Securian Funds Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-4279

Securian Funds Trust
(Exact name of registrant as specified in charter)

400 Robert Street North St. Paul, Minnesota					55101-2098
(Address of principal executive offices)					(Zip code)

Eric J. Bentley, Esq. 400 Robert Street North St. Paul, Minnesota 55101-2098
(Name and address of agent for service)

Registrant’s telephone number, including area code:				(651) 665-3500

Date of fiscal year end:	December 31

Date of reporting period:		June 30, 2015

ITEM 1. REPORT TO STOCKHOLDERS.

Filed herewith.

Securian Funds Trust

Semi-Annual Report

June 30, 2015

Offered in Minnesota Life Insurance Company and
Securian Life Insurance Company Variable Products

SFT Advantus Bond Fund

SFT Advantus Index 400 Mid-Cap Fund

SFT Advantus Index 500 Fund

SFT Advantus International Bond Fund

SFT Advantus Managed Volatility Fund

SFT Advantus Money Market Fund

SFT Advantus Mortgage Securities Fund

SFT Advantus Real Estate Securities Fund

SFT Ivy^SM Growth Fund

SFT Ivy^SM Small Cap Growth Fund

SFT Pyramis^® Core Equity Fund

SFT T. Rowe Price Value Fund

Financial security
for the long run ®

TABLE OF CONTENTS

	Page No.
*Fund Reviews*
SFT Advantus Bond Fund		1
SFT Advantus Index 400 Mid-Cap Fund		2
SFT Advantus Index 500 Fund		3
SFT Advantus International Bond Fund		4
SFT Advantus Managed Volatility Fund		5
SFT Advantus Money Market Fund		6
SFT Advantus Mortgage Securities Fund		7
SFT Advantus Real Estate Securities Fund		8
SFT Ivy^SM Growth Fund		9
SFT Ivy^SM Small Cap Growth Fund		10
SFT Pyramis^® Core Equity Fund		11
SFT T. Rowe Price Value Fund		12
*Investments In Securities*
SFT Advantus Bond Fund		13
SFT Advantus Index 400 Mid-Cap Fund		19
SFT Advantus Index 500 Fund		25
SFT Advantus International Bond Fund		32
SFT Advantus Managed Volatility Fund		43
SFT Advantus Money Market Fund		47
SFT Advantus Mortgage Securities Fund		49
SFT Advantus Real Estate Securities Fund		53
SFT Ivy^SM Growth Fund		54
SFT Ivy^SM Small Cap Growth Fund		56
SFT Pyramis^® Core Equity Fund		58
SFT T. Rowe Price Value Fund		60
*Financial Statements*
Statements of Assets and Liabilities		64
Statements of Operations		66
Statements of Changes in Net Assets		68
Financial Highlights		72
Notes to Financial Statements		84
*Fund Expense Examples*		100
*Proxy Voting and Quarterly Holdings Information*		101
*Statement Regarding Basis for Approval of Advisory Contracts*		103
*Trustees and Executive Officers*		106

SFT Advantus Bond Fund

Fund Objective

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

Performance Update

The Fund's performance for the six-month period ended June 30, 2015, for each class of shares offered was as follows:

Class 1					0.67 percent*
Class 2					0.54 percent*

The Fund's benchmark, the Barclays U.S. Aggregate Bond Index, returned (0.10) percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

SFT Advantus Index 400 Mid-Cap Fund

Fund Objective

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

Performance Update

The Fund's performance for the six-month period ended June 30, 2015, for each class of shares offered was as follows:

Class 1					4.06 percent*
Class 2					3.93 percent*

The Fund's benchmark, the Standard and Poor's MidCap 400 Index, returned 4.20 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

S&P MidCap 400 Index consists of 400 domestic stocks chosen for market size (median market capitalization of about $3.8 billion), liquidity and industry group representation. It is a market-weighted index (stock price times shares outstanding), with each stock affecting the index in proportion to its market value.

SFT Advantus Index 500 Fund

Fund Objective

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

Performance Update

The Fund's performance for the six-month period ended June 30, 2015, for each class of shares offered was as follows:

Class 1					1.12 percent*
Class 2					1.00 percent*

The Fund's benchmark, the Standard & Poor's 500 Index, returned 1.23 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

SFT Advantus International Bond Fund

Fund Objective

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

Performance Update

The Fund's performance for the six-month period ended June 30, 2015, for each class of shares offered was as follows:

Class 1					(0.33) percent*
Class 2					(0.45) percent*

The Fund's benchmark, the Citigroup World Government Bond Index, returned (4.02) percent for the same period.

Country Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

Americas	105.42	%
United States Dollar (USD)	80.87	%
Mexican Peso (MXN)	15.32	%
Chilean Peso (CLP)	4.74	%
Brazilian Real (BRL)	4.49	%
Asia Pacific	19.65	%
Republic of Korea Won (KRW)	15.93	%
Malaysian Ringgit (MYR)	12.29	%
Singapore Dollar (SGD)	8.23	%
Indonesian Rupiah (IDR)	4.68	%
Indian Rupee (INR)	3.13	%
Philippine Peso (PHP)	2.06	%
Sri Lankan Rupee (LKR)	1.41	%
Australian Dollar (AUD)*	-4.96	%
Japanese Yen (JPY)*	-23.12	%
Europe*	-25.07	%
Polish Zloty (PLN)	7.11	%
Hungarian Forint (HUF)	2.44	%
Euro (EUR)*	-34.62	%

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

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

SFT Advantus Managed Volatility Fund

Fund Objective

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

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

Performance Update

For the six month period ended June 30, 2015, the Fund had a net return of (0.87) percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor.** The blended benchmark index, which is comprised of 60 percent of the S&P 500 Index and 40 percent of the Barclays U.S. Corporate Index, returned 0.47 percent over the same period.

Sector Diversification (shown as a percentage of net assets)

**Advantus Capital Management Inc. (Advantus Capital) and the Securian Funds Trust, on behalf of the SFT Advantus Managed Volatility Fund (the "Fund"), have entered into an Expense Limitation Agreement, dated May 1, 2013, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with the generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through April 30, 2016. The Agreement renews annually for a full year each year thereafter unless terminated by Advantus Capital upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Advantus Capital for management fees previously waived and/or for the cost of expenses previously paid by Advantus Capital pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Advantus Capital in this manner only applies to fees waived or reimbursements made by Advantus Capital within the three fiscal years prior to the date of such reimbursement. As of June 30, 2015 Advantus Capital has waived $620,425 pursuant to the agreement, of which $620,425 was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Advantus Capital, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

The Blended Benchmark Index is comprised of 60 percent of the S&P 500 Index and 40 percent of the Barclays U.S. Corporate Index.

The S&P 500 Index is a broad, unmanaged index of 500 common stocks which are representative of the U.S. stock market overall. The Barclays U.S. Corporate Index is an unmanaged benchmark composite representing the average market-weighted performance of fixed rate, investment grade corporate bonds issued by both U.S. and non-U.S. corporations in U.S. dollars with maturities greater than one year.

SFT Advantus Money Market Fund

Fund Objective

The SFT Advantus Money Market Fund seeks maximum current income to the extent consistent with liquidity and the preservation of capital. It invests in short-term money market instruments and other debt securities that mature within 397 days.

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

Performance Update

For the six month period ended June 30, 2015, the Fund had a net return of 0.00 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor and principal underwriter.^† The Fund's benchmark, the Barclays U.S. Three Month Treasury Bellwether Index, returned 0.01 percent for the same period.

*The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Investment in the SFT Advantus Money Market Fund is neither insured nor guaranteed by the U.S. Government or any other agency, and there can be no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. Shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

† Effective May 1, 2012, the Board of Trustees of Securian Funds Trust approved a Restated Net Investment Income Maintenance Agreement among Securian Funds Trust (on behalf of SFT Advantus Money Market Fund), Advantus Capital and Securian Financial Services, Inc. (Securian Financial). A similar agreement was previously approved by the Board of Directors of Advantus Series Fund, Inc., the Trust's predecessor, effective October 29, 2009. Under such Agreement, Advantus Capital agrees to waive, reimburse or pay Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Advantus Capital and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Advantus Capital or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Advantus Capital and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. As of June 30, 2015, Advantus Capital and Securian Financial have collectively waived $3,779,797 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $1,994,086 was eligible for recovery as of such date. If Advantus Capital and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement shall continue in effect following April 30, 2016, provided such continuance is specifically approved by Advantus Capital, Securian Financial, and a majority of the Trust's independent Trustees.

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

SFT Advantus Mortgage Securities Fund

Fund Objective

The SFT Advantus Mortgage Securities Fund seeks a high level of current income consistent with prudent investment risk. The SFT Advantus Mortgage Securities Fund will invest primarily in mortgage-related securities. The risks incurred by investing in mortgage-related securities include, but are not limited to, reinvestment of prepaid loans at low rates of return, and the inability to reinvest at higher interest rates when mortgages are prepaid more slowly than expected. In addition, the net asset value of the SFT Advantus Mortgage Securities Fund may fluctuate in response to changes in interest rates and is not guaranteed.

Performance Update

The Fund's performance for the six-month period ended June 30, 2015, for each class of shares offered was as follows:

Class 1					1.27 percent*
Class 2					1.15 percent*

The Fund's benchmark, the Barclays U.S. Mortgage-Backed Securities Index, returned 0.31 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

The Barclays U.S. Mortgage-Backed Securities Index is an unmanaged benchmark composite which includes all fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA).

SFT Advantus Real Estate Securities Fund

Fund Objective

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

Performance Update

The Fund's performance for the six-month period ended June 30, 2015, for each class of shares offered was as follows:

Class 1					(5.56) percent*
Class 2					(5.68) percent*

The Fund's benchmark, the Wilshire US Real Estate Securities Index, returned (5.33) percent for the same period.

Sector Diversification (shown as a percentage of net assets)

The Wilshire US Real Estate Securities Index is a market capitalization-weighted index of equity securities whose primary business is equity ownership of commercial real estate (REITs).

SFT Ivy^SM Growth Fund

Fund Objective

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

Performance Update

For the six month period ended June 30, 2015, the Fund had a net return of 5.15 percent*. The Fund's benchmark, the Russell 1000 Growth Index, returned 3.96 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

SFT Ivy^SM Small Cap Growth Fund

Fund Objective

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

Performance Update

For the six month period ended June 30, 2015, the Fund had a net return of 8.90 percent*. The Fund's benchmark, the Russell 2000 Growth Index, returned 8.74 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

SFT Pyramis^® Core Equity Fund

Fund Objective

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

Performance Update

The Fund's performance for the six month period ended June 30, 2015, for each class of shares offered was as follows:

Class 1					4.64 percent*
Class 2					4.51 percent*

The Fund's benchmark, the Standard & Poor's 500 Index, returned 1.23 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

'Pyramis' is a registered trademark of FMR LLC. Used with permission.

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

SFT T. Rowe Price Value Fund

Fund Objective

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

Performance Update

For the six month period ended June 30, 2015, the Fund had a net return of 1.03 percent*. The Fund's benchmark, the Standard & Poor's 500 Index, returned 1.23 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

SFT Advantus Bond Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (97.2%)
Government Obligations (41.3%)
Other Government Obligations (1.7%)
Provincial or Local Government Obligations (1.7%)
County of Sarasota FL, 7.016%, 10/01/40	$	515,000	$	605,820
Douglas County Public Utility District No. 1, 5.450%, 09/01/40		1,185,000		1,327,887
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,150,000		1,131,692
4.926%, 10/01/51		3,055,000		3,315,775
				6,381,174
U.S. Government Agencies and Obligations (39.6%)
Export-Import Bank of the United States (1.2%)
Helios Leasing I LLC, 2.018%, 05/29/24		756,537		753,828
Tagua Leasing LLC 1.732%, 09/18/24		789,991		775,301
1.900%, 07/12/24		679,827		673,912
Ulani MSN 37894, 2.184%, 12/20/24		1,792,609		1,796,388
Union 13 Leasing LLC, 1.870%, 06/28/24		601,604		594,904
				4,594,333
Federal Farm Credit Bank (0.5%)
Federal Farm Credit Bank, 2.990%, 02/04/28		2,000,000		1,920,518
Federal Home Loan Mortgage Corporation (FHLMC) (8.1%)
1.837%, 08/25/24 (b)		1,034,176		1,037,469
2.387%, 09/25/24 (b)		1,000,000		992,800
2.500%, 03/01/28		775,677		792,467
3.000%, 08/01/42		781,942		779,793
3.000%, 04/01/43		1,305,222		1,301,490
3.500%, 10/01/25		409,873		434,182
3.500%, 08/01/42		792,700		818,202
4.000%, 02/01/20		961,416		1,007,202
4.000%, 09/01/40		711,392		757,905
4.000%, 10/01/40		789,093		838,365
4.000%, 11/01/40		2,682,500		2,864,291
4.000%, 02/01/41		617,318		656,583
4.000%, 08/01/41		947,940		1,005,702
4.000%, 07/01/42		780,927		828,275
4.500%, 01/01/41		1,170,604		1,269,290
4.500%, 02/01/41		839,250		908,871
4.500%, 03/01/41		1,025,580		1,117,567
4.500%, 04/01/41		1,093,071		1,198,750
5.000%, 04/01/35		190,767		210,218
5.000%, 08/01/35		79,613		88,062
5.000%, 11/01/35		186,148		205,047
5.000%, 11/01/39		660,799		738,862
5.000%, 03/01/40		3,343,951		3,749,249
5.000%, 04/01/40		586,515		650,791

	Principal		Value(a)
5.000%, 08/01/40	$	377,357	$	418,065
5.500%, 12/01/17		45,706		47,293
5.500%, 06/01/20		96,739		101,885
5.500%, 10/01/20		185,949		200,567
5.500%, 11/01/23		178,667		199,987
5.500%, 05/01/34		1,120,052		1,268,554
5.500%, 10/01/34		450,692		509,309
5.500%, 07/01/35		612,321		689,318
5.500%, 10/01/35		537,850		608,333
5.500%, 12/01/38		427,175		482,966
6.000%, 11/01/33		483,670		554,128
6.500%, 09/01/32		92,165		108,528
6.500%, 06/01/36		487,786		570,217
7.000%, 12/01/37		187,272		222,088
				30,232,671
Federal National Mortgage Association (FNMA) (15.8%)
1.137%, 05/25/24 (b)		682,483		678,511
2.500%, 11/01/27		744,140		748,229
2.500%, 07/01/28		899,574		916,161
2.500%, 07/01/30 (c)		1,040,000		1,052,598
3.000%, 06/01/22		482,408		501,947
3.000%, 11/01/27		161,453		167,661
3.000%, 07/01/30 (c)		245,000		253,822
3.000%, 03/01/42		727,522		728,457
3.000%, 04/01/43		857,758		858,640
3.000%, 05/01/43		1,737,267		1,738,786
3.000%, 06/01/43		431,432		431,877
3.000%, 09/01/43		1,448,443		1,449,040
3.000%, 07/01/45 (c)		1,000,000		996,269
3.500%, 11/01/25		507,124		537,684
3.500%, 01/01/26		530,893		562,892
3.500%, 07/01/30 (c)		1,135,000		1,197,017
3.500%, 11/01/40		638,883		661,276
3.500%, 01/01/41		593,832		613,909
3.500%, 02/01/41		372,342		386,075
3.500%, 04/01/41		659,810		682,119
3.500%, 11/01/41		3,483,302		3,602,562
3.500%, 01/01/42		1,711,347		1,769,108
3.500%, 08/01/42		2,453,716		2,536,878
3.500%, 01/01/43		561,417		580,352
3.500%, 03/01/43		2,044,567		2,116,278
3.500%, 05/01/43		1,698,261		1,757,886
3.500%, 05/01/45		1,509,383		1,557,241
3.500%, 07/01/45 (c)		2,650,000		2,730,949
4.000%, 04/01/41		1,958,606		2,090,789
4.000%, 08/01/41		725,673		771,202
4.000%, 09/01/41		1,168,671		1,245,916
4.000%, 08/01/44		642,597		684,411
4.000%, 07/01/45 (c)		350,000		370,818
4.500%, 05/01/35		284,024		308,341
4.500%, 07/01/35		749,610		811,040
4.500%, 06/01/39		429,575		469,936
4.500%, 04/01/41		2,675,787		2,919,759
4.500%, 07/01/41		2,696,062		2,922,183
5.000%, 05/01/18		21,767		22,786
5.000%, 06/01/18		46,014		48,168
5.000%, 07/01/18		99,229		103,875
5.000%, 07/01/23		178,207		196,573
5.000%, 11/01/33		98,240		108,891
5.000%, 05/01/34		37,305		41,361

See accompanying notes to financial statements.
13

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
5.000%, 12/01/34	$	452,144	$	501,619
5.000%, 04/01/35		111,741		123,760
5.000%, 08/01/35		126,796		140,012
5.000%, 04/01/38		351,645		397,299
5.000%, 12/01/39		479,006		541,566
5.000%, 04/01/41		606,457		683,247
5.500%, 09/01/17		13,875		14,285
5.500%, 02/01/18		55,712		58,260
5.500%, 03/01/18		101,620		106,222
5.500%, 04/01/33		575,625		656,491
5.500%, 12/01/33		175,837		200,365
5.500%, 01/01/34		248,984		280,903
5.500%, 02/01/34		251,791		287,079
5.500%, 03/01/34		503,247		574,420
5.500%, 04/01/34		275,052		310,083
5.500%, 09/01/34		91,551		104,328
5.500%, 02/01/35		305,908		347,414
5.500%, 04/01/35		520,558		590,341
5.500%, 06/01/35		83,915		94,192
5.500%, 08/01/35		266,713		300,738
5.500%, 10/01/35		587,428		671,373
5.500%, 11/01/35		177,883		200,168
5.500%, 12/01/35		138,625		156,250
5.500%, 12/01/39		216,356		245,300
6.000%, 09/01/17		75,501		78,067
6.000%, 08/01/23		143,827		155,735
6.000%, 10/01/32		481,268		556,566
6.000%, 11/01/32		362,720		417,514
6.000%, 03/01/33		542,062		627,127
6.000%, 04/01/33		41,866		48,001
6.000%, 12/01/33		186,213		213,772
6.000%, 01/01/36		137,010		157,591
6.000%, 08/01/37		82,865		93,945
6.000%, 09/01/37		220,485		254,282
6.000%, 10/01/38		325,972		376,495
6.000%, 12/01/38		208,587		238,871
6.000%, 06/01/40		102,131		116,074
6.500%, 12/01/31		123,981		146,254
6.500%, 02/01/32		43,330		51,231
6.500%, 04/01/32		192,739		228,367
6.500%, 05/01/32		62,319		73,551
6.500%, 07/01/32		150,578		172,926
6.500%, 08/01/32		235,566		276,742
6.500%, 09/01/32		147,580		171,545
6.500%, 10/01/32		211,031		249,133
6.500%, 11/01/37		175,204		201,206
7.000%, 07/01/31		120,937		138,855
7.000%, 09/01/31		228,591		274,109
7.000%, 11/01/31		334,741		402,766
7.000%, 02/01/32		51,290		59,590
7.000%, 03/01/32		37,721		45,540
7.000%, 07/01/32		100,237		116,508
7.500%, 04/01/31		177,244		206,576
7.500%, 05/01/31		49,936		57,619
				58,722,546
Government National Mortgage Association (GNMA) (3.2%)
0.120%, 06/17/45 (b) (d)		1,037,510		3,259
3.000%, 03/15/45		1,492,584		1,508,931
3.000%, 03/20/45		1,536,142		1,553,123
3.000%, 04/15/45		1,993,485		2,015,318
3.000%, 07/01/45 (c)		1,000,000		1,009,453
3.500%, 10/20/43		1,227,383		1,277,643

	Principal		Value(a)
3.500%, 02/20/45	$	963,914	$	1,005,201
3.500%, 03/20/45		983,766		1,026,160
3.500%, 07/01/45 (c)		500,000		518,926
5.000%, 12/15/39		46,562		52,687
5.000%, 01/15/40		813,617		905,373
5.500%, 07/15/38		351,519		402,784
5.500%, 10/15/38		466,005		538,774
8.500%, 10/15/22		15,109		15,363
				11,832,995
U.S. Treasury (10.8%)
U.S. Treasury Bond 2.500%, 02/15/45		5,125,000		4,510,410
5.375%, 02/15/31 (e)		5,115,000		6,876,079
U.S. Treasury Note 0.500%, 03/31/17		2,950,000		2,947,003
0.875%, 05/15/17		560,000		562,625
1.500%, 05/31/20		11,770,000		11,705,630
1.750%, 03/31/22		5,480,000		5,380,675
1.750%, 04/30/22		1,050,000		1,030,312
1.875%, 05/31/22		480,000		474,675
2.125%, 05/15/25		6,850,000		6,714,603
				40,202,012
Total government obligations (cost: $148,517,585)				153,886,249
Asset-Backed Securities (5.2%)
Asset-Backed Securities (5.2%)
Appalachian Consumer Rate Relief Funding LLC, 3.772%, 08/01/31		780,000		825,826
Chase Issuance Trust, 2.770%, 03/15/23		3,400,000		3,484,691
Citibank Credit Card Issuance Trust, 2.880%, 01/23/23		2,930,000		3,017,285
Conseco Financial Corp., 6.400%, 10/15/18		25,613		26,023
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f) (g)		1,755,000		1,841,930
Countrywide Asset-Backed Certificates, 5.934%, 05/25/37 (b)		1,636,540		1,493,076
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (f) (g) (h) (i)		588,505		589,080
GMAC Mortgage Corp. Loan Trust, 5.952%, 08/25/37 (b)		3,095,000		2,853,701
Longtrain Leasing III LLC 2015-1A Class A1, 2.980%, 01/15/45 (f) (g)		2,445,192		2,436,338
Origen Manufactured Housing Contract Trust 5.700%, 01/15/35 (b)		839,957		866,046
5.730%, 11/15/35 (b)		311,652		324,391
5.860%, 06/15/36 (b)		355,825		376,552
TAL Advantage V LLC, 3.510%, 02/22/39 (f)		481,000		483,313
Trip Rail Master Funding LLC, 2.863%, 04/15/44 (f)		911,061		909,173
Total asset-backed securities (cost: $19,576,987)				19,527,425

See accompanying notes to financial statements.
14

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Other Mortgage-Backed Securities (8.7%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (0.7%)
BHN I Mortgage Fund, 7.916%, 07/01/15 (f) (g) (h) (i) (j)	$	57,000	$	459,945
Credit-Based Asset Servicing and Securitization LLC 5.328%, 10/25/36 (f) (k)		1,300,000		1,388,230
5.683%, 10/25/36 (f) (k)		217,163		218,353
JPMorgan Mortgage Trust, 2.442%, 11/25/33 (b)		457,899		412,161
Mellon Residential Funding Corp., 6.750%, 06/25/28		8,135		8,215
				2,486,904
Commercial Mortgage-Backed Securities (8.0%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)		874,025		898,647
American Tower Trust I, 1.551%, 03/15/43 (f)		2,840,000		2,825,726
Aventura Mall Trust 2013-AVM, 3.867%, 12/05/32 (b) (f)		1,000,000		1,043,574
Banc of America Re-Remic Trust, 4.325%, 08/15/46 (b) (f)		1,350,000		1,368,479
BB-UBS Trust 3.430%, 11/05/36 (f)		1,790,000		1,780,765
4.160%, 11/05/36 (b) (f)		895,000		880,150
Citigroup Commercial Mortgage Trust, 3.008%, 01/12/30 (b) (f)		725,000		732,951
CSMC Mortgage Trust 1.386%, 04/15/27 (b) (f)		500,000		497,755
1.800%, 04/15/27 (b) (f)		2,535,000		2,523,826
Extended Stay America Trust, 2.295%, 12/05/31 (f)		1,000,000		1,005,490
Hometown Commercial Mortgage 5.506%, 11/11/38 (f) (g)		699,515		614,531
6.057%, 06/11/39 (f) (g)		591,621		432,156
JPMorgan Chase Commercial Mortgage Securities Corp. 2.177%, 12/05/27 (b) (d) (f) (g)		10,583,332		805,423
5.633%, 12/05/27 (f)		2,165,000		2,441,133
Merrill Lynch Mortgage Investors, Inc., 6.250%, 12/10/29 (b)		365,807		365,938
Morgan Stanley Bank of America Merrill Lynch Trust, 3.306%, 05/15/46		300,000		297,704
Morgan Stanley Capital I Trust 3.201%, 08/05/34 (f)		860,000		864,284
3.451%, 08/05/34 (f)		550,000		552,815
Multi Security Asset Trust 5.270%, 11/28/35 (f) (g)		1,000,000		1,005,730
5.880%, 11/28/35 (b) (f) (g)		1,540,000		1,516,116
Timberstar Trust, 6.208%, 10/15/36 (f)		2,515,000		2,577,234

	Principal		Value(a)
UBS-Barclays Commercial Mortgage Trust, 3.091%, 08/10/49	$	920,000	$	927,351
Vornado DP LLC, 4.004%, 09/13/28 (f)		1,475,000		1,583,631
Wells Fargo Commercial Mortgage Trust, 3.148%, 05/15/48		560,000		553,397
WF-RBS Commercial Mortgage Trust 3.667%, 11/15/44		345,000		363,910
3.791%, 02/15/44 (f)		1,393,306		1,401,869
				29,860,585
Total other mortgage-backed securities (cost: $32,109,383)				32,347,489
Corporate Obligations (42.0%)
Basic Materials (0.2%)
Iron and Steel (0.2%)
Glencore Funding LLC, 2.875%, 04/16/20 (f)		650,000		637,112
Communications (1.4%)
Telecommunication (0.8%)
AT&T, Inc., 5.550%, 08/15/41		900,000		922,113
Crown Castle Towers LLC, 3.222%, 05/15/42 (f)		1,950,000		1,918,995
				2,841,108
Telephone Services (0.6%)
SBA Tower Trust, 2.240%, 04/15/43 (f)		2,440,000		2,427,273
Consumer Cyclical (0.9%)
Retail (0.5%)
AutoNation, Inc., 5.500%, 02/01/20		1,700,000		1,840,250
Retail-Apparel/Shoe (0.4%)
L Brands, Inc., 6.625%, 04/01/21		1,480,000		1,627,082
Consumer, Non-cyclical (0.9%)
Drugstore Chains (0.9%)
CVS Pass-Through Trust 6.036%, 12/10/28		2,483,070		2,825,914
6.943%, 01/10/30		398,384		473,346
				3,299,260
Energy (10.0%)
Oil & Gas (1.4%)
Chesapeake Energy Corp. 3.525%, 04/15/19 (b)		1,650,000		1,509,750
4.875%, 04/15/22		1,060,000		919,550
Cimarex Energy Co., 5.875%, 05/01/22		850,000		909,500
Noble Holding International, Ltd., 6.950%, 04/01/45 (i)		2,200,000		2,026,204
				5,365,004

See accompanying notes to financial statements.
15

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Oil, Gas & Consumable Fuels (1.4%)
Phillips 66, 4.875%, 11/15/44	$	1,725,000	$	1,647,604
Tesoro Corp., 4.250%, 10/01/17		1,135,000		1,157,700
Valero Energy Corp. 4.900%, 03/15/45		1,350,000		1,265,084
6.625%, 06/15/37		950,000		1,072,941
				5,143,329
Pipelines (7.2%)
Boardwalk Pipelines L.P., 5.200%, 06/01/18		400,000		417,078
5.750%, 09/15/19		2,629,000		2,777,652
Buckeye Partners L.P., 5.600%, 10/15/44		2,800,000		2,630,225
Columbia Pipeline Group, Inc. 3.300%, 06/01/20 (f)		1,400,000		1,405,461
5.800%, 06/01/45 (f)		750,000		739,095
Energy Transfer Partners L.P., 4.150%, 10/01/20		1,120,000		1,151,091
5.150%, 03/15/45		1,300,000		1,148,620
6.125%, 12/15/45		1,680,000		1,682,643
Enterprise Products Operating LLC, 7.034%, 01/15/68 (b)		1,835,000		1,972,625
NuStar Logistics L.P., 8.150%, 04/15/18 (k)		2,986,000		3,314,460
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		1,115,000		1,114,442
Sunoco Logistics Partners Operations L.P., 6.850%, 02/15/40		2,150,000		2,421,289
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		2,500,000		3,004,975
Williams Partners L.P./ ACMP Finance Corp., 6.125%, 07/15/22		2,750,000		2,921,875
				26,701,531
Financial (16.5%)
Banks (8.7%)
Bank of America Corp. 4.000%, 01/22/25		1,650,000		1,607,585
5.300%, 03/15/17		770,000		815,556
5.750%, 12/01/17		1,590,000		1,732,113
5.875%, 01/05/21		765,000		875,261
3.950%, 04/21/25		780,000		751,288
Barclays PLC, 3.650%, 03/16/25 (i)		800,000		756,638
Capital One Financial Corp., 5.550%, 06/01/20 (b)		2,915,000		2,889,494
Compass Bank, 3.875%, 04/10/25		2,500,000		2,353,635
Credit Suisse Group Funding Guernsey, Ltd. 2.750%, 03/26/20 (f) (i)		1,575,000		1,555,239
3.750%, 03/26/25 (f) (i)		1,000,000		962,673

	Principal		Value(a)
Discover Bank, 3.100%, 06/04/20	$	2,250,000	$	2,247,761
8.700%, 11/18/19		322,000		391,656
HSBC Bank USA NA, 6.000%, 08/09/17		3,150,000		3,425,455
JPMorgan Chase & Co., 5.000%, 07/01/19 (b)		1,700,000		1,663,875
JPMorgan Chase Bank NA 5.875%, 06/13/16		875,000		914,176
6.000%, 07/05/17		400,000		435,005
6.000%, 10/01/17		1,575,000		1,717,306
Morgan Stanley 5.450%, 07/15/19 (b)		670,000		664,975
5.500%, 01/26/20		1,000,000		1,115,995
5.500%, 07/28/21		740,000		834,786
6.250%, 08/28/17		1,435,000		1,572,705
5.550%, 07/15/20 (b)		1,175,000		1,166,481
State Street Corp., 5.250%, 09/15/20 (b)		1,135,000		1,136,419
The Bank of New York Mellon Corp., 4.950%, 06/20/20 (b)		950,000		942,875
				32,528,952
Diversified Financial Services (0.3%)
TD Ameritrade Holding Corp., 2.950%, 04/01/22		950,000		941,932
Finance-Diversified (1.2%)
General Motors Financial Co., Inc., 3.450%, 04/10/22		1,075,000		1,053,340
4.375%, 09/25/21		590,000		612,361
4.750%, 08/15/17		2,500,000		2,638,285
				4,303,986
Insurance (3.6%)
Assurant, Inc., 2.500%, 03/15/18		1,180,000		1,197,437
Liberty Mutual Group, Inc., 6.500%, 05/01/42 (f)		1,805,000		2,106,276
MetLife, Inc., 5.250%, 06/15/20 (b)		1,000,000		991,250
Nationwide Financial Services, Inc., 5.300%, 11/18/44 (f)		2,430,000		2,386,027
Peachtree Corners Funding Trust, 3.976%, 02/15/25 (f)		1,825,000		1,809,794
Symetra Financial Corp., 6.125%, 04/01/16 (f) (g)		2,210,000		2,275,785
TIAA Asset Management Finance Co. LLC 2.950%, 11/01/19 (f)		1,345,000		1,354,399
4.125%, 11/01/24 (f)		1,150,000		1,158,234
				13,279,202
Real Estate Investment Trust — Health Care (0.7%)
Ventas Realty L.P./Ventas Capital Corp., 2.700%, 04/01/20		2,800,000		2,791,706

See accompanying notes to financial statements.
16

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Real Estate Investment Trust — Office Property (0.7%)
ARC Properties Operating Partnership LP 2.000%, 02/06/17	$	2,125,000	$	2,061,250
4.600%, 02/06/24		650,000		633,074
				2,694,324
Real Estate Investment Trust — Single Tenant (1.1%)
Select Income REIT, 2.850%, 02/01/18		4,080,000		4,135,076
Real Estate Investment Trust — Hotels (0.2%)
Hospitality Properties Trust, 4.650%, 03/15/24		920,000		917,894
Health Care (2.5%)
Health Care Providers & Services (0.8%)
NYU Hospitals Center, 4.428%, 07/01/42		1,480,000		1,405,008
Sinai Health System, 3.034%, 01/20/36		1,595,000		1,558,685
				2,963,693
Medical Products/Supplies (0.8%)
Bio-Rad Laboratories, Inc., 4.875%, 12/15/20		2,700,000		2,926,849
Pharmaceuticals (0.9%)
AbbVie, Inc. 3.200%, 11/06/22		1,150,000		1,138,733
4.700%, 05/14/45		1,220,000		1,200,034
Actavis Funding SCS, 4.850%, 06/15/44 (i)		1,000,000		964,794
				3,303,561
Industrials (1.1%)
Building Products (0.4%)
Martin Marietta Materials, Inc., 1.382%, 06/30/17 (b)		1,500,000		1,493,718
Electrical Equipment (0.4%)
Keysight Technologies, Inc., 3.300%, 10/30/19 (f)		1,500,000		1,505,184
Tools-Hand Held (0.3%)
Stanley Black & Decker, Inc., 5.750%, 12/15/53 (b)		1,000,000		1,077,500
Transportation (4.9%)
Airlines (3.7%)
America West Airlines 2000-1 Pass Through Trust, 8.057%, 01/02/22		366,729		412,570
American Airlines 2013-2 Class B Pass Through Trust, 5.600%, 01/15/22 (f) (g)		1,575,708		1,630,858
American Airlines 2015-1 Class B Pass Through Trust, 3.700%, 11/01/24		1,050,000		1,029,000
British Airways PLC, 5.625%, 12/20/21 (f) (i)		766,569		812,563

	Principal		Value(a)
Delta Air Lines 2012-1 Class A Pass Through Trust, 4.750%, 11/07/21	$	682,002	$	729,743
Delta Air Lines 2012-1 Class B Pass Through Trust, 6.875%, 05/07/19 (f)		1,653,285		1,802,081
United Airlines 2014-1 Class B Pass Through Trust, 4.750%, 10/11/23		700,000		712,250
United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/24		2,750,000		2,805,000
United Airlines, Inc., 10.400%, 05/01/18		528,913		576,516
US Airways 2010-1 Class A Pass Through Trust, 6.250%, 10/22/24		1,346,303		1,514,591
US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/26		616,409		696,542
US Airways 2012-2 Class A Pass Through Trust, 4.625%, 12/03/26		242,374		252,069
Virgin Australia 2013-1B Trust, 6.000%, 04/23/22 (f) (i)		972,124		993,996
				13,967,779
Transport — Rail (1.2%)
BNSF Funding Trust I, 6.613%, 12/15/55 (b)		3,785,000		4,324,135
Utilities (3.6%)
Electric Companies (1.0%)
Dominion Gas Holdings LLC, 2.500%, 12/15/19		1,470,000		1,485,999
Southwestern Electric Power Co., 5.550%, 01/15/17		2,230,000		2,366,951
				3,852,950
Electric Utilities (2.6%)
AES Corp., 3.283%, 06/01/19 (b)		1,400,000		1,400,000
Dominion Resources, Inc., 5.750%, 10/01/54 (b)		1,800,000		1,876,466
Entergy Corp., 4.000%, 07/15/22 (c)		1,200,000		1,209,227
Exelon Corp., 5.100%, 06/15/45		1,275,000		1,280,097
Exelon Generation Co. LLC, 2.950%, 01/15/20		2,475,000		2,483,564
IPALCO Enterprises, Inc., 3.450%, 07/15/20 (f)		1,400,000		1,393,000
				9,642,354
Total corporate obligations (cost: $155,046,307)				156,532,744
Total long-term debt securities (cost: $355,250,262)				362,293,907

See accompanying notes to financial statements.
17

SFT Advantus Bond Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (3.9%)
Investment Companies (3.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.000% (l)		14,482,900	$	14,482,900
Total short-term securities (cost: $14,482,900)				14,482,900
Total investments in securities (cost: $369,733,162) (m)				376,776,807
Liabilities in excess of cash and other assets (-1.1%)				(4,111,881	)
Total net assets (100.0%)			$	372,664,926

Investments in Securities Legend

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

(b) Variable rate security.

(c) Security is issued on a when-issued or forward commitment basis. As of June 30, 2015 the total cost of investments issued on a when-issued or forward commitment basis was $9,293,918.

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

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

Holdings of Open Futures Contracts

On June 30, 2015, securities with an aggregate market value of $403,289 have been pledged to cover margin requirements for the following open futures contracts:

Type

Expiration

Number of
Contracts

Position
Type

Unrealized
Appreciation/
(Depreciation)

2 Year U.S.
Treasury
Note

September 2015

Long

1,179

5 Year U.S.
Treasury
Note

September 2015

Long

(5,847

)

10 Year U.S.
Treasury
Note

September 2015

164

Short

176,470

U.S. Long
Bond

September 2015

Short

41,776

239

213,578

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

(g) Illiquid security. (See Note 5.)

(h) These securities are being fair-valued according to procedures approved by the Board of Trustees.

(i) Foreign security: The Fund held 2.4% of net assets in foreign securities at June 30, 2015.

(j) Security is in default with respect to interest payments. Income is not being accrued on this security and any payments received are treated as a reduction of principal.

(k) Step rate security.

(l) All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of June 30, 2015.

