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)

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

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

Date of fiscal year end:	December 31

Date of reporting period:		June 30, 2017

ITEM 1. REPORT TO STOCKHOLDERS.

Filed herewith.

Securian Funds Trust

Semi-Annual Report

June 30, 2017

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

SFT Advantus Bond Fund

SFT Advantus Dynamic Managed Volatility Fund
SFT Advantus Government 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 June 29, 2017 to the Prospectus of Securian Funds Trust dated May 1, 2017.

Effective June 1, 2017, Jeremy Gogos, Ph. D. will become an additional portfolio manager for the SFT Advantus Dynamic Managed Volatility Fund and the SFT Advantus Managed Volatility Equity Fund.

The text on page 12, under the caption "SFT Advantus Dynamic Managed Volatility Fund: Management," is replaced by the following:

SFT Advantus Dynamic Managed Volatility Fund: Management

The Fund is advised by Advantus Capital. The following individuals serve as the Fund's primary portfolio managers:

Name and Title				Primary Manager Since
David M. Kuplic Executive Vice President and Portfolio Manager, Advantus Capital				May 1, 2013
Craig M. Stapleton Vice President and Portfolio Manager, Advantus Capital				May 1, 2013
Jeremy Gogos, Ph. D. Associate Portfolio Manager, Advantus Capital				June 1, 2017

The text on page 37, under the caption "SFT Advantus Managed Volatility Equity Fund: Management," is replaced by the following:

SFT Advantus Managed Volatility Equity Fund: Management

The Fund is advised by Advantus Capital. The following individuals serve as the Fund's primary portfolio managers:

Name and Title				Primary Manager Since
David M. Kuplic Executive Vice President and Portfolio Manager, Advantus Capital				November 18, 2015
Craig M. Stapleton Vice President and Portfolio Manager, Advantus Capital				November 18, 2015
Jeremy Gogos, Ph. D. Associate Portfolio Manager, Advantus Capital				June 1, 2017

Please retain this supplement for future reference.

F89336 06-2017

The text relating to the SFT Advantus Dynamic Managed Volatility Fund and the SFT Advantus Managed Volatility Equity Fund starting on page 119, 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 Advantus
Dynamic
Managed
Volatility

David M. Kuplic
Executive Vice President
and Portfolio Manager,
Advantus Capital

May 1, 2013

Executive Vice President and Director
since July 2007, Advantus Capital,
and President, Securian Funds Trust
since July 2011

Craig M. Stapleton
Vice President and
Portfolio Manager,
Advantus Capital

May 1, 2013

Vice President and Portfolio Manager
since 2012, previously Portfolio
Manager since June 2012, Associate
Portfolio Manager 2010-2012, and
Quantitative Research Analyst 2005-
2010, Advantus Capital

Jeremy Gogos, Ph. D.
Associate Portfolio
Manager, Advantus Capital

June 1, 2017

Associate Portfolio Manager since
June 2017, previously Quantitative
Research Analyst since 2013,
Advantus Capital

SFT Advantus
Managed
Volatility
Equity

David M. Kuplic
Executive Vice President
and Portfolio Manager,
Advantus Capital

November 18, 2015

Executive Vice President and Director
since July 2007, Advantus Capital,
and President, Securian Funds Trust
since July 2011

Craig M. Stapleton
Vice President and
Portfolio Manager,
Advantus Capital

November 18, 2015

Vice President and Portfolio Manager
since 2012, previously Portfolio
Manager since June 2012, Associate
Portfolio Manager 2010-2012, and
Quantitative Research Analyst 2005-
2010, Advantus Capital

Jeremy Gogos, Ph. D.
Associate Portfolio
Manager, Advantus Capital

June 1, 2017

Associate Portfolio Manager since
June 2017, previously Quantitative
Research Analyst since 2013,
Advantus Capital

TABLE OF CONTENTS

	Page No.
*Fund Reviews*
SFT Advantus Bond Fund		1
SFT Advantus Dynamic Managed Volatility Fund		2
SFT Advantus Government 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		20
SFT Advantus Government Money Market Fund		26
SFT Advantus Index 400 Mid-Cap Fund		27
SFT Advantus Index 500 Fund		33
SFT Advantus International Bond Fund		40
SFT Advantus Managed Volatility Equity Fund		47
SFT Advantus Mortgage Securities Fund		48
SFT Advantus Real Estate Securities Fund		52
SFT Ivy^SM Growth Fund		53
SFT Ivy^SM Small Cap Growth Fund		55
SFT Pyramis^® Core Equity Fund		57
SFT T. Rowe Price Value Fund		59
*Financial Statements*
Statements of Assets and Liabilities		62
Statements of Operations		64
Statements of Changes in Net Assets		66
Financial Highlights		71
Notes to Financial Statements		84
*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, 2017, for each class of shares offered was as follows:

Class 1					3.15 percent*
Class 2					3.02 percent*

The Fund's benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 2.27 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

SFT Advantus Dynamic 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 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, 2017, the Fund had a net return of 7.71 percent*. This return reflects the waiver, reimbursement or payment of certain Fund expenses by its investment advisor.** The blended benchmark index, which is comprised of 60 percent of the S&P^® 500 Index and 40 percent of the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.48 percent over the same period. The S&P^® 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index returned 9.34 percent and 2.27 percent over the same period, respectively.

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, 2018. 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, 2017 Advantus Capital has waived $1,577,060 pursuant to the agreement, of which $1,311,188 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 Bloomberg Barclays U.S. Aggregate Bond Index.

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

SFT Advantus Government 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, 2017, the Fund had a net return of 0.00 percent*. This return reflects the waiver, reimbursement or payment of certain Fund expenses by its investment advisor and principal underwriter.** The Fund's benchmark, the Bloomberg Barclays U.S. Treasury Bill 1-3 Month, returned 0.31 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, 2017, Advantus Capital and Securian Financial have collectively waived $4,631,950 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $1,505,097 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 is effective through April 30, 2018, and shall continue in effect thereafter, provided such continuance is specifically approved by Advantus Capital, Securian Financial, and a majority of the Trust's independent Trustees.

The Bloomberg Barclays U.S. Treasury Bill 1-3 Month 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, 2017, for each class of shares offered was as follows:

Class 1					5.84 percent*
Class 2					5.71 percent*

The Fund's benchmark, the Standard and Poor's MidCap 400^® Index, returned 5.99 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

"Standard & Poor's^®", "S&P^®", "Standard & Poor's MidCap 400" and "S&P MidCap 400" are trademarks of the S&P Global, Inc. and have been licensed for use by the Securian Funds Trust—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 $3.9 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, 2017, for each class of shares offered was as follows:

Class 1					9.22 percent*
Class 2					9.08 percent*

The Fund's benchmark, the Standard & Poor's 500^® Index, returned 9.34 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

"Standard & Poor's^®", "S&P^®", "Standard & Poor's 500" and "S&P 500" are trademarks of the S&P Global, Inc. and have been licensed for use by Securian Funds Trust—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, 2017, for each class of shares offered was as follows:

Class 1					2.63 percent*
Class 2					2.51 percent*

The Fund's benchmark, the Citigroup World Government Bond Index, returned 4.49 percent for the same period.

Country Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

African	3.46	%
Ghana Cedi	1.78	%
South African Rand	1.68	%
Americas	151.96	%
United States Dollar	109.00	%
Mexican Peso	23.70	%
Brazilian Real	14.03	%
Argentine Peso	4.85	%
Chilian Peso	0.38	%
Asia Pacific	-17.59	%
Indonesian Rupiah	10.89	%
Indian Rupee	7.65	%
Philippine Peso	2.29	%
Malaysian Ringgit	0.89	%
South Korean Won	-0.11	%
Australian Dollar	-9.04	%
Japanese Yen	-30.16	%
Europe	-37.83	%
Polish Zloty	0.06	%
Euro	-37.89	%

*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, 2017, the Fund had a net return of 8.32 percent*. This return reflects the waiver, reimbursement or payment of certain Fund expenses by its investment advisor.** The blended benchmark index, which is comprised of 60 percent of the S&P 500^® Low Volatility Index, 20 percent S&P 500^® BMI International Developed Low Volatility Index and 20 percent of the Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index, returned 8.21 percent over the same period. The S&P 500^® Low Volatility Index, S&P 500^® BMI International Developed Low Volatility Index and the Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index returned 8.87, 14.38, and 0.31 percent over the same period, respectively.

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, 2018. 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, 2017, Advantus Capital has waived $564,405 pursuant to the agreement, all of which was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to 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 500 BMI International Developed Low Volatility Index and 20% Bloomberg 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 500 BMI International Developed Low Volatility Index measures the performance of the 200 least volatile stocks in the S&P Developed Market large/midcap universe. Constituents are weighted relative to the inverse of their corresponding volatility, with the least volatile stocks receiving the highest weights. The Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index tracks the market for the on-the-run 3 month Treasury bill issued by the U.S. government.

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, 2017, for each class of shares offered was as follows:

Class 1					1.31 percent*
Class 2					1.19 percent*

The Fund's benchmark, the Bloomberg Barclays U.S. Mortgage-Backed Securities Index, returned 1.35 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

The Bloomberg 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, 2017, for each class of shares offered was as follows:

Class 1					3.20 percent*
Class 2					3.07 percent*

The Fund's benchmark, the Wilshire U.S. Real Estate Securities Index, returned 2.42 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

The Wilshire U.S. 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, 2017, the Fund had a net return of 13.14 percent*. The Fund's benchmark, the Russell 1000 Growth Index, returned 13.99 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, 2017, the Fund had a net return of 14.22 percent*. The Fund's benchmark, the Russell 2000 Growth Index, returned 9.97 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, 2017, for each class of shares offered was as follows:

Class 1					9.27 percent*
Class 2					9.13 percent*

The Fund's benchmark, the S&P 500^® Index, returned 9.34 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

SFT T. Rowe Price Value Fund

Fund Objective

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

Performance Update

For the six-month period ended June 30, 2017, the Fund had a net return of 8.43 percent*. The Fund's benchmark, the S&P 500^® Index, returned 9.34 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, 2017
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (98.6%)
Government Obligations (37.3%)
Other Government Obligations (1.3%)
Provincial or Local Government Obligations (1.3%)
Douglas County Public Utility District No. 1, 5.450%, 09/01/40	$	1,185,000	$	1,383,274
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,150,000		1,258,491
4.926%, 10/01/51		2,055,000		2,415,550
				5,057,315
U.S. Government Agencies and Obligations (36.0%)
Export-Import Bank of the United States (0.2%)
Tagua Leasing LLC, 1.732%, 09/18/24		630,422		616,793
Federal Home Loan Mortgage Corporation (FHLMC) (6.5%)
2.500%, 03/01/28		552,813		559,642
3.000%, 08/01/42		559,522		561,518
3.000%, 04/01/43		1,012,342		1,016,294
3.000%, 07/01/45		841,520		840,245
3.416%, 09/25/24 (b)		1,000,000		1,027,285
3.500%, 10/01/25		244,404		255,843
3.500%, 08/01/42		598,434		618,764
3.500%, 05/25/45		1,054,955		1,061,606
3.500%, 03/01/46		1,613,327		1,658,710
4.000%, 02/01/20		319,800		331,150
4.000%, 09/01/40		556,580		592,555
4.000%, 10/01/40		378,396		399,335
4.000%, 11/01/40		2,054,015		2,193,055
4.000%, 02/01/41		444,852		472,964
4.000%, 08/01/41		595,485		630,804
4.000%, 07/01/42		502,064		530,131
4.500%, 01/01/41		621,042		667,852
4.500%, 02/01/41		491,612		528,206
4.500%, 03/01/41		624,690		675,228
4.500%, 04/01/41		760,120		825,092
4.516%, 10/25/27 (b)		1,750,000		1,956,301
5.000%, 04/01/35		140,047		152,024
5.000%, 08/01/35		43,692		47,670
5.000%, 11/01/35		112,510		122,498
5.000%, 11/01/39		411,883		455,912
5.000%, 03/01/40		2,222,952		2,456,049
5.000%, 04/01/40		359,145		394,051
5.000%, 08/01/40		222,079		243,095
5.500%, 12/01/17		3,250		3,263
5.500%, 06/01/20		27,498		28,203
5.500%, 10/01/20		82,830		86,436
5.500%, 11/01/23		108,031		119,020
5.500%, 05/01/34		758,986		863,041
5.500%, 10/01/34		269,599		300,853
5.500%, 07/01/35		373,323		418,561
5.500%, 10/01/35		365,207		410,702
5.500%, 12/01/38		223,809		247,146
6.000%, 11/01/33		305,591		350,726

	Principal		Value(a)
6.500%, 09/01/32	$	66,148	$	77,021
6.500%, 06/01/36		304,542		346,394
7.000%, 12/01/37		60,534		65,480
				24,590,725
Federal National Mortgage Association (FNMA) (14.7%)
2.500%, 11/01/27		482,722		485,614
2.500%, 07/01/28		627,398		634,620
2.500%, 02/25/32 (c)		340,000		341,766
2.898%, 06/25/27		675,000		670,293
3.000%, 06/01/22		248,424		255,148
3.000%, 11/01/27		102,760		105,757
3.000%, 07/18/32 (c)		4,380,000		4,495,317
3.000%, 03/01/42		547,016		549,333
3.000%, 04/01/43		657,874		660,656
3.000%, 05/01/43		1,317,555		1,323,063
3.000%, 06/01/43		336,996		338,422
3.000%, 09/01/43		800,367		803,470
3.000%, 02/25/47 (c)		2,000,000		1,997,304
3.500%, 11/01/25		327,716		341,831
3.500%, 01/01/26		329,387		343,574
3.500%, 11/01/40		482,729		499,355
3.500%, 01/01/41		417,700		431,521
3.500%, 02/01/41		302,774		314,269
3.500%, 04/01/41		506,907		523,677
3.500%, 11/01/41		2,648,181		2,735,375
3.500%, 01/01/42		2,450,460		2,528,232
3.500%, 04/01/42		2,613,989		2,697,403
3.500%, 08/01/42		1,827,846		1,887,653
3.500%, 01/01/43		418,558		431,878
3.500%, 03/01/43		1,510,714		1,562,640
3.500%, 05/01/43		1,352,830		1,398,936
3.500%, 05/01/45		1,453,918		1,498,774
3.500%, 10/01/45		779,192		800,774
3.500%, 07/25/46 (c)		3,800,000		3,902,867
4.000%, 04/01/41		1,446,048		1,536,451
4.000%, 08/01/41		470,880		496,819
4.000%, 09/01/41		756,620		803,271
4.000%, 04/01/44		2,940,070		3,092,114
4.000%, 08/01/44		316,849		334,025
4.000%, 05/25/46 (c)		1,100,000		1,156,332
4.500%, 05/01/35		154,672		166,667
4.500%, 07/01/35		456,942		491,420
4.500%, 06/01/39		282,756		306,883
4.500%, 04/01/41		1,901,912		2,071,288
4.500%, 07/01/41		1,746,799		1,887,922
5.000%, 05/01/18		3,660		3,748
5.000%, 06/01/18		8,855		9,068
5.000%, 07/01/18		18,188		18,625
5.000%, 07/01/23		101,765		111,095
5.000%, 11/01/33		61,250		67,186
5.000%, 05/01/34		19,163		21,032
5.000%, 12/01/34		272,931		299,477
5.000%, 04/01/35		66,990		73,547
5.000%, 08/01/35		98,491		108,059
5.000%, 04/01/38		230,268		254,887
5.000%, 12/01/39		334,037		372,452
5.000%, 04/01/41		386,847		427,966
5.500%, 09/01/17		403		403
5.500%, 02/01/18		6,955		6,990
5.500%, 03/01/18		12,798		12,882

See accompanying notes to financial statements.
14

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
5.500%, 04/01/33	$	457,239	$	515,079
5.500%, 12/01/33		112,922		127,380
5.500%, 01/01/34		155,640		174,363
5.500%, 02/01/34		174,373		196,268
5.500%, 03/01/34		294,220		333,507
5.500%, 04/01/34		141,711		158,630
5.500%, 09/01/34		56,291		62,664
5.500%, 02/01/35		197,293		220,854
5.500%, 04/01/35		349,121		390,328
5.500%, 06/01/35		40,167		44,477
5.500%, 08/01/35		154,988		173,539
5.500%, 10/01/35		440,824		502,339
5.500%, 11/01/35		104,942		117,641
5.500%, 12/01/35		84,329		94,483
5.500%, 12/01/39		137,561		153,886
6.000%, 09/01/17		3,809		3,813
6.000%, 08/01/23		85,223		90,986
6.000%, 10/01/32		317,570		365,805
6.000%, 11/01/32		236,397		271,920
6.000%, 03/01/33		321,404		367,830
6.000%, 04/01/33		14,673		16,523
6.000%, 12/01/33		107,042		122,247
6.000%, 01/01/36		75,595		86,539
6.000%, 08/01/37		45,374		51,113
6.000%, 09/01/37		102,569		117,199
6.000%, 10/01/38		237,659		275,235
6.000%, 12/01/38		139,039		157,968
6.000%, 06/01/40		55,594		63,055
6.500%, 12/01/31		92,128		105,778
6.500%, 02/01/32		31,647		36,395
6.500%, 04/01/32		137,347		158,567
6.500%, 05/01/32		42,357		47,803
6.500%, 07/01/32		105,650		121,164
6.500%, 08/01/32		158,908		179,570
6.500%, 09/01/32		109,424		125,953
6.500%, 10/01/32		163,128		186,267
6.500%, 11/01/37		79,116		88,985
7.000%, 07/01/31		83,866		98,026
7.000%, 09/01/31		165,490		191,979
7.000%, 11/01/31		232,940		264,609
7.000%, 02/01/32		40,282		45,306
7.000%, 03/01/32		26,438		30,904
7.000%, 07/01/32		70,159		78,602
7.500%, 04/01/31		95,423		106,780
7.500%, 05/01/31		29,382		33,009
				55,845,499
Government National Mortgage Association (GNMA) (2.9%)
0.011%, 06/17/45 (b) (d) (i)		392,881		149
3.000%, 03/15/45		1,336,786		1,352,221
3.000%, 03/20/45		1,085,654		1,097,745
3.000%, 04/15/45		1,636,802		1,655,700
3.000%, 02/20/47 (c)		1,000,000		1,010,078
3.250%, 11/20/35		395,401		408,428
3.500%, 10/20/43		792,651		824,498
3.500%, 02/20/45		535,031		554,759
3.500%, 03/20/45		599,133		621,224
3.500%, 04/20/46		1,330,478		1,379,263
3.750%, 03/20/46		819,602		856,652
5.000%, 12/15/39		33,206		37,056
5.000%, 01/15/40		523,489		573,319
5.500%, 07/15/38		264,093		298,209

	Principal		Value(a)
5.500%, 10/15/38	$	297,404	$	341,338
8.500%, 10/15/22		11,819		11,862
				11,022,501
U.S. Treasury (11.7%)
U.S. Treasury Bond 3.000%, 02/15/47		9,975,000		10,289,831
5.375%, 02/15/31 (e)		5,115,000		6,874,478
U.S. Treasury Note 0.750%, 10/31/18		550,000		545,746
0.750%, 07/15/19		700,000		690,949
0.875%, 10/15/18		10,000		9,942
0.875%, 05/15/19		370,000		366,575
1.000%, 11/15/19		200,000		197,898
1.375%, 01/15/20		1,000,000		997,500
1.375%, 02/15/20		2,629,000		2,620,682
1.500%, 06/15/20		375,000		374,473
1.750%, 05/31/22		9,915,000		9,856,908
2.000%, 04/30/24		2,740,000		2,719,557
2.375%, 05/15/27		9,045,000		9,102,237
				44,646,776
Total government obligations (cost: $137,747,103)				141,779,609
Asset-Backed Securities (4.7%)
Asset-Backed Securities (4.7%)
CarMax Auto Owner Trust, 2.160%, 08/16/21		1,300,000		1,301,848
Chrysler Capital Auto Receivables Trust, 2.930%, 08/17/20 (f)		600,000		602,632
Commonbond Student Loan Trust, 2.550%, 05/25/41 (f)		940,000		936,046
Conseco Financial Corp., 6.400%, 10/15/18		6,449		6,451
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f)		1,607,726		1,663,511
Countrywide Asset-Backed Certificates, 5.934%, 05/25/37 (b)		1,426,454		1,407,493
CSMC Trust, 3.500%, 06/25/47 (b) (f) (i)		2,025,000		2,001,428
Earnest Student Loan Program LLC 2.720%, 01/25/41 (f)		833,088		834,761
3.020%, 05/25/34 (f)		1,313,947		1,323,975
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (f) (g) (h) (i)		312,626		314,537
Foursight Capital Automobile Receivables Trust, 3.710%, 01/18/22 (f)		1,200,000		1,190,581
GMAC Mortgage Corp. Loan Trust, 5.952%, 08/25/37 (j)		2,845,836		2,952,299
Invitation Homes 2015-SFR3 Trust, 2.509%, 08/17/32 (b) (f)		956,183		960,544

See accompanying notes to financial statements.
15

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
TCF Auto Receivables Owner Trust, 2.060%, 04/15/20 (f)	$	1,567,879	$	1,570,804
Trip Rail Master Funding LLC, 2.863%, 04/15/44 (f)		372,829		366,546
Wheels SPV 2 LLC, 1.870%, 05/20/25 (f)		450,000		447,547
Total asset-backed securities (cost: $17,755,998)				17,881,003
Other Mortgage-Backed Securities (6.7%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (0.8%)
Credit-Based Asset Servicing and Securitization LLC, 6.250%, 10/25/36 (f) (j)		582,980		594,308
GS Mortgage-Backed Securities Trust, 3.141%, 07/25/44 (b) (f)		2,526,005		2,415,508
JPMorgan Mortgage Trust, 3.142%, 11/25/33 (b)		243,672		236,621
Mellon Residential Funding Corp., 6.750%, 06/25/28		7,014		7,091
				3,253,528
Commercial Mortgage-Backed Securities (5.9%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)		335,381		338,498
Aventura Mall Trust 2013-AVM, 3.867%, 12/05/32 (b) (f)		1,000,000		1,041,864
Banc of America Re-Remic Trust, 4.325%, 08/15/46 (b) (f)		1,350,000		1,435,759
Citigroup Commercial Mortgage Trust, 3.008%, 01/12/30 (b) (f)		725,000		726,020
Hometown Commercial Mortgage 5.506%, 11/11/38 (f) (g) (i)		33,532		29,128
6.057%, 06/11/39 (f) (g) (i)		207,011		150,596
JPMCC Commercial Mortgage Securities Trust, 3.723%, 03/15/50		1,000,000		1,047,180
Merrill Lynch Mortgage Investors, Inc., 6.250%, 12/10/29 (b)		163,728		163,140
Morgan Stanley Capital I Trust 3.201%, 08/05/34 (f)		860,000		866,107
3.451%, 08/05/34 (f)		550,000		551,657
Multi Security Asset Trust, 5.880%, 11/28/35 (b) (f) (g) (i)		1,316,199		1,337,622
One Market Plaza Trust, 3.614%, 02/10/32 (f)		2,000,000		2,081,160
UBS Commercial Mortgage Trust, 3.724%, 06/15/50		4,000,000		4,074,347
Vornado DP LLC, 4.004%, 09/13/28 (f)		1,475,000		1,559,920

	Principal		Value(a)
Wells Fargo Commercial Mortgage Trust 2.814%, 08/15/49	$	2,165,000	$	2,093,962
3.184%, 04/15/50		1,544,000		1,553,827
3.637%, 06/15/48		1,280,000		1,330,310
3.640%, 12/15/59		1,560,000		1,617,932
WF-RBS Commercial Mortgage Trust, 3.667%, 11/15/44		345,000		362,006
				22,361,035
Total other mortgage-backed securities (cost: $25,812,255)				25,614,563
Corporate Obligations (49.9%)
Communications (1.4%)
Telecommunication (0.5%)
Crown Castle Towers LLC, 3.222%, 05/15/42 (f)		1,950,000		1,997,463
Telephone Services (0.6%)
SBA Tower Trust, 2.240%, 04/15/43 (f)		2,440,000		2,438,825
Telephone — Integrated (0.3%)
AT&T, Inc., 4.500%, 03/09/48		1,069,000		1,000,236
Consumer Cyclical (2.2%)
Auto/Truck Parts & Equipment — Original (1.8%)
General Motors Financial Co., Inc. 2.400%, 05/09/19		1,675,000		1,679,481
2.569%, 10/04/19 (b)		3,275,000		3,311,706
3.950%, 04/13/24		2,000,000		2,028,404
				7,019,591
Hotels & Motels (0.4%)
Wyndham Worldwide Corp., 4.150%, 04/01/24		1,375,000		1,412,313
Consumer, Non-cyclical (1.3%)
Drugstore Chains (1.3%)
CVS Pass-Through Trust 5.298%, 01/11/27 (f)		1,026,424		1,107,409
5.880%, 01/10/28		420,047		470,698
6.036%, 12/10/28		2,283,910		2,576,362
6.943%, 01/10/30		609,864		724,328
				4,878,797
Energy (5.1%)
Oil, Gas & Consumable Fuels (0.3%)
Marathon Petroleum Corp., 5.850%, 12/15/45		1,070,000		1,084,810
Pipelines (4.8%)
Buckeye Partners L.P., 5.600%, 10/15/44		3,000,000		3,097,041
Enbridge, Inc., 6.000%, 01/15/77 (b) (h)		1,100,000		1,155,000
Enterprise Products Operating LLC, 7.034%, 01/15/68 (b)		1,835,000		1,879,040

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	$	3,120,370
Sabine Pass Liquefaction LLC, 5.750%, 05/15/24		3,000,000		3,340,536
Sunoco Logistics Partners Operations L.P., 6.850%, 02/15/40		2,150,000		2,420,204
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,850,000		2,301,533
Transcanada Trust, 5.875%, 08/15/76 (b) (h)		775,000		841,030
				18,154,754
Financial (20.3%)
Banks (11.6%)
Bank of America Corp. 4.000%, 01/22/25		1,650,000		1,678,735
5.875%, 01/05/21		765,000		850,249
3.950%, 04/21/25		780,000		790,328
Barclays PLC, 2.780%, 01/10/23 (b) (h)		3,300,000		3,366,115
Capital One Financial Corp., 5.550%, 06/01/20 (b)		2,915,000		3,060,750
Capital One NA/Mclean VA, 2.001%, 09/13/19 (b)		3,000,000		3,013,329
Citigroup, Inc. 4.400%, 06/10/25		1,500,000		1,562,851
5.950%, 05/15/25 (b)		2,050,000		2,196,636
Compass Bank, 3.875%, 04/10/25		2,500,000		2,490,300
Discover Bank 3.100%, 06/04/20		2,250,000		2,292,847
3.450%, 07/27/26		1,900,000		1,837,669
8.700%, 11/18/19		322,000		363,834
HSBC Holdings PLC, 3.262%, 03/13/23 (b) (h)		1,875,000		1,910,529
Huntington Bancshares, Inc., 3.150%, 03/14/21		1,500,000		1,529,586
JPMorgan Chase & Co., 5.000%, 07/01/19 (b)		1,700,000		1,738,250
Morgan Stanley 2.373%, 05/08/24 (b)		3,600,000		3,618,587
3.125%, 07/27/26		800,000		777,798
5.450%, 07/15/19 (b)		1,870,000		1,936,385
5.500%, 07/28/21		740,000		820,553
Standard Chartered PLC, 7.750%, 04/02/23 (b) (f) (h)		1,050,000		1,127,437
Suntrust Banks, Inc., 5.050%, 06/15/22 (b)		2,000,000		2,030,000
The Goldman Sachs Group, Inc., 2.196%, 04/25/19 (b)		2,415,000		2,441,391
US Bancorp, 5.300%, 04/15/27 (b)		1,550,000		1,650,750
Wells Fargo & Co., 3.000%, 10/23/26		1,100,000		1,071,133
				44,156,042

	Principal		Value(a)
Diversified Financial Services (1.8%)
Block Financial LLC, 4.125%, 10/01/20	$	2,050,000	$	2,115,799
Raymond James Financial, Inc., 4.950%, 07/15/46		2,425,000		2,631,646
The Charles Schwab Corp., 4.625%, 03/01/22 (b)		2,200,000		2,246,750
				6,994,195
Insurance (4.9%)
Great-West Lifeco Finance Delaware LP, 4.150%, 06/03/47 (f)		1,400,000		1,402,087
Liberty Mutual Group, Inc., 6.500%, 05/01/42 (f)		1,805,000		2,336,910
Nuveen Finance LLC 2.950%, 11/01/19 (f)		1,345,000		1,364,223
4.125%, 11/01/24 (f)		1,150,000		1,189,787
Peachtree Corners Funding Trust, 3.976%, 02/15/25 (f)		1,825,000		1,851,995
Teachers Insurance & Annuity Association, 4.270%, 05/15/47 (f)		2,500,000		2,559,273
The Chubb Corp., 3.408%, 03/29/67 (b)		4,000,000		3,970,000
The Hartford Financial Services Group, Inc., 3.307%, 02/12/67 (b) (f)		1,500,000		1,456,875
Unum Group, 5.750%, 08/15/42		1,975,000		2,342,269
				18,473,419
Real Estate Investment Trust — Health Care (1.4%)
Omega Healthcare Investors, Inc., 4.500%, 01/15/25		975,000		987,248
Physicians Realty L.P., 4.300%, 03/15/27		1,275,000		1,292,123
Ventas Realty L.P., 3.100%, 01/15/23		3,000,000		3,010,017
				5,289,388
Real Estate Investment Trust — Hotels (0.6%)
Hospitality Properties Trust 4.500%, 06/15/23		700,000		733,606
4.500%, 03/15/25		450,000		461,857
4.650%, 03/15/24		920,000		957,440
				2,152,903
Health Care (2.2%)
Health Care Providers & Services (1.2%)
Express Scripts Holding Co., 3.000%, 07/15/23		1,700,000		1,688,313
NYU Hospitals Center, 4.428%, 07/01/42		1,480,000		1,524,631
Sinai Health System, 3.034%, 01/20/36		1,495,000		1,479,468
				4,692,412

See accompanying notes to financial statements.
17

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Medical Products/Supplies (0.8%)
Bio-Rad Laboratories, Inc., 4.875%, 12/15/20	$	2,700,000	$	2,901,039
Pharmaceuticals (0.2%)
Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 07/21/23 (h)		900,000		875,381
Industrials (1.8%)
Aerospace & Defense (0.5%)
Newell Brands, Inc., 5.000%, 11/15/23		2,000,000		2,140,152
Electrical Equipment (0.4%)
Keysight Technologies, Inc., 3.300%, 10/30/19		1,500,000		1,527,900
Machinery (0.9%)
Siemens Financieringsmaatschappij NV, 1.860%, 03/16/22 (b) (f) (h)		3,275,000		3,305,978
Information Technology (1.0%)
Electronic Equipment, Instruments & Components (0.5%)
Tech Data Corp., 3.700%, 02/15/22		1,835,000		1,872,456
Software (0.5%)
Microsoft Corp., 4.500%, 02/06/57		1,800,000		1,981,796
Technology (0.9%)
Computers (0.9%)
Dell International LLC/EMC Corp, 8.350%, 07/15/46 (f)		980,000		1,264,771
Dell International LLC/EMC Corp., 5.450%, 06/15/23 (f)		1,790,000		1,942,454
				3,207,225
Transportation (6.3%)
Airlines (5.1%)
Air Canada 2015 -1 Class C Pass Through Trust, 5.000%, 03/15/20 (f) (h)		2,600,000		2,645,500
America West Airlines 2000-1 Pass Through Trust, 8.057%, 01/02/22		527,608		603,847
American Airlines 2013-1 Class B Pass Through Trust, 5.625%, 07/15/22 (f)		1,876,202		1,964,384
American Airlines 2013-2 Class B Pass Through Trust, 5.600%, 01/15/22 (f)		1,303,682		1,360,718
American Airlines 2015-1 Class B Pass Through Trust, 3.700%, 11/01/24		1,734,465		1,717,120
American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/25		528,233		549,996

	Principal		Value(a)
British Airways PLC, 5.625%, 12/20/21 (f)	$	459,942	$	480,639
Continental Airlines 2009-2 Class A Pass Through Trust, 7.250%, 05/10/21		1,301,722		1,441,657
Continental Airlines 2012-1 Class B Pass Through Trust, 6.250%, 10/11/21		891,884		943,167
Delta Air Lines 2012-1 Class A Pass Through Trust, 4.750%, 11/07/21		520,688		545,421
Delta Air Lines 2012-1 Class B Pass Through Trust, 6.875%, 05/07/19 (f)		1,340,931		1,424,739
Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/25		1,072,609		1,102,105
United Airlines 2014-1 Class B Pass Through Trust, 4.750%, 10/11/23		570,773		591,464
United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/24		2,358,473		2,429,227
Virgin Australia 2013-1A Pass Through Trust, 5.000%, 04/23/25 (f) (h)		1,128,897		1,176,875
Virgin Australia 2013-1B Pass Through Trust, 6.000%, 04/23/22 (f) (h)		532,124		545,427
				19,522,286
Transport — Rail (1.2%)
BNSF Funding Trust I, 6.613%, 12/15/55 (b)		3,785,000		4,358,882
Utilities (7.4%)
Electric Companies (0.9%)
Dominion Energy Gas Holdings LLC, 2.500%, 12/15/19		1,270,000		1,278,490
Indianapolis Power & Light Co., 4.700%, 09/01/45 (f)		1,900,000		2,053,917
				3,332,407
Electric Utilities (5.2%)
Cleco Corporate Holdings LLC 3.743%, 05/01/26		1,125,000		1,128,287
4.973%, 05/01/46		1,000,000		1,064,429
Dominion Energy, Inc., 5.750%, 10/01/54 (b)		1,800,000		1,926,000
El Paso Electric Co., 5.000%, 12/01/44		1,165,000		1,255,239
Exelon Corp., 3.497%, 06/01/22		1,750,000		1,787,872
Exelon Generation Co. LLC, 3.400%, 03/15/22		3,900,000		3,969,712
FirstEnergy Corp., 4.850%, 07/15/47		850,000		862,331
IPALCO Enterprises, Inc., 3.450%, 07/15/20		1,400,000		1,417,500

See accompanying notes to financial statements.
18

SFT Advantus Bond Fund
Investments in Securities – continued

	Shares/ Principal		Value(a)
Pacific Gas & Electric Co., 1.402%, 11/30/17 (b)	$	1,400,000	$	1,400,337
PPL Capital Funding, Inc., 3.961%, 03/30/67 (b)		2,500,000		2,409,375
Southern Power Co., 4.950%, 12/15/46		2,450,000		2,529,978
				19,751,060
Gas Utilities (1.3%)
Brooklyn Union Gas Co., 4.504%, 03/10/46 (f)		1,300,000		1,405,099
Southern Co. Gas Capital Corp. 3.875%, 11/15/25		2,630,000		2,702,059
4.400%, 05/30/47		775,000		790,447
				4,897,605
Total corporate obligations (cost: $183,495,824)				189,419,315
Total long-term debt securities (cost: $364,811,180)				374,694,490
Short-Term Securities (4.2%)
Investment Companies (4.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880% (k)		15,989,883		15,989,883
Total short-term securities (cost: $15,989,883)				15,989,883
Total investments in securities (cost: $380,801,063) (l)				390,684,373
Liabilities in excess of cash and other assets (-2.8%)				(10,657,677	)
Total net assets (100.0%)			$	380,026,696

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, 2017 the total cost of investments issued on a when-issued or forward commitment basis was $12,964,423.

