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, 2016

ITEM 1. REPORT TO STOCKHOLDERS.

Filed herewith.

Securian Funds Trust

Semi-Annual Report

June 30, 2016

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

SFT Advantus Bond Fund

SFT Advantus Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)

SFT Advantus Government Money Market Fund
(formerly SFT Advantus Money Market Fund)

SFT Advantus Index 400 Mid-Cap Fund

SFT Advantus Index 500 Fund

SFT Advantus International Bond Fund

SFT Advantus Managed Volatility Equity 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 ®

Securian Funds Trust

Supplement dated August 1, 2016 to the Prospectus of Securian Funds Trust dated April 29, 2016.

Effective August 1, 2016, Philip J. Sanders will no longer serve as a manager of the SFT Ivy^SM Growth Fund. At that time, Bradley M. Klapmeyer, Vice President of WRIMCO, will become a co-manager of the Fund.

The text on page 49, under the caption "SFT Ivy^SM Growth Fund: Management," is replaced by the following:

SFT Ivy^SM Growth Fund: Management

The Fund is advised by Advantus Capital Management, Inc. (Advantus Capital) and sub-advised by Waddell & Reed Investment Management Company (WRIMCO). 'Ivy' is the service mark of Ivy Distributor, Inc., an affiliate of WRIMCO. The following individuals serve as the Fund's primary portfolio managers:

Name and Title				Primary Manager Since
Daniel P. Becker, Senior Vice President, WRIMCO				May 1, 2014
Bradley M. Klapmeyer Vice President, WRIMCO				August 1, 2016

The text relating to SFT Ivy^SM Growth Fund on page 115, under the caption "Portfolio Managers," is replaced by the following:

Portfolio Managers

Fund

Portfolio Manager
and Title

Primary Portfolio
Manager Since

Business Experience During
Past Five Years

SFT Ivy^SMGrowth
Fund

Daniel P. Becker
Senior Vice President,
WRIMCO

May 1, 2014

Portfolio Manager, Ivy Funds VIP Growth
(formerly W& R Target Funds Growth Portfolio)
since January 1997. Portfolio Manager,
Waddell & Reed Investment Advisors Vanguard
Fund since July 1997; Portfolio Manager, Ivy
Large Cap Growth Fund since June 2000;
Co-portfolio manager of the large cap growth
product suite since July 2006, comprising
institutional accounts, Waddell & Reed
Advisors Vanguard Fund, Ivy Large Cap Growth
Fund and Ivy Funds VIP Growth.

Bradley M. Klapmeyer
Vice President,
WRIMCO

August 1, 2016

Investment Analyst with WRIMCO beginning
in 2007; joined the Large Cap Growth team as
Assistant Portfolio Manager in 2011; Portfolio
Manager of Waddell & Reed Advisors
Tax-Managed Equity Fund and Ivy
Tax-Managed Equity Fund since 2014.

Please retain this supplement for future reference.

F86854 08-2016

Securian Funds Trust

Supplement dated August 15, 2016 to the Prospectus of Securian Funds Trust dated April 29, 2016.

The table and expense example on pages 31 and 32, under the caption "SFT Advantus Managed Volatility Equity Fund: Fees and Expenses," are replaced by the following:

Shareholder Fees (fees paid directly from your investment)
Not Applicable
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.65	%
Distribution (12b-1) Fees	0.25	%
Other Expenses(1)	1.38	%
Acquired Fund Fees and Expenses(2)	0.18	%
Total Annual Fund Operating Expenses	2.46	%
Fee Waiver and/or Expense Reimbursement(3)	1.48	%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.98	%

(1) Estimated expenses for the Fund's first fiscal year.

(2) Because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights, the Fund's total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

(3) Advantus Capital Management, Inc. ("Advantus Capital"), the Fund's investment adviser, has contractually agreed, through April 30, 2017, to waive its "management fees" or absorb "other expenses" such that the Fund's total annual operating expenses after such fee waiver and/or expense absorption, excluding "acquired fund fees and expenses," will not exceed 0.80% of the average net assets of the Fund. This fee waiver and/or expense absorption renews annually for a full year unless terminated by Advantus Capital upon at least 30 days' notice prior to the end of the contract term.

Expense Example. This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and the Fund's operating expenses remain the same. The example further assumes that the fee waiver and/or expense reimbursement described above is in effect for only one year. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

1 Year				3 Years
$	100			$	617

Please retain this supplement for future reference.

F87802 08-2016

TABLE OF CONTENTS

	Page No.
*Fund Reviews*
SFT Advantus Bond Fund		1
SFT Advantus Dynamic Managed Volatility Fund (formerly SFT Advantus Managed Volatility Fund)		2
SFT Advantus Government Money Market Fund (formerly SFT Advantus Money Market Fund)		3
SFT Advantus Index 400 Mid-Cap Fund		4
SFT Advantus Index 500 Fund		5
SFT Advantus International Bond Fund		6
SFT Advantus Managed Volatility Equity Fund		7
SFT Advantus Mortgage Securities Fund		8
SFT Advantus Real Estate Securities Fund		9
SFT Ivy^SM Growth Fund		10
SFT Ivy^SM Small Cap Growth Fund		11
SFT Pyramis^® Core Equity Fund		12
SFT T. Rowe Price Value Fund		13
*Investments In Securities*
SFT Advantus Bond Fund		14
SFT Advantus Dynamic Managed Volatility Fund (formerly SFT Advantus Managed Volatility Fund)		20
SFT Advantus Government Money Market Fund (formerly SFT Advantus Money Market Fund)		25
SFT Advantus Index 400 Mid-Cap Fund		26
SFT Advantus Index 500 Fund		32
SFT Advantus International Bond Fund		39
SFT Advantus Managed Volatility Equity Fund		49
SFT Advantus Mortgage Securities Fund		50
SFT Advantus Real Estate Securities Fund		54
SFT Ivy^SM Growth Fund		55
SFT Ivy^SM Small Cap Growth Fund		57
SFT Pyramis^® Core Equity Fund		59
SFT T. Rowe Price Value Fund		61
*Financial Statements*
Statements of Assets and Liabilities		64
Statements of Operations		66
Statements of Changes in Net Assets		68
Financial Highlights		73
Notes to Financial Statements		86
*Fund Expense Examples*		101
*Proxy Voting and Quarterly Holdings Information*		102
*Statement Regarding Basis for Approval of Advisory Contracts*		104
*Trustees and Executive Officers*		107

SFT 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, 2016, for each class of shares offered was as follows:

Class 1					5.47 percent*
Class 2					5.34 percent*

The Fund's benchmark, the Barclays U.S. Aggregate Bond Index, returned 5.31 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 Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)

Fund Objective

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

The SFT Advantus Dynamic 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, 2016, the Fund had a net return of 4.05 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor.** The current Blended Benchmark Index returned 4.52 percent over the same period. The Fund's prior blended benchmark index returned 5.43 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 Dynamic Managed Volatility Fund (the "Fund"), have entered into an Expense Limitation Agreement, dated May 1, 2013, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with the generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through April 30, 2017. 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, 2016 Advantus Capital has waived $1,070,170 pursuant to the agreement, of which $1,047,142 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. Aggregate Bond Index.

The S&P 500 Index is a broad, unmanaged index of 500 common stocks which are representative of the U.S. stock market overall. The 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 Government Money Market Fund
(formerly SFT Advantus Money Market Fund)

Fund Objective

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

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

Performance Update

For the six month period ended June 30, 2016, 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 U.S. Treasury bill, returned 0.16 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 Government Money Market Fund is neither insured nor guaranteed by the U.S. Government or any other agency, and there can be no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. Shares upon redemption may be worth more or less than their original cost. Performance figures of the Fund do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. When such charges are deducted, actual investment performance in a variable policy or contract will be lower.

† 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 Government 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 SFT Advantus Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. 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, 2016, Advantus Capital and Securian Financial have collectively waived $4,331,315 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $1,856,196 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, 2017, 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 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, 2016, for each class of shares offered was as follows:

Class 1					7.79 percent*
Class 2					7.66 percent*

The Fund's benchmark, the Standard and Poor's MidCap 400 Index, returned 7.93 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 $3.4 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, 2016, for each class of shares offered was as follows:

Class 1					3.72 percent*
Class 2					3.60 percent*

The Fund's benchmark, the Standard & Poor's 500 Index, returned 3.84 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, 2016, for each class of shares offered was as follows:

Class 1					(1.42) percent*
Class 2					(1.54) percent*

The Fund's benchmark, the Citigroup World Government Bond Index, returned 10.74 percent for the same period.

Country Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

Americas	145.56	%
United States Dollar (USD)	106.58	%
Mexican Peso (MXN)	21.04	%
Brazilian Real (BRL)	12.81	%
Chilean Peso (CLP)	5.13	%
Asia Pacific	-7.65	%
Republic of Korea Won (KRW)	0.10	%
Malaysian Ringgit (MYR)	14.36	%
Indonesian Rupiah (IDR)	8.18	%
Indian Rupee (INR)	5.47	%
Philippine Peso (PHP)	4.77	%
Sri Lankan Rupee (LKR)	0.59	%
Australian Dollar (AUD)*	-8.82	%
Japanese Yen (JPY)*	-32.30	%
Europe*	-37.89	%
Polish Zloty (PLN)	2.90	%
Euro (EUR)*	-40.79	%

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

SFT Advantus Managed Volatility Equity Fund

Fund Objective

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

Performance Update

For the six-month period ended June 30, 2016, the Fund had a net return of 5.22 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor.** The Blended Benchmark Index returned 8.44 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 Equity Fund (the "Fund"), have entered into an Expense Limitation Agreement, dated November 18, 2015, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with the generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through November 17, 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, 2016, Advantus Capital has waived $171,087 pursuant to the agreement. 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 Low Volatility Index, 20% S&P BMI International Developed Low Volatility Index and 20% Barclays U.S. 3 Month Treasury Bellwether Index. The S&P 500 Low Volatility Index measures performance of the 100 least volatile stocks in the S&P 500. The S&P BMI International Developed Low Volatility Index measures the performance of the 200 least volatile stocks in the S&P Developed Market large/midcap universe. Constituents are weighted relative to the inverse of their corresponding volatility, with the least volatile stocks receiving the highest weights. The Barclays U.S. 3 Month Treasury Bellwethers Index tracks the market for the on-the-run 3 month Treasury bill issued by the U.S. government.

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, 2016, for each class of shares offered was as follows:

Class 1					3.10 percent*
Class 2					2.97 percent*

The Fund's benchmark, the Barclays U.S. Mortgage-Backed Securities Index, returned 3.10 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, 2016, for each class of shares offered was as follows:

Class 1					11.10 percent*
Class 2					10.96 percent*

The Fund's benchmark, the Wilshire US Real Estate Securities Index, returned 11.60 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, 2016, the Fund had a net return of (4.10) percent*. The Fund's benchmark, the Russell 1000 Growth Index, returned 1.36 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, 2016, the Fund had a net return of 10.24 percent*. The Fund's benchmark, the Russell 2000 Growth Index, returned 6.30 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, 2016, for each class of shares offered was as follows:

Class 1					(0.68) percent*
Class 2					(0.81) percent*

The Fund's benchmark, the Standard & Poor's 500 Index, returned 3.84 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 period ended June 30, 2016, the Fund had a net return of 1.99 percent*. The Fund's benchmark, the Standard & Poor's 500 Index, returned 3.84 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, 2016
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (98.5%)
Government Obligations (46.0%)
Other Government Obligations (2.0%)
Provincial or Local Government Obligations (2.0%)
County of Sarasota FL, 7.016%, 10/01/40	$	515,000	$	609,925
Douglas County Public Utility District No. 1, 5.450%, 09/01/40		1,185,000		1,497,331
Port Authority of New York & New Jersey,
4.458%, 10/01/62		1,150,000		1,311,667
4.926%, 10/01/51		3,055,000		3,885,868
				7,304,791
U.S. Government Agencies and Obligations (44.0%)
Export-Import Bank of the United States (1.1%)
Helios Leasing I LLC, 2.018%, 05/29/24		679,028		690,758
Tagua Leasing LLC,
1.732%, 09/18/24		710,943		714,618
1.900%, 07/12/24		611,946		619,651
Ulani MSN 37894, 2.184%, 12/20/24		1,603,913		1,642,263
Union 13 Leasing LLC, 1.870%, 06/28/24		540,094		546,120
				4,213,410
Federal Home Loan Mortgage Corporation (FHLMC) (8.1%)
2.103%, 08/25/24 (b)		293,851		294,522
2.500%, 03/01/28		666,433		692,202
2.653%, 09/25/24 (b)		2,000,000		2,000,786
3.000%, 08/01/42		655,688		687,008
3.000%, 04/01/43		1,172,645		1,227,869
3.000%, 07/01/45		948,909		984,650
3.500%, 10/01/25		320,599		343,359
3.500%, 08/01/42		698,427		746,341
3.500%, 05/25/45		1,499,899		1,548,674
3.500%, 03/01/46		1,955,548		2,065,865
4.000%, 02/01/20		575,519		595,714
4.000%, 09/01/40		630,324		687,969
4.000%, 10/01/40		664,565		717,514
4.000%, 11/01/40		2,388,851		2,617,455
4.000%, 02/01/41		530,505		577,774
4.000%, 08/01/41		712,516		772,350
4.000%, 07/01/42		640,843		688,677
4.500%, 01/01/41		830,140		908,457
4.500%, 02/01/41		672,662		740,063
4.500%, 03/01/41		819,662		899,205
4.500%, 04/01/41		926,619		1,031,283
5.000%, 04/01/35		144,613		159,600
5.000%, 08/01/35		60,198		66,886
5.000%, 11/01/35		153,666		170,130
5.000%, 11/01/39		518,604		580,427
5.000%, 03/01/40		2,766,569		3,118,536
5.000%, 04/01/40		469,983		522,934
5.000%, 08/01/40		286,273		317,443

	Principal		Value(a)
5.500%, 12/01/17	$	20,397	$	20,771
5.500%, 06/01/20		60,823		63,915
5.500%, 10/01/20		124,231		132,364
5.500%, 11/01/23		141,946		158,028
5.500%, 05/01/34		968,960		1,115,134
5.500%, 10/01/34		395,944		451,098
5.500%, 07/01/35		450,637		508,432
5.500%, 10/01/35		465,876		531,245
5.500%, 12/01/38		331,865		375,758
6.000%, 11/01/33		367,476		424,055
6.500%, 09/01/32		72,266		85,927
6.500%, 06/01/36		379,355		453,871
7.000%, 12/01/37		123,439		136,480
				30,220,771
Federal National Mortgage Association (FNMA) (16.3%)
1.403%, 05/25/24 (b)		402,676		400,827
2.500%, 11/01/27		628,188		647,909
2.500%, 07/01/28		762,387		798,054
2.500%, 07/01/31 (c)		340,000		351,760
3.000%, 06/01/22		354,257		371,828
3.000%, 11/01/27		129,919		136,417
3.000%, 07/01/31 (c)		2,380,000		2,495,095
3.000%, 03/01/42		638,503		663,759
3.000%, 04/01/43		764,165		794,662
3.000%, 05/01/43		1,543,049		1,604,691
3.000%, 06/01/43		380,410		395,642
3.000%, 09/01/43		1,301,750		1,353,671
3.000%, 07/01/46 (c)		2,000,000		2,075,546
3.500%, 11/01/25		421,764		449,847
3.500%, 01/01/26		414,612		442,149
3.500%, 11/01/40		557,059		596,570
3.500%, 01/01/41		518,301		554,189
3.500%, 02/01/41		333,253		358,474
3.500%, 04/01/41		573,345		613,125
3.500%, 11/01/41		3,073,994		3,288,616
3.500%, 01/01/42		2,960,666		3,135,851
3.500%, 04/01/42		3,106,467		3,290,369
3.500%, 08/01/42		2,130,341		2,277,473
3.500%, 01/01/43		490,554		519,476
3.500%, 03/01/43		1,758,954		1,883,483
3.500%, 05/01/43		1,518,065		1,623,985
3.500%, 05/01/45		1,482,922		1,566,221
3.500%, 10/01/45		941,225		993,504
3.500%, 07/01/46 (c)		1,000,000		1,055,156
4.000%, 04/01/41		1,718,487		1,879,657
4.000%, 08/01/41		587,407		631,374
4.000%, 09/01/41		940,547		1,025,917
4.000%, 04/01/44		3,676,695		3,941,493
4.000%, 08/01/44		531,108		570,163
4.000%, 07/01/46 (c)		600,000		643,295
4.500%, 05/01/35		173,757		189,537
4.500%, 07/01/35		641,044		702,326
4.500%, 06/01/39		361,265		399,801
4.500%, 04/01/41		2,298,890		2,550,854
4.500%, 07/01/41		2,211,000		2,424,328
5.000%, 05/01/18		11,231		11,550
5.000%, 06/01/18		24,129		24,810
5.000%, 07/01/18		57,234		58,879
5.000%, 07/01/23		136,894		151,889
5.000%, 11/01/33		75,758		84,580

See accompanying notes to financial statements.
14

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
5.000%, 05/01/34	$	22,746	$	25,309
5.000%, 12/01/34		348,210		388,692
5.000%, 04/01/35		86,469		96,354
5.000%, 08/01/35		105,104		116,952
5.000%, 04/01/38		297,090		336,812
5.000%, 12/01/39		401,109		455,353
5.000%, 04/01/41		494,877		562,202
5.500%, 09/01/17		5,956		6,046
5.500%, 02/01/18		27,342		28,109
5.500%, 03/01/18		48,973		50,316
5.500%, 04/01/33		515,879		592,290
5.500%, 12/01/33		138,863		159,870
5.500%, 01/01/34		197,097		223,683
5.500%, 02/01/34		197,850		225,757
5.500%, 03/01/34		403,638		464,609
5.500%, 04/01/34		192,636		216,577
5.500%, 09/01/34		81,264		93,133
5.500%, 02/01/35		274,792		313,616
5.500%, 04/01/35		423,390		480,186
5.500%, 06/01/35		66,515		75,220
5.500%, 08/01/35		193,663		219,375
5.500%, 10/01/35		509,010		587,264
5.500%, 11/01/35		137,115		155,712
5.500%, 12/01/35		107,785		122,407
5.500%, 12/01/39		177,141		201,945
6.000%, 09/01/17		31,664		32,204
6.000%, 08/01/23		110,761		123,439
6.000%, 10/01/32		386,831		452,297
6.000%, 11/01/32		284,564		333,752
6.000%, 03/01/33		437,124		513,622
6.000%, 04/01/33		25,504		29,127
6.000%, 12/01/33		149,703		173,770
6.000%, 01/01/36		101,282		117,453
6.000%, 08/01/37		65,609		75,389
6.000%, 09/01/37		158,724		183,568
6.000%, 10/01/38		285,255		333,832
6.000%, 12/01/38		174,349		200,467
6.000%, 06/01/40		73,892		84,566
6.500%, 12/01/31		105,112		125,724
6.500%, 02/01/32		36,591		43,147
6.500%, 04/01/32		162,016		195,332
6.500%, 05/01/32		48,556		55,877
6.500%, 07/01/32		133,781		160,583
6.500%, 08/01/32		204,261		246,701
6.500%, 09/01/32		125,531		149,389
6.500%, 10/01/32		189,251		228,556
6.500%, 11/01/37		115,836		133,302
7.000%, 07/01/31		101,383		121,260
7.000%, 09/01/31		202,579		247,640
7.000%, 11/01/31		282,358		332,035
7.000%, 02/01/32		44,865		52,208
7.000%, 03/01/32		30,393		37,317
7.000%, 07/01/32		83,930		98,153
7.500%, 04/01/31		147,684		168,733
7.500%, 05/01/31		30,544		35,337
				61,311,371
Government National Mortgage Association (GNMA) (3.5%)
0.009%, 06/17/45 (b) (d)		502,807		—
3.000%, 03/15/45		1,432,480		1,497,733
3.000%, 03/20/45		1,376,164		1,440,734
3.000%, 04/15/45		1,881,294		1,966,992

	Principal		Value(a)
3.000%, 07/01/46 (c)	$	1,000,000	$	1,045,566
3.250%, 11/20/35		420,358		445,678
3.500%, 10/20/43		1,001,544		1,067,110
3.500%, 02/20/45		730,090		775,287
3.500%, 03/20/45		812,025		862,351
3.500%, 04/20/46		1,495,494		1,589,133
3.750%, 03/20/46		835,622		891,281
5.000%, 12/15/39		39,651		45,168
5.000%, 01/15/40		666,181		745,159
5.500%, 07/15/38		313,678		356,575
5.500%, 10/15/38		396,777		461,602
8.500%, 10/15/22		13,538		13,708
				13,204,077
U.S. Treasury (15.0%)
U.S. Treasury Bond
2.500%, 02/15/46		16,330,000		17,004,249
5.375%, 02/15/31 (e)		5,115,000		7,586,384
U.S. Treasury Note
0.875%, 10/15/18		10,000		10,053
0.875%, 05/15/19		370,000		371,778
1.000%, 06/30/21		14,165,000		14,235,273
1.250%, 06/30/23		8,865,000		8,910,708
1.625%, 05/15/26		8,270,000		8,371,117
				56,489,562
Total government obligations (cost: $163,738,275)				172,743,982
Asset-Backed Securities (4.9%)
Asset-Backed Securities (4.9%)
Appalachian Consumer Rate Relief Funding LLC, 3.772%, 08/01/31		780,000		865,575
CarMax Auto Owner Trust, 2.160%, 08/16/21		1,300,000		1,306,851
Conseco Financial Corp., 6.400%, 10/15/18		14,739		14,739
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f)		1,755,000		1,826,590
Countrywide Asset-Backed Certificates, 5.934%, 05/25/37 (b)		1,544,659		1,465,956
Earnest Student Loan Program LLC, 3.020%, 05/25/34 (f)		1,875,000		1,877,247
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (f) (g) (h) (i)		449,578		451,914
Foursight Capital Automobile Receivables Trust, 3.710%, 01/18/22 (f)		1,200,000		1,186,078
GMAC Mortgage Corp. Loan Trust, 5.952%, 08/25/37 (b)		3,095,000		2,921,998
Longtrain Leasing III LLC, 2015-1A Class A1, 2.980%, 01/15/45 (f) (g)		1,327,813		1,284,988
Origen Manufactured Housing Contract Trust, 5.860%, 06/15/36 (b)		297,146		313,071

See accompanying notes to financial statements.
15

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
TAL Advantage V LLC, 3.510%, 02/22/39 (f)	$	425,500	$	415,115
TCF Auto Receivables Owner Trust, 2.060%, 04/15/20 (f)		1,830,000		1,846,201
Trip Rail Master Funding LLC, 2.863%, 04/15/44 (f)		799,798		792,320
World Omni Automobile Lease Securitization Trust, 1.940%, 12/15/20		1,880,000		1,884,232
Total asset-backed securities (cost: $18,557,869)				18,452,875
Other Mortgage-Backed Securities (5.3%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (0.4%)
Credit-Based Asset Servicing and Securitization LLC, 5.340%, 10/25/36 (f) (j)		1,108,274		1,150,792
JPMorgan Mortgage Trust, 2.705%, 11/25/33 (b)		343,543		308,631
Mellon Residential Funding Corp., 6.750%, 06/25/28		7,602		7,658
				1,467,081
Commercial Mortgage-Backed Securities (4.9%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)		604,703		611,889
American Tower Trust I, 1.551%, 03/15/43 (f)		1,420,000		1,423,007
Aventura Mall Trust 2013-AVM, 3.867%, 12/05/32 (b) (f)		1,000,000		1,063,273
Banc of America Re-Remic Trust, 4.325%, 08/15/46 (b) (f)		1,350,000		1,503,557
Citigroup Commercial Mortgage Trust, 3.008%, 01/12/30 (b) (f)		725,000		722,691
Hometown Commercial Mortgage,
5.506%, 11/11/38 (f) (g)		353,835		327,411
6.057%, 06/11/39 (f) (g)		389,424		296,075
JPMorgan Chase Commercial Mortgage Securities Corp.,
2.157%, 12/05/27 (b) (d) (f) (g)		10,405,795		614,500
5.633%, 12/05/27 (f)		2,165,000		2,404,506
Merrill Lynch Mortgage Investors, Inc., 6.250%, 12/10/29 (b)		297,563		297,448
Morgan Stanley Capital I Trust,
3.201%, 08/05/34 (f)		860,000		901,526
3.451%, 08/05/34 (f)		550,000		572,976
Multi Security Asset Trust, 5.880%, 11/28/35 (b) (f) (g)		1,540,000		1,456,738

	Principal		Value(a)
Timberstar Trust, 6.208%, 10/15/36 (f)	$	2,515,000	$	2,518,951
Vornado DP LLC, 4.004%, 09/13/28 (f)		1,475,000		1,578,499
Wells Fargo Commercial Mortgage Trust, 3.148%, 05/15/48		1,560,000		1,643,822
WF-RBS Commercial Mortgage Trust, 3.667%, 11/15/44		345,000		374,234
				18,311,103
Total other mortgage-backed securities (cost: $19,542,949)				19,778,184
Corporate Obligations (42.3%)
Communications (2.4%)
Telecommunication (1.7%)
AT&T, Inc.
4.125%, 02/17/26		2,700,000		2,900,432
5.550%, 08/15/41		900,000		1,008,330
Crown Castle Towers LLC,
3.222%, 05/15/42 (f)		1,950,000		2,026,781
6.113%, 01/15/40 (f)		440,000		489,438
				6,424,981
Telephone Services (0.7%)
SBA Tower Trust, 2.240%, 04/15/43 (f)		2,440,000		2,446,676
Consumer Cyclical (1.3%)
Auto/Truck Parts & Equipment-Original (1.3%)
General Motors Financial Co., Inc.
2.400%, 05/09/19		1,675,000		1,679,667
4.375%, 09/25/21		590,000		622,597
5.250%, 03/01/26		2,500,000		2,717,712
				5,019,976
Consumer, Non-cyclical (1.0%)
Drugstore Chains (1.0%)
CVS Pass-Through Trust,
5.880%, 01/10/28		447,910		504,861
6.036%, 12/10/28		2,358,550		2,676,410
6.943%, 01/10/30		381,995		459,233
				3,640,504
Energy (5.1%)
Oil, Gas & Consumable Fuels (0.3%)
Tesoro Corp., 4.250%, 10/01/17		1,135,000		1,160,537
Pipelines (4.8%)
Boardwalk Pipelines L.P.,
3.375%, 02/01/23		1,040,000		953,495
5.200%, 06/01/18		400,000		407,467
5.750%, 09/15/19		2,629,000		2,752,944
5.950%, 06/01/26		900,000		945,375
Buckeye Partners L.P., 5.600%, 10/15/44		3,000,000		2,847,186
Enterprise Products Operating LLC, 7.034%, 01/15/68 (b)		1,835,000		1,934,079

See accompanying notes to financial statements.
16

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
NuStar Logistics L.P., 8.150%, 04/15/18	$	2,986,000	$	3,165,160
Sunoco Logistics Partners Operations L.P., 6.850%, 02/15/40		2,150,000		2,278,546
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		2,500,000		2,833,603
				18,117,855
Financial (13.0%)
Banks (6.7%)
Bank of America Corp.,
4.000%, 01/22/25		1,650,000		1,681,863
5.875%, 01/05/21		765,000		877,585
3.950%, 04/21/25		780,000		794,309
Capital One Financial Corp., 5.550%, 06/01/20 (b)		2,915,000		2,878,562
Citigroup, Inc., 4.400%, 06/10/25		1,500,000		1,568,414
Citizens Bank NA, 2.300%, 12/03/18		1,250,000		1,266,358
Compass Bank, 3.875%, 04/10/25		2,500,000		2,399,065
Deutsche Bank AG, 3.375%, 05/12/21 (h)		2,750,000		2,759,465
Discover Bank, 3.100%, 06/04/20		2,250,000		2,298,598
Discover Bank, 8.700%, 11/18/19		322,000		379,159
Huntington Bancshares, Inc., 3.150%, 03/14/21		3,000,000		3,107,754
JPMorgan Chase & Co., 5.000%, 07/01/19 (b)		1,700,000		1,625,625
Morgan Stanley,
5.450%, 07/15/19 (b)		1,870,000		1,795,200
5.500%, 07/28/21		740,000		844,988
SunTrust Bank, 3.300%, 05/15/26		1,050,000		1,058,546
				25,335,491
Diversified Financial Services (1.0%)
Block Financial LLC, 4.125%, 10/01/20		2,050,000		2,111,642
Nasdaq, Inc., 3.850%, 06/30/26		1,615,000		1,640,869
				3,752,511
Insurance (3.2%)
Aon PLC, 3.875%, 12/15/25 (h)		1,525,000		1,608,474
Liberty Mutual Group, Inc., 6.500%, 05/01/42 (f)		1,805,000		2,186,088
Peachtree Corners Funding Trust, 3.976%, 02/15/25 (f)		1,825,000		1,829,728
TIAA Asset Management Finance Co. LLC,
2.950%, 11/01/19 (f)		1,345,000		1,377,896
4.125%, 11/01/24 (f)		1,150,000		1,208,069

	Principal		Value(a)
Trinity Acquisition PLC, 3.500%, 09/15/21 (h)	$	1,400,000	$	1,451,226
Unum Group, 5.750%, 08/15/42		1,975,000		2,180,657
				11,842,138
Real Estate Investment Trust — Health Care (0.8%)
Ventas Realty L.P./ Ventas Capital Corp., 2.700%, 04/01/20		2,800,000		2,857,593
Real Estate Investment Trust — Single Tenant (1.1%)
Select Income REIT, 2.850%, 02/01/18		4,080,000		4,111,959
Real Estate Investment Trust — Hotels (0.2%)
Hospitality Properties Trust, 4.650%, 03/15/24		920,000		936,807
Health Care (4.2%)
Health Care Providers & Services (2.2%)
Aetna, Inc.,
2.800%, 06/15/23		425,000		434,139
4.375%, 06/15/46		1,425,000		1,479,860
Express Scripts Holding Co.,
3.000%, 07/15/23		1,700,000		1,701,904
4.800%, 07/15/46		1,475,000		1,473,032
NYU Hospitals Center, 4.428%, 07/01/42		1,480,000		1,618,083
Sinai Health System, 3.034%, 01/20/36		1,545,000		1,617,519
				8,324,537
Medical Products/Supplies (0.8%)
Bio-Rad Laboratories, Inc., 4.875%, 12/15/20		2,700,000		2,987,339
Pharmaceuticals (1.2%)
AbbVie, Inc., 2.850%, 05/14/23		1,500,000		1,520,385
Mylan NV,
3.150%, 06/15/21 (f) (g) (h)		2,050,000		2,079,414
5.250%, 06/15/46 (f) (g) (h)		950,000		989,607
				4,589,406
Industrials (1.8%)
Aerospace & Defense (0.6%)
Newell Brands, Inc., 5.000%, 11/15/23 (f)		2,000,000		2,100,048
Electrical Equipment (0.4%)
Keysight Technologies, Inc., 3.300%, 10/30/19		1,500,000		1,523,241
Machinery (0.5%)
Pentair Finance S.A., 3.625%, 09/15/20 (h)		1,925,000		1,973,373
Tools-Hand Held (0.3%)
Stanley Black & Decker, Inc., 5.750%, 12/15/53 (b)		1,000,000		1,047,500

See accompanying notes to financial statements.
17

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Information Technology (0.3%)
Electronic Equipment, Instruments & Components (0.3%)
FLIR Systems, Inc., 3.125%, 06/15/21	$	1,075,000	$	1,103,771
Technology (1.8%)
Computers (0.8%)
Diamond 1 Finance Corp./ Diamond 2 Finance Corp.,
5.450%, 06/15/23 (f)		1,790,000		1,857,255
8.350%, 07/15/46 (f)		980,000		1,053,607
				2,910,862
Semiconductor Equipment (0.5%)
Lam Research Corp., 3.450%, 06/15/23		2,075,000		2,143,021
Software (0.2%)
Fidelity National Information Services, Inc., 2.850%, 10/15/18		700,000		718,401
Software & Services (0.3%)
HP Enterprise Co., 2.850%, 10/05/18 (f)		1,175,000		1,203,271
Transportation (5.9%)
Airlines (4.8%)
Air Canada 2015-1 Class C Pass Through Trust, 5.000%, 03/15/20 (f) (h)		2,000,000		1,925,000
America West Airlines 2000-1 Pass Through Trust, 8.057%, 01/02/22		672,633		753,349
American Airlines 2013-1 Class B Pass Through Trust, 5.625%, 01/15/21 (f)		1,562,355		1,609,226
American Airlines 2013-2 Class B Pass Through Trust, 5.600%, 01/15/22 (f) (g)		1,461,195		1,505,031
American Airlines 2015-1 Class B Pass Through Trust, 3.700%, 11/01/24		953,675		934,601
British Airways PLC, 5.625%, 12/20/21 (f) (h)		613,255		638,552
Continental Airlines 2009-2 Class A Pass Through Trust, 7.250%, 05/10/21		1,384,752		1,582,079
Delta Air Lines 2012-1 Class A Pass Through Trust, 4.750%, 11/07/21		600,416		636,441
Delta Air Lines 2012-1 Class B Pass Through Trust, 6.875%, 05/07/19 (f)		1,498,277		1,618,139
Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/25		677,985		691,545
United Airlines 2014-1 Class B Pass Through Trust, 4.750%, 10/11/23		634,499		640,051
United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/24		2,615,103		2,621,641

	Principal		Value(a)
United Airlines, Inc., 10.400%, 05/01/18	$	354,797	$	364,554
US Airways 2010-1 Class A Pass Through Trust, 6.250%, 10/22/24		1,229,128		1,379,696
US Airways 2012-2 Class A Pass Through Trust, 4.625%, 12/03/26		222,954		237,470
Virgin Australia 2013-1B Trust, 6.000%, 04/23/22 (f) (h)		747,535		760,617
				17,897,992
Transport — Rail (1.1%)
BNSF Funding Trust I, 6.613%, 12/15/55 (b)		3,785,000		4,258,125
Utilities (5.5%)
Electric Companies (1.0%)
Dominion Gas Holdings LLC, 2.500%, 12/15/19		1,470,000		1,503,555
Indianapolis Power & Light Co., 4.700%, 09/01/45 (f)		1,900,000		2,140,656
				3,644,211
Electric Utilities (3.7%)
Cleco Corporate Holdings LLC,
3.743%, 05/01/26 (f)		1,125,000		1,156,188
4.973%, 05/01/46 (f)		2,000,000		2,100,534
Dominion Resources, Inc.,
2.962%, 07/01/19 (j)		750,000		763,526
5.750%, 10/01/54 (b)		1,800,000		1,791,000
El Paso Electric Co., 5.000%, 12/01/44		1,165,000		1,336,177
Entergy Corp., 4.000%, 07/15/22		1,200,000		1,287,702
Exelon Corp., 5.100%, 06/15/45		1,275,000		1,465,160
Exelon Generation Co. LLC, 2.950%, 01/15/20		2,475,000		2,545,941
IPALCO Enterprises, Inc., 3.450%, 07/15/20		1,400,000		1,421,000
				13,867,228
Gas Utilities (0.8%)
AGL Capital Corp., 3.875%, 11/15/25		1,650,000		1,772,314
Brooklyn Union Gas Co., 4.504%, 03/10/46 (f)		1,300,000		1,471,100
				3,243,414
Total corporate obligations (cost: $154,618,245)				159,182,768
Total long-term debt securities (cost: $356,457,338)				370,157,809

See accompanying notes to financial statements.
18

SFT Advantus Bond Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (4.7%)
Investment Companies (4.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.250%(k)		17,832,089	$	17,832,089
Total short-term securities (cost: $17,832,089)				17,832,089
Total investments in securities (cost: $374,289,427) (l)				387,989,898
Liabilities in excess of cash and other assets (-3.2%)				(12,191,150	)
Total net assets (100.0%)			$	375,798,748

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, 2016 the total cost of investments issued on a when-issued or forward commitment basis was $7,618,051.