(m) At June 30, 2015 the cost of securities for federal income tax purposes was $372,785,214. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	8,466,985
Gross unrealized depreciation		(4,475,392	)
Net unrealized appreciation	$	3,991,593

See accompanying notes to financial statements.
18

SFT Advantus Index 400 Mid-Cap Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.9%)
Consumer Discretionary (14.0%)
Auto Components (0.5%)
Dana Holding Corp.		23,041	$	474,184
Gentex Corp.		41,551		682,267
				1,156,451
Automobiles (0.2%)
Thor Industries, Inc.		6,438		362,331
Distributors (0.6%)
LKQ Corp. (b)		42,963		1,299,416
Diversified Consumer Services (1.0%)
Apollo Education Group, Inc. — Class A (b)		13,623		175,464
DeVry Education Group, Inc.		8,082		242,299
Graham Holdings Co. — Class B		642		690,182
Service Corp. International/US		28,542		839,991
Sotheby's		8,651		391,371
				2,339,307
Hotels, Restaurants & Leisure (1.8%)
Brinker International, Inc.		8,634		497,750
Buffalo Wild Wings, Inc. (b)		2,690		421,496
Domino's Pizza, Inc.		7,796		884,066
Dunkin' Brands Group, Inc.		13,592		747,560
International Speedway Corp. — Class A		3,883		142,390
Panera Bread Co. — Class A (b)		3,656		638,959
The Cheesecake Factory, Inc.		6,405		349,297
The Wendy's Co. (c)		38,470		433,942
				4,115,460
Household Durables (1.8%)
Jarden Corp. (b)		25,294		1,308,965
KB Home		12,857		213,426
MDC Holdings, Inc.		5,469		163,906
NVR, Inc. (b)		557		746,380
Tempur-Pedic International, Inc. (b)		8,583		565,620
Toll Brothers, Inc. (b)		22,634		864,392
Tupperware Brands Corp.		7,069		456,233
				4,318,922
Internet & Catalog Retail (0.1%)
HSN, Inc.		4,581		321,540
Leisure Equipment & Products (1.0%)
Brunswick Corp.		13,093		665,910
Polaris Industries, Inc.		8,696		1,287,964
Vista Outdoor, Inc. (b)		8,984		403,382
				2,357,256
Media (1.4%)
AMC Networks, Inc. — Class A (b)		8,419		689,095
Cinemark Holdings, Inc.		14,841		596,163
DreamWorks Animation SKG, Inc. — Class A (b)		10,224		269,709

	Shares		Value(a)
John Wiley & Sons, Inc. — Class A		6,483	$	352,481
Live Nation Entertainment, Inc. (b)		20,577		565,662
Meredith Corp.		5,104		266,173
The New York Times Co. — Class A		18,526		252,880
Time, Inc.		15,468		355,919
				3,348,082
Multiline Retail (0.3%)
Big Lots, Inc.		7,618		342,734
JC Penney Co., Inc. (b)		43,138		365,379
				708,113
Specialty Retail (4.5%)
Aaron's, Inc.		9,100		329,511
Abercrombie & Fitch Co. — Class A		9,777		210,303
Advance Auto Parts, Inc.		10,325		1,644,669
American Eagle Outfitters, Inc.		24,841		427,762
ANN, Inc. (b)		6,415		309,780
Ascena Retail Group, Inc. (b)		18,646		310,549
Cabela's, Inc. (b)		6,794		339,564
Chico's FAS, Inc.		20,247		336,708
CST Brands, Inc.		10,881		425,012
Dick's Sporting Goods, Inc.		13,719		710,233
Foot Locker, Inc.		19,753		1,323,649
Guess?, Inc.		9,010		172,722
Kate Spade & Co. (b)		18,030		388,366
Murphy USA, Inc. (b)		6,009		335,422
Office Depot, Inc. (b)		69,622		602,926
Rent-A-Center, Inc.		7,439		210,896
Signet Jewelers, Ltd. (d)		11,317		1,451,292
Williams-Sonoma, Inc.		12,038		990,366
				10,519,730
Textiles, Apparel & Luxury Goods (0.8%)
Carter's, Inc.		7,421		788,852
Deckers Outdoor Corp. (b)		4,703		338,475
Skechers U.S.A., Inc. Class A (b)		5,800		636,782
				1,764,109
Consumer Staples (4.1%)
Beverages (0.1%)
The Boston Beer Co., Inc. — Class A (b)		1,340		310,867
Food & Staples Retailing (0.5%)
Casey's General Stores, Inc.		5,424		519,294
SUPERVALU, Inc. (b)		29,210		236,309
United Natural Foods, Inc. (b)		7,026		447,415
				1,203,018
Food Products (2.1%)
Dean Foods Co.		13,319		215,368
Flowers Foods, Inc.		26,110		552,227
Ingredion, Inc.		10,091		805,363
Lancaster Colony Corp.		2,781		252,654

See accompanying notes to financial statements.
19

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

	Shares		Value(a)
Post Holdings, Inc. (b)		7,746	$	417,742
The Hain Celestial Group, Inc. (b)		14,497		954,772
Tootsie Roll Industries, Inc.		2,811		90,823
TreeHouse Foods, Inc. (b)		5,998		486,018
WhiteWave Foods Co. — Class A (b)		24,733		1,208,949
				4,983,916
Household Products (1.2%)
Church & Dwight Co., Inc.		18,485		1,499,688
Energizer Holdings, Inc.		8,754		1,151,589
				2,651,277
Personal Products (0.2%)
Avon Products, Inc.		61,451		384,683
Energy (4.1%)
Energy Equipment & Services (2.1%)
Atwood Oceanics, Inc.		8,465		223,815
Dresser-Rand Group, Inc. (b)		10,826		922,159
Dril-Quip, Inc. (b)		5,519		415,305
Helix Energy Solutions Group, Inc. (b)		13,912		175,708
Nabors Industries, Ltd. (d)		41,148		593,766
Oceaneering International, Inc.		13,946		649,744
Oil States International, Inc. (b)		7,219		268,763
Patterson-UTI Energy, Inc.		20,872		392,707
Rowan Cos., PLC — Class A		17,621		371,979
Superior Energy Services, Inc.		21,250		447,100
Tidewater, Inc.		6,582		149,609
Unit Corp. (b)		6,604		179,100
				4,789,755
Oil, Gas & Consumable Fuels (2.0%)
California Resources Corp.		43,615		263,435
Denbury Resources, Inc.		50,363		320,309
Gulfport Energy Corp. (b)		14,992		603,428
HollyFrontier Corp.		27,682		1,181,744
Peabody Energy Corp.		9,168		20,078
QEP Resources, Inc.		22,950		424,804
Rosetta Resources, Inc. (b)		10,691		247,390
SM Energy Co.		9,515		438,832
Western Refining, Inc.		9,968		434,804
World Fuel Services Corp.		10,174		487,843
WPX Energy, Inc. (b)		28,917		355,101
				4,777,768
Financial (23.5%)
Capital Markets (2.1%)
Eaton Vance Corp.		16,657		651,788
Federated Investors, Inc. — Class B		13,493		451,881
Janus Capital Group, Inc.		20,897		357,757
Raymond James Financial, Inc.		18,111		1,079,053
SEI Investments Co.		18,303		897,396
Stifel Financial Corp. (b)		9,587		553,553
Waddell & Reed Financial, Inc. — Class A		11,910		563,462
WisdomTree Investments, Inc.		15,870		348,585
				4,903,475

	Shares		Value(a)
Commercial Banks (5.3%)
Associated Banc-Corp.		21,542	$	436,656
BancorpSouth, Inc.		12,113		312,031
Bank of Hawaii Corp.		6,123		408,282
Bank of the Ozarks, Inc.		9,920		453,840
Cathay General Bancorp		10,480		340,076
City National Corp.		6,855		619,623
Commerce Bancshares, Inc.		11,721		548,191
Cullen/Frost Bankers, Inc.		7,730		607,423
East West Bancorp, Inc.		20,360		912,535
First Horizon National Corp.		32,979		516,781
FirstMerit Corp.		23,415		487,734
Fulton Financial Corp.		24,955		325,912
Hancock Holding Co.		11,001		351,042
International Bancshares Corp.		8,134		218,561
PacWest Bancorp		13,799		645,241
Prosperity Bancshares, Inc.		8,484		489,866
Signature Bank (b)		7,171		1,049,763
SVB Financial Group (b)		7,265		1,046,015
Synovus Financial Corp.		18,813		579,817
TCF Financial Corp.		23,858		396,281
Trustmark Corp.		9,524		237,910
Umpqua Holdings Corp.		31,151		560,406
Valley National Bancorp		31,199		321,662
Webster Financial Corp.		12,801		506,280
				12,371,928
Consumer Finance (0.3%)
SLM Corp. (b)		60,123		593,414
Diversified Financial Services (0.7%)
CBOE Holdings, Inc.		11,790		674,624
MSCI, Inc.		15,879		977,352
				1,651,976
Diversified REITs (0.7%)
Duke Realty Corp.		48,734		904,990
Liberty Property Trust		21,111		680,197
				1,585,187
Insurance (5.0%)
Alleghany Corp. (b)		2,307		1,081,429
American Financial Group, Inc.		10,446		679,408
Arthur J Gallagher & Co.		23,721		1,122,003
Aspen Insurance Holdings, Ltd. (d)		8,703		416,874
Brown & Brown, Inc.		16,312		536,012
CNO Financial Group, Inc.		27,815		510,405
Everest Re Group, Ltd. (d)		6,326		1,151,395
First American Financial Corp.		15,261		567,862
HCC Insurance Holdings, Inc.		13,517		1,038,646
Kemper Corp.		6,954		268,077
Mercury General Corp.		5,085		282,980
Old Republic International Corp.		34,070		532,514
Primerica, Inc.		7,296		333,354
Reinsurance Group of America, Inc.		9,350		887,035
RenaissanceRe Holdings, Ltd. (d)		6,557		665,601
StanCorp Financial Group, Inc.		6,006		454,114
The Hanover Insurance Group, Inc.		6,214		460,023
WR Berkley Corp.		14,106		732,525
				11,720,257

See accompanying notes to financial statements.
20

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

	Shares		Value(a)
Office REITs (1.6%)
Alexandria Real Estate Equities, Inc.		10,166	$	889,118
BioMed Realty Trust, Inc.		28,695		554,961
Corporate Office Properties Trust SBI		13,352		314,306
Douglas Emmett, Inc.		19,300		519,942
Highwoods Properties, Inc.		13,243		529,058
Kilroy Realty Corp.		12,436		835,078
Mack-Cali Realty Corp.		11,833		218,082
				3,860,545
Real Estate Management & Development (0.6%)
Alexander & Baldwin, Inc.		6,372		251,057
Jones Lang LaSalle, Inc.		6,329		1,082,259
				1,333,316
Residential REITs (1.7%)
American Campus Communities, Inc.		15,863		597,876
Camden Property Trust		12,259		910,599
Home Properties, Inc.		8,136		594,335
Mid-America Apartment Communities, Inc.		10,631		774,043
UDR, Inc.		36,579		1,171,625
				4,048,478
Retail REITs (2.2%)
Equity One, Inc.		11,336		264,582
Federal Realty Investment Trust		9,686		1,240,680
National Retail Properties, Inc.		18,844		659,728
Regency Centers Corp.		13,315		785,319
Tanger Factory Outlet Centers, Inc.		13,535		429,060
Taubman Centers, Inc.		8,730		606,735
Urban Edge Properties		13,038		271,060
Weingarten Realty Investors		16,063		525,099
WP GLIMCHER, Inc.		26,156		353,891
				5,136,154
Specialized REITs (2.5%)
Communications Sales & Leasing, Inc.		16,929		418,485
Corrections Corp. of America		16,528		546,746
Extra Space Storage, Inc.		15,659		1,021,280
Hospitality Properties Trust		21,180		610,408
Lamar Advertising Co. — Class A		11,438		657,456
LaSalle Hotel Properties		15,954		565,729
Omega Healthcare Investors, Inc.		22,711		779,669
Potlatch Corp.		5,687		200,865
Rayonier, Inc.		17,935		458,239
Senior Housing Properties Trust		33,193		582,537
				5,841,414
Thrifts & Mortgage Finance (0.8%)
First Niagara Financial Group, Inc.		49,760		469,734
New York Community Bancorp, Inc.		62,749		1,153,327
Washington Federal, Inc.		13,394		312,750
				1,935,811

	Shares		Value(a)
Health Care (9.0%)
Biotechnology (0.5%)
United Therapeutics Corp. (b)		6,529	$	1,135,720
Health Care Equipment & Supplies (3.6%)
Align Technology, Inc. (b)		10,254		643,028
Halyard Health, Inc. (b)		6,532		264,546
Hill-Rom Holdings, Inc.		8,017		435,564
Hologic, Inc. (b)		34,525		1,314,021
IDEXX Laboratories, Inc. (b)		13,219		847,867
ResMed, Inc.		19,904		1,121,988
Sirona Dental Systems, Inc. (b)		7,818		785,084
STERIS Corp.		8,391		540,716
Teleflex, Inc.		5,907		800,103
The Cooper Cos., Inc.		6,919		1,231,374
Thoratec Corp. (b)		7,589		338,242
				8,322,533
Health Care Providers & Services (3.4%)
Centene Corp. (b)		16,796		1,350,399
Community Health Systems, Inc. (b)		16,636		1,047,569
Health Net, Inc. (b)		10,893		698,459
HMS Holdings Corp. (b)		12,493		214,505
LifePoint Health, Inc. (b)		6,275		545,611
Mednax, Inc. (b)		13,210		978,993
Molina Healthcare, Inc. (b)		5,650		397,195
Omnicare, Inc.		13,684		1,289,717
Owens & Minor, Inc.		8,887		302,158
VCA, Inc. (b)		11,561		628,976
WellCare Health Plans, Inc. (b)		6,264		531,375
				7,984,957
Health Care Technology (0.1%)
Allscripts Healthcare Solutions, Inc. (b)		24,014		328,511
Life Sciences Tools & Services (1.2%)
Bio-Rad Laboratories, Inc. — Class A (b)		2,980		448,818
Bio-Techne Corp.		5,226		514,604
Charles River Laboratories International, Inc. (b)		6,645		467,409
Mettler-Toledo International, Inc. (b)		3,990		1,362,426
				2,793,257
Pharmaceuticals (0.2%)
Akorn, Inc. (b)		11,104		484,801
Industrials (14.8%)
Aerospace & Defense (1.7%)
BE Aerospace, Inc.		14,994		823,171
Esterline Technologies Corp. (b)		4,380		417,589
Huntington Ingalls Industries, Inc.		6,885		775,182
KLX, Inc. (b)		7,377		325,547
Orbital ATK, Inc.		8,350		612,556
Teledyne Technologies, Inc. (b)		5,026		530,293
Triumph Group, Inc.		6,959		459,225
				3,943,563

See accompanying notes to financial statements.
21

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

	Shares		Value(a)
Airlines (0.8%)
Alaska Air Group, Inc.		18,310	$	1,179,713
JetBlue Airways Corp. (b)		37,116		770,528
				1,950,241
Building Products (1.0%)
AO Smith Corp.		10,583		761,764
Fortune Brands Home & Security, Inc.		22,514		1,031,592
Lennox International, Inc.		5,858		630,848
				2,424,204
Commercial Services & Supplies (1.7%)
Clean Harbors, Inc. (b)		7,527		404,501
Copart, Inc. (b)		16,082		570,589
Deluxe Corp.		7,010		434,620
Herman Miller, Inc.		8,378		242,375
HNI Corp.		6,206		317,437
MSA Safety, Inc.		4,409		213,881
Rollins, Inc.		13,588		387,666
RR Donnelley & Sons Co.		29,462		513,523
Waste Connections, Inc.		17,494		824,317
				3,908,909
Construction & Engineering (0.6%)
AECOM (b)		21,239		702,586
Granite Construction, Inc.		5,038		178,899
KBR, Inc.		20,374		396,886
				1,278,371
Electrical Equipment (1.4%)
Acuity Brands, Inc.		6,181		1,112,456
Belden, Inc.		5,986		486,243
Hubbell, Inc. — Class B		7,518		814,049
Regal-Beloit Corp.		6,372		462,544
Woodward Governor Co.		8,168		449,158
				3,324,450
Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		9,189		920,003
Machinery (4.1%)
AGCO Corp.		11,317		642,579
CLARCOR, Inc.		7,055		439,103
Crane Co.		6,827		400,950
Donaldson Co., Inc.		17,858		639,316
Graco, Inc.		8,314		590,543
IDEX Corp.		11,000		864,380
ITT Corp.		12,598		527,100
Kennametal, Inc.		11,182		381,530
Lincoln Electric Holdings, Inc.		10,676		650,062
Nordson Corp.		7,985		621,952
Oshkosh Corp.		10,957		464,358
SPX Corp.		5,742		415,663
Terex Corp.		14,844		345,123
Timken Co.		10,249		374,806
Trinity Industries, Inc.		21,884		578,394
Valmont Industries, Inc.		3,377		401,424
Wabtec Corp.		13,631		1,284,586
				9,621,869
Marine (0.3%)
Kirby Corp. (b)		7,877		603,851

	Shares		Value(a)
Professional Services (1.2%)
CEB, Inc.		4,771	$	415,363
FTI Consulting, Inc. (b)		5,796		239,027
Manpower, Inc.		11,048		987,470
Tower Watson & Co. — Class A		9,791		1,231,708
				2,873,568
Road & Rail (0.9%)
Con-way, Inc.		8,106		311,027
Genesee & Wyoming, Inc. — Class A (b)		7,208		549,105
Landstar System, Inc.		6,273		419,476
Old Dominion Freight Line, Inc. (b)		9,570		656,550
Werner Enterprises, Inc.		6,270		164,588
				2,100,746
Trading Companies & Distributors (0.7%)
GATX Corp.		6,200		329,530
MSC Industrial Direct Co. — Class A		7,131		497,530
Now, Inc. (b)		15,137		301,378
Watsco, Inc.		3,909		483,699
				1,612,137
Information Technology (15.9%)
Communications Equipment (0.9%)
ARRIS Group, Inc. (b)		18,727		573,046
Ciena Corp. (b)		16,577		392,543
InterDigital, Inc.		5,094		289,798
JDS Uniphase Corp. (b)		33,063		382,870
Plantronics, Inc.		5,498		309,592
Polycom, Inc. (b)		18,981		217,143
				2,164,992
Computers & Peripherals (0.7%)
3D Systems Corp. (b)		14,799		288,876
Diebold, Inc.		9,122		319,270
Lexmark International, Inc. — Class A		8,639		381,844
NCR Corp. (b)		23,940		720,594
				1,710,584
Electronic Equipment, Instruments & Components (3.1%)
Arrow Electronics, Inc. (b)		13,448		750,398
Avnet, Inc. (c)		19,183		788,613
Cognex Corp.		12,234		588,455
FEI Co.		5,859		485,887
Ingram Micro, Inc. — Class A (b)		22,069		552,387
IPG Photonics Corp. (b)		5,090		433,541
Itron, Inc. (b)		5,393		185,735
Jabil Circuit, Inc.		27,366		582,622
Keysight Technologies, Inc. (b)		23,908		745,690
Knowles Corp. (b)		12,021		217,580
National Instruments Corp.		14,299		421,249
Tech Data Corp. (b)		5,189		298,679
Trimble Navigation, Ltd. (b)		36,645		859,692
Vishay Intertechnology, Inc.		19,175		223,964
				7,134,492
Internet Software & Services (0.3%)
Rackspace Hosting, Inc. (b)		16,658		619,511

See accompanying notes to financial statements.
22

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

	Shares		Value(a)
IT Services (3.1%)
Acxiom Corp. (b)		11,013	$	193,609
Broadridge Financial Solutions, Inc.		16,931		846,719
Convergys Corp.		13,928		355,025
CoreLogic, Inc. (b)		12,697		503,944
DST Systems, Inc.		3,997		503,542
Gartner, Inc. — Class A (b)		11,727		1,005,942
Global Payments, Inc.		9,387		971,085
Jack Henry & Associates, Inc.		11,550		747,285
Leidos Holdings, Inc.		8,767		353,924
MAXIMUS, Inc.		9,286		610,369
NeuStar, Inc. — Class A (b)		7,820		228,422
Science Applications International Corp.		5,515		291,468
WEX, Inc. (b)		5,429		618,743
				7,230,077
Office Electronics (0.3%)
Zebra Technologies Corp. — Class A (b)		7,357		816,995
Semiconductors & Semiconductor Equipment (2.1%)
Advanced Micro Devices, Inc. (b)		89,013		213,631
Atmel Corp.		58,950		580,952
Cree, Inc. (b)		15,411		401,149
Cypress Semiconductor Corp. (b)		46,879		551,297
Fairchild Semiconductor International, Inc. (b)		16,445		285,814
Integrated Device Technology, Inc. (b)		20,953		454,680
Intersil Corp. — Class A		18,600		232,686
Silicon Laboratories, Inc. (b)		5,610		302,996
SunEdison, Inc. (b)		41,103		1,229,391
Teradyne, Inc.		30,301		584,506
				4,837,102
Software (5.4%)
ACI Worldwide, Inc. (b)		16,416		403,341
Advent Software, Inc.		6,316		279,230
ANSYS, Inc. (b)		12,649		1,154,095
Cadence Design Systems, Inc. (b)		41,337		812,685
CDK Global, Inc.		22,643		1,222,269
CommVault Systems, Inc. (b)		5,915		250,855
Factset Research Systems, Inc.		5,528		898,355
Fair Isaac Corp.		4,422		401,429
Fortinet, Inc. (b)		20,116		831,394
Informatica Corp. (b)		14,789		716,823
Manhattan Associates, Inc. (b)		10,421		621,613
Mentor Graphics Corp.		13,944		368,540
PTC, Inc. (b)		16,241		666,206
Rovi Corp. (b)		12,487		199,168
Solarwinds, Inc. (b)		9,356		431,592
Solera Holdings, Inc.		9,438		420,557
Synopsys, Inc. (b)		21,904		1,109,438
The Ultimate Software Group, Inc. (b)		4,080		670,507
Tyler Technologies, Inc. (b)		4,786		619,213
VeriFone Systems, Inc. (b)		16,111		547,130
				12,624,440

	Shares		Value(a)
Materials (6.7%)
Chemicals (3.3%)
Albemarle Corp.		15,845	$	875,753
Ashland, Inc.		8,781		1,070,404
Cabot Corp.		8,964		334,268
Cytec Industries, Inc.		10,072		609,658
Minerals Technologies, Inc.		4,845		330,090
NewMarket Corp.		1,514		672,049
Olin Corp.		10,932		294,617
PolyOne Corp.		12,510		490,017
RPM International, Inc.		18,816		921,420
Sensient Technologies Corp.		6,601		451,112
The Chemours Co. (b) (e)		25,550		408,800
The Scotts Miracle-Gro Co. — Class A		6,331		374,858
Valspar Corp.		10,557		863,774
				7,696,820
Construction Materials (0.2%)
Eagle Materials, Inc.		7,065		539,271
Containers & Packaging (1.4%)
Aptargroup, Inc.		8,784		560,156
Bemis Co., Inc.		13,762		619,427
Greif, Inc. — Class A		4,734		169,714
Packaging Corp. of America		14,024		876,360
Silgan Holdings, Inc.		5,839		308,066
Sonoco Products Co.		14,251		610,798
				3,144,521
Metals & Mining (1.5%)
Carpenter Technology Corp.		7,119		275,363
Commercial Metals Co.		16,345		262,828
Compass Minerals International, Inc.		4,791		393,533
Reliance Steel & Aluminum Co.		10,492		634,556
Royal Gold, Inc.		9,194		566,258
Steel Dynamics, Inc.		34,152		707,459
TimkenSteel Corp.		5,269		142,210
United States Steel Corp.		20,575		424,256
Worthington Industries, Inc.		6,831		205,340
				3,611,803
Paper & Forest Products (0.3%)
Domtar Corp. (d)		9,003		372,724
Louisiana-Pacific Corp. (b)		20,119		342,627
				715,351
Telecommunication Services (0.3%)
Gas Utilities (0.1%)
ONE GAS, Inc.		7,332		312,050
Wireless Telecommunication Services (0.2%)
Telephone & Data Systems, Inc.		13,886		408,248
Utilities (4.5%)
Electric Utilities (1.2%)
Cleco Corp.		8,519		458,748
Great Plains Energy, Inc.		21,825		527,292
Hawaiian Electric Industries, Inc.		15,171		451,034
IDACORP, Inc.		7,063		396,517

See accompanying notes to financial statements.
23

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

	Shares		Value(a)
PNM Resources, Inc.		11,250	$	276,750
Westar Energy, Inc.		18,677		639,127
				2,749,468
Gas Utilities (1.7%)
Atmos Energy Corp.		14,267		731,612
Energen Corp.		11,143		761,067
National Fuel Gas Co.		11,910		701,380
Questar Corp.		24,817		518,923
UGI Corp.		24,363		839,305
WGL Holdings, Inc.		6,986		379,270
				3,931,557
Independent Power Producers & Energy Traders (0.1%)
Talen Energy Corp. (b)		11,775		202,059
Multi-Utilities (1.3%)
Alliant Energy Corp.		15,957		921,038
Black Hills Corp.		6,267		273,554
MDU Resources Group, Inc.		27,509		537,251
OGE Energy Corp.		28,187		805,303
Vectren Corp.		11,670		449,062
				2,986,208
Water Utilities (0.2%)
Aqua America, Inc.		25,009		612,470
Total common stocks (cost: $148,986,280)				226,353,666
Short-Term Securities (2.7%)
Investment Companies (2.7%)
Wells Fargo Advantage Treasury Plus Money Market Fund, current rate 0.010% (f)		6,405,677		6,405,677
Total short-term securities (cost: $6,405,677)				6,405,677
Total investments in securities (cost: $155,391,957) (g)				232,759,343
Cash and other assets in excess of liabilities (0.4%)				931,832
Total net assets (100.0%)			$	233,691,175

Investments in Securities Legend

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

(b) Non-income producing security.

Holdings of Open Futures Contracts

On June 30, 2015, securities with an aggregate market value of $1,037,270 have been pledged to cover margin requirements for the following open futures contracts:

Type	Expiration	Number of Contracts		Position Type	Unrealized Appreciation/ (Depreciation)
S&P Mid 400® E-Mini Index Future	September 2015		45	Long	$	(135,811	)
			45		$	(135,811	)

(d) Foreign security: The Fund held 2.0% of net assets in foreign securities at June 30, 2015.

(e) Security is issued on a when-issued or forward commitment basis. As of June 30, 2015 the total cost of investments issued on a when-issued or forward commitment basis was $408,889.

(f) All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of June 30, 2015.

(g) At June 30, 2015 the cost of securities for federal income tax purposes was $155,878,559. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	83,983,565
Gross unrealized depreciation		(7,102,781	)
Net unrealized appreciation	$	76,880,784

See accompanying notes to financial statements.
24

SFT Advantus Index 500 Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.6%)
Consumer Discretionary (12.7%)
Auto Components (0.4%)
BorgWarner, Inc.		8,350	$	474,614
Delphi Automotive PLC (b)		10,605		902,379
Johnson Controls, Inc.		24,105		1,193,921
The Goodyear Tire & Rubber Co.		9,840		296,676
				2,867,590
Automobiles (0.6%)
Ford Motor Co.		146,338		2,196,534
General Motors Co.		49,697		1,656,401
Harley-Davidson, Inc.		7,695		433,613
				4,286,548
Distributors (0.1%)
Genuine Parts Co.		5,631		504,143
Diversified Consumer Services (0.1%)
H&R Block, Inc.		10,050		297,982
Hotels, Restaurants & Leisure (1.7%)
Carnival Corp.		16,511		815,478
Chipotle Mexican Grill, Inc. (c)		1,149		695,133
Darden Restaurants, Inc.		4,574		325,120
Marriott International, Inc. — Class A		7,548		561,496
McDonald's Corp.		35,284		3,354,450
Royal Caribbean Cruises, Ltd.		6,074		477,963
Starbucks Corp.		55,202		2,959,655
Starwood Hotels & Resorts Worldwide, Inc.		6,331		513,381
Wyndham Worldwide Corp.		4,446		364,172
Wynn Resorts, Ltd.		3,001		296,109
Yum! Brands, Inc.		15,872		1,429,750
				11,792,707
Household Durables (0.5%)
DR Horton, Inc.		12,262		335,488
Garmin, Ltd. (b)		4,356		191,359
Harman International Industries, Inc.		2,654		315,667
Leggett & Platt, Inc.		5,001		243,449
Lennar Corp. — Class A		6,483		330,892
Mohawk Industries, Inc. (c)		2,280		435,252
Newell Rubbermaid, Inc.		9,891		406,619
PulteGroup, Inc.		12,079		243,392
Stanley Black & Decker, Inc.		5,659		595,553
Whirlpool Corp.		2,889		499,942
				3,597,613
Internet & Catalog Retail (1.5%)
Amazon.com, Inc. (c)		14,143		6,139,335
Expedia, Inc.		3,645		398,581
Netflix, Inc. (c)		2,226		1,462,348
The Priceline Group, Inc. (c)		1,912		2,201,419
TripAdvisor, Inc. (c)		4,111		358,233
				10,559,916

	Shares		Value(a)
Leisure Equipment & Products (0.1%)
Hasbro, Inc.		4,126	$	308,583
Mattel, Inc.		12,374		317,888
				626,471
Media (3.7%)
Cablevision Systems Corp.		8,090		193,675
CBS Corp. — Class B		16,667		925,018
Comcast Corp. — Class A		92,527		5,564,574
DIRECTV (c)		18,542		1,720,512
Discovery Communications, Inc. — Class A (c)		5,481		182,298
Discovery Communications, Inc. — Class C (c)		9,611		298,710
Gannett Co., Inc. (c)		4,133		57,814
Interpublic Group of Cos., Inc.		15,106		291,093
McGraw Hill Financial, Inc.		10,086		1,013,139
News Corp. Class A (c)		18,417		268,704
Omnicom Group, Inc.		8,993		624,924
Scripps Networks Interactive, Inc. — Class A		3,493		228,337
TEGNA, Inc.		8,265		265,058
The Walt Disney Co.		57,464		6,558,941
Time Warner Cable, Inc.		10,459		1,863,480
Time Warner, Inc.		30,355		2,653,330
Twenty-First Century Fox, Inc. — Class A		65,134		2,119,786
Viacom, Inc. — Class B		13,151		850,081
				25,679,474
Multiline Retail (0.8%)
Dollar General Corp.		10,937		850,242
Dollar Tree, Inc. (c)		7,584		599,060
Family Dollar Stores, Inc.		3,545		279,381
Kohl's Corp.		7,284		456,051
Macy's, Inc.		12,384		835,549
Nordstrom, Inc.		5,187		386,432
Target Corp.		23,490		1,917,489
				5,324,204
Specialty Retail (2.3%)
AutoNation, Inc. (c)		2,774		174,707
AutoZone, Inc. (c)		1,162		774,938
Bed Bath & Beyond, Inc. (c)		6,274		432,781
Best Buy Co., Inc.		10,736		350,101
CarMax, Inc. (c)		7,644		506,109
GameStop Corp. — Class A		3,901		167,587
L Brands, Inc.		9,066		777,228
Lowe's Cos., Inc.		34,333		2,299,281
O'Reilly Automotive, Inc. (c)		3,749		847,199
Ross Stores, Inc.		15,166		737,219
Staples, Inc.		23,520		360,091
The Gap, Inc.		9,678		369,409
The Home Depot, Inc.		47,817		5,313,903
The TJX Cos., Inc.		25,046		1,657,294
Tiffany & Co.		4,150		380,970
Tractor Supply Co.		5,022		451,679
Urban Outfitters, Inc. (c)		3,584		125,440
				15,725,936

See accompanying notes to financial statements.
25

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Textiles, Apparel & Luxury Goods (0.9%)
Coach, Inc.		10,072	$	348,592
Fossil Group, Inc. (c)		1,534		106,398
Hanesbrands, Inc.		14,780		492,470
Michael Kors Holdings, Ltd. (b) (c)		7,303		307,383
NIKE, Inc. — Class B		25,635		2,769,093
PVH Corp.		3,076		354,355
Ralph Lauren Corp.		2,233		295,560
Under Armour, Inc. — Class A (c)		6,153		513,406
VF Corp.		12,515		872,796
				6,060,053
Consumer Staples (9.2%)
Beverages (2.1%)
Brown-Forman Corp. — Class B		5,746		575,634
Coca-Cola Enterprises, Inc.		7,890		342,742
Constellation Brands, Inc. — Class A		6,207		720,136
Dr Pepper Snapple Group, Inc.		7,016		511,467
Keurig Green Mountain, Inc.		4,251		325,754
Molson Coors Brewing Co. — Class B		5,895		411,530
Monster Beverage Corp. (c)		5,392		722,636
PepsiCo, Inc.		54,336		5,071,722
The Coca-Cola Co.		144,405		5,665,008
				14,346,629
Food & Staples Retailing (2.3%)
Costco Wholesale Corp.		16,225		2,191,349
CVS Health Corp.		41,497		4,352,205
Sysco Corp.		21,844		788,568
The Kroger Co.		18,019		1,306,558
Wal-Mart Stores, Inc.		58,091		4,120,395
Walgreens Boots Alliance, Inc.		32,157		2,715,337
Whole Foods Market, Inc.		13,188		520,135
				15,994,547
Food Products (1.6%)
Archer-Daniels-Midland Co.		22,836		1,101,152
Campbell Soup Co.		6,454		307,533
ConAgra Foods, Inc.		15,707		686,710
General Mills, Inc.		21,943		1,222,664
Hormel Foods Corp.		4,966		279,933
Kellogg Co.		9,223		578,282
Kraft Foods Group, Inc.		21,803		1,856,307
McCormick & Co., Inc.		4,730		382,894
Mead Johnson Nutrition Co.		7,460		673,041
Mondelez International, Inc. — Class A		59,878		2,463,381
The Hershey Co.		5,356		475,774
The JM Smucker Co.		3,606		390,926
Tyson Foods, Inc. — Class A		10,674		455,033
				10,873,630
Household Products (1.7%)
Clorox Co.		4,837		503,145
Colgate-Palmolive Co.		31,301		2,047,398
Kimberly-Clark Corp.		13,378		1,417,667
The Procter & Gamble Co.		99,869		7,813,750
				11,781,960

	Shares		Value(a)
Personal Care (0.1%)
The Estee Lauder Cos., Inc. — Class A		8,226	$	712,865
Tobacco (1.4%)
Altria Group, Inc.		72,392		3,540,693
Philip Morris International, Inc.		57,048		4,573,538
Reynolds American, Inc.		15,325		1,144,164
				9,258,395
Energy (7.6%)
Energy Equipment & Services (1.3%)
Baker Hughes, Inc.		16,024		988,681
Cameron International Corp. (c)		7,044		368,894
Diamond Offshore Drilling, Inc.		2,378		61,376
Ensco PLC—Class A (b)		8,540		190,186
FMC Technologies, Inc. (c)		8,435		349,968
Halliburton Co.		31,234		1,345,248
Helmerich & Payne, Inc.		3,969		279,497
National Oilwell Varco, Inc.		14,247		687,845
Noble Corp. PLC (b)		8,822		135,771
Schlumberger, Ltd.		46,741		4,028,607
Transocean, Ltd. (b)		12,559		202,451
				8,638,524
Oil, Gas & Consumable Fuels (6.3%)
Anadarko Petroleum Corp.		18,684		1,458,473
Apache Corp.		13,896		800,826
Cabot Oil & Gas Corp.		15,137		477,421
Chesapeake Energy Corp.		18,980		212,007
Chevron Corp.		69,223		6,677,943
Cimarex Energy Co.		3,454		381,011
ConocoPhillips		45,414		2,788,874
Consol Energy, Inc.		8,391		182,420
Devon Energy Corp.		14,251		847,792
EOG Resources, Inc.		20,225		1,770,699
EQT Corp.		5,601		455,585
Exxon Mobil Corp.		153,913		12,805,562
Hess Corp.		8,959		599,178
Kinder Morgan, Inc.		63,850		2,451,201
Marathon Oil Corp.		24,790		657,927
Marathon Petroleum Corp.		19,998		1,046,095
Murphy Oil Corp.		6,153		255,780
Newfield Exploration Co. (c)		5,929		214,155
Noble Energy, Inc.		14,163		604,477
Occidental Petroleum Corp.		28,276		2,199,025
Phillips 66		19,943		1,606,608
Pioneer Natural Resources Co.		5,494		761,963
Range Resources Corp.		6,115		301,959
Southwestern Energy Co. (c)		14,178		322,266
Spectra Energy Corp.		24,648		803,525
Tesoro Corp.		4,606		388,792
The Williams Cos., Inc.		24,823		1,424,592
Valero Energy Corp.		18,723		1,172,060
				43,668,216
Financial (16.0%)
Capital Markets (2.3%)
Affiliated Managers Group, Inc. (c)		2,069		452,283
Ameriprise Financial, Inc.		6,730		840,779
BlackRock, Inc.		4,679		1,618,840
E*Trade Financial Corp. (c)		10,650		318,968

See accompanying notes to financial statements.
26

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Franklin Resources, Inc.		14,347	$	703,433
Invesco, Ltd.		15,829		593,429
Legg Mason, Inc.		3,556		183,241
Morgan Stanley		56,565		2,194,156
Northern Trust Corp.		8,094		618,867
State Street Corp.		15,104		1,163,008
T Rowe Price Group, Inc.		9,715		755,147
The Bank of New York Mellon Corp.		41,284		1,732,690
The Charles Schwab Corp.		42,547		1,389,160
The Goldman Sachs Group, Inc.		14,790		3,088,004
				15,652,005
Commercial Banks (6.0%)
Bank of America Corp.		386,598		6,579,898
BB&T Corp.		26,907		1,084,621
Citigroup, Inc.		111,691		6,169,811
Comerica, Inc.		6,477		332,400
Fifth Third Bancorp		29,814		620,727
Huntington Bancshares, Inc.		29,763		336,620
JPMorgan Chase & Co.		136,611		9,256,765
KeyCorp		31,227		469,030
M&T Bank Corp.		4,901		612,282
People's United Financial, Inc.		11,366		184,243
Regions Financial Corp.		49,340		511,162
SunTrust Banks, Inc.		19,002		817,466
The PNC Financial Services Group, Inc.		19,065		1,823,567
US Bancorp		65,268		2,832,631
Wells Fargo & Co.		172,490		9,700,838
Zions Bancorporation		7,383		234,299
				41,566,360
Consumer Finance (0.8%)
American Express Co.		32,158		2,499,320
Capital One Financial Corp.		20,115		1,769,517
Discover Financial Services		16,289		938,572
Navient Corp.		14,320		260,767
				5,468,176
Diversified Financial Services (0.5%)
CME Group, Inc.		11,694		1,088,244
Intercontinental Exchange, Inc.		4,137		925,074
Leucadia National Corp.		11,528		279,900
Moody's Corp.		6,557		707,894
The NASDAQ OMX Group, Inc.		4,358		212,714
				3,213,826
Industrial REITs (0.1%)
ProLogis, Inc.		19,290		715,659
Insurance (4.0%)
ACE, Ltd. (b)		12,071		1,227,379
Aflac, Inc.		15,972		993,458
American International Group, Inc.		49,084		3,034,373
Aon PLC (b)		10,335		1,030,193
Assurant, Inc.		2,439		163,413
Berkshire Hathaway, Inc.— Class B (c)		67,136		9,137,881
Chubb Corp.		8,413		800,413
Cincinnati Financial Corp.		5,448		273,381
Genworth Financial, Inc. — Class A (c)		18,217		137,903