(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, 2017, securities with an aggregate market value of $403,195 have been pledged to cover margin requirements for the following open futures contracts:

Type

Expiration

Number of
Contracts

Position
Type

Unrealized
Appreciation/
(Depreciation)

U.S. Long
Bond

September 2017

Long

15,378

2 Year U.S.
Treasury
Note

September 2017

Long

(993

)

5 Year U.S.
Treasury
Note

September 2017

169

Long

(46,711

)

10 Year U.S.
Treasury
Note

September 2017

129

Short

42,941

315

10,615

(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 of the Notes to Financial Statements.)

(h) Foreign security: The Fund held 4.5% of net assets in foreign securities at June 30, 2017.

(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, 2017.

(l) At June 30, 2017 the cost of securities for federal income tax purposes was $381,824,559. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	10,884,332
Gross unrealized depreciation		(2,024,518	)
Net unrealized appreciation	$	8,859,814

See accompanying notes to financial statements.
19

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (38.2%)
Government Obligations (1.0%)
U.S. Government Agencies and Obligations (1.0%)
Federal Home Loan Mortgage Corporation (FHLMC) (0.4%)
3.000%, 09/01/43	$	174,673	$	175,331
3.500%, 10/01/44		294,113		302,674
3.500%, 11/01/44		292,999		301,332
3.500%, 12/01/44		308,009		316,673
				1,096,010
Federal National Mortgage Association (FNMA) (0.3%)
3.000%, 04/01/43		263,695		264,812
3.000%, 05/01/43		116,332		116,815
3.000%, 06/01/43		333,816		335,190
3.500%, 08/01/42		147,407		152,230
3.500%, 02/01/43		164,399		170,550
				1,039,597
U.S. Treasury (0.3%)
U.S. Treasury Note, 0.625%, 04/30/18 (b)		1,000,000		994,688
Total government obligations (cost: $3,101,516)				3,130,295
Asset-Backed Security (0.3%)
Longtrain Leasing III LLC 2015-1A Class A2, 4.060%, 01/15/45 (c) (d)		1,000,000		991,423
Total asset-backed securities (cost: $999,578)				991,423
Other Mortgage-Backed Securities (0.3%)
Commercial Mortgage-Backed Securities (0.3%)
CSMC Mortgage Trust, 4.276%, 11/15/37 (d) (e)		1,000,000		1,051,553
Total other mortgage-backed securities (cost: $1,008,273)				1,051,553
Corporate Obligations (36.6%)
Basic Materials (0.1%)
Mining (0.1%)
BHP Billiton Finance USA, Ltd., 2.875%, 02/24/22 (f)		196,000		199,985
Communications (1.8%)
Cable/Satellite TV (0.7%)
Comcast Corp. 4.200%, 08/15/34		500,000		529,476
4.650%, 07/15/42		250,000		274,106
6.400%, 05/15/38		1,000,000		1,329,907
				2,133,489
Media (0.7%)
CBS Corp., 3.500%, 01/15/25		750,000		760,077
4.000%, 01/15/26		250,000		258,693

	Principal		Value(a)
Time Warner, Inc., 4.850%, 07/15/45	$	1,000,000	$	1,029,684
Viacom, Inc., 5.625%, 09/15/19		250,000		266,954
				2,315,408
Telecommunication (0.3%)
Crown Castle Towers LLC, 3.663%, 05/15/25 (d)		1,000,000		1,035,000
Wireless Telecommunication Services (0.1%)
Rogers Communications, Inc., 4.100%, 10/01/23 (f)		250,000		265,175
Consumer Cyclical (1.7%)
Auto/Truck Parts & Equipment — Original (0.5%)
Ford Motor Co., 5.291%, 12/08/46		1,500,000		1,539,480
Food & Staples Retailing (0.3%)
The Kroger Co., 4.450%, 02/01/47		1,000,000		963,907
Home Furnishings (0.3%)
Harman International Industries, Inc., 4.150%, 05/15/25		1,000,000		1,039,508
Retail (0.6%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		982,482
Target Corp., 3.500%, 07/01/24 (b)		750,000		776,830
Wal-Mart Stores, Inc., 1.950%, 12/15/18 (b)		250,000		251,705
				2,011,017
Consumer Staples (1.6%)
Beverages (0.2%)
The Coca-Cola Co., 3.200%, 11/01/23 (b)		500,000		518,856
Consumer Products — Miscellaneous (0.2%)
Johnson (S.C.) & Son, Inc., 3.350%, 09/30/24 (d)		750,000		762,501
Food Products (0.6%)
General Mills, Inc., 4.150%, 02/15/43		1,000,000		1,001,037
Kellogg Co., 4.500%, 04/01/46		1,000,000		1,028,328
				2,029,365
Household Products (0.3%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		1,022,660
Personal Care (0.3%)
The Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		1,046,788

See accompanying notes to financial statements.
20

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
Consumer, Non-cyclical (1.6%)
Commercial Service — Finance (0.1%)
Moody's Corp., 4.875%, 02/15/24	$	250,000	$	275,219
Diagnostic Equipment (0.6%)
Abbott Laboratories 3.875%, 09/15/25		750,000		771,396
4.750%, 11/30/36		1,000,000		1,088,462
4.750%, 04/15/43		250,000		264,550
				2,124,408
Drugstore Chains (0.1%)
CVS Pass-Through Trust, 6.943%, 01/10/30		185,934		220,832
Food (0.6%)
Flowers Foods, Inc., 3.500%, 10/01/26		1,000,000		981,148
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		1,128,532
				2,109,680
Pharmaceuticals (0.2%)
Novartis Capital Corp., 3.400%, 05/06/24		500,000		521,760
Energy (4.0%)
Oil, Gas & Consumable Fuels (1.6%)
Apache Corp., 3.250%, 04/15/22		181,000		183,638
Chevron Corp., 3.191%, 06/24/23		250,000		258,746
EOG Resources, Inc., 2.625%, 03/15/23		250,000		246,753
Marathon Petroleum Corp., 3.625%, 09/15/24		750,000		757,831
Noble Energy, Inc., 3.900%, 11/15/24		1,000,000		1,027,564
Phillips 66, 4.650%, 11/15/34 (b)		1,000,000		1,052,564
Total Capital International SA, 3.750%, 04/10/24 (f)		750,000		792,229
Valero Energy Corp., 3.650%, 03/15/25		1,000,000		1,019,651
				5,338,976
Pipelines (2.4%)
Columbia Pipeline Group, Inc., 4.500%, 06/01/25		1,000,000		1,064,488
Enbridge Energy Partners L.P., 6.500%, 04/15/18		250,000		258,868
Energy Transfer L.P., 4.900%, 03/15/35		1,000,000		972,400
Enterprise Products Operating LLC, 5.750%, 03/01/35		250,000		283,495
Florida Gas Transmission Co. LLC, 4.350%, 07/15/25 (d)		1,000,000		1,054,433

	Principal		Value(a)
Kinder Morgan, Inc., 5.300%, 12/01/34	$	750,000	$	772,236
Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		250,000		251,666
Southern Natural Gas Co. LLC, 4.800%, 03/15/47 (c) (d)		500,000		529,115
Spectra Energy Partners L.P., 2.950%, 09/25/18		250,000		252,815
Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		1,000,000		1,011,441
Tesoro Logistics LP, 5.250%, 01/15/25		500,000		525,000
Williams Partners L.P. 3.750%, 06/15/27		500,000		494,912
4.300%, 03/04/24		500,000		520,087
				7,990,956
Financial (11.5%)
Banks (3.8%)
Associated Banc-Corp, 4.250%, 01/15/25		750,000		764,947
Astoria Financial Corp., 3.500%, 06/08/20		1,000,000		1,005,447
Bank of America Corp. 3.950%, 04/21/25		1,000,000		1,013,241
4.244%, 04/24/38 (e)		1,000,000		1,039,853
5.700%, 01/24/22		250,000		282,491
Bank of Montreal, 2.375%, 01/25/19 (f)		250,000		252,248
Capital One Financial Corp., 4.750%, 07/15/21		250,000		269,729
Citigroup, Inc., 3.300%, 04/27/25		750,000		750,223
Credit Suisse Group Funding Guernsey, Ltd., 2.750%, 03/26/20 (f)		600,000		604,718
Discover Bank 3.100%, 06/04/20		1,000,000		1,019,043
4.250%, 03/13/26		500,000		513,565
HSBC Bank USA NA, 4.875%, 08/24/20		250,000		268,880
JPMorgan Chase & Co. 3.125%, 01/23/25		1,000,000		994,147
4.500%, 01/24/22		250,000		270,712
KeyBank NA, 3.180%, 05/22/22		1,000,000		1,018,330
PNC Bank NA, 3.800%, 07/25/23		250,000		262,598
SunTrust Bank, 2.750%, 05/01/23		250,000		249,218
Synchrony Bank, 3.000%, 06/15/22		1,000,000		995,488
The Goldman Sachs Group, Inc., 3.850%, 01/26/27		1,000,000		1,017,308
				12,592,186

See accompanying notes to financial statements.
21

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
Capital Markets (0.3%)
The Bank of New York Mellon Corp., 3.442%, 02/07/28 (e)	$	1,000,000	$	1,014,780
Diversified Banks (0.3%)
Bank of America Corp., 4.183%, 11/25/27		1,000,000		1,017,085
Diversified Financial Services (1.4%)
American Express Credit Corp., 3.300%, 05/03/27		1,000,000		999,173
CME Group, Inc., 3.000%, 03/15/25		1,000,000		1,008,934
Discover Financial Services, 3.750%, 03/04/25		1,000,000		988,071
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		1,009,631
TD Ameritrade Holding Corp., 2.950%, 04/01/22		700,000		716,307
				4,722,116
Insurance (2.4%)
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		1,017,635
Assured Guaranty US Holdings, Inc., 5.000%, 07/01/24		500,000		536,065
First American Financial Corp., 4.600%, 11/15/24		750,000		767,128
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (d)		750,000		797,914
Manulife Financial Corp., 4.150%, 03/04/26 (f)		750,000		792,671
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		1,068,700
Metropolitan Life Global Funding I, 3.875%, 04/11/22 (d)		250,000		264,632
Old Republic International Corp., 4.875%, 10/01/24		750,000		802,249
StanCorp Financial Group, Inc., 5.000%, 08/15/22		750,000		810,260
The Hanover Insurance Group, Inc., 4.500%, 04/15/26		1,000,000		1,042,927
				7,900,181
Property / Casualty Insurance (0.3%)
Arch Capital Finance LLC, 4.011%, 12/15/26		1,000,000		1,031,559

	Principal		Value(a)
Real Estate Investment Trust — Diversified (0.3%)
Retail Properties of America, Inc., 4.000%, 03/15/25	$	1,000,000	$	958,766
Real Estate Investment Trust — Health Care (0.9%)
Healthcare Realty Trust, Inc., 3.875%, 05/01/25		1,000,000		1,007,981
Healthcare Trust of America Holdings L.P., 3.750%, 07/01/27		1,000,000		988,456
Physicians Realty L.P., 4.300%, 03/15/27		1,000,000		1,013,430
				3,009,867
Real Estate Investment Trust — Office Property (0.2%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		530,004
Real Estate Investment Trust — Residential (0.2%)
UDR, Inc., 4.000%, 10/01/25		750,000		775,640
Real Estate Investment Trust — Shopping Centers (0.1%)
Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/23		250,000		259,357
Real Estate Investment Trust — Single Tenant (0.4%)
Select Income REIT, 4.500%, 02/01/25		750,000		751,099
Tanger Properties L.P., 3.875%, 12/01/23		500,000		510,153
				1,261,252
Real Estate Investment Trust — Storage (0.2%)
CubeSmart L.P., 4.375%, 12/15/23		500,000		528,056
Specialized REITs (0.7%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		978,391
Essex Portfolio L.P., 3.500%, 04/01/25		1,000,000		999,775
HCP, Inc., 4.250%, 11/15/23		250,000		262,131
				2,240,297
Health Care (3.0%)
Biotechnology (0.4%)
Amgen, Inc., 5.700%, 02/01/19		250,000		265,013
Celgene Corp., 3.875%, 08/15/25		1,000,000		1,044,351
				1,309,364
Health Care Equipment & Supplies (0.3%)
Zimmer Biomet Holdings, Inc., 3.550%, 04/01/25		1,000,000		1,010,088

See accompanying notes to financial statements.
22

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
Health Care Providers & Services (0.5%)
Laboratory Corp. of America Holdings, 4.000%, 11/01/23	$	250,000	$	260,171
UnitedHealth Group, Inc. 2.750%, 02/15/23		250,000		251,866
3.750%, 07/15/25 (b)		1,000,000		1,053,252
				1,565,289
Pharmaceuticals (1.8%)
AbbVie, Inc., 3.600%, 05/14/25		1,000,000		1,020,064
Allergan Funding SCS, 3.800%, 03/15/25 (f)		670,000		693,014
Bristol-Myers Squibb Co., 3.250%, 11/01/23 (b)		500,000		516,973
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		1,039,161
Eli Lilly & Co., 3.950%, 05/15/47		1,000,000		1,032,534
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,246,036
Mylan, Inc., 4.200%, 11/29/23		500,000		523,569
				6,071,351
Industrials (4.3%)
Aerospace & Defense (0.8%)
Harris Corp., 3.832%, 04/27/25		1,000,000		1,032,042
Rockwell Collins, Inc., 3.700%, 12/15/23 (b)		500,000		520,372
United Technologies Corp., 4.050%, 05/04/47		1,000,000		1,024,306
				2,576,720
Air Freight & Logistics (0.3%)
FedEx Corp., 4.400%, 01/15/47		1,000,000		1,028,552
Building Products (0.3%)
CRH America Finance, Inc., 4.400%, 05/09/47 (c) (d)		1,000,000		1,026,805
Electrical Equipment (0.6%)
Flex. Ltd., 4.750%, 06/15/25 (f)		1,000,000		1,062,182
Trimble, Inc., 4.750%, 12/01/24		750,000		800,860
				1,863,042
Electronic Parts Distributions (0.4%)
Avnet, Inc., 3.750%, 12/01/21		1,500,000		1,524,231
Environmental Control (0.3%)
Waste Management, Inc., 3.900%, 03/01/35		1,000,000		1,032,338

	Principal		Value(a)
Machinery (0.5%)
Caterpillar Financial Services Corp., 3.750%, 11/24/23	$	750,000	$	795,704
CNH Industrial Capital LLC, 3.875%, 07/16/18		750,000		762,375
				1,558,079
Miscellaneous Manufacturing (0.4%)
Textron, Inc. 3.875%, 03/01/25		750,000		770,420
4.300%, 03/01/24		500,000		530,954
				1,301,374
Road & Rail (0.1%)
Kansas City Southern, 4.300%, 05/15/43		250,000		246,474
Tools-Hand Held (0.2%)
Stanley Black & Decker, Inc., 2.451%, 11/17/18		800,000		807,790
Transportation (0.1%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		350,000		370,969
Trucking & Leasing (0.3%)
GATX Corp., 3.250%, 03/30/25		1,000,000		978,321
Information Technology (1.8%)
Communications Equipment (0.5%)
Juniper Networks, Inc., 4.500%, 03/15/24		500,000		531,093
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		1,089,777
				1,620,870
Computers (0.3%)
Apple, Inc., 4.375%, 05/13/45 (b)		1,000,000		1,081,161
Internet Software & Services (0.3%)
eBay, Inc., 3.450%, 08/01/24		750,000		754,876
IT Services (0.4%)
The Western Union Co., 3.350%, 05/22/19		500,000		509,597
Total System Services, Inc., 4.800%, 04/01/26		750,000		816,409
				1,326,006
Software (0.3%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		1,038,803

See accompanying notes to financial statements.
23

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
Materials (1.2%)
Chemicals (0.9%)
Potash Corp. of Saskatchewan, Inc., 3.000%, 04/01/25 (f)	$	1,000,000	$	966,153
The Dow Chemical Co., 3.500%, 10/01/24		750,000		770,270
The Mosaic Co., 5.450%, 11/15/33		200,000		211,006
The Sherwin-Williams Co., 3.950%, 01/15/26 (c) (d)		1,000,000		1,031,910
				2,979,339
Construction Materials (0.3%)
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		1,011,179
Telecommunication Services (0.9%)
Diversified Telecommunication Services (0.9%)
AT&T, Inc. 4.350%, 06/15/45		250,000		232,028
4.500%, 05/15/35		1,000,000		983,792
4.600%, 02/15/21		750,000		799,900
Verizon Communications, Inc., 5.250%, 03/16/37		1,000,000		1,074,991
				3,090,711
Transportation (1.0%)
Airlines (0.7%)
American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 09/22/27		952,668		994,347
British Airways 2013-1 Class A Pass Through Trust, 4.625%, 06/20/24 (d)		864,023		928,194
United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 08/15/25		219,310		233,017
				2,155,558
Transport — Rail (0.3%)
Norfolk Southern Corp., 3.850%, 01/15/24		500,000		528,802
Union Pacific Corp., 3.750%, 03/15/24 (b)		500,000		528,583
				1,057,385
Utilities (2.1%)
Electric Utilities (1.5%)
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		1,078,528
Entergy Louisiana LLC, 3.300%, 12/01/22		250,000		255,492
Great Plains Energy, Inc., 4.850%, 04/01/47		500,000		514,495
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		755,905
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		1,043,137
PPL Capital Funding, Inc., 3.400%, 06/01/23		250,000		256,925

	Shares/ Principal		Value(a)
Southern California Edison Co., 4.000%, 04/01/47	$	1,000,000	$	1,045,866
				4,950,348
Electric — Integrated (0.1%)
Berkshire Hathaway Energy Co., 3.750%, 11/15/23		250,000		262,975
Multi-Utilities (0.4%)
Dominion Energy Gas Holdings LLC, 3.550%, 11/01/23		250,000		256,423
National Fuel Gas Co., 5.200%, 07/15/25		1,000,000		1,065,023
				1,321,446
Water Utilities (0.1%)
Aquarion Co., 4.000%, 08/15/24 (c) (d)		500,000		520,868
Total corporate obligations (cost: $117,448,398)				120,748,428
Total long-term debt securities (cost: $122,557,765)				125,921,699
Purchased Option (0.0%)
Call Option Purchased (0.0%)
CBOE SPX Volatility Index, 15.000%, 07/19/17		2,250		112,500
Total purchased options (cost: $126,000)				112,500
Mutual Funds (46.8%)
Investment Companies (46.8%)
iShares iBoxx $ Investment Grade Corporate Bond ETF		44,500		5,362,695
SFT Advantus Index 500 Fund (g)		14,224,618		135,865,941
SPDR S&P 500 ETF Trust (b)		36,170		8,745,906
Vanguard S&P 500 ETF		20,175		4,480,060
Total mutual funds (cost: $123,653,386)				154,454,602
Short-Term Securities (14.7%)
Investment Companies (14.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		48,531,906		48,531,906
Total short-term securities (cost: $48,531,906)				48,531,906
Total investments in securities (cost: $294,869,057) (h)				329,020,707
Cash and other assets in excess of liabilities (0.3%)				1,030,154
Total net assets (100.0%)			$	330,050,861

See accompanying notes to financial statements.
24

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

Investments in Securities Legend

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

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

Holdings of Open Futures Contracts

On June 30, 2017, securities with an aggregate market value of $11,111,118 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 2017

200

Short

246,263

S&P 500^®
Index Future

September 2017

176

Long

(493,356

)

376

(247,093

)

(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 1.7% of net assets in foreign securities at June 30, 2017.

(g) Affiliated security.

(h) At June 30, 2017 the cost of securities for federal income tax purposes was $294,894,666. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	34,485,729
Gross unrealized depreciation		(359,688	)
Net unrealized appreciation	$	34,126,041

See accompanying notes to financial statements.
25

SFT Advantus Government Money Market Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Principal		Value(a)
U.S. Government Obligations (100.0%)
Discount Notes (47.3%)
Federal Home Loan Bank 0.864%, 07/21/17 (b)	$	2,500,000	$	2,498,819
0.869%, 07/26/17 (b)		8,000,000		7,995,250
0.883%, 07/19/17 (b)		5,900,000		5,897,435
0.885%, 07/12/17 (b)		4,300,000		4,298,855
0.930%, 08/02/17 (b)		4,000,000		3,996,747
0.935%, 08/03/17 (b)		4,500,000		4,496,205
1.042%, 09/29/17 (b)		4,000,000		3,989,750
				33,173,061
U.S. Treasury (52.7%)
U.S. Treasury Note 1.080%, 07/31/17 (c)		9,800,000		9,800,689
1.171%, 10/31/17 (c)		19,600,000		19,611,614
1.275%, 01/31/18 (c)		7,500,000		7,513,854
				36,926,157
Total U.S. government obligations (cost: $70,099,218)				70,099,218

	Shares		Value(a)
Investment Companies (0.2%)
State Street Institutional US Government Money Market Fund, 0.880%		138,815	$	138,815
Total investment companies (cost: $138,815)				138,815
Total investments in securities (cost: $70,238,033) (d)				70,238,033
Liabilities in excess of cash and other assets (-0.2%)				(142,578	)
Total net assets (100.0%)			$	70,095,455

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.

(d) Also represents the cost of securities for federal income tax purposes at June 30, 2017.

See accompanying notes to financial statements.
26

SFT Advantus Index 400 Mid-Cap Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.7%)
Consumer Discretionary (11.3%)
Auto Components (0.6%)
Cooper Tire & Rubber Co.		6,643	$	239,813
Dana, Inc.		18,249		407,500
Gentex Corp.		36,266		687,966
				1,335,279
Automobiles (0.3%)
Thor Industries, Inc.		6,027		629,942
Distributors (0.3%)
Pool Corp.		5,269		619,476
Diversified Consumer Services (0.8%)
Adtalem Global Education, Inc.		7,194		273,012
Graham Holdings Co. – Class B		618		370,584
Service Corp. International/US		23,732		793,835
Sotheby's (b)		5,785		310,481
				1,747,912
Hotels, Restaurants & Leisure (2.7%)
Brinker International, Inc.		6,171		235,115
Buffalo Wild Wings, Inc. (b)		2,038		258,215
Churchill Downs, Inc.		1,556		285,215
Cracker Barrel Old Country Store, Inc.		3,099		518,308
Domino's Pizza, Inc.		6,053		1,280,391
Dunkin' Brands Group, Inc.		11,634		641,266
International Speedway Corp. — Class A		3,115		116,968
Jack in the Box, Inc.		3,671		361,593
Panera Bread Co. — Class A (b)		2,761		868,721
Papa John's International, Inc.		3,301		236,880
Texas Roadhouse, Inc.		8,141		414,784
The Cheesecake Factory, Inc.		5,583		280,825
The Wendy's Co.		24,170		374,877
				5,873,158
Household Durables (1.7%)
CalAtlantic Group, Inc.		9,732		344,026
Helen of Troy, Ltd. (b)		3,364		316,552
KB Home		10,490		251,445
NVR, Inc. (b)		447		1,077,543
Tempur Sealy International, Inc. (b)		5,892		314,574
Toll Brothers, Inc.		18,680		738,047
TRI Pointe Group, Inc. (b)		20,080		264,855
Tupperware Brands Corp.		6,387		448,559
				3,755,601
Internet & Direct Marketing Retail (0.1%)
HSN, Inc.		3,990		127,281
Leisure Equipment & Products (0.6%)
Brunswick Corp.		11,274		707,218
Polaris Industries, Inc.		7,396		682,133
				1,389,351

	Shares		Value(a)
Media (1.5%)
AMC Networks, Inc. — Class A (b)		6,957	$	371,573
Cable One, Inc.		628		446,445
Cinemark Holdings, Inc.		13,374		519,580
John Wiley & Sons, Inc. — Class A		5,653		298,196
Live Nation Entertainment, Inc. (b)		16,831		586,560
Meredith Corp.		4,583		272,459
TEGNA, Inc.		27,106		390,598
The New York Times Co. — Class A		15,422		272,970
				3,158,381
Multiline Retail (0.2%)
Big Lots, Inc.		5,605		270,721
Dillard's, Inc. — Class A		2,740		158,071
				428,792
Specialty Retail (1.9%)
Aaron's, Inc.		7,939		308,827
American Eagle Outfitters, Inc.		21,001		253,062
Cabela's, Inc. (b)		6,479		384,982
Chico's FAS, Inc.		16,347		153,989
Dick's Sporting Goods, Inc.		11,080		441,316
GameStop Corp. — Class A		12,784		276,262
Kate Spade & Co. (b)		16,196		299,464
Murphy USA, Inc. (b)		4,385		324,972
Office Depot, Inc.		65,223		367,858
Sally Beauty Holdings, Inc. (b)		17,350		351,338
The Michaels Cos., Inc. (b)		13,354		247,316
Urban Outfitters, Inc. (b)		11,157		206,851
Williams-Sonoma, Inc.		10,062		488,007
				4,104,244
Textiles, Apparel & Luxury Goods (0.6%)
Carter's, Inc.		6,109		543,396
Deckers Outdoor Corp. (b)		3,989		272,289
Skechers U.S.A., Inc. — Class A (b)		16,890		498,255
				1,313,940
Consumer Staples (3.6%)
Beverages (0.1%)
The Boston Beer Co., Inc. — Class A (b)		1,130		149,329
Food & Staples Retailing (0.5%)
Casey's General Stores, Inc.		4,916		526,553
Sprouts Farmers Market, Inc. (b)		16,316		369,884
United Natural Foods, Inc. (b)		6,376		233,999
				1,130,436
Food Products (2.3%)
Dean Foods Co.		11,473		195,041
Flowers Foods, Inc.		23,244		402,354
Ingredion, Inc.		9,049		1,078,731
Lamb Weston Holdings, Inc.		17,518		771,493
Lancaster Colony Corp.		2,457		301,277
Post Holdings, Inc. (b)		8,366		649,620

See accompanying notes to financial statements.
27

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

	Shares		Value(a)
Snyder's-Lance, Inc.		10,857	$	375,869
The Hain Celestial Group, Inc. (b)		13,059		506,951
Tootsie Roll Industries, Inc.		2,191		76,356
TreeHouse Foods, Inc. (b)		7,172		585,881
				4,943,573
Household Products (0.2%)
Energizer Holdings, Inc.		7,806		374,844
Personal Products (0.5%)
Avon Products, Inc. (b)		55,528		211,006
Edgewell Personal Care Co. (b)		7,249		551,069
Nu Skin Enterprises, Inc.		6,190		388,980
				1,151,055
Energy (2.6%)
Energy Equipment & Services (1.0%)
Diamond Offshore Drilling, Inc. (b)		8,142		88,178
Dril-Quip, Inc. (b)		4,740		231,312
Ensco PLC — Class A (c)		38,327		197,767
Nabors Industries, Ltd.		36,080		293,691
Oceaneering International, Inc.		12,404		283,307
Oil States International, Inc. (b)		6,477		175,851
Patterson-UTI Energy, Inc.		20,873		421,426
Rowan Cos., PLC — Class A (b)		15,919		163,011
Superior Energy Services, Inc. (b)		19,294		201,236
				2,055,779
Oil, Gas & Consumable Fuels (1.6%)
Consol Energy, Inc. (b)		22,362		334,088
Gulfport Energy Corp. (b)		20,081		296,195
HollyFrontier Corp.		22,390		615,053
Matador Resources Co. (b)		11,762		251,354
PBF Energy, Inc. Class A		13,847		308,234
QEP Resources, Inc. (b)		30,362		306,656
SM Energy Co.		12,360		204,311
Southwestern Energy Co. (b)		63,800		387,904
World Fuel Services Corp.		8,718		335,207
WPX Energy, Inc. (b)		50,195		484,884
				3,523,886
Financial (15.9%)
Capital Markets (3.0%)
Eaton Vance Corp.		14,515		686,850
Factset Research Systems, Inc.		4,966		825,250
Federated Investors, Inc. — Class B		11,712		330,864
Janus Henderson Group PLC (b) (c)		22,771		753,941
Legg Mason, Inc.		10,770		410,983
MarketAxess Holdings, Inc.		4,818		968,900
MSCI, Inc.		11,431		1,177,279
SEI Investments Co.		16,830		905,117
Stifel Financial Corp. (b)		8,625		396,577
				6,455,761
Commercial Banks (7.9%)
Associated Banc-Corp.		19,229		484,571
BancorpSouth, Inc.		10,493		320,037
Bank of Hawaii Corp.		5,360		444,719
Bank of the Ozarks, Inc.		15,330		718,517

	Shares		Value(a)
Canadian Imperial Bank of Commerce (c)		1	$	42
Cathay General Bancorp		9,473		359,500
Chemical Financial Corp.		8,978		434,625
Commerce Bancshares, Inc.		11,032		626,949
Cullen/Frost Bankers, Inc.		7,165		672,865
East West Bancorp, Inc.		18,240		1,068,499
First Horizon National Corp.		29,513		514,117
FNB Corp.		40,789		577,572
Fulton Financial Corp.		22,069		419,311
Hancock Holding Co.		10,670		522,830
Home BancShares, Inc.		15,934		396,757
International Bancshares Corp.		7,335		257,092
MB Financial, Inc.		8,995		396,140
PacWest Bancorp		15,132		706,664
Pinnacle Financial Partners, Inc.		9,143		574,180
Prosperity Bancshares, Inc.		8,772		563,513
Signature Bank (b)		6,774		972,272
SVB Financial Group (b)		6,598		1,159,862
Synovus Financial Corp.		15,439		683,021
TCF Financial Corp.		21,617		344,575
Texas Capital Bancshares, Inc. (b)		6,257		484,292
Trustmark Corp.		8,550		274,968
UMB Financial Corp.		5,512		412,628
Umpqua Holdings Corp.		27,824		510,849
United Bankshares, Inc.		13,236		518,851
Valley National Bancorp		33,308		393,368
Webster Financial Corp.		11,640		607,841
Wintrust Financial Corp.		7,026		537,068
				16,958,095
Consumer Finance (0.3%)
SLM Corp. (b)		54,416		625,784
Insurance (4.2%)
Alleghany Corp. (b)		1,969		1,171,161
American Financial Group, Inc.		9,258		919,968
Aspen Insurance Holdings, Ltd. (c)		7,561		376,916
Brown & Brown, Inc.		14,520		625,376
CNO Financial Group, Inc.		21,627		451,572
First American Financial Corp.		13,922		622,174
Genworth Financial, Inc. — Class A (b)		62,989		237,469
Kemper Corp.		6,139		236,965
Mercury General Corp.		4,572		246,888
Old Republic International Corp.		30,947		604,395
Primerica, Inc.		5,744		435,108
Reinsurance Group of America, Inc.		8,129		1,043,682
RenaissanceRe Holdings, Ltd. (c)		5,128		713,048
The Hanover Insurance Group, Inc.		5,347		473,905
WR Berkley Corp.		12,243		846,848
				9,005,475
Thrifts & Mortgage Finance (0.5%)
New York Community Bancorp, Inc.		61,740		810,646
Washington Federal, Inc.		11,291		374,861
				1,185,507
Health Care (8.8%)
Biotechnology (0.7%)
Bioverativ, Inc. (b)		13,654		821,561
United Therapeutics Corp. (b)		5,657		733,883
				1,555,444

