890 | 751,349 | ||||||
Landstar System, Inc. | 3,427 | 516,894 | ||||||
Ryder System, Inc. | 4,808 | 381,419 | ||||||
Saia, Inc. (b) | 2,362 | 575,903 | ||||||
Werner Enterprises, Inc. | 5,344 | 219,104 | ||||||
XPO Logistics, Inc. (b) | 8,840 | 643,552 | ||||||
4,033,468 | ||||||||
Trading Companies & Distributors (1.0%) | ||||||||
GATX Corp. | 3,199 | 394,533 | ||||||
MSC Industrial Direct Co., Inc. Class A | 4,214 | 359,075 | ||||||
Univar Solutions, Inc. (b) | 15,339 | 492,995 | ||||||
Watsco, Inc. | 2,957 | 900,820 | ||||||
2,147,423 | ||||||||
Information Technology (13.8%) | ||||||||
Communications Equipment (0.9%) | ||||||||
Calix, Inc. | 4,900 | 210,259 | ||||||
Ciena Corp. (b) | 13,897 | 842,575 | ||||||
Lumentum Holdings, Inc. (b) | 6,476 | 632,058 | ||||||
Viasat, Inc. (b) | 6,675 | 325,740 | ||||||
2,010,632 | ||||||||
Computers & Peripherals (0.3%) | ||||||||
NCR Corp. (b) | 11,784 | 473,599 | ||||||
Xerox Holdings Corp. | 11,012 | 222,112 | ||||||
695,711 | ||||||||
Electronic Equipment, Instruments & Components (3.0%) | ||||||||
Arrow Electronics, Inc. (b) | 6,107 | 724,473 | ||||||
Avnet, Inc. | 8,823 | 358,126 | ||||||
Belden, Inc. | 4,023 | 222,874 | ||||||
Cognex Corp. | 15,863 | 1,223,830 | ||||||
Coherent, Inc. (b) | 2,255 | 616,427 | ||||||
II-VI, Inc. (b) | 9,506 | 689,090 | ||||||
Jabil, Inc. | 12,874 | 794,712 | ||||||
Littelfuse, Inc. | 2,250 | 561,173 | ||||||
National Instruments Corp. | 11,833 | 480,302 | ||||||
TD SYNNEX Corp. | 3,701 | 381,980 | ||||||
Vishay Intertechnology, Inc. | 11,907 | 233,377 | ||||||
Vontier Corp. | 15,169 | 385,141 | ||||||
6,671,505 | ||||||||
Interactive Media & Services (0.1%) | ||||||||
Yelp, Inc. (b) | 6,101 | 208,105 | ||||||
IT Services (2.1%) | ||||||||
Alliance Data Systems Corp. | 4,462 | 250,541 | ||||||
Concentrix Corp. | 3,901 | 649,751 | ||||||
Euronet Worldwide, Inc. | 4,730 | 615,609 | ||||||
Genpact Ltd. (c) | 15,289 | 665,224 | ||||||
Kyndryl Holdings, Inc. (b) | 16,088 | 211,075 | ||||||
LiveRamp Holdings, Inc. (b) | 6,109 | 228,416 | ||||||
Maximus, Inc. | 5,512 | 413,124 | ||||||
Sabre Corp. (b) | 29,021 | 331,710 | ||||||
Western Union Co. | 35,334 | 662,159 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
WEX, Inc. (b) | 4,082 | $ | 728,433 | |||||
4,756,042 | ||||||||
Semiconductors & Semiconductor Equipment (3.8%) | ||||||||
Amkor Technology, Inc. | 8,995 | 195,371 | ||||||
Azenta, Inc. | 6,663 | 552,229 | ||||||
Cirrus Logic, Inc. (b) | 5,065 | 429,461 | ||||||
CMC Materials, Inc. | 2,588 | 479,815 | ||||||
First Solar, Inc. (b) | 8,867 | 742,523 | ||||||
Lattice Semiconductor Corp. (b) | 12,231 | 745,479 | ||||||
MKS Instruments, Inc. | 4,973 | 745,950 | ||||||
Power Integrations, Inc. | 5,304 | 491,575 | ||||||
Semtech Corp. (b) | 5,722 | 396,764 | ||||||
Silicon Laboratories, Inc. (b) | 3,428 | 514,886 | ||||||
SiTime Corp. (b) | 1,410 | 349,426 | ||||||
SunPower Corp. (b) | 7,450 | 160,026 | ||||||
Synaptics, Inc. (b) | 3,618 | 721,791 | ||||||
Universal Display Corp. | 3,943 | 658,284 | ||||||
Wolfspeed, Inc. (b) | 11,088 | 1,262,480 | ||||||
8,446,060 | ||||||||
Software (3.6%) | ||||||||
ACI Worldwide, Inc. (b) | 10,548 | 332,156 | ||||||
Aspen Technology, Inc. (b) | 5,990 | 990,566 | ||||||
Blackbaud, Inc. (b) | 4,011 | 240,139 | ||||||
CDK Global, Inc. | 10,398 | 506,175 | ||||||
CommVault Systems, Inc. (b) | 3,913 | 259,628 | ||||||
Digital Turbine, Inc. (b) | 7,842 | 343,558 | ||||||
Envestnet, Inc. (b) | 4,889 | 363,937 | ||||||
Fair Isaac Corp. (b) | 2,445 | 1,140,495 | ||||||
Manhattan Associates, Inc. (b) | 5,686 | 788,705 | ||||||
Mimecast Ltd. (b) (c) | 5,586 | 444,422 | ||||||
Paylocity Holding Corp. (b) | 3,555 | 731,512 | ||||||
Qualys, Inc. (b) | 2,977 | 423,955 | ||||||
Sailpoint Technologies Holdings, Inc. (b) | 8,335 | 426,585 | ||||||
Teradata Corp. (b) | 9,684 | 477,324 | ||||||
Ziff Davis, Inc. (b) | 4,323 | 418,380 | ||||||
7,887,537 | ||||||||
Leisure and Consumer Staples (1.4%) | ||||||||
Food & Staples Retailing (0.7%) | ||||||||
BJ's Wholesale Club Holdings, Inc. (b) | 12,198 | 824,707 | ||||||
Performance Food Group Co. (b) | 13,889 | 707,089 | ||||||
1,531,796 | ||||||||
Food Products (0.6%) | ||||||||
Darling Ingredients, Inc. (b) | 14,434 | 1,160,205 | ||||||
Pilgrim's Pride Corp. (b) | 4,317 | 108,357 | ||||||
1,268,562 | ||||||||
Personal Products (0.1%) | ||||||||
BellRing Brands, Inc. | 10,019 | 231,238 | ||||||
Materials (7.0%) | ||||||||
Chemicals (2.3%) | ||||||||
Ashland Global Holdings, Inc. | 4,750 | 467,447 | ||||||
Avient Corp. | 8,209 | 394,032 | ||||||
Cabot Corp. | 5,065 | 346,497 | ||||||
Chemours Co. | 14,358 | 451,990 | ||||||
Ingevity Corp. (b) | 3,444 | 220,657 | ||||||
Minerals Technologies, Inc. | 2,913 | 192,695 | ||||||
NewMarket Corp. | 628 | 203,711 | ||||||
Olin Corp. | 12,647 | 661,185 | ||||||
RPM International, Inc. | 11,638 | 947,799 | ||||||
Scotts Miracle-Gro Co. | 3,637 | 447,205 | ||||||
Sensient Technologies Corp. | 3,780 | 317,331 | ||||||
Valvoline, Inc. | 16,011 | 505,307 | ||||||
5,155,856 | ||||||||
Construction Materials (0.2%) | ||||||||
Eagle Materials, Inc. | 3,543 | 454,779 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Containers & Packaging (0.8%) | ||||||||
AptarGroup, Inc. | 5,915 | $ | 695,013 | |||||
Greif, Inc. Class A | 2,324 | 151,199 | ||||||
Silgan Holdings, Inc. | 7,529 | 348,066 | ||||||
Sonoco Products Co. | 8,822 | 551,904 | ||||||
1,746,182 | ||||||||
Metals & Mining (3.5%) | ||||||||
Alcoa Corp. | 16,519 | 1,487,206 | ||||||
Cleveland-Cliffs, Inc. (b) | 42,900 | 1,381,809 | ||||||
Commercial Metals Co. | 10,900 | 453,658 | ||||||
Reliance Steel & Aluminum Co. | 5,593 | 1,025,477 | ||||||
Royal Gold, Inc. | 5,883 | 831,150 | ||||||
Steel Dynamics, Inc. | 16,885 | 1,408,716 | ||||||
U.S. Steel Corp. | 23,412 | 883,568 | ||||||
Worthington Industries, Inc. | 2,869 | 147,495 | ||||||
7,619,079 | ||||||||
Paper & Forest Products (0.2%) | ||||||||
Louisiana-Pacific Corp. | 7,881 | 489,568 | ||||||
Mutual Funds (0.1%) | ||||||||
Investment Companies (0.1%) | ||||||||
SPDR S&P MidCap 400 ETF Trust | 300 | 147,135 | ||||||
Real Estate (9.4%) | ||||||||
Diversified REITs (0.4%) | ||||||||
PS Business Parks, Inc. | 1,777 | 298,678 | ||||||
STORE Capital Corp. | 21,929 | 640,985 | ||||||
939,663 | ||||||||
Health Care REITs (0.8%) | ||||||||
Healthcare Realty Trust, Inc. | 13,238 | 363,780 | ||||||
Medical Properties Trust, Inc. | 53,550 | 1,132,047 | ||||||
Physicians Realty Trust | 19,766 | 346,696 | ||||||
1,842,523 | ||||||||
Hotels & Resort REITs (0.2%) | ||||||||
Park Hotels & Resorts, Inc. (b) | 21,218 | 414,387 | ||||||
Industrial REITs (1.2%) | ||||||||
EastGroup Properties, Inc. | 3,678 | 747,664 | ||||||
First Industrial Realty Trust, Inc. | 11,690 | 723,728 | ||||||
Rexford Industrial Realty, Inc. | 14,379 | 1,072,529 | ||||||
2,543,921 | ||||||||
Office REITs (1.6%) | ||||||||
Corporate Office Properties Trust | 10,078 | 287,626 | ||||||
Cousins Properties, Inc. | 13,341 | 537,509 | ||||||
Douglas Emmett, Inc. | 15,745 | 526,198 | ||||||
Highwoods Properties, Inc. | 9,411 | 430,459 | ||||||
Hudson Pacific Properties, Inc. | 13,681 | 379,648 | ||||||
JBG SMITH Properties | 10,243 | 299,300 | ||||||
Kilroy Realty Corp. | 9,399 | 718,272 | ||||||
SL Green Realty Corp. | 5,752 | 466,947 | ||||||
3,645,959 | ||||||||
Real Estate Management & Development (0.5%) | ||||||||
Jones Lang LaSalle, Inc. (b) | 4,547 | 1,088,825 | ||||||
Residential REITs (1.3%) | ||||||||
American Campus Communities, Inc. | 12,486 | 698,841 | ||||||
Apartment Income REIT Corp. | 14,085 | 752,984 | ||||||
Camden Property Trust | 9,154 | 1,521,395 | ||||||
2,973,220 | ||||||||
Retail REITs (1.2%) | ||||||||
Brixmor Property Group, Inc. | 26,724 | 689,746 | ||||||
Kite Realty Group Trust | 19,651 | 447,453 | ||||||
Macerich Co. | 19,115 | 298,959 | ||||||
National Retail Properties, Inc. | 15,759 | 708,210 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Spirit Realty Capital, Inc. | 11,458 | $ | 527,297 | |||||
2,671,665 | ||||||||
Specialized REITs (2.2%) | ||||||||
EPR Properties | 6,712 | 367,213 | ||||||
Lamar Advertising Co. Class A | 7,781 | 903,997 | ||||||
Life Storage, Inc. | 7,346 | 1,031,599 | ||||||
National Storage Affiliates Trust | 7,314 | 459,027 | ||||||
Omega Healthcare Investors, Inc. | 21,442 | 668,133 | ||||||
Pebblebrook Hotel Trust | 11,788 | 288,570 | ||||||
PotlatchDeltic Corp. | 6,196 | 326,715 | ||||||
Rayonier, Inc. | 13,043 | 536,328 | ||||||
Sabra Health Care REIT, Inc. | 20,518 | 305,513 | ||||||
4,887,095 | ||||||||
Utilities (3.4%) | ||||||||
Electric Utilities (1.1%) | ||||||||
ALLETE, Inc. | 4,626 | 309,849 | ||||||
Hawaiian Electric Industries, Inc. | 9,808 | 414,976 | ||||||
IDACORP, Inc. | 4,530 | 522,581 | ||||||
OGE Energy Corp. | 17,961 | 732,450 | ||||||
PNM Resources, Inc. | 7,701 | 367,107 | ||||||
2,346,963 | ||||||||
Gas Utilities (1.3%) | ||||||||
National Fuel Gas Co. | 8,177 | 561,760 | ||||||
New Jersey Resources Corp. | 8,548 | 392,011 | ||||||
ONE Gas, Inc. | 4,793 | 422,934 | ||||||
Southwest Gas Holdings, Inc. | 5,668 | 443,748 | ||||||
Spire, Inc. | 4,593 | 329,594 | ||||||
UGI Corp. | 18,825 | 681,841 | ||||||
2,831,888 | ||||||||
Multi-Utilities (0.5%) | ||||||||
Black Hills Corp. | 5,648 | 435,009 | ||||||
MDU Resources Group, Inc. | 18,154 | 483,804 | ||||||
NorthWestern Corp. | 4,852 | 293,498 | ||||||
1,212,311 | ||||||||
Water Utilities (0.5%) | ||||||||
Essential Utilities, Inc. | 20,637 | 1,055,170 | ||||||
Total common stocks (cost: $140,770,916) | 208,436,193 |
Principal | ||||||||
Long-Term Debt Securities (0.5%) | ||||||||
Government Obligation (0.5%) | ||||||||
U.S. Treasury (0.5%) | ||||||||
U.S. Treasury Note, 1.750%, 05/15/22 (d) | $ | 1,000,000 | 1,001,563 | |||||
Total long-term debt securities (cost: $1,002,041) | 1,001,563 |
Shares | ||||||||
Short-Term Securities (6.0%) | ||||||||
Investment Companies (6.0%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 13,448,251 | 13,448,251 | ||||||
Total short-term securities (cost: $13,448,251) | 13,448,251 | |||||||
Total investments in securities (cost: $155,221,208) (e) | 222,886,007 | |||||||
Liabilities in excess of cash and other assets (-0.3%) | (562,689 | ) | ||||||
Total net assets (100.0%) | $ | 222,323,318 |
Investments in Securities Legend
(a) Securities are valued by procedures described in the notes to investments in securities.