	Shares		Value(a)
Hartford Financial Services Group, Inc.		15,424	$	641,176
Lincoln National Corp.		9,314		551,575
Loews Corp.		10,909		420,106
Marsh & McLennan Cos., Inc.		19,769		1,120,902
MetLife, Inc.		41,075		2,299,789
Principal Financial Group, Inc.		10,087		517,362
Prudential Financial, Inc.		16,642		1,456,508
The Allstate Corp.		15,056		976,683
The Progressive Corp.		19,653		546,943
The Travelers Cos., Inc.		11,732		1,134,015
Torchmark Corp.		4,587		267,055
Unum Group		9,172		327,899
XL Group PLC (b)		11,287		419,876
				27,478,283
Office REITs (0.2%)
Boston Properties, Inc.		5,649		683,755
SL Green Realty Corp.		3,637		399,670
Vornado Realty Trust		6,444		611,729
				1,695,154
Real Estate Services (0.1%)
CBRE Group, Inc. — Class A (c)		10,216		377,992
Residential REITs (0.4%)
Apartment Investment & Management Co. — Class A		5,663		209,134
AvalonBay Communities, Inc.		4,870		778,567
Equity Residential		13,416		941,401
Essex Property Trust, Inc.		2,390		507,875
				2,436,977
Retail REITs (0.5%)
General Growth Properties, Inc.		23,070		591,976
Kimco Realty Corp.		15,115		340,692
Realty Income Corp.		8,560		379,978
Simon Property Group, Inc.		11,464		1,983,501
The Macerich Co.		5,191		387,249
				3,683,396
Specialized REITs (1.1%)
American Tower Corp.		15,583		1,453,738
Crown Castle International Corp.		12,423		997,567
Equinix, Inc.		2,123		539,242
HCP, Inc.		16,992		619,698
Health Care REIT, Inc.		12,887		845,774
Host Hotels & Resorts, Inc.		27,836		551,988
Iron Mountain, Inc.		6,893		213,689
Plum Creek Timber Co., Inc.		6,392		259,323
Public Storage		5,353		986,933
Ventas, Inc.		12,199		757,436
Weyerhaeuser Co.		19,059		600,348
				7,825,736
Thrifts & Mortgage Finance (0.0%)
Hudson City Bancorp, Inc.		17,650		174,382
Health Care (15.1%)
Biotechnology (3.1%)
Alexion Pharmaceuticals, Inc. (c)		8,242		1,489,906
Amgen, Inc.		27,985		4,296,257
Biogen, Inc. (c)		8,652		3,494,889

See accompanying notes to financial statements.
27

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Celgene Corp. (c)		29,197	$	3,379,115
Gilead Sciences, Inc.		54,099		6,333,911
Regeneron Pharmaceuticals, Inc. (c)		2,781		1,418,672
Vertex Pharmaceuticals, Inc. (c)		9,028		1,114,777
				21,527,527
Health Care Equipment & Supplies (2.2%)
Abbott Laboratories		54,803		2,689,731
Baxter International, Inc.		20,009		1,399,229
Becton Dickinson and Co.		7,699		1,090,563
Boston Scientific Corp. (c)		49,352		873,531
CR Bard, Inc.		2,710		462,597
DENTSPLY International, Inc.		5,075		261,616
Edwards Lifesciences Corp. (c)		3,977		566,444
Intuitive Surgical, Inc. (c)		1,398		677,331
Medtronic PLC (b)		52,454		3,886,842
St Jude Medical, Inc.		10,273		750,648
Stryker Corp.		11,034		1,054,519
Varian Medical Systems, Inc. (c)		3,690		311,178
Zimmer Biomet Holdings, Inc.		6,265		684,326
				14,708,555
Health Care Providers & Services (2.9%)
Aetna, Inc.		12,855		1,638,498
AmerisourceBergen Corp.		7,693		818,074
Anthem, Inc.		9,738		1,598,395
Cardinal Health, Inc.		12,174		1,018,355
Cigna Corp.		9,531		1,544,022
DaVita HealthCare Partners, Inc. (c)		6,366		505,906
Express Scripts Holding Co. (c)		26,806		2,384,126
HCA Holdings, Inc. (c)		10,676		968,527
Henry Schein, Inc. (c)		3,101		440,714
Humana, Inc.		5,517		1,055,292
Laboratory Corp. of America Holdings (c)		3,699		448,393
McKesson Corp.		8,587		1,930,443
Patterson Cos., Inc.		3,065		149,112
Quest Diagnostics, Inc.		5,321		385,879
Tenet Healthcare Corp. (c)		3,632		210,220
UnitedHealth Group, Inc.		35,041		4,275,002
Universal Health Services, Inc. — Class B		3,367		478,451
				19,849,409
Health Care Technology (0.1%)
Cerner Corp. (c)		11,244		776,510
Life Sciences Tools & Services (0.4%)
Agilent Technologies, Inc.		12,265		473,184
PerkinElmer, Inc.		4,168		219,404
Thermo Fisher Scientific, Inc.		14,632		1,898,648
Waters Corp. (c)		3,082		395,667
				2,986,903
Pharmaceuticals (6.4%)
AbbVie, Inc.		63,299		4,253,060
Allergan PLC (c)		14,501		4,400,474
Bristol-Myers Squibb Co.		61,396		4,085,290
Eli Lilly & Co.		35,949		3,001,382
Endo International PLC (b) (c)		7,436		592,277
Hospira, Inc. (c)		6,321		560,736

	Shares		Value(a)
Johnson & Johnson		102,080	$	9,948,717
Mallinckrodt PLC (c)		4,295		505,607
Merck & Co., Inc.		104,000		5,920,720
Mylan NV (c)		15,153		1,028,282
Perrigo Co. PLC (b)		5,384		995,125
Pfizer, Inc.		226,673		7,600,346
Zoetis, Inc.		18,368		885,705
				43,777,721
Industrials (9.8%)
Aerospace & Defense (2.5%)
General Dynamics Corp.		11,496		1,628,868
Honeywell International, Inc.		28,763		2,932,963
L-3 Communications Holdings, Inc.		3,082		349,437
Lockheed Martin Corp.		9,893		1,839,109
Northrop Grumman Corp.		7,134		1,131,666
Precision Castparts Corp.		5,089		1,017,138
Raytheon Co.		11,233		1,074,774
Rockwell Collins, Inc.		4,902		452,700
The Boeing Co.		23,674		3,284,057
United Technologies Corp.		30,475		3,380,592
				17,091,304
Air Freight & Logistics (0.7%)
CH Robinson Worldwide, Inc.		5,396		336,656
Expeditors International of Washington, Inc.		6,971		321,398
FedEx Corp.		9,717		1,655,777
United Parcel Service, Inc. — Class B		25,528		2,473,919
				4,787,750
Airlines (0.5%)
American Airlines Group, Inc.		25,502		1,018,422
Delta Air Lines, Inc.		30,233		1,241,972
Southwest Airlines Co.		24,601		814,047
				3,074,441
Building Products (0.1%)
Allegion PLC (b)		3,540		212,896
Masco Corp.		12,790		341,109
				554,005
Commercial Services & Supplies (0.4%)
Avery Dennison Corp.		3,337		203,357
Cintas Corp.		3,491		295,304
Pitney Bowes, Inc.		7,335		152,641
Republic Services, Inc.		9,144		358,171
Stericycle, Inc. (c)		3,151		421,950
The ADT Corp.		6,211		208,503
Tyco International PLC		15,490		596,055
Waste Management, Inc.		15,646		725,192
				2,961,173
Construction & Engineering (0.1%)
Fluor Corp.		5,350		283,603
Jacobs Engineering Group, Inc. (c)		4,622		187,746
Quanta Services, Inc. (c)		7,698		221,856
				693,205

See accompanying notes to financial statements.
28

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Electrical Equipment (0.6%)
AMETEK, Inc.		8,890	$	486,994
Eaton Corp. PLC		17,195		1,160,491
Emerson Electric Co.		24,601		1,363,633
Rockwell Automation, Inc.		4,997		622,826
Roper Technologies, Inc.		3,701		638,275
				4,272,219
Industrial Conglomerates (2.3%)
3M Co.		23,408		3,611,854
Danaher Corp.		22,644		1,938,100
General Electric Co.		370,910		9,855,079
Textron, Inc.		10,209		455,628
				15,860,661
Machinery (1.4%)
Caterpillar, Inc.		22,221		1,884,785
Cummins, Inc.		6,211		814,821
Deere & Co.		12,290		1,192,744
Dover Corp.		5,904		414,343
Flowserve Corp.		4,968		261,615
Illinois Tool Works, Inc.		12,452		1,142,969
Ingersoll-Rand PLC		9,710		654,648
Joy Global, Inc.		3,491		126,374
PACCAR, Inc.		13,074		834,252
Pall Corp.		3,932		489,337
Parker Hannifin Corp.		5,105		593,865
Pentair PLC (b)		6,613		454,644
Snap-On, Inc.		2,143		341,273
Xylem, Inc.		6,623		245,515
				9,451,185
Professional Services (0.3%)
Dun & Bradstreet Corp.		1,339		163,358
Equifax, Inc.		4,406		427,779
Nielsen NV		13,547		606,499
Robert Half International, Inc.		4,983		276,556
United Rentals, Inc. (c)		3,559		311,840
				1,786,032
Road & Rail (0.8%)
CSX Corp.		36,369		1,187,448
Kansas City Southern		4,071		371,275
Norfolk Southern Corp.		11,222		980,354
Ryder System, Inc.		1,962		171,420
Union Pacific Corp.		32,232		3,073,966
				5,784,463
Trading Companies & Distributors (0.1%)
Fastenal Co.		9,925		418,636
WW Grainger, Inc.		2,255		533,646
				952,282
Information Technology (19.1%)
Communications Equipment (1.5%)
Cisco Systems, Inc.		187,219		5,141,034
F5 Networks, Inc. (c)		2,660		320,131
Harris Corp.		4,539		349,094
Juniper Networks, Inc.		12,935		335,922
Motorola Solutions, Inc.		6,833		391,804
QUALCOMM, Inc.		59,987		3,756,986
				10,294,971

	Shares		Value(a)
Computers & Peripherals (4.6%)
Apple, Inc. (d)		212,072	$	26,599,131
EMC Corp.		71,490		1,886,621
Hewlett-Packard Co.		66,496		1,995,545
NetApp, Inc.		11,397		359,689
SanDisk Corp.		7,654		445,616
Western Digital Corp.		8,008		627,987
				31,914,589
Electronic Equipment, Instruments & Components (0.5%)
Amphenol Corp. — Class A		11,339		657,322
Corning, Inc.		46,329		914,071
FLIR Systems, Inc.		5,155		158,877
Seagate Technology PLC		11,683		554,943
TE Connectivity, Ltd. (b)		14,980		963,214
				3,248,427
Internet Software & Services (3.2%)
Akamai Technologies, Inc. (c)		6,595		460,463
eBay, Inc. (c)		40,708		2,452,250
Facebook, Inc. — Class A (c)		77,532		6,649,532
Google, Inc. — Class A (c)		10,531		5,687,161
Google, Inc. — Class C (c)		10,581		5,507,516
VeriSign, Inc. (c)		3,879		239,412
Yahoo!, Inc. (c)		32,106		1,261,445
				22,257,779
IT Services (3.3%)
Accenture PLC — Class A (b)		23,053		2,231,069
Alliance Data Systems Corp. (c)		2,303		672,338
Automatic Data Processing, Inc.		17,284		1,386,695
Cognizant Technology Solutions Corp. — Class A (c)		22,481		1,373,364
Computer Sciences Corp.		5,068		332,664
Fidelity National Information Services, Inc.		10,412		643,462
Fiserv, Inc. (c)		8,702		720,787
International Business Machines Corp.		33,712		5,483,594
Mastercard, Inc. — Class A		35,678		3,335,179
Paychex, Inc.		11,953		560,357
Teradata Corp. (c)		5,227		193,399
The Western Union Co.		19,006		386,392
Total System Services, Inc.		5,973		249,492
Visa, Inc. — Class A		71,158		4,778,260
				22,347,052
Office Electronics (0.1%)
Xerox Corp.		38,199		406,437
Semiconductors & Semiconductor Equipment (2.3%)
Altera Corp.		11,096		568,115
Analog Devices, Inc.		11,492		737,614
Applied Materials, Inc.		45,312		870,897
Avago Technologies, Ltd. (b)		9,462		1,257,784
Broadcom Corp. — Class A		20,002		1,029,903
First Solar, Inc. (c)		2,791		131,121
Intel Corp.		174,556		5,309,121
KLA-Tencor Corp.		5,887		330,908
Lam Research Corp.		5,775		469,796
Linear Technology Corp.		8,721		385,730

See accompanying notes to financial statements.
29

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Microchip Technology, Inc.		7,429	$	352,320
Micron Technology, Inc. (c)		39,629		746,610
NVIDIA Corp.		18,814		378,350
Qorvo, Inc. (c)		5,501		441,565
Skyworks Solutions, Inc.		7,037		732,552
Texas Instruments, Inc.		38,297		1,972,679
Xilinx, Inc.		9,519		420,359
				16,135,424
Software (3.6%)
Adobe Systems, Inc. (c)		17,449		1,413,543
Autodesk, Inc. (c)		8,360		418,627
CA, Inc.		11,653		341,316
Citrix Systems, Inc. (c)		5,894		413,523
Electronic Arts, Inc. (c)		11,466		762,489
Intuit, Inc.		10,105		1,018,281
Microsoft Corp.		297,789		13,147,384
Oracle Corp.		117,353		4,729,326
Red Hat, Inc. (c)		6,764		513,591
Salesforce.com, Inc. (c)		22,443		1,562,706
Symantec Corp.		25,058		582,599
				24,903,385
Materials (3.1%)
Chemicals (2.3%)
Air Products & Chemicals, Inc.		7,112		973,135
Airgas, Inc.		2,549		269,633
CF Industries Holdings, Inc.		8,663		556,858
Eastman Chemical Co.		5,481		448,455
Ecolab, Inc.		9,832		1,111,704
EI du Pont de Nemours & Co.		33,290		2,128,896
FMC Corp.		4,916		258,336
International Flavors & Fragrances, Inc.		3,000		327,870
LyondellBasell Industries NV — Class A		14,461		1,497,003
Monsanto Co.		17,526		1,868,096
PPG Industries, Inc.		10,034		1,151,100
Praxair, Inc.		10,650		1,273,208
Sigma-Aldrich Corp.		4,404		613,697
The Dow Chemical Co.		39,893		2,041,325
The Mosaic Co.		11,368		532,591
The Sherwin-Williams Co.		2,916		801,958
				15,853,865
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		2,353		332,973
Vulcan Materials Co.		4,871		408,823
				741,796
Containers & Packaging (0.1%)
Ball Corp.		5,065		355,310
Owens-Illinois, Inc. (c)		5,935		136,149
Sealed Air Corp.		7,750		398,195
				889,654
Metals & Mining (0.4%)
Alcoa, Inc.		44,974		501,460
Allegheny Technologies, Inc.		4,006		120,981
Freeport-McMoRan, Inc.		38,248		712,178
Newmont Mining Corp.		19,377		452,647
Nucor Corp.		11,665		514,076
				2,301,342

	Shares		Value(a)
Paper & Forest Products (0.2%)
International Paper Co.		15,493	$	737,312
MeadWestvaco Corp.		12,324		581,570
				1,318,882
Telecommunication Services (2.2%)
Diversified Telecommunication Services (2.2%)
AT&T, Inc.		191,162		6,790,074
CenturyLink, Inc.		20,752		609,694
Frontier Communications Corp.		42,422		209,989
Level 3 Communications, Inc. (c)		10,830		570,416
Verizon Communications, Inc.		150,135		6,997,792
				15,177,965
Utilities (2.8%)
Electric Utilities (1.5%)
American Electric Power Co., Inc.		17,956		951,129
Duke Energy Corp.		25,456		1,797,703
Edison International		12,015		667,794
Entergy Corp.		6,555		462,127
Eversource Energy		11,683		530,525
Exelon Corp.		31,609		993,155
FirstEnergy Corp.		15,532		505,567
NextEra Energy, Inc.		16,353		1,603,084
Pepco Holdings, Inc.		9,223		248,468
Pinnacle West Capital Corp.		4,077		231,940
PPL Corp.		24,496		721,897
Southern Co.		33,434		1,400,885
				10,114,274
Gas Utilities (0.1%)
AGL Resources, Inc.		4,412		205,423
ONEOK, Inc.		7,585		299,456
				504,879
Independent Power Producers & Energy Traders (0.1%)
NRG Energy, Inc.		12,276		280,875
The AES Corp.		25,121		333,104
				613,979
Multi-Utilities (1.1%)
Ameren Corp.		8,848		333,393
CenterPoint Energy, Inc.		15,750		299,722
CMS Energy Corp.		10,158		323,431
Consolidated Edison, Inc.		10,801		625,162
Dominion Resources, Inc.		21,846		1,460,842
DTE Energy Co.		6,635		495,236
NiSource, Inc.		11,661		531,625
PG&E Corp.		17,674		867,793
Public Service Enterprise Group, Inc.		18,567		729,312
SCANA Corp.		5,270		266,926
Sempra Energy		8,539		844,849
TECO Energy, Inc.		8,585		151,611
WEC Energy Group, Inc.		11,524		518,253
Xcel Energy, Inc.		18,659		600,447
				8,048,602
Total common stocks (cost: $279,345,311)				670,853,996

See accompanying notes to financial statements.
30

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (2.4%)
Investment Companies (2.4%)
Wells Fargo Advantage Treasury Plus Money Market Fund, current rate 0.010%		16,259,702	$	16,259,702
Total short-term securities (cost: $16,259,702)				16,259,702
Total investments in securities (cost: $295,605,013) (e)				687,113,698
Cash and other assets in excess of liabilities (0.0%)				282,217
Total net assets (100.0%)			$	687,395,915

Investments in Securities Legend

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

(b) Foreign security: The Fund held 2.2% of net assets in foreign securities at June 30, 2015.

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

Holdings of Open Futures Contracts

On June 30, 2015, securities with an aggregate market value of $4,389,875 have been pledged to cover margin requirements for the following open futures contracts:

Type

Expiration

Number of
Contracts

Position
Type

Unrealized
Appreciation/
(Depreciation)

S&P 500^®
E-Mini
Index
Future

September 2015

150

Long

(271,011

)

150

(271,011

)

(e) At June 30, 2015 the cost of securities for federal income tax purposes was $298,879,355. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	393,627,226
Gross unrealized depreciation		(5,392,883	)
Net unrealized appreciation	$	388,234,343

See accompanying notes to financial statements.
31

SFT Advantus International Bond Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Principal(b)		Value(a)
Long-Term Debt Securities (61.9%)
Brazil (4.4%)
Government (4.4%)
Brazil Letras do Tesouro Nacional (BRL) 14.203%, 07/01/16 (c)	$	2,680,000	$	754,400
Brazil Notas do Tesouro Nacional Serie B (BRL) 6.000%, 08/15/16		189,000		160,001
6.000%, 08/15/18		140,000		117,916
6.000%, 05/15/19		330,000		276,501
6.000%, 08/15/20		40,000		33,453
6.000%, 08/15/22		140,000		117,499
6.000%, 05/15/23		237,000		198,083
6.000%, 08/15/24		110,000		92,347
6.000%, 05/15/45		2,000,000		1,691,795
Brazil Notas do Tesouro Nacional Serie F (BRL) 10.000%, 01/01/17		6,480,000		1,981,938
				5,423,933
Hungary (5.5%)
Government (5.5%)
Hungary Government Bond (HUF) 4.000%, 04/25/18		77,420,000		287,415
5.500%, 12/20/18		133,770,000		522,682
5.500%, 06/24/25		21,610,000		86,018
6.000%, 11/24/23		31,420,000		128,153
6.500%, 06/24/19		205,110,000		829,664
6.750%, 02/24/17		8,510,000		32,611
6.750%, 11/24/17		197,620,000		782,430
7.000%, 06/24/22		32,660,000		138,907
7.500%, 11/12/20		15,140,000		65,214
Hungary Government International Bond (EUR) 3.875%, 02/24/20		150,000		183,404
4.375%, 07/04/17		154,000		182,616
5.750%, 06/11/18		530,000		666,798
Hungary Government International Bond (USD) 4.125%, 02/19/18		368,000		382,996
5.375%, 02/21/23		740,000		800,458
6.250%, 01/29/20		735,000		823,200
6.375%, 03/29/21		810,000		918,945
				6,831,511
Iceland (0.3%)
Government (0.3%)
Iceland Government International Bond (USD) 5.875%, 05/11/22 (d)		340,000		383,904
Indonesia (4.5%)
Government (4.5%)
Indonesia Treasury Bond (IDR) 5.625%, 05/15/23		6,213,000,000		393,606
7.000%, 05/15/22		5,136,000,000		358,447
7.875%, 04/15/19		5,659,000,000		420,742
8.250%, 07/15/21		1,218,000,000		91,094
8.375%, 03/15/24		116,000,000		8,704
8.375%, 09/15/26		124,000,000		9,306

	Principal(b)		Value(a)
9.000%, 03/15/29	$	506,000,000	$	40,002
9.500%, 07/15/23		18,680,000,000		1,490,757
10.000%, 09/15/24		1,959,000,000		161,764
10.250%, 07/15/22		4,158,000,000		342,788
11.000%, 11/15/20		8,082,000,000		675,790
11.500%, 09/15/19		466,000,000		38,891
12.800%, 06/15/21		13,266,000,000		1,199,875
12.900%, 06/15/22		3,361,000,000		311,383
				5,543,149
Ireland (2.7%)
Government (2.7%)
Ireland Government Bond (EUR) 5.400%, 03/13/25		2,278,580		3,381,216
Lithuania (0.9%)
Government (0.9%)
Lithuania Government International Bond (USD) 6.125%, 03/09/21 (d)		100,000		115,085
7.375%, 02/11/20 (d)		900,000		1,069,470
				1,184,555
Malaysia (2.9%)
Government (2.9%)
Malaysia Government Bond (MYR) 3.172%, 07/15/16		1,341,000		355,912
3.197%, 10/15/15		2,750,000		729,679
3.394%, 03/15/17		1,740,000		463,264
3.814%, 02/15/17		600,000		160,744
3.835%, 08/12/15		3,715,000		985,547
4.262%, 09/15/16		800,000		214,903
4.720%, 09/30/15		2,555,000		679,705
				3,589,754
Mexico (8.2%)
Government (8.2%)
Mexican Bonos (MXN) 6.250%, 06/16/16		19,459,000		1,273,000
7.250%, 12/15/16		74,317,000		4,963,299
7.750%, 12/14/17		5,000,000		344,083
8.000%, 12/17/15		47,473,000		3,091,311
Mexican Udibonos (MXN) 2.500%, 12/10/20		1,456,389		94,142
3.500%, 12/14/17		2,638,386		178,792
4.000%, 06/13/19		1,820,486		125,700
5.000%, 06/16/16		2,664,770		178,035
				10,248,362
Philippines (1.6%)
Government (1.6%)
Philippine Government Bond (PHP) 1.625%, 04/25/16		54,300,000		1,196,233
7.000%, 01/27/16		31,950,000		725,702
9.125%, 09/04/16		730,000		17,359
				1,939,294

See accompanying notes to financial statements.
32

SFT Advantus International Bond Fund
Investments in Securities – continued

	Principal(b)		Value(a)
Poland (6.4%)
Government (6.4%)
Poland Government Bond (PLN) 2.010%, 01/25/17 (e)	$	2,011,000	$	534,499
2.010%, 01/25/21 (e)		2,040,000		534,884
2.963%, 01/25/16 (c)		4,340,000		1,143,736
2.986%, 07/25/15 (c)		911,000		241,990
4.750%, 10/25/16		1,680,000		463,556
5.000%, 04/25/16		1,650,000		450,263
5.750%, 09/23/22		5,900,000		1,831,543
6.250%, 10/24/15		2,925,000		788,861
Poland Government International Bond (USD) 6.375%, 07/15/19		1,700,000		1,964,350
				7,953,682
Portugal (2.3%)
Government (2.3%)
Portugal Government International Bond (USD) 5.125%, 10/15/24 (d)		1,060,000		1,081,285
Portugal Obrigacoes do Tesouro OT (EUR) 3.875%, 02/15/30 (d)		1,490,000		1,749,972
4.950%, 10/25/23		10,600		13,831
5.650%, 02/15/24		26,200		35,579
				2,880,667
Serbia (0.8%)
Government (0.8%)
Republic of Serbia (USD) 4.875%, 02/25/20 (d)		360,000		363,384
5.250%, 11/21/17 (d)		200,000		206,620
7.250%, 09/28/21 (d)		410,000		459,200
				1,029,204
Singapore (3.0%)
Government (3.0%)
Singapore Government Bond (SGD) 1.125%, 04/01/16		5,070,000		3,771,342
Slovenia (0.7%)
Government (0.7%)
Slovenia Government International Bond (USD) 5.500%, 10/26/22 (d)		530,000		587,743
5.850%, 05/10/23 (d)		200,000		226,290
				814,033
South Korea (13.8%)
Financial (9.6%)
Korea Monetary Stabilization Bond (KRW) 1.960%, 02/02/17		130,100,000		117,149
2.070%, 12/02/16		233,300,000		210,325
2.780%, 02/02/16		273,450,000		246,856
2.790%, 06/02/16		4,567,000,000		4,138,149
2.800%, 08/02/15		400,160,000		359,136
2.800%, 04/02/16		774,650,000		700,720

	Principal(b)		Value(a)
2.810%, 10/02/15	$	55,000,000	$	49,463
2.900%, 12/02/15		6,685,600,000		6,027,055
				11,848,853
Government (4.2%)
Korea Treasury Bond (KRW) 2.750%, 12/10/15		754,400,000		679,812
2.750%, 06/10/16		2,511,500,000		2,275,325
3.000%, 12/10/16		2,516,120,000		2,298,120
				5,253,257
				17,102,110
Sri Lanka (1.3%)
Government (1.3%)
Sri Lanka Government Bond (LKR) 6.500%, 07/15/15		4,310,000		32,213
7.500%, 08/15/18		2,880,000		21,394
8.000%, 06/15/17		1,640,000		12,505
8.000%, 11/15/18		100,000		751
8.000%, 11/01/19		1,640,000		12,230
8.250%, 03/01/17		80,000		612
8.500%, 11/01/15		40,000		301
8.500%, 04/01/18		1,570,000		11,987
8.500%, 06/01/18		10,000		76
9.000%, 05/01/21		20,000		151
10.600%, 07/01/19		2,620,000		21,271
10.600%, 09/15/19		4,470,000		36,213
11.000%, 08/01/15		82,800,000		621,290
11.000%, 09/01/15		120,750,000		909,124
				1,680,118
Ukraine (2.6%)
Government (2.6%)
Financing of Infrastructural Projects State Enterprise (USD) 7.400%, 04/20/18 (d)		200,000		97,845
Ukraine Government International Bond (EUR) 4.950%, 10/13/15 (d)		100,000		57,381
Ukraine Government International Bond (USD) 7.500%, 04/17/23 (d)		2,600,000		1,352,000
7.750%, 09/23/20 (d)		100,000		49,250
7.800%, 11/28/22 (d)		1,600,000		824,000
9.250%, 07/24/17 (d)		1,840,000		885,040
				3,265,516
Total long-term debt securities (cost: $84,646,814)				77,022,350
Short-Term Securities (15.3%)
Malaysia (1.5%)
Bank Negara Malaysia Monetary Note (MYR) 3.050%, 08/04/15 (c)		500,000		132,143
3.135%, 11/12/15 (c)		210,000		55,045
3.136%, 07/16/15 (c)		1,030,000		272,648
3.197%, 09/22/15 (c)		40,000		10,528
3.200%, 08/18/15 (c)		470,000		124,070
3.200%, 10/01/15 (c)		1,270,000		334,020
3.234%, 11/24/15 (c)		80,000		20,948
3.244%, 11/03/15 (c)		200,000		52,456

See accompanying notes to financial statements.
33

SFT Advantus International Bond Fund
Investments in Securities – continued

	Principal(b)		Value(a)
3.250%, 08/11/15 (c)	$	1,305,000	$	344,694
3.280%, 10/27/15 (c)		50,000		13,122
3.370%, 09/08/15 (c)		230,000		60,608
Malaysia Treasury Bill (MYR) 2.800%, 09/04/15 (c)		230,000		60,637
2.800%, 05/27/16 (c)		40,000		10,303
2.815%, 12/11/15 (c)		210,000		54,895
2.950%, 07/24/15 (c)		20,000		5,292
2.950%, 10/23/15 (c)		30,000		7,877
2.970%, 04/29/16 (c)		30,000		7,747
2.980%, 07/24/15 (c)		50,000		13,228
2.985%, 03/18/16 (c)		60,000		15,550
2.986%, 07/31/15 (c)		30,000		7,931
3.000%, 07/10/15 (c)		20,000		5,297
3.000%, 10/09/15 (c)		30,000		7,885
3.001%, 09/11/15 (c)		60,000		15,806
3.040%, 09/25/15 (c)		30,000		7,895
3.172%, 08/14/15 (c)		590,000		155,811
3.250%, 01/22/16 (c)		30,000		7,814
				1,804,250
Mexico (6.6%)
Mexican Cetes (MXN) 3.011%, 07/23/15 (c)		2,856,000		181,673
3.148%, 09/24/15 (c) (f)		4,213,400		266,488
3.159%, 09/17/15 (c)		13,682,000		866,072
3.184%, 10/29/15 (c)		1,085,800		68,471
3.194%, 10/15/15 (c)		248,700		15,704
3.214%, 10/01/15 (c)		6,572,100		415,516
3.234%, 11/26/15 (c)		4,812,100		302,644
3.262%, 11/12/15 (c)		3,120,400		196,514
3.263%, 12/10/15 (c)		12,752,400		801,027
3.281%, 01/07/16 (c)		9,247,900		579,441
3.317%, 02/04/16 (c)		3,373,700		210,808
3.329%, 04/14/16 (c)		8,810,600		546,650
3.382%, 03/31/16 (c)		21,070,900		1,309,228
3.469%, 04/28/16 (c)		5,913,700		366,378
3.527%, 05/26/16 (c)		11,795,900		728,639
3.538%, 06/23/16 (c) (f)		11,115,800		683,994
3.616%, 03/03/16 (c)		10,394,800		647,717
				8,186,964
Philippines (0.5%)
Philippine Treasury Bill (PHP) 1.374%, 11/04/15 (c)		1,790,000		39,410
1.447%, 07/08/15 (c)		50,000		1,108
1.452%, 03/02/16 (c)		2,790,000		60,924
1.455%, 12/02/15 (c)		4,450,000		97,661
1.455%, 02/03/16 (c) (f)		3,650,000		79,839
1.513%, 09/02/15 (c)		640,000		14,138
1.514%, 10/07/15 (c)		5,750,000		126,803
1.639%, 08/05/15 (c)		7,770,000		171,862
				591,745
Singapore (1.7%)
Monetary Authority of Singapore (SGD) 0.901%, 08/14/15 (c)		650,000		482,286
0.901%, 08/21/15 (c)		120,000		89,022
0.993%, 07/31/15 (c)		2,100,000		1,558,662
				2,129,970

	Principal(b)		Value(a)
South Korea (1.0%)
Korea Monetary Stabilization Bond (KRW) 1.512%, 12/15/15 (c)	$	503,500,000	$	448,138
1.564%, 09/08/15 (c)		72,000,000		64,357
1.620%, 06/09/16		43,100,000		38,639
1.624%, 07/07/15 (c)		352,700,000		316,099
1.665%, 10/06/15 (c)		271,300,000		242,205
1.740%, 05/09/16		89,900,000		80,681
1.977%, 08/04/15 (c)		60,000,000		53,710
				1,243,829
United States (4.0%)
Federal Home Loan Bank (USD) 0.000%, 07/01/15		5,000,000		5,000,000
Total short-term securities (cost: $19,564,234)				18,956,758
Total investments in securities (cost: $104,211,048) (g)				95,979,108
Cash and other assets in excess of liabilities (22.8%)				28,269,447
Total net assets (100.0%)			$	124,248,555

See accompanying notes to financial statements.
34

SFT Advantus International Bond Fund
Investments in Securities – continued

Foreign Forward Currency Contracts

On June 30, 2015, 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:

Exchange Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)			Counterparty
07/06/15		19,213,833	INR		301,110	USD	$	(398	)	DBK
07/06/15		44,718,000	CLP		70,645	USD		744		DBK
07/06/15		300,275	USD		19,213,833	INR		1,234		DBK
07/06/15		71,382	USD		44,718,000	CLP		(1,482	)	DBK
07/06/15		144,420,000	CLP		228,242	USD		2,494		MSC
07/06/15		231,788	USD		144,420,000	CLP		(6,040	)	MSC
07/07/15		108,551,000	CLP		171,487	USD		1,821		DBK
07/07/15		27,476	USD		17,331,000	CLP		(388	)	DBK
07/07/15		144,619	USD		91,220,000	CLP		(2,042	)	DBK
07/08/15		115,287	USD		72,613,500	CLP		(1,801	)	DBK
07/08/15		142,545	USD		515,800	MYR		(5,898	)	DBK
07/09/15		278,175	USD		175,690,000	CLP		(3,617	)	CIT
07/09/15		78,629	EUR		328,000	PLN		(414	)	DBK
07/09/15		40,271	USD		2,586,000	INR		288		DBK
07/09/15		219,468	USD		13,884,000	INR		(1,714	)	DBK
07/13/15		78,839	EUR		328,000	PLN		(663	)	BCB
07/13/15		92,078	EUR		384,000	PLN		(529	)	CIT
07/13/15		78,559	EUR		328,000	PLN		(350	)	DBK
07/13/15		159,987	USD		98,760,000	CLP		(5,706	)	DBK
07/13/15		281,354	USD		1,023,987	MYR		(10,182	)	HSB
07/14/15		473,839	EUR		1,967,000	PLN		(5,157	)	DBK
07/14/15		315,915	USD		1,023,565	MYR		(44,877	)	DBK
07/14/15		2,051,890	EUR		8,809,788	MYR		46,252		JPM
07/15/15		251,549	USD		15,917,000	INR		(2,198	)	DBK
07/15/15		358,025	USD		1,160,000	MYR		(50,883	)	DBK
07/15/15		118,877	USD		74,530,000	CLP		(2,469	)	MSC
07/16/15		161,000	EUR		219,903	USD		40,485		BCB
07/16/15		35,690,000	JPY		307,460	USD		15,744		HSB
07/16/15		297,979	EUR		1,238,000	PLN		(2,996	)	MSC
07/16/15		45,710,000	JPY		392,122	USD		18,505		SCB
07/17/15		42,190	EUR		57,513	USD		10,496		DBK
07/17/15		114,674	USD		72,840,000	CLP		(926	)	MSC
07/20/15		253,000	EUR		343,000	USD		61,043		BCB
07/20/15		500,229	USD		31,697,000	INR		(4,152	)	DBK
07/20/15		212,890	USD		132,460,000	CLP		(6,093	)	DBK
07/20/15		183,228	EUR		813,000	MYR		10,979		DBK
07/20/15		71,068	USD		232,000	MYR		(9,664	)	DBK
07/20/15		58,036	USD		37,064,409	CLP		(171	)	MSC
07/20/15		325,953	USD		206,735,591	CLP		(3,198	)	MSC
07/21/15		10,020,000	JPY		86,168	USD		4,263		DBK
07/22/15		79,612	USD		5,058,000	INR		(482	)	DBK
07/22/15		208,159	EUR		918,000	MYR		10,940		DBK
07/22/15		112,529	USD		366,000	MYR		(15,675	)	DBK
07/22/15		139,000	EUR		188,470	USD		33,557		DBK
07/22/15		379,224	USD		24,082,000	INR		(2,472	)	JPM
07/23/15		271,179	USD		171,290,000	CLP		(3,833	)	DBK
07/23/15		126,000	EUR		170,690	USD		30,263		DBK
07/23/15		290,000	SGD		219,191	USD		3,873		JPM
07/23/15		216,952	USD		290,000	SGD		(1,634	)	JPM
07/24/15		32,786,000	JPY		324,415	USD		56,409		CIT
07/24/15		51,000,000	JPY		504,376	USD		87,482		JPM
07/27/15		119,156	USD		7,654,000	INR		472		DBK
07/27/15		137,596	USD		445,000	MYR		(19,883	)	DBK
07/27/15		270,506	EUR		1,180,000	MYR		10,645		DBK
07/27/15		184,000	EUR		248,135	USD		43,057		DBK
07/27/15		184,000	EUR		248,244	USD		43,166		GSC
07/27/15		1,454,500	SGD		1,099,296	USD		19,418		JPM
07/27/15		75,842	USD		47,223,000	CLP		(2,164	)	JPM