See accompanying notes to financial statements.
28

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

	Shares		Value(a)
Health Care Equipment & Supplies (3.5%)
ABIOMED, Inc. (b)		5,184	$	742,867
Globus Medical, Inc. (b)		9,109		301,963
Halyard Health, Inc. (b)		5,875		230,770
Hill-Rom Holdings, Inc.		7,514		598,190
LivaNova PLC (b) (c)		5,451		333,656
Masimo Corp. (b)		5,745		523,829
NuVasive, Inc. (b)		6,378		490,596
ResMed, Inc.		17,904		1,394,184
STERIS PLC (c)		10,722		873,843
Teleflex, Inc.		5,750		1,194,620
West Pharmaceutical Services, Inc.		9,280		877,146
				7,561,664
Health Care Providers & Services (2.2%)
Acadia Healthcare Co., Inc. (b)		9,646		476,319
HealthSouth Corp.		11,302		547,017
LifePoint Health, Inc. (b)		5,014		336,690
Mednax, Inc. (b)		11,742		708,864
Molina Healthcare, Inc. (b)		5,349		370,044
Owens & Minor, Inc.		7,715		248,346
Tenet Healthcare Corp. (b)		10,123		195,779
VCA, Inc. (b)		10,260		947,101
WellCare Health Plans, Inc. (b)		5,672		1,018,464
				4,848,624
Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc. (b)		22,909		292,319
Medidata Solutions, Inc. (b)		7,010		548,182
				840,501
Life Sciences Tools & Services (1.3%)
Bio-Rad Laboratories, Inc. — Class A (b)		2,627		594,516
Bio-Techne Corp.		4,677		549,548
Charles River Laboratories International, Inc. (b)		5,965		603,360
INC Research Holdings, Inc. — Class A (b)		6,830		399,555
PAREXEL International Corp. (b)		6,408		556,919
				2,703,898
Pharmaceuticals (0.7%)
Akorn, Inc. (b)		11,007		369,175
Catalent, Inc. (b)		15,775		553,702
Endo International PLC (b) (c)		25,068		280,010
Prestige Brands Holdings, Inc. (b)		6,677		352,612
				1,555,499
Industrials (14.8%)
Aerospace & Defense (1.7%)
Curtiss-Wright Corp.		5,586		512,683
Esterline Technologies Corp. (b)		3,801		360,335
Huntington Ingalls Industries, Inc.		5,794		1,078,611
KLX, Inc. (b)		6,529		326,450
Orbital ATK, Inc.		7,277		715,765
Teledyne Technologies, Inc. (b)		4,509		575,574
				3,569,418

	Shares		Value(a)
Airlines (0.4%)
JetBlue Airways Corp. (b)		42,124	$	961,691
Building Products (0.9%)
AO Smith Corp.		18,592		1,047,288
Lennox International, Inc.		4,849		890,470
				1,937,758
Commercial Services & Supplies (1.5%)
Clean Harbors, Inc. (b)		6,572		366,915
Copart, Inc. (b)		25,879		822,693
Deluxe Corp.		6,111		423,004
Herman Miller, Inc.		7,547		229,429
HNI Corp.		5,535		220,681
MSA Safety, Inc.		3,912		317,537
Pitney Bowes, Inc.		23,544		355,514
Rollins, Inc.		12,109		492,957
				3,228,730
Construction & Engineering (1.1%)
AECOM (b)		19,660		635,608
Dycom Industries, Inc. (b)		3,923		351,187
EMCOR Group, Inc.		7,478		488,912
Granite Construction, Inc.		4,973		239,897
KBR, Inc.		18,072		275,056
Valmont Industries, Inc.		2,884		431,446
				2,422,106
Electrical Equipment (1.1%)
Belden, Inc.		5,301		399,854
EnerSys		5,460		395,577
Hubbell, Inc.		6,462		731,304
Regal Beloit Corp.		5,634		459,453
Woodward, Inc.		6,962		470,492
				2,456,680
Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		8,155		777,987
Machinery (4.7%)
AGCO Corp.		8,425		567,761
Crane Co.		6,337		503,031
Donaldson Co., Inc.		16,677		759,471
Graco, Inc.		7,013		766,381
IDEX Corp.		9,634		1,088,738
ITT, Inc.		11,193		449,735
Kennametal, Inc.		10,167		380,449
Lincoln Electric Holdings, Inc.		7,807		718,947
Nordson Corp.		6,752		819,153
Oshkosh Corp.		9,442		650,365
Terex Corp.		12,321		462,037
The Timken Co.		8,838		408,758
The Toro Co.		13,581		941,027
Trinity Industries, Inc.		19,211		538,484
Wabtec Corp.		10,903		997,624
				10,051,961
Marine (0.2%)
Kirby Corp. (b)		6,795		454,246

See accompanying notes to financial statements.
29

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

	Shares		Value(a)
Professional Services (0.8%)					��
Dun & Bradstreet Corp.		4,630	$	500,735
FTI Consulting, Inc. (b)		5,166		180,603
Manpowergroup, Inc.		8,468		945,452
				1,626,790
Road & Rail (1.3%)
Avis Budget Group, Inc. (b)		10,634		289,989
Genesee & Wyoming, Inc. — Class A (b)		7,748		529,886
Landstar System, Inc.		5,249		449,314
Old Dominion Freight Line, Inc.		8,743		832,683
Ryder System, Inc.		6,761		486,657
Werner Enterprises, Inc.		5,630		165,241
				2,753,770
Trading Companies & Distributors (0.7%)
GATX Corp.		4,858		312,224
MSC Industrial Direct Co. — Class A		5,642		484,986
Now, Inc. (b)		13,592		218,559
Watsco, Inc.		3,888		599,530
				1,615,299
Information Technology (17.0%)
Communications Equipment (1.5%)
ARRIS International PLC (b)		23,706		664,242
Brocade Communications Systems, Inc.		51,765		652,757
Ciena Corp. (b)		17,897		447,783
InterDigital, Inc.		4,392		339,502
NetScout Systems, Inc. (b)		11,579		398,317
Plantronics, Inc.		4,148		216,982
ViaSat, Inc. (b)		6,683		442,414
				3,161,997
Computers & Peripherals (0.5%)
3D Systems Corp. (b)		13,649		255,236
Diebold Nixdorf, Inc.		9,528		266,784
NCR Corp. (b)		15,300		624,852
				1,146,872
Electronic Equipment, Instruments & Components (4.1%)
Arrow Electronics, Inc. (b)		11,216		879,559
Avnet, Inc.		15,779		613,487
Cognex Corp.		10,918		926,938
Coherent, Inc. (b)		3,144		707,369
IPG Photonics Corp. (b)		4,796		695,900
Jabil , Inc.		23,013		671,749
Keysight Technologies, Inc. (b)		23,317		907,731
Knowles Corp. (b)		11,256		190,452
Littelfuse, Inc.		2,842		468,930
National Instruments Corp.		13,415		539,551
SYNNEX Corp.		3,732		447,691
Tech Data Corp. (b)		4,377		442,077
Trimble, Inc. (b)		31,926		1,138,800
Vishay Intertechnology, Inc.		16,922		280,905
				8,911,139

	Shares		Value(a)
Internet Software & Services (0.8%)
Cars.com, Inc. (b)		9,035	$	240,602
j2 Global, Inc.		6,067		516,241
LogMeIn, Inc.		6,631		692,940
WebMD Health Corp. (b)		4,731		277,473
				1,727,256
IT Services (3.4%)
Acxiom Corp. (b)		9,895		257,072
Broadridge Financial Solutions, Inc.		14,843		1,121,537
Convergys Corp.		11,883		282,578
CoreLogic, Inc. (b)		10,685		463,515
DST Systems, Inc.		7,797		481,075
Jack Henry & Associates, Inc.		9,803		1,018,238
Leidos Holdings, Inc.		18,113		936,261
MAXIMUS, Inc.		8,183		512,501
NeuStar, Inc. — Class A (b)		6,961		232,149
Sabre Corp.		25,979		565,563
Science Applications International Corp.		5,471		379,797
Teradata Corp. (b)		16,523		487,263
WEX, Inc. (b)		4,824		502,999
				7,240,548
Office Electronics (0.3%)
Zebra Technologies Corp. — Class A (b)		6,661		669,564
Semiconductors & Semiconductor Equipment (2.4%)
Cirrus Logic, Inc. (b)		8,124		509,537
Cree, Inc. (b)		12,282		302,751
Cypress Semiconductor Corp.		41,589		567,690
First Solar, Inc. (b)		9,874		393,775
Integrated Device Technology, Inc. (b)		16,789		432,988
Microsemi Corp. (b)		14,578		682,251
Monolithic Power Systems, Inc.		4,750		457,900
Silicon Laboratories, Inc. (b)		5,363		366,561
Synaptics, Inc. (b)		4,330		223,904
Teradyne, Inc.		25,116		754,234
Versum Materials, Inc.		13,719		445,868
				5,137,459
Software (3.9%)
ACI Worldwide, Inc. (b)		14,902		333,358
Blackbaud, Inc.		6,080		521,360
Cadence Design Systems, Inc. (b)		35,298		1,182,130
CDK Global, Inc.		18,330		1,137,560
CommVault Systems, Inc. (b)		5,267		297,322
Fair Isaac Corp.		3,877		540,493
Fortinet, Inc. (b)		18,860		706,118
Manhattan Associates, Inc. (b)		8,766		421,294
PTC, Inc. (b)		14,584		803,870
Take-Two Interactive Software, Inc. (b)		13,109		961,938
The Ultimate Software Group, Inc. (b)		3,798		797,808
Tyler Technologies, Inc. (b)		4,291		753,800
				8,457,051

See accompanying notes to financial statements.
30

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

	Shares		Value(a)
Technology Hardware & Equipment (0.1%)
VeriFone Systems, Inc. (b)		14,090	$	255,029
Materials (7.4%)
Chemicals (2.9%)
Ashland Global Holdings, Inc.		7,856		517,789
Cabot Corp.		7,863		420,120
Minerals Technologies, Inc.		4,386		321,055
NewMarket Corp.		1,205		554,879
Olin Corp.		20,944		634,184
PolyOne Corp.		10,321		399,836
RPM International, Inc.		16,864		919,931
Sensient Technologies Corp.		5,579		449,277
The Chemours Co.		23,287		883,043
The Scotts Miracle-Gro Co. — Class A		5,565		497,845
Valvoline, Inc.		25,817		612,379
				6,210,338
Construction Materials (0.3%)
Eagle Materials, Inc.		6,098		563,577
Containers & Packaging (1.9%)
Aptargroup, Inc.		7,880		684,457
Bemis Co., Inc.		11,608		536,870
Greif, Inc. — Class A		3,205		178,775
Owens-Illinois, Inc. (b)		20,539		491,293
Packaging Corp. of America		11,893		1,324,761
Silgan Holdings, Inc.		9,467		300,861
Sonoco Products Co.		12,546		645,115
				4,162,132
Metals & Mining (1.9%)
Allegheny Technologies, Inc.		13,738		233,683
Carpenter Technology Corp.		5,882		220,163
Commercial Metals Co.		14,616		283,989
Compass Minerals International, Inc.		4,227		276,023
Reliance Steel & Aluminum Co.		9,201		669,925
Royal Gold, Inc.		8,249		644,824
Steel Dynamics, Inc.		30,524		1,093,065
United States Steel Corp.		22,049		488,165
Worthington Industries, Inc.		5,525		277,466
				4,187,303
Paper & Forest Products (0.4%)
Domtar Corp.		7,901		303,556
Louisiana-Pacific Corp. (b)		18,273		440,562
				744,118
Real Estate (9.5%)
Diversified Real Estate Activities (0.1%)
Alexander & Baldwin, Inc.		5,807		240,294
Health Care REITs (1.4%)
Care Capital Properties, Inc.		10,610		283,287
Healthcare Realty Trust, Inc.		14,699		501,971
Medical Properties Trust, Inc.		45,952		591,402
Omega Healthcare Investors, Inc.		24,846		820,415
Quality Care Properties, Inc. (b)		11,816		216,351
Senior Housing Properties Trust		29,988		612,955
				3,026,381

	Shares		Value(a)
Hotels & Resort REITs (0.5%)
Hospitality Properties Trust		20,737	$	604,484
LaSalle Hotel Properties		14,293		425,931
				1,030,415
Industrial REITs (1.4%)
DCT Industrial Trust, Inc.		11,604		620,118
Duke Realty Corp.		44,891		1,254,703
First Industrial Realty Trust, Inc.		14,805		423,719
Liberty Property Trust		18,584		756,555
				3,055,095
Office REITs (1.6%)
Corporate Office Properties Trust		12,533		439,031
Cousins Properties, Inc.		52,883		464,842
Douglas Emmett, Inc.		18,521		707,687
Highwoods Properties, Inc.		12,879		653,094
Kilroy Realty Corp.		12,408		932,461
Mack-Cali Realty Corp.		11,342		307,822
				3,504,937
Real Estate Management & Development (0.3%)
Jones Lang LaSalle, Inc.		5,693		711,625
Residential REITs (1.0%)
American Campus Communities, Inc.		16,926		800,600
Camden Property Trust		11,064		946,083
Education Realty Trust, Inc.		9,238		357,972
				2,104,655
Retail REITs (1.1%)
National Retail Properties, Inc.		18,751		733,164
Tanger Factory Outlet Centers, Inc.		12,177		316,359
Taubman Centers, Inc.		7,648		455,438
Urban Edge Properties		12,488		296,340
Washington Prime Group, Inc.		23,398		195,841
Weingarten Realty Investors		14,911		448,821
				2,445,963
Specialized REITs (2.1%)
CoreCivic, Inc.		14,915		411,356
CyrusOne, Inc.		9,856		549,472
EPR Properties		8,088		581,285
Lamar Advertising Co. — Class A		10,504		772,779
Life Storage, Inc.		5,852		433,633
Potlatch Corp.		5,091		232,659
Rayonier, Inc.		16,263		467,886
The GEO Group, Inc.		15,671		463,391
Uniti Group, Inc.		19,934		501,141
				4,413,602
Telecommunication Services (0.2%)
Diversified Telecommunication Services (0.1%)
Frontier Communications Corp.		148,094		171,789
Wireless Telecommunication Services (0.1%)
Telephone & Data Systems, Inc.		11,841		328,588

See accompanying notes to financial statements.
31

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

	Shares		Value(a)
Utilities (5.6%)
Electric Utilities (1.4%)
Great Plains Energy, Inc.		27,219	$	796,972
Hawaiian Electric Industries, Inc.		13,729		444,545
IDACORP, Inc.		6,352		542,143
PNM Resources, Inc.		10,055		384,604
Westar Energy, Inc.		17,932		950,755
				3,119,019
Gas Utilities (2.4%)
Atmos Energy Corp.		13,292		1,102,572
Energen Corp. (b)		12,254		604,980
National Fuel Gas Co.		10,783		602,123
New Jersey Resources Corp.		10,912		433,206
ONE GAS, Inc.		6,588		459,908
Southwest Gas Holdings, Inc.		5,988		437,483
UGI Corp.		21,855		1,058,001
WGL Holdings, Inc.		6,458		538,791
				5,237,064
Multi-Utilities (1.4%)
Black Hills Corp.		6,735		454,410
MDU Resources Group, Inc.		24,656		645,987
NorthWestern Corp.		6,091		371,673
OGE Energy Corp.		25,211		877,091
Vectren Corp.		10,472		611,984
				2,961,145
Water Utilities (0.4%)
Aqua America, Inc.		22,421		746,619
Total common stocks (cost: $147,743,352)				208,636,521
Short-Term Securities (3.4%)
Investment Companies (3.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		7,299,223		7,299,223
Total short-term securities (cost: $7,299,223)				7,299,223
Total investments in securities (cost: $155,042,575) (d)				215,935,744
Liabilities in excess of cash and other assets (-0.1%)				(214,600	)
Total net assets (100.0%)			$	215,721,144

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, 2017 the cost of securities for federal income tax purposes was $155,427,698. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	69,850,562
Gross unrealized depreciation		(9,342,516	)
Net unrealized appreciation	$	60,508,046

Holdings of Open Futures Contracts

On June 30, 2017, cash in the amount of $243,200 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 2017

Long

628

628

See accompanying notes to financial statements.
32

SFT Advantus Index 500 Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.3%)
Consumer Discretionary (12.2%)
Auto Components (0.2%)
BorgWarner, Inc.		7,517	$	318,420
Delphi Automotive PLC (b)		10,087		884,126
The Goodyear Tire & Rubber Co.		9,446		330,232
				1,532,778
Automobiles (0.5%)
Ford Motor Co.		147,772		1,653,569
General Motors Co.		51,885		1,812,343
Harley-Davidson, Inc.		6,527		352,588
				3,818,500
Distributors (0.1%)
Genuine Parts Co.		5,545		514,354
LKQ Corp. (c)		11,637		383,439
				897,793
Diversified Consumer Services (0.0%)
H&R Block, Inc.		7,756		239,738
Hotels, Restaurants & Leisure (1.7%)
Carnival Corp.		15,769		1,033,973
Chipotle Mexican Grill, Inc. (c)		1,149		478,099
Darden Restaurants, Inc.		4,658		421,270
Hilton Worldwide Holdings, Inc.		7,741		478,781
Marriott International, Inc. – Class A		11,739		1,177,539
McDonald's Corp.		30,796		4,716,715
Royal Caribbean Cruises, Ltd.		6,325		690,880
Starbucks Corp.		54,713		3,190,315
Wyndham Worldwide Corp.		3,935		395,113
Wynn Resorts, Ltd.		3,042		407,993
Yum! Brands, Inc.		12,499		921,926
				13,912,604
Household Durables (0.6%)
DR Horton, Inc.		12,913		446,402
Garmin, Ltd. (b)		4,318		220,348
Leggett & Platt, Inc.		4,996		262,440
Lennar Corp. – Class A		7,607		405,605
Mohawk Industries, Inc. (c)		2,380		575,222
Newell Brands, Inc.		18,225		977,225
PulteGroup, Inc.		10,728		263,158
Stanley Black & Decker, Inc.		5,835		821,160
Whirlpool Corp.		2,828		541,901
				4,513,461
Internet & Catalog Retail (2.7%)
Amazon.com, Inc. (c)		15,022		14,541,296
Expedia, Inc.		4,557		678,765
Netflix, Inc. (c)		16,328		2,439,566
The Priceline Group, Inc. (c)		1,876		3,509,096
TripAdvisor, Inc. (c)		4,130		157,766
				21,326,489
Leisure Equipment & Products (0.1%)
Hasbro, Inc.		4,199		468,230
Mattel, Inc.		12,890		277,522
				745,752

	Shares		Value(a)
Media (3.0%)
CBS Corp. – Class B		13,917	$	887,626
Charter Communications, Inc. – Class A (c)		8,161		2,749,033
Comcast Corp. – Class A		178,814		6,959,441
Discovery Communications, Inc. – Class A (c)		5,809		150,046
Discovery Communications, Inc. – Class C (c)		7,965		200,798
DISH Network Corp. – Class A (c)		8,580		538,481
News Corp. – Class A		14,392		197,170
News Corp. – Class B		4,430		62,685
Omnicom Group, Inc.		8,771		727,116
Scripps Networks Interactive, Inc. – Class A		3,542		241,954
The Interpublic Group of Cos., Inc.		14,896		366,442
The Walt Disney Co.		54,964		5,839,925
Time Warner, Inc.		29,274		2,939,402
Twenty-First Century Fox, Inc. – Class A		39,759		1,126,770
Twenty-First Century Fox, Inc. – Class B		18,322		510,634
Viacom, Inc. – Class B		13,310		446,817
				23,944,340
Multiline Retail (0.4%)
Dollar General Corp.		9,519		686,225
Dollar Tree, Inc. (c)		8,902		622,428
Kohl's Corp.		6,441		249,073
Macy's, Inc.		11,471		266,586
Nordstrom, Inc.		4,195		200,647
Target Corp.		20,844		1,089,933
				3,114,892
Specialty Retail (2.2%)
Advance Auto Parts, Inc.		2,753		320,972
AutoNation, Inc. (c)		2,409		101,563
AutoZone, Inc. (c)		1,135		647,472
Bed Bath & Beyond, Inc.		5,484		166,714
Best Buy Co., Inc.		10,024		574,676
CarMax, Inc. (c)		6,968		439,402
Foot Locker, Inc.		4,870		239,994
L Brands, Inc.		9,085		489,591
Lowe's Cos., Inc.		32,420		2,513,523
O'Reilly Automotive, Inc. (c)		3,477		760,559
Ross Stores, Inc.		14,799		854,346
Signet Jewelers, Ltd.		2,533		160,187
Staples, Inc.		24,599		247,712
The Gap, Inc.		8,288		182,253
The Home Depot, Inc.		45,171		6,929,231
The TJX Cos., Inc.		24,304		1,754,020
Tiffany & Co.		4,076		382,614
Tractor Supply Co.		4,830		261,834
Ulta Salon Cosmetics & Fragrance, Inc. (c)		2,218		637,320
				17,663,983
Textiles, Apparel & Luxury Goods (0.7%)
Coach, Inc.		10,610		502,277

See accompanying notes to financial statements.
33

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Hanesbrands, Inc.		13,758	$	318,635
Michael Kors Holdings, Ltd. (b) (c)		5,888		213,440
NIKE, Inc. – Class B		50,070		2,954,130
PVH Corp.		2,890		330,905
Ralph Lauren Corp.		2,033		150,035
Under Armour, Inc. – Class A (c)		6,953		151,297
Under Armour, Inc. – Class C (c)		6,892		138,943
VF Corp.		12,104		697,191
				5,456,853
Consumer Staples (8.9%)
Beverages (2.1%)
Brown-Forman Corp. – Class B		6,610		321,246
Constellation Brands, Inc. – Class A		6,452		1,249,946
Dr Pepper Snapple Group, Inc.		6,972		635,219
Molson Coors Brewing Co. – Class B		6,920		597,473
Monster Beverage Corp. (c)		15,136		751,957
PepsiCo, Inc.		53,972		6,233,226
The Coca-Cola Co.		145,285		6,516,032
				16,305,099
Food & Staples Retailing (1.9%)
Costco Wholesale Corp.		16,556		2,647,801
CVS Health Corp.		38,492		3,097,066
Sysco Corp.		18,603		936,289
The Kroger Co.		34,480		804,074
Wal-Mart Stores, Inc.		55,809		4,223,625
Walgreens Boots Alliance, Inc.		32,238		2,524,558
Whole Foods Market, Inc.		12,020		506,162
				14,739,575
Food Products (1.3%)
Archer-Daniels-Midland Co.		21,561		892,194
Campbell Soup Co.		7,154		373,081
Conagra Brands, Inc.		15,272		546,127
General Mills, Inc.		21,767		1,205,892
Hormel Foods Corp.		10,112		344,920
Kellogg Co.		9,454		656,675
McCormick & Co., Inc.		4,254		414,807
Mondelez International, Inc. – Class A		57,326		2,475,910
The Hershey Co.		5,280		566,914
The JM Smucker Co.		4,381		518,404
The Kraft Heinz Co.		22,524		1,928,955
Tyson Foods, Inc. – Class A		10,885		681,728
				10,605,607
Household Products (1.7%)
Church & Dwight Co., Inc.		9,417		488,554
Clorox Co.		4,833		643,949
Colgate-Palmolive Co.		33,373		2,473,940
Kimberly-Clark Corp.		13,392		1,729,041
The Procter & Gamble Co.		96,633		8,421,566
				13,757,050

	Shares		Value(a)
Personal Care (0.1%)
The Estee Lauder Cos., Inc. – Class A		8,434	$	809,495
Personal Products (0.0%)
Coty, Inc. – Class A		17,755		333,084
Tobacco (1.8%)
Altria Group, Inc.		72,982		5,434,970
Philip Morris International, Inc.		58,682		6,892,201
Reynolds American, Inc.		31,186		2,028,337
				14,355,508
Energy (5.8%)
Energy Equipment & Services (0.9%)
Baker Hughes, Inc.		16,034		874,014
Halliburton Co.		32,786		1,400,290
Helmerich & Payne, Inc.		4,036		219,316
National Oilwell Varco, Inc.		14,266		469,922
Schlumberger, Ltd.		52,498		3,456,469
TechnipFMC PLC (b) (c)		17,571		477,931
Transocean, Ltd. (b) (c)		14,683		120,841
				7,018,783
Oil, Gas & Consumable Fuels (4.9%)
Anadarko Petroleum Corp.		21,152		959,032
Apache Corp.		14,305		685,639
Cabot Oil & Gas Corp.		17,588		441,107
Chesapeake Energy Corp. (c)		28,796		143,116
Chevron Corp.		71,581		7,468,046
Cimarex Energy Co.		3,540		332,795
Concho Resources, Inc. (c)		5,628		683,971
ConocoPhillips		46,700		2,052,932
Devon Energy Corp.		19,802		633,070
EOG Resources, Inc.		21,811		1,974,332
EQT Corp.		6,528		382,475
Exxon Mobil Corp.		160,095		12,924,469
Hess Corp.		10,206		447,737
Kinder Morgan, Inc.		72,538		1,389,828
Marathon Oil Corp.		32,038		379,650
Marathon Petroleum Corp.		19,599		1,025,616
Murphy Oil Corp.		6,054		155,164
Newfield Exploration Co. (c)		7,444		211,856
Noble Energy, Inc.		17,169		485,883
Occidental Petroleum Corp.		28,887		1,729,465
Phillips 66		16,574		1,370,504
Pioneer Natural Resources Co.		6,415		1,023,706
Range Resources Corp.		7,035		163,001
Tesoro Corp.		5,710		534,456
The Williams Cos., Inc.		31,218		945,281
Valero Energy Corp.		16,897		1,139,871
				39,683,002
Financial (14.3%)
Capital Markets (2.9%)
Affiliated Managers Group, Inc.		2,169		359,750
Ameriprise Financial, Inc.		5,744		731,154
BlackRock, Inc.		4,615		1,949,422
CBOE Holdings, Inc.		3,450		315,330
CME Group, Inc.		12,864		1,611,087
E*Trade Financial Corp. (c)		10,351		393,649
Franklin Resources, Inc.		12,931		579,180
Intercontinental Exchange, Inc.		22,369		1,474,565

See accompanying notes to financial statements.
34

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Invesco, Ltd.		15,303	$	538,513
Moody's Corp.		6,240		759,283
Morgan Stanley		53,815		2,397,996
Nasdaq, Inc.		4,304		307,693
Northern Trust Corp.		8,158		793,039
Raymond James Financial, Inc.		4,851		389,147
S&P Global, Inc.		9,706		1,416,979
State Street Corp.		13,362		1,198,972
T Rowe Price Group, Inc.		9,113		676,276
The Bank of New York Mellon Corp.		39,255		2,002,790
The Charles Schwab Corp.		45,973		1,975,000
The Goldman Sachs Group, Inc.		13,832		3,069,321
				22,939,146
Commercial Banks (6.4%)
Bank of America Corp.		376,008		9,121,954
BB&T Corp.		30,605		1,389,773
Citigroup, Inc.		104,025		6,957,192
Citizens Financial Group, Inc.		19,138		682,844
Comerica, Inc.		6,671		488,584
Fifth Third Bancorp		28,347		735,888
Huntington Bancshares, Inc.		41,074		555,320
JPMorgan Chase & Co.		134,234		12,268,988
KeyCorp		41,413		776,080
M&T Bank Corp.		5,790		937,690
People's United Financial, Inc.		12,922		228,203
Regions Financial Corp.		45,417		664,905
SunTrust Banks, Inc.		18,266		1,036,047
The PNC Financial Services Group, Inc.		18,283		2,282,998
US Bancorp		59,853		3,107,568
Wells Fargo & Co.		169,930		9,415,821
Zions Bancorporation		7,557		331,828
				50,981,683
Consumer Finance (0.7%)
American Express Co.		28,366		2,389,552
Capital One Financial Corp.		18,253		1,508,063
Discover Financial Services		14,364		893,297
Navient Corp.		10,765		179,237
Synchrony Financial		29,101		867,792
				5,837,941
Diversified Financial Services (0.0%)
Leucadia National Corp.		12,184		318,734
Insurance (4.3%)
Aflac, Inc.		14,994		1,164,734
American International Group, Inc.		33,229		2,077,477
Aon PLC (b)		9,902		1,316,471
Arthur J Gallagher & Co.		6,775		387,869
Assurant, Inc.		2,040		211,527
Berkshire Hathaway, Inc. – Class B (c)		71,768		12,155,346
Chubb, Ltd. (b)		17,653		2,566,393
Cincinnati Financial Corp.		5,664		410,357
Everest Re Group, Ltd. (b)		1,552		395,124
Hartford Financial Services Group, Inc.		13,879		729,619
Lincoln National Corp.		8,443		570,578
Loews Corp.		10,354		484,671

	Shares		Value(a)
Marsh & McLennan Cos., Inc.		19,432	$	1,514,919
MetLife, Inc.		40,822		2,242,761
Principal Financial Group, Inc.		10,094		646,722
Prudential Financial, Inc.		16,174		1,749,056
The Allstate Corp.		13,736		1,214,812
The Progressive Corp.		21,932		966,982
The Travelers Cos., Inc.		10,510		1,329,830
Torchmark Corp.		4,094		313,191
Unum Group		8,592		400,645
Willis Towers Watson PLC (b)		4,808		699,372
XL Group, Ltd. (b)		9,877		432,612
				33,981,068
Health Care (14.3%)
Biotechnology (2.9%)
AbbVie, Inc.		60,132		4,360,171
Alexion Pharmaceuticals, Inc. (c)		8,437		1,026,530
Amgen, Inc.		27,804		4,788,683
Biogen, Inc. (c)		8,071		2,190,147
Celgene Corp. (c)		29,512		3,832,723
Gilead Sciences, Inc.		49,371		3,494,479
Incyte Corp. (c)		6,426		809,098
Regeneron Pharmaceuticals, Inc. (c)		2,885		1,416,939
Vertex Pharmaceuticals, Inc. (c)		9,400		1,211,378
				23,130,148
Health Care Equipment & Supplies (2.8%)
Abbott Laboratories		65,550		3,186,385
Align Technology, Inc. (c)		2,853		428,292
Baxter International, Inc.		18,413		1,114,723
Becton Dickinson and Co.		8,641		1,685,945
Boston Scientific Corp. (c)		51,723		1,433,762
CR Bard, Inc.		2,810		888,269
Danaher Corp.		23,043		1,944,599
DENTSPLY SIRONA, Inc.		8,652		560,996
Edwards Lifesciences Corp. (c)		7,927		937,288
Hologic, Inc. (c)		10,494		476,218
IDEXX Laboratories, Inc. (c)		3,390		547,214
Intuitive Surgical, Inc. (c)		1,394		1,303,906
Medtronic PLC (b)		51,720		4,590,150
Stryker Corp.		11,726		1,627,334
The Cooper Cos., Inc.		1,840		440,533
Varian Medical Systems, Inc. (c)		3,427		353,632
Zimmer Biomet Holdings, Inc.		7,629		979,564
				22,498,810
Health Care Providers & Services (2.8%)
Aetna, Inc.		12,591		1,911,691
AmerisourceBergen Corp.		6,234		589,300
Anthem, Inc.		10,075		1,895,410
Cardinal Health, Inc.		11,949		931,066
Centene Corp. (c)		6,525		521,217
Cigna Corp.		9,645		1,614,476
DaVita, Inc. (c)		5,876		380,530
Envision Healthcare Corp. (c)		4,340		271,988
Express Scripts Holding Co. (c)		22,425		1,431,612
HCA Healthcare, Inc. (c)		10,813		942,894
Henry Schein, Inc. (c)		3,004		549,792
Humana, Inc.		5,453		1,312,101
Laboratory Corp. of America Holdings (c)		3,889		599,450

See accompanying notes to financial statements.
35

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
McKesson Corp.		7,934	$	1,305,460
Patterson Cos., Inc.		3,027		142,118
Quest Diagnostics, Inc.		5,167		574,364
UnitedHealth Group, Inc.		36,393		6,747,990
Universal Health Services, Inc. – Class B		3,414		416,781
				22,138,240
Health Care Technology (0.1%)
Cerner Corp. (c)		11,031		733,231
Life Sciences Tools & Services (0.7%)
Agilent Technologies, Inc.		12,109		718,185
Illumina, Inc. (c)		5,482		951,236
Mettler-Toledo International, Inc. (c)		1,002		589,717
PerkinElmer, Inc.		4,091		278,761
Thermo Fisher Scientific, Inc.		14,809		2,583,726
Waters Corp. (c)		3,082		566,595
				5,688,220
Pharmaceuticals (5.0%)
Allergan PLC		12,699		3,087,000
Bristol-Myers Squibb Co.		62,244		3,468,236
Eli Lilly & Co.		36,686		3,019,258
Johnson & Johnson		101,780		13,464,476
Mallinckrodt PLC (c)		3,753		168,172
Merck & Co., Inc.		103,341		6,623,125
Mylan NV (c)		17,398		675,390
Perrigo Co. PLC (b)		5,382		406,448
Pfizer, Inc.		225,480		7,573,873
Zoetis, Inc.		18,523		1,155,465
				39,641,443
Industrials (10.0%)
Aerospace & Defense (2.2%)
Arconic, Inc.		16,611		376,239
General Dynamics Corp.		10,715		2,122,641
L3 Technologies, Inc.		2,935		490,380
Lockheed Martin Corp.		9,405		2,610,922
Northrop Grumman Corp.		6,624		1,700,447
Raytheon Co.		10,998		1,775,957
Rockwell Collins, Inc.		6,151		646,347
The Boeing Co.		21,209		4,194,080
TransDigm Group, Inc.		1,894		509,240
United Technologies Corp.		28,153		3,437,763
				17,864,016
Air Freight & Logistics (0.7%)
CH Robinson Worldwide, Inc.		5,277		362,424
Expeditors International of Washington, Inc.		6,755		381,522
FedEx Corp.		9,339		2,029,645
United Parcel Service, Inc. – Class B		26,023		2,877,884
				5,651,475
Airlines (0.6%)
Alaska Air Group, Inc.		4,700		421,872
American Airlines Group, Inc.		18,611		936,506
Delta Air Lines, Inc.		27,721		1,489,727
Southwest Airlines Co.		22,845		1,419,588

	Shares		Value(a)
United Continental Holdings, Inc. (c)		10,646	$	801,111
				5,068,804
Building Products (0.3%)
Allegion PLC (b)		3,591		291,302
Fortune Brands Home & Security, Inc.		5,800		378,392
Johnson Controls International PLC		35,444		1,536,852
Masco Corp.		12,051		460,469
				2,667,015
Commercial Services & Supplies (0.3%)
Avery Dennison Corp.		3,311		292,593
Cintas Corp.		3,274		412,655
Republic Services, Inc.		8,671		552,603
Stericycle, Inc. (c)		3,182		242,850
Waste Management, Inc.		15,289		1,121,448
				2,622,149
Construction & Engineering (0.1%)
Fluor Corp.		5,202		238,147
Jacobs Engineering Group, Inc.		4,492		244,320
Quanta Services, Inc. (c)		5,592		184,089
				666,556
Electrical Equipment (0.6%)
Acuity Brands, Inc.		1,680		341,511
AMETEK, Inc.		8,607		521,326
Eaton Corp. PLC		16,900		1,315,327
Emerson Electric Co.		24,350		1,451,747
Rockwell Automation, Inc.		4,843		784,372
				4,414,283
Industrial Conglomerates (2.4%)
3M Co.		22,617		4,708,633
General Electric Co.		329,038		8,887,316
Honeywell International, Inc.		28,802		3,839,019
Roper Technologies, Inc.		3,874		896,947
Textron, Inc.		10,047		473,214
				18,805,129
Machinery (1.5%)
Caterpillar, Inc.		22,265		2,392,597
Cummins, Inc.		5,868		951,907
Deere & Co.		11,117		1,373,950
Dover Corp.		5,902		473,458
Flowserve Corp.		4,926		228,714
Fortive Corp.		11,321		717,185
Illinois Tool Works, Inc.		11,732		1,680,609
Ingersoll-Rand PLC		9,673		884,015
PACCAR, Inc.		13,244		874,634
Parker Hannifin Corp.		5,091		813,644
Pentair PLC (b)		6,301		419,269
Snap-On, Inc.		2,243		354,394
Xylem, Inc.		6,716		372,268
				11,536,644
Professional Services (0.3%)
Equifax, Inc.		4,536		623,337
IHS Markit, Ltd. (b) (c)		11,990		528,040

See accompanying notes to financial statements.
36

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Nielsen Holdings PLC		12,604	$	487,271
Robert Half International, Inc.		4,768		228,530
United Rentals, Inc. (c)		3,175		357,854
Verisk Analytics, Inc. (c)		5,743		484,537
				2,709,569
Road & Rail (0.9%)
CSX Corp.		34,861		1,902,016
JB Hunt Transport Services, Inc.		3,190		291,502
Kansas City Southern		3,986		417,135
Norfolk Southern Corp.		10,979		1,336,144
Union Pacific Corp.		30,507		3,322,518
				7,269,315
Trading Companies & Distributors (0.1%)
Fastenal Co.		10,872		473,258
WW Grainger, Inc.		2,074		374,419
				847,677
Information Technology (21.9%)
Communications Equipment (1.0%)
Cisco Systems, Inc.		188,915		5,913,040
F5 Networks, Inc. (c)		2,460		312,568
Harris Corp.		4,606		502,422
Juniper Networks, Inc.		14,390		401,193
Motorola Solutions, Inc.		6,106		529,634
				7,658,857
Computers & Peripherals (3.7%)
Apple, Inc. (d)		196,993		28,370,932
NetApp, Inc.		10,178		407,629
Western Digital Corp.		11,028		977,081
				29,755,642
Electronic Equipment, Instruments & Components (0.5%)
Amphenol Corp. – Class A		11,547		852,400
Corning, Inc.		34,768		1,044,778
FLIR Systems, Inc.		5,072		175,796
Seagate Technology PLC		11,146		431,907
TE Connectivity, Ltd. (b)		13,414		1,055,413
				3,560,294
Internet Software & Services (4.5%)
Akamai Technologies, Inc. (c)		6,462		321,872
Alphabet, Inc. – Class A (c)		11,210		10,421,713
Alphabet, Inc. – Class C (c)		11,276		10,246,839
eBay, Inc. (c)		38,031		1,328,043
Facebook, Inc. – Class A (c)		89,342		13,488,855
VeriSign, Inc. (c)		3,274		304,351
				36,111,673
IT Services (3.8%)
Accenture PLC – Class A (b)		23,428		2,897,575
Alliance Data Systems Corp.		2,103		539,819
Automatic Data Processing, Inc.		16,904		1,731,984
Cognizant Technology Solutions Corp. – Class A		22,253		1,477,599
CSRA, Inc.		5,407		171,672
DXC Technology Co.		10,698		820,751
Fidelity National Information Services, Inc.		12,498		1,067,329

	Shares		Value(a)
Fiserv, Inc. (c)		7,993	$	977,864
Gartner, Inc. – Class A (c)		3,410		421,169
Global Payments, Inc.		5,700		514,824
International Business Machines Corp.		32,302		4,969,017
Mastercard, Inc. – Class A		35,440		4,304,188
Paychex, Inc.		12,035		685,273
PayPal Holdings, Inc. (c)		42,209		2,265,357
The Western Union Co.		17,805		339,185
Total System Services, Inc.		6,238		363,363
Visa, Inc. – Class A		69,756		6,541,718
				30,088,687
Office Electronics (0.0%)
Xerox Corp.		7,998		229,782
Semiconductors & Semiconductor Equipment (3.3%)
Advanced Micro Devices, Inc. (c)		29,263		365,202
Analog Devices, Inc.		13,888		1,080,486
Applied Materials, Inc.		40,602		1,677,269
Broadcom, Ltd.		15,213		3,545,390
Intel Corp.		177,918		6,002,953
KLA-Tencor Corp.		5,939		543,478
Lam Research Corp.		6,062		857,349
Microchip Technology, Inc.		8,601		663,825
Micron Technology, Inc. (c)		39,222		1,171,169
NVIDIA Corp.		22,481		3,249,853
Qorvo, Inc. (c)		4,737		299,947
QUALCOMM, Inc.		55,821		3,082,436
Skyworks Solutions, Inc.		6,957		667,524
Texas Instruments, Inc.		37,643		2,895,876
Xilinx, Inc.		9,322		599,591
				26,702,348
Software (4.8%)
Activision Blizzard, Inc.		26,139		1,504,822
Adobe Systems, Inc. (c)		18,691		2,643,655
ANSYS, Inc. (c)		3,230		393,026
Autodesk, Inc. (c)		7,285		734,474
CA, Inc.		11,791		406,436
Citrix Systems, Inc. (c)		5,711		454,481
Electronic Arts, Inc. (c)		11,694		1,236,290
Intuit, Inc.		9,168		1,217,602
Microsoft Corp.		291,701		20,106,950
Oracle Corp.		113,488		5,690,288
Red Hat, Inc. (c)		6,744		645,738
Salesforce.com, Inc. (c)		25,263		2,187,776
Symantec Corp.		22,980		649,185
Synopsys, Inc. (c)		5,679		414,170
				38,284,893
Technology Hardware Storage & Peripherals (0.3%)
Hewlett Packard Enterprise Co.		62,901		1,043,528
HP, Inc.		63,600		1,111,728
				2,155,256
Materials (2.7%)
Chemicals (2.1%)
Air Products & Chemicals, Inc.		8,190		1,171,662
Albemarle Corp.		4,150		437,991
CF Industries Holdings, Inc.		8,743		244,454

See accompanying notes to financial statements.
37

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Eastman Chemical Co.		5,464	$	458,921
Ecolab, Inc.		9,851		1,307,720
EI du Pont de Nemours & Co.		32,697		2,638,975
FMC Corp.		5,003		365,469
International Flavors & Fragrances, Inc.		3,004		405,540
LyondellBasell Industries NV – Class A		12,421		1,048,208
Monsanto Co.		16,578		1,962,172
PPG Industries, Inc.		9,653		1,061,444
Praxair, Inc.		10,765		1,426,901
The Dow Chemical Co.		42,466		2,678,331
The Mosaic Co.		13,184		300,991
The Sherwin-Williams Co.		3,116		1,093,591
				16,602,370
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		2,422		539,089
Vulcan Materials Co.		4,992		632,386
				1,171,475
Containers & Packaging (0.3%)
Ball Corp.		13,170		555,906
International Paper Co.		15,538		879,606
Sealed Air Corp.		7,398		331,134
WestRock Co.		9,427		534,134
				2,300,780
Metals & Mining (0.2%)
Freeport-McMoRan, Inc. (c)		50,291		603,995
Newmont Mining Corp.		20,062		649,808
Nucor Corp.		11,967		692,531
				1,946,334
Real Estate (2.9%)
Health Care REITs (0.3%)
HCP, Inc.		17,660		564,414
Ventas, Inc.		13,401		931,101
Welltower, Inc.		13,834		1,035,475
				2,530,990
Hotels & Resort REITs (0.1%)
Host Hotels & Resorts, Inc.		27,881		509,386
Industrial REITs (0.1%)
ProLogis, Inc.		19,980		1,171,627
Office REITs (0.3%)
Alexandria Real Estate Equities, Inc.		3,471		418,151
Boston Properties, Inc.		5,850		719,667
SL Green Realty Corp.		3,833		405,532
Vornado Realty Trust		6,499		610,256
				2,153,606
Real Estate Services (0.1%)
CBRE Group, Inc. – Class A (c)		11,305		411,502
Residential REITs (0.5%)
Apartment Investment & Management Co. – Class A		5,857		251,675
AvalonBay Communities, Inc.		5,225		1,004,088
Equity Residential		13,846		911,482

	Shares		Value(a)
Essex Property Trust, Inc.		2,490	$	640,602
Mid-America Apartment Communities, Inc.		4,290		452,080
UDR, Inc.		10,056		391,883
				3,651,810
Retail REITs (0.5%)
Federal Realty Investment Trust		2,700		341,253
GGP, Inc.		22,009		518,532
Kimco Realty Corp.		15,985		293,325
Realty Income Corp.		10,284		567,471
Regency Centers Corp.		5,530		346,399
Simon Property Group, Inc.		11,796		1,908,121
The Macerich Co.		4,463		259,122
				4,234,223
Specialized REITs (1.0%)
American Tower Corp.		16,058		2,124,795
Crown Castle International Corp.		13,832		1,385,690
Digital Realty Trust, Inc.		6,010		678,829
Equinix, Inc.		2,949		1,265,593
Extra Space Storage, Inc.		4,720		368,160
Iron Mountain, Inc.		9,259		318,139
Public Storage		5,711		1,190,915
Weyerhaeuser Co.		28,312		948,452
				8,280,573
Telecommunication Services (2.1%)
Diversified Telecommunication Services (2.1%)
AT&T, Inc.		232,287		8,764,188
CenturyLink, Inc.		20,636		492,788
Level 3 Communications, Inc. (c)		10,982		651,233
Verizon Communications, Inc.		154,129		6,883,401
				16,791,610
Utilities (3.2%)
Electric Utilities (1.9%)
Alliant Energy Corp.		8,590		345,060
American Electric Power Co., Inc.		18,497		1,284,987
Duke Energy Corp.		26,439		2,210,036
Edison International		12,313		962,753
Entergy Corp.		6,779		520,424
Eversource Energy		11,887		721,660
Exelon Corp.		34,990		1,262,089
FirstEnergy Corp.		16,685		486,535
NextEra Energy, Inc.		17,665		2,475,396
PG&E Corp.		19,237		1,276,760
Pinnacle West Capital Corp.		4,150		353,414
PPL Corp.		25,720		994,335
The Southern Co.		37,494		1,795,213
Xcel Energy, Inc.		19,111		876,813
				15,565,475
Gas Utilities (0.1%)
ONEOK, Inc.		14,368		749,435
Independent Power Producers & Energy Traders (0.1%)
AES Corp.		24,846		276,039
NRG Energy, Inc.		11,901		204,935
				480,974

See accompanying notes to financial statements.
38

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Multi-Utilities (1.0%)
Ameren Corp.		9,104	$	497,716
CenterPoint Energy, Inc.		16,273		445,555
CMS Energy Corp.		10,549		487,891
Consolidated Edison, Inc.		11,494		928,945
Dominion Energy, Inc.		23,727		1,818,200
DTE Energy Co.		6,820		721,488
NiSource, Inc.		12,169		308,606
Public Service Enterprise Group, Inc.		19,103		821,620
SCANA Corp.		5,351		358,570
Sempra Energy		9,448		1,065,262
WEC Energy Group, Inc.		11,928		732,140
				8,185,993
Water Utilities (0.1%)
American Water Works Co., Inc.		6,720		523,824
Total common stocks (cost: $321,848,850)				784,595,101
Short-Term Securities (1.7%)
Investment Companies (1.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		13,694,155		13,694,155
Total short-term securities (cost: $13,694,155)				13,694,155
Total investments in securities (cost: $335,543,005) (e)				798,289,256
Liabilities in excess of cash and other assets (0.0%)				(163,740	)
Total net assets (100.0%)			$	798,125,516

Investments in Securities Legend

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

(b) Foreign security: The Fund held 2.2% of net assets in foreign securities at June 30, 2017.

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

Holdings of Open Futures Contracts

On June 30, 2017, securities with an aggregate market value of $5,040,700 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 2017

104

Long

(59,330

)

104

(59,330

)

(e) At June 30, 2017 the cost of securities for federal income tax purposes was $338,269,770. The aggregate unrealized

appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	467,188,039
Gross unrealized depreciation		(7,168,553	)
Net unrealized appreciation	$	460,019,486

See accompanying notes to financial statements.
39

SFT Advantus International Bond Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Principal(b)		Value(a)
Long-Term Debt Securities (47.9%)
Argentina (4.6%)
Government (4.6%)
Argentine Bonos del Tesoro (ARS) 15.500%, 10/17/26		38,676,000	$	2,603,952
16.000%, 10/17/23		8,404,000		544,046
18.200%, 10/03/21		27,672,000		1,767,061
21.200%, 09/19/18		1,700,000		103,207
22.750%, 03/05/18		101,000		6,122
				5,024,388
Brazil (13.7%)
Government (13.7%)
Brazil Letras do Tesouro Nacional (BRL) 13.771%, 07/01/20 (c)		9,928,000		2,262,044
18.576%, 01/01/19 (c)		8,180,000		2,172,469
19.097%, 07/01/19 (c)		12,580,000		3,186,156
Brazil Notas do Tesouro Nacional Serie B (BRL) 6.000%, 05/15/19		80,000		73,936
6.000%, 08/15/22		134,000		123,165
6.000%, 05/15/23		186,000		171,132
6.000%, 08/15/24		110,000		102,023
6.000%, 05/15/45		970,000		913,096
Brazil Notas do Tesouro Nacional Serie F (BRL) 10.000%, 01/01/21		4,840,000		1,462,898
10.000%, 01/01/23		5,209,000		1,555,039
10.000%, 01/01/25		6,720,000		1,981,181
10.000%, 01/01/27		4,044,000		1,185,795
				15,188,934
Ghana (1.7%)
Government (1.7%)
Ghana Government Bond (GHS) 18.750%, 01/24/22		960,000		221,769
19.000%, 11/02/26		2,890,000		691,761
19.750%, 03/25/24		960,000		231,585
19.750%, 03/15/32		2,890,000		692,404
21.500%, 03/09/20		50,000		12,061
24.500%, 06/21/21		50,000		13,156
24.750%, 03/01/21		50,000		13,120
24.750%, 07/19/21		50,000		13,314
				1,889,170
Indonesia (10.8%)
Government (10.8%)
Indonesia Treasury Bond (IDR) 6.125%, 05/15/28		228,000,000		15,883
7.000%, 05/15/27		57,457,000,000		4,365,051
8.375%, 03/15/24		21,929,000,000		1,786,279
8.375%, 09/15/26		25,590,000,000		2,117,859
8.750%, 05/15/31		13,084,000,000		1,106,900
9.000%, 03/15/29		5,228,000,000		446,727
9.500%, 07/15/23		18,680,000,000		1,582,283
10.000%, 09/15/24		1,959,000,000		172,437

	Principal(b)		Value(a)
10.000%, 02/15/28		76,000,000	$	6,899
10.250%, 07/15/22		2,658,000,000		228,007
10.500%, 08/15/30		1,070,000,000		101,118
11.500%, 09/15/19		466,000,000		38,424
				11,967,867
Mexico (8.8%)
Government (8.8%)
Mexican Bonos (MXN) 4.750%, 06/14/18		54,850,000		2,969,850
5.000%, 12/11/19		100,870,000		5,370,482
7.750%, 12/14/17		5,000,000		277,159
8.500%, 12/13/18		13,490,000		762,300
Mexican Udibonos (MXN) 2.500%, 12/10/20		1,587,390		86,007
3.500%, 12/14/17		2,875,707		159,699
4.000%, 06/13/19		1,984,238		111,425
				9,736,922
Philippines (1.3%)
Government (1.3%)
Philippine Government Bond (PHP) 2.125%, 05/23/18		23,158,000		455,400
3.375%, 08/20/20		1,600,000		31,123
3.875%, 11/22/19		41,660,000		826,628
5.000%, 08/18/18		3,500,000		70,598
5.875%, 01/31/18		2,470,000		49,707
				1,433,456
Serbia (0.2%)
Government (0.2%)
Republic of Serbia (USD) 5.250%, 11/21/17 (d)		200,000		202,314
South Africa (1.6%)
Government (1.6%)
Republic of South Africa Government Bond (ZAR) 6.250%, 03/31/36		3,256,000		175,426
7.000%, 02/28/31		3,649,000		227,794
8.000%, 01/31/30		5,063,000		349,679
8.250%, 03/31/32		6,519,000		448,575
8.500%, 01/31/37		1,553,000		105,320
8.875%, 02/28/35		2,851,000		202,174
10.500%, 12/21/26		3,552,000		300,697
				1,809,665
South Korea (4.7%)
Government (4.7%)
Korea Treasury Bond (KRW) 1.375%, 09/10/21		708,200,000		606,461
1.500%, 06/10/19		2,690,600,000		2,344,880
1.875%, 03/10/22		200,000,000		174,565
2.000%, 03/10/21		2,212,310,000		1,944,364
4.250%, 06/10/21		139,300,000		132,416
				5,202,686

See accompanying notes to financial statements.
40

SFT Advantus International Bond Fund
Investments in Securities – continued

	Shares/ Principal(b)		Value(a)
Ukraine (0.5%)
Government (0.5%)
Ukraine Government International Bond (USD) 0.000%, 05/31/40 (d) (e)		1,369,000	$	531,665
Total long-term debt securities (cost: $49,164,163)				52,987,067
Short-Term Securities (40.3%)
Mexico (14.9%)
Mexican Cetes (MXN) 5.205%, 07/20/17 (c)		22,248,700		1,224,531
5.447%, 07/06/17 (c)		11,284,200		622,747
6.140%, 09/14/17 (c)		31,386,000		1,708,410
6.150%, 11/09/17 (c)		36,486,600		1,963,792
6.752%, 08/17/17 (c)		3,633,100		198,868
6.753%, 08/03/17 (c)		40,230,000		2,208,569
6.768%, 08/31/17 (c)		9,044,300		493,681
6.986%, 02/01/18 (c)		1,160,800		61,449
7.016%, 01/04/18 (c)		4,226,000		224,955
7.020%, 10/12/17 (c)		23,368,100		1,264,839
7.022%, 09/28/17 (c)		8,729,300		474,003
7.041%, 08/24/17 (c)		4,264,100		233,127
7.118%, 10/26/17 (c)		41,284,400		2,228,339
7.184%, 03/01/18 (c)		18,967,900		998,553
7.199%, 11/23/17 (c)		15,583,100		836,892
7.288%, 12/07/17 (c)		9,825,800		526,220
7.316%, 04/26/18 (c)		22,781,700		1,186,213
				16,455,188
Philippines (1.0%)
Philippine Treasury Bill (PHP) 1.352%, 09/27/17 (c)		55,340,000		1,089,507
United States (21.7%)
Federal Home Loan Bank, 0.566%, 07/03/17 (c)		24,005,000		24,005,000
Investment Companies (2.7%)
United States (2.7%)
State Street Institutional U.S. Government Money Market Fund (USD), current rate 0.880%		3,007,564		3,007,564
Total short-term securities (cost: $44,015,821)				44,557,259
Total investments in securities (cost: $93,179,984) (f)				97,544,326
Cash and other assets in excess of liabilities (11.8%)				13,088,639
Total net assets (100.0%)			$	110,632,965

See accompanying notes to financial statements.
41

SFT Advantus International Bond Fund
Investments in Securities – continued

Foreign Forward Currency Contracts

On June 30, 2017, 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
07/03/17		487,331	USD		325,240,000	CLP	$	1,954		DBK
07/03/17		325,240,000	CLP		490,403	USD		1,118		DBK
07/03/17		1,381,186	USD		154,900,000	JPY		(2,581	)	JPM
07/03/17		154,900,000	JPY		1,396,439	USD		17,835		JPM
07/05/17		485,214	EUR		520,319	USD		(33,092	)	DBK
07/05/17		554,066	USD		485,214	EUR		(655	)	DBK
07/07/17		13,000	EUR		14,644	USD		(184	)	DBK
07/07/17		82,000,000	CLP		126,020	USD		2,666		JPM
07/07/17		124,261	USD		82,000,000	CLP		(907	)	JPM
07/10/17		262,390	EUR		280,831	USD		(18,513	)	BOA
07/10/17		1,578,954	EUR		1,690,112	USD		(111,215	)	HSB
07/10/17		366,500	EUR		392,331	USD		(25,785	)	JPM
07/10/17		30,600	EUR		32,764	USD		(2,146	)	SCB
07/11/17		62,600,000	JPY		542,854	USD		(14,432	)	BCB
07/11/17		805,000	EUR		861,575	USD		(56,843	)	BOA
07/11/17		264,198	USD		174,503,000	CLP		(1,713	)	GSC
07/11/17		10,873,000	JPY		94,174	USD		(2,621	)	GSC
07/12/17		133,550	EUR		150,067	USD		(2,306	)	DBK
07/12/17		3,206,080	EUR		3,412,872	USD		(245,105	)	SCB
07/13/17		33,230,000	JPY		289,494	USD		(6,356	)	BCB
07/13/17		9,980,000	JPY		86,634	USD		(2,219	)	CIT
07/13/17		254,066	USD		1,023,987	MYR		(15,600	)	HSB
07/13/17		35,690,000	JPY		309,960	USD		(7,792	)	HSB
07/13/17		1,435,863	EUR		1,531,032	USD		(107,300	)	JPM
07/14/17		253,138	USD		1,023,565	MYR		(14,780	)	DBK
07/14/17		286,880	USD		1,160,000	MYR		(16,750	)	DBK
07/14/17		21,600,000	JPY		211,102	USD		18,788		JPM
07/17/17		59,243	USD		3,868,000	INR		510		JPS
07/17/17		317,000	EUR		345,191	USD		(16,583	)	SCB
07/18/17		31,599,000	CLP		47,740	USD		217		DBK
07/18/17		185,955	USD		122,948,000	CLP		(1,048	)	DBK
07/18/17		82,000	EUR		87,328	USD		(6,259	)	GSC
07/18/17		891,000	EUR		948,826	USD		(68,073	)	JPM
07/18/17		636,000	EUR		677,276	USD		(48,591	)	JPM
07/18/17		41,350	EUR		44,060	USD		(3,133	)	UBS
07/20/17		58,134	USD		232,000	MYR		(4,120	)	DBK
07/20/17		180,514	EUR		813,000	MYR		(16,761	)	DBK
07/20/17		486,033	USD		31,697,000	INR		3,448		DBK
07/20/17		154,226	USD		101,735,000	CLP		(1,229	)	DBK
07/20/17		88,301,000	CLP		133,718	USD		925		DBK
07/20/17		45,710,000	JPY		406,275	USD		(803	)	SCB
07/24/17		10,020,000	JPY		87,702	USD		(1,548	)	DBK
07/24/17		815,540	EUR		880,188	USD		(50,874	)	DBK
07/24/17		444,000,000	KRW		389,269	USD		1,015		HSB
07/24/17		366,140	USD		23,887,000	INR		2,553		JPS
07/24/17		2,392,617	USD		156,094,362	INR		16,682		JPS
07/25/17		32,786,000	JPY		314,012	USD		21,971		CIT
07/25/17		51,000,000	JPY		453,900	USD		(383	)	JPM
07/27/17		507,467	USD		32,918,166	INR		434		DBK
07/27/17		184,000	EUR		201,377	USD		(8,719	)	GSC
07/27/17		52,800,000	JPY		469,732	USD		(623	)	GSC
07/27/17		17,600,000	JPY		156,688	USD		(97	)	JPM
07/27/17		1,296,562	USD		84,095,000	INR		956		JPS
07/28/17		307,648	USD		20,094,000	INR		2,348		HSB
07/31/17		60,350,000	JPY		581,046	USD		43,344		BCB
07/31/17		2,701,600	EUR		2,953,497	USD		(131,894	)	BOA
07/31/17		50,203,538	JPY		483,591	USD		36,292		DBK
07/31/17		207,232	EUR		226,693	USD		(9,978	)	DBK
07/31/17		64,982,551	JPY		569,772	USD		(9,204	)	HSB
07/31/17		907,599	USD		58,640,000	INR		(3,277	)	JPS
08/02/17		536,000,000	KRW		475,895	USD		7,078		HSB
08/02/17		535,000	EUR		583,960	USD		(27,105	)	JPM

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
08/03/17		699,000	EUR		766,293	USD	$	(32,130	)	BOA
08/08/17		76,884	EUR		84,515	USD		(3,327	)	CIT
08/08/17		820,000	EUR		901,262	USD		(35,611	)	DBK
08/08/17		296,624	USD		19,213,833	INR		(610	)	DBK
08/08/17		39,027	USD		2,528,000	INR		(80	)	DBK
08/08/17		51,000	EUR		56,075	USD		(2,194	)	GSC
08/09/17		2,906,000	EUR		3,198,983	USD		(121,375	)	DBK
08/09/17		210,000	EUR		231,172	USD		(8,771	)	DBK
08/10/17		75,000	EUR		82,538	USD		(3,161	)	GSC
08/10/17		158,000	EUR		173,553	USD		(6,985	)	HSB
08/15/17		15,430,000	JPY		155,131	USD		17,567		BCB
08/15/17		1,179,300	EUR		1,286,451	USD		(61,416	)	BOA
08/15/17		3,074,985	EUR		3,355,178	USD		(159,342	)	CIT
08/15/17		1,435,650	EUR		1,566,633	USD		(74,227	)	DBK
08/15/17		107,000	EUR		116,587	USD		(5,707	)	GSC
08/16/17		115,000	EUR		126,195	USD		(5,249	)	DBK
08/16/17		244,182	USD		15,917,000	INR		785		DBK
08/16/17		336,000	EUR		368,478	USD		(15,569	)	GSC
08/16/17		21,480,270	JPY		191,039	USD		(473	)	GSC
08/16/17		394,103	USD		25,664,000	INR		873		HSB
08/16/17		8,030,000	JPY		71,396	USD		(197	)	JPM
08/16/17		890,000	EUR		975,879	USD		(41,389	)	JPM
08/16/17		160,000	EUR		175,525	USD		(7,355	)	SCB
08/17/17		38,749	EUR		42,696	USD		(1,596	)	BOA
08/17/17		153,000	EUR		168,568	USD		(6,320	)	GSC
08/17/17		758,000,000	KRW		672,851	USD		9,671		HSB
08/17/17		1,375,000,000	KRW		1,217,461	USD		14,462		HSB
08/18/17		51,438,000	JPY		520,838	USD		62,192		DBK
08/18/17		372,556	USD		24,082,000	INR		(2,023	)	JPS
08/21/17		1,464,000,000	KRW		1,282,973	USD		2,030		CIT
08/21/17		16,425	EUR		18,337	USD		(442	)	JPM
08/22/17		96,755,000	JPY		981,288	USD		118,426		HSB
08/22/17		1,514,253	EUR		1,691,701	USD		(39,618	)	HSB
08/22/17		69,639,000	JPY		706,324	USD		85,283		JPM
08/23/17		119,438	EUR		134,248	USD		(2,318	)	BOA
08/23/17		642,000	EUR		722,000	USD		(12,068	)	JPM
08/23/17		33,313	EUR		37,422	USD		(668	)	UBS
08/24/17		23,068,000	JPY		233,549	USD		27,811		BCB
08/24/17		22,797,000	JPY		231,141	USD		27,820		DBK
08/28/17		154,000	EUR		173,119	USD		(3,011	)	GSC
08/28/17		65,692,000	JPY		664,949	USD		78,957		JPM
08/28/17		145,982	USD		9,556,000	INR		858		JPS
08/30/17		469,918	EUR		528,517	USD		(8,984	)	BCB
08/30/17		131,855	EUR		148,245	USD		(2,574	)	BOA
08/30/17		38,472,000	JPY		390,414	USD		47,203		DBK
08/30/17		33,447,000	JPY		338,738	USD		40,356		JPM
08/30/17		743,770	EUR		835,648	USD		(15,089	)	SCB
08/30/17		616,157	EUR		694,544	USD		(10,227	)	UBS
08/31/17		54,600,000	JPY		490,355	USD		3,244		BCB
08/31/17		54,300	EUR		61,078	USD		(1,034	)	DBK
08/31/17		535,000	EUR		601,091	USD		(10,883	)	SCB
09/01/17		73,808,000	JPY		732,949	USD		74,448		HSB
09/05/17		1,449,000,000	KRW		1,295,717	USD		27,612		HSB
09/06/17		228,417	EUR		257,271	USD		(4,091	)	UBS
09/07/17		1,494,000,000	KRW		1,319,730	USD		12,206		GSC
09/07/17		158,417	EUR		178,968	USD		(2,308	)	UBS
09/08/17		335,000	EUR		377,507	USD		(5,854	)	BCB
09/08/17		262,390	EUR		296,855	USD		(3,414	)	BOA
09/11/17		57,903,900	JPY		512,100	USD		(4,750	)	BCB
09/13/17		55,874	EUR		62,750	USD		(1,208	)	CIT
09/13/17		22,100,000	JPY		194,347	USD		(2,937	)	DBK
09/14/17		253,619	USD		16,470,000	INR		(1,089	)	DBK
09/14/17		294,000	EUR		331,441	USD		(5,114	)	MSC
09/15/17		602,000	EUR		677,759	USD		(11,416	)	HSB
09/15/17		116,000	EUR		130,758	USD		(2,040	)	JPM
09/18/17		327,271	EUR		370,013	USD		(4,713	)	JPM
09/18/17		437,000	EUR		494,728	USD		(5,638	)	MSC
09/19/17		16,430	EUR		18,416	USD		(398	)	JPM

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
09/20/17		1,017,000,000	KRW		888,037	USD	$	(2,188	)	CIT
09/21/17		22,560,000	JPY		201,638	USD		168		BCB
09/25/17		42,092,130	JPY		381,921	USD		5,948		BCB
09/25/17		29,650,000	JPY		265,786	USD		947		MSC
09/25/17		524,000	EUR		587,194	USD		(13,021	)	MSC
09/29/17		9,763,000	JPY		88,607	USD		1,385		JPM
09/29/17		911,815	EUR		1,041,735	USD		(2,936	)	BCB
10/05/17		485,214	EUR		556,686	USD		587		DBK
10/12/17		29,920,000	JPY		271,120	USD		3,643		SCB
10/16/17		763,000,000	KRW		682,164	USD		13,958		CIT
10/24/17		27,530,000	JPY		254,603	USD		8,343		BCB
10/25/17		76,625	USD		5,058,000	INR		528		DBK
11/02/17		59,108	USD		3,868,000	INR		(166	)	JPS
11/08/17		166,768	USD		10,920,000	INR		(490	)	HSB
11/09/17		13,826,020	JPY		134,722	USD		10,946		CIT
11/14/17		34,439,000	JPY		335,735	USD		27,344		CIT
11/14/17		13,582,000	JPY		132,635	USD		11,012		JPM
11/15/17		1,020,000,000	KRW		900,980	USD		7,033		CIT
11/15/17		19,620,000	JPY		173,403	USD		(2,297	)	GSC
11/15/17		3,040,000	AUD		2,240,875	USD		(87,055	)	JPM
11/16/17		14,665,000	JPY		138,452	USD		7,118		CIT
11/16/17		563,000,000	KRW		497,702	USD		4,265		CIT
11/16/17		100,685,000	JPY		899,126	USD		(2,569	)	JPM
11/16/17		13,769,800	JPY		122,433	USD		(884	)	SCB
11/20/17		97,530,600	JPY		866,515	USD		(7,107	)	CIT
11/21/17		45,867,000	JPY		427,569	USD		16,698		DBK
11/27/17		11,968,000	JPY		108,603	USD		1,362		HSB
11/27/17		52,556,000	JPY		482,409	USD		11,475		SCB
12/08/17		46,300,000	JPY		426,832	USD		11,725		CIT
12/11/17		69,400,000	JPY		639,631	USD		17,324		HSB
12/12/17		91,710,000	JPY		818,982	USD		(3,420	)	CIT
12/13/17		17,886,000	JPY		163,264	USD		2,865		CIT
12/13/17		66,670,000	JPY		610,065	USD		12,176		HSB
12/13/17		61,770,000	JPY		547,504	USD		(6,441	)	JPM
12/18/17		26,000,000	JPY		238,496	USD		5,272		JPM
12/18/17		18,200,000	JPY		167,711	USD		4,454		MSC
12/19/17		67,301	USD		4,419,000	INR		(355	)	CIT
12/20/17		607,000,000	KRW		544,834	USD		12,382		DBK
12/29/17		154,900,000	JPY		1,392,034	USD		1,782		JPM
02/09/18		14,673,000	JPY		133,105	USD		1,125		CIT
02/13/18		61,530,000	JPY		560,523	USD		6,958		CIT
02/16/18		15,430,000	JPY		138,628	USD		(212	)	DBK
02/16/18		100,310,000	JPY		899,117	USD		(3,479	)	JPM
02/22/18		403,000	AUD		297,668	USD		(10,568	)	CIT
02/27/18		65,472,000	JPY		592,239	USD		2,778		HSB
02/28/18		22,848,000	JPY		207,278	USD		1,561		JPM
03/05/18		44,000,000	JPY		394,447	USD		(1,820	)	JPM
03/06/18		20,800,000	JPY		185,334	USD		(2,003	)	HSB
03/09/18		149,300	AUD		112,112	USD		(2,060	)	CIT
03/09/18		74,100	AUD		55,640	USD		(1,025	)	CIT
03/13/18		1,971,000	AUD		1,463,773	USD		(43,411	)	CIT
03/13/18		2,955,000	AUD		2,186,700	USD		(72,928	)	JPM
03/16/18		370,000	AUD		275,780	USD		(7,142	)	JPM
03/20/18		4,111,000	AUD		3,085,922	USD		(57,413	)	JPM
03/22/18		28,159,000	JPY		254,893	USD		1,065		DBK
03/23/18		77,666,000	JPY		702,558	USD		2,432		CIT
04/11/18		7,000,000,000	KRW		6,224,435	USD		72,698		HSB
04/13/18		12,300,000	JPY		113,244	USD		2,241		CIT
04/18/18		22,030,000	JPY		202,897	USD		4,030		BOA
04/23/18		29,220,000	JPY		272,823	USD		8,978		JPM
04/24/18		142,170,490	JPY		1,324,808	USD		40,995		JPM
05/15/18		22,910,000	JPY		204,828	USD		(2,290	)	HSB
05/15/18		14,666,000	JPY		130,971	USD		(1,617	)	SCB
05/18/18		74,624,550	JPY		669,819	USD		(4,935	)	BOA
05/18/18		97,530,600	JPY		874,898	USD		(6,972	)	CIT
05/18/18		610,000,000	KRW		549,104	USD		12,462		DBK
05/21/18		74,400,375	JPY		677,676	USD		4,838		BOA
05/21/18		74,662,400	JPY		681,537	USD		6,330		HSB

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
05/22/18		74,602,500	JPY		683,674	USD	$	8,971		BOA
05/22/18		41,201,000	JPY		377,584	USD		4,963		JPM
05/25/18		64,764,000	JPY		593,077	USD		7,257		BOA
06/18/18		46,950,000	JPY		437,354	USD		12,110		HSB
06/19/18		46,870,000	JPY		432,157	USD		7,614		DBK
06/20/18		35,200,000	JPY		322,256	USD		3,401		CIT
06/22/18		46,960,000	JPY		428,233	USD		2,804		DBK
							$	(954,705	)

At June 30, 2017, 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 1.816%	CIT	02/03/25	$	440,000	$	7,751	$	—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.914%	CIT	01/22/25		1,760,000		17,247		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.936%	CIT	01/29/25		320,000		2,682		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.941%	CIT	01/30/25		270,000		2,182		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.969%	CIT	01/23/25		2,200,000		12,462		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.973%	CIT	01/27/25		1,300,000		7,268		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.977%	CIT	03/27/25		750,000		5,623		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.985%	CIT	03/27/25		750,000		5,214		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.378%	CIT	11/18/46		3,200,000		103,941		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.537%	CIT	04/13/47		1,700,000		—		(5,901	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.695%	CIT	05/09/24		4,260,000		—		(170,278	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.731%	CIT	07/07/24		1,250,000		—		(64,314	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.793%	CIT	03/13/47		2,000,000		—		(128,972	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 3.387%	CIT	05/09/44		2,028,000		—		(347,042	)
Net unrealized appreciation (depreciation)					$	164,370	$	(716,507	)

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) At June 30, 2017 the cost of securities for federal income tax purposes was $93,179,984. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	5,290,033
Gross unrealized depreciation		(925,691	)
Net unrealized appreciation	$	4,364,342

See accompanying notes to financial statements.
45

SFT Advantus International Bond Fund
Investments in Securities – continued

Currency Legend

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

CLP Chilean Peso

EUR Euro

GHS Ghanaian Cedi

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

USD United States Dollar

ZAR South African Rand

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

JPS JPMorgan Chase (Singapore)

MSC Morgan Stanley and Co., Inc.

SCB Standard Chartered Bank

UBS UBS AG

See accompanying notes to financial statements.
46

SFT Advantus Managed Volatility Equity Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares/ Contracts		Value(a)
Mutual Funds (90.3%)
Investment Companies (90.3%)
iShares Core High Dividend ETF		479,307	$	39,844,791
iShares Edge MSCI Minimum Volatility EAFE ETF		798,433		55,283,501
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		240,325		13,314,005
iShares Edge MSCI Minimum Volatility USA ETF (b)		1,449,497		70,923,888
iShares MSCI Germany ETF		291,162		8,813,474
iShares Short Maturity Bond ETF		220,000		11,059,400
Total mutual funds (cost: $186,711,676)				199,239,059
Purchased Option (0.0%)
Put Option Purchased (0.0%)
S&P 500 Index, 2,300, 07/21/17		20,000		59,000
Total purchased options (cost: $123,988)				59,000
Short-Term Securities (10.9%)
Investment Companies (10.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		24,005,126		24,005,126
Total short-term securities (cost: $24,005,126)				24,005,126
Total investments in securities (cost: $210,840,790) (c)				223,303,185
Liabilities in excess of cash and other assets (-1.2%)				(2,548,240	)
Total net assets (100.0%)			$	220,754,945

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, 2017, securities with an aggregate market value of $978,600 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 2017

142

Long

(80,558

)

142

(80,558

)

(c) At June 30, 2017 the cost of securities for federal income tax purposes was $210,859,958. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	12,508,215
Gross unrealized depreciation		(64,988	)
Net unrealized appreciation	$	12,443,227

Holdings of Open Written Contracts

Put Options Written				Contracts				Expiration Date				Exercise Price				Value(a)
S&P 500 Index					200			July 2017					2,190.00			$	(20,500	)

See accompanying notes to financial statements.
47

SFT Advantus Mortgage Securities Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (97.0%)
Government Obligations (78.8%)
Other Government Obligations (1.1%)
Provincial or Local Government Obligations (1.1%)
Ohio State Water Development Authority, 4.817%, 12/01/30	$	250,000	$	283,255
Texas A&M University, 4.000%, 05/15/31		325,000		343,002
Utility Debt Securitization Authority, 3.435%, 12/15/25		355,000		368,138
				994,395
U.S. Government Agencies and Obligations (77.7%)
Export-Import Bank of the United States (0.8%)
DY7 Leasing LLC, 2.578%, 12/10/25		177,083		178,489
Export Leasing 2009 LLC, 1.859%, 08/28/21		111,878		111,280
Helios Leasing I LLC 1.825%, 05/16/25		103,654		101,490
2.018%, 05/29/24		159,172		157,701
Union 16 Leasing LLC, 1.863%, 01/22/25		167,384		164,420
				713,380
Federal Home Loan Mortgage Corporation (FHLMC) (16.4%)
1.645%, 01/25/23 (b)		397,375		398,620
2.500%, 03/01/28		165,844		167,893
2.500%, 04/01/28		262,787		266,084
2.516%, 03/25/29 (b)		500,000		505,642
3.000%, 08/01/42		126,241		126,691
3.000%, 12/01/42		264,387		265,287
3.000%, 01/01/43		357,914		359,321
3.000%, 02/01/43		837,819		842,611
3.000%, 04/01/43		337,447		338,765
3.000%, 10/25/46		383,260		379,465
3.416%, 02/25/24 (b)		267,104		274,588
3.416%, 09/25/24 (b)		500,000		513,642
3.500%, 10/01/25		122,202		127,921
3.500%, 05/01/32		298,182		311,269
3.500%, 03/01/42		1,138,857		1,177,285
3.500%, 08/01/42		299,217		309,382
3.500%, 12/01/44		1,370,639		1,409,195
3.500%, 05/25/45		685,721		690,044
3.500%, 11/01/46		425,480		438,088
4.000%, 09/01/40		371,053		395,036
4.000%, 03/01/41		430,839		459,936
4.000%, 01/01/45		1,033,310		1,087,567
4.016%, 05/25/28 (b)		217,480		225,168
4.500%, 04/01/23		44,226		47,366
4.500%, 09/01/40		274,933		295,620
4.500%, 01/01/41		310,521		333,926
4.500%, 03/01/41		312,345		337,614
4.516%, 10/25/27 (b)		250,000		279,472
5.000%, 03/01/23		35,859		38,925

	Principal		Value(a)
5.000%, 05/01/29	$	54,222	$	58,994
5.000%, 08/01/35		48,084		52,462
5.000%, 11/01/35		46,827		50,984
5.000%, 11/01/39		505,378		559,401
5.000%, 03/01/40		355,087		393,823
5.500%, 06/01/20		18,332		18,802
5.500%, 10/01/20		59,336		60,469
5.500%, 11/01/23		108,031		119,020
5.500%, 05/01/34		178,084		202,495
5.916%, 04/25/28 (b)		400,000		460,279
6.000%, 09/01/22		68,647		73,267
6.000%, 11/01/33		158,195		181,560
6.250%, 12/15/23		68,308		73,763
6.500%, 11/01/32		52,574		60,605
				14,768,347
Federal National Mortgage Association (FNMA) (40.8%)
2.500%, 03/01/27		440,599		446,683
2.500%, 11/01/27		205,157		206,386
2.500%, 03/01/28		467,984		473,531
2.898%, 06/25/27		675,000		670,293
3.000%, 09/01/22		146,516		150,482
3.000%, 11/01/27		205,520		211,515
3.000%, 06/01/28		274,431		282,666
3.000%, 07/01/32 (c)		1,700,000		1,744,758
3.000%, 03/01/42		136,754		137,333
3.000%, 09/01/42		188,258		189,168
3.000%, 03/01/43		135,653		136,435
3.000%, 04/01/43		549,772		552,101
3.000%, 05/01/43		740,414		743,477
3.000%, 09/01/43		208,468		209,276
3.000%, 01/01/46		515,348		515,299
3.000%, 07/01/47 (c)		1,725,000		1,722,674
3.500%, 11/01/25		72,420		75,539
3.500%, 01/01/26		164,693		171,787
3.500%, 12/01/32		271,722		283,812
3.500%, 11/01/40		241,365		249,677
3.500%, 01/01/41		410,151		423,457
3.500%, 02/01/41		887,838		916,664
3.500%, 11/01/41		415,401		429,078
3.500%, 12/01/41		778,494		803,292
3.500%, 01/01/42		1,837,845		1,896,174
3.500%, 05/01/42		555,098		573,105
3.500%, 08/01/42		524,769		541,939
3.500%, 01/01/43		322,314		332,571
3.500%, 02/01/43		657,595		682,198
3.500%, 03/01/43		302,143		312,528
3.500%, 05/01/43		1,133,705		1,170,884
3.500%, 06/01/45		1,776,248		1,831,048
3.500%, 10/01/45		233,757		240,232
3.500%, 01/01/46		467,479		481,312
3.500%, 01/01/47		982,894		1,011,600
3.500%, 07/01/47 (c)		1,275,000		1,309,515
4.000%, 06/25/23		149,995		154,164
4.000%, 12/01/40		179,590		189,575
4.000%, 04/01/41		152,715		162,257
4.000%, 11/01/41		352,468		371,927
4.000%, 06/01/42		925,991		980,729
4.000%, 09/01/43		573,953		604,225
4.000%, 10/01/43		1,358,229		1,448,920
4.000%, 01/01/44		309,057		329,685

See accompanying notes to financial statements.
48

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
4.000%, 08/01/44	$	243,730	$	256,942
4.000%, 07/01/47 (c)		720,000		756,872
4.500%, 04/01/21		3,694		3,818
4.500%, 11/01/23		38,972		41,800
4.500%, 04/01/25		79,285		83,648
4.500%, 05/25/34		537,000		608,450
4.500%, 05/01/35		222,674		239,944
4.500%, 07/01/35		196,316		211,128
4.500%, 09/01/37		246,625		265,867
5.000%, 05/01/18		17,201		17,615
5.000%, 10/01/20		46,219		48,288
5.000%, 06/25/23		144,435		151,635
5.000%, 11/01/33		212,224		232,794
5.000%, 03/01/34		452,787		496,776
5.000%, 05/01/34		49,761		54,618
5.000%, 12/01/34		43,053		47,240
5.000%, 04/01/35		66,990		73,547
5.000%, 07/01/35		416,501		457,174
5.000%, 03/01/38		120,492		132,911
5.000%, 06/01/39		178,416		198,381
5.000%, 12/01/39		288,942		322,171
5.000%, 06/01/40		98,650		108,978
5.000%, 04/01/41		193,424		213,983
5.500%, 02/01/18		7,518		7,557
5.500%, 03/01/18		16,158		16,263
5.500%, 08/01/23		61,673		68,261
5.500%, 02/01/24		87,985		97,383
5.500%, 04/01/33		326,599		367,913
5.500%, 05/01/33		17,919		19,960
5.500%, 01/01/34		50,839		56,958
5.500%, 02/01/34		30,398		34,080
5.500%, 04/01/34		76,066		85,129
5.500%, 05/01/34		17,900		20,041
5.500%, 09/01/34		187,638		208,881
5.500%, 10/01/34		76,981		86,306
5.500%, 01/01/35		128,965		144,940
5.500%, 02/01/35		240,115		269,073
5.500%, 06/01/35		13,681		15,323
5.500%, 08/01/35		65,539		73,383
5.500%, 10/01/35		50,306		57,329
5.500%, 11/01/35		11,706		13,100
5.500%, 09/01/36		181,909		203,807
5.500%, 05/01/38		2,806		3,106
6.000%, 09/01/32		18,632		21,275
6.000%, 10/01/32		315,538		363,730
6.000%, 11/01/32		239,965		275,999
6.000%, 03/01/33		284,298		325,704
6.000%, 04/01/33		37,013		41,679
6.000%, 12/01/33		67,579		77,158
6.000%, 08/01/34		63,028		71,553
6.000%, 09/01/34		37,898		43,241
6.000%, 11/01/34		17,787		20,037
6.000%, 12/01/34		158,258		180,751
6.000%, 11/01/36		21,337		24,302
6.000%, 01/01/37		187,410		213,012
6.000%, 08/01/37		45,374		51,113
6.000%, 09/01/37		69,485		79,395
6.000%, 12/01/37		31,749		35,798
6.000%, 12/01/38		84,570		96,084
6.500%, 11/01/23		56,742		61,760
6.500%, 02/01/32		244,862		281,905
6.500%, 04/01/32		84,319		97,346
6.500%, 05/01/32		30,255		34,145
6.500%, 07/01/32		285,750		326,076

	Principal		Value(a)
6.500%, 09/01/32	$	874	$	966
6.500%, 09/01/34		22,686		25,581
6.500%, 11/01/34		9,778		11,135
6.500%, 03/01/35		119,564		136,047
6.500%, 02/01/36		15,551		17,200
6.500%, 09/01/37		119,163		134,605
7.000%, 09/01/31		120,791		136,047
7.000%, 11/01/31		22,837		25,942
7.000%, 02/01/32		87,595		101,921
7.000%, 07/01/32		16,815		18,939
7.000%, 10/01/37		16,366		17,278
7.500%, 07/25/22		74,763		79,779
7.500%, 04/01/31		32,004		35,812
				36,706,659
Government National Mortgage Association (GNMA) (18.3%)
0.000%, 03/16/42 (b) (d) (e)		1,106,380		—
0.011%, 06/17/45 (b) (d) (i)		274,592		104
0.643%, 07/16/40 (b) (d)		220,522		229
1.000%, 12/20/42		174,233		165,243
3.000%, 09/20/42		527,599		534,968
3.000%, 09/20/44		195,177		197,542
3.000%, 03/15/45		541,616		547,869
3.000%, 04/15/45		1,373,866		1,389,728
3.000%, 05/15/45		171,943		173,928
3.000%, 07/01/47 (c)		350,000		353,527
3.250%, 04/20/33		204,735		211,773
3.250%, 03/20/35		1,216,762		1,258,570
3.250%, 11/20/35		317,240		327,693
3.250%, 01/20/36		1,175,151		1,213,868
3.500%, 11/15/40		116,558		121,046
3.500%, 10/20/43		386,031		401,541
3.500%, 02/20/45		642,037		665,710
3.500%, 03/20/45		984,978		1,021,296
3.500%, 04/20/45		1,249,499		1,295,570
3.500%, 04/20/46		310,445		321,828
3.500%, 07/01/47 (c)		600,000		621,469
3.750%, 03/20/46		293,594		306,866
4.000%, 07/20/31		481,798		511,285
4.000%, 04/20/39		346,675		367,605
4.000%, 12/20/40		1,012,920		1,079,267
4.000%, 01/15/41		69,921		73,795
4.000%, 02/15/41		479,379		510,213
4.000%, 10/15/41		365,622		385,835
4.000%, 12/20/44		205,813		216,746
4.500%, 06/15/40		348,549		380,595
5.000%, 05/15/33		109,748		120,622
5.000%, 12/15/39		91,318		101,904
5.000%, 01/15/40		785,233		859,978
5.000%, 07/15/40		380,819		417,082
5.500%, 07/15/38		138,189		156,041
5.500%, 10/15/38		156,657		179,799
				16,491,135
U.S. Treasury (1.3%)
U.S. Treasury Bond, 3.000%, 02/15/47		550,000		567,359
U.S. Treasury Note 2.125%, 03/31/24		400,000		400,297
2.250%, 02/15/27 (l)		150,000		149,303
				1,116,959

See accompanying notes to financial statements.
49

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
Vendee Mortgage Trust (0.1%)
Vendee Mortgage Trust, 7.793%, 02/15/25	$	55,894	$	60,768
Total government obligations (cost: $70,620,616)				70,851,643
Asset-Backed Securities (6.8%)
Bear Stearns Asset Backed Securities Trust, 2.191%, 02/25/34 (b)		361,951		337,974
Capital One Multi-Asset Execution Trust, 1.889%, 01/18/22 (b)		275,000		276,063
CarMax Auto Owner Trust, 1.880%, 11/15/19		350,000		350,337
CDC Mortgage Capital Trust, 2.316%, 03/25/34 (b)		206,668		198,535
Chase Funding Trust 1.776%, 02/25/33 (b)		155,233		138,990
1.856%, 08/25/32 (b)		122,337		112,138
Chesapeake Funding II LLC, 3.710%, 05/15/29 (f)		100,000		99,803
Commonbond Student Loan Trust, 5.280%, 05/25/41 (f)		250,000		249,305
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f)		229,021		236,967
Credit-Based Asset Servicing and Securitization LLC, 6.250%, 10/25/36 (f) (g)		226,465		230,866
CSMC Trust, 3.500%, 06/25/47 (b) (f) (i)		525,000		518,889
Entergy Gulf States Reconstruction Funding 1 LLC, 5.930%, 06/29/22		500,000		542,001
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (e) (f) (h) (i)		83,609		84,121
FirstEnergy Ohio PIRB Special Purpose Trust, 1.726%, 01/15/22		183,271		182,730
Foursight Capital Automobile Receivables Trust 2.340%, 01/15/21 (f)		176,533		176,721
3.710%, 01/18/22 (f)		285,000		282,763
Invitation Homes 2014-SFR2 Trust, 2.309%, 09/17/31 (b) (f)		205,228		205,613
Invitation Homes 2015-SFR3 Trust, 2.509%, 08/17/32 (b) (f)		619,607		622,432
Lehman ABS Manufactured Housing Contract Trust, 5.873%, 04/15/40		80,683		82,629
Morgan Stanley Dean Witter Capital I, Inc.,, 1.776%, 08/25/32 (b)		178,343		167,902
Origen Manufactured Housing Contract Trust, 5.910%, 01/15/37		376,189		387,857

	Principal		Value(a)
Saxon Asset Securities Trust, 1.756%, 03/25/35 (b)	$	270,238	$	249,485
SoFi Professional Loan Program, 2.266%, 04/25/35 (b) (f)		159,519		161,011
Trip Rail Master Funding LLC, 2.863%, 04/15/44 (f)		186,414		183,273
Total asset-backed securities (cost: $6,081,374)				6,078,405
Other Mortgage-Backed Securities (10.2%)
Collateralized Mortgage Obligations/ Mortgage Revenue Bonds (1.5%)
Bear Stearns Mortgage Securities, Inc., 8.000%, 11/25/29 (i)		149,397		102,307
GS Mortgage-Backed Securities Trust, 3.141%, 07/25/44 (b) (f)		399,684		382,201
Impac CMB Trust, 2.041%, 09/25/34 (b)		321,723		293,806
Impac Secured Assets CMN Owner Trust, 2.116%, 11/25/34 (b)		230,000		224,879
JP Morgan Mortgage Trust, 3.380%, 10/25/46 (b) (f) (i)		344,526		331,673
Prudential Home Mortgage Securities 7.817%, 09/28/24 (b) (f)		1,158		1,048
7.900%, 04/28/22 (f)		12,719		12,015
Structured Asset Mortgage Investments, Inc., 1.386%, 05/02/30 (b) (i)		11,094		2,000
				1,349,929
Commercial Mortgage-Backed Securities (8.7%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)		106,506		107,496
BANK 2017-BNK4, 3.625%, 05/15/50		350,000		363,094
CFCRE Commercial Mortgage Trust, 3.839%, 12/10/54		500,000		522,733
Citigroup Commercial Mortgage Trust 3.008%, 01/12/30 (b) (f)		280,000		280,394
3.209%, 05/10/49		375,000		377,961
CSMC Trust, 3.304%, 09/15/37 (f)		400,000		408,060
Hometown Commercial Mortgage, 5.506%, 11/11/38 (e) (f) (i)		17,763		15,430
Irvine Core Office Trust, 2.068%, 05/15/48 (f)		313,553		311,286
JP Morgan Chase Commercial Mortgage Securities Trust, 3.648%, 12/15/49 (b)		400,000		416,426
JPMorgan Chase Commercial Mortgage Securities Corp., 2.134%, 12/05/27 (b) (d) (e) (f)		3,391,809		138,999

See accompanying notes to financial statements.
50

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Shares/ Principal		Value(a)
Morgan Stanley Bank of America Merrill Lynch Trust, 3.720%, 12/15/49	$	225,000	$	235,543
Morgan Stanley Capital I Trust, 3.451%, 08/05/34 (f)		150,000		150,452
Multi Security Asset Trust, 5.880%, 11/28/35 (b) (e) (f) (i)		869,911		884,448
One Market Plaza Trust, 3.614%, 02/10/32 (f)		500,000		520,290
UBS Commercial Mortgage Trust, 3.724%, 06/15/50		1,500,000		1,527,880
Wells Fargo Commercial Mortgage Trust 2.814%, 08/15/49		540,000		522,281
3.096%, 06/15/49		400,000		398,518
3.637%, 06/15/48		625,000		649,565
				7,830,856
Total other mortgage-backed securities (cost: $9,275,731)				9,180,785
Corporate Obligations (1.2%)
Communications (0.7%)
Telecommunication (0.7%)
Crown Castle Towers LLC, 3.222%, 05/15/22 (f)		425,000		435,345
SBA Tower Trust, 2.240%, 04/16/18 (f)		220,000		219,894
				655,239
Financial (0.5%)
Real Estate Investment Trust — Residential (0.5%)
UDR, Inc., 4.000%, 10/01/25		400,000		413,674
Total corporate obligations (cost: $1,044,217)				1,068,913
Total long-term debt securities (cost: $87,021,938)				87,179,746
Short-Term Securities (10.2%)
Investment Companies (10.2%)
Federated Government Obligations Fund, current rate 0.830% (j)		2,300,000		2,300,000
State Street Institutional U.S. Government Money Market Fund, current rate 0.880% (j)		4,583,850		4,583,850
STIT-Government & Agency Portfolio, current rate 0.890% (j)		2,300,000		2,300,000
Total short-term securities (cost: $9,183,850)				9,183,850
Total investments in securities (cost: $96,205,788) (k)				96,363,596
Liabilities in excess of cash and other assets (-7.2%)				(6,432,039	)
Total net assets (100.0%)			$	89,931,557

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, 2017 the total cost of investments issued on a when-issued or forward commitment basis was $6,542,340.

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

(g) Step rate security.

(h) Foreign security: The Fund held 0.1% of net assets in foreign securities at June 30, 2017.

(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, 2017.

(k) At June 30, 2017 the cost of securities for federal income tax purposes was $96,683,583. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	1,171,358
Gross unrealized depreciation		(1,491,346	)
Net unrealized depreciation	$	(319,988	)

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

Holdings of Open Futures Contracts

On June 30, 2017, securities with an aggregate market value of $99,535 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 2017		14	Long	$	(4,855	)
			14		$	(4,855	)

See accompanying notes to financial statements.
51

SFT Advantus Real Estate Securities Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.2%)
Consumer Discretionary (1.3%)
Hotels, Restaurants & Leisure (1.3%)
Hilton Worldwide Holdings, Inc.		29,400	$	1,818,390
Real Estate (97.9%)
Health Care REITs (9.5%)
HCP, Inc.		73,200		2,339,472
Healthcare Trust of America, Inc. – Class A		54,300		1,689,273
Physicians Realty Trust		100,300		2,020,042
Ventas, Inc.		47,796		3,320,866
Welltower, Inc.		50,200		3,757,470
				13,127,123
Hotels & Resort REITs (3.6%)
Apple Hospitality REIT, Inc.		68,400		1,279,764
Host Hotels & Resorts, Inc.		114,846		2,098,237
Sunstone Hotel Investors, Inc.		95,000		1,531,400
				4,909,401
Industrial REITs (11.6%)
Duke Realty Corp.		141,500		3,954,925
First Industrial Realty Trust, Inc.		21,700		621,054
Liberty Property Trust		62,500		2,544,375
ProLogis, Inc.		126,881		7,440,302
Rexford Industrial Realty, Inc.		51,000		1,399,440
				15,960,096
Office REITs (16.9%)
Alexandria Real Estate Equities, Inc.		36,700		4,421,249
Boston Properties, Inc.		21,483		2,642,839
Brandywine Realty Trust		185,800		3,257,074
Corporate Office Properties Trust		83,000		2,907,490
Highwoods Properties, Inc.		36,100		1,830,631
Hudson Pacific Properties, Inc.		24,900		851,331
Kilroy Realty Corp.		45,436		3,414,515
SL Green Realty Corp.		18,971		2,007,132
Vornado Realty Trust		20,386		1,914,245
				23,246,506
Residential REITs (21.8%)
American Campus Communities, Inc.		21,900		1,035,870
American Homes 4 Rent – Class A		106,200		2,396,934
Apartment Investment & Management Co. – Class A		34,718		1,491,833
AvalonBay Communities, Inc.		20,426		3,925,264
Equity Residential		69,100		4,548,853
Essex Property Trust, Inc.		15,216		3,914,620
Invitation Homes, Inc.		75,000		1,622,250
Mid-America Apartment Communities, Inc.		44,500		4,689,410
Sun Communities, Inc.		34,100		2,990,229
UDR, Inc.		87,400		3,405,978
				30,021,241
Retail REITs (17.4%)
Agree Realty Corp.		38,600		1,770,582
Brixmor Property Group, Inc.		110,900		1,982,892
Federal Realty Investment Trust		5,300		669,867

	Shares		Value(a)
GGP, Inc.		153,500	$	3,616,460
Kimco Realty Corp.		115,100		2,112,085
National Retail Properties, Inc.		32,000		1,251,200
Regency Centers Corp.		54,214		3,395,965
Simon Property Group, Inc.		56,879		9,200,747
				23,999,798
Specialized REITs (17.1%)
CubeSmart		49,621		1,192,889
CyrusOne, Inc.		44,000		2,453,000
Digital Realty Trust, Inc.		26,500		2,993,175
DuPont Fabros Technology, Inc.		9,700		593,252
EPR Properties		25,400		1,825,498
Equinix, Inc.		17,834		7,653,639
Extra Space Storage, Inc.		42,200		3,291,600
Public Storage		16,600		3,461,598
				23,464,651
Total common stocks (cost: $130,070,708)				136,547,206
Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		650,266		650,266
Total short-term securities (cost: $650,266)				650,266
Total investments in securities (cost: $130,720,974) (b)				137,197,472
Cash and other assets in excess of liabilities (0.3%)				418,086
Total net assets (100.0%)			$	137,615,558

Investments in Securities Legend

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

(b) At June 30, 2017 the cost of securities for federal income tax purposes was $131,360,784. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	10,108,598
Gross unrealized depreciation		(4,271,910	)
Net unrealized appreciation	$	5,836,688

See accompanying notes to financial statements.
52

SFT Ivy^SM Growth Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.6%)
Consumer Discretionary (16.7%)
Automobiles (1.4%)
Ferrari NV (b)		75,129	$	6,462,597
Hotels, Restaurants & Leisure (0.4%)
Starbucks Corp.		30,987		1,806,852
Household Durables (0.7%)
Stanley Black & Decker, Inc.		23,900		3,363,447
Internet & Catalog Retail (6.9%)
Amazon.com, Inc. (c)		20,116		19,472,288
The Priceline Group, Inc. (c)		6,900		12,906,588
				32,378,876
Media (2.0%)
Comcast Corp. – Class A		244,700		9,523,724
Specialty Retail (5.3%)
O'Reilly Automotive, Inc. (c)		15,900		3,477,966
The Home Depot, Inc.		123,600		18,960,240
Ulta Salon Cosmetics & Fragrance, Inc. (c)		7,700		2,212,518
				24,650,724
Consumer Staples (5.2%)
Food & Staples Retailing (1.1%)
Costco Wholesale Corp.		33,100		5,293,683
Tobacco (4.1%)
Philip Morris International, Inc.		162,200		19,050,390
Energy (1.4%)
Energy Equipment & Services (1.4%)
Halliburton Co.		154,215		6,586,523
Financial (7.0%)
Capital Markets (7.0%)
CME Group, Inc.		116,200		14,552,888
S&P Global, Inc.		56,795		8,291,502
The Charles Schwab Corp.		231,900		9,962,424
				32,806,814
Health Care (14.9%)
Biotechnology (7.3%)
Alexion Pharmaceuticals, Inc. (c)		16,600		2,019,722
Celgene Corp. (c)		139,449		18,110,242
Shire PLC, ADR (b)		41,645		6,882,669
Vertex Pharmaceuticals, Inc. (c)		56,034		7,221,101
				34,233,734
Health Care Equipment & Supplies (5.6%)
Danaher Corp.		83,700		7,063,443
DexCom, Inc. (c)		69,800		5,105,870
Edwards Lifesciences Corp. (c)		59,241		7,004,656
Intuitive Surgical, Inc. (c)		7,500		7,015,275
				26,189,244

	Shares		Value(a)
Pharmaceuticals (2.0%)
Allergan PLC		29,719	$	7,224,392
Bristol-Myers Squibb Co.		39,000		2,173,080
				9,397,472
Industrials (8.3%)
Aerospace & Defense (4.2%)
Lockheed Martin Corp.		45,401		12,603,772
Northrop Grumman Corp.		27,802		7,137,051
				19,740,823
Electrical Equipment (0.5%)
Rockwell Automation, Inc.		14,600		2,364,616
Machinery (1.9%)
Caterpillar, Inc.		34,100		3,664,386
Nordson Corp.		19,800		2,402,136
Parker Hannifin Corp.		17,800		2,844,796
				8,911,318
Road & Rail (1.7%)
Union Pacific Corp.		71,742		7,813,421
Information Technology (45.1%)
Computers & Peripherals (3.5%)
Apple, Inc.		114,221		16,450,108
Internet Software & Services (9.4%)
Alphabet, Inc. – Class A (c)		15,200		14,131,136
Alphabet, Inc. – Class C (c)		12,744		11,580,855
Facebook, Inc. – Class A (c)		123,459		18,639,840
				44,351,831
IT Services (11.2%)
FleetCor Technologies, Inc. (c)		21,100		3,042,831
Mastercard, Inc. – Class A		163,900		19,905,655
PayPal Holdings, Inc. (c)		222,000		11,914,740
Visa, Inc. – Class A		188,000		17,630,640
				52,493,866
Semiconductors & Semiconductor Equipment (7.8%)
Applied Materials, Inc.		117,800		4,866,318
Lam Research Corp.		123,338		17,443,694
Microchip Technology, Inc.		183,929		14,195,640
				36,505,652
Software (13.2%)
Adobe Systems, Inc. (c)		106,800		15,105,792
Electronic Arts, Inc. (c)		112,200		11,861,784
Microsoft Corp.		289,400		19,948,342
Salesforce.com, Inc. (c)		171,952		14,891,043
				61,806,961
Total common stocks (cost: $360,954,142)				462,182,676

See accompanying notes to financial statements.
53

SFT Ivy^SM Growth Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (0.2%)
Investment Companies (0.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		1,043,945	$	1,043,945
Total short-term securities (cost: $1,043,945)				1,043,945
Total investments in securities (cost: $361,998,087) (d)				463,226,621
Cash and other assets in excess of liabilities (1.2%)				5,778,846
Total net assets (100.0%)			$	469,005,467

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 2.8% of net assets in foreign securities at June 30, 2017.

(d) At June 30, 2017 the cost of securities for federal income tax purposes was $362,504,446. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	106,977,406
Gross unrealized depreciation		(6,255,231	)
Net unrealized appreciation	$	100,722,175

See accompanying notes to financial statements.
54

SFT Ivy^SM Small Cap Growth Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.2%)
Consumer Discretionary (16.3%)
Distributors (1.8%)
Pool Corp.		27,397	$	3,221,065
Hotels, Restaurants & Leisure (7.4%)
Dave & Buster's Entertainment, Inc. (b)		47,200		3,139,272
Hilton Grand Vacations, Inc. (b)		59,600		2,149,176
Texas Roadhouse, Inc.		51,600		2,629,020
Vail Resorts, Inc.		13,000		2,636,790
Wingstop, Inc.		76,633		2,367,960
				12,922,218
Household Durables (1.3%)
Installed Building Products, Inc. (b)		42,100		2,229,195
Internet & Catalog Retail (0.3%)
Blue Apron Holdings, Inc. (b)		45,400		424,036
Leisure Equipment & Products (0.5%)
Nautilus, Inc. (b)		43,900		840,685
Multiline Retail (0.9%)
Ollie's Bargain Outlet Holdings, Inc. (b)		38,100		1,623,060
Specialty Retail (4.1%)
Burlington Stores, Inc. (b)		28,000		2,575,720
Five Below, Inc. (b)		49,400		2,438,878
Monro Muffler Brake, Inc.		18,000		751,500
Party City Holdco, Inc. (b)		94,723		1,482,415
				7,248,513
Consumer Staples (0.9%)
Food Products (0.9%)
Snyder's-Lance, Inc.		48,253		1,670,519
Energy (3.0%)
Energy Equipment & Services (2.7%)
Forum Energy Technologies, Inc. (b)		6,900		107,640
Keane Group, Inc. (b)		64,700		1,035,200
RPC, Inc.		135,200		2,732,392
US Silica Holdings, Inc.		21,800		773,682
				4,648,914
Oil, Gas & Consumable Fuels (0.3%)
PDC Energy, Inc. (b)		13,800		594,918
Financial (6.7%)
Commercial Banks (5.5%)
Ameris Bancorp		30,500		1,470,100
Cathay General Bancorp		23,600		895,620
Home BancShares, Inc.		108,700		2,706,630
SVB Financial Group (b)		13,900		2,443,481
Western Alliance Bancorp (b)		43,000		2,115,600
				9,631,431

	Shares		Value(a)
Thrifts & Mortgage Finance (1.2%)
LendingTree, Inc. (b)		12,617	$	2,172,647
Health Care (18.2%)
Health Care Equipment & Supplies (8.0%)
Inogen, Inc. (b)		22,555		2,152,198
iRhythm Technologies, Inc. (b)		25,274		1,073,892
K2M Group Holdings, Inc. (b)		100,202		2,440,921
Nevro Corp. (b)		29,068		2,163,531
NuVasive, Inc. (b)		25,156		1,935,000
NxStage Medical, Inc. (b)		75,200		1,885,264
Penumbra, Inc. (b)		25,804		2,264,301
				13,915,107
Health Care Providers & Services (9.0%)
Acadia Healthcare Co., Inc. (b)		79,373		3,919,439
AMN Healthcare Services, Inc. (b)		117,745		4,597,942
Envision Healthcare Corp. (b)		27,600		1,729,692
HealthEquity, Inc. (b)		73,400		3,657,522
Teladoc, Inc. (b)		55,364		1,921,131
				15,825,726
Life Sciences Tools & Services (1.2%)
Cambrex Corp. (b)		36,300		2,168,925
Industrials (19.8%)
Aerospace & Defense (3.8%)
Hexcel Corp.		50,500		2,665,895
Mercury Systems, Inc. (b)		96,200		4,049,058
				6,714,953
Air Freight & Logistics (2.3%)
XPO Logistics, Inc. (b)		63,900		4,129,857
Building Products (0.7%)
JELD-WEN Holding, Inc. (b)		35,620		1,156,225
Commercial Services & Supplies (1.4%)
Healthcare Services Group, Inc.		37,800		1,770,174
The Brink's Co.		10,400		696,800
				2,466,974
Construction & Engineering (1.8%)
Dycom Industries, Inc. (b)		34,500		3,088,440
Electrical Equipment (1.4%)
Woodward, Inc.		35,500		2,399,090
Machinery (4.1%)
John Bean Technologies Corp.		29,100		2,851,800
RBC Bearings, Inc. (b)		12,083		1,229,566
The Timken Co.		23,898		1,105,283
The Toro Co.		29,800		2,064,842
				7,251,491

See accompanying notes to financial statements.
55

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

	Shares		Value(a)
Road & Rail (1.2%)
Knight Transportation, Inc.		55,600	$	2,059,980
Trading Companies & Distributors (3.1%)
Beacon Roofing Supply, Inc. (b)		36,700		1,798,300
Watsco, Inc.		23,691		3,653,152
				5,451,452
Information Technology (28.1%)
Communications Equipment (1.0%)
Lumentum Holdings, Inc. (b)		30,100		1,717,205
Electronic Equipment, Instruments & Components (2.2%)
Fabrinet (b) (c)		52,700		2,248,182
Tech Data Corp. (b)		15,600		1,575,600
				3,823,782
Internet Software & Services (2.9%)
Five9, Inc. (b)		70,800		1,523,616
Q2 Holdings, Inc. (b)		51,594		1,906,398
Shopify, Inc. Class A (b) (c)		18,600		1,616,340
				5,046,354
IT Services (3.1%)
Booz Allen Hamilton Holding Corp.		105,635		3,437,363
InterXion Holding NV (b) (c)		42,900		1,963,962
				5,401,325
Semiconductors & Semiconductor Equipment (4.5%)
MACOM Technology Solutions Holdings, Inc. (b)		21,600		1,204,632
MaxLinear, Inc. (b)		47,600		1,327,564
Monolithic Power Systems, Inc.		23,200		2,236,480
Power Integrations, Inc.		44,132		3,217,223
				7,985,899
Software (14.4%)
BroadSoft, Inc. (b)		59,900		2,578,695
Ellie Mae, Inc. (b)		19,200		2,110,272
Globant SA (b) (c)		46,800		2,032,992
HubSpot, Inc. (b)		37,800		2,485,350
Manhattan Associates, Inc. (b)		13,959		670,870
Paycom Software, Inc. (b)		46,855		3,205,351
Proofpoint, Inc. (b)		34,344		2,982,089
The Ultimate Software Group, Inc. (b)		20,122		4,226,827
Tyler Technologies, Inc. (b)		17,299		3,038,915
Varonis Systems, Inc. (b)		1,200		44,640
Zendesk, Inc. (b)		66,500		1,847,370
				25,223,371

	Shares		Value(a)
Materials (2.4%)
Construction Materials (2.4%)
Eagle Materials, Inc.		11,600	$	1,072,072
Summit Materials, Inc. Class A (b)		63,200		1,824,584
US Concrete, Inc. (b)		16,300		1,280,365
				4,177,021
Real Estate (1.8%)
Real Estate Services (1.8%)
RE/MAX Holdings, Inc. Class A		56,700		3,178,035
Total common stocks (cost: $138,803,276)				170,408,413
Short-Term Securities (3.3%)
Investment Companies (3.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		5,747,552		5,747,552
Total short-term securities (cost: $5,747,552)				5,747,552
Total investments in securities (cost: $144,550,828) (d)				176,155,965
Liabilities in excess of cash and other assets (-0.5%)				(843,745	)
Total net assets (100.0%)			$	175,312,220

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, 2017 the cost of securities for federal income tax purposes was $144,639,407. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	33,756,060
Gross unrealized depreciation		(2,239,502	)
Net unrealized appreciation	$	31,516,558

See accompanying notes to financial statements.
56

SFT Pyramis^® Core Equity Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.0%)
Consumer Discretionary (12.3%)
Auto Components (0.5%)
Delphi Automotive PLC (b)		6,700	$	587,255
Hotels, Restaurants & Leisure (0.9%)
Starbucks Corp.		19,160		1,117,220
Household Durables (2.3%)
Mohawk Industries, Inc. (c)		2,630		635,644
Newell Brands, Inc.		37,795		2,026,568
				2,662,212
Internet & Catalog Retail (2.0%)
Amazon.com, Inc. (c)		2,380		2,303,840
Media (4.0%)
Comcast Corp. – Class A		40,960		1,594,163
The Walt Disney Co.		15,140		1,608,625
Time Warner, Inc.		10,390		1,043,260
Viacom, Inc. – Class B		13,370		448,831
				4,694,879
Specialty Retail (1.5%)
The Home Depot, Inc.		11,230		1,722,682
Textiles, Apparel & Luxury Goods (1.1%)
NIKE, Inc. – Class B		21,280		1,255,520
Consumer Staples (8.9%)
Beverages (2.4%)
Constellation Brands, Inc. – Class A		8,180		1,584,711
Molson Coors Brewing Co. – Class B		14,240		1,229,482
				2,814,193
Food & Staples Retailing (1.4%)
CVS Health Corp.		19,760		1,589,890
Food Products (1.9%)
Mondelez International, Inc. – Class A		25,310		1,093,139
The Kraft Heinz Co.		13,810		1,182,688
				2,275,827
Personal Care (0.9%)
The Estee Lauder Cos., Inc. – Class A		10,850		1,041,383
Personal Products (0.8%)
Coty, Inc. – Class A		47,090		883,408
Tobacco (1.5%)
Altria Group, Inc.		23,810		1,773,131
Energy (6.0%)
Energy Equipment & Services (0.8%)
Halliburton Co.		20,830		889,649

	Shares		Value(a)
Oil, Gas & Consumable Fuels (5.2%)
Concho Resources, Inc. (c)		3,530	$	429,001
EOG Resources, Inc.		16,080		1,455,562
Hess Corp.		21,610		948,031
Occidental Petroleum Corp.		16,710		1,000,428
Pioneer Natural Resources Co.		14,380		2,294,760
				6,127,782
Financial (14.6%)
Capital Markets (2.7%)
CME Group, Inc.		15,030		1,882,357
The Goldman Sachs Group, Inc.		5,730		1,271,487
				3,153,844
Commercial Banks (6.9%)
Citigroup, Inc.		50,020		3,345,338
Huntington Bancshares, Inc.		93,700		1,266,824
KeyCorp		69,270		1,298,120
Regions Financial Corp.		126,020		1,844,933
Wells Fargo & Co.		5,540		306,971
				8,062,186
Consumer Finance (1.9%)
Capital One Financial Corp.		12,930		1,068,276
Discover Financial Services		18,830		1,171,038
				2,239,314
Insurance (3.1%)
Hartford Financial Services Group, Inc.		23,930		1,258,000
The Progressive Corp.		22,590		995,993
Torchmark Corp.		16,760		1,282,140
				3,536,133
Health Care (14.2%)
Biotechnology (2.9%)
Alexion Pharmaceuticals, Inc. (c)		10,310		1,254,418
BioMarin Pharmaceutical, Inc. (c)		10,680		969,958
Vertex Pharmaceuticals, Inc. (c)		9,220		1,188,181
				3,412,557
Health Care Equipment & Supplies (4.6%)
Boston Scientific Corp. (c)		41,000		1,136,520
Danaher Corp.		31,540		2,661,660
Zimmer Biomet Holdings, Inc.		11,700		1,502,280
				5,300,460
Health Care Providers & Services (1.6%)
Humana, Inc.		7,990		1,922,554
Life Sciences Tools & Services (1.2%)
Agilent Technologies, Inc.		22,690		1,345,744
Pharmaceuticals (3.9%)
Bristol-Myers Squibb Co.		31,050		1,730,106
Merck & Co., Inc.		44,540		2,854,569
				4,584,675

See accompanying notes to financial statements.
57

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

	Shares		Value(a)
Industrials (10.3%)
Aerospace & Defense (4.7%)
Lockheed Martin Corp.		6,450	$	1,790,584
The Boeing Co.		8,190		1,619,573
United Technologies Corp.		16,610		2,028,247
				5,438,404
Air Freight & Logistics (1.1%)
FedEx Corp.		5,650		1,227,914
Building Products (1.0%)
Fortune Brands Home & Security, Inc.		18,520		1,208,245
Machinery (2.5%)
Fortive Corp.		16,645		1,054,461
Ingersoll-Rand PLC		19,900		1,818,661
				2,873,122
Road & Rail (1.0%)
CSX Corp.		21,760		1,187,226
Information Technology (22.2%)
Computers & Peripherals (2.6%)
Apple, Inc.		21,030		3,028,740
Electronic Equipment, Instruments & Components (0.6%)
Corning, Inc.		24,180		726,609
Internet Software & Services (5.2%)
Alphabet, Inc. – Class A (c)		5,430		5,048,163
Facebook, Inc. – Class A (c)		6,630		1,000,997
				6,049,160
IT Services (5.4%)
Fidelity National Information Services, Inc.		24,550		2,096,570
PayPal Holdings, Inc. (c)		32,670		1,753,399
Visa, Inc. – Class A		26,470		2,482,356
				6,332,325
Semiconductors & Semiconductor Equipment (5.5%)
Broadcom, Ltd.		9,460		2,204,653
Intel Corp.		65,390		2,206,259
Micron Technology, Inc. (c)		40,920		1,221,871
NXP Semiconductor NV (b) (c)		6,840		748,638
				6,381,421
Software (2.9%)
Adobe Systems, Inc. (c)		7,770		1,098,989
Salesforce.com, Inc. (c)		25,640		2,220,424
				3,319,413
Materials (2.7%)
Chemicals (2.2%)
Albemarle Corp.		6,030		636,406
Ecolab, Inc.		7,080		939,870
LyondellBasell Industries NV – Class A		11,810		996,646
				2,572,922

	Shares		Value(a)
Construction Materials (0.5%)
Eagle Materials, Inc.		6,740	$	622,911
Real Estate (2.7%)
Office REITs (1.0%)
Boston Properties, Inc.		9,010		1,108,410
Residential REITs (0.5%)
UDR, Inc.		15,690		611,439
Specialized REITs (1.2%)
Public Storage		6,900		1,438,857
Telecommunication Services (2.1%)
Diversified Telecommunication Services (2.0%)
AT&T, Inc.		39,400		1,486,562
Verizon Communications, Inc.		18,030		805,220
				2,291,782
Wireless Telecommunication Services (0.1%)
T-Mobile US, Inc. (c)		2,580		156,399
Utilities (3.0%)
Electric Utilities (3.0%)
American Electric Power Co., Inc.		30,460		2,116,056
PG&E Corp.		21,220		1,408,372
				3,524,428
Total common stocks (cost: $100,051,698)				115,396,065
Short-Term Securities (1.3%)
Investment Companies (1.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		1,462,219		1,462,219
Total short-term securities (cost: $1,462,219)				1,462,219
Total investments in securities (cost: $101,513,917) (d)				116,858,284
Liabilities in excess of cash and other assets (-0.3%)				(403,707	)
Total net assets (100.0%)			$	116,454,577

Investments in Securities Legend

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

(b) Foreign security: The Fund held 1.1% of net assets in foreign securities at June 30, 2017.

(d) At June 30, 2017 the cost of securities for federal income tax purposes was $102,031,560. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	17,361,512
Gross unrealized depreciation		(2,534,788	)
Net unrealized appreciation	$	14,826,724

See accompanying notes to financial statements.
58

SFT T. Rowe Price Value Fund
Investments in Securities

June 30, 2017
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.3%)
Consumer Discretionary (4.8%)
Auto Components (0.3%)
Delphi Automotive PLC (b)		3,127	$	274,082
Magna International, Inc. (b)		7,300		338,209
				612,291
Hotels, Restaurants & Leisure (0.8%)
Las Vegas Sands Corp.		10,756		687,201
Norwegian Cruise Line Holdings, Ltd. (c)		21,482		1,166,258
				1,853,459
Household Durables (0.4%)
Lennar Corp. – Class A		15,850		845,122
Media (2.3%)
Comcast Corp. – Class A		39,200		1,525,664
Liberty Global PLC – Class C (b) (c)		26,547		827,735
Twenty-First Century Fox, Inc. – Class B		94,800		2,642,076
				4,995,475
Specialty Retail (1.0%)
AutoZone, Inc. (c)		840		479,186
Lowe's Cos., Inc.		21,200		1,643,636
				2,122,822
Consumer Staples (11.0%)
Beverages (0.3%)
PepsiCo, Inc.		6,700		773,783
Food & Staples Retailing (1.7%)
CVS Health Corp.		18,000		1,448,280
Wal-Mart Stores, Inc.		23,200		1,755,776
Walgreens Boots Alliance, Inc.		6,110		478,474
				3,682,530
Food Products (4.2%)
Bunge, Ltd.		15,674		1,169,281
Mondelez International, Inc. – Class A		3,854		166,454
Tyson Foods, Inc. – Class A		125,132		7,837,017
				9,172,752
Household Products (0.7%)
The Procter & Gamble Co.		17,200		1,498,980
Tobacco (4.1%)
British American Tobacco PLC (b)		19,409		1,319,560
Philip Morris International, Inc.		65,400		7,681,230
				9,000,790

	Shares		Value(a)
Energy (6.5%)
Oil, Gas & Consumable Fuels (6.5%)
BP PLC ADR (b)		31,400	$	1,088,010
Enbridge, Inc. (b)		24,291		967,025
EOG Resources, Inc.		36,219		3,278,544
Marathon Petroleum Corp.		31,880		1,668,280
Occidental Petroleum Corp.		30,490		1,825,436
TOTAL SA ADR (b)		48,473		2,403,776
TransCanada Corp. (b)		63,312		3,018,083
				14,249,154
Financial (25.4%)
Capital Markets (6.0%)
Ameriprise Financial, Inc.		10,256		1,305,486
Intercontinental Exchange, Inc.		19,900		1,311,808
Morgan Stanley		108,876		4,851,515
State Street Corp.		30,798		2,763,505
The Bank of New York Mellon Corp.		58,274		2,973,139
				13,205,453
Commercial Banks (12.7%)
Citigroup, Inc.		70,548		4,718,250
Fifth Third Bancorp		50,127		1,301,297
JPMorgan Chase & Co.		119,199		10,894,789
KeyCorp		83,433		1,563,534
The PNC Financial Services Group, Inc.		16,488		2,058,856
US Bancorp		49,600		2,575,232
Wells Fargo & Co.		86,975		4,819,285
				27,931,243
Consumer Finance (0.6%)
Synchrony Financial		43,837		1,307,219
Insurance (6.1%)
American International Group, Inc.		32,111		2,007,580
Chubb, Ltd. (b)		16,163		2,349,777
Marsh & McLennan Cos., Inc.		26,270		2,048,009
MetLife, Inc.		49,951		2,744,308
Willis Towers Watson PLC (b)		7,100		1,032,766
XL Group, Ltd. (b)		71,200		3,118,560
				13,301,000
Health Care (17.5%)
Biotechnology (0.3%)
Gilead Sciences, Inc.		10,637		752,887
Health Care Equipment & Supplies (5.3%)
Abbott Laboratories		36,418		1,770,279
Becton Dickinson and Co.		12,035		2,348,149
Danaher Corp.		15,847		1,337,328
Hologic, Inc. (c)		39,800		1,806,124
Medtronic PLC (b)		48,733		4,325,054
				11,586,934

See accompanying notes to financial statements.
59

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

	Shares		Value(a)
Health Care Providers & Services (4.1%)
Aetna, Inc.		27,086	$	4,112,467
Anthem, Inc.		15,045		2,830,416
HCA Healthcare, Inc. (c)		24,590		2,144,248
				9,087,131
Life Sciences Tools & Services (1.8%)
Agilent Technologies, Inc.		37,846		2,244,646
Thermo Fisher Scientific, Inc.		9,281		1,619,256
				3,863,902
Pharmaceuticals (6.0%)
Allergan PLC		1,200		291,708
Johnson & Johnson		25,400		3,360,166
Merck & Co., Inc.		77,246		4,950,696
Mylan NV (c)		28,100		1,090,842
Perrigo Co. PLC (b)		11,803		891,363
Pfizer, Inc.		75,624		2,540,210
				13,124,985
Industrials (9.3%)
Aerospace & Defense (2.7%)
Rockwell Collins, Inc.		18,371		1,930,425
The Boeing Co.		15,366		3,038,626
United Technologies Corp.		7,200		879,192
				5,848,243
Airlines (1.6%)
American Airlines Group, Inc.		45,015		2,265,155
United Continental Holdings, Inc. (c)		15,900		1,196,475
				3,461,630
Building Products (1.9%)
Fortune Brands Home & Security, Inc.		12,800		835,072
Johnson Controls International PLC		76,579		3,320,466
				4,155,538
Commercial Services & Supplies (0.4%)
Stericycle, Inc. (c)		11,682		891,570
Industrial Conglomerates (1.9%)
General Electric Co.		4,100		110,741
Honeywell International, Inc.		18,100		2,412,549
Roper Technologies, Inc.		7,711		1,785,328
				4,308,618
Machinery (0.8%)
Illinois Tool Works, Inc.		3,200		458,400
Pentair PLC (b)		14,563		969,022
Stanley Black & Decker, Inc.		2,200		309,606
				1,737,028
Information Technology (10.6%)
Communications Equipment (1.6%)
Cisco Systems, Inc.		73,600		2,303,680
Harris Corp.		10,075		1,098,981
				3,402,661

	Shares		Value(a)
Computers & Peripherals (1.0%)
Apple, Inc.		10,562	$	1,521,139
Western Digital Corp.		8,097		717,394
				2,238,533
Electronic Equipment, Instruments & Components (0.4%)
Keysight Technologies, Inc. (c)		4,000		155,720
TE Connectivity, Ltd. (b)		9,098		715,831
				871,551
Semiconductors & Semiconductor Equipment (3.3%)
Applied Materials, Inc.		36,500		1,507,815
Broadcom, Ltd.		13,485		3,142,679
QUALCOMM, Inc.		46,400		2,562,208
				7,212,702
Software (4.2%)
Microsoft Corp.		115,500		7,961,415
Red Hat, Inc. (c)		2,125		203,469
Synopsys, Inc. (c)		15,300		1,115,829
				9,280,713
Technology Hardware Storage & Peripherals (0.1%)
Hewlett Packard Enterprise Co.		12,000		199,080
Materials (3.7%)
Chemicals (1.6%)
CF Industries Holdings, Inc.		48,600		1,358,856
EI du Pont de Nemours & Co.		27,900		2,251,809
				3,610,665
Containers & Packaging (2.1%)
Ball Corp.		56,362		2,379,040
International Paper Co.		39,540		2,238,359
				4,617,399
Real Estate (1.0%)
Diversified REITs (0.5%)
VEREIT, Inc.		130,454		1,061,896
Specialized REITs (0.5%)
Weyerhaeuser Co.		36,500		1,222,750
Utilities (8.5%)
Electric Utilities (6.9%)
American Electric Power Co., Inc.		40,250		2,796,167
Eversource Energy		20,781		1,261,615
Exelon Corp.		81,850		2,952,329
NextEra Energy, Inc.		14,821		2,076,867
PG&E Corp.		65,897		4,373,584
The Southern Co.		21,900		1,048,572
Westar Energy, Inc.		13,200		699,864
				15,208,998
Gas Utilities (0.2%)
Atmos Energy Corp.		4,640		384,888

See accompanying notes to financial statements.
60

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

	Shares		Value(a)
Multi-Utilities (1.4%)
DTE Energy Co.		11,100	$	1,174,269
NiSource, Inc.		22,600		573,136
Sempra Energy		10,800		1,217,700
				2,965,105
Total common stocks (cost: $190,109,760)				215,647,480
Preferred Stocks (0.6%)
Utilities (0.4%)
Electric Utilities (0.4%)
NextEra Energy, Inc.		16,937		914,768
Health Care (0.2%)
Health Care Equipment & Supplies (0.2%)
Becton Dickinson and Co. (c)		8,949		490,226
Total preferred stocks (cost: $1,286,451)				1,404,994
Short-Term Securities (0.8%)
Investment Companies (0.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 0.880%		1,031,550		1,031,550
T. Rowe Price Reserve Investment Fund, current rate 0.000%		732,847		732,847
Total short-term securities (cost: $1,764,397)				1,764,397
Total investments in securities (cost: $193,160,608) (d)				218,816,871
Cash and other assets in excess of liabilities (0.3%)				613,767
Total net assets (100.0%)			$	219,430,638

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 10.8% of net assets in foreign securities at June 30, 2017.

(d) At June 30, 2017 the cost of securities for federal income tax purposes was $194,129,950. The aggregate unrealized appreciation and depreciation of investments in securities based on this cost were:

Gross unrealized appreciation	$	26,738,796
Gross unrealized depreciation		(2,051,875	)
Net unrealized appreciation	$	24,686,921

See accompanying notes to financial statements.
61

Securian Funds Trust

Statements of Assets and Liabilities

June 30, 2017

(Unaudited)

	SFT Advantus Bond Fund		SFT Advantus Dynamic Managed Volatility Fund		SFT Advantus Government 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
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	390,684,373	$	193,154,766	$	70,238,033	$	215,935,744	$	798,289,256	$	97,544,634		$	223,303,185
Affiliated issuers (note 8)		–		135,865,941		–		–		–		–			–
Cash on demand deposit^,^^^		82,583		–		–		243,200		6,150		2,537,052			–
Foreign currency on deposit^^		–		–		–		–		–		2,523			–
Receivable:
Fund shares sold		100		–		–		152		1,102		–			217,526
Investment securities sold (including paydowns)		–		–		–		11,306		–		11,412,694			–
Investment securities sold on a forward-commitment basis (note 2)		2,094,124		–		–		–		–		–			–
Dividends and accrued interest		2,705,503		1,227,302		70,434		219,266		784,372		838,671			12,018
Refundable foreign income taxes withheld		–		–		–		–		–		68,617			–
Adviser (note 4)		–		46,965		–		–		–		–			34,515
Variation margin		–		95,850		–		4,560		4,680		–			6,390
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		1,248,289			–
Prepaid expenses		3,065		3,065		3,065		3,064		3,064		3,065			3,093
Total assets		395,569,748		330,393,889		70,311,532		216,417,292		799,088,624		113,655,545			223,576,727
Liabilities
Payable:
Fund shares repurchased		162,760		41,659		121,041		33,737		298,054		27,848			–
Investment securities purchased		–		–		–		530,064		335,307		–			2,594,741
Investment securities purchased on a forward-commitment basis (note 2)		15,074,637		–		–		–		–		–			–
Adviser		210,261		247,154		41,450		73,622		236,586		95,958			169,316
Variation margin		922		–		–		–		–		486,917			–
Accrued expenses		94,472		54,215		53,586		58,725		93,161		208,863			37,225
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		2,202,994			–
Put options written at value (premiums of $55,400 for SFT Advantus Managed Volatility Equity Fund)		–		–		–		–		–		–			20,500
Total liabilities		15,543,052		343,028		216,077		696,148		963,108		3,022,580			2,821,782
Net assets applicable to outstanding capital stock	$	380,026,696	$	330,050,861	$	70,095,455	$	215,721,144	$	798,125,516	$	110,632,965		$	220,754,945
Net Assets Consist of:
Paid in capital**	$	329,332,041	$	285,068,734	$	70,093,389	$	46,074,028	$	163,755,479	$	110,086,339		$	201,987,788
Retained earnings (deficit)		50,694,655		44,982,127		2,066		169,647,116		634,370,037		–			18,767,157
Undistributed net investment income (loss)		–		–		–		–		–		(2,766,909	)		–
Accumulated net realized gain (loss)		–		–		–		–		–		492,240			–
Net unrealized appreciation (depreciation) on:
Investments		–		–		–		–		–		4,364,650			–
Foreign currency and forward currency transactions		–		–		–		–		–		(991,218	)		–
Swaps		–		–		–		–		–		(552,137	)		–
Net assets	$	380,026,696	$	330,050,861	$	70,095,455	$	215,721,144	$	798,125,516	$	110,632,965		$	220,754,945
Net assets by class:
Class 1	$	2,384,878	$	N/A	$	N/A	$	5,046,039	$	147,386,185	$	1,191,190		$	N/A
Class 2		377,641,818		330,050,861		70,095,455		210,675,105		650,739,331		109,441,775			220,754,945
Net asset value per share of outstanding capital stock by class:
Class 1		2.328		N/A		N/A		4.525		9.552		2.565			N/A
Class 2		2.279		13.152		1.000		4.430		9.351		2.511			11.355
* Identified cost
Unaffiliated issuers	$	380,801,063	$	187,869,057	$	70,238,033	$	155,042,575	$	335,543,005	$	93,179,984		$	210,840,790
Affiliated issuers		–		107,000,000		–		–		–		–			–
** Shares outstanding by class:
Class 1		1,024,391		N/A		N/A		1,115,148		15,430,734		464,423			N/A
Class 2		165,682,153		25,094,756		70,095,455		47,553,272		69,589,885		43,584,878			19,441,296
^ Collateral for Open Swaps Contracts	$	–	$	–	$	–	$	–	$	–	$	1,963,670		$	–
^^ Foreign currency on deposit (cost)	$	–	$	–	$	–	$	–	$	–	$	2,558		$	–
^^^ Cash collateral for Open Futures Contracts	$	–	$	–	$	–	$	243,200	$	–	$	–		$	–

See accompanying notes to financial statements.
62

	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	$	96,363,596		$	137,197,472	$	463,226,621		$	176,155,965	$	116,858,284	$	218,816,871
Affiliated issuers (note 8)		–			–		–			–		–		–
Cash on demand deposit^,^^^		44,313			–		–			–		–		–
Foreign currency on deposit^^		–			–		–			–		–		–
Receivable:
Fund shares sold		–			232		–			–		–		–
Investment securities sold (including paydowns)		52			203,471		6,427,360			582,353		309,962		2,364,078
Investment securities sold on a forward-commitment basis (note 2)		529,627			–		–	��		–		–		–
Dividends and accrued interest		261,069			400,621		222,529			29,117		119,379		299,653
Refundable foreign income taxes withheld		–			–		–			–		1,608		28,369
Adviser (note 4)		–			–		–			–		–		–
Variation margin		–			–		–			–		–		–
Unrealized appreciation on forward foreign currency contracts		–			–		–			–		–		–
Prepaid expenses		3,065			3,065		3,065			3,065		3,064		3,064
Total assets		97,201,722			137,804,861		469,879,575			176,770,500		117,292,297		221,512,035
Liabilities
Payable:
Fund shares repurchased		74,381			31,301		449,510			145,084		184,933		7,761
Investment securities purchased		–			–		–			1,113,258		516,516		1,854,649
Investment securities purchased on a forward-commitment basis (note 2)		7,079,799			–		–			–		–		–
Adviser		53,761			112,105		366,408			161,365		90,139		170,173
Variation margin		3,938			–		–			–		–		–
Accrued expenses		58,286			45,897		58,190			38,573		46,132		48,814
Unrealized depreciation on forward foreign currency contracts		–			–		–			–		–		–
Put options written at value (premiums of $55,400 for SFT Advantus Managed Volatility Equity Fund)		–			–		–			–		–		–
Total liabilities		7,270,165			189,303		874,108			1,458,280		837,720		2,081,397
Net assets applicable to outstanding capital stock	$	89,931,557		$	137,615,558	$	469,005,467		$	175,312,220	$	116,454,577	$	219,430,638
Net Assets Consist of:
Paid in capital**	$	105,937,695		$	46,888,738	$	317,327,048		$	115,241,896	$	84,093,991	$	167,130,006
Retained earnings (deficit)		(16,006,138	)		90,726,820		151,678,419			60,070,324		32,360,586		52,300,632
Undistributed net investment income (loss)		–			–		–			–		–		–
Accumulated net realized gain (loss)		–			–		–			–		–		–
Net unrealized appreciation (depreciation) on:
Investments		–			–		–			–		–		–
Foreign currency and forward currency transactions		–			–		–			–		–		–
Swaps		–			–		–			–		–		–
Net assets	$	89,931,557		$	137,615,558	$	469,005,467		$	175,312,220	$	116,454,577	$	219,430,638
Net assets by class:
Class 1	$	252,466		$	3,327,946	$	N/A		$	N/A	$	786,859	$	N/A
Class 2		89,679,091			134,287,612		469,005,467			175,312,220		115,667,718		219,430,638
Net asset value per share of outstanding capital stock by class:
Class 1		1.949			4.670		N/A			N/A		12.931		N/A
Class 2		1.908			4.572		13.712			14.405		12.829		12.738
* Identified cost
Unaffiliated issuers	$	96,205,788		$	130,720,974	$	361,998,087		$	144,550,828	$	101,513,917	$	193,160,608
Affiliated issuers		–			–		–			–		–		–
** Shares outstanding by class:
Class 1		129,538			712,574		N/A			N/A		60,853		N/A
Class 2		47,000,732			29,370,936		34,203,058			12,170,540		9,016,314		17,226,725
^ Collateral for Open Swaps Contracts	$	–		$	–	$	–		$	–	$	–	$	–
^^ Foreign currency on deposit (cost)	$	–		$	–	$	–		$	–	$	–	$	–
^^^ Cash collateral for Open Futures Contracts	$	–		$	–	$	–		$	–	$	–	$	–

Securian Funds Trust

Statements of Operations

Six months ended June 30, 2017

(Unaudited)

	SFT Advantus Bond Fund			SFT Advantus Dynamic Managed Volatility Fund			SFT Advantus Government 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
Income:
Interest¹	$	6,460,847		$	2,159,318		$	254,735		$	–		$	–		$	2,861,810		$	–
Dividends		52,676			317,339			1,929			1,659,184			7,912,658			30,756			2,805,968
Foreign tax withholding		–			–			–			(607	)		–			(67,518	)		–
Total investment income		6,513,523			2,476,657			256,664			1,658,577			7,912,658			2,825,048			2,805,968
Expenses (note 4):
Investment advisory fee		747,856			998,725			109,586			164,487			580,204			332,218			680,800
Rule 12b-1 fees		464,640			384,125			91,322			268,300			791,383			136,993			261,846
Audit and accounting services		100,293			61,104			67,743			52,201			89,141			70,748			44,328
Administrative services fee		24,197			15,596			23,730			12,380			12,380			41,899			14,797
Legal fees		13,910			14,381			12,983			10,118			14,169			12,435			10,169
Custodian fees		9,623			7,416			5,926			9,158			8,691			60,264			6,947
Printing and shareholder reports		5,843			5,843			5,843			5,843			5,843			5,843			5,843
Trustee's fees		9,575			9,575			9,575			9,575			9,575			9,575			9,575
S&P Licensing fee		–			25			–			9,998			27,264			–			2
Insurance		3,829			3,829			3,829			3,829			3,829			3,829			3,740
Other		8,022			1,770			2,708			4,643			12,880			3,076			3,017
Total expenses before fees waived		1,387,788			1,502,389			333,245			550,532			1,555,359			676,880			1,041,064
Less fees waived (note 4)		–			(272,818	)		(77,228	)		–			–			–			(203,098	)
Total expenses net of fees waived		1,387,788			1,229,571			256,017			550,532			1,555,359			676,880			837,966
Net investment income		5,125,735			1,247,086			647			1,108,045			6,357,299			2,148,168			1,968,002
Realized and unrealized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		1,964,206			(1,115,918	)		–			11,384,814			8,125,415			(1,391,138	)		613,377
Written options transactions		–			101,223			–			–			–			–			105,731
Swaps		–			–			–			–			–			(128,773	)		–
Foreign currency transactions		–			–			–			–			–			1,496,716			–
Net increase from litigation payments		459			–			–			649			2,360			4,845			–
Futures transactions		(29,810	)		8,483,628			–			313,804			1,045,096			–			1,543,756
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		4,152,202			4,155,596			–			(886,419	)		51,904,349			6,514,625			12,800,474
Affiliated issuers (note 8)		–			11,465,355			–			–			–			–			–
Options written		–			(34,774	)		–			–			–			–			34,900
Swaps		–			–			–			–			–			(256,606	)		–
Translation of assets and liabilities in foreign currency		–			–			–			67			–			(5,603,516	)		–
Futures transactions		10,193			(1,755,547	)		–			289,953			(206,530	)		–			(369,669	)
Net gains (losses) on investments		6,097,250			21,299,563			–			11,102,868			60,870,690			636,153			14,728,569
Net increase (decrease) in net assets resulting from operations	$	11,222,985		$	22,546,649		$	647		$	12,210,913		$	67,227,989		$	2,784,321		$	16,696,571

¹ All income is from unaffiliated issuers.

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
Income:
Interest¹	$	1,254,778		$	–		$	20,229		$	29,654		$	2,275		$	2,816
Dividends		23,452			2,307,717			2,648,182			342,145			905,071			2,462,541
Foreign tax withholding		–			–			(50,644	)		–			(1,624	)		(46,774	)
Total investment income		1,278,230			2,307,717			2,617,767			371,799			905,722			2,418,583
Expenses (note 4):
Investment advisory fee		180,617			493,680			1,551,340			712,565			376,584			718,675
Rule 12b-1 fees		112,553			172,426			578,858			209,578			143,905			268,162
Audit and accounting services		52,268			50,756			64,471			44,073			47,557			44,979
Administrative services fee		22,799			12,380			12,380			12,380			12,380			12,808
Legal fees		13,949			10,118			10,118			10,118			10,118			10,118
Custodian fees		6,972			6,559			6,960			7,081			13,128			20,707
Printing and shareholder reports		5,843			5,843			5,843			5,531			5,843			5,844
Trustee's fees		9,575			9,575			9,575			9,575			9,575			9,575
S&P Licensing fee		–			–			–			–			–			–
Insurance		3,829			3,829			3,829			3,829			3,829			3,829
Other		2,976			4,095			8,856			4,029			3,696			4,867
Total expenses before fees waived		411,381			769,261			2,252,230			1,018,759			626,615			1,099,564
Less fees waived (note 4)		–			–			–			–			–			–
Total expenses net of fees waived		411,381			769,261			2,252,230			1,018,759			626,615			1,099,564
Net investment income		866,849			1,538,456			365,537			(646,960	)		279,107			1,319,019
Realized and unrealized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		184,645			4,984,350			15,586,525			9,092,073			4,265,125			9,968,209
Written options transactions		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Foreign currency transactions		–			–			620			–			–			355
Net increase from litigation payments		–			–			–			–			–			–
Futures transactions		18,455			–			–			–			–			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		13,832			(2,237,748	)		40,890,990			13,983,128			5,651,683			6,204,117
Affiliated issuers (note 8)		–			–			–			–			–			–
Options written		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Translation of assets and liabilities in foreign currency		–			–			(253	)		–			–			1,253
Futures transactions		(4,855	)		–			–			–			–			–
Net gains (losses) on investments		212,077			2,746,602			56,477,882			23,075,201			9,916,808			16,173,934
Net increase (decrease) in net assets resulting from operations	$	1,078,926		$	4,285,058		$	56,843,419		$	22,428,241		$	10,195,915		$	17,492,953

Securian Funds Trust

Statements of Changes in Net Assets

Six months ended June 30, 2017 and year ended December 31, 2016

(Unaudited)

	SFT Advantus Bond Fund						SFT Advantus Dynamic Managed Volatility Fund						SFT Advantus Government Money Market Fund
	2017			2016			2017			2016			2017			2016
Operations:
Net investment income	$	5,125,735		$	10,257,605		$	1,247,086		$	1,836,988		$	647		$	–
Net realized gains (losses) on investments		1,934,855			2,981,626			7,468,933			809,167			–			41,658
Net change in unrealized appreciation or depreciation of investments		4,162,395			3,526,165			13,830,630			17,592,027			–			–
Net increase in net assets resulting from operations		11,222,985			16,765,396			22,546,649			20,238,182			647			41,658
Distributions from:
Net investment income
Class 2		–			–			–			–			(647	)		–
Capital stock transactions:
Proceeds from sales
Class 1		311,861			1,071,196			–			–			–			–
Class 2		5,507,546			9,479,053			28,263,103			64,812,698			11,088,000			25,360,844
Shares issued as a result of reinvested distributions
Class 2		–			–			–			–			647			–
Payments for redemption of shares
Class 1		(108,752	)		(5,524,161	)		–			–			–			–
Class 2		(7,175,359	)		(40,699,918	)		(1,758,964	)		(8,037,442	)		(18,787,986	)		(36,436,264	)
Increase (decrease) in net assets from capital stock transactions		(1,464,704	)		(35,673,830	)		26,504,139			56,775,256			(7,699,339	)		(11,075,420	)
Total increase (decrease) in net assets		9,758,281			(18,908,434	)		49,050,788			77,013,438			(7,699,339	)		(11,033,762	)
Net assets at beginning of period		370,268,415			389,176,849			281,000,073			203,986,635			77,794,794			88,828,556
Net assets at end of period	$	380,026,696		$	370,268,415		$	330,050,861		$	281,000,073		$	70,095,455		$	77,794,794
Undistributed net investment income (loss)		–			–			–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		135,914			476,305			–			–			–			–
Class 2		2,465,835			4,276,897			2,218,517			5,546,365			11,088,000			25,360,844
Net change from capital transactions		2,601,749			4,753,202			2,218,517			5,546,365			11,088,000			25,360,844
Shares issued as a result of reinvested distributions:
Class 2		–			–			–			–			647			–
Payments for redemption of shares
Class 1		(47,591	)		(2,434,351	)		–			–			–			–
Class 2		(3,185,534	)		(18,517,648	)		(136,823	)		(704,549	)		(18,787,986	)		(36,436,264	)
Net change from capital transactions		(3,233,125	)		(20,951,999	)		(136,823	)		(704,549	)		(18,787,986	)		(36,436,264	)

See accompanying notes to financial statements.
66

	SFT Advantus Index 400 Mid-Cap Fund						SFT Advantus Index 500 Fund
	2017			2016			2017			2016
Operations:
Net investment income	$	1,108,045		$	2,154,803		$	6,357,299		$	12,315,556
Net realized gains (losses) on investments		11,699,267			24,002,929			9,172,871			18,407,677
Net change in unrealized appreciation or depreciation of investments		(596,399	)		11,220,259			51,697,819			46,532,642
Net increase in net assets resulting from operations		12,210,913			37,377,991			67,227,989			77,255,875
Distributions from:
Net investment income
Class 2		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		630,985			2,482,226			2,237,407			39,781,486
Class 2		2,504,957			15,063,744			4,348,929			19,868,185
Shares issued as a result of reinvested distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(133,110	)		(16,796,206	)		(169,458	)		(30,547,533	)
Class 2		(18,190,305	)		(21,994,165	)		(18,329,452	)		(50,827,160	)
Increase (decrease) in net assets from capital stock transactions		(15,187,473	)		(21,244,401	)		(11,912,574	)		(21,725,022	)
Total increase (decrease) in net assets		(2,976,560	)		16,133,590			55,315,415			55,530,853
Net assets at beginning of period		218,697,704			202,564,114			742,810,101			687,279,248
Net assets at end of period	$	215,721,144		$	218,697,704		$	798,125,516		$	742,810,101
Undistributed net investment income (loss)		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		141,801			656,440			239,907			4,902,663
Class 2		577,215			3,859,189			481,267			2,470,698
Net change from capital transactions		719,016			4,515,629			721,174			7,373,361
Shares issued as a result of reinvested distributions:
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(30,080	)		(4,394,872	)		(18,667	)		(3,770,199	)
Class 2		(4,181,094	)		(5,895,049	)		(2,024,895	)		(6,344,595	)
Net change from capital transactions		(4,211,174	)		(10,289,921	)		(2,043,562	)		(10,114,794	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2017 and year ended December 31, 2016

(Unaudited)

	SFT Advantus International Bond Fund						SFT Advantus Managed Volatility Equity Fund						SFT Advantus Mortgage Securities Fund
	2017			2016			2017			2016			2017			2016
Operations:
Net investment income	$	2,148,168		$	2,660,438		$	1,968,002		$	2,708,194		$	866,849		$	1,730,720
Net realized gains (losses) on investments		(18,350	)		(11,053,944	)		2,262,864			(760,203	)		203,100			43,490
Net change in unrealized appreciation or depreciation of investments		654,503			11,699,367			12,465,705			(25,929	)		8,977			(477,313	)
Net increase in net assets resulting from operations		2,784,321			3,305,861			16,696,571			1,922,062			1,078,926			1,296,897
Capital stock transactions:
Proceeds from sales
Class 1		99,039			192,546			–			–			24,408			110,281
Class 2		1,505,004			2,867,716			28,213,778			173,343,080			1,330,966			4,985,962
Shares issued as a result of reinvested distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(34,664	)		(116,726	)		–			–			(44,621	)		(778,863	)
Class 2		(4,726,201	)		(8,775,824	)		(24,293,188	)		(641,406	)		(3,987,751	)		(8,499,819	)
Increase (decrease) in net assets from capital stock transactions		(3,156,822	)		(5,832,288	)		3,920,590			172,701,674			(2,676,998	)		(4,182,439	)
Total increase (decrease) in net assets		(372,501	)		(2,526,427	)		20,617,161			174,623,736			(1,598,072	)		(2,885,542	)
Net assets at beginning of period		111,005,466			113,531,893			200,137,784			25,514,048			91,529,629			94,415,171
Net assets at end of period	$	110,632,965		$	111,005,466		$	220,754,945		$	200,137,784		$	89,931,557		$	91,529,629
Undistributed net investment income (loss)		(2,766,909	)		(4,915,077	)		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		38,734			80,466			–			–			12,608			57,106
Class 2		603,258			1,224,266			2,559,109			16,619,423			703,525			2,624,654
Net change from capital transactions		641,992			1,304,732			2,559,109			16,619,423			716,133			2,681,760
Shares issued as a result of reinvested distributions:
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(13,468	)		(48,297	)		–			–			(22,966	)		(399,174	)
Class 2		(1,886,514	)		(3,722,946	)		(2,209,804	)		(62,561	)		(2,100,365	)		(4,469,887	)
Net change from capital transactions		(1,899,982	)		(3,771,243	)		(2,209,804	)		(62,561	)		(2,123,331	)		(4,869,061	)

See accompanying notes to financial statements.
68

	SFT Advantus Real Estate Securities Fund						SFT Ivy^SMGrowth Fund						SFT Ivy^SMSmall Cap Growth Fund
	2017			2016			2017			2016			2017			2016
Operations:
Net investment income	$	1,538,456		$	2,148,779		$	365,537		$	1,290,382		$	(646,960	)	$	(1,022,702	)
Net realized gains (losses) on investments		4,984,350			19,378,674			15,587,145			18,696,419			9,092,073			13,489,268
Net change in unrealized appreciation or depreciation of investments		(2,237,748	)		(14,560,817	)		40,890,737			(16,646,407	)		13,983,128			16,850,153
Net increase in net assets resulting from operations		4,285,058			6,966,636			56,843,419			3,340,394			22,428,241			29,316,719
Capital stock transactions:
Proceeds from sales
Class 1		377,819			1,216,024			–			–			–			–
Class 2		11,135,210			6,915,526			1,058,581			1,697,051			758,803			3,486,016
Shares issued as a result of reinvested distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(233,683	)		(5,480,644	)		–			–			–			–
Class 2		(24,172,380	)		(15,300,382	)		(27,881,133	)		(45,133,736	)		(11,169,217	)		(14,973,753	)
Increase (decrease) in net assets from capital stock transactions		(12,893,034	)		(12,649,476	)		(26,822,552	)		(43,436,685	)		(10,410,414	)		(11,487,737	)
Total increase (decrease) in net assets		(8,607,976	)		(5,682,840	)		30,020,867			(40,096,291	)		12,017,827			17,828,982
Net assets at beginning of period		146,223,534			151,906,374			438,984,600			479,080,891			163,294,393			145,465,411
Net assets at end of period	$	137,615,558		$	146,223,534		$	469,005,467		$	438,984,600		$	175,312,220		$	163,294,393
Undistributed net investment income (loss)		–			–			–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		82,326			271,256			–			–			–			–
Class 2		2,461,448			1,555,728			80,723			149,149			54,873			291,775
Net change from capital transactions		2,543,774			1,826,984			80,723			149,149			54,873			291,775
Shares issued as a result of reinvested distributions:
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(51,439	)		(1,150,736	)		–			–			–			–
Class 2		(5,358,548	)		(3,450,344	)		(2,096,677	)		(3,815,228	)		(832,444	)		(1,311,293	)
Net change from capital transactions		(5,409,987	)		(4,601,080	)		(2,096,677	)		(3,815,228	)		(832,444	)		(1,311,293	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2017 and year ended December 31, 2016

(Unaudited)

	SFT Pyramis^®Core Equity Fund						SFT T. Rowe Price Value Fund
	2017			2016			2017			2016
Operations:
Net investment income	$	279,107		$	649,241		$	1,319,019		$	3,218,733
Net realized gains (losses) on investments		4,265,125			(870,564	)		9,968,564			4,653,139
Net change in unrealized appreciation or depreciation of investments		5,651,683			5,750,668			6,205,370			12,604,688
Net increase in net assets resulting from operations		10,195,915			5,529,345			17,492,953			20,476,560
Capital stock transactions:
Proceeds from sales
Class 1		58,178			140,311			–			–
Class 2		167,392			900,567			10,374,306			2,353,560
Shares issued as a result of reinvested distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(32,391	)		(65,854	)		–			–
Class 2		(8,429,168	)		(20,893,360	)		(16,949,404	)		(22,014,912	)
Increase (decrease) in net assets from capital stock transactions		(8,235,989	)		(19,918,336	)		(6,575,098	)		(19,661,352	)
Total increase (decrease) in net assets		1,959,926			(14,388,991	)		10,917,855			815,208
Net assets at beginning of period		114,494,651			128,883,642			208,512,783			207,697,575
Net assets at end of period	$	116,454,577		$	114,494,651		$	219,430,638		$	208,512,783
Undistributed net investment income (loss)		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		4,635			12,504			–			–
Class 2		13,755			83,279			849,418			217,525
Net change from capital transactions		18,390			95,783			849,418			217,525
Shares issued as a result of reinvested distributions:
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(2,559	)		(5,857	)		–			–
Class 2		(678,069	)		(1,843,703	)		(1,372,677	)		(2,030,629	)
Net change from capital transactions		(680,628	)		(1,849,560	)		(1,372,677	)		(2,030,629	)

See accompanying notes to financial statements.
70

Securian Funds Trust
Financial Highlights

SFT Advantus Bond Fund

	Class 1 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	2.257		$	2.157		$	2.148		$	2.016		$	2.024		$	1.880
Income from investment operations:
Net investment income (a)		.034			.066			.066			.064			.060			.055
Net gains (losses) (both realized and unrealized)		.037			.034			(.057	)		.068			(.068	)		.089
Total from investment operations		.071			.100			.009			.132			(.008	)		.144
Net asset value, end of period	$	2.328		$	2.257		$	2.157		$	2.148		$	2.016		$	2.024
Total return (b)		3.15	%		4.63	%		0.41	%		6.56	%		(0.40	)%		7.69	%
Net assets, end of period (in thousands)	$	2,385		$	2,113		$	6,243		$	5,402		$	4,414		$	3,156
Ratios to average net assets:
Expenses (c)		.49	%(d)		.49	%		.49	%		.49	%		.51	%		.51	%
Net investment income		2.99	%(d)		2.97	%		3.03	%		3.07	%		2.96	%		2.77	%
Portfolio turnover rate (excluding short-term securities)		102.5	%(e)		249.6	%		179.3	%		193.5	%		235.8	%		205.5	%
	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	2.212		$	2.120		$	2.117		$	1.991		$	2.004		$	1.866
Income from investment operations:
Net investment income (a)		.031			.059			.059			.058			.054			.047
Net gains (losses) (both realized and unrealized)		.036			.033			(.056	)		.068			(.067	)		.091
Total from investment operations		.067			.092			.003			.126			(.013	)		.138
Net asset value, end of period	$	2.279		$	2.212		$	2.120		$	2.117		$	1.991		$	2.004
Total return (b)		3.02	%		4.37	%		0.16	%		6.29	%		(0.65	)%		7.42	%
Net assets, end of period (in thousands)	$	377,642		$	368,156		$	382,934		$	368,926		$	356,034		$	360,115
Ratios to average net assets:
Expenses (c)		.74	%(d)		.74	%		.74	%		.74	%		.76	%		.76	%
Net investment income		2.74	%(d)		2.68	%		2.78	%		2.82	%		2.71	%		2.41	%
Portfolio turnover rate (excluding short-term securities)		102.5	%(e)		249.6	%		179.3	%		193.5	%		235.8	%		205.5	%

(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.

(e) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Dynamic Managed Volatility Fund

	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013 (a)
Net asset value, beginning of period	$	12.210		$	11.226		$	11.603		$	10.731		$	10.000
Income from investment operations:
Net investment income (b)		.052			.091			.082			.039			.008
Net gains (losses) (both realized and unrealized)		.890			.893			(.459	)		.833			.723
Total from investment operations		.942			.984			(.377	)		.872			.731
Net asset value, end of period	$	13.152		$	12.210		$	11.226		$	11.603		$	10.731
Total return (c)		7.71	%		8.77	%		(3.25	)%		8.12	%		7.31	%
Net assets, end of period (in thousands)	$	330,051		$	281,000		$	203,987		$	131,047		$	52,931
Ratios to average net assets:
Expenses before waiver (d)		.98	%(e)		1.00	%		1.02	%		1.19	%		1.37	%(e)
Expenses net of waiver (d)(f)		.80	%(e)		.80	%		.80	%		.80	%		.80	%(e)
Net investment income		.81	%(e)		.79	%		.71	%		.35	%		.12	%(e)
Portfolio turnover rate (excluding short-term securities)		0.5	%(g)		1.4	%		5.1	%		1.5	%		32.1	%(g)

(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).

(g) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Government Money Market Fund

	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
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)	$	70,095		$	77,795		$	88,829		$	86,904		$	89,423		$	95,858
Ratios to average net assets:
Expenses before waiver (c)		.91	%(d)		.91	%		.85	%		.83	%		.86	%		.83	%
Expenses net of waiver (c)(e)		.70	%(d)		.36	%		.12	%		.10	%		.13	%		.17	%
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, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	4.275		$	3.553		$	3.640		$	3.324		$	2.497		$	2.124
Income from investment operations:
Net investment income (a)		.028			.045			.046			.040			.034			.040
Net gains (losses) (both realized and unrealized)		.222			.677			(.133	)		.276			.793			.333
Total from investment operations		.250			.722			(.087	)		.316			.827			.373
Net asset value, end of period	$	4.525		$	4.275		$	3.553		$	3.640		$	3.324		$	2.497
Total return (b)		5.84	%		20.34	%		(2.39	)%		9.51	%		33.11	%		17.54	%
Net assets, end of period (in thousands)	$	5,046		$	4,290		$	16,847		$	15,418		$	12,802		$	6,656
Ratios to average net assets:
Expenses (c)		.26	%(d)		.26	%		.26	%		.25	%		.28	%		.31	%
Net investment income		1.27	%(d)		1.24	%		1.24	%		1.15	%		1.15	%		1.65	%
Portfolio turnover rate (excluding short-term securities)		11.3	%(e)		18.5	%		16.1	%		12.0	%		9.3	%		8.0	%
	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	4.191		$	3.491		$	3.586		$	3.283		$	2.472		$	2.109
Income from investment operations:
Net investment income (a)		.022			.039			.036			.030			.025			.023
Net gains (losses) (both realized and unrealized)		.217			.661			(.131	)		.273			.786			.340
Total from investment operations		.239			.700			(.095	)		.303			.811			.363
Net asset value, end of period	$	4.430		$	4.191		$	3.491		$	3.586		$	3.283		$	2.472
Total return (b)		5.71	%		20.04	%		(2.63	)%		9.24	%		32.78	%		17.24	%
Net assets, end of period (in thousands)	$	210,675		$	214,408		$	185,717		$	218,305		$	215,884		$	180,588
Ratios to average net assets:
Expenses (c)		.51	%(d)		.51	%		.51	%		.50	%		.53	%		.56	%
Net investment income		1.00	%(d)		1.06	%		.98	%		.89	%		.87	%		.99	%
Portfolio turnover rate (excluding short-term securities)		11.3	%(e)		18.5	%		16.1	%		12.0	%		9.3	%		8.0	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Index 500 Fund

	Class 1 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	8.745		$	7.829		$	7.737		$	6.822		$	5.167		$	4.465
Income from investment operations:
Net investment income (a)		.085			.164			.147			.132			.115			.111
Net gains (losses) (both realized and unrealized)		.722			.752			(.055	)		.783			1.540			.591
Total from investment operations		.807			.916			.092			.915			1.655			.702
Net asset value, end of period	$	9.552		$	8.745		$	7.829		$	7.737		$	6.822		$	5.167
Total return (b)		9.22	%		11.72	%		1.18	%		13.41	%		32.04	%		15.71	%
Net assets, end of period (in thousands)	$	147,386		$	133,014		$	110,210		$	60,909		$	36,387		$	11,524
Ratios to average net assets:
Expenses (c)		.20	%(d)		.20	%		.21	%		.21	%		.22	%		.24	%
Net investment income		1.85	%(d)		2.02	%		1.88	%		1.83	%		1.88	%		2.19	%
Portfolio turnover rate (excluding short-term securities)		1.4	%(e)		6.5	%		6.1	%		4.8	%		4.5	%		2.6	%
	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	8.573		$	7.693		$	7.622		$	6.737		$	5.115		$	4.432
Income from investment operations:
Net investment income (a)		.072			.141			.124			.110			.095			.088
Net gains (losses) (both realized and unrealized)		.706			.739			(.053	)		.775			1.527			.595
Total from investment operations		.778			.880			.071			.885			1.622			.683
Net asset value, end of period	$	9.351		$	8.573		$	7.693		$	7.622		$	6.737		$	5.115
Total return (b)		9.08	%		11.44	%		0.93	%		13.13	%		31.71	%		15.42	%
Net assets, end of period (in thousands)	$	650,739		$	609,796		$	577,069		$	585,532		$	540,439		$	432,694
Ratios to average net assets:
Expenses (c)		.45	%(d)		.45	%		.46	%		.46	%		.47	%		.49	%
Net investment income		1.60	%(d)		1.77	%		1.61	%		1.56	%		1.59	%		1.80	%
Portfolio turnover rate (excluding short-term securities)		1.4	%(e)		6.5	%		6.1	%		4.8	%		4.5	%		2.6	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus International Bond Fund

	Class 1 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	2.499		$	2.418		$	2.517		$	2.468		$	2.464		$	2.115
Income from investment operations:
Net investment income (a)		.052			.064			.063			.074			.078			.086
Net gains (losses) (both realized and unrealized)		.014			.017			(.162	)		(.025	)		(.074	)		.263
Total from investment operations		.066			.081			(.099	)		.049			.004			.349
Net asset value, end of period	$	2.565		$	2.499		$	2.418		$	2.517		$	2.468		$	2.464
Total return (b)		2.63	%		3.35	%		(3.92	)%		1.96	%		0.17	%		16.49	%
Net assets, end of period (in thousands)	$	1,191		$	1,097		$	984		$	938		$	756		$	606
Ratios to average net assets:
Expenses (c)		.98	%(d)		1.00	%		.89	%		.86	%		.87	%		.94	%
Net investment income		4.13	%(d)		2.67	%		2.55	%		2.93	%		3.18	%		3.76	%
Portfolio turnover rate (excluding short-term securities)		35.0	%(e)		54.0	%		42.4	%		19.3	%		17.7	%		38.8	%
	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	2.450		$	2.376		$	2.479		$	2.438		$	2.440		$	2.100
Income from investment operations:
Net investment income (a)		.048			.057			.056			.067			.071			.079
Net gains (losses) (both realized and unrealized)		.013			.017			(.159	)		(.026	)		(.073	)		.261
Total from investment operations		.061			.074			(.103	)		.041			(.002	)		.340
Net asset value, end of period	$	2.511		$	2.450		$	2.376		$	2.479		$	2.438		$	2.440
Total return (b)		2.51	%		3.09	%		(4.16	)%		1.70	%		(0.08	)%		16.20	%
Net assets, end of period (in thousands)	$	109,442		$	109,908		$	112,548		$	124,174		$	128,885		$	127,590
Ratios to average net assets:
Expenses (c)		1.23	%(d)		1.24	%		1.14	%		1.11	%		1.12	%		1.19	%
Net investment income		3.88	%(d)		2.42	%		2.29	%		2.69	%		2.92	%		3.51	%
Portfolio turnover rate (excluding short-term securities)		35.0	%(e)		54.0	%		42.4	%		19.3	%		17.7	%		38.8	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Managed Volatility Equity Fund

	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015 (a)
Net asset value, beginning of period	$	10.483		$	10.064		$	10.000
Income from investment operations:
Net investment income (b)		.103			.253			.066
Net gains (losses) (both realized and unrealized)		.769			.166			(.002	)
Total from investment operations		.872			.419			.064
Net asset value, end of period	$	11.355		$	10.483		$	10.064
Total return (c)		8.32	%		4.16	%		0.64	%
Net assets, end of period (in thousands)	$	220,755		$	200,138		$	25,514
Ratios to average net assets:
Expenses before waiver (d)		.99	%(e)		1.09	%		2.28	%(e)
Expenses net of waiver (d)(f)		.80	%(e)		.80	%		.80	%(e)
Net investment income		1.88	%(e)		2.43	%		5.53	%(e)
Portfolio turnover rate (excluding short-term securities)		9.9	%(g)		8.5	%		–	%(g)

(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).

(g) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Mortgage Securities Fund

	Class 1 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	1.924		$	1.894		$	1.835		$	1.731		$	1.761		$	1.698
Income from investment operations:
Net investment income (a)		.021			.042			.042			.031			.029			.038
Net gains (losses) (both realized and unrealized)		.004			(.012	)		.017			.073			(.059	)		.025
Total from investment operations		.025			.030			.059			.104			(.030	)		.063
Net asset value, end of period	$	1.949		$	1.924		$	1.894		$	1.835		$	1.731		$	1.761
Total return (b)		1.31	%		1.58	%		3.21	%		6.03	%		(1.73	)%		3.75	%
Net assets, end of period (in thousands)	$	252		$	269		$	913		$	813		$	985		$	521
Ratios to average net assets:
Expenses (c)		.66	%(d)		.65	%		.64	%		.63	%		.68	%		.68	%
Net investment income		2.17	%(d)		2.18	%		2.25	%		1.73	%		1.67	%		2.18	%
Portfolio turnover rate (excluding short-term securities)		87.4	%(e)		85.8	%		141.4	%		232.2	%		370.7	%		231.3	%
	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	1.886		$	1.861		$	1.808		$	1.709		$	1.744		$	1.685
Income from investment operations:
Net investment income (a)		.018			.035			.037			.026			.025			.034
Net gains (losses) (both realized and unrealized)		.004			(.010	)		.016			.073			(.060	)		.025
Total from investment operations		.022			.025			.053			.099			(.035	)		.059
Net asset value, end of period	$	1.908		$	1.886		$	1.861		$	1.808		$	1.709		$	1.744
Total return (b)		1.19	%		1.32	%		2.95	%		5.76	%		(1.98	)%		3.49	%
Net assets, end of period (in thousands)	$	89,679		$	91,261		$	93,502		$	97,348		$	95,570		$	96,902
Ratios to average net assets:
Expenses (c)		.91	%(d)		.90	%		.89	%		.88	%		.93	%		.93	%
Net investment income		1.92	%(d)		1.83	%		2.00	%		1.48	%		1.44	%		1.98	%
Portfolio turnover rate (excluding short-term securities)		87.4	%(e)		85.8	%		141.4	%		232.2	%		370.7	%		231.3	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Real Estate Securities Fund

	Class 1 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	4.526		$	4.324		$	4.108		$	3.143		$	3.100		$	2.623
Income from investment operations:
Net investment income (a)		.056			.074			.066			.062			.050			.052
Net gains (losses) (both realized and unrealized)		.088			.128			.150			.903			(.007	)		.425
Total from investment operations		.144			.202			.216			.965			.043			.477
Net asset value, end of period	$	4.670		$	4.526		$	4.324		$	4.108		$	3.143		$	3.100
Total return (b)		3.20	%		4.66	%		5.25	%		30.70	%		1.40	%		18.20	%
Net assets, end of period (in thousands)	$	3,328		$	3,085		$	6,750		$	5,489		$	3,713		$	2,522
Ratios to average net assets:
Expenses (c)		.85	%(d)		.82	%		.84	%		.85	%		.90	%		.93	%
Net investment income		2.47	%(d)		1.68	%		1.59	%		1.70	%		1.55	%		1.75	%
Portfolio turnover rate (excluding short-term securities)		39.0	%(e)		78.0	%		65.8	%		85.4	%		39.8	%		47.6	%
	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	4.436		$	4.249		$	4.047		$	3.104		$	3.069		$	2.603
Income from investment operations:
Net investment income (a)		.048			.063			.053			.050			.038			.034
Net gains (losses) (both realized and unrealized)		.088			.124			.149			.893			(.003	)		.432
Total from investment operations		.136			.187			.202			.943			.035			.466
Net asset value, end of period	$	4.572		$	4.436		$	4.249		$	4.047		$	3.104		$	3.069
Total return (b)		3.07	%		4.40	%		4.99	%		30.37	%		1.15	%		17.90	%
Net assets, end of period (in thousands)	$	134,288		$	143,139		$	145,156		$	141,391		$	112,753		$	108,327
Ratios to average net assets:
Expenses (c)		1.10	%(d)		1.08	%		1.09	%		1.10	%		1.15	%		1.18	%
Net investment income		2.18	%(d)		1.43	%		1.30	%		1.40	%		1.18	%		1.16	%
Portfolio turnover rate (excluding short-term securities)		39.0	%(e)		78.0	%		65.8	%		85.4	%		39.8	%		47.6	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Ivy^SM Growth Fund

	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014 (a)
Net asset value, beginning of period	$	12.120		$	12.012		$	11.253		$	10.000
Income from investment operations:
Net investment income (b)		.010			.034			.001			.011
Net gains (both realized and unrealized)		1.582			.074			.758			1.242
Total from investment operations		1.592			.108			.759			1.253
Net asset value, end of period	$	13.712		$	12.120		$	12.012		$	11.253
Total return (c)		13.14	%		0.91	%		6.74	%		12.53	%
Net assets, end of period (in thousands)	$	469,005		$	438,985		$	479,081		$	500,575
Ratios to average net assets:
Expenses (d)		.97	%(e)		.98	%		.97	%		.96	%(e)
Net investment income		.16	%(e)		.29	%		.01	%		.15	%(e)
Portfolio turnover rate (excluding short-term securities)		23.3	%(f)		52.5	%		31.6	%		44.7	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Ivy^SM Small Cap Growth Fund

	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014 (a)
Net asset value, beginning of period	$	12.611		$	10.414		$	10.810		$	10.000
Income from investment operations:
Net investment income (b)		(.052	)		(.076	)		(.090	)		(.048	)
Net gains (losses) (both realized and unrealized)		1.846			2.273			(.306	)		.858
Total from investment operations		1.794			2.197			(.396	)		.810
Net asset value, end of period	$	14.405		$	12.611		$	10.414		$	10.810
Total return (c)		14.22	%		21.10	%		(3.66	)%		8.10	%
Net assets, end of period (in thousands)	$	175,312		$	163,294		$	145,465		$	182,284
Ratios to average net assets:
Expenses (d)		1.21	%(e)		1.24	%		1.19	%		1.22	%(e)
Net investment income		(.77	)%(e)		(.68	)%		(.80	)%		(.71	)%(e)
Portfolio turnover rate (excluding short-term securities)		33.1	%(f)		99.2	%		65.4	%		115.8	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Pyramis^® Core Equity Fund

	Class 1 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014 (a)
Net asset value, beginning of period	$	11.834		$	11.261		$	11.148		$	10.000
Income from investment operations:
Net investment income (b)		.046			.089			.075			.053
Net gains (both realized and unrealized)		1.051			.484			.038			1.095
Total from investment operations		1.097			.573			.113			1.148
Net asset value, end of period	$	12.931		$	11.834		$	11.261		$	11.148
Total return (c)		9.27	%		5.09	%		1.01	%		11.48	%
Net assets, end of period (in thousands)	$	787		$	696		$	587		$	663
Ratios to average net assets:
Expenses (d)		.83	%(e)		.80	%		.78	%		.86	%(e)
Net investment income		.74	%(e)		.80	%		.66	%		.74	%(e)
Portfolio turnover rate (excluding short-term securities)		34.4	%(f)		88.8	%		84.6	%		54.2	%(f)
	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014 (a)
Net asset value, beginning of period	$	11.755		$	11.214		$	11.129		$	10.000
Income from investment operations:
Net investment income (b)		.030			.060			.046			.035
Net gains (both realized and unrealized)		1.044			.481			.039			1.094
Total from investment operations		1.074			.541			.085			1.129
Net asset value, end of period	$	12.829		$	11.755		$	11.214		$	11.129
Total return (c)		9.13	%		4.83	%		0.76	%		11.29	%
Net assets, end of period (in thousands)	$	115,668		$	113,799		$	128,297		$	141,272
Ratios to average net assets:
Expenses (d)		1.08	%(e)		1.05	%		1.03	%		1.11	%(e)
Net investment income		.48	%(e)		.54	%		.41	%		.49	%(e)
Portfolio turnover rate (excluding short-term securities)		34.4	%(f)		88.8	%		84.6	%		54.2	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT T. Rowe Price Value Fund

	Class 2 Shares
	Six months ended June 30, 2017			Year ended December 31,
	(unaudited)			2016			2015			2014 (a)
Net asset value, beginning of period	$	11.747		$	10.617		$	10.836		$	10.000
Income from investment operations:
Net investment income (b)		.075			.173			.119			.077
Net gains (losses) (both realized and unrealized)		.916			.957			(.338	)		.759
Total from investment operations		.991			1.130			(.219	)		.836
Net asset value, end of period	$	12.738		$	11.747		$	10.617		$	10.836
Total return (c)		8.43	%		10.65	%		(2.02	)%		8.36	%
Net assets, end of period (in thousands)	$	219,431		$	208,513		$	207,698		$	233,202
Ratios to average net assets:
Expenses (d)		1.02	%(e)		1.03	%		1.01	%		1.02	%(e)
Net investment income		1.23	%(e)		1.59	%		1.10	%		1.10	%(e)
Portfolio turnover rate (excluding short-term securities)		45.4	%(f)		102.9	%		65.0	%		105.1	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Notes to Financial Statements

June 30, 2017

(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 Funds and share classes listed below:

Fund Name	Share Class 1		Share Class 2
SFT Advantus Bond Fund		P		P
SFT Advantus Dynamic Managed Volatility Fund		NA		P
SFT Advantus Government Money Market Fund		NA		P
SFT Advantus Index 400 Mid-Cap Fund		P		P
SFT Advantus Index 500 Fund		P		P
SFT Advantus International Bond Fund		P		P
SFT Advantus Managed Volatility Equity Fund		NA		P
SFT Advantus Mortgage Securities Fund		P		P
SFT Advantus Real Estate Securities Fund		P		P
SFT Ivy^SM Growth Fund		NA		P
SFT Ivy^SM Small Cap Growth Fund		NA		P
SFT Pyramis^® Core Equity Fund		P		P
SFT T. Rowe Price Value Fund		NA		P

Advantus Capital Management, Inc. ("Advantus Capital"), a wholly-owned subsidiary of Securian Financial Group, Inc. ("Securian Financial Group"), 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.

Class 2 shares 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 Insurance Company ("Minnesota Life") and Securian Life Insurance Company ("Securian Life") in connection with Minnesota Life and Securian Life variable life insurance policies and variable annuity contracts, 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

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

traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price, by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by the Advantus Capital 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 Valuation Committee whose members ensure the valuations comply with the valuation policies and affirms the reasonableness of the fair valuation determinations. The fair valued securities are reviewed by the Board at their quarterly meetings.

A Fund's investments will also be valued at fair value by the Valuation Committee if 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 net asset value is calculated. If a significant event impacting the value of a security or group of securities occurs, the Valuation Committee is immediately notified and the members meet promptly to determine whether fair value pricing is needed in accordance with the Fund's valuation procedures and, if so, to approve the pricing methodology to be used.

Short-term securities, with the exception of those held in the SFT Advantus Government Money Market Fund, are valued at market value. 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 attempt 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

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

purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The net U.S. dollar value of foreign currency underlying all contractual commitments held by SFT Advantus International Bond Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. SFT Advantus International Bond Fund is subject to the credit risk that the other party will not complete the obligations of the contract. The fair values of the forward foreign currency exchange contracts are obtained from an independent pricing source.

Futures Transactions

To gain exposure to, or for protection from market changes, the Funds (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.

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Notes to Financial Statements – continued

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

Option contracts are valued daily and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.

Repurchase Agreements

Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, U.S. Government securities, U.S. Government 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, 2017, 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 and 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, 2017. The Funds' federal and

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

state income returns for which the applicable statutes of limitations have not expired (2014, 2015 and 2016) remain subject to examination by the Internal Revenue Service and states department of revenue.

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

Distributions to Shareholders

Distributions to shareholders from net investment income 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 Funds within the partnership are not required to distribute taxable income, and Funds other than SFT Advantus Government Money Market Fund and SFT 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, 2017, the SFT Advantus Bond Fund and SFT Advantus Mortgage Securities Fund had entered into outstanding, when-issued or forward commitments at fair value of $12,903,664 and $6,508,815, 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.

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 "Cross-Trading" procedures adopted by the Board. 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. Pursuant to these procedures, for the period ended June 30, 2017, the Funds engaged in the following cross-trades, which resulted in the following net realized gains (losses):

	Purchases		Sales		Net Realized Gains (Losses)
SFT Advantus International Bond Fund	$	—	$	7,920,000	$	24,407
SFT T. Rowe Price Value Fund		292,624		—		—

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Notes to Financial Statements – continued

(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, 2017 were as follows:

	Non-U.S. Government				U.S. Government*
	Purchases		Sales		Purchases		Sales
SFT Advantus Bond Fund	$	165,385,783	$	154,760,248	$	244,160,798	$	240,367,646
SFT Advantus Dynamic Managed Volatility Fund		26,420,595		1,123,452		–		161,529
SFT Advantus Index 400 Mid-Cap Fund		23,469,061		26,348,633		–		–
SFT Advantus Index 500 Fund		10,919,996		14,631,285		–		–
SFT Advantus International Bond Fund		21,665,457		30,590,862		–		–
SFT Advantus Managed Volatility Equity Fund		24,224,246		18,758,810		–		–
SFT Advantus Mortgage Securities Fund		12,724,303		11,400,680		69,116,036		73,025,347
SFT Advantus Real Estate Securities Fund		54,222,589		63,413,595		–		–
SFT Ivy^SM Growth Fund		106,852,857		136,537,580		–		–
SFT Ivy^SM Small Cap Growth Fund		54,032,358		63,554,625		–		–
SFT Pyramis^® Core Equity Fund		39,630,674		46,900,471		–		–
SFT T. Rowe Price Value Fund		97,158,339		101,700,543		–		–

* 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. Under the advisory agreement, Advantus Capital manages the Funds' investments and provides research, statistical and advisory services and pays related office rental and executive expenses and salaries.

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

				Annual Fee on Net Assets
SFT Advantus Bond Fund				0.40% of net assets to $1 billion; and 0.35% of net assets exceeding $1 billion
SFT Advantus 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

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Notes to Financial Statements – continued

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

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

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

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

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

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

Administrative Services Fee

The Trust has an agreement with Securian Financial Group under which Securian Financial Group provides accounting, legal and other administrative services. Each Fund reimburses Securian Financial Group quarterly for the actual costs incurred in performing such services, as determined in accordance with Securian Financial Group's customary cost accounting procedures consistently applied. Total quarterly administrative fees by Fund range from $4,616 to $23,764.

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 2017, 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 ("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

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

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, 2017, the advisory, 12b-1 distribution and other fee waivers totaled $46,918, $30,310 and $0 respectively. These amounts are reflected as fees waived in the accompanying Statement of Operations. As of June 30, 2017, Advantus Capital and Securian Financial have collectively waived a cumulative total of $4,631,950 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $1,505,097 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, 2018 and 2019 are $852,153, and $300,636, respectively. If Advantus Capital and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement shall continue in effect following April 30, 2018, 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, 2018. 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, 2017, the advisory waivers totaled $272,818. This amount is reflected as fees waived in the accompanying Statements of Operations. As of June 30, 2017, Advantus Capital has waived a cumulative total of $1,577,060 pursuant to the Agreement, of which $1,311,188, 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, 2018 and 2019 are $956,636 and $506,890 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 in the prospectus.

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,

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Notes to Financial Statements – continued

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

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, 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, 2017, the advisory waivers totaled $203,098. This amount is reflected as fees waived in the accompanying Statement of Operations. As of June 30, 2017, Advantus Capital has waived a cumulative total of $564,405 pursuant to the Agreement, all of which was eligible for recovery by Advantus Capital and Securian Financial as of such date. Amounts subject to potential recovery for the years ended June 30, 2018 and 2019 are $564,405 and $393,318 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 in the prospectus.

(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, 2017, the SFT Advantus Bond Fund, SFT Advantus Dynamic Managed Volatility Fund, and SFT Advantus Mortgage Securities Fund held illiquid securities of $1,831,883, $4,100,121, and $1,122,998, respectively, which represent 0.5%, 1.2%, and 1.2% of net assets, respectively. Pursuant to guidelines adopted by the Trust's Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the percent limitations specified above.

The following is a list of illiquid securities by fund, including acquisition date and cost, as of June 30, 2017:

Security	Acquisition Date	Cost
SFT Advantus Bond Fund
FAN Engine Securitization, Ltd.	10/18/2013	$	312,626
Hometown Commercial Mortgage	Various		240,795
Multi Security Asset Trust	Various		1,300,595
		$	1,854,016
SFT Advantus Dynamic Managed Volatility Fund
Aquarion Co.	08/19/2014	$	498,409
CRH America Finance, Inc.	05/02/2017		994,234
Longtrain Leasing III LLC, 2015 – 1A Class A2	01/23/2015		999,578
Southern Natural Gas Co, LLC	03/07/2017		498,586
The Sherwin-Williams Co.	05/31/2017		1,031,199
		$	4,022,006
SFT Advantus Mortgage Securities Fund
FAN Engine Securitization, Ltd.	10/18/2013	$	83,609
Government National Mortgage Association (GNMA)	06/17/2003		533,196
Hometown Commercial Mortgage	11/28/2006		17,911
JPMorgan Chase Commercial Mortgage Securities Corp.	03/22/2010		143,347
Multi Security Asset Trust	Various		858,571
		$	1,636,634

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Notes to Financial Statements – continued

(6) Fair Value Measurement

The Trust has established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs. The hierarchy also establishes a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumption that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs include information market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the Trust's estimates about the assumptions market participants would use in valuing the financial asset and liability based on the best information available in the circumstances. Level 1 includes unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, credit risk and prepayment speed). Level 3 includes unobservable inputs, which may include the advisor's own assumptions in determining the fair value of an investment or are based on independent non-binding broker quotes. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swaps, and written options.

The following is a summary of the levels used for the period ended June 30, 2017, 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, 2017 using
Fund	Level 1			Level 2		Level 3		Total
SFT Advantus Bond Fund
Assets
Government Obligations	$	–		$	141,779,609	$	–	$	141,779,609
Asset-Backed Securities		–			17,881,003		–		17,881,003
Other Mortgage-Backed Securities		–			25,614,563		–		25,614,563
Corporate Obligations		–			189,419,315		–		189,419,315
Investment Companies		15,989,883			–		–		15,989,883
Total Investments		15,989,883			374,694,490		–		390,684,373
Other Financial Instruments* Futures Contracts		58,319			–		–		58,319
Liabilities
Other Financial Instruments* Futures Contracts		(47,704	)		–		–		(47,704	)
SFT Advantus Dynamic Managed Volatility Fund
Assets
Government Obligations		–			3,130,295		–		3,130,295
Asset-Backed Securities		–			991,423		–		991,423
Other Mortgage-Backed Securities		–			1,051,553		–		1,051,553
Corporate Obligations		–			120,748,428		–		120,748,428
Purchased Options		112,500			–		–		112,500
Investment Companies		202,986,508			–		–		202,986,508
Total Investments		203,099,008			125,921,699		–		329,020,707
Other Financial Instruments* Futures Contracts		246,263			–		–		246,263
Liabilities
Other Financial Instruments* Futures Contracts		(493,356	)		–		–		(493,356	)

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

	Fair Value Measurement at June 30, 2017 using
Fund	Level 1			Level 2			Level 3		Total
SFT Advantus Government Money Market Fund
Assets
U.S. Government Obligations	$	–		$	70,099,218		$	–	$	70,099,218
Investment Companies		138,815			–			–		138,815
Total Investments		138,815			70,099,218			–		70,238,033
SFT Advantus Index 400 Mid-Cap Fund
Assets
Common Stocks		208,636,521			–			–		208,636,521
Investment Companies		7,299,223			–			–		7,299,223
Total Investments		215,935,744			–			–		215,935,744
Other Financial Instruments* Futures Contracts		628			–			–		628
SFT Advantus Index 500 Fund
Assets
Common Stocks		784,595,101			–			–		784,595,101
Investment Companies		13,694,155			–			–		13,694,155
Total Investments		798,289,256			–			–		798,289,256
Liabilities
Other Financial Instruments* Futures Contracts		(59,330	)		–			–		(59,330	)
SFT Advantus International Bond Fund
Assets
Long-Term Debt Securities		–			52,987,067			–		52,987,067
Short-Term Debt Securities		–			41,549,695			–		41,549,695
Investment Companies		3,007,564			–			–		3,007,564
Total Investments		3,007,564			94,536,762			–		97,544,326
Other Financial Instruments* Forward Foreign Currency Contracts		–			1,248,289			–		1,248,289
Interest Rate Swap Contracts		–			164,370			–		164,370
Liabilities
Other Financial Instruments* Forward Foreign Currency Contracts		–			(2,202,994	)		–		(2,202,994	)
Interest Rate Swap Contracts		–			(716,507	)		–		(716,507	)
SFT Advantus Managed Volatility Equity Fund
Assets
Investment Companies		223,244,185			–			–		223,244,185
Purchased Options		59,000			–			–		59,000
Total Investments		223,303,185			–			–		223,303,185
Liabilities
Other Financial Instruments* Futures Contracts		(80,558	)		–			–		(80,558	)
Written Options		(20,500	)		–			–		(20,500	)
SFT Advantus Mortgage Securities Fund
Assets
Government Obligations		–			70,851,643			–		70,851,643
Asset-Backed Securities		–			6,078,405			–		6,078,405
Other Mortgage-Backed Securities		–			9,180,785			–		9,180,785
Corporate Obligations		–			1,068,913			–		1,068,913
Short-Term Securities		9,183,850			–			–		9,183,850
Total Investments		9,183,850			87,179,746			–		96,363,596

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
June 30, 2017 using

Fund

Level 1

Level 2

Level 3

Total

Liabilities

Other Financial Instruments*
Futures Contracts

(4,855

)

–

(4,855

)

SFT Advantus Real Estate Securities Fund

Assets

Common Stocks

136,547,206

–

136,547,206

Investment Companies

650,266

–

650,266

Total Investments

137,197,472

–

137,197,472

SFT Ivy^SM Growth Fund

Assets

Common Stocks

462,182,676

–

462,182,676

Investment Companies

1,043,945

–

1,043,945

Total Investments

463,226,621

–

463,226,621

SFT Ivy^SM Small Cap Growth Fund

Assets

Common Stocks

170,408,413

–

170,408,413

Investment Companies

5,747,552

–

5,747,552

Total Investments

176,155,965

–

176,155,965

SFT Pyramis^® Core Equity Fund

Assets

Common Stocks

115,396,065

–

115,396,065

Investment Companies

1,462,219

–

1,462,219

Total Investments

116,858,284

–

116,858,284

SFT T. Rowe Price Value Fund

Assets

Common Stocks

215,647,480

–

215,647,480

Preferred Stocks

1,404,994

–

1,404,994

Investment Companies

1,764,397

–

1,764,397

Total Investments

218,816,871

–

218,816,871

* Investments in Other Financial Instruments are derivatives instruments reflected in the Investments in Securities. All derivatives currently held are reflected at the gross unrealized appreciation (depreciation) on the instruments.

Level 2 Measurements:

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

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

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

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

The Funds' policy is to recognize transfers between the levels as of the end of the period. There were no transfers of financial assets between Levels 1 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, 2017.

Equity derivatives were purchased or sold to manage the SFT Advantus Index 500 and SFT Advantus Index 400 Mid-Cap Funds' shareholder liquidity and to attempt to replicate intended stock investments to maintain fully invested Funds. Equity index options are utilized by the SFT Advantus Dynamic Managed Volatility Fund and the SFT Advantus Managed Volatility Equity Fund to manage the equity exposure while attempting to reduce the volatility and risk of the 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.

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

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

						Risk Exposure
Fund	Instrument Type	Total Value at June 30, 2017			Statement of Assets and Liabilities Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Bond Fund	Futures	$	58,319		Variation margin receivable*	$	–		$	58,319		$	–
	Futures		(47,704	)	Variation margin payable*		–			(47,704	)		–
SFT Advantus Dynamic Managed Volatility Fund	Futures		246,263		Variation margin receivable*		–			246,263			–
	Futures		(493,356	)	Variation margin payable*		(493,356	)		–			–
SFT Advantus Index 400 Mid-Cap Fund	Futures		628		Variation margin receivable*		628			–			–
SFT Advantus Index 500 Fund	Futures		(59,330	)	Variation margin payable*		(59,330	)		–			–
SFT Advantus International Bond Fund	Foreign Currency Forwards		1,248,289		Unrealized appreciation on forward foreign currency contracts		–			–			1,248,289
	Foreign Currency Forwards		(2,202,994	)	Unrealized depreciation on forward foreign currency contracts		–			–			(2,202,994	)
	Swaps		164,370		Variation margin receivable*		–			164,370			–
	Swaps		(716,507	)	Variation margin payable*		–			(716,507	)		–
SFT Advantus Managed Volatility Equity Fund	Options		(20,500	)	Put Options Written		(20,500	)		–			–
	Futures		(80,558	)	Variation margin payable*		(80,558	)		–			–
SFT Advantus Mortgage Securities Fund	Futures		(4,855	)	Variation margin payable*		–			(4,855	)		–

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

Realized Gain (Loss) on Derivatives
Recognized in Income

Fund

Instrument
Type

Realized Gain
(Loss) on
Derivatives for
Period Ended
June 30, 2017

Statement of
Operations Location

Equity

Interest
Rate

Foreign
Exchange

SFT Advantus Bond Fund

Futures

(29,810

)

Net realized gains
(losses) from
futures transactions

–

(29,810

)

–

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

Realized Gain (Loss) on Derivatives
Recognized in Income

Fund

Instrument
Type

Realized Gain
(Loss) on
Derivatives for
Period Ended
June 30, 2017

Statement of
Operations Location

Equity

Interest
Rate

Foreign
Exchange

SFT Advantus Dynamic
Managed Volatility Fund

Futures

8,483,628

Net realized gains
(losses) from
futures transactions

9,003,263

(519,635

)

–

Purchased
Options

(972,326

)

Net realized gains
(losses) on
investments

(972,326

)

–

Written
Options

101,223

Net realized gains
(losses) from
written options
transactions

101,223

–

SFT Advantus Index 400
Mid-Cap Fund

Futures

313,804

Net realized gains
(losses) from
futures transactions

313,804

–

SFT Advantus Index 500 Fund

Futures

1,045,096

Net realized gains
(losses) from
futures transactions

1,045,096

–

SFT Advantus International
Bond Fund

Foreign
Currency
Forwards

1,496,716

Net realized gains
(losses) from
foreign currency
transactions

–

1,496,716

Swaps

(128,773

)

Net realized gains
(losses) from swaps

–

(128,773

)

–

SFT Advantus Managed
Volatility Equity Fund

Futures

1,543,756

Net realized gains
(losses) from
futures transactions

1,543,756

–

Written
Options

105,731

Net realized gains
(losses) from
written options
transactions

105,731

–

SFT Advantus Mortgage
Securities Fund

Futures

18,455

Net realized gains
(losses) from
futures transactions

–

18,455

–

Unrealized Appreciation (Depreciation)
on Derivatives Recognized in Income

Fund

Instrument
Type

Unrealized
Appreciation
(Depreciation) on
Derivatives for
Period Ended
June 30, 2017

Statement of
Operations Location

Equity

Interest
Rate

Foreign
Exchange

SFT Advantus Bond Fund

Futures

10,193

Net change in
unrealized
appreciation or
depreciation on
futures transactions

–

10,193

–

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

						Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Instrument Type	Unrealized Appreciation (Depreciation) on Derivatives for Period Ended June 30, 2017			Statement of Operations Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Dynamic Managed Volatility Fund	Futures	$	(1,755,547	)	Net change in unrealized appreciation or depreciation on futures transactions	$	(1,864,922	)	$	109,375		$	–
	Purchased Options		18,516		Net change in unrealized appreciation or depreciation on investments		18,516			–			–
	Written Options		(34,774	)	Net change in unrealized appreciation or depreciation on written options		(34,774	)		–			–
SFT Advantus Index 400 Mid-Cap Fund	Futures		289,953		Net change in unrealized appreciation or depreciation on futures transactions		289,953			–			–
SFT Advantus Index 500 Fund	Futures		(206,530	)	Net change in unrealized appreciation or depreciation on futures transactions		(206,530	)		–			–
SFT Advantus International Bond Fund	Foreign Currency Forwards		(5,603,516	)	Net change in unrealized appreciation or depreciation on foreign currency transactions		–			–			(5,603,516	)
	Swaps		(256,606	)	Net change in unrealized appreciation or depreciation on swaps transactions		–			(256,606	)		–
SFT Advantus Managed Volatility Equity Fund	Futures		(369,669	)	Net change in unrealized appreciation or depreciation on futures transactions		(369,669	)		–			–
	Written Options		34,900		Net change in unrealized appreciation or depreciation on written options		34,900			–			–
SFT Advantus Mortgage Securities Fund	Futures		(4,855	)	Net change in unrealized appreciation or depreciation on futures transactions		(4,855	)		–			–

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

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 six months ended June 30, 2017 none of the Funds' derivatives were subject to master netting arrangements.

Option Contracts Written

Contracts and premium amounts associated with options contracts written by the Funds during the period ended June 30, 2017 are as follows:

Fund	Options outstanding at December 31, 2016		Written		Closed		Exercised		Expired		Options outstanding at June 30, 2017
SFT Advantus Dynamic Managed Volatility Fund
Premium Amount	$	54,479	$	50,137	$	54,479	$	–	$	50,137	$	–
Number of Contracts		261		266		261		–		266		–
SFT Advantus Managed Volatility Equity Fund
Premium Amount	$	–	$	161,131	$	–	$	–	$	105,731	$	55,400
Number of Contracts		–		776		–		–		576		200

(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, 2017 are as follows:

Fund/Underlying Fund

Balance
of Shares
Held at
December 31,
2016

Gross
Additions

Gross
Sales

Balance
of Shares
Held at
June 30,
2017

Value at
June 30,
2017

Realized
Gain
(Loss)

Distributions
Received

SFT Advantus Dynamic Managed
Volatility Fund

SFT Advantus Index 500 Fund

14,224,618

–

14,224,618

135,865,941

–

(9) Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules intended to modernize the reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other provisions. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulations S-X will have on the Funds' financial statements and related disclosures.

(10) 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, 2017 through June 30, 2017. Expenses paid during the period in the tables below are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by number of days in most recent fiscal half-year divided by 365 to reflect the one-half year period.

Actual Expenses

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

	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	$	1,031.50		0.49	%	$	2.47	$	1,030.20		0.74	%	$	3.72
SFT Advantus Dynamic Managed Volatility Fund		1,000		NA		NA			NA		1,077.10		0.80	%		4.12
SFT Advantus Government Money Market Fund		1,000		NA		NA			NA		1,000.00		0.70	%		3.47
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,058.40		0.26	%		1.33		1,057.10		0.51	%		2.60
SFT Advantus Index 500 Fund		1,000		1,092.20		0.20	%		1.04		1,090.80		0.45	%		2.33
SFT Advantus International Bond Fund		1,000		1,026.30		0.98	%		4.92		1,025.10		1.23	%		6.18
SFT Advantus Managed Volatility Equity Fund		1,000		NA		NA			NA		1,083.20		0.80	%		4.13
SFT Advantus Mortgage Securities Fund		1,000		1,013.10		0.66	%		3.29		1,011.90		0.91	%		4.54
SFT Advantus Real Estate Securities Fund		1,000		1,032.00		0.85	%		4.28		1,030.70		1.10	%		5.54
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,131.40		0.97	%		5.13
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,142.20		1.21	%		6.43
SFT Pyramis^® Core Equity Fund		1,000		1,092.70		0.83	%		4.31		1,091.30		1.08	%		5.60
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,084.30		1.02	%		5.27

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	$	1,022.36		0.49	%	$	2.46	$	1,021.12		0.74	%	$	3.71
SFT Advantus Dynamic Managed Volatility Fund		1,000		NA		NA			NA		1,020.83		0.80	%		4.01
SFT Advantus Government Money Market Fund		1,000		NA		NA			NA		1,021.32		0.70	%		3.51
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,023.51		0.26	%		1.30		1,022.27		0.51	%		2.56
SFT Advantus Index 500 Fund		1,000		1,023.80		0.20	%		1.00		1,022.56		0.45	%		2.26
SFT Advantus International Bond Fund		1,000		1,019.93		0.98	%		4.91		1,018.7		1.23	%		6.16
SFT Advantus Managed Volatility Equity Fund		1,000		NA		NA			NA		1,020.83		0.80	%		4.01
SFT Advantus Mortgage Securities Fund		1,000		1,021.52		0.66	%		3.31		1,020.28		0.91	%		4.56
SFT Advantus Real Estate Securities Fund		1,000		1,020.58		0.85	%		4.26		1,019.34		1.10	%		5.51
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,019.98		0.97	%		4.86
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,018.79		1.21	%		6.06
SFT Pyramis^® Core Equity Fund		1,000		1,020.68		0.83	%		4.16		1,019.44		1.08	%		5.41
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,019.74		1.02	%		5.11

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 26, 2017. 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 Growth Fund) between Advantus and Waddell & Reed Investment Management Company (for Ivy 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. At the Trustees' direction, the 2016 report was supplemented by Advantus with updated, publicly available information.

Based on this information, the Trustees concluded that the advisory fee payable by each Fund to Advantus is fair and reasonable. The Trustees also concluded that the advisory fees payable by the Managed Volatility 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 most recent quarter and for the 1, 3 and 5-year periods ended December 31, 2016, that Mortgage Securities Fund had underperformed its peers and benchmark during the most recent quarter and 1-year period ended December 31, 2016, but was in the top quintile of its Broadridge peer group for the 3 and 5-year periods, and that International Bond Fund was in the top quintile of its peer group for the most recent quarter, in approximately the middle of its peer group 1 and 3-year periods, and in approximately the top third and quarter of its peer group for the 5 and 10-year periods, respectively. The Trustees also noted that Real Estate Securities Fund slightly underperformed its peer group for the most recent quarter and significantly underperformed its peer group for the most recent 1-year period, but performed in the second highest quintile of its peer group performance for the 3 and 5-year periods. 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 and the Managed Volatility Equity Fund performed consistently with their objectives and were competitive with their peers. With respect to the Sub-Advised Funds, the Trustees noted that Ivy Growth Fund underperformed its benchmark, and performed in the third quintile of its peer group for the most recent quarter and for the one-year period ended December 31, 2016, that Ivy Small Cap Growth Fund had somewhat underperformed its benchmark but performed in line with its peers during the most recent quarter and had posted first quintile performance during the year ended December 31, 2016, and that each of Pyramis Core Equity Fund and T. Rowe Price Value Fund had substantially underperformed its peer group and benchmark during the most recent quarter and 1-year period. The Trustees reviewed attribution analyses and portfolio positioning on all Funds, particularly the Funds with more recent underperformance. Based on the foregoing, the Trustees concluded that reapproving the Funds' Investment Advisory Agreement and each Sub-Advised Fund's Investment Subadvisory Agreement were in the best interests of each Fund and its shareholders.

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 26, 2017 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

105

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

information, including a report on each sub-adviser's organization and current staffing, a report on brokerage allocation practices and related soft dollar arrangements, assurances that each Sub-Advised Fund will be managed in accordance with its stated investment objectives, policies and limitations, assurances that all disclosures relating to the sub-adviser reflected in the Trust's registration statement are complete and accurate, and assurance that the sub-adviser will operate in full compliance with applicable laws, regulations and exemptive orders. The Trustees also reviewed a summary of each sub-adviser's code of ethics and compliance program. The Trustees requested, but did not receive, an analysis of each sub-adviser's profitability in managing 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.

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

Independent Trustees

Julie K. Getchell 1954 Trustee since 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 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

William C. Melton 1947 Trustee since 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 and Principal Executive Officer

David M. Kuplic 1957 Trustee since 2016 and President since 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

107

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

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

Other Executive Officers⁽³⁾

Gary M. Kleist 1959 Vice President and Treasurer since 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

Daniel H. Kruse 1963 Vice President since 2017

Vice President, Minnesota Life Insurance Company since February 2015; Vice President, Securian Life Insurance Company since February 2015; Vice President, Securian Financial Group since 2015; Second Vice President, Minnesota Life Insurance Company, February 2008 to January 2015; Second Vice President, Securian Life Insurance Company, February 2008 to January 2015; Second Vice President, Securian Financial Group, February 2008 to January 2015

Michael J. Radmer 1945 Secretary since 1998

Senior Counsel with the law firm of Dorsey & Whitney LLP since January 2016; Partner from 1976 to December 2015

Dorsey & Whitney LLP
50 South Sixth Street
Minneapolis, Minnesota 55402

(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) The years 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, Todd L. Spicer, 1978, served as the Trust's Chief Compliance Officer from September 2016 through May 2017. Mr. Spicer also served as Vice President and Chief Compliance Officer, Advantus Capital Management, Inc. from September 2016 through May 2017. Gary Kleist, Vice President and Treasurer of the Trust, served as interim Chief Compliance Officer of the Trust from June 2017 through July 2017. Effective August 1, 2017, Michael Steinert, 1975, will serve as the Trust's Chief Compliance Officer. Mr. Steinert will also serve as Vice President and Chief Compliance Officer of Advantus Capital Management, Inc.

108

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109

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110

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 8-2017

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 8-2017

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 22, 2017

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 22, 2017

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