(b) Non-income producing security.
(c) Foreign security: The Fund held 2.9% of net assets in foreign securities at March 31, 2022.
(d) Fully or partially pledged as initial margin deposits on open futures contracts.
(e) At March 31, 2022, the cost of investments for federal income tax purposes was $155,830,786. The aggregate unrealized appreciation and depreciation of investments based on this cost were:
Gross unrealized appreciation | $ | 74,316,312 | ||
Gross unrealized depreciation | (6,788,447 | ) | ||
Net unrealized appreciation | $ | 67,527,865 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Holdings of Open Futures Contracts
On March 31, 2022, securities with an aggregate market value of $1,001,563 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 | June 2022 | 50 | Long | $ | 12,973,356 | $ | 13,446,000 | $ | 472,644 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (97.6%) | ||||||||
Communication Services (1.4%) | ||||||||
Diversified Telecommunication Services (1.0%) | ||||||||
AT&T, Inc. | 212,131 | $ | 5,012,656 | |||||
Lumen Technologies, Inc. | 27,342 | 308,144 | ||||||
Verizon Communications, Inc. | 124,706 | 6,352,524 | ||||||
11,673,324 | ||||||||
Interactive Media & Services (0.1%) | ||||||||
Match Group, Inc. (b) | 8,330 | 905,804 | ||||||
Media (0.1%) | ||||||||
Fox Corp. Class A | 9,381 | 370,081 | ||||||
Fox Corp. Class B | 4,251 | 154,226 | ||||||
Paramount Global Class B | 17,993 | 680,315 | ||||||
1,204,622 | ||||||||
Wireless Telecommunication Services (0.2%) | ||||||||
T-Mobile U.S., Inc. (b) | 17,421 | 2,235,986 | ||||||
Consumer Discretionary (13.6%) | ||||||||
Auto Components (0.1%) | ||||||||
Aptiv PLC (b) (c) | 8,034 | 961,750 | ||||||
BorgWarner, Inc. | 7,088 | 275,723 | ||||||
1,237,473 | ||||||||
Automobiles (2.6%) | ||||||||
Ford Motor Co. | 116,799 | 1,975,071 | ||||||
General Motors Co. (b) | 43,136 | 1,886,769 | ||||||
Tesla, Inc. (b) | 24,869 | 26,798,834 | ||||||
30,660,674 | ||||||||
Distributors (0.1%) | ||||||||
Genuine Parts Co. | 4,210 | 530,544 | ||||||
LKQ Corp. | 7,915 | 359,420 | ||||||
Pool Corp. | 1,170 | 494,735 | ||||||
1,384,699 | ||||||||
Entertainment (0.6%) | ||||||||
Walt Disney Co. (b) | 54,014 | 7,408,560 | ||||||
Hotels & Resort REITs (0.1%) | ||||||||
Hilton Worldwide Holdings, Inc. (b) | 8,265 | 1,254,131 | ||||||
Hotels, Restaurants & Leisure (1.7%) | ||||||||
Booking Holdings, Inc. (b) | 1,224 | 2,874,503 | ||||||
Caesars Entertainment, Inc. (b) | 6,306 | 487,832 | ||||||
Carnival Corp. (b) (c) | 23,957 | 484,410 | ||||||
Chipotle Mexican Grill, Inc. (b) | 849 | 1,343,143 | ||||||
Darden Restaurants, Inc. | 3,738 | 496,967 | ||||||
Domino's Pizza, Inc. | 1,070 | 435,501 | ||||||
Las Vegas Sands Corp. (b) | 10,211 | 396,902 | ||||||
Marriott International, Inc. Class A (b) | 8,111 | 1,425,508 | ||||||
McDonald's Corp. | 22,181 | 5,484,918 | ||||||
MGM Resorts International | 11,189 | 469,267 | ||||||
Norwegian Cruise Line Holdings Ltd. (b) (c) | 12,384 | 270,962 | ||||||
Penn National Gaming, Inc. (b) | 4,890 | 207,434 | ||||||
Royal Caribbean Cruises Ltd. (b) (c) | 6,627 | 555,210 | ||||||
Starbucks Corp. | 34,171 | 3,108,536 | ||||||
Wynn Resorts Ltd. (b) | 3,125 | 249,187 | ||||||
Yum! Brands, Inc. | 8,574 | 1,016,276 | ||||||
19,306,556 | ||||||||
Household Durables (0.3%) | ||||||||
DR Horton, Inc. | 9,579 | 713,731 | ||||||
Garmin Ltd. (c) | 4,456 | 528,526 | ||||||
Lennar Corp. Class A | 7,764 | 630,204 | ||||||
Mohawk Industries, Inc. (b) | 1,613 | 200,335 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Newell Brands, Inc. | 11,223 | $ | 240,285 | |||||
NVR, Inc. (b) | 109 | 486,933 | ||||||
PulteGroup, Inc. | 7,386 | 309,473 | ||||||
Whirlpool Corp. | 1,735 | 299,773 | ||||||
3,409,260 | ||||||||
Internet & Catalog Retail (4.2%) | ||||||||
Amazon.com, Inc. (b) | 12,995 | 42,363,050 | ||||||
Etsy, Inc. (b) | 3,721 | 462,447 | ||||||
Expedia Group, Inc. (b) | 4,463 | 873,275 | ||||||
Netflix, Inc. (b) | 13,246 | 4,961,819 | ||||||
48,660,591 | ||||||||
Leisure Equipment & Products (0.0%) | ||||||||
Hasbro, Inc. | 3,835 | 314,163 | ||||||
Media (0.9%) | ||||||||
Charter Communications, Inc. Class A (b) | 3,541 | 1,931,686 | ||||||
Comcast Corp. Class A | 134,384 | 6,291,859 | ||||||
Discovery, Inc. Class A (b) | 5,018 | 125,049 | ||||||
Discovery, Inc. Class C (b) | 9,018 | 225,180 | ||||||
DISH Network Corp. Class A (b) | 7,345 | 232,469 | ||||||
Interpublic Group of Cos., Inc. | 11,691 | 414,446 | ||||||
Live Nation Entertainment, Inc. (b) | 3,922 | 461,384 | ||||||
News Corp. Class A | 11,519 | 255,146 | ||||||
News Corp. Class B | 3,593 | 80,914 | ||||||
Omnicom Group, Inc. | 6,156 | 522,521 | ||||||
10,540,654 | ||||||||
Multiline Retail (0.5%) | ||||||||
Dollar General Corp. | 6,869 | 1,529,245 | ||||||
Dollar Tree, Inc. (b) | 6,597 | 1,056,510 | ||||||
Target Corp. | 14,233 | 3,020,527 | ||||||
5,606,282 | ||||||||
Specialty Retail (1.9%) | ||||||||
Advance Auto Parts, Inc. | 1,798 | 372,114 | ||||||
AutoZone, Inc. (b) | 626 | 1,279,907 | ||||||
Bath & Body Works, Inc. | 7,655 | 365,909 | ||||||
Best Buy Co., Inc. | 6,431 | 584,578 | ||||||
CarMax, Inc. (b) | 4,756 | 458,859 | ||||||
Home Depot, Inc. | 31,020 | 9,285,217 | ||||||
Lowe's Cos., Inc. | 20,014 | 4,046,631 | ||||||
O'Reilly Automotive, Inc. (b) | 2,041 | 1,398,004 | ||||||
Ross Stores, Inc. | 10,455 | 945,759 | ||||||
TJX Cos., Inc. | 35,435 | 2,146,652 | ||||||
Tractor Supply Co. | 3,409 | 795,558 | ||||||
Ulta Beauty, Inc. (b) | 1,578 | 628,391 | ||||||
22,307,579 | ||||||||
Textiles, Apparel & Luxury Goods (0.6%) | ||||||||
NIKE, Inc. Class B | 37,861 | 5,094,576 | ||||||
PVH Corp. | 1,992 | 152,607 | ||||||
Ralph Lauren Corp. | 1,333 | 151,216 | ||||||
Tapestry, Inc. | 7,842 | 291,330 | ||||||
Under Armour, Inc. Class A (b) | 5,524 | 94,019 | ||||||
Under Armour, Inc. Class C (b) | 6,304 | 98,090 | ||||||
VF Corp. | 9,588 | 545,174 | ||||||
6,427,012 | ||||||||
Consumer Staples (6.3%) | ||||||||
Beverages (1.4%) | ||||||||
Brown-Forman Corp. Class B | 5,418 | 363,114 | ||||||
Coca-Cola Co. | 115,482 | 7,159,884 | ||||||
Constellation Brands, Inc. Class A | 4,892 | 1,126,726 | ||||||
Molson Coors Beverage Co. Class B | 5,514 | 294,337 | ||||||
Monster Beverage Corp. (b) | 11,088 | 885,931 | ||||||
PepsiCo, Inc. | 41,075 | 6,875,134 | ||||||
16,705,126 | ||||||||
Food & Staples Retailing (1.8%) | ||||||||
Costco Wholesale Corp. | 13,231 | 7,619,071 | ||||||
CVS Health Corp. | 38,989 | 3,946,077 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Kroger Co. | 19,875 | $ | 1,140,229 | |||||
Sysco Corp. | 15,074 | 1,230,792 | ||||||
Walgreens Boots Alliance, Inc. | 21,224 | 950,199 | ||||||
Walmart, Inc. | 42,024 | 6,258,214 | ||||||
21,144,582 | ||||||||
Food Products (1.0%) | ||||||||
Archer-Daniels-Midland Co. | 16,614 | 1,499,580 | ||||||
Campbell Soup Co. | 5,989 | 266,930 | ||||||
Conagra Brands, Inc. | 14,166 | 475,553 | ||||||
General Mills, Inc. | 17,907 | 1,212,662 | ||||||
Hershey Co. | 4,265 | 923,927 | ||||||
Hormel Foods Corp. | 8,364 | 431,080 | ||||||
J M Smucker Co. | 3,141 | 425,323 | ||||||
Kellogg Co. | 7,547 | 486,706 | ||||||
Kraft Heinz Co. | 21,086 | 830,577 | ||||||
Lamb Weston Holdings, Inc. | 4,297 | 257,433 | ||||||
McCormick & Co., Inc. | 7,391 | 737,622 | ||||||
Mondelez International, Inc. Class A | 41,241 | 2,589,110 | ||||||
Tyson Foods, Inc. Class A | 8,687 | 778,616 | ||||||
10,915,119 | ||||||||
Household Products (1.3%) | ||||||||
Church & Dwight Co., Inc. | 7,173 | 712,853 | ||||||
Clorox Co. | 3,620 | 503,289 | ||||||
Colgate-Palmolive Co. | 24,953 | 1,892,186 | ||||||
Kimberly-Clark Corp. | 10,002 | 1,231,846 | ||||||
Procter & Gamble Co. | 71,207 | 10,880,429 | ||||||
15,220,603 | ||||||||
Personal Care (0.2%) | ||||||||
Estee Lauder Cos., Inc. Class A | 6,931 | 1,887,450 | ||||||
Tobacco (0.6%) | ||||||||
Altria Group, Inc. | 54,159 | 2,829,808 | ||||||
Philip Morris International, Inc. | 46,039 | 4,324,903 | ||||||
7,154,711 | ||||||||
Energy (3.7%) | ||||||||
Energy Equipment & Services (0.3%) | ||||||||
Baker Hughes Co. | 26,904 | 979,574 | ||||||
Halliburton Co. | 26,656 | 1,009,463 | ||||||
Schlumberger NV (c) | 41,670 | 1,721,388 | ||||||
3,710,425 | ||||||||
Oil, Gas & Consumable Fuels (3.4%) | ||||||||
APA Corp. | 10,718 | 442,975 | ||||||
Chevron Corp. | 57,240 | 9,320,389 | ||||||
ConocoPhillips | 38,684 | 3,868,400 | ||||||
Coterra Energy, Inc. | 24,130 | 650,786 | ||||||
Devon Energy Corp. | 18,700 | 1,105,731 | ||||||
Diamondback Energy, Inc. | 5,008 | 686,497 | ||||||
EOG Resources, Inc. | 17,341 | 2,067,567 | ||||||
Exxon Mobil Corp. | 125,763 | 10,386,766 | ||||||
Hess Corp. | 8,131 | 870,342 | ||||||
Kinder Morgan, Inc. | 57,928 | 1,095,419 | ||||||
Marathon Oil Corp. | 23,085 | 579,664 | ||||||
Marathon Petroleum Corp. | 17,199 | 1,470,515 | ||||||
Occidental Petroleum Corp. | 26,347 | 1,494,929 | ||||||
Phillips 66 | 13,898 | 1,200,648 | ||||||
Pioneer Natural Resources Co. | 6,710 | 1,677,701 | ||||||
Valero Energy Corp. | 12,142 | 1,232,899 | ||||||
Williams Cos., Inc. | 36,086 | 1,205,633 | ||||||
39,356,861 | ||||||||
Financial (10.8%) | ||||||||
Capital Markets (2.9%) | ||||||||
Ameriprise Financial, Inc. | 3,314 | 995,393 | ||||||
Bank of New York Mellon Corp. | 21,977 | 1,090,719 | ||||||
BlackRock, Inc. | 4,311 | 3,294,337 | ||||||
Cboe Global Markets, Inc. | 3,154 | 360,881 | ||||||
Charles Schwab Corp. | 44,659 | 3,765,200 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
CME Group, Inc. | 10,647 | $ | 2,532,495 | |||||
Factset Research Systems, Inc. | 1,121 | 486,682 | ||||||
Franklin Resources, Inc. | 8,352 | 233,188 | ||||||
Goldman Sachs Group, Inc. | 10,113 | 3,338,301 | ||||||
Intercontinental Exchange, Inc. | 16,626 | 2,196,627 | ||||||
Invesco Ltd. (c) | 10,041 | 231,545 | ||||||
MarketAxess Holdings, Inc. | 1,169 | 397,694 | ||||||
Moody's Corp. | 4,807 | 1,621,930 | ||||||
Morgan Stanley | 42,111 | 3,680,501 | ||||||
MSCI, Inc. | 2,447 | 1,230,547 | ||||||
Nasdaq, Inc. | 3,475 | 619,245 | ||||||
Northern Trust Corp. | 6,152 | 716,400 | ||||||
Raymond James Financial, Inc. | 5,481 | 602,417 | ||||||
S&P Global, Inc. | 10,493 | 4,304,019 | ||||||
State Street Corp. | 10,859 | 946,036 | ||||||
T Rowe Price Group, Inc. | 6,808 | 1,029,302 | ||||||
33,673,459 | ||||||||
Commercial Banks (3.7%) | ||||||||
Bank of America Corp. | 211,165 | 8,704,221 | ||||||
Citigroup, Inc. | 58,948 | 3,147,823 | ||||||
Citizens Financial Group, Inc. | 12,655 | 573,651 | ||||||
Comerica, Inc. | 3,819 | 345,352 | ||||||
Fifth Third Bancorp | 20,262 | 872,076 | ||||||
First Republic Bank | 5,255 | 851,836 | ||||||
Huntington Bancshares, Inc. | 42,709 | 624,406 | ||||||