(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, 2016, securities with an aggregate market value of $444,949 have been pledged to cover margin requirements for the following open futures contracts:

Type	Expiration	Number of Contracts		Position Type	Unrealized Appreciation/ (Depreciation)
5 Year U.S. Treasury Note	September 2016		49	Long	$	108,191
2 Year U.S. Treasury Note	September 2016		3	Long		4,632
10 Year U.S. Treasury Note	September 2016		145	Short		(511,342	)
U.S. Long Bond	September 2016		10	Short		(96,750	)
			207		$	(495,269	)

(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 3.)

(h) Foreign security: The Fund held 3.9% of net assets in foreign securities at June 30, 2016.

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

(j) Step rate security.

(k) All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of June 30, 2016.

(l) At June 30, 2016 the cost of securities for federal income tax purposes was $375,353,796. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	14,778,285
Gross unrealized depreciation		(2,142,183	)
Net unrealized appreciation	$	12,636,102

See accompanying notes to financial statements.
19

SFT Advantus Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)
Investments in Securities

June 30, 2016
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (40.1%)
Government Obligations (1.6%)
U.S. Government Agencies and Obligations (1.6%)
Federal Home Loan Mortgage Corporation (FHLMC) (0.6%)
3.000%, 09/01/43	$	201,684	$	209,574
3.500%, 10/01/44		381,669		402,524
3.500%, 11/01/44		384,892		405,922
3.500%, 12/01/44		400,929		422,836
				1,440,856
Federal National Mortgage Association (FNMA) (0.6%)
3.000%, 04/01/43		305,236		317,455
3.000%, 05/01/43		143,673		149,425
3.000%, 06/01/43		384,161		399,521
3.500%, 08/01/42		171,802		183,667
3.500%, 02/01/43		184,447		197,926
				1,247,994
U.S. Treasury (0.4%)
U.S. Treasury Note,
0.625%, 04/30/18 (b)		1,000,000		1,000,664
Total government obligations (cost: $3,569,988)				3,689,514
Asset-Backed Security (0.4%)
Longtrain Leasing III LLC 2015-1A Class A2,
4.060%, 01/15/45 (c) (d)		1,000,000		940,821
Total asset-backed securities (cost: $999,570)				940,821
Other Mortgage-Backed Securities (0.4%)
Commercial Mortgage-Backed Securities (0.4%)
CSMC Mortgage Trust,
4.276%, 11/15/37 (d) (e)		1,000,000		1,030,384
Total other mortgage-backed securities (cost: $1,008,907)				1,030,384
Corporate Obligations (37.7%)
Basic Materials (0.1%)
Mining (0.1%)
BHP Billiton Finance USA, Ltd., 2.875%, 02/24/22 (f)		250,000		259,538
Communications (2.0%)
Cable/Satellite TV (0.4%)
Comcast Corp.,
4.200%, 08/15/34		500,000		550,529
4.650%, 07/15/42		250,000		286,879
				837,408
Media (1.0%)
CBS Corp.,
3.500%, 01/15/25		750,000		771,140
4.000%, 01/15/26		250,000		266,842
Time Warner, Inc.,
4.850%, 07/15/45		1,000,000		1,087,269

	Principal		Value(a)
Viacom, Inc., 5.625%, 09/15/19	$	250,000	$	275,581
				2,400,832
Telecommunication (0.5%)
Crown Castle Towers LLC, 3.663%, 05/15/25 (d)		1,000,000		1,034,070
Wireless Telecommunication Services (0.1%)
Rogers Communications, Inc., 4.100%, 10/01/23 (f)		250,000		277,756
Consumer Cyclical (1.4%)
Home Furnishings (0.5%)
Harman International Industries, Inc., 4.150%, 05/15/25		1,000,000		1,042,871
Retail (0.9%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		1,036,648
Target Corp., 3.500%, 07/01/24		750,000		831,046
Wal-Mart Stores, Inc., 1.950%, 12/15/18		250,000		256,816
				2,124,510
Consumer Staples (0.6%)
Beverages (0.2%)
The Coca-Cola Co., 3.200%, 11/01/23 (b)		500,000		538,537
Consumer Products — Miscellaneous (0.4%)
Johnson (S.C.) & Son, Inc., 3.350%, 09/30/24 (d)		750,000		800,284
Consumer, Non-cyclical (0.6%)
Commercial Service — Finance (0.1%)
Moody's Corp., 4.875%, 02/15/24		250,000		283,548
Drugstore Chains (0.1%)
CVS Pass-Through Trust, 6.943%, 01/10/30		194,895		234,302
Food (0.1%)
ConAgra Foods, Inc., 5.819%, 06/15/17		250,000		260,115
Pharmaceuticals (0.3%)
Novartis Capital Corp., 3.400%, 05/06/24		500,000		546,540
Energy (5.4%)
Oil, Gas & Consumable Fuels (2.7%)
Apache Corp., 3.250%, 04/15/22		181,000		185,417
Chevron Corp., 3.191%, 06/24/23		250,000		265,607
Ensco PLC, 4.500%, 10/01/24 (f)		750,000		502,500

See accompanying notes to financial statements.
20

SFT Advantus Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)
Investments in Securities – continued

	Principal		Value(a)
EOG Resources, Inc., 2.625%, 03/15/23	$	250,000	$	249,032
Marathon Petroleum Corp., 3.625%, 09/15/24		750,000		736,497
Noble Energy, Inc., 3.900%, 11/15/24		1,000,000		1,015,911
Phillips 66, 4.650%, 11/15/34		1,000,000		1,065,995
Rowan Cos., Inc., 4.750%, 01/15/24		500,000		406,250
Total Capital International SA, 3.750%, 04/10/24 (f)		750,000		825,513
Valero Energy Corp., 3.650%, 03/15/25		1,000,000		1,001,394
				6,254,116
Pipelines (2.7%)
Columbia Pipeline Group, Inc., 4.500%, 06/01/25		1,000,000		1,074,920
Enbridge Energy Partners L.P., 6.500%, 04/15/18		250,000		265,128
Energy Transfer Partners L.P., 4.900%, 03/15/35		1,000,000		883,469
Enterprise Products Operating LLC, 5.750%, 03/01/35		250,000		275,861
Florida Gas Transmission Co. LLC, 4.350%, 07/15/25 (d)		1,000,000		992,067
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		733,050
Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		250,000		242,268
Spectra Energy Partners L.P., 2.950%, 09/25/18		250,000		254,794
Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		1,000,000		1,010,132
Williams Partners L.P., 4.300%, 03/04/24		500,000		470,374
				6,202,063
Financial (11.1%)
Banks (3.9%)
Associated Banc-Corp, 4.250%, 01/15/25		750,000		774,250
Bank of America Corp., 3.950%, 04/21/25		1,000,000		1,018,345
5.700%, 01/24/22		250,000		289,455
Bank of Montreal, 2.375%, 01/25/19 (f)		250,000		256,649
Capital One Financial Corp., 4.750%, 07/15/21		250,000		278,284
Citigroup, Inc., 3.300%, 04/27/25		750,000		768,228

	Principal		Value(a)
Credit Suisse Group Funding Guernsey, Ltd., 2.750%, 03/26/20 (f)	$	600,000	$	592,381
Discover Bank, 3.100%, 06/04/20		1,000,000		1,021,599
4.250%, 03/13/26		500,000		522,971
HSBC Bank USA NA, 4.875%, 08/24/20		250,000		271,600
JPMorgan Chase & Co., 3.125%, 01/23/25		1,000,000		1,022,330
4.500%, 01/24/22		250,000		278,211
KeyBank NA, 3.180%, 05/22/22		1,000,000		1,025,297
PNC Bank NA, 3.800%, 07/25/23		250,000		269,555
SunTrust Bank, 2.750%, 05/01/23		250,000		251,570
Wells Fargo & Co., 5.125%, 09/15/16		250,000		251,965
				8,892,690
Diversified Financial Services (1.2%)
CME Group, Inc., 3.000%, 03/15/25		1,000,000		1,044,592
Discover Financial Services, 3.750%, 03/04/25		1,000,000		1,007,433
TD Ameritrade Holding Corp., 2.950%, 04/01/22		700,000		729,341
				2,781,366
Insurance (2.6%)
Assured Guaranty US Holdings, 5.000%, 07/01/24		500,000		543,100
First American Financial Corp., 4.600%, 11/15/24		750,000		785,363
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (d)		750,000		796,678
Manulife Financial Corp., 4.150%, 03/04/26 (f)		750,000		804,455
Metropolitan Life Global Funding I, 3.875%, 04/11/22 (d)		250,000		271,941
Old Republic International Corp., 4.875%, 10/01/24		750,000		801,095
StanCorp Financial Group, Inc., 5.000%, 08/15/22		750,000		829,262
The Hanover Insurance Group, Inc., 4.500%, 04/15/26		1,000,000		1,032,373
				5,864,267
Real Estate Investment Trust — Diversified (0.4%)
Retail Properties of America, Inc., 4.000%, 03/15/25		1,000,000		967,013

See accompanying notes to financial statements.
21

SFT Advantus Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)
Investments in Securities – continued

	Principal		Value(a)
Real Estate Investment Trust — Health Care (0.4%)
Healthcare Realty Trust, Inc., 3.875%, 05/01/25	$	1,000,000	$	1,006,118
Real Estate Investment Trust — Office Property (0.2%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		519,723
Real Estate Investment Trust — Residential (0.4%)
UDR, Inc., 4.000%, 10/01/25		750,000		812,913
Real Estate Investment Trust — Shopping Centers (0.1%)
Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/23		250,000		263,240
Real Estate Investment Trust — Single Tenant (0.7%)
Realty Income Corp., 5.950%, 09/15/16		250,000		252,276
Select Income REIT, 4.500%, 02/01/25		750,000		737,159
Tanger Properties L.P., 3.875%, 12/01/23		500,000		522,037
				1,511,472
Real Estate Investment Trust — Storage (0.2%)
CubeSmart L.P., 4.375%, 12/15/23		500,000		542,457
Specialized REITs (1.0%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		1,005,202
Essex Portfolio L.P., 3.500%, 04/01/25		1,000,000		1,032,120
HCP, Inc., 4.250%, 11/15/23		250,000		259,454
				2,296,776
Health Care (4.4%)
Biotechnology (0.6%)
Amgen, Inc., 5.700%, 02/01/19		250,000		276,990
Celgene Corp., 3.875%, 08/15/25		1,000,000		1,066,664
				1,343,654
Health Care Equipment & Supplies (0.9%)
St Jude Medical, Inc., 3.875%, 09/15/25		750,000		798,880
4.750%, 04/15/43		250,000		266,957
Zimmer Biomet Holdings, Inc., 3.550%, 04/01/25		1,000,000		1,030,702
				2,096,539

	Principal		Value(a)
Health Care Providers & Services (0.7%)
Laboratory Corp. of America Holdings, 4.000%, 11/01/23	$	250,000	$	267,704
UnitedHealth Group, Inc., 2.750%, 02/15/23		250,000		256,983
3.750%, 07/15/25 (b)		1,000,000		1,097,117
				1,621,804
Pharmaceuticals (2.2%)
AbbVie, Inc., 3.600%, 05/14/25		1,000,000		1,047,830
Actavis Funding SCS, 3.800%, 03/15/25 (f)		670,000		698,025
Bristol-Myers Squibb Co., 3.250%, 11/01/23		500,000		551,998
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		1,087,935
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,213,201
Mylan, Inc., 4.200%, 11/29/23		500,000		528,074
				5,127,063
Industrials (4.6%)
Aerospace & Defense (0.7%)
Harris Corp., 3.832%, 04/27/25		1,000,000		1,060,276
Rockwell Collins, Inc., 3.700%, 12/15/23		500,000		546,810
				1,607,086
Electrical Equipment (0.8%)
Flextronics International, Ltd., 4.750%, 06/15/25 (f)		1,000,000		1,010,000
Trimble Navigation, Ltd., 4.750%, 12/01/24		750,000		781,843
				1,791,843
Environmental Control (0.5%)
Waste Management, Inc., 3.900%, 03/01/35		1,000,000		1,047,880
Machinery (1.0%)
Caterpillar Financial Services Corp., 3.750%, 11/24/23		750,000		829,310
CNH Industrial Capital LLC, 3.875%, 07/16/18		750,000		753,750
Joy Global, Inc., 5.125%, 10/15/21		750,000		701,250
				2,284,310
Miscellaneous Manufacturing (0.6%)
Textron, Inc., 3.875%, 03/01/25		750,000		792,424
4.300%, 03/01/24		500,000		537,317
				1,329,741
Road & Rail (0.1%)
Kansas City Southern, 4.300%, 05/15/43 (c) (d)		250,000		253,679

See accompanying notes to financial statements.
22

SFT Advantus Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)
Investments in Securities – continued

	Principal		Value(a)
Tools-Hand Held (0.3%)
Stanley Black & Decker, Inc., 2.451%, 11/17/18	$	800,000	$	817,394
Transportation (0.2%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		350,000		386,724
Trucking & Leasing (0.4%)
GATX Corp., 3.250%, 03/30/25		1,000,000		974,883
Information Technology (2.3%)
Communications Equipment (0.4%)
Juniper Networks, Inc., 4.500%, 03/15/24		500,000		529,599
Motorola Solutions, Inc., 4.000%, 09/01/24		500,000		489,037
				1,018,636
Computers (0.5%)
Apple, Inc., 4.375%, 05/13/45 (b)		1,000,000		1,089,484
Internet Software & Services (0.3%)
eBay, Inc., 3.450%, 08/01/24		750,000		766,622
IT Services (0.6%)
The Western Union Co., 3.350%, 05/22/19		500,000		512,289
Total System Services, Inc., 4.800%, 04/01/26		750,000		813,288
				1,325,577
Software (0.5%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		1,068,966
Materials (1.3%)
Chemicals (1.3%)
Potash Corp. of Saskatchewan, Inc., 3.000%, 04/01/25 (f)		1,000,000		1,013,326
The Dow Chemical Co., 3.500%, 10/01/24		750,000		796,099
The Mosaic Co., 5.450%, 11/15/33		200,000		221,187
The Valspar Corp., 3.950%, 01/15/26		1,000,000		1,053,036
				3,083,648
Telecommunication Services (0.9%)
Diversified Telecommunication Services (0.9%)
AT&T, Inc., 4.350%, 06/15/45		250,000		242,242
4.500%, 05/15/35		1,000,000		1,022,993
4.600%, 02/15/21		750,000		820,714
				2,085,949

	Principal		Value(a)
Transportation (1.5%)
Airlines (1.0%)
American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 09/22/27	$	1,000,000	$	1,025,000
British Airways 2013-1 Class A Pass Through Trust, 4.625%, 06/20/24 (d) (f)		913,156		963,836
United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 08/15/25		231,768		250,020
				2,238,856
Transport — Rail (0.5%)
Norfolk Southern Corp., 3.850%, 01/15/24		500,000		547,805
Union Pacific Corp., 3.750%, 03/15/24		500,000		556,150
				1,103,955
Utilities (1.5%)
Electric Utilities (0.6%)
Entergy Louisiana LLC, 3.300%, 12/01/22		250,000		264,116
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		843,769
PPL Capital Funding, Inc., 3.400%, 06/01/23		250,000		260,876
				1,368,761
Electric — Integrated (0.1%)
Berkshire Hathaway Energy Co., 3.750%, 11/15/23		250,000		273,184
Multi-Utilities (0.6%)
Dominion Gas Holdings LLC, 3.550%, 11/01/23		250,000		261,396
National Fuel Gas Co., 5.200%, 07/15/25		1,000,000		1,037,160
				1,298,556
Water Utilities (0.2%)
Aquarion Co., 4.000%, 08/15/24 (c) (d)		500,000		530,411
Total corporate obligations (cost: $83,744,047)				86,489,730
Total long-term debt securities (cost: $89,322,512)				92,150,449

See accompanying notes to financial statements.
23

SFT Advantus Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)
Investments in Securities – continued

	Shares		Value(a)
Mutual Funds (55.3%)
Investment Companies (55.3%)
SFT Advantus Index 500 Fund (g)		14,224,618	$	115,502,916
SPDR S&P 500 ETF Trust (b)		36,170		7,578,700
Vanguard S&P 500 ETF		20,175		3,878,039
Total mutual funds (cost: $118,483,545)				126,959,655
Short-Term Securities (19.4%)
Investment Companies (19.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.250%		44,429,934		44,429,934
Total short-term securities (cost: $44,429,934)				44,429,934
Total investments in securities (cost: $252,235,991) (h)				263,540,038
Liabilities in excess of cash and other assets (-14.8%)				(34,064,246	)
Total net assets (100.0%)			$	229,475,792

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, 2016, securities with an aggregate market value of $9,068,817 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 2016		100	Short	$	(360,462	)
S&P 500^® Index Future	September 2016		41	Short		(22,690	)
			141		$	(383,152	)

(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) Foreign security: The Fund held 3.1% of net assets in foreign securities at June 30, 2016.

(g) Affiliated security.

(h) At June 30, 2016 the cost of securities for federal income tax purposes was $252,261,599. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	12,106,458
Gross unrealized depreciation		(828,019	)
Net unrealized appreciation	$	11,278,439

See accompanying notes to financial statements.
24

SFT Advantus Government Money Market Fund
(formerly SFT Advantus Money Market Fund)
Investments in Securities

June 30, 2016
(Unaudited)

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

	Principal		Value(a)
U.S. Government Obligations (86.7%)
Discount Notes (76.4%)
Federal Home Loan Bank 0.274%, 07/21/16 (b)	$	1,912,000	$	1,911,713
0.274%, 07/25/16 (b)		250,000		249,955
0.309%, 08/05/16 (b)		8,300,000		8,297,539
0.345%, 07/08/16 (b)		900,000		899,940
0.345%, 07/20/16 (b)		4,655,000		4,654,165
0.355%, 08/19/16 (b)		200,000		199,905
0.355%, 07/15/16 (b)		4,000,000		3,999,456
0.357%, 08/01/16 (b)		1,600,000		1,599,515
0.376%, 08/17/16 (b)		3,000,000		2,998,551
0.396%, 09/07/16 (b)		1,607,000		1,605,816
0.401%, 09/09/16 (b)		7,700,000		7,694,086
0.416%, 10/17/16 (b)		1,000,000		998,770
0.508%, 11/25/16 (b)		1,550,000		1,546,835
0.529%, 07/22/16 (b)		5,000,000		4,999,110
Federal Home Loan Mortgage Corporation 0.284%, 09/07/16 (b)		4,700,000		4,697,514
0.315%, 09/12/16 (b)		5,000,000		4,996,857
0.493%, 09/23/16 (b)		3,000,000		2,996,605
Federal National Mortgage Association 0.238%, 07/06/16 (b)		2,700,000		2,699,912
0.355%, 09/12/16 (b)		5,000,000		4,996,451
				62,042,695
U.S. Treasury (10.3%)
U.S. Treasury Bill 0.254%, 09/15/16 (b)		3,900,000		3,897,941
0.264%, 09/01/16 (b)		2,300,000		2,298,970
0.366%, 12/01/16 (b)		2,200,000		2,196,634
				8,393,545
Total U.S. government obligations (cost: $70,436,240)				70,436,240

	Shares		Value(a)
Investment Companies (13.2%)
BlackRock Liquidity Funds T-Fund Portfolio, current rate 0.229%		4,000,000	$	4,000,000
Federated Government Obligations Fund, current rate 0.250%		3,675,000		3,675,000
JPMorgan U.S. Government Money Market Fund, current rate 0.250%		2,700,000		2,700,000
Wells Fargo & Co., current rate 0.199%		359,105		359,105
Total investment companies (cost: $10,734,105)				10,734,105
Total investments in securities (cost: $81,170,345) (c)				81,170,345
Cash and other assets in excess of liabilities (0.1%)				69,742
Total net assets (100.0%)			$	81,240,087

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.

See accompanying notes to financial statements.
25

SFT Advantus Index 400 Mid-Cap Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Common Stocks (92.7%)
Consumer Discretionary (11.0%)
Auto Components (0.4%)
Dana Holding Corp.		17,910	$	189,130
Gentex Corp.		34,981		540,456
				729,586
Automobiles (0.2%)
Thor Industries, Inc.		5,530		358,012
Distributors (0.3%)
Pool Corp.		5,095		479,083
Diversified Consumer Services (0.6%)
DeVry Education Group, Inc.		6,839		122,008
Graham Holdings Co. – Class B		518		253,582
Service Corp. International/US		23,462		634,412
Sotheby's		6,311		172,921
				1,182,923
Hotels, Restaurants & Leisure (2.3%)
Brinker International, Inc.		6,747		307,191
Buffalo Wild Wings, Inc. (b)		2,280		316,806
Churchill Downs, Inc.		1,456		183,980
Cracker Barrel Old Country Store, Inc.		2,899		497,091
Domino's Pizza, Inc.		6,073		797,871
Dunkin' Brands Group, Inc.		11,098		484,095
International Speedway Corp. – Class A		3,212		107,441
Jack in the Box, Inc.		3,941		338,611
Panera Bread Co. – Class A (b)		2,761		585,166
Texas Roadhouse, Inc.		7,664		349,478
The Cheesecake Factory, Inc.		5,404		260,149
The Wendy's Co.		25,824		248,427
				4,476,306
Household Durables (1.6%)
CalAtlantic Group, Inc.		9,031		331,528
Helen of Troy, Ltd. (b)		3,361		345,645
KB Home		10,119		153,910
NVR, Inc. (b)		397		706,795
Tempur Sealy International, Inc. (b)		7,378		408,151
Toll Brothers, Inc. (b)		18,478		497,243
TRI Pointe Group, Inc. (b)		17,663		208,777
Tupperware Brands Corp.		6,116		344,208
				2,996,257
Internet & Catalog Retail (0.1%)
HSN, Inc.		3,862		188,968
Leisure Equipment & Products (0.8%)
Brunswick Corp.		10,976		497,433
Polaris Industries, Inc.		7,279		595,131
Vista Outdoor, Inc. (b)		7,355		351,054
				1,443,618

	Shares		Value(a)
Media (1.5%)
AMC Networks, Inc. – Class A (b)		7,410	$	447,712
Cable One, Inc.		528		270,024
Cinemark Holdings, Inc.		12,803		466,797
DreamWorks Animation SKG, Inc. – Class A (b)		8,687		355,038
John Wiley & Sons, Inc. – Class A		5,843		304,888
Live Nation Entertainment, Inc. (b)		17,695		415,833
Meredith Corp.		4,556		236,502
The New York Times Co. – Class A		14,931		180,665
Time, Inc.		12,325		202,870
				2,880,329
Multiline Retail (0.3%)
Big Lots, Inc.		5,374		269,291
JC Penney Co., Inc. (b)		37,234		330,638
				599,929
Specialty Retail (2.1%)
Aaron's, Inc.		7,841		171,639
Abercrombie & Fitch Co. – Class A		8,186		145,793
American Eagle Outfitters, Inc.		20,155		321,069
Ascena Retail Group, Inc. (b)		20,689		144,616
Cabela's, Inc. (b)		5,870		293,852
Chico's FAS, Inc.		16,060		172,003
CST Brands, Inc.		9,166		394,871
Dick's Sporting Goods, Inc.		10,799		486,603
GameStop Corp. – Class A		12,589		334,616
Guess?, Inc.		7,760		116,788
Kate Spade & Co. (b)		15,499		319,434
Murphy USA, Inc. (b)		4,485		332,608
Office Depot, Inc. (b)		59,962		198,474
Restoration Hardware Holdings, Inc. (b)		4,573		131,154
Williams-Sonoma, Inc.		9,955		518,954
				4,082,474
Textiles, Apparel & Luxury Goods (0.8%)
Carter's, Inc.		6,149		654,684
Deckers Outdoor Corp. (b)		3,878		223,063
Fossil Group, Inc. (b)		5,011		142,964
Skechers U.S.A., Inc. – Class A (b)		16,096		478,373
				1,499,084
Consumer Staples (4.3%)
Beverages (0.1%)
The Boston Beer Co., Inc. – Class A (b)		1,130		193,264
Food & Staples Retailing (0.8%)
Casey's General Stores, Inc.		4,729		621,911
Sprouts Farmers Market, Inc. (b)		17,161		392,987
SUPERVALU, Inc. (b)		32,171		151,847
United Natural Foods, Inc. (b)		6,095		285,246
				1,451,991

See accompanying notes to financial statements.
26

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

	Shares		Value(a)
Food Products (2.8%)
Dean Foods Co.		11,113	$	201,034
Flowers Foods, Inc.		22,044		413,325
Ingredion, Inc.		8,718		1,128,196
Lancaster Colony Corp.		2,357		300,777
Post Holdings, Inc. (b)		7,788		643,990
Snyder's-Lance, Inc.		9,633		326,462
The Hain Celestial Group, Inc. (b)		12,528		623,268
Tootsie Roll Industries, Inc.		2,174		83,764
TreeHouse Foods, Inc. (b)		6,834		701,510
WhiteWave Foods Co. – Class A (b)		21,426		1,005,737
				5,428,063
Household Products (0.2%)
Energizer Holdings, Inc.		7,488		385,557
Personal Products (0.4%)
Avon Products, Inc.		52,824		199,675
Edgewell Personal Care Co. (b)		7,189		606,823
				806,498
Energy (3.1%)
Energy Equipment & Services (1.4%)
Dril-Quip, Inc. (b)		4,597		268,603
Ensco PLC – Class A (c)		36,492		354,337
Nabors Industries, Ltd.		34,142		343,127
Noble Corp. PLC (c)		29,456		242,718
Oceaneering International, Inc.		11,876		354,617
Oil States International, Inc. (b)		6,220		204,514
Patterson-UTI Energy, Inc.		17,848		380,519
Rowan Cos., PLC – Class A		15,195		268,344
Superior Energy Services, Inc.		18,337		337,584
				2,754,363
Oil, Gas & Consumable Fuels (1.7%)
Consol Energy, Inc.		27,778		446,948
Denbury Resources, Inc.		42,461		152,435
Gulfport Energy Corp. (b)		15,180		474,527
HollyFrontier Corp.		21,291		506,087
QEP Resources, Inc.		28,672		505,488
SM Energy Co.		8,245		222,615
Western Refining, Inc.		9,718		200,482
World Fuel Services Corp.		8,578		407,369
WPX Energy, Inc. (b)		33,574		312,574
				3,228,525
Financial (25.1%)
Capital Markets (1.6%)
Eaton Vance Corp.		13,737		485,466
Federated Investors, Inc. – Class B		11,459		329,790
Janus Capital Group, Inc.		17,665		245,897
Raymond James Financial, Inc.		15,255		752,071
SEI Investments Co.		16,480		792,853
Stifel Financial Corp. (b)		8,050		253,172
Waddell & Reed Financial, Inc. – Class A		9,869		169,944
WisdomTree Investments, Inc.		13,716		134,280
				3,163,473

	Shares		Value(a)
Commercial Banks (5.0%)
Associated Banc-Corp.		18,183	$	311,839
BancorpSouth, Inc.		10,293		233,548
Bank of Hawaii Corp.		5,212		358,586
Bank of the Ozarks, Inc.		9,889		371,035
Cathay General Bancorp		8,880		250,416
Commerce Bancshares, Inc.		10,057		481,711
Cullen/Frost Bankers, Inc.		6,606		421,000
East West Bancorp, Inc.		17,452		596,509
First Horizon National Corp.		28,164		388,100
FirstMerit Corp.		20,164		408,724
FNB Corp.		25,265		316,823
Fulton Financial Corp.		21,008		283,608
Hancock Holding Co.		9,387		245,095
International Bancshares Corp.		6,708		175,012
PacWest Bancorp		13,862		551,430
PrivateBancorp, Inc.		9,615		423,349
Prosperity Bancshares, Inc.		7,920		403,841
Signature Bank (b)		6,501		812,105
SVB Financial Group (b)		6,274		597,034
Synovus Financial Corp.		15,199		440,619
TCF Financial Corp.		20,716		262,057
Trustmark Corp.		8,189		203,497
Umpqua Holdings Corp.		26,700		413,049
Valley National Bancorp		27,111		247,252
Webster Financial Corp.		11,101		376,879
				9,573,118
Consumer Finance (0.2%)
SLM Corp. (b)		51,827		320,291
Diversified Financial Services (1.5%)
CBOE Holdings, Inc.		9,858		656,740
Factset Research Systems, Inc.		4,951		799,190
MarketAxess Holdings, Inc.		4,549		661,425
MSCI, Inc.		10,518		811,148
				2,928,503
Diversified REITs (0.4%)
Liberty Property Trust		17,758		705,348
Health Care REITs (0.4%)
Care Capital Properties, Inc.		10,166		266,451
Medical Properties Trust, Inc.		28,809		438,185
				704,636
Hotels & Resort REITs (0.2%)
LaSalle Hotel Properties		13,692		322,857
Industrial REITs (1.1%)
DCT Industrial Trust, Inc.		10,724		515,181
Duke Realty Corp.		41,897		1,116,974
First Industrial Realty Trust, Inc.		14,151		393,681
				2,025,836
Insurance (4.6%)
Alleghany Corp. (b)		1,869		1,027,165
American Financial Group, Inc.		8,611		636,611
Aspen Insurance Holdings, Ltd. (c)		7,353		341,032
Brown & Brown, Inc.		14,075		527,390
CNO Financial Group, Inc.		21,690		378,707
Endurance Specialty Holdings, Ltd. (c)		7,506		504,103

See accompanying notes to financial statements.
27

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

	Shares		Value(a)
Everest Re Group, Ltd. (c)		5,127	$	936,549
First American Financial Corp.		13,270		533,719
Genworth Financial, Inc. – Class A (b)		60,370		155,755
Kemper Corp.		5,821		180,335
Mercury General Corp.		4,416		234,755
Old Republic International Corp.		29,529		569,615
Primerica, Inc.		5,697		326,096
Reinsurance Group of America, Inc.		7,759		752,546
RenaissanceRe Holdings, Ltd. (c)		5,219		612,919
The Hanover Insurance Group, Inc.		5,202		440,193
WR Berkley Corp.		11,878		711,730
				8,869,220
Office REITs (1.8%)
Alexandria Real Estate Equities, Inc.		8,947		926,193
Corporate Office Properties Trust SBI		11,463		338,961
Douglas Emmett, Inc.		17,005		604,018
Highwoods Properties, Inc.		11,797		622,882
Kilroy Realty Corp.		11,164		740,061
Mack-Cali Realty Corp.		10,856		293,112
				3,525,227
Real Estate Investment Trust — Health Care (0.3%)
Healthcare Realty Trust, Inc.		14,141		494,793
Real Estate Management & Development (0.4%)
Alexander & Baldwin, Inc.		5,576		201,516
Jones Lang LaSalle, Inc.		5,464		532,467
				733,983
Residential REITs (1.8%)
American Campus Communities, Inc.		15,797		835,187
Camden Property Trust		10,536		931,593
Education Realty Trust, Inc.		8,001		369,166
Mid-America Apartment Communities, Inc.		9,145		973,028
Post Properties, Inc.		6,477		395,421
				3,504,395
Retail REITs (2.3%)
Equity One, Inc.		11,013		354,398
National Retail Properties, Inc.		17,443		902,152
Regency Centers Corp.		11,821		989,772
Tanger Factory Outlet Centers, Inc.		11,510		462,472
Taubman Centers, Inc.		7,308		542,254
Urban Edge Properties		11,193		334,223
Weingarten Realty Investors		13,981		570,705
WP GLIMCHER, Inc.		22,443		251,137
				4,407,113
Specialized REITs (2.7%)
Communications Sales & Leasing, Inc.		16,527		477,630
Corrections Corp. of America		14,227		498,230
EPR Properties		7,702		621,397
Hospitality Properties Trust		18,354		528,595