See accompanying notes to financial statements.
35

SFT Advantus International Bond Fund
Investments in Securities – continued

Exchange Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)			Counterparty
07/27/15		17,600,000	JPY		174,154	USD	$	30,280		JPM
07/27/15		1,084,557	USD		1,454,500	SGD		(4,680	)	JPM
07/28/15		30,914	EUR		41,701	USD		7,245		CIT
07/28/15		260,373	USD		151,290,000	CLP		(24,350	)	DBK
07/28/15		154,528	USD		89,810,000	CLP		(14,417	)	MSC
07/29/15		60,350,000	JPY		594,860	USD		101,506		BCB
07/30/15		89,242	USD		51,930,000	CLP		(8,242	)	JPM
07/30/15		270,568	EUR		1,180,000	MYR		10,490		JPM
07/30/15		4,029,385	USD		13,031,032	MYR		(583,200	)	JPM
07/30/15		4,400,000	MYR		1,321,679	USD		158,055		JPM
07/30/15		4,300,000	MYR		1,299,809	USD		162,631		JPM
07/30/15		4,331,032	MYR		1,196,219	USD		50,835		JPM
07/31/15		157,475	USD		10,151,714	INR		1,070		DBK
07/31/15		84,034	USD		48,870,000	CLP		(7,814	)	DBK
07/31/15		207,563	USD		674,000	MYR		(29,332	)	JPM
07/31/15		535,000	EUR		719,286	USD		122,971		JPM
07/31/15		674,000	MYR		186,142	USD		7,910		JPM
08/04/15		97,592	EUR		130,904	USD		22,121		BCB
08/04/15		165,790	USD		97,750,000	CLP		(13,389	)	DBK
08/04/15		535,000	EUR		717,983	USD		121,637		HSB
08/04/15		536,000	EUR		719,312	USD		121,851		UBS
08/05/15		83,840	USD		51,700,000	CLP		(3,243	)	BCB
08/05/15		335,000	EUR		450,332	USD		76,913		BCB
08/05/15		84,872	USD		5,460,000	INR		318		HSB
08/05/15		366,500	EUR		492,708	USD		84,177		JPM
08/06/15		1,234,084	SGD		931,244	USD		15,131		DBK
08/06/15		262,693	USD		327,000	SGD		(19,947	)	DBK
08/06/15		77,828	USD		47,932,000	CLP		(3,112	)	DBK
08/06/15		728,523	USD		907,084	SGD		(55,156	)	DBK
08/06/15		349,977	USD		1,143,865	MYR		(47,627	)	HSB
08/10/15		17,124	EUR		22,912	USD		3,823		CIT
08/10/15		59,760	EUR		79,908	USD		13,290		CIT
08/10/15		8,283	USD		30,000	MYR		(355	)	HSB
08/11/15		15,430,000	JPY		151,404	USD		25,246		BCB
08/11/15		15,440,000	JPY		151,558	USD		25,319		CIT
08/11/15		46,090,000	JPY		452,417	USD		75,580		CIT
08/11/15		273,000	EUR		365,808	USD		61,473		DBK
08/11/15		246,527	USD		16,044,000	INR		3,503		HSB
08/11/15		6,107	USD		20,000	MYR		(822	)	HSB
08/11/15		242,204	USD		327,000	SGD		524		HSB
08/11/15		360,500	EUR		482,845	USD		80,966		JPM
08/11/15		428,549	USD		360,500	EUR		(26,671	)	JPM
08/11/15		207,765	USD		128,060,000	CLP		(8,238	)	MSC
08/12/15		735,633	USD		996,930	SGD		4,366		BCB
08/12/15		38,785	USD		2,528,000	INR		603		DBK
08/12/15		87,530	USD		51,800,000	CLP		(6,829	)	DBK
08/12/15		15,430,000	JPY		152,041	USD		25,882		DBK
08/12/15		480,212	USD		651,000	SGD		3,011		DBK
08/12/15		107,000	EUR		143,673	USD		24,390		GSC
08/12/15		41,878	USD		2,730,000	INR		658		HSB
08/12/15		59,962	USD		3,868,000	INR		306		JPM
08/13/15		106,164	USD		6,890,000	INR		1,168		HSB
08/17/15		188,832	USD		256,000	SGD		1,177		BCB
08/17/15		72,435	USD		43,763,000	CLP		(4,287	)	CIT
08/17/15		125,989	USD		76,119,000	CLP		(7,456	)	CIT
08/17/15		141,377	USD		192,000	SGD		1,131		HSB
08/17/15		71,841	USD		43,367,000	CLP		(4,310	)	JPM
08/18/15		51,438,000	JPY		504,351	USD		83,755		DBK
08/18/15		141,377	USD		192,000	SGD		1,129		HSB
08/18/15		101,962	USD		106,000,000	KRW		(6,976	)	JPM
08/18/15		75,659	USD		44,900,000	CLP		(5,747	)	MSC
08/19/15		842,328	EUR		3,590,000	PLN		14,257		DBK
08/19/15		133,738	USD		485,000	MYR		(5,651	)	HSB
08/20/15		96,755,000	JPY		946,722	USD		155,561		HSB

See accompanying notes to financial statements.
36

SFT Advantus International Bond Fund
Investments in Securities – continued

Exchange Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)			Counterparty
08/20/15		69,639,000	JPY		681,726	USD	$	112,292		JPM
08/20/15		40,725	USD		24,160,000	CLP		(3,113	)	JPM
08/21/15		761,000	EUR		1,016,049	USD		167,577		JPM
08/21/15		904,795	USD		761,000	EUR		(56,322	)	JPM
08/24/15		23,068,000	JPY		224,203	USD		35,568		BCB
08/24/15		210,145	USD		127,810,000	CLP		(11,247	)	DBK
08/24/15		141,170	USD		192,500	SGD		1,694		DBK
08/24/15		1,100,358	USD		1,228,000,000	KRW		10		HSB
08/25/15		22,797,000	JPY		220,457	USD		34,036		DBK
08/25/15		45,752,000	JPY		442,690	USD		68,557		HSB
08/26/15		64,764,000	JPY		627,157	USD		97,549		BCB
08/26/15		131,855	EUR		175,450	USD		28,428		BCB
08/26/15		97,310	USD		6,313,000	INR		783		DBK
08/26/15		598,736	USD		815,000	SGD		6,099		DBK
08/26/15		45,992,000	JPY		445,059	USD		68,959		JPM
08/26/15		19,700,000	JPY		165,268	USD		4,172		JPM
08/26/15		856,187	USD		1,165,870	SGD		9,039		MSC
08/26/15		52,556,000	JPY		440,749	USD		10,972		SCB
08/26/15		743,770	EUR		844,335	USD		15,013		SCB
08/27/15		323,234	USD		197,690,000	CLP		(15,676	)	DBK
08/27/15		38,472,000	JPY		371,385	USD		56,777		DBK
08/27/15		150,993	USD		90,490,000	CLP		(10,212	)	DBK
08/27/15		73,808,000	JPY		712,556	USD		108,984		HSB
08/27/15		327,271	EUR		433,462	USD		68,541		JPM
08/27/15		33,447,000	JPY		323,305	USD		49,788		JPM
08/28/15		49,232	USD		29,500,000	CLP		(3,342	)	JPM
08/31/15		134,464	USD		83,673,000	CLP		(4,337	)	DBK
08/31/15		51,798	EUR		68,509	USD		10,749		DBK
08/31/15		22,848,000	JPY		220,887	USD		34,037		JPM
09/02/15		86,000	EUR		113,647	USD		17,745		DBK
09/03/15		220,141	USD		137,500,000	CLP		(6,363	)	BCB
09/03/15		70,616	USD		44,100,000	CLP		(2,052	)	MSC
09/03/15		133,184	USD		83,180,000	CLP		(3,860	)	MSC
09/04/15		38,006	USD		23,944,000	CLP		(783	)	DBK
09/08/15		114,659	USD		72,613,500	CLP		(1,816	)	DBK
09/08/15		323,654	USD		196,005,000	CLP		(19,057	)	DBK
09/08/15		74,750	EUR		98,612	USD		15,247		DBK
09/08/15		745,000	EUR		969,320	USD		138,464		JPM
09/08/15		886,029	USD		745,000	EUR		(55,173	)	JPM
09/09/15		166,475	USD		101,500,000	CLP		(8,756	)	DBK
09/10/15		147,083	USD		9,556,000	INR		967		JPM
09/11/15		67,497	USD		4,419,000	INR		953		CIT
09/16/15		396,700	USD		553,000	SGD		13,603		HSB
09/17/15		136,653	USD		87,130,000	CLP		(1,364	)	DBK
09/21/15		33,313	EUR		43,353	USD		6,193		BCB
09/21/15		134,443	USD		86,050,000	CLP		(881	)	DBK
09/21/15		370,840	USD		468,000	SGD		(23,619	)	HSB
09/22/15		127,507	USD		82,000,000	CLP		(243	)	JPM
09/23/15		384,000	EUR		495,917	USD		67,566		DBK
09/23/15		616,157	EUR		795,767	USD		108,446		UBS
09/24/15		81,780	EUR		105,446	USD		14,219		BCB
09/24/15		226,666	USD		144,420,000	CLP		(2,568	)	MSC
09/28/15		94,407	EUR		121,757	USD		16,438		CIT
09/28/15		70,155	USD		44,718,000	CLP		(791	)	DBK
09/28/15		179,000	EUR		230,522	USD		30,832		DBK
09/30/15		134,625	USD		8,799,452	INR		1,175		DBK
09/30/15		42,908	USD		160,000	MYR		(783	)	HSB
09/30/15		9,763,000	JPY		89,946	USD		10,060		JPM
10/01/15		229,895	USD		769,000	MYR		(27,447	)	HSB
10/05/15		84,073	USD		5,460,000	INR		108		HSB
10/07/15		170,103	USD		108,551,000	CLP		(1,859	)	DBK
10/07/15		19,820,860	MXN		1,290,118	USD		35,410		HSB
10/07/15		1,435,566	USD		19,820,860	MXN		(180,858	)	HSB
10/08/15		404,175	EUR		440,126	USD		(10,840	)	DBK

See accompanying notes to financial statements.
37

SFT Advantus International Bond Fund
Investments in Securities – continued

Exchange Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)			Counterparty
10/08/15		140,379,090	JPY		4,300,000	MYR	$	(17,292	)	JPM
10/13/15		602,000	EUR		653,146	USD		(18,607	)	HSB
10/13/15		142,013,168	JPY		4,400,000	MYR		(4,797	)	JPM
10/14/15		12,237,000	MXN		793,065	USD		18,828		DBK
10/14/15		894,779	USD		12,237,000	MXN		(120,542	)	DBK
10/15/15		1,260,000	EUR		1,602,594	USD		196,550		CIT
10/19/15		59,270	USD		3,868,000	INR		208		JPM
10/20/15		1,004,000	EUR		1,285,522	USD		165,050		HSB
10/20/15		139,540	USD		467,000	MYR		(16,729	)	JPM
10/22/15		27,530,000	JPY		258,716	USD		33,343		BCB
10/23/15		251,518	USD		841,000	MYR		(30,388	)	HSB
10/26/15		188,458	USD		628,000	MYR		(23,362	)	DBK
10/26/15		341,000	EUR		432,848	USD		52,249		DBK
10/26/15		125,641	USD		418,635	MYR		(15,585	)	HSB
10/27/15		249,043	EUR		316,277	USD		38,309		BCB
10/29/15		368,558	USD		23,887,000	INR		(1,949	)	JPM
10/30/15		309,929	USD		20,094,000	INR		(1,593	)	HSB
10/30/15		125,468	USD		419,000	MYR		(15,340	)	JPM
11/04/15		699,000	EUR		878,818	USD		98,520		UBS
11/06/15		295,189	USD		19,213,833	INR		(749	)	DBK
11/09/15		75,000	EUR		84,439	USD		708		GSC
11/10/15		13,826,020	JPY		121,278	USD		8,045		CIT
11/10/15		3,406,000	EUR		4,253,924	USD		451,380		DBK
11/12/15		14,673,000	JPY		122,420	USD		2,244		CIT
11/12/15		956,000	EUR		1,198,231	USD		130,891		CIT
11/12/15		19,766,000	JPY		173,941	USD		12,053		CIT
11/12/15		22,910,000	JPY		200,828	USD		13,190		HSB
11/12/15		13,582,000	JPY		119,337	USD		8,097		JPM
11/13/15		805,000	EUR		1,004,793	USD		106,023		BCB
11/13/15		19,620,000	JPY		163,955	USD		3,259		GSC
11/13/15		82,000	EUR		91,596	USD		45		GSC
11/13/15		14,666,000	JPY		122,547	USD		2,426		SCB
11/13/15		16,000	EUR		17,888	USD		25		SCB
11/16/15		14,665,000	JPY		122,546	USD		2,426		CIT
11/16/15		415,000	EUR		519,663	USD		56,297		DBK
11/16/15		153,000	EUR		172,445	USD		1,613		GSC
11/16/15		437,000	EUR		546,840	USD		58,910		MSC
11/16/15		18,200,000	JPY		158,709	USD		9,634		MSC
11/16/15		13,769,800	JPY		120,279	USD		7,491		SCB
11/18/15		74,624,550	JPY		628,740	USD		17,466		BOA
11/18/15		45,867,000	JPY		395,473	USD		19,762		DBK
11/18/15		1,755,000	AUD		1,411,722	USD		72,761		JPM
11/19/15		403,000	AUD		321,548	USD		14,098		CIT
11/19/15		56,774,000	JPY		490,255	USD		25,190		CIT
11/19/15		118,528	USD		405,080	MYR		(12,176	)	DBK
11/19/15		1,285,000	AUD		1,024,145	USD		43,817		JPM
11/20/15		63,773,000	JPY		550,242	USD		27,833		CIT
11/20/15		65,657	USD		225,000	MYR		(6,587	)	HSB
11/23/15		154,000	EUR		172,865	USD		896		GSC
11/23/15		191,000	EUR		240,230	USD		26,944		MSC
11/24/15		11,968,000	JPY		102,378	USD		4,331		HSB
11/25/15		333,000	EUR		415,141	USD		43,272		MSC
12/04/15		100,000	EUR		124,770	USD		13,080		DBK
12/09/15		69,400,000	JPY		554,291	USD		(14,450	)	HSB
12/09/15		202,851	EUR		249,888	USD		23,303		HSB
12/09/15		30,600	EUR		37,801	USD		3,621		SCB
12/15/15		89,000	EUR		111,101	USD		11,678		JPM
12/18/15		74,100	AUD		56,819	USD		372		CIT
12/21/15		46,870,000	JPY		401,216	USD		17,009		DBK
12/21/15		46,950,000	JPY		401,454	USD		16,591		HSB
12/22/15		22,560,000	JPY		190,795	USD		5,860		BCB
12/22/15		35,200,000	JPY		298,103	USD		9,552		CIT
01/08/16		10,873,000	JPY		91,821	USD		2,656		GSC
01/11/16		48,424	USD		179,000	MYR		(1,563	)	JPM

See accompanying notes to financial statements.
38

SFT Advantus International Bond Fund
Investments in Securities – continued

Exchange Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)			Counterparty
01/11/16		14,608	USD		54,000	MYR	$	(471	)	JPM
01/13/16		3,206,080	EUR		3,808,022	USD		224,442		SCB
01/14/16		9,980,000	JPY		84,180	USD		2,326		CIT
01/14/16		29,920,000	JPY		253,947	USD		8,549		SCB
01/15/16		33,230,000	JPY		282,825	USD		10,273		BCB
01/15/16		128,914	EUR		152,821	USD		8,722		CIT
01/15/16		184,000	EUR		217,718	USD		12,044		DBK
01/15/16		141,863	EUR		168,043	USD		9,469		JPM
01/15/16		21,600,000	JPY		183,150	USD		5,987		JPM
01/15/16		638,000	EUR		754,562	USD		41,409		JPM
01/19/16		638,000	EUR		755,056	USD		41,839		BCB
01/19/16		636,000	EUR		751,529	USD		40,548		JPM
01/20/16		459,600	EUR		538,812	USD		25,016		DBK
01/21/16		190,000	EUR		221,749	USD		9,339		BCB
01/25/16		642,000	EUR		751,544	USD		33,759		JPM
01/27/16		362,540	EUR		411,617	USD		6,263		BCB
01/27/16		52,800,000	JPY		451,379	USD		18,189		GSC
01/28/16		64,982,551	JPY		555,323	USD		22,171		HSB
01/29/16		310,400	EUR		353,645	USD		6,573		CIT
01/29/16		50,203,538	JPY		428,226	USD		16,319		DBK
02/03/16		820,000	EUR		931,766	USD		14,784		DBK
02/09/16		14,673,000	JPY		125,795	USD		5,375		CIT
02/09/16		454,000	EUR		521,464	USD		13,701		CIT
02/09/16		210,000	EUR		241,689	USD		6,821		DBK
02/09/16		51,000	EUR		58,625	USD		1,585		GSC
02/10/16		158,000	EUR		179,447	USD		2,732		HSB
02/11/16		341,000	EUR		387,557	USD		6,158		BCB
02/11/16		389,000	EUR		442,099	USD		7,013		BCB
02/12/16		83,579	USD		92,000,000	KRW		(1,166	)	DBK
02/12/16		14,652,000	JPY		124,333	USD		4,076		GSC
02/16/16		19,151,013	MXN		1,233,901	USD		33,322		CIT
02/16/16		1,242,806	USD		19,151,013	MXN		(42,226	)	CIT
02/16/16		523,086	USD		1,927,206	MYR		(19,412	)	DBK
02/16/16		160,000	EUR		182,004	USD		3,029		SCB
02/17/16		210,000	EUR		241,275	USD		6,365		GSC
02/17/16		6,828,270	JPY		57,902	USD		1,852		GSC
02/17/16		8,030,000	JPY		67,971	USD		2,057		JPM
02/17/16		412,000	EUR		472,997	USD		12,125		JPM
02/25/16		19,720,000	JPY		167,167	USD		5,264		HSB
02/26/16		54,600,000	JPY		460,003	USD		11,721		BCB
02/26/16		789,099	EUR		900,465	USD		17,584		BCB
02/26/16		132,617	EUR		151,426	USD		3,048		BOA
02/26/16		54,300	EUR		61,864	USD		1,111		DBK
02/29/16		485,214	EUR		555,070	USD		12,154		DBK
03/03/16		44,000,000	JPY		371,316	USD		10,012		JPM
03/04/16		20,800,000	JPY		174,974	USD		4,171		HSB
03/07/16		13,000	EUR		14,648	USD		100		DBK
03/09/16		417,300	EUR		464,889	USD		(2,131	)	BCB
03/09/16		57,903,900	JPY		485,502	USD		9,958		BCB
03/09/16		104,000	EUR		115,638	USD		(754	)	HSB
03/10/16		730,071	EUR		801,107	USD		(15,969	)	CIT
03/10/16		294,000	EUR		322,268	USD		(6,769	)	MSC
03/11/16		7,354,410	MXN		472,998	USD		12,788		HSB
03/11/16		462,367	USD		7,354,410	MXN		(2,157	)	HSB
03/16/16		80,099	EUR		85,717	USD		(3,940	)	BCB
03/16/16		55,874	EUR		59,869	USD		(2,672	)	CIT
03/16/16		27,000	EUR		28,913	USD		(1,309	)	JPM
03/22/16		77,666,000	JPY		645,731	USD		7,688		CIT
03/22/16		29,650,000	JPY		246,479	USD		2,898		MSC
03/23/16		45,378	EUR		48,755	USD		(2,046	)	BCB
03/24/16		28,159,000	JPY		234,522	USD		3,178		DBK
03/28/16		42,092,130	JPY		355,340	USD		9,494		BCB
03/29/16		993,800	EUR		1,094,691	USD		(18,017	)	BOA
03/29/16		989,000	EUR		1,094,665	USD		(12,668	)	BOA
03/29/16		126,400	EUR		140,089	USD		(1,435	)	BOA

See accompanying notes to financial statements.
39

SFT Advantus International Bond Fund
Investments in Securities – continued

Exchange Date	Currency to be delivered – SELL					Currency to be received – BUY			Unrealized Gain (Loss)			Counterparty
03/29/16		142,000		EUR			156,498	USD	$	(2,492	)	DBK
03/30/16		592,400		EUR			656,832	USD		(6,463	)	BOA
03/31/16		22,832		EUR			25,060	USD		(505	)	DBK
04/01/16		122,716		EUR			134,002	USD		(3,406	)	BCB
04/08/16		266,300		EUR	��		295,535	USD		(2,703	)	CIT
04/11/16		26,744		USD			100,000	MYR		(675	)	HSB
04/13/16		12,300,000		JPY			102,960	USD		1,853		CIT
04/13/16		121,475		EUR			131,537	USD		(4,527	)	DBK
04/13/16		301,000		EUR			323,041	USD		(14,109	)	SCB
04/14/16		244,000		EUR			260,743	USD		(12,569	)	JPM
04/18/16		22,030,000		JPY			186,041	USD		4,925		BCB
04/18/16		385,458		USD			1,465,895	MYR		(3,429	)	DBK
04/18/16		510,253		EUR			543,675	USD		(27,943	)	HSB
04/21/16		15,980,000		JPY			135,518	USD		4,129		JPM
04/21/16		13,240,000		JPY			112,285	USD		3,425		JPM
04/21/16		32,855		EUR			35,795	USD		(1,015	)	JPM
04/22/16		119,438		EUR			129,320	USD		(4,498	)	BCB
04/29/16		84,263		EUR			92,097	USD		(2,331	)	BCB
04/29/16		535,000		EUR			589,196	USD		(10,340	)	SCB
05/05/16		336,531		EUR			378,454	USD		1,261		BCB
05/09/16		32,000		EUR			35,853	USD		(18	)	BCB
05/18/16		74,514,200		JPY			630,195	USD		17,023		CIT
05/19/16		74,602,500		JPY			627,123	USD		13,205		BCB
05/19/16		74,400,375		JPY			625,560	USD		13,306		BOA
05/19/16		74,662,400		JPY			630,674	USD		16,264		HSB
05/20/16		41,201,000		JPY			346,908	USD		7,847		JPM
05/23/16		62,000		EUR			69,535	USD		6		BCB
06/06/16		22,710		EUR			25,263	USD		(215	)	BCB
06/06/16		737,103		EUR			835,609	USD		8,663		HSB
06/08/16		46,300,000		JPY			375,825	USD		(5,421	)	CIT
06/10/16		62,600,000		JPY			504,123	USD		(11,373	)	BCB
06/10/16		91,710,000		JPY			739,150	USD		(16,060	)	CIT
06/10/16		66,670,000		JPY			537,813	USD		(11,198	)	HSB
06/13/16		22,100,000		JPY			179,462	USD		(2,543	)	DBK
06/13/16		133,550		EUR			151,299	USD		1,440		DBK
06/13/16		61,770,000		JPY			501,109	USD		(7,599	)	JPM
06/15/16		69,000		EUR			78,628	USD		1,197		DBK
06/16/16		17,886,000		JPY			145,828	USD		(1,486	)	CIT
06/16/16		26,000,000	��	JPY			211,886	USD		(2,257	)	JPM
06/20/16		149,300		AUD			113,581	USD		827		CIT
06/20/16		370,000		AUD			280,730	USD		1,298		JPM
06/22/16		46,960,000		JPY			384,288	USD		(2,559	)	DBK
06/22/16		4,111,000		AUD			3,117,371	USD		12,922		JPM
									$	4,327,888

At June 30, 2015, the Fund had the following interest rate swap contracts outstanding:

Interest Rate Swap Contracts

Description	Counterparty	Expiration Date	Notional Amount		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 0.926%	CIT	10/17/17	$	6,540,000	$	2,861	$	—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.817%	CIT	02/03/25		440,000		19,908		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.914%	CIT	01/22/25		1,760,000		62,149		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.937%	CIT	01/29/25		320,000		10,804		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.942%	CIT	01/30/25		270,000		9,028		—

See accompanying notes to financial statements.
40

SFT Advantus International Bond Fund
Investments in Securities – continued

Description	Counterparty	Expiration Date	Notional Amount		Unrealized Appreciation		Unrealized Depreciation
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.970%	CIT	01/23/25	$	2,200,000	$	66,649	$	—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.973%	CIT	01/27/20		1,300,000		39,362		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.978%	CIT	03/27/25		750,000		25,786		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.985%	CIT	03/27/25		750,000		25,284		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.695%	CIT	05/09/24		4,260,000		—		(134,435	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.731%	CIT	07/07/24		1,250,000		—		(54,589	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 3.388%	CIT	05/09/44		2,028,000		—		(197,226	)
Net unrealized appreciation (depreciation)					$	261,831	$	(386,250	)

Investments in Securities Legend

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

(b) Principal amounts for foreign debt securities are denominated in the currencies indicated. United States debt securities are denominated in U.S. Dollars.

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

(e) Variable rate security.

(f) These securities are being fair-valued according to procedures approved by the Board of Trustees.

(g) At June 30, 2015 the cost of securities for federal income tax purposes was $104,211,048. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	1,638,314
Gross unrealized depreciation		(9,870,254	)
Net unrealized depreciation	$	(8,231,940	)

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CLP Chilean Peso

EUR Euro

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

LKR Sri Lankan Rupee

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PLN Polish Zloty

SGD Singapore Dollar

USD United States Dollar

See accompanying notes to financial statements.
41

SFT Advantus International Bond Fund
Investments in Securities – continued

Counterparty Legend

BCB Barclays Bank PLC

BOA Bank of America Merrill Lynch

CIT Citibank NA

DBK Deutsche Bank AG

GSC Goldman Sachs

HSB HSBC Bank PLC

JPM JPMorgan Chase Bank NA

MSC Morgan Stanley and Co., Inc.

SCB Standard Chartered Bank

UBS UBS AG

See accompanying notes to financial statements.
42

SFT Advantus Managed Volatility Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (38.8%)
Government Obligations (2.1%)
U.S. Government Agencies and Obligations (2.1%)
Federal Home Loan Mortgage Corporation (FHLMC) (0.9%)
3.000%, 09/01/43	$	223,271	$	222,658
3.500%, 10/01/44		445,556		458,882
3.500%, 11/01/44		451,951		465,469
3.500%, 12/01/44		472,969		487,116
				1,634,125
Federal National Mortgage Association (FNMA) (0.7%)
3.000%, 04/01/43		341,268		341,672
3.000%, 05/01/43		164,400		164,594
3.000%, 06/01/43		430,713		431,057
3.500%, 08/01/42		197,880		204,587
3.500%, 02/01/43		208,530		216,216
				1,358,126
U.S. Treasury (0.5%)
U.S. Treasury Note, 0.625%, 04/30/18 (b)		1,000,000		991,016
Total government obligations (cost: $3,951,838)				3,983,267
Asset-Backed Security (0.5%)
Longtrain Leasing III LLC 2015-1A Class A2, 4.060%, 01/15/45 (c) (d)		1,000,000		983,358
Total asset-backed securities (cost: $999,562)				983,358
Corporate Obligations (36.2%)
Basic Materials (0.3%)
Mining (0.3%)
BHP Billiton Finance USA, Ltd., 2.875%, 02/24/22 (e)		250,000		245,005
Rio Tinto Finance USA, Ltd., 3.750%, 09/20/21 (e)		250,000		259,080
				504,085
Communications (3.0%)
Cable/Satellite TV (0.8%)
Comcast Corp. 4.200%, 08/15/34		500,000		482,231
4.650%, 07/15/42		250,000		250,633
DIRECTV Holdings LLC, 4.600%, 02/15/21		750,000		799,009
				1,531,873
Media (1.0%)
CBS Corp., 3.500%, 01/15/25		750,000		717,577
Time Warner, Inc., 4.850%, 07/15/45		1,000,000		970,120
Viacom, Inc., 5.625%, 09/15/19		250,000		278,088
				1,965,785

	Principal		Value(a)
Telecommunication (0.5%)
Crown Castle Towers LLC, 3.663%, 05/15/25 (d)	$	1,000,000	$	978,600
Telephone — Integrated (0.6%)
AT&T, Inc. 4.350%, 06/15/45		250,000		213,429
4.500%, 05/15/35		1,000,000		919,287
				1,132,716
Wireless Telecommunication Services (0.1%)
Rogers Communications, Inc., 4.100%, 10/01/23 (e)		250,000		257,006
Consumer Cyclical (1.5%)
Home Furnishings (0.5%)
Harman International Industries, Inc., 4.150%, 05/15/25		1,000,000		985,513
Retail (1.0%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		965,622
Target Corp., 3.500%, 07/01/24		750,000		765,596
Wal-Mart Stores, Inc., 1.950%, 12/15/18		250,000		253,878
				1,985,096
Consumer Staples (0.7%)
Beverages (0.3%)
The Coca-Cola Co., 3.200%, 11/01/23 (b)		500,000		505,040
Consumer Products — Miscellaneous (0.4%)
Johnson (S.C.) & Son, Inc., 3.350%, 09/30/24 (d)		750,000		761,289
Consumer, Non-cyclical (0.7%)
Commercial Service — Finance (0.1%)
Moody's Corp., 4.875%, 02/15/24		250,000		268,510
Drugstore Chains (0.1%)
CVS Pass-Through Trust, 6.943%, 01/10/30		203,257		241,503
Food (0.2%)
ConAgra Foods, Inc., 5.819%, 06/15/17		250,000		268,563
Pharmaceuticals (0.3%)
Novartis Capital Corp., 3.400%, 05/06/24		500,000		507,378
Energy (5.9%)
Oil, Gas & Consumable Fuels (3.3%)
Apache Corp., 3.250%, 04/15/22		181,000		178,001
Chevron Corp., 3.191%, 06/24/23		250,000		251,188
Ensco PLC, 4.500%, 10/01/24 (e)		750,000		716,518

See accompanying notes to financial statements.
43

SFT Advantus Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
EOG Resources, Inc., 2.625%, 03/15/23	$	250,000	$	240,072
Marathon Petroleum Corp., 3.625%, 09/15/24		750,000		736,356
Noble Energy, Inc., 3.900%, 11/15/24 (b)		1,000,000		985,962
Phillips 66, 4.650%, 11/15/34		1,000,000		978,282
Rowan Cos., Inc., 4.750%, 01/15/24		500,000		477,808
Total Capital International SA, 3.750%, 04/10/24 (e)		750,000		775,962
Valero Energy Corp., 3.650%, 03/15/25		1,000,000		972,341
				6,312,490
Pipelines (2.6%)
Columbia Pipeline Group, Inc., 4.500%, 06/01/25 (d)		1,000,000		983,745
Enbridge Energy Partners L.P., 6.500%, 04/15/18		250,000		275,886
Energy Transfer Partners L.P., 4.900%, 03/15/35		1,000,000		902,309
Enterprise Products Operating LLC, 5.750%, 03/01/35		250,000		268,193
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		697,270
Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		250,000		247,343
Spectra Energy Partners L.P., 2.950%, 09/25/18		250,000		255,681
Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		1,000,000		971,037
Williams Partners L.P., 4.300%, 03/04/24		500,000		491,759
				5,093,223
Financial (11.0%)
Banks (4.6%)
Associated Banc-Corp, 4.250%, 01/15/25		750,000		738,931
Bank of America Corp. 3.950%, 04/21/25		1,000,000		963,190
5.700%, 01/24/22		250,000		283,790
Bank of Montreal, 2.375%, 01/25/19 (e)		250,000		253,198
Capital One Financial Corp., 4.750%, 07/15/21		250,000		273,070
Citigroup, Inc. 3.300%, 04/27/25		750,000		721,206
5.300%, 01/07/16		250,000		255,692
Credit Suisse Group Funding Guernsey, Ltd., 2.750%, 03/26/20 (d) (e)		600,000		592,472

	Principal		Value(a)
Discover Bank 3.100%, 06/04/20	$	1,000,000	$	999,005
4.250%, 03/13/26		500,000		493,992
HSBC Bank USA NA, 4.875%, 08/24/20		250,000		276,695
JPMorgan Chase & Co. 3.125%, 01/23/25		1,000,000		954,756
4.500%, 01/24/22		250,000		267,918
KeyBank NA, 3.180%, 05/22/22		1,000,000		998,057
PNC Bank NA, 3.800%, 07/25/23		250,000		256,114
SunTrust Bank, 2.750%, 05/01/23		250,000		240,560
Wells Fargo & Co., 5.125%, 09/15/16		250,000		262,057
				8,830,703
Diversified Financial Services (1.4%)
CME Group, Inc., 3.000%, 03/15/25		1,000,000		971,088
Discover Financial Services, 3.750%, 03/04/25		1,000,000		954,829
TD Ameritrade Holding Corp., 2.950%, 04/01/22		700,000		694,055
				2,619,972
Insurance (2.0%)
Assured Guaranty US Holdings, 5.000%, 07/01/24		500,000		490,379
First American Financial Corp., 4.600%, 11/15/24		750,000		756,696
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (d)		750,000		771,304
Metropolitan Life Global Funding I, 3.875%, 04/11/22 (d)		250,000		262,698
Old Republic International Corp., 4.875%, 10/01/24		750,000		775,917
StanCorp Financial Group, Inc., 5.000%, 08/15/22		750,000		786,232
				3,843,226
Real Estate Investment Trust — Diversified (0.5%)
Retail Properties of America, Inc., 4.000%, 03/15/25		1,000,000		970,084
Real Estate Investment Trust — Health Care (0.5%)
Healthcare Realty Trust, Inc., 3.875%, 05/01/25		1,000,000		964,522
Real Estate Investment Trust — Office Property (0.2%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29 (b)		500,000		500,945
Real Estate Investment Trust — Shopping Centers (0.1%)
Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/23		250,000		262,307

See accompanying notes to financial statements.
44

SFT Advantus Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
Real Estate Investment Trust — Single Tenant (0.8%)
Realty Income Corp., 5.950%, 09/15/16	$	250,000	$	263,253
Select Income REIT, 4.500%, 02/01/25		750,000		724,693
Tanger Properties L.P., 3.875%, 12/01/23		500,000		505,008
				1,492,954
Real Estate Investment Trust — Storage (0.3%)
CubeSmart L.P., 4.375%, 12/15/23		500,000		517,183
Specialized REITs (0.6%)
Essex Portfolio L.P., 3.500%, 04/01/25		1,000,000		968,472
HCP, Inc., 4.250%, 11/15/23		250,000		252,023
				1,220,495
Health Care (2.9%)
Biotechnology (0.1%)
Amgen, Inc., 5.700%, 02/01/19		250,000		279,268
Health Care Equipment & Supplies (0.6%)
St Jude Medical, Inc., 4.750%, 04/15/43		250,000		249,852
Zimmer Biomet Holdings, Inc., 3.550%, 04/01/25		1,000,000		966,187
				1,216,039
Health Care Providers & Services (0.3%)
Laboratory Corp. of America Holdings, 4.000%, 11/01/23		250,000		255,257
UnitedHealth Group, Inc., 2.750%, 02/15/23		250,000		239,158
				494,415
Pharmaceuticals (1.9%)
AbbVie, Inc., 3.600%, 05/14/25		1,000,000		988,395
Actavis Funding SCS, 3.800%, 03/15/25 (e)		670,000		658,156
Bristol-Myers Squibb Co., 3.250%, 11/01/23		500,000		509,445
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		994,881
Mylan, Inc., 4.200%, 11/29/23		500,000		510,334
				3,661,211
Industrials (5.0%)
Aerospace & Defense (0.9%)
BAE Systems Holdings, Inc., 5.200%, 08/15/15 (d)		250,000		251,127
Harris Corp., 3.832%, 04/27/25		1,000,000		972,071
Rockwell Collins, Inc., 3.700%, 12/15/23		500,000		514,207
				1,737,405

	Principal		Value(a)
Electrical Equipment (0.9%)
Flextronics International, Ltd., 4.750%, 06/15/25 (d) (e)	$	1,000,000	$	992,200
Trimble Navigation, Ltd., 4.750%, 12/01/24		750,000		751,012
				1,743,212
Environmental Control (0.5%)
Waste Management, Inc., 3.900%, 03/01/35 (b)		1,000,000		916,905
Machinery (1.2%)
Caterpillar Financial Services Corp., 3.750%, 11/24/23 (b)		750,000		782,264
CNH Industrial Capital LLC, 3.875%, 07/16/18 (c) (d)		750,000		750,938
Joy Global, Inc., 5.125%, 10/15/21		750,000		822,025
				2,355,227
Miscellaneous Manufacturing (0.7%)
Textron, Inc. 3.875%, 03/01/25		750,000		738,304
4.300%, 03/01/24		500,000		519,243
				1,257,547
Road & Rail (0.1%)
The Kansas City Southern Railway Co., 4.300%, 05/15/43 (f)		250,000		234,787
Transportation (0.2%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		350,000		356,722
Trucking & Leasing (0.5%)
GATX Corp., 3.250%, 03/30/25		1,000,000		939,824
Information Technology (2.2%)
Communications Equipment (0.5%)
Juniper Networks, Inc., 4.500%, 03/15/24		500,000		504,577
Motorola Solutions, Inc., 4.000%, 09/01/24		500,000		484,988
				989,565
Computers (0.5%)
Apple, Inc., 4.375%, 05/13/45		1,000,000		985,446
Internet Software & Services (0.4%)
eBay, Inc., 3.450%, 08/01/24		750,000		722,105
IT Services (0.3%)
The Western Union Co., 3.350%, 05/22/19		500,000		512,971
Software (0.5%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		1,001,472

See accompanying notes to financial statements.
45

SFT Advantus Managed Volatility Fund
Investments in Securities – continued

Shares/	Principal		Value(a)
Materials (1.0%)
Chemicals (1.0%)
Potash Corp. of Saskatchewan, Inc., 3.000%, 04/01/25 (e)	$	1,000,000	$	956,499
The Dow Chemical Co., 3.500%, 10/01/24		750,000		735,937
The Mosaic Co., 5.450%, 11/15/33		200,000		212,895
				1,905,331
Transportation (0.7%)
Airlines (0.1%)
United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 08/15/25		244,225		251,552
Transport — Rail (0.6%)
Norfolk Southern Corp., 3.850%, 01/15/24		500,000		513,887
Union Pacific Corp., 3.750%, 03/15/24		500,000		525,817
				1,039,704
Utilities (1.3%)
Electric Utilities (0.3%)
Entergy Louisiana LLC, 3.300%, 12/01/22		250,000		250,611
PPL Capital Funding, Inc., 3.400%, 06/01/23		250,000		249,111
				499,722
Electric — Integrated (0.1%)
Berkshire Hathaway Energy Co., 3.750%, 11/15/23		250,000		255,862
Multi-Utilities (0.7%)
Dominion Gas Holdings LLC, 3.550%, 11/01/23		250,000		253,482
National Fuel Gas Co., 5.200%, 07/15/25		1,000,000		1,013,651
				1,267,133
Water Utilities (0.2%)
Aquarion Co., 4.000%, 08/15/24 (c) (d)		500,000		493,541
Total corporate obligations (cost: $70,698,617)				69,638,027
Total long-term debt securities (cost: $75,650,017)				74,604,652
Mutual Funds (46.2%)
Investment Companies (46.2%)
SFT Advantus Index 500 Fund (g)		9,914,237		77,564,575
SPDR S&P 500 ETF Trust		36,170		7,445,594
Vanguard S&P 500 ETF		20,175		3,809,847
Total mutual funds (cost: $83,483,545)				88,820,016

	Shares		Value(a)
Short-Term Securities (15.1%)
Investment Companies (15.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.000%		29,052,417	$	29,052,417
Total short-term securities (cost: $29,052,417)				29,052,417
Total investments in securities (cost: $188,185,979) (h)				192,477,085
Liabilities in excess of cash and other assets (-0.1%)				(127,954	)
Total net assets (100.0%)			$	192,349,131

Investments in Securities Legend

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

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

Holdings of Open Futures Contracts

On June 30, 2015, securities with an aggregate market value of $3,980,547 have been pledged to cover margin requirements for the following open futures contracts:

Type	Expiration	Number of Contracts		Position Type	Unrealized Appreciation/ (Depreciation)
10 Year U.S. Treasury Note	September 2015		40	Short	$	(23,208	)
S&P 500^® E-Mini Index Future	September 2015		4	Long		(8,936	)
S&P 500^® Index Future	September 2015		111	Long		(1,232,328	)
			155		$	(1,264,472	)

(e) Foreign security: The Fund held 3.0% of net assets in foreign securities at June 30, 2015.