JPMorgan Chase & Co. | 87,789 | 11,967,396 | ||||||
KeyCorp | 27,592 | 617,509 | ||||||
M&T Bank Corp. | 3,748 | 635,286 | ||||||
People's United Financial, Inc. | 12,711 | 254,093 | ||||||
PNC Financial Services Group, Inc. | 12,423 | 2,291,422 | ||||||
Regions Financial Corp. | 27,983 | 622,902 | ||||||
Signature Bank | 1,906 | 559,392 | ||||||
SVB Financial Group (b) | 1,777 | 994,143 | ||||||
Truist Financial Corp. | 39,653 | 2,248,325 | ||||||
U.S. Bancorp | 40,084 | 2,130,465 | ||||||
Wells Fargo & Co. | 115,432 | 5,593,835 | ||||||
Zions Bancorp NA | 4,504 | 295,282 | ||||||
43,329,415 | ||||||||
Consumer Finance (0.5%) | ||||||||
American Express Co. | 18,271 | 3,416,677 | ||||||
Capital One Financial Corp. | 12,295 | 1,614,211 | ||||||
Discover Financial Services | 8,555 | 942,675 | ||||||
Synchrony Financial | 15,485 | 539,033 | ||||||
6,512,596 | ||||||||
Insurance (3.7%) | ||||||||
Aflac, Inc. | 17,822 | 1,147,559 | ||||||
Allstate Corp. | 8,335 | 1,154,481 | ||||||
American International Group, Inc. | 24,626 | 1,545,774 | ||||||
Aon PLC Class A (c) | 6,381 | 2,077,845 | ||||||
Arthur J Gallagher & Co. | 6,145 | 1,072,917 | ||||||
Assurant, Inc. | 1,655 | 300,929 | ||||||
Berkshire Hathaway, Inc. Class B (b) | 54,403 | 19,199,363 | ||||||
Brown & Brown, Inc. | 6,915 | 499,747 | ||||||
Chubb Ltd. (c) | 12,827 | 2,743,695 | ||||||
Cincinnati Financial Corp. | 4,406 | 599,040 | ||||||
Everest Re Group Ltd. (c) | 1,152 | 347,190 | ||||||
Globe Life, Inc. | 2,674 | 269,004 | ||||||
Hartford Financial Services Group, Inc. | 9,948 | 714,366 | ||||||
Lincoln National Corp. | 4,948 | 323,401 | ||||||
Loews Corp. | 5,800 | 375,956 | ||||||
Marsh & McLennan Cos., Inc. | 14,947 | 2,547,268 | ||||||
MetLife, Inc. | 20,844 | 1,464,916 | ||||||
Principal Financial Group, Inc. | 7,192 | 527,965 | ||||||
Progressive Corp. | 17,280 | 1,969,747 | ||||||
Prudential Financial, Inc. | 11,156 | 1,318,305 | ||||||
Travelers Cos., Inc. | 7,165 | 1,309,260 | ||||||
Willis Towers Watson PLC (c) | 3,609 | 852,518 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
WR Berkley Corp. | 6,099 | $ | 406,132 | |||||
42,767,378 | ||||||||
Health Care (13.0%) | ||||||||
Biotechnology (1.9%) | ||||||||
AbbVie, Inc. | 52,517 | 8,513,531 | ||||||
Amgen, Inc. | 16,766 | 4,054,354 | ||||||
Biogen, Inc. (b) | 4,345 | 915,057 | ||||||
Gilead Sciences, Inc. | 37,256 | 2,214,869 | ||||||
Incyte Corp. (b) | 5,491 | 436,095 | ||||||
Moderna, Inc. (b) | 10,431 | 1,796,844 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 3,211 | 2,242,627 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 7,527 | 1,964,321 | ||||||
22,137,698 | ||||||||
Health Care Equipment & Supplies (3.4%) | ||||||||
Abbott Laboratories | 52,529 | 6,217,332 | ||||||
ABIOMED, Inc. (b) | 1,325 | 438,893 | ||||||
Align Technology, Inc. (b) | 2,232 | 973,152 | ||||||
Baxter International, Inc. | 14,848 | 1,151,314 | ||||||
Becton Dickinson & Co. | 8,420 | 2,239,720 | ||||||
Boston Scientific Corp. (b) | 42,331 | 1,874,840 | ||||||
Cooper Cos., Inc. | 1,466 | 612,187 | ||||||
Danaher Corp. | 18,872 | 5,535,724 | ||||||
Dentsply Sirona, Inc. | 6,479 | 318,896 | ||||||
Dexcom, Inc. (b) | 2,886 | 1,476,478 | ||||||
Edwards Lifesciences Corp. (b) | 18,514 | 2,179,468 | ||||||
Hologic, Inc. (b) | 7,408 | 569,083 | ||||||
IDEXX Laboratories, Inc. (b) | 2,588 | 1,415,791 | ||||||
Intuitive Surgical, Inc. (b) | 10,668 | 3,218,322 | ||||||
Medtronic PLC (c) | 39,941 | 4,431,454 | ||||||
ResMed, Inc. | 4,306 | 1,044,248 | ||||||
STERIS PLC (c) | 2,975 | 719,266 | ||||||
Stryker Corp. | 9,968 | 2,664,945 | ||||||
Teleflex, Inc. | 1,354 | 480,440 | ||||||
West Pharmaceutical Services, Inc. | 2,230 | 915,883 | ||||||
Zimmer Biomet Holdings, Inc. | 6,138 | 785,050 | ||||||
39,262,486 | ||||||||
Health Care Providers & Services (2.6%) | ||||||||
AmerisourceBergen Corp. | 4,412 | 682,580 | ||||||
Anthem, Inc. | 7,218 | 3,545,626 | ||||||
Cardinal Health, Inc. | 8,230 | 466,641 | ||||||
Centene Corp. (b) | 17,317 | 1,457,918 | ||||||
Cigna Corp. | 9,593 | 2,298,579 | ||||||
DaVita, Inc. (b) | 1,798 | 203,372 | ||||||
HCA Healthcare, Inc. | 7,132 | 1,787,422 | ||||||
Henry Schein, Inc. (b) | 4,083 | 355,997 | ||||||
Humana, Inc. | 3,830 | 1,666,701 | ||||||
Laboratory Corp. of America Holdings (b) | 2,766 | 729,283 | ||||||
McKesson Corp. | 4,442 | 1,359,829 | ||||||
Molina Healthcare, Inc. (b) | 1,740 | 580,447 | ||||||
Quest Diagnostics, Inc. | 3,467 | 474,494 | ||||||
UnitedHealth Group, Inc. | 27,979 | 14,268,451 | ||||||
Universal Health Services, Inc. Class B | 2,130 | 308,743 | ||||||
30,186,083 | ||||||||
Health Care Technology (0.1%) | ||||||||
Cerner Corp. | 8,672 | 811,352 | ||||||
Life Sciences Tools & Services (1.2%) | ||||||||
Agilent Technologies, Inc. | 8,891 | 1,176,546 | ||||||
Bio-Rad Laboratories, Inc. Class A (b) | 692 | 389,755 | ||||||
Bio-Techne Corp. | 1,170 | 506,657 | ||||||
Charles River Laboratories International, Inc. (b) | 1,510 | 428,795 | ||||||
Illumina, Inc. (b) | 4,655 | 1,626,457 | ||||||
IQVIA Holdings, Inc. (b) | 5,633 | 1,302,406 | ||||||
Mettler-Toledo International, Inc. (b) | 707 | 970,845 | ||||||
PerkinElmer, Inc. | 3,758 | 655,621 | ||||||
Thermo Fisher Scientific, Inc. | 11,686 | 6,902,336 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Waters Corp. (b) | 1,844 | $ | 572,359 | |||||
14,531,777 | ||||||||
Pharmaceuticals (3.8%) | ||||||||
Bristol-Myers Squibb Co. | 64,750 | 4,728,693 | ||||||
Catalent, Inc. (b) | 5,320 | 589,988 | ||||||
Eli Lilly & Co. | 23,582 | 6,753,177 | ||||||
Johnson & Johnson | 78,204 | 13,860,095 | ||||||
Merck & Co., Inc. | 75,036 | 6,156,704 | ||||||
Organon & Co. | 7,515 | 262,499 | ||||||
Pfizer, Inc. | 166,736 | 8,631,923 | ||||||
Viatris, Inc. | 35,918 | 390,788 | ||||||
Zoetis, Inc. | 14,077 | 2,654,781 | ||||||
44,028,648 | ||||||||
Industrials (7.7%) | ||||||||
Aerospace & Defense (1.6%) | ||||||||
Boeing Co. (b) | 16,265 | 3,114,748 | ||||||
General Dynamics Corp. | 6,847 | 1,651,359 | ||||||
Howmet Aerospace, Inc. | 11,265 | 404,864 | ||||||
Huntington Ingalls Industries, Inc. | 1,189 | 237,134 | ||||||
L3Harris Technologies, Inc. | 5,831 | 1,448,829 | ||||||
Lockheed Martin Corp. | 7,200 | 3,178,080 | ||||||
Northrop Grumman Corp. | 4,343 | 1,942,277 | ||||||
Raytheon Technologies Corp. | 44,331 | 4,391,872 | ||||||
Teledyne Technologies, Inc. (b) | 1,368 | 646,558 | ||||||
TransDigm Group, Inc. (b) | 1,569 | 1,022,266 | ||||||
18,037,987 | ||||||||
Air Freight & Logistics (0.6%) | ||||||||
CH Robinson Worldwide, Inc. | 3,850 | 414,684 | ||||||
Expeditors International of Washington, Inc. | 4,939 | 509,507 | ||||||
FedEx Corp. | 7,205 | 1,667,165 | ||||||
United Parcel Service, Inc. Class B | 21,631 | 4,638,984 | ||||||
7,230,340 | ||||||||
Airlines (0.2%) | ||||||||
Alaska Air Group, Inc. (b) | 3,643 | 211,330 | ||||||
American Airlines Group, Inc. (b) | 19,230 | 350,948 | ||||||
Delta Air Lines, Inc. (b) | 19,006 | 752,067 | ||||||
Southwest Airlines Co. (b) | 17,572 | 804,798 | ||||||
United Airlines Holdings, Inc. (b) | 9,611 | 445,566 | ||||||
2,564,709 | ||||||||
Building Products (0.4%) | ||||||||
Allegion PLC (c) | 2,638 | 289,600 | ||||||
AO Smith Corp. | 3,850 | 245,977 | ||||||
Carrier Global Corp. | 25,414 | 1,165,740 | ||||||
Fortune Brands Home & Security, Inc. | 3,997 | 296,897 | ||||||
Johnson Controls International PLC (c) | 20,872 | 1,368,577 | ||||||
Masco Corp. | 7,118 | 363,018 | ||||||
Trane Technologies PLC (c) | 6,932 | 1,058,516 | ||||||
4,788,325 | ||||||||
Commercial Services & Supplies (0.4%) | ||||||||
Cintas Corp. | 2,590 | 1,101,760 | ||||||
Copart, Inc. (b) | 6,290 | 789,206 | ||||||
Republic Services, Inc. | 6,116 | 810,370 | ||||||
Rollins, Inc. | 6,694 | 234,625 | ||||||
Waste Management, Inc. | 11,406 | 1,807,851 | ||||||
4,743,812 | ||||||||
Construction & Engineering (0.1%) | ||||||||
Jacobs Engineering Group, Inc. | 3,807 | 524,643 | ||||||
Quanta Services, Inc. | 4,143 | 545,260 | ||||||
1,069,903 | ||||||||
Electrical Equipment (0.5%) | ||||||||
AMETEK, Inc. | 6,830 | 909,619 | ||||||
Eaton Corp. PLC (c) | 11,839 | 1,796,687 | ||||||
Emerson Electric Co. | 17,645 | 1,730,092 | ||||||
Generac Holdings, Inc. (b) | 1,917 | 569,848 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Rockwell Automation, Inc. | 3,413 | $ | 955,742 | |||||
5,961,988 | ||||||||
Industrial Conglomerates (1.0%) | ||||||||
3M Co. | 16,965 | 2,525,749 | ||||||
General Electric Co. | 32,602 | 2,983,083 | ||||||
Honeywell International, Inc. | 20,373 | 3,964,179 | ||||||
Roper Technologies, Inc. | 3,162 | 1,493,191 | ||||||
Textron, Inc. | 6,519 | 484,883 | ||||||
11,451,085 | ||||||||
Machinery (1.5%) | ||||||||
Caterpillar, Inc. | 16,009 | 3,567,125 | ||||||
Cummins, Inc. | 4,210 | 863,513 | ||||||
Deere & Co. | 8,320 | 3,456,627 | ||||||
Dover Corp. | 4,280 | 671,532 | ||||||
Fortive Corp. | 10,644 | 648,539 | ||||||
IDEX Corp. | 2,249 | 431,201 | ||||||
Illinois Tool Works, Inc. | 8,487 | 1,777,178 | ||||||
Ingersoll Rand, Inc. | 12,038 | 606,113 | ||||||
Nordson Corp. | 1,610 | 365,599 | ||||||
Otis Worldwide Corp. | 12,576 | 967,723 | ||||||
PACCAR, Inc. | 10,279 | 905,272 | ||||||
Parker-Hannifin Corp. | 3,805 | 1,079,707 | ||||||
Pentair PLC (c) | 4,849 | 262,864 | ||||||
Snap-On, Inc. | 1,555 | 319,521 | ||||||
Stanley Black & Decker, Inc. | 4,782 | 668,476 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,473 | 526,339 | ||||||
Xylem, Inc. | 5,351 | 456,226 | ||||||
17,573,555 | ||||||||
Professional Services (0.3%) | ||||||||
Equifax, Inc. | 3,663 | 868,497 | ||||||
Nielsen Holdings PLC (c) | 10,610 | 289,017 | ||||||
Robert Half International, Inc. | 3,252 | 371,313 | ||||||
United Rentals, Inc. (b) | 2,193 | 778,976 | ||||||
Verisk Analytics, Inc. | 4,756 | 1,020,780 | ||||||
3,328,583 | ||||||||
Road & Rail (0.9%) | ||||||||
CSX Corp. | 65,887 | 2,467,468 | ||||||
JB Hunt Transport Services, Inc. | 2,471 | 496,152 | ||||||
Norfolk Southern Corp. | 7,113 | 2,028,770 | ||||||
Old Dominion Freight Line, Inc. | 2,750 | 821,370 | ||||||
Union Pacific Corp. | 18,920 | 5,169,133 | ||||||
10,982,893 | ||||||||
Trading Companies & Distributors (0.2%) | ||||||||
Fastenal Co. | 17,070 | 1,013,958 | ||||||
WW Grainger, Inc. | 1,286 | 663,306 | ||||||
1,677,264 | ||||||||
Information Technology (33.2%) | ||||||||
Communications Equipment (0.8%) | ||||||||
Arista Networks, Inc. (b) | 6,653 | 924,634 | ||||||
Cisco Systems, Inc. | 125,288 | 6,986,059 | ||||||
F5, Inc. (b) | 1,821 | 380,498 | ||||||
Juniper Networks, Inc. | 9,657 | 358,854 | ||||||
Motorola Solutions, Inc. | 5,045 | 1,221,899 | ||||||
9,871,944 | ||||||||
Computers & Peripherals (7.0%) | ||||||||