	Shares		Value(a)
Lamar Advertising Co. – Class A		9,983	$	661,873
Omega Healthcare Investors, Inc.		20,054		680,833
Potlatch Corp.		4,927		168,011
Rayonier, Inc.		14,840		389,402
Senior Housing Properties Trust		28,760		599,071
Sovran Self Storage, Inc.		5,612		588,811
				5,213,853
Thrifts & Mortgage Finance (0.8%)
First Niagara Financial Group, Inc.		42,837		417,232
New York Community Bancorp, Inc.		58,983		884,155
Washington Federal, Inc.		11,029		267,564
				1,568,951
Health Care (8.4%)
Biotechnology (0.3%)
United Therapeutics Corp. (b)		5,404		572,392
Health Care Equipment & Supplies (3.9%)
ABIOMED, Inc. (b)		4,761		520,330
Align Technology, Inc. (b)		8,837		711,820
Halyard Health, Inc. (b)		5,652		183,803
Hill-Rom Holdings, Inc.		6,889		347,550
IDEXX Laboratories, Inc. (b)		10,843		1,006,881
LivaNova PLC (b) (c)		5,170		259,689
ResMed, Inc.		17,005		1,075,226
STERIS PLC (c)		10,415		716,031
Teleflex, Inc.		5,280		936,197
The Cooper Cos., Inc.		5,867		1,006,601
West Pharmaceutical Services, Inc.		8,850		671,538
				7,435,666
Health Care Providers & Services (2.1%)
Amsurg Corp. (b)		6,548		507,732
Community Health Systems, Inc. (b)		13,659		164,591
LifePoint Health, Inc. (b)		5,258		343,715
Mednax, Inc. (b)		11,266		815,996
Molina Healthcare, Inc. (b)		5,002		249,600
Owens & Minor, Inc.		7,605		284,275
Tenet Healthcare Corp. (b)		12,026		332,399
VCA, Inc. (b)		9,788		661,767
WellCare Health Plans, Inc. (b)		5,359		574,913
				3,934,988
Health Care Technology (0.1%)
Allscripts Healthcare Solutions, Inc. (b)		22,656		287,731
Life Sciences Tools & Services (1.5%)
Bio-Rad Laboratories, Inc. – Class A (b)		2,527		361,412
Bio-Techne Corp.		4,507		508,254
Charles River Laboratories International, Inc. (b)		5,713		470,980
Mettler-Toledo International, Inc. (b)		3,241		1,182,706
PAREXEL International Corp. (b)		6,405		402,746
				2,926,098

See accompanying notes to financial statements.
28

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

	Shares		Value(a)
Pharmaceuticals (0.5%)
Akorn, Inc. (b)		10,124	$	288,382
Catalent, Inc. (b)		12,984		298,502
Prestige Brands Holdings, Inc. (b)		6,389		353,951
				940,835
Industrials (12.6%)
Aerospace & Defense (1.9%)
BE Aerospace, Inc.		12,378		571,554
Curtiss-Wright Corp.		5,391		454,192
Esterline Technologies Corp. (b)		3,555		220,552
Huntington Ingalls Industries, Inc.		5,694		956,763
KLX, Inc. (b)		6,383		197,873
Orbital ATK, Inc.		7,091		603,728
Teledyne Technologies, Inc. (b)		4,178		413,831
Triumph Group, Inc.		5,997		212,893
				3,631,386
Airlines (0.3%)
JetBlue Airways Corp. (b)		39,016		646,105
Building Products (0.8%)
AO Smith Corp.		9,014		794,224
Lennox International, Inc.		4,700		670,220
				1,464,444
Commercial Services & Supplies (1.4%)
Clean Harbors, Inc. (b)		6,343		330,534
Copart, Inc. (b)		12,055		590,815
Deluxe Corp.		5,924		393,176
Herman Miller, Inc.		7,248		216,643
HNI Corp.		5,374		249,837
MSA Safety, Inc.		3,855		202,503
Rollins, Inc.		11,389		333,356
RR Donnelley & Sons Co.		25,360		429,091
				2,745,955
Construction & Engineering (0.9%)
AECOM (b)		18,574		590,096
EMCOR Group, Inc.		4,630		228,074
Granite Construction, Inc.		4,792		218,275
KBR, Inc.		17,249		228,377
Valmont Industries, Inc.		2,747		371,587
				1,636,409
Electrical Equipment (0.9%)
Belden, Inc.		5,095		307,585
Hubbell, Inc.		6,298		664,250
Regal Beloit Corp.		5,417		298,206
Woodward, Inc.		6,660		383,882
				1,653,923
Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		7,774		821,556
Machinery (3.9%)
AGCO Corp.		8,590		404,847
CLARCOR, Inc.		5,874		357,315
Crane Co.		6,002		340,433
Donaldson Co., Inc.		14,973		514,472
Graco, Inc.		6,735		531,998
IDEX Corp.		9,192		754,663

	Shares		Value(a)
ITT, Inc.		10,912	$	348,966
Joy Global, Inc.		11,885		251,249
Kennametal, Inc.		9,651		213,384
Lincoln Electric Holdings, Inc.		7,583		448,004
Nordson Corp.		6,495		543,047
Oshkosh Corp.		8,885		423,903
Terex Corp.		13,225		268,600
The Toro Co.		6,665		587,853
Timken Co.		8,347		255,919
Trinity Industries, Inc.		18,264		339,162
Wabtec Corp.		10,912		766,350
				7,350,165
Marine (0.2%)
Kirby Corp. (b)		6,523		406,970
Professional Services (0.5%)
CEB, Inc.		3,900		240,552
FTI Consulting, Inc. (b)		5,019		204,173
Manpowergroup, Inc.		8,658		557,056
				1,001,781
Road & Rail (0.7%)
Genesee & Wyoming, Inc. – Class A (b)		6,922		408,052
Landstar System, Inc.		5,126		351,951
Old Dominion Freight Line, Inc. (b)		8,286		499,728
Werner Enterprises, Inc.		5,409		124,245
				1,383,976
Trading Companies & Distributors (0.7%)
GATX Corp.		4,953		217,784
MSC Industrial Direct Co. – Class A		5,823		410,871
Now, Inc. (b)		13,010		236,001
Watsco, Inc.		3,123		439,375
				1,304,031
Information Technology (15.5%)
Communications Equipment (1.3%)
ARRIS International PLC (b)		21,161		443,535
Brocade Communications Systems, Inc.		56,526		518,909
Ciena Corp. (b)		15,659		293,606
InterDigital, Inc.		4,187		233,132
NetScout Systems, Inc. (b)		11,355		252,649
Plantronics, Inc.		4,035		177,540
Polycom, Inc. (b)		16,425		184,781
ViaSat, Inc. (b)		5,453		389,344
				2,493,496
Computers & Peripherals (0.6%)
3D Systems Corp. (b)		12,891		176,478
Diebold, Inc.		7,890		195,909
Lexmark International, Inc. – Class A		7,586		286,371
NCR Corp. (b)		15,005		416,689
				1,075,447

See accompanying notes to financial statements.
29

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

	Shares		Value(a)
Electronic Equipment, Instruments & Components (3.3%)
Arrow Electronics, Inc. (b)		11,098	$	686,966
Avnet, Inc.		15,564		630,498
Cognex Corp.		10,300		443,930
FEI Co.		4,948		528,842
Ingram Micro, Inc. – Class A		17,968		624,927
IPG Photonics Corp. (b)		4,435		354,800
Jabil Circuit, Inc.		23,155		427,673
Keysight Technologies, Inc. (b)		20,616		599,719
Knowles Corp. (b)		10,728		146,759
National Instruments Corp.		12,213		334,636
SYNNEX Corp.		3,510		332,818
Tech Data Corp. (b)		4,262		306,225
Trimble Navigation, Ltd. (b)		30,408		740,739
Vishay Intertechnology, Inc.		16,418		203,419
				6,361,951
Internet Software & Services (0.6%)
comScore, Inc. (b)		5,696		136,021
j2 Global, Inc.		5,602		353,878
Rackspace Hosting, Inc. (b)		12,944		270,012
WebMD Health Corp. (b)		4,685		272,245
				1,032,156
IT Services (3.5%)
Acxiom Corp. (b)		9,389		206,464
Broadridge Financial Solutions, Inc.		14,317		933,468
Computer Sciences Corp.		16,795		833,872
Convergys Corp.		11,685		292,125
CoreLogic, Inc. (b)		10,761		414,083
DST Systems, Inc.		3,778		439,873
Gartner, Inc. – Class A (b)		9,991		973,223
Jack Henry & Associates, Inc.		9,553		833,690
Leidos Holdings, Inc.		7,833		374,966
MAXIMUS, Inc.		7,859		435,153
NeuStar, Inc. – Class A (b)		6,585		154,813
Science Applications International Corp.		4,982		290,700
WEX, Inc. (b)		4,686		415,508
				6,597,938
Office Electronics (0.2%)
Zebra Technologies Corp. – Class A (b)		6,326		316,933
Semiconductors & Semiconductor Equipment (1.7%)
Advanced Micro Devices, Inc. (b)		77,844		400,118
Cree, Inc. (b)		12,163		297,264
Cypress Semiconductor Corp.		37,757		398,336
Fairchild Semiconductor International, Inc. (b)		13,755		273,037
Integrated Device Technology, Inc. (b)		16,184		325,784
Intersil Corp. – Class A		16,347		221,338
Microsemi Corp. (b)		13,698		447,651
Silicon Laboratories, Inc. (b)		4,702		229,175
Synaptics, Inc. (b)		4,462		239,833
Teradyne, Inc.		24,607		484,512
				3,317,048

	Shares		Value(a)
Software (4.2%)
ACI Worldwide, Inc. (b)		14,123	$	275,540
ANSYS, Inc. (b)		10,662		967,576
Cadence Design Systems, Inc. (b)		36,437		885,419
CDK Global, Inc.		18,813		1,043,933
CommVault Systems, Inc. (b)		4,981		215,129
Fair Isaac Corp.		3,776		426,726
Fortinet, Inc. (b)		17,672		558,258
Manhattan Associates, Inc. (b)		8,736		560,240
Mentor Graphics Corp.		12,179		258,926
PTC, Inc. (b)		13,882		521,686
Synopsys, Inc. (b)		18,387		994,369
The Ultimate Software Group, Inc. (b)		3,497		735,384
Tyler Technologies, Inc. (b)		3,937		656,337
				8,099,523
Technology Hardware & Equipment (0.1%)
VeriFone Systems, Inc. (b)		13,346		247,435
Materials (6.6%)
Chemicals (2.8%)
Ashland, Inc.		7,516		862,611
Cabot Corp.		7,557		345,053
Minerals Technologies, Inc.		4,218		239,582
NewMarket Corp.		1,205		499,328
Olin Corp.		20,001		496,825
PolyOne Corp.		10,178		358,673
RPM International, Inc.		16,089		803,646
Sensient Technologies Corp.		5,429		385,676
The Scotts Miracle-Gro Co. – Class A		5,487		383,596
Valspar Corp.		8,832		954,121
				5,329,111
Construction Materials (0.2%)
Eagle Materials, Inc.		5,847		451,096
Containers & Packaging (1.5%)
Aptargroup, Inc.		7,648		605,186
Bemis Co., Inc.		11,467		590,436
Greif, Inc. – Class A		3,121		116,320
Packaging Corp. of America		11,397		762,801
Silgan Holdings, Inc.		4,906		252,463
Sonoco Products Co.		12,202		605,951
				2,933,157
Metals & Mining (1.8%)
Allegheny Technologies, Inc.		13,186		168,122
Carpenter Technology Corp.		5,642		185,791
Commercial Metals Co.		13,872		234,437
Compass Minerals International, Inc.		4,091		303,511
Reliance Steel & Aluminum Co.		8,760		673,644
Royal Gold, Inc.		7,908		569,534
Steel Dynamics, Inc.		29,499		722,725
United States Steel Corp.		17,733		298,978
Worthington Industries, Inc.		5,445		230,324
				3,387,066

See accompanying notes to financial statements.
30

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

	Shares		Value(a)
Paper & Forest Products (0.3%)
Domtar Corp.		7,579	$	265,341
Louisiana-Pacific Corp. (b)		17,409		302,046
				567,387
Telecommunication Services (0.2%)
Wireless Telecommunication Services (0.2%)
Telephone & Data Systems, Inc.		11,468		340,141
Utilities (5.9%)
Electric Utilities (1.4%)
Great Plains Energy, Inc.		18,707		568,693
Hawaiian Electric Industries, Inc.		13,066		428,434
IDACORP, Inc.		6,105		496,642
PNM Resources, Inc.		9,647		341,890
Westar Energy, Inc.		17,159		962,448
				2,798,107
Gas Utilities (2.8%)
Atmos Energy Corp.		12,381		1,006,823
Energen Corp.		11,756		566,757
National Fuel Gas Co.		10,286		585,068
New Jersey Resources Corp.		10,421		401,730
ONE GAS, Inc.		6,317		420,649
Questar Corp.		21,242		538,909
Southwest Gas Corp.		5,750		452,582
UGI Corp.		20,913		946,313
WGL Holdings, Inc.		6,096		431,536
				5,350,367
Independent Power Producers & Energy Traders (0.1%)
Talen Energy Corp. (b)		7,783		105,460
Multi-Utilities (1.2%)
Black Hills Corp.		6,247		393,811
MDU Resources Group, Inc.		23,653		567,672
OGE Energy Corp.		24,186		792,091
Vectren Corp.		10,028		528,175
				2,281,749
Water Utilities (0.4%)
Aqua America, Inc.		21,469		765,584
Total common stocks (cost: $132,248,288)				177,221,990
Short-Term Securities (8.7%)
Investment Companies (8.7%)
Wells Fargo Advantage Treasury Plus Money Market Fund, current rate 0.199%		16,621,533		16,621,533
Total short-term securities (cost: $16,621,533)				16,621,533
Total investments in securities (cost: $148,869,821) (d)				193,843,523
Liabilities in excess of cash and other assets (-1.4%)				(2,612,887	)
Total net assets (100.0%)			$	191,230,636

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, 2016 the cost of securities for federal income tax purposes was $149,340,509. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	55,832,382
Gross unrealized depreciation		(11,329,368	)
Net unrealized appreciation	$	44,503,014

Holdings of Open Futures Contracts

On June 30, 2016, cash in the amount of $713,000 has 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 2016		93	Long	$	(205,464	)
			93		$	(205,464	)

See accompanying notes to financial statements.
31

SFT Advantus Index 500 Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.3%)
Consumer Discretionary (12.1%)
Auto Components (0.3%)
BorgWarner, Inc.		8,130	$	239,998
Delphi Automotive PLC (b)		10,287		643,966
Johnson Controls, Inc.		24,503		1,084,503
The Goodyear Tire & Rubber Co.		9,969		255,804
				2,224,271
Automobiles (0.5%)
Ford Motor Co.		147,462		1,853,598
General Motors Co.		52,911		1,497,381
Harley-Davidson, Inc.		6,827		309,263
				3,660,242
Distributors (0.1%)
Genuine Parts Co.		5,645		571,556
LKQ Corp. (c)		11,530		365,501
				937,057
Diversified Consumer Services (0.0%)
H&R Block, Inc.		8,480		195,040
Hotels, Restaurants & Leisure (1.7%)
Carnival Corp.		16,570		732,394
Chipotle Mexican Grill, Inc. (c)		1,149		462,771
Darden Restaurants, Inc.		4,318		273,502
Marriott International, Inc. – Class A		7,121		473,262
McDonald's Corp.		33,176		3,992,400
Royal Caribbean Cruises, Ltd.		6,325		424,724
Starbucks Corp.		55,361		3,162,220
Starwood Hotels & Resorts Worldwide, Inc.		6,316		467,068
Wyndham Worldwide Corp.		4,235		301,659
Wynn Resorts, Ltd.		3,042		275,727
Yum! Brands, Inc.		15,409		1,277,714
				11,843,441
Household Durables (0.6%)
DR Horton, Inc.		12,389		390,006
Garmin, Ltd. (b)		4,418		187,411
Harman International Industries, Inc.		2,661		191,113
Leggett & Platt, Inc.		4,996		255,345
Lennar Corp. – Class A		6,931		319,519
Mohawk Industries, Inc. (c)		2,380		451,629
Newell Brands, Inc.		17,205		835,647
PulteGroup, Inc.		11,896		231,853
Stanley Black & Decker, Inc.		5,635		626,725
Whirlpool Corp.		2,928		487,922
				3,977,170
Internet & Catalog Retail (2.2%)
Amazon.com, Inc. (c)		14,635		10,473,099
Expedia, Inc.		4,407		468,464
Netflix, Inc. (c)		16,216		1,483,440
The Priceline Group, Inc. (c)		1,876		2,342,017
TripAdvisor, Inc. (c)		4,230		271,989
				15,039,009

	Shares		Value(a)
Leisure Equipment & Products (0.1%)
Hasbro, Inc.		4,199	$	352,674
Mattel, Inc.		12,866		402,577
				755,251
Media (2.7%)
CBS Corp. – Class B		15,695		854,436
Comcast Corp. – Class A		91,371		5,956,475
Discovery Communications, Inc. – Class A (c)		5,598		141,238
Discovery Communications, Inc. – Class C (c)		8,959		213,672
News Corp. – Class A		14,286		162,146
News Corp. – Class B		4,036		47,100
Omnicom Group, Inc.		8,971		731,047
Scripps Networks Interactive, Inc. – Class A		3,542		220,560
TEGNA, Inc.		8,201		190,017
The Interpublic Group of Cos., Inc.		15,115		349,156
The Walt Disney Co.		56,408		5,517,831
Time Warner, Inc.		29,646		2,180,167
Twenty-First Century Fox, Inc. – Class A		41,409		1,120,113
Twenty-First Century Fox, Inc. – Class B		16,295		444,039
Viacom, Inc. – Class B		13,099		543,216
				18,671,213
Multiline Retail (0.6%)
Dollar General Corp.		10,724		1,008,056
Dollar Tree, Inc. (c)		8,903		838,979
Kohl's Corp.		6,942		263,241
Macy's, Inc.		11,571		388,901
Nordstrom, Inc.		4,844		184,314
Target Corp.		22,269		1,554,822
				4,238,313
Specialty Retail (2.5%)
Advance Auto Parts, Inc.		2,753		444,967
AutoNation, Inc. (c)		2,658		124,873
AutoZone, Inc. (c)		1,135		901,008
Bed Bath & Beyond, Inc.		5,833		252,102
Best Buy Co., Inc.		10,606		324,544
CarMax, Inc. (c)		7,268		356,350
Foot Locker, Inc.		5,070		278,140
L Brands, Inc.		9,537		640,219
Lowe's Cos., Inc.		33,487		2,651,166
O'Reilly Automotive, Inc. (c)		3,694		1,001,443
Ross Stores, Inc.		15,165		859,704
Signet Jewelers, Ltd.		2,878		237,176
Staples, Inc.		24,424		210,535
The Gap, Inc.		8,477		179,882
The Home Depot, Inc.		47,013		6,003,090
The TJX Cos., Inc.		24,983		1,929,437
Tiffany & Co.		4,076		247,169
Tractor Supply Co.		5,030		458,635
Ulta Salon Cosmetics & Fragrance, Inc. (c)		2,390		582,300
Urban Outfitters, Inc. (c)		3,250		89,375
				17,772,115

See accompanying notes to financial statements.
32

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Textiles, Apparel & Luxury Goods (0.8%)
Coach, Inc.		10,507	$	428,055
Hanesbrands, Inc.		14,267		358,530
Michael Kors Holdings, Ltd. (b) (c)		6,654		329,240
NIKE, Inc. – Class B		50,318		2,777,554
PVH Corp.		3,090		291,171
Ralph Lauren Corp.		2,133		191,159
Under Armour, Inc. – Class A (c)		6,844		274,650
Under Armour, Inc. – Class C (c)		6,893		250,890
VF Corp.		12,607		775,204
				5,676,453
Consumer Staples (10.4%)
Beverages (2.3%)
Brown-Forman Corp. – Class B		3,805		379,587
Constellation Brands, Inc. – Class A		6,722		1,111,819
Dr Pepper Snapple Group, Inc.		6,972		673,704
Molson Coors Brewing Co. – Class B		6,920		699,819
Monster Beverage Corp. (c)		5,307		852,888
PepsiCo, Inc.		54,587		5,782,947
The Coca-Cola Co.		147,145		6,670,083
				16,170,847
Food & Staples Retailing (2.3%)
Costco Wholesale Corp.		16,556		2,599,954
CVS Health Corp.		40,589		3,885,991
Sysco Corp.		19,767		1,002,978
The Kroger Co.		36,045		1,326,096
Wal-Mart Stores, Inc.		57,714		4,214,276
Walgreens Boots Alliance, Inc.		32,659		2,719,515
Whole Foods Market, Inc.		12,120		388,082
				16,136,892
Food Products (1.8%)
Archer-Daniels-Midland Co.		22,205		952,373
Campbell Soup Co.		6,725		447,414
ConAgra Foods, Inc.		16,492		788,483
General Mills, Inc.		22,463		1,602,061
Hormel Foods Corp.		10,212		373,759
Kellogg Co.		9,454		771,919
McCormick & Co., Inc.		4,354		464,441
Mead Johnson Nutrition Co.		6,991		634,434
Mondelez International, Inc. – Class A		58,655		2,669,389
The Hershey Co.		5,280		599,227
The JM Smucker Co.		4,481		682,949
The Kraft Heinz Co.		22,517		1,992,304
Tyson Foods, Inc. – Class A		11,357		758,534
				12,737,287
Household Products (2.0%)
Church & Dwight Co., Inc.		4,809		494,798
Clorox Co.		4,933		682,678
Colgate-Palmolive Co.		33,748		2,470,354
Kimberly-Clark Corp.		13,592		1,868,628
The Procter & Gamble Co.		100,596		8,517,463
				14,033,921
Personal Care (0.1%)
The Estee Lauder Cos., Inc. – Class A		8,434		767,663

	Shares		Value(a)
Tobacco (1.9%)
Altria Group, Inc.		73,936	$	5,098,626
Philip Morris International, Inc.		58,625		5,963,335
Reynolds American, Inc.		31,286		1,687,254
				12,749,215
Energy (7.2%)
Energy Equipment & Services (1.1%)
Baker Hughes, Inc.		16,483		743,878
Diamond Offshore Drilling, Inc.		2,413		58,708
FMC Technologies, Inc. (c)		8,536		227,655
Halliburton Co.		32,473		1,470,702
Helmerich & Payne, Inc.		4,036		270,937
National Oilwell Varco, Inc.		14,249		479,479
Schlumberger, Ltd.		52,512		4,152,649
Transocean, Ltd. (b)		12,973		154,249
				7,558,257
Oil, Gas & Consumable Fuels (6.1%)
Anadarko Petroleum Corp.		19,289		1,027,139
Apache Corp.		14,305		796,359
Cabot Oil & Gas Corp.		17,573		452,329
Chesapeake Energy Corp. (c)		22,102		94,597
Chevron Corp.		71,226		7,466,622
Cimarex Energy Co.		3,540		422,393
Columbia Pipeline Group, Inc.		15,052		383,675
Concho Resources, Inc. (c)		4,940		589,194
ConocoPhillips		46,800		2,040,480
Devon Energy Corp.		19,802		717,823
EOG Resources, Inc.		20,801		1,735,219
EQT Corp.		6,528		505,463
Exxon Mobil Corp.		156,708		14,689,808
Hess Corp.		9,868		593,067
Kinder Morgan, Inc.		69,154		1,294,563
Marathon Oil Corp.		32,034		480,830
Marathon Petroleum Corp.		20,023		760,073
Murphy Oil Corp.		6,054		192,215
Newfield Exploration Co. (c)		7,358		325,076
Noble Energy, Inc.		16,144		579,085
Occidental Petroleum Corp.		28,863		2,180,888
Phillips 66		17,672		1,402,096
Pioneer Natural Resources Co.		6,147		929,488
Range Resources Corp.		6,341		273,551
Southwestern Energy Co. (c)		17,889		225,044
Spectra Energy Corp.		25,857		947,142
Tesoro Corp.		4,507		337,664
The Williams Cos., Inc.		25,812		558,314
Valero Energy Corp.		17,708		903,108
				42,903,305
Financial (15.5%)
Capital Markets (1.7%)
Affiliated Managers Group, Inc. (c)		2,069		291,253
Ameriprise Financial, Inc.		6,261		562,551
BlackRock, Inc.		4,828		1,653,735
E*Trade Financial Corp. (c)		10,533		247,420
Franklin Resources, Inc.		13,926		464,711
Invesco, Ltd.		15,676		400,365
Legg Mason, Inc.		3,933		115,984
Morgan Stanley		57,098		1,483,406
Northern Trust Corp.		8,038		532,598
State Street Corp.		14,908		803,839
T Rowe Price Group, Inc.		9,302		678,767

See accompanying notes to financial statements.
33

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
The Bank of New York Mellon Corp.		40,704	$	1,581,350
The Charles Schwab Corp.		45,453		1,150,416
The Goldman Sachs Group, Inc.		14,600		2,169,268
				12,135,663
Commercial Banks (5.1%)
Bank of America Corp.		388,193		5,151,321
BB&T Corp.		31,021		1,104,658
Citigroup, Inc.		110,885		4,700,415
Citizens Financial Group, Inc.		19,991		399,420
Comerica, Inc.		6,618		272,198
Fifth Third Bancorp		29,013		510,339
Huntington Bancshares, Inc.		30,190		269,899
JPMorgan Chase & Co.		138,171		8,585,949
KeyCorp		31,834		351,766
M&T Bank Corp.		5,990		708,198
People's United Financial, Inc.		11,747		172,211
Regions Financial Corp.		47,871		407,382
SunTrust Banks, Inc.		18,882		775,672
The PNC Financial Services Group, Inc.		18,865		1,535,422
US Bancorp		61,329		2,473,399
Wells Fargo & Co.		174,602		8,263,913
Zions Bancorporation		7,649		192,219
				35,874,381
Consumer Finance (0.7%)
American Express Co.		30,550		1,856,218
Capital One Financial Corp.		19,353		1,229,109
Discover Financial Services		15,493		830,270
Navient Corp.		12,490		149,256
Synchrony Financial (c)		31,515		796,699
				4,861,552
Diversified Financial Services (0.7%)
CME Group, Inc.		12,764		1,243,213
Intercontinental Exchange, Inc.		4,509		1,154,124
Leucadia National Corp.		12,597		218,306
Moody's Corp.		6,340		594,121
Nasdaq, Inc.		4,304		278,340
S&P Global, Inc.		9,987		1,071,206
				4,559,310
Industrial REITs (0.1%)
ProLogis, Inc.		19,755		968,785
Insurance (4.1%)
Aflac, Inc.		15,645		1,128,943
American International Group, Inc.		42,290		2,236,718
Aon PLC (b)		10,012		1,093,611
Arthur J Gallagher & Co.		6,670		317,492
Assurant, Inc.		2,340		201,965
Berkshire Hathaway, Inc. – Class B (c)		70,816		10,253,449
Chubb, Ltd. (b)		17,553		2,294,353
Cincinnati Financial Corp.		5,521		413,468
Hartford Financial Services Group, Inc.		14,833		658,289
Lincoln National Corp.		8,971		347,806
Loews Corp.		10,081		414,228

	Shares		Value(a)
Marsh & McLennan Cos., Inc.		19,632	$	1,344,007
MetLife, Inc.		41,520		1,653,742
Principal Financial Group, Inc.		10,094		414,964
Prudential Financial, Inc.		16,704		1,191,663
The Allstate Corp.		14,141		989,163
The Progressive Corp.		21,997		736,899
The Travelers Cos., Inc.		11,005		1,310,035
Torchmark Corp.		4,194		259,273
Unum Group		8,892		282,677
Willis Towers Watson PLC (b)		5,250		652,627
XL Group PLC (b)		10,758		358,349
				28,553,721
Office REITs (0.3%)
Boston Properties, Inc.		5,850		771,615
SL Green Realty Corp.		3,733		397,453
Vornado Realty Trust		6,736		674,408
				1,843,476
Real Estate Services (0.0%)
CBRE Group, Inc. – Class A (c)		11,028		292,021
Residential REITs (0.4%)
Apartment Investment & Management Co. – Class A		5,857		258,645
AvalonBay Communities, Inc.		5,225		942,538
Equity Residential		13,746		946,824
Essex Property Trust, Inc.		2,490		567,944
UDR, Inc.		10,056		371,268
				3,087,219
Retail REITs (0.8%)
Federal Realty Investment Trust		2,700		446,985
General Growth Properties, Inc.		22,029		656,905
Kimco Realty Corp.		15,859		497,655
Realty Income Corp.		9,736		675,289
Simon Property Group, Inc.		11,686		2,534,693
The Macerich Co.		4,769		407,225
				5,218,752
Specialized REITs (1.6%)
American Tower Corp.		16,060		1,824,577
Crown Castle International Corp.		12,732		1,291,407
Digital Realty Trust, Inc.		5,510		600,535
Equinix, Inc.		2,670		1,035,239
Extra Space Storage, Inc.		4,720		436,789
HCP, Inc.		17,652		624,528
Host Hotels & Resorts, Inc.		28,220		457,446
Iron Mountain, Inc.		9,031		359,713
Public Storage		5,611		1,434,115
Ventas, Inc.		12,778		930,494
Welltower, Inc.		13,491		1,027,609
Weyerhaeuser Co.		28,148		837,956
				10,860,408
Health Care (14.4%)
Biotechnology (2.9%)
AbbVie, Inc.		61,122		3,784,063
Alexion Pharmaceuticals, Inc. (c)		8,437		985,104
Amgen, Inc.		28,445		4,327,907
Biogen, Inc. (c)		8,332		2,014,844
Celgene Corp. (c)		29,273		2,887,196

See accompanying notes to financial statements.
34

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Gilead Sciences, Inc.		50,332	$	4,198,695
Regeneron Pharmaceuticals, Inc. (c)		3,007		1,050,135
Vertex Pharmaceuticals, Inc. (c)		9,300		799,986
				20,047,930
Health Care Equipment & Supplies (2.4%)
Abbott Laboratories		55,461		2,180,172
Baxter International, Inc.		20,870		943,741
Becton Dickinson and Co.		7,991		1,355,194
Boston Scientific Corp. (c)		51,278		1,198,367
CR Bard, Inc.		2,810		660,800
DENTSPLY SIRONA, Inc.		8,852		549,178
Edwards Lifesciences Corp. (c)		7,977		795,546
Hologic, Inc. (c)		9,167		317,178
Intuitive Surgical, Inc. (c)		1,438		951,108
Medtronic PLC (b)		53,141		4,611,044
St Jude Medical, Inc.		10,743		837,954
Stryker Corp.		11,826		1,417,110
Varian Medical Systems, Inc. (c)		3,527		290,025
Zimmer Biomet Holdings, Inc.		7,529		906,341
				17,013,758
Health Care Providers & Services (2.7%)
Aetna, Inc.		13,261		1,619,566
AmerisourceBergen Corp.		6,934		550,005
Anthem, Inc.		9,975		1,310,117
Cardinal Health, Inc.		12,313		960,537
Centene Corp. (c)		6,390		456,054
Cigna Corp.		9,745		1,247,263
DaVita HealthCare Partners, Inc. (c)		6,141		474,822
Express Scripts Holding Co. (c)		23,849		1,807,754
HCA Holdings, Inc. (c)		11,379		876,297
Henry Schein, Inc. (c)		3,105		548,964
Humana, Inc.		5,650		1,016,322
Laboratory Corp. of America Holdings (c)		3,889		506,620
McKesson Corp.		8,504		1,587,272
Patterson Cos., Inc.		3,127		149,752
Quest Diagnostics, Inc.		5,267		428,786
UnitedHealth Group, Inc.		35,933		5,073,740
Universal Health Services, Inc. – Class B		3,414		457,817
				19,071,688
Health Care Technology (0.1%)
Cerner Corp. (c)		11,300		662,180
Life Sciences Tools & Services (0.6%)
Agilent Technologies, Inc.		12,309		546,027
Illumina, Inc. (c)		5,582		783,601
PerkinElmer, Inc.		4,091		214,450
Thermo Fisher Scientific, Inc.		14,844		2,193,350
Waters Corp. (c)		3,082		433,483
				4,170,911
Pharmaceuticals (5.7%)
Allergan PLC (c)		14,959		3,456,876
Bristol-Myers Squibb Co.		63,086		4,639,975
Eli Lilly & Co.		36,645		2,885,794
Endo International PLC (b) (c)		7,694		119,949
Johnson & Johnson		103,979		12,612,653
Mallinckrodt PLC (c)		4,113		249,988

	Shares		Value(a)
Merck & Co., Inc.		104,608	$	6,026,467
Mylan NV (c)		16,138		697,807
Perrigo Co. PLC (b)		5,382		487,986
Pfizer, Inc.		229,201		8,070,167
Zoetis, Inc.		17,252		818,780
				40,066,442
Industrials (9.9%)
Aerospace & Defense (2.5%)
General Dynamics Corp.		10,858		1,511,868
Honeywell International, Inc.		28,802		3,350,249
L-3 Communications Holdings, Inc.		2,935		430,535
Lockheed Martin Corp.		9,896		2,455,891
Northrop Grumman Corp.		6,829		1,517,950
Raytheon Co.		11,274		1,532,700
Rockwell Collins, Inc.		4,921		418,974
The Boeing Co.		22,629		2,938,828
TransDigm Group, Inc. (c)		2,020		532,654
United Technologies Corp.		29,413		3,016,303
				17,705,952
Air Freight & Logistics (0.7%)
CH Robinson Worldwide, Inc.		5,377		399,242
Expeditors International of Washington, Inc.		6,855		336,169
FedEx Corp.		9,434		1,431,893
United Parcel Service, Inc. – Class B		26,093		2,810,738
				4,978,042
Airlines (0.5%)
Alaska Air Group, Inc.		4,600		268,134
American Airlines Group, Inc.		21,850		618,573
Delta Air Lines, Inc.		29,159		1,062,262
Southwest Airlines Co.		24,137		946,412
United Continental Holdings, Inc. (c)		12,593		516,817
				3,412,198
Building Products (0.1%)
Allegion PLC (b)		3,591		249,323
Fortune Brands Home & Security, Inc.		5,800		336,226
Masco Corp.		12,498		386,688
				972,237
Commercial Services & Supplies (0.5%)
Avery Dennison Corp.		3,311		247,497
Cintas Corp.		3,274		321,278
Pitney Bowes, Inc.		7,111		126,576
Republic Services, Inc.		8,871		455,171
Stericycle, Inc. (c)		3,182		331,310
Tyco International PLC		15,985		680,961
Waste Management, Inc.		15,548		1,030,366
				3,193,159
Construction & Engineering (0.1%)
Fluor Corp.		5,202		256,355
Jacobs Engineering Group, Inc. (c)		4,589		228,578
Quanta Services, Inc. (c)		5,692		131,599
				616,532

See accompanying notes to financial statements.
35

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Electrical Equipment (0.6%)
Acuity Brands, Inc.		1,680	$	416,573
AMETEK, Inc.		8,807		407,148
Eaton Corp. PLC		17,229		1,029,088
Emerson Electric Co.		24,313		1,268,166
Rockwell Automation, Inc.		4,943		567,555
Roper Technologies, Inc.		3,874		660,749
				4,349,279
Industrial Conglomerates (2.5%)
3M Co.		22,921		4,013,925
Danaher Corp.		22,643		2,286,943
General Electric Co.		347,520		10,939,930
Textron, Inc.		10,147		370,974
				17,611,772
Machinery (1.2%)
Caterpillar, Inc.		22,065		1,672,748
Cummins, Inc.		5,987		673,178
Deere & Co.		11,277		913,888
Dover Corp.		5,802		402,195
Flowserve Corp.		4,926		222,507
Illinois Tool Works, Inc.		12,223		1,273,148
Ingersoll-Rand PLC		9,669		615,722
PACCAR, Inc.		13,244		686,966
Parker Hannifin Corp.		5,091		550,083
Pentair PLC (b)		6,768		394,507
Snap-On, Inc.		2,243		353,990
Xylem, Inc.		6,716		299,869
				8,058,801
Professional Services (0.3%)
Dun & Bradstreet Corp.		1,339		163,144
Equifax, Inc.		4,536		582,422
Nielsen Holdings PLC		13,635		708,611
Robert Half International, Inc.		4,868		185,763
United Rentals, Inc. (c)		3,275		219,752
Verisk Analytics, Inc. (c)		5,836		473,183
				2,332,875
Road & Rail (0.8%)
CSX Corp.		36,123		942,088
JB Hunt Transport Services, Inc.		3,290		266,260
Kansas City Southern		4,086		368,108
Norfolk Southern Corp.		11,179		951,668
Ryder System, Inc.		2,000		122,280
Union Pacific Corp.		31,764		2,771,409
				5,421,813
Trading Companies & Distributors (0.1%)
Fastenal Co.		10,847		481,498
WW Grainger, Inc.		2,175		494,269
				975,767
Information Technology (19.4%)
Communications Equipment (1.0%)
Cisco Systems, Inc.		190,081		5,453,424
F5 Networks, Inc. (c)		2,560		291,430
Harris Corp.		4,658		388,664
Juniper Networks, Inc.		13,349		300,219
Motorola Solutions, Inc.		5,916		390,278
				6,824,015

	Shares		Value(a)
Computers & Peripherals (3.2%)
Apple, Inc. (d)		207,002	$	19,789,391
EMC Corp.		73,814		2,005,527
NetApp, Inc.		10,846		266,703
Western Digital Corp.		10,636		502,657
				22,564,278
Electronic Equipment, Instruments & Components (0.4%)
Amphenol Corp. – Class A		11,542		661,703
Corning, Inc.		40,639		832,287
FLIR Systems, Inc.		5,172		160,073
Seagate Technology PLC		11,280		274,781
TE Connectivity, Ltd. (b)		13,514		771,784
				2,700,628
Internet Software & Services (4.1%)
Akamai Technologies, Inc. (c)		6,562		367,013
Alphabet, Inc. – Class A (c)		11,115		7,819,736
Alphabet, Inc. – Class C (c)		11,226		7,769,515
eBay, Inc. (c)		39,945		935,112
Facebook, Inc. – Class A (c)		87,369		9,984,529
VeriSign, Inc. (c)		3,574		309,008
Yahoo!, Inc. (c)		33,027		1,240,494
				28,425,407
IT Services (3.5%)
Accenture PLC – Class A (b)		23,539		2,666,733
Alliance Data Systems Corp. (c)		2,203		431,612
Automatic Data Processing, Inc.		17,169		1,577,316
Cognizant Technology Solutions Corp. – Class A (c)		22,831		1,306,846
CSRA, Inc.		5,184		121,461
Fidelity National Information Services, Inc.		10,488		772,756
Fiserv, Inc. (c)		8,393		912,571
Global Payments, Inc.		5,800		414,004
International Business Machines Corp.		33,380		5,066,416
Mastercard, Inc. – Class A		36,688		3,230,745
Paychex, Inc.		12,015		714,893
PayPal Holdings, Inc. (c)		41,682		1,521,810
Teradata Corp. (c)		4,880		122,342
The Western Union Co.		18,560		355,981
Total System Services, Inc.		6,338		336,611
Visa, Inc. – Class A		71,985		5,339,128
				24,891,225
Office Electronics (0.0%)
Xerox Corp.		35,986		341,507
Semiconductors & Semiconductor Equipment (2.8%)
Analog Devices, Inc.		11,584		656,118
Applied Materials, Inc.		41,160		986,605
Broadcom, Ltd. (b)		14,059		2,184,769
First Solar, Inc. (c)		2,834		137,392
Intel Corp.		178,452		5,853,225
KLA-Tencor Corp.		5,839		427,707
Lam Research Corp.		6,031		506,966
Linear Technology Corp.		8,954		416,630
Microchip Technology, Inc.		8,046		408,415
Micron Technology, Inc. (c)		39,191		539,268

See accompanying notes to financial statements.
36

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
NVIDIA Corp.		19,140	$	899,771
Qorvo, Inc. (c)		4,736		261,711
QUALCOMM, Inc.		55,512		2,973,778
Skyworks Solutions, Inc.		7,157		452,895
Texas Instruments, Inc.		37,951		2,377,630
Xilinx, Inc.		9,522		439,250
				19,522,130
Software (4.1%)
Activision Blizzard, Inc.		19,250		762,878
Adobe Systems, Inc. (c)		18,904		1,810,814
Autodesk, Inc. (c)		8,469		458,512
CA, Inc.		11,094		364,216
Citrix Systems, Inc. (c)		5,861		469,408
Electronic Arts, Inc. (c)		11,398		863,513
Intuit, Inc.		9,668		1,079,046
Microsoft Corp.		297,061		15,200,611
Oracle Corp.		117,623		4,814,309
Red Hat, Inc. (c)		6,844		496,874
Salesforce.com, Inc. (c)		24,067		1,911,160
Symantec Corp.		23,139		475,275
				28,706,616
Technology Hardware Storage & Peripherals (0.3%)
Hewlett Packard Enterprise Co.		62,799		1,147,338
HP, Inc.		64,646		811,307
				1,958,645
Materials (2.8%)
Chemicals (2.0%)
Air Products & Chemicals, Inc.		7,359		1,045,272
Albemarle Corp.		4,250		337,068
CF Industries Holdings, Inc.		8,727		210,321
Eastman Chemical Co.		5,564		377,796
Ecolab, Inc.		9,951		1,180,189
EI du Pont de Nemours & Co.		33,011		2,139,113
FMC Corp.		5,003		231,689
International Flavors & Fragrances, Inc.		3,004		378,714
LyondellBasell Industries NV – Class A		12,901		960,092
Monsanto Co.		16,478		1,703,990
PPG Industries, Inc.		10,082		1,050,040
Praxair, Inc.		10,765		1,209,878
The Dow Chemical Co.		42,433		2,109,344
The Mosaic Co.		13,170		344,791
The Sherwin-Williams Co.		3,016		885,709
				14,164,006
Construction Materials (0.2%)
Martin Marietta Materials, Inc.		2,422		465,024
Vulcan Materials Co.		4,992		600,837
				1,065,861
Containers & Packaging (0.3%)
Ball Corp.		6,585		476,030
International Paper Co.		15,538		658,500
Owens-Illinois, Inc. (c)		6,022		108,456
Sealed Air Corp.		7,450		342,477
WestRock Co.		9,527		370,314
				1,955,777

	Shares		Value(a)
Metals & Mining (0.3%)
Alcoa, Inc.		49,700	$	460,719
Freeport-McMoRan, Inc.		47,320		527,145
Newmont Mining Corp.		20,049		784,317
Nucor Corp.		11,967		591,289
				2,363,470
Telecommunication Services (2.9%)
Diversified Telecommunication Services (2.9%)
AT&T, Inc.		232,646		10,052,634
CenturyLink, Inc.		20,636		598,650
Frontier Communications Corp.		44,332		219,000
Level 3 Communications, Inc. (c)		10,956		564,125
Verizon Communications, Inc.		154,050		8,602,152
				20,036,561
Utilities (3.7%)
Electric Utilities (2.2%)
Alliant Energy Corp.		8,590		341,023
American Electric Power Co., Inc.		18,486		1,295,684
Duke Energy Corp.		26,035		2,233,543
Edison International		12,313		956,351
Entergy Corp.		6,679		543,337
Eversource Energy		11,987		718,021
Exelon Corp.		34,836		1,266,637
FirstEnergy Corp.		16,050		560,306
NextEra Energy, Inc.		17,444		2,274,698
PG&E Corp.		18,746		1,198,244
Pinnacle West Capital Corp.		4,150		336,399
PPL Corp.		25,582		965,720
Southern Co.		35,469		1,902,202
Xcel Energy, Inc.		19,107		855,611
				15,447,776
Gas Utilities (0.1%)
AGL Resources, Inc.		4,502		296,997
ONEOK, Inc.		7,940		376,753
				673,750
Independent Power Producers & Energy Traders (0.1%)
NRG Energy, Inc.		11,901		178,396
The AES Corp.		24,836		309,953
				488,349
Multi-Utilities (1.2%)
Ameren Corp.		9,085		486,774
CenterPoint Energy, Inc.		16,273		390,552
CMS Energy Corp.		10,549		483,777
Consolidated Edison, Inc.		11,494		924,577
Dominion Resources, Inc.		23,288		1,814,834
DTE Energy Co.		6,720		666,086
NiSource, Inc.		12,151		322,245
Public Service Enterprise Group, Inc.		19,065		888,620
SCANA Corp.		5,351		404,857
Sempra Energy		8,957		1,021,277
TECO Energy, Inc.		8,808		243,453
WEC Energy Group, Inc.		11,928		778,899
				8,425,951

See accompanying notes to financial statements.
37

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Water Utilities (0.1%)
American Water Works Co., Inc.		6,720	$	567,907
Total common stocks (cost: $314,202,906)				688,087,445
Short-Term Securities (2.5%)
Investment Companies (2.5%)
Wells Fargo Advantage Treasury Plus Money Market Fund, current rate 0.199%		17,465,396		17,465,396
Total short-term securities (cost: $17,465,396)				17,465,396
Total investments in securities (cost: $331,668,302) (e)				705,552,841
Liabilities in excess of cash and other assets (-0.8%)				(5,360,597	)
Total net assets (100.0%)			$	700,192,244

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 2.5% of net assets in foreign securities at June 30, 2016.

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

Holdings of Open Futures Contracts

On June 30, 2016, securities with an aggregate market value of $3,346,000 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 2016

119

Long

(57,505

)

119

(57,505

)

(e) At June 30, 2016 the cost of securities for federal income tax purposes was $334,780,448. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	380,469,145
Gross unrealized depreciation		(9,696,752	)
Net unrealized appreciation	$	370,772,393

See accompanying notes to financial statements.
38

SFT Advantus International Bond Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Principal(b)		Value(a)
Long-Term Debt Securities (58.3%)
Brazil (12.5%)
Government (12.5%)
Brazil Letras do Tesouro Nacional (BRL) 17.866%, 07/01/16 (c)		380,000	$	118,549
18.576%, 01/01/19 (c)		8,180,000		1,908,688
19.097%, 07/01/19 (c)		12,580,000		2,776,926
Brazil Notas do Tesouro Nacional Serie B (BRL) 6.000%, 08/15/16		189,000		170,402
6.000%, 08/15/18		140,000		125,593
6.000%, 05/15/19		330,000		295,805
6.000%, 08/15/20		40,000		35,723
6.000%, 08/15/22		140,000		124,312
6.000%, 05/15/23		237,000		210,946
6.000%, 08/15/24		110,000		98,431
6.000%, 05/15/45		2,000,000		1,791,714
Brazil Notas do Tesouro Nacional Serie F (BRL) 10.000%, 01/01/17		6,610,000		2,026,575
10.000%, 01/01/21		3,390,000		986,701
10.000%, 01/01/23		970,000		277,069
10.000%, 01/01/25		5,990,000		1,679,621
10.000%, 01/01/27		3,690,000		1,024,231
				13,651,286
Indonesia (4.7%)
Government (4.7%)
Indonesia Treasury Bond (IDR) 6.125%, 05/15/28		228,000,000		14,887
7.000%, 05/15/27		152,000,000		10,757
8.250%, 07/15/21		2,107,000,000		165,993
8.375%, 03/15/24		24,929,000,000		1,989,603
8.375%, 09/15/26		10,241,000,000		822,211
9.000%, 03/15/29		506,000,000		42,395
9.500%, 07/15/23		18,680,000,000		1,542,007
10.000%, 09/15/24		1,959,000,000		167,848
10.000%, 02/15/28		76,000,000		6,727
10.250%, 07/15/22		4,158,000,000		354,993
11.500%, 09/15/19		466,000,000		39,538
				5,156,959
Lithuania (0.7%)
Government (0.7%)
Lithuania Government International Bond (USD) 7.375%, 02/11/20 (d)		650,000		767,000
Malaysia (2.9%)
Government (2.9%)
Malaysia Government Bond (MYR) 3.172%, 07/15/16		2,631,000		652,673
3.314%, 10/31/17		950,000		237,428
3.394%, 03/15/17		4,590,000		1,144,711
3.814%, 02/15/17		1,060,000		264,701
4.012%, 09/15/17		900,000		226,252
4.240%, 02/07/18		850,000		215,867
4.262%, 09/15/16		1,949,000		485,053
				3,226,685

	Principal(b)		Value(a)
Mexico (8.2%)
Government (8.2%)
Mexican Bonos (MXN) 4.750%, 06/14/18		8,200,000	$	443,624
5.000%, 06/15/17		70,130,000		3,822,149
7.250%, 12/15/16		74,317,000		4,079,706
7.750%, 12/14/17		5,000,000		283,889
Mexican Udibonos (MXN) 2.500%, 12/10/20		1,494,597		81,996
3.500%, 12/14/17		2,707,604		151,030
4.000%, 06/13/19		1,868,246		107,269
				8,969,663
Philippines (3.7%)
Government (3.7%)
Philippine Government Bond (PHP) 2.125%, 05/23/18		12,708,000		268,549
2.875%, 05/22/17		3,210,000		68,638
3.875%, 11/22/19		40,170,000		883,749
5.000%, 08/18/18		3,500,000		78,265
5.875%, 01/31/18		980,000		21,898
9.125%, 09/04/16		125,730,000		2,707,393
				4,028,492
Poland (2.8%)
Government (2.8%)
Poland Government Bond (PLN) 1.750%, 01/25/17 (e)		2,011,000		508,163
1.750%, 01/25/21 (e)		2,040,000		507,509
4.750%, 10/25/16		1,070,000		272,697
5.750%, 09/23/22		5,900,000		1,777,678
				3,066,047
Portugal (2.6%)
Government (2.6%)
Portugal Government International Bond (USD) 5.125%, 10/15/24 (d)		1,060,000		1,059,693
Portugal Obrigacoes do Tesouro OT (EUR) 3.875%, 02/15/30 (d)		1,490,000		1,717,260
4.950%, 10/25/23		10,600		13,561
5.650%, 02/15/24		26,200		34,589
				2,825,103
Serbia (0.2%)
Government (0.2%)
Republic of Serbia (USD) 5.250%, 11/21/17 (d)		200,000		206,759
South Korea (14.9%)
Financial (5.0%)
Korea Monetary Stabilization Bond (KRW) 1.490%, 02/02/18		88,000,000		76,675
1.560%, 10/02/17		4,367,200,000		3,805,578
1.700%, 08/02/17		1,106,100,000		964,820
1.960%, 02/02/17		130,100,000		113,423

See accompanying notes to financial statements.
39

SFT Advantus International Bond Fund
Investments in Securities – continued

	Principal(b)		Value(a)
2.070%, 12/02/16		275,000,000	$	239,567
2.460%, 08/02/16		352,500,000		306,352
				5,506,415
Government (9.9%)
Korea Treasury Bond (KRW) 1.375%, 09/10/21		87,800,000		76,504
1.500%, 06/10/19		4,975,600,000		4,350,321
1.750%, 12/10/18		736,600,000		647,147
2.000%, 12/10/17		1,816,600,000		1,593,804
2.000%, 03/10/21		2,016,310,000		1,806,319
3.000%, 12/10/16		2,646,820,000		2,315,393
				10,789,488
				16,295,903
Sri Lanka (0.5%)
Government (0.5%)
Sri Lanka Government Bond (LKR) 7.500%, 08/15/18		2,880,000		18,423
8.000%, 06/15/17		1,640,000		11,012
8.000%, 11/15/18		100,000		640
8.000%, 11/01/19		1,640,000		10,177
8.250%, 03/01/17		80,000		542
8.500%, 04/01/18		1,570,000		10,354
8.500%, 06/01/18		10,000		66
9.000%, 05/01/21		20,000		123
9.250%, 05/01/20		6,070,000		38,523
10.600%, 07/01/19		40,810,000		274,043
10.600%, 09/15/19		4,890,000		32,761
11.000%, 08/01/21		32,590,000		216,322
				612,986
Ukraine (4.6%)
Government (4.6%)
Ukraine Government International Bond (USD) 0.000%, 05/31/40 (d) (e)		1,369,000		443,487
7.750%, 09/01/20 (d)		261,000		255,180
7.750%, 09/01/21 (d)		698,000		678,944
7.750%, 09/01/22 (d)		698,000		674,791
7.750%, 09/01/23 (d)		698,000		671,965
7.750%, 09/01/24 (d)		598,000		572,435
7.750%, 09/01/25 (d)		598,000		569,715
7.750%, 09/01/26 (d)		598,000		566,725
7.750%, 09/01/27 (d)		598,000		565,230
				4,998,472
Total long-term debt securities (cost: $65,802,066)				63,805,355
Short-Term Securities (47.7%)
Malaysia (1.6%)
Bank Negara Malaysia Monetary Note (MYR) 3.050%, 07/05/16 (c)		1,270,000		314,996
3.050%, 07/19/16 (c)		670,000		166,003
3.050%, 10/06/16 (c)		220,000		54,194
3.050%, 10/11/16 (c)		890,000		219,158
3.050%, 10/18/16 (c)		680,000		167,360
3.072%, 09/15/16 (c)		1,260,000		310,875
3.100%, 09/22/16 (c)		1,300,000		320,576

	Principal(b)		Value(a)
Malaysia Treasury Bill (MYR) 2.640%, 01/20/17 (c)		370,000	$	90,428
3.050%, 08/05/16 (c)		380,000		94,038
				1,737,628
Mexico (12.8%)
Mexican Cetes (MXN) 3.475%, 07/21/16 (c)		5,942,600		321,387
3.585%, 07/07/16 (c)		26,469,000		1,433,645
3.616%, 08/04/16 (c)		12,698,400		685,720
3.793%, 12/08/16 (c)		31,930,500		1,698,149
3.913%, 08/18/16 (c)		21,771,100		1,173,905
3.997%, 10/13/16 (c)		23,010,400		1,232,273
4.056%, 08/25/16 (c) (f)		7,379,400		397,604
4.071%, 09/29/16 (c)		5,790,800		310,635
4.075%, 09/01/16 (c)		13,990,900		753,272
4.106%, 09/15/16 (c)		1,999,800		107,445
4.113%, 10/27/16 (c) (f)		6,007,200		321,153
4.138%, 11/10/16 (c) (f)		3,314,200		176,908
4.190%, 02/02/17 (c)		17,323,500		915,206
4.213%, 03/30/17 (c) (f)		6,144,300		322,407
4.263%, 11/24/16 (c) (f)		5,999,400		319,614
4.421%, 03/02/17 (c) (f)		8,573,700		451,418
4.445%, 05/25/17 (c) (f)		64,567,200		3,364,875
				13,985,616
Philippines (1.0%)
Philippine Treasury Bill (PHP) 1.209%, 08/24/16 (c)		3,690,000		78,248
1.215%, 09/14/16 (c)		1,650,000		34,953
1.294%, 08/03/16 (c)		3,880,000		82,361
1.315%, 07/20/16 (c)		11,490,000		244,046
1.331%, 11/02/16 (c)		4,280,000		90,469
1.334%, 03/15/17 (c)		3,290,000		69,045
1.341%, 02/22/17 (c)		4,970,000		104,466
1.374%, 09/07/16 (c)		640,000		13,563
1.385%, 01/18/17 (c)		12,450,000		262,276
1.495%, 05/03/17 (c)		4,620,000		96,604
1.527%, 06/07/17 (c) (f)		350,000		7,308
1.556%, 12/07/16 (c)		2,260,000		47,706
1.857%, 07/06/16 (c)		10,000		212
				1,131,257
South Korea (0.9%)
Korea Monetary Stabilization Bond (KRW) 1.520%, 09/09/16		41,500,000		36,046
1.530%, 10/08/16		159,000,000		138,133
1.560%, 08/09/16		204,700,000		177,768
1.570%, 01/09/17		55,000,000		47,825
1.610%, 11/09/16		748,900,000		650,978
				1,050,750
United States (4.6%)
Federal Home Loan Bank (USD) 0.101%, 07/01/16 (c)		5,000,000		5,000,000

See accompanying notes to financial statements.
40

SFT Advantus International Bond Fund
Investments in Securities – continued

	Shares		Value(a)
Investment Companies (26.8%)
United States (26.8%)
State Street Institutional U.S. Government Money Market Fund (USD), current rate 0.250%		29,352,807	$	29,352,807
Total short-term securities (cost: $52,234,285)				52,258,058
Total investments in securities (cost: $118,036,351) (g)				116,063,413
Liabilities in excess of cash and other assets (-6.0%)				(6,565,210	)
Total net assets (100.0%)			$	109,498,203

See accompanying notes to financial statements.
41

SFT Advantus International Bond Fund
Investments in Securities – continued

Foreign Forward Currency Contracts

On June 30, 2016, 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
07/01/16		122,716	EUR		140,169	USD	$	3,838		BCB
07/01/16		136,264	USD		122,716	EUR		67		BCB
07/05/16		87,450,500	CLP		129,508	USD		(2,579	)	MSC
07/05/16		125,413	USD		87,450,500	CLP		6,674		MSC
07/06/16		359,241	EUR		401,352	USD		2,241		BCB
07/06/16		398,578	USD		359,241	EUR		534		BCB
07/06/16		737,103	EUR		823,521	USD		4,611		HSB
07/07/16		233,995,000	CLP		352,668	USD		(705	)	DBK
07/07/16		343,898	USD		233,995,000	CLP		9,475		DBK
07/08/16		133,213	USD		515,800	MYR		(5,296	)	DBK
07/08/16		515,800	MYR		127,076	USD		(841	)	DBK
07/08/16		1,855,122	EUR		8,809,788	MYR		123,658		JPM
07/08/16		8,809,788	MYR		1,960,868	EUR		(6,162	)	JPM
07/11/16		449,300	EUR		512,430	USD		13,184		BCB
07/11/16		62,600,000	JPY		586,178	USD		(24,139	)	BCB
07/11/16		62,206,750	CLP		93,755	USD		(156	)	DBK
07/11/16		90,952	USD		62,206,750	CLP		2,959		DBK
07/11/16		25,736	USD		100,000	MYR		(941	)	HSB
07/11/16		214,146	USD		144,499,000	CLP		3,999		MSC
07/11/16		105,589	USD		72,100,500	CLP		3,258		MSC
07/13/16		261,688	USD		1,023,987	MYR		(7,828	)	HSB
07/14/16		262,891	USD		1,023,565	MYR		(9,151	)	DBK
07/14/16		91,501	USD		62,206,750	CLP		2,384		DBK
07/14/16		244,000	EUR		278,086	USD		6,933		JPM
07/15/16		33,230,000	JPY		282,712	USD		(41,304	)	BCB
07/15/16		128,914	EUR		140,221	USD		(3,044	)	CIT
07/15/16		1,260,000	EUR		1,428,979	USD		28,715		CIT
07/15/16		184,000	EUR		200,367	USD		(4,116	)	DBK
07/15/16		296,911	USD		1,160,000	MYR		(9,367	)	DBK
07/15/16		453,000	EUR		510,676	USD		7,248		DBK
07/15/16		779,863	EUR		851,525	USD		(15,153	)	JPM
07/15/16		21,600,000	JPY		183,605	USD		(27,010	)	JPM
07/18/16		80,099	EUR		90,077	USD		1,052		BCB
07/18/16		128,596	USD		87,130,000	CLP		2,852		DBK
07/18/16		153,000	EUR		171,660	USD		1,609		GSC
07/18/16		510,253	EUR		576,777	USD		9,661		HSB
07/18/16		57,419	USD		3,868,000	INR		(233	)	JPM
07/18/16		254,989	USD		175,690,000	CLP		10,063		MSC
07/19/16		799,000	EUR		875,225	USD		(12,850	)	BCB
07/19/16		35,690,000	JPY		303,887	USD		(44,159	)	HSB
07/19/16		112,125	USD		467,000	MYR		3,606		JPM
07/19/16		45,710,000	JPY		392,216	USD		(53,544	)	SCB
07/20/16		59,343	USD		232,000	MYR		(1,852	)	DBK
07/20/16		187,673	EUR		813,000	MYR		(7,139	)	DBK
07/20/16		470,811	USD		31,697,000	INR		(2,359	)	DBK
07/20/16		1,004,000	EUR		1,138,395	USD		22,427		HSB
07/21/16		190,000	EUR		208,319	USD		(2,878	)	BCB
07/21/16		151,262	USD		104,265,000	CLP		5,989		DBK
07/21/16		32,855	EUR		37,335	USD		814		JPM
07/21/16		33,313	EUR		38,002	USD		973		UBS
07/22/16		81,780	EUR		92,899	USD		1,992		BCB
07/22/16		201,687	USD		137,500,000	CLP		5,668		BCB
07/22/16		119,438	EUR		135,797	USD		3,030		BOA
07/22/16		82,749	USD		366,000	MYR		7,935		DBK
07/22/16		188,819	EUR		918,000	MYR		17,562		DBK
07/25/16		107,378	EUR		120,657	USD		1,283		BCB
07/25/16		32,786,000	JPY		266,557	USD		(53,228	)	CIT
07/25/16		126,000	EUR		138,945	USD		(1,132	)	DBK
07/25/16		75,270	USD		5,058,000	INR		(584	)	DBK

See accompanying notes to financial statements.
42

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
07/25/16		126,442	USD		86,050,000	CLP	$	3,286		DBK
07/25/16		251,693	USD		171,290,000	CLP		6,541		DBK
07/25/16		194,339	USD		841,000	MYR		13,997		HSB
07/25/16		642,000	EUR		698,971	USD		(14,756	)	JPM
07/25/16		51,000,000	JPY		414,567	USD		(82,873	)	JPM
07/25/16		2,324,112	USD		156,094,362	INR		(19,226	)	JPM
07/25/16		616,157	EUR		698,146	USD		13,149		UBS
07/26/16		149,988	USD		628,000	MYR		5,572		DBK
07/26/16		96,649	USD		418,635	MYR		7,050		HSB
07/26/16		38,666	USD		25,965,000	CLP		475		JPM
07/27/16		184,000	EUR		200,588	USD		(3,985	)	DBK
07/27/16		273,243	EUR		1,180,000	MYR		(11,517	)	DBK
07/27/16		113,732	USD		445,000	MYR		(3,509	)	DBK
07/27/16		341,000	EUR		384,692	USD		5,567		DBK
07/27/16		93,713	USD		6,313,000	INR		(529	)	DBK
07/27/16		113,620	USD		7,654,000	INR		(641	)	DBK
07/28/16		1,054,600	EUR		1,198,068	USD		25,515		BOA
07/28/16		30,914	EUR		34,136	USD		(235	)	CIT
07/28/16		84,263	EUR		95,552	USD		1,865		CIT
07/28/16		94,407	EUR		107,102	USD		2,136		CIT
07/28/16		189,026	USD		127,810,000	CLP		3,601		DBK
07/28/16		145,439	USD		98,004,000	CLP		2,267		DBK
07/29/16		60,350,000	JPY		494,075	USD		(94,635	)	BCB
07/29/16		592,400	EUR		657,410	USD		(1,271	)	BOA
07/29/16		1,054,600	EUR		1,197,962	USD		25,367		BOA
07/29/16		310,400	EUR		339,475	USD		(5,655	)	CIT
07/29/16		50,203,538	JPY		425,909	USD		(63,824	)	DBK
07/29/16		22,832	EUR		25,355	USD		(32	)	DBK
07/29/16		280,712	USD		18,951,166	INR		(1,078	)	DBK
07/29/16		297,618	USD		20,094,000	INR		(1,120	)	HSB
07/29/16		268,255	EUR		1,180,000	MYR		(6,030	)	JPM
07/29/16		535,000	EUR		596,680	USD		1,821		JPM
07/29/16		354,091	USD		23,887,000	INR		(1,626	)	JPM
07/29/16		129,235	USD		87,450,500	CLP		2,552		MSC
08/01/16		122,716	EUR		136,416	USD		(45	)	BCB
08/03/16		699,000	EUR		800,844	USD		23,494		BOA
08/03/16		123,428	USD		86,295,000	CLP		6,553		MSC
08/04/16		131,516	USD		87,490,000	CLP		252		MSC
08/05/16		359,241	EUR		398,999	USD		(538	)	BCB
08/05/16		97,592	EUR		107,730	USD		(809	)	BCB
08/05/16		536,000	EUR		592,896	USD		(3,226	)	CIT
08/05/16		535,000	EUR		590,587	USD		(4,424	)	HSB
08/05/16		162,428	USD		10,920,000	INR		(1,497	)	HSB
08/05/16		366,500	EUR		404,625	USD		(2,985	)	JPM
08/08/16		351,872	USD		233,995,000	CLP		443		DBK
08/08/16		285,324	USD		1,143,865	MYR		(2,217	)	HSB
08/09/16		266,300	EUR		305,390	USD		9,180		CIT
08/09/16		284,795	USD		19,213,833	INR		(1,828	)	DBK
08/09/16		70,748	USD		47,932,000	CLP		1,416		DBK
08/09/16		75,000	EUR		85,802	USD		2,378		GSC
08/09/16		57,363	USD		3,868,000	INR		(398	)	JPM
08/10/16		76,884	EUR		84,446	USD		(1,077	)	CIT
08/10/16		61,530,000	JPY		498,086	USD		(102,358	)	CIT
08/10/16		37,439	USD		2,528,000	INR		(215	)	DBK
08/10/16		7,204	USD		30,000	MYR		220		HSB
08/11/16		805,000	EUR		920,633	USD		25,157		BOA
08/11/16		273,000	EUR		301,377	USD		(2,306	)	DBK
08/11/16		4,807	USD		20,000	MYR		142		HSB
08/12/16		15,430,000	JPY		125,097	USD		(25,486	)	BCB
08/12/16		76,292	USD		92,000,000	KRW		3,569		DBK
08/12/16		92,000,000	KRW		76,219	USD		(3,641	)	DBK
08/12/16		82,000	EUR		93,660	USD		2,441		GSC
08/12/16		16,000	EUR		18,282	USD		483		SCB
08/15/16		121,475	EUR		139,204	USD		4,058		DBK
08/15/16		301,000	EUR		344,299	USD		9,424		SCB

See accompanying notes to financial statements.
43

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
08/16/16		451,072	USD		1,927,206	MYR	$	25,665		DBK
08/16/16		235,693	USD		15,917,000	INR		(1,558	)	DBK
08/16/16		379,995	USD		25,664,000	INR		(2,485	)	HSB
08/16/16		8,030,000	JPY		71,555	USD		(6,821	)	JPM
08/16/16		412,000	EUR		465,793	USD		7,411		JPM
08/16/16		437,000	EUR		499,797	USD		13,600		MSC
08/16/16		170,094	USD		117,115,000	CLP		6,149		MSC
08/17/16		181,986	USD		256,000	SGD		8,181		BCB
08/17/16		256,000	SGD		180,963	USD		(9,204	)	BCB
08/17/16		268,964	USD		183,689,250	CLP		7,446		DBK
08/17/16		136,509	USD		192,000	SGD		6,116		HSB
08/17/16		192,000	SGD		134,523	USD		(8,102	)	HSB
08/18/16		51,438,000	JPY		417,815	USD		(84,270	)	DBK
08/18/16		106,000,000	KRW		86,168	USD		(5,844	)	JPM
08/18/16		89,918	USD		106,000,000	KRW		2,094		JPM
08/18/16		168,424	USD		117,115,000	CLP		7,796		MSC
08/22/16		96,755,000	JPY		785,222	USD		(159,317	)	HSB
08/22/16		69,639,000	JPY		565,084	USD		(114,743	)	JPM
08/22/16		182,128	USD		127,280,000	CLP		9,337		MSC
08/23/16		353,260	USD		24,082,000	INR		558		JPM
08/23/16		78,557	USD		55,465,000	CLP		4,873		JPM
08/24/16		23,068,000	JPY		188,187	USD		(37,020	)	BCB
08/24/16		22,797,000	JPY		203,001	USD		(19,561	)	DBK
08/24/16		154,000	EUR		173,487	USD		2,104		GSC
08/24/16		1,228,000,000	KRW		1,017,736	USD		(48,209	)	HSB
08/24/16		1,031,933	USD		1,228,000,000	KRW		34,012		HSB
08/26/16		131,855	EUR		147,756	USD		1,008		BOA
08/26/16		65,692,000	JPY		557,605	USD		(83,770	)	JPM
08/26/16		743,770	EUR		866,388	USD		38,609		SCB
08/29/16		38,472,000	JPY		323,430	USD		(52,221	)	DBK
08/29/16		321,000	EUR		358,986	USD		1,693		DBK
08/29/16		33,447,000	JPY		281,071	USD		(45,515	)	JPM
08/29/16		327,271	EUR		376,427	USD		12,154		JPM
08/31/16		789,099	EUR		873,935	USD		(4,440	)	BCB
08/31/16		54,600,000	JPY		487,109	USD		(46,054	)	BCB
08/31/16		172,405	USD		119,882,000	CLP		7,826		CIT
08/31/16		51,798	EUR		58,584	USD		925		DBK
08/31/16		134,544	USD		94,033,000	CLP		6,826		DBK
08/31/16		22,848,000	JPY		191,194	USD		(31,914	)	JPM
08/31/16		535,000	EUR		601,484	USD		5,957		SCB
09/01/16		73,808,000	JPY		655,488	USD		(65,260	)	HSB
09/02/16		86,000	EUR		94,050	USD		(1,687	)	DBK
09/02/16		190,737	USD		132,543,000	CLP		8,503		DBK
09/02/16		280,128	USD		194,801,000	CLP		12,699		DBK
09/06/16		74,750	EUR		81,507	USD		(1,716	)	DBK
09/06/16		100,000	EUR		112,112	USD		776		DBK
09/06/16		139,843	USD		97,750,000	CLP		7,058		DBK
09/06/16		139,098	USD		9,556,000	INR		968		JPM
09/06/16		123,076	USD		86,295,000	CLP		6,610		MSC
09/07/16		1,494,000,000	KRW		1,249,059	USD		(47,744	)	GSC
09/09/16		57,903,900	JPY		512,973	USD		(52,634	)	BCB
09/09/16		730,071	EUR		831,624	USD		18,694		CIT
09/09/16		306,851	EUR		349,532	USD		7,855		HSB
09/09/16		63,163	USD		43,367,000	CLP		1,991		JPM
09/09/16		294,000	EUR		335,123	USD		7,755		MSC
09/09/16		30,600	EUR		34,855	USD		782		SCB
09/12/16		197,761	USD		134,309,250	CLP		3,967		DBK
09/13/16		133,550	EUR		151,800	USD		3,068		DBK
09/13/16		119,759	USD		82,000,000	CLP		3,391		JPM
09/14/16		982,000	AUD		707,413	USD		(21,847	)	CIT
09/14/16		65,462	USD		4,419,000	INR		(778	)	CIT
09/14/16		243,928	USD		16,470,000	INR		(2,845	)	DBK
09/15/16		55,874	EUR		63,079	USD		848		CIT
09/16/16		27,000	EUR		30,425	USD		352		JPM
09/19/16		1,017,000,000	KRW		839,317	USD		(43,320	)	CIT

See accompanying notes to financial statements.
44

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
09/19/16		999,000,000	KRW			818,316	USD	$	(48,699	)	HSB
09/20/16		22,560,000	JPY			186,770	USD		(33,708	)	BCB
09/20/16		146,255	USD			101,735,000	CLP		6,432		DBK
09/20/16		68,305	USD			47,223,000	CLP		2,568		JPM
09/23/16		77,666,000	JPY			700,325	USD		(58,810	)	CIT
09/23/16		29,650,000	JPY			267,471	USD		(22,338	)	MSC
09/26/16		42,092,130	JPY			375,479	USD		(36,001	)	BCB
09/26/16		28,159,000	JPY			253,772	USD		(21,503	)	DBK
09/26/16		1,195,000,000	KRW			1,027,206	USD		(9,827	)	HSB
09/28/16		1,200,000,000	KRW			1,023,978	USD		(17,369	)	HSB
09/30/16		141,425	USD			97,350,000	CLP		4,542		DBK
10/04/16		193,932	USD			769,000	MYR		(4,324	)	HSB
10/11/16		404,175	EUR			458,334	USD		7,709		DBK
10/11/16		123,302,080	JPY			4,400,000	MYR		(121,723	)	JPM
10/11/16		120,499,760	JPY			4,300,000	MYR		(118,957	)	JPM
10/12/16		93,033	USD			62,206,750	CLP		137		DBK
10/13/16		602,000	EUR			682,734	USD		11,496		HSB
10/18/16		1,716,000,000	KRW			1,482,057	USD		(6,926	)	HSB
10/24/16		27,530,000	JPY			231,817	USD		(37,635	)	BCB
10/27/16		249,043	EUR			277,253	USD		(583	)	BCB
10/31/16		106,629	USD			419,000	MYR		(3,477	)	JPM
11/02/16		536,000,000	KRW			464,210	USD		(874	)	HSB
11/08/16		1,947,991	EUR			8,809,788	MYR		(6,327	)	JPM
11/09/16		13,826,020	JPY			114,872	USD		(20,542	)	CIT
11/09/16		3,406,000	EUR			3,744,897	USD		(56,800	)	DBK
11/14/16		34,439,000	JPY			283,006	USD		(54,365	)	CIT
11/14/16		956,000	EUR			1,033,302	USD		(33,969	)	CIT
11/14/16		1,020,000,000	KRW			872,503	USD		(12,534	)	CIT
11/14/16		19,620,000	JPY			180,993	USD		(11,209	)	GSC
11/14/16		22,910,000	JPY			188,118	USD		(36,313	)	HSB
11/14/16		13,582,000	JPY			111,437	USD		(21,615	)	JPM
11/14/16		14,666,000		JPY		135,298	USD		(8,373	)	SCB
11/16/16		14,665,000	JPY			120,874	USD		(22,800	)	CIT
11/16/16		563,000,000	KRW			481,155	USD		(7,350	)	CIT
11/16/16		1,285,000	AUD			939,849	USD		(12,359	)	JPM
11/16/16		1,755,000	AUD			1,283,607	USD		(16,880	)	JPM
11/16/16		18,200,000	JPY			149,936	USD		(28,370	)	MSC
11/16/16		13,769,800	JPY			127,190	USD		(7,713	)	SCB
11/17/16		115,000	EUR			124,973	USD		(3,427	)	DBK
11/17/16		1,375,000,000	KRW			1,172,058	USD		(21,004	)	HSB
11/18/16		45,867,000	JPY			377,702	USD		(71,696	)	DBK
11/18/16		758,000,000	KRW			645,793	USD		(11,908	)	HSB
11/21/16		63,773,000	JPY			523,180	USD		(101,737	)	CIT
11/21/16		403,000	AUD			291,732	USD		(6,848	)	CIT
11/21/16		1,464,000,000	KRW			1,237,950	USD		(32,331	)	CIT
11/21/16		56,774,000	JPY			523,552	USD		(32,781	)	CIT
11/21/16		55,521	USD			225,000	MYR		(194	)	HSB
11/23/16		610,000,000	KRW			518,527	USD		(10,756	)	DBK
11/25/16		1,200,000,000	KRW			1,006,711	USD		(34,498	)	HSB
11/25/16		11,968,000	JPY			110,040	USD		(7,255	)	HSB
11/25/16		191,000	EUR			206,753	USD		(6,569	)	MSC
11/25/16		333,000	EUR			358,649	USD		(13,267	)	MSC
11/28/16		64,764,000	JPY			592,876	USD		(41,939	)	BOA
11/28/16		52,556,000	JPY			482,176	USD		(32,976	)	SCB
12/02/16		1,072,000,000	KRW			904,641	USD		(25,500	)	HSB
12/02/16		377,000,000	KRW			318,143	USD		(8,968	)	HSB
12/09/16		69,400,000	JPY			649,205	USD		(31,366	)	HSB
12/12/16		91,710,000	JPY			863,938	USD		(35,530	)	CIT
12/12/16		994,000	AUD			707,409	USD		(28,517	)	JPM
12/13/16		22,100,000	JPY			208,889	USD		(7,871	)	DBK
12/13/16		66,670,000	JPY			629,556	USD		(24,353	)	HSB
12/13/16		1,467,000	AUD			1,082,521	USD		(3,563	)	JPM
12/13/16		61,770,000	JPY			583,047	USD		(22,803	)	JPM
12/14/16		989,000	AUD			730,001	USD		(2,174	)	CIT
12/14/16		494,000	AUD			353,645	USD		(12,073	)	JPM

See accompanying notes to financial statements.
45

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
12/15/16		763,000,000	KRW		649,251	USD	$	(12,772	)	CIT
12/15/16		89,000	EUR		99,051	USD		(427	)	JPM
12/16/16		74,100	AUD		54,413	USD		(441	)	CIT
12/16/16		1,800,049	USD		7,400,000	MYR		17,046		HSB
12/16/16		46,950,000	JPY		446,038	USD		(14,512	)	HSB
12/20/16		149,300	AUD		109,558	USD		(949	)	CIT
12/20/16		607,000,000	KRW		516,253	USD		(10,413	)	DBK
01/09/17		126,422	USD		515,800	MYR		70		DBK
01/10/17		10,873,000	JPY		92,808	USD		(13,962	)	GSC
01/13/17		3,206,080	EUR		3,527,329	USD		(60,235	)	SCB
01/17/17		9,980,000	JPY		85,705	USD		(12,324	)	CIT
01/17/17		29,920,000	JPY		256,167	USD		(37,724	)	SCB
01/19/17		636,000	EUR		704,373	USD		(7,469	)	JPM
01/23/17		501,790	EUR		553,851	USD		(7,865	)	DBK
01/23/17		139,000	EUR		153,512	USD		(2,088	)	DBK
01/23/17		10,020,000	JPY		86,810	USD		(11,637	)	DBK
01/27/17		362,540	EUR		397,429	USD		(8,470	)	BCB
01/27/17		52,800,000	JPY		450,733	USD		(68,114	)	GSC
01/27/17		184,000	EUR		201,920	USD		(4,086	)	GSC
01/27/17		17,600,000	JPY		150,249	USD		(22,700	)	JPM
01/31/17		64,982,551	JPY		554,932	USD		(83,735	)	HSB
02/03/17		820,000	EUR		904,722	USD		(13,598	)	DBK
02/08/17		335,000	EUR		379,597	USD		4,356		BCB
02/09/17		14,673,000	JPY		127,259	USD		(17,005	)	CIT
02/09/17		454,000	EUR		514,661	USD		6,107		CIT
02/09/17		51,000	EUR		57,569	USD		440		GSC
02/10/17		210,000	EUR		236,527	USD		1,284		DBK
02/10/17		158,000	EUR		177,788	USD		795		HSB
02/13/17		730,000	EUR		836,507	USD		18,660		BCB
02/13/17		107,000	EUR		121,830	USD		1,954		GSC
02/16/17		15,430,000	JPY		136,199	USD		(15,552	)	DBK
02/16/17		210,000	EUR		239,478	USD		4,179		GSC
02/16/17		14,652,000	JPY		129,583	USD		(14,517	)	GSC
02/16/17		6,828,270	JPY		61,398	USD		(5,757	)	GSC
02/16/17		160,000	EUR		182,309	USD		3,034		SCB
02/21/17		113,543	USD		485,000	MYR		5,158		HSB
02/22/17		253,000	EUR		284,208	USD		662		BCB
02/27/17		45,752,000	JPY		413,144	USD		(37,026	)	HSB
02/27/17		19,720,000	JPY		178,071	USD		(15,961	)	HSB
02/28/17		54,300	EUR		60,607	USD		(263	)	DBK
03/01/17		485,214	EUR		542,018	USD		(1,925	)	DBK
03/03/17		44,000,000	JPY		394,711	USD		(38,293	)	JPM
03/06/17		20,800,000	JPY		185,218	USD		(19,500	)	HSB
03/07/17		13,000	EUR		14,411	USD		(166	)	DBK
03/15/17		3,616,725	USD		50,417,142,846	IDR		59,408		JPM
03/17/17		370,000	AUD		269,730	USD		(3,351	)	JPM
03/20/17		4,111,000	AUD		3,022,407	USD		(11,448	)	JPM
03/31/17		39,599	USD		160,000	MYR		(508	)	HSB
03/31/17		9,763,000	JPY		87,173	USD		(9,017	)	JPM
04/04/17		2,646,601	USD		47,249,763	MXN		(154,041	)	CIT
04/04/17		47,249,763	MXN		2,463,581	USD		(28,979	)	CIT
04/11/17		59,513	USD		233,000	MYR		(2,613	)	JPM
04/13/17		12,300,000	JPY		115,602	USD		(5,652	)	CIT
04/18/17		22,030,000	JPY		204,848	USD		(12,373	)	BOA
04/18/17		372,196	USD		1,465,895	MYR		(14,299	)	DBK
04/21/17		29,220,000	JPY		270,953	USD		(17,201	)	JPM
04/24/17		142,170,490	JPY		1,320,048	USD		(82,156	)	JPM
04/25/17		1,595,000,000	KRW		1,399,307	USD		15,419		HSB
04/26/17		444,000,000	KRW		387,451	USD		2,219		HSB
05/18/17		74,624,550	JPY		695,995	USD		(40,797	)	BOA
05/18/17		74,514,200	JPY		694,625	USD		(41,077	)	CIT
05/19/17		74,400,375	JPY		691,132	USD		(43,479	)	BOA
05/19/17		99,540	USD		405,080	MYR		(747	)	DBK
05/19/17		74,662,400	JPY		693,566	USD		(43,632	)	HSB
05/22/17		74,602,500	JPY		690,410	USD		(46,295	)	BOA

See accompanying notes to financial statements.
46

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
05/22/17		41,201,000	JPY		382,514	USD	$	(24,348	)	JPM
06/08/17		46,300,000	JPY		438,596	USD		(18,963	)	CIT
06/16/17		17,886,000	JPY		171,554	USD		(5,268	)	CIT
06/16/17		26,000,000	JPY		249,273	USD		(7,764	)	JPM
06/19/17		46,870,000	JPY		448,787	USD		(14,631	)	DBK
06/20/17		35,200,000	JPY		342,955	USD		(5,095	)	CIT
06/22/17		46,960,000	JPY		456,277	USD		(8,094	)	DBK
							$	(3,540,115	)

At June 30, 2016, 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	$	—	$	(23,642	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.817%	CIT	02/03/25		440,000		—		(22,154	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.914%	CIT	01/22/25		1,760,000		—		(104,362	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.937%	CIT	01/29/25		320,000		—		(19,541	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.942%	CIT	01/30/25		270,000		—		(16,588	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.970%	CIT	01/23/25		2,200,000		—		(140,818	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.973%	CIT	01/27/25		1,300,000		—		(83,536	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.978%	CIT	03/27/25		750,000		—		(46,896	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.985%	CIT	03/27/25		750,000		—		(47,372	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.695%	CIT	05/09/24		4,260,000		—		(480,820	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.731%	CIT	07/08/24		1,250,000		—		(159,147	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 3.388%	CIT	05/09/44		2,028,000		—		(721,741	)
Net unrealized appreciation (depreciation)					$	—	$	(1,866,617	)

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.

(e) Variable rate security.

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

(g) At June 30, 2016 the cost of securities for federal income tax purposes was $118,036,351. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	3,331,339
Gross unrealized depreciation		(5,304,277	)
Net unrealized depreciation	$	(1,972,938	)

See accompanying notes to financial statements.
47

SFT Advantus International Bond Fund
Investments in Securities – continued

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CLP Chilean Peso

EUR Euro

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

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.
48

SFT Advantus Managed Volatility Equity Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Mutual Funds (85.7%)
Investment Companies (85.7%)
iShares Core High Dividend ETF		274,865	$	22,580,160
iShares Edge MSCI Minimum Volatility EAFE ETF		309,877		20,572,734
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		126,439		6,522,988
iShares Edge MSCI Minimum Volatility USA ETF (b)		831,241		38,411,647
iShares MSCI Germany ETF		152,942		3,678,255
iShares Short Maturity Bond ETF		96,325		4,832,625
Total mutual funds (cost: $91,981,543)				96,598,409
Short-Term Securities (13.4%)
Investment Companies (13.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.250%		15,128,921		15,128,921
Total short-term securities (cost: $15,128,921)				15,128,921
Total investments in securities (cost: $107,110,464) (c)				111,727,330
Cash and other assets in excess of liabilities (0.9%)				964,151
Total net assets (100.0%)			$	112,691,481

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, 2016, securities with an aggregate market value of $924,200 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 2016		84	Short	$	(402,665	)
			84		$	(402,665	)

(c) At June 30, 2016 the cost of securities for federal income tax purposes was $107,127,534. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	4,805,772
Gross unrealized depreciation		(205,976	)
Net unrealized appreciation	$	4,599,796

See accompanying notes to financial statements.
49

SFT Advantus Mortgage Securities Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (93.8%)
Government Obligations (81.7%)
Other Government Obligations (1.4%)
Provincial or Local Government Obligations (1.4%)
Metro Wastewater Reclamation District, 5.518%, 04/01/24	$	250,000	$	276,145
Ohio State Water Development Authority, 4.817%, 12/01/30		250,000		310,045
Texas A&M University, 4.000%, 05/15/31		325,000		347,874
Utility Debt Securitization Authority, 3.435%, 12/15/25		355,000		386,701
				1,320,765
U.S. Government Agencies and Obligations (80.3%)
Export-Import Bank of the United States (0.9%)
DY7 Leasing LLC, 2.578%, 12/10/25		197,917		206,177
Export Leasing 2009 LLC, 1.859%, 08/28/21		137,666		139,331
Helios Leasing I LLC, 1.825%, 05/16/25		115,565		116,473
2.018%, 05/29/24		180,150		183,263
Union 16 Leasing LLC, 1.863%, 01/22/25		187,378		189,305
				834,549
Federal Home Loan Mortgage Corporation (FHLMC) (17.3%)
2.103%, 08/25/24 (b)		115,968		116,233
2.500%, 03/01/28		199,930		207,660
2.500%, 04/01/28		318,127		330,228
2.653%, 09/25/24 (b)		750,000		750,295
3.000%, 08/01/42		147,938		155,004
3.000%, 12/01/42		303,007		317,480
3.000%, 01/01/43		397,867		417,156
3.000%, 02/01/43		933,115		983,211
3.000%, 04/01/43		1,155,579		1,212,124
3.253%, 05/25/28 (b)		250,000		255,988
3.500%, 10/01/25		160,300		171,680
3.500%, 05/01/32		370,365		396,920
3.500%, 03/01/42		1,317,859		1,408,272
3.500%, 08/01/42		349,214		373,170
3.500%, 12/01/44		1,784,136		1,881,622
3.500%, 05/25/45		974,934		1,006,638
4.000%, 09/01/40		420,216		458,646
4.000%, 03/01/41		511,673		559,953
4.000%, 01/01/45		1,383,579		1,481,105
4.500%, 04/01/23		57,247		62,385
4.500%, 09/01/40		349,332		383,568
4.500%, 01/01/41		415,070		454,228
4.500%, 03/01/41		409,831		449,602
5.000%, 03/01/23		48,659		53,702
5.000%, 05/01/29		68,319		75,400
5.000%, 08/01/35		66,249		73,610

	Principal		Value(a)
5.000%, 11/01/35	$	63,956	$	70,808
5.000%, 11/01/39		636,324		712,180
5.000%, 03/01/40		445,498		504,513
5.500%, 06/01/20		40,549		42,610
5.500%, 10/01/20		174,876		184,853
5.500%, 11/01/23		141,946		158,028
5.500%, 05/01/34		227,440		261,748
6.000%, 09/01/22		94,890		104,722
6.000%, 11/01/33		190,230		219,520
6.250%, 12/15/23		90,730		99,842
6.500%, 11/01/32		59,739		72,381
				16,467,085
Federal National Mortgage Association (FNMA) (40.5%)
2.100%, 10/25/22		250,000		250,055
2.500%, 03/01/27		546,902		567,958
2.500%, 11/01/27		266,980		275,361
2.500%, 03/01/28		575,702		599,908
3.000%, 09/01/22		206,203		216,405
3.000%, 11/01/27		259,838		272,834
3.000%, 06/01/28		332,373		351,315
3.000%, 07/01/31 (c)		300,000		314,508
3.000%, 03/01/42		159,626		165,940
3.000%, 09/01/42		216,584		227,008
3.000%, 03/01/43		154,914		162,488
3.000%, 04/01/43		620,320		645,187
3.000%, 05/01/43		849,854		883,859
3.000%, 09/01/43		231,422		240,653
3.000%, 01/01/46		525,089		545,416
3.000%, 07/01/46 (c)		1,630,000		1,691,570
3.500%, 11/01/25		93,203		99,409
3.500%, 01/01/26		207,306		221,074
3.500%, 12/01/32		326,588		347,896
3.500%, 11/01/40		278,530		298,285
3.500%, 01/01/41		494,115		526,373
3.500%, 02/01/41		1,080,347		1,143,024
3.500%, 11/01/41		482,195		515,861
3.500%, 12/01/41		966,861		1,024,661
3.500%, 01/01/42		2,220,499		2,351,888
3.500%, 05/01/42		647,975		692,392
3.500%, 08/01/42		611,614		653,855
3.500%, 01/01/43		377,756		400,027
3.500%, 02/01/43		737,789		791,705
3.500%, 03/01/43		351,791		376,697
3.500%, 05/01/43		1,283,810		1,368,473
3.500%, 06/01/45		1,993,706		2,108,255
3.500%, 10/01/45		282,367		298,051
4.000%, 06/25/23		201,825		212,631
4.000%, 12/01/40		227,723		244,896
4.000%, 04/01/41		176,420		192,946
4.000%, 11/01/41		459,070		493,506
4.000%, 06/01/42		1,151,023		1,248,788
4.000%, 09/01/43		762,079		819,002
4.000%, 10/01/43		1,593,097		1,749,626
4.000%, 01/01/44		362,924		398,583
4.000%, 08/01/44		408,545		438,587
4.500%, 04/01/21		4,836		5,024
4.500%, 11/01/23		52,132		56,867
4.500%, 04/01/25		108,201		115,311
4.500%, 05/25/34		537,000		651,045
4.500%, 05/01/35		250,150		272,869

See accompanying notes to financial statements.
50

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
4.500%, 07/01/35	$	275,411	$	301,740
4.500%, 09/01/37		312,250		343,624
5.000%, 05/01/18		52,784		54,285
5.000%, 10/01/20		62,086		65,263
5.000%, 06/25/23		196,575		212,347
5.000%, 11/01/33		262,494		293,063
5.000%, 03/01/34		556,788		621,525
5.000%, 05/01/34		64,461		71,948
5.000%, 12/01/34		54,928		61,313
5.000%, 04/01/35		86,469		96,354
5.000%, 07/01/35		539,690		602,148
5.000%, 03/01/38		143,898		161,517
5.000%, 06/01/39		226,523		252,257
5.000%, 12/01/39		346,959		393,880
5.000%, 06/01/40		124,731		140,496
5.000%, 04/01/41		247,439		281,101
5.500%, 02/01/18		29,559		30,388
5.500%, 03/01/18		61,828		63,524
5.500%, 08/01/23		82,680		92,809
5.500%, 02/01/24		115,025		129,129
5.500%, 04/01/33		368,485		423,065
5.500%, 05/01/33		22,947		26,027
5.500%, 01/01/34		64,409		73,082
5.500%, 02/01/34		39,180		44,323
5.500%, 04/01/34		98,056		110,572
5.500%, 05/01/34		22,462		25,467
5.500%, 09/01/34		270,882		310,442
5.500%, 10/01/34		101,939		116,083
5.500%, 01/01/35		173,453		198,004
5.500%, 02/01/35		310,427		355,534
5.500%, 06/01/35		18,254		20,666
5.500%, 08/01/35		81,893		92,765
5.500%, 10/01/35		54,549		62,502
5.500%, 11/01/35		13,981		15,808
5.500%, 09/01/36		223,617		253,528
5.500%, 05/01/38		7,304		8,222
6.000%, 09/01/32		24,812		29,146
6.000%, 10/01/32		376,966		441,527
6.000%, 11/01/32		287,960		337,819
6.000%, 03/01/33		376,006		441,320
6.000%, 04/01/33		64,335		73,475
6.000%, 12/01/33		89,453		104,086
6.000%, 08/01/34		76,035		87,561
6.000%, 09/01/34		49,619		57,117
6.000%, 11/01/34		24,560		28,295
6.000%, 12/01/34		200,842		231,799
6.000%, 11/01/36		28,059		32,301
6.000%, 01/01/37		227,877		262,751
6.000%, 08/01/37		65,609		75,389
6.000%, 09/01/37		107,526		124,356
6.000%, 12/01/37		49,165		56,632
6.000%, 12/01/38		106,047		121,933
6.500%, 11/01/23		70,884		79,756
6.500%, 02/01/32		289,354		337,267
6.500%, 04/01/32		99,463		119,917
6.500%, 05/01/32		34,683		39,913
6.500%, 07/01/32		358,149		429,322
6.500%, 09/01/32		952		1,095
6.500%, 09/01/34		23,434		27,058
6.500%, 11/01/34		13,010		14,971
6.500%, 03/01/35		146,232		176,810
6.500%, 02/01/36		23,443		26,978
6.500%, 09/01/37		164,443		198,780
7.000%, 09/01/31		136,576		159,303

	Principal		Value(a)
7.000%, 11/01/31	$	27,682	$	32,552
7.000%, 02/01/32		107,544		131,731
7.000%, 07/01/32		19,580		22,918
7.000%, 10/01/37		16,684		17,832
7.500%, 07/25/22		113,214		125,419
7.500%, 04/01/31		49,531		56,591
				38,436,593
Government National Mortgage Association (GNMA) (21.3%)
0.000%, 03/16/42 (b) (d) (e)		1,222,652		—
0.009%, 06/17/45 (b) (d)		351,421		—
0.643%, 07/16/40 (b) (d)		228,783		458
1.000%, 12/20/42		268,359		258,991
3.000%, 09/20/42		643,914		675,497
3.000%, 09/20/44		240,917		252,261
3.000%, 03/15/45		564,056		589,750
3.000%, 04/15/45		1,579,083		1,651,014
3.000%, 05/15/45		195,063		203,948
3.000%, 07/01/46 (c)		350,000		365,948
3.250%, 04/20/33		224,131		237,917
3.250%, 03/20/35		1,327,185		1,408,984
3.250%, 11/20/35		337,264		357,579
3.250%, 01/20/36		1,206,041		1,278,690
3.500%, 11/15/40		149,586		159,867
3.500%, 10/20/43		487,765		519,697
3.500%, 02/20/45		876,108		930,344
3.500%, 03/20/45		1,334,974		1,417,709
3.500%, 04/20/45		1,694,171		1,799,507
3.500%, 04/20/46		348,949		370,798
3.500%, 07/01/46 (c)		600,000		636,820
3.750%, 03/20/46		299,333		319,271
4.000%, 07/20/31		550,421		593,399
4.000%, 04/20/39		443,452		477,927
4.000%, 12/20/40		1,179,381		1,286,042
4.000%, 01/15/41		90,013		97,025
4.000%, 02/15/41		574,569		627,730
4.000%, 10/15/41		491,116		533,966
4.000%, 12/20/44		284,676		304,414
4.500%, 06/15/40		446,885		502,903
5.000%, 05/15/33		134,125		150,749
5.000%, 12/15/39		109,040		124,211
5.000%, 01/15/40		999,271		1,117,738
5.000%, 07/15/40		473,593		527,149
5.500%, 07/15/38		164,135		186,581
5.500%, 10/15/38		209,002		243,148
				20,208,032
U.S. Treasury (0.2%)
U.S. Treasury Note, 0.500%, 08/31/16		200,000		200,066
Vendee Mortgage Trust (0.1%)
Vendee Mortgage Trust, 7.793%, 02/15/25		67,828		76,166
Total government obligations (cost: $75,220,373)				77,543,256
Asset-Backed Securities (5.3%)
ABFS Mortgage Loan Trust, 7.490%, 12/25/31 (f)		141,918		133,642
Ally Auto Receivables Trust, 2.100%, 03/16/20		500,000		505,452

See accompanying notes to financial statements.
51

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
Appalachian Consumer Rate Relief Funding LLC, 3.772%, 08/01/31	$	120,000	$	133,165
CarMax Auto Owner Trust, 1.880%, 11/15/19		350,000		350,788
2.060%, 11/15/19		250,000		248,694
CCG Receivables Trust, 1.920%, 01/17/23 (g)		300,000		301,104
CountryPlace Manufactured Housing Contract Trust, 4.800%, 12/15/35 (b) (e) (g)		51,118		51,259
5.200%, 12/15/35 (b) (g)		250,000		260,198
Credit-Based Asset Servicing and Securitization LLC, 5.340%, 10/25/36 (f) (g)		430,522		447,038
Entergy Gulf States Reconstruction Funding 1 LLC, 5.930%, 06/29/22		500,000		572,207
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (e) (g) (h) (i)		120,236		120,861
FirstEnergy Ohio PIRB Special Purpose Trust, 1.726%, 01/15/22		200,000		201,453
Foursight Capital Automobile Receivables Trust, 3.710%, 01/18/22 (g)		285,000		281,694
Huntington Auto Trust, 1.370%, 05/15/18		165,000		164,994
Lehman ABS Manufactured Housing Contract Trust, 5.873%, 04/15/40		135,016		139,447
Longtrain Leasing III LLC 2015-1A Class A1, 2.980%, 01/15/45 (e) (g)		294,595		285,094
Origen Manufactured Housing Contract Trust, 5.910%, 01/15/37		452,356		468,207
Trip Rail Master Funding LLC, 2.863%, 04/15/44 (g)		399,899		396,160
Total asset-backed securities (cost: $5,052,753)				5,061,457
Other Mortgage-Backed Securities (5.3%)
Collateralized Mortgage Obligations/ Mortgage Revenue Bonds (0.2%)
Bear Stearns Mortgage Securities, Inc., 8.000%, 11/25/29 (i)		161,096		154,555
Prudential Home Mortgage Securities, 7.857%, 09/28/24 (b) (g)		1,580		1,381
7.900%, 04/28/22 (g)		19,284		17,755
Structured Asset Mortgage Investments, Inc., 1.608%, 05/02/30 (b) (i)		11,562		2,860
				176,551
Commercial Mortgage-Backed Securities (5.1%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (g)		192,034		194,316

	Principal		Value(a)
Citigroup Commercial Mortgage Trust, 3.008%, 01/12/30 (b) (g)	$	130,000	$	129,586
3.209%, 05/10/49 (i)		375,000		394,217
Connecticut Avenue Securities, 1.403%, 05/25/24 (b)		303,167		301,096
1.946%, 07/25/25 (b)		295,601		297,024
CSMC Trust, 3.304%, 09/15/37 (g)		400,000		420,372
Hometown Commercial Mortgage, 5.506%, 11/11/38 (e) (g)		187,434		173,436
Irvine Core Office Trust, 2.068%, 05/15/48 (g)		361,580		366,454
JPMorgan Chase Commercial Mortgage Securities Corp. 2.157%, 12/05/27 (b) (d) (e) (g)		3,456,390		204,112
3.678%, 08/15/46		496,991		523,129
Morgan Stanley Capital I Trust, 3.451%, 08/05/34 (g)		150,000		156,266
Multi Security Asset Trust, 5.880%, 11/28/35 (b) (e) (g)		990,000		935,465
TimberStar Trust, 5.668%, 10/15/36 (g)		350,000		351,642
Wells Fargo Commercial Mortgage Trust, 3.096%, 06/15/49		400,000		416,864
				4,863,979
Total other mortgage-backed securities (cost: $5,105,239)				5,040,530
Corporate Obligations (1.5%)
Communications (0.7%)
Telecommunication (0.7%)
Crown Castle Towers LLC, 3.222%, 05/15/22 (g)		425,000		441,734
SBA Tower Trust, 2.240%, 04/16/18 (g)		220,000		220,602
				662,336
Financial (0.8%)
Real Estate Investment Trust — Diversified (0.4%)
Retail Properties of America, Inc., 4.000%, 03/15/25		400,000		386,805
Real Estate Investment Trust — Residential (0.4%)
UDR, Inc., 4.000%, 10/01/25		400,000		433,554
Total corporate obligations (cost: $1,442,449)				1,482,695
Total long-term debt securities (cost: $86,820,814)				89,127,938

See accompanying notes to financial statements.
52

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (10.3%)
Investment Companies (10.3%)
Federated Government Obligations Fund, current rate 0.250% (j)		2,300,000	$	2,300,000
State Street Institutional U.S. Government Money Market Fund, current rate 0.250% (j)		5,154,119		5,154,119
STIT-Government & Agency Portfolio, current rate 0.220% (j)		2,300,000		2,300,000
Total short-term securities (cost: $9,754,119)				9,754,119
Total investments in securities (cost: $96,574,933) (k)				98,882,057
Liabilities in excess of cash and other assets (-4.1%)				(3,927,778	)
Total net assets (100.0%)			$	94,954,279

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, 2016 the total cost of investments issued on a when-issued or forward commitment basis was $2,984,642.

(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 0.1% of net assets in foreign securities at June 30, 2016.

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

(j) All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of June 30, 2016.

(k) At June 30, 2016 the cost of securities for federal income tax purposes was $97,102,397. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	2,865,427
Gross unrealized depreciation		(1,085,767	)
Net unrealized appreciation	$	1,779,660

See accompanying notes to financial statements.
53

SFT Advantus Real Estate Securities Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.9%)
Financial (98.9%)
Diversified REITs (1.3%)
Liberty Property Trust		50,000	$	1,986,000
Health Care REITs (9.1%)
HCP, Inc.		34,600		1,224,148
Physicians Realty Trust		75,200		1,579,952
Ventas, Inc.		60,396		4,398,037
Welltower, Inc.		93,500		7,121,895
				14,324,032
Hotels & Resort REITs (3.0%)
Host Hotels & Resorts, Inc.		179,246		2,905,578
LaSalle Hotel Properties		12,300		290,034
Pebblebrook Hotel Trust		31,800		834,750
RLJ Lodging Trust		34,500		740,025
				4,770,387
Industrial REITs (9.6%)
DCT Industrial Trust, Inc.		37,575		1,805,103
Duke Realty Corp.		136,500		3,639,090
First Industrial Realty Trust, Inc.		103,600		2,882,152
ProLogis, Inc.		137,081		6,722,452
				15,048,797
Office REITs (14.6%)
Alexandria Real Estate Equities, Inc.		25,300		2,619,056
Boston Properties, Inc.		39,783		5,247,378
Douglas Emmett, Inc.		21,200		753,024
Highwoods Properties, Inc.		43,800		2,312,640
Kilroy Realty Corp.		30,036		1,991,087
SL Green Realty Corp.		42,371		4,511,240
Vornado Realty Trust		55,086		5,515,210
				22,949,635
Residential REITs (19.5%)
American Campus Communities, Inc.		71,200		3,764,344
Apartment Investment & Management Co. – Class A		19,518		861,915
AvalonBay Communities, Inc.		40,626		7,328,524
Camden Property Trust		30,500		2,696,810
Education Realty Trust, Inc.		41,200		1,900,968
Equity Lifestyle Properties, Inc.		23,443		1,876,612
Equity Residential		58,300		4,015,704
Essex Property Trust, Inc.		20,116		4,588,258
Sun Communities, Inc.		32,000		2,452,480
UDR, Inc.		31,900		1,177,748
				30,663,363
Retail REITs (23.0%)
Brixmor Property Group, Inc.		62,400		1,651,104
DDR Corp.		68,500		1,242,590
Federal Realty Investment Trust		13,544		2,242,209
General Growth Properties, Inc.		156,100		4,654,902
Kimco Realty Corp.		118,000		3,702,840
Regency Centers Corp.		14,200		1,188,966
Simon Property Group, Inc.		76,479		16,588,295

	Shares		Value(a)
The Macerich Co.		33,400	$	2,852,026
Weingarten Realty Investors		49,200		2,008,344
				36,131,276
Specialized REITs (18.8%)
CubeSmart		64,821		2,001,672
CyrusOne, Inc.		50,900		2,833,094
Digital Realty Trust, Inc.		46,500		5,068,035
Equinix, Inc.		19,768		7,664,647
Extra Space Storage, Inc.		28,200		2,609,628
Public Storage		30,700		7,846,613
STORE Capital Corp.		47,600		1,401,820
				29,425,509
Total common stocks (cost: $125,892,001)				155,298,999
Short-Term Securities (0.7%)
Investment Companies (0.7%)
Wells Fargo Advantage Treasury Plus Money Market Fund, current rate 0.199%		1,130,781		1,130,781
Total short-term securities (cost: $1,130,781)				1,130,781
Total investments in securities (cost: $127,022,782) (b)				156,429,780
Cash and other assets in excess of liabilities (0.4%)				562,896
Total net assets (100.0%)			$	156,992,676

Investments in Securities Legend

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

(b) At June 30, 2016 the cost of securities for federal income tax purposes was $128,000,682 The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	28,949,637
Gross unrealized depreciation		(520,539	)
Net unrealized appreciation	$	28,429,098

See accompanying notes to financial statements.
54

SFT Ivy^SM Growth Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.9%)
Consumer Discretionary (17.7%)
Hotels, Restaurants & Leisure (2.0%)
Las Vegas Sands Corp.		58,900	$	2,561,561
Starbucks Corp.		106,400		6,077,568
				8,639,129
Internet & Catalog Retail (3.6%)
Amazon.com, Inc. (b)		21,916		15,683,528
Media (3.1%)
Comcast Corp. – Class A		135,500		8,833,245
The Walt Disney Co.		51,100		4,998,602
				13,831,847
Specialty Retail (8.2%)
AutoZone, Inc. (b)		9,700		7,700,248
O'Reilly Automotive, Inc. (b)		28,800		7,807,680
The Home Depot, Inc.		135,600		17,314,764
Ulta Salon Cosmetics & Fragrance, Inc. (b)		14,800		3,605,872
				36,428,564
Textiles, Apparel & Luxury Goods (0.8%)
NIKE, Inc. – Class B		63,300		3,494,160
Consumer Staples (4.5%)
Beverages (1.1%)
Anheuser-Busch InBev NV, ADR (c)		37,500		4,938,000
Tobacco (3.4%)
Philip Morris International, Inc.		148,900		15,146,108
Energy (4.0%)
Energy Equipment & Services (2.2%)
Halliburton Co.		119,700		5,421,213
Schlumberger, Ltd.		56,000		4,428,480
				9,849,693
Oil, Gas & Consumable Fuels (1.8%)
EOG Resources, Inc.		94,197		7,857,914
Financial (5.3%)
Capital Markets (1.4%)
The Charles Schwab Corp.		253,600		6,418,616
Diversified Financial Services (1.7%)
CME Group, Inc.		76,200		7,421,880
Specialized REITs (2.2%)
American Tower Corp.		84,200		9,565,962
Health Care (19.0%)
Biotechnology (9.1%)
Alexion Pharmaceuticals, Inc. (b)		19,000		2,218,440
Amgen, Inc.		27,900		4,244,985
Biogen, Inc. (b)		6,238		1,508,473
Celgene Corp. (b)		116,400		11,480,532
Gilead Sciences, Inc.		108,100		9,017,702

	Shares		Value(a)
Shire PLC, ADR		52,000	$	9,572,160
Vertex Pharmaceuticals, Inc. (b)		25,000		2,150,500
				40,192,792
Health Care Equipment & Supplies (1.2%)
DexCom, Inc. (b)		64,300		5,100,919
Health Care Providers & Services (2.1%)
HCA Holdings, Inc. (b)		119,500		9,202,695
Pharmaceuticals (6.6%)
Allergan PLC (b)		72,184		16,681,001
Bristol-Myers Squibb Co.		172,000		12,650,600
				29,331,601
Industrials (11.1%)
Aerospace & Defense (5.3%)
Honeywell International, Inc.		66,800		7,770,176
Lockheed Martin Corp.		43,900		10,894,663
Northrop Grumman Corp.		21,900		4,867,932
				23,532,771
Industrial Conglomerates (1.3%)
Danaher Corp.		57,600		5,817,600
Road & Rail (4.5%)
Canadian Pacific Railway, Ltd. (c)		80,800		10,406,232
Union Pacific Corp.		107,742		9,400,489
				19,806,721
Information Technology (34.0%)
Computers & Peripherals (2.0%)
Apple, Inc.		91,821		8,778,088
Internet Software & Services (7.6%)
Alphabet, Inc. – Class A (b)		12,600		8,864,478
Alphabet, Inc. – Class C (b)		14,544		10,065,902
Facebook, Inc. – Class A (b)		129,900		14,844,972
				33,775,352
IT Services (9.7%)
FleetCor Technologies, Inc. (b)		52,100		7,457,073
Mastercard, Inc. – Class A		197,400		17,383,044
Visa, Inc. – Class A		240,400		17,830,468
				42,670,585
Semiconductors & Semiconductor Equipment (8.0%)
Lam Research Corp.		214,738		18,050,876
Microchip Technology, Inc.		209,729		10,645,844
NXP Semiconductor NV (b) (c)		83,810		6,565,676
				35,262,396
Software (6.7%)
Adobe Systems, Inc. (b)		115,300		11,044,587
Microsoft Corp.		244,000		12,485,480
Salesforce.com, Inc. (b)		77,500		6,154,275
				29,684,342

See accompanying notes to financial statements.
55

SFT Ivy^SM Growth Fund
Investments in Securities – continued

	Shares		Value(a)
Materials (1.3%)
Chemicals (1.3%)
PPG Industries, Inc.		57,200	$	5,957,380
Total common stocks (cost: $378,430,234)				428,388,643
Short-Term Securities (3.8%)
Investment Companies (3.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.250%		16,730,774		16,730,774
Total short-term securities (cost: $16,730,774)				16,730,774
Total investments in securities (cost: $395,161,008) (d)				445,119,417
Liabilities in excess of cash and other assets (-0.7%)				(3,190,700	)
Total net assets (100.0%)			$	441,928,717

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, 2016 the cost of securities for federal income tax purposes was $395,363,434. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	63,276,517
Gross unrealized depreciation		(13,520,534	)
Net unrealized appreciation	$	49,755,983

See accompanying notes to financial statements.
56

SFT Ivy^SM Small Cap Growth Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Common Stocks (93.6%)
Consumer Discretionary (13.2%)
Auto Components (1.2%)
Motorcar Parts of America, Inc. (b)		65,700	$	1,785,726
Hotels, Restaurants & Leisure (3.5%)
Krispy Kreme Doughnuts, Inc. (b)		42,900		899,184
Wingstop, Inc. (b)		105,433		2,873,049
Zoe's Kitchen, Inc. (b)		46,147		1,673,752
				5,445,985
Specialty Retail (8.0%)
Boot Barn Holdings, Inc. (b)		231,172		1,992,703
Five Below, Inc. (b)		106,300		4,933,383
Kate Spade & Co. (b)		246,363		5,077,541
Monro Muffler Brake, Inc.		4,200		266,952
				12,270,579
Textiles, Apparel & Luxury Goods (0.5%)
Carter's, Inc.		7,269		773,930
Consumer Staples (3.7%)
Food & Staples Retailing (1.2%)
Casey's General Stores, Inc.		13,700		1,801,687
Food Products (2.5%)
The Hain Celestial Group, Inc. (b)		78,700		3,915,325
Energy (2.7%)
Energy Equipment & Services (1.6%)
RPC, Inc.		157,400		2,444,422
Oil, Gas & Consumable Fuels (1.1%)
RSP Permian, Inc. (b)		48,400		1,688,676
Financial (8.6%)
Consumer Finance (3.3%)
PRA Group, Inc. (b)		210,415		5,079,418
Diversified Financial Services (1.0%)
Factset Research Systems, Inc.		9,252		1,493,458
Real Estate Management & Development (1.0%)
HFF, Inc. – Class A		55,000		1,588,400
Thrifts & Mortgage Finance (3.3%)
LendingTree, Inc. (b)		46,417		4,100,014
MGIC Investment Corp. (b)		171,300		1,019,235
				5,119,249
Health Care (19.4%)
Health Care Equipment & Supplies (10.2%)
DexCom, Inc. (b)		82,704		6,560,908
K2M Group Holdings, Inc. (b)		218,300		3,388,016
LDR Holding Corp. (b)		104,300		3,853,885
NxStage Medical, Inc. (b)		89,857		1,948,100
				15,750,909

	Shares		Value(a)
Health Care Providers & Services (5.2%)
Acadia Healthcare Co., Inc. (b)		5,581	$	309,187
ExamWorks Group, Inc. (b)		65,600		2,286,160
HealthEquity, Inc. (b)		179,000		5,438,915
				8,034,262
Health Care Technology (4.0%)
Veeva Systems, Inc. – Class A (b)		179,900		6,138,188
Industrials (21.2%)
Aerospace & Defense (4.7%)
Hexcel Corp.		84,400		3,514,416
Mercury Systems, Inc. (b)		150,500		3,741,430
				7,255,846
Building Products (2.9%)
Trex Co., Inc. (b)		98,421		4,421,071
Commercial Services & Supplies (1.7%)
Healthcare Services Group, Inc.		63,800		2,640,044
Electrical Equipment (2.8%)
Woodward, Inc.		74,600		4,299,944
Machinery (9.1%)
Proto Labs, Inc. (b)		66,931		3,852,549
The Middleby Corp. (b)		63,300		7,295,325
The Toro Co.		33,300		2,937,060
				14,084,934
Information Technology (24.8%)
Electronic Equipment, Instruments & Components (1.8%)
Cognex Corp.		64,500		2,779,950
Internet Software & Services (3.0%)
Q2 Holdings, Inc. (b)		111,500		3,124,230
SPS Commerce, Inc. (b)		23,400		1,418,040
				4,542,270
IT Services (1.6%)
Booz Allen Hamilton Holding Corp.		66,335		1,966,169
Virtusa Corp. (b)		18,653		538,699
				2,504,868
Software (18.4%)
Ellie Mae, Inc. (b)		19,200		1,759,680
Fleetmatics Group PLC (b) (c)		21,600		935,928
Globant SA (b) (c)		70,500		2,774,175
Guidewire Software, Inc. (b)		48,732		3,009,688
HubSpot, Inc. (b)		40,900		1,775,878
Manhattan Associates, Inc. (b)		68,259		4,377,450
Proofpoint, Inc. (b)		42,444		2,677,792

See accompanying notes to financial statements.
57

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

	Shares		Value(a)
The Ultimate Software Group, Inc. (b)		15,731	$	3,308,072
Tyler Technologies, Inc. (b)		45,899		7,651,822
				28,270,485
Total common stocks (cost: $129,547,992)				144,129,626
Short-Term Securities (8.6%)
Investment Companies (8.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.250%		13,208,250		13,208,250
Total short-term securities (cost: $13,208,250)				13,208,250
Total investments in securities (cost: $142,756,242) (d)				157,337,876
Liabilities in excess of cash and other assets (-2.2%)				(3,434,302	)
Total net assets (100.0%)			$	153,903,574

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, 2016 the cost of securities for federal income tax purposes was $144,150,852. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	21,764,888
Gross unrealized depreciation		(8,577,864	)
Net unrealized appreciation	$	13,187,024

See accompanying notes to financial statements.
58

SFT Pyramis^® Core Equity Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.8%)
Consumer Discretionary (12.3%)
Auto Components (1.1%)
Delphi Automotive PLC (b)		20,810	$	1,302,706
Hotels, Restaurants & Leisure (0.7%)
Royal Caribbean Cruises, Ltd.		11,850		795,727
Household Durables (2.1%)
Mohawk Industries, Inc. (c)		4,380		831,149
Newell Brands, Inc.		36,205		1,758,477
				2,589,626
Internet & Catalog Retail (2.1%)
Amazon.com, Inc. (c)		3,500		2,504,670
Media (3.2%)
Charter Communications, Inc. – Class A (c)		5,074		1,160,119
The Interpublic Group of Cos., Inc.		41,050		948,255
Time Warner, Inc.		23,110		1,699,510
				3,807,884
Specialty Retail (2.3%)
Signet Jewelers, Ltd. (b)		8,910		734,273
The Home Depot, Inc.		16,310		2,082,624
				2,816,897
Textiles, Apparel & Luxury Goods (0.8%)
NIKE, Inc. – Class B		18,690		1,031,688
Consumer Staples (10.5%)
Beverages (2.5%)
Constellation Brands, Inc. – Class A		9,150		1,513,410
Monster Beverage Corp. (c)		9,430		1,515,495
				3,028,905
Food & Staples Retailing (1.7%)
CVS Health Corp.		21,470		2,055,538
Food Products (2.2%)
ConAgra Foods, Inc.		25,400		1,214,374
Mondelez International, Inc. – Class A		30,640		1,394,427
				2,608,801
Personal Care (1.2%)
The Estee Lauder Cos., Inc. – Class A		15,900		1,447,218
Tobacco (2.9%)
Philip Morris International, Inc.		17,950		1,825,874
Reynolds American, Inc.		31,470		1,697,177
				3,523,051
Energy (7.4%)
Energy Equipment & Services (2.1%)
Schlumberger, Ltd.		32,950		2,605,686

	Shares		Value(a)
Oil, Gas & Consumable Fuels (5.3%)
EOG Resources, Inc.		12,220	$	1,019,392
EQT Corp.		12,860		995,750
Exxon Mobil Corp.		13,170		1,234,556
Hess Corp.		41,530		2,495,953
Occidental Petroleum Corp.		7,900		596,924
				6,342,575
Financial (15.6%)
Capital Markets (1.0%)
Invesco, Ltd.		28,110		717,929
The Goldman Sachs Group, Inc.		3,600		534,888
				1,252,817
Commercial Banks (4.3%)
Citigroup, Inc.		59,490		2,521,781
KeyCorp		129,980		1,436,279
Regions Financial Corp.		137,760		1,172,338
				5,130,398
Consumer Finance (2.7%)
Capital One Financial Corp.		25,360		1,610,614
Discover Financial Services		29,580		1,585,192
				3,195,806
Diversified Financial Services (1.4%)
CME Group, Inc.		16,990		1,654,826
Insurance (3.1%)
Aflac, Inc.		9,010		650,162
Hartford Financial Services Group, Inc.		9,350		414,953
Marsh & McLennan Cos., Inc.		23,040		1,577,318
Torchmark Corp.		18,260		1,128,833
				3,771,266
Office REITs (1.2%)
Boston Properties, Inc.		10,500		1,384,950
Real Estate Services (0.6%)
CBRE Group, Inc. – Class A (c)		28,680		759,446
Residential REITs (1.3%)
UDR, Inc.		42,590		1,572,423
Health Care (14.7%)
Biotechnology (4.2%)
Alexion Pharmaceuticals, Inc. (c)		10,030		1,171,103
Gilead Sciences, Inc.		21,560		1,798,535
Medivation, Inc. (c)		16,040		967,212
Vertex Pharmaceuticals, Inc. (c)		13,250		1,139,765
				5,076,615
Health Care Equipment & Supplies (4.2%)
CR Bard, Inc.		8,610		2,024,728
Medtronic PLC (b)		24,380		2,115,452
Zimmer Biomet Holdings, Inc.		7,640		919,703
				5,059,883

See accompanying notes to financial statements.
59

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

	Shares		Value(a)
Health Care Providers & Services (2.7%)
HCA Holdings, Inc. (c)		15,780	$	1,215,218
Humana, Inc.		10,910		1,962,491
				3,177,709
Pharmaceuticals (3.6%)
Bristol-Myers Squibb Co.		18,900		1,390,095
Eli Lilly & Co.		18,430		1,451,362
Shire PLC, ADR (b)		8,220		1,513,138
				4,354,595
Industrials (10.2%)
Aerospace & Defense (4.3%)
Honeywell International, Inc.		8,100		942,192
Lockheed Martin Corp.		8,020		1,990,323
The Boeing Co.		9,350		1,214,285
United Technologies Corp.		9,780		1,002,939
				5,149,739
Air Freight & Logistics (1.3%)
FedEx Corp.		9,990		1,516,282
Airlines (0.1%)
American Airlines Group, Inc.		3,400		96,254
Building Products (1.0%)
Fortune Brands Home & Security, Inc.		21,720		1,259,108
Industrial Conglomerates (1.3%)
Danaher Corp.		15,390		1,554,390
Machinery (1.2%)
Ingersoll-Rand PLC (b)		23,300		1,483,744
Road & Rail (1.0%)
CSX Corp.		45,900		1,197,072
Information Technology (20.0%)
Computers & Peripherals (2.3%)
Apple, Inc.		28,440		2,718,864
Internet Software & Services (6.0%)
Alphabet, Inc. – Class A (c)		6,100		4,291,533
Facebook, Inc. – Class A (c)		25,240		2,884,427
				7,175,960
IT Services (3.7%)
Fidelity National Information Services, Inc.		18,840		1,388,131
PayPal Holdings, Inc. (c)		33,410		1,219,799
Visa, Inc. – Class A		25,800		1,913,586
				4,521,516
Semiconductors & Semiconductor Equipment (2.3%)
Broadcom, Ltd. (b)		9,740		1,513,596
NXP Semiconductor NV (b) (c)		15,510		1,215,053
				2,728,649
Software (5.7%)
Adobe Systems, Inc. (c)		18,170		1,740,504
Electronic Arts, Inc. (c)		15,010		1,137,158
Oracle Corp.		57,450		2,351,429
Salesforce.com, Inc. (c)		21,430		1,701,756
				6,930,847

	Shares		Value(a)
Materials (2.8%)
Chemicals (2.8%)
Albemarle Corp.		11,530	$	914,444
CF Industries Holdings, Inc.		19,090		460,069
Ecolab, Inc.		12,520		1,484,872
Monsanto Co.		4,950		511,880
				3,371,265
Telecommunication Services (2.8%)
Diversified Telecommunication Services (1.9%)
Verizon Communications, Inc.		40,780		2,277,155
Wireless Telecommunication Services (0.9%)
T-Mobile US, Inc. (c)		25,410		1,099,491
Utilities (3.5%)
Electric Utilities (3.5%)
American Electric Power Co., Inc.		31,910		2,236,572
PG&E Corp.		31,490		2,012,841
				4,249,413
Total common stocks (cost: $113,669,115)				120,181,455
Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.250%		616,451		616,451
Total short-term securities (cost: $616,451)				616,451
Total investments in securities (cost: $114,285,566) (d)				120,797,906
Liabilities in excess of cash and other assets (-0.3%)				(409,944	)
Total net assets (100.0%)			$	120,387,962

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 8.2% of net assets in foreign securities at June 30, 2016.

(d) At June 30, 2016 the cost of securities for federal income tax purposes was $115,011,086. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	10,545,893
Gross unrealized depreciation		(4,759,073	)
Net unrealized appreciation	$	5,786,820

See accompanying notes to financial statements.
60

SFT T. Rowe Price Value Fund
Investments in Securities

June 30, 2016
(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.5%)
Consumer Discretionary (6.3%)
Auto Components (1.1%)
Johnson Controls, Inc.		50,500	$	2,235,130
Hotels, Restaurants & Leisure (1.1%)
Las Vegas Sands Corp.		16,400		713,236
Norwegian Cruise Line Holdings, Ltd. (b)		39,243		1,563,441
				2,276,677
Household Durables (0.5%)
Lennar Corp. – Class A		9,100		419,510
Whirlpool Corp.		3,516		585,906
				1,005,416
Leisure Equipment & Products (1.1%)
Mattel, Inc.		67,951		2,126,187
Media (1.5%)
Comcast Corp. – Class A		12,800		834,432
Liberty Global PLC – Class C (b) (c)		23,700		679,005
Liberty Global PLC LiLAC – Class C (b) (c)		2,283		74,184
The Walt Disney Co.		7,400		723,868
Twenty-First Century Fox, Inc. – Class B		27,300		743,925
				3,055,414
Multiline Retail (0.1%)
Kohl's Corp.		4,800		182,016
Specialty Retail (0.9%)
Lowe's Cos., Inc.		22,600		1,789,242
Consumer Staples (11.6%)
Beverages (0.2%)
PepsiCo, Inc.		4,600		487,324
Food & Staples Retailing (2.0%)
Wal-Mart Stores, Inc.		25,900		1,891,218
Walgreens Boots Alliance, Inc.		25,110		2,090,910
				3,982,128
Food Products (5.4%)
Bunge, Ltd.		11,200		662,480
ConAgra Foods, Inc.		35,750		1,709,207
Ingredion, Inc.		10,500		1,358,805
Tyson Foods, Inc. – Class A		107,500		7,179,925
				10,910,417
Household Products (0.5%)
The Procter & Gamble Co.		11,700		990,639
Tobacco (3.5%)
Philip Morris International, Inc.		68,700		6,988,164

	Shares		Value(a)
Energy (9.9%)
Energy Equipment & Services (0.3%)
Baker Hughes, Inc.		9,098	$	410,593
Tenaris SA ADR (c)		8,008		230,950
				641,543
Oil, Gas & Consumable Fuels (9.6%)
Chevron Corp.		10,900		1,142,647
EQT Corp.		12,730		985,684
Exxon Mobil Corp.		43,600		4,087,064
Occidental Petroleum Corp.		13,800		1,042,728
Royal Dutch Shell PLC , ADR (c)		53,861		2,974,204
Spectra Energy Corp.		90,300		3,307,689
TOTAL SA ADR (c)		80,756		3,884,364
Tourmaline Oil Corp. (b) (c)		23,319		610,672
TransCanada Corp. (c)		30,100		1,361,122
				19,396,174
Financial (21.4%)
Capital Markets (7.2%)
Ameriprise Financial, Inc.		39,256		3,527,151
BlackRock, Inc.		4,275		1,464,316
Morgan Stanley		122,973		3,194,838
State Street Corp.		29,500		1,590,640
The Bank of New York Mellon Corp.		112,968		4,388,807
The Charles Schwab Corp.		14,225		360,035
				14,525,787
Commercial Banks (7.6%)
Citigroup, Inc.		106,350		4,508,177
Fifth Third Bancorp		51,471		905,375
JPMorgan Chase & Co.		116,222		7,222,035
KeyCorp		105,100		1,161,355
US Bancorp		20,000		806,600
Wells Fargo & Co.		14,400		681,552
				15,285,094
Diversified REITs (0.6%)
VEREIT, Inc.		112,100		1,136,694
Insurance (4.9%)
American International Group, Inc.		26,943		1,425,015
Chubb, Ltd. (c)		1,300		169,923
Genworth Financial, Inc. – Class A (b)		38,323		98,874
Marsh & McLennan Cos., Inc.		45,900		3,142,314
MetLife, Inc.		55,751		2,220,562
XL Group PLC (c)		88,500		2,947,935
				10,004,623
Retail REITs (0.2%)
General Growth Properties, Inc.		14,400		429,408
Specialized REITs (0.9%)
Weyerhaeuser Co.		63,100		1,878,487

See accompanying notes to financial statements.
61

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

	Shares		Value(a)
Health Care (16.5%)
Biotechnology (0.6%)
Gilead Sciences, Inc.		15,200	$	1,267,984
Health Care Equipment & Supplies (4.3%)
Abbott Laboratories		28,600		1,124,266
Becton Dickinson and Co.		11,900		2,018,121
Hologic, Inc. (b)		21,066		728,884
Medtronic PLC (c)		56,116		4,869,185
				8,740,456
Health Care Providers & Services (4.4%)
Aetna, Inc.		25,600		3,126,528
Anthem, Inc.		16,945		2,225,556
HCA Holdings, Inc. (b)		34,790		2,679,178
UnitedHealth Group, Inc.		5,100		720,120
				8,751,382
Life Sciences Tools & Services (2.1%)
Agilent Technologies, Inc.		52,600		2,333,336
Thermo Fisher Scientific, Inc.		13,200		1,950,432
				4,283,768
Pharmaceuticals (5.1%)
Mallinckrodt PLC (b) (c)		12,924		785,521
Merck & Co., Inc.		9,700		558,817
Mylan NV (b)		41,168		1,780,104
Pfizer, Inc.		203,924		7,180,164
				10,304,606
Industrials (8.7%)
Aerospace & Defense (1.9%)
Rockwell Collins, Inc.		6,000		510,840
The Boeing Co.		20,600		2,675,322
United Technologies Corp.		6,600		676,830
				3,862,992
Airlines (0.7%)
American Airlines Group, Inc.		35,905		1,016,471
United Continental Holdings, Inc. (b)		11,900		488,376
				1,504,847
Commercial Services & Supplies (0.6%)
Tyco International PLC		28,300		1,205,580
Electrical Equipment (0.1%)
Eaton Corp. PLC (c)		1,874		111,934
Industrial Conglomerates (4.9%)
Danaher Corp.		13,800		1,393,800
General Electric Co.		269,400		8,480,712
				9,874,512
Machinery (0.5%)
Illinois Tool Works, Inc.		4,000		416,640
Pentair PLC (c)		11,243		655,354
				1,071,994

	Shares		Value(a)
Information Technology (10.0%)
Communications Equipment (2.8%)
Cisco Systems, Inc.		115,100	$	3,302,219
Harris Corp.		8,600		717,584
Juniper Networks, Inc.		74,200		1,668,758
				5,688,561
Computers & Peripherals (1.4%)
Apple, Inc.		17,700		1,692,120
Western Digital Corp.		23,017		1,087,783
				2,779,903
Electronic Equipment, Instruments & Components (0.8%)
Keysight Technologies, Inc. (b)		24,310		707,178
TE Connectivity, Ltd. (c)		16,498		942,201
				1,649,379
Semiconductors & Semiconductor Equipment (2.2%)
Analog Devices, Inc.		8,300		470,112
NXP Semiconductor NV (b) (c)		20,600		1,613,804
Texas Instruments, Inc.		37,000		2,318,050
				4,401,966
Software (2.8%)
Microsoft Corp.		111,500		5,705,455
Materials (3.6%)
Chemicals (1.6%)
Ashland, Inc.		13,200		1,514,964
EI du Pont de Nemours & Co.		10,100		654,480
LyondellBasell Industries NV – Class A (c)		4,300		320,006
The Dow Chemical Co.		15,800		785,418
				3,274,868
Containers & Packaging (1.5%)
Ball Corp.		12,328		891,191
International Paper Co.		48,240		2,044,411
				2,935,602
Paper & Forest Products (0.5%)
West Fraser Timber Co., Ltd. (c)		33,300		968,462
Telecommunication Services (0.6%)
Wireless Telecommunication Services (0.6%)
Vodafone Group PLC ADR (c)		39,300		1,213,977
Utilities (8.9%)
Electric Utilities (6.3%)
American Electric Power Co., Inc.		32,400		2,270,916
Exelon Corp.		111,100		4,039,596
FirstEnergy Corp.		61,300		2,139,983
PG&E Corp.		68,900		4,404,088
				12,854,583
Independent Power Producers & Energy Traders (1.4%)
NRG Energy, Inc.		35,900		538,141
The AES Corp.		182,309		2,275,217
				2,813,358

See accompanying notes to financial statements.
62

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

	Shares		Value(a)
Multi-Utilities (1.2%)
CenterPoint Energy, Inc.		90,364	$	2,168,736
DTE Energy Co.		2,400		237,888
				2,406,624
Total common stocks (cost: $184,907,156)				196,999,357
Short-Term Securities (3.1%)
Investment Companies (3.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.250%		3,580,483		3,580,483
T. Rowe Price Reserve Investment Fund, current rate 0.000%		2,671,856		2,671,856
Total short-term securities (cost: $6,252,339)				6,252,339
Total investments in securities (cost: $191,159,495) (d)				203,251,696
Liabilities in excess of cash and other assets (-0.6%)				(1,185,035	)
Total net assets (100.0%)			$	202,066,661

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, 2016 the cost of securities for federal income tax purposes was $192,480,109. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	16,552,721
Gross unrealized depreciation		(5,781,134	)
Net unrealized appreciation	$	10,771,587

See accompanying notes to financial statements.
63

Securian Funds Trust

Statements of Assets and Liabilities

June 30, 2016

(Unaudited)

		SFT Advantus Bond Fund		SFT Advantus Dynamic Managed Volatility Fund¹		SFT Advantus Government Money Market Fund²			SFT Advantus Index 400 Mid-Cap Fund		SFT Advantus Index 500 Fund		SFT Advantus International Bond Fund			SFT Advantus Managed Volatility Equity Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers		$	387,989,898	$	148,037,122	$	81,170,345		$	193,843,523	$	705,552,841	$	116,063,413		$	111,727,330
Affiliated issuers (note 8)			—		115,502,916		—			—		—		—			—
Cash on demand deposit^			7,546		—		2,043			717,936		14,954		3,389,320			—
Foreign currency on deposit^^			—		—		—			—		—		156,066			—
Receivable:
Fund shares sold			—		118,895		—			—		35,000,000		44,114			1,127,608
Investment securities sold (including paydowns)			9,422,124		—		3,999,370			22,423,377		—		—			—
Investment securities sold on a forward – commitment basis (note 2)			2,952,595		—		—			—		—		—			—
Dividends and accrued interest			2,447,709		893,181		70			209,387		779,956		909,611			—
Refundable foreign income taxes withheld			—		—		—			—		—		36,773			—
Adviser (note 4)			—		29,892		37,936			—		—		—			26,970
Variation margin			22,141		122,834		—			317,686		180,200		41,166			—
Unrealized appreciation on forward foreign currency contracts			—		—		—			—		—		995,597			—
Prepaid expenses			2,247		2,248		2,249			2,248		2,248		28,873			2,606
Total assets			402,844,260		264,707,088		85,212,013			217,514,157		741,530,199		121,664,933			112,884,514
Liabilities
Bank overdraft			—		—		—			—		—		4,999,986			—
Payable:
Fund shares repurchased			9,705,413		—		3,873,880			25,481,131		40,243,891		—			—
Investment securities purchased			6,486,667		35,000,000		—			680,693		811,500		2,533,495			—
Investment securities purchased on a forward – commitment basis (note 2)			10,571,929		—		—			—		—		—			—
Adviser			209,155		172,448		50,198			72,863		211,729		75,202			84,749
Variation margin			—		—		—			—		—		—			98,280
Accrued expenses			72,348		58,848		47,848			48,834		70,835		22,335			10,004
Unrealized depreciation on forward foreign currency contracts			—		—		—			—		—		4,535,712			—
Total liabilities			27,045,512		35,231,296		3,971,926			26,283,521		41,337,955		12,166,730			193,033
Net assets applicable to outstanding capital stock		$	375,798,748	$	229,475,792	$	81,240,087		$	191,230,636	$	700,192,244	$	109,498,203		$	112,691,481
Net Assets Consist of:
Paid in capital**		$	332,923,926	$	218,381,903	$	81,250,582		$	55,611,369	$	185,746,754	$	97,335,530		$	108,779,581
Retained earnings (deficit)			42,874,822		11,093,889		(10,495	)		135,619,267		514,445,490		—			3,911,900
Undistributed (overdistributed) net investment income			—		—		—			—		—		11,878,921			—
Accumulated net realized gain (loss)			—		—		—			—		—		7,609,514			—
Net unrealized appreciation (depreciation)			—		—		—			—		—		(7,325,762	)		—
Net assets		$	375,798,748	$	229,475,792	$	81,240,087		$	191,230,636	$	700,192,244	$	109,498,203		$	112,691,481
Net assets by class:
Class 1		$	1,663,281	$	N/A	$	N/A		$	2,789,964	$	121,460,590	$	1,007,688		$	N/A
Class 2			374,135,467		229,475,792		81,240,087			188,440,672		578,731,654		108,490,515			112,691,481
Net asset value per share of outstanding capital stock by class:
Class 1			2.280		N/A		N/A			3.829		8.120		2.384			N/A
Class 2			2.230		11.680		1.000			3.759		7.969		2.339			10.589
* Identified cost
Unaffiliated issuers		$	374,289,427	$	145,235,991	$	81,170,345		$	148,869,821	$	331,668,302	$	118,036,351		$	107,110,464
Affiliated issuers			—		107,000,000		—			—		—		—			—
	** Shares outstanding by class:
Class 1			731,074		N/A		N/A			728,516		14,958,320		422,759			N/A
Class 2			167,547,968		19,647,030		81,252,648			50,132,326		72,619,026		46,376,324			10,642,200
	^ Collateral for open centrally cleared swaps	$	—	$	—	$	—		$	—	$	—	$	819,320		$	—
	^^ Foreign currency on deposit (cost)	$	—	$	—	$	—		$	—	$	—	$	155,658		$	—

¹ Formerly SFT Advantus Managed Volatility Fund.

² Formerly SFT Advantus Money Market Fund.

See accompanying notes to financial statements.
64

		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
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers		$	98,882,057		$	156,429,780	$	445,119,417	$	157,337,876	$	120,797,906	$	203,251,696
Affiliated issuers (note 8)			—			—		—		—		—		—
Cash on demand deposit^			4,851			—		—		—		5,990		—
Foreign currency on deposit^^			—			—		—		—		—		—
Receivable:
Fund shares sold			—			—		—		—		—		4,067
Investment securities sold (including paydowns)			—			6,490,214		2,490,449		1,090,775		2,629,046		1,965,610
Investment securities sold on a forward – commitment basis (note 2)			—			—		—		—		—		—
Dividends and accrued interest			279,659			490,723		305,981		9,990		114,262		356,314
Refundable foreign income taxes withheld			—			—		49,135		—		17,272		68,397
Adviser (note 4)			—			—		—		—		—		—
Variation margin			—			—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts			—			—		—		—		—		—
Prepaid expenses			2,247			2,248		2,248		2,248		2,248		2,248
Total assets			99,168,814			163,412,965		447,967,230		158,440,889		123,566,724		205,648,332
Liabilities
Bank overdraft			—			—		—		—		—		970,352
Payable:
Fund shares repurchased			856,060			5,880,463		386,334		211,896		159,170		—
Investment securities purchased			258,441			376,313		5,260,790		4,146,538		2,861,315		2,398,346
Investment securities purchased on a forward – commitment basis (note 2)			2,988,519			—		—		—		—		—
Adviser			58,822			125,727		342,863		143,644		95,686		157,724
Variation margin			—			—		—		—		—		—
Accrued expenses			52,693			37,786		48,526		35,237		62,591		55,249
Unrealized depreciation on forward foreign currency contracts			—			—		—		—		—		—
Total liabilities			4,214,535			6,420,289		6,038,513		4,537,315		3,178,762		3,581,671
Net assets applicable to outstanding capital stock		$	94,954,279		$	156,992,676	$	441,928,717	$	153,903,574	$	120,387,962	$	202,066,661
Net Assets Consist of:
Paid in capital**		$	110,545,395		$	61,360,385	$	370,279,436	$	131,117,672	$	104,918,703	$	184,025,111
Retained earnings (deficit)			(15,591,116	)		95,632,291		71,649,281		22,785,902		15,469,259		18,041,550
Undistributed (overdistributed) net investment income			—			—		—		—		—		—
Accumulated net realized gain (loss)			—			—		—		—		—		—
Net unrealized appreciation (depreciation)			—			—		—		—		—		—
Net assets		$	94,954,279		$	156,992,676	$	441,928,717	$	153,903,574	$	120,387,962	$	202,066,661
Net assets by class:
Class 1		$	260,576		$	2,762,339	$	N/A	$	N/A	$	620,634	$	N/A
Class 2			94,693,703			154,230,337		441,928,717		153,903,574		119,767,328		202,066,661
Net asset value per share of outstanding capital stock by class:
Class 1			1.953			4.804		N/A		N/A		11.184		N/A
Class 2			1.916			4.715		11.519		11.481		11.124		10.828
* Identified cost
Unaffiliated issuers		$	96,574,933		$	127,022,782	$	395,161,008	$	142,756,242	$	114,285,566	$	191,159,495
Affiliated issuers			—			—		—		—		—		—
	** Shares outstanding by class:
Class 1			133,453			575,026		N/A		N/A		55,493		N/A
Class 2			49,414,178			32,713,435		38,365,806		13,404,616		10,766,863		18,661,024
	^ Collateral for open centrally cleared swaps	$	—		$	—	$	—	$	—	$	—	$	—
	^^ Foreign currency on deposit (cost)	$	—		$	—	$	—	$	—	$	—	$	—

Securian Funds Trust

Statements of Operations

Six months ended June 30, 2016

(Unaudited)

	SFT Advantus Bond Fund			SFT Advantus Dynamic Managed Volatility Fund²			SFT Advantus Government Money Market Fund³			SFT Advantus Index 400 Mid-Cap Fund			SFT Advantus Index 500 Fund			SFT Advantus International Bond Fund			SFT Advantus Managed Volatility Equity Fund
Income:
Interest¹	$	6,777,748		$	1,635,454		$	159,260		$	29		$	5		$	2,057,240		$	—
Dividends		—			176,887			—			1,654,958			7,604,195			19,081			1,038,947
Foreign tax withholding		—			—			—			—			—			(187,182	)		—
Total investment income		6,777,748			1,812,341			159,260			1,654,987			7,604,200			1,889,139			1,038,947
Expenses (note 4):
Investment advisory fee		774,946			691,581			127,005			151,659			504,049			327,055			206,045
Rule 12b-1 fees		476,392			265,993			105,837			231,372			704,039			135,047			79,248
Audit and accounting services		102,668			53,361			70,236			52,979			88,973			64,814			49,015
Administrative services fee		21,109			15,263			23,977			12,117			12,117			26,881			13,637
Legal fees		8,112			6,439			10,786			6,544			9,089			6,348			8,215
Custodian fees		18,610			31,013			7,484			6,658			10,960			44,651			5,246
Printing and shareholder reports		5,134			5,134			5,171			5,134			5,134			5,134			11,575
Trustee's fees		8,691			8,691			8,691			8,691			8,691			8,691			8,932
S&P Licensing fee		—			613			—			7,864			25,051			—			—
Insurance		3,528			3,528			3,528			3,528			3,528			3,528			3,793
Other		7,584			1,575			29,387			5,318			12,606			3,383			1,301
Total expenses before fees waived		1,426,774			1,083,191			392,102			491,864			1,384,237			625,532			387,007
Less fees waived (note 4)		—			(231,074	)		(232,842	)		—			—			—			(133,291	)
Total expenses net of fees waived		1,426,774			852,117			159,260			491,864			1,384,237			625,532			253,716
Investment income — net		5,350,974			960,224			—			1,163,123			6,219,963			1,263,607			785,231
Realized and unrealized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		4,407,790			(4,321	)		29,097			18,645,383			8,225,141			(3,034,382	)		(19,166	)
Affiliated issuers (note 8)		—			—			—			—			—			—			—
Swaps		—			—			—			—			—			(163,407	)		—
Foreign currency transactions		—			—			—			—			—			(2,075,493	)		—
Net increase from litigation payments		—			—			—			1,505			28,966			34,031			—
Futures transactions		(590,053	)		(498,305	)		—			1,252,810			714,673			—			(1,239,929	)
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		11,533,170			5,926,788			—			(5,393,626	)		9,507,390			7,602,723			4,699,709
Affiliated issuers (note 8)		—			2,890,872			—			—			—			—			—
Swaps		—			—			—			—			—			(1,317,153	)		—
Translation of assets and liabilities in foreign currency		—			—			—			—			—			(4,078,757	)		—
Futures transactions		(533,333	)		(378,665	)		—			(108,140	)		(136,816	)		—			(462,469	)
Net gains (losses) on investments		14,817,574			7,936,369			29,097			14,397,932			18,339,354			(3,032,438	)		2,978,145
Net increase (decrease) in net assets resulting from operations	$	20,168,548		$	8,896,593		$	29,097		$	15,561,055		$	24,559,317		$	(1,768,831	)	$	3,763,376

¹ All income is from unaffiliated issuers.

² Formerly SFT Advantus Managed Volatility Fund.

³ Formerly SFT Advantus Money Market Fund.

See accompanying notes to financial statements.
66

	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
Income:
Interest¹	$	1,388,500	$	10	$	22,939		$	23,617		$	1,436		$	4,425
Dividends		6,200		3,027,152		2,784,596			302,366			920,610			2,549,378
Foreign tax withholding		—		—		(30,362	)		—			(949	)		(28,245	)
Total investment income		1,394,700		3,027,162		2,777,173			325,983			921,097			2,525,558
Expenses (note 4):
Investment advisory fee		189,939		522,362		1,483,202			601,838			391,211			660,326
Rule 12b-1 fees		117,528		178,037		553,434			177,011			149,737			246,390
Audit and accounting services		52,355		48,639		71,759			45,713			36,039			55,044
Administrative services fee		20,547		12,117		12,117			12,116			12,117			12,171
Legal fees		11,014		6,348		6,544			6,544			6,707			6,544
Custodian fees		18,753		3,997		7,594			9,755			7,400			26,446
Printing and shareholder reports		5,134		5,134		5,134			5,134			5,134			4,962
Trustee's fees		8,691		8,691		8,691			8,691			8,691			8,691
S&P Licensing fee		—		—		—			—			—			—
Insurance		3,528		3,528		3,528			3,528			3,528			3,528
Other		2,925		3,686		9,526			4,372			3,623			4,990
Total expenses before fees waived		430,414		792,539		2,161,529			874,702			624,187			1,029,092
Less fees waived (note 4)		—		—		—			—			—			—
Total expenses net of fees waived		430,414		792,539		2,161,529			874,702			624,187			1,029,092
Investment income — net		964,286		2,234,623		615,644			(548,719	)		296,910			1,496,466
Realized and unrealized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		140,724		7,790,607		6,564,960			1,199,479			(4,033,301	)		(3,024,327	)
Affiliated issuers (note 8)		—		—		—			—			—			—
Swaps		—		—		—			—			—			—
Foreign currency transactions		—		—		139			—			—			(7,357	)
Net increase from litigation payments		—		—		—			—			—			—
Futures transactions		—		—		—			—			—			—
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		1,685,835		6,131,935		(27,026,118	)		13,809,778			2,570,324			5,244,798
Affiliated issuers (note 8)		—		—		—			—			—			—
Swaps		—		—		—			—			—			—
Translation of assets and liabilities in foreign currency		—		—		50			—			—			851
Futures transactions		—		—		—			—			—			—
Net gains (losses) on investments		1,826,559		13,922,542		(20,460,969	)		15,009,257			(1,462,977	)		2,213,965
Net increase (decrease) in net assets resulting from operations	$	2,790,845	$	16,157,165	$	(19,845,325	)	$	14,460,538		$	(1,166,067	)	$	3,710,431

Securian Funds Trust

Statements of Changes in Net Assets

Six months ended June 30, 2016 and year or period ended December 31, 2015

(Unaudited)

	SFT Advantus Bond Fund						SFT Advantus Dynamic Managed Volatility Fund¹						SFT Advantus Government Money Market Fund²
	2016			2015			2016			2015			2016			2015
Operations:
Investment income – net	$	5,350,974		$	10,453,139		$	960,224		$	1,301,223		$	—		$	—
Net realized gains (losses) on investments		3,817,737			(56,332	)		(502,626	)		(5,238,146	)		29,097			872
Net change in unrealized appreciation or depreciation of investments		10,999,837			(9,655,397	)		8,438,995			(3,545,337	)		—			—
Net increase (decrease) in net assets resulting from operations		20,168,548			741,410			8,896,593			(7,482,260	)		29,097			872
Capital stock transactions:
Proceeds from sales
Class 1		590,663			1,323,447			—			—			—			—
Class 2		3,398,722			47,256,298			23,482,129			105,460,244			8,422,772			39,859,401
Payments for redemption of shares
Class 1		(5,511,447	)		(496,546	)		—			—			—			—
Class 2		(32,024,587	)		(33,976,002	)		(6,889,565	)		(25,038,119	)		(16,040,338	)		(37,936,081	)
Increase (decrease) in net assets from capital stock transactions		(33,546,649	)		14,107,197			16,592,564			80,422,125			(7,617,566	)		1,923,320
Total increase (decrease) in net assets		(13,378,101	)		14,848,607			25,489,157			72,939,865			(7,588,469	)		1,924,192
Net assets at beginning of period		389,176,849			374,328,242			203,986,635			131,046,770			88,828,556			86,904,364
Net assets at end of period	$	375,798,748		$	389,176,849		$	229,475,792		$	203,986,635		$	81,240,087		$	88,828,556
Capital share transactions:
Proceeds from sales
Class 1		265,751			608,048			—			—			—			—
Class 2		1,555,780			22,265,947			2,084,250			9,126,430			8,422,772			39,859,401
Net change from capital transactions		1,821,531			22,873,995			2,084,250			9,126,430			8,422,772			39,859,401
Payments for redemption of shares
Class 1		(2,428,791	)		(228,367	)		—			—			—			—
Class 2		(14,650,415	)		(15,928,093	)		(608,466	)		(2,249,753	)		(16,040,338	)		(37,936,081	)
Net change from capital transactions		(17,079,206	)		(16,156,460	)		(608,466	)		(2,249,753	)		(16,040,338	)		(37,936,081	)

¹ Formerly SFT Advantus Managed Volatility Fund.

² Formerly SFT Advantus Money Market Fund.

See accompanying notes to financial statements.
68

	SFT Advantus Index 400 Mid-Cap Fund						SFT Advantus Index 500 Fund
	2016			2015			2016			2015
Operations:
Investment income – net	$	1,163,123		$	2,284,055		$	6,219,963		$	11,103,511
Net realized gains (losses) on investments		19,899,698			24,990,434			8,968,780			34,220,766
Net change in unrealized appreciation or depreciation of investments		(5,501,766	)		(32,528,902	)		9,370,574			(38,613,344	)
Net increase (decrease) in net assets resulting from operations		15,561,055			(5,254,413	)		24,559,317			6,710,933
Capital stock transactions:
Proceeds from sales
Class 1		1,275,165			3,014,567			37,648,276			50,362,052
Class 2		4,369,542			4,553,072			7,654,770			41,848,727
Payments for redemption of shares
Class 1		(16,693,189	)		(1,143,425	)		(30,534,694	)		(2,010,310	)
Class 2		(15,846,051	)		(32,328,550	)		(26,414,673	)		(56,072,867	)
Increase (decrease) in net assets from capital stock transactions		(26,894,533	)		(25,904,336	)		(11,646,321	)		34,127,602
Total increase (decrease) in net assets		(11,333,478	)		(31,158,749	)		12,912,996			40,838,535
Net assets at beginning of period		202,564,114			233,722,863			687,279,248			646,440,713
Net assets at end of period	$	191,230,636		$	202,564,114		$	700,192,244		$	687,279,248
Capital share transactions:
Proceeds from sales
Class 1		356,623			815,402			4,649,971			6,459,152
Class 2		1,249,419			1,246,026			1,002,439			5,414,073
Net change from capital transactions		1,606,042			2,061,428			5,652,410			11,873,225
Payments for redemption of shares
Class 1		(4,369,966	)		(309,356	)		(3,768,681	)		(254,782	)
Class 2		(4,310,104	)		(8,932,333	)		(3,390,823	)		(7,229,840	)
Net change from capital transactions		(8,680,070	)		(9,241,689	)		(7,159,504	)		(7,484,622	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2016 and year or period ended December 31, 2015

(Unaudited)

	SFT Advantus International Bond Fund						SFT Advantus Managed Volatility Equity Fund¹						SFT Advantus Mortgage Securities Fund
	2016			2015			2016			2015			2016			2015
Operations:
Investment income – net	$	1,263,607		$	2,800,232		$	785,231		$	141,381		$	964,286		$	1,950,839
Net realized gains (losses) on investments		(5,239,251	)		3,409,319			(1,259,095	)		30,182			140,724			2,091,083
Net change in unrealized appreciation or depreciation of investments		2,206,813			(11,294,404	)		4,237,240			(23,039	)		1,685,835			(1,214,082	)
Net increase (decrease) in net assets resulting from operations		(1,768,831	)		(5,084,853	)		3,763,376			148,524			2,790,845			2,827,840
Capital stock transactions:
Proceeds from sales
Class 1		82,013			171,531			—			—			93,344			147,030
Class 2		1,291,398			3,282,098			83,414,057			25,365,524			2,782,125			3,492,012
Payments for redemption of shares
Class 1		(44,894	)		(86,111	)		—			—			(774,446	)		(73,822	)
Class 2		(3,593,375	)		(9,862,746	)		—			—			(4,352,760	)		(10,139,060	)
Increase (decrease) in net assets from capital stock transactions		(2,264,858	)		(6,495,228	)		83,414,057			25,365,524			(2,251,737	)		(6,573,840	)
Total increase (decrease) in net assets		(4,033,689	)		(11,580,081	)		87,177,433			25,514,048			539,108			(3,746,000	)
Net assets at beginning of period		113,531,892			125,111,973			25,514,048			—			94,415,171			98,161,171
Net assets at end of period	$	109,498,203		$	113,531,892		$	112,691,481		$	25,514,048		$	94,954,279		$	94,415,171
Capital share transactions:
Proceeds from sales
Class 1		34,599			69,081			—			—			48,400			78,384
Class 2		552,433			1,337,257			8,107,071			2,535,129			1,471,146			1,893,593
Net change from capital transactions		587,032			1,406,338			8,107,071			2,535,129			1,519,546			1,971,977
Payments for redemption of shares
Class 1		(18,828	)		(34,876	)		—			—			(396,911	)		(39,320	)
Class 2		(1,542,923	)		(4,054,692	)		—			—			(2,299,773	)		(5,501,246	)
Net change from capital transactions		(1,561,751	)		(4,089,568	)		—			—			(2,696,684	)		(5,540,566	)

¹ The Fund commenced operations on November 18, 2015.

See accompanying notes to financial statements.
70

	SFT Advantus Real Estate Securities Fund						SFT Ivy^SMGrowth Fund						SFT Ivy^SMSmall Cap Growth Fund
	2016			2015			2016			2015			2016			2015
Operations:
Investment income – net	$	2,234,623		$	1,922,347		$	615,644		$	39,792		$	(548,719	)	$	(1,454,377	)
Net realized gains (losses) on investments		7,790,607			13,037,803			6,565,099			16,189,994			1,199,479			10,108,406
Net change in unrealized appreciation or depreciation of investments		6,131,935			(8,048,576	)		(27,026,068	)		16,755,800			13,809,778			(14,170,483	)
Net increase (decrease) in net assets resulting from operations		16,157,165			6,911,574			(19,845,325	)		32,985,586			14,460,538			(5,516,454	)
Capital stock transactions:
Proceeds from sales
Class 1		474,446			1,345,152			—			—			—			—
Class 2		1,938,576			21,582,789			1,425,792			4,349,063			504,707			2,783,923
Payments for redemption of shares
Class 1		(5,234,758	)		(411,732	)		—			—			—			—
Class 2		(8,249,127	)		(24,401,085	)		(18,732,641	)		(58,828,446	)		(6,527,082	)		(34,086,306	)
Increase (decrease) in net assets from capital stock transactions		(11,070,863	)		(1,884,876	)		(17,306,849	)		(54,479,383	)		(6,022,375	)		(31,302,383	)
Total increase (decrease) in net assets		5,086,302			5,026,698			(37,152,174	)		(21,493,797	)		8,438,163			(36,818,837	)
Net assets at beginning of period		151,906,374			146,879,676			479,080,891			500,574,688			145,465,411			182,284,248
Net assets at end of period	$	156,992,676		$	151,906,374		$	441,928,717		$	479,080,891		$	153,903,574		$	145,465,411
Capital share transactions:
Proceeds from sales
Class 1		109,352			323,734			—			—			—			—
Class 2		455,279			5,150,917			126,561			368,876			52,865			240,445
Net change from capital transactions		564,631			5,474,651			126,561			368,876			52,865			240,445
Payments for redemption of shares
Class 1		(1,095,493	)		(98,752	)		—			—			—			—
Class 2		(1,904,496	)		(5,925,709	)		(1,645,846	)		(4,967,733	)		(615,878	)		(3,135,086	)
Net change from capital transactions		(2,999,989	)		(6,024,461	)		(1,645,846	)		(4,967,733	)		(615,878	)		(3,135,086	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2016 and year or period ended December 31, 2015

(Unaudited)

	SFT Pyramis^®Core Equity Fund						SFT T. Rowe Price Value Fund
	2016			2015			2016			2015
Operations:
Investment income – net	$	296,910		$	570,340		$	1,496,466		$	2,436,307
Net realized gains (losses) on investments		(4,033,301	)		7,209,453			(3,031,684	)		4,789,143
Net change in unrealized appreciation or depreciation of investments		2,570,324			(6,584,517	)		5,245,649			(11,463,997	)
Net increase (decrease) in net assets resulting from operations		(1,166,067	)		1,195,276			3,710,431			(4,238,547	)
Capital stock transactions:
Proceeds from sales
Class 1		70,454			77,858			—			—
Class 2		561,910			6,540,794			1,163,578			2,389,895
Payments for redemption of shares
Class 1		(34,238	)		(162,872	)		—			—
Class 2		(7,927,739	)		(20,701,936	)		(10,504,923	)		(23,656,051	)
Increase (decrease) in net assets from capital stock transactions		(7,329,613	)		(14,246,156	)		(9,341,345	)		(21,266,156	)
Total increase (decrease) in net assets		(8,495,680	)		(13,050,880	)		(5,630,914	)		(25,504,703	)
Net assets at beginning of period		128,883,642			141,934,522			207,697,575			233,202,278
Net assets at end of period	$	120,387,962		$	128,883,642		$	202,066,661		$	207,697,575
Capital share transactions:
Proceeds from sales
Class 1		6,481			6,770			—			—
Class 2		53,657			566,592			111,679			227,035
Net change from capital transactions		60,138			573,362			111,679			227,035
Payments for redemption of shares
Class 1		(3,118	)		(14,094	)		—			—
Class 2		(727,846	)		(1,819,275	)		(1,013,743	)		(2,184,806	)
Net change from capital transactions		(730,964	)		(1,833,369	)		(1,013,743	)		(2,184,806	)

See accompanying notes to financial statements.
72

Securian Funds Trust
Financial Highlights

SFT Advantus Bond Fund

	Class 1 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	2.157		$	2.148		$	2.016		$	2.024		$	1.880		$	1.736
Income from investment operations:
Net investment income (a)		.033			.066			.064			.060			.055			.045
Net gains (losses) (both realized and unrealized)		.090			(.057	)		.068			(.068	)		.089			.099
Total from investment operations		.123			.009			.132			(.008	)		.144			.144
Net asset value, end of period	$	2.280		$	2.157		$	2.148		$	2.016		$	2.024		$	1.880
Total return (b)		5.47	%		0.41	%		6.56	%		(0.40	)%		7.69	%		8.30	%
Net assets, end of period (in thousands)	$	1,663		$	6,243		$	5,402		$	4,414		$	3,156		$	421
Ratios to average net assets:
Expenses (c)		.49	%(d)		.49	%		.49	%		.51	%		.51	%		.50	%
Net investment income		3.01	%(d)		3.03	%		3.07	%		2.96	%		2.77	%		2.48	%
Portfolio turnover rate (excluding short-term securities)		157.0	%		179.3	%		193.5	%		235.8	%		205.5	%		270.5	%
	Class 2 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	2.120		$	2.117		$	1.991		$	2.004		$	1.866		$	1.727
Income from investment operations:
Net investment income (a)		.030			.059			.058			.054			.047			.041
Net gains (losses) (both realized and unrealized)		.080			(.056	)		.068			(.067	)		.091			.098
Total from investment operations		.110			.003			.126			(.013	)		.138			.139
Net asset value, end of period	$	2.230		$	2.120		$	2.117		$	1.991		$	2.004		$	1.866
Total return (b)		5.34	%		0.16	%		6.29	%		(0.65	)%		7.42	%		8.03	%
Net assets, end of period (in thousands)	$	374,136		$	382,934		$	368,926		$	356,034		$	360,115		$	359,289
Ratios to average net assets:
Expenses (c)		.74	%(d)		.74	%		.74	%		.76	%		.76	%		.75	%
Net investment income		2.76	%(d)		2.78	%		2.82	%		2.71	%		2.41	%		2.26	%
Portfolio turnover rate (excluding short-term securities)		157.0	%		179.3	%		193.5	%		235.8	%		205.5	%		270.5	%

(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 Dynamic Managed Volatility Fund
(formerly SFT Advantus Managed Volatility Fund)

	Class 2 Shares
	Six months ended June 30, 2016			Year or period ended December 31,
	(unaudited)			2015			2014			2013 (a)
Net asset value, beginning of period	$	11.226		$	11.603		$	10.731		$	10.000
Income from investment operations:
Net investment income (b)		.051			.082			.039			.008
Net gains (losses) (both realized and unrealized)		.403			(.459	)		.833			.723
Total from investment operations		.454			(.377	)		.872			.731
Net asset value, end of period	$	11.680		$	11.226		$	11.603		$	10.731
Total return (c)		4.05	%		(3.25	)%		8.12	%		7.31	%
Net assets, end of period (in thousands)	$	229,476		$	203,987		$	131,047		$	52,931
Ratios to average net assets:
Expenses before waiver (d)		1.02	%(e)		1.02	%		1.19	%		1.37	%(e)
Expenses net of waiver (d)(f)		.80	%(e)		.80	%		.80	%		.80	%(e)
Net investment income		.90	%(e)		.71	%		.35	%		.12	%(e)
Portfolio turnover rate (excluding short-term securities)		.3	%		5.1	%		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 and distributor (see note 4).

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Government Money Market Fund
(formerly SFT Advantus Money Market Fund)

	Class 2 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
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		–			–			–			–			–			–
Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total return (b)		–	%		–	%		–	%		–	%		–	%		–	%
Net assets, end of period (in thousands)	$	81,240		$	88,829		$	86,904		$	89,423		$	95,858		$	108,115
Ratios to average net assets:
Expenses before waiver (c)		.93	%(d)		.85	%		.83	%		.86	%		.83	%		.69	%
Expenses net of waiver (c)(e)		.38	%(d)		.12	%		.10	%		.13	%		.17	%		.14	%
Net investment income		–	%		–	%		–	%		–	%		–	%		–	%

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

(d) Adjusted to an annual basis.

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

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Index 400 Mid-Cap Fund

	Class 1 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	3.553		$	3.640		$	3.324		$	2.497		$	2.124		$	2.168
Income from investment operations:
Net investment income (a)		.025			.046			.040			.034			.040			.021
Net gains (losses) (both realized and unrealized)		.251			(.133	)		.276			.793			.333			(.065	)
Total from investment operations		.276			(.087	)		.316			.827			.373			(.044	)
Net asset value, end of period	$	3.829		$	3.553		$	3.640		$	3.324		$	2.497		$	2.124
Total return (b)		7.79	%		(2.39	)%		9.51	%		33.11	%		17.54	%		(2.02	)%
Net assets, end of period (in thousands)	$	2,790		$	16,847		$	15,418		$	12,802		$	6,656		$	249
Ratios to average net assets:
Expenses (c)		.26	%(d)		.26	%		.25	%		.28	%		.31	%		.29	%
Net investment income		1.38	%(d)		1.24	%		1.15	%		1.15	%		1.65	%		1.09	%
Portfolio turnover rate (excluding short-term securities)		9.7	%		16.1	%		12.0	%		9.3	%		8.0	%		16.3	%
	Class 2 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	3.491		$	3.586		$	3.283		$	2.472		$	2.109		$	2.157
Income from investment operations:
Net investment income (a)		.020			.036			.030			.025			.023			.015
Net gains (losses) (both realized and unrealized)		.248			(.131	)		.273			.786			.340			(.063	)
Total from investment operations		.268			(.095	)		.303			.811			.363			(.048	)
Net asset value, end of period	$	3.759		$	3.491		$	3.586		$	3.283		$	2.472		$	2.109
Total return (b)		7.66	%		(2.63	)%		9.24	%		32.78	%		17.24	%		(2.26	)%
Net assets, end of period (in thousands)	$	188,441		$	185,717		$	218,305		$	215,884		$	180,588		$	165,651
Ratios to average net assets:
Expenses (c) .		.51	%(d)		.51	%		.50	%		.53	%		.56	%		.54	%
Net investment income		1.13	%(d)		.98	%		.89	%		.87	%		.99	%		.82	%
Portfolio turnover rate (excluding short-term securities)		9.7	%		16.1	%		12.0	%		9.3	%		8.0	%		16.3	%

(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, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	7.829		$	7.737		$	6.822		$	5.167		$	4.465		$	4.384
Income from investment operations:
Net investment income (a)		.079			.147			.132			.115			.111			.083
Net gains (losses) (both realized and unrealized)		.212			(.055	)		.783			1.540			.591			(.002	)
Total from investment operations		.291			.092			.915			1.655			.702			.081
Net asset value, end of period	$	8.120		$	7.829		$	7.737		$	6.822		$	5.167		$	4.465
Total return (b)		3.72	%		1.18	%		13.41	%		32.04	%		15.71	%		1.85	%
Net assets, end of period (in thousands)	$	121,460		$	110,210		$	60,909		$	36,387		$	11,524		$	421
Ratios to average net assets:
Expenses (c)		.20	%(d)		.21	%		.21	%		.22	%		.24	%		.23	%
Net investment income		2.06	%(d)		1.88	%		1.83	%		1.88	%		2.19	%		1.88	%
Portfolio turnover rate (excluding short-term securities)		2.2	%		6.1	%		4.8	%		4.5	%		2.6	%		4.6	%
	Class 2 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	7.693		$	7.622		$	6.737		$	5.115		$	4.432		$	4.362
Income from investment operations:
Net investment income (a)		.069			.124			.110			.095			.088			.070
Net gains (losses) (both realized and unrealized)		.207			(.053	)		.775			1.527			.595			–
Total from investment operations		.276			.071			.885			1.622			.683			.070
Net asset value, end of period	$	7.969		$	7.693		$	7.622		$	6.737		$	5.115		$	4.432
Total return (b)		3.60	%		0.93	%		13.13	%		31.71	%		15.42	%		1.59	%
Net assets, end of period (in thousands)	$	578,732		$	577,069		$	585,532		$	540,439		$	432,694		$	418,980
Ratios to average net assets:
Expenses (c)		.45	%(d)		.46	%		.46	%		.47	%		.49	%		.48	%
Net investment income		1.81	%(d)		1.61	%		1.56	%		1.59	%		1.80	%		1.60	%
Portfolio turnover rate (excluding short-term securities)		2.2	%		6.1	%		4.8	%		4.5	%		2.6	%		4.6	%

(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, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	2.418		$	2.517		$	2.468		$	2.464		$	2.115		$	2.116
Income from investment operations:
Net investment income (a)		.030			.063			.074			.078			.086			.089
Net gains (losses) (both realized and unrealized)		(.064	)		(.162	)		(.025	)		(.074	)		.263			(.090	)
Total from investment operations		(.034	)		(.099	)		.049			.004			.349			(.001	)
Net asset value, end of period	$	2.384		$	2.418		$	2.517		$	2.468		$	2.464		$	2.115
Total return (b)		(1.42	)%		(3.92	)%		1.96	%		0.17	%		16.49	%		(0.01	)%
Net assets, end of period (in thousands)	$	1,008		$	984		$	938		$	756		$	606		$	395
Ratios to average net assets:
Expenses (c)		.91	%(d)		.89	%		.86	%		.87	%		.94	%		.95	%
Net investment income		2.55	%(d)		2.55	%		2.93	%		3.18	%		3.76	%		4.07	%
Portfolio turnover rate (excluding short-term securities)		20.8	%		42.4	%		19.3	%		17.7	%		38.8	%		18.8	%
	Class 2 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	2.376		$	2.479		$	2.438		$	2.440		$	2.100		$	2.105
Income from investment operations:
Net investment income (a)		.027			.056			.067			.071			.079			.083
Net gains (losses) (both realized and unrealized)		(.064	)		(.159	)		(.026	)		(.073	)		.261			(.088	)
Total from investment operations		(.037	)		(.103	)		.041			(.002	)		.340			(.005	)
Net asset value, end of period	$	2.339		$	2.376		$	2.479		$	2.438		$	2.440		$	2.100
Total return (b)		(1.54	)%		(4.16	)%		1.70	%		(0.08	)%		16.20	%		(0.26	)%
Net assets, end of period (in thousands)	$	108,490		$	112,548		$	124,174		$	128,885		$	127,590		$	110,987
Ratios to average net assets:
Expenses (c)		1.16	%(d)		1.14	%		1.11	%		1.12	%		1.19	%		1.20	%
Net investment income		2.32	%(d)		2.29	%		2.69	%		2.92	%		3.51	%		3.85	%
Portfolio turnover rate (excluding short-term securities)		20.8	%		42.4	%		19.3	%		17.7	%		38.8	%		18.8	%

(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 Equity Fund

	Class 2 Shares
	Six months ended June 30, 2016 (unaudited)			Period ended December 31, 2015 (a)
Net asset value, beginning of period	$	10.064		$	10.000
Income from investment operations:
Net investment income (b) .		.129			.066
Net gains (losses) (both realized and unrealized)		.396			(.002	)
Total from investment operations		.525			.064
Net asset value, end of period	$	10.589		$	10.064
Total return (c)		5.22	%		0.64	%
Net assets, end of period (in thousands)	$	112,691		$	25,514
Ratios to average net assets:
Expenses before waiver (d)		1.22	%(e)		2.28	%(e)
Expenses net of waiver (d)(f)		.80	%(e)		.80	%(e)
Net investment income		2.48	%(e)		5.53	%(e)
Portfolio turnover rate (excluding short-term securities)		6.8	%		0.0	%

(a) The Fund commenced operations on November 18, 2015.

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

(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, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	1.894		$	1.835		$	1.731		$	1.761		$	1.698		$	1.587
Income from investment operations:
Net investment income (a)		.022			.042			.031			.029			.038			.025
Net gains (losses) (both realized and unrealized)		.037			.017			.073			(.059	)		.025			.086
Total from investment operations		.059			.059			.104			(.030	)		.063			.111
Net asset value, end of period	$	1.953		$	1.894		$	1.835		$	1.731		$	1.761		$	1.698
Total return (b)		3.10	%		3.21	%		6.03	%		(1.73	)%		3.75	%		7.00	%
Net assets, end of period (in thousands)	$	260		$	913		$	813		$	985		$	521		$	196
Ratios to average net assets:
Expenses (c)		.66	%(d)		.64	%		.63	%		.68	%		.68	%		.63	%
Net investment income		2.28	%(d)		2.25	%		1.73	%		1.67	%		2.18	%		1.54	%
Portfolio turnover rate (excluding short-term securities)		34.8	%		141.4	%		232.2	%		370.7	%		231.3	%		241.8	%
	Class 2 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	1.861		$	1.808		$	1.709		$	1.744		$	1.685		$	1.579
Income from investment operations:
Net investment income (a)		.019			.037			.026			.025			.034			.022
Net gains (losses) (both realized and unrealized)		.036			.016			.073			(.060	)		.025			.084
Total from investment operations		.055			.053			.099			(.035	)		.059			.106
Net asset value, end of period	$	1.916		$	1.861		$	1.808		$	1.709		$	1.744		$	1.685
Total return (b)		2.97	%		2.95	%		5.76	%		(1.98	)%		3.49	%		6.73	%
Net assets, end of period (in thousands)	$	94,694		$	93,502		$	97,348		$	95,570		$	96,902		$	105,053
Ratios to average net assets:
Expenses (c)		.91	%(d)		.89	%		.88	%		.93	%		.93	%		.87	%
Net investment income		2.03	%(d)		2.00	%		1.48	%		1.44	%		1.98	%		1.34	%
Portfolio turnover rate (excluding short-term securities)		34.8	%		141.4	%		232.2	%		370.7	%		231.3	%		241.8	%

(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, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	4.324		$	4.108		$	3.143		$	3.100		$	2.623		$	2.482
Income from investment operations:
Net investment income (a)		.070			.066			.062			.050			.052			.031
Net gains (losses) (both realized and unrealized)		.410			.150			.903			(.007	)		.425			.110
Total from investment operations		.480			.216			.965			.043			.477			.141
Net asset value, end of period	$	4.804		$	4.324		$	4.108		$	3.143		$	3.100		$	2.623
Total return (b)		11.10	%		5.25	%		30.70	%		1.40	%		18.20	%		5.68	%
Net assets, end of period (in thousands)	$	2,763		$	6,750		$	5,489		$	3,713		$	2,522		$	458
Ratios to average net assets:
Expenses (c)		.82	%(d)		.84	%		.85	%		.90	%		.93	%		.92	%
Net investment income		3.25	%(d)		1.59	%		1.70	%		1.55	%		1.75	%		2.44	%
Portfolio turnover rate (excluding short-term securities)		33.2	%		65.8	%		85.4	%		39.8	%		47.6	%		57.7	%
	Class 2 Shares
	Six months ended June 30, 2016			Year ended December 31,
	(unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	4.249		$	4.047		$	3.104		$	3.069		$	2.603		$	2.469
Income from investment operations:
Net investment income (a)		.063			.053			.050			.038			.034			.023
Net gains (losses) (both realized and unrealized) .		.403			.149			.893			(.003	)		.432			.111
Total from investment operations .		.466			.202			.943			.035			.466			.134
Net asset value, end of period	$	4.715		$	4.249		$	4.047		$	3.104		$	3.069		$	2.603
Total return (b)		10.96	%		4.99	%		30.37	%		1.15	%		17.90	%		5.42	%
Net assets, end of period (in thousands)	$	154,230		$	145,156		$	141,391		$	112,753		$	108,327		$	98,444
Ratios to average net assets:
Expenses (c)		1.07	%(d)		1.09	%		1.10	%		1.15	%		1.18	%		1.16	%
Net investment income		2.98	%(d)		1.30	%		1.40	%		1.18	%		1.16	%		2.12	%
Portfolio turnover rate (excluding short-term securities)		33.2	%		65.8	%		85.4	%		39.8	%		47.6	%		57.7	%

(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

	Class 2 Shares
	Six months ended June 30, 2016			Year or Period ended December 31,
	(unaudited)			2015			2014 (a)
Net asset value, beginning of period	$	12.012		$	11.253		$	10.000
Income from investment operations:
Net investment income (b)		.016			.001			.011
Net gains (losses) (both realized and unrealized)		(.509	)		.758			1.242
Total from investment operations		(.493	)		.759			1.253
Net asset value, end of period	$	11.519		$	12.012		$	11.253
Total return (c)		(4.10	)%		6.74	%		12.53	%
Net assets, end of period (in thousands)	$	441,929		$	479,081		$	500,575
Ratios to average net assets:
Expenses (d)		.98	%(e)		.97	%		.96	%(e)
Net investment income		.28	%(e)		.01	%		.15	%(e)
Portfolio turnover rate (excluding short-term securities)		25.9	%		31.9	%		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

	Class 2 Shares
	Six months ended June 30, 2016			Year or Period ended December 31,
	(unaudited)			2015			2014 (a)
Net asset value, beginning of period	$	10.414		$	10.810		$	10.000
Income from investment operations:
Net investment income (b)		(.040	)		(.090	)		(.048	)
Net gains (losses) (both realized and unrealized)		1.107			(.306	)		.858
Total from investment operations		1.067			(.396	)		.810
Net asset value, end of period	$	11.481		$	10.414		$	10.810
Total return (c)		10.24	%		(3.66	)%		8.10	%
Net assets, end of period (in thousands)	$	153,904		$	145,465		$	182,284
Ratios to average net assets:
Expenses (d)		1.24	%(e)		1.19	%		1.22	%(e)
Net investment income		(.77	)%(e)		(.80	)%		(.71	)%(e)
Portfolio turnover rate (excluding short-term securities)		39.2	%		65.4	%		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, 2016			Year or Period ended December 31,
	(unaudited)			2015			2014 (a)
Net asset value, beginning of period	$	11.261		$	11.148		$	10.000
Income from investment operations:
Net investment income (b)		.040			.075			.053
Net gains (losses) (both realized and unrealized)		(.117	)		.038			1.095
Total from investment operations		(.077	)		.113			1.148
Net asset value, end of period	$	11.184		$	11.261		$	11.148
Total return (c)		(0.68	)%		1.01	%		11.48	%
Net assets, end of period (in thousands)	$	621		$	587		$	663
Ratios to average net assets:
Expenses (d)		.79	%(e)		.78	%		.86	%(e)
Net investment income .		75	%(e)		.66	%		.74	%(e)
Portfolio turnover rate (excluding short-term securities)		46.5	%		84.6	%		54.2	%
	Class 2 Shares
	Six months ended June 30, 2016			Year or Period ended December 31,
	(unaudited)			2015			2014 (a)
Net asset value, beginning of period	$	11.214		$	11.129		$	10.000
Income from investment operations:
Net investment income (b)		.026			.046			.035
Net gains (losses) (both realized and unrealized)		(.116	)		.039			1.094
Total from investment operations		(.090	)		.085			1.129
Net asset value, end of period	$	11.124		$	11.214		$	11.129
Total return (c)		(0.81	)%		0.76	%		11.29	%
Net assets, end of period (in thousands)	$	119,767		$	128,297		$	141,272
Ratios to average net assets:
Expenses (d)		1.04	%(e)		1.03	%		1.11	%(e)
Net investment income		.49	%(e)		.41	%		.49	%(e)
Portfolio turnover rate (excluding short-term securities)		46.5	%		84.6	%		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

	Class 2 Shares
	Six months ended June 30, 2016			Year or Period ended December 31,
	(unaudited)			2015			2014 (a)
Net asset value, beginning of period	$	10.617		$	10.836		$	10.000
Income from investment operations:
Net investment income (b)		.079			.119			.077
Net gains (losses) (both realized and unrealized)		.132			(.338	)		.759
Total from investment operations		.211			(.219	)		.836
Net asset value, end of period	$	10.828		$	10.617		$	10.836
Total return (c)		1.99	%		(2.02	)%		8.36	%
Net assets, end of period (in thousands)	$	202,067		$	207,698		$	233,202
Ratios to average net assets:
Expenses (d)		1.04	%(e)		1.01	%		1.02	%(e)
Net investment income		1.52	%(e)		1.10	%		1.10	%(e)
Portfolio turnover rate (excluding short-term securities)		59.7	%		65.0	%		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, 2016

(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 the following Funds: SFT Advantus Bond, SFT Advantus Dynamic Managed Volatility (formerly known as SFT Advantus Managed Volatility Fund), SFT Advantus Government Money Market (formerly known as SFT Advantus Money Market Fund), SFT Advantus Index 400 Mid-Cap, SFT Advantus Index 500, SFT Advantus International Bond, SFT Advantus Managed Volatility Equity, 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. Advantus Capital Management, Inc. ("Advantus Capital"), a wholly-owned subsidiary of Securian Financial Group, Inc., serves as the investment adviser to each of the Funds in the Trust pursuant to an investment advisory agreement between Advantus Capital and the Trust. The Trust's prospectus provides a detailed description of each Fund's investment objective, policies and strategies. The Funds may issue two classes of shares: Class 1 and Class 2, except for the SFT Advantus Dynamic Managed Volatility Fund, SFT Advantus Government Money Market Fund, SFT Advantus Managed Volatility Equity 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 Advantus Dynamic Managed Volatility Fund, SFT Advantus Government Money Market Fund, SFT Advantus Managed Volatility Equity 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.

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.

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

Securian Funds Trust
Notes to Financial Statements – continued

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

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 Valuation 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 Government Money Market Fund, are valued at market. Pursuant to Rule 2a-7 of the 1940 Act, all securities in the SFT Advantus Government 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 Government 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.

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

Securian Funds Trust
Notes to Financial Statements – continued

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

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 for protection from market changes, the Funds (excluding the SFT Advantus Government 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 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 (i.e. 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 appreciation and depreciation until the payments are made, at which time they are realized.

Options Transactions

Each Fund (excluding the SFT Advantus Government 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. An option is a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

Option contracts are valued daily and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate

Securian Funds Trust
Notes to Financial Statements – continued

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

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 agencies 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, 2016, no Funds were invested in repurchase agreements.

Federal Taxes

Each Fund, other than SFT Advantus Dynamic Managed Volatility Fund, SFT Advantus International Bond Fund, SFT Advantus Managed Volatility Equity 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"). A Fund is treated, for federal income tax purposes, as a partnership if it has more than one shareholder. 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. As a partnership, a Fund is not subject to income tax, and any income, gains, deductions or losses of the Fund will instead pass through and be taken into account for federal income tax purposes by its partners, which will be Minnesota Life and Securian Life through their respective separate accounts. SFT Advantus Dynamic Managed Volatility Fund, SFT Advantus Managed Volatility Equity Fund and SFT T. Rowe Price Value Fund are treated as disregarded entities for federal income tax purposes. While the Trust anticipates that each Fund other than SFT Advantus Dynamic Managed Volatility Fund, SFT Advantus Managed Volatility Equity 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 disregarded entity is disregarded for federal income tax purposes as an entity separate from its owner, and the owner is treated as directly owning the assets of the disregarded entity and takes into account for federal income tax purposes the income, gains, deductions and losses relating to those assets.

Effective January 1, 2016, SFT Advantus International Bond Fund elected to qualify and intends to continue to qualify as a regulated investment company for federal income tax purposes. The Fund's policy is to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all (or a sufficient amount) its taxable income and net capital gain to its shareholders. Therefore, no income tax provision is required.

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, 2016. The Funds' federal and state income tax returns for which the applicable statutes of limitations have not expired (2013, 2014 and 2015) 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.

Securian Funds Trust
Notes to Financial Statements – continued

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

Distributions to Shareholders

Distributions to shareholders from net investment income and realized gains (if any) for the SFT Advantus Government Money Market Fund are declared daily and reinvested at month-end in additional shares of capital stock. Distributions to shareholders from net investment income and realized gains (if any) for the SFT Advantus International Bond Fund are generally declared and reinvested in additional shares of capital stock on an annual basis. The SFT Advantus International Bond Fund uses consent dividends in place of regular distributions. The other SFT Funds are not required to distribute taxable income, and Funds other than SFT Advantus Government Money Market Fund and SFT Advantus International Bond Fund will not distribute taxable income.

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, 2016, the SFT Advantus Bond Fund and SFT Advantus Mortgage Securities Fund had entered into outstanding, when-issued or forward commitments at fair value of $7,666,418 and $3,008,846, 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 ("Rule 2a-7"). In response to the amendments, effective April 29, 2016, the Fund has changed its name to the SFT Advantus Government Money Market Fund and converted to a 'government' money market fund, as defined under Rule 2a-7. As a result, on and after April 29, 2016, the Fund will invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash or government securities), as required by Rule 2a-7. It is expected that the fund's future total returns will be lower than its historical returns due to the conversion to a government money market 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, 2016 were as follows:

	Non-U.S. Government				U.S. Government*
	Purchases		Sales		Purchases		Sales
SFT Advantus Bond Fund	$	94,140,242	$	92,775,012	$	505,576,405	$	544,172,165
SFT Advantus Dynamic Managed Volatility Fund		40,467,823		250,000		–		203,026
SFT Advantus Index 400 Mid-Cap Fund		18,328,707		46,204,548		–		–
SFT Advantus Index 500 Fund		15,673,539		14,422,984		–		–
SFT Advantus International Bond Fund		12,783,070		21,109,367		–		–
SFT Advantus Managed Volatility Equity Fund		74,195,094		3,859,677		–		–
SFT Advantus Mortgage Securities Fund		2,849,566		4,145,888		29,218,510		32,305,103
SFT Advantus Real Estate Securities Fund		49,613,372		57,081,765		–		–
SFT Ivy^SM Growth Fund		114,182,757		139,954,940		–		–
SFT Ivy^SM Small Cap Growth Fund		54,346,711		70,580,340		–		–
SFT Pyramis^® Core Equity Fund		56,288,133		60,437,152		–		–
SFT T. Rowe Price Value Fund		118,167,312		130,004,439		–		–

* 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

Securian Funds Trust
Notes to Financial Statements – continued

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

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 Dynamic Managed Volatility Fund				0.65% of all assets
SFT Advantus Government Money Market Fund				0.30% of net assets to $1 billion; and 0.25% 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 Equity Fund				0.65% of all assets
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 FIAM, 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 are generally allocated based upon the proportionate daily net assets of each Fund.

Securian Funds Trust
Notes to Financial Statements – continued

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

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 $4,555 to $23,998.

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 2016, 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.

Distribution Fees

The Trust has adopted a Rule 12b-1 Distribution Plan which covers all of its Class 2 shares and its SFT Advantus Dynamic Managed Volatility Fund, SFT Advantus Managed Volatility Equity Fund, SFT Advantus Government 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 Government 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 Government Money Market Fund), Advantus Capital and Securian Financial. Under such Agreement, Advantus Capital agrees to waive, reimburse or pay SFT Advantus Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. 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, 2016, the advisory, 12b-1 distribution and other fee waivers totaled $127,005, $105,837, and $73 respectively. These amounts are reflected as fees waived in the accompanying Statement of Operations. As of June 30, 2016, Advantus Capital and Securian Financial have collectively waived a cumulative total of $4,331,315 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $1,856,196 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, 2017 and 2018 are $1,204,462, and $551,518, respectively. If Advantus Capital and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be

Securian Funds Trust
Notes to Financial Statements – continued

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

negatively affected for an indefinite period. The Agreement shall continue in effect following April 30, 2017, provided such continuance is specifically approved by a majority of the Trust's independent Trustees.

SFT Advantus Dynamic Managed Volatility Fund Expense Waivers

Advantus Capital and the Trust, on behalf of the SFT Advantus Dynamic 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, 2017. 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. For the six months ended June 30, 2016, the advisory waivers totaled $231,074. This amount is reflected as fees waived in the accompanying Statement of Operations. As of June 30, 2016, Advantus Capital has waived a cumulative total of $1,070,170 pursuant to the Agreement, of which $1,047,142 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, 2017 and 2018 are $804,298 and $449,746 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.

SFT Advantus Managed Volatility Equity Fund Expense Waivers

Advantus Capital and the Trust, on behalf of the SFT Advantus Managed Volatility Equity Fund, have entered into an Expense Limitation Agreement, dated November 18, 2015, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with 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 November 17, 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. For the six months ended June 30, 2016, the advisory waivers totaled $133,291. This amount is reflected as fees waived in the accompanying Statement of Operations. As of June 30, 2016, Advantus Capital has waived a cumulative total of $171,087 pursuant to the Agreement, of which $171,087 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, 2017 and 2018 are $171,087 and $171,087 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.

Cross-Trades

The Funds are permitted to purchase and sell securities ("cross-trade") from and to other Funds within the Trust as well as outside of the Trust, where both accounts are managed by the same sub-adviser pursuant to

Securian Funds Trust
Notes to Financial Statements – continued

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

"Cross-Trading" procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by a respective Fund from and to another fund that is or could be considered an affiliate of the Funds under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price to save costs where allowed. The Funds did not engage in cross-trades during the six months ended June 30, 2016.

(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 Government Money Market Fund which limits its investment in illiquid securities to 5% of net assets. At June 30, 2016, the SFT Advantus Bond Fund, SFT Advantus Dynamic Managed Volatility Fund and SFT Advantus Mortgage Securities Fund held illiquid securities of $9,005,678, $1,724,911, and $1,770,227, respectively, which represent 2.4%, 0.8% and 1.9% 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, 2016:

Security	Acquisition Date	Cost
SFT Advantus Bond Fund
American Airlines 2013-2 Class B Pass Through Trust	12/17/2013	$	1,475,879
FAN Engine Securitization, Ltd.	10/18/2013		449,578
Hometown Commercial Mortgage	Various		745,929
JPMorgan Chase Commercial Mortgage Securities Corp.	03/22/2010		615,946
Longtrain Leasing III LLC, 2015 - 1A Class A1	01/23/2015		1,327,733
Multi Security Asset Trust	Various		1,524,644
Mylan NV	05/31/2016		2,997,497
		$	9,137,206
SFT Advantus Dynamic Managed Volatility Fund
Aquarion Co.	08/19/2014	$	498,220
Kansas City Southern	05/01/2013		253,364
Longtrain Leasing III LLC, 2015 - 1A Class A2	01/23/2015		999,570
		$	1,751,154
SFT Advantus Mortgage Securities Fund
CountryPlace Manufactured Housing Contract Trust	06/29/2005	$	51,113
FAN Engine Securitization, Ltd.	10/18/2013		120,236
Government National Mortgage Association (GNMA)	06/17/2003		533,309
Hometown Commercial Mortgage	11/28/2006		189,032
JPMorgan Chase Commercial Mortgage Securities Corp.	03/22/2010		199,398
Longtrain Leasing III LLC, 2015 - 1A Class A1	01/23/2015		294,577
Multi Security Asset Trust	Various		978,707
		$	2,366,372

(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

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

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, 2016, 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, 2016 using
Fund	Level 1			Level 2		Level 3		Total
SFT Advantus Bond Fund
Assets
Government Obligations	$	—		$	172,743,982	$	—	$	172,743,982
Asset-Backed Securities		—			18,452,875		—		18,452,875
Other Mortgage-Backed Securities		—			19,778,184		—		19,778,184
Corporate Obligations		—			159,182,768		—		159,182,768
Investment Companies		17,832,089			—		—		17,832,089
Total Investments		17,832,089			370,157,809		—		387,989,898
Other Financial Instruments* Futures Contracts		112,823			—		—		112,823
Liabilities
Other Financial Instruments* Futures Contracts		(608,092	)		—		—		(608,092	)
SFT Advantus Dynamic Managed Volatility Fund¹
Assets
Government Obligations		—			3,689,514		—		3,689,514
Asset-Backed Securities		—			940,821		—		940,821
Other Mortgage-Backed Securities		—			1,030,384		—		1,030,384
Corporate Obligations		—			86,489,730		—		86,489,730
Investment Companies		171,389,589			—		—		171,389,589
Total Investments		171,389,589			92,150,449		—		263,540,038
Liabilities
Other Financial Instruments* Futures Contracts		(383,152	)		—		—		(383,152	)
SFT Advantus Government Money Market Fund²
Assets
U.S. Government Obligations		—			70,436,240		—		70,436,240
Investment Companies		10,734,105			—		—		10,734,105
Total Investments		10,734,105			70,436,240		—		81,170,345
SFT Advantus Index 400 Mid-Cap Fund
Assets
Common Stocks		177,221,990			—		—		177,221,990
Investment Companies		16,621,533			—		—		16,621,533
Total Investments		193,843,523			—		—		193,843,523
Liabilities
Other Financial Instruments* Futures Contracts		(205,464	)		—		—		(205,464	)

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

	Fair Value Measurement at June 30, 2016 using
Fund	Level 1			Level 2			Level 3		Total
SFT Advantus Index 500 Fund
Assets
Common Stocks	$	688,087,445		$	—		$	—	$	688,087,445
Investment Companies		17,465,396			—			—		17,465,396
Total Investments		705,552,841			—			—		705,552,841
Liabilities
Other Financial Instruments* Futures Contracts		(57,505	)		—			—		(57,505	)
SFT Advantus International Bond Fund
Assets
Long-Term Debt Securities		—			63,805,355			—		63,805,355
Short-Term Debt Securities		—			22,905,251			—		22,905,251
Investment Companies		29,352,807			—			—		29,352,807
Total Investments		29,352,807			86,710,606			—		116,063,413
Other Financial Instruments* Forward Foreign Currency Contracts		—			995,597			—		995,597
Liabilities
Other Financial Instruments* Forward Foreign Currency Contracts		—			(4,535,712	)		—		(4,535,712	)
Interest Rate Swap Contracts		—			(1,866,617	)		—		(1,866,617	)
SFT Advantus Managed Volatility Equity Fund
Assets
Investment Companies		111,727,330			—			—		111,727,330
Total Investments		111,727,330			—			—		111,727,330
Liabilities
Other Financial Instruments* Futures Contracts		(402,665	)		—			—		(402,665	)
SFT Advantus Mortgage Securities Fund
Assets
Government Obligations		—			77,543,256			—		77,543,256
Asset-Backed Securities		—			5,061,457			—		5,061,457
Other Mortgage-Backed Securities		—			5,040,530			—		5,040,530
Corporate Obligations		—			1,482,695			—		1,482,695
Investment Companies		9,754,119			—			—		9,754,119
Total Investments		9,754,119			89,127,938			—		98,882,057
SFT Advantus Real Estate Securities Fund
Assets
Common Stocks		155,298,999			—			—		155,298,999
Investment Companies		1,130,781			—			—		1,130,781
Total Investments		156,429,780			—			—		156,429,780
SFT Ivy^SM Growth Fund
Assets
Common Stocks		428,388,643			—			—		428,388,643
Investment Companies		16,730,774			—			—		16,730,774
Total Investments		445,119,417			—			—		445,119,417
SFT Ivy^SM Small Cap Growth Fund
Assets
Common Stocks		144,129,626			—			—		144,129,626
Investment Companies		13,208,250			—			—		13,208,250
Total Investments		157,337,876			—			—		157,337,876

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

	Fair Value Measurement at June 30, 2016 using
Fund	Level 1		Level 2		Level 3		Total
SFT Pyramis^® Core Equity Fund
Assets
Common Stocks	$	120,181,455	$	—	$	—	$	120,181,455
Short-Term Securities		616,451		—		—		616,451
Total Investments		120,797,906		—		—		120,797,906
SFT T. Rowe Price Value Fund
Assets
Common Stocks		196,999,357		—		—		196,999,357
Investment Companies		6,252,339		—		—		6,252,339
Total Investments		203,251,696		—		—		203,251,696

* 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.

¹Formerly SFT Advantus Managed Volatility Fund.

²Formerly SFT Advantus Money Market Fund.

Level 2 Measurements:

Government obligations comprised of U.S. Treasury, agency and government guaranteed fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on quoted prices in markets that are not active or using matrix pricing or other similar techniques using standard market observable inputs such as the benchmark U.S. Treasury yield curve, the spread of the U.S. Treasury curve for the identical security and comparable securities that are actively traded.

Asset-backed and other mortgage-backed securities comprised of RMBS, CMBS and ABS fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans, etc.

Corporate obligations comprised of U.S. corporate and foreign corporate fixed maturity securities – These securities are principally valued using the market and income approaches. Valuation is based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques that use standard market observable inputs such as benchmark yields, spreads off benchmark yields, new issuances, issuer rating, duration, and trades of identical or comparable securities. Investment grade privately placed securities are valued using discounted cash flow methodologies using standard market observable inputs, and inputs derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer.

Long-term and short-term debt securities comprised of foreign government and state and political subdivision fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing or other similar techniques using standard market observable inputs including benchmark U.S. Treasury or other yields, issuer ratings, broker-dealer quotes, issuer spreads and reported trades of similar securities, including those within the same sub-sector or with a similar maturity or credit rating.

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

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

techniques. The significant inputs to the models are observable in the market or can be derived from or corroborated by observable market data. These significant inputs may include interest rates, foreign currency exchange rates, interest rate curves, contractual terms, market prices, and measures of volatility.

The Funds did not hold any investments categorized as Level 3 during and as of the end of the period.

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

(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, 2016.

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

The SFT Advantus Real Estate Securities Fund includes as a non-principal investment strategy the writing (selling) of covered call options. Generally, the strategy will write call options near a price target for the stock. The goal of the covered call strategy is to enhance income of the Fund through the receipt of premium income from the sale of the call, and to decrease volatility of the overall Fund.

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.

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, 2016			Statement of Assets and Liabilities Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Bond Fund	Futures	$	(495,269	)	Variation margin receivable/payable*	$	–		$	(495,269	)	$	–
SFT Advantus Dynamic Managed Volatility Fund	Futures		(383,152	)	Variation margin receivable/payable*		(22,690	)		(360,462	)		–
SFT Advantus Index 400 Mid-Cap Fund	Futures		(205,464	)	Variation margin receivable/payable*		(205,464	)		–			–
SFT Advantus Index 500 Fund	Futures		(57,505	)	Variation margin receivable/payable*		(57,505	)		–			–
SFT Advantus International Bond Fund	Foreign Currency Forwards		995,597		Unrealized appreciation on forward foreign currency contracts		–			–			995,597
	Foreign Currency Forwards		(4,535,712	)	Unrealized depreciation on forward foreign currency contracts		–			–			(4,535,712	)
	Swaps		(1,866,617	)	Variation margin receivable/payable*		–			(1,866,617	)		–
SFT Advantus Managed Volatility Equity Fund	Futures		(402,665	)	Variation margin receivable/payable*		(402,665	)		–			–

* 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.

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

						Realized Gain (Loss) on Derivatives Recognized in Income
Fund	Instrument Type	Total Value for Period Ended June 30, 2016			Statement of Operations Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Bond Fund	Futures	$	(590,053	)	Net realized gains (losses) from futures transactions	$	–		$	(590,053	)	$	–
SFT Advantus Dynamic Managed Volatility Fund	Futures		(498,305	)	Net realized gains (losses) from futures transactions		(122,091	)		(376,214	)		–
SFT Advantus Index 400 Mid-Cap Fund	Futures		1,252,810		Net realized gains (losses) from futures transactions		1,252,810			–			–
SFT Advantus Index 500 Fund	Futures		714,673		Net realized gains (losses) from futures transactions		714,673			–			–
SFT Advantus International Bond Fund	Foreign Currency Forwards		(1,888,465	)	Net realized gains (losses) from foreign currency transactions		–			–			(1,888,465	)
	Swaps		(163,407	)	Net realized gains (losses) from swaps		–			(163,407	)		–
SFT Advantus Managed Volatility Equity Fund	Futures		(1,239,929	)	Net realized gains (losses) from futures transactions		(1,239,929	)		–			–
						Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Instrument Type	Total Value for Period Ended June 30, 2016			Statement of Operations Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Bond Fund	Futures	$	(533,333	)	Net change in unrealized appreciation or depreciation on futures transactions	$	–		$	(533,333	)	$	–
SFT Advantus Dynamic Managed Volatility Fund	Futures		(378,665	)	Net change in unrealized appreciation or depreciation on futures transactions		(18,203	)		(360,462	)		–
SFT Advantus Index 400 Mid-Cap Fund	Futures		(108,140	)	Net change in unrealized appreciation or depreciation on futures transactions		(108,140	)		–			–
SFT Advantus Index 500 Fund	Futures		(136,816	)	Net change in unrealized appreciation or depreciation on futures transactions		(136,816	)		–			–

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, 2016			Statement of Operations Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus International Bond Fund	Foreign Currency Forwards	$	(4,229,318	)	Net change in unrealized appreciation or depreciation on foreign currency transactions	$	–		$	–		$	(4,229,318	)
	Swaps		(1,317,153	)	Net change in unrealized appreciation or depreciation on swaps transactions		–			(1,317,153	)		–
SFT Advantus Managed Volatility Equity Fund	Futures		(462,469	)	Net change in unrealized appreciation or depreciation on futures transactions		(462,469	)					–

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, 2016, none of the Funds derivatives were subject to master netting arrangements.

(8) Affiliated Ownership

The SFT Advantus Dynamic 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 common control with the SFT Advantus Dynamic 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 Dynamic 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, 2016 is as follows:

Fund/ Underlying Fund

Balance
of Shares
Held at
December 31,
2015

Gross
Additions

Gross
Sales

Balance
of Shares
Held at
June 30, 2016

Value at
June 30, 2016

Realized
Gain
(Loss)

Distributions
Received

SFT Advantus Dynamic Managed
Volatility Fund

SFT Advantus Index 500 Fund

9,914,237

4,310,381

–

14,224,618

115,502,916

–

(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.

100

Securian Funds Trust
Other Information

(unaudited)

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, 2016 through June 30, 2016. 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 366 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.

	Actual Expenses
	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	$	1,054.70		0.49	%	$	2.50	$	1,053.40		0.74	%	$	3.78
SFT Advantus Dynamic Managed Volatility Fund¹		1,000		NA		NA			NA		1,040.50		0.80	%		4.06
SFT Advantus Government Money Market Fund²		1,000		NA		NA			NA		1,000.00		0.38	%		1.89
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,077.90		0.26	%		1.34		1,076.60		0.51	%		2.63
SFT Advantus Index 500 Fund		1,000		1,037.20		0.20	%		1.01		1,036.00		0.45	%		2.28
SFT Advantus International Bond Fund		1,000		985.80		0.91	%		4.49		984.60		1.16	%		5.67
SFT Advantus Managed Volatility Equity Fund		1,000		NA		NA			NA		1,052.20		0.80	%		4.08
SFT Advantus Mortgage Securities Fund		1,000		1,031.00		0.66	%		3.33		1,029.70		0.91	%		4.59
SFT Advantus Real Estate Securities Fund		1,000		1,111.00		0.82	%		4.30		1,109.60		1.07	%		5.61
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		959.00		0.98	%		4.77
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,102.40		1.24	%		6.48
SFT Pyramis^® Core Equity Fund		1,000		993.20		0.79	%		3.92		991.90		1.04	%		5.15
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,019.90		1.04	%		5.22

¹ Formerly SFT Advantus Managed Volatility Fund.

² Formerly SFT Advantus Money Market Fund.

101

Securian Funds Trust
Other Information – continued

(unaudited)

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.

	Hypothetical Expenses
	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	$	1,022.43		0.49	%	$	2.46	$	1,021.18		0.74	%	$	3.72
SFT Advantus Dynamic Managed Volatility Fund¹		1,000		NA		NA			NA		1,020.89		0.80	%		4.02
SFT Advantus Government Money Market Fund²		1,000		NA		NA			NA		1,022.97		0.38	%		1.91
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,023.57		0.26	%		1.31		1,022.33		0.51	%		2.56
SFT Advantus Index 500 Fund		1,000		1,023.87		0.20	%		1.01		1,022.63		0.45	%		2.26
SFT Advantus International Bond Fund		1,000		1,020.34		0.91	%		4.57		1,019.14		1.16	%		5.77
SFT Advantus Managed Volatility Equity Fund		1,000		NA		NA			NA		1,020.89		0.80	%		4.02
SFT Advantus Mortgage Securities Fund		1,000		1,021.58		0.66	%		3.32		1,020.34		0.91	%		4.57
SFT Advantus Real Estate Securities Fund		1,000		1,020.79		0.82	%		4.12		1,019.54		1.07	%		5.37
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,019.99		0.98	%		4.92
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,018.70		1.24	%		6.22
SFT Pyramis^® Core Equity Fund		1,000		1,020.93		0.79	%		3.97		1,019.69		1.04	%		5.22
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,019.69		1.04	%		5.22

¹ Formerly SFT Advantus Managed Volatility Fund.

² Formerly SFT Money Market Fund.

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.

102

Securian Funds Trust
Other Information – continued

(unaudited)

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.

103

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 28, 2016. 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 FIAM, 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 2016 report prepared by Broadridge Financial Solutions, Inc. ("Broadridge") containing comparisons of each Fund's investment management, non-management and total expenses with industry peers independently selected by Broadridge.

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 and Managed Volatility Equity Funds 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 and Managed Volatility Equity Funds invest.

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 Broadridge peer groups and with one or more benchmark indices.

104

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

The Trustees noted that Bond Fund outperformed the Broadridge peer group average for the 1, 3 and 5-year periods, that Mortgage Securities Fund was in the top quintile of its Broadridge peer group for the most recent quarter, and the 1, 3 and 5-year periods and that International Bond Fund was in the top third of its Broadridge peer group for the quarter, and the 3, 5 and 10-year periods but had somewhat underperformed its peer group during the 1-year period ended December 31, 2015. The Trustees also noted that Real Estate Securities Fund is in the top quartile (or higher) of its peer group for the most recent quarter, and for the 1 and 3-year period, showing strong improvement from its longer term relative performance. The Trustees then noted that the Index 400 and Index 500 Funds continue to perform in line with their respective benchmarks, and that the Money Market Fund's performance is in-line with its peer group for all relevant periods. The Trustees then observed that the Managed Volatility Fund is performing consistently with its objective, and that the newer Managed Volatility Equity Fund is also performing as intended. With respect to the Sub-Advised Funds, the Trustees noted that Ivy^SM Growth Fund outperformed its benchmark for the most recent quarter and for the one-year period ended December 31, 2015, that Ivy^SM Small Cap Growth Fund had somewhat underperformed both its peer group average and its benchmark during the same periods (with improving performance so far in 2016), that Pyramis^® Core Equity Fund had underperformed its peer group and benchmark during the most recent quarter but had outperformed its peer group (while somewhat underperforming its benchmark for the most recent year), and T. Rowe Price Value Fund had outperformed both its peer group average and benchmark during the quarter and the one-year period and is in the top quintile of its peer group for the quarter and the one-year period.

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 28, 2016 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,

105

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

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 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 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.

106

Securian Funds Trust
Trustees and Executive Officers
(unaudited)

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(2)	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

107

Securian Funds Trust
Trustees and Executive Officers – continued
(unaudited)

Name, Address(1) and Year of Birth	Position with Trust and Length of Time Served(2)	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

108

Securian Funds Trust
Trustees and Executive Officers – continued
(unaudited)

Name, Address(1) and Year of Birth	Position with Trust and Length of Time Served(2)	Principal Occupation(s) During Past 5 Years
Other Executive Officers(3)
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

109

Securian Funds Trust
Trustees and Executive Officers – continued
(unaudited)

Name, Address(1) and Year of Birth	Position with Trust and Length of Time Served(2)	Principal Occupation(s) During Past 5 Years
Other Executive Officers(3) — 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	Senior Counsel with the law firm of Dorsey & Whitney LLP since January 2016; Partner from 1976 to December 2015

110

Securian Funds Trust
Trustees and Executive Officers – continued
(unaudited)

(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) Dates reflect when a person became a director or officer of Advantus Series Fund, the predecessor to the Trust.

(3) 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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114

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 8-2016

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 8-2016

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 16, 2016

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 16, 2016

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