(f) Step rate security.

(g) Affiliated security. (See Note 8.)

(h) At June 30, 2015 the cost of securities for federal income tax purposes was $188,211,587. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	6,045,660
Gross unrealized depreciation		(1,780,162	)
Net unrealized appreciation	$	4,265,498

See accompanying notes to financial statements.
46

SFT Advantus Money Market Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Principal		Value(a)
Commercial Paper (45.1%)
Communications (4.1%)
Media (4.1%)
The Walt Disney Co. 0.081%, 07/30/15 (b) (c)	$	1,500,000	$	1,499,903
0.112%, 09/24/15 (b) (c)		2,000,000		1,999,481
				3,499,384
Consumer Staples (14.7%)
Beverages (8.2%)
PepsiCo, Inc. 0.081%, 07/08/15 (b) (c)		2,000,000		1,999,969
0.081%, 07/17/15 (b) (c)		1,700,000		1,699,939
The Coca-Cola Co. 0.091%, 07/29/15 (b) (c)		800,000		799,944
0.132%, 09/22/15 (b) (c)		2,500,000		2,499,251
				6,999,103
Food (4.1%)
Nestle Capital Corp. 0.081%, 09/29/15 (b) (c)		2,000,000		1,999,600
0.091%, 08/27/15 (b) (c)		1,500,000		1,499,786
				3,499,386
Food & Beverage (2.4%)
Cargill, Inc., 0.081%, 07/02/15 (b) (c)		2,000,000		1,999,996
Health Care (13.0%)
Pharmaceuticals (13.0%)
Johnson & Johnson, 0.081%, 08/18/15 (b) (c)		2,500,000		2,499,733
Novartis Finance Corp. 0.112%, 07/13/15 (b) (c)		1,000,000		999,963
0.132%, 07/09/15 (b) (c)		2,500,000		2,499,928
Pfizer, Inc., 0.142%, 08/03/15 (b) (c)		1,500,000		1,499,808
Roche Holdings, Inc. 0.091%, 08/20/15 (b) (c)		2,000,000		1,999,750
0.112%, 07/16/15 (b) (c)		1,500,000		1,499,931
				10,999,113
Industrials (13.3%)
Aerospace & Defense (4.1%)
Honeywell International, Inc. 0.244%, 11/03/15 (b) (c)		1,500,000		1,498,750
0.254%, 11/16/15 (b) (c)		2,000,000		1,998,083
				3,496,833
Air Freight & Logistics (4.5%)
United Parcel Service, Inc. 0.030%, 07/06/15 (b) (c)		2,000,000		1,999,992
0.061%, 07/28/15 (b) (c)		1,800,000		1,799,919
				3,799,911
Electrical Equipment (2.4%)
Emerson Electric Co.,
0.112%, 08/06/15 (b) (c)		2,000,000		1,999,780

	Principal		Value(a)
Machinery (2.3%)
Siemens Capital Co. LLC, 0.183%, 09/25/15 (b) (c)	$	2,000,000	$	1,999,140
Total commercial paper (cost: $38,292,646)				38,292,646
Corporate Bonds & Notes (1.8%)
Financial (1.8%)
Finance — Auto Loans (1.8%)
American Honda Finance Corp., 0.132%, 08/26/15		1,500,000		1,499,697
Total corporate bonds & notes (cost: $1,499,697)				1,499,697
U.S. Government Obligations (31.3%)
Discount Notes (31.3%)
Federal Agricultural Mortgage Corporation 0.071%, 09/18/15 (b)		2,000,000		1,999,693
0.081%, 07/07/15 (b)		2,000,000		1,999,973
0.086%, 07/22/15 (b)		2,000,000		1,999,901
Federal Farm Credit Bank 0.030%, 07/23/15 (b)		2,000,000		1,999,963
0.081%, 09/16/15 (b)		3,000,000		2,999,487
Federal Home Loan Bank 0.081%, 07/10/15 (b)		2,000,000		1,999,960
Federal Home Loan Mortgage Corporation (FHLMC) 0.047%, 08/31/15 (b)		2,500,000		2,499,805
0.066%, 07/20/15 (b)		1,000,000		999,966
0.071%, 08/07/15 (b)		2,008,000		2,007,855
0.071%, 08/13/15 (b)		2,000,000		1,999,833
0.071%, 09/03/15 (b)		2,000,000		1,999,751
Federal National Mortgage Association (FNMA) 0.061%, 07/01/15 (b)		2,000,000		2,000,000
0.061%, 07/29/15 (b)		2,000,000		1,999,907
Total U.S. government obligations (cost: $26,506,094)				26,506,094
Other Short-Term Investments (2.5%)
Asset-Backed Securities (2.5%)
CarMax Auto Owner Trust, 0.240%, 03/15/16		484,743		484,743
Enterprise Fleet Financing LLC, 0.360%, 03/20/16 (d)		502,440		502,440
Hyundai Auto Receivables Trust, 0.240%, 01/15/16		126,202		126,202
Kubota Credit Owner Trust, 0.270%, 02/16/16 (d)		463,335		463,335
Mercedes Benz Auto Lease Trust, 0.240%, 01/15/16		413,731		413,731
Nissan Auto Receivables Owner Trust, 0.230%, 12/15/15		153,480		153,480
Total other short-term investments (cost: $2,143,931)				2,143,931

See accompanying notes to financial statements.
47

SFT Advantus Money Market Fund
Investments in Securities – continued

	Shares		Value(a)
Investment Companies (19.0%)
BlackRock Liquidity Funds T-Fund Portfolio, current rate 0.010%		4,000,000	$	4,000,000
Federated Government Obligations Fund, current rate 0.010%		4,000,000		4,000,000
JPMorgan U.S. Government Money Market Fund, current rate 0.010%		4,000,000		4,000,000
STIT-Government & Agency Portfolio, current rate 0.040%		4,000,000		4,000,000
Wells Fargo Advantage Treasury Plus Money Market Fund, current rate 0.010%		135,537		135,537
Total investment companies (cost: $16,135,537)				16,135,537
Total investments in securities (cost: $84,577,905) (e)				84,577,905
Cash and other assets in excess of liabilities (0.3%)				244,922
Total net assets (100.0%)			$	84,822,827

Investments in Securities Legend

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

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

(c) Commercial paper sold within terms of a private placement memorandum, exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". This security has been determined to be liquid under guidelines established by the Board of Trustees. In the aggregate such securities represent 45.1% of the Fund's net assets as of June 30, 2015.

(e) Also represents the cost of securities for federal income tax purposes at June 30, 2015.

See accompanying notes to financial statements.
48

SFT Advantus Mortgage Securities Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Long-Term Debt Securities (96.4%)
Government Obligations (83.0%)
Other Government Obligations (1.0%)
Provincial or Local Government Obligations (1.0%)
Utility Debt Securitization Authority, 3.435%, 12/15/25	$	355,000	$	367,283
Ohio State Water Development Authority, 4.817%, 12/01/30		250,000		279,150
Metro Wastewater Reclamation District, 5.518%, 04/01/24		250,000		275,283
				921,716
U.S. Government Agencies and Obligations (82.0%)
Export-Import Bank of the United States (0.9%)
DY7 Leasing LLC, 2.578%, 12/10/25		218,750		219,377
Export Leasing 2009 LLC, 1.859%, 08/28/21		162,961		163,706
Helios Leasing I LLC 1.825%, 05/16/25		127,256		124,905
2.018%, 05/29/24		200,714		199,995
Union 16 Leasing LLC, 1.863%, 01/22/25		207,026		204,146
				912,129
Federal Home Loan Mortgage Corporation (FHLMC) (15.9%)
1.837%, 08/25/24 (b)		408,136		409,436
2.387%, 09/25/24 (b)		500,000		496,400
2.500%, 03/01/28		232,703		237,740
2.500%, 04/01/28		380,810		389,050
3.000%, 08/01/42		176,423		175,939
3.000%, 12/01/42		343,592		342,648
3.000%, 01/01/43		426,818		425,651
3.000%, 02/01/43		1,008,082		1,005,311
3.000%, 04/01/43		1,282,875		1,279,202
3.500%, 10/01/25		204,937		217,091
3.500%, 05/01/32		418,007		436,600
3.500%, 03/01/42		1,445,608		1,491,868
3.500%, 08/01/42		396,350		409,101
3.500%, 12/01/44		2,104,712		2,167,664
4.000%, 09/01/40		474,262		505,270
4.000%, 03/01/41		573,737		612,359
4.500%, 04/01/23		68,821		74,286
4.500%, 09/01/40		383,701		415,471
4.500%, 01/01/41		585,302		634,645
4.500%, 03/01/41		512,790		558,783
5.000%, 03/01/23		67,998		74,777
5.000%, 05/01/29		77,621		85,347
5.000%, 08/01/35		87,617		96,915
5.000%, 11/01/35		77,475		85,341
5.000%, 11/01/39		810,796		906,579
5.000%, 03/01/40		526,345		592,982
5.500%, 06/01/20		64,493		67,923

	Shares		Value(a)
5.500%, 10/01/20	$	210,032	$	223,287
5.500%, 11/01/23		178,667		199,987
5.500%, 05/01/34		262,924		297,784
6.000%, 09/01/22		127,334		140,886
6.000%, 11/01/33		250,380		286,854
6.250%, 12/15/23		119,963		132,623
6.500%, 11/01/32		67,411		79,876
				15,555,676
Federal National Mortgage Association (FNMA) (43.5%)
2.100%, 10/25/22		250,000		243,060
2.500%, 03/01/27		655,677		668,563
2.500%, 11/01/27		316,259		317,997
2.500%, 03/01/28		682,356		694,934
2.500%, 07/01/30 (c)		1,430,000		1,447,323
3.000%, 09/01/22		269,490		280,434
3.000%, 11/01/27		322,906		335,323
3.000%, 06/01/28		390,718		406,331
3.000%, 03/01/42		181,880		182,114
3.000%, 09/01/42		242,589		242,989
3.000%, 03/01/43		170,510		170,765
3.000%, 04/01/43		690,260		691,398
3.000%, 05/01/43		946,958		947,789
3.000%, 09/01/43		257,501		257,607
3.500%, 11/01/25		112,066		118,820
3.500%, 01/01/26		265,447		281,446
3.500%, 07/01/30 (c)		675,000		711,882
3.500%, 12/01/32		373,486		390,764
3.500%, 11/01/40		319,441		330,638
3.500%, 01/01/41		564,551		583,444
3.500%, 02/01/41		1,241,078		1,282,277
3.500%, 11/01/41		546,400		565,108
3.500%, 12/01/41		1,110,949		1,148,325
3.500%, 01/01/42		2,567,020		2,653,662
3.500%, 05/01/42		743,285		768,476
3.500%, 08/01/42		704,454		728,329
3.500%, 01/01/43		432,324		446,905
3.500%, 02/01/43		834,122		864,863
3.500%, 03/01/43		408,913		423,256
3.500%, 05/01/43		1,421,696		1,469,870
3.500%, 07/01/45 (c)		1,200,000		1,236,656
4.000%, 06/25/23		259,103		273,398
4.000%, 12/01/40		278,794		296,361
4.000%, 04/01/41		195,738		208,935
4.000%, 11/01/41		552,325		587,961
4.000%, 06/01/42		1,388,399		1,479,780
4.000%, 09/01/43		952,814		1,012,047
4.000%, 10/01/43		1,773,237		1,899,951
4.000%, 01/01/44		405,483		434,458
4.000%, 08/01/44		494,305		526,470
4.500%, 04/01/21		6,887		7,229
4.500%, 11/01/23		66,952		72,383
4.500%, 04/01/25		155,016		165,798
4.500%, 05/25/34		537,000		605,318
4.500%, 05/01/35		408,896		443,905
4.500%, 07/01/35		322,055		348,447
4.500%, 09/01/37		388,479		423,487
5.000%, 05/01/18		102,307		107,096
5.000%, 10/01/20		83,328		89,401
5.000%, 06/25/23		263,965		284,333

See accompanying notes to financial statements.
49

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
5.000%, 10/25/33	$	6,664	$	6,685
5.000%, 11/01/33		340,394		377,297
5.000%, 03/01/34		711,410		787,367
5.000%, 05/01/34		81,157		89,872
5.000%, 12/01/34		71,322		79,127
5.000%, 04/01/35		111,741		123,760
5.000%, 07/01/35		695,685		771,572
5.000%, 03/01/38		170,794		189,503
5.000%, 06/01/39		303,291		342,328
5.000%, 12/01/39		414,340		468,455
5.000%, 06/01/40		155,274		172,911
5.000%, 04/01/41		303,229		341,624
5.500%, 02/01/18		60,229		62,983
5.500%, 03/01/18		128,296		134,105
5.500%, 08/01/23		107,555		120,623
5.500%, 02/01/24		144,213		161,795
5.500%, 04/01/33		411,160		468,922
5.500%, 05/01/33		30,485		34,389
5.500%, 01/01/34		81,908		92,381
5.500%, 02/01/34		51,710		58,286
5.500%, 04/01/34		131,523		148,207
5.500%, 05/01/34		23,991		27,055
5.500%, 09/01/34		305,170		347,759
5.500%, 10/01/34		127,153		143,769
5.500%, 01/01/35		209,076		237,527
5.500%, 02/01/35		355,343		404,321
5.500%, 06/01/35		22,335		25,206
5.500%, 08/01/35		112,783		127,171
5.500%, 10/01/35		69,293		79,244
5.500%, 11/01/35		20,043		22,507
5.500%, 09/01/36		293,725		331,300
5.500%, 05/01/38		11,950		13,398
6.000%, 09/01/32		27,683		31,856
6.000%, 10/01/32		454,238		525,279
6.000%, 11/01/32		367,029		422,760
6.000%, 03/01/33		463,941		536,730
6.000%, 04/01/33		105,609		121,086
6.000%, 12/01/33		102,236		117,561
6.000%, 08/01/34		90,926		103,136
6.000%, 09/01/34		56,426		64,494
6.000%, 11/01/34		31,275		35,578
6.000%, 12/01/34		262,333		299,898
6.000%, 11/01/36		39,163		44,959
6.000%, 01/01/37		277,734		314,982
6.000%, 08/01/37		82,865		93,945
6.000%, 09/01/37		149,366		172,261
6.000%, 12/01/37		67,723		77,000
6.000%, 12/01/38		126,873		145,293
6.500%, 11/01/23		84,867		95,746
6.500%, 02/01/32		353,060		412,527
6.500%, 04/01/32		118,325		140,197
6.500%, 05/01/32		44,513		52,536
6.500%, 07/01/32		413,739		479,200
6.500%, 09/01/32		3,676		4,221
6.500%, 09/01/34		24,145		27,728
6.500%, 11/01/34		16,554		19,781
6.500%, 03/01/35		177,091		207,378
6.500%, 02/01/36		31,973		36,718
6.500%, 09/01/37		206,783		237,472
7.000%, 09/01/31		150,632		170,364
7.000%, 11/01/31		32,818		39,487
7.000%, 02/01/32		121,318		141,405
7.000%, 07/01/32		20,338		23,610
7.000%, 10/01/37		16,979		18,252

	Principal		Value(a)
7.500%, 07/25/22	$	166,245	$	186,904
7.500%, 04/01/31		59,445		69,283
				42,419,182
Government National Mortgage Association (GNMA) (21.0%)
0.000%, 03/16/42 (b) (d) (e)		1,253,898		12
0.120%, 06/17/45 (b) (d)		725,134		2,278
0.643%, 07/16/40 (b) (d)		236,415		235
3.000%, 09/20/42		763,713		775,869
3.000%, 09/20/44		275,122		278,331
3.000%, 03/15/45		580,521		586,880
3.000%, 04/15/45		1,673,252		1,691,577
3.000%, 05/15/45		199,646		201,832
3.000%, 07/01/45 (c)		350,000		353,309
3.250%, 04/20/33		232,532		240,057
3.250%, 03/20/35		1,379,167		1,423,846
3.500%, 11/15/40		153,856		159,827
3.500%, 10/20/43		597,752		622,229
3.500%, 02/20/45		1,156,697		1,206,242
3.500%, 03/20/45		1,617,315		1,687,012
3.500%, 04/20/45		1,988,358		2,074,313
3.500%, 07/01/45 (c)		1,000,000		1,037,852
4.000%, 07/20/31		602,930		646,932
4.000%, 04/20/39		485,332		520,753
4.000%, 12/20/40		1,344,764		1,453,838
4.000%, 01/15/41		111,533		118,985
4.000%, 02/15/41		667,487		722,026
4.000%, 10/15/41		592,291		636,514
4.000%, 12/20/44		424,076		449,482
4.500%, 06/15/40		513,165		570,198
5.000%, 05/15/33		173,285		193,341
5.000%, 12/15/39		128,045		144,889
5.000%, 01/15/40		1,220,426		1,358,060
5.000%, 07/15/40		751,768		833,978
5.500%, 07/15/38		183,935		210,760
5.500%, 10/15/38		245,467		283,799
				20,485,256
U.S. Treasury (0.6%)
U.S. Treasury Note 0.500%, 08/31/16		200,000		200,281
2.125%, 05/15/25		350,000		343,082
				543,363
Vendee Mortgage Trust (0.1%)
Vendee Mortgage Trust, 7.793%, 02/15/25		91,386		102,151
Total government obligations (cost: $79,883,945)				80,939,473
Asset-Backed Securities (5.4%)
ABFS Mortgage Loan Trust, 6.990%, 12/25/31 (f)		158,026		146,796
Appalachian Consumer Rate Relief Funding LLC, 3.772%, 08/01/31		120,000		127,050
Carmax Auto Owner Trust, 2.060%, 11/15/19		250,000		248,821
CountryPlace Manufactured Housing Contract Trust, 4.800%, 12/15/35 (b) (e) (g)		208,628		211,927

See accompanying notes to financial statements.
50

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
Credit-Based Asset Servicing and Securitization LLC, 5.328%, 10/25/36 (f) (g)	$	505,000	$	539,274
Entergy Gulf States Reconstruction Funding 1 LLC, 5.930%, 06/29/22		500,000		577,612
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (e) (g) (h) (i)		157,391		157,545
FirstEnergy Ohio PIRB Special Purpose Trust, 1.726%, 01/15/22		200,000		200,552
Huntington Auto Trust, 1.370%, 05/15/18		165,000		165,979
Hyundai Auto Receivables Trust, 1.780%, 07/15/20		500,000		495,233
Lehman ABS Manufactured Housing Contract Trust, 5.873%, 04/15/40		194,479		205,314
Longtrain Leasing III LLC 2015-1A Class A1, 2.980%, 01/15/45 (e) (g)		641,205		638,883
Origen Manufactured Housing 5.460%, 11/15/35 (b)		295,901		301,308
5.910%, 01/15/37		536,154		561,411
TCF Auto Receivables Owner Trust, 1.490%, 12/16/19 (g)		250,000		250,119
Trip Rail Master Funding LLC, 2.863%, 04/15/44 (g)		455,531		454,587
Vanderbilt Mortgage Finance, 6.210%, 05/07/26		30,412		30,845
Total asset-backed securities (cost: $5,296,588)				5,313,256
Other Mortgage-Backed Securities (6.4%)
Collateralized Mortgage Obligations/ Mortgage Revenue Bonds (0.9%)
Bear Stearns Mortgage Securities, Inc., 8.000%, 11/25/29 (i)		194,992		184,326
BHN I Mortgage Fund 1.000%, 03/25/16 (b) (e) (g) (h) (i) (j)		10,000		80,692
7.540%, 05/31/17 (e) (g) (h) (i) (j)		425		215,572
7.916%, 07/01/15 (e) (g) (h) (i) (j)		50,980		411,368
Prudential Home Mortgage Securities 7.882%, 09/28/24 (b) (g)		1,993		1,720
7.900%, 04/28/22 (g)		32,171		29,267
Structured Asset Mortgage Investments, Inc., 1.794%, 05/02/30 (b) (i)		11,936		3,270
				926,215
Commercial Mortgage-Backed Securities (5.5%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (g)		277,562		285,381
Banc of America Re-Remic Trust, 4.325%, 08/15/46 (b) (g)		930,000		942,730

	Principal		Value(a)
Citigroup Commercial Mortgage Trust, 3.008%, 01/12/30 (b) (g)	$	130,000	$	131,426
CSMC Mortgage Trust, 1.800%, 04/15/27 (b) (g)		665,000		662,069
Extended Stay America Trust, 2.295%, 12/05/31 (g)		300,000		301,647
Hometown Commercial Mortgage, 5.506%, 11/11/38 (e) (g)		370,547		325,529
Irvine Core Office Trust, 2.068%, 05/15/48 (g)		407,904		405,933
JPMorgan Chase Commercial Mortgage Securities Corp. 2.177%, 12/05/27 (b) (d) (e) (g)		3,515,361		267,530
7.151%, 12/05/27 (g)		125,000		148,748
Morgan Stanley Capital I Trust, 3.451%, 08/05/34 (g)		150,000		150,768
Multi Security Asset Trust 5.270%, 11/28/35 (e) (g)		375,000		377,149
5.880%, 11/28/35 (b) (e) (g)		990,000		975,529
TimberStar Trust, 5.668%, 10/15/36 (g)		350,000		366,601
				5,341,040
Total other mortgage-backed securities (cost: $5,721,136)				6,267,255
Corporate Obligations (1.6%)
Communications (0.7%)
Telecommunication (0.7%)
Crown Castle Towers LLC, 3.222%, 05/15/22 (g)		425,000		418,243
SBA Tower Trust, 2.240%, 04/16/18 (g)		220,000		218,852
				637,095
Financial (0.9%)
Real Estate Investment Trust — Diversified (0.4%)
Retail Properties of America, Inc., 4.000%, 03/15/25		400,000		388,034
Real Estate Investment Trust — Office Property (0.5%)
ARC Properties Operating Partnership LP, 4.600%, 02/06/24		500,000		486,980
Total corporate obligations (cost: $1,531,292)				1,512,109
Total long-term debt securities (cost: $92,432,961)				94,032,093

See accompanying notes to financial statements.
51

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (8.7%)
Investment Companies (8.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.000%(k)		3,156,372	$	3,156,372
STIT-Government & Agency Portfolio, current rate 0.040% (k)		5,300,000		5,300,000
Total short-term securities (cost: $8,456,372)				8,456,372
Total investments in securities (cost: $100,889,333) (l)				102,488,465
Liabilities in excess of cash and other assets (-5.1%)				(4,939,675	)
Total net assets (100.0%)			$	97,548,790

Investments in Securities Legend

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

(b) Variable rate security.

(c) Security is issued on a when-issued or forward commitment basis. As of June 30, 2015 the total cost of investments issued on a when-issued or forward commitment basis was $4,767,214.

(e) Illiquid security. (See Note 5.)

(f) Step rate security.

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

(h) Foreign security: The Fund held 0.9% of net assets in foreign securities at June 30, 2015.

(i) These securities are being fair-valued according to procedures approved by the Board of Trustees.

(j) Security is in default with respect to interest payments. Income is not being accrued on this security and any payments received are treated as a reduction of principal.

(k) All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of June 30, 2015.

(l) At June 30, 2015 the cost of securities for federal income tax purposes was $101,476,257. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	2,593,339
Gross unrealized depreciation		(1,581,131	)
Net unrealized appreciation	$	1,012,208

See accompanying notes to financial statements.
52

SFT Advantus Real Estate Securities Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.5%)
Consumer Discretionary (1.2%)
Hotels, Restaurants & Leisure (1.2%)
Hilton Worldwide Holdings, Inc. (b)		59,700	$	1,644,735
Financial (97.3%)
Diversified REITs (3.0%)
Duke Realty Corp.		164,100		3,047,337
Liberty Property Trust		31,400		1,011,708
				4,059,045
Industrial REITs (3.7%)
DCT Industrial Trust, Inc.		48,075		1,511,478
ProLogis, Inc.		94,481		3,505,245
				5,016,723
Office REITs (19.4%)
Alexandria Real Estate Equities, Inc.		47,000		4,110,620
Boston Properties, Inc.		53,383		6,461,478
Highwoods Properties, Inc.		40,700		1,625,965
Hudson Pacific Properties, Inc.		61,200		1,736,244
Kilroy Realty Corp.		24,436		1,640,878
Mack-Cali Realty Corp.		54,700		1,008,121
Paramount Group, Inc.		57,600		988,416
SL Green Realty Corp.		29,871		3,282,524
Vornado Realty Trust		57,486		5,457,146
				26,311,392
Residential REITs (22.6%)
American Campus Communities, Inc.		44,600		1,680,974
Apartment Investment & Management Co. — Class A		54,218		2,002,271
AvalonBay Communities, Inc.		38,926		6,223,100
Camden Property Trust		35,600		2,644,368
Equity Lifestyle Properties, Inc.		38,343		2,016,075
Equity Residential		101,100		7,094,187
Essex Property Trust, Inc.		26,616		5,655,900
Mid-America Apartment Communities, Inc.		5,804		422,589
UDR, Inc.		91,500		2,930,745
				30,670,209
Retail REITs (22.7%)
Acadia Realty Trust		59,736		1,738,915
Brixmor Property Group, Inc.		55,900		1,292,967
DDR Corp.		32,200		497,812
Federal Realty Investment Trust		29,300		3,753,037
General Growth Properties, Inc.		163,800		4,203,108
Kimco Realty Corp.		128,300		2,891,882
Kite Realty Group Trust		41,350		1,011,834
Simon Property Group, Inc.		77,379		13,388,115
Weingarten Realty Investors		60,800		1,987,552
				30,765,222
Specialized REITs (25.9%)
Chesapeake Lodging Trust		34,200		1,042,416
CubeSmart		73,721		1,707,378
Digital Realty Trust, Inc.		16,400		1,093,552

	Shares		Value(a)
Equinix, Inc.		6,400	$	1,625,600
Extra Space Storage, Inc.		44,600		2,908,812
HCP, Inc.		29,300		1,068,571
Health Care REIT, Inc.		82,400		5,407,912
Host Hotels & Resorts, Inc.		219,646		4,355,580
LaSalle Hotel Properties		14,601		517,752
Pebblebrook Hotel Trust		49,800		2,135,424
Public Storage		33,500		6,176,395
Strategic Hotels & Resorts, Inc. (b)		167,100		2,025,252
Sunstone Hotel Investors, Inc.		85,600		1,284,856
Ventas, Inc.		61,296		3,805,869
				35,155,369
Total common stocks (cost: $120,794,239)				133,622,695
Short-Term Securities (1.8%)
Investment Companies (1.8%)
Wells Fargo Advantage Treasury Plus Money Market Fund, current rate 0.010%		2,392,539		2,392,539
Total short-term securities (cost: $2,392,539)				2,392,539
Total investments in securities (cost: $123,186,778) (c)				136,015,234
Liabilities in excess of cash and other assets (-0.3%)				(400,822	)
Total net assets (100.0%)			$	135,614,412

Investments in Securities Legend

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

(b) Non-income producing security.

(c) At June 30, 2015 the cost of securities for federal income tax purposes was $123,780,853. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	14,831,686
Gross unrealized depreciation		(2,597,305	)
Net unrealized appreciation	$	12,234,381

See accompanying notes to financial statements.
53

SFT Ivy^SM Growth Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.8%)
Consumer Discretionary (26.9%)
Hotels, Restaurants & Leisure (4.6%)
Hilton Worldwide Holdings, Inc. (b)		428,900	$	11,816,195
Las Vegas Sands Corp.		47,700		2,507,589
Starbucks Corp.		161,100		8,637,377
				22,961,161
Household Durables (1.7%)
Harman International Industries, Inc.		70,800		8,420,952
Internet & Catalog Retail (4.3%)
Amazon.com, Inc. (b)		29,500		12,805,655
Polaris Industries, Inc.		25,500		3,776,805
The Priceline Group, Inc. (b)		4,500		5,181,165
				21,763,625
Media (4.4%)
CBS Corp. — Class B		65,400		3,629,700
Comcast Corp. — Class A		176,500		10,614,710
The Walt Disney Co.		69,500		7,932,730
				22,177,140
Specialty Retail (9.6%)
AutoZone, Inc. (b)		9,000		6,002,100
L Brands, Inc.		63,300		5,426,709
O'Reilly Automotive, Inc. (b)		34,900		7,886,702
The Home Depot, Inc.		177,600		19,736,688
Ulta Salon Cosmetics & Fragrance, Inc. (b)		57,000		8,803,650
				47,855,849
Textiles, Apparel & Luxury Goods (2.3%)
NIKE, Inc. — Class B		73,100		7,896,262
Under Armour, Inc. — Class A (b)		43,100		3,596,264
				11,492,526
Consumer Staples (2.7%)
Beverages (2.2%)
Anheuser-Busch InBev NV, ADR (c)		91,400		11,029,238
Personal Care (0.5%)
The Estee Lauder Cos., Inc. — Class A		28,200		2,443,812
Energy (0.9%)
Oil, Gas & Consumable Fuels (0.9%)
EOG Resources, Inc.		52,097		4,561,092
Financial (2.8%)
Capital Markets (1.5%)
The Charles Schwab Corp.		232,900		7,604,185
Specialized REITs (1.3%)
American Tower Corp.		70,800		6,604,932

	Shares		Value(a)
Health Care (24.6%)
Biotechnology (14.0%)
Alexion Pharmaceuticals, Inc. (b)		27,300	$	4,935,021
Amgen, Inc.		31,100		4,774,472
Biogen, Inc. (b)		50,900		20,560,546
Celgene Corp. (b)		146,100		16,908,883
Gilead Sciences, Inc.		155,000		18,147,400
Vertex Pharmaceuticals, Inc. (b)		40,900		5,050,332
				70,376,654
Health Care Providers & Services (2.7%)
HCA Holdings, Inc. (b)		150,800		13,680,576
Pharmaceuticals (7.9%)
Allergan PLC (b)		60,584		18,384,821
Bristol-Myers Squibb Co.		184,700		12,289,938
Shire PLC, ADR (c)		36,500		8,814,385
				39,489,144
Industrials (8.0%)
Aerospace & Defense (2.3%)
The Boeing Co.		83,400		11,569,248
Industrial Conglomerates (0.8%)
Danaher Corp.		44,600		3,817,314	��
Road & Rail (4.9%)
Canadian Pacific Railway, Ltd. (c)		66,400		10,639,272
Kansas City Southern		26,600		2,425,920
Union Pacific Corp.		123,900		11,816,343
				24,881,535
Information Technology (30.8%)
Computers & Peripherals (5.6%)
Apple, Inc.		222,288		27,880,472
Internet Software & Services (7.7%)
Facebook, Inc. — Class A (b)		176,600		15,146,099
Google, Inc. — Class A (b)		13,100		7,074,524
Google, Inc. — Class C (b)		16,244		8,455,165
LinkedIn Corp. — Class A (b)		24,800		5,124,424
Twitter, Inc. (b)		70,100		2,539,022
				38,339,234
IT Services (12.1%)
Alliance Data Systems Corp. (b)		17,200		5,021,368
Cognizant Technology Solutions Corp. — Class A (b)		165,900		10,134,831
FleetCor Technologies, Inc. (b)		22,100		3,448,926
Mastercard, Inc.— Class A		248,200		23,201,736
Visa, Inc. — Class A		281,200		18,882,580
				60,689,441
Semiconductors & Semiconductor Equipment (3.8%)
Applied Materials, Inc.		126,800		2,437,096
Lam Research Corp.		83,400		6,784,590
NXP Semiconductor NV (b) (c)		101,110		9,929,002
				19,150,688

See accompanying notes to financial statements.
54

SFT Ivy^SM Growth Fund
Investments in Securities – continued

	Shares		Value(a)
Software (1.6%)
Adobe Systems, Inc. (b)		100,900	$	8,173,909
Materials (1.1%)
Chemicals (1.1%)
PPG Industries, Inc.		50,200		5,758,944
Telecommunication Services (1.0%)
Wireless Telecommunication Services (1.0%)
SBA Communications Corp. — Class A (b)		41,800		4,805,746
Total common stocks (cost: $414,505,501)				495,527,417
Short-Term Securities (1.3%)
Investment Companies (1.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.000%		6,451,429		6,451,429
Total short-term securities (cost: $6,451,429)				6,451,429
Total investments in securities (cost: $420,956,930) (d)				501,978,846
Liabilities in excess of cash and other assets (-0.1%)				(417,089	)
Total net assets (100.0%)			$	501,561,757

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At June 30, 2015 the cost of securities for federal income tax purposes was $420,964,715. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	84,986,152
Gross unrealized depreciation		(3,972,021	)
Net unrealized appreciation	$	81,014,131

See accompanying notes to financial statements.
55

SFT Ivy^SM Small Cap Growth Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.4%)
Consumer Discretionary (11.0%)
Hotels, Restaurants & Leisure (2.9%)
Krispy Kreme Doughnuts, Inc. (b)		216,900	$	4,177,494
Panera Bread Co. — Class A (b)		7,700		1,345,729
				5,523,223
Multiline Retail (2.0%)
Burlington Stores, Inc. (b)		74,900		3,834,880
Specialty Retail (4.2%)
Boot Barn Holdings, Inc. (b)		20,800		665,600
Five Below, Inc. (b)		190,200		7,518,606
				8,184,206
Textiles, Apparel & Luxury Goods (1.9%)
Carter's, Inc.		34,000		3,614,200
Consumer Staples (2.1%)
Food Products (2.1%)
The Hain Celestial Group, Inc. (b)		62,200		4,096,492
Energy (0.5%)
Energy Equipment & Services (0.5%)
Dril-Quip, Inc. (b)		12,600		948,150
Financial (7.4%)
Capital Markets (2.6%)
Financial Engines, Inc.		39,600		1,682,208
HFF, Inc. — Class A		78,300		3,267,459
				4,949,667
Consumer Finance (4.8%)
PRA Group, Inc. (b)		148,900		9,277,959
Health Care (22.3%)
Health Care Equipment & Supplies (10.9%)
Cyberonics, Inc. (b)		71,500		4,251,390
DexCom, Inc. (b)		100,400		8,029,992
LDR Holding Corp. (b)		143,400		6,202,050
Novadaq Technologies, Inc. (b) (c)		209,100		2,532,201
				21,015,633
Health Care Providers & Services (6.0%)
Acadia Healthcare Co., Inc. (b)		51,700		4,049,661
ExamWorks Group, Inc. (b)		191,700		7,495,470
				11,545,131
Health Care Technology (3.7%)
Veeva Systems, Inc. — Class A (b)		258,000		7,231,740
Pharmaceuticals (1.7%)
Intersect ENT, Inc. (b)		118,000		3,378,340

	Shares		Value(a)
Industrials (19.1%)
Aerospace & Defense (2.2%)
Hexcel Corp.		87,400	$	4,347,276
Building Products (3.0%)
Apogee Enterprises, Inc.		42,500		2,237,200
Trex Co., Inc. (b)		71,886		3,553,325
				5,790,525
Commercial Services & Supplies (1.9%)
Healthcare Services Group, Inc.		109,000		3,602,450
Electrical Equipment (2.6%)
Acuity Brands, Inc.		27,900		5,021,442
Machinery (9.4%)
RBC Bearings, Inc. (b)		16,231		1,164,736
Tennant Co.		66,800		4,364,712
The Middleby Corp. (b)		56,000		6,284,880
The Toro Co.		92,400		6,262,872
				18,077,200
Information Technology (34.0%)
Electronic Equipment, Instruments & Components (4.6%)
Cognex Corp.		170,500		8,201,050
FEI Co.		9,100		754,663
				8,955,713
Internet Software & Services (4.7%)
GrubHub, Inc. (b)		88,800		3,025,416
Xoom Corp. (b)		289,600		6,097,528
				9,122,944
IT Services (3.6%)
Virtusa Corp. (b)		135,153		6,946,864
Software (21.1%)
Ellie Mae, Inc. (b)		29,700		2,072,763
Factset Research Systems, Inc.		22,700		3,688,977
Guidewire Software, Inc. (b)		76,300		4,038,559
HubSpot, Inc. (b)		50,500		2,503,790
Manhattan Associates, Inc. (b)		68,700		4,097,955
Monotype Imaging Holdings, Inc.		113,400		2,734,074
Paycom Software, Inc. (b)		97,100		3,315,965
Proofpoint, Inc. (b)		61,600		3,922,072
The Ultimate Software Group, Inc. (b)		35,100		5,768,334
Tyler Technologies, Inc. (b)		66,200		8,564,956
				40,707,445
Total common stocks (cost: $154,656,433)				186,171,480

See accompanying notes to financial statements.
56

SFT Ivy^SM Small Cap Growth Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (3.5%)
Investment Companies (3.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.000%		6,761,199	$	6,761,199
Total short-term securities (cost: $6,761,199)				6,761,199
Total investments in securities (cost: $161,417,632) (d)				192,932,679
Cash and other assets in excess of liabilities (0.1%)				183,986
Total net assets (100.0%)			$	193,116,665

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At June 30, 2015 the cost of securities for federal income tax purposes was $161,528,175. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	33,710,569
Gross unrealized depreciation		(2,306,065	)
Net unrealized appreciation	$	31,404,504

See accompanying notes to financial statements.
57

SFT Pyramis^® Core Equity Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.0%)
Consumer Discretionary (14.1%)
Auto Components (1.4%)
Delphi Automotive PLC (b)		23,710	$	2,017,484
Automobiles (0.6%)
Harley-Davidson, Inc.		16,240		915,124
Hotels, Restaurants & Leisure (0.9%)
Starbucks Corp.		24,780		1,328,580
Internet & Catalog Retail (1.0%)
The Priceline Group, Inc. (c)		1,210		1,393,158
Media (6.5%)
Comcast Corp. — Class A		43,480		2,614,887
McGraw Hill Financial, Inc.		21,250		2,134,563
The Walt Disney Co.		26,600		3,036,124
Twenty-First Century Fox, Inc. — Class A		50,140		1,631,806
				9,417,380
Multiline Retail (1.1%)
Dollar General Corp.		21,460		1,668,300
Specialty Retail (1.9%)
Signet Jewelers, Ltd. (b)		5,900		756,616
The Home Depot, Inc.		17,380		1,931,439
				2,688,055
Textiles, Apparel & Luxury Goods (0.7%)
PVH Corp.		8,580		988,416
Consumer Staples (9.4%)
Beverages (2.2%)
Constellation Brands, Inc. — Class A		13,530		1,569,751
Monster Beverage Corp. (c)		12,180		1,632,363
				3,202,114
Food & Staples Retailing (2.7%)
CVS Health Corp.		22,090		2,316,799
The Kroger Co.		21,690		1,572,742
				3,889,541
Food Products (1.4%)
Mondelez International, Inc. — Class A		48,870		2,010,512
Household Products (0.8%)
Colgate-Palmolive Co.		17,340		1,134,209
Personal Care (1.2%)
The Estee Lauder Cos., Inc. — Class A		19,660		1,703,736
Tobacco (1.1%)
Reynolds American, Inc.		21,280		1,588,765
Energy (7.7%)
Energy Equipment & Services (2.2%)
Schlumberger, Ltd.		36,890		3,179,549

	Shares		Value(a)
Oil, Gas & Consumable Fuels (5.5%)
Chevron Corp.		38,760	$	3,739,177
EQT Corp.		18,260		1,485,268
Hess Corp.		14,490		969,091
Marathon Petroleum Corp.		15,060		787,789
Occidental Petroleum Corp.		11,950		929,352
				7,910,677
Financial (15.0%)
Capital Markets (1.0%)
Invesco, Ltd.		36,720		1,376,633
Commercial Banks (7.0%)
Bank of America Corp.		147,660		2,513,173
Citigroup, Inc.		68,910		3,806,588
KeyCorp		93,280		1,401,066
M&T Bank Corp.		5,610		700,857
Regions Financial Corp.		164,260		1,701,734
				10,123,418
Consumer Finance (1.8%)
Capital One Financial Corp.		28,830		2,536,175
Diversified Financial Services (1.0%)
The NASDAQ OMX Group, Inc.		30,440		1,485,776
Insurance (2.0%)
Aflac, Inc.		20,740		1,290,028
American International Group, Inc.		25,790		1,594,338
				2,884,366
Office REITs (1.2%)
Boston Properties, Inc.		14,860		1,798,654
Real Estate Services (1.0%)
CBRE Group, Inc. — Class A (c)		40,020		1,480,740
Health Care (15.5%)
Biotechnology (4.4%)
BioMarin Pharmaceutical, Inc. (c)		16,330		2,233,617
Medivation, Inc. (c)		9,100		1,039,220
Receptos, Inc. (c)		6,380		1,212,519
Vertex Pharmaceuticals, Inc. (c)		14,650		1,808,982
				6,294,338
Health Care Equipment & Supplies (1.5%)
Medtronic PLC (b)		29,400		2,178,540
Health Care Providers & Services (4.0%)
Aetna, Inc.		17,840		2,273,887
HCA Holdings, Inc. (c)		19,360		1,756,339
McKesson Corp.		7,890		1,773,751
				5,803,977
Pharmaceuticals (5.6%)
Akorn, Inc. (c)		33,610		1,467,413
Bristol-Myers Squibb Co.		33,300		2,215,782
Endo International PLC (b) (c)		15,200		1,210,680
Shire PLC, ADR (b)		3,800		917,662
Valeant Pharmaceuticals International, Inc. (c)		10,350		2,299,252
				8,110,789

See accompanying notes to financial statements.
58

SFT Pyramis^® Core Equity Fund
Investments in Securities – continued

	Shares		Value(a)
Industrials (9.9%)
Aerospace & Defense (1.3%)
The Boeing Co.		13,930	$	1,932,370
Air Freight & Logistics (1.5%)
FedEx Corp.		12,710		2,165,784
Airlines (0.6%)
American Airlines Group, Inc.		20,140		804,291
Electrical Equipment (1.0%)
Eaton Corp. PLC		21,200		1,430,788
Industrial Conglomerates (1.7%)
Danaher Corp.		28,990		2,481,254
Machinery (2.4%)
Cummins, Inc.		10,600		1,390,614
Ingersoll-Rand PLC		30,660		2,067,097
				3,457,711
Road & Rail (1.4%)
CSX Corp.		63,040		2,058,256
Information Technology (19.6%)
Computers & Peripherals (3.5%)
Apple, Inc.		40,140		5,034,559
Internet Software & Services (7.4%)
eBay, Inc. (c)		33,960		2,045,750
Facebook, Inc. — Class A (c)		33,560		2,878,274
Google, Inc. — Class A (c)		8,100		4,374,324
LinkedIn Corp. — Class A (c)		6,930		1,431,946
				10,730,294
IT Services (1.1%)
Fidelity National Information Services, Inc.		26,280		1,624,104
Semiconductors & Semiconductor Equipment (3.3%)
Analog Devices, Inc.		35,940		2,306,809
Avago Technologies, Ltd. (b)		7,300		970,389
NXP Semiconductor NV (b) (c)		14,900		1,463,180
				4,740,378
Software (4.3%)
Adobe Systems, Inc. (c)		28,820		2,334,708
Oracle Corp.		62,370		2,513,511
Salesforce.com, Inc. (c)		19,630		1,366,837
				6,215,056
Materials (3.0%)
Chemicals (3.0%)
Ashland, Inc.		8,930		1,088,567
CF Industries Holdings, Inc.		21,000		1,349,880
Ecolab, Inc.		10,370		1,172,536
LyondellBasell Industries NV — Class A		6,790		702,901
				4,313,884
Telecommunication Services (2.1%)
Diversified Telecommunication Services (1.4%)
Verizon Communications, Inc.		42,240		1,968,806

	Shares		Value(a)
Wireless Telecommunication Services (0.7%)
T-Mobile US, Inc. (c)		26,130	$	1,013,060
Utilities (2.7%)
Electric Utilities (1.7%)
American Electric Power Co., Inc.		46,010		2,437,150
Independent Power Producers & Energy Traders (1.0%)
NRG Energy, Inc.		65,850		1,506,648
Total common stocks (cost: $132,787,733)				143,023,399
Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.000%		701,532		701,532
Total short-term securities (cost: $701,532)				701,532
Total investments in securities (cost: $133,489,265) (d)				143,724,931
Cash and other assets in excess of liabilities (0.5%)				700,524
Total net assets (100.0%)			$	144,425,455

Investments in Securities Legend

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

(b) Foreign security: The Fund held 6.6% of net assets in foreign securities at June 30, 2015.

(d) At June 30, 2015 the cost of securities for federal income tax purposes was $133,646,514. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	14,808,498
Gross unrealized depreciation		(4,730,081	)
Net unrealized appreciation	$	10,078,417

See accompanying notes to financial statements.
59

SFT T. Rowe Price Value Fund
Investments in Securities

June 30, 2015
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.8%)
Consumer Discretionary (5.2%)
Auto Components (0.8%)
Johnson Controls, Inc.		37,200	$	1,842,516
Hotels, Restaurants & Leisure (1.4%)
Carnival Corp.		42,400		2,094,136
Las Vegas Sands Corp.		20,700		1,088,199
				3,182,335
Leisure Equipment & Products (0.4%)
Mattel, Inc.		33,800		868,322
Media (1.0%)
Comcast Corp. — Class A		12,800		767,232
Viacom, Inc. — Class B		24,900		1,609,536
				2,376,768
Multiline Retail (0.4%)
JC Penney Co., Inc. (b)		51,400		435,358
Kohl's Corp.		6,100		381,921
				817,279
Specialty Retail (1.2%)
Lowe's Cos., Inc.		39,400		2,638,618
Consumer Staples (7.2%)
Beverages (1.1%)
Coca-Cola Enterprises, Inc.		31,700		1,377,048
Dr Pepper Snapple Group, Inc.		14,400		1,049,760
				2,426,808
Food & Staples Retailing (1.1%)
Rite Aid Corp. (b)		138,500		1,156,475
Sysco Corp.		35,100		1,267,110
				2,423,585
Food Products (3.4%)
Bunge, Ltd.		27,200		2,388,160
ConAgra Foods, Inc.		45,800		2,002,376
Ingredion, Inc.		32,800		2,617,768
Tyson Foods, Inc. — Class A		15,800		673,554
				7,681,858
Household Products (0.3%)
Energizer Holdings, Inc.		4,600		605,130
Tobacco (1.3%)
Philip Morris International, Inc.		36,800		2,950,256
Energy (3.8%)
Oil, Gas & Consumable Fuels (3.8%)
Apache Corp.		23,700		1,365,831
Canadian Natural Resources, Ltd. (c)		63,700		1,730,092
Cimarex Energy Co.		8,440		931,017
Concho Resources, Inc. (b)		9,700		1,104,442
Occidental Petroleum Corp.		9,400		731,038
Pioneer Natural Resources Co.		19,500		2,704,455
				8,566,875

	Shares		Value(a)
Financial (24.2%)
Capital Markets (5.8%)
Ameriprise Financial, Inc.		7,900	$	986,947
Morgan Stanley		127,500		4,945,725
State Street Corp.		36,700		2,825,900
The Bank of New York Mellon Corp.		102,000		4,280,940
				13,039,512
Commercial Banks (9.9%)
Bank of America Corp.		228,500		3,889,070
Barclays PLC (c)		105,994		434,245
Citigroup, Inc.		115,700		6,391,268
JPMorgan Chase & Co.		93,400		6,328,784
Royal Bank of Scotland Group PLC (b) (c)		162,095		896,068
The PNC Financial Services Group, Inc.		15,300		1,463,445
Wells Fargo & Co.		50,000		2,812,000
				22,214,880
Consumer Finance (0.6%)
Discover Financial Services		24,200		1,394,404
Diversified Financial Services (0.7%)
Intercontinental Exchange, Inc.		7,600		1,699,436
Insurance (5.9%)
Genworth Financial, Inc. — Class A (b)		122,800		929,596
Marsh & McLennan Cos., Inc.		52,600		2,982,420
MetLife, Inc.		104,500		5,850,955
The Allstate Corp.		4,300		278,941
Willis Group Holdings PLC (c)		19,500		914,550
XL Group PLC (c)		60,000		2,232,000
				13,188,462
Specialized REITs (1.3%)
Digital Realty Trust, Inc.		18,000		1,200,240
Weyerhaeuser Co.		52,600		1,656,900
				2,857,140
Health Care (22.1%)
Biotechnology (1.6%)
Amgen, Inc.		6,800		1,043,936
Baxalta, Inc. (b) (d)		15,600		498,264
Gilead Sciences, Inc.		17,400		2,037,192
				3,579,392
Health Care Equipment & Supplies (1.9%)
Baxter International, Inc.		5,200		363,636
Medtronic PLC (c)		52,216		3,869,206
				4,232,842
Health Care Providers & Services (7.5%)
Aetna, Inc.		20,300		2,587,438
Anthem, Inc.		19,200		3,151,488
Cigna Corp.		29,400		4,762,800
DaVita HealthCare Partners, Inc. (b)		2,400		190,728

See accompanying notes to financial statements.
60

SFT T. Rowe Price Value Fund
Investments in Securities – continued

	Shares		Value(a)
HCA Holdings, Inc. (b)		38,300	$	3,474,576
UnitedHealth Group, Inc.		22,700		2,769,400
				16,936,430
Life Sciences Tools & Services (2.6%)
Agilent Technologies, Inc.		67,300		2,596,434
Thermo Fisher Scientific, Inc.		23,900		3,101,264
				5,697,698
Pharmaceuticals (8.5%)
AbbVie, Inc.		56,800		3,816,392
Allergan PLC (b)		6,000		1,820,760
Merck & Co., Inc.		38,000		2,163,340
Mylan NV (b)		32,300		2,191,878
Novartis AG (c)		10,504		1,035,732
Pfizer, Inc.		242,700		8,137,731
				19,165,833
Industrials (15.2%)
Aerospace & Defense (5.4%)
Honeywell International, Inc.		34,200		3,487,374
The Boeing Co.		33,800		4,688,736
United Technologies Corp.		36,500		4,048,945
				12,225,055
Airlines (2.5%)
American Airlines Group, Inc.		142,700		5,698,725
Commercial Services & Supplies (0.6%)
Tyco International PLC		34,700		1,335,256
Industrial Conglomerates (5.8%)
Danaher Corp.		15,300		1,309,527
General Electric Co.		407,800		10,835,246
Textron, Inc.		18,700		834,581
				12,979,354
Machinery (0.9%)
Pentair PLC (c)		27,600		1,897,500
Information Technology (8.0%)
Communications Equipment (1.0%)
Cisco Systems, Inc.		42,800		1,175,288
QUALCOMM, Inc.		17,800		1,114,814
				2,290,102
Computers & Peripherals (0.5%)
Western Digital Corp.		13,400		1,050,828
Electronic Equipment, Instruments & Components (0.8%)
Keysight Technologies, Inc. (b)		21,000		654,990
Seagate Technology PLC		18,900		897,750
TE Connectivity, Ltd. (c)		2,700		173,610
				1,726,350
IT Services (0.6%)
The Western Union Co.		67,600		1,374,308
Semiconductors & Semiconductor Equipment (2.3%)
Micron Technology, Inc. (b)		143,800		2,709,192
Texas Instruments, Inc.		50,300		2,590,953
				5,300,145

	Shares		Value(a)
Software (2.8%)
CA, Inc.		91,500	$	2,680,035
Microsoft Corp.		82,400		3,637,960
				6,317,995
Materials (4.0%)
Chemicals (2.7%)
Ashland, Inc.		13,000		1,584,700
Celanese Corp. - Series A		42,800		3,076,464
EI du Pont de Nemours & Co.		10,200		652,290
LyondellBasell Industries NV — Class A		8,100		838,512
				6,151,966
Construction Materials (0.3%)
Vulcan Materials Co.		7,000		587,510
Paper & Forest Products (1.0%)
International Paper Co.		17,600		837,584
West Fraser Timber Co., Ltd. (c)		25,900		1,423,779
				2,261,363
Telecommunication Services (1.3%)
Diversified Telecommunication Services (0.5%)
AT&T, Inc.		24,000		852,480
Frontier Communications Corp.		72,700		359,865
				1,212,345
Wireless Telecommunication Services (0.8%)
T-Mobile US, Inc. (b)		46,300		1,795,051
Utilities (7.8%)
Electric Utilities (4.3%)
American Electric Power Co., Inc.		41,500		2,198,255
Entergy Corp.		9,500		669,750
Exelon Corp.		95,200		2,991,184
FirstEnergy Corp.		116,200		3,782,310
				9,641,499
Independent Power Producers & Energy Traders (2.1%)
NRG Energy, Inc.		56,900		1,301,872
The AES Corp.		263,800		3,497,988
				4,799,860
Multi-Utilities (1.4%)
CenterPoint Energy, Inc.		27,400		521,422
PG&E Corp.		53,600		2,631,760
				3,153,182
Total common stocks (cost: $208,079,602)				222,184,773

See accompanying notes to financial statements.
61

SFT T. Rowe Price Value Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (1.2%)
Investment Companies (1.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.000%		740,688	$	740,688
T. Rowe Price Reserve Investment Fund, current rate 0.000%		1,970,615		1,970,615
Total short-term securities (cost: $2,711,303)				2,711,303
Total investments in securities (cost: $210,790,905) (e)				224,896,076
Liabilities in excess of cash and other assets (0.0%)				(103,489	)
Total net assets (100.0%)			$	224,792,587

Investments in Securities Legend

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

(b) Non-income producing security.

(d) Security is issued on a when-issued or forward commitment basis. As of June 30, 2015 the total cost of investments issued on a when-issued or forward commitment basis was $518,245.

(e) At June 30, 2015 the cost of securities for federal income tax purposes was $210,939,729. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	20,796,864
Gross unrealized depreciation		(6,840,517	)
Net unrealized appreciation	$	13,956,347

See accompanying notes to financial statements.
62

(This page has been left blank intentionally.)

Securian Funds Trust

Statements of Assets and Liabilities

June 30, 2015

(Unaudited)

	SFT Advantus Bond Fund		SFT Advantus Index 400 Mid-Cap Fund		SFT Advantus Index 500 Fund		SFT Advantus International Bond Fund			SFT Advantus Managed Volatility Fund		SFT Advantus Money Market Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	376,776,807	$	232,759,343	$	687,113,698	$	95,979,108		$	114,912,510	$	84,577,905
Affiliated issuers (note 8)		–		–		–		–			77,564,575		–
Cash in bank on demand deposit		55,869		556,012		65,505		21,184,787	^(a)		–		258
Foreign currency in bank on deposit (identified cost $1,782,323 and $5,609 for SFT Advantus International Bond Fund and SFT T. Rowe Price Value Fund)		–		–		–		1,753,020			–		–
Receivable for Fund shares sold		–		87,267		–		360			750,054		317,512
Receivable for investment securities sold (including paydowns)		2,765,692		2,705,720		110,244		–			–		–
Receivable for investment securities sold on a forward – commitment basis (note 2)		1,543,966		–		–		–			–		–
Dividends and accrued interest receivable		2,738,989		209,371		775,330		960,359			701,363		226
Receivable for refundable foreign income taxes withheld		–		–		–		250,310			–		–
Receivable from Adviser (note 4)		–		–		–		–			31,735		53,786
Unrealized appreciation on forward foreign currency contracts held, at value		–		–		–		6,485,837			–		–
Variation margin receivable		3,180		8,042		29,250		13,354			176,174		–
Prepaid expenses		2,805		2,806		2,806		2,806			2,806		2,805
Total assets		383,887,308		236,328,561		688,096,833		126,629,941			194,139,217		84,952,492
Liabilities
Bank overdraft		–		–		–		–			1,582,040		–
Payable for Fund shares repurchased		49,796		24,072		97,701		32,710			–		–
Payable for investment securities purchased		–		2,452,030		290,219		9,005			–		–
Payable for investment securities purchased on a forward – commitment basis (note 2)		10,846,147		–		–		–			–		–
Payable to Adviser		204,567		80,311		213,399		91,755			148,214		51,539
Accrued expenses		121,872		80,973		99,599		89,967			59,832		78,126
Unrealized depreciation on forward foreign currency contracts held, at value		–		–		–		2,157,949			–		–
Total liabilities		11,222,382		2,637,386		700,918		2,381,386			1,790,086		129,665
Net assets applicable to outstanding capital stock	$	372,664,926	$	233,691,175	$	687,395,915	$	124,248,555		$	192,349,131	$	84,822,827
Represented by:
Paid in capital**	$	348,613,196	$	99,194,342	$	197,453,935	$	105,787,714		$	184,833,910	$	84,863,320
Retained earnings (deficit)		24,051,730		134,496,833		489,941,980		18,460,841			7,515,221		(40,493	)
Total	$	372,664,926	$	233,691,175	$	687,395,915	$	124,248,555		$	192,349,131	$	84,822,827
Net assets by class:
Class 1	$	5,860,109	$	16,862,730	$	107,881,248	$	990,757		$	N/A	$	N/A
Class 2		366,804,817		216,828,445		579,514,667		123,257,798			192,349,131		84,822,827
Net asset value per share of outstanding capital stock by class:
Class 1		2.163		3.787		7.824		2.509			N/A		N/A
Class 2		2.128		3.727		7.698		2.468			11.501		1.000
* Identified cost
Unaffiliated issuers	$	369,733,162	$	155,391,957	$	295,605,013	$	104,211,048		$	116,185,979	$	84,577,905
Affiliated issuers		–		–		–		–			72,000,000		–
** Shares outstanding by class:
Class 1		2,709,592		4,452,296		13,789,282		394,953			N/A		N/A
Class 2		172,369,443		58,182,734		75,283,325		49,939,751			16,724,293		84,865,386

^(a) An amount of $869,711 has been segregated to collateralize margin requirements for open centrally cleared swaps
outstanding at June 30, 2015 for SFT Advantus International Bond Fund.

See accompanying notes to financial statements.
64

	SFT Advantus Mortgage Securities Fund			SFT Advantus Real Estate Securities Fund		SFT Ivy^SMGrowth Fund		SFT Ivy^SMSmall Cap Growth Fund		SFT Pyramis^® Core Equity Fund		SFT T. Rowe Price Value Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	102,488,465		$	136,015,234	$	501,978,846	$	192,932,679	$	143,724,931	$	224,896,076
Affiliated issuers (note 8)		–			–		–		–		–		–
Cash in bank on demand deposit		6,498			–		–		–		6,417		7,450
Foreign currency in bank on deposit (identified cost $1,782,323 and $5,609 for SFT Advantus International Bond Fund and SFT T. Rowe Price Value Fund)		–			–		–		–		–		5,615
Receivable for Fund shares sold		7,915			43,890		–		–		–		–
Receivable for investment securities sold (including paydowns)		2,689			334,985		–		409,542		971,964		2,137,438
Receivable for investment securities sold on a forward – commitment basis (note 2)		–			–		–		–		–		–
Dividends and accrued interest receivable		307,584			452,678		161,805		37,212		106,934		327,806
Receivable for refundable foreign income taxes withheld		–			–		–		–		–		–
Receivable from Adviser (note 4)		–			–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts held, at value		–			–		–		–		–		–
Variation margin receivable		–			–		–		–		–		–
Prepaid expenses		2,805			2,806		2,806		2,806		2,806		2,806
Total assets		102,815,956			136,849,593		502,143,457		193,382,239		144,813,052		227,377,191
Liabilities
Bank overdraft		–			–		–		–		–		–
Payable for Fund shares repurchased		11,984			–		105,437		11,889		134,309		20,355
Payable for investment securities purchased		344,485			1,050,219		–		–		–		1,778,725
Payable for investment securities purchased on a forward – commitment basis (note 2)		4,773,606			–		–		–		–		518,245
Payable to Adviser		61,814			112,994		390,979		181,123		117,345		182,339
Accrued expenses		75,277			71,968		85,284		72,562		135,943		84,940
Unrealized depreciation on forward foreign currency contracts held, at value		–			–		–		–		–		–
Total liabilities		5,267,166			1,235,181		581,700		265,574		387,597		2,584,604
Net assets applicable to outstanding capital stock	$	97,548,790		$	135,614,412	$	501,561,757	$	193,116,665	$	144,425,455	$	224,792,587
Represented by:
Paid in capital**	$	117,619,662		$	71,284,695	$	417,484,069	$	163,436,650	$	122,734,727	$	203,826,167
Retained earnings (deficit)		(20,070,872	)		64,329,717		84,077,688		29,680,015		21,690,728		20,966,420
Total	$	97,548,790		$	135,614,412	$	501,561,757	$	193,116,665	$	144,425,455	$	224,792,587
Net assets by class:
Class 1	$	862,901		$	5,748,950	$	N/A	$	N/A	$	604,921	$	N/A
Class 2		96,685,889			129,865,462		501,561,757		193,116,665		143,820,534		224,792,587
Net asset value per share of outstanding capital stock by class:
Class 1		1.858			3.880		N/A		N/A		11.662		N/A
Class 2		1.828			3.817		11.833		11.773		11.628		10.947
* Identified cost
Unaffiliated issuers	$	100,889,333		$	123,186,778	$	420,956,930	$	161,417,632	$	133,489,265	$	210,790,905
Affiliated issuers		–			–		–		–		–		–
** Shares outstanding by class:
Class 1		464,337			1,481,862		N/A		N/A		51,872		N/A
Class 2		52,878,898			34,022,695		42,388,053		16,404,026		12,368,120		20,534,857

Securian Funds Trust

Statements of Operations

Six months ended June 30, 2015

(Unaudited)

	SFT Advantus Bond Fund			SFT Advantus Index 400 Mid-Cap Fund			SFT Advantus Index 500 Fund			SFT Advantus International Bond Fund			SFT Advantus Managed Volatility Fund			SFT Advantus Money Market Fund
Investment Income
Interest (net of foreign withholding taxes of $103,460 and $455 for SFT Advantus International Bond Fund and SFT Advantus Managed Volatility Fund)¹	$	6,662,786		$	–		$	82		$	2,076,526		$	1,012,739		$	35,575
Unaffiliated Dividends (net of foreign withholding taxes of $1,008, $57,254, $5,125 and $21,935, respectively for SFT Advantus Index 500 Fund, SFT Ivy^SM Growth Fund, SFT Pyramis^® Core Equity Fund and SFT T. Rowe Price Value Fund)		237			1,776,033			6,913,571			817			109,301			–
Total investment income		6,663,023			1,776,033			6,913,653			2,077,343			1,122,040			35,575
Expenses (note 4):
Investment advisory fee		747,209			176,638			506,861			374,393			536,150			123,098
Rule 12b-1 fees – class 2		459,952			274,212			731,168			154,802			206,211			102,581
Shareholder servicing fee		86,118			40,913			75,474			42,731			28,399			44,799
Audit and accounting services		25,264			23,890			24,486			26,406			24,303			31,257
Administrative services fee		19,971			15,353			15,353			22,474			12,989			22,473
Legal fees		13,643			9,492			9,492			9,492			9,492			10,627
Custodian fees		6,625			5,269			10,718			66,475			1,848			3,386
Printing and shareholder reports		5,950			5,950			5,760			5,950			5,950			5,950
Trustee's fees		9,884			9,884			9,884			9,884			9,884			9,884
S&P Licensing fee		–			16,059			32,340			–			–			–
Insurance		4,060			4,060			4,060			4,060			4,060			4,060
Other		4,795			3,857			8,980			6,318			1,041			2,051
Total expenses before fees waived		1,383,471			585,577			1,434,576			722,985			840,327			360,166
Less fees waived (note 4)		–			–			–			–			(180,450	)		(324,591	)
Total expenses net of fees waived		1,383,471			585,577			1,434,576			722,985			659,877			35,575
Investment income – net		5,279,552			1,190,456			5,479,077			1,354,358			462,163			–
Realized and unrealized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		1,737,466			13,304,341			12,691,931			(1,435,622	)		6,591			(29	)
Affiliated issuers (note 8)		–			–			–			–			–			–
Swaps		–			–			–			(120,082	)		–			–
Foreign currency transactions		–			–			–			5,559,748			–			–
Net increase from litigation payments		–			17			31,255			–			–			–
Futures transactions		(326,613	)		256,725			396,607			–			367,514			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		(4,979,637	)		(5,408,254	)		(11,586,884	)		(4,222,799	)		(1,932,956	)		–
Affiliated issuers (note 8)		–			–			–			–			492,915			–
Swaps		–			–			–			384,912			–			–
Translation of assets and liabilities in foreign currency		–			–			–			(2,076,031	)		–			–
Futures transactions		376,098			(159,077	)		(245,246	)		–			(1,560,562	)		–
Net gains (losses) on investments		(3,192,686	)		7,993,752			1,287,663			(1,909,874	)		(2,626,498	)		(29	)
Net increase (decrease) in net assets resulting from operations	$	2,086,866		$	9,184,208		$	6,766,740		$	(555,516	)	$	(2,164,335	)	$	(29	)

¹ All income is from unaffiliated issuers.

² The Fund commenced operations on May 1, 2014.

See accompanying notes to financial statements.
66

	SFT Advantus Mortgage Securities Fund			SFT Advantus Real Estate Securities Fund			SFT Ivy^SMGrowth Fund²			SFT Ivy^SMSmall Cap Growth Fund²			SFT Pyramis^®Core Equity Fund²			SFT T. Rowe Price Value Fund²
Investment Income
Interest (net of foreign withholding taxes of $103,460 and $455 for SFT Advantus International Bond Fund and SFT Advantus Managed Volatility Fund)¹	$	1,424,273		$	–		$	23,183		$	22,147		$	11,670		$	13,759
Unaffiliated Dividends (net of foreign withholding taxes of $1,008, $57,254, $5,125 and $21,935, respectively for SFT Advantus Index 500 Fund, SFT Ivy^SM Growth Fund, SFT Pyramis^® Core Equity Fund and SFT T. Rowe Price Value Fund)		1,399			2,168,840			2,252,359			413,310			979,193			2,334,835
Total investment income		1,425,672			2,168,840			2,275,542			435,457			990,863			2,348,594
Expenses (note 4):
Investment advisory fee		196,873			522,844			1,687,494			780,287			465,132			765,639
Rule 12b-1 fees – class 2		121,996			179,372			630,472			229,496			178,052			285,686
Shareholder servicing fee		31,103			35,790			55,932			19,272			32,310			20,813
Audit and accounting services		27,814			21,439			19,605			19,318			20,360			19,318
Administrative services fee		18,494			15,769			12,969			12,969			12,969			12,969
Legal fees		11,286			9,492			9,492			9,492			9,492			9,492
Custodian fees		4,336			3,935			3,125			4,202			9,647			20,090
Printing and shareholder reports		5,950			5,950			5,897			5,897			5,897			5,897
Trustee's fees		9,884			9,884			9,884			9,884			9,884			9,884
S&P Licensing fee		–			–			–			–			–			–
Insurance		4,060			4,060			4,060			4,060			4,060			4,060
Other		1,968			2,610			6,092			2,710			2,506			3,343
Total expenses before fees waived		433,764			811,145			2,445,022			1,097,587			750,309			1,157,191
Less fees waived (note 4)		–			–			–			–			–			–
Total expenses net of fees waived		433,764			811,145			2,445,022			1,097,587			750,309			1,157,191
Investment income – net		991,908			1,357,695			(169,480	)		(662,130	)		240,554			1,191,403
Realized and unrealized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		308,358			8,903,653			4,945,656			(72,381	)		6,300,991			5,410,021
Affiliated issuers (note 8)		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Foreign currency transactions		–			–			(911	)		–			–			169
Net increase from litigation payments		–			–			–			–			–			–
Futures transactions		74,902			–			–			–			–			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		(213,788	)		(18,495,183	)		20,793,585			16,572,708			(290,867	)		(4,204,349	)
Affiliated issuers (note 8)		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Translation of assets and liabilities in foreign currency		–			–			(182	)		–			–			(490	)
Futures transactions		(22,451	)		–			–			–			–			–
Net gains (losses) on investments		147,021			(9,591,530	)		25,738,148			16,500,327			6,010,124			1,205,351
Net increase (decrease) in net assets resulting from operations	$	1,138,929		$	(8,233,835	)	$	25,568,668		$	15,838,197		$	6,250,678		$	2,396,754

Securian Funds Trust

Statements of Changes in Net Assets

Six months ended June 30, 2015 and year or period ended December 31, 2014

(Unaudited)

	SFT Advantus Bond Fund						SFT Advantus Index 400 Mid-Cap Fund						SFT Advantus Index 500 Fund
	2015			2014			2015			2014			2015			2014
Operations:
Investment income – net	$	5,279,552		$	10,490,438		$	1,190,456		$	2,074,322		$	5,479,077		$	9,416,510
Net realized gains (losses) on investments		1,410,853			5,323,640			13,561,083			18,528,096			13,119,793			20,406,066
Net change in unrealized appreciation or depreciation of investments		(4,603,539	)		6,751,632			(5,567,331	)		(190,675	)		(11,832,130	)		44,983,090
Net increase (decrease) in net assets resulting from operations		2,086,866			22,565,710			9,184,208			20,411,743			6,766,740			74,805,666
Capital stock transactions:
Proceeds from sales
Class 1		748,252			1,088,939			1,261,438			2,793,272			47,404,421			20,039,931
Class 2		5,142,164			10,539,299			2,033,282			2,307,433			6,652,228			12,078,003
Payments for redemption of shares
Class 1		(321,274	)		(401,562	)		(437,961	)		(1,485,358	)		(1,262,142	)		(1,619,213	)
Class 2		(9,319,324	)		(19,911,931	)		(12,072,655	)		(18,990,276	)		(18,606,045	)		(35,689,410	)
Increase (decrease) in net assets from capital stock transactions		(3,750,182	)		(8,685,255	)		(9,215,896	)		(15,374,929	)		34,188,462			(5,190,689	)
Total increase (decrease) in net assets		(1,663,316	)		13,880,455			(31,688	)		5,036,814			40,955,202			69,614,977
Net assets at beginning of period		374,328,242			360,447,787			233,722,863			228,686,049			646,440,713			576,825,736
Net assets at end of period	$	372,664,926		$	374,328,242		$	233,691,175		$	233,722,863		$	687,395,915		$	646,440,713
Capital share transactions:
Proceeds from sales
Class 1		342,698			517,670			333,298			807,007			6,075,799			2,759,483
Class 2		2,401,286			5,132,108			542,913			676,065			859,003			1,673,196
Net change from capital transactions		2,743,984			5,649,778			876,211			1,483,072			6,934,802			4,432,679
Payments for redemption of shares
Class 1		(147,539	)		(192,513	)		(116,815	)		(422,915	)		(159,177	)		(220,570	)
Class 2		(4,336,592	)		(9,619,309	)		(3,239,497	)		(5,564,536	)		(2,398,855	)		(5,063,900	)
Net change from capital transactions		(4,484,131	)		(9,811,822	)		(3,356,312	)		(5,987,451	)		(2,558,032	)		(5,284,470	)

See accompanying notes to financial statements.
68

	SFT Advantus International Bond Fund						SFT Advantus Managed Volatility Fund						SFT Advantus Money Market Fund
	2015			2014			2015			2014			2015			2014
Operations:
Investment income – net	$	1,354,358		$	3,465,787		$	462,163		$	279,917		$	–		$	–
Net realized gains (losses) on investments		4,004,044			1,876,438			374,105			2,833,438			(29	)		–
Net change in unrealized appreciation or depreciation of investments		(5,913,918	)		(3,103,056	)		(3,000,603	)		3,450,672			–			–
Net increase (decrease) in net assets resulting from operations		(555,516	)		2,239,169			(2,164,335	)		6,564,027			(29	)		–
Capital stock transactions:
Proceeds from sales
Class 1		83,387			206,840			–			–			–			–
Class 2		2,256,074			2,419,289			64,498,096			72,364,610			9,218,733			25,862,636
Payments for redemption of shares
Class 1		(27,186	)		(38,489	)		–			–			–			–
Class 2		(2,620,177	)		(9,355,978	)		(1,031,400	)		(812,666	)		(11,300,241	)		(28,381,528	)
Increase (decrease) in net assets from capital stock transactions		(307,902	)		(6,768,338	)		63,466,696			71,551,944			(2,081,508	)		(2,518,892	)
Total increase (decrease) in net assets		(863,418	)		(4,529,169	)		61,302,361			78,115,971			(2,081,537	)		(2,518,892	)
Net assets at beginning of period		125,111,973			129,641,142			131,046,770			52,930,799			86,904,364			89,423,256
Net assets at end of period	$	124,248,555		$	125,111,973		$	192,349,131		$	131,046,770		$	84,822,827		$	86,904,364
Capital share transactions:
Proceeds from sales
Class 1		32,945			81,804			–			–			–			–
Class 2		908,214			975,387			5,517,136			6,435,831			9,218,733			25,862,637
Net change from capital transactions		941,159			1,057,191			5,517,136			6,435,831			9,218,733			25,862,637
Payments for redemption of shares
Class 1		(10,775	)		(15,250	)		–			–			–			–
Class 2		(1,052,712	)		(3,766,044	)		(87,412	)		(73,605	)		(11,300,241	)		(28,381,528	)
Net change from capital transactions		(1,063,487	)		(3,781,294	)		(87,412	)		(73,605	)		(11,300,241	)		(28,381,528	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2015 and year or period ended December 31, 2014

(Unaudited)

	SFT Advantus Mortgage Securities Fund						SFT Advantus Real Estate Securities Fund						SFT Ivy^SMGrowth Fund¹
	2015			2014			2015			2014			2015			2014
Operations:
Investment income – net	$	991,908		$	1,451,377		$	1,357,695		$	1,919,833		$	(169,480	)	$	511,542
Net realized gains (losses) on investments		383,260			1,180,902			8,903,653			23,652,204			4,944,745			(2,230,926	)
Net change in unrealized appreciation or depreciation of investments		(236,239	)		2,845,918			(18,495,183	)		10,027,900			20,793,403			60,228,404
Net increase (decrease) in net assets resulting from operations		1,138,929			5,478,197			(8,233,835	)		35,599,937			25,568,668			58,509,020
Capital stock transactions:
Proceeds from sales
Class 1		72,697			101,479			751,519			937,065			–			–
Class 2		1,993,942			3,621,084			10,983,403			13,531,097			3,036,784			481,022,463
Payments for redemption of shares
Class 1		(32,701	)		(331,640	)		(145,100	)		(379,801	)		–			–
Class 2		(3,785,248	)		(7,263,304	)		(14,621,251	)		(19,274,268	)		(27,618,383	)		(38,956,795	)
Increase (decrease) in net assets from capital stock transactions		(1,751,310	)		(3,872,381	)		(3,031,429	)		(5,185,907	)		(24,581,599	)		442,065,668
Total increase (decrease) in net assets		(612,381	)		1,605,816			(11,265,264	)		30,414,030			987,069			500,574,688
Net assets at beginning of period		98,161,171			96,555,355			146,879,676			116,465,646			500,574,688			–
Net assets at end of period	$	97,548,790		$	98,161,171		$	135,614,412		$	146,879,676		$	501,561,757		$	500,574,688
Capital share transactions:
Proceeds from sales
Class 1		38,971			56,585			179,663			255,827			–			–
Class 2		1,086,424			2,044,593			2,612,512			3,874,913			258,131			48,099,534
Net change from capital transactions		1,125,395			2,101,178			2,792,175			4,130,740			258,131			48,099,534
Payments for redemption of shares
Class 1		(17,534	)		(182,696	)		(33,986	)		(100,919	)		–			–
Class 2		(2,057,984	)		(4,106,052	)		(3,527,261	)		(5,260,831	)		(2,354,026	)		(3,615,586	)
Net change from capital transactions		(2,075,518	)		(4,288,748	)		(3,561,247	)		(5,361,750	)		(2,354,026	)		(3,615,586	)

¹ The Fund commenced operations on May 1, 2014.

See accompanying notes to financial statements.
70

	SFT Ivy^SM Small Cap Growth Fund¹						SFT Pyramis^® Core Equity Fund¹						SFT T. Rowe Price Value Fund¹
	2015			2014			2015			2014			2015			2014
Operations:
Investment income – net	$	(662,130	)	$	(831,705	)	$	240,554		$	479,471		$	1,191,403		$	1,711,314
Net realized gains (losses) on investments		(72,381	)		(268,816	)		6,300,991			4,434,046			5,410,190			(1,450,499	)
Net change in unrealized appreciation or depreciation of investments		16,572,708			14,942,339			(290,867	)		10,526,533			(4,204,839	)		18,308,851
Net increase (decrease) in net assets resulting from operations		15,838,197			13,841,818			6,250,678			15,440,050			2,396,754			18,569,666
Capital stock transactions:
Proceeds from sales
Class 1		–			–			36,203			633,044			–			–
Class 2		1,997,839			177,134,855			5,300,348			144,294,431			1,063,629			230,523,628
Payments for redemption of shares
Class 1		–			–			(124,221	)		(38,980	)		–			–
Class 2		(7,003,619	)		(8,692,425	)		(8,972,075	)		(18,394,023	)		(11,870,074	)		(15,891,016	)
Increase (decrease) in net assets from capital stock transactions		(5,005,780	)		168,442,430			(3,759,745	)		126,494,472			(10,806,445	)		214,632,612
Total increase (decrease) in net assets		10,832,417			182,284,248			2,490,933			141,934,522			(8,409,691	)		233,202,278
Net assets at beginning of period		182,284,248			–			141,934,522			–			233,202,278			–
Net assets at end of period	$	193,116,665		$	182,284,248		$	144,425,455		$	141,934,522		$	224,792,587		$	233,202,278
Capital share transactions:
Proceeds from sales
Class 1		–			–			3,110			63,118			–			–
Class 2		169,471			17,711,636			456,737			14,422,514			96,885			23,044,990
Net change from capital transactions		169,471			17,711,636			459,847			14,485,632			96,885			23,044,990
Payments for redemption of shares
Class 1		–			–			(10,692	)		(3,664	)		–			–
Class 2		(627,715	)		(849,366	)		(782,352	)		(1,728,779	)		(1,082,887	)		(1,524,131	)
Net change from capital transactions		(627,715	)		(849,366	)		(793,044	)		(1,732,443	)		(1,082,887	)		(1,524,131	)

Securian Funds Trust
Financial Highlights

SFT Advantus Bond Fund

	Class 1 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	2.148		$	2.016		$	2.024		$	1.880		$	1.736		$	1.583
Income from investment operations:
Net investment income (a)		.033			.064			.060			.055			.045			.067
Net gains (losses) (both realized and unrealized)		(.018	)		.068			(.068	)		.089			.099			.086
Total from investment operations		.015			.132			(.008	)		.144			.144			.153
Net asset value, end of period	$	2.163		$	2.148		$	2.016		$	2.024		$	1.880		$	1.736
Total return (b)		0.67	%		6.56	%		(0.40	)%		7.69	%		8.30	%		9.69	%
Net assets, end of period (in thousands)	$	5,860		$	5,402		$	4,414		$	3,156		$	421		$	331
Ratios to average net assets:
Expenses (c)		.49	%(d)		.49	%		.51	%		.51	%		.50	%		.50	%
Net investment income		3.07	%(d)		3.07	%		2.96	%		2.77	%		2.48	%		3.94	%
Portfolio turnover rate (excluding short-term securities)		95.1	%		193.5	%		235.8	%		205.5	%		270.5	%		247.1	%
	Class 2 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	2.117		$	1.991		$	2.004		$	1.866		$	1.727		$	1.579
Income from investment operations:
Net investment income (a)		.030			.058			.054			.047			.041			.064
Net gains (losses) (both realized and unrealized)		(.019	)		.068			(.067	)		.091			.098			.084
Total from investment operations		.011			.126			(.013	)		.138			.139			.148
Net asset value, end of period	$	2.128		$	2.117		$	1.991		$	2.004		$	1.866		$	1.727
Total return (b)		0.54	%		6.29	%		(0.65	)%		7.42	%		8.03	%		9.41	%
Net assets, end of period (in thousands)	$	366,805		$	368,926		$	356,034		$	360,115		$	359,289		$	365,923
Ratios to average net assets:
Expenses (c)		.74	%(d)		.74	%		.76	%		.76	%		.75	%		.75	%
Net investment income		2.82	%(d)		2.82	%		2.71	%		2.41	%		2.26	%		3.79	%
Portfolio turnover rate (excluding short-term securities)		95.1	%		193.5	%		235.8	%		205.5	%		270.5	%		247.1	%

(a) Based on average shares outstanding during the year.

(b) Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(c) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Index 400 Mid-Cap Fund

	Class 1 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	3.640		$	3.324		$	2.497		$	2.124		$	2.168		$	1.717
Income from investment operations:
Net investment income (a)		.023			.040			.034			.040			.021			.019
Net gains (losses) (both realized and unrealized)		.124			.276			.793			.333			(.065	)		.432
Total from investment operations		.147			.316			.827			.373			(.044	)		.451
Net asset value, end of period	$	3.787		$	3.640		$	3.324		$	2.497		$	2.124		$	2.168
Total return (b)		4.06	%		9.51	%		33.11	%		17.54	%		(2.02	)%		26.24	%
Net assets, end of period (in thousands)	$	16,863		$	15,418		$	12,802		$	6,656		$	249		$	179
Ratios to average net assets:
Expenses (c)		.26	%(d)		.25	%		.28	%		.31	%		.29	%		.31	%
Net investment income		1.25	%(d)		1.15	%		1.15	%		1.65	%		1.09	%		1.02	%
Portfolio turnover rate (excluding short-term securities)		8.0	%		12.0	%		9.3	%		8.0	%		16.3	%		13.2	%
	Class 2 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	3.586		$	3.283		$	2.472		$	2.109		$	2.157		$	1.713
Income from investment operations:
Net investment income (a)		.018			.030			.025			.023			.015			.014
Net gains (losses) (both realized and unrealized)		.123			.273			.786			.340			(.063	)		.430
Total from investment operations		.141			.303			.811			.363			(.048	)		.444
Net asset value, end of period	$	3.727		$	3.586		$	3.283		$	2.472		$	2.109		$	2.157
Total return (b)		3.93	%		9.24	%		32.78	%		17.24	%		(2.26	)%		25.93	%
Net assets, end of period (in thousands)	$	216,828		$	218,305		$	215,884		$	180,588		$	165,651		$	182,525
Ratios to average net assets:
Expenses (c)		.51	%(d)		.50	%		.53	%		.56	%		.54	%		.56	%
Net investment income		.99	%(d)		.89	%		.87	%		.99	%		.82	%		.74	%
Portfolio turnover rate (excluding short-term securities)		8.0	%		12.0	%		9.3	%		8.0	%		16.3	%		13.2	%

(a) Based on average shares outstanding during the year.

(d) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Index 500 Fund

	Class 1 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	7.737		$	6.822		$	5.167		$	4.465		$	4.384		$	3.818
Income from investment operations:
Net investment income (a)		.073			.132			.115			.111			.083			.072
Net gains (losses) (both realized and unrealized)		.014			.783			1.540			.591			(.002	)		.494
Total from investment operations		.087			.915			1.655			.702			.081			.566
Net asset value, end of period	$	7.824		$	7.737		$	6.822		$	5.167		$	4.465		$	4.384
Total return (b)		1.12	%		13.41	%		32.04	%		15.71	%		1.85	%		14.82	%
Net assets, end of period (in thousands)	$	107,881		$	60,909		$	36,387		$	11,524		$	421		$	252
Ratios to average net assets:
Expenses (c)		.21	%(d)		.21	%		.22	%		.24	%		.23	%		.22	%
Net investment income		1.87	%(d)		1.83	%		1.88	%		2.19	%		1.88	%		1.82	%
Portfolio turnover rate (excluding short-term securities)		1.5	%		4.8	%		4.5	%		2.6	%		4.6	%		4.1	%
	Class 2 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	7.622		$	6.737		$	5.115		$	4.432		$	4.362		$	3.809
Income from investment operations:
Net investment income (a)		.061			.110			.095			.088			.070			.061
Net gains (both realized and unrealized)		.015			.775			1.527			.595			–			.492
Total from investment operations		.076			.885			1.622			.683			.070			.553
Net asset value, end of period	$	7.698		$	7.622		$	6.737		$	5.115		$	4.432		$	4.362
Total return (b)		1.00	%		13.13	%		31.71	%		15.42	%		1.59	%		14.54	%
Net assets, end of period (in thousands)	$	579,515		$	585,532		$	540,439		$	432,694		$	418,980		$	452,113
Ratios to average net assets:
Expenses (c)		.46	%(d)		.46	%		.47	%		.49	%		.48	%		.47	%
Net investment income		1.58	%(d)		1.56	%		1.59	%		1.80	%		1.60	%		1.55	%
Portfolio turnover rate (excluding short-term securities)		1.5	%		4.8	%		4.5	%		2.6	%		4.6	%		4.1	%

(a) Based on average shares outstanding during the year.

(d) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus International Bond Fund

	Class 1 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	2.517		$	2.468		$	2.464		$	2.115		$	2.116		$	1.853
Income from investment operations:
Net investment income (a)		.030			.074			.078			.086			.089			.094
Net gains (losses) (both realized and unrealized)		(.038	)		(.025	)		(.074	)		.263			(.090	)		.169
Total from investment operations		(.008	)		.049			.004			.349			(.001	)		.263
Net asset value, end of period	$	2.509		$	2.517		$	2.468		$	2.464		$	2.115		$	2.116
Total return (b)		(0.33	)%		1.96	%		0.17	%		16.49	%		(0.01	)%		14.19	%
Net assets, end of period (in thousands)	$	991		$	938		$	756		$	606		$	395		$	293
Ratios to average net assets:
Expenses (c)		.91	%(d)		.86	%		.87	%		.94	%		.95	%		.95	%
Net investment income		2.42	%(d)		2.93	%		3.18	%		3.76	%		4.07	%		4.65	%
Portfolio turnover rate (excluding short-term securities)		14.7	%		19.3	%		17.7	%		38.8	%		18.8	%		11.0	%
	Class 2 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	2.479		$	2.438		$	2.440		$	2.100		$	2.105		$	1.848
Income from investment operations:
Net investment income (a)		.027			.067			.071			.079			.083			.086
Net gains (losses) (both realized and unrealized)		(.038	)		(.026	)		(.073	)		.261			(.088	)		.171
Total from investment operations		(.011	)		.041			(.002	)		.340			(.005	)		.257
Net asset value, end of period	$	2.468		$	2.479		$	2.438		$	2.440		$	2.100		$	2.105
Total return (b)		(0.45	)%		1.70	%		(0.08	)%		16.20	%		(0.26	)%		13.90	%
Net assets, end of period (in thousands)	$	123,258		$	124,174		$	128,885		$	127,590		$	110,987		$	111,685
Ratios to average net assets:
Expenses (c)		1.16	%(d)		1.11	%		1.12	%		1.19	%		1.20	%		1.19	%
Net investment income		2.17	%(d)		2.69	%		2.92	%		3.51	%		3.85	%		4.28	%
Portfolio turnover rate (excluding short-term securities)		14.7	%		19.3	%		17.7	%		38.8	%		18.8	%		11.0	%

(a) Based on average shares outstanding during the year.

(d) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Managed Volatility Fund

	Six months ended June 30, 2015			Year or period ended December 31,
	(unaudited)			2014			2013 (a)
Net asset value, beginning of period	$	11.603		$	10.731		$	10.000
Income from investment operations:
Net investment income (b)		.033			.039			.008
Net gains (losses) (both realized and unrealized)		(.135	)		.833			.723
Total from investment operations		(.102	)		.872			.731
Net asset value, end of period	$	11.501		$	11.603		$	10.731
Total return (c)		(0.87	)%		8.12	%		7.31	%
Net assets, end of period (in thousands)	$	192,349		$	131,047		$	52,931
Ratios to average net assets:
Expenses before waiver (d)		1.02	%(e)		1.19	%		1.37	%(e)
Expenses net of waiver (d)(f)		.80	%(e)		.80	%		.80	%(e)
Net investment income		.56	%(e)		.35	%		.12	%(e)
Portfolio turnover rate (excluding short-term securities)		5.4	%		1.5	%		32.1	%

(a) The Fund commenced operations on May 1, 2013.

(b) Based on average shares outstanding during the year.

(c) Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(d) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(e) Adjusted to an annual basis.

(f) Ratio is net of fees waived by the advisor (see note 4).

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Money Market Fund

	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income from investment operations:
Net investment income (a)		–			–			–			–			–			–
Total from investment operations		–			–			–			–			–			–
Dividends from net investment income		–			–			–			–			–			–	(b)
Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total return (c)		–	%		–	%		–	%		–	%		–	%		0.03	%
Net assets, end of period (in thousands)	$	84,823		$	86,904		$	89,423		$	95,858		$	108,115		$	106,901
Ratios to average net assets:
Expenses before waiver (d)		.88	%(e)		.83	%		.86	%		.83	%		.69	%		.78	%
Expenses net of waiver (d)(f)		.09	%(e)		.10	%		.13	%		.17	%		.14	%		.23	%
Net investment income		–	%		–	%		–	%		–	%		–	%		–	%

(a) Based on average shares outstanding during the year.

(b) Amount represents less than $0.0005 per share.

(e) Adjusted to an annual basis.

(f) Ratio is net of fees waived by the advisor and distributor (see note 4).

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Mortgage Securities Fund

	Class 1 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	1.835		$	1.731		$	1.761		$	1.698		$	1.587		$	1.482
Income from investment operations:
Net investment income (a)		.021			.031			.029			.038			.025			.048
Net gains (losses) (both realized and unrealized)		.002			.073			(.059	)		.025			.086			.057
Total from investment operations		.023			.104			(.030	)		.063			.111			.105
Net asset value, end of period	$	1.858		$	1.835		$	1.731		$	1.761		$	1.698		$	1.587
Total return (b)		1.27	%		6.03	%		(1.73	)%		3.75	%		7.00	%		7.02	%
Net assets, end of period (in thousands)	$	863		$	813		$	985		$	521		$	196		$	157
Ratios to average net assets:
Expenses (c)		.63	%(d)		.63	%		.68	%		.68	%		.63	%		.62	%
Net investment income		2.26	%(d)		1.73	%		1.67	%		2.18	%		1.54	%		3.08	%
Portfolio turnover rate (excluding short-term securities)		96.4	%		232.2	%		370.7	%		231.3	%		241.8	%		252.0	%
	Class 2 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	1.808		$	1.709		$	1.744		$	1.685		$	1.579		$	1.479
Income from investment operations:
Net investment income (a)		.018			.026			.025			.034			.022			.046
Net gains (losses) (both realized and unrealized)		.002			.073			(.060	)		.025			.084			.054
Total from investment operations		.020			.099			(.035	)		.059			.106			.100
Net asset value, end of period	$	1.828		$	1.808		$	1.709		$	1.744		$	1.685		$	1.579
Total return (b)		1.15	%		5.76	%		(1.98	)%		3.49	%		6.73	%		6.76	%
Net assets, end of period (in thousands)	$	96,686		$	97,348		$	95,570		$	96,902		$	105,053		$	112,343
Ratios to average net assets:
Expenses (c)		.88	%(d)		.88	%		.93	%		.93	%		.87	%		.87	%
Net investment income		2.01	%(d)		1.48	%		1.44	%		1.98	%		1.34	%		3.00	%
Portfolio turnover rate (excluding short-term securities)		96.4	%		232.2	%		370.7	%		231.3	%		241.8	%		252.0	%

(a) Based on average shares outstanding during the year.

(d) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Real Estate Securities Fund

	Class 1 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	4.108		$	3.143		$	3.100		$	2.623		$	2.482		$	1.920
Income from investment operations:
Net investment income (a)		.044			.062			.050			.052			.031			.030
Net gains (losses) (both realized and unrealized)		(.272	)		.903			(.007	)		.425			.110			.532
Total from investment operations		(.228	)		.965			.043			.477			.141			.562
Net asset value, end of period	$	3.880		$	4.108		$	3.143		$	3.100		$	2.623		$	2.482
Total return (b)		(5.56	)%		30.70	%		1.40	%		18.20	%		5.68	%		29.23	%
Net assets, end of period (in thousands)	$	5,749		$	5,489		$	3,713		$	2,522		$	458		$	308
Ratios to average net assets:
Expenses (c)		.85	%(d)		.85	%		.90	%		.93	%		.92	%		.94	%
Net investment income		2.10	%(d)		1.70	%		1.55	%		1.75	%		2.44	%		1.38	%
Portfolio turnover rate (excluding short-term securities)		34.9	%		85.4	%		39.8	%		47.6	%		57.7	%		66.9	%
	Class 2 Shares
	Six months ended June 30, 2015			Year ended December 31,
	(unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period	$	4.047		$	3.104		$	3.069		$	2.603		$	2.469		$	1.915
Income from investment operations:
Net investment income (a)		.037			.050			.038			.034			.023			.020
Net gains (losses) (both realized and unrealized)		(.267	)		.893			(.003	)		.432			.111			.534
Total from investment operations		(.230	)		.943			.035			.466			.134			.554
Net asset value, end of period	$	3.817		$	4.047		$	3.104		$	3.069		$	2.603		$	2.469
Total return (b)		(5.68	)%		30.37	%		1.15	%		17.90	%		5.42	%		28.91	%
Net assets, end of period (in thousands)	$	129,865		$	141,391		$	112,753		$	108,327		$	98,444		$	101,801
Ratios to average net assets:
Expenses (c)		1.10	%(d)		1.10	%		1.15	%		1.18	%		1.16	%		1.19	%
Net investment income		1.81	%(d)		1.40	%		1.18	%		1.16	%		2.12	%		.90	%
Portfolio turnover rate (excluding short-term securities)		34.9	%		85.4	%		39.8	%		47.6	%		57.7	%		66.9	%

(a) Based on average shares outstanding during the year.

(d) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Ivy^SM Growth Fund

	Six months ended June 30, 2015 (unaudited)			Period ended December 31, 2014 (a)
Net asset value, beginning of period	$	11.253		$	10.000
Income from investment operations:
Net investment income (b)		(.004	)		.011
Net gains (both realized and unrealized)		.584			1.242
Total from investment operations		.580			1.253
Net asset value, end of period	$	11.833		$	11.253
Total return (c)		5.15	%		12.53	%
Net assets, end of period (in thousands)	$	501,562		$	500,575
Ratios to average net assets:
Expenses (d)(e)		.97	%		.96	%
Net investment income (e)		(.07	)%		.15	%
Portfolio turnover rate (excluding short-term securities)		17.9	%		44.7	%

(a) The Fund commenced operations on May 1, 2014.

(b) Based on average shares outstanding during the year.

(e) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Ivy^SM Small Cap Growth Fund

	Six months ended June 30, 2015 (unaudited)			Period ended December 31, 2014 (a)
Net asset value, beginning of period	$	10.810		$	10.000
Income from investment operations:
Net investment income (b)		(.040	)		(.048	)
Net gains (both realized and unrealized)		1.003			.858
Total from investment operations		.963			.810
Net asset value, end of period	$	11.773		$	10.810
Total return (c)		8.90	%		8.10	%
Net assets, end of period (in thousands)	$	193,117		$	182,284
Ratios to average net assets:
Expenses (d)(e)		1.20	%		1.22	%
Net investment income (e)		(.72	)%		(.71	)%
Portfolio turnover rate (excluding short-term securities)		27.7	%		115.8	%

(a) The Fund commenced operations on May 1, 2014.

(b) Based on average shares outstanding during the year.

(e) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT Pyramis^® Core Equity Fund

	Class 1 Shares
	Six months ended June 30, 2015 (unaudited)			Period ended December 31, 2014 (a)
Net asset value, beginning of period	$	11.148		$	10.000
Income from investment operations:
Net investment income (b)		.034			.053
Net gains (both realized and unrealized)		.480			1.095
Total from investment operations		.514			1.148
Net asset value, end of period	$	11.662		$	11.148
Total return (c)		4.64	%		11.48	%
Net assets, end of period (in thousands)	$	605		$	663
Ratios to average net assets:
Expenses (d)(e)		.79	%		.86	%
Net investment income (e)		.60	%		.74	%
Portfolio turnover rate (excluding short-term securities)		44.6	%		54.2	%
	Class 2 Shares
	Six months ended June 30, 2015 (unaudited)			Period ended December 31, 2014 (a)
Net asset value, beginning of period	$	11.129		$	10.000
Income from investment operations:
Net investment income (b)		.019			.035
Net gains (both realized and unrealized)		.480			1.094
Total from investment operations		.499			1.129
Net asset value, end of period	$	11.628		$	11.129
Total return (c)		4.51	%		11.29	%
Net assets, end of period (in thousands)	$	143,820		$	141,272
Ratios to average net assets:
Expenses (d)(e)		1.04	%		1.11	%
Net investment income (e)		.33	%		.49	%
Portfolio turnover rate (excluding short-term securities)		44.6	%		54.2	%

(a) The Fund commenced operations on May 1, 2014.

(b) Based on average shares outstanding during the year.

(e) Adjusted to an annual basis.

Securian Funds Trust
Financial Highlights – continued

SFT T. Rowe Price Value Fund

	Six months ended June 30, 2015 (unaudited)			Period ended December 31, 2014 (a)
Net asset value, beginning of period	$	10.836		$	10.000
Income from investment operations:
Net investment income (b)		.057			.077
Net gains (both realized and unrealized)		.054			.759
Total from investment operations		.111			.836
Net asset value, end of period	$	10.947		$	10.836
Total return (c)		1.03	%		8.36	%
Net assets, end of period (in thousands)	$	224,793		$	233,202
Ratios to average net assets:
Expenses (d)(e)		1.01	%		1.02	%
Net investment income (e)		1.04	%		1.10	%
Portfolio turnover rate (excluding short-term securities)		23.7	%		105.1	%

(a) The Fund commenced operations on May 1, 2014.

(b) Based on average shares outstanding during the year.

(e) Adjusted to an annual basis.

Securian Funds Trust
Notes to Financial Statements

June 30, 2015

(Unaudited)

(1) Organization

Securian Funds Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a no-load, diversified open-end management investment company, except that SFT Advantus International Bond Fund operates as a non-diversified, open-end management investment company. The Trust is a series trust that includes several different Funds: SFT Advantus Bond, SFT Advantus Index 400 Mid-Cap, SFT Advantus Index 500, SFT Advantus International Bond, SFT Advantus Managed Volatility, SFT Advantus Money Market, SFT Advantus Mortgage Securities, SFT Advantus Real Estate Securities, SFT Ivy^SM Growth, SFT Ivy^SM Small Cap Growth, SFT Pyramis^® Core Equity, and SFT T. Rowe Price Value Fund. The Trust's prospectus provides a detailed description of each Fund's investment objective, policies and strategies. The Funds issue two classes of shares: Class 1 and Class 2, except for the SFT Advantus Money Market Fund, SFT Advantus Managed Volatility Fund, SFT Ivy^SM Growth Fund, SFT Ivy^SM Small Cap Growth Fund, and SFT T. Rowe Price Value Fund which offer shares in only one class. Class 2 shares and shares of the SFT Money Market Fund, SFT Managed Volatility Fund, SFT Ivy^SM Growth Fund, SFT Ivy^SM Small Cap Growth Fund, and SFT T. Rowe Price Value Fund are subject to a 12b-1 distribution fee. Both classes of shares have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that Class 1 shares are not subject to a 12b-1 distribution fee. Income, expenses (other than Rule 12b-1 fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Each Fund, other than SFT Advantus Managed Volatility Fund and SFT T. Rowe Price Value Fund, qualifies for federal income tax purposes as a partnership under the Internal Revenue Code of 1986, as amended (the "Code"). SFT Advantus Managed Volatility Fund and SFT T. Rowe Price Value Fund are treated as disregarded entities for federal income tax purposes. A Fund is treated, for federal income tax purposes, as a partnership if it has more than one shareholder. If a Fund at any time has just one shareholder, as is the case for SFT Advantus Managed Volatility Fund and SFT T. Rowe Price Value Fund, it is treated as a disregarded entity for federal income tax purposes. While the Trust anticipates that each Fund, other than SFT Advantus Managed Volatility Fund and SFT T. Rowe Price Value Fund, will always have two shareholders, Minnesota Life Insurance Company ("Minnesota Life") and Securian Life Insurance Company ("Securian Life"), a wholly owned subsidiary of Minnesota Life, such ownership could change and accordingly a Fund may at some time have only one shareholder and would be treated as a disregarded entity for federal income tax purposes. A Fund's election to be treated as a partnership is not expected to result in any material adverse federal income tax consequences to any owner of a variable annuity contract or variable life insurance policy, or in the tax treatment of any such contract or policy.

The Trust accounts for the assets, liabilities and operations of each Fund separately. Shares of the Trust are not offered directly to the public, but sold only to Minnesota Life and Securian Life in connection with Minnesota Life and Securian Life variable contracts and policies, and to certain other separate accounts of life insurance affiliates of Minnesota Life and Securian Life, and may also be offered to certain qualified plans.

(2) Summary of Significant Accounting Policies

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, "Financial Services – Investment Companies." The significant accounting policies followed consistently by the Trust are as follows:

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, as of the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Securian Funds Trust
Notes to Financial Statements – continued

(2) Summary of Significant Accounting Policies – (continued)

Investments in Securities

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 Advantus Capital Management, Inc. Valuation Committee ("the Committee ") under the supervision of the Trust's Board of Trustees ("the Board") and in accordance with Board-approved valuation policies and procedures. The Board has delegated the daily oversight of the securities valuation function to the 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 Advantus Capital 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 share 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, with the exception of those held in the SFT Advantus Money Market Fund, are valued at market. Pursuant to Rule 2a-7 of the 1940 Act, all securities in the SFT Advantus Money Market Fund are valued at amortized cost, which approximates market value, in order to maintain a constant net asset value of $1.00 per share. However, there is no assurance the SFT Advantus Money Market Fund will maintain the $1.00 net asset 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. The Fund isolates the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities.

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Securian Funds Trust
Notes to Financial Statements – continued

(2) Summary of Significant Accounting Policies – (continued)

SFT Advantus 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 Advantus 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 Advantus International Bond Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. SFT Advantus 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 currency exchange contracts are obtained from an independent pricing source.

Futures Transactions

To gain exposure to, or protect itself from market changes, the Funds (excluding the SFT Advantus Money Market Fund) 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 (CFTC) 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.

Interest Rate Swaps

The SFT Advantus International Bond Fund may enter into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between the Fund and a counterparty to exchange interest rate cash flows during the life of the agreement. Each party's payment obligation is computed based on different interest rates, applied to a notional amount. Interest rate swaps often exchange payments based on a fixed rate for payments linked to a floating rate (usually Libor).

These agreements are executed on a registered exchange ("centrally cleared interest rate swaps"), significantly reducing risk from counterparty default. Upon entering into an interest rate swap contract, a Fund is required to pledge an initial margin, and the daily change in fair value is accounted for as a variation margin payable or receivable on the Statement of Assets and Liabilities. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as unrealized depreciation and appreciation until the payments are made, at which time they are realized.

Options Transactions

Each Fund (excluding the SFT Advantus Money Market Fund) may write (i.e., sell) covered call and secured put options and purchase and sell put and call options written by others. Options are 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

Securian Funds Trust
Notes to Financial Statements – continued

(2) Summary of Significant Accounting Policies – (continued)

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.

Repurchase Agreements

Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, U.S. Government securities, U.S. Government-sponsored enterprise securities or corporate securities having a value equal to, or in excess of, the value of the repurchase agreement. If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the value of those securities has declined, a Fund may incur a loss upon disposition of the securities. Repurchase agreements are carried at amortized cost. At June 30, 2015, no Funds were invested in repurchase agreements.

Federal Taxes

None of the Funds in the Trust are recognized as regulated investment companies for federal income tax purposes, but instead are treated as a partnership as long as each Fund has more than one shareholder. A Fund with only a single shareholder, such as SFT Advantus Managed Volatility Fund and SFT T. Rowe Price Value Fund, will be taxed as a disregarded entity for federal income tax purposes. The Funds are not required to pay federal or Delaware income taxes on their net investment income and net capital gains, as each Fund is treated as either a partnership or a disregarded entity for federal income tax purposes. All interest, dividends, gains and losses of each Fund are deemed to have been "passed through" to the shareholders in proportion to its holdings of the Fund regardless of whether such interest, dividends or gains and losses have been distributed by the Fund.

The FASB, Accounting Standards Codification 740, Income Taxes (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Funds have evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Funds' financial statements as of the six months ended June 30, 2015. The Funds' federal and state income returns for which the applicable statutes of limitations have not expired (2012, 2013, 2014) remain subject to examination by the Internal Revenue Service and states department of revenue.

Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of temporary book-to-tax differences.

Distributions to Shareholders

Distributions to shareholders from net investment income, if any, for the SFT Advantus Money Market Fund are declared daily and reinvested at month-end in additional shares of capital stock. As partnerships, the Funds are not required to distribute taxable income, and Funds other than SFT Advantus Money Market Fund will not distribute taxable income.

Securian Funds Trust
Notes to Financial Statements – continued

(2) Summary of Significant Accounting Policies – (continued)

Securities Purchased on a When-Issued Basis

Delivery and payment for securities which have been purchased by a Fund on a forward commitment or when-issued basis can take place a month or more after the transaction date. During this period, such securities are subject to market fluctuations. As of June 30, 2015, the SFT Advantus Bond Fund, SFT Advantus Index 400 Mid-Cap Fund, SFT Advantus Mortgage Securities Fund and SFT T. Rowe Price Value Fund had entered into outstanding, when-issued or forward commitments at fair value of $9,339,079, $408,800, $4,787,022 and $498,264, respectively. The Funds have segregated assets to cover such when-issued and forward commitments.

Money Market Fund Reform

In July 2014, the Securities and Exchange Commission adopted amendments to the rules that govern money market funds. The new rule amendments address potential systemic risks associated with money market funds and improve transparency for money market fund investors. The Fund will be required to comply with provisions of the money market fund reform, the majority of which will become effective in 2016. As a result, the Fund may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Fund.

(3) Investment Security Transactions

The cost of purchases and proceeds from sales of investment securities, other than temporary investments in short-term securities, for the six months ended June 30, 2015 were as follows:

	Non-U.S. Government				U.S. Government*
	Purchases		Sales		Purchases		Sales
SFT Advantus Bond Fund	$	82,386,252	$	70,096,236	$	270,145,944	$	284,070,458
SFT Advantus Index 400 Mid-Cap Fund		18,308,011		28,096,134		–		–
SFT Advantus Index 500 Fund		53,965,632		9,665,967		–		–
SFT Advantus International Bond Fund		10,697,682		17,222,401		–		–
SFT Advantus Managed Volatility Fund		98,762,208		5,401,210		–		1,213,638
SFT Advantus Mortgage Securities Fund		4,494,759		3,115,902		88,884,582		91,090,179
SFT Advantus Real Estate Securities Fund		51,152,654		53,276,712		–		–
SFT Ivy^SM Growth Fund		88,381,516		100,777,054		–		–
SFT Ivy^SM Small Cap Growth Fund		49,372,744		56,893,840		–		–
SFT Pyramis^® Core Equity Fund		63,040,535		66,192,206		–		–
SFT T. Rowe Price Value Fund		53,960,371		64,617,232		–		–

* Includes U.S. government-sponsored enterprise securities.

(4) Expenses and Related Party Transactions

The Funds have an investment advisory agreement with Advantus Capital, a wholly-owned subsidiary of Securian Financial Group, Inc. ("Securian Financial Group"). Under the advisory agreement, Advantus Capital manages the Funds' investments and provides research, statistical and advisory services and pays related office rental and executive expenses and salaries.

Each Fund of the Trust pays Advantus Capital an annual fee, based on average daily net assets, in the following amounts:

				Annual Fee on Net Assets
SFT Advantus Bond Fund				0.40% of net assets to $1 billion; and 0.35% of net assets exceeding $1 billion
SFT Advantus Index 400 Mid-Cap Fund				0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion
SFT Advantus Index 500 Fund				0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion
SFT Advantus International Bond Fund				0.60% of net assets to $1 billion; and 0.55% of net assets exceeding $1 billion
SFT Advantus Managed Volatility Fund				0.65% of all assets

Securian Funds Trust
Notes to Financial Statements – continued

(4) Expenses and Related Party Transactions – (continued)

				Annual Fee on Net Assets
SFT Advantus Money Market Fund				0.30% of net assets to $1 billion; and 0.25% of net assets exceeding $1 billion
SFT Advantus Mortgage Securities Fund				0.40% of net assets to $1 billion; and 0.35% of net assets exceeding $1 billion
SFT Advantus Real Estate Securities Fund				0.70% of net assets to $1 billion; and 0.65% of net assets exceeding $1 billion
SFT Ivy^SM Growth Fund				0.67% of net assets to $500 million; and 0.625% of next $300 million of net assets; and 0.60% of next $200 million of net assets; and 0.50% of net assets exceeding $1 billion
SFT Ivy^SM Small Cap Growth Fund				0.85% of net assets to $1 billion; and 0.80% of next $2 billion of net assets; and 0.76% of net assets exceeding $3 billion
SFT Pyramis^® Core Equity Fund				0.65% of all assets
SFT T. Rowe Price Value Fund				0.67% of net assets to $1 billion; and 0.65% of next $1.5 billion of net assets; and 0.60% of net assets exceeding $2.5 billion

Advantus Capital has a sub-advisory agreement with Franklin Advisers, Inc. ("Franklin"), a registered investment Advisor for the SFT Advantus International Bond Fund, under which Advantus Capital pays Franklin an annual fee of 0.37% based on average daily net assets.

Advantus Capital has a sub-advisory agreement with Waddell & Reed Investment Management Company ("WRIMCO"), a registered investment Advisor for the SFT Ivy^SM Growth Fund and the SFT Ivy^SM Small Cap Growth Fund, under which Advantus Capital pays WRIMCO an annual fee ranging from 0.33% to 0.55% and 0.40% to 0.82% respectively, based on average daily net assets.

Advantus Capital has a sub-advisory agreement with Pyramis Global Advisors, LLC ("Pyramis"), a registered investment Advisor for the SFT Pyramis^® Core Equity Fund, under which Advantus Capital pays Pyramis an annual fee ranging from 0.31% to 0.33% based on average daily net assets.

Advantus Capital has a sub-advisory agreement with T. Rowe Price Associates, Inc. ("T. Rowe Price"), a registered investment Advisor for the SFT T. Rowe Price Value Fund, under which Advantus Capital pays T. Rowe Price an annual fee ranging from 0.30% to 0.50% based on average daily net assets.

The Trust bears certain other operating expenses including independent trustees' fees, federal registration fees, printing and shareholder report expenses, legal fees, audit fees, custodian fees, compensation paid to the Trust's Chief Compliance Officer, and other miscellaneous expenses. Each Fund will pay all expenses directly related to its individual operations. Operating expenses not attributable to a specific Fund will be allocated based upon the proportionate daily net assets of each Fund.

Administrative Services Fee

The Trust has an agreement with Securian Financial Group under which Securian Financial Group provides accounting, legal and other administrative services. Each Fund reimburses Securian Financial Group quarterly for the actual costs incurred in performing such services, as determined in accordance with Securian Financial Group's customary cost accounting procedures consistently applied. Total quarterly administrative fees by Fund range from $6,651 to $23,729.

Accounting Services

The Trust has an agreement with State Street Bank and Trust Company ("State Street") in which State Street provides daily fund accounting and investment administration services. In 2015, these fees ranged from .01% to .05% of net assets depending on the size and makeup of the respective Fund. The fees are based upon a calculation of multiple factors including base fees, size of assets, and certain other fees.

Securian Funds Trust
Notes to Financial Statements – continued

(4) Expenses and Related Party Transactions – (continued)

Distribution Fees

The Trust has adopted a Rule 12b-1 Distribution Plan which covers all of its Class 2 shares and its SFT Advantus Managed Volatility Fund, SFT Advantus Money Market Fund, SFT Ivy^SM Growth Fund, SFT Ivy^SM Small Cap Growth Fund, and SFT T. Rowe Price Value Fund ("Covered Funds"). Each Covered Fund pays distribution fees at the annual rate of .25% of the average daily net assets of the Covered Fund. These fees are paid out of the Covered Fund's assets, which reduces a Covered Fund's net assets as do other Covered Fund expenses. The fees are paid to Securian Financial Services, Inc. ("Securian Financial"), the Trust's underwriter, to pay for distribution-related expenses and activities in connection with the distribution of the Covered Fund's shares. Securian Financial may also use the fees to pay insurance companies, dealers or others for certain non-distribution services as provided for in the Distribution Plan.

Net Investment Income Maintenance Agreement for the SFT Advantus Money Market Fund

Effective May 1, 2012, the Board of Trustees of the Trust approved a Restated Net Investment Income Maintenance Agreement among Securian Funds Trust (on behalf of SFT Advantus Money Market Fund), Advantus Capital and Securian Financial. Under such Agreement, Advantus Capital agrees to waive, reimburse or pay SFT Advantus Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Advantus Capital and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Advantus Capital or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Advantus Capital and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. For the six months ended June 30, 2015, the advisory, 12b-1 distribution and other fee waivers totaled $123,098, $102,581 and $98,912 respectively. These amounts are reflected as fees waived in the accompanying Statement of Operations. As of June 30, 2015, Advantus Capital and Securian Financial have collectively waived a cumulative total of $3,779,797 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $1,994,086 was eligible for recovery by Advantus Capital and Securian Financial as of such date. Amounts subject to potential recovery for the periods ended June 30, 2016 and 2017 are $1,304,678 and $652,944 respectively. If Advantus Capital and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement shall continue in effect following April 30, 2016, provided such continuance is specifically approved by a majority of the Trust's independent Trustees.

SFT Advantus Managed Volatility Fund Expense Waivers

Advantus Capital and the Trust, on behalf of the SFT Advantus Managed Volatility Fund, have entered into an Expense Limitation Agreement, dated May 1, 2013, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through April 30, 2016. The Agreement renews annually for a full year each year thereafter unless terminated by Advantus Capital upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Advantus Capital for management fees previously waived and/or for the cost of expenses previously paid by Advantus Capital pursuant to this agreement, provided that such reimbursement

Securian Funds Trust
Notes to Financial Statements – continued

(4) Expenses and Related Party Transactions – (continued)

will not cause the Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Advantus Capital in this manner only applies to fees waived or reimbursements made by Advantus Capital within the three fiscal years prior to the date of such reimbursement. For the six months ended June 30, 2015, the advisory waivers totaled $180,450. This amount is reflected as fees waived in the accompanying Statement of Operations. As of June 30, 2015, Advantus Capital has waived a cumulative total of $620,425 pursuant to the Agreement, of which $620,425 was eligible for recovery by Advantus Capital and Securian Financial as of such date. Amounts subject to potential recovery for the periods ended June 30, 2016 and 2017 are $597,396 and $354,552 respectively. To the extent that the Fund makes such reimbursements to Advantus Capital, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

(5) Illiquid Securities

Each Fund currently limits investments in illiquid securities to 15% of net assets at the time of purchase, except for the SFT Advantus Money Market Fund which limits its investment in illiquid securities to 5% of net assets. At June 30, 2015, the SFT Advantus Bond Fund, SFT Advantus Mortgage Securities Fund and SFT Advantus Managed Volatility Fund held illiquid securities of $13,607,892, $3,661,736 and $2,227,837, respectively, which represent 3.7%, 3.8% and 1.2% of net assets, respectively. Pursuant to guidelines adopted by the Trust's Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the percent limitations specified above.

The following is a list of illiquid securities by fund, including acquisition date and cost, as of June 30, 2015:

SFT Advantus Bond Fund	Acquisition Date	Cost
American Airlines 2013-2 Class B Pass Through Trust	12/17/2013	$	1,593,938
BHN I Mortgage Fund	Various		69,485
CountryPlace Manufactured Housing Contract Trust	06/29/2005		1,754,869
FAN Engine Securitization, Ltd.	10/18/2013		588,505
Hometown Commercial Mortgage	Various		1,296,462
JPMorgan Chase Commercial Mortgage Securities Corp.	03/22/2010		793,428
Longtrain Leasing III LLC, 2015 – 1A Class AI	01/23/2015		2,445,042
Multi Security Asset Trust	Various		2,561,223
Symetra Financial Corp.	Various		2,222,269
		$	13,325,221
SFT Advantus Managed Volatility Fund	Acquisition Date	Cost
Aquarion Co.	08/19/2014	$	498,038
CNH Industrial Capital LLC	06/23/2015		747,327
Longtrain Leasing III LLC, 2015 – 1A Class A2	01/23/2015		999,562
		$	2,244,927
SFT Advantus Mortgage Securities Fund	Acquisition Date	Cost
BHN I Mortgage Fund	Various	$	62,475
CountryPlace Manufactured Housing Contract Trust	06/29/2005		208,607
FAN Engine Securitization, Ltd.	10/18/2013		157,391
Government National Mortgage Association (GNMA)	06/17/2003		533,433
Hometown Commercial Mortgage	11/28/2006		373,777
JPMorgan Chase Commercial Mortgage Securities Corp.	03/22/2010		255,067
Longtrain Leasing III LLC, 2015 – 1A Class AI	01/23/2015		641,166
Multi Security Asset Trust	Various		1,367,278
		$	3,599,194

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement

The Trust has established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs. 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, swaps, and written options.

The following is a summary of the levels used for the period ended June 30, 2015, in valuing the Fund's assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):

	Fair Value Measurement at June 30, 2015 using
Fund	Level 1			Level 2		Level 3		Total
SFT Advantus Bond Fund
Assets
Government Obligations	$	–		$	153,886,249	$	–	$	153,886,249
Asset-Backed Securities		–			19,527,425		–		19,527,425
Other Mortgage-Backed Securities		–			31,887,544		459,945		32,347,489
Corporate Obligations		–			156,532,744		–		156,532,744
Investment Companies		14,482,900			–		–		14,482,900
Total Investments		14,482,900			361,833,962		459,945		376,776,807
Other Financial Instruments* Futures Contracts		219,425			–		–		219,425
Liabilities
Other Financial Instruments* Futures Contracts		(5,847	)		–		–		(5,847	)
SFT Advantus Index 400 Mid-Cap Fund
Assets
Common Stocks		226,353,666			–		–		226,353,666
Investment Companies		6,405,677			–		–		6,405,677
Total Investments		232,759,343			–		–		232,759,343
Liabilities
Other Financial Instruments* Futures Contracts		(135,811	)		–		–		(135,811	)
SFT Advantus Index 500 Fund
Assets
Common Stocks		670,853,996			–		–		670,853,996
Investment Companies		16,259,702			–		–		16,259,702
Total Investments		687,113,698			–		–		687,113,698
Liabilities
Other Financial Instruments* Futures Contracts		(271,011	)		–		–		(271,011	)

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

	Fair Value Measurement at June 30, 2015 using
Fund	Level 1			Level 2			Level 3		Total			��
SFT Advantus International Bond Fund
Assets
Long-Term Debt Securities	$	–		$	77,022,350		$	–	$	77,022,350
Short-Term Debt Securities		–			18,956,758			–		18,956,758
Total Investments		–			95,979,108			–		95,979,108
Other Financial Instruments* Forward Foreign Currency Contracts		–			6,485,837			–		6,485,837
Interest Rate Swap Contracts		–			261,831			–		261,831
Liabilities
Other Financial Instruments* Forward Foreign Currency Contracts		–			(2,157,949	)		–		(2,157,949	)
Interest Rate Swap Contracts		–			(386,250	)		–		(386,250	)
SFT Advantus Managed Volatility Fund
Assets
Government Obligations		–			3,983,267			–		3,983,267
Asset-Backed Securities		–			983,358			–		983,358
Corporate Obligations		–			69,638,027			–		69,638,027
Investment Companies		117,872,433			–			–		117,872,433
Total Investments		117,872,433			74,604,652			–		192,477,085
Liabilities
Other Financial Instruments* Futures Contracts		(1,264,472	)		–			–		(1,264,472	)
SFT Advantus Money Market Fund
Assets
Commercial Paper		–			38,292,646			–		38,292,646
Corporate Bonds & Notes		–			1,499,697			–		1,499,697
U.S. Government Obligations		–			26,506,094			–		26,506,094
Other Short-Term Investments		–			2,143,931			–		2,143,931
Investment Companies		16,135,537			–			–		16,135,537
Total Investments		16,135,537			68,442,368			–		84,577,905
SFT Advantus Mortgage Securities Fund
Assets
Government Obligations		–			80,939,473			–		80,939,473
Asset-Backed Securities		–			5,313,256			–		5,313,256
Other Mortgage-Backed Securities		–			5,559,623			707,632		6,267,255
Corporate Obligations		–			1,512,109			–		1,512,109
Investment Companies		8,456,372			–			–		8,456,372
Total Investments		8,456,372			93,324,461			707,632		102,488,465
SFT Advantus Real Estate Securities Fund
Assets
Common Stocks		133,622,695			–			–		133,622,695
Investment Companies		2,392,539			–			–		2,392,539
Total Investments		136,015,234			–			–		136,015,234
SFT Ivy^SM Growth Fund
Assets
Common Stocks		495,527,417			–			–		495,527,417
Investment Companies		6,451,429			–			–		6,451,429
Total Investments		501,978,846			–			–		501,978,846

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
June 30, 2015 using

Fund

Level 1

Level 2

Level 3

Total

SFT Ivy^SM Small Cap Growth Fund

Assets

Common Stocks

186,171,480

–

186,171,480

Investment Companies

6,761,199

–

6,761,199

Total Investments

192,932,679

–

192,932,679

SFT Pyramis^® Core Equity Fund

Assets

Common Stocks

143,023,399

–

143,023,399

Investment Companies

701,532

–

701,532

Total Investments

143,724,931

–

143,724,931

SFT T. Rowe Price Value Fund

Assets

Common Stocks

222,184,773

–

222,184,773

Investment Companies

2,711,303

–

2,711,303

Total Investments

224,896,076

–

224,896,076

* 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 instruments.

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 Financial Statements – continued

(6) Fair Value Measurement – (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 and Interest Rate Swap Contracts – 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.

Level 3 Measurements:

In general, investments classified within Level 3 use many of the same valuation techniques and inputs as described above. However, if key inputs are unobservable, or if the investments are less liquid and there is very limited trading activity, the investments are generally classified as Level 3.

Asset-backed and other mortgage-backed securities comprised of RMBS, CMBS and ABS securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing or other similar techniques that utilize inputs that are unobservable or cannot be derived principally from, or corroborated by, observable market data. Below investment grade securities and ABS supported by sub-prime mortgage loans included in this level are valued based on inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2.

Corporate obligations comprised of U.S. corporate and foreign corporate securities – These securities, including financial services industry hybrid securities classified within fixed maturity securities, are principally valued using the market and income approaches. Valuations are based primarily on matrix pricing or other similar techniques that utilize unobservable inputs or cannot be derived principally from, or corroborated by, observable market data, including illiquidity premiums and spread adjustments to reflect industry trends or specific credit-related issues. Generally, below investment grade privately placed or distressed securities included in this level are valued using discounted cash flow methodologies which rely upon significant, unobservable inputs and inputs that cannot be derived principally from, or corroborated by, observable market data.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. The Funds' policy is to recognize transfers between the levels as of the end of the period.

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

The following table presents the fiscal year-to-date activity of Level 3 securities held at the beginning and the end of the period. The Funds did not hold any significant investments with unobservable inputs categorized as Level 3 as of the end of the period.

Fund

*Beginning
Balance
December 31,
2014

Purchases

Sales

Accrued
discounts
(premiums)

Total
realized
and
unrealized
gains
(losses)

Transfers
in to
Level 3

Transfers
out of
Level 3

Ending
Balance
June 30,
2015

Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
Held at
June 30, 2015

SFT Advantus
Bond Fund

Other Mortgage
Backed

–

459,945

–

459,945

Total

–

459,945

–

459,945

SFT Advantus
Mortgage
Securities Fund

Other Mortgage
Backed

–

707,632

–

��

707,632

Total

–

707,632

–

707,632

* Level 3 at December 31, 2014 included securities with a fair value of $0.

(7) Derivative Instruments Reporting

The Trust provides, when applicable, disclosures of the location, by line item, of fair value amounts in the statement of financial position and the location, by line item, of amounts of gains and losses reported in the statement of financial performance. Generally the derivative instruments outstanding as of period end are disclosed in the Investments in Securities. The volume of derivative activity is indicative for all funds as of period end June 30, 2015.

Equity derivatives were purchased or sold to manage the SFT Advantus Index 500, SFT Advantus Index 400 Mid-Cap and SFT Advantus Managed Volatility Funds' shareholder liquidity and to attempt to replicate intended stock investments to maintain fully invested Funds.

Interest rate derivatives are used both to manage the average duration of a Fund's fixed income portfolio, as well as to hedge against the effects of interest rate changes on a portfolio's current or intended investments.

Foreign exchange derivatives were used to attempt to hedge against the effects of exchange rate changes within the SFT Advantus International Bond Fund's current or intended investments in foreign securities, as well as, to more efficiently obtain exposure to foreign currencies or to take advantage of cross currency markets in order to benefit from valuation differentials and shifts in pricing within the currency markets.

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

The tables below detail the risk exposure of each of the Funds from derivative instruments:

						Risk Exposure
Fund	Instrument Type	Total Value at June 30, 2015			Statement of Assets and Liabilities Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Bond Fund	Futures	$	213,578		Variation margin receivable/payable*	$	–		$	213,578		$	–
SFT Advantus Index 400 Mid-Cap Fund	Futures		(135,811	)	Variation margin receivable/payable*		(135,811	)		–			–
SFT Advantus Index 500 Fund	Futures		(271,011	)	Variation margin receivable/payable*		(271,011	)		–			–
SFT Advantus International Bond Fund	Foreign Currency Forwards		6,485,837		Unrealized appreciation on forward foreign currency contracts		–			–			6,485,837
	Foreign Currency Forwards		(2,157,949	)	Unrealized depreciation on forward foreign currency contracts		–			–			(2,157,949	)
	Swaps		(124,419	)	Variation margin receivable/payable*		–			(124,419	)		–
SFT Advantus Managed Volatility Fund	Futures		(1,264,472	)	Variation margin receivable/payable*		(1,241,264	)		(23,208	)		–

* Includes cumulative appreciation/depreciation of futures contracts and swaps as reported in the notes to the Schedules of Investments in Securities. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Realized Gain (Loss) on Derivatives
Recognized in Income

Fund

Instrument
Type

Total Value for
Period Ended
June 30, 2015

Statement of Operations
Location

Equity

Interest
Rate

Foreign
Exchange

SFT Advantus Bond Fund

Futures

(326,613

)

Net realized gains
(losses) from
futures transactions

–

(326,613

)

–

SFT Advantus Index 400
Mid-Cap Fund

Futures

256,725

Net realized gains
(losses) from
futures transactions

256,725

–

SFT Advantus Index 500 Fund

Futures

396,607

Net realized gains
(losses) from
futures transactions

396,607

–

SFT Advantus International
Bond Fund

Foreign
Currency
Forwards

5,878,392

Net realized gains
(losses) from foreign
currency transactions

–

5,878,392

Swaps

(120,082

)

Net realized gains
(losses) from swaps

–

(120,082

)

–

SFT Advantus Managed
Volatility Fund

Futures

367,514

Net realized gains
(losses) from
futures transactions

391,331

(23,817

)

–

SFT Advantus Mortgage
Securities Fund

Futures

74,902

Net realized gains
(losses) from
futures transactions

–

74,902

–

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

						Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Instrument Type	Total Value for Period Ended June 30, 2015			Statement of Operations Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Bond Fund	Futures	$	376,098		Net change in unrealized appreciation or depreciation on futures transactions	$	–		$	376,098		$	–
SFT Advantus Index 400 Mid-Cap Fund	Futures		(159,077	)	Net change in unrealized appreciation or depreciation on futures transactions		(159,077	)		–			–
SFT Advantus Index 500 Fund	Futures		(245,246	)	Net change in unrealized appreciation or depreciation on futures transactions		(245,246	)		–			–
SFT Advantus International Bond Fund	Foreign Currency Forwards		(2,133,711	)	Net change in unrealized appreciation or depreciation on foreign currency transactions		–			–			(2,133,711	)
	Swaps		384,912		Net change in unrealized appreciation or depreciation on swaps transactions		–			384,912			–
SFT Advantus Managed Volatility Fund	Futures		(1,560,562	)	Net change in unrealized appreciation or depreciation on futures transactions		(1,544,933	)		(15,629	)		–
SFT Advantus Mortgage Securities Fund	Futures		(22,451	)	Net change in unrealized appreciation or depreciation on futures transactions		–			(22,451	)		–

The Funds may be exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. The Funds manage credit risk related to derivatives by entering into transactions with highly rated counterparties. Generally, the current credit exposure of the derivative contracts is limited to the positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting arrangements and any collateral received pursuant to credit support annexes. Because exchange traded derivatives are purchased through regulated exchanges and positions are settled regularly, the Funds have minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments. For the period ended June 30, 2015, none of the Funds derivatives were subject to master netting arrangements.

(8) Affiliated Ownership

The SFT Advantus Managed Volatility Fund invests in underlying securities and other investment companies, of which certain underlying funds (the "affiliated underlying funds") may be deemed to be under

Securian Funds Trust
Notes to Financial Statements – continued

(8) Affiliated Ownership – (continued)

common control with the SFT Advantus Managed Volatility Fund because they share the same investment advisor, Advantus Capital, and because they are overseen by the same Board of Trustees. The SFT Advantus Managed Volatility Fund will achieve its equity exposure by investing primarily in Class 1 Shares of the SFT Advantus Index 500 Fund, an affiliated fund in the Trust that seeks investment results that correspond generally to the price and yield performance of the common stocks included in the Standard & Poor's 500 Index. A summary of all transactions with the affiliated SFT Advantus Index 500 Fund as of June 30, 2015 is as follows:

Fund/ Underlying Fund

Balance
of Shares
Held at
December 31,
2014

Gross
Additions

Gross
Sales

Balance
of Shares
Held at
June 30, 2015

Value at
June 30, 2015

Realized
Gain
(Loss)

Distributions
Received

SFT Advantus Managed Volatility Fund

SFT Advantus Index 500 Fund

4,145,332

5,768,905

–

9,914,237

77,564,575

–

(9) Subsequent Events

Management has evaluated subsequent events for the Trust through the date of the filing, and has concluded there are no events that require disclosure.

Securian Funds Trust
Other Information

Fund Expenses Paid by Shareholders

Shareholders of the Trust incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; (the Trust does not impose transaction costs, but you will incur such costs in connection with the variable life insurance policies and variable annuity contracts that invest in the Funds) and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Trust expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 01, 2015 through June 30, 2015. Expenses paid during the period in the tables below are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by number of days in most recent fiscal half-year divided by 365 to reflect the one-half year period.

Actual Expenses

The table below provides information about actual account values and actual expenses for the Funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the fund you own under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

	CLASS 1									CLASS 2
	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
SFT Advantus Bond Fund	$	1,000	$	1,006.70		0.49	%	$	2.44	$	1,005.40		0.74	%	$	3.68
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,040.60		0.26	%		1.32		1,039.30		0.51	%		2.58
SFT Advantus Index 500 Fund		1,000		1,011.20		0.21	%		1.05		1,010.00		0.46	%		2.29
SFT Advantus International Bond Fund		1,000		996.70		0.91	%		4.51		995.50		1.16	%		5.74
SFT Advantus Managed Volatility Fund		1,000		NA		NA			NA		991.30		0.80	%		3.95
SFT Advantus Money Market Fund		1,000		NA		NA			NA		1,000.00		0.09	%		0.45
SFT Advantus Mortgage Securities Fund		1,000		1,012.70		0.63	%		3.14		1,011.50		0.88	%		4.39
SFT Advantus Real Estate Securities Fund		1,000		944.40		0.85	%		4.10		943.20		1.10	%		5.30
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,051.50		0.97	%		4.93
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,089.00		1.20	%		6.22
SFT Pyramis^® Core Equity Fund		1,000		1,046.40		0.79	%		4.01		1,045.10		1.04	%		5.32
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,010.30		1.01	%		5.03

100

Securian Funds Trust
Other Information – continued

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds' and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

	CLASS 1									CLASS 2
	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
SFT Advantus Bond Fund	$	1,000	$	1,022.36		0.49	%	$	2.46	$	1,021.12		0.74	%	$	3.71
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,023.51		0.26	%		1.30		1,022.27		0.51	%		2.56
SFT Advantus Index 500 Fund		1,000		1,023.75		0.21	%		1.05		1,022.51		0.46	%		2.31
SFT Advantus International Bond Fund		1,000		1,020.28		0.91	%		4.56		1,019.04		1.16	%		5.81
SFT Advantus Managed Volatility Fund		1,000		NA		NA			NA		1,020.83		0.80	%		4.01
SFT Advantus Money Market Fund		1,000		NA		NA			NA		1,024.35		0.09	%		0.45
SFT Advantus Mortgage Securities Fund		1,000		1,021.67		0.63	%		3.16		1,020.43		0.88	%		4.41
SFT Advantus Real Estate Securities Fund		1,000		1,020.58		0.85	%		4.26		1,019.34		1.10	%		5.51
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,019.98		0.97	%		4.86
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,018.84		1.20	%		6.01
SFT Pyramis^® Core Equity Fund		1,000		1,020.88		0.79	%		3.96		1,019.59		1.04	%		5.26
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,019.79		1.01	%		5.06

Please note that the expenses shown in both tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information provided in the hypothetical example table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Proxy Voting Policies and Procedures

A description of the policies and procedures that Advantus Capital uses to vote proxies related to each Fund's portfolio securities is set forth in the Trust's Statement of Additional Information which is available without charge, upon request, by calling, toll-free, 800-995-3850 or on the Securities and Exchange Commission's website at www.sec.gov. The Trust will provide this document within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

101

Securian Funds Trust
Other Information – continued

Proxy Voting Record

The Trust's proxy voting record for the 12 month period ended December 31 is available by calling, toll-free, 866-330-7355 or on the Securities and Exchange Commission's website at www.sec.gov no later than August 31 each year. The Trust will also provide this information, within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

Availability of Quarterly Schedule of Investments

The Trust files its complete schedule of investment holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available to shareholders without charge on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the Commission's Public Reference Room in Washington, DC. More information of the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

102

Securian Funds Trust
Statement Regarding Basis for Approval of Advisory Contracts

Each year, the Board of Trustees of Securian Funds Trust (the "Trust") votes on the renewal of the Trust's Investment Advisory Agreement with Advantus Capital Management, Inc. ("Advantus"). The Board most recently unanimously reapproved the Investment Advisory Agreement on January 29, 2015. At this meeting, the Board of Trustees also reapproved the Investment Sub-Advisory Agreements between Advantus and Franklin Advisers, Inc. (for the International Bond Fund), between Advantus and Waddell & Reed Investment Management Company (for Ivy^SM Growth Fund) between Advantus and Waddell & Reed Investment Management Company (for Ivy^SM Small Cap Growth Fund), between Advantus and Pyramis Global Advisors, LLC (for Pyramis^® Core Equity Fund) and between Advantus and T.Rowe Price Associates, Inc. (for T.Rowe Price Value Fund). Collectively, the Funds managed by sub-advisers are referred to as the "Sub-Advised Funds".

Trustees receive a variety of information throughout the year about each Fund's investment performance, adherence to investment policies, expenses, sales and redemptions, regulatory compliance and management. Trustees meet at least once each year with each Fund's portfolio management team (or, in the case of the Sub-Advised Funds, representatives of such team). Trustees also receive frequent updates on industry developments and best practices, changes in Advantus' organization and staffing, brokerage allocation and other matters. Trustees evaluated all information available to them on a Fund-by-Fund basis.

The Trustees also reviewed a memorandum from independent legal counsel outlining their legal duties and responsibilities in connection with this annual review and met alone with independent legal counsel.

Management Fee and Other Expenses

The Trustees reviewed the January 2014 report prepared by Lipper Analytical Service, Inc. ("Lipper") containing comparisons of each Fund's investment management, non-management and total expenses with industry peers independently selected by Lipper. At the Trustees' direction, the 2014 report was supplemented by Advantus with updated, publicly available information.

Based on this information, the Trustees concluded that the advisory fee payable by each Fund to Advantus is fair and reasonable. The Trustees also concluded that the advisory fees payable by the Managed Volatility Fund are for services that are in addition to, rather than duplicative of, services provided pursuant to the advisory agreement of any other fund in which the Managed Volatility Fund invests.

Fees Charged to Other Advisory Clients of Advantus

The Trustees observed that Advantus' advisory fees for non-fund institutional clients are generally lower than the advisory fees charged to a Fund with a similar strategy. The Trustees concluded, however, that the higher fees charged to the Funds are justified by the additional services provided by Advantus in managing the Funds (including the provision of office facilities, officers, administration and compliance, the coordination of Trust board, committee and vendor functions, regulatory filings and the performance of most Trust operations).

Costs of Services Provided and Profitability to Advantus

The Trustees review quarterly Board reports on Advantus' profitability in managing each Fund. The Trustees recognized that comparative profitability information is not generally ascertainable. Nonetheless, the Trustees did not view Advantus' profitability from any Fund as excessive.

Investment Results

The Trustees review a quarterly report comparing each Fund's investment performance for the most recently completed calendar quarter and one, three, five and (where applicable) ten year periods then ended with Lipper peer groups and with one or more benchmark indices.

103

Securian Funds Trust
Statement Regarding Basis for Approval of Advisory Contracts – continued

The Trustees noted that the Bond Fund has strong absolute and relative performance for the five years ended December 31, 2014. They also observed that the Mortgage Securities Fund has outperformed the Lipper peer group for the previous five years, and was in the top quartile of its peer group for the one, three and five year periods ended December 31, 2014. The Trustees observed that the Real Estate Securities Fund had underperformed its benchmark for all periods but did outperform the peer group average for the fourth quarter of 2014 and for the one and three year periods then ended. The Trustees noted that Advantus Managed Volatility Fund was the top performing fund in its peer group for the 4th quarter of 2014 and continued to perform in line with its stated objective. The Trustees observed performance in line with benchmarks (prior to Fund expenses) for the Index 500 Fund and the Index 400 Mid-Cap Fund. The Trustees also observed that, like nearly all money market funds, the Money Market Fund continued to produce no net investment returns or losses (after fee and expense waivers and reimbursements). With respect to the Sub-Advised Funds, the Trustees noted that the International Bond Fund posted outstanding returns relative to its benchmark and peers for the one, three and five year periods. The Trustees also noted that, from their inception through December 31, 2014, each of Ivy^SM Growth Fund, Ivy^SM Small Cap Growth Fund and Pyramis^® Core Equity Fund outperformed its benchmark and performed strongly relative to its peers, and that T. Rowe Price Value Fund marginally underperformed its benchmark but had posted second quintile fourth quarter performance relative to its peers.

Ancillary Benefits to Advantus and Its Affiliates

The Trustees also considered that Advantus and its affiliates benefit from certain soft-dollar arrangements. The Trustees noted that Advantus' profitability would be somewhat lower if it had to pay for these benefits out of its own assets. The Trustees also noted that Securian Financial Services, Inc. (the Trust's distributor) receives 12b-1 fees from the Funds. The Trustees also noted that Minnesota Life Insurance Company, an affiliate of Advantus, benefits by performing certain legal, compliance and other administrative services for the Trust, in return for a reimbursement of costs it incurs in connection with its provision of such services. The Trustees also recognize that Advantus and its affiliates derive reputational and other benefits from their association with the Funds and Trust.

Nature, Extent and Quality of Services Provided by Advantus

In addition to investment management services, Advantus provides the Trust with office space, administrative and other services (exclusive of, and in addition to, any such services provided by other Trust services providers) and executive and other personnel as are necessary for its operations. Advantus pays all of the compensation of management Trustees, officers and employees of the Trust (except that each Fund pays an equitable share of the compensation expense of the Trust's Chief Compliance Officer). The Trustees considered the quality and scope of services provided by Advantus under the Advisory Agreement and concluded that Advantus has provided commendable executive and administrative management and other services during and prior to the last year.

Investment Sub-Advisory Agreements

At the January 29, 2015 meeting, the Trustees also unanimously reapproved the Investment Sub-Advisory Agreements for the Sub-Advised Funds. In addition to the Trustees' review of the Sub-Advised Funds' investment performance and expense ratios (as set forth above), the Trustees also requested and evaluated other information, including a report on each sub-adviser's organization and current staffing, a report on brokerage allocation practices and related soft dollar arrangements, assurances that each Sub-Advised Fund will be managed in accordance with its stated investment objectives, policies and limitations, assurances that all disclosures relating to the sub-adviser reflected in the Trust's registration statement are complete and accurate, and assurance that the sub-adviser will operate in full compliance with applicable laws, regulations and exemptive orders. The Trustees also reviewed a summary of each sub-adviser's code of ethics and compliance program. The Trustees requested, but did not receive, an analysis of each sub-adviser's profitability in managing

104

Securian Funds Trust
Statement Regarding Basis for Approval of Advisory Contracts – continued

the Fund. However, the Trustees noted that Advantus is unaffiliated with each sub-adviser and that the Investment Sub-Advisory Agreements were negotiated on an "arm's-length" basis.

The Trustees also reviewed the proposed allocation of duties and responsibilities with respect to each Sub-Advised Fund between Advantus and the Fund's sub-adviser. The Trustees noted that Advantus is responsible for the selection, monitoring and oversight of each sub-adviser, the fulfillment or oversight of substantially all of each Sub-Advised Fund's legal and regulatory requirements, the preparation for and facilitation of all Board of Trustee, Audit Committee and Governance Committee meetings, and many other requirements. Based on this review, the Trustees concluded that the allocation of the overall advisory fee of each Sub-Advised Fund between Advantus and the Sub-Adviser is fair and appropriate. The Trustees also concluded that the portion of each Sub-Advised Fund's overall advisory fee that is retained by Advantus represents fair and appropriate compensation to Advantus for its retained duties and responsibilities.

Based on the foregoing factors, the Trustees concluded that reapproving each Investment Sub-Advisory Agreement was in the best interest of each Sub-Advised Fund and its shareholders.

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Securian Funds Trust
Trustees and Executive Officers

Under Delaware law, the Board of Trustees of the Trust has overall responsibility for managing the Trust in good faith and in a manner reasonably believed to be in the best interests of the Trust. The Trustees meet periodically throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Trust, and review the performance of the Trust and its Funds. One of the four current Trustees is considered an "interested person" (as defined in the Investment Company Act of 1940) of the Trust. The other three Trustees, because they are not interested persons of the Trust, are considered independent ("Independent Trustees") and are not employees or officers of, and have no financial interest in, the Trust's investment adviser, Advantus Capital Management, Inc. or its affiliated companies, including Minnesota Life Insurance Company. 75% of the Board of Trustees is required to be comprised of Independent Trustees.

Only executive officers and other officers who perform policy-making functions with the Trust are listed. None of the Trustees is a director of any public company (a company required to file reports under the Securities Exchange Act of 1934) or of any registered investment companies other than the Trust. Each Trustee serves for an indefinite term, until his or her resignation, death or removal.

Name, Address(1) and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation(s) During Past 5 Years
Independent Trustees
Julie K. Getchell 1954	Trustee since October 21, 2011	Retired; Senior Financial Consultant to Cargill's Controller's Group, Animal Nutrition Business and Tartan Program from April 2009 to July 2012; Chief Financial Officer/Senior Managing Director, La Crosse Global Fund Services from May 2005 to April 2009; Consultant, Black River Asset Management from October 2004 to May 2005; Chief Financial Officer, Prestige Resorts & Destinations LTD. from 2001 to 2003; Chief Operating Officer, Insight Investment Management, Inc. from 1996 to 2000; Chief Financial Officer, Insight Investment Management, Inc. from 1991 to 1996; Chartered Financial Analyst; CPA - inactive
Linda L. Henderson 1949	Trustee since January 25, 2007	Retired; Professional Advisor, Carlson School of Management, University of Minnesota, 2004 to May 2007; Senior Vice President, Director of Fixed Income Research and Strategies, RBC Dain Rauscher Investments, 1985 to 2004; Chartered Financial Analyst

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Securian Funds Trust
Trustees and Executive Officers – continued

Name, Address(1) and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation(s) During Past 5 Years
Independent Trustees — continued
William C. Melton 1947	Trustee since April 25, 2002	Retired; member, State of Minnesota Council of Economic Advisors from 1988 to 1994, and again from 2010 to the present; various senior positions at American Express Financial Advisors (formerly Investors Diversified Services and, thereafter, IDS/American Express) from 1982 through 1997, including Chief Economist and, thereafter, Chief International Economist
Interested Trustee
Gregory S. Strong 1944	Trustee since October 21, 2011	Retired; President, Advantus Series Fund, Inc. from April 2007 to July 2011; retired since December 2008, previously Senior Vice President, Chief Actuary and Treasurer, Minnesota Life Insurance Company; Treasurer, Minnesota Mutual Companies, Inc., Senior Vice President and Treasurer, Securian Financial Group, Inc.; Treasurer, Securian Holding Company

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Securian Funds Trust
Trustees and Executive Officers – continued

Name, Address(1) and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation(s) During Past 5 Years
Other Executive Officers(2)
David M. Kuplic 1957	President since July 28, 2011	Senior Vice President, Minnesota Life Insurance Company since June 2007; Executive Vice President and Director, Advantus Capital Management, Inc. since July 2007; Senior Vice President and Director, Advantus Capital Management, Inc., February 2006 to July 2007; President and Director, MCM Funding 1997-1, Inc. (entity holding legal title to mortgages beneficially owned by certain clients of Advantus Capital) since July 2007; Vice President, MCM Funding 1997-1, Inc., June 2004 to July 2007; President and Director, MCM Funding 1998-1, Inc. (entity holding legal title to mortgages beneficially owned by certain clients of Advantus Capital) since July 2007; Vice President, MCM Funding 1998-1, Inc., June 2004 to July 2007; Senior Vice President, Securian Financial Group, Inc. since June 2007; President and Director, MIMLIC Funding, Inc. (entity holding legal title to bonds beneficially owned by certain clients of Advantus Capital) since July 2007; Senior Vice President, Securian Life Insurance Company since June 2007; President and Director, Marketview Properties, LLC (entity holding real estate assets) since January 2010; President and Director, Marketview Properties II, LLC (entity holding real estate assets) since March 2010; President, Marketview Properties IV, LLC

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Trustees and Executive Officers – continued

Name, Address(1) and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation(s) During Past 5 Years
Other Executive Officers(2) — continued
Gary M. Kleist 1959	Vice President and Treasurer since July 24, 2003	Financial Vice President, Chief of Operations and Director, Advantus Capital Management, Inc. since December 1997; Second Vice President, Minnesota Life Insurance Company since February 2000; Vice President and Secretary/Treasurer, MIMLIC Funding, Inc. (entity holding legal title to bonds beneficially owned by certain clients of Advantus Capital) since July 2003; Financial Vice President, MCM Funding 1997-1, Inc. since October 1998 and MCM Funding 1998-1, Inc. (entities holding legal title to mortgages beneficially owned by certain clients of Advantus Capital) since August 1998; Second Vice President, Securian Financial Group, Inc. since February 2000; Second Vice President, Securian Life Insurance Company since June 2007; Financial Vice President, Marketview Properties, LLC since January 2010 and Marketview Properties II, LLC (entities holding certain real estate assets) since March 2010; Financial Vice President, Marketview Properties IV, LLC
Bruce P. Shay 1961	Vice President since July 28, 2011	Executive Vice President, Minnesota Life Insurance Company since March 2010; Executive Vice President, Securian Financial Group, Inc. since March 2010; Executive Vice President and Director, Securian Life Insurance Company since June 2010; Senior Vice President, Minnesota Life Insurance Company, February 2004 to February 2010; Senior Vice President, Securian Life Insurance Company, February 2007 to June 2010
Michael J. Radmer Dorsey & Whitney LLP 50 South Sixth Street Minneapolis, Minnesota 55402 1945	Secretary since April 16, 1998	Partner with the law firm of Dorsey & Whitney LLP

109

Securian Funds Trust
Trustees and Executive Officers – continued

(1) Unless otherwise noted, the address of each Trustee and officer is the address of the Trust: 400 Robert Street North, St. Paul, Minnesota 55101.

(2) Although not a 'corporate' officer of the Trust, Vicki L. Bailey, born in 1955, has served as the Trust's Chief Compliance Officer since July 2004. Ms. Bailey is also Vice President, Investment Law, Chief Compliance Officer and Secretary, Advantus Capital Management, Inc.; Vice President, Minnesota Life Insurance Company; Vice President and Secretary, MCM Funding 1997-1, Inc. and MCM Funding 1998-1, Inc. (entities holding legal title to mortgages beneficially owned by certain clients of Advantus Capital); Vice President, Securian Financial Group, Inc.; Vice President, Securian Life Insurance Company; Director, Personal Finance Company LLC; Vice President and Secretary, Marketview Properties, LLC and Marketview Properties II, LLC (entities holding certain real estate assets); Vice President and Secretary, Marketview Properties IV, LLC.

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112

This offering is available through Securian Financial Services, Inc., a registered broker/dealer. Securian Financial Services, Inc. is the distributor of Minnesota Life and Securian Life variable insurance products.

This report may be used as sales literature in connection with the offer or sale of variable annuity or variable life insurance contracts funded by Securian Funds Trust ("Trust") if preceded or accompanied by (a) the current prospectus for the Trust and such contracts and (b) the current applicable variable annuity or variable life performance report.

Securian Financial Services, Inc.

www.securian.com

Securities Dealer, Member FINRA/SIPC.

Registered Investment Advisor

400 Robert Street North, St. Paul, MN 55101-2098

1.888.237.1838

F34490 Rev 8-2015

Minnesota Life Insurance Company

A Securian Company

Securian Life Insurance Company

A New York admitted insurer

400 Robert Street North

St. Paul, MN 55101-2098

PRESORTED STANDARD
U.S. POSTAGE PAID
CAROL STREAM, IL
PERMIT NO. 1480

F34490 Rev 8-2015

Call 1-800-995-3850 to receive your financial documents electronically. It's fast and convenient.

ITEM 2. CODE OF ETHICS.

Filed herewith as Exhibit 12(a)(1). During the period covered by this report, there has been no amendment to the code of ethics that relates to any element of the code of ethics definition set forth in paragraph (b) of Item 2 of Form N-CSR, nor has the registrant granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Trust has determined that Julie K. Getchell, a member of the Board’s Audit Committee, possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Ms. Getchell as the Audit Committee’s financial expert. Ms. Getchell is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time. Required only for annual reports on Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Not applicable. Schedule I — Investments in Securities of Unaffiliated Issuers is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The registrant has a governance committee of its board of trustees, the members of which are all trustees who are not “interested persons” of the registrant, as defined in Section 2(a)(19) of the Investment Company Act of 1940 (“independent trustees”). The governance committee, which operates in accordance with a separate governance committee charter approved by the board of trustees, selects and recommends to the board of trustees individuals for nomination as independent trustees. The names of potential independent director candidates are drawn from a number of sources, including recommendations from management of Advantus Capital Management, Inc., the registrant’s investment adviser. Each candidate is evaluated by the governance committee with respect to the relevant business and industry experience that would enable the candidate to serve effectively as an independent director, as well as his or her compatibility with respect to business philosophy and style. The members of the governance committee may conduct an in-person interview of each viable candidate using a standardized questionnaire. When all of the viable candidates have been evaluated and interviewed, the governance committee determines which of the viable candidates should be presented to the board of trustees for selection to become a member of the board of trustees.

Inasmuch as the registrant does not hold annual meetings of shareholders and meetings of shareholders occur only intermittently, the governance committee does not at present consider nominees recommended by shareholders.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit:

Exhibit 99.CODE ETH attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940 (17 CFR 270.30a-2):

Exhibit 99.CERT attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by this report by or on behalf of the registrant to 10 or more persons:

Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Securities Exchange Act of 1934, provide the certifications required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14 under the Securities Exchange Act of 1934 (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference:

Exhibit 99.906 CERT attached hereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Securian Funds Trust

By (Signature and Title)	/s/ David M. Kuplic
	David M. Kuplic, President

Date: August 21, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ David M. Kuplic
	David M. Kuplic, President (Principal Executive Officer)

By (Signature and Title)	/s/ Gary M. Kleist
	Gary M. Kleist, Treasurer (Principal Financial Officer)

Date: August 21, 2015

Securian Funds Trust N-CSRSCertified semi-annual shareholder report (management investment company)