Apple, Inc. (d) | 460,548 | 80,416,286 | ||||||
NetApp, Inc. | 6,587 | 546,721 | ||||||
Seagate Technology Holdings PLC (c) | 5,982 | 537,782 | ||||||
Western Digital Corp. (b) | 9,280 | 460,752 | ||||||
81,961,541 | ||||||||
Electronic Equipment, Instruments & Components (0.5%) | ||||||||
Amphenol Corp. Class A | 17,767 | 1,338,743 | ||||||
CDW Corp. | 4,027 | 720,390 | ||||||
Corning, Inc. | 22,190 | 819,033 | ||||||
IPG Photonics Corp. (b) | 998 | 109,541 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Keysight Technologies, Inc. (b) | 5,362 | $ | 847,035 | |||||
TE Connectivity Ltd. (c) | 9,642 | 1,262,909 | ||||||
Trimble, Inc. (b) | 7,453 | 537,659 | ||||||
5,635,310 | ||||||||
Interactive Media & Services (5.6%) | ||||||||
Akamai Technologies, Inc. (b) | 4,823 | 575,818 | ||||||
Alphabet, Inc. Class A (b) | 8,961 | 24,923,677 | ||||||
Alphabet, Inc. Class C (b) | 8,252 | 23,047,753 | ||||||
eBay, Inc. | 18,542 | 1,061,716 | ||||||
Meta Platforms, Inc. Class A (b) | 68,594 | 15,252,562 | ||||||
Twitter, Inc. (b) | 23,712 | 917,417 | ||||||
65,778,943 | ||||||||
IT Services (4.1%) | ||||||||
Accenture PLC Class A (c) | 18,735 | 6,318,004 | ||||||
Automatic Data Processing, Inc. | 12,466 | 2,836,514 | ||||||
Broadridge Financial Solutions, Inc. | 3,441 | 535,798 | ||||||
Cognizant Technology Solutions Corp. Class A | 15,511 | 1,390,871 | ||||||
DXC Technology Co. (b) | 7,262 | 236,959 | ||||||
EPAM Systems, Inc. (b) | 1,689 | 500,974 | ||||||
Fidelity National Information Services, Inc. | 18,034 | 1,810,974 | ||||||
Fiserv, Inc. (b) | 17,601 | 1,784,741 | ||||||
FleetCor Technologies, Inc. (b) | 2,394 | 596,250 | ||||||
Gartner, Inc. (b) | 2,411 | 717,176 | ||||||
Global Payments, Inc. | 8,458 | 1,157,393 | ||||||
International Business Machines Corp. | 26,622 | 3,461,392 | ||||||
Jack Henry & Associates, Inc. | 2,088 | 411,440 | ||||||
Leidos Holdings, Inc. | 4,149 | 448,175 | ||||||
Mastercard, Inc. Class A | 25,638 | 9,162,509 | ||||||
Paychex, Inc. | 9,487 | 1,294,691 | ||||||
PayPal Holdings, Inc. (b) | 34,607 | 4,002,300 | ||||||
VeriSign, Inc. (b) | 2,888 | 642,465 | ||||||
Visa, Inc. Class A | 49,265 | 10,925,499 | ||||||
48,234,125 | ||||||||
Office Electronics (0.1%) | ||||||||
Zebra Technologies Corp. Class A (b) | 1,610 | 666,057 | ||||||
Semiconductors & Semiconductor Equipment (5.9%) | ||||||||
Advanced Micro Devices, Inc. (b) | 48,563 | 5,309,878 | ||||||
Analog Devices, Inc. | 15,605 | 2,577,634 | ||||||
Applied Materials, Inc. | 26,378 | 3,476,620 | ||||||
Broadcom, Inc. | 12,286 | 7,736,248 | ||||||
Enphase Energy, Inc. (b) | 3,918 | 790,574 | ||||||
Intel Corp. | 120,963 | 5,994,926 | ||||||
KLA Corp. | 4,485 | 1,641,779 | ||||||
Lam Research Corp. | 4,144 | 2,227,856 | ||||||
Microchip Technology, Inc. | 16,424 | 1,234,099 | ||||||
Micron Technology, Inc. | 33,213 | 2,586,961 | ||||||
Monolithic Power Systems, Inc. | 1,310 | 636,241 | ||||||
NVIDIA Corp. | 74,265 | 20,263,948 | ||||||
NXP Semiconductors NV (c) | 7,858 | 1,454,359 | ||||||
Qorvo, Inc. (b) | 3,159 | 392,032 | ||||||
QUALCOMM, Inc. | 33,478 | 5,116,108 | ||||||
Skyworks Solutions, Inc. | 4,828 | 643,476 | ||||||
SolarEdge Technologies, Inc. (b) | 1,564 | 504,187 | ||||||
Teradyne,��Inc. | 4,764 | 563,248 | ||||||
Texas Instruments, Inc. | 27,421 | 5,031,205 | ||||||
68,181,379 | ||||||||
Software (9.0%) | ||||||||
Activision Blizzard, Inc. | 23,099 | 1,850,461 | ||||||
Adobe, Inc. (b) | 14,013 | 6,384,603 | ||||||
ANSYS, Inc. (b) | 2,627 | 834,467 | ||||||
Autodesk, Inc. (b) | 6,504 | 1,394,132 | ||||||
Cadence Design Systems, Inc. (b) | 8,206 | 1,349,559 | ||||||
Ceridian HCM Holding, Inc. (b) | 4,056 | 277,268 | ||||||
Citrix Systems, Inc. | 3,628 | 366,065 | ||||||
Electronic Arts, Inc. | 8,341 | 1,055,220 | ||||||
Fortinet, Inc. (b) | 4,039 | 1,380,288 | ||||||
Intuit, Inc. | 8,402 | 4,040,018 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Microsoft Corp. | 222,703 | $ | 68,661,562 | |||||
NortonLifeLock, Inc. | 17,265 | 457,868 | ||||||
Oracle Corp. | 46,803 | 3,872,012 | ||||||
Paycom Software, Inc. (b) | 1,440 | 498,787 | ||||||
PTC, Inc. (b) | 3,100 | 333,932 | ||||||
Salesforce.com, Inc. (b) | 29,260 | 6,212,483 | ||||||
ServiceNow, Inc. (b) | 5,980 | 3,330,202 | ||||||
Synopsys, Inc. (b) | 4,546 | 1,515,045 | ||||||
Take-Two Interactive Software, Inc. (b) | 3,404 | 523,331 | ||||||
Tyler Technologies, Inc. (b) | 1,186 | 527,640 | ||||||
104,864,943 | ||||||||
Technology Hardware Storage & Peripherals (0.2%) | ||||||||
Hewlett Packard Enterprise Co. | 38,423 | 642,048 | ||||||
HP, Inc. | 32,163 | 1,167,517 | ||||||
1,809,565 | ||||||||
Materials (2.5%) | ||||||||
Chemicals (1.7%) | ||||||||
Air Products & Chemicals, Inc. | 6,544 | 1,635,411 | ||||||
Albemarle Corp. | 3,492 | 772,256 | ||||||
Celanese Corp. | 3,181 | 454,469 | ||||||
CF Industries Holdings, Inc. | 6,325 | 651,855 | ||||||
Corteva, Inc. | 21,597 | 1,241,396 | ||||||
Dow, Inc. | 21,856 | 1,392,664 | ||||||
DuPont de Nemours, Inc. | 15,236 | 1,121,065 | ||||||
Eastman Chemical Co. | 3,805 | 426,388 | ||||||
Ecolab, Inc. | 7,370 | 1,301,247 | ||||||
FMC Corp. | 3,684 | 484,704 | ||||||
International Flavors & Fragrances, Inc. | 7,479 | 982,217 | ||||||
Linde PLC (c) | 15,238 | 4,867,474 | ||||||
LyondellBasell Industries NV Class A (c) | 7,732 | 795,004 | ||||||
Mosaic Co. | 11,001 | 731,567 | ||||||
PPG Industries, Inc. | 7,025 | 920,767 | ||||||
Sherwin-Williams Co. | 7,126 | 1,778,792 | ||||||
19,557,276 | ||||||||
Commercial Services & Supplies (0.0%) | ||||||||
Avery Dennison Corp. | 2,430 | 422,747 | ||||||
Construction Materials (0.1%) | ||||||||
Martin Marietta Materials, Inc. | 1,899 | 730,906 | ||||||
Vulcan Materials Co. | 3,947 | 725,064 | ||||||
1,455,970 | ||||||||
Containers & Packaging (0.3%) | ||||||||
Amcor PLC (c) | 44,967 | 509,476 | ||||||
Ball Corp. | 9,599 | 863,910 | ||||||
International Paper Co. | 11,408 | 526,479 | ||||||
Packaging Corp. of America | 2,782 | 434,298 | ||||||
Sealed Air Corp. | 4,394 | 294,222 | ||||||
WestRock Co. | 7,819 | 367,728 | ||||||
2,996,113 | ||||||||
Metals & Mining (0.4%) | ||||||||
Freeport-McMoRan, Inc. | 43,610 | 2,169,161 | ||||||
Newmont Corp. | 23,635 | 1,877,801 | ||||||
Nucor Corp. | 8,080 | 1,201,092 | ||||||
5,248,054 | ||||||||
Real Estate (2.7%) | ||||||||
Health Care REITs (0.2%) | ||||||||
Healthpeak Properties, Inc. | 16,008 | 549,555 | ||||||
Ventas, Inc. | 11,787 | 727,965 | ||||||
Welltower, Inc. | 12,862 | 1,236,553 | ||||||
2,514,073 | ||||||||
Hotels & Resort REITs (0.0%) | ||||||||
Host Hotels & Resorts, Inc. | 21,206 | 412,033 | ||||||
Industrial REITs (0.4%) | ||||||||
Duke Realty Corp. | 11,241 | 652,653 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Prologis, Inc. | 21,957 | $ | 3,545,616 | |||||
4,198,269 | ||||||||
Office REITs (0.2%) | ||||||||
Alexandria Real Estate Equities, Inc. | 4,323 | 870,004 | ||||||
Boston Properties, Inc. | 4,205 | 541,604 | ||||||
Vornado Realty Trust | 4,677 | 211,961 | ||||||
1,623,569 | ||||||||
Real Estate Investment Trust (0.0%) | ||||||||
Federal Realty Investment Trust | 2,047 | 249,877 | ||||||
Real Estate Services (0.1%) | ||||||||
CBRE Group, Inc. Class A (b) | 9,933 | 909,068 | ||||||
Residential REITs (0.3%) | ||||||||
AvalonBay Communities, Inc. | 4,141 | 1,028,500 | ||||||
Equity Residential | 10,121 | 910,080 | ||||||
Essex Property Trust, Inc. | 1,910 | 659,867 | ||||||
Mid-America Apartment Communities, Inc. | 3,433 | 719,042 | ||||||
UDR, Inc. | 8,883 | 509,618 | ||||||
3,827,107 | ||||||||
Retail REITs (0.3%) | ||||||||
Kimco Realty Corp. | 18,257 | 450,948 | ||||||
Realty Income Corp. | 16,748 | 1,160,636 | ||||||
Regency Centers Corp. | 4,488 | 320,174 | ||||||
Simon Property Group, Inc. | 9,717 | 1,278,369 | ||||||
3,210,127 | ||||||||
Specialized REITs (1.2%) | ||||||||
American Tower Corp. | 13,518 | 3,395,992 | ||||||
Crown Castle International Corp. | 12,837 | 2,369,710 | ||||||
Digital Realty Trust, Inc. | 8,372 | 1,187,150 | ||||||
Equinix, Inc. | 2,752 | 2,040,938 | ||||||
Extra Space Storage, Inc. | 3,926 | 807,186 | ||||||
Iron Mountain, Inc. | 8,595 | 476,249 | ||||||
Public Storage | 4,530 | 1,767,968 | ||||||
SBA Communications Corp. | 3,234 | 1,112,819 | ||||||
Weyerhaeuser Co. | 22,170 | 840,243 | ||||||
13,998,255 | ||||||||
Utilities (2.7%) | ||||||||
Electric Utilities (1.6%) | ||||||||
Alliant Energy Corp. | 7,419 | 463,539 | ||||||
American Electric Power Co., Inc. | 14,898 | 1,486,373 | ||||||
Constellation Energy Corp. | 9,681 | 544,556 | ||||||
Duke Energy Corp. | 22,850 | 2,551,431 | ||||||
Edison International | 11,265 | 789,676 | ||||||
Entergy Corp. | 5,885 | 687,074 | ||||||
Evergy, Inc. | 6,728 | 459,792 | ||||||
Eversource Energy | 10,159 | 895,922 | ||||||
Exelon Corp. | 29,043 | 1,383,318 | ||||||
FirstEnergy Corp. | 16,938 | 776,777 | ||||||
NextEra Energy, Inc. | 58,287 | 4,937,492 | ||||||
Pinnacle West Capital Corp. | 3,275 | 255,778 | ||||||
PPL Corp. | 22,256 | 635,631 | ||||||
Southern Co. | 31,461 | 2,281,237 | ||||||
Xcel Energy, Inc. | 15,992 | 1,154,143 | ||||||
19,302,739 | ||||||||
Gas Utilities (0.1%) | ||||||||
Atmos Energy Corp. | 4,023 | 480,708 | ||||||
ONEOK, Inc. | 13,236 | 934,859 | ||||||
1,415,567 | ||||||||
Independent Power Producers & Energy Traders (0.1%) | ||||||||
AES Corp. | 19,792 | 509,248 | ||||||
NRG Energy, Inc. | 7,261 | 278,532 | ||||||
787,780 | ||||||||
Multi-Utilities (0.8%) | ||||||||
Ameren Corp. | 7,587 | 711,357 | ||||||
CenterPoint Energy, Inc. | 18,627 | 570,731 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
CMS Energy Corp. | 8,527 | $ | 596,378 | |||||
Consolidated Edison, Inc. | 10,496 | 993,761 | ||||||
Dominion Energy, Inc. | 24,019 | 2,040,894 | ||||||
DTE Energy Co. | 5,747 | 759,811 | ||||||
NiSource, Inc. | 11,617 | 369,421 | ||||||
Public Service Enterprise Group, Inc. | 15,016 | 1,051,120 | ||||||
Sempra Energy | 9,409 | 1,581,841 | ||||||
WEC Energy Group, Inc. | 9,318 | 930,030 | ||||||
9,605,344 | ||||||||
Water Utilities (0.1%) | ||||||||
American Water Works Co., Inc. | 5,332 | 882,606 | ||||||
Total common stocks (cost: $339,755,319) | 1,136,903,964 | |||||||
Short-Term Securities (2.4%) | ||||||||
Investment Companies (2.4%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 28,388,801 | 28,388,801 | ||||||
Total short-term securities (cost: $28,388,801) | 28,388,801 | |||||||
Total investments in securities (cost: $368,144,120) (e) | 1,165,292,765 | |||||||
Liabilities in excess of cash and other assets (0.0%) | (163,489 | ) | ||||||
Total net assets (100.0%) | $ | 1,165,129,276 |
Investments in Securities Legend
(a) Securities are valued by procedures described in the notes to investments in securities.
(b) Non-income producing security.
(c) Foreign security: The Fund held 3.2% of net assets in foreign securities at March 31, 2022.
(d) Fully or partially pledged as initial margin deposits on open futures contracts.
(e) At March 31, 2022, the cost of investments for federal income tax purposes was $371,395,271. The aggregate unrealized appreciation and depreciation of investments based on this cost were:
Gross unrealized appreciation | $ | 804,602,211 | ||||||
Gross unrealized depreciation | (9,705,777 | ) | ||||||
Net unrealized appreciation | $ | 794,896,434 |
Holdings of Open Futures Contracts
On March 31, 2022, securities with an aggregate market value of $24,445,400 have been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | ||||||||||||||
S&P 500 E-Mini Index Future | June 2022 | 119 | Long | $ | 25,959,023 | $ | 26,957,963 | $ | 998,940 |
See accompanying notes to investments in securities.
SFT International Bond Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Principal(b) | Value(a) | |||||||
Long-Term Debt Securities (97.4%) | ||||||||
Australia (8.1%) | ||||||||
Financial (3.6%) | ||||||||
Commonwealth Bank of Australia (USD) | ||||||||
0.499%, 07/07/25 (SOFRRATE + 0.400%) (c) (d) | 1,860,000 | $ | 1,840,351 | |||||
National Australia Bank, Ltd. (USD) | ||||||||
0.488%, 01/12/25 (SOFRRATE + 0.380%) (c) (d) | 1,340,000 | 1,329,749 | ||||||
3,170,100 | ||||||||
Government (4.5%) | ||||||||
Australia Government Bond (AUD) | ||||||||
5.750%, 07/15/22 | 2,370,000 | 1,807,412 | ||||||
New South Wales Treasury Corp. (AUD) | ||||||||
4.000%, 04/20/23 | 530,000 | 410,154 | ||||||
Queensland Treasury Corp. (AUD) | ||||||||
4.250%, 07/21/23 (c) | 1,050,000 | 816,647 | ||||||
Western Australian Treasury Corp. (AUD) | ||||||||
6.000%, 10/16/23 | 1,110,000 | 888,752 | ||||||
3,922,965 | ||||||||
Brazil (5.3%) | ||||||||
Government (5.3%) | ||||||||
Brazil Notas do Tesouro Nacional Serie F (BRL) | ||||||||
10.000%, 01/01/27 | 10,750,000 | 2,146,440 | ||||||
10.000%, 01/01/29 | 2,940,000 | 575,353 | ||||||
10.000%, 01/01/31 | 3,320,000 | 636,617 | ||||||
10.000%, 01/01/33 | 6,720,000 | 1,269,070 | ||||||
4,627,480 | ||||||||
Canada (9.6%) | ||||||||
Financial (5.5%) | ||||||||
Bank of Montreal (USD) | ||||||||
0.931%, 03/10/23 (SOFRRATE + 0.680%) (d) | 1,600,000 | 1,599,984 | ||||||
Bank of Nova Scotia (USD) | ||||||||
0.808%, 09/15/23 (SOFRRATE + 0.550%) (d) | 1,810,000 | 1,804,563 | ||||||
Canadian Imperial Bank of Commerce (USD) | ||||||||
1.072%, 03/17/23 (SOFRRATE + 0.800%) (d) | 1,320,000 | 1,321,650 | ||||||
4,726,197 | ||||||||
Government (4.1%) | ||||||||
Province of Ontario Canada (CAD) | ||||||||
2.600%, 06/02/25 | 4,500,000 | 3,592,434 | ||||||
Colombia (3.4%) | ||||||||
Government (3.4%) | ||||||||
Colombian TES (COP) | ||||||||
6.000%, 04/28/28 | 7,900,000,000 | 1,772,968 | ||||||
6.250%, 11/26/25 | 4,800,000,000 | 1,156,131 | ||||||
2,929,099 | ||||||||
Malaysia (2.7%) | ||||||||
Government (2.7%) | ||||||||
Malaysia Government Bond (MYR) | ||||||||
3.480%, 03/15/23 | 4,570,000 | 1,101,148 | ||||||
3.899%, 11/16/27 | 3,350,000 | 807,298 | ||||||
3.955%, 09/15/25 | 1,700,000 | 413,256 | ||||||
2,321,702 | ||||||||
Mexico (9.9%) | ||||||||
Energy (1.0%) | ||||||||
Petroleos Mexicanos (USD) | ||||||||
7.690%, 01/23/50 | 950,000 | 827,147 | ||||||
SFT International Bond Fund
Investments in Securities – continued
Government (8.9%) | ||||||||
Mexican Bonos (MXN) | ||||||||
7.750%, 11/13/42 | 53,400,000 | $ | 2,559,147 | |||||
8.000%, 11/07/47 | 17,300,000 | 849,771 | ||||||
8.500%, 05/31/29 | 40,800,000 | 2,120,214 | ||||||
8.500%, 11/18/38 | 42,800,000 | 2,233,415 | ||||||
7,762,547 | ||||||||
Norway (3.1%) | ||||||||
Government (3.1%) | ||||||||
Norway Government Bond (NOK) | ||||||||
2.000%, 05/24/23 (c) | 23,700,000 | 2,721,272 | ||||||
Poland (2.9%) | ||||||||
Government (2.9%) | ||||||||
Republic of Poland Government Bond (PLN) | ||||||||
4.000%, 10/25/23 | 10,900,000 | 2,558,508 | ||||||
Russia (0.0%) | ||||||||
Government (0.0%) | ||||||||
Russian Federal Bond - OFZ (RUB) | ||||||||
7.650%, 04/10/30 (e) | 29,000,000 | 17,608 | ||||||
South Africa (4.4%) | ||||||||
Government (4.4%) | ||||||||
Republic of South Africa Government Bond (ZAR) | ||||||||
6.500%, 02/28/41 | 40,570,000 | 1,860,219 | ||||||
8.750%, 02/28/48 | 34,600,000 | 1,992,335 | ||||||
3,852,554 | ||||||||
South Korea (6.9%) | ||||||||
Government (6.9%) | ||||||||
Korea Treasury Bond (KRW) | ||||||||
1.875%, 03/10/51 | 2,350,000,000 | 1,571,728 | ||||||
2.000%, 06/10/31 | 5,850,000,000 | 4,477,870 | ||||||
6,049,598 | ||||||||
United States (41.1%) | ||||||||
Consumer, Cyclical (0.6%) | ||||||||
General Motors Co. (USD) | ||||||||
6.250%, 10/02/43 | 190,000 | 216,386 | ||||||
6.800%, 10/01/27 | 250,000 | 282,484 | ||||||
498,870 | ||||||||
Financial (3.5%) | ||||||||
Athene Global Funding (USD) | ||||||||
0.914%, 05/24/24 (SOFRRATE + 0.700%) (c) (d) | 1,460,000 | 1,438,088 | ||||||
Capital One Financial Corp. (USD) | ||||||||
0.938%, 12/06/24 (SOFRRATE + 0.690%) (d) | 1,610,000 | 1,598,748 | ||||||
3,036,836 | ||||||||
Government (34.0%) | ||||||||
U.S. Treasury Bond (USD) | ||||||||
1.875%, 11/15/51 | 2,020,000 | 1,771,604 | ||||||
U.S. Treasury Note (USD) | ||||||||
0.635%, 07/31/23 (3-Month U.S. Treasury Money Market Yield + 0.029%) (d) | 4,430,000 | 4,435,180 | ||||||
U.S. Treasury Note (USD) | ||||||||
0.641%, 10/31/23 (3-Month U.S. Treasury Money Market Yield + 0.035%) (d) | 16,330,000 | 16,356,356 | ||||||
U.S. Treasury Note (USD) | ||||||||
0.655%, 01/31/23 (3-Month U.S. Treasury Money Market Yield + 0.049%) (d) | 7,050,000 | 7,058,006 | ||||||
29,621,146 | ||||||||
Industrial (3.0%) | ||||||||
Boeing Co. (USD) | ||||||||
3.950%, 08/01/59 | 340,000 | 295,355 | ||||||
5.705%, 05/01/40 | 200,000 | 224,076 | ||||||
5.805%, 05/01/50 | 570,000 | 657,388 | ||||||
5.930%, 05/01/60 | 330,000 | 382,499 |
SFT International Bond Fund
Investments in Securities – continued
Caterpillar Financial Services Corp. (USD) | ||||||||
0.347%, 11/17/22 (SOFRRATE + 0.150%) (d) | 1,105,000 | $ | 1,103,008 | |||||
2,662,326 | ||||||||
Total long-term debt securities (cost: $87,822,901) | 84,898,389 |
Short-Term Securities (1.6%) | Shares | |||||||
Investment Companies (1.6%) | ||||||||
United States (1.6%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 1,358,471 | 1,358,471 | ||||||
Total short-term securities (cost: $1,358,471) | 1,358,471 | |||||||
Total investments in securities (cost: $89,181,372) (f) | 86,256,860 | |||||||
Cash and other assets in excess of liabilities (1.0%) | 886,503 | |||||||
Total net assets (100.0%) | $ | 87,143,363 |
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. | |
(b) | Principal amounts for foreign debt securities are denominated in the currencies indicated. United States debt securities are denominated in U.S. Dollars. | |
(c) | Security sold within terms of a private placement memorandum exempt from registration pursuant to rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program. | |
(d) | Variable rate security. | |
(e) | This security has been determined to be illiquid pursuant to the procedures of the Funds’ Liquidity Risk Management Program. | |
(f) | At March 31, 2022, the cost of investments for federal income tax purposes was $89,181,372. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 655,705 | ||
Gross unrealized depreciation | (4,767,726 | ) | ||
Net unrealized depreciation | $ | (4,112,021 | ) |
SFT International Bond Fund
Investments in Securities – continued
Foreign Forward Currency Contracts
On March 31, 2022, SFT International Bond Fund had entered into forward foreign currency contracts that obligate the Fund to deliver currencies at specified future dates. Unrealized appreciation and depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts were as follows:
Settlement Date | Currency to be delivered - SELL | Currency to be received - BUY | Unrealized Appreciation(a) | Unrealized Depreciation(a) | Counterparty | |||||||||||||||||||||||
04/12/22 | 10,230,000 | MYR | 2,429,929 | USD | $ | — | $ | (2,434 | ) | BLC | ||||||||||||||||||
04/14/22 | 403,976 | USD | 3,600,000 | SEK | — | (17,617 | ) | HSB | ||||||||||||||||||||
04/14/22 | 234,624 | USD | 2,100,000 | SEK | — | (9,248 | ) | HSB | ||||||||||||||||||||
04/19/22 | 9,980,000 | BRL | 1,766,653 | USD | — | (324,634 | ) | JPM | ||||||||||||||||||||
04/19/22 | 1,320,000 | BRL | 238,569 | USD | — | (38,035 | ) | JPM | ||||||||||||||||||||
04/19/22 | 1,310,000 | BRL | 238,225 | USD | — | (36,283 | ) | JPM | ||||||||||||||||||||
04/19/22 | 1,310,000 | BRL | 238,290 | USD | — | (36,218 | ) | JPM | ||||||||||||||||||||
04/19/22 | 1,310,000 | BRL | 242,144 | USD | — | (32,363 | ) | JPM | ||||||||||||||||||||
04/19/22 | 2,430,000 | BRL | 451,547 | USD | — | (57,654 | ) | JPM | ||||||||||||||||||||
04/19/22 | 700,000 | BRL | 130,157 | USD | — | (16,526 | ) | JPM | ||||||||||||||||||||
04/19/22 | 1,000,000 | BRL | 185,192 | USD | — | (24,356 | ) | JPM | ||||||||||||||||||||
04/26/22 | 528,696 | USD | 480,000 | EUR | 5,713 | — | BLC | |||||||||||||||||||||
04/26/22 | 646,599 | USD | 580,000 | EUR | — | (855 | ) | HSB | ||||||||||||||||||||
04/26/22 | 652,023 | USD | 580,000 | EUR | — | (6,280 | ) | JPM | ||||||||||||||||||||
04/26/22 | 3,140,000 | EUR | 3,566,513 | USD | 70,590 | — | JPM | |||||||||||||||||||||
04/26/22 | 790,957 | USD | 690,000 | EUR | — | (22,745 | ) | JPM | ||||||||||||||||||||
04/27/22 | 6,300,000 | PLN | 1,576,813 | USD | 68,223 | — | JPM | |||||||||||||||||||||
04/29/22 | 11,530,000,000 | COP | 2,879,692 | USD | — | (181,312 | ) | JPM | ||||||||||||||||||||
05/06/22 | 1,248,609 | USD | 1,010,000,000 | CLP | 27,598 | — | JPM | |||||||||||||||||||||
05/09/22 | 405,998 | USD | 610,000 | NZD | 18,041 | — | BLC | |||||||||||||||||||||
05/09/22 | 469,860 | USD | 710,000 | NZD | 23,693 | — | HSB | |||||||||||||||||||||
05/11/22 | 587,012 | USD | 720,000,000 | KRW | 7,427 | — | HSB | |||||||||||||||||||||
05/11/22 | 7,390,000,000 | KRW | 6,159,360 | USD | 58,106 | — | HSB | |||||||||||||||||||||
05/16/22 | 860,000 | AUD | 646,716 | USD | 530 | — | HSB | |||||||||||||||||||||
05/16/22 | 3,970,000 | AUD | 2,884,483 | USD | — | (98,491 | ) | JPM | ||||||||||||||||||||
05/17/22 | 56,600,000 | ZAR | 3,639,123 | USD | — | (213,462 | ) | HSB | ||||||||||||||||||||
05/23/22 | 474,383 | USD | 150,000,000 | HUF | — | (22,959 | ) | HSB | ||||||||||||||||||||
05/24/22 | 149,000,000 | MXN | 7,216,881 | USD | — | (190,744 | ) | JPM | ||||||||||||||||||||
05/25/22 | 380,000 | GBP | 516,360 | USD | 16,166 | — | JPM | |||||||||||||||||||||
06/10/22 | 128,543 | USD | 4,200,000 | THB | — | (2,116 | ) | HSB | ||||||||||||||||||||
06/10/22 | 4,890,000 | CAD | 3,874,930 | USD | — | (39,472 | ) | JPM | ||||||||||||||||||||
06/13/22 | 16,070,000 | NOK | 1,814,753 | USD | — | (22,291 | ) | MSC | ||||||||||||||||||||
06/22/22 | 671,753 | USD | 77,000,000 | JPY | — | (35,998 | ) | JPM | ||||||||||||||||||||
06/22/22 | 178,000,000 | JPY | 1,546,360 | USD | 76,694 | — | JPM | |||||||||||||||||||||
06/22/22 | 71,000,000 | JPY | 613,628 | USD | 27,413 | — | MSC | |||||||||||||||||||||
$ | 400,194 | $ | (1,432,093 | ) |
Currency Legend | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
EUR | Euro | |
GBP | British Pound | |
HUF | Hungarian Forint | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
THB | Thai Baht | |
USD | United States Dollar | |
ZAR | South African Rand | |
Counterparty Legend | ||
BLC | Barclays Bank PLC | |
HSB | HSBC Bank PLC | |
JPM | JPMorgan Chase Bank NA | |
MSC | Morgan Stanley and Co., Inc |
See accompanying notes to investments in securities.
SFT International Bond Fund
Investments in Securities – continued
Holdings of Open Futures Contracts
On March 31, 2022, $417,110 in cash has been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | ||||||||||||||
Long Gilt Future | June 2022 | 30 | Long | $ | 4,830,012 | $ | 4,788,526 | $ | (41,486 | ) | ||||||||||
U.S. Ultra Bond | June 2022 | 43 | Long | 7,730,499 | 7,616,375 | (114,124 | ) | |||||||||||||
12,404,901 | (155,610 | ) |
See accompanying notes to investments in securities.
SFT Real Estate Securities Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (99.0%) | ||||||||
Real Estate (99.0%) | ||||||||
Diversified REITs (0.7%) | ||||||||
Essential Properties Realty Trust, Inc. | 41,900 | $ | 1,060,070 | |||||
Health Care REITs (7.9%) | ||||||||
Healthpeak Properties, Inc. | 33,100 | 1,136,323 | ||||||
Ventas, Inc. | 78,196 | 4,829,385 | ||||||
Welltower, Inc. | 64,300 | 6,181,802 | ||||||
12,147,510 | ||||||||
Hotels & Resort REITs (6.3%) | ||||||||
Apple Hospitality REIT, Inc. | 63,100 | 1,133,907 | ||||||
Hilton Worldwide Holdings, Inc. (b) | 2,700 | 409,698 | ||||||
Host Hotels & Resorts, Inc. | 204,446 | 3,972,386 | ||||||
Park Hotels & Resorts, Inc. | 149,500 | 2,919,735 | ||||||
RLJ Lodging Trust | 87,800 | 1,236,224 | ||||||
9,671,950 | ||||||||
Industrial REITs (13.2%) | ||||||||
Duke Realty Corp. | 56,700 | 3,292,002 | ||||||
First Industrial Realty Trust, Inc. | 22,600 | 1,399,166 | ||||||
Prologis, Inc. | 88,281 | 14,255,616 | ||||||
Rexford Industrial Realty, Inc. | 20,100 | 1,499,259 | ||||||
20,446,043 | ||||||||
Office REITs (9.9%) | ||||||||
Alexandria Real Estate Equities, Inc. | 23,522 | 4,733,803 | ||||||
Boston Properties, Inc. | 19,683 | 2,535,170 | ||||||
Douglas Emmett, Inc. | 21,600 | 721,872 | ||||||
Highwoods Properties, Inc. | 24,700 | 1,129,778 | ||||||
Kilroy Realty Corp. | 40,436 | 3,090,119 | ||||||
SL Green Realty Corp. | 19,637 | 1,594,132 | ||||||
Vornado Realty Trust | 34,100 | 1,545,412 | ||||||
15,350,286 | ||||||||
Residential REITs (22.9%) | ||||||||
American Campus Communities, Inc. | 45,100 | 2,524,247 | ||||||
American Homes 4 Rent Class A | 69,400 | 2,778,081 | ||||||
AvalonBay Communities, Inc. | 25,726 | 6,389,567 | ||||||
Camden Property Trust | 14,100 | 2,343,420 | ||||||
Equity LifeStyle Properties, Inc. | 18,600 | 1,422,528 | ||||||
Equity Residential | 29,600 | 2,661,632 | ||||||
Essex Property Trust, Inc. | 12,900 | 4,456,692 | ||||||
Invitation Homes, Inc. | 105,400 | 4,234,972 | ||||||
Mid-America Apartment Communities, Inc. | 11,400 | 2,387,730 | ||||||
Sun Communities, Inc. | 15,100 | 2,646,879 | ||||||
UDR, Inc. | 63,200 | 3,625,784 | ||||||
35,471,532 | ||||||||
Retail REITs (15.6%) | ||||||||
Agree Realty Corp. | 27,100 | 1,798,356 | ||||||
Brixmor Property Group, Inc. | 99,800 | 2,575,838 | ||||||
Kimco Realty Corp. | 113,300 | 2,798,510 | ||||||
Kite Realty Group Trust | 92,100 | 2,097,117 | ||||||
National Retail Properties, Inc. | 44,000 | 1,977,360 | ||||||
Realty Income Corp. | 39,229 | 2,718,570 | ||||||
Regency Centers Corp. | 37,500 | 2,675,250 | ||||||
Simon Property Group, Inc. | 48,279 | 6,351,585 | ||||||
Spirit Realty Capital, Inc. | 26,750 | 1,231,035 | ||||||
24,223,621 | ||||||||
Specialized REITs (22.5%) | ||||||||
American Tower Corp. | 6,500 | 1,632,930 | ||||||
Digital Realty Trust, Inc. | 32,900 | 4,665,220 | ||||||
Equinix, Inc. | 12,634 | 9,369,627 | ||||||
Extra Space Storage, Inc. | 13,800 | 2,837,280 | ||||||
Life Storage, Inc. | 19,650 | 2,759,449 | ||||||
Pebblebrook Hotel Trust | 47,500 | 1,162,800 |
See accompanying notes to investments in securities.
SFT Real Estate Securities Fund
Investments in Securities – continued
Public Storage | 23,500 | $ | 9,171,580 | ||||
SBA Communications Corp. | 3,700 | 1,273,170 | |||||
VICI Properties, Inc. | 71,341 | 2,030,365 | |||||
34,902,421 | |||||||
Total common stocks (cost: $121,783,342) | 153,273,433 | ||||||
Short-Term Securities (1.1%) | |||||||
Investment Companies (1.1%) | |||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 1,758,958 | 1,758,958 | |||||
Total short-term securities (cost: $1,758,958) (c) | 1,758,958 | ||||||
Total investments in securities (cost: $123,542,300) | 155,032,391 | ||||||
Liabilities in excess of cash and other assets (-0.1%) | (112,435 | ) | |||||
Total net assets (100.0%) | $ | 154,919,956 |
Investments in Securities Legend
(a) Securities are valued by procedures described in the notes to investments in securities.
(b) Non-income producing security.
(c) At March 31, 2022, the cost of investments for federal income tax purposes was $124,768,883. The aggregate unrealized appreciation and depreciation of investments based on this cost were:
Gross unrealized appreciation | $ | 30,945,097 | |||||
Gross unrealized depreciation | (681,589 | ) | |||||
Net unrealized appreciation | $ | 30,263,508 |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (99.1%) | ||||||||
Consumer Discretionary (4.2%) | ||||||||
Entertainment (0.1%) | ||||||||
Walt Disney Co. (b) | 1,900 | $ | 260,604 | |||||
Hotels, Restaurants & Leisure (3.1%) | ||||||||
Booking Holdings, Inc. (b) | 690 | 1,620,430 | ||||||
McDonald's Corp. | 6,300 | 1,557,864 | ||||||
Yum! Brands, Inc. | 30,171 | 3,576,169 | ||||||
6,754,463 | ||||||||
Internet & Catalog Retail (0.1%) | ||||||||
Amazon.com, Inc. (b) | 30 | 97,798 | ||||||
Media (0.2%) | ||||||||
Charter Communications, Inc. Class A (b) | 880 | 480,058 | ||||||
Multiline Retail (0.7%) | ||||||||
Dollar General Corp. | 7,300 | 1,625,199 | ||||||
Consumer Staples (8.5%) | ||||||||
Beverages (2.9%) | ||||||||
Coca-Cola Co. | 52,112 | 3,230,944 | ||||||
Keurig Dr Pepper, Inc. | 85,394 | 3,236,433 | ||||||
6,467,377 | ||||||||
Food & Staples Retailing (2.2%) | ||||||||
Walmart, Inc. | 32,226 | 4,799,096 | ||||||
Food Products (1.4%) | ||||||||
Darling Ingredients, Inc. (b) | 12,534 | 1,007,483 | ||||||
Mondelez International, Inc. Class A | 34,995 | 2,196,986 | ||||||
3,204,469 | ||||||||
Household Products (1.0%) | ||||||||
Procter & Gamble Co. | 14,500 | 2,215,600 | ||||||
Personal Products (0.5%) | ||||||||
Unilever PLC (c) | 22,827 | 1,038,406 | ||||||
Tobacco (0.5%) | ||||||||
Philip Morris International, Inc. | 10,700 | 1,005,158 | ||||||
Energy (2.7%) | ||||||||
Energy Equipment & Services (0.7%) | ||||||||
Baker Hughes Co. | 41,100 | 1,496,451 | ||||||
Oil, Gas & Consumable Fuels (2.0%) | ||||||||
Chevron Corp. | 11,955 | 1,946,633 | ||||||
ConocoPhillips | 12,600 | 1,260,000 | ||||||
Devon Energy Corp. | 10,100 | 597,213 | ||||||
TC Energy Corp. (c) | 12,800 | 722,176 | ||||||
4,526,022 | ||||||||
Financial (16.9%) | ||||||||
Capital Markets (3.9%) | ||||||||
Charles Schwab Corp. | 44,467 | 3,749,013 | ||||||
CME Group, Inc. | 6,422 | 1,527,537 | ||||||
Morgan Stanley | 11,800 | 1,031,320 | ||||||
State Street Corp. | 27,294 | 2,377,853 | ||||||
8,685,723 | ||||||||
Commercial Banks (5.0%) | ||||||||
Bank of America Corp. | 148,859 | 6,135,968 | ||||||
JPMorgan Chase & Co. | 35,400 | 4,825,728 | ||||||
Wells Fargo & Co. | 1,034 | 50,108 | ||||||
11,011,804 | ||||||||
Diversified Financial Services (0.0%) | ||||||||
Equitable Holdings, Inc. | 920 | 28,437 |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities – continued
Insurance (8.0%) | ||||||||
American International Group, Inc. | 102,800 | $ | 6,452,756 | |||||
Chubb Ltd. (c) | 25,605 | 5,476,910 | ||||||
Hartford Financial Services Group, Inc. | 31,758 | 2,280,542 | ||||||
Travelers Cos., Inc. | 18,195 | 3,324,772 | ||||||
17,534,980 | ||||||||
Health Care (26.8%) | ||||||||
Biotechnology (3.1%) | ||||||||
AbbVie, Inc. | 42,488 | 6,887,730 | ||||||
Health Care Equipment & Supplies (6.2%) | ||||||||
Abbott Laboratories | 7,940 | 939,778 | ||||||
Becton Dickinson & Co. | 21,257 | 5,654,362 | ||||||
Danaher Corp. | 15,699 | 4,604,988 | ||||||
Medtronic PLC (c) | 13,842 | 1,535,770 | ||||||
STERIS PLC (c) | 3,686 | 891,164 | ||||||
13,626,062 | ||||||||
Health Care Providers & Services (7.8%) | ||||||||
Anthem, Inc. | 9,606 | 4,718,659 | ||||||
Centene Corp. (b) | 36,481 | 3,071,336 | ||||||
Cigna Corp. | 4,735 | 1,134,553 | ||||||
HCA Healthcare, Inc. | 13,929 | 3,490,886 | ||||||
Laboratory Corp. of America Holdings (b) | 4,800 | 1,265,568 | ||||||
UnitedHealth Group, Inc. | 7,167 | 3,654,955 | ||||||
17,335,957 | ||||||||
Life Sciences Tools & Services (2.8%) | ||||||||
PerkinElmer, Inc. | 10,127 | 1,766,756 | ||||||
Thermo Fisher Scientific, Inc. | 7,383 | 4,360,769 | ||||||
6,127,525 | ||||||||
Pharmaceuticals (6.9%) | ||||||||
AstraZeneca PLC (c) | 9,122 | 1,216,902 | ||||||
AstraZeneca PLC ADR (c) | 90,590 | 6,009,741 | ||||||
Bristol-Myers Squibb Co. | 32,100 | 2,344,263 | ||||||
Elanco Animal Health, Inc. (b) | 27,985 | 730,129 | ||||||
Johnson & Johnson | 19,610 | 3,475,480 | ||||||
Roche Holding AG (c) | 3,417 | 1,360,673 | ||||||
15,137,188 | ||||||||
Industrials (10.3%) | ||||||||
Aerospace & Defense (0.8%) | ||||||||
L3Harris Technologies, Inc. | 7,268 | 1,805,880 | ||||||
Air Freight & Logistics (1.2%) | ||||||||
United Parcel Service, Inc. Class B | 11,841 | 2,539,421 | ||||||
Commercial Services & Supplies (0.5%) | ||||||||
Republic Services, Inc. | 9,001 | 1,192,632 | ||||||
Construction & Engineering (0.2%) | ||||||||
Jacobs Engineering Group, Inc. | 2,753 | 379,391 | ||||||
Electrical Equipment (0.2%) | ||||||||
Hubbell, Inc. | 2,061 | 378,750 | ||||||
Industrial Conglomerates (3.9%) | ||||||||
General Electric Co. | 68,055 | 6,227,032 | ||||||
Honeywell International, Inc. | 7,029 | 1,367,703 | ||||||
Siemens AG (c) | 7,898 | 1,104,264 | ||||||
8,698,999 | ||||||||
Machinery (0.4%) | ||||||||
Caterpillar, Inc. | 3,500 | 779,870 | ||||||
Deere & Co. | 200 | 83,092 | ||||||
862,962 | ||||||||
Road & Rail (3.1%) | ||||||||
CSX Corp. | 106,886 | 4,002,881 | ||||||
Norfolk Southern Corp. | 7,384 | 2,106,065 |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities – continued
Union Pacific Corp. | 2,383 | $ | 651,059 | |||||
6,760,005 | ||||||||
Information Technology (12.1%) | ||||||||
Communications Equipment (0.6%) | ||||||||
Motorola Solutions, Inc. | 5,782 | 1,400,400 | ||||||
Electronic Equipment, Instruments & Components (0.1%) | ||||||||
Corning, Inc. | 5,700 | 210,387 | ||||||
Interactive Media & Services (3.8%) | ||||||||
Alphabet, Inc. Class C (b) | 3,013 | 8,415,279 | ||||||
IT Services (1.8%) | ||||||||
Accenture PLC Class A (c) | 3,047 | 1,027,540 | ||||||
Cognizant Technology Solutions Corp. Class A | 16,189 | 1,451,668 | ||||||
Fiserv, Inc. (b) | 14,630 | 1,483,482 | ||||||
3,962,690 | ||||||||
Semiconductors & Semiconductor Equipment (3.1%) | ||||||||
Advanced Micro Devices, Inc. (b) | 13,300 | 1,454,222 | ||||||
ASML Holding NV (c) | 1,120 | 748,082 | ||||||
KLA Corp. | 122 | 44,659 | ||||||
Micron Technology, Inc. | 672 | 52,342 | ||||||
QUALCOMM, Inc. | 23,009 | 3,516,235 | ||||||
Texas Instruments, Inc. | 4,000 | 733,920 | ||||||
Wolfspeed, Inc. (b) | 1,600 | 182,176 | ||||||
6,731,636 | ||||||||
Software (2.7%) | ||||||||
Microsoft Corp. | 14,314 | 4,413,149 | ||||||
Salesforce.com, Inc. (b) | 4,000 | 849,280 | ||||||
Synopsys, Inc. (b) | 1,900 | 633,213 | ||||||
5,895,642 | ||||||||
Materials (3.2%) | ||||||||
Chemicals (2.4%) | ||||||||
International Flavors & Fragrances, Inc. | 16,468 | 2,162,743 | ||||||
Linde PLC (c) | 7,187 | 2,295,743 | ||||||
Nutrien Ltd. (c) | 8,104 | 842,735 | ||||||
5,301,221 | ||||||||
Construction Materials (0.3%) | ||||||||
Martin Marietta Materials, Inc. | 1,421 | 546,929 | ||||||
Containers & Packaging (0.2%) | ||||||||
Packaging Corp. of America | 881 | 137,533 | ||||||
WestRock Co. | 7,446 | 350,185 | ||||||
487,718 | ||||||||
Metals & Mining (0.3%) | ||||||||
BHP Group Ltd. ADR (c) | 9,400 | 726,150 | ||||||
Real Estate (2.7%) | ||||||||
Industrial REITs (2.0%) | ||||||||
Prologis, Inc. | 26,791 | 4,326,211 | ||||||
Office REITs (0.1%) | ||||||||
Alexandria Real Estate Equities, Inc. | 1,501 | 302,076 | ||||||
Residential REITs (0.1%) | ||||||||
Equity LifeStyle Properties, Inc. | 3,554 | 271,810 | ||||||
Specialized REITs (0.5%) | ||||||||
Equinix, Inc. | 1,580 | 1,171,759 | ||||||
Utilities (11.7%) | ||||||||
Electric Utilities (6.6%) | ||||||||
American Electric Power Co., Inc. | 23,852 | 2,379,714 | ||||||
NextEra Energy, Inc. | 31,397 | 2,659,640 | ||||||
PG&E Corp. (b) | 96,990 | 1,158,060 | ||||||
Southern Co. | 75,514 | 5,475,520 |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities – continued
Xcel Energy, Inc. | 40,799 | $ | 2,944,464 | |||||
14,617,398 | ||||||||
Multi-Utilities (5.1%) | ||||||||
CMS Energy Corp. | 6,170 | 431,530 | ||||||
Dominion Energy, Inc. | 33,065 | 2,809,533 | ||||||
DTE Energy Co. | 6,431 | 850,243 | ||||||
NiSource, Inc. | 43,800 | 1,392,840 | ||||||
Sempra Energy | 33,343 | 5,605,625 | ||||||
11,089,771 | ||||||||
Total common stocks (cost: $200,149,677) | 218,421,224 | |||||||
Preferred Stocks (0.1%) | ||||||||
Utilities (0.1%) | ||||||||
AES Corp., 6.875% | 2,456 | 242,972 | ||||||
Total Preferred Stocks (cost: $246,895) | 242,972 | |||||||
Short-Term Securities (0.4%) | ||||||||
Investment Companies (0.4%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 619,936 | 619,936 | ||||||
T. Rowe Price Reserve Investment Fund, current rate 0.290% | 356,022 | 356,022 | ||||||
Total short-term securities (cost: $975,958) | 975,958 | |||||||
Total investments in securities (cost: $201,372,530) (d) | 219,640,154 | |||||||
Cash and other assets in excess of liabilities (0.4%) | 937,251 | |||||||
Total net assets (100.0%) | $ | 220,577,405 |
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. | |
(b) | Non-income producing security. | |
(c) | Foreign security: The Fund held 11.3% of net assets in foreign securities at March 31, 2022. | |
(d) | At March 31, 2022, the cost of investments for federal income tax purposes was $202,163,082. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 20,705,136 | ||
Gross unrealized depreciation | (3,228,064 | ) | ||
Net unrealized appreciation | $ | 17,477,072 |
See accompanying notes to investments in securities.
SFT Wellington Core Equity Fund
Investments in Securities
March 31, 2022
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (99.5%) | ||||||||
Communications (1.0%) | ||||||||
Diversified Telecommunication Services (1.0%) | ||||||||
Verizon Communications, Inc. | 26,394 | $ | 1,344,510 | |||||
Consumer Discretionary (14.1%) | ||||||||
Automobiles (1.8%) | ||||||||
Ford Motor Co. | 49,809 | 842,270 | ||||||
Tesla, Inc. (b) | 1,456 | 1,568,986 | ||||||
2,411,256 | ||||||||
Entertainment (1.6%) | ||||||||
Walt Disney Co. (b) | 14,883 | 2,041,352 | ||||||
Hotels, Restaurants & Leisure (2.8%) | ||||||||
Airbnb, Inc. Class A (b) | 5,633 | 967,524 | ||||||
Booking Holdings, Inc. (b) | 448 | 1,052,105 | ||||||
McDonald's Corp. | 6,978 | 1,725,520 | ||||||
3,745,149 | ||||||||
Internet & Catalog Retail (5.4%) | ||||||||
Amazon.com, Inc. (b) | 1,799 | 5,864,650 | ||||||
Netflix, Inc. (b) | 3,384 | 1,267,613 | ||||||
7,132,263 | ||||||||
Specialty Retail (1.4%) | ||||||||
TJX Cos., Inc. | 30,137 | 1,825,699 | ||||||
Textiles, Apparel & Luxury Goods (1.1%) | ||||||||
NIKE, Inc. Class B | 11,003 | 1,480,564 | ||||||
Consumer Staples (6.0%) | ||||||||
Beverages (2.1%) | ||||||||
Constellation Brands, Inc. Class A | 7,400 | 1,704,368 | ||||||
Monster Beverage Corp. (b) | 13,797 | 1,102,380 | ||||||
2,806,748 | ||||||||
Food & Staples Retailing (1.0%) | ||||||||
Sysco Corp. | 15,383 | 1,256,022 | ||||||
Household Products (2.9%) | ||||||||
Colgate-Palmolive Co. | 14,057 | 1,065,942 | ||||||
Procter & Gamble Co. | 18,486 | 2,824,661 | ||||||
3,890,603 | ||||||||
Energy (2.9%) | ||||||||
Oil, Gas & Consumable Fuels (2.9%) | ||||||||
ConocoPhillips | 12,950 | 1,295,000 | ||||||
EOG Resources, Inc. | 21,266 | 2,535,545 | ||||||
3,830,545 | ||||||||
Financial (11.2%) | ||||||||
Capital Markets (2.6%) | ||||||||
Charles Schwab Corp. | 16,771 | 1,413,963 | ||||||
Morgan Stanley | 23,364 | 2,042,014 | ||||||
3,455,977 | ||||||||
Commercial Banks (5.0%) | ||||||||
Bank of America Corp. | 72,345 | 2,982,061 | ||||||
JPMorgan Chase & Co. | 20,728 | 2,825,641 | ||||||
PNC Financial Services Group, Inc. | 4,787 | 882,962 | ||||||
6,690,664 | ||||||||
Consumer Finance (1.6%) | ||||||||
American Express Co. | 11,543 | 2,158,541 | ||||||
Insurance (2.0%) | ||||||||
Chubb Ltd. (c) | 7,001 | 1,497,514 |
See accompanying notes to investments in securities.
SFT Wellington Core Equity Fund
Investments in Securities – continued
Progressive Corp. | 9,550 | $ | 1,088,604 | |||||
2,586,118 | ||||||||
Health Care (15.2%) | ||||||||
Biotechnology (1.3%) | ||||||||
Regeneron Pharmaceuticals, Inc. (b) | 2,507 | 1,750,939 | ||||||
Health Care Equipment & Supplies (5.1%) | ||||||||
Abbott Laboratories | 9,989 | 1,182,298 | ||||||
Baxter International, Inc. | 16,113 | 1,249,402 | ||||||
Becton Dickinson & Co. | 5,348 | 1,422,568 | ||||||
Danaher Corp. | 5,813 | 1,705,127 | ||||||
Hologic, Inc. (b) | 16,375 | 1,257,928 | ||||||
6,817,323 | ||||||||
Health Care Providers & Services (3.7%) | ||||||||
Laboratory Corp. of America Holdings (b) | 3,995 | 1,053,322 | ||||||
UnitedHealth Group, Inc. | 7,457 | 3,802,846 | ||||||
4,856,168 | ||||||||
Life Sciences Tools & Services (1.6%) | ||||||||
Thermo Fisher Scientific, Inc. | 3,624 | 2,140,515 | ||||||
Pharmaceuticals (3.5%) | ||||||||
Eli Lilly & Co. | 9,029 | 2,585,635 | ||||||
Pfizer, Inc. | 38,208 | 1,978,028 | ||||||
4,563,663 | ||||||||
Industrials (9.1%) | ||||||||
Aerospace & Defense (1.3%) | ||||||||
Raytheon Technologies Corp. | 18,017 | 1,784,944 | ||||||
Air Freight & Logistics (0.7%) | ||||||||
FedEx Corp. | 4,198 | 971,375 | ||||||
Building Products (1.7%) | ||||||||
Fortune Brands Home & Security, Inc. | 13,959 | 1,036,874 | ||||||
Johnson Controls International PLC (c) | 18,322 | 1,201,374 | ||||||
2,238,248 | ||||||||
Commercial Services & Supplies (0.6%) | ||||||||
Republic Services, Inc. | 5,661 | 750,083 | ||||||
Electrical Equipment (1.0%) | ||||||||
AMETEK, Inc. | 10,116 | 1,347,249 | ||||||
Machinery (2.9%) | ||||||||
Deere & Co. | 3,855 | 1,601,598 | ||||||
IDEX Corp. | 5,371 | 1,029,782 | ||||||
Illinois Tool Works, Inc. | 5,721 | 1,197,978 | ||||||
3,829,358 | ||||||||
Professional Services (0.9%) | ||||||||
Equifax, Inc. | 4,922 | 1,167,006 | ||||||
Information Technology (35.1%) | ||||||||
Communications Equipment (2.3%) | ||||||||
F5, Inc. (b) | 5,627 | 1,175,762 | ||||||
Motorola Solutions, Inc. | 7,431 | 1,799,788 | ||||||
2,975,550 | ||||||||
Computers & Peripherals (6.0%) | ||||||||
Apple, Inc. | 39,099 | 6,827,076 | ||||||
NetApp, Inc. | 14,017 | 1,163,411 | ||||||
7,990,487 | ||||||||
Electronic Equipment, Instruments & Components (2.0%) | ||||||||
CDW Corp. | 7,255 | 1,297,847 | ||||||
Corning, Inc. | 37,497 | 1,384,014 | ||||||
2,681,861 | ||||||||
Interactive Media & Services (7.5%) | ||||||||
Alphabet, Inc. Class A (b) | 2,793 | 7,768,311 | ||||||
GoDaddy, Inc. Class A (b) | 11,208 | 938,110 |
See accompanying notes to investments in securities.
SFT Wellington Core Equity Fund
Investments in Securities – continued
Meta Platforms, Inc. Class A (b) | 5,418 | $ | 1,204,746 | |||||
9,911,167 | ||||||||
IT Services (3.8%) | ||||||||
Fidelity National Information Services, Inc. | 9,721 | 976,183 | ||||||
Global Payments, Inc. | 6,252 | 855,524 | ||||||
Leidos Holdings, Inc. | 10,110 | 1,092,082 | ||||||
Mastercard, Inc. Class A | 5,821 | 2,080,309 | ||||||
5,004,098 | ||||||||
Semiconductors & Semiconductor Equipment (5.0%) | ||||||||
Advanced Micro Devices, Inc. (b) | 11,538 | 1,261,565 | ||||||
KLA Corp. | 3,401 | 1,244,970 | ||||||
NVIDIA Corp. | 2,777 | 757,732 | ||||||
QUALCOMM, Inc. | 9,024 | 1,379,047 | ||||||
Texas Instruments, Inc. | 10,964 | 2,011,675 | ||||||
6,654,989 | ||||||||
Software (8.5%) | ||||||||
Microsoft Corp. | 24,040 | 7,411,772 | ||||||
Palo Alto Networks, Inc. (b) | 1,836 | 1,142,929 | ||||||
Salesforce.com, Inc. (b) | 7,946 | 1,687,095 | ||||||
Workday, Inc. Class A (b) | 4,381 | 1,049,074 | ||||||
11,290,870 | ||||||||
Materials (0.9%) | ||||||||
Chemicals (0.9%) | ||||||||
PPG Industries, Inc. | 9,527 | 1,248,704 | ||||||
Real Estate (1.7%) | ||||||||
Industrial REITs (1.0%) | ||||||||
Prologis, Inc. | 8,321 | 1,343,675 | ||||||
Specialized REITs (0.7%) | ||||||||
Gaming & Leisure Properties, Inc. | 18,984 | 890,919 | ||||||
Utilities (2.3%) | ||||||||
Electric Utilities (2.3%) | ||||||||
American Electric Power Co., Inc. | 16,879 | 1,684,018 | ||||||
Duke Energy Corp. | 12,686 | 1,416,519 | ||||||
3,100,537 | ||||||||
Total common stocks (cost: $83,970,091) | 131,965,739 | |||||||
Short-Term Securities (0.6%) | ||||||||
Investment Companies (0.6%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 0.246% | 813,478 | 813,478 | ||||||
Total short-term securities (cost: $813,478) | 813,478 | |||||||
Total investments in securities (cost: $84,783,569) (d) | 132,779,217 | |||||||
Liabilities in excess of cash and other assets (-0.1%) | (148,178 | ) | ||||||
Total net assets (100.0%) | $ | 132,631,039 |
Investments in Securities Legend | |
(a) | Securities are valued by procedures described in the Notes to Investments in Securities. |
(b) | Non-income producing security. |
(c) | Foreign security: The Fund held 2.0% of net assets in foreign securities at March 31, 2022. |
(d) | At March 31, 2022, the cost of investments for federal income tax purposes was $84,859,954. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 49,005,348 | |||
Gross unrealized depreciation | (1,086,085 | ) | |||
Net unrealized appreciation | $ | 47,919,263 |
See accompanying notes to investments in securities.
Securian Funds Trust
Notes to Investments in Securities
March 31, 2022
Investment Valuation
Each Fund’s net asset value is generally calculated as of the close of normal trading on the New York Stock Exchange (typically 3:00 p.m. Central Time). Investments in securities traded on a U.S. or foreign securities exchange are valued at the last sale price on that exchange prior to the time when assets are valued; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by the Securian AM Valuation Committee (Valuation Committee) and in accordance with the Board of Trustees (Board) approved valuation policies and procedures. The Board has delegated the daily oversight of the securities valuation function to the Valuation Committee whose members ensure the valuations comply with the valuation policies and affirms the reasonableness of the fair valuation determinations. The fair valued securities are reviewed by the Board at their quarterly meetings.
A Fund’s investments will also be valued at fair value by the Valuation Committee if Securian AM determines that an event impacting the value of an investment occurred after the close of the security’s primary exchange or market (for example, a foreign exchange or market) and before the time the Fund’s net asset value is calculated. If a significant event impacting the value of a security or group of securities occurs, the Valuation Committee is immediately notified and the members meet promptly to determine whether fair value pricing is needed in accordance with the Fund’s valuation procedures and, if so, to approve the pricing methodology to be used.
Short-term securities are valued at market value. Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses are calculated using the first in, first out basis. Paydowns of securities are recorded as receivables as of the due date, which varies by the issuer. Dividend income is recognized on the ex-dividend date or upon dividend notification for certain foreign securities, and interest income, including amortization of bond premium and accretion of bond discount computed on an effective yield basis, is accrued daily.
Foreign Currency Translations and Forward Foreign Currency Contracts
Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars at the closing rate of exchange. Foreign currency amounts related to the purchase or sale of securities, income and expenses are translated at the exchange rate on the transaction date.
SFT International Bond Fund may enter into forward foreign currency exchange contracts for operational purposes and to protect against adverse exchange rate fluctuations. A forward foreign currency contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date. SFT International Bond Fund may also enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The net U.S. dollar value of foreign currency underlying all contractual commitments held by SFT International Bond Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. SFT International Bond Fund is subject to the credit risk that the other party will not complete the obligations of the contract. The fair values of the forward foreign currency exchange contracts are obtained from an independent pricing source.
Futures Transactions
To gain exposure to, or for protection from market changes, the Funds may buy and sell financial futures contracts traded on any U.S. or foreign exchange. The Funds may also buy and write put and call options on these futures contracts. Risks of entering into futures contracts and related options include the possibility of an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.
Upon entering into a futures contract, a Fund is required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value as determined by each relevant clearing agency and is aggregated at a Futures Commission Merchant (FCM) which is registered with the Commodity Futures Trading Commission or the applicable regulator. Subsequent payments (variation margin) are made or received by a Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. A Fund recognizes a realized gain or loss when the contract is closed or expired. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to a Fund’s assets in the segregated account. For a listing of open futures contracts see the Investments in Securities for each Fund.
Securian Funds Trust
Notes to Investments in Securities – continued
Options Transactions
Each Fund may write (i.e., sell) covered call and secured put options and purchase and sell put and call options written by others. An option is a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised.
The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.
For information on the Fund’s significant accounting policies, Please refer to the Fund’s most recent shareholder reports.
Illiquid Investments
Pursuant to Rule 22e-4 under the Investment Company Act of 1940, no Fund may acquire an “illiquid investment” if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. Rule 22e-4 generally defines an illiquid investment as any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. At March 31, 2022, the SFT International Bond Fund held illiquid securities of $17,608 which represents 0.0% of net assets.
Fair Value Measurement
The Trust utilizes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs when determining fair value. The hierarchy also establishes a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumption that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs include information market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the Trust’s estimates about the assumptions market participants would use in valuing the financial asset and liability based on the best information available in the circumstances. Level 1 includes unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, credit risk and prepayment speed). Level 3 includes unobservable inputs, which may include the advisor’s own assumptions in determining the fair value of an investment or are based on independent non-binding broker quotes. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, and written options.
The following is a summary of the levels used as of March 31, 2022, in valuing the Fund’s assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):
Securian Funds Trust
Notes to Investments in Securities – continued
Fair Value Measurement at March 31, 2022 using | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
SFT Balanced Stabilization Fund | ||||||||||||||||
Assets | ||||||||||||||||
Government Obligations | $ | — | $ | 29,018,955 | $ | — | $ | 29,018,955 | ||||||||
Other Mortgage-Backed Securities | — | 1,521,525 | — | 1,521,525 | ||||||||||||
Corporate Obligations | — | 138,562,423 | — | 138,562,423 | ||||||||||||
Purchased Options | 352,500 | — | — | 352,500 | ||||||||||||
Investment Companies | 505,951,272 | — | — | 505,951,272 | ||||||||||||
Total Investments | 506,303,772 | 169,102,903 | — | 675,406,675 | ||||||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts | (5,857,135 | ) | — | — | (5,857,135 | ) | ||||||||||
Written Options | (28,716 | ) | — | — | (28,716 | ) | ||||||||||
SFT Core Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Government Obligations | — | 155,880,721 | — | 155,880,721 | ||||||||||||
Asset-Backed Securities | — | 64,906,761 | — | 64,906,761 | ||||||||||||
Other Mortgage-Backed Securities | — | 73,881,149 | — | 73,881,149 | ||||||||||||
Corporate Obligations | — | 199,633,741 | — | 199,633,741 | ||||||||||||
Investment Companies | 6,659,131 | — | — | 6,659,131 | ||||||||||||
Total Investments | 6,659,131 | 494,302,372 | — | 500,961,503 | ||||||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts | 744,810 | — | — | 744,810 | ||||||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts | (1,303,899 | ) | — | — | (1,303,899 | ) | ||||||||||
SFT Delaware IvySM Growth Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 625,874,057 | — | — | 625,874,057 | ||||||||||||
Investment Companies | 1,545,322 | — | — | 1,545,322 | ||||||||||||
Total Investments | 627,419,379 | — | — | 627,419,379 | ||||||||||||
SFT Delaware IvySM Small Cap Growth Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 181,965,984 | — | — | 181,965,984 | ||||||||||||
Investment Companies | 5,274,649 | — | — | 5,274,649 | ||||||||||||
Total Investments | 187,240,633 | — | — | 187,240,633 | ||||||||||||
SFT Equity Stabilization Fund | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | 341,833,272 | — | — | 341,833,272 | ||||||||||||
Purchased Options | 287,430 | — | — | 287,430 | ||||||||||||
Total Investments | 342,120,702 | — | — | 342,120,702 | ||||||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts | (2,008,969 | ) | — | — | (2,008,969 | ) | ||||||||||
Written Options | (51,581 | ) | — | — | (51,581 | ) | ||||||||||
SFT Index 400 Mid-Cap Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 208,436,193 | — | — | 208,436,193 | ||||||||||||
U.S. Government Obligations | — | 1,001,563 | — | 1,001,563 | ||||||||||||
Investment Companies | 13,448,251 | — | — | 13,448,251 | ||||||||||||
Total Investments | 221,884,444 | 1,001,563 | — | 222,886,007 | ||||||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts | 472,644 | — | — | 472,644 |
Securian Funds Trust
Notes to Investments in Securities – continued
Fair Value Measurement – (continued)
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
SFT Index 500 Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 1,136,903,964 | $ | — | $ | — | $ | 1,136,903,964 | ||||||||
Investment Companies | 28,388,801 | — | — | 28,388,801 | ||||||||||||
Total Investments | 1,165,292,765 | — | — | 1,165,292,765 | ||||||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts | 998,940 | — | — | 998,940 | ||||||||||||
SFT International Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Long-Term Debt Securities | — | 84,898,389 | — | 84,898,389 | ||||||||||||
Investment Companies | 1,358,471 | — | — | 1,358,471 | ||||||||||||
Total Investments | 1,358,471 | 84,898,389 | — | 86,256,860 | ||||||||||||
Other Financial Instruments* | ||||||||||||||||
Forward Foreign Currency Contracts | — | 400,194 | — | 400,194 | ||||||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments* | ||||||||||||||||
Forward Foreign Currency Contracts | (1,432,093 | ) | — | (1,432,093 | ) | |||||||||||
Futures Contracts | (155,610 | ) | — | — | (155,610 | ) | ||||||||||
SFT Real Estate Securities Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 153,273,433 | — | — | 153,273,433 | ||||||||||||
Investment Companies | 1,758,958 | — | — | 1,758,958 | ||||||||||||
Total Investments | 155,032,391 | — | — | 155,032,391 | ||||||||||||
SFT T. Rowe Price Value Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 218,421,224 | — | — | 218,421,224 | ||||||||||||
Preferred Stocks | 242,972 | — | — | 242,972 | ||||||||||||
Investment Companies | 975,958 | — | — | 975,958 | ||||||||||||
Total Investments | 219,640,154 | — | — | 219,640,154 | ||||||||||||
SFT Wellington Core Equity Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 131,965,739 | — | — | 131,965,739 | ||||||||||||
Investment Companies | 813,478 | — | — | 813,478 | ||||||||||||
Total Investments | 132,779,217 | — | — | 132,779,217 | ||||||||||||
* Investments in Other Financial Instruments are derivative instruments reflected in the Investments in Securities. All derivatives currently held are reflected at the gross unrealized appreciation (depreciation) on the investments.
Level 2 Measurements:
Government obligations comprised of U.S. Treasury, agency and government guaranteed fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on quoted prices in markets that are not active or using matrix pricing or other similar techniques using standard market observable inputs such as the benchmark U.S. Treasury yield curve, the spread of the U.S. Treasury curve for the identical security and comparable securities that are actively traded.
Asset-backed and other mortgage-backed securities comprised of RMBS, CMBS and ABS fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans, etc.
Corporate obligations comprised of U.S. corporate and foreign corporate fixed maturity securities – These securities are principally valued using the market and income approaches. Valuation is based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques that use standard market observable inputs such as benchmark yields, spreads off benchmark yields, new issuances, issuer rating, duration, and trades of identical or comparable securities. Investment grade privately placed securities are valued using discounted cash flow methodologies using standard market observable inputs, and inputs derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer.
Securian Funds Trust
Notes to Investments in Securities – continued
Long-term and short-term debt securities comprised of foreign government and state and political subdivision fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing or other similar techniques using standard market observable inputs including benchmark U.S. Treasury or other yields, issuer ratings, broker-dealer quotes, issuer spreads and reported trades of similar securities, including those within the same sub-sector or with a similar maturity or credit rating.
Forward Foreign Currency – These derivatives are traded in the over-the-counter derivative market and are principally valued using market price quotations or industry recognized modeling techniques. The significant inputs to the models are observable in the market or can be derived from or corroborated by observable market data. These significant inputs may include interest rates, foreign currency exchange rates, interest rate curves, contractual terms, market prices, and measures of volatility.
The Funds’ policy is to recognize transfers between the levels as of the end of the period. There were no transfers of financial assets between Levels 1, 2, and 3 during the period.
Other Risks
The Funds can invest in securities of foreign issuers, which may subject them to investment risks not normally associated with investing in U.S. securities. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations.