Securian Funds Trust NCSR Certified 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 M. 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:		December 31, 2017

ITEM 1. REPORT TO STOCKHOLDERS.

Filed herewith.

Securian Funds Trust

Annual Report

December 31, 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 T. Rowe Price Value Fund

SFT Wellington Core Equity Fund
(formerly SFT Pyramis^® Core Equity Fund)

Financial security
for the long run ®

Securian Funds Trust

Supplement dated December 18, 2017 to the Prospectus of Securian Funds Trust dated May 1, 2017.

This Supplement describes portfolio manager changes for the SFT Advantus Bond Fund, SFT Advantus Dynamic Managed Volatility Fund, SFT Advantus Government Money Market Fund, SFT Advantus Managed Volatility Equity Fund and the SFT Advantus Mortgage Securities Fund.

The text on page 5, under the caption "SFT Advantus Bond Fund: Management," is replaced by the following:

SFT Advantus Bond 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
Thomas B. Houghton Vice President and Portfolio Manager, Advantus Capital				April 29, 2005
David W. Land Vice President and Portfolio Manager, Advantus Capital				April 29, 2005
Daniel A. Henken Vice President and Portfolio Manager, Advantus Capital				December 1, 2017

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
Craig M. Stapleton Vice President and Portfolio Manager, Advantus Capital				May 1, 2013
Jeremy P. Gogos, Ph. D. Portfolio Manager, Advantus Capital				June 1, 2017
Merlin L. Erickson Vice President and Portfolio Manager, Advantus Capital				December 1, 2017

Please retain this supplement for future reference.

F90716 12-2017

The text on page 16, under the caption "SFT Advantus Government Money Market Fund: Management," is replaced by the following:

SFT Advantus Government Money Market 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
Thomas B. Houghton Vice President and Portfolio Manager, Advantus Capital				August 18, 2003
Lena S. Harhaj Portfolio Manager, Advantus Capital				April 29, 2016

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
Craig M. Stapleton Vice President and Portfolio Manager, Advantus Capital				November 18, 2015
Jeremy P. Gogos, Ph. D. Portfolio Manager, Advantus Capital				June 1, 2017
Merlin L. Erickson Vice President and Portfolio Manager, Advantus Capital				December 1, 2017

The text on page 43, under the caption "SFT Advantus Mortgage Securities Fund: Management," is replaced by the following:

SFT Advantus Mortgage Securities 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 W. Land Vice President and Portfolio Manager, Advantus Capital				April 5, 2004
Lena S. Harhaj Portfolio Manager, Advantus Capital				December 1, 2017

The text relating to the SFT Advantus Bond Fund, the SFT Advantus Dynamic Managed Volatility Fund, the SFT Advantus Government Money Market Fund, the SFT Advantus Managed Volatility Equity Fund, and the SFT Advantus Mortgage Securities Fund starting on page 119, under the caption "Portfolio Managers," is replaced by the following:

Fund

Portfolio Manager
and Title

Primary Portfolio
Manager Since

Business Experience During
Past Five Years

SFT Advantus
Bond

Thomas B. Houghton
Vice President and
Portfolio Manager,
Advantus Capital

April 29, 2005

Vice President and Portfolio Manager
since August 2003, Advantus Capital

David W. Land
Vice President and
Portfolio Manager,
Advantus Capital

April 29, 2005

Vice President and Portfolio Manager
since April 2004, Advantus Capital

Daniel A. Henken
Vice President and
Portfolio Manager,
Advantus Capital

December 1, 2017

Vice President and Portfolio Manager
since December 2017, previously
Investment Officer since
August 2010, Advantus Capital

SFT Advantus
Dynamic
Managed
Volatility

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

May 1, 2013

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

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

June 1, 2017

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

Merlin L. Erickson
Vice President and
Portfolio Manager,
Advantus Capital

December 1, 2017

Vice President and Portfolio Manager
since December 2017, previously
Vice President and Senior Quantitative
Analyst since November 2007,
Advantus Capital

SFT Advantus
Government
Money Market

Thomas B. Houghton
Vice President and
Portfolio Manager,
Advantus Capital

August 18, 2003

Vice President and Portfolio Manager
since August 2003, Advantus Capital

Lena S. Harhaj
Portfolio Manager,
Advantus Capital

April 29, 2016

Portfolio Manager since
December 2017, previously Total
Return Portfolio Analyst since
April 2016, Senior Investment Analyst
2013-2016, and Associate Mortgage
Analyst 2010-2013, Advantus Capital

SFT Advantus
Managed
Volatility
Equity

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

May 1, 2013

Fund

Portfolio Manager
and Title

Primary Portfolio
Manager Since

Business Experience During
Past Five Years

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

June 1, 2017

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

Merlin L. Erickson
Vice President and
Portfolio Manager,
Advantus Capital

December 1, 2017

Vice President and Portfolio Manager
since December 2017, previously
Vice President and Senior Quantitative
Analyst since November 2007,
Advantus Capital

SFT Advantus
Mortgage
Securities

David W. Land
Vice President and
Portfolio Manager,
Advantus Capital

April 5, 2004

Vice President and Portfolio Manager
since April 2004, Advantus Capital

Lena S. Harhaj
Portfolio Manager,
Advantus Capital

December 1, 2017

Portfolio Manager since
December 2017, previously Total
Return Portfolio Analyst since
April 2016, Senior Investment Analyst
2013-2016, and Associate Mortgage
Analyst 2010-2013, Advantus Capital

TABLE OF CONTENTS

	Page No.
*Letter from the President*		1
*Portfolio Manager Reviews*
SFT Advantus Bond Fund		2
SFT Advantus Dynamic Managed Volatility Fund		6
SFT Advantus Government Money Market Fund		10
SFT Advantus Index 400 Mid-Cap Fund		12
SFT Advantus Index 500 Fund		14
SFT Advantus International Bond Fund		16
SFT Advantus Managed Volatility Equity Fund		22
SFT Advantus Mortgage Securities Fund		26
SFT Advantus Real Estate Securities Fund		30
SFT Ivy^SM Growth Fund		33
SFT Ivy^SM Small Cap Growth Fund		36
SFT T. Rowe Price Value Fund		39
SFT Wellington Core Equity Fund (formerly SFT Pyramis^® Core Equity Fund)		41
*Report of Independent Registered Public Accounting Firm*		45
*Investments In Securities*
SFT Advantus Bond Fund		46
SFT Advantus Dynamic Managed Volatility Fund		53
SFT Advantus Government Money Market Fund		59
SFT Advantus Index 400 Mid-Cap Fund		60
SFT Advantus Index 500 Fund		66
SFT Advantus International Bond Fund		73
SFT Advantus Managed Volatility Equity Fund		80
SFT Advantus Mortgage Securities Fund		81
SFT Advantus Real Estate Securities Fund		86
SFT Ivy^SM Growth Fund		87
SFT Ivy^SM Small Cap Growth Fund		89
SFT T. Rowe Price Value Fund		91
SFT Wellington Core Equity Fund (formerly SFT Pyramis^® Core Equity Fund)		94
*Financial Statements*
Statements of Assets and Liabilities		96
Statements of Operations		98
Statements of Changes in Net Assets		100
Financial Highlights		105
Notes to Financial Statements		118
*Fund Expense Examples*		136
*Proxy Voting and Quarterly Holdings Information*		137
*Trustees and Executive Officers*		142

Letter from the President

From a market perspective, 2017 was a very good year. Soaring equity values and stable credit markets led to strong returns for investors. The Goldilocks scenario of moderate growth and low inflation was the perfect setting for the market. Add to this the pro-business policies of the Trump administration, and it became difficult to find a market sector that wasn't aligned for success. The U.S. Federal Reserve (Fed) also played a part, raising short-term rates at a measured pace, so as to keep the economy humming along, yet removing the threat of an economic contraction.

As we look forward into 2018, we continue to see many of the same forces at work. The Fed has indicated that they will raise short-term rates two or three times, attempting to maintain job growth without overstimulating. President Trump signed tax legislation that is expected to foster growth, yet keep the national deficit in check. With the tax cut, businesses seem inclined to use some of the savings to bolster their capital spending and to provide workers a moderate pay increase. All of this suggests that 2018 will also be a good year for investors.

While all looks good, many risks remain. Finding and maintaining the right level of economic growth is very difficult and the risk that the Fed becomes too cautious and allows growth to accelerate too rapidly is real. Accelerating wage growth could become a factor leading to higher inflation and rising long-term rates. On the equity side, the recent euphoria could dip as the bounce from the tax cut and business expansion gets fully reflected in prices. If earnings growth experiences a pull-back, equity prices would likely move down.

As we balance the currently favorable economic forces against the risk of a pull-back, we remain optimistic but cautious. We concede that the current environment could shift and market conditions become more volatile as the year unfolds. That said, we believe the underlying economic fundamentals will remain in place, leading to a prosperous year. As always, we believe the best tactic is to position for the long-term and use investment diversification to reduce your risk.

Sincerely,

David Kuplic
President, Securian Funds Trust

Performance Update

David Land, CFA, Thomas Houghton, CFA
and Daniel Henken, CFA Portfolio Managers

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.

SFT Advantus Bond Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a net return of 4.69 percent over the 12 months ending December 31, 2017, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 3.54 percent over the same period.

What influenced the Fund's return during the past 12 months?

Throughout 2017, the markets were focused on the Trump administration and its policies. The economy did well, with average GDP for the year around 2.3 percent, and above long-term growth average of over 3 percent in the second through fourth quarters. Investor and business optimism were strong, and the markets reacted positively to the passage of the tax reform measure.

The U.S. Federal Reserve (Fed) increased its Fed funds rate three times in 2017. This pushed yields in the short end up as well, but longer term yields moved little on the lack of breakout inflation or growth. The difference in yields between the two and ten-year U.S. Treasury has narrowed to just over 50 basis points, down from its traditional 100-point spread.

Stocks moved steadily higher and spreads steadily tighter for most of the year. Spreads on investment grade corporate bonds reached their tightest levels in ten years at the end of 2017. With spreads at or near post-crisis tights, investors appear to remain comfortable buying corporate bonds and other forms of spread product.

What other market conditions or events influenced the Fund's return during the past 12 months?

Tax reform was a focus for Washington and Wall Street during the fourth quarter. By repeatedly reaching new all-time highs, the markets celebrated the December passage of the most significant tax changes in 30 years. Under the new tax regime, undoubtedly some sectors of the economy will fare better than others. We expect the tax law's limits on deducting interest expenses will help investment grade corporate bonds and may hurt lower quality (high yield) issues. Companies will need to rely less on debt, which could help strengthen balance sheets.

Low interest rates abroad are drawing foreign investors into the bond market. Foreign buyers are seeking income opportunities in U.S. corporate bonds as well as U.S. equities. The U.S. corporate bond market is three times the size of Europe's. Foreign buyers, who had focused on U.S. Treasuries, may be seeking to invest in utility company stocks—attracted by their potential stability.

What strategies and techniques did you employ that specifically affected Fund performance?

We maintained an overweight exposure to corporate bonds and the securitized sector throughout the year. Tightening corporate and securitized spreads benefitted the Fund's performance. We finished the year with about five percent more corporate exposure than the start of 2017.

Throughout the year, we kept our interest rate position roughly neutral-to-short relative to the Fund's index. We kept the duration of the Fund slightly short of its benchmark.

What industries or sectors did you emphasize during the past 12 months and what is your outlook going forward?

During the year we reduced the Fund's exposure to the industrial sector. Spreads in this sector tightened the most of any sector in the benchmark and we find less value in

industrials. In the financial sector, we believe the banking sector remains attractive overall and we increased the Fund's overweight exposure during the year. We added to the Fund's positions in the utility sector, which remains the Fund's largest overweight sector relative to its benchmark. The Fund remains overweight in pipelines. We continue to like the stable cash flow profile of the business, but sold several positions that reached their valuation targets. The Fund remains overweight in the corporate bond sector relative to its benchmark, but with spreads at post-crisis tights, it has become more difficult to find attractive relative value.

We actively managed positons in the securitized sector and the Fund remains overweight in asset-backed securities, commercial mortgage-backed securities (CMBS) and non-Agency MBS. We added to the Fund's positions in non-Agency MBS during the fourth quarter. The underwriting in this sector has remained disciplined since the housing crisis and we feel the U.S. housing cycle has longer to run relative to the corporate credit cycle. We also added to the Fund's positions in CMBS as new AAA-rated tranches were issued during the quarter and represented attractive value to us.

Going forward, we expect slow and steady growth, low inflation and a lack of market volatility. Tax reform should keep the expansion going, but it could also increase inflation and spur accelerated economic growth, which could prompt the Fed to respond. Treasury markets already appear to reflect potential inflation risk, as well as prospects for greater growth, following the passage of the tax bill.

Central Bank policies here and in Europe have the potential to upset the apple cart. Janet Yellen wraps up her term as Fed chair, with Jerome Powell ready to take over in February. We believe Powell will likely follow a path similar to Yellen's, although he may be slightly more aggressive about raising interest rates. Four vacancies on the Fed's board of governors await filling. The new occupants could affect future Fed policy as much as the change at the top. The December Fed meeting minutes projected three rate raises in 2018. For now, interest rate futures pricing indicates the market expects the Fed to raise rates only twice in 2018. If concerns grow that the Fed will raise rates at a quicker pace than currently anticipated, it could put a dent in the markets.

The European Central Bank (ECB) is also tilting more hawkish. It announced a slowdown in monthly bond purchases in October, and rising inflation and increased growth forecasts make it unlikely that the ECB will continue its quantitative easing program past its currently planned end in September 2018. Rates could finally start to rise in Europe and could start to drive up rates here. The equity markets clearly anticipate another year of market gains.

The bond market's outlook, as reflected in the yields of two and ten-year U.S. Treasuries, is more pessimistic. We believe U.S. Treasury yields didn't increase in 2017 due to concerns about low economic growth, low volatility and lack of inflation. We expect the yield curve will continue to flatten unless the economy grows more than anticipated.

Geopolitical issues could shake things up in 2018—the North Korea situation, rivalry between Saudi Arabia and Iran, the political landscape in Japan, and the Russia investigation here in the United States all have the potential to upset the economic apple cart. Market volatility has been low for some time. We can't dismiss that an unforeseen "black swan" event could bring volatility back, but our forecast indicates good things for the economy and markets in 2018.

Ten Largest Holdings^

Security description	Market value		% of bond portfolio
U.S. Treasury Note 2.000%, 10/31/22	$	17,535,903		4.6	%
U.S. Treasury Bond 2.750%, 08/15/47		6,823,519		1.8	%
U.S. Treasury Bond 5.375%, 02/15/31		6,796,356		1.8	%
U.S. Treasury Note 2.250%, 10/31/24		5,549,303		1.5	%
Federal National Mortgage Association 3.000%, 01/01/33		4,461,270		1.2	%
PPL Capital Funding, Inc. Series A 4.358%, 03/30/67		4,443,750		1.2	%
BNSF Funding Trust I 6.613%, 12/15/55		4,362,213		1.1	%
UBS Commercial Mortgage Trust Series 2017-C1, Class AS 3.724%, 06/15/50		4,057,921		1.1	%
The Chubb Corp. 3.609%, 04/15/37		3,970,000		1.0	%
U.S. Treasury Note 2.000%, 11/30/22		3,963,594		1.0	%
	$	61,963,829		16.3	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Asset Quality (shown as a percentage of investments)
(Unaudited)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus Bond Fund,
Bloomberg Barclays U.S. Aggregate Bond Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus Bond Fund's Class 2 shares total return compared to the Bloomberg Barclays U.S. Aggregate Bond Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2007 through December 31, 2017, assuming reinvestment of distributions, if any.

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

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

Performance Update

Craig M. Stapleton, CFA, FRM, Jeremy Gogos, Ph.D., CFA and
Merlin Erickson Portfolio Managers

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 Bloomberg 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, an affiliated fund of the Securian Funds Trust, 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.

SFT Advantus Dynamic Managed Volatility Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a total net return of 17.94 percent over the 12 months ending December 31, 2017. The blended benchmark index, which is comprised of the S&P 500^® Index, weighted 60 percent, and the Bloomberg Barclays U.S. Aggregate Bond Index, weighted 40 percent, returned 14.21 percent with a volatility of 3.79 percent over the same period.

What influenced the Fund's return during the past 12 months?

The Dynamic overlay strategy has essentially two sides: the Fund should carry more equity exposure in low volatility periods and less equity exposure in high volatility periods. Given that the S&P 500^® Index realized volatility for 2017 was 6.69 percent, the second lowest of the 89 calendar years in the index's history, the Fund averaged a 79 percent equity allocation. This equity overweight, combined with very strong equity returns, was by far the largest driver of Fund performance this year.

What other market conditions or events influenced the Fund's return during the past 12 months?

There were numerous events this past year that could have rattled financial markets: North Korean missile tests, the U.S. Federal Reserve (Fed) hiking rates while other central banks are still in quantitative easing mode, hurricanes, and of course the lack of policy progress out of Washington until the very end of the year. The market shrugged off all these potential obstacles and marched steadily upward through all of 2017. The S&P 500^® Index did not have a down month, and its largest one-day loss was only -1.8 percent. It returned 21.8 percent for the year. Therefore, from an equity perspective, the solid return combined with extremely low volatility made for a nearly ideal year.

On the fixed income side, the 10-year U.S. Treasury yield made a round trip over the course of 2017. It started the year at 2.44, ended the year at 2.40, and had a maximum and minimum of 2.63 and 2.04, respectively. Corporate spreads ended the year modestly lower than they started it. Thus, as previously mentioned, the equity portion of the Fund drove the Fund's return this year.

What strategies and techniques did you employ that specifically affected Fund performance?

Throughout the year, the Fund tactically purchased long positions in call options on the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) futures, and long S&P 500^® put spreads, as additional hedges for managing the risk of the Fund. We believe that these options provide a great tool for managing risk, and were attractively priced relative to historical valuations. These hedges reduced the volatility of the Fund's returns while helping to protect the Fund against quick market sell-offs.

What industries or sectors did you emphasize during the past 12 months, and what is your outlook going forward?

The Fund's equity exposure is pure S&P 500^®. On the fixed income side, the only notable overweight was to Financials.

earnings of most companies and, by extension, we anticipate equity investors enthusiastically using said earnings growth as justification for pouring more money into the market.

It is worth noting that the Fed began to taper its balance sheet in October, starting at $10B per month. Each quarter, that amount will increase by $10B, until it reaches $50B per month. Despite this slight increase in the supply of U.S. Treasury and agency/mortgage-backed securities, the U.S. 2-year to 10-year spread actually decreased over the final quarter of 2017, from 85 basis points to 52 basis points. This move was largely due to the upward move of the 2- year rate. The stagnant 10-year rate suggests the domestic bond market is still not pricing in a material pickup in inflation, nor excessive economic growth. With the European Central Bank (ECB) and Bank of Japan (BOJ) continuing quantitative easing, we do not believe the Fed balance sheet unwind will materially increase mid-term and longer interest rates, domestically or internationally.

Ultimately, our view can be distilled down to a conflict between short-term and long-term economic effects. In the short term, the recent action from Washington—tax reform and numerous deregulation efforts across federal agencies—should continue to be supportive of equity valuations. The same can be said for the ongoing monetary policies from the ECB and the BOJ, which are set to continue until at least September 2018.

If any of the central bank plans change unexpectedly, we anticipate some reaction, most likely negative, in the equity market. Further, as we transition to considering longer time frames, we are much less optimistic. Global debt to GDP is still very close to the peak of Q3 2016, and as one considers the prospects of accelerating global growth, central bank policy normalization, or both, it is difficult to imagine how that debt is serviced in an environment of rising rates. In particular, corporations in America and abroad are saddled with a huge debt burden after years of issuance to take advantage of artificially low interest rates. It is unclear whether there will be enough earnings growth and inflation to make this debt load manageable as interest rates rise. In the face of this, it is difficult to imagine positive equity scenarios beyond a few years.

In a tactical sense, we will continue to use our volatility metrics to inform the equity allocations of the Fund. We will aim to de-risk from our current equity overweight when we believe volatility will be high, and to tactically carry equity hedges to mitigate tail risk until then.

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, 2019. 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

Ten Largest Holdings^

Security description	Market value		% of Long-Term portfolio
SPDR S&P 500 ETF Trust	$	9,652,326		3.1	%
iShares iBoxx $ Investment Grade Corporate Bond ETF		5,409,420		1.7	%
Vanguard S&P 500 ETF		4,948,726		1.6	%
Southern Natural Gas Co. LLC, 4.800%, 03/15/47		1,649,532		0.5	%
Ford Motor Co., 5.291%, 12/08/46		1,632,313		0.5	%
Avnet, Inc., 3.750%, 12/01/21		1,521,576		0.5	%
Comcast Corp., 6.400%, 05/15/38		1,350,383		0.4	%
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,268,713		0.4	%
Tyson Foods, Inc., 5.150%, 08/15/44		1,170,265		0.4	%
Apple, Inc., 4.375%, 05/13/45		1,126,568		0.4	%
	$	29,729,822		9.5	%

^Does not include short-term investments or investments in Class 1 shares of the SFT Advantus Index 500 Fund, an affiliated Fund in Securian Funds Trust, which provides the Fund with its primary equity exposure.

Sector Diversification (shown as a percentage of net assets)

Asset Quality (shown as a percentage of investments)
(Unaudited)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus Dynamic Managed Volatility Fund,
the Blended Benchmark Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus Dynamic Managed Volatility Fund's shares total return compared to its Blended Benchmark, comprised of 60 percent of the S&P 500 Index and 40 percent of the Bloomberg Barclays U.S. Aggregate Bond Index, and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2013 through December 31, 2017, assuming reinvestment of distributions, if any.

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 December 31, 2017, Advantus Capital has waived $1,906,287 pursuant to the agreement. To the extent that the Fund makes such reimbursements to Advantus Capital, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

The Blended Benchmark Index is comprised of 60 percent of the S&P 500 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 the 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.

Performance Update

Thomas Houghton, CFA and Lena Harhaj, CFA Portfolio Managers

The SFT Advantus Government Money Market Fund seeks maximum current income to the extent consistent with liquidity and the preservation of capital.

It invests at least 99.5 percent of its total assets in cash, government securities, and /or repurchase agreements that are collateralized fully.

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.

SFT Advantus Government Money Market Fund

How did the Fund perform during the period?

The Fund returned 0.13 percent over the twelve months ending December 31, 2017, while the three-month U.S. Treasury bill returned 0.87 percent for the same period.

What influenced the Fund's return during the past 12 months?

The return on the Fund for the year was 0.90 percent before expenses, higher than the return of the three-month U.S. Treasury bill, but not enough to compensate for the fund management expenses.

What other market conditions or events influenced the Fund's performance during the past 12 months?

Since the transition to a U.S. Government Only Fund in 2016, investments consist of primarily short-term discount notes issued by the Federal Home Loan Bank, Fannie Mae and Freddie Mac as well as U.S. Treasury bills and U.S. Treasury floating rate notes.

The U.S. Federal Reserve (Fed) hiked rates three times during 2017. However, yield premiums on agency discount notes collapsed as investors looked for yield. In fact, spreads between agency discount notes with maturities greater than 90 days and the three-month U.S. Treasury bill are negative. Investors can still earn a modest spread premium on agency discount notes that mature within three months. During the year, the Fund continued to invest in U.S. Treasury floating rate notes to take advantage of rising rates.

What strategies and techniques did you employ that affected Fund performance?

The Fund's performance this year was driven by the declining excess spread of agency discount notes over U.S. Treasury Bills and by the Fund's use of U.S. Treasury floating rate notes, whose yields rose along with short-term interest rates.

What industries or sectors did you emphasize during the past 12 months, and what is your outlook going forward?

We expect slow and steady growth, low inflation and a lack of market volatility. Tax reform should keep the expansion going, but it could also increase inflation and spur accelerated economic growth, which could prompt the Fed to respond. Treasury markets already appear to reflect potential inflation risk, as well as prospects for greater growth, following the passage of the tax bill.

The results 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 changes 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 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 rights 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 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 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 December 31, 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 $1,176,744 was eligible for recovery as of such date. If Advantus Capital and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement shall continue in effect following April 30, 2018, provided such continuance is specifically approved by a majority of the Trust's independent Trustees.

Effective November 1, 2017, Advantus Capital and Securian Funds Trust, on behalf of the SFT Advantus Government Money Market Fund, entered into an Expense Limitation Agreement which limits the operating expenses of the Fund, excluding certain expenses, (such as interest expense, acquired fund fees, cash overdraft fees, taxes brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Funds' business),to 0.70% of the Fund's Average daily net assets through April 30, 2019.

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 the 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 any 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. 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 Funds' shareholder reports and in Other Expenses under Fees and Expenses of the Fund in the prospectus.

As of December 31, 2017, Advantus Capital has waived $26,980 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 to the Fund.

Performance Update

James Seifert Portfolio Manager

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 overall 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.

SFT Advantus Index 400 Mid-Cap Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a total net return of 15.61 percent over the 12 months ending December 31, 2017, while the S&P MidCap 400^® Index returned 16.24 percent over the same period.

What influenced the Fund's return during the past 12 months?

The Securian Funds Trust Advantus Index 400 Mid-Cap Fund is passively managed. The Fund is fully invested and holds all names at published free float adjusted index weights. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P MidCap 400^® Index.

Eight of the nine sectors posted positive annual returns. The capital goods sector led all sectors with a 12-month return of 31.5 percent. Technology names followed with an annual return of 27.1 percent. Decile segments consist of 50 names; in terms of size, decile 1 (consisting of the largest names and representing 27.7 percent of the weight in the index), ended the period with a return of 27.7 percent. Decile ten, (representing the 50 smallest market cap names in the index with a 4 percent weight) lagged in terms of annual decile return with a 6.1 percent gain.

What other market conditions or events influenced the Fund's performance during the past 12 months?

Tax reform was a focus for Washington and Wall Street during the last half of 2017. By repeatedly reaching new all-time highs, the markets celebrated the passage of the most significant tax changes in 30 years.

Retail, industrial and financial corporations will benefit from the corporate tax rate dropping from 35 percent to 21 percent. Financial firms will also likely benefit from regulatory relief, which should increase profitability.

What will affect the Fund going forward?

Expect slow and steady growth, low inflation and a lack of market volatility in the months ahead. Tax reform should keep the expansion going, but it could also increase inflation, which may prompt the Fed to respond if the inflation outpaces desired expectations. Geopolitical issues could disrupt this economic outlook and bring back volatility in a big way.

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
Take-Two Interactive Software, Inc.	$	1,542,080		0.7	%
SVB Financial Group		1,518,570		0.7	%
NVR, Inc.		1,515,551		0.7	%
MSCI, Inc.		1,403,582		0.6	%
Teleflex, Inc.		1,380,453		0.6	%
Huntington Ingalls Industries, Inc.		1,318,270		0.6	%
Cognex Corp.		1,304,482		0.6	%
Broadridge Financial Solutions, Inc.		1,300,276		0.6	%
Trimble, Inc.		1,260,206		0.6	%
Steel Dynamics, Inc.		1,258,749		0.6	%
	$	13,802,219		6.3	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus Index 400 Mid-Cap Fund,
S&P MidCap 400^® Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus Index 400 Mid-Cap Fund's Class 2 shares total return compared to the S&P MidCap 400 Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2007 through December 31, 2017, assuming reinvestment of distributions, if any.

"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—SFT 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 $4.1 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.

Performance Update

James Seifert Portfolio Manager

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 Corporation 500 Composite Stock 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.

SFT Advantus Index 500 Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a total net return of 21.23 percent over the 12 months ending December 31, 2017, while the S&P 500^® Index returned 21.83 percent over the same period.

What influenced the Fund's return during the past 12 months?

The Securian Funds Trust Advantus Index 500 Fund is passively managed. The Fund is fully invested and holds all names at published float adjusted index weights. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500^® Index.

Eight of the nine sectors invested in posted positive annual returns. The technology sector led all sectors with a 12-month return of 37.0 percent. Material and services names followed with an annual return of 29.4 percent. The energy sector was the only sector that ended the year with a negative return of -1.5 percent. Decile segments consist of 50 names; in terms of size, decile 1, (consisting of the mega-cap names and representing 48.1 percent of the weight in the index), ended the period with a return of 22.1 percent. Decile ten (representing the 50 smallest market cap names in the index with a 1.4 percent weight) lagged in terms of annual decile return with a 6.6 percent gain. All other deciles ended the year with positive double-digit returns.

What other market conditions or events influenced the Fund's performance during the past 12 months?

What will affect the Fund going forward?

Expect slow and steady growth, low inflation and a lack of market volatility in the months ahead. Tax reform should keep the expansion going, but it could also increase inflation, which may prompt the U.S. Federal Reserve to respond if the inflation outpaces desired expectations. Geopolitical issues could disrupt this economic outlook and bring higher volatility back to the market in 2018.

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
Apple, Inc.	$	32,786,959		3.8	%
Microsoft Corp.		24,901,378		2.9	%
Amazon.com, Inc.		17,684,725		2.1	%
Facebook, Inc.—Class A		15,879,635		1.8	%
Berkshire Hathaway, Inc.—Class B		14,394,142		1.7	%
Johnson & Johnson		14,164,115		1.6	%
JPMorgan Chase & Co.		14,001,547		1.6	%
Exxon Mobil Corp.		13,373,367		1.6	%
Alphabet, Inc.—Class C		11,924,774		1.4	%
Alphabet, Inc.—Class A		11,850,750		1.4	%
	$	170,961,392		19.9	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus Index 500 Fund,
S&P 500^® Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus Index 500 Fund's Class 2 shares total return compared to the S&P 500 Index (as adjusted for dividend reinvestment) and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2007 through December 31, 2017, assuming reinvestment of distributions, if any.

"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—SFT 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.

Performance Update

Michael Hasenstab, Ph.D. and Christine Zhu Portfolio Managers Franklin Advisers, Inc.

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.

SFT Advantus International Bond Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a net return of 1.12 percent over the 12 months ending December 31, 2017, underperforming the Citigroup World Government Bond Index, which returned 7.49 percent over the same period.

What influenced the Fund's return during the past 12 months?

The Fund underperformed its benchmark index in 2017 primarily due to currency positions. Interest-rate strategies contributed to relative results, while sovereign credit exposures had a largely neutral effect. Among currencies, the Fund's underweighted positions in the euro, the Japanese yen and the Australian dollar detracted from relative performance. However, overweighted currency positions in Latin America (the Mexican peso and Brazilian real) and Asia ex Japan (Indian rupee) contributed to relative results. The Fund maintained a defensive approach regarding interest rates in developed markets, while holding duration exposures in select emerging markets. Select overweighted duration exposures in Asia ex Japan (Indonesia) and Latin America (Brazil) contributed to relative performance, while underweighted duration exposure in the United States detracted.

What other market conditions or events influenced the Fund's return during the last 12 months?

The U.S. Federal Reserve (Fed) raised the federal funds target rate three times during 2017. U.S. Treasury (UST) yields initially rose significantly in the weeks leading up to its March 15 meeting, with the 10-year UST note reaching its highest yield of the reporting period on the day before the meeting, at 2.63 percent. The Fed hiked the federal funds target rate 25 basis points to a range of 0.75 percent to 1.00 percent, as largely expected by markets. However, yields declined during the second half of the month on U.S. policy uncertainties and less hawkish-sounding language than anticipated in the Fed's forward guidance. The Fed raised its policy rate 25 basis points (to a range of 1.00 percent to 1.25 percent) at its June 14 meeting and appeared more committed to tightening policy than it has been in recent years, specifically stating its intentions to begin unwinding its balance sheet later in the year, while remaining on course for three rate hikes in 2017 and highlighting the need to strengthen financial market stability. However, it was not until the last week of June that markets began to react to the renewed determination from the Fed—only after similar comments on potential policy direction were made by the heads of the European Central Bank (ECB), Bank of England and Bank of Canada.

During the second half of 2017, the Fed raised the federal funds target rate another 25 bps in December to a range of 1.25 percent to 1.50 percent. The Fed also began unwinding its nearly U.S. $4.5 trillion balance sheet in October, allowing around U.S. $6 billion in USTs and U.S. $4 billion in mortgage-backed securities (MBS) to begin rolling off each month as they matured. That volume was scheduled to increase in January 2018 to U.S. $12 billion in USTs and U.S. $8 billion in MBS per month. President Donald Trump nominated Jerome Powell to be the next Fed chair, scheduled to replace Janet Yellen in February 2018. Markets have appeared to view Powell as a mainstream continuation of the Yellen/Bernanke Fed, though Powell brings more private sector experience and more support for deregulation. The 10-year UST note finished the year at 2.41 percent. Overall, we continue to expect UST yields to rise with growing inflation pressures in an environment of economic resilience and exceptionally strong U.S. labor markets.

In Europe, UK Prime Minister Theresa May formally triggered Article 50 to begin the Brexit process on March 29 in a written letter to Donald Tusk, president of the European Council, largely spurring a protracted decline in the yield on 10-year British Gilts. In April, the ECB reduced its pace of monthly quantitative easing (QE) purchases to €60 billion from its previous €80 billion a month pace, but kept policy rates unchanged. In early May, Emmanuel Macron won the French presidential election over Marine Le Pen, resulting in strengthening European market sentiment, appreciation of the euro and a rise in European bond yields.

Europe largely remained in a state of optimism during the much of the year, driven by the cyclical upswing in eurozone growth as well as the political refortifying after French President Emmanuel Macron's victory in May. However, Angela Merkel's win in the German election in September came with new uncertainties around forming a coalition with the Free Democrats (FDP) and the Greens, and dissolving the grand coalition between her center-right Christian Democratic Union (CDU) party and the Social Democrat (SPD). In Europe, yields moderately increased while the euro strengthened against the U.S. dollar during the year. We expect widening rate differentials between rising yields in the U.S. and the low to negative yields in the eurozone to depreciate the euro against the U.S. dollar. The ECB is scheduled to reduce the pace of its bond-buying program in January 2018 to €30 billion per month, down from the December pace of €60 billion per month. ECB President Mario Draghi has continued to indicate that rates are not likely to be hiked until QE ends, implying that rates would likely remain unchanged in 2018. Overall, we expect accommodative effects to continue in Europe for the upcoming year. Additionally, we continue to see ongoing risks to the political cohesion across Europe as populist movements continue to influence the political discourse. In Germany, Angela Merkel's efforts to form a coalition government remain unfulfilled at the end of 2017, complicating the political mandates in Europe. The euro continues to be vulnerable to unresolved structural and political risks across Europe, in our view.

In Japan, Prime Minister Shinzo Abe's political mandate remained strong after his political coalition maintained its supermajority in October elections. We expect Abenomics programs to continue as planned with Abe's ongoing political strength. The Bank of Japan (BOJ) continued with its QE program throughout 2017 as short-term yields in Japan remained negative. Rising UST yields should produce a more effective environment for the BOJ to actively deploy additional monetary accommodation that weakens the yen, as it continues to target a 0.0 percent yield on the 10-year Japanese government bond. We expect the Japanese yen to weaken on widening rate differentials with the U.S.

Across emerging markets, yields declined in specific areas of Latin America and Asia, notably Indonesia and Brazil during the year, but rose in other countries, such as India and Mexico. Global currencies broadly strengthened against a weakened U.S. dollar during 2017, with some notable exceptions such as the depreciations of the Argentine peso and Ghanaian cedi. Overall, we continue to see a number of local-currency markets that we believe remain undervalued, particularly in India, Indonesia, Mexico and Colombia. We also see attractive risk-adjusted yields in places like Brazil and Argentina. On the whole, we expect select currencies to appreciate over the medium term, particularly in countries with economic resilience and relatively higher, maintainable rate differentials.

What strategies and techniques did you employ that affected the Fund's performance?

On the whole, we have continued to position our strategies for rising rates by maintaining low portfolio duration and aiming at a negative correlation with UST returns. We have also continued to actively seek select duration exposures in emerging markets that can offer positive real yields without taking undue interest-rate risk, favoring countries that have solid underlying fundamentals and prudent fiscal and monetary policies. When investing globally, investment opportunities may take time to materialize, which may require weathering short-term volatility as the longer-term investing theses develop.

We remained positioned in a number of emerging markets, with notable local-currency duration exposures in Brazil, Argentina, Colombia, Indonesia and India, and notable currency exposure to the Mexican peso. We adjusted specific positions during 2017, notably increasing our local-currency exposures in India in April and exiting much of our local-currency exposures in Malaysia. We continued to hold net-negative positions in the euro and Japanese yen based on our expectations for widening rate differentials with the U.S. as the Fed tightens policy while the ECB and BOJ continue with monetary accommodation. The short positions in the euro and yen represent directional views on the currencies, as well as hedges against broad strengthening of the U.S. dollar. The short euro position is also a hedge against euro-skeptic political risks and unresolved structural risks in Europe. We also continued to hold net-negative positioning in the Australian dollar based on the Reserve Bank of Australia's continued leanings towards accommodative rates, and as a partial hedge against potential economic risks in China as well as broad-based beta risk across emerging markets.

What sectors did you emphasize during the fiscal year, and what is your outlook for the next 12 months?

We anticipate a rise in UST yields and a reversal of U.S. dollar weakness as the Fed moves towards tightening policy while U.S. inflation pressures begin to pick up. We expect the Fed's balance sheet unwinding to put additional upward pressure on yields. Several major buyers of USTs have pulled back from the UST market in recent years, including foreign governments and central banks in Asia, notably the People's Bank of China. Major oil producing countries have also pulled back, becoming net borrowers instead of net lenders as they were when oil prices were above U.S. $100 per barrel. The Fed will now be added to that list of diminishing demand, as it unwinds its UST positions at a pace of U.S. $6 billion per month, raising that pace by U.S. $6 billion every three months until reaching a pace of U.S. $30 billion per month. That transfers much of the proportional demand for USTs to price-sensitive domestic investors, which we expect to add to the upward pressure on yields.

Markets have appeared to place a lot of focus on the speed and extent of rate hikes, in our view, but not placed enough attention on the balance sheet unwinding—an unprecedented event for the UST and MBS markets. Investors who are holding longer duration exposures are taking on a lot of asymmetric risk, in our opinion, particularly in an environment of economic resilience and growing inflation pressures.

Outside of the developed markets, we continue to see a subset of countries with domestically strong economies that have demonstrated their resilience to global shocks, including potential increases in trade costs. We are focused on specific emerging markets that are less externally vulnerable and more domestically driven, and that have responsible, credible central banks that consistently respond with appropriate monetary policies. Certainly, 20 years ago it may have been difficult for many of these countries to weather a protectionist trade shock, a commodity price shock and an exchange rate

shock all at the same time, but today several countries have greatly reduced those external vulnerabilities.

In 2017, we saw notable strength across a number of local-currency emerging markets. Some positive tailwinds developed from foreign investment returning to several undervalued markets. A lot of foreign capital had left in prior years—when it came back the valuations in those asset categories tended to come back quickly as well. Nonetheless, we are still in the initial phases of emerging market resurgence, and there is still a lot of room to strengthen given how far valuations dropped in prior years, particularly during the selloffs in 2016.

In the major developed economies, we anticipate continued monetary accommodation and low rates in Japan and the eurozone while rates rise in the U.S.—those increasing rate differentials should depreciate the yen and euro against the U.S. dollar, in our view. Despite the eurozone being in a cyclical upswing, we continue to have a negative view on the euro not only because of ongoing monetary accommodation, but also because of persistent populist risks.

Overall, we continue to maintain low portfolio duration while aiming at a negative correlation with UST returns. We also continue to hold select local currency duration exposures in countries that we believe have healthy fundamentals and significantly higher yields than those available in developed markets. Looking ahead, we anticipate rising inflation pressures in the U.S. to drive UST yields higher. We also expect depreciations of the euro and Japanese yen against the U.S. dollar and currency appreciation across a select subset of emerging markets.

Ten Largest Holdings^

Security description	Market value		% of bond portfolio
Mexican Bonos 5.000%, 12/11/19	$	4,907,317		8.8	%
Indonesia Treasury Bond 7.000%, 05/15/27		3,795,278		6.8	%
Mexican Bonos 4.750%, 06/14/18		2,855,253		5.1	%
Korea Treasury Bond 3.375%, 09/10/23		2,675,488		4.8	%
Korea Treasury Bond 1.500%, 06/10/19		2,495,011		4.5	%
Korea Treasury Bond 3.000%, 09/10/24		2,337,296		4.2	%
Mexican Bonos 8.000%, 06/11/20		2,314,990		4.2	%
Korea Treasury Bond 2.000%, 09/10/22		2,180,738		3.9	%
Indonesia Treasury Bond 8.375%, 09/15/26		2,131,053		3.8	%
Argentine Bonos del Tesoro 15.500%, 10/17/26		2,071,223		3.7	%
	$	27,763,647		49.8	%

^Excludes short-term investments.

Country Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

African	3.72	%
South African Rand (ZAR)	1.88	%
Ghana Cedi (GHS)	1.84	%
Americas	154.52	%
United States Dollar (USD)	115.77	%
Mexican Peso (MXN)	21.07	%
Brazilian Real (BRL)	13.38	%
Argentine Peso (ARS)	4.30	%
Asia Pacific*	-17.81	%
Indonesian Rupiah (IDR)	10.78	%
Indian Rupee (INR)	10.19	%
Philippine Peso (PHP)	1.34	%
Republic of Korea Won (KRW)*	-0.14	%
Australian Dollar (AUD)*	-9.40	%
Japanese Yen (JPY)*	-30.58	%
Europe*	-40.45	%
Euro (EUR)*	-40.45	%

*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.

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus International Bond Fund,
Citigroup World Government Bond Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus International Bond Fund's Class 2 shares total return compared to the Citigroup World Government Bond Index, and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2007 through December 31, 2017, assuming reinvestment of distributions, if any.

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.

Performance Update

Craig M. Stapleton, CFA, FRM, Jeremy Gogos, Ph.D., CFA and Merlin Erickson Portfolio Managers

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

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

SFT Advantus Managed Volatility Equity Fund

How did the Fund perform during the period?

The Fund generated a total net return of 16.33 percent, with a volatility of 4.81 percent, for the 12 months ending December 31, 2017. The blended benchmark index, which is comprised of the S&P 500^® Low Volatility Index, weighted 60 percent, the S&P 500^® BMI International Developed Low Volatility Index, weighted 20 percent, and the Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index, weighted 20 percent, returned 14.99 percent, with a volatility of 4.02 percent, over the same period.

What influenced the Fund's return during the past 12 months?

The Managed Volatility Equity overlay strategy has essentially two sides: the Fund should carry more equity exposure in low volatility periods, and less equity exposure in high volatility periods. Given that the S&P 500^® Index realized volatility for 2017 was 6.69 percent, the second-lowest of the 89 calendar years in the index's history, the Fund averaged a 92.6 percent equity allocation. This equity overweight contributed approximately 1.4 percent of additional portfolio return.

What other market conditions or events influenced the Fund's performance during the past 12 months?

There were numerous events this past year that could have rattled financial markets: North Korean missile tests, the U.S. Federal Reserve (Fed) hiking rates while other central banks are still in quantitative easing mode, hurricanes, and of course the lack of policy progress out of Washington until the very end of the year. The market shrugged off all these potential obstacles and marched steadily upward through all of 2017. The S&P 500^® Index did not have a down month, and its largest one-day loss was only -1.8 percent. It returned 21.8 percent for the year. So, from an equity perspective, the solid return combined with extremely low volatility made for a nearly ideal year.

The Fund's international holdings outperformed the benchmark's international component on an absolute basis, with the former returning 23.7 percent, and the latter 22.8 percent. This better performance was driven largely by the Fund's higher exposures to Japan and Switzerland, the equity markets of which returned 21.3 percent and 17.9 percent, respectively, in USD terms.

What strategies and techniques did you employ that affected Fund performance?

What industries or sectors did you emphasize during the past 12 months, and what is your outlook going forward?

This Fund is a passive allocation to equity ETFs. In terms of the sector exposures the ETFs provide, the largest benefit came from having modestly higher Information Technology exposure than the benchmark, which contributed approximately 1.6 percent of additional return. The largest performance drag came from being underweight in Financials, which cost 1.6 percent of relative performance.

Over the next several months, we expect continued low equity volatility and further price appreciation in the stock market. The Republican-controlled government in Washington passed, just before the end of the year, a tax reform bill that drastically reduced the U.S. corporate tax rate. In general, this lower tax rate will increase the earnings of most companies and, by extension, we anticipate equity investors enthusiastically using said earnings growth as justification for pouring more money into the market.

It is worth noting that the Fed began to taper its balance sheet in October, starting at $10B per month. Each quarter, that amount will increase by $10B, until it reaches $50B per month. Despite this slight increase in the supply of U.S. Treasury and agency/mortgage-backed securities, the U.S. 2-year to 10-year spread actually decreased over the final quarter of 2017, from 85 basis points to 52 basis points. This move was largely due to the upward move of the 2-year rate. The stagnant 10-year rate suggests the domestic bond market is still not pricing in a material pickup in inflation, nor excessive economic growth. With the European Central Bank (ECB) and Bank of Japan (BOJ) continuing quantitative easing, we do not believe the Fed balance sheet unwind will materially increase mid-term and longer interest rates, domestically or internationally.

Ultimately, our view can be distilled down to a conflict between short-term and long-term economic effects. In the short term, the recent action from Washington—tax reform and numerous deregulation efforts across federal agencies should continue to be supportive of equity valuations. The same can be said for the ongoing monetary policies from the ECB and the BOJ, which are set to continue until at least September 2018.

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 April 30, 2019. 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

Ten Largest Holdings^

Security description	Market value		% of long-term portfolio
iShares Edge MSCI Minimum Volatility USA ETF	$	83,557,707		35.5	%
iShares Edge MSCI Minimum Volatility EAFE ETF		65,325,347		27.7	%
iShares Core High Dividend ETF		47,147,006		20.0	%
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		15,901,196		6.8	%
iShares Short Maturity Bond ETF		13,058,515		5.5	%
iShares MSCI Germany ETF		10,367,025		4.4	%
	$	235,356,796		100.0	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus Managed Volatility Equity Fund,
the Blended Benchmark Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus Managed Volatility Equity Fund's shares total return compared to its Blended Benchmark, 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 and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on November 18, 2015 through December 31, 2017, assuming reinvestment of distributions, if any.

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 December 31, 2017, Advantus Capital has waived $782,484 pursuant to the agreement. To the extent that the Fund makes such reimbursements to Advantus Capital, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

The Blended Benchmark Index is comprised of 60 percent of the S&P 500^® Low Volatility Index, 20% S&P 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.

Performance Update

David Land, CFA and Lena Harhaj, CFA Portfolio Managers

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.

SFT Advantus Mortgage Securities Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a net return of 1.96 percent over the 12 months ending December 31, 2017, underperforming the Bloomberg Barclays U.S. MBS Index, which returned 2.47 percent over the same period.

What influenced the Fund's return during the past 12 months?

The primary driver of performance was the rise in interest rates across the front-end yield curve, with long-term rates staying anchored. The U.S. Federal Reserve (Fed) raised rates three times in 2017 and announced it would begin reducing its balance sheet holding of U.S. Treasuries and mortgages. Recall that during the Great Recession the Fed expanded their balance sheet from slightly under a trillion dollars to over four trillion to provide the markets with liquidity. The Fed believes, and rightfully so, the economy has recovered sufficiently to withdrawal this extraordinary accommodation.

A sizable portion of the Fed's balance sheet, approximately $1.7 trillion, is invested in agency mortgage-backed securities. Consequently, the Fed's gradual reduction of its balance sheet should influence the valuation of agency mortgage-backed securities.

What other market conditions or events influenced the Fund's return during the past 12 months?

The fundamental underpinnings of the mortgage market continue to be strong. Home prices continued to appreciate across the country. Harvard's Joint Center for Housing reported the number of homeowners underwater on their mortgages fell to 3.2 million. At the peak in 2011, 12.1 million homeowners owed more on their homes than they were worth. New and existing home sales continue to rebound, and we anticipate the trend will continue. Housing can continue to expand at the current pace for some time, in our opinion.

Commercial real estate fundamentals, excluding retail properties, are solid. It seemed like each quarter another retailer would announce a round of store closures. Consumers are shopping online more and visiting physical stores less. Many investors are eschewing commercial mortgage-backed securities (CMBS) transactions that have large exposures to retail properties. This year CMBS transactions had lower loan-to-value ratios than previous years. However, this positive trend is somewhat offset by an increase in interest-only lending.

What strategies and techniques did you employ that specifically affected Fund performance?

The Fund invests the majority of its assets in agency mortgage-backed securities and to a lesser extent in CMBS, asset-backed securities (ABS), and corporate obligations. The CMBS, ABS, and corporate obligations provide the Fund with cash flow stability that is difficult to replicate with agency mortgage-backed securities. During the year, we reduced the Fund's allocation to agency mortgage-backed securities because we believed the Fed trimming its balance sheet would weigh on the market. The Fund increased its allocation to collateralized mortgage obligations (CMOs), ABS, and CMBS. Within CMOs, the Fund added exposures to non-agency mortgages. The strong fundamentals underpinning the housing market and improved underwriting standards make the Fund's manager comfortable with these positions.

What industries or sectors did you emphasize during the past 12 months and what is your outlook going forward?

Last year we mentioned inflation and growth could surprise to the upside, and those concerns remain. Clearly, the Fed has concerns. The Fed is tightening monetary policy by raising short-term rates and withdrawing quantitative easing. Consequently, the Fund is generally short its benchmark duration.

The Fed was a meaningful player in the mortgage-backed securities market for the last decade. The market will have to contend with the Fed unwinding its holdings of agency mortgages. Consequently, we believe ABS and CMBS will offer better value in 2018.

The housing market will face several crosswinds in 2018. First, mortgage rates are poised to move higher, and while the increase is unlikely to significantly affect homebuyers, it will influence homeowners looking to refinance their existing mortgages. Second, the supply of new homes for sale is tight by historical standards and first time homebuyers often struggle to find an affordable house. New home construction should accelerate and provide a boost to the economy. Finally, the new tax law changes may shift consumer preferences on owning versus renting.

Ten Largest Holdings^

Security description	Market value		% of bond portfolio
Federal National Mortgage Association 3.500%, 01/01/48	$	3,157,160		3.8	%
Federal National Mortgage Association 3.000%, 01/01/48		1,875,000		2.3	%
Federal National Mortgage Association 3.500%, 01/01/42		1,737,905		2.1	%
Federal National Mortgage Association 3.000%, 01/01/33		1,731,543		2.1	%
Federal National Mortgage Association 3.500%, 06/01/45		1,617,068		1.9	%
UBS Commercial Mortgage Trust Series 2017-C1, Class AS 3.724%, 06/15/50		1,521,720		1.8	%
Government National Mortgage Association 3.000%, 04/15/45		1,370,106		1.6	%
Federal National Mortgage Association 4.000%, 10/01/43		1,348,890		1.6	%
Federal Home Loan Mortgage Corporation 3.500%, 12/01/44		1,289,012		1.6	%
Government National Mortgage Association 3.250%, 03/20/35		1,194,752		1.4	%
	$	16,843,156		20.2	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Asset Quality (shown as a percentage of investments)
(Unaudited)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus Mortgage Securities Fund,
Bloomberg Barclays U.S. Mortgage-Backed Securities Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus Mortgage Securities Fund's Class 2 shares total return compared to the Bloomberg Barclays U.S. Mortgage-Backed Securities Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2007 through December 31, 2017, assuming reinvestment of distributions, if any.

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).

Performance Update

Matthew Richmond and Lowell Bolken, CFA Portfolio Managers

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.

SFT Advantus Real Estate Securities Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a total net return of 5.37 percent over the 12 months ending December 31, 2017, outperforming the Wilshire US Real Estate Securities Index, which returned 4.84 percent over the same period.

What influenced the Fund's return during the past 12 months?

Real estate stocks delivered positive returns again in 2017, but failed to keep pace with broader equities, such as the S&P 500. Real estate investment trusts (REITs) were roughly sideways for the duration of the year, with dividends driving a substantial amount of the year's returns.

What other market conditions or events influenced the Fund's return during the last 12 months?

In addition to fundamentals, macro events like tax reform, U.S. Federal Reserve (Fed) policy in the United States, and geopolitical uncertainty on the Korean Peninsula drove stock prices. As the prospect of tax reform became increasingly more likely in the second half of the year, and as the Fed continued to project more rate increases, REITs' relative performance continued to lag that of sectors that are better positioned for a rising rate cycle.

Common themes among the Fund's holdings were investment in companies we believe own well-located, high-quality properties, feature stable balance sheets, exhibit improving property fundamentals, and have above-average cash-flow growth prospects. Those characteristics have typically driven above-average stock price performance and did so again in 2017.

From a property-type perspective, the Fund was overweight in owners of warehouses, urban-centric office buildings, single-family homes and data centers, yet avoided health care, storage, shopping center and mall REITs.

What strategies and techniques did you employ that affected Fund performance?

U.S. commercial real estate conditions remain broadly steady. Most property types maintained pricing power with occupancy hovering near peak levels and rents increasing. Industrial REITs reached all-time high occupancy levels in 2017 and continue to drive rents higher on the back of an improving economy and increased demand for e-commerce distribution space. In the latter half of the year, hotels saw greater pricing power driven largely by increasing leisure demand, while storage and apartment REITs' pricing power fell as they battled increased supply. Retail REITs fought a series of store closures that in many cases led to lower occupancies but rent levels held steady and increased in higher quality properties. Demand for datacenter space continues to grow at a double digit pace, driven by increased cloud usage and virtualization and artificial intelligence needs.

What industries or sectors did you emphasize during the fiscal year, and what is your outlook going forward?

Significant contributors to performance included overweight positions relative to the benchmark within industrial and data center REITs—each of which experienced strong demand and rental rate growth—and underweight positions to mall and shopping center REITs. Favorable stock selection in life science and technology office REITs and manufactured home REITs also added to performance, as did an overweight position to hotel operators.

Being underweight to single family home REITs early in the year was a detractor from relative performance versus the benchmark, while stock selection within the health care, industrial and shopping center REIT sectors also detracted from performance.

The recently passed tax reform should spur accelerated economic growth and keep the expansion going, but it could also increase inflation, all of which will likely promote additional demand for commercial real estate and keep the current cycle on an upward trajectory. Indeed, we've been dealing with inflation across the real estate sector in the form of materials and construction labor costs for quite some time.

With regard to the current commercial real estate cycle, we continue to see stable operating conditions across the sector with few material concerns on the horizon. Bank lending, commercial construction, equity allocations, and overall pricing metrics remain much healthier than was often the case in previous cycle peaks. As we have previously suggested, simply moving into the later stages of this recovery does not mean the sector's fundamentals will turn negative. In fact, the prospect for re-acceleration of earnings growth for 2019 appears quite plausible if current expectations for corporate earnings materialize.

We continue to believe that REIT share price performance will be heavily influenced by macro events, with support coming from an improving economy and GDP growth while potentially rising borrowing costs, such as a rising 10-year U.S. Treasury yield, could offer resistance. Should expectations for economic growth promote a sharp, sustained rise in U.S. Treasuries, REIT stock prices will likely struggle. Of course, with public market vacillations, sometimes overreactions create unique opportunities. We will be sharply mindful in our effort to identify those unique opportunities as they present themselves.

Valuations of private market transactions continue to support REIT valuations, suggesting REITs currently trade at a discount to net asset value. Meanwhile, REIT pricing compared to broader fixed income and equity markets also looks attractive compared to historic averages. Significant fundraising in real estate private equity funds suggests further support for real estate valuation.

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

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
Simon Property Group, Inc.	$	10,008,835		7.5	%
Equinix, Inc.		7,040,320		5.3	%
ProLogis, Inc.		6,456,225		4.8	%
Alexandria Real Estate Equities, Inc.		5,628,429		4.2	%
Digital Realty Trust, Inc.		5,148,280		3.9	%
AvalonBay Communities, Inc.		5,089,323		3.8	%
SL Green Realty Corp.		4,417,807		3.3	%
Duke Realty Corp.		3,896,472		2.9	%
Sun Communities, Inc.		3,887,482		2.9	%
Host Hotels & Resorts, Inc.		3,800,203		2.8	%
	$	55,373,376		41.4	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Advantus Real Estate Securities Fund,
Wilshire US Real Estate Securities Index, and Consumer Price Index

On the chart above you can see how the SFT Advantus Real Estate Securities Fund's Class 2 shares total return compared to the Wilshire US Real Estate Securities Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2007 through December 31, 2017, assuming reinvestment of distributions, if any.

Performance Update

Daniel P. Becker, CFA and Bradley M. Klapmeyer CFA Portfolio Managers Waddell & Reed Investment Management Company

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.

SFT Ivy^SM Growth Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a net return of 29.22 percent over the 12 months ending December 31, 2017, while the Russell 1000 Growth Index, returned 30.21 percent over the same period.

What influenced the Fund's return during the past 12 months?

Equities again outperformed most asset classes during the fourth quarter of 2017 as a number of positive catalysts coalesced to cap a very strong year. Growth styles of all market capitalization ranges led the market for the year but trailed value styles in the quarter. The style change was abrupt particularly after Thanksgiving, when many laggard stocks became leaders and vice versa.

What other market conditions or events influenced the Fund's return during the last 12 months?

During most of 2017, the lack of legislative policy progress out of Washington, D.C. was a factor in the positive tailwinds to growth stocks. The Republican success at passing tax reform catalyzed a belief that economic growth may accelerate, generated a strong positive response to stocks and industries that are more domestic in their profit pool, and provided a headwind to our performance during the last few weeks of the year. Similar to the many quick and violent rotations we have seen in the past few years, we expect a moderation in this rotation since faster economic growth may be a positive across most stocks and investment styles.

The global economic backdrop remains strong and stable. Gross domestic product growth continues to hover around three percent, with most economies around the world accelerating or improving. Most exciting is the resurgence in business sentiment for manufacturing industries and signs of capital spending acceleration, as many of these industries have been constrained by a long period of slow growth. Most, if not all, industries are now participating in one of the longest economic recoveries on record. In short, the global economic picture appears better today than it has in many years.

What strategies and techniques did you employ that affected Fund performance?

Technology stocks were the standout performers over the past year. Stocks such as Facebook, Inc., Amazon.com, Inc., Adobe Systems, Inc., MasterCard, Inc., Lam Research Corp. and Paypal, Inc. performed well. Financial stocks generally performed well throughout the year as the global economy accelerated. This generated a gentle bias up in interest rates that tend to be positive for financial stocks. The Fund's financial stocks such as Charles Schwab Corp., CME Group, Inc. and S&P Global, Inc. performed well for most of the year. Stocks in the industrials and capital goods sectors also performed well, as emerging market economies accelerated, helping to boost demand for energy and industrials materials and goods. Caterpillar, Inc. and Parker Hannifin Corp. performed well over the period.

Not all sectors performed well last year, even as the index increased more than 30 percent. Health care stocks, most notably biotechnology and large pharmaceutical stocks, performed poorly. Fund positions in Shire Pharmaceuticals plc, Allergan plc, Alexion Pharmaceuticals, Inc. and DexCom, Inc. did not perform well and were either sold or reduced during the period. Alexion was the only position held as of year-end. Health care stocks typically do not perform well as global economies accelerate, and

although the Fund held an underweight position in its health care exposure, specific stocks underperformed in excess of our expectations due to heightened competition for their respective products.

Consumer staples is a sector we currently find unattractive, as valuations are high and growth prospects low. Our single position, Phillip Morris International, Inc., which provided a positive contribution for the year, did not perform well overall, especially in the second half of 2017. O'Reilly Automotive (no longer a holding), an automotive parts aftermarket retailer, did not perform as well as hoped due to especially warm weather over the past two years that diminished the propensity of cars and trucks to require service and parts.

What industries or sectors did you emphasize during the period, and what is your outlook going forward?

The Fund's investment process has remained steadfast and consistent over time—focusing on companies with structurally-advantaged business models that we believe can generate superior levels of profitability and growth over the long term.

Investor consensus remains generally optimistic on U.S. and global economic growth, as excesses seem difficult to find. We believe U.S. economic growth will now likely accelerate and remain in the three percent range for the foreseeable future. Faster economic growth likely should eventually lead to higher interest rates, a tighter employment market and possibly higher inflation. While higher inflation may be welcomed, we are a bit unsure of how the equity markets may deal with it given the current state of fixed-income markets globally. Should bond prices fall marginally, this may be a positive for equity markets in 2018 and beyond. A sharp correction in the bond market, on the other hand, might have a ripple effect across equity markets.

Over the past several quarters, our biggest concern has been an economic change that might dramatically accelerate the business cycle, leading to corporate enthusiasm, tighter labor markets and eventual recession as the cycle comes to an end. We have since changed our opinion and now believe we are starting another stage of the economic cycle. We think that the more robust global growth conditions may lead to increased profits, potentially broadening and deepening the global bull market in stocks. We expect the recent rotation to subside and technology to reemerge, as these stocks are one of the more cyclical areas of the economy and should do well as the economy accelerates.

Within the Fund, our allocation to technology remains notably overweight, reflecting our belief that valuations, particularly based on cash flow generation, remain fairly reasonable. We continue to have a high exposure in financials as we expect tax reform benefits, combined with higher interest rates, to intersect to produce robust profit growth. We remain concerned and underweight the defensive areas of the market, such as consumer staples and real estate investment trusts, as we still view valuations and profit outlooks as elevated and correlated to low bond yields globally.

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
Apple, Inc.	$	23,509,601		4.7	%
Microsoft Corp.		23,420,852		4.7	%
The Home Depot, Inc.		23,160,566		4.6	%
PayPal Holdings, Inc.		23,028,336		4.6	%
Mastercard, Inc.—Class A		21,810,976		4.4	%
Amazon.com, Inc.		21,653,907		4.3	%
Visa, Inc.—Class A		20,284,158		4.0	%
Facebook, Inc.—Class A		20,109,205		4.0	%
CME Group, Inc.		18,928,080		3.8	%
Caterpillar, Inc.		18,184,732		3.6	%
	$	214,090,413		42.7	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Ivy^SM Growth Fund,
the Russell 1000 Growth Index, and Consumer Price Index

On the chart above you can see how the SFT Ivy^SM Growth Fund's shares total return compared to the Russell 1000 Growth Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2017, assuming reinvestment of distributions, if any.

'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 Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

Performance Update

Timothy J. Miller CFA
Kenneth G. McQuade CFA
Bradley P. Halverson CFA
Portfolio Managers Waddell & Reed Investment Management Company

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.

SFT Ivy^SM Small Cap Growth Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a net return of 25.30 percent over the 12 months ending December 31, 2017, outperforming the Russell 2000 Growth Index, which returned 22.17 percent over the same period.

What influenced the Fund's return during the past 12 months?

Index performance for 2017 was led by the health care sector, specifically by biotechnology and pharmaceutical stocks. Biotechs were up 50 percent for the year and make up nearly 10 percent of the benchmark. The Fund, however, only held about a 3 percent position in the biotech sector, which caused a performance drag versus the index for the period. Medical device stocks held in the Fund helped offset some of the biotech shortfall. Inogen, Inc., IRhythm Technologies, Inc., and Penumbra, Inc. were all significant contributors along with health care technology companies Teledoc, Inc. and HealthEquity, Inc. The health care sector was the only significant underperformer in the Fund for the year.

What other market conditions or events influenced the Fund's return during the past 12 months?

The stock market delivered another strong return for investors in 2017. In the small-cap space, growth stocks significantly outperformed value stocks. Earnings growth was rewarded by investors for the year and the valuation multiples were supported by the continued low level of interest rates. The gain for small-cap growth, as measured by the Russell 2000 Growth Index, was realized in a fairly steady fashion throughout the measurement period. The index marched forward in the first half of the year and then paused in late summer after a failed attempt by the new administration to modify health care policy. Nevertheless, positive regulatory easing encouraged investors and the economic data remained quite healthy. Real gross domestic product (GDP) data growth jumped from 1.2 percent in the first quarter to more than 3.0 percent in both the second and third quarters. Auto sales continued to surprise on the upside, housing data strengthened throughout the year, and employment growth remained strong. The setback in the summer, however, was short-lived as the administration and Congress committed to delivering a reduction in corporate and individual tax rates. The market responded favorably to the news and reached new highs as the year ended. For the measurement period, the Russell 2000 Growth Index was up 22.2 percent.

What strategies and techniques did you employ that affected Fund performance?

Sectors contributing to performance during the measurement included industrials, consumer discretionary and technology. Significant winners in these groups included XPO Logistics, Inc., Shopify, Paycom Software, Inc., Mercury Computer Systems. Inc., Hilton Grand Vacations, Inc., Vail Resorts and Burlington Stores, Inc. (Shopify and Vail Resorts are no longer holdings.) In the technology sector, the Fund's overweight in software was once again an important contributor. The consumer discretionary and industrials sectors rallied sharply in the second half of the year as investors gained comfort in the acceleration of the economy. Consumer stocks also rallied from an overdone overhang of the Amazon competitive threat, with many retailers and apparel companies reporting strong holiday sales results. The hotels, resorts and cruise lines industry was also robust during the period, which accounted for the strength in Vail Resorts and Hilton Grand Vacations. Finally, the Fund had an overweight exposure to the housing complex, which included a variety of companies that provide building

supplies, technology, real estate services and maintenance/service equipment such as pool supplies and HVAC systems. Most of these stocks were positive contributors for the period reflecting the growth in the domestic housing market.

What industries or sectors did you emphasize during the period, and what is your outlook going forward?

The Fund's strategy will continue to be driven by a disciplined focus on the growth companies that meet our criteria: they serve large market opportunities, have a defensible leadership position, strong management, and a financial model that will deliver high returns on invested capital. While the lion's share of these companies are in the technology, health care and consumer growth areas of the market, they also exist in some of the cyclical areas of the economy such as industrials, energy and financials.

For the coming year, the current macroeconomic factors should continue to be a tailwind for the markets. This momentum should boost the cyclical growth areas such as industrials, financials and energy. The Fund has good exposure in all of these sectors with a focus on the high-quality growth companies. In the traditional growth areas, technology and the consumer sectors are more of a focus, whereas health care is an underweight position. After a strong run by the biotechnology stocks in 2017, we expect more modest performance in 2018.

The Fund's health care focus is on products and services that benefit from moves away from hospitals and toward new technologies that aid more minimally invasive procedures that can be utilized in office or home settings. In technology, software will continue to be an overweight for the Fund along with the highest quality semiconductor and technology services names. The consumer sectors surprised many over the holidays with good results. They have easier comparisons in 2018, so we will focus on new ideas in this area.

'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.

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
XPO Logistics, Inc.	$	5,724,375		3.2	%
AMN Healthcare Services, Inc.		5,353,229		2.9	%
Mercury Systems, Inc.		4,832,035		2.7	%
Beacon Roofing Supply, Inc.		4,474,486		2.5	%
The Ultimate Software Group, Inc.		3,954,764		2.2	%
Booz Allen Hamilton Holding Corp.		3,940,163		2.2	%
Dycom Industries, Inc.		3,755,191		2.1	%
Installed Building Products, Inc.		3,375,674		1.9	%
Burlington Stores, Inc.		3,371,022		1.9	%
HealthEquity, Inc.		3,350,188		1.8	%
	$	42,131,127		23.4	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Ivy^SM Small Cap Growth Fund,
the Russell 2000 Growth Index, and Consumer Price Index

On the chart above you can see how the SFT Ivy^SM Small Cap Growth Fund's shares total return compared to the Russell 2000 Growth Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2017, assuming reinvestment of distributions, if any.

Performance Update

Mark Finn, CFA, CPA Portfolio Manager T. Rowe Price

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.

SFT T. Rowe Price Value Fund

How did the Fund perform during the period?

The Fund's Class 2 shares generated a total net return of 18.61 percent over the 12 months ending December 31, 2017, underperforming the S&P 500^® Index, which returned 21.83 percent over the same period.

What influenced the Fund's return during the past 12 months?

Broadly speaking, stock selection contributed and sector allocation detracted from relative results.

What other market conditions or events influenced the Fund's return during the last 12 months?

U.S. stocks posted strong returns in 2017, buoyed by solid corporate earnings and economic growth. Throughout the year, hopes that President Trump's proposals for lower tax rates, reduced regulation, and increased infrastructure spending would be enacted supported the market. While the U.S. Federal Reserve (Fed) raised its interest rate target three times in 2017, the Fed's moves were widely expected and did not disrupt equity markets. In the closing weeks of the year, Congress passed and President Trump signed legislation that reduces tax rates for corporations and closely held businesses, reduces marginal tax rates for individuals at most income levels, and changes the limits for various individual tax deductions. Most major stock indexes finished the year near record levels amid expectations that the new tax law would add to economic growth in 2018.

What strategies and techniques did you employ that affected Fund performance?

Information technology was the largest detractor during the period due primarily to the Fund's underweight allocation to the sector, which was the top-performing sector in the benchmark. Stock selection in the sector also had a negative impact on relative performance.

The Fund's financial stocks underperformed their benchmark peers, and sector weighting also had a negative impact.

Overweighting the utilities sector hindered relative results for the Fund, and stock selection also hurt, but to a lesser extent within the sector.

The biggest contributor to relative returns was the consumer staples sector. Despite a detracting overweight, stock selection in the sector overcame to add excess returns.

Overweighting the energy sector was detrimental, as it was the second-weakest sector in the benchmark. However, stock selection in the sector contributed excess returns to offset the negative impact of sector allocation.

The Fund did not hold derivatives for the time period 12/31/2016 through 12/31/2017.

What industries or sectors did you emphasize during the fiscal year, and what is your outlook going forward?

Looking ahead, we believe stocks could continue their slow, steady ascent. We expect the federal tax cuts to boost U.S. economic activity, and we are identifying reasonably priced potential beneficiaries in some of the more cyclical areas of the market. We are also finding opportunities to buy shares of strong companies that are well positioned for longer-term growth but that face near-term headwinds, although persistently high valuations present a challenge. In this environment, and with sector valuation anomalies appearing limited, we see increased opportunities for strong stock selection, driven by our fundamental analysis.

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

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
JPMorgan Chase & Co.	$	11,431,779		5.1	%
Tyson Foods, Inc.—Class A		10,260,057		4.6	%
Microsoft Corp.		9,743,006		4.3	%
Wells Fargo & Co.		6,951,265		3.1	%
Citigroup, Inc.		4,780,694		2.1	%
Merck & Co., Inc.		4,689,880		2.1	%
Philip Morris International, Inc.		4,687,585		2.1	%
Aetna, Inc.		4,299,776		1.9	%
Verizon Communications, Inc.		4,244,986		1.9	%
Wal-Mart Stores, Inc.		4,088,250		1.8	%
	$	65,177,278		29.0	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT T. Rowe Price Value Fund,
S&P 500^® Index, and Consumer Price Index

On the chart above you can see how the SFT T. Rowe Price Value's shares total return compared to the S&P 500^® Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2017, assuming reinvestment of distributions, if any.

Performance Update

Mammen Chally, CFA, David A. Siegle, CFA and Douglas W. McLane, CFA

The SFT Wellington Core Equity Fund seeks growth of capital. 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, Wellington Management, LLC provides investment advice to the Fund under a sub-advisory agreement. Wellington Management, LLC became the sub-adviser for the Fund on November 20, 2017. 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.

SFT Wellington Core Equity Fund
(formerly SFT Pyramis^® Core Equity Fund)

The SFT Wellington Core Equity Fund was managed by FIAM LLC ("Pyramis") from January 1, 2017—November 19, 2017 and by Wellington Management (Wellington) from November 20, 2017—December 31, 2017.

How did the Fund perform during the period?

The Fund's Class 2 shares generated a total net return of 21.12 percent over the 12 months ending December 31, 2017, compared to the S&P 500 Index, which returned 21.83 percent over the same period.

What influenced the Fund's return during the past 12 months?

Pyramis: The Industrials and Information Technology sectors contributed the most to relative performance. In the Industrials sector, the underweight in industrial conglomerate General Electric (GE) and overweight in aircraft manufacturer Boeing were the lead contributors to relative performance. Shares in GE declined more than 40 percent during the year with notable downward movements after the company made a number of announcements, including senior management changes, quarterly earnings reports that fell short of market expectations, reduced fiscal year earnings and cash flow guidance, and a 50 percent dividend cut. Boeing shares soared after management reported quarterly earnings and cash results that beat market expectations by a wide margin, driven by strong demand and cost controls. Subsequently, management raised its 2017 fiscal year earnings guidance. In the Information Technology sector, the overweights in software company Adobe Systems and semiconductor manufacturer Micron Technology helped performance. Shares in Adobe Systems rose as the company posted record quarterly results and issued quarterly guidance that beat analysts' estimates, driven by solid performance in its Creative Cloud and Marketing Cloud businesses as well as improvements in operating margins. Additionally, the company hosted an investor day during which management laid out plans for profit growth and issued 2018 fiscal year revenue and earnings guidance that topped analysts' expectations, sending shares higher. Shares in Micron Technology jumped after the company reported quarterly results and issued quarterly guidance that surpassed consensus estimates, driven by strong DRAM and NAND sales and pricing power.

Among individual holdings, the underweight position in Exxon Mobil and overweight in medical device manufacturer C.R. Bard were among the largest contributors to relative performance. Exxon Mobil shares declined after the company reported disappointing quarterly results driven by a $2 billion write-down of its Rocky Mountain natural gas assets. C.R. Bard shares rose sharply after Becton Dickinson offered to acquire the company in a $24 billion cash-and-stock deal. In conjunction with the takeout announcement, C.R. Bard reported quarterly results that topped analysts' expectations driven by strong performance in the vascular and urology business segments.

The Consumer Discretionary and Consumer Staples sectors detracted the most from relative performance. In the Consumer Discretionary sector, the overweights in diversified consumer product company Newell Brands and in discount retailer Target detracted from relative performance. Shares in Newell Brands fell sharply after the company reported quarterly revenue and earnings results that missed consensus estimates due to lower order rates from many brick-and-mortar retailers and elevated

commodity costs related to recent hurricanes. Subsequently, management reduced fiscal year earnings guidance. Target shares fell after the company posted disappointing quarterly results and guidance due to weakness in same-store sales as consumer behavior shifts towards online shopping. In the Consumer Staples sector, the overweights in food retailer Kroger and brewer Molson Coors Brewing Company were the largest detractors from sector performance for the period. Kroger shares dropped after management cut fiscal year guidance due to tightening competition. Additionally, news of Amazon's acquisition of competitor Whole Foods Market sent shares even lower as investors expect the deal to bring about massive change in the food retail industry. Shares in Molson Coors Brewing Company fell on earnings results that missed consensus estimates, raising investor concerns surrounding cost savings following the recent MillerCoors and Miller acquisitions. Concerns heightened again when management lowered EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) guidance, sending shares lower.

Among individual holdings, the overweights in exploration and production companies Hess and Pioneer Natural Resources detracted from relative performance. Hess shares fell after management issued disappointing 2017 fiscal year capital spending and production guidance due to delays in ramping up operations in the Bakken region. Decreasing oil prices also weighed on the stock throughout the first half of the year. Despite reporting second-quarter results that topped consensus estimates, shares in Pioneer Natural Resources fell sharply after management reduced 2017 fiscal year production guidance due to oil well completion delays and an unexpected increase in the gas-to-oil ratio of the production stream.

Wellington: During the period, sector allocation, a fall-out of our bottom-up stock selection process was the primary driver of underperformance, while stock selection partially offset relative results. Strong stock selection in utilities (not holding Edison International and Duke Energy), consumer staples (Altria Group and Costco), and consumer discretionary (Comcast and Dollar Tree) was countered by weaker selection in materials (Crown Holdings and not holding Freeport McMoRan), information technology (LAM Research and Workday), and financials (XL Group and not holding Wells Fargo). From an allocation perspective, our underweight to energy and overweight to utilities detracted from relative results, while our underweight to real estate contributed.

What other market conditions or events influenced the Fund's return during the past 12 months?

Pyramis: The year 2017 was defined by a near-perfect backdrop of steady global growth, low inflation, and accommodative monetary policies, which led to remarkably low levels of market volatility and helped fuel a broad-based rally in asset prices. Non-U.S. equities outperformed the U.S. stock market for the first calendar year in the past five, while strong tech sector returns helped growth and emerging-market stocks lead the way. All bond categories posted positive returns for the year. Tax reform and deregulation seemed to invigorate U.S. equity markets, while heightened geopolitical risks coming primarily from North Korea had minimal impact on equity markets during the period. At the end of the year, the global expansionary cycle continued to show positive momentum, with few regions or countries giving any signals of recessionary risk.

Wellington: U.S. equities rose for the fourteenth consecutive month, ending 2017 with a 21.8 percent gain. The positive result reflected solid U.S. economic momentum buoyed by robust consumer and business spending. Tax reform dominated the market narrative, as President Donald Trump signed a U.S. $1.5 trillion tax reform bill into law. The legislation included the most sweeping changes to the tax code since 1986 and represented a major victory for Republicans. Corporations stand to benefit considerably,

as the corporate tax rate was slashed to 21 percent from 35 percent, starting in 2019. Debate over the 2018 budget was postponed to January after Congress narrowly averted a shutdown by passing a stop-gap spending bill to keep the government funded until January 19, 2018. In a widely anticipated move, the Fed raised the benchmark federal funds rate by 25 bps, to a range of 1.25 percent to 1.50 percent, citing labor market strength and a solid rate of economic growth. The Fed also increased its estimate for economic growth in 2018 to 2.5 percent, from 2.1 percent in September.

What strategies and techniques did you employ that affected Fund performance?

Wellington: Over the period, the fund slightly increased exposure to financials, health care, and industrials, while we decreased exposure to consumer staples. We established a new position in Continental Resources, a U.S.-based petroleum and natural gas exploration and production company, which did not have an effect on relative performance during the period. We also established a new position in salesforce.com, a U.S.-based leader in cloud-based sales, service, and marketing applications. Our overweight position detracted from relative performance during the period.

What industries or sectors did you emphasize during the past 12 months, and what is your outlook going forward?

Wellington: During the period the fund was most overweight utilities, health care, and financials and most underweight the energy and real estate sectors.

We believe the U.S. economy appears healthy and is growing at a good pace. We continue to find attractively valued stocks with the characteristics we seek. We remain consistent in adhering to our disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process build a portfolio that focuses largely on stock selection for generating benchmark relative outperformance.

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

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
Apple, Inc.	$	3,761,137		3.2	%
Bank of America Corp.		3,560,142		3.0	%
JPMorgan Chase & Co.		3,482,501		2.9	%
Alphabet, Inc.—Class A		3,288,715		2.8	%
The PNC Financial Services Group, Inc.		2,974,683		2.5	%
Facebook, Inc.—Class A		2,937,177		2.5	%
Mastercard, Inc.—Class A		2,931,389		2.5	%
Comcast Corp.—Class A		2,760,086		2.3	%
UnitedHealth Group, Inc.		2,561,966		2.2	%
NextEra Energy, Inc.		2,468,895		2.1	%
	$	30,726,691		26.0	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Wellington Core Equity Fund,
S&P 500^® Index, and Consumer Price Index

On the chart above you can see how the SFT Wellington Core Equity Fund's Class 2 shares total return compared to the S&P 500^® Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2017, assuming reinvestment of distributions, if any.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
Securian Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of 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 Growth Fund, SFT Ivy Small Cap Growth Fund, SFT T. Rowe Price Value Fund, and SFT Wellington Core Equity Fund (formerly SFT Pyramis Core Equity Fund) (collectively, the Funds), including the schedule of investments in securities, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2017, by correspondence with custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have served as the auditor of one or more Securian Funds Trust investment companies since 1985.

Minneapolis, Minnesota
February 26, 2018

SFT Advantus Bond Fund
Investments in Securities

December 31, 2017

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

	Principal		Value(a)
Long-Term Debt Securities (98.5%)
Government Obligations (34.0%)
Other Government Obligations (1.4%)
Provincial or Local Government Obligations (1.4%)
Douglas County Public Utility District No. 1, 5.450%, 09/01/40	$	1,185,000	$	1,431,563
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,150,000		1,327,939
4.926%, 10/01/51		2,055,000		2,539,199
				5,298,701
U.S. Government Agencies and Obligations (32.6%)
Export-Import Bank of the United States (0.1%)
Tagua Leasing LLC, 1.732%, 09/18/24		589,600		574,598
Federal Home Loan Mortgage Corporation (FHLMC) (5.8%)
2.500%, 03/01/28		507,774		510,242
3.000%, 08/01/42		520,393		523,180
3.000%, 04/01/43		940,553		945,974
3.000%, 07/01/45		795,538		796,453
3.500%, 10/01/25		214,676		223,264
3.500%, 08/01/42		552,568		571,028
3.500%, 05/25/45		922,385		930,976
3.500%, 03/01/46		1,487,999		1,530,314
3.752%, 09/25/24 (1-Month USD LIBOR + 2.200%) (b)		953,993		984,309
4.000%, 02/01/20		219,067		225,478
4.000%, 09/01/40		548,653		581,281
4.000%, 10/01/40		373,854		394,646
4.000%, 11/01/40		1,889,996		2,008,755
4.000%, 02/01/41		415,097		438,916
4.000%, 08/01/41		571,372		603,298
4.000%, 07/01/42		459,076		481,955
4.500%, 01/01/41		527,828		562,749
4.500%, 02/01/41		445,015		474,841
4.500%, 03/01/41		547,589		589,260
4.500%, 04/01/41		693,840		749,631
5.000%, 04/01/35		137,698		147,969
5.000%, 08/01/35		38,896		42,182
5.000%, 11/01/35		99,279		107,357
5.000%, 11/01/39		358,623		392,488
5.000%, 03/01/40		2,070,785		2,268,652
5.000%, 04/01/40		336,524		366,674
5.000%, 08/01/40		193,741		210,861
5.500%, 06/01/20		22,097		22,534
5.500%, 10/01/20		62,221		64,125
5.500%, 11/01/23		93,154		101,754
5.500%, 05/01/34		683,808		772,698
5.500%, 10/01/34		262,556		293,731
5.500%, 07/01/35		329,458		366,119
5.500%, 10/01/35		337,885		377,812
5.500%, 12/01/38		181,407		199,682
6.000%, 11/01/33		275,804		314,980

	Principal		Value(a)
6.352%, 05/25/28 (1-Month USD LIBOR + 4.800%) (b)	$	1,500,000	$	1,764,897
6.500%, 09/01/32		57,337		66,298
6.500%, 06/01/36		268,875		310,077
7.000%, 12/01/37		59,809		66,112
				22,383,552
Federal National Mortgage Association (FNMA) (12.3%)
2.500%, 11/01/27		442,982		442,605
2.500%, 07/01/28		565,103		567,756
3.000%, 06/01/22		205,125		209,042
3.000%, 11/01/27		93,004		94,993
3.000%, 01/01/33 (c)		4,380,000		4,461,270
3.000%, 03/01/42		513,757		516,533
3.000%, 04/01/43		614,117		617,436
3.000%, 05/01/43		1,238,119		1,244,811
3.000%, 06/01/43		312,698		314,388
3.000%, 09/01/43		755,595		759,445
3.000%, 01/01/48 (c)		2,000,000		2,000,000
3.500%, 11/01/25		287,597		297,811
3.500%, 01/01/26		289,129		299,398
3.500%, 11/01/40		446,484		462,448
3.500%, 01/01/41		391,846		404,917
3.500%, 02/01/41		288,617		299,299
3.500%, 04/01/41		478,976		494,952
3.500%, 11/01/41		2,425,074		2,509,012
3.500%, 01/01/42		2,244,531		2,317,207
3.500%, 04/01/42		2,396,364		2,474,492
3.500%, 08/01/42		1,695,510		1,751,510
3.500%, 01/01/43		394,054		406,879
3.500%, 03/01/43		1,400,959		1,451,065
3.500%, 05/01/43		1,267,730		1,312,378
3.500%, 05/01/45		1,329,891		1,370,219
3.500%, 10/01/45		727,992		747,844
4.000%, 04/01/41		1,359,099		1,439,846
4.000%, 08/01/41		432,009		453,705
4.000%, 09/01/41		676,032		715,019
4.000%, 04/01/44		2,841,406		2,975,182
4.000%, 08/01/44		314,074		331,428
4.000%, 01/01/48 (c)		1,100,000		1,150,313
4.500%, 05/01/35		148,675		158,949
4.500%, 07/01/35		435,539		465,341
4.500%, 06/01/39		242,014		259,995
4.500%, 04/01/41		1,763,430		1,909,067
4.500%, 07/01/41		1,603,024		1,717,493
5.000%, 05/01/18		1,145		1,165
5.000%, 06/01/18		3,148		3,205
5.000%, 07/01/18		6,674		6,794
5.000%, 07/01/23		87,318		93,741
5.000%, 11/01/33		54,232		58,908
5.000%, 05/01/34		17,516		19,030
5.000%, 12/01/34		243,404		264,405
5.000%, 04/01/35		59,625		64,771
5.000%, 08/01/35		84,317		91,254
5.000%, 04/01/38		205,718		226,321
5.000%, 12/01/39		308,070		339,304
5.000%, 04/01/41		341,935		373,141
5.500%, 02/01/18		733		733
5.500%, 03/01/18		1,709		1,709
5.500%, 04/01/33		423,810		472,543
5.500%, 12/01/33		100,020		111,555

See accompanying notes to financial statements.
46

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
5.500%, 01/01/34	$	140,362	$	155,761
5.500%, 02/01/34		154,232		171,725
5.500%, 03/01/34		280,019		314,905
5.500%, 04/01/34		128,405		142,392
5.500%, 09/01/34		55,127		61,266
5.500%, 02/01/35		193,336		215,058
5.500%, 04/01/35		302,614		335,203
5.500%, 06/01/35		39,443		43,264
5.500%, 08/01/35		135,745		150,587
5.500%, 10/01/35		396,434		447,165
5.500%, 11/01/35		93,844		104,076
5.500%, 12/01/35		74,863		83,039
5.500%, 12/01/39		118,904		131,688
6.000%, 08/01/23		72,700		76,417
6.000%, 10/01/32		282,385		322,325
6.000%, 11/01/32		213,307		243,609
6.000%, 03/01/33		296,001		338,503
6.000%, 04/01/33		14,355		16,049
6.000%, 12/01/33		101,050		114,930
6.000%, 01/01/36		55,418		62,240
6.000%, 08/01/37		44,648		50,367
6.000%, 09/01/37		85,573		97,243
6.000%, 10/01/38		209,787		240,918
6.000%, 12/01/38		123,839		140,002
6.000%, 06/01/40		49,090		55,376
6.500%, 12/01/31		82,651		93,819
6.500%, 02/01/32		29,700		33,841
6.500%, 04/01/32		123,303		140,302
6.500%, 05/01/32		34,738		38,506
6.500%, 07/01/32		95,853		109,357
6.500%, 08/01/32		146,610		166,530
6.500%, 09/01/32		100,254		112,731
6.500%, 10/01/32		145,745		166,061
6.500%, 11/01/37		72,886		81,647
7.000%, 07/01/31		79,220		91,789
7.000%, 09/01/31		161,182		186,059
7.000%, 11/01/31		226,500		253,423
7.000%, 02/01/32		39,130		43,346
7.000%, 03/01/32		22,967		26,480
7.000%, 07/01/32		68,221		75,677
7.500%, 04/01/31		92,497		101,996
7.500%, 05/01/31		22,446		24,607
				47,392,906
Government National Mortgage Association (GNMA) (2.3%)
0.011%, 06/17/45 (b) (d)		386,823		130
3.000%, 03/15/45		1,206,990		1,217,304
3.000%, 03/20/45		975,357		985,468
3.000%, 04/15/45		1,618,492		1,632,322
3.250%, 11/20/35		377,628		389,484
3.500%, 10/20/43		716,421		744,613
3.500%, 02/20/45		472,872		489,588
3.500%, 03/20/45		523,766		542,281
3.500%, 04/20/46		1,070,437		1,107,356
3.750%, 03/20/46		694,404		721,396
5.000%, 12/15/39		30,848		33,981
5.000%, 01/15/40		491,075		531,311
5.500%, 07/15/38		218,411		241,323
5.500%, 10/15/38		275,109		310,523
8.500%, 10/15/22		10,900		10,938
				8,958,018

	Principal		Value(a)
U.S. Treasury (12.1%)
U.S. Treasury Bond 2.750%, 08/15/47	$	6,815,000	$	6,823,519
5.375%, 02/15/31 (e)		5,115,000		6,796,356
U.S. Treasury Note 0.875%, 05/15/19		370,000		365,129
1.000%, 11/15/19		200,000		196,781
1.375%, 01/15/20		1,000,000		989,688
1.375%, 02/15/20		2,629,000		2,600,040
1.500%, 06/15/20		375,000		371,221
1.500%, 07/15/20		1,250,000		1,236,621
2.000%, 10/31/22		17,690,000		17,535,903
2.000%, 11/30/22		4,000,000		3,963,594
2.250%, 10/31/24		5,575,000		5,549,303
				46,428,155
Total government obligations (cost: $127,507,206)				131,035,930
Asset-Backed Securities (4.1%)
Bank of The West Auto Trust, 3.210%, 04/15/25 (f)		743,000		736,118
CarMax Auto Owner Trust, 2.160%, 08/16/21		1,300,000		1,296,455
Commonbond Student Loan Trust, 2.550%, 05/25/41 (f)		833,520		829,061
Conseco Finance Corp., 6.400%, 10/15/18		2,687		2,687
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f)		1,479,253		1,526,245
Countrywide Asset-Backed Certificates, 5.934%, 05/25/37 (b)		1,391,790		1,385,422
Earnest Student Loan Program LLC 3.020%, 05/25/34 (f)		1,082,370		1,089,127
2.720%, 01/25/41 (f)		817,615		815,321
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (f) (g) (h) (i)		245,634		245,804
Foursight Capital Automobile Receivables Trust, 3.710%, 01/18/22 (f)		1,200,000		1,188,269
GMAC Mortgage Corp. Loan Trust, 5.952%, 08/25/37 (j)		2,545,761		2,637,253
Invitation Homes 2015-SFR3 Trust, 2.760%, 08/17/32 (1-Month LIBOR + 1.300%) (b) (f)		949,794		955,731
Progress Residential Trust, 3.565%, 08/17/34 (f)		1,050,000		1,041,996
TCF Auto Receivables Owner Trust, 2.060%, 04/15/20 (f)		621,275		621,352
Towd Point Mortgage Trust, 3.750%, 04/25/55 (b) (f)		805,000		830,559
Wheels SPV 2 LLC, 1.870%, 05/20/25 (f)		450,000		447,183
Total asset-backed securities (cost: $15,523,297)				15,648,583

See accompanying notes to financial statements.
47

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Other Mortgage-Backed Securities (8.3%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (1.8%)
Credit-Based Asset Servicing and Securitization LLC, 6.250%, 10/25/36 (f) (j)	$	369,825	$	374,127
CSMC Trust, 3.500%, 06/25/47 (b) (f)		2,025,000		2,002,290
GS Mortgage-Backed Securities Trust, 3.129%, 07/25/44 (b) (f)		2,491,276		2,393,285
JPMorgan Mortgage Trust, 3.579%, 11/25/33 (b)		215,968		210,939
Mellon Residential Funding Corp., 6.750%, 06/25/28		6,692		6,760
Seasoned Credit Risk Transfer Trust 4.000%, 08/25/56 (b) (f)		1,000,000		998,112
4.000%, 07/25/56 (b) (f)		1,030,000		1,023,562
				7,009,075
Commercial Mortgage-Backed Securities (6.5%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)		200,720		201,565
Aventura Mall Trust 2013-AVM, 3.743%, 12/05/32 (b) (f)		1,000,000		1,022,236
Banc of America Re-Remic Trust, 4.185%, 08/15/46 (b) (f)		1,350,000		1,464,699
BB-UBS Trust, 4.026%, 11/05/36 (b) (f)		500,000		501,724
Hometown Commercial Mortgage 5.506%, 11/11/38 (f) (h)		33,298		27,605
6.057%, 06/11/39 (f) (h)		54,058		35,708
JPMCC Commercial Mortgage Securities Trust, 3.723%, 03/15/50		1,000,000		1,047,458
Merrill Lynch Mortgage Investors, Inc., 6.250%, 12/10/29 (b)		128,931		128,254
Morgan Stanley Capital I Trust 3.201%, 08/05/34 (f)		860,000		867,631
3.451%, 08/05/34 (f)		550,000		545,919
One Market Plaza Trust, 3.614%, 02/10/32 (f)		2,000,000		2,059,376
UBS Commercial Mortgage Trust 3.724%, 06/15/50		4,000,000		4,057,921
3.580%, 12/15/50		3,000,000		3,096,751
4.061%, 12/15/50 (b)		1,505,000		1,558,325
Vornado DP LLC, 4.004%, 09/13/28 (f)		1,475,000		1,527,357
Wells Fargo Commercial Mortgage Trust 3.637%, 06/15/48		1,280,000		1,330,223
3.184%, 04/15/50		1,544,000		1,559,793
2.814%, 08/15/49		2,165,000		2,088,154
3.640%, 12/15/59		1,560,000		1,618,489

	Principal		Value(a)
WF-RBS Commercial Mortgage Trust, 3.667%, 11/15/44	$	345,000	$	357,097
				25,096,285
Total other mortgage-backed securities (cost: $32,343,870)				32,105,360
Corporate Obligations (52.1%)
Communications (1.4%)
Telecommunication (0.5%)
Crown Castle Towers LLC, 3.222%, 05/15/22 (f)		1,950,000		1,969,558
Telephone Services (0.6%)
SBA Tower Trust, 2.240%, 04/10/18 (f)		2,440,000		2,440,304
Telephone — Integrated (0.3%)
AT&T, Inc., 5.150%, 02/14/50		1,100,000		1,113,711
Consumer Cyclical (2.4%)
Auto/Truck Parts & Equipment — Original (2.4%)
General Motors Financial Co., Inc. 2.400%, 05/09/19		1,675,000		1,675,406
2.606%, 10/04/19 (3-Month USD LIBOR + 1.270%) (b)		3,275,000		3,318,045
3.950%, 04/13/24		2,000,000		2,058,980
Nissan Motor Acceptance Corp., 2.150%, 09/28/20 (f)		2,000,000		1,983,469
				9,035,900
Consumer, Non-cyclical (1.5%)
Consumer Products — Miscellaneous (0.2%)
Newell Brands, Inc., 5.000%, 11/15/23		860,000		907,661
Drugstore Chains (1.3%)
CVS Pass-Through Trust 5.298%, 01/11/27 (f)		1,206,631		1,282,408
5.880%, 01/10/28		405,490		444,605
6.036%, 12/10/28		2,212,950		2,460,108
6.943%, 01/10/30		594,386		695,105
				4,882,226
Energy (5.1%)
Oil & Gas (0.5%)
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 3.337%, 12/15/27 (f)		1,375,000		1,372,692
4.080%, 12/15/47 (f) (h)		415,000		422,082
				1,794,774
Oil, Gas & Consumable Fuels (0.7%)
Marathon Petroleum Corp., 5.850%, 12/15/45		2,270,000		2,614,751
Pipelines (3.9%)
Andeavor Logistics L.P./Tesoro Logistics Finance Corp., 3.500%, 12/01/22		1,025,000		1,023,055

See accompanying notes to financial statements.
48

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Enterprise Products Operating LLC,
4.258%, 06/01/67 (3-Month USD LIBOR + 2.778%) (b)	$	2,180,000	$	2,138,580
NuStar Logistics L.P., 8.400%, 04/15/18		2,986,000		3,034,522
Sabine Pass Liquefaction LLC, 5.750%, 05/15/24		3,000,000		3,334,443
Sunoco Logistics Partners Operations L.P. 5.400%, 10/01/47		850,000		855,740
6.850%, 02/15/40		2,150,000		2,407,841
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,850,000		2,410,088
				15,204,269
Financial (17.2%)
Banks (8.9%)
Bank of America Corp. 3.950%, 04/21/25		780,000		806,612
4.000%, 01/22/25		1,650,000		1,716,597
Barclays PLC,
2.975%, 01/10/23 (3-Month USD LIBOR + 1.625%) (b) (g)		3,300,000		3,390,402
Capital One NA/Mclean VA,
2.329%, 09/13/19 (3-Month USD LIBOR + 0.765%) (b)		3,000,000		3,013,953
Citigroup, Inc., 4.400%, 06/10/25		1,500,000		1,583,301
Compass Bank, 3.875%, 04/10/25		2,500,000		2,507,966
Discover Bank 3.450%, 07/27/26		1,900,000		1,875,587
8.700%, 11/18/19		322,000		354,063
HSBC Holdings PLC,
3.262%, 03/13/23 (3-Month USD LIBOR + 1.055%) (b) (g)		1,875,000		1,901,101
JPMorgan Chase & Co.,
5.000%, 07/01/19 (3-Month USD LIBOR + 3.320%) (b)		1,700,000		1,729,546
Morgan Stanley
2.617%, 05/08/24 (3-Month USD LIBOR + 1.220%) (b)		3,600,000		3,675,703
3.125%, 07/27/26		800,000		789,064
5.450%, 07/15/19 (3-Month USD LIBOR + 3.610%) (b)		1,870,000		1,919,555
5.500%, 07/28/21		740,000		809,440
Suntrust Banks, Inc.,
5.050%, 06/15/22 (3-Month USD LIBOR + 3.102%) (b)		1,160,000		1,174,500
Synovus Financial Corp., 3.125%, 11/01/22		3,100,000		3,074,270
The Goldman Sachs Group, Inc., 2.160%, 10/31/22 (b)		2,125,000		2,127,761

	Principal		Value(a)
US Bancorp,
5.300%, 04/15/27 (3-Month USD LIBOR + 2.914%) (b)	$	800,000	$	866,040
Wells Fargo & Co., 3.000%, 10/23/26		1,100,000		1,078,172
				34,393,633
Diversified Financial Services (1.6%)
Block Financial LLC, 4.125%, 10/01/20		2,050,000		2,113,030
Raymond James Financial, Inc., 4.950%, 07/15/46		1,400,000		1,582,776
The Charles Schwab Corp.,
4.625%, 03/01/22 (3-Month USD LIBOR + 3.315%) (b)		2,200,000		2,244,000
				5,939,806
Insurance (5.1%)
Great-West Life & Annuity Insurance Capital L.P. II,
3.957%, 05/16/46 (3-Month USD LIBOR + 2.538%) (b) (f)		3,150,000		3,114,563
Liberty Mutual Group, Inc.,
4.494%, 03/15/37 (3-Month USD LIBOR + 2.905%) (b) (f)		3,250,000		3,185,000
Nuveen Finance LLC 2.950%, 11/01/19 (f)		1,345,000		1,357,859
4.125%, 11/01/24 (f)		1,150,000		1,213,662
Peachtree Corners Funding Trust, 3.976%, 02/15/25 (f)		1,825,000		1,879,109
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (f)		2,500,000		2,643,852
The Chubb Corp.,
3.609%, 04/15/37 (3-Month USD LIBOR + 2.250%) (b)		4,000,000		3,970,000
Unum Group, 5.750%, 08/15/42		1,975,000		2,416,688
				19,780,733
Real Estate Investment Trust — Health Care (1.0%)
Physicians Realty L.P., 4.300%, 03/15/27		1,275,000		1,297,274
Ventas Realty L.P., 3.100%, 01/15/23		2,500,000		2,500,374
				3,797,648
Real Estate Investment Trust — Hotels (0.6%)
Hospitality Properties Trust 4.500%, 06/15/23		700,000		731,932
4.500%, 03/15/25		450,000		467,072
4.650%, 03/15/24		920,000		966,851
				2,165,855

See accompanying notes to financial statements.
49

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Health Care (2.6%)
Health Care Providers & Services (1.9%)
Anthem, Inc. 2.950%, 12/01/22	$	1,235,000	$	1,235,517
4.375%, 12/01/47		950,000		1,010,080
Express Scripts Holding Co., 2.229%, 11/30/20 (b)		2,000,000		2,000,893
NYU Hospitals Center, 4.428%, 07/01/42		1,480,000		1,597,047
Sinai Health System, 3.034%, 01/20/36		1,465,000		1,462,356
				7,305,893
Medical Products/Supplies (0.7%)
Bio-Rad Laboratories, Inc., 4.875%, 12/15/20		2,700,000		2,857,553
Industrials (1.3%)
Electrical Equipment (0.4%)
Keysight Technologies, Inc., 3.300%, 10/30/19		1,500,000		1,514,193
Machinery (0.9%)
Siemens Financieringsmaatschappij NV, 2.210%, 03/16/22 3-Month USD (LIBOR + 0.610%) (b) (f) (g)		3,275,000		3,304,468
Information Technology (1.8%)
Electronic Equipment, Instruments & Components (0.5%)
Tech Data Corp., 3.700%, 02/15/22		1,835,000		1,840,690
Software (0.5%)
Microsoft Corp., 4.500%, 02/06/57		1,800,000		2,131,423
Technology Hardware Storage & Peripherals (0.8%)
Hewlett Packard Enterprise Co., 2.100%, 10/04/19 (f)		3,000,000		2,979,466
Materials (0.5%)
Chemicals (0.5%)
The Mosaic Co. 3.250%, 11/15/22		1,550,000		1,536,441
4.050%, 11/15/27		465,000		466,219
				2,002,660
Technology (0.8%)
Computers (0.8%)
Dell International LLC/EMC Corp, 8.350%, 07/15/46 (f)		980,000		1,262,772
Dell International LLC/EMC Corp., 5.450%, 06/15/23 (f)		1,790,000		1,934,344
				3,197,116

	Principal		Value(a)
Transportation (7.0%)
Airlines (5.9%)
Air Canada 2015 -1 Class C Pass Through Trust, 5.000%, 03/15/20 (f) (g)	$	2,600,000	$	2,658,240
Air Canada 2017-1 Class A Pass Through Trust, 3.550%, 01/15/30 (f) (g)		2,175,000		2,174,750
America West Airlines 2000-1 Pass Through Trust, 8.057%, 07/02/20		509,366		571,814
American Airlines 2013-1 Class B Pass Through Trust, 5.625%, 01/15/21 (f)		1,822,975		1,895,894
American Airlines 2013-2 Class B Pass Through Trust, 5.600%, 07/15/20 (f)		1,238,028		1,279,378
American Airlines 2015-1 Class B Pass Through Trust, 3.700%, 05/01/23		1,642,131		1,638,026
American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 01/15/24		497,759		525,085
British Airways 2013-1 Class B Pass Through Trust, 5.625%, 06/20/20 (f)		383,285		396,776
Continental Airlines 2009-2 Class A Pass Through Trust, 7.250%, 11/10/19		1,260,192		1,358,645
Continental Airlines 2012-1 Class B Pass Through Trust, 6.250%, 04/11/20		815,869		855,194
Delta Air Lines 2012-1 Class A Pass Through Trust, 4.750%, 05/07/20		451,650		469,716
Delta Air Lines 2012-1 Class B Pass Through Trust, 6.875%, 05/07/19 (f)		1,118,553		1,166,092
Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 07/30/23		1,032,625		1,065,566
Hawaiian Airlines 2013-1 Class B Pass Through Certificates, 4.950%, 01/15/22		813,378		838,796
United Airlines 2014-1 Class B Pass Through Trust, 4.750%, 04/11/22		539,020		557,455
United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 09/03/22		2,230,665		2,294,462
US Airways 2012-2 Class B Pass Through Trust, 6.750%, 06/03/21		1,382,112		1,501,112
Virgin Australia 2013-1A Pass Through Trust, 5.000%, 10/23/23 (f) (g)		920,347		957,161
Virgin Australia 2013-1B Pass Through Trust, 6.000%, 10/23/20 (f) (g)		409,465		418,678
				22,622,840

See accompanying notes to financial statements.
50

SFT Advantus Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Transport — Rail (1.1%)
BNSF Funding Trust I, 6.613%, 12/15/55 (3-Month USD LIBOR + 2.350%) (b)	$	3,785,000	$	4,362,213
Utilities (10.5%)
Electric Companies (0.9%)
Dominion Energy Gas Holdings LLC, 2.500%, 12/15/19		1,270,000		1,271,995
Indianapolis Power & Light Co., 4.700%, 09/01/45 (f)		1,900,000		2,158,454
				3,430,449
Electric Utilities (7.7%)
Avangrid, Inc., 3.150%, 12/01/24		1,925,000		1,914,929
Cleco Corporate Holdings LLC 3.743%, 05/01/26		1,125,000		1,129,181
4.973%, 05/01/46		1,000,000		1,103,295
Dominion Energy, Inc., 5.750%, 10/01/54 (3-Month USD LIBOR + 3.057%) (b)		1,800,000		1,944,000
El Paso Electric Co., 5.000%, 12/01/44		1,165,000		1,285,594
Entergy Mississippi, Inc., 3.250%, 12/01/27		1,100,000		1,097,092
Entergy Texas, Inc., 3.450%, 12/01/27		1,885,000		1,910,175
Exelon Corp., 3.497%, 06/01/22		1,750,000		1,783,425
FirstEnergy Transmission LLC, 5.450%, 07/15/44 (f)		2,000,000		2,375,640
IPALCO Enterprises, Inc. 3.450%, 07/15/20		1,400,000		1,414,000
3.700%, 09/01/24 (f)		1,175,000		1,173,932
Oncor Electric Delivery Co. LLC, 3.800%, 09/30/47 (f)		1,875,000		1,947,934
Pennsylvania Electric Co., 3.250%, 03/15/28 (f)		1,225,000		1,205,346
PPL Capital Funding, Inc., 4.358%, 03/30/67 (3-Month USD LIBOR + 2.665%) (b)		4,500,000		4,443,750
Southern Power Co., 4.950%, 12/15/46		2,450,000		2,687,382
The Cleveland Electric Illuminating Co., 3.500%, 04/01/28 (f)		2,400,000		2,402,621
				29,818,296
Gas Utilities (1.9%)
Boston Gas Co., 3.150%, 08/01/27 (f)		800,000		797,427
NiSource Finance Corp., 3.950%, 03/30/48		2,750,000		2,817,100

	Shares/ Principal		Value(a)
Southern Co. Gas Capital Corp. 3.875%, 11/15/25	$	2,630,000	$	2,713,873
4.400%, 05/30/47		775,000		830,302
				7,158,702
Total corporate obligations (cost: $194,962,051)				200,566,791
Total long-term debt securities (cost: $370,336,424)				379,356,664
Short-Term Securities (3.0%)
Investment Companies (3.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210% (k)		11,618,459		11,618,459
Total short-term securities (cost: $11,618,459)				11,618,459
Total investments in securities (cost: $381,954,883) (l)				390,975,123
Liabilities in excess of cash and other assets (-1.5%)				(5,669,740	)
Total net assets (100.0%)			$	385,305,383

See accompanying notes to financial statements.
51

SFT Advantus Bond Fund
Investments in Securities – continued

Investments in Securities Legend

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

(b) Variable rate security.

(c) Security is issued on a when-issued or forward commitment basis. As of December 31, 2017 the total cost of investments issued on a when-issued or forward commitment basis was $7,635,351.

(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 December 31, 2017, securities with an aggregate market value of $398,613 have been pledged to cover margin requirements for the following open futures contracts:

Type	Expiration	Number of Contracts		Position Type	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)
10 Year U.S. Ultra	March 2018		170	Short		(22,700,867	)	$	(22,705,625	)	$	(4,758	)
5 Year U.S. Treasury Note	March 2018		20	Long		2,334,434			2,323,281			(11,153	)
U.S. Long Bond	March 2018		250	Long		38,039,309			38,250,000			210,691
U.S. Ultra Bond	March 2018		100	Short		(16,504,015	)		(16,765,625	)		(261,610	)
								$	1,102,031		$	(66,830	)

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

(g) Foreign security: The Fund held 3.9% of net assets in foreign securities at December 31, 2017.

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

(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 December 31, 2017.

(l) At December 31, 2017 the cost of investments for federal income tax purposes was $382,048,627. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	10,758,103
Gross unrealized depreciation		(1,898,437	)
Net unrealized appreciation	$	8,859,666

See accompanying notes to financial statements.
52

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities

December 31, 2017

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

	Principal		Value(a)
Long-Term Debt Securities (38.5%)
Government Obligations (0.8%)
U.S. Government Agencies and Obligations (0.8%)
Federal Home Loan Mortgage Corporation (FHLMC) (0.3%)
3.000%, 09/01/43	$	162,218	$	163,129
3.500%, 10/01/44		269,924		277,995
3.500%, 11/01/44		266,686		274,506
3.500%, 12/01/44		281,493		289,666
				1,005,296
Federal National Mortgage Association (FNMA) (0.2%)
3.000%, 04/01/43		246,706		248,039
3.000%, 05/01/43		107,592		108,173
3.000%, 06/01/43		315,749		317,439
3.500%, 08/01/42		136,735		141,251
3.500%, 02/01/43		152,289		157,834
				972,736
U.S. Treasury (0.3%)
U.S. Treasury Note, 0.625%, 04/30/18 (b)		1,000,000		997,416
Total government obligations (cost: $2,944,426)				2,975,448
Asset-Backed Security (0.2%)
Longtrain Leasing III LLC 2015-1A Class A2, 4.060%, 01/15/45 (c) (d)		1,000,000		1,024,110
Total asset-backed securities (cost: $999,582)				1,024,110
Other Mortgage-Backed Securities (0.3%)
Commercial Mortgage-Backed Securities (0.3%)
CSMC Mortgage Trust, 4.138%, 11/15/37 (d) (e)		1,000,000		1,045,607
Total other mortgage-backed securities (cost: $1,007,978)				1,045,607
Corporate Obligations (37.2%)
Basic Materials (0.0%)
Mining (0.0%)
BHP Billiton Finance USA, Ltd., 2.875%, 02/24/22 (f)		122,000		123,408
Communications (2.0%)
Cable/Satellite TV (0.6%)
Comcast Corp. 4.200%, 08/15/34 (b)		500,000		534,244
4.650%, 07/15/42		250,000		281,410
6.400%, 05/15/38 (b)		1,000,000		1,350,383
				2,166,037
Internet & Catalog Retail (0.3%)
Amazon.com, Inc., 3.875%, 08/22/37 (d)		1,000,000		1,061,099

	Principal		Value(a)
Media (0.6%)
CBS Corp. 3.500%, 01/15/25	$	750,000	$	752,775
4.000%, 01/15/26		250,000		255,496
Time Warner, Inc., 4.850%, 07/15/45		1,000,000		1,050,234
Viacom, Inc., 5.625%, 09/15/19		250,000		261,586
				2,320,091
Telecommunication (0.2%)
Crown Castle Towers LLC, 3.663%, 05/15/45 (d)		1,000,000		1,017,090
Telephone — Integrated (0.2%)
AT&T, Inc., 4.100%, 02/15/28 (d)		803,000		805,657
Wireless Telecommunication Services (0.1%)
Rogers Communications, Inc., 4.100%, 10/01/23 (f)		250,000		262,328
Consumer Cyclical (1.5%)
Auto/Truck Parts & Equipment-Original (0.4%)
Ford Motor Co., 5.291%, 12/08/46		1,500,000		1,632,313
Food & Staples Retailing (0.3%)
The Kroger Co., 4.450%, 02/01/47		1,000,000		998,487
Home Furnishings (0.3%)
Harman International Industries, Inc., 4.150%, 05/15/25		1,000,000		1,033,945
Retail (0.5%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		996,179
Target Corp., 3.500%, 07/01/24		750,000		781,919
Wal-Mart Stores, Inc., 1.950%, 12/15/18 (b)		250,000		250,052
				2,028,150
Consumer Staples (1.5%)
Beverages (0.1%)
The Coca-Cola Co., 3.200%, 11/01/23 (b)		500,000		519,183
Consumer Products — Miscellaneous (0.2%)
Johnson (S.C.) & Son, Inc., 3.350%, 09/30/24 (d)		750,000		771,678
Food Products (0.6%)
Archer-Daniels-Midland Co., 3.750%, 09/15/47		1,000,000		1,019,569
General Mills, Inc., 4.150%, 02/15/43		1,000,000		1,013,611
				2,033,180
Household Products (0.3%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		1,058,873

See accompanying notes to financial statements.
53

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
Personal Care (0.3%)
The Estee Lauder Cos., Inc., 4.150%, 03/15/47	$	1,000,000	$	1,095,246
Consumer, Non-cyclical (1.4%)
Commercial Service — Finance (0.1%)
Moody's Corp., 4.875%, 02/15/24		250,000		274,605
Diagnostic Equipment (0.6%)
Abbott Laboratories 3.875%, 09/15/25		750,000		775,742
4.750%, 11/30/36		1,000,000		1,123,601
4.750%, 04/15/43		250,000		277,576
				2,176,919
Drugstore Chains (0.1%)
CVS Pass-Through Trust, 6.943%, 01/10/30		181,215		211,922
Food (0.5%)
Flowers Foods, Inc., 3.500%, 10/01/26		1,000,000		980,739
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		1,170,265
				2,151,004
Pharmaceuticals (0.1%)
Novartis Capital Corp., 3.400%, 05/06/24		500,000		519,983
Energy (4.4%)
Oil & Gas (0.3%)
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27 (d)		1,000,000		998,321
Oil, Gas & Consumable Fuels (1.4%)
Apache Corp., 3.250%, 04/15/22		181,000		182,367
Chevron Corp., 3.191%, 06/24/23 (b)		250,000		256,906
EOG Resources, Inc., 2.625%, 03/15/23		250,000		247,132
Marathon Petroleum Corp., 3.625%, 09/15/24		750,000		764,872
Noble Energy, Inc., 3.900%, 11/15/24		1,000,000		1,028,184
Phillips 66, 4.650%, 11/15/34		1,000,000		1,095,650
Total Capital International SA, 3.750%, 04/10/24 (f)		750,000		795,258
Valero Energy Corp., 3.650%, 03/15/25		1,000,000		1,026,860
				5,397,229
Pipelines (2.7%)
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 5.250%, 01/15/25		500,000		525,850

	Principal		Value(a)
Columbia Pipeline Group, Inc., 4.500%, 06/01/25	$	1,000,000	$	1,064,741
Enbridge Energy Partners L.P., 6.500%, 04/15/18		250,000		253,313
Energy Transfer L.P., 4.900%, 03/15/35		1,000,000		989,194
Enterprise Products Operating LLC, 5.750%, 03/01/35		250,000		292,206
Florida Gas Transmission Co. LLC, 4.350%, 07/15/25 (d)		1,000,000		1,068,093
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		800,073
Magellan Midstream Partners L.P., 4.200%, 10/03/47		1,000,000		1,008,311
Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		250,000		248,813
Southern Natural Gas Co. LLC, 4.800%, 03/15/47 (d)		1,500,000		1,649,532
Spectra Energy Partners L.P., 2.950%, 09/25/18		250,000		251,502
Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		1,000,000		1,019,475
Williams Partners L.P. 3.750%, 06/15/27		500,000		501,039
4.300%, 03/04/24		500,000		523,677
				10,195,819
Financial (11.2%)
Banks (4.0%)
Associated Banc-Corp., 4.250%, 01/15/25		750,000		772,238
Astoria Financial Corp., 3.500%, 06/08/20		1,000,000		1,003,895
Bank of America Corp. 3.950%, 04/21/25		1,000,000		1,034,119
4.183%, 11/25/27		1,000,000		1,044,266
4.244%, 04/24/38 (3-Month USD LIBOR + 1.814%) (e)		1,000,000		1,084,531
5.700%, 01/24/22		250,000		278,694
Bank of Montreal, 2.375%, 01/25/19 (f)		250,000		250,740
Capital One Financial Corp., 4.750%, 07/15/21		250,000		267,120
Citigroup, Inc., 3.300%, 04/27/25		750,000		756,993
Credit Suisse Group Funding Guernsey, Ltd., 2.750%, 03/26/20 (f)		600,000		602,339
Discover Bank 3.100%, 06/04/20		1,000,000		1,011,868
4.250%, 03/13/26		500,000		521,474
HSBC Bank USA NA, 4.875%, 08/24/20		250,000		264,385

See accompanying notes to financial statements.
54

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
JPMorgan Chase & Co. 3.125%, 01/23/25	$	1,000,000	$	1,005,514
4.500%, 01/24/22		250,000		267,513
KeyBank NA, 3.180%, 10/15/27		1,000,000		1,007,477
PNC Bank NA 2.450%, 07/28/22		1,000,000		991,589
3.800%, 07/25/23		250,000		261,109
SunTrust Bank, 2.750%, 05/01/23		250,000		247,711
Synchrony Bank, 3.000%, 06/15/22		1,000,000		995,928
The Goldman Sachs Group, Inc., 3.850%, 01/26/27		1,000,000		1,026,657
				14,696,160
Capital Markets (0.5%)
E*TRADE Financial Corp., 2.950%, 08/24/22		1,000,000		991,558
The Bank of New York Mellon Corp.,
3.442%, 02/07/28 (3-Month USD LIBOR + 1.069%) (e)		1,000,000		1,022,146
				2,013,704
Diversified Financial Services (1.3%)
American Express Credit Corp., 3.300%, 05/03/27		1,000,000		1,014,772
CME Group, Inc., 3.000%, 03/15/25		1,000,000		1,011,377
Discover Financial Services, 3.750%, 03/04/25		1,000,000		1,006,602
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		1,023,452
TD Ameritrade Holding Corp., 2.950%, 04/01/22		700,000		708,383
				4,764,586
Insurance (2.4%)
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		1,039,831
Assured Guaranty US Holdings, Inc., 5.000%, 07/01/24		500,000		538,703
First American Financial Corp., 4.600%, 11/15/24		750,000		776,240
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (d)		750,000		790,299
Manulife Financial Corp., 4.150%, 03/04/26 (f)		750,000		796,514
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		1,107,679
Metropolitan Life Global Funding I, 3.875%, 04/11/22 (d)		250,000		262,164
Old Republic International Corp., 4.875%, 10/01/24		750,000		803,354

	Principal		Value(a)
Pacific Life Insurance Co.,
4.300%, 10/24/67 (3-Month USD LIBOR + 2.796%) (c) (d) (e)	$	1,000,000	$	1,003,100
StanCorp Financial Group, Inc., 5.000%, 08/15/22		750,000		804,083
The Hanover Insurance Group, Inc., 4.500%, 04/15/26		1,000,000		1,040,236
				8,962,203
Property / Casualty Insurance (0.3%)
Arch Capital Finance LLC, 4.011%, 12/15/26		1,000,000		1,041,124
Real Estate Investment Trust — Diversified (0.3%)
Retail Properties of America, Inc., 4.000%, 03/15/25		1,000,000		961,666
Real Estate Investment Trust — Health Care (0.8%)
Healthcare Realty Trust, Inc., 3.875%, 05/01/25		1,000,000		1,013,214
Healthcare Trust of America Holdings L.P., 3.750%, 07/01/27		1,000,000		995,942
Physicians Realty L.P., 4.300%, 03/15/27		1,000,000		1,017,470
				3,026,626
Real Estate Investment Trust — Office Property (0.1%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		530,019
Real Estate Investment Trust — Residential (0.2%)
UDR, Inc., 4.000%, 10/01/25		750,000		782,002
Real Estate Investment Trust — Shopping Centers (0.1%)
Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/23		250,000		260,613
Real Estate Investment Trust — Single Tenant (0.3%)
Select Income REIT, 4.500%, 02/01/25		750,000		756,410
Tanger Properties L.P., 3.875%, 12/01/23		500,000		509,651
				1,266,061
Real Estate Investment Trust — Storage (0.1%)
CubeSmart L.P., 4.375%, 12/15/23		500,000		525,703
Specialized REITs (0.8%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		982,484
Essex Portfolio L.P., 3.500%, 04/01/25		1,000,000		1,008,575

See accompanying notes to financial statements.
55

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
Goodman US Finance Four LLC, 4.500%, 10/15/37 (c) (d)	$	500,000	$	516,730
HCP, Inc., 4.250%, 11/15/23		250,000		262,395
				2,770,184
Health Care (3.0%)
Biotechnology (0.4%)
Amgen, Inc., 5.700%, 02/01/19		250,000		259,488
Celgene Corp., 3.875%, 08/15/25		1,000,000		1,035,087
				1,294,575
Health Care Providers & Services (1.0%)
Aetna, Inc., 3.875%, 08/15/47		1,000,000		985,518
Anthem, Inc., 4.375%, 12/01/47		1,000,000		1,063,242
Laboratory Corp. of America Holdings, 4.000%, 11/01/23		250,000		259,541
UnitedHealth Group, Inc. 2.750%, 02/15/23		250,000		250,495
3.750%, 07/15/25 (b)		1,000,000		1,054,025
				3,612,821
Pharmaceuticals (1.6%)
AbbVie, Inc., 3.600%, 05/14/25		1,000,000		1,028,076
Allergan Funding SCS, 3.800%, 03/15/25 (f)		670,000		682,091
Bristol-Myers Squibb Co., 3.250%, 11/01/23		500,000		518,313
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		1,018,151
Eli Lilly & Co., 3.950%, 05/15/47		1,000,000		1,073,670
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,268,713
Mylan, Inc., 4.200%, 11/29/23		500,000		518,245
				6,107,259
Industrials (4.2%)
Aerospace & Defense (0.7%)
Harris Corp., 3.832%, 04/27/25		1,000,000		1,036,333
Rockwell Collins, Inc., 3.700%, 12/15/23		500,000		518,602
United Technologies Corp., 4.050%, 05/04/47		1,000,000		1,046,679
				2,601,614
Air Freight & Logistics (0.3%)
FedEx Corp., 4.400%, 01/15/47		1,000,000		1,067,026
Building Products (0.3%)
CRH America Finance, Inc., 4.400%, 05/09/47 (d)		1,000,000		1,052,026

	Principal		Value(a)
Electrical Equipment (0.5%)
Flex. Ltd., 4.750%, 06/15/25 (f)	$	1,000,000	$	1,069,891
Trimble, Inc., 4.750%, 12/01/24		750,000		809,421
				1,879,312
Electronic Parts Distributions (0.4%)
Avnet, Inc., 3.750%, 12/01/21		1,500,000		1,521,576
Environmental Control (0.3%)
Waste Management, Inc., 3.900%, 03/01/35		1,000,000		1,048,366
Industrial Conglomerates (0.3%)
3M Co., 3.625%, 10/15/47		1,000,000		1,026,271
Machinery (0.2%)
Caterpillar Financial Services Corp., 3.750%, 11/24/23		750,000		789,001
Miscellaneous Manufacturing (0.6%)
Carlisle Cos., Inc., 3.750%, 12/01/27		1,000,000		1,010,387
Textron, Inc. 3.875%, 03/01/25		750,000		777,450
4.300%, 03/01/24		500,000		528,753
				2,316,590
Road & Rail (0.1%)
Kansas City Southern, 4.300%, 05/15/43		250,000		262,801
Tools-Hand Held (0.2%)
Stanley Black & Decker, Inc., 2.451%, 11/17/18		800,000		802,416
Transportation (0.1%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		350,000		370,475
Trucking & Leasing (0.2%)
GATX Corp., 3.250%, 03/30/25		1,000,000		990,327
Information Technology (1.9%)
Communications Equipment (0.4%)
Juniper Networks, Inc., 4.500%, 03/15/24		500,000		520,289
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		1,076,156
				1,596,445
Computers (0.3%)
Apple, Inc., 4.375%, 05/13/45 (b)		1,000,000		1,126,568
Internet Software & Services (0.2%)
eBay, Inc., 3.450%, 08/01/24		750,000		762,228

See accompanying notes to financial statements.
56

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Principal		Value(a)
IT Services (0.4%)
The Western Union Co., 3.350%, 05/22/19	$	500,000	$	505,411
Total System Services, Inc., 4.800%, 04/01/26		750,000		811,420
				1,316,831
Software (0.6%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		1,043,183
Oracle Corp., 3.800%, 11/15/37		1,000,000		1,048,771
				2,091,954
Materials (1.1%)
Chemicals (0.8%)
Potash Corp. of Saskatchewan, Inc., 3.000%, 04/01/25 (f)		1,000,000		980,091
The Dow Chemical Co., 3.500%, 10/01/24		750,000		771,633
The Mosaic Co., 5.450%, 11/15/33		200,000		217,811
The Sherwin-Williams Co., 3.950%, 01/15/26		1,000,000		1,042,832
				3,012,367
Construction Materials (0.3%)
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		1,021,008
Telecommunication Services (0.6%)
Diversified Telecommunication Services (0.6%)
AT&T, Inc. 4.350%, 06/15/45		250,000		230,650
4.500%, 05/15/35		1,000,000		994,066
Verizon Communications, Inc., 5.250%, 03/16/37		1,000,000		1,099,682
				2,324,398
Transportation (0.8%)
Airlines (0.5%)
American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 03/22/29		928,983		959,733
British Airways 2013-1 Class A Pass Through Trust, 4.625%, 12/20/25 (d)		837,534		886,949
United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/27		213,081		224,853
				2,071,535
Transport — Rail (0.3%)
Norfolk Southern Corp., 3.850%, 01/15/24		500,000		527,554
Union Pacific Corp., 3.750%, 03/15/24		500,000		528,455
				1,056,009

	Principal		Value(a)
Utilities (3.6%)
Electric Utilities (2.3%)
Ameren Illinois Co., 3.700%, 12/01/47	$	1,000,000	$	1,023,220
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		1,117,621
Duke Energy Progress LLC, 3.600%, 09/15/47		1,000,000		1,002,493
Entergy Louisiana LLC, 3.300%, 12/01/22		250,000		255,468
Northern States Power Co. 3.600%, 09/15/47		1,000,000		1,017,541
3.750%, 12/01/47		1,000,000		1,008,499
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		800,737
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		1,088,011
PPL Capital Funding, Inc., 3.400%, 06/01/23		250,000		255,048
Southern California Edison Co., 4.000%, 04/01/47		1,000,000		1,074,069
				8,642,707
Electric — Integrated (0.1%)
Berkshire Hathaway Energy Co., 3.750%, 11/15/23		250,000		260,330
Gas Utilities (0.4%)
ONEOK, Inc., 4.000%, 07/13/27		500,000		506,764
Washington Gas Light Co., 3.796%, 09/15/46		1,000,000		1,026,195
				1,532,959
Multi-Utilities (0.4%)
Dominion Energy Gas Holdings LLC, 3.550%, 11/01/23		250,000		255,181
National Fuel Gas Co., 5.200%, 07/15/25		1,000,000		1,072,602
				1,327,783
Water Utilities (0.4%)
American Water Capital Corp., 3.750%, 09/01/47		1,000,000		1,031,873
Aquarion Co., 4.000%, 08/15/24 (c) (d)		500,000		521,410
				1,553,283
Total corporate obligations (cost: $134,071,758)				138,892,079
Total long-term debt securities (cost: $139,023,744)				143,937,244
Purchased Option (0.0%)
Call Option Purchased (0.0%)
CBOE SPX Volatility Index, $15.00, 01/17/18 (cost: $56,442)				52,148

See accompanying notes to financial statements.
57

SFT Advantus Dynamic Managed Volatility Fund
Investments in Securities – continued

	Shares/ Principal		Value(a)
Mutual Funds (45.9%)
Investment Companies (45.9%)
iShares iBoxx $ Investment Grade Corporate Bond ETF	$	44,500	$	5,409,420
SFT Advantus Index 500 Fund (g)		14,224,618		151,194,190
SPDR S&P 500 ETF Trust (b)		36,170		9,652,326
Vanguard S&P 500 ETF		20,175		4,948,726
Total mutual funds (cost: $123,653,386)				171,204,662
Short-Term Securities (15.4%)
Investment Companies (15.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		57,319,471		57,319,471
Total short-term securities (cost: $57,319,471)				57,319,471
Total investments in securities (cost: $320,053,043) (h)				372,513,525
Cash and other assets in excess of liabilities (0.2%)				610,408
Total net assets (100.0%)			$	373,123,933

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 December 31, 2017, securities with an aggregate market value of $12,680,010 have been pledged to cover margin requirements for the following open futures contracts:

Type	Expiration	Number of Contracts		Position Type	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)(a)
10 Year U.S. Treasury Note	March 2018		200	Short		(24,852,513	)	$	(24,809,375	)	$	43,138
S&P 500^® Index Future	March 2018		192	Long		127,702,207			128,448,000			745,793
								$	103,638,625		$	788,931

(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 1.5% of net assets in foreign securities at December 31, 2017.

(g) Affiliated security.

(h) At December 31, 2017 the cost of investments for federal income tax purposes was $320,867,583. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	52,619,763
Gross unrealized depreciation		(184,890	)
Net unrealized appreciation	$	52,434,873

Holdings of Options Contracts

Purchased Options				Contracts				Expiration Date				Notional Amount				Exercise Price				Value(a)
Call – CBOE SPX Volatility Index					1,227			January 2018				$	122,700				15.00			$	52,148

See accompanying notes to financial statements.
58

SFT Advantus Government Money Market Fund
Investments in Securities

December 31, 2017

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

	Principal		Value(a)
Short-Term Investments (100.3%)
U.S. Government Obligations (99.4%)
Discount Notes (45.4%)
Federal Farm Credit Bank, 1.193%, 03/20/18 (b)	$	930,000	$	927,643
Federal Home Loan Bank 1.128%, 01/17/18 (b)		20,000,000		19,990,133
1.331%, 03/16/18 (b)		2,000,000		1,994,573
1.079%, 01/05/18 (b)		2,000,000		1,999,764
1.159%, 01/26/18 (b)		4,500,000		4,496,447
1.228%, 01/05/18 (b)		961,000		960,871
				30,369,431
Federal Home Loan Mortgage Corporation (FHLMC) (2.2%)
Federal Home Loan Mortgage Corporation, 1.120%, 02/02/18 (b)		1,500,000		1,498,533
U.S. Treasury (51.8%)
U.S. Treasury Bill 1.379%, 03/22/18		1,500,000		1,495,483
1.118%, 02/22/18		6,700,000		6,689,388
U.S. Treasury Note
1.640%, 04/30/18 (3-Month U.S. Treasury Money Market Yield + 0.190%) (c)		5,000,000		5,004,111
1.624%, 07/31/18 (3-Month U.S. Treasury Money Market Yield + 0.174%) (c)		10,000,000		10,012,754
1.722%, 01/31/18 (3-Month U.S. Treasury Money Market Yield + 0.272%) (c)		11,500,000		11,503,118
				34,704,854
Total U.S. government obligations (cost: $66,572,818)				66,572,818

	Shares		Value(a)
Investment Companies (0.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		634,005	$	634,005
Total investment companies (cost: $634,005)				634,005
Total short-term investments (cost: $67,206,823)				67,206,823
Total investments in securities (cost: $67,206,823) (d)				67,206,823
Liabilities in excess of cash and other assets (-0.3%)				(226,505	)
Total net assets (100.0%)			$	66,980,318

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 investments for federal income tax purposes at December 31, 2017.

See accompanying notes to financial statements.
59

SFT Advantus Index 400 Mid-Cap Fund
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Common Stocks (96.8%)
Consumer Discretionary (11.8%)
Auto Components (0.9%)
Cooper Tire & Rubber Co.		6,315	$	223,235
Dana, Inc.		17,843		571,154
Delphi Technologies PLC (b) (c)		10,955		574,809
Gentex Corp.		34,968		732,580
				2,101,778
Automobiles (0.4%)
Thor Industries, Inc.		6,036		909,746
Distributors (0.3%)
Pool Corp.		4,947		641,379
Diversified Consumer Services (0.8%)
Adtalem Global Education, Inc. (b)		7,472		314,197
Graham Holdings Co. – Class B		618		345,060
Service Corp. International/US		23,090		861,719
Sotheby's (b)		4,591		236,896
				1,757,872
Hotels, Restaurants & Leisure (2.5%)
Brinker International, Inc.		5,701		221,427
Buffalo Wild Wings, Inc. (b)		1,838		287,371
Churchill Downs, Inc.		1,556		362,081
Cracker Barrel Old Country Store, Inc.		2,955		469,520
Domino's Pizza, Inc.		5,386		1,017,738
Dunkin' Brands Group, Inc.		11,125		717,229
ILG, Inc.		12,987		369,870
International Speedway Corp. – Class A		3,012		120,028
Jack in the Box, Inc.		3,624		355,551
Papa John's International, Inc.		3,150		176,746
Six Flags Entertainment Corp.		9,597		638,872
Texas Roadhouse, Inc.		8,057		424,443
The Cheesecake Factory, Inc.		5,244		252,656
The Wendy's Co.		22,373		367,365
				5,780,897
Household Durables (2.1%)
CalAtlantic Group, Inc.		9,376		528,712
Helen of Troy, Ltd. (b)		3,358		323,543
KB Home		10,367		331,226
NVR, Inc. (b)		432		1,515,551
Tempur Sealy International, Inc. (b)		5,672		355,578
Toll Brothers, Inc.		18,127		870,458
TRI Pointe Group, Inc. (b)		18,528		332,022
Tupperware Brands Corp.		6,267		392,941
				4,650,031
Leisure Equipment & Products (0.7%)
Brunswick Corp.		10,800		596,376
Polaris Industries, Inc.		7,164		888,264
				1,484,640
Media (1.4%)
AMC Networks, Inc. – Class A (b)		6,205		335,566
Cable One, Inc.		628		441,704

	Shares		Value(a)
Cinemark Holdings, Inc.		13,054	$	454,540
John Wiley & Sons, Inc. – Class A		5,489		360,902
Live Nation Entertainment, Inc. (b)		16,503		702,533
Meredith Corp.		4,872		321,796
TEGNA, Inc.		26,495		373,050
The New York Times Co. – Class A		15,505		286,842
				3,276,933
Multiline Retail (0.2%)
Big Lots, Inc.		5,228		293,552
Dillard's, Inc. – Class A		2,540		152,527
				446,079
Specialty Retail (1.8%)
Aaron's, Inc.		7,669		305,610
American Eagle Outfitters, Inc.		20,716		389,461
AutoNation, Inc. (b)		7,305		374,966
Bed Bath & Beyond, Inc.		17,643		387,969
Dick's Sporting Goods, Inc.		10,185		292,717
GameStop Corp. – Class A		12,477		223,962
Murphy USA, Inc. (b)		3,985		320,235
Office Depot, Inc.		63,570		225,038
Sally Beauty Holdings, Inc. (b)		15,819		296,764
The Michaels Cos., Inc. (b)		13,598		328,936
Urban Outfitters, Inc. (b)		9,866		345,902
Williams-Sonoma, Inc.		9,572		494,872
				3,986,432
Textiles, Apparel & Luxury Goods (0.7%)
Carter's, Inc.		5,828		684,732
Deckers Outdoor Corp. (b)		3,889		312,092
Skechers U.S.A., Inc. – Class A (b)		16,495		624,171
				1,620,995
Consumer Staples (3.7%)
Beverages (0.1%)
The Boston Beer Co., Inc. – Class A (b)		1,030		196,833
Food & Staples Retailing (0.5%)
Casey's General Stores, Inc.		4,709		527,126
Sprouts Farmers Market, Inc. (b)		15,243		371,167
United Natural Foods, Inc. (b)		6,259		308,381
				1,206,674
Food Products (2.5%)
Dean Foods Co.		11,217		129,668
Flowers Foods, Inc.		22,719		438,704
Ingredion, Inc.		8,851		1,237,370
Lamb Weston Holdings, Inc.		18,003		1,016,269
Lancaster Colony Corp.		2,357		304,548
Post Holdings, Inc. (b)		8,144		645,249
Sanderson Farms, Inc.		2,430		337,235
Snyder's-Lance, Inc.		10,563		528,995
The Hain Celestial Group, Inc. (b)		12,784		541,914
Tootsie Roll Industries, Inc.		2,322		84,521
TreeHouse Foods, Inc. (b)		7,047		348,545
				5,613,018

See accompanying notes to financial statements.
60

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

	Shares		Value(a)
Household Products (0.2%)
Energizer Holdings, Inc.		7,481	$	358,938
Personal Products (0.4%)
Avon Products, Inc. (b) (c)		54,194		116,517
Edgewell Personal Care Co. (b)		6,899		409,732
Nu Skin Enterprises, Inc. – Class A		6,095		415,862
				942,111
Energy (3.9%)
Energy Equipment & Services (1.5%)
Core Laboratories NV (c)		5,433		595,185
Diamond Offshore Drilling, Inc. (b)		7,943		147,660
Dril-Quip, Inc. (b)		4,640		221,328
Ensco PLC — Class A (c)		53,704		317,391
Nabors Industries, Ltd.		39,118		267,176
Oceaneering International, Inc.		12,103		255,858
Patterson-UTI Energy, Inc.		27,398		630,428
Rowan Cos., PLC — Class A (b)		13,994		219,146
Superior Energy Services, Inc. (b)		18,855		181,574
Transocean, Ltd. (b) (c)		48,181		514,573
				3,350,319
Oil, Gas & Consumable Fuels (2.4%)
Callon Petroleum Co. (b)		24,860		302,049
CNX Resources Corp. (b)		25,507		373,167
Gulfport Energy Corp. (b)		20,295		258,964
HollyFrontier Corp.		21,835		1,118,389
Matador Resources Co. (b)		11,888		370,073
Murphy Oil Corp.		19,980		620,379
PBF Energy, Inc. – Class A		13,553		480,454
QEP Resources, Inc. (b)		29,675		283,990
SM Energy Co.		12,648		279,268
Southwestern Energy Co. (b)		63,115		352,182
World Fuel Services Corp.		8,328		234,350
WPX Energy, Inc. (b)		49,003		689,472
				5,362,737
Financial (16.7%)
Capital Markets (3.4%)
Eaton Vance Corp.		14,515		818,501
Factset Research Systems, Inc.		4,817		928,525
Federated Investors, Inc. – Class B		11,681		421,450
Interactive Brokers Group, Inc. Class A		4,800		284,208
Janus Henderson Group PLC (c)		22,216		849,984
Legg Mason, Inc.		10,531		442,091
MarketAxess Holdings, Inc.		4,629		933,901
MSCI, Inc.		11,092		1,403,582
SEI Investments Co.		16,098		1,156,802
Stifel Financial Corp.		8,433		502,270
				7,741,314
Commercial Banks (8.2%)
Associated Banc-Corp.		18,619		472,923
BancorpSouth Bank		10,347		325,413
Bank of Hawaii Corp.		5,232		448,382
Bank of the Ozarks, Inc.		14,956		724,618

	Shares		Value(a)
Cathay General Bancorp		9,357	$	394,585
Chemical Financial Corp.		8,765		468,665
Commerce Bancshares, Inc.		11,566		645,862
Cullen/Frost Bankers, Inc.		7,079		670,027
East West Bancorp, Inc.		17,803		1,082,956
First Horizon National Corp.		39,979		799,180
FNB Corp.		39,812		550,202
Fulton Financial Corp.		21,569		386,085
Hancock Holding Co.		10,491		519,305
Home BancShares, Inc.		19,470		452,678
International Bancshares Corp.		6,673		264,918
MB Financial, Inc.		10,325		459,669
PacWest Bancorp		15,881		800,402
Pinnacle Financial Partners, Inc.		9,085		602,336
Prosperity Bancshares, Inc.		8,558		599,659
Signature Bank (b)		6,612		907,563
Sterling Bancorp		27,677		680,854
SVB Financial Group (b)		6,496		1,518,570
Synovus Financial Corp.		14,727		706,012
TCF Financial Corp.		21,176		434,108
Texas Capital Bancshares, Inc. (b)		6,112		543,357
Trustmark Corp.		8,343		265,808
UMB Financial Corp.		5,405		388,728
Umpqua Holdings Corp.		27,123		564,158
United Bankshares, Inc.		12,931		449,352
Valley National Bancorp		32,541		365,110
Webster Financial Corp.		11,340		636,854
Wintrust Financial Corp.		6,888		567,365
				18,695,704
Consumer Finance (0.3%)
SLM Corp. (b)		53,195		601,104
Insurance (4.3%)
Alleghany Corp. (b)		1,869		1,114,092
American Financial Group, Inc.		8,465		918,791
Aspen Insurance Holdings, Ltd. (c)		7,317		297,070
Brown & Brown, Inc.		14,251		733,356
CNO Financial Group, Inc.		20,663		510,169
First American Financial Corp.		13,637		764,217
Genworth Financial, Inc. – Class A (b)		61,479		191,200
Kemper Corp.		6,020		414,778
Mercury General Corp.		4,472		238,984
Old Republic International Corp.		30,218		646,061
Primerica, Inc.		5,450		553,448
Reinsurance Group of America, Inc.		7,932		1,236,837
RenaissanceRe Holdings, Ltd. (c)		4,930		619,159
The Hanover Insurance Group, Inc.		5,220		564,178
WR Berkley Corp.		11,851		849,124
				9,651,464
Thrifts & Mortgage Finance (0.5%)
New York Community Bancorp, Inc.		60,236		784,272
Washington Federal, Inc.		10,739		367,811
				1,152,083

See accompanying notes to financial statements.
61

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

	Shares		Value(a)
Health Care (7.3%)
Biotechnology (0.7%)
Bioverativ, Inc. (b)		13,322	$	718,322
United Therapeutics Corp. (b)		5,322		787,390
				1,505,712
Health Care Equipment & Supplies (3.0%)
ABIOMED, Inc. (b)		5,173		969,472
Globus Medical, Inc. (b)		8,928		366,941
Halyard Health, Inc. (b)		5,763		266,135
Hill-Rom Holdings, Inc.		8,107		683,339
LivaNova PLC (b) (c)		5,340		426,773
Masimo Corp. (b)		5,855		496,504
NuVasive, Inc. (b)		6,277		367,142
STERIS PLC (c)		10,475		916,248
Teleflex, Inc.		5,548		1,380,453
West Pharmaceutical Services, Inc.		9,145		902,337
				6,775,344
Health Care Providers & Services (1.6%)
Acadia Healthcare Co., Inc. (b)		10,060		328,258
Encompass Health Corp.		12,161		600,875
LifePoint Health, Inc. (b)		4,854		241,729
Mednax, Inc. (b)		11,535		616,430
Molina Healthcare, Inc. (b)		5,414		415,146
Owens & Minor, Inc.		7,544		142,431
Tenet Healthcare Corp. (b)		9,945		150,766
WellCare Health Plans, Inc. (b)		5,483		1,102,686
				3,598,321
Health Care Technology (0.3%)
Allscripts Healthcare Solutions, Inc. (b)		22,254		323,796
Medidata Solutions, Inc. (b)		7,200		456,264
				780,060
Life Sciences Tools & Services (0.9%)
Bio-Rad Laboratories, Inc. – Class A (b)		2,427		579,252
Bio-Techne Corp.		4,614		597,744
Charles River Laboratories International, Inc. (b)		5,833		638,422
INC Research Holdings, Inc. – Class A (b)		6,940		302,584
				2,118,002
Pharmaceuticals (0.8%)
Akorn, Inc. (b)		11,553		372,353
Catalent, Inc. (b)		16,364		672,233
Endo International PLC (b) (c)		24,752		191,828
Mallinckrodt PLC (b) (c)		11,701		263,975
Prestige Brands Holdings, Inc. (b)		6,532		290,086
				1,790,475
Industrials (15.5%)
Aerospace & Defense (1.9%)
Curtiss-Wright Corp.		5,435		662,255
Esterline Technologies Corp. (b)		3,235		241,655
Huntington Ingalls Industries, Inc.		5,593		1,318,270
KLX, Inc. (b)		6,329		431,954

	Shares		Value(a)
Orbital ATK, Inc.		7,105	$	934,307
Teledyne Technologies, Inc. (b)		4,364		790,539
				4,378,980
Airlines (0.4%)
JetBlue Airways Corp. (b)		39,494		882,296
Building Products (0.4%)
Lennox International, Inc.		4,630		964,244
Commercial Services & Supplies (1.8%)
Clean Harbors, Inc. (b)		6,381		345,850
Copart, Inc. (b)		24,769		1,069,773
Deluxe Corp.		5,927		455,431
Herman Miller, Inc.		7,362		294,848
HNI Corp.		5,348		206,272
MSA Safety, Inc.		4,169		323,181
Pitney Bowes, Inc.		22,999		257,129
Rollins, Inc.		11,813		549,659
The Brink's Co.		6,217		489,278
				3,991,421
Construction & Engineering (1.3%)
AECOM (b)		19,414		721,230
Dycom Industries, Inc. (b)		3,810		424,548
EMCOR Group, Inc.		7,244		592,197
Granite Construction, Inc.		4,873		309,094
KBR, Inc.		17,253		342,127
Valmont Industries, Inc.		2,784		461,727
				2,850,923
Electrical Equipment (1.1%)
Belden, Inc.		5,194		400,821
EnerSys		5,188		361,240
Hubbell, Inc.		6,737		911,786
Regal Beloit Corp.		5,456		417,930
Woodward, Inc.		6,788		519,553
				2,611,330
Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		7,635		867,718
Machinery (4.8%)
AGCO Corp.		8,122		580,154
Crane Co.		6,213		554,324
Donaldson Co., Inc.		16,000		783,200
Graco, Inc.		20,739		937,817
IDEX Corp.		9,410		1,241,838
ITT, Inc.		10,838		578,424
Kennametal, Inc.		9,982		483,229
Lincoln Electric Holdings, Inc.		7,613		697,198
Nordson Corp.		6,253		915,439
Oshkosh Corp.		9,258		841,459
Terex Corp.		9,840		474,485
The Timken Co.		8,412		413,450
The Toro Co.		13,273		865,798
Trinity Industries, Inc.		18,695		700,315
Wabtec Corp.		10,523		856,888
				10,924,018
Marine (0.2%)
Kirby Corp. (b)		6,617		442,015

See accompanying notes to financial statements.
62

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

	Shares		Value(a)
Professional Services (0.7%)
Dun & Bradstreet Corp.		4,551	$	538,884
Manpowergroup, Inc.		8,162		1,029,310
				1,568,194
Road & Rail (1.8%)
Avis Budget Group, Inc. (b)		8,825		387,241
Genesee & Wyoming, Inc. – Class A (b)		7,596		598,033
Knight-Swift Transportation Holdings, Inc.		15,779		689,858
Landstar System, Inc.		5,163		537,468
Old Dominion Freight Line, Inc.		8,421		1,107,782
Ryder System, Inc.		6,521		548,873
Werner Enterprises, Inc.		5,524		213,503
				4,082,758
Trading Companies & Distributors (0.7%)
GATX Corp.		4,717		293,209
MSC Industrial Direct Co. – Class A		5,486		530,277
Now, Inc. (b)		13,261		146,269
Watsco, Inc.		3,758		639,010
				1,608,765
Information Technology (16.7%)
Communications Equipment (1.0%)
ARRIS International PLC (b) (c)		21,741		558,526
Ciena Corp. (b)		17,574		367,824
InterDigital, Inc.		4,275		325,541
NetScout Systems, Inc. (b)		10,733		326,820
Plantronics, Inc.		4,072		205,147
ViaSat, Inc. (b)		6,670		499,250
				2,283,108
Computers & Peripherals (0.3%)
3D Systems Corp. (b)		14,024		121,167
Diebold Nixdorf, Inc.		9,303		152,104
NCR Corp. (b)		15,002		509,918
				783,189
Electronic Equipment, Instruments & Components (4.4%)
Arrow Electronics, Inc. (b)		10,835		871,242
Avnet, Inc.		14,894		590,100
Cognex Corp.		21,329		1,304,482
Coherent, Inc. (b)		3,034		856,255
IPG Photonics Corp. (b)		4,622		989,709
Jabil , Inc.		21,757		571,121
Keysight Technologies, Inc. (b)		22,831		949,770
Knowles Corp. (b)		11,013		161,451
Littelfuse, Inc.		2,797		553,303
National Instruments Corp.		13,205		549,724
SYNNEX Corp.		3,593		488,468
Tech Data Corp. (b)		4,275		418,822
Trimble, Inc. (b)		31,009		1,260,206
Vishay Intertechnology, Inc.		16,243		337,042
				9,901,695

	Shares		Value(a)
Internet Software & Services (0.6%)
Cars.com, Inc. (b)		8,815	$	254,224
j2 Global, Inc.		5,962		447,329
LogMeIn, Inc.		6,488		742,876
				1,444,429
IT Services (3.4%)
Acxiom Corp. (b)		9,757		268,903
Broadridge Financial Solutions, Inc.		14,355		1,300,276
Convergys Corp.		11,382		267,477
CoreLogic, Inc. (b)		10,146		468,847
DST Systems, Inc.		7,417		460,373
Jack Henry & Associates, Inc.		9,512		1,112,524
Leidos Holdings, Inc.		17,515		1,130,944
MAXIMUS, Inc.		8,022		574,215
Sabre Corp.		25,689		526,624
Science Applications International Corp.		5,325		407,735
Teradata Corp. (b)		14,903		573,169
WEX, Inc. (b)		4,915		694,145
				7,785,232
Office Electronics (0.3%)
Zebra Technologies Corp. – Class A (b)		6,551		679,994
Semiconductors & Semiconductor Equipment (3.0%)
Cirrus Logic, Inc. (b)		7,841		406,634
Cree, Inc. (b)		12,087		448,911
Cypress Semiconductor Corp.		41,097		626,318
First Solar, Inc. (b)		10,033		677,428
Integrated Device Technology, Inc. (b)		16,361		486,413
Microsemi Corp. (b)		14,478		747,789
MKS Instruments, Inc.		6,650		628,425
Monolithic Power Systems, Inc.		4,704		528,542
Silicon Laboratories, Inc. (b)		5,242		462,869
Synaptics, Inc. (b)		4,130		164,952
Teradyne, Inc.		24,160		1,011,579
Versum Materials, Inc.		13,400		507,190
				6,697,050
Software (3.6%)
ACI Worldwide, Inc. (b)		14,605		331,095
Blackbaud, Inc.		5,923		559,664
CDK Global, Inc.		16,177		1,153,097
CommVault Systems, Inc. (b)		5,267		276,517
Fair Isaac Corp.		3,693		565,768
Fortinet, Inc. (b)		18,420		804,770
Manhattan Associates, Inc. (b)		8,489		420,545
PTC, Inc. (b)		14,239		865,304
Take-Two Interactive Software, Inc. (b)		14,047		1,542,080
The Ultimate Software Group, Inc. (b)		3,483		760,095
Tyler Technologies, Inc. (b)		4,291		759,721
				8,038,656
Technology Hardware & Equipment (0.1%)
VeriFone Systems, Inc. (b)		13,819		244,735

See accompanying notes to financial statements.
63

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

	Shares		Value(a)
Materials (6.9%)
Chemicals (2.8%)
Ashland Global Holdings, Inc.		7,654	$	544,965
Cabot Corp.		7,630		469,932
Minerals Technologies, Inc.		4,286		295,091
NewMarket Corp.		1,105		439,116
Olin Corp.		20,478		728,607
PolyOne Corp.		9,952		432,912
RPM International, Inc.		16,447		862,152
Sensient Technologies Corp.		5,354		391,645
The Chemours Co.		22,806		1,141,668
The Scotts Miracle-Gro Co. – Class A		5,036		538,802
Valvoline, Inc.		24,957		625,422
				6,470,312
Construction Materials (0.3%)
Eagle Materials, Inc.		5,989		678,554
Containers & Packaging (1.2%)
Aptargroup, Inc.		7,672		661,940
Bemis Co., Inc.		11,184		534,483
Greif, Inc. – Class A		3,105		188,101
Owens-Illinois, Inc. (b)		20,075		445,063
Silgan Holdings, Inc.		9,108		267,684
Sonoco Products Co.		12,242		650,540
				2,747,811
Metals & Mining (2.2%)
Allegheny Technologies, Inc. (b)		15,502		374,218
Carpenter Technology Corp.		5,766		294,008
Commercial Metals Co.		14,268		304,194
Compass Minerals International, Inc.		4,127		298,176
Reliance Steel & Aluminum Co.		8,980		770,394
Royal Gold, Inc.		8,061		661,969
Steel Dynamics, Inc.		29,185		1,258,749
United States Steel Corp.		21,512		757,007
Worthington Industries, Inc.		5,506		242,595
				4,961,310
Paper & Forest Products (0.4%)
Domtar Corp.		7,722		382,393
Louisiana-Pacific Corp. (b)		17,844		468,584
				850,977
Real Estate (8.8%)
Diversified REITs (0.1%)
Alexander & Baldwin, Inc.		5,693		157,924
Health Care REITs (1.1%)
Healthcare Realty Trust, Inc.		15,382		494,070
Medical Properties Trust, Inc.		44,853		618,074
Omega Healthcare Investors, Inc.		24,396		671,866
Quality Care Properties, Inc. (b)		11,554		159,561
Senior Housing Properties Trust		29,268		560,482
				2,504,053
Hotels & Resort REITs (0.4%)
Hospitality Properties Trust		20,242		604,224
LaSalle Hotel Properties		13,945		391,436
				995,660

	Shares		Value(a)
Industrial REITs (0.8%)
DCT Industrial Trust, Inc.		11,471	$	674,265
First Industrial Realty Trust, Inc.		14,761		464,529
Liberty Property Trust		18,157		780,932
				1,919,726
Office REITs (1.7%)
Corporate Office Properties Trust		12,268		358,226
Cousins Properties, Inc.		51,730		478,502
Douglas Emmett, Inc.		19,627		805,885
Highwoods Properties, Inc.		12,717		647,422
JBG SMITH Properties		11,501		399,430
Kilroy Realty Corp.		12,117		904,534
Mack-Cali Realty Corp.		11,066		238,583
				3,832,582
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc.		5,587		832,072
Residential REITs (0.9%)
American Campus Communities, Inc.		16,803		689,427
Camden Property Trust		11,413		1,050,681
Education Realty Trust, Inc.		9,238		322,591
				2,062,699
Retail REITs (1.1%)
National Retail Properties, Inc.		18,728		807,739
Tanger Factory Outlet Centers, Inc.		11,643		308,656
Taubman Centers, Inc.		7,478		489,285
Urban Edge Properties		13,037		332,313
Washington Prime Group, Inc.		22,880		162,905
Weingarten Realty Investors		14,710		483,518
				2,584,416
Specialized REITs (2.3%)
CoreCivic, Inc.		14,559		327,578
CoreSite Realty Corp.		4,211		479,633
CyrusOne, Inc.		11,244		669,355
EPR Properties		7,893		516,676
Lamar Advertising Co. – Class A		10,347		768,161
Life Storage, Inc.		5,731		510,460
Potlatch Corp.		4,991		249,051
Rayonier, Inc.		15,880		502,285
Sabra Health Care REIT, Inc.		21,952		412,039
The GEO Group, Inc.		15,277		360,537
Uniti Group, Inc.		20,313		361,368
				5,157,143
Telecommunication Services (0.1%)
Wireless Telecommunication Services (0.1%)
Telephone & Data Systems, Inc.		11,299		314,112
Utilities (5.4%)
Electric Utilities (1.4%)
Great Plains Energy, Inc.		26,562		856,359
Hawaiian Electric Industries, Inc.		13,399		484,374
IDACORP, Inc.		6,206		566,980

See accompanying notes to financial statements.
64

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

	Shares		Value(a)
PNM Resources, Inc.		9,810	$	396,815
Westar Energy, Inc.		17,495		923,736
				3,228,264
Gas Utilities (2.3%)
Atmos Energy Corp.		13,649		1,172,312
Energen Corp. (b)		11,971		689,170
National Fuel Gas Co.		10,541		578,806
New Jersey Resources Corp.		10,699		430,100
ONE GAS, Inc.		6,437		471,575
Southwest Gas Holdings, Inc.		5,879		473,142
UGI Corp.		21,327		1,001,303
WGL Holdings, Inc.		6,325		542,938
				5,359,346
Multi-Utilities (1.3%)
Black Hills Corp.		6,587		395,945
MDU Resources Group, Inc.		24,055		646,598
NorthWestern Corp.		5,985		357,305
OGE Energy Corp.		24,597		809,487
Vectren Corp.		10,223		664,699
				2,874,034
Water Utilities (0.4%)
Aqua America, Inc.		21,886		858,588
Total common stocks (cost: $147,953,976)				219,517,328
Short-Term Securities (3.2%)
Investment Companies (3.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		7,169,663		7,169,663
Total short-term securities (cost: $7,169,663)				7,169,663
Total investments in securities (cost: $155,123,639) (d)				226,686,991
Cash and other assets in excess of liabilities (0.0%)				26,501
Total net assets (100.0%)			$	226,713,492

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 December 31, 2017 the cost of investments for federal income tax purposes was $155,618,618. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	80,364,369
Gross unrealized depreciation		(9,280,024	)
Net unrealized appreciation	$	71,084,345

Holdings of Open Futures Contracts

On December 31, 2017, cash in the amount of $222,000 has been pledged to cover margin requirements for the following open futures contracts:

Type

Expiration

Number of
Contracts

Position
Type

Notional
Amount

Market
Value

Unrealized
Appreciation/
(Depreciation)(a)

S&P Mid 400^® E-Mini Index Future

March 2018

Long

7,022,907

7,038,880

15,973

See accompanying notes to financial statements.
65

SFT Advantus Index 500 Fund
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Common Stocks (98.2%)
Consumer Discretionary (11.9%)
Auto Components (0.2%)
Aptiv PLC (b)		9,987	$	847,197
BorgWarner, Inc.		7,417		378,935
Delphi Technologies PLC (b) (c)		1		53
The Goodyear Tire & Rubber Co.		9,295		300,321
				1,526,506
Automobiles (0.5%)
Ford Motor Co.		147,220		1,838,778
General Motors Co.		48,238		1,977,276
Harley-Davidson, Inc.		6,316		321,358
				4,137,412
Distributors (0.1%)
Genuine Parts Co.		5,545		526,830
LKQ Corp. (c)		11,661		474,253
				1,001,083
Diversified Consumer Services (0.0%)
H&R Block, Inc.		7,863		206,168
Hotels, Restaurants & Leisure (1.8%)
Carnival Corp.		15,340		1,018,116
Chipotle Mexican Grill, Inc. (c)		944		272,844
Darden Restaurants, Inc.		4,658		447,261
Marriott International, Inc. – Class A		11,556		1,568,496
McDonald's Corp.		30,082		5,177,714
MGM Resorts International		19,226		641,956
Norwegian Cruise Line Holdings, Ltd. (c)		6,690		356,243
Royal Caribbean Cruises, Ltd.		6,472		771,980
Starbucks Corp.		53,689		3,083,359
Wyndham Worldwide Corp.		3,835		444,361
Wynn Resorts, Ltd.		3,042		512,851
Yum! Brands, Inc.		12,716		1,037,753
				15,332,934
Household Durables (0.4%)
DR Horton, Inc.		12,811		654,258
Garmin, Ltd. (b)		4,173		248,586
Leggett & Platt, Inc.		4,896		233,686
Lennar Corp. – Class A		7,716		487,960
Mohawk Industries, Inc. (c)		2,380		656,642
Newell Brands, Inc.		18,434		569,610
PulteGroup, Inc.		10,205		339,316
Whirlpool Corp.		2,728		460,050
				3,650,108
Internet & Catalog Retail (2.8%)
Amazon.com, Inc. (c)		15,122		17,684,725
Expedia, Inc.		4,657		557,769
Netflix, Inc. (c)		16,329		3,134,515
The Priceline Group, Inc. (c)		1,876		3,260,000
TripAdvisor, Inc. (c)		4,030		138,874
				24,775,883

	Shares		Value(a)
Leisure Equipment & Products (0.1%)
Hasbro, Inc.		4,299	$	390,736
Mattel, Inc.		12,890		198,248
				588,984
Media (2.7%)
CBS Corp. – Class B		13,593		801,987
Charter Communications, Inc. – Class A (c)		7,318		2,458,555
Comcast Corp. – Class A		176,007		7,049,080
Discovery Communications, Inc. – Class A (c)		5,811		130,050
Discovery Communications, Inc. – Class C (c)		7,644		161,824
DISH Network Corp. – Class A (c)		8,600		410,650
News Corp. – Class A		14,452		234,267
News Corp. – Class B		4,580		76,028
Omnicom Group, Inc.		8,671		631,509
Scripps Networks Interactive, Inc. – Class A		3,542		302,416
The Interpublic Group of Cos., Inc.		14,664		295,626
The Walt Disney Co.		56,991		6,127,102
Time Warner, Inc.		29,380		2,687,389
Twenty-First Century Fox, Inc. – Class A		39,772		1,373,327
Twenty-First Century Fox, Inc. – Class B		16,519		563,628
Viacom, Inc. – Class B		13,313		410,174
				23,713,612
Multiline Retail (0.5%)
Dollar General Corp.		9,799		911,405
Dollar Tree, Inc. (c)		8,902		955,274
Kohl's Corp.		6,341		343,872
Macy's, Inc.		11,494		289,534
Nordstrom, Inc.		4,377		207,382
Target Corp.		20,444		1,333,971
				4,041,438
Specialty Retail (2.2%)
Advance Auto Parts, Inc.		2,753		274,447
AutoZone, Inc. (c)		1,055		750,495
Best Buy Co., Inc.		9,596		657,038
CarMax, Inc. (c)		6,868		440,445
Foot Locker, Inc.		4,580		214,710
L Brands, Inc.		9,286		559,203
Lowe's Cos., Inc.		31,426		2,920,732
O'Reilly Automotive, Inc. (c)		3,209		771,893
Ross Stores, Inc.		14,538		1,166,675
Signet Jewelers, Ltd.		2,274		128,595
The Gap, Inc.		8,188		278,883
The Home Depot, Inc.		44,065		8,351,639
The TJX Cos., Inc.		23,933		1,829,917
Tiffany & Co.		3,840		399,168
Tractor Supply Co.		4,730		353,568
Ulta Salon Cosmetics & Fragrance, Inc. (c)		2,218		496,078
				19,593,486

See accompanying notes to financial statements.
66

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Textiles, Apparel & Luxury Goods (0.7%)
Hanesbrands, Inc.		13,658	$	285,589
Michael Kors Holdings, Ltd. (b) (c)		5,702		358,941
NIKE, Inc. – Class B		49,581		3,101,291
PVH Corp.		2,890		396,537
Ralph Lauren Corp.		2,033		210,802
Tapestry, Inc.		10,730		474,588
Under Armour, Inc. – Class A (c)		6,953		100,332
Under Armour, Inc. – Class C (c)		6,901		91,921
VF Corp.		12,288		909,312
				5,929,313
Consumer Staples (8.1%)
Beverages (2.0%)
Brown-Forman Corp. – Class B		7,365		505,755
Constellation Brands, Inc. – Class A		6,552		1,497,591
Dr Pepper Snapple Group, Inc.		6,835		663,405
Molson Coors Brewing Co. – Class B		6,920		567,924
Monster Beverage Corp. (c)		15,501		981,058
PepsiCo, Inc.		53,632		6,431,550
The Coca-Cola Co.		144,697		6,638,698
				17,285,981
Food & Staples Retailing (1.8%)
Costco Wholesale Corp.		16,456		3,062,791
CVS Health Corp.		38,137		2,764,933
Sysco Corp.		18,088		1,098,484
The Kroger Co.		33,565		921,359
Wal-Mart Stores, Inc.		55,233		5,454,259
Walgreens Boots Alliance, Inc.		32,668		2,372,350
				15,674,176
Food Products (1.2%)
Archer-Daniels-Midland Co.		21,059		844,045
Campbell Soup Co.		7,195		346,152
Conagra Brands, Inc.		15,414		580,645
General Mills, Inc.		21,446		1,271,533
Hormel Foods Corp.		10,112		367,976
Kellogg Co.		9,347		635,409
McCormick & Co., Inc.		4,473		455,843
Mondelez International, Inc. – Class A		56,070		2,399,796
The Hershey Co.		5,280		599,333
The JM Smucker Co.		4,272		530,753
The Kraft Heinz Co.		22,529		1,751,855
Tyson Foods, Inc. – Class A		11,229		910,335
				10,693,675
Household Products (1.6%)
Church & Dwight Co., Inc.		9,430		473,103
Clorox Co.		4,833		718,860
Colgate-Palmolive Co.		33,132		2,499,809
Kimberly-Clark Corp.		13,289		1,603,451
The Procter & Gamble Co.		96,152		8,834,446
				14,129,669

	Shares		Value(a)
Personal Care (0.1%)
The Estee Lauder Cos., Inc. – Class A		8,434	$	1,073,142
Personal Products (0.0%)
Coty, Inc. – Class A		17,817		354,380
Tobacco (1.3%)
Altria Group, Inc.		72,005		5,141,877
Philip Morris International, Inc.		58,607		6,191,830
				11,333,707
Energy (5.9%)
Energy Equipment & Services (0.8%)
Baker Hughes a GE Co.		16,157		511,207
Halliburton Co.		32,925		1,609,045
Helmerich & Payne, Inc.		4,036		260,887
National Oilwell Varco, Inc.		14,266		513,861
Schlumberger, Ltd.		52,264		3,522,071
TechnipFMC PLC (b)		16,519		517,210
				6,934,281
Oil, Gas & Consumable Fuels (5.1%)
Anadarko Petroleum Corp.		20,646		1,107,452
Andeavor		5,430		620,866
Apache Corp.		14,305		603,957
Cabot Oil & Gas Corp.		17,396		497,526
Chesapeake Energy Corp. (c)		34,289		135,784
Chevron Corp.		71,672		8,972,618
Cimarex Energy Co.		3,540		431,915
Concho Resources, Inc. (c)		5,628		845,438
ConocoPhillips		45,112		2,476,198
Devon Energy Corp.		19,830		820,962
EOG Resources, Inc.		21,819		2,354,488
EQT Corp.		9,238		525,827
Exxon Mobil Corp.		159,892		13,373,367
Hess Corp.		10,106		479,732
Kinder Morgan, Inc.		72,472		1,309,569
Marathon Oil Corp.		32,061		542,793
Marathon Petroleum Corp.		18,430		1,216,011
Newfield Exploration Co. (c)		7,444		234,709
Noble Energy, Inc.		18,301		533,291
Occidental Petroleum Corp.		28,876		2,127,006
Phillips 66		16,162		1,634,786
Pioneer Natural Resources Co.		6,415		1,108,833
Range Resources Corp.		8,493		144,891
The Williams Cos., Inc.		31,197		951,197
Valero Energy Corp.		16,512		1,517,618
				44,566,834
Financial (14.5%)
Capital Markets (3.0%)
Affiliated Managers Group, Inc.		2,069		424,662
Ameriprise Financial, Inc.		5,640		955,811
BlackRock, Inc.		4,715		2,422,143
CBOE Global Markets, Inc.		4,242		528,511
CME Group, Inc.		12,864		1,878,787
E*Trade Financial Corp. (c)		10,151		503,185
Franklin Resources, Inc.		12,276		531,919
Intercontinental Exchange, Inc.		22,035		1,554,790
Invesco, Ltd.		15,303		559,172
Moody's Corp.		6,240		921,086
Morgan Stanley		52,529		2,756,197

See accompanying notes to financial statements.
67

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Nasdaq, Inc.		4,304	$	330,676
Northern Trust Corp.		8,058		804,914
Raymond James Financial, Inc.		4,851		433,194
S&P Global, Inc.		9,606		1,627,256
State Street Corp.		13,966		1,363,221
T Rowe Price Group, Inc.		9,143		959,375
The Bank of New York Mellon Corp.		38,641		2,081,204
The Charles Schwab Corp.		45,021		2,312,729
The Goldman Sachs Group, Inc.		13,237		3,372,258
				26,321,090
Commercial Banks (6.5%)
Bank of America Corp.		366,045		10,805,648
BB&T Corp.		29,769		1,480,115
Citigroup, Inc.		99,771		7,423,960
Citizens Financial Group, Inc.		18,565		779,359
Comerica, Inc.		6,571		570,428
Fifth Third Bancorp		26,624		807,772
Huntington Bancshares, Inc.		40,789		593,888
JPMorgan Chase & Co.		130,929		14,001,547
KeyCorp		40,580		818,499
M&T Bank Corp.		5,690		972,933
People's United Financial, Inc.		13,065		244,315
Regions Financial Corp.		43,771		756,363
SunTrust Banks, Inc.		17,952		1,159,520
The PNC Financial Services Group, Inc.		17,925		2,586,398
US Bancorp		59,489		3,187,421
Wells Fargo & Co.		167,234		10,146,087
Zions Bancorporation		7,457		379,039
				56,713,292
Consumer Finance (0.8%)
American Express Co.		27,185		2,699,742
Capital One Financial Corp.		18,291		1,821,418
Discover Financial Services		13,712		1,054,727
Navient Corp.		9,924		132,188
Synchrony Financial		27,759		1,071,775
				6,779,850
Diversified Financial Services (0.0%)
Leucadia National Corp.		11,810		312,847
Insurance (4.2%)
Aflac, Inc.		14,766		1,296,159
American International Group, Inc.		33,881		2,018,630
Aon PLC (b)		9,430		1,263,620
Arthur J Gallagher & Co.		6,775		428,722
Assurant, Inc.		2,040		205,714
Berkshire Hathaway, Inc. – Class B (c)		72,617		14,394,142
Brighthouse Financial, Inc. (c)		3,604		211,339
Chubb, Ltd. (b)		17,506		2,558,152
Cincinnati Financial Corp.		5,564		417,133
Everest Re Group, Ltd. (b)		1,552		343,395
Hartford Financial Services Group, Inc.		13,460		757,529
Lincoln National Corp.		8,232		632,794
Loews Corp.		10,354		518,011
Marsh & McLennan Cos., Inc.		19,178		1,560,897
MetLife, Inc.		39,708		2,007,636
Principal Financial Group, Inc.		10,094		712,233

	Shares		Value(a)
Prudential Financial, Inc.		15,961	$	1,835,196
The Allstate Corp.		13,492		1,412,747
The Progressive Corp.		21,946		1,235,999
The Travelers Cos., Inc.		10,280		1,394,379
Torchmark Corp.		3,994		362,296
Unum Group		8,388		460,417
Willis Towers Watson PLC (b)		4,951		746,066
XL Group, Ltd. (b)		9,602		337,606
				37,110,812
Health Care (13.5%)
Biotechnology (2.7%)
AbbVie, Inc.		60,153		5,817,397
Alexion Pharmaceuticals, Inc. (c)		8,437		1,008,981
Amgen, Inc.		27,447		4,773,033
Biogen, Inc. (c)		8,053		2,565,444
Celgene Corp. (c)		29,709		3,100,431
Gilead Sciences, Inc.		49,291		3,531,207
Incyte Corp. (c)		6,609		625,938
Regeneron Pharmaceuticals, Inc. (c)		2,985		1,122,241
Vertex Pharmaceuticals, Inc. (c)		9,500		1,423,670
				23,968,342
Health Care Equipment & Supplies (2.7%)
Abbott Laboratories		65,681		3,748,415
Align Technology, Inc. (c)		2,714		603,024
Baxter International, Inc.		18,855		1,218,787
Becton Dickinson and Co.		10,068		2,155,078
Boston Scientific Corp. (c)		51,817		1,284,543
Danaher Corp.		23,098		2,143,956
Dentsply Sirona, Inc.		8,667		570,549
Edwards Lifesciences Corp. (c)		7,927		893,452
Hologic, Inc. (c)		10,394		444,344
IDEXX Laboratories, Inc. (c)		3,283		513,396
Intuitive Surgical, Inc. (c)		4,209		1,536,033
Medtronic PLC (b)		51,077		4,124,468
ResMed, Inc.		5,360		453,938
Stryker Corp.		12,100		1,873,564
The Cooper Cos., Inc.		1,840		400,899
Varian Medical Systems, Inc. (c)		3,427		380,911
Zimmer Biomet Holdings, Inc.		7,629		920,591
				23,265,948
Health Care Providers & Services (2.7%)
Aetna, Inc.		12,305		2,219,699
AmerisourceBergen Corp.		6,099		560,010
Anthem, Inc.		9,689		2,180,122
Cardinal Health, Inc.		11,849		725,988
Centene Corp. (c)		6,525		658,242
Cigna Corp.		9,304		1,889,549
DaVita, Inc. (c)		5,653		408,429
Envision Healthcare Corp. (c)		4,544		157,041
Express Scripts Holding Co. (c)		21,371		1,595,132
HCA Healthcare, Inc. (c)		10,688		938,834
Henry Schein, Inc. (c)		5,908		412,851
Humana, Inc.		5,453		1,352,726
Laboratory Corp. of America Holdings (c)		3,889		620,334
McKesson Corp.		7,834		1,221,712
Patterson Cos., Inc.		3,027		109,366
Quest Diagnostics, Inc.		5,167		508,898

See accompanying notes to financial statements.
68

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
UnitedHealth Group, Inc.		36,568	$	8,061,781
Universal Health Services, Inc. – Class B		3,314		375,642
				23,996,356
Health Care Technology (0.1%)
Cerner Corp. (c)		11,848		798,437
Life Sciences Tools & Services (0.8%)
Agilent Technologies, Inc.		12,144		813,284
Illumina, Inc. (c)		5,482		1,197,762
IQVIA Holdings, Inc. (c)		5,494		537,863
Mettler-Toledo International, Inc. (c)		1,002		620,759
PerkinElmer, Inc.		4,091		299,134
Thermo Fisher Scientific, Inc.		15,154		2,877,441
Waters Corp. (c)		2,982		576,093
				6,922,336
Pharmaceuticals (4.5%)
Allergan PLC		12,575		2,057,018
Bristol-Myers Squibb Co.		61,685		3,780,057
Eli Lilly & Co.		36,560		3,087,857
Johnson & Johnson		101,375		14,164,115
Merck & Co., Inc.		103,210		5,807,627
Mylan NV (c)		20,171		853,435
Perrigo Co. PLC (b)		4,889		426,125
Pfizer, Inc.		224,926		8,146,820
Zoetis, Inc.		18,323		1,319,989
				39,643,043
Industrials (10.1%)
Aerospace & Defense (2.4%)
Arconic, Inc.		15,898		433,220
General Dynamics Corp.		10,476		2,131,342
L3 Technologies, Inc.		2,935		580,690
Lockheed Martin Corp.		9,405		3,019,475
Northrop Grumman Corp.		6,624		2,032,972
Raytheon Co.		10,898		2,047,189
Rockwell Collins, Inc.		6,151		834,199
The Boeing Co.		21,126		6,230,269
TransDigm Group, Inc.		1,894		520,130
United Technologies Corp.		28,042		3,577,318
				21,406,804
Air Freight & Logistics (0.7%)
CH Robinson Worldwide, Inc.		5,277		470,128
Expeditors International of Washington, Inc.		6,655		430,512
FedEx Corp.		9,339		2,330,454
United Parcel Service, Inc. – Class B		25,908		3,086,938
				6,318,032
Airlines (0.5%)
Alaska Air Group, Inc.		4,600		338,146
American Airlines Group, Inc.		16,069		836,070
Delta Air Lines, Inc.		24,751		1,386,056
Southwest Airlines Co.		20,600		1,348,270
United Continental Holdings, Inc. (c)		9,502		640,435
				4,548,977

	Shares		Value(a)
Building Products (0.3%)
Allegion PLC (b)		3,591	$	285,700
AO Smith Corp.		5,460		334,589
Fortune Brands Home & Security, Inc.		5,811		397,705
Johnson Controls International PLC (b)		34,921		1,330,839
Masco Corp.		11,851		520,733
				2,869,566
Commercial Services & Supplies (0.4%)
Avery Dennison Corp.		3,311		380,302
Cintas Corp.		3,274		510,187
Republic Services, Inc.		8,571		579,485
Stericycle, Inc. (c)		3,182		216,344
Waste Management, Inc.		15,074		1,300,886
				2,987,204
Construction & Engineering (0.1%)
Fluor Corp.		5,202		268,683
Jacobs Engineering Group, Inc.		4,492		296,293
Quanta Services, Inc. (c)		5,838		228,324
				793,300
Electrical Equipment (0.6%)
Acuity Brands, Inc.		1,580		278,080
AMETEK, Inc.		8,721		632,011
Eaton Corp. PLC (b)		16,626		1,313,620
Emerson Electric Co.		24,218		1,687,753
Rockwell Automation, Inc.		4,843		950,923
				4,862,387
Industrial Conglomerates (1.9%)
3M Co.		22,547		5,306,887
General Electric Co.		327,239		5,710,321
Honeywell International, Inc.		28,775		4,412,934
Roper Technologies, Inc.		3,874		1,003,366
Textron, Inc.		9,847		557,242
				16,990,750
Machinery (1.7%)
Caterpillar, Inc.		22,450		3,537,671
Cummins, Inc.		5,868		1,036,524
Deere & Co.		12,031		1,882,972
Dover Corp.		5,902		596,043
Flowserve Corp.		4,929		207,659
Fortive Corp.		11,472		829,999
Illinois Tool Works, Inc.		11,632		1,940,799
Ingersoll-Rand PLC (b)		9,428		840,883
PACCAR, Inc.		13,267		943,018
Parker Hannifin Corp.		5,091		1,016,062
Pentair PLC (b)		6,201		437,915
Snap-On, Inc.		2,143		373,525
Stanley Black & Decker, Inc.		5,835		990,141
Xylem, Inc.		6,716		458,031
				15,091,242
Professional Services (0.3%)
Equifax, Inc.		4,536		534,885
IHS Markit, Ltd. (b) (c)		13,664		616,929
Nielsen Holdings PLC (b)		12,604		458,786
Robert Half International, Inc.		4,668		259,261

See accompanying notes to financial statements.
69

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
United Rentals, Inc. (c)		3,175	$	545,814
Verisk Analytics, Inc. (c)		5,846		561,216
				2,976,891
Road & Rail (0.9%)
CSX Corp.		33,724		1,855,157
JB Hunt Transport Services, Inc.		3,190		366,786
Kansas City Southern		3,886		408,885
Norfolk Southern Corp.		10,840		1,570,716
Union Pacific Corp.		29,704		3,983,307
				8,184,851
Trading Companies & Distributors (0.1%)
Fastenal Co.		10,772		589,121
WW Grainger, Inc.		1,974		466,357
				1,055,478
Information Technology (23.4%)
Communications Equipment (1.0%)
Cisco Systems, Inc.		186,546		7,144,712
F5 Networks, Inc. (c)		2,360		309,679
Harris Corp.		4,505		638,133
Juniper Networks, Inc.		14,147		403,190
Motorola Solutions, Inc.		6,106		551,616
				9,047,330
Computers & Peripherals (3.9%)
Apple, Inc. (d)		193,742		32,786,959
NetApp, Inc.		10,179		563,102
Western Digital Corp.		11,161		887,634
				34,237,695
Electronic Equipment, Instruments & Components (0.5%)
Amphenol Corp. – Class A		11,447		1,005,046
Corning, Inc.		32,793		1,049,048
FLIR Systems, Inc.		5,229		243,776
Seagate Technology PLC (b)		10,826		452,960
TE Connectivity, Ltd. (b)		13,292		1,263,272
				4,014,102
Internet Software & Services (4.8%)
Akamai Technologies, Inc. (c)		6,362		413,785
Alphabet, Inc. – Class A (c)		11,250		11,850,750
Alphabet, Inc. – Class C (c)		11,396		11,924,774
eBay, Inc. (c)		36,657		1,383,435
Facebook, Inc. – Class A (c)		89,990		15,879,635
VeriSign, Inc. (c)		3,174		363,233
				41,815,612
IT Services (4.0%)
Accenture PLC – Class A (b)		23,345		3,573,886
Alliance Data Systems Corp.		1,816		460,320
Automatic Data Processing, Inc.		16,715		1,958,831
Cognizant Technology Solutions Corp. – Class A		22,253		1,580,408
CSRA, Inc.		6,149		183,978
DXC Technology Co.		10,698		1,015,240
Fidelity National Information Services, Inc.		12,598		1,185,346
Fiserv, Inc. (c)		7,893		1,035,009
Gartner, Inc. – Class A (c)		3,410		419,942

	Shares		Value(a)
Global Payments, Inc.		6,005	$	601,941
International Business Machines Corp.		32,489		4,984,462
Mastercard, Inc. – Class A		35,023		5,301,081
Paychex, Inc.		12,067		821,521
PayPal Holdings, Inc. (c)		42,632		3,138,568
The Western Union Co.		17,331		329,462
Total System Services, Inc.		6,238		493,364
Visa, Inc. – Class A		68,431		7,802,503
				34,885,862
Office Electronics (0.0%)
Xerox Corp.		7,998		233,142
Semiconductors & Semiconductor Equipment (3.8%)
Advanced Micro Devices, Inc. (c)		30,945		318,115
Analog Devices, Inc.		13,910		1,238,407
Applied Materials, Inc.		40,243		2,057,222
Broadcom, Ltd.		15,413		3,959,600
Intel Corp.		176,598		8,151,764
KLA-Tencor Corp.		5,939		624,011
Lam Research Corp.		6,162		1,134,239
Microchip Technology, Inc.		8,754		769,302
Micron Technology, Inc. (c)		43,517		1,789,419
NVIDIA Corp.		22,867		4,424,764
Qorvo, Inc. (c)		4,737		315,484
QUALCOMM, Inc.		55,573		3,557,783
Skyworks Solutions, Inc.		6,957		660,567
Texas Instruments, Inc.		37,140		3,878,902
Xilinx, Inc.		9,469		638,400
				33,517,979
Software (5.2%)
Activision Blizzard, Inc.		28,531		1,806,583
Adobe Systems, Inc. (c)		18,659		3,269,803
ANSYS, Inc. (c)		3,230		476,716
Autodesk, Inc. (c)		8,245		864,323
CA, Inc.		11,791		392,405
Cadence Design Systems, Inc. (c)		10,654		445,550
Citrix Systems, Inc. (c)		5,414		476,432
Electronic Arts, Inc. (c)		11,594		1,218,066
Intuit, Inc.		9,168		1,446,527
Microsoft Corp.		291,108		24,901,378
Oracle Corp.		114,964		5,435,498
Red Hat, Inc. (c)		6,644		797,944
Salesforce.com, Inc. (c)		25,893		2,647,041
Symantec Corp.		23,394		656,436
Synopsys, Inc. (c)		5,679		484,078
				45,318,780
Technology Hardware Storage & Peripherals (0.2%)
Hewlett Packard Enterprise Co.		60,187		864,286
HP, Inc.		63,026		1,324,176
				2,188,462
Materials (2.9%)
Chemicals (2.2%)
Air Products & Chemicals, Inc.		8,190		1,343,815
Albemarle Corp.		4,150		530,744
CF Industries Holdings, Inc.		8,743		371,927
DowDuPont, Inc.		88,299		6,288,655

See accompanying notes to financial statements.
70

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Eastman Chemical Co.		5,364	$	496,921
Ecolab, Inc.		9,851		1,321,807
FMC Corp.		5,003		473,584
International Flavors & Fragrances, Inc.		3,004		458,440
LyondellBasell Industries NV – Class A		12,208		1,346,787
Monsanto Co.		16,578		1,935,979
PPG Industries, Inc.		9,553		1,115,981
Praxair, Inc.		10,765		1,665,130
The Mosaic Co.		13,184		338,301
The Sherwin-Williams Co.		3,116		1,277,685
				18,965,756
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		2,422		535,359
Vulcan Materials Co.		4,992		640,823
				1,176,182
Containers & Packaging (0.3%)
Ball Corp.		13,170		498,485
International Paper Co.		15,580		902,705
Packaging Corp. of America		3,560		429,158
Sealed Air Corp.		6,747		332,627
WestRock Co.		9,554		603,908
				2,766,883
Metals & Mining (0.3%)
Freeport-McMoRan, Inc. (c)		50,800		963,168
Newmont Mining Corp.		20,125		755,090
Nucor Corp.		11,967		760,862
				2,479,120
Real Estate (2.9%)
Health Care REITs (0.2%)
HCP, Inc.		17,701		461,642
Ventas, Inc.		13,401		804,194
Welltower, Inc.		13,975		891,186
				2,157,022
Hotels & Resort REITs (0.1%)
Hilton Worldwide Holdings, Inc.		7,541		602,225
Host Hotels & Resorts, Inc.		27,925		554,311
				1,156,536
Industrial REITs (0.2%)
Duke Realty Corp.		13,340		362,981
ProLogis, Inc.		19,980		1,288,910
				1,651,891
Office REITs (0.2%)
Alexandria Real Estate Equities, Inc.		3,612		471,691
Boston Properties, Inc.		5,850		760,676
SL Green Realty Corp.		3,723		375,762
Vornado Realty Trust		6,499		508,092
				2,116,221
Real Estate Services (0.1%)
CBRE Group, Inc. – Class A (c)		11,305		489,620

	Shares		Value(a)
Residential REITs (0.4%)
Apartment Investment & Management Co. – Class A		5,857	$	256,010
AvalonBay Communities, Inc.		5,225		932,192
Equity Residential		13,866		884,235
Essex Property Trust, Inc.		2,490		601,011
Mid-America Apartment Communities, Inc.		4,290		431,402
UDR, Inc.		10,056		387,357
				3,492,207
Retail REITs (0.5%)
Federal Realty Investment Trust		2,700		358,587
GGP, Inc.		23,555		550,951
Kimco Realty Corp.		15,985		290,128
Realty Income Corp.		10,633		606,294
Regency Centers Corp.		5,530		382,565
Simon Property Group, Inc.		11,692		2,007,984
The Macerich Co.		3,995		262,392
				4,458,901
Specialized REITs (1.1%)
American Tower Corp.		16,158		2,305,262
Crown Castle International Corp.		15,330		1,701,783
Digital Realty Trust, Inc.		7,697		876,688
Equinix, Inc.		2,949		1,336,546
Extra Space Storage, Inc.		4,720		412,764
Iron Mountain, Inc.		10,673		402,692
Public Storage		5,711		1,193,599
SBA Communications Corp. (c)		4,490		733,486
Weyerhaeuser Co.		28,483		1,004,311
				9,967,131
Telecommunication Services (2.0%)
Diversified Telecommunication Services (2.0%)
AT&T, Inc.		231,691		9,008,146
CenturyLink, Inc.		36,708		612,289
Verizon Communications, Inc.		153,934		8,147,727
				17,768,162
Utilities (3.0%)
Electric Utilities (1.7%)
Alliant Energy Corp.		8,691		370,324
American Electric Power Co., Inc.		18,497		1,360,824
Duke Energy Corp.		26,426		2,222,691
Edison International		12,213		772,350
Entergy Corp.		6,801		553,533
Eversource Energy		11,887		751,021
Exelon Corp.		36,228		1,427,746
FirstEnergy Corp.		16,786		513,987
NextEra Energy, Inc.		17,765		2,774,715
PG&E Corp.		19,351		867,505
Pinnacle West Capital Corp.		4,150		353,497
PPL Corp.		25,779		797,860
The Southern Co.		37,871		1,821,216
Xcel Energy, Inc.		19,160		921,788
				15,509,057
Gas Utilities (0.1%)
ONEOK, Inc.		14,468		773,315

See accompanying notes to financial statements.
71

SFT Advantus Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Independent Power Producers & Energy Traders (0.1%)
AES Corp.		24,919	$	269,873
NRG Energy, Inc.		11,308		322,052
				591,925
Multi-Utilities (1.0%)
Ameren Corp.		9,104		537,045
CenterPoint Energy, Inc.		16,173		458,666
CMS Energy Corp.		10,549		498,968
Consolidated Edison, Inc.		11,654		990,007
Dominion Energy, Inc.		24,283		1,968,380
DTE Energy Co.		6,720		735,571
NiSource, Inc.		12,708		326,214
Public Service Enterprise Group, Inc.		19,003		978,655
SCANA Corp.		5,351		212,863
Sempra Energy		9,448		1,010,180
WEC Energy Group, Inc.		11,828		785,734
				8,502,283
Water Utilities (0.1%)
American Water Works Co., Inc.		6,720		614,813
Total common stocks (cost: $325,763,112)				860,356,596

	Shares		Value(a)
Short-Term Securities (1.7%)
Investment Companies (1.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		14,777,164		14,777,164
Total short-term securities (cost: $14,777,164)				14,777,164
Total investments in securities (cost: $340,540,276) (e)				875,133,760
Cash and other assets in excess of liabilities (0.1%)				802,930
Total net assets (100.0%)			$	875,936,690

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 2.6% of net assets in foreign securities at December 31, 2017.

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

Holdings of Open Futures Contracts

On December 31, 2017, securities with an aggregate market value of $5,923,050 have been pledged to cover margin requirements for the following open futures contracts:

Type				Expiration				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500^® E-Mini Index Future				March 2018					104			Long				$	13,818,942			$	13,915,200			$	96,258

(e) At December 31, 2017 the cost of investments for federal income tax purposes was $343,398,236. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	539,037,918
Gross unrealized depreciation		(7,206,136	)
Net unrealized appreciation	$	531,831,782

See accompanying notes to financial statements.
72

SFT Advantus International Bond Fund
Investments in Securities

December 31, 2017

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

	Principal(b)		Value(a)
Long-Term Debt Securities (51.4%)
Argentina (3.8%)
Government (3.8%)
Argentine Bonos del Tesoro (ARS) 15.500%, 10/17/26		38,676,000	$	2,071,223
16.000%, 10/17/23		8,404,000		440,674
18.200%, 10/03/21		27,672,000		1,511,135
21.200%, 09/19/18		1,700,000		87,816
22.750%, 03/05/18		101,000		5,329
				4,116,177
Brazil (4.4%)
Government (4.4%)
Brazil Letras do Tesouro Nacional (BRL) 8.558%, 07/01/20 (c)		728,000		178,718
9.246%, 07/01/21 (c)		4,460,000		986,513
Brazil Notas do Tesouro Nacional Serie B (BRL) 18.779%, 05/15/19		80,000		76,494
18.779%, 08/15/22		134,000		129,174
18.779%, 05/15/23		186,000		178,982
18.779%, 08/15/24		110,000		106,078
Brazil Notas do Tesouro Nacional Serie F (BRL) 10.000%, 01/01/21		4,840,000		1,502,850
10.000%, 01/01/23		5,209,000		1,589,493
				4,748,302
Ghana (1.8%)
Government (1.8%)
Ghana Government Bond (GHS) 18.750%, 01/24/22		960,000		223,887
19.000%, 11/02/26		2,890,000		701,459
19.750%, 03/25/24		960,000		234,205
19.750%, 03/15/32		2,890,000		695,123
21.500%, 03/09/20		50,000		11,921
24.500%, 06/21/21		50,000		13,161
24.750%, 03/01/21		50,000		13,071
24.750%, 07/19/21		50,000		13,280
				1,906,107
Indonesia (10.6%)
Government (10.6%)
Indonesia Treasury Bond (IDR) 6.125%, 05/15/28		228,000,000		16,361
7.000%, 05/15/27		49,134,000,000		3,795,278
8.375%, 03/15/24		21,929,000,000		1,797,008
8.375%, 09/15/26		25,590,000,000		2,131,053
8.750%, 05/15/31		13,084,000,000		1,123,483
9.000%, 03/15/29		5,228,000,000		454,800
9.500%, 07/15/23		18,680,000,000		1,581,158
10.000%, 09/15/24		1,959,000,000		172,336
10.000%, 02/15/28		76,000,000		6,990
10.250%, 07/15/22		2,658,000,000		226,786
10.500%, 08/15/30		1,070,000,000		102,450
11.500%, 09/15/19		466,000,000		37,588
				11,445,291

	Principal(b)		Value(a)
Mexico (11.1%)
Government (11.1%)
Mexican Bonos (MXN) 4.750%, 06/14/18		56,610,000	$	2,855,253
5.000%, 12/11/19		100,870,000		4,907,317
6.500%, 06/10/21		20,100,000		992,235
8.000%, 06/11/20		44,930,000		2,314,990
8.500%, 12/13/18		13,490,000		694,353
Mexican Udibonos (MXN) 2.500%, 12/10/20		1,637,936		81,510
4.000%, 06/13/19		2,047,420		105,460
				11,951,118
Philippines (1.3%)
Government (1.3%)
Philippine Government Bond (PHP) 2.125%, 05/23/18		23,158,000		462,196
3.375%, 08/20/20		1,600,000		31,283
3.875%, 11/22/19		41,660,000		830,755
5.000%, 08/18/18		3,500,000		70,916
5.875%, 01/31/18		2,470,000		49,552
				1,444,702
South Africa (1.8%)
Government (1.8%)
Republic of South Africa Government Bond (ZAR) 6.250%, 03/31/36		3,256,000		189,240
7.000%, 02/28/31		3,649,000		245,438
8.000%, 01/31/30		5,063,000		374,286
8.250%, 03/31/32		6,519,000		481,975
8.500%, 01/31/37		1,553,000		112,830
8.875%, 02/28/35		2,851,000		216,477
10.500%, 12/21/26		3,552,000		320,455
				1,940,701
South Korea (15.9%)
Government (15.9%)
Korea Treasury Bond (KRW) 1.375%, 09/10/21		708,200,000		640,068
1.500%, 06/10/19		2,690,600,000		2,495,011
1.875%, 03/10/22		200,000,000		183,343
2.000%, 03/10/21		2,212,310,000		2,050,824
2.000%, 09/10/22		2,371,000,000		2,180,738
3.000%, 03/10/23		967,000,000		929,322
3.000%, 09/10/24		2,419,000,000		2,337,296
3.375%, 09/10/23		2,729,000,000		2,675,488
3.500%, 03/10/24		1,785,000,000		1,769,318
3.750%, 06/10/22		1,792,000,000		1,770,840
4.250%, 06/10/21		139,300,000		138,519
				17,170,767
Ukraine (0.7%)
Government (0.7%)
Ukraine Government International Bond (USD) 0.000%, 05/31/40 (d) (e)		1,369,000		753,218
Total long-term debt securities (cost: $54,154,924)				55,476,383

See accompanying notes to financial statements.
73

SFT Advantus International Bond Fund
Investments in Securities – continued

	Shares/ Principal(b)		Value(a)
Short-Term Securities (47.2%)
Mexico (10.2%)
Mexican Cetes (MXN) 6.986%, 02/01/18 (c)		1,160,800	$	58,925
7.016%, 01/04/18 (c)		4,226,000		215,733
7.077%, 03/01/18 (c)		6,464,000		326,287
7.209%, 03/01/18 (c)		24,020,300		1,212,487
7.219%, 01/04/18 (c)		1,794,000		91,582
7.219%, 03/15/18 (c)		12,010,200		604,540
7.219%, 03/28/18 (c)		30,883,200		1,550,482
7.229%, 03/01/18 (c)		5,922,900		298,974
7.229%, 03/28/18 (c)		4,284,800		215,117
7.229%, 04/12/18 (c)		23,432,700		1,172,887
7.249%, 03/01/18 (c)		6,581,000		332,193
7.249%, 04/12/18 (c)		24,020,300		1,202,298
7.280%, 05/10/18 (c)		81,600		4,061
7.290%, 05/10/18 (c)		8,913,600		443,655
7.290%, 05/24/18 (c)		122,300		6,070
7.300%, 04/26/18 (c)		4,935,700		246,355
7.310%, 04/26/18 (c)		5,053,300		252,225
7.310%, 05/24/18 (c)		492,500		24,444
7.310%, 08/16/18 (c)		13,725,900		669,904
7.320%, 06/21/18 (c)		7,591,300		374,647
7.325%, 04/26/18 (c)		12,792,700		638,520
7.336%, 08/16/18 (c)		1,882,000		91,853
7.341%, 10/11/18 (c)		204,800		9,885
7.371%, 08/16/18 (c)		2,711,200		132,322
7.371%, 10/11/18 (c)		9,688,700		467,660
7.422%, 06/07/18 (c)		380,000		18,808
7.432%, 12/06/18 (c)		410,000		19,574
7.564%, 06/21/18 (c)		6,117,100		301,892
				10,983,380
United States (32.0%)
Federal Home Loan Bank (USD) 0.913%, 01/02/18 (c)		7,645,000		7,645,000
1.014%, 01/02/18 (c)		1,310,000		1,310,000
1.065%, 01/02/18 (c)		7,645,000		7,645,000
U.S. Treasury Bill (USD) 1.307%, 03/08/18 (c)		18,000,000		17,957,953
				34,557,953
Investment Companies (5.0%)
United States (5.0%)
State Street Institutional U.S. Government Money Market Fund (USD), current rate 1.210%		5,436,158		5,436,158
Total short-term securities (cost: $51,404,353)				50,977,491
Total investments in securities (cost: $105,559,277) (f)				106,453,874
Cash and other assets in excess of liabilities (1.4%)				1,549,054
Total net assets (100.0%)			$	108,002,928

See accompanying notes to financial statements.
74

SFT Advantus International Bond Fund
Investments in Securities – continued

Foreign Forward Currency Contracts

On December 31, 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)(a)			Counterparty
01/08/18		805,000	EUR		951,421	USD	$	(15,487	)	BOA
01/08/18		366,500	EUR		433,388	USD		(6,826	)	JPM
01/08/18		30,600	EUR		36,162	USD		(593	)	SCB
01/08/18		228,417	EUR		270,039	USD		(4,319	)	UBS
01/10/18		335,000	EUR		396,176	USD		(6,246	)	BCB
01/10/18		1,578,954	EUR		1,867,350	USD		(29,385	)	HSB
01/10/18		717,932	EUR		835,234	USD		(27,188	)	JPM
01/10/18		3,206,080	EUR		3,776,762	USD		(74,574	)	SCB
01/11/18		62,600,000	JPY		554,706	USD		(1,186	)	BCB
01/11/18		10,873,000	JPY		96,301	USD		(253	)	GSC
01/11/18		239,311	EUR		282,943	USD		(4,548	)	JPM
01/12/18		58,526	USD		3,868,000	INR		2,019		JPS
01/16/18		33,230,000	JPY		293,468	USD		(1,692	)	BCB
01/16/18		119,438	EUR		140,698	USD		(2,827	)	BOA
01/16/18		9,980,000	JPY		88,121	USD		(525	)	CIT
01/16/18		763,000,000	KRW		667,308	USD		(45,789	)	CIT
01/16/18		717,825	EUR		849,804	USD		(12,783	)	DBK
01/16/18		35,690,000	JPY		314,977	USD		(2,035	)	HSB
01/16/18		602,000	EUR		717,084	USD		(6,320	)	HSB
01/16/18		21,600,000	JPY		192,027	USD		168		JPM
01/16/18		116,000	EUR		138,221	USD		(1,172	)	JPM
01/16/18		160,000	EUR		188,310	USD		(3,957	)	SCB
01/17/18		38,749	EUR		46,239	USD		(327	)	BOA
01/17/18		78,270	EUR		92,714	USD		(1,346	)	GSC
01/18/18		168,000	EUR		199,372	USD		(2,531	)	GSC
01/18/18		935,351	EUR		1,110,200	USD		(13,908	)	JPM
01/18/18		365,500	EUR		431,206	USD		(8,054	)	MSC
01/18/18		41,350	EUR		49,052	USD		(642	)	UBS
01/22/18		317,259	EUR		374,736	USD		(6,633	)	JPM
01/22/18		45,710,000	JPY		412,266	USD		6,132		SCB
01/23/18		484,812	USD		31,697,000	INR		10,763		DBK
01/23/18		2,752,009	USD		179,981,362	INR		61,959		JPS
01/23/18		1,283,403	USD		84,095,000	INR		31,403		JPS
01/24/18		27,530,000	JPY		244,184	USD		(446	)	BCB
01/24/18		10,020,000	JPY		90,199	USD		1,162		DBK
01/24/18		815,540	EUR		966,749	USD		(13,703	)	DBK
01/25/18		32,786,000	JPY		296,590	USD		5,242		CIT
01/25/18		51,000,000	JPY		461,240	USD		8,036		JPM
01/29/18		50,203,538	JPY		453,035	USD		6,819		DBK
01/29/18		184,000	EUR		218,165	USD		(3,105	)	GSC
01/29/18		306,311	USD		20,094,000	INR		7,656		HSB
01/29/18		17,600,000	JPY		159,231	USD		2,799		JPM
01/29/18		894,005	USD		58,640,000	INR		22,240		JPS
01/30/18		207,232	EUR		244,225	USD		(4,997	)	DBK
01/30/18		77,000	EUR		90,770	USD		(1,832	)	GSC
01/30/18		59,162	USD		3,868,000	INR		1,269		JPS
01/31/18		60,350,000	JPY		546,550	USD		10,096		BCB
01/31/18		1,381,733	EUR		1,655,005	USD		(6,790	)	BCB
01/31/18		2,701,600	EUR		3,150,876	USD		(98,310	)	BOA
01/31/18		64,982,551	JPY		587,280	USD		9,648		HSB
01/31/18		633,107	EUR		755,455	USD		(5,976	)	SCB
02/01/18		145,184	USD		9,556,000	INR		4,081		JPS
02/02/18		535,000	EUR		626,067	USD		(17,445	)	JPM
02/05/18		699,000	EUR		818,082	USD		(22,836	)	BOA
02/05/18		631,764	EUR		739,227	USD		(20,804	)	DBK
02/06/18		262,390	EUR		307,700	USD		(7,982	)	BOA
02/07/18		76,884	EUR		89,846	USD		(2,658	)	CIT
02/07/18		820,000	EUR		957,744	USD		(28,855	)	DBK
02/08/18		241,973	USD		15,917,000	INR		6,445		DBK
02/08/18		330,523	USD		21,741,833	INR		8,803		DBK
02/08/18		167,331	USD		10,920,000	INR		3,099		HSB

See accompanying notes to financial statements.
75

SFT Advantus International Bond Fund
Investments in Securities – continued

Exchange Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)(a)			Counterparty
02/09/18		14,673,000	JPY		133,105	USD	$	2,620		CIT
02/09/18		3,116,000	EUR		3,626,635	USD		(122,870	)	DBK
02/12/18		158,000	EUR		184,208	USD		(5,947	)	HSB
02/12/18		239,310	EUR		283,476	USD		(4,537	)	JPM
02/13/18		61,530,000	JPY		560,523	USD		13,242		CIT
02/14/18		3,074,985	EUR		3,602,314	USD		(98,901	)	CIT
02/14/18		11,479,667	JPY		101,684	USD		(428	)	CIT
02/14/18		890,000	EUR		1,043,512	USD		(27,740	)	JPM
02/15/18		15,430,000	JPY		141,547	USD		4,291		BCB
02/15/18		115,000	EUR		134,875	USD		(3,554	)	DBK
02/15/18		107,000	EUR		125,548	USD		(3,250	)	GSC
02/15/18		8,030,000	JPY		74,339	USD		2,909		JPM
02/15/18		1,520,000	AUD		1,160,710	USD		(28,119	)	JPM
02/15/18		369,583	USD		24,082,000	INR		5,912		JPS
02/16/18		589,650	EUR		696,934	USD		(12,882	)	BOA
02/16/18		15,430,000	JPY		138,628	USD		1,366		DBK
02/16/18		21,480,270	JPY		198,104	USD		7,021		GSC
02/16/18		100,310,000	JPY		899,117	USD		6,782		JPM
02/20/18		563,000,000	KRW		503,195	USD		(23,606	)	CIT
02/20/18		508,500,000	KRW		455,666	USD		(20,140	)	CIT
02/20/18		51,438,000	JPY		469,303	USD		11,638		DBK
02/20/18		78,460	EUR		93,124	USD		(1,347	)	GSC
02/20/18		168,000	EUR		199,093	USD		(3,190	)	GSC
02/20/18		317,259	EUR		375,374	USD		(6,627	)	JPM
02/20/18		317,000	EUR		376,369	USD		(5,320	)	SCB
02/21/18		1,464,000,000	KRW		1,288,925	USD		(80,991	)	CIT
02/22/18		403,000	AUD		297,668	USD		(17,518	)	CIT
02/22/18		96,755,000	JPY		889,292	USD		28,343		HSB
02/22/18		1,514,253	EUR		1,795,904	USD		(27,570	)	HSB
02/22/18		69,639,000	JPY		642,889	USD		23,224		JPM
02/22/18		642,000	EUR		758,773	USD		(14,328	)	JPM
02/22/18		33,313	EUR		39,432	USD		(684	)	UBS
02/26/18		22,797,000	JPY		210,440	USD		7,550		DBK
02/27/18		65,472,000	JPY		592,239	USD		9,518		HSB
02/27/18		524,000	EUR		617,835	USD		(13,351	)	MSC
02/28/18		54,600,000	JPY		506,522	USD		20,543		BCB
02/28/18		131,855	EUR		157,751	USD		(1,084	)	BOA
02/28/18		38,472,000	JPY		355,639	USD		13,211		DBK
02/28/18		1,494,000,000	KRW		1,336,434	USD		(61,881	)	DBK
02/28/18		54,300	EUR		64,861	USD		(550	)	DBK
02/28/18		77,000	EUR		92,342	USD		(414	)	GSC
02/28/18		65,692,000	JPY		606,770	USD		22,065		JPM
02/28/18		33,447,000	JPY		308,834	USD		11,132		JPM
02/28/18		22,848,000	JPY		207,278	USD		3,914		JPM
02/28/18		645,663	EUR		771,697	USD		(6,084	)	SCB
02/28/18		616,157	EUR		740,430	USD		(1,807	)	UBS
03/01/18		73,808,000	JPY		675,836	USD		18,861		HSB
03/05/18		75,000	EUR		89,531	USD		(842	)	GSC
03/05/18		1,449,000,000	KRW		1,341,294	USD		(15,130	)	HSB
03/05/18		44,000,000	JPY		394,447	USD		2,725		JPM
03/06/18		20,800,000	JPY		185,334	USD		144		HSB
03/06/18		158,417	EUR		188,566	USD		(2,334	)	UBS
03/07/18		262,390	EUR		311,969	USD		(4,248	)	BOA
03/07/18		51,000	EUR		60,689	USD		(773	)	GSC
03/09/18		74,100	AUD		55,640	USD		(2,310	)	CIT
03/09/18		149,300	AUD		112,112	USD		(4,648	)	CIT
03/12/18		239,310	EUR		283,939	USD		(4,565	)	JPM
03/13/18		1,971,000	AUD		1,463,773	USD		(77,618	)	CIT
03/13/18		55,874	EUR		66,314	USD		(1,050	)	CIT
03/13/18		22,100,000	JPY		204,759	USD		7,907		DBK
03/13/18		717,825	EUR		852,568	USD		(12,878	)	DBK
03/13/18		2,955,000	AUD		2,186,700	USD		(124,214	)	JPM
03/14/18		253,404	USD		16,470,000	INR		2,479		DBK
03/14/18		607,000,000	KRW		557,853	USD		(10,415	)	DBK
03/15/18		317,259	EUR		375,318	USD		(7,239	)	JPM
03/16/18		589,650	EUR		697,025	USD		(14,037	)	BOA
03/16/18		370,000	AUD		275,780	USD		(13,570	)	JPM
03/19/18		22,560,000	JPY		205,809	USD		4,782		BCB

See accompanying notes to financial statements.
76

SFT Advantus International Bond Fund
Investments in Securities – continued

Exchange Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)(a)			Counterparty
03/19/18		67,786	USD		4,419,000	INR	$	824		CIT
03/19/18		78,270	EUR		92,880	USD		(1,526	)	GSC
03/19/18		365,500	EUR		432,719	USD		(8,133	)	MSC
03/20/18		508,500,000	KRW		449,821	USD		(26,260	)	CIT
03/20/18		4,111,000	AUD		3,085,922	USD		(128,936	)	JPM
03/22/18		28,159,000	JPY		254,893	USD		3,927		DBK
03/23/18		77,666,000	JPY		702,558	USD		10,318		CIT
03/26/18		42,092,130	JPY		381,207	USD		5,967		BCB
03/26/18		29,650,000	JPY		268,423	USD		4,101		MSC
03/30/18		9,763,000	JPY		87,130	USD		73		JPM
04/10/18		29,920,000	JPY		268,221	USD		1,241		SCB
04/11/18		57,903,900	JPY		518,955	USD		2,241		BCB
04/11/18		7,000,000,000	KRW		6,224,435	USD		(331,906	)	HSB
04/13/18		12,300,000	JPY		113,244	USD		3,470		CIT
04/18/18		22,030,000	JPY		202,897	USD		6,228		BOA
04/23/18		29,220,000	JPY		272,823	USD		11,888		JPM
04/24/18		142,170,490	JPY		1,324,808	USD		55,148		JPM
04/25/18		76,376	USD		5,058,000	INR		1,792		DBK
04/27/18		496,728	USD		32,918,166	INR		11,872		DBK
04/27/18		52,800,000	JPY		467,907	USD		(3,710	)	GSC
04/30/18		536,000,000	KRW		476,148	USD		(26,195	)	HSB
05/09/18		13,826,020	JPY		122,205	USD		(1,379	)	CIT
05/14/18		11,479,666	JPY		102,206	USD		(436	)	CIT
05/14/18		13,582,000	JPY		121,062	USD		(377	)	JPM
05/15/18		1,020,000,000	KRW		916,195	USD		(40,229	)	CIT
05/15/18		19,620,000	JPY		174,698	USD		(738	)	GSC
05/15/18		22,910,000	JPY		204,828	USD		(27	)	HSB
05/15/18		1,520,000	AUD		1,160,148	USD		(28,391	)	JPM
05/15/18		14,666,000	JPY		130,971	USD		(168	)	SCB
05/16/18		14,665,000	JPY		130,517	USD		(621	)	CIT
05/16/18		384,180	USD		25,664,000	INR		11,419		HSB
05/16/18		100,685,000	JPY		896,803	USD		(3,548	)	JPM
05/16/18		13,769,800	JPY		122,504	USD		(629	)	SCB
05/17/18		2,133,000,000	KRW		1,908,298	USD		(91,885	)	HSB
05/18/18		74,624,550	JPY		669,819	USD		2,428		BOA
05/18/18		97,530,600	JPY		874,898	USD		2,651		CIT
05/18/18		610,000,000	KRW		549,104	USD		(22,931	)	DBK
05/21/18		74,400,375	JPY		677,676	USD		12,171		BOA
05/21/18		97,530,600	JPY		871,797	USD		(606	)	CIT
05/21/18		45,867,000	JPY		410,406	USD		129		DBK
05/21/18		74,662,400	JPY		681,537	USD		13,688		HSB
05/22/18		74,602,500	JPY		683,674	USD		16,321		BOA
05/22/18		23,068,000	JPY		207,499	USD		1,145		CIT
05/22/18		41,201,000	JPY		377,584	USD		9,022		JPM
05/24/18		2,437,324	USD		161,582,400	INR		50,955		JPS
05/24/18		52,556,000	JPY		472,674	USD		2,480		SCB
05/25/18		64,764,000	JPY		593,077	USD		13,630		BOA
05/29/18		11,968,000	JPY		107,703	USD		599		HSB
06/04/18		9,862,666	USD		32,387,023	BRL		(256,878	)	JPM
06/08/18		46,300,000	JPY		416,866	USD		2,271		CIT
06/11/18		34,700,000	JPY		311,162	USD		384		HSB
06/12/18		91,710,000	JPY		816,805	USD		(4,612	)	CIT
06/13/18		17,886,000	JPY		159,440	USD		(768	)	CIT
06/13/18		66,670,000	JPY		594,260	USD		(2,917	)	HSB
06/13/18		61,770,000	JPY		550,665	USD		(2,622	)	JPM
06/15/18		26,000,000	JPY		232,247	USD		(669	)	JPM
06/18/18		46,950,000	JPY		437,354	USD		16,688		HSB
06/18/18		18,200,000	JPY		162,700	USD		(369	)	MSC
06/19/18		46,870,000	JPY		432,157	USD		12,182		DBK
06/19/18		154,900,000	JPY		1,394,603	USD		6,635		JPM
06/20/18		35,200,000	JPY		322,256	USD		6,830		CIT
06/22/18		46,960,000	JPY		428,233	USD		7,376		DBK
08/14/18		11,479,667	JPY		102,795	USD		(443	)	CIT
09/11/18		34,700,000	JPY		313,033	USD		383		HSB
							$	(1,644,890	)

See accompanying notes to financial statements.
77

SFT Advantus International Bond Fund
Investments in Securities – continued

At December 31, 2017, the Fund had the following interest rate swap contracts outstanding.

Interest Rate Swap Contracts

		Payment Frequency	Maturity	Notional		Upfront Payments/		Unrealized Appreciation/			Market Value
Description	Counter-party	(Pay/Rec)	Date	Amount		(Receipts)		(Depreciation)(a)			Asset		Liability
Centrally Cleared Swaps
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.816%	CIT	Quarterly/ Semi-Annual	02/03/25		440,000	$	—	$	12,043		$	12,043	$	—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.914%	CIT	Quarterly/ Semi-Annual	01/22/25		1,760,000		—		35,599			35,599		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.936%	CIT	Quarterly/ Semi-Annual	01/29/25		320,000		—		6,039			6,039		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.941%	CIT	Quarterly/ Semi-Annual	01/30/25		270,000		—		5,019			5,019		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.969%	CIT	Quarterly/ Semi-Annual	01/23/25		2,200,000		—		35,973			35,973		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.973%	CIT	Quarterly/ Semi-Annual	01/27/25		1,300,000		—		21,049			21,049		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.977%	CIT	Quarterly/ Semi-Annual	03/27/25		750,000		—		13,362			13,362		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.985%	CIT	Quarterly/ Semi-Annual	03/27/25		750,000		—		12,980			12,980		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.378%	CIT	Quarterly/ Semi-Annual	11/18/46		3,200,000		—		108,226			108,226		—
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.537%	GSC	Quarterly/ Semi-Annual	04/13/47		1,700,000		—		(2,662	)		—		(2,662	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.695%	CIT	Quarterly/ Semi-Annual	05/09/24		4,260,000		—		(108,234	)		—		(108,234	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.731%	CIT	Quarterly/ Semi-Annual	07/07/24		1,250,000		—		(45,566	)		—		(45,566	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.793%	CIT	Quarterly/ Semi-Annual	03/13/47		2,000,000		—		(124,448	)		—		(124,448	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 3.387%	CIT	Quarterly/ Semi-Annual	05/09/44		2,028,000		—		(336,183	)		—		(336,183	)
Net unrealized appreciation (depreciation)						$	—	$	(366,803	)	$	250,290	$	(617,093	)

Investments in Securities Legend

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

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

(d) Variable rate security.

(e) 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.

(f) At December 31, 2017 the cost of investments for federal income tax purposes was $103,914,388. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	3,406,046
Gross unrealized depreciation		(2,878,253	)
Net unrealized appreciation	$	527,793

See accompanying notes to financial statements.
78

SFT Advantus International Bond Fund
Investments in Securities – continued

Currency Legend

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

EUR Euro

GHS Ghanaian Cedi

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

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.
79

SFT Advantus Managed Volatility Equity Fund
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Mutual Funds (90.0%)
Investment Companies (90.0%)
iShares Core High Dividend ETF		523,042	$	47,147,006
iShares Edge MSCI Minimum Volatility EAFE ETF		895,113		65,325,347
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		261,705		15,901,196
iShares Edge MSCI Minimum Volatility USA ETF (b)		1,583,132		83,557,707
iShares MSCI Germany ETF		313,962		10,367,025
iShares Short Maturity Bond ETF		260,545		13,058,515
Total mutual funds (cost: $208,245,296)				235,356,796
Purchased Options (0.1%)
Put Option Purchased (0.1%)
S&P 500 Index, $2,525.00, 01/19/18 (cost: $97,855)				60,450

	Shares		Value(a)
Short-Term Securities (10.9%)
Investment Companies (10.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		28,578,017		28,578,017
Total short-term securities (cost: $28,578,017)				28,578,017
Total investments in securities (cost: $236,921,168) (c)				263,995,263
Liabilities in excess of cash and other assets (-1.0%)				(2,514,624	)
Total net assets (100.0%)			$	261,480,639

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 December 31, 2017, securities with an aggregate market value of $2,454,270 have been pledged to cover margin requirements for the following open futures contracts:

Type				Expiration				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500^® E-Mini Index Future				March 2018					162			Long				$	21,527,072			$	21,675,600			$	148,528

(c) At December 31, 2017 the cost of investments for federal income tax purposes was $237,063,514. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	27,102,027
Gross unrealized depreciation		(47,099	)
Net unrealized appreciation	$	27,054,928

Holdings of Options Contracts

Purchased Options	Contracts		Expiration Date	Notional Amount		Exercise Price		Value(a)
Put – S&P 500 Index		195	January 2018	$	19,500		2,525.00	$	60,450
Written Options	Contracts		Expiration Date	Notional Amount		Exercise Price		Value(a)
Put – S&P 500 Index		195	January 2018	$	19,500		2,395.00	$	(25,350	)

See accompanying notes to financial statements.
80

SFT Advantus Mortgage Securities Fund
Investments in Securities

December 31, 2017

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

	Principal		Value(a)
Long-Term Debt Securities (94.7%)
Government Obligations (75.1%)
Other Government Obligations (1.1%)
Provincial or Local Government Obligations (1.1%)
Ohio State Water Development Authority, 4.817%, 12/01/30	$	250,000	$	282,577
Texas A&M University, 4.000%, 05/15/31		325,000		341,874
Utility Debt Securitization Authority, 3.435%, 12/15/25		355,000		365,235
				989,686
U.S. Government Agencies and Obligations (74.0%)
Export-Import Bank of the United States (0.7%)
DY7 Leasing LLC, 2.578%, 12/10/25		166,667		166,927
Export Leasing 2009 LLC, 1.859%, 08/28/21		98,796		97,965
Helios Leasing I LLC 1.825%, 05/16/25		97,616		95,150
2.018%, 05/29/24		148,525		146,421
Union 16 Leasing LLC, 1.863%, 01/22/25		157,255		153,802
				660,265
Federal Home Loan Mortgage Corporation (FHLMC) (15.7%)
1.893%, 01/25/23 (1-Month LIBOR + 0.650%) (b)		250,336		251,260
2.278%, 10/25/29 (1-Month USD LIBOR + 0.950%) (b)		450,000		408,148
2.500%, 03/01/28		152,332		153,072
2.500%, 04/01/28		236,557		237,752
2.852%, 03/25/29 (1-Month USD LIBOR + 1.300%) (b)		500,000		507,454
3.000%, 08/01/42		117,412		118,041
3.000%, 12/01/42		246,783		248,079
3.000%, 01/01/43		331,115		333,009
3.000%, 02/01/43		778,572		782,954
3.000%, 04/01/43		313,518		315,325
3.000%, 10/25/46		365,862		362,982
3.500%, 10/01/25		107,338		111,632
3.500%, 05/01/32		279,329		290,717
3.500%, 03/01/42		1,055,556		1,090,784
3.500%, 08/01/42		276,284		285,514
3.500%, 12/01/44		1,252,643		1,289,012
3.500%, 05/25/45		599,550		605,135
3.500%, 11/01/46		407,126		419,266
3.528%, 02/25/24 (1-Month USD LIBOR + 2.200%) (b)		227,556		234,434
3.752%, 09/25/24 (1-Month USD LIBOR + 2.200%) (b)		476,997		492,154
4.000%, 09/01/40		365,769		387,520
4.000%, 03/01/41		399,894		424,547
4.000%, 01/01/45		913,503		955,354
4.352%, 05/25/28 (1-Month USD LIBOR + 2.800%) (b)		169,648		175,416

	Principal		Value(a)
4.500%, 04/01/23	$	38,818	$	41,252
4.500%, 09/01/40		238,981		254,965
4.500%, 01/01/41		263,914		281,375
4.500%, 03/01/41		273,795		294,630
5.000%, 03/01/23		30,686		32,975
5.000%, 05/01/29		40,527		43,550
5.000%, 08/01/35		42,806		46,423
5.000%, 11/01/35		41,320		44,682
5.000%, 11/01/39		440,029		481,581
5.000%, 03/01/40		334,880		368,293
5.500%, 06/01/20		14,731		15,023
5.500%, 10/01/20		50,671		51,527
5.500%, 11/01/23		93,154		101,754
5.500%, 05/01/34		160,423		181,276
6.000%, 09/01/22		55,553		58,382
6.000%, 11/01/33		142,775		163,055
6.028%, 04/25/28 (1-Month USD LIBOR + 4.700%) (b)		400,000		472,499
6.250%, 12/15/23		59,072		62,939
6.352%, 05/25/28 (1-Month USD LIBOR + 4.800%) (b)		200,000		235,320
6.500%, 11/01/32		43,327		48,895
				13,759,957
Federal National Mortgage Association (FNMA) (40.4%)
2.500%, 03/01/27		393,746		396,437
2.500%, 11/01/27		188,267		188,107
2.500%, 03/01/28		420,615		422,721
3.000%, 09/01/22		124,081		126,450
3.000%, 11/01/27		186,008		189,986
3.000%, 06/01/28		246,970		252,565
3.000%, 01/01/33 (c)		1,700,000		1,731,543
3.000%, 03/01/42		128,439		129,133
3.000%, 09/01/42		172,855		173,789
3.000%, 03/01/43		125,925		126,724
3.000%, 04/01/43		512,710		515,480
3.000%, 05/01/43		702,411		706,171
3.000%, 09/01/43		196,806		197,809
3.000%, 01/01/46		509,329		509,873
3.000%, 01/01/48 (c)		1,875,000		1,875,000
3.500%, 11/01/25		63,554		65,812
3.500%, 01/01/26		144,565		149,699
3.500%, 12/01/32		245,158		255,083
3.500%, 11/01/40		223,242		231,224
3.500%, 01/01/41		398,107		411,170
3.500%, 02/01/41		829,077		856,077
3.500%, 11/01/41		380,404		393,570
3.500%, 12/01/41		720,803		744,292
3.500%, 01/01/42		1,683,398		1,737,905
3.500%, 05/01/42		527,447		545,067
3.500%, 08/01/42		486,775		502,853
3.500%, 01/01/43		303,445		313,321
3.500%, 02/01/43		609,154		631,336
3.500%, 03/01/43		280,192		290,213
3.500%, 05/01/43		1,046,436		1,081,308
3.500%, 06/01/45		1,569,475		1,617,068
3.500%, 10/01/45		218,398		224,353
3.500%, 01/01/46		425,091		437,917
3.500%, 01/01/47		954,804		982,134
3.500%, 01/01/48 (c)		3,075,000		3,157,160
4.000%, 06/25/23		127,909		130,627

See accompanying notes to financial statements.
81

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
4.000%, 12/01/40	$	164,909	$	173,231
4.000%, 04/01/41		145,318		153,937
4.000%, 11/01/41		320,408		336,509
4.000%, 06/01/42		834,288		880,569
4.000%, 09/01/43		516,823		541,392
4.000%, 10/01/43		1,269,173		1,348,890
4.000%, 01/01/44		287,531		305,591
4.000%, 08/01/44		241,596		254,945
4.000%, 01/01/48 (c)		370,000		386,923
4.500%, 04/01/21		3,021		3,094
4.500%, 11/01/23		33,614		35,791
4.500%, 04/01/25		68,797		72,590
4.500%, 05/25/34		537,000		599,201
4.500%, 05/01/35		214,040		228,831
4.500%, 07/01/35		187,121		199,924
4.500%, 09/01/37		223,424		238,958
5.000%, 05/01/18		5,381		5,478
5.000%, 10/01/20		38,479		39,598
5.000%, 06/25/23		121,888		127,758
5.000%, 11/01/33		187,909		204,112
5.000%, 03/01/34		405,666		440,633
5.000%, 05/01/34		44,877		48,749
5.000%, 12/01/34		38,395		41,708
5.000%, 04/01/35		59,625		64,771
5.000%, 07/01/35		373,170		405,355
5.000%, 03/01/38		111,296		121,429
5.000%, 06/01/39		172,462		189,652
5.000%, 12/01/39		266,480		293,498
5.000%, 06/01/40		90,027		98,304
5.000%, 04/01/41		170,968		186,570
5.202%, 09/25/29 (1-Month USD LIBOR + 3.650%) (b)		250,000		270,489
5.500%, 02/01/18		792		792
5.500%, 03/01/18		2,158		2,158
5.500%, 08/01/23		52,957		57,967
5.500%, 02/01/24		76,505		83,742
5.500%, 04/01/33		302,721		337,531
5.500%, 05/01/33		16,686		18,508
5.500%, 01/01/34		45,829		50,855
5.500%, 02/01/34		28,110		31,180
5.500%, 04/01/34		72,095		79,944
5.500%, 05/01/34		13,490		14,832
5.500%, 09/01/34		183,758		204,220
5.500%, 10/01/34		73,672		81,779
5.500%, 01/01/35		111,415		123,700
5.500%, 02/01/35		219,181		243,735
5.500%, 06/01/35		13,001		14,421
5.500%, 08/01/35		57,402		63,678
5.500%, 10/01/35		40,662		45,111
5.500%, 11/01/35		9,083		9,984
5.500%, 09/01/36		165,334		183,413
5.500%, 05/01/38		2,770		3,032
5.952%, 01/25/24 (1-Month USD LIBOR + 4.400%) (b)		100,000		114,099
6.000%, 09/01/32		18,008		20,572
6.000%, 10/01/32		278,348		317,642
6.000%, 11/01/32		217,666		248,613
6.000%, 03/01/33		255,209		291,271
6.000%, 04/01/33		36,211		40,484
6.000%, 12/01/33		65,878		74,850
6.000%, 08/01/34		61,836		70,106
6.000%, 09/01/34		33,726		38,231
6.000%, 11/01/34		17,458		19,514
6.000%, 12/01/34		142,936		162,344

	Principal		Value(a)
6.000%, 11/01/36	$	15,962	$	17,913
6.000%, 01/01/37		161,405		182,329
6.000%, 08/01/37		44,648		50,367
6.000%, 09/01/37		57,971		65,877
6.000%, 12/01/37		31,264		35,162
6.000%, 12/01/38		75,325		85,156
6.500%, 11/01/23		45,343		47,949
6.500%, 02/01/32		232,451		264,600
6.500%, 04/01/32		75,697		86,133
6.500%, 05/01/32		24,813		27,504
6.500%, 07/01/32		258,476		292,451
6.500%, 09/01/34		22,289		24,787
6.500%, 11/01/34		8,262		9,357
6.500%, 03/01/35		108,701		123,410
6.500%, 02/01/36		15,336		16,999
6.500%, 09/01/37		102,313		113,437
7.000%, 09/01/31		116,381		129,145
7.000%, 11/01/31		22,206		24,845
7.000%, 02/01/32		82,918		95,509
7.000%, 07/01/32		16,423		18,227
7.000%, 10/01/37		16,198		16,963
7.500%, 07/25/22		61,676		64,974
7.500%, 04/01/31		31,022		34,208
				35,474,067
Government National Mortgage Association (GNMA) (16.9%)
0.011%, 06/17/45 (b) (d)		270,358		91
0.643%, 07/16/40 (b) (d)		216,139		228
1.000%, 12/20/42		153,159		143,139
3.000%, 09/20/42		477,949		484,447
3.000%, 09/20/44		175,027		177,134
3.000%, 03/15/45		517,590		522,013
3.000%, 04/15/45		1,358,498		1,370,106
3.000%, 05/15/45		126,671		127,753
3.250%, 04/20/33		194,499		200,890
3.250%, 03/20/35		1,156,812		1,194,752
3.250%, 11/20/35		302,980		312,493
3.250%, 01/20/36		1,127,492		1,162,902
3.500%, 11/15/40		114,884		119,526
3.500%, 10/20/43		348,906		362,636
3.500%, 02/20/45		567,446		587,505
3.500%, 03/20/45		861,074		891,513
3.500%, 04/20/45		1,089,828		1,128,152
3.500%, 04/20/46		249,769		258,383
3.500%, 01/01/48 (c)		600,000		620,250
3.750%, 03/20/46		248,746		258,415
4.000%, 07/20/31		449,963		473,117
4.000%, 04/20/39		300,751		316,101
4.000%, 12/20/40		942,024		999,088
4.000%, 01/15/41		62,939		66,041
4.000%, 02/15/41		447,809		474,034
4.000%, 10/15/41		325,034		341,002
4.000%, 12/20/44		179,424		188,057
4.500%, 06/15/40		304,914		327,082
5.000%, 05/15/33		97,309		105,507
5.000%, 12/15/39		84,831		93,449
5.000%, 01/15/40		736,613		796,966
5.000%, 07/15/40		375,581		406,661
5.500%, 07/15/38		114,286		126,274
5.500%, 10/15/38		144,913		163,568
				14,799,275

See accompanying notes to financial statements.
82

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
U.S. Treasury (0.2%)
U.S. Treasury Note, 2.250%, 02/15/27 (e)	$	150,000	$	148,031
Vendee Mortgage Trust (0.1%)
Vendee Mortgage Trust, 7.793%, 02/15/25		49,165		52,716
Total government obligations (cost: $65,368,225)				65,883,997
Asset-Backed Securities (6.8%)
Bank of The West Auto Trust, 3.210%, 04/15/25 (f)		150,000		148,611
Bear Stearns Asset Backed Securities Trust,
2.303%, 02/25/34 (1-Month USD LIBOR + 0.975%) (b)		361,951		345,765
CarMax Auto Owner Trust, 1.880%, 11/15/19		350,000		349,986
Chase Funding Trust
1.888%, 02/25/33 (1-Month USD LIBOR + 0.560%) (b)		155,233		146,098
1.968%, 08/25/32 (1-Month USD LIBOR + 0.640%) (b)		120,225		117,845
Chesapeake Funding II LLC 3.260%, 11/15/29 (f)		125,000		124,387
3.380%, 08/15/29 (f)		275,000		274,727
3.710%, 05/15/29 (f)		100,000		100,934
Commonbond Student Loan Trust, 5.280%, 05/25/41 (f)		250,000		253,844
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f)		434,083		447,872
Credit-Based Asset Servicing and Securitization LLC, 6.250%, 10/25/36 (f) (g)		143,663		145,334
Earnest Student Loan Program LLC, 2.650%, 01/25/41 (f)		422,821		420,652
Entergy Gulf States Reconstruction Funding 1 LLC, 5.930%, 06/29/22		482,654		512,302
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (f) (h) (i) (j)		65,693		65,738
FirstEnergy Ohio PIRB Special Purpose Trust, 1.726%, 01/15/22		150,304		149,804
Foursight Capital Automobile Receivables Trust 2.340%, 01/15/21 (f)		122,361		122,203
3.710%, 01/18/22 (f)		285,000		282,214
Invitation Homes 2015-SFR3 Trust, 2.760%, 08/17/32 (1-Month LIBOR + 1.300%) (b) (f)		615,466		619,313
Lehman ABS Manufactured Housing Contract Trust, 5.873%, 04/15/40		55,689		56,668

	Principal		Value(a)
Morgan Stanley Dean Witter Capital I, Inc., 1.889%, 08/25/32 (1-Month USD LIBOR + 0.560%) (b)	$	178,343	$	168,264
Progress Residential Trust, 3.565%, 08/17/34 (f)		475,000		471,379
Saxon Asset Securities Trust, 1.868%, 03/25/35 (1-Month USD LIBOR + 0.540%) (b)		270,238		258,997
Towd Point Mortgage Trust, 3.750%, 04/25/55 (b) (f)		350,000		361,113
Total asset-backed securities (cost: $5,920,481)				5,944,050
Other Mortgage-Backed Securities (11.6%)
Collateralized Mortgage Obligations/ Mortgage Revenue Bonds (4.3%)
Agate Bay Mortgage Trust, 3.822%, 01/25/45 (b) (f)		257,682		259,319
Bear Stearns Mortgage Securities, Inc., 8.000%, 11/25/29		149,397		120,293
CSMC Trust, 3.500%, 06/25/47 (b) (f)		525,000		519,112
GS Mortgage-Backed Securities Trust, 3.129%, 07/25/44 (b) (f)		394,189		378,684
JP Morgan Mortgage Trust 3.653%, 05/25/43 (b) (f)		384,928		380,240
3.427%, 06/25/29 (b) (f)		294,141		296,971
3.370%, 10/25/46 (b) (f)		336,644		320,986
Prudential Home Mortgage Securities 7.784%, 09/28/24 (b) (f)		946		875
7.900%, 04/28/22 (f)		10,561		10,160
Seasoned Credit Risk Transfer Trust 4.000%, 08/25/56 (b) (f)		200,000		199,622
4.000%, 07/25/56 (b) (f)		472,000		469,050
Sequoia Mortgage Trust 3.874%, 01/25/45 (b) (f)		390,338		389,845
3.714%, 07/25/45 (b) (f)		470,037		474,117
Structured Asset Mortgage Investments, Inc., 1.249%, 05/02/30 (b)		10,903		1,880
				3,821,154
Commercial Mortgage-Backed Securities (7.3%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)		63,742		64,011
BB-UBS Trust, 4.026%, 11/05/36 (b) (f)		500,000		491,535
CFCRE Commercial Mortgage Trust, 3.839%, 12/10/54		500,000		522,011
Citigroup Commercial Mortgage Trust, 3.209%, 05/10/49		375,000		378,215
CSMC Trust, 3.304%, 09/15/37 (f)		400,000		407,782

See accompanying notes to financial statements.
83

SFT Advantus Mortgage Securities Fund
Investments in Securities – continued

	Principal		Value(a)
Hometown Commercial Mortgage, 5.506%, 11/11/38 (f) (h)	$	17,639	$	14,623
Irvine Core Office Trust, 2.068%, 05/15/48 (f)		289,041		284,551
JPMorgan Chase Commercial Mortgage Securities Corp., 1.871%, 12/05/27 (b) (d) (f) (h)		3,358,098		111,283
Morgan Stanley Bank of America Merrill Lynch Trust, 3.720%, 12/15/49		225,000		235,368
Morgan Stanley Capital I Trust, 3.451%, 08/05/34 (f)		150,000		148,887
One Market Plaza Trust, 3.614%, 02/10/32 (f)		500,000		514,844
UBS Commercial Mortgage Trust 3.724%, 06/15/50		1,500,000		1,521,720
3.580%, 12/15/50		500,000		516,125
Wells Fargo Commercial Mortgage Trust 3.637%, 06/15/48		625,000		649,523
2.814%, 08/15/49		540,000		520,833
				6,381,311
Total other mortgage-backed securities (cost: $10,358,468)				10,202,465
Corporate Obligations (1.2%)
Communications (0.7%)
Telecommunication (0.7%)
Crown Castle Towers LLC, 3.222%, 05/15/22 (f)		425,000		429,263
SBA Tower Trust, 2.240%, 04/10/18 (f)		220,000		220,027
				649,290
Financial (0.5%)
Real Estate Investment Trust — Residential (0.5%)
UDR, Inc., 4.000%, 10/01/25		400,000		417,068
Total corporate obligations (cost: $1,044,258)				1,066,358
Total long-term debt securities (cost: $82,691,432)				83,096,870

	Shares		Value(a)
Short-Term Securities (14.1%)
Investment Companies (13.7%)
Federated Government Obligations Fund, current rate 1.160% (k)		2,300,000	$	2,300,000
State Street Institutional U.S. Government Money Market Fund, current rate 1.210% (k)		7,443,129		7,443,129
STIT-Government & Agency Portfolio, current rate 1.174% (k)		2,300,000		2,300,000
				12,043,129
U.S. Government Obligations (0.4%)
U.S. Treasury Bill, current rate 1.303%		300,000		299,223
Total short-term securities (cost: $12,342,349)				12,342,352
Total investments in securities (cost: $95,033,781) (l)				95,439,222
Liabilities in excess of cash and other assets (-8.8%)				(7,717,616	)
Total net assets (100.0%)			$	87,721,606

See accompanying notes to financial statements.
84

SFT Advantus Mortgage Securities 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) Variable rate security.

(c) Security is issued on a when-issued or forward commitment basis. As of December 31, 2017 the total cost of investments issued on a when-issued or forward commitment basis was $7,785,342.

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

Holdings of Open Futures Contracts

On December 31, 2017, securities with an aggregate market value of $98,688 have been pledged to cover margin requirements for the following open futures contracts:

Type	Expiration	Number of Contracts		Position Type	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)(a)
10 Year U.S. Ultra	March 2018		35	Short	$	(4,673,708	)	$	(4,674,687	)	$	(979	)
U.S. Long Bond	March 2018		25	Long		3,802,421			3,825,000			22,579
U.S. Ultra Bond	March 2018		3	Short		(495,120	)		(502,969	)		(7,849	)
								$	(1,352,656	)	$	13,751

(g) Step rate security.

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

(i) Foreign security: The Fund held 0.1% of net assets in foreign securities at December 31, 2017.

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

(k) All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of December 31, 2017.

(l) At December 31, 2017 the cost of investments for federal income tax purposes was $95,069,985. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	1,324,806
Gross unrealized depreciation		(941,818	)
Net unrealized appreciation	$	382,988

See accompanying notes to financial statements.
85

SFT Advantus Real Estate Securities Fund
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Common Stocks (98.3%)
Consumer Discretionary (1.8%)
Hilton Worldwide Holdings, Inc.		31,100	$	2,483,646
Real Estate (96.5%)
Health Care REITs (6.3%)
HCP, Inc.		27,800		725,024
Healthcare Trust of America, Inc. – Class A		62,300		1,871,492
Physicians Realty Trust		34,300		617,057
Ventas, Inc.		27,496		1,650,035
Welltower, Inc.		57,500		3,666,775
				8,530,383
Hotels & Resort REITs (3.0%)
Apple Hospitality REIT, Inc.		78,800		1,545,268
RLJ Lodging Trust		44,200		971,074
Sunstone Hotel Investors, Inc.		91,900		1,519,107
				4,035,449
Industrial REITs (11.4%)
Duke Realty Corp.		143,200		3,896,472
First Industrial Realty Trust, Inc.		69,200		2,177,724
Liberty Property Trust		68,100		2,928,981
ProLogis, Inc.		100,081		6,456,225
				15,459,402
Office REITs (17.2%)
Alexandria Real Estate Equities, Inc.		43,100		5,628,429
Boston Properties, Inc.		19,083		2,481,363
Brandywine Realty Trust		160,900		2,926,771
Corporate Office Properties Trust		68,900		2,011,880
Highwoods Properties, Inc.		43,800		2,229,858
Kilroy Realty Corp.		49,936		3,727,722
SL Green Realty Corp.		43,771		4,417,807
				23,423,830
Residential REITs (18.4%)
American Homes 4 Rent – Class A		106,700		2,330,328
AvalonBay Communities, Inc.		28,526		5,089,323
Camden Property Trust		30,800		2,835,448
Equity Lifestyle Properties, Inc.		5,300		471,806
Equity Residential		24,600		1,568,742
Essex Property Trust, Inc.		5,116		1,234,849
Invitation Homes, Inc.		109,200		2,573,844
Mid-America Apartment Communities, Inc.		20,400		2,051,424
Sun Communities, Inc.		41,900		3,887,482
UDR, Inc.		77,400		2,981,448
				25,024,694
Retail REITs (20.3%)
Agree Realty Corp.		36,900		1,898,136
Brixmor Property Group, Inc.		70,500		1,315,530
Federal Realty Investment Trust		15,200		2,018,712
GGP, Inc.		115,300		2,696,867
Kimco Realty Corp.		96,800		1,756,920
National Retail Properties, Inc.		40,200		1,733,826

	Shares		Value(a)
Realty Income Corp.		31,600	$	1,801,832
Regency Centers Corp.		42,914		2,968,791
Simon Property Group, Inc.		58,279		10,008,835
The Macerich Co.		21,600		1,418,688
				27,618,137
Specialized REITs (19.9%)
CubeSmart		8,121		234,859
CyrusOne, Inc.		43,900		2,613,367
Digital Realty Trust, Inc.		45,200		5,148,280
Equinix, Inc.		15,534		7,040,320
Extra Space Storage, Inc.		32,200		2,815,890
Host Hotels & Resorts, Inc.		191,446		3,800,203
Public Storage		17,800		3,720,200
STORE Capital Corp.		67,200		1,749,888
				27,123,007
Total common stocks (cost: $126,266,149)				133,698,548
Short-Term Securities (1.2%)
Investment Companies (1.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		1,612,358		1,612,358
Total short-term securities (cost: $1,612,358)				1,612,358
Total investments in securities (cost: $127,878,507) (b)				135,310,906
Cash and other assets in excess of liabilities (0.5%)				644,259
Total net assets (100.0%)			$	135,955,165

Investments in Securities Legend

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

(b) At December 31, 2017 the cost of investments for federal income tax purposes was $128,856,445. The aggregate unrealized appreciation and depreciation of securities based on this cost were:

Gross unrealized appreciation	$	8,895,596
Gross unrealized depreciation		(2,441,135	)
Net unrealized appreciation	$	6,454,461

See accompanying notes to financial statements.
86

SFT Ivy^SM Growth Fund
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Common Stocks (99.3%)
Consumer Discretionary (13.0%)
Automobiles (1.8%)
Ferrari NV (b)		86,229	$	9,040,248
Internet & Catalog Retail (4.9%)
Amazon.com, Inc. (c)		18,516		21,653,907
The Priceline Group, Inc. (c)		1,900		3,301,706
				24,955,613
Media (1.7%)
Comcast Corp. – Class A		209,800		8,402,490
Specialty Retail (4.6%)
The Home Depot, Inc.		122,200		23,160,566
Consumer Staples (1.5%)
Tobacco (1.5%)
Philip Morris International, Inc.		70,400		7,437,760
Energy (1.9%)
Energy Equipment & Services (1.9%)
Halliburton Co.		198,915		9,720,976
Financial (10.6%)
Capital Markets (8.9%)
CME Group, Inc.		129,600		18,928,080
S&P Global, Inc.		59,495		10,078,453
The Charles Schwab Corp.		314,900		16,176,413
				45,182,946
Commercial Banks (1.7%)
Citigroup, Inc.		113,000		8,408,330
Health Care (9.9%)
Biotechnology (2.3%)
Alexion Pharmaceuticals, Inc. (c)		26,800		3,205,012
Celgene Corp. (c)		64,249		6,705,026
Vertex Pharmaceuticals, Inc. (c)		10,634		1,593,611
				11,503,649
Health Care Equipment & Supplies (3.2%)
Danaher Corp.		79,200		7,351,344
Edwards Lifesciences Corp. (c)		8,641		973,927
Intuitive Surgical, Inc. (c)		21,300		7,773,222
				16,098,493
Health Care Providers & Services (2.0%)
UnitedHealth Group, Inc.		45,000		9,920,700
Pharmaceuticals (2.4%)
Bristol-Myers Squibb Co.		37,000		2,267,360
Zoetis, Inc.		140,000		10,085,600
				12,352,960

	Shares		Value(a)
Industrials (14.6%)
Aerospace & Defense (4.2%)
Lockheed Martin Corp.		41,301	$	13,259,686
Northrop Grumman Corp.		26,302		8,072,347
				21,332,033
Electrical Equipment (0.5%)
Rockwell Automation, Inc.		13,900		2,729,265
Machinery (6.8%)
Caterpillar, Inc.		115,400		18,184,732
Parker Hannifin Corp.		16,800		3,352,944
Stanley Black & Decker, Inc.		73,600		12,489,184
				34,026,860
Road & Rail (3.1%)
JB Hunt Transport Services, Inc.		63,500		7,301,230
Union Pacific Corp.		60,342		8,091,862
				15,393,092
Information Technology (46.9%)
Computers & Peripherals (4.7%)
Apple, Inc.		138,921		23,509,601
Internet Software & Services (9.1%)
Alphabet, Inc. – Class A (c)		12,500		13,167,500
Alphabet, Inc. – Class C (c)		12,144		12,707,481
Facebook, Inc. – Class A (c)		113,959		20,109,205
				45,984,186
IT Services (13.7%)
FleetCor Technologies, Inc. (c)		19,900		3,829,357
Mastercard, Inc. – Class A		144,100		21,810,976
PayPal Holdings, Inc. (c)		312,800		23,028,336
Visa, Inc. – Class A		177,900		20,284,158
				68,952,827
Semiconductors & Semiconductor Equipment (5.8%)
Applied Materials, Inc.		111,300		5,689,656
Lam Research Corp.		75,438		13,885,873
Microchip Technology, Inc.		111,029		9,757,228
				29,332,757
Software (13.6%)
Adobe Systems, Inc. (c)		101,100		17,716,764
Electronic Arts, Inc. (c)		106,100		11,146,866
Microsoft Corp.		273,800		23,420,852
Salesforce.com, Inc. (c)		162,452		16,607,468
				68,891,950
Real Estate (0.9%)
Specialized REITs (0.9%)
American Tower Corp.		31,800		4,536,906
Total common stocks (cost: $351,771,748)				500,874,208

See accompanying notes to financial statements.
87

SFT Ivy^SM Growth Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (0.7%)
Investment Companies (0.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		3,500,595	$	3,500,595
Total short-term securities (cost: $3,500,595)				3,500,595
Total investments in securities (cost: $355,272,343) (d)				504,374,803
Cash and other assets in excess of liabilities (0.0%)				62,458
Total net assets (100.0%)			$	504,437,261

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 1.8% of net assets in foreign securities at December 31, 2017.

(d) At December 31, 2017 the cost of investments for federal income tax purposes was $355,344,085. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	151,969,306
Gross unrealized depreciation		(2,938,588	)
Net unrealized appreciation	$	149,030,718

See accompanying notes to financial statements.
88

SFT Ivy^SM Small Cap Growth Fund
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Common Stocks (98.6%)
Consumer Discretionary (17.5%)
Auto Components (1.2%)
Visteon Corp. (b)		17,516	$	2,191,952
Distributors (1.7%)
Pool Corp.		24,402		3,163,719
Hotels, Restaurants & Leisure (5.7%)
Dave & Buster's Entertainment, Inc. (b)		39,600		2,184,732
Hilton Grand Vacations, Inc. (b)		66,300		2,781,285
Texas Roadhouse, Inc.		51,000		2,686,680
Wingstop, Inc.		70,733		2,757,172
				10,409,869
Household Durables (1.8%)
Installed Building Products, Inc. (b)		44,446		3,375,674
Media (0.6%)
Nexstar Media Group, Inc. – Class A		13,900		1,086,980
Multiline Retail (1.1%)
Ollie's Bargain Outlet Holdings, Inc. (b)		37,300		1,986,225
Specialty Retail (5.4%)
At Home Group, Inc. (b)		21,800		662,502
Burlington Stores, Inc. (b)		27,400		3,371,022
Caleres, Inc.		48,032		1,608,112
Five Below, Inc. (b)		48,300		3,203,256
The Children's Place, Inc.		7,700		1,119,195
				9,964,087
Energy (4.8%)
Energy Equipment & Services (2.7%)
Keane Group, Inc. (b)		103,600		1,969,436
RPC, Inc.		117,400		2,997,222
				4,966,658
Oil, Gas & Consumable Fuels (2.1%)
Centennial Resource Development, Inc. – Class A (b)		106,872		2,116,065
Jagged Peak Energy, Inc. (b)		41,400		653,292
PDC Energy, Inc. (b)		22,500		1,159,650
				3,929,007
Financial (6.7%)
Capital Markets (0.7%)
LPL Financial Holdings, Inc.		24,200		1,382,788
Commercial Banks (5.4%)
Ameris Bancorp		43,500		2,096,700
CBTX, Inc.		3,600		106,776
Heritage Financial Corp.		8,600		264,880
Home BancShares, Inc.		92,500		2,150,625
SVB Financial Group (b)		9,000		2,103,930
Western Alliance Bancorp (b)		56,200		3,182,044
				9,904,955

	Shares		Value(a)
Thrifts & Mortgage Finance (0.6%)
LendingTree, Inc. (b)		3,017	$	1,027,137
Health Care (14.6%)
Health Care Equipment & Supplies (6.5%)
Inogen, Inc. (b)		18,355		2,185,714
iRhythm Technologies, Inc. (b)		29,300		1,642,265
K2M Group Holdings, Inc. (b)		111,114		2,000,052
Nevro Corp. (b)		26,751		1,846,889
Novocure, Ltd. (b) (c)		54,100		1,092,820
Penumbra, Inc. (b)		22,811		2,146,515
Tactile Systems Technology, Inc. (b)		34,500		999,810
				11,914,065
Health Care Providers & Services (7.5%)
Acadia Healthcare Co., Inc. (b)		79,246		2,585,797
AMN Healthcare Services, Inc. (b)		108,695		5,353,229
HealthEquity, Inc. (b)		71,800		3,350,188
Teladoc, Inc. (b)		72,764		2,535,825
				13,825,039
Pharmaceuticals (0.6%)
Aerie Pharmaceuticals, Inc. (b)		13,991		835,962
Optinose, Inc. (b)		18,081		341,731
				1,177,693
Industrials (23.2%)
Aerospace & Defense (3.9%)
Hexcel Corp.		37,600		2,325,560
Mercury Systems, Inc. (b)		94,100		4,832,035
				7,157,595
Air Freight & Logistics (3.7%)
Air Transport Services Group, Inc. (b)		46,100		1,066,754
XPO Logistics, Inc. (b)		62,500		5,724,375
				6,791,129
Building Products (0.8%)
JELD-WEN Holding, Inc. (b)		37,949		1,494,052
Commercial Services & Supplies (2.0%)
Healthcare Services Group, Inc.		27,000		1,423,440
The Brink's Co.		27,700		2,179,990
				3,603,430
Construction & Engineering (2.0%)
Dycom Industries, Inc. (b)		33,700		3,755,191
Electrical Equipment (1.6%)
Woodward, Inc.		38,000		2,908,520
Machinery (3.9%)
John Bean Technologies Corp.		29,800		3,301,840
RBC Bearings, Inc. (b)		13,883		1,754,811
The Timken Co.		42,698		2,098,607
				7,155,258

See accompanying notes to financial statements.
89

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

	Shares		Value(a)
Road & Rail (1.3%)
Knight-Swift Transportation Holdings, Inc.		54,400	$	2,378,368
Trading Companies & Distributors (4.0%)
Beacon Roofing Supply, Inc. (b)		70,177		4,474,486
Watsco, Inc.		17,506		2,976,720
				7,451,206
Information Technology (27.8%)
Communications Equipment (0.8%)
Lumentum Holdings, Inc. (b)		29,500		1,442,550
Electronic Equipment, Instruments & Components (0.4%)
Fabrinet (b) (c)		23,800		683,060
Internet Software & Services (4.2%)
Envestnet, Inc. (b)		25,500		1,271,175
Five9, Inc. (b)		92,900		2,311,352
Mimecast, Ltd. (b)		48,500		1,390,495
New Relic, Inc. (b)		16,000		924,320
Q2 Holdings, Inc. (b)		50,394		1,857,019
				7,754,361
IT Services (3.5%)
Booz Allen Hamilton Holding Corp.		103,335		3,940,163
InterXion Holding NV (b) (c)		44,500		2,622,385
				6,562,548
Semiconductors & Semiconductor Equipment (4.2%)
Integrated Device Technology, Inc. (b)		67,700		2,012,721
Monolithic Power Systems, Inc.		22,700		2,550,572
Power Integrations, Inc.		43,132		3,172,359
				7,735,652
Software (14.7%)
BroadSoft, Inc. (b)		46,200		2,536,380
Ellie Mae, Inc. (b)		20,900		1,868,460
Globant SA (b) (c)		45,800		2,127,868
HubSpot, Inc. (b)		35,800		3,164,720
Paycom Software, Inc. (b)		39,255		3,153,354
Proofpoint, Inc. (b)		31,944		2,836,947
The Ultimate Software Group, Inc. (b)		18,122		3,954,764
Tyler Technologies, Inc. (b)		16,899		2,991,968
Varonis Systems, Inc. (b)		41,500		2,014,825
Zendesk, Inc. (b)		71,000		2,402,640
				27,051,926
Materials (2.5%)
Construction Materials (2.0%)
Summit Materials, Inc. – Class A (b)		75,965		2,388,334
U.S. Concrete, Inc. (b)		17,030		1,424,560
				3,812,894
Paper & Forest Products (0.5%)
KapStone Paper and Packaging Corp.		38,619		876,265

	Shares		Value(a)
Real Estate (1.5%)
Real Estate Services (1.5%)
RE/MAX Holdings, Inc. – Class A		55,400	$	2,686,900
Total common stocks (cost: $137,008,989)				181,606,753
Short-Term Securities (1.5%)
Investment Companies (1.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		2,847,807		2,847,807
Total short-term securities (cost: $2,847,807)				2,847,807
Total investments in securities (cost: $139,856,796) (d)				184,454,560
Liabilities in excess of cash and other assets (-0.1%)				(221,696	)
Total net assets (100.0%)			$	184,232,864

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 December 31, 2017 the cost of investments for federal income tax purposes was $139,926,745. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	46,626,502
Gross unrealized depreciation		(2,098,687	)
Net unrealized appreciation	$	44,527,815

See accompanying notes to financial statements.
90

SFT T. Rowe Price Value Fund
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Common Stocks (98.7%)
Consumer Discretionary (4.2%)
Auto Components (0.7%)
Magna International, Inc. (b)		28,571	$	1,619,119
Hotels, Restaurants & Leisure (0.7%)
Norwegian Cruise Line Holdings, Ltd. (c)		28,982		1,543,291
Household Durables (0.6%)
Lennar Corp. – Class A		20,689		1,308,372
Internet & Catalog Retail (0.3%)
The Priceline Group, Inc. (c)		430		747,228
Media (1.5%)
Charter Communications, Inc. – Class A (c)		2,170		729,033
Comcast Corp. – Class A		14,700		588,735
Twenty-First Century Fox, Inc. – Class B		59,200		2,019,904
				3,337,672
Specialty Retail (0.4%)
L Brands, Inc.		15,162		913,056
Consumer Staples (10.0%)
Food & Staples Retailing (2.3%)
CVS Health Corp.		16,500		1,196,250
Wal-Mart Stores, Inc.		41,400		4,088,250
				5,284,500
Food Products (4.9%)
Bunge, Ltd.		12,974		870,296
Tyson Foods, Inc. – Class A		126,558		10,260,057
				11,130,353
Tobacco (2.8%)
British American Tobacco PLC (b)		23,183		1,573,685
Philip Morris International, Inc.		44,369		4,687,585
				6,261,270
Energy (7.9%)
Oil, Gas & Consumable Fuels (7.9%)
Andeavor		10,660		1,218,864
Canadian Natural Resources, Ltd. (b)		17,370		620,456
Chevron Corp.		17,651		2,209,729
Devon Energy Corp.		8,500		351,900
Encana Corp. (b)		12,600		167,958
EOG Resources, Inc.		28,912		3,119,894
Marathon Petroleum Corp.		25,780		1,700,964
Noble Energy, Inc.		26,281		765,828
Occidental Petroleum Corp.		26,372		1,942,562
TOTAL SA ADR (b)		34,681		1,917,166
TransCanada Corp. (b)		78,971		3,841,150
				17,856,471

	Shares		Value(a)
Financial (24.5%)
Capital Markets (4.4%)
Ameriprise Financial, Inc.		1,956	$	331,483
Intercontinental Exchange, Inc.		25,200		1,778,112
Morgan Stanley		74,576		3,913,003
State Street Corp.		18,198		1,776,307
The Bank of New York Mellon Corp.		39,274		2,115,298
				9,914,203
Commercial Banks (14.4%)
Citigroup, Inc.		64,248		4,780,694
Fifth Third Bancorp		68,327		2,073,041
JPMorgan Chase & Co.		106,899		11,431,779
KeyCorp		118,333		2,386,777
The PNC Financial Services Group, Inc.		20,188		2,912,926
US Bancorp		38,200		2,046,756
Wells Fargo & Co.		114,575		6,951,265
				32,583,238
Consumer Finance (0.6%)
Synchrony Financial		36,566		1,411,813
Diversified Financial Services (0.3%)
Voya Financial, Inc.		12,645		625,548
Insurance (4.8%)
American International Group, Inc.		24,811		1,478,239
Chubb, Ltd. (b)		26,263		3,837,812
Marsh & McLennan Cos., Inc.		25,070		2,040,447
MetLife, Inc.		14,651		740,755
Willis Towers Watson PLC (b)		7,200		1,084,968
XL Group, Ltd. (b)		48,756		1,714,261
				10,896,482
Health Care (16.4%)
Biotechnology (0.8%)
Biogen, Inc. (c)		1,434		456,829
Gilead Sciences, Inc.		18,237		1,306,499
				1,763,328
Health Care Equipment & Supplies (6.2%)
Abbott Laboratories		26,618		1,519,089
Becton Dickinson and Co.		12,961		2,774,432
Boston Scientific Corp. (c)		11,100		275,169
Danaher Corp.		23,247		2,157,786
Hologic, Inc. (c)		31,500		1,346,625
Medtronic PLC (b)		38,888		3,140,206
Stryker Corp.		12,540		1,941,694
The Cooper Cos., Inc.		3,800		827,944
				13,982,945
Health Care Providers & Services (3.4%)
Aetna, Inc.		23,836		4,299,776
Anthem, Inc.		10,445		2,350,229
Express Scripts Holding Co. (c)		6,400		477,696
HCA Healthcare, Inc. (c)		6,255		549,439
				7,677,140

See accompanying notes to financial statements.
91

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

	Shares		Value(a)
Life Sciences Tools & Services (1.1%)
Agilent Technologies, Inc.		23,446	$	1,570,179
Thermo Fisher Scientific, Inc.		5,672		1,076,999
				2,647,178
Pharmaceuticals (4.9%)
GlaxoSmithKline PLC (b)		21,742		388,967
Johnson & Johnson		13,900		1,942,108
Merck & Co., Inc.		83,346		4,689,880
Perrigo Co. PLC (b)		11,632		1,013,845
Pfizer, Inc.		83,324		3,017,995
				11,052,795
Industrials (9.2%)
Aerospace & Defense (1.8%)
The Boeing Co.		10,266		3,027,546
United Technologies Corp.		7,600		969,532
				3,997,078
Air Freight & Logistics (1.0%)
United Parcel Service, Inc. – Class B		18,565		2,212,020
Airlines (1.8%)
American Airlines Group, Inc.		38,715		2,014,341
Delta Air Lines, Inc.		39,286		2,200,016
				4,214,357
Building Products (1.5%)
Fortune Brands Home & Security, Inc.		14,000		958,160
Johnson Controls International PLC (b)		65,179		2,483,972
				3,442,132
Commercial Services & Supplies (0.4%)
Stericycle, Inc. (c)		12,382		841,852
Industrial Conglomerates (1.7%)
Honeywell International, Inc.		16,200		2,484,432
Roper Technologies, Inc.		5,211		1,349,649
				3,834,081
Machinery (0.9%)
Stanley Black & Decker, Inc.		11,600		1,968,404
Road & Rail (0.1%)
CSX Corp.		4,600		253,046
Information Technology (12.1%)
Communications Equipment (1.6%)
Cisco Systems, Inc.		51,300		1,964,790
Harris Corp.		10,875		1,540,444
				3,505,234
Computers & Peripherals (0.4%)
Apple, Inc.		5,862		992,026

	Shares		Value(a)
Electronic Equipment, Instruments & Components (0.9%)
Keysight Technologies, Inc. (c)		29,500	$	1,227,200
TE Connectivity, Ltd. (b)		8,352		793,774
				2,020,974
Semiconductors & Semiconductor Equipment (3.3%)
Applied Materials, Inc.		16,532		845,116
Broadcom, Ltd.		12,042		3,093,590
QUALCOMM, Inc.		46,675		2,988,133
Texas Instruments, Inc.		5,900		616,196
				7,543,035
Software (5.9%)
Microsoft Corp.		113,900		9,743,006
Symantec Corp.		65,236		1,830,522
Synopsys, Inc. (c)		19,951		1,700,624
				13,274,152
Materials (3.4%)
Chemicals (1.6%)
CF Industries Holdings, Inc.		28,700		1,220,898
DowDuPont, Inc.		32,332		2,302,685
PPG Industries, Inc.		1,136		132,708
				3,656,291
Construction Materials (0.0%)
Vulcan Materials Co.		596		76,508
Containers & Packaging (1.7%)
Ball Corp.		30,062		1,137,847
International Paper Co.		45,798		2,653,536
				3,791,383
Metals & Mining (0.1%)
Steel Dynamics, Inc.		4,352		187,702
Real Estate (1.2%)
Specialized REITs (1.2%)
Crown Castle International Corp.		16,800		1,864,968
Weyerhaeuser Co.		27,700		976,702
				2,841,670
Telecommunication Services (1.9%)
Diversified Telecommunication Services (1.9%)
Verizon Communications, Inc.		80,200		4,244,986
Utilities (7.9%)
Electric Utilities (6.0%)
American Electric Power Co., Inc.		36,150		2,659,555
Entergy Corp.		9,800		797,622
Eversource Energy		26,581		1,679,388
Exelon Corp.		13,807		544,134
NextEra Energy, Inc.		18,321		2,861,557
PG&E Corp.		22,187		994,643
The Southern Co.		47,700		2,293,893
Westar Energy, Inc.		30,900		1,631,520
				13,462,312

See accompanying notes to financial statements.
92

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

	Shares		Value(a)
Gas Utilities (0.2%)
Atmos Energy Corp.		5,540	$	475,831
Multi-Utilities (1.7%)
DTE Energy Co.		12,100		1,324,466
NiSource, Inc.		28,400		729,028
Sempra Energy		17,100		1,828,332
				3,881,826
Total common stocks (cost: $193,398,602)				223,272,902
Preferred Stocks (0.7%)
Health Care (0.3%)
Becton Dickinson and Co., 6.125%		8,949		518,147
Utilities (0.4%)
NextEra Energy, Inc., 6.123%		16,937		951,860
Total preferred stocks (cost: $1,286,451)				1,470,007
Short-Term Securities (0.6%)
Investment Companies (0.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		499,981		499,981
T. Rowe Price Reserve Investment Fund, current rate 1.250%		946,805		946,805
Total short-term securities (cost: $1,446,786)				1,446,786
Total investments in securities (cost: $196,131,839) (d)				226,189,695
Cash and other assets in excess of liabilities (0.0%)				25,160
Total net assets (100.0%)			$	226,214,855

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 December 31, 2017.

(d) At December 31, 2017 the cost of investments for federal income tax purposes was $197,339,342. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	31,029,208
Gross unrealized depreciation		(2,178,855	)
Net unrealized appreciation	$	28,850,353

See accompanying notes to financial statements.
93

SFT Wellington Core Equity Fund
(formerly SFT Pyramis^® Core Equity Fund)
Investments in Securities

December 31, 2017

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

	Shares		Value(a)
Common Stocks (98.5%)
Consumer Discretionary (12.5%)
Hotels, Restaurants & Leisure (2.1%)
Aramark		34,944	$	1,493,506
Starbucks Corp.		18,734		1,075,894
				2,569,400
Internet & Catalog Retail (1.3%)
The Priceline Group, Inc. (b)		879		1,527,473
Media (2.3%)
Comcast Corp. – Class A		68,916		2,760,086
Multiline Retail (1.4%)
Dollar Tree, Inc. (b)		15,844		1,700,220
Specialty Retail (2.4%)
O'Reilly Automotive, Inc. (b)		4,695		1,129,335
The TJX Cos., Inc.		23,764		1,816,996
				2,946,331
Textiles, Apparel & Luxury Goods (3.0%)
NIKE, Inc. – Class B		30,786		1,925,664
VF Corp.		22,820		1,688,680
				3,614,344
Consumer Staples (8.2%)
Beverages (2.4%)
Constellation Brands, Inc. – Class A		6,067		1,386,734
Monster Beverage Corp. (b)		23,377		1,479,530
				2,866,264
Food & Staples Retailing (1.4%)
Costco Wholesale Corp.		9,028		1,680,291
Household Products (1.6%)
Colgate-Palmolive Co.		25,606		1,931,973
Personal Care (1.3%)
The Estee Lauder Cos., Inc. – Class A		12,104		1,540,113
Tobacco (1.5%)
Altria Group, Inc.		26,226		1,872,799
Energy (1.8%)
Oil, Gas & Consumable Fuels (1.8%)
Continental Resources, Inc. (b)		4,600		243,662
EOG Resources, Inc.		17,789		1,919,611
				2,163,273
Financial (16.4%)
Commercial Banks (9.7%)
Bank of America Corp.		120,601		3,560,142
Fifth Third Bancorp		33,856		1,027,191
JPMorgan Chase & Co.		32,565		3,482,501

	Shares		Value(a)
M&T Bank Corp.		4,255	$	727,562
The PNC Financial Services Group, Inc.		20,616		2,974,683
				11,772,079
Consumer Finance (2.5%)
Capital One Financial Corp.		16,125		1,605,728
Synchrony Financial		36,394		1,405,172
				3,010,900
Insurance (4.2%)
Chubb, Ltd. (c)		16,492		2,409,976
The Allstate Corp.		14,294		1,496,724
XL Group, Ltd. (c)		33,149		1,165,519
				5,072,219
Health Care (15.6%)
Health Care Equipment & Supplies (5.3%)
Abbott Laboratories		24,016		1,370,593
Baxter International, Inc.		24,311		1,571,463
Danaher Corp.		10,065		934,233
Hologic, Inc. (b)		18,445		788,524
Medtronic PLC (c)		21,349		1,723,932
				6,388,745
Health Care Providers & Services (4.4%)
Aetna, Inc.		8,563		1,544,679
Laboratory Corp. of America Holdings (b)		7,767		1,238,914
UnitedHealth Group, Inc.		11,621		2,561,966
				5,345,559
Life Sciences Tools & Services (1.2%)
Thermo Fisher Scientific, Inc.		7,813		1,483,532
Pharmaceuticals (4.7%)
Allergan PLC		6,852		1,120,850
Bristol-Myers Squibb Co.		21,736		1,331,982
Eli Lilly & Co.		20,502		1,731,599
Merck & Co., Inc.		27,094		1,524,580
				5,709,011
Industrials (10.8%)
Aerospace & Defense (2.5%)
General Dynamics Corp.		4,652		946,449
The Boeing Co.		7,032		2,073,807
				3,020,256
Air Freight & Logistics (1.5%)
FedEx Corp.		7,342		1,832,123
Building Products (0.7%)
Fortune Brands Home & Security, Inc.		11,284		772,277
Commercial Services & Supplies (1.0%)
Republic Services, Inc.		18,396		1,243,754

See accompanying notes to financial statements.
94

SFT Wellington Core Equity Fund
(formerly SFT Pyramis^® Core Equity Fund)
Investments in Securities – continued

	Shares		Value(a)
Electrical Equipment (1.5%)
AMETEK, Inc.		25,329	$	1,835,593
Machinery (2.4%)
Illinois Tool Works, Inc.		9,314		1,554,041
Snap-On, Inc.		7,627		1,329,386
				2,883,427
Professional Services (1.2%)
Equifax, Inc.		5,358		631,815
IHS Markit, Ltd. (b) (c)		17,946		810,262
				1,442,077
Information Technology (23.0%)
Communications Equipment (0.9%)
Motorola Solutions, Inc.		11,615		1,049,299
Computers & Peripherals (4.4%)
Apple, Inc.		22,225		3,761,137
NetApp, Inc.		28,960		1,602,067
				5,363,204
Electronic Equipment, Instruments & Components (0.6%)
CDW Corp.		10,646		739,790
Internet Software & Services (7.9%)
Alphabet, Inc. – Class A (b)		3,122		3,288,715
Alphabet, Inc. – Class C (b)		744		778,522
eBay, Inc. (b)		28,917		1,091,327
Facebook, Inc. – Class A (b)		16,645		2,937,177
GoDaddy, Inc. – Class A (b)		29,371		1,476,774
				9,572,515
IT Services (3.3%)
Mastercard, Inc. – Class A		19,367		2,931,389
Total System Services, Inc.		13,140		1,039,243
				3,970,632
Semiconductors & Semiconductor Equipment (2.5%)
Lam Research Corp.		5,380		990,297
QUALCOMM, Inc.		15,946		1,020,863
Teradyne, Inc.		23,006		963,261
				2,974,421
Software (3.4%)
Microsoft Corp.		27,762		2,374,762
Salesforce.com, Inc. (b)		9,419		962,904
Workday, Inc. – Class A (b)		7,707		784,110
				4,121,776
Materials (3.4%)
Chemicals (2.3%)
DowDuPont, Inc.		18,332		1,305,605
Ecolab, Inc.		11,067		1,484,970
				2,790,575
Containers & Packaging (1.1%)
Crown Holdings, Inc. (b)		24,854		1,398,038
Telecommunication Services (1.8%)
Diversified Telecommunication Services (1.8%)
Verizon Communications, Inc.		41,127		2,176,852

	Shares		Value(a)
Utilities (5.0%)
Electric Utilities (5.0%)
American Electric Power Co., Inc.		27,473	$	2,021,189
NextEra Energy, Inc.		15,807		2,468,895
Pinnacle West Capital Corp.		17,780		1,514,500
				6,004,584
Total common stocks (cost: $109,219,928)				119,145,805
Short-Term Securities (1.6%)
Investment Companies (1.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.210%		1,901,657		1,901,657
Total short-term securities (cost: $1,901,657)				1,901,657
Total investments in securities (cost: $111,121,585) (d)				121,047,462
Liabilities in excess of cash and other assets (-0.1%)				(156,199	)
Total net assets (100.0%)			$	120,891,263

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 December 31, 2017 the cost of investments for federal income tax purposes was $111,201,256. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	10,511,218
Gross unrealized depreciation		(665,012	)
Net unrealized appreciation	$	9,846,206

See accompanying notes to financial statements.
95

Securian Funds Trust

Statements of Assets and Liabilities

December 31, 2017

	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	$	390,975,123	$	221,319,335	$	67,206,823	$	226,686,991	$	875,133,760	$	106,453,874		$	263,995,263
Affiliated issuers (note 8)		–		151,194,190		–		–		–		–			–
Cash on demand deposit^,^^^		–		–		–		233,032		4,868		2,458,375			–
Foreign currency on deposit^^		–		–		–		–		–		392,760			–
Receivable:
Fund shares sold		–		40,693		–		713		2,560		–			250,717
Investment securities sold (including paydowns)		–		–		–		156,944		935,115		–			–
Investment securities sold on a when-issued or forward – commitment basis (note 2)		1,842,109		–		–		–		–		–			–
Dividends and accrued interest		2,612,562		1,338,959		69,179		312,492		871,285		743,374			–
Refundable foreign income taxes withheld		–		–		–		–		–		55,086			–
Adviser (note 4)		–		66,769		13,773		–		–		–			35,349
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		750,495			–
Prepaid expenses		7,005		7,005		7,005		7,005		8,581		7,005			11,578
Total assets		395,436,799		373,966,951		67,296,780		227,397,177		876,956,169		110,860,969			264,292,907
Liabilities
Due to custodian		–		–		–		–		–		–			–
Payable:
Fund shares repurchased		349,375		–		231,827		231,000		319,476		81,259			–
Investment securities purchased		–	��	–		–		284,225		308,681		–			2,469,994
Investment securities purchased on a when-issued or forward – commitment basis (note 2)		9,477,460		–		–		–		–		–			–
Adviser		217,706		285,581		45,939		80,637		266,077		103,604			207,847
Variation margin on futures		19,375		506,225		–		42,920		50,321		–			76,924
Variation margin on swaps ^-		–		–		–		–		–		47,141			–
Accrued expenses		67,500		51,212		38,696		44,903		74,924		230,652			32,153
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		2,395,385			–
Put options written at value (premiums of $38,845 for SFT Advantus Managed Volatility Equity Fund)		–		–		–		–		–		–			25,350
Total liabilities		10,131,416		843,018		316,462		683,685		1,019,479		2,858,041			2,812,268
Net assets applicable to outstanding capital stock	$	385,305,383	$	373,123,933	$	66,980,318	$	226,713,492	$	875,936,690	$	108,002,928		$	261,480,639
Net Assets Consist of:
Paid in capital**	$	328,436,784	$	296,435,765	$	66,978,252	$	37,188,167	$	153,273,198	$	106,510,874		$	225,482,540
Retained earnings (deficit)		56,868,599		76,688,168		2,066		189,525,325		722,663,492		–			35,998,099
Undistributed net investment income (loss)		–		–		–		–		–		1,644,889			–
Accumulated net realized gain (loss)		–		–		–		–		–		1,136,728			–
Net unrealized appreciation (depreciation) on:
Investments		–		–		–		–		–		755,439			–
Foreign currency and forward currency transactions		–		–		–		–		–		(1,678,199	)		–
Swaps		–		–		–		–		–		(366,803	)		–
Net assets	$	385,305,383	$	373,123,933	$	66,980,318	$	226,713,492	$	875,936,690	$	108,002,928		$	261,480,639
Net assets by class:
Class 1	$	2,607,852	$	N/A	$	N/A	$	6,378,220	$	167,661,301	$	1,133,941		$	N/A
Class 2		382,697,531		373,123,933		66,980,318		220,335,272		708,275,389		106,868,987			261,480,639
Net asset value per share of outstanding capital stock by class:
Class 1		2.368		N/A		N/A		4.955		10.629		2.533			N/A
Class 2		2.316		14.401		1.000		4.845		10.393		2.477			12.195
* Identified cost
Unaffiliated issuers	$	381,954,883	$	213,053,043	$	67,206,823	$	155,123,639	$	340,540,276	$	105,559,277		$	236,921,168
Affiliated issuers		–		107,000,000		–		–		–		–			–
** Shares outstanding by class:
Class 1		1,100,958		N/A		N/A		1,287,185		15,773,873		447,587			N/A
Class 2		165,229,175		25,909,898		66,980,318		45,473,462		68,149,693		43,142,662			21,441,789
^ Collateral for Open Swaps and Forward Foreign Currency Contracts	$	–	$	–	$	–	$	–	$	–	$	2,450,466		$	–
^^ Foreign currency on deposit (cost)	$	–	$	–	$	–	$	–	$	–	$	417,635		$	–
^^^ Cash collateral for Open Futures Contracts	$	–	$	–	$	–	$	222,000	$	–	$	–		$	–

¹Formerly SFT Pyramis^® Core Equity Fund

See accompanying notes to financial statements.
96

	SFT Advantus Mortgage Securities Fund			SFT Advantus Real Estate Securities Fund		SFT Ivy^SM Growth Fund		SFT Ivy^SM Small Cap Growth Fund		SFT T. Rowe Price Value Fund		SFT Wellington Core Equity Fund¹
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	95,439,222		$	135,310,906	$	504,374,803	$	184,454,560	$	226,189,695	$	121,047,462
Affiliated issuers (note 8)		–			–		–		–		–		–
Cash on demand deposit^,^^^		–			–		–		–		–		–
Foreign currency on deposit^^		–			–		–		–		–		–
Receivable:
Fund shares sold		–			–		–		–		78,902		–
Investment securities sold (including paydowns)		–			813,515		–		–		198,902		–
Investment securities sold on a when-issued or forward – commitment basis (note 2)		–			–		–		–		–		–
Dividends and accrued interest		240,880			626,703		604,645		19,374		341,475		112,572
Refundable foreign income taxes withheld		–			–		–		–		20,394		–
Adviser (note 4)		–			–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–			–		–		–		–		–
Prepaid expenses		7,005			7,005		7,005		7,157		7,005		7,005
Total assets		95,687,107			136,758,129		504,986,453		184,481,091		226,836,373		121,167,039
Liabilities
Due to custodian		424			–		–		–		–		–
Payable:
Fund shares repurchased		79,067			42,333		105,293		40,034		–		26,012
Investment securities purchased		–			610,182		–		–		399,353		116,678
Investment securities purchased on a when-issued or forward – commitment basis (note 2)		7,785,342			–		–		–		–		–
Adviser		52,426			113,532		399,320		175,830		183,922		97,456
Variation margin on futures		4,125			–		–		–		–		–
Variation margin on swaps ^-		–			–		–		–		–		–
Accrued expenses		44,117			36,917		44,579		32,363		38,243		35,630
Unrealized depreciation on forward foreign currency contracts		–			–		–		–		–		–
Put options written at value (premiums of $38,845 for SFT Advantus Managed Volatility Equity Fund)		–			–		–		–		–		–
Total liabilities		7,965,501			802,964		549,192		248,227		621,518		275,776
Net assets applicable to outstanding capital stock	$	87,721,606		$	135,955,165	$	504,437,261	$	184,232,864	$	226,214,855	$	120,891,263
Net Assets Consist of:
Paid in capital**	$	103,041,862		$	42,203,286	$	287,727,840	$	107,707,433	$	153,918,226	$	76,214,935
Retained earnings (deficit)		(15,320,256	)		93,751,879		216,709,421		76,525,431		72,296,629		44,676,328
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	$	87,721,606		$	135,955,165	$	504,437,261	$	184,232,864	$	226,214,855	$	120,891,263
Net assets by class:
Class 1	$	262,936		$	3,582,948	$	N/A	$	N/A	$	N/A	$	706,384
Class 2		87,458,670			132,372,217		504,437,261		184,232,864		226,214,855		120,184,879
Net asset value per share of outstanding capital stock by class:
Class 1		1.966			4.781		N/A		N/A		N/A		14.369
Class 2		1.923			4.674		15.662		15.802		13.933		14.238
* Identified cost
Unaffiliated issuers	$	95,033,781		$	127,878,507	$	355,272,343	$	139,856,796	$	196,131,839	$	111,121,585
Affiliated issuers		–			–		–		–		–		–
** Shares outstanding by class:
Class 1		133,717			749,490		N/A		N/A		N/A		49,161
Class 2		45,488,841			28,320,311		32,208,674		11,658,878		16,235,342		8,441,246
^ Collateral for Open Swaps and Forward Foreign Currency Contracts	$	–		$	–	$	–	$	–	$	–	$	–
^^ Foreign currency on deposit (cost)	$	–		$	–	$	–	$	–	$	–	$	–
^^^ Cash collateral for Open Futures Contracts	$	–		$	–	$	–	$	–	$	–	$	–

Securian Funds Trust

Statements of Operations

Year ended December 31, 2017

	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	$	13,025,437		$	4,724,410		$	648,392		$	–		$	–		$	5,609,945		$	–
Dividends		130,010			779,645			4,393			3,214,942			16,253,154			53,640			5,153,068
Foreign tax withholding		–			–			–			(1,528	)		(111	)		(184,169	)		–
Total investment income		13,155,447			5,504,055			652,785			3,213,414			16,253,043			5,479,416			5,153,068
Expenses (note 4):
Investment advisory fee		1,524,342			2,137,953			216,808			330,470			1,208,273			665,137			1,467,127
Rule 12b-1 fees		946,800			822,290			180,673			537,837			1,640,758			274,248			564,279
Audit and accounting services		208,576			153,886			142,265			111,687			193,753			156,661			86,805
Administrative services fee		49,231			31,804			47,817			25,200			25,200			84,368			29,801
Legal fees		29,258			29,400			21,459			18,339			36,401			17,811			18,075
Custodian fees		14,940			14,038			9,977			22,514			19,585			111,120			14,062
Printing and shareholder reports		12,520			13,969			13,450			12,385			12,385			12,525			13,613
Trustee's fees		19,308			19,308			19,308			19,308			19,308			19,308			19,308
S&P Licensing fee		–			–			–			22,156			59,594			–			–
Insurance		8,294			8,294			8,295			8,294			8,294			8,294			8,146
Other		15,704			2,676			5,037			8,663			26,170			5,663			5,568
Total expenses before fees waived		2,828,973			3,233,618			665,089			1,116,853			3,249,721			1,355,135			2,226,784
Less fees waived (note 4)		–			(602,045	)		(104,208	)		–			–			–			(421,177	)
Total expenses net of fees waived		2,828,973			2,631,573			560,881			1,116,853			3,249,721			1,355,135			1,805,607
Net investment income		10,326,474			2,872,482			91,904			2,096,561			13,003,322			4,124,281			3,347,461
Realized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		3,850,913			(1,648,413	)		–			19,147,588			16,808,858			1,990,164			(121,031	)
Written options transactions		–			101,223			–			–			–			–			307,649
Swaps		–			–			–			–			–			(261,906	)		–
Foreign forward currency contracts		–			–			–			–			–			(667,943	)		–
Foreign currency transactions		–			–			–			(211	)		–			(435,607	)		–
Net increase from litigation payments		39,418			–			–			735			4,265			4,845			–
Futures transactions		(41,756	)		19,751,912			–			755,387			2,004,359			–			3,108,348
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		3,289,132			7,136,179			–			9,783,764			123,751,582			2,905,414			27,412,174
Affiliated issuers (note 8)		–			26,793,604			–			–			–			–			–
Options written		–			(34,774	)		–			–			–			–			13,495
Swaps		–			–			–			–			–			(71,272	)		–
Translation of assets and liabilities in foreign currency		–			–			–			–			–			(20,785	)		–
Foreign forward currency contracts		–			–			–			–			–			(6,269,712	)		–
Futures transactions		(67,252	)		(719,523	)		–			305,298			(50,942	)		–			(140,583	)
Net gains (losses) on investments		7,070,455			51,380,208			–			29,992,561			142,518,122			(2,826,802	)		30,580,052
Net increase (decrease) in net assets resulting from operations	$	17,396,929		$	54,252,690		$	91,904		$	32,089,122		$	155,521,444		$	1,297,479		$	33,927,513

¹All income is from unaffiliated issuers.

²Formerly SFT Pyramis^® Core Equity Fund

See accompanying notes to financial statements.
98

	SFT Advantus Mortgage Securities Fund			SFT Advantus Real Estate Securities Fund			SFT Ivy^SM Growth Fund			SFT Ivy^SM Small Cap Growth Fund			SFT T. Rowe Price Value Fund			SFT Wellington Core Equity Fund²
Income:
Interest¹	$	2,488,232		$	–		$	39,487		$	48,759		$	6,809		$	3,340
Dividends		65,938			3,685,185			5,430,409			705,071			4,995,260			1,761,204
Foreign tax withholding		–			–			(54,804	)		–			(123,461	)		(7,830	)
Total investment income		2,554,170			3,685,185			5,415,092			753,830			4,878,608			1,756,714
Expenses (note 4):
Investment advisory fee		359,823			974,903			3,213,778			1,465,443			1,469,692			763,082
Rule 12b-1 fees		224,235			339,960			1,199,307			431,013			548,392			291,569
Audit and accounting services		109,051			105,578			138,674			94,605			95,128			100,495
Administrative services fee		46,458			25,201			25,201			25,201			26,029			25,201
Legal fees		32,666			18,339			18,339			18,339			18,339			39,610
Custodian fees		14,179			13,696			14,321			17,163			47,504			19,794
Printing and shareholder reports		12,585			12,385			12,424			11,322			12,424			13,674
Trustee's fees		19,308			19,308			19,308			19,308			19,308			19,308
S&P Licensing fee		–			–			–			–			–			–
Insurance		8,294			8,294			8,294			8,294			8,294			8,294
Other		5,414			7,706			18,113			8,386			10,087			7,742
Total expenses before fees waived		832,013			1,525,370			4,667,759			2,099,074			2,255,197			1,288,769
Less fees waived (note 4)		–			–			–			–			–			–
Total expenses net of fees waived		832,013			1,525,370			4,667,759			2,099,074			2,255,197			1,288,769
Net investment income		1,722,157			2,159,815			747,333			(1,345,244	)		2,623,411			467,945
Realized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		(278,276	)		6,432,149			32,361,805			13,252,837			24,257,608			21,810,519
Written options transactions		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Foreign forward currency contracts		–			–			–			–			–			–
Foreign currency transactions		–			–			620			–			401			–
Net increase from litigation payments		38,773			–			–			–			–			–
Futures transactions		6,938			–			–			–			–			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		261,465			(1,281,847	)		88,764,916			26,975,755			10,605,710			233,193
Affiliated issuers (note 8)		–			–			–			–			–			–
Options written		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Translation of assets and liabilities in foreign currency		–			–			(253	)		–			1,820			–
Foreign forward currency contracts		–			–			–			–			–			–
Futures transactions		13,751			–			–			–			–			–
Net gains (losses) on investments		42,651			5,150,302			121,127,088			40,228,592			34,865,539			22,043,712
Net increase (decrease) in net assets resulting from operations	$	1,764,808		$	7,310,117		$	121,874,421		$	38,883,348		$	37,488,950		$	22,511,657

Securian Funds Trust

Statements of Changes in Net Assets

Year ended December 31, 2017 and year ended December 31, 2016

	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	$	10,326,474		$	10,257,605		$	2,872,482		$	1,836,988		$	91,904		$	–
Net realized gains (losses) on investments		3,848,575			2,981,626			18,204,722			809,167			–			41,658
Net change in unrealized appreciation or depreciation of investments		3,221,880			3,526,165			33,175,486			17,592,027			–			–
Net increase (decrease) in net assets resulting from operations		17,396,929			16,765,396			54,252,690			20,238,182			91,904			41,658
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–			(91,904	)		–
Decrease in net assets from distributions		–			–			–			–			(91,904	)		–
Capital stock transactions:
Proceeds from sales
Class 1		626,191			1,071,196			–			–			–			–
Class 2		14,703,357			9,479,053			44,777,384			64,812,698			20,785,779			25,360,844
Value of distributions reinvested
Class 2		–			–			–			–			91,904			–
Payments for redemption of shares
Class 1		(242,838	)		(5,524,161	)		–			–			–			–
Class 2		(17,446,671	)		(40,699,918	)		(6,906,214	)		(8,037,442	)		(31,692,159	)		(36,436,264	)
Increase (decrease) in net assets from capital stock transactions		(2,359,961	)		(35,673,830	)		37,871,170			56,775,256			(10,814,476	)		(11,075,420	)
Total increase (decrease) in net assets		15,036,968			(18,908,434	)		92,123,860			77,013,438			(10,814,476	)		(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	$	385,305,383		$	370,268,415		$	373,123,933		$	281,000,073		$	66,980,318		$	77,794,794
Undistributed net investment income (loss)		–			–			–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		269,388			476,305			–			–			–			–
Class 2		6,471,805			4,276,897			3,410,058			5,546,365			20,785,779			25,360,844
Issued on reinvestment of distributions
Class 2		–			–			–			–			91,904			–
Payments for redemption of shares
Class 1		(104,498	)		(2,434,351	)		–			–			–			–
Class 2		(7,644,483	)		(18,517,648	)		(513,222	)		(704,549	)		(31,692,159	)		(36,436,264	)
Net change from capital transactions		(1,007,788	)		(16,198,797	)		2,896,836			4,841,816			(10,814,476	)		(11,075,420	)

See accompanying notes to financial statements.
100

	SFT Advantus Index 400 Mid-Cap Fund						SFT Advantus Index 500 Fund
	2017			2016			2017			2016
Operations:
Net investment income	$	2,096,561		$	2,154,803		$	13,003,322		$	12,315,556
Net realized gains (losses) on investments		19,903,499			24,002,929			18,817,482			18,407,677
Net change in unrealized appreciation or depreciation of investments		10,089,062			11,220,259			123,700,640			46,532,642
Net increase (decrease) in net assets resulting from operations		32,089,122			37,377,991			155,521,444			77,255,875
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		1,499,601			2,482,226			5,775,147			39,781,486
Class 2		4,898,352			15,063,744			13,635,718			19,868,185
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(199,990	)		(16,796,206	)		(274,673	)		(30,547,533	)
Class 2		(30,271,297	)		(21,994,165	)		(41,531,047	)		(50,827,160	)
Increase (decrease) in net assets from capital stock transactions		(24,073,334	)		(21,244,401	)		(22,394,855	)		(21,725,022	)
Total increase (decrease) in net assets		8,015,788			16,133,590			133,126,589			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	$	226,713,492		$	218,697,704		$	875,936,690		$	742,810,101
Undistributed net investment income (loss)		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		328,196			656,440			593,588			4,902,663
Class 2		1,113,440			3,859,189			1,423,520			2,470,698
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(44,438	)		(4,394,872	)		(29,209	)		(3,770,199	)
Class 2		(6,797,130	)		(5,895,049	)		(4,407,339	)		(6,344,595	)
Net change from capital transactions		(5,399,932	)		(5,774,292	)		(2,419,440	)		(2,741,433	)

101

Securian Funds Trust

Statements of Changes in Net Assets – continued

Year ended December 31, 2017 and year ended December 31, 2016

	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	$	4,124,281		$	2,660,438		$	3,347,461		$	2,708,194		$	1,722,157		$	1,730,720
Net realized gains (losses) on investments		629,553			(11,053,944	)		3,294,966			(760,203	)		(232,565	)		43,490
Net change in unrealized appreciation or depreciation of investments		(3,456,355	)		11,699,367			27,285,086			(25,929	)		275,216			(477,313	)
Net increase (decrease) in net assets resulting from operations		1,297,479			3,305,861			33,927,513			1,922,062			1,764,808			1,296,897
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–			–			–
Decrease in net assets from distributions		–			–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		199,736			192,546			–			–			46,632			110,281
Class 2		3,523,068			2,867,716			54,031,240			173,343,080			2,321,219			4,985,962
Value of distributions reinvested
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(177,606	)		(116,726	)		–			–			(58,630	)		(778,863	)
Class 2		(7,845,215	)		(8,775,824	)		(26,615,898	)		(641,406	)		(7,882,052	)		(8,499,819	)
Increase (decrease) in net assets from capital stock transactions		(4,300,017	)		(5,832,288	)		27,415,342			172,701,674			(5,572,831	)		(4,182,439	)
Total increase (decrease) in net assets		(3,002,538	)		(2,526,427	)		61,342,855			174,623,736			(3,808,023	)		(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	$	108,002,928		$	111,005,466		$	261,480,639		$	200,137,784		$	87,721,606		$	91,529,629
Undistributed net investment income (loss)		1,644,889			(4,915,077	)		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		77,984			80,466			–			–			23,922			57,106
Class 2		1,406,182			1,224,266			4,755,843			16,619,423			1,219,474			2,624,654
Issued on reinvestment of distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(69,554	)		(48,297	)		–			–			(30,102	)		(399,174	)
Class 2		(3,131,653	)		(3,722,946	)		(2,406,045	)		(62,561	)		(4,128,205	)		(4,469,887	)
Net change from capital transactions		(1,717,041	)		(2,466,511	)		2,349,798			16,556,862	)		(2,914,911	)		(2,187,301	)

See accompanying notes to financial statements.
102

	SFT Advantus Real Estate Securities Fund						SFT Ivy^SM Growth Fund						SFT Ivy^SM Small Cap Growth Fund
	2017			2016			2017			2016			2017			2016
Operations:
Net investment income	$	2,159,815		$	2,148,779		$	747,333		$	1,290,382		$	(1,345,244	)	$	(1,022,702	)
Net realized gains (losses) on investments		6,432,149			19,378,674			32,362,425			18,696,419			13,252,837			13,489,268
Net change in unrealized appreciation or depreciation of investments		(1,281,847	)		(14,560,817	)		88,764,663			(16,646,407	)		26,975,755			16,850,153
Net increase (decrease) in net assets resulting from operations		7,310,117			6,966,636			121,874,421			3,340,394			38,883,348			29,316,719
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–			–			–
Decrease in net assets from distributions		–			–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		739,204			1,216,024			–			–			–			–
Class 2		12,579,024			6,915,526			1,677,876			1,697,051			1,550,904			3,486,016
Value of distributions reinvested
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(422,188	)		(5,480,644	)		–			–			–			–
Class 2		(30,474,526	)		(15,300,382	)		(58,099,636	)		(45,133,736	)		(19,495,781	)		(14,973,753	)
Increase (decrease) in net assets from capital stock transactions		(17,578,486	)		(12,649,476	)		(56,421,760	)		(43,436,685	)		(17,944,877	)		(11,487,737	)
Total increase (decrease) in net assets		(10,268,369	)		(5,682,840	)		65,452,661			(40,096,291	)		20,938,471			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	$	135,955,165		$	146,223,534		$	504,437,261		$	438,984,600		$	184,232,864		$	163,294,393
Undistributed net investment income (loss)		–			–			–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		158,943			271,256			–			–			–			–
Class 2		2,775,497			1,555,728			123,273			149,149			108,507			291,775
Issued on reinvestment of distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(91,140	)		(1,150,736	)		–			–			–			–
Class 2		(6,723,222	)		(3,450,344	)		(4,133,610	)		(3,815,228	)		(1,397,740	)		(1,311,293	)
Net change from capital transactions		(3,879,922	)		(2,774,096	)		(4,010,337	)		(3,666,079	)		(1,289,233	)		(1,019,518	)

103

Securian Funds Trust

Statements of Changes in Net Assets – continued

Year ended December 31, 2017 and year ended December 31, 2016

	SFT T. Rowe Price Value Fund						SFT Wellington Core Equity Fund¹
	2017			2016			2017			2016
Operations:
Net investment income	$	2,623,411		$	3,218,733		$	467,945		$	649,241
Net realized gains (losses) on investments		24,258,009			4,653,139			21,810,519			(870,564	)
Net change in unrealized appreciation or depreciation of investments		10,607,530			12,604,688			233,193			5,750,668
Net increase (decrease) in net assets resulting from operations		37,488,950			20,476,560			22,511,657			5,529,345
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			136,444			140,311
Class 2		10,721,941			2,353,560			371,896			900,567
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(273,237	)		(65,854	)
Class 2		(30,508,819	)		(22,014,912	)		(16,350,148	)		(20,893,360	)
Increase (decrease) in net assets from capital stock transactions		(19,786,878	)		(19,661,352	)		(16,115,045	)		(19,918,336	)
Total increase (decrease) in net assets		17,702,072			815,208			6,396,612			(14,388,991	)
Net assets at beginning of period		208,512,783			207,697,575			114,494,651			128,883,642
Net assets at end of period	$	226,214,855		$	208,512,783		$	120,891,263		$	114,494,651
Undistributed net investment income (loss)		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		–			–			10,383			12,504
Class 2		875,479			217,525			29,187			83,279
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(19,999	)		(5,857	)
Class 2		(2,390,120	)		(2,030,629	)		(1,268,569	)		(1,843,703	)
Net change from capital transactions		(1,514,641	)		(1,813,104	)		(1,248,998	)		(1,753,777	)

¹Formerly SFT Pyramis^® Core Equity Fund

See accompanying notes to financial statements.
104

Securian Funds Trust
Financial Highlights

SFT Advantus Bond Fund

	Class 1 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.257		$	2.157		$	2.148		$	2.016		$	2.024
Income from investment operations:
Net investment income (a)		.069			.066			.066			.064			.060
Net gains (losses) (both realized and unrealized)		.042			.034			(.057	)		.068			(.068	)
Total from investment operations		.111			.100			.009			.132			(.008	)
Net asset value, end of period	$	2.368		$	2.257		$	2.157		$	2.148		$	2.016
Total return (b)		4.95	%		4.63	%		0.41	%		6.56	%		(0.40	)%
Net assets, end of period (in thousands)	$	2,608		$	2,113		$	6,243		$	5,402		$	4,414
Ratios to average net assets:
Expenses (c)		.49	%		.49	%		.49	%		.49	%		.51	%
Net investment income		2.96	%		2.97	%		3.03	%		3.07	%		2.96	%
Portfolio turnover rate (excluding short-term securities)		159.8	%		249.6	%		179.3	%		193.5	%		235.8	%
	Class 2 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.212		$	2.120		$	2.117		$	1.991		$	2.004
Income from investment operations:
Net investment income (a)		.062			.059			.059			.058			.054
Net gains (losses) (both realized and unrealized)		.042			.033			(.056	)		.068			(.067	)
Total from investment operations		.104			.092			.003			.126			(.013	)
Net asset value, end of period	$	2.316		$	2.212		$	2.120		$	2.117		$	1.991
Total return (b)		4.69	%		4.37	%		0.16	%		6.29	%		(0.65	)%
Net assets, end of period (in thousands)	$	382,697		$	368,156		$	382,934		$	368,926		$	356,034
Ratios to average net assets:
Expenses (c)		.74	%		.74	%		.74	%		.74	%		.76	%
Net investment income		2.71	%		2.68	%		2.78	%		2.82	%		2.71	%
Portfolio turnover rate (excluding short-term securities)		159.8	%		249.6	%		179.3	%		193.5	%		235.8	%

(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.

105

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Dynamic Managed Volatility Fund

	Class 2 Shares
	Year or period ended December 31,
	2017			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)		0.116			.091			.082			.039			.008
Net realized and unrealized gain(loss) on investments		2.075			.893			(.459	)		.833			.723
Total from investment operations		2.191			.984			(.377	)		.872			.731
Net asset value, end of period	$	14.401		$	12.210		$	11.226		$	11.603		$	10.731
Total return (c)		17.94	%		8.77	%		(3.25	)%		8.12	%		7.31	%
Net assets, end of period (in thousands)	$	373,124		$	281,000		$	203,987		$	131,047		$	52,931
Ratios to average net assets:
Expenses before waiver (d)		.98	%		1.00	%		1.02	%		1.19	%		1.37	%(e)
Expenses net of waiver (d)(f)		.80	%		.80	%		.80	%		.80	%		.80	%(e)
Net investment income		.87	%		.79	%		.71	%		.35	%		.12	%(e)
Portfolio turnover rate (excluding short-term securities)		1.7	%		1.4	%		5.1	%		1.5	%		32.1	%

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

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

(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).

106

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Government Money Market Fund

	Class 2 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income from investment operations:
Net investment income (a)		.001			–			–			–			–
Net realized and unrealized gain(loss) on investments		–			–			–			–			–
Total from investment operations		1.001			1.000			1.000			1.000			1.000
Less distributions:
Distributions from net investment income		(.001	)		–			–			–			–
Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total return (b)		0.13	%		–	%		–	%		–	%		–	%
Net assets, end of period (in thousands)	$	66,980		$	77,795		$	88,829		$	86,904		$	89,423
Ratios to average net assets:
Expenses before waiver		.92	%		.91	%		.85	%		.83	%		.86	%
Expenses net of waiver (c)(d)		.78	%		.36	%		.12	%		.10	%		.13	%
Net investment income		.13	%		–	%		–	%		–	%		–	%

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

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

107

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Index 400 Mid-Cap Fund

	Class 1 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.275		$	3.553		$	3.640		$	3.324		$	2.497
Income from investment operations:
Net investment income (a)		.055			.045			.046			.040			.034
Net realized and unrealized gain(loss) on investments		.625			.677			(.133	)		.276			.793
Total from investment operations		.680			.722			(.087	)		.316			.827
Net asset value, end of period	$	4.955		$	4.275		$	3.553		$	3.640		$	3.324
Total return (b)		15.90	%		20.34	%		(2.39	)%		9.51	%		33.11	%
Net assets, end of period (in thousands)	$	6,378		$	4,290		$	16,847		$	15,418		$	12,802
Ratios to average net assets:
Expenses (c)		.26	%		.26	%		.26	%		.25	%		.28	%
Net investment income		1.21	%		1.24	%		1.24	%		1.15	%		1.15	%
Portfolio turnover rate (excluding short-term securities)		16.6	%		18.5	%		16.1	%		12.0	%		9.3	%
	Class 2 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.191		$	3.491		$	3.586		$	3.283		$	2.472
Income from investment operations:
Net investment income (a)		.042			.039			.036			.030			.025
Net realized and unrealized gain(loss) on investments		.612			.661			(.131	)		.273			.786
Total from investment operations		.654			.700			(.095	)		.303			.811
Net asset value, end of period	$	4.845		$	4.191		$	3.491		$	3.586		$	3.283
Total return (b)		15.61	%		20.04	%		(2.63	)%		9.24	%		32.78	%
Net assets, end of period (in thousands)	$	220,335		$	214,408		$	185,717		$	218,305		$	215,884
Ratios to average net assets:
Expenses (c)		.51	%		.51	%		.51	%		.50	%		.53	%
Net investment income		.95	%		1.06	%		.98	%		.89	%		.87	%
Portfolio turnover rate (excluding short-term securities)		16.6	%		18.5	%		16.1	%		12.0	%		9.3	%

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

108

Securian Funds Trust
Financial Highlights – continued

SFT Advantus Index 500 Fund

	Class 1 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	8.745		$	7.829		$	7.737		$	6.822		$	5.167
Income from investment operations:
Net investment income (a)		.175			.160			.147			.132			.115
Net realized and unrealized gain(loss) on investments		1.709			.756			(.055	)		.783			1.540
Total from investment operations		1.884			.916			.092			.915			1.655
Net asset value, end of period	$	10.629		$	8.745		$	7.829		$	7.737		$	6.822
Total return (b)		21.54	%		11.72	%		1.18	%		13.41	%		32.04	%
Net assets, end of period (in thousands)	$	167,661		$	133,014		$	110,210		$	60,909		$	36,387
Ratios to average net assets:
Expenses (c)		.20	%		.20	%		.21	%		.21	%		.22	%
Net investment income		1.82	%		1.97	%		1.88	%		1.83	%		1.88	%
Portfolio turnover rate (excluding short-term securities)		2.7	%		3.5	%		6.1	%		4.8	%		4.5	%
	Class 2 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	8.573		$	7.693		$	7.622		$	6.737		$	5.115
Income from investment operations:
Net investment income (a)		.148			.136			.124			.110			.095
Net realized and unrealized gain(loss) on investments		1.672			.744			(.053	)		.775			1.527
Total from investment operations		1.820			.880			.071			.885			1.622
Net asset value, end of period	$	10.393		$	8.573		$	7.693		$	7.622		$	6.737
Total return (b)		21.23	%		11.44	%		0.93	%		13.13	%		31.71	%
Net assets, end of period (in thousands)	$	708,275		$	609,796		$	577,069		$	585,532		$	540,439
Ratios to average net assets:
Expenses (c)		.45	%		.45	%		.46	%		.46	%		.47	%
Net investment income		1.57	%		1.72	%		1.61	%		1.56	%		1.59	%
Portfolio turnover rate (excluding short-term securities)		2.7	%		3.5	%		6.1	%		4.8	%		4.5	%

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

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Financial Highlights – continued

SFT Advantus International Bond Fund

	Class 1 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.499		$	2.418		$	2.517		$	2.468		$	2.464
Income from investment operations:
Net investment income (a)		.102			.064			.063			.074			.078
Net realized and unrealized gain(loss) on investments		(.068	)		.017			(.162	)		(.025	)		(.074	)
Total from investment operations		.034			.081			(.099	)		.049			.004
Net asset value, end of period	$	2.533		$	2.499		$	2.418		$	2.517		$	2.468
Total return (b)		1.38	%		3.35	%		(3.92	)%		1.96	%		0.17	%
Net assets, end of period (in thousands)	$	1,134		$	1,097		$	984		$	938		$	756
Ratios to average net assets:
Expenses (c)		.98	%		1.00	%		.89	%		.86	%		.87	%
Net investment income		3.97	%		2.67	%		2.55	%		2.93	%		3.18	%
Portfolio turnover rate (excluding short-term securities)		58.7	%		54.0	%		42.4	%		19.3	%		17.7	%
	Class 2 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.450		$	2.376		$	2.479		$	2.438		$	2.440
Income from investment operations:
Net investment income (a)		.093			.057			.056			.067			.071
Net realized and unrealized gain(loss) on investments		(.066	)		.017			(.159	)		(.026	)		(.073	)
Total from investment operations		.027			.074			(.103	)		.041			(.002	)
Net asset value, end of period	$	2.477		$	2.450		$	2.376		$	2.479		$	2.438
Total return (b)		1.12	%		3.09	%		(4.16	)%		1.70	%		(0.08	)%
Net assets, end of period (in thousands)	$	106,869		$	109,908		$	112,548		$	124,174		$	128,885
Ratios to average net assets:
Expenses (c)		1.23	%		1.24	%		1.14	%		1.11	%		1.12	%
Net investment income		3.72	%		2.42	%		2.29	%		2.69	%		2.92	%
Portfolio turnover rate (excluding short-term securities)		58.7	%		54.0	%		42.4	%		19.3	%		17.7	%

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

110

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Financial Highlights – continued

SFT Advantus Managed Volatility Equity Fund

	Class 2 Shares
	Year or period ended December 31,
	2017			2016			2015(a)
Net asset value, beginning of period	$	10.483		$	10.064		$	10.000
Income from investment operations:
Net investment income (b)		.169			.253			.066
Net realized and unrealized gain(loss) on investments		1.543			.166			(.002	)
Total from investment operations		1.712			.419			.064
Net asset value, end of period	$	12.195		$	10.483		$	10.064
Total return (c)		16.33	%		4.16	%		0.64	%
Net assets, end of period (in thousands)	$	261,481		$	200,138		$	25,514
Ratios to average net assets:
Expenses before waiver (d)		.99	%		1.09	%		2.28	%(e)
Expenses net of waiver (f)		.80	%		.80	%		.80	%(e)
Net investment income		1.48	%		2.43	%		5.53	%(e)
Portfolio turnover rate (excluding short-term securities)		9.2	%		8.5	%		–	%

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

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

(e) Adjusted to an annual basis.

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

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Financial Highlights – continued

SFT Advantus Mortgage Securities Fund

	Class 1 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	1.924		$	1.894		$	1.835		$	1.731		$	1.761
Income from investment operations:
Net investment income (a)		.042			.042			.042			.031			.029
Net realized and unrealized gain(loss) on investments		–			(.012	)		.017			.073			(.059	)
Total from investment operations		.042			.030			.059			.104			(.030	)
Net asset value, end of period	$	1.966		$	1.924		$	1.894		$	1.835		$	1.731
Total return (b)		2.22	%		1.58	%		3.21	%		6.03	%		(1.73	)%
Net assets, end of period (in thousands)	$	263		$	269		$	913		$	813		$	985
Ratios to average net assets:
Expenses (c)		.68	%		.65	%		.64	%		.63	%		.68	%
Net investment income		2.16	%		2.18	%		2.25	%		1.73	%		1.67	%
Portfolio turnover rate (excluding short-term securities)		157.9	%		85.8	%		141.4	%		232.2	%		370.7	%
	Class 2 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	1.886		$	1.861		$	1.808		$	1.709		$	1.744
Income from investment operations:
Net investment income (a)		.037			.035			.037			.026			.025
Net realized and unrealized gain(loss) on investments		–			(.010	)		.016			.073			(.060	)
Total from investment operations		.037			.025			.053			.099			(.035	)
Net asset value, end of period	$	1.923		$	1.886		$	1.861		$	1.808		$	1.709
Total return (b)		1.96	%		1.32	%		2.95	%		5.76	%		(1.98	)%
Net assets, end of period (in thousands)	$	87,459		$	91,261		$	93,502		$	97,348		$	95,570
Ratios to average net assets:
Expenses (c)		.93	%		.90	%		.89	%		.88	%		.93	%
Net investment income		1.91	%		1.83	%		2.00	%		1.48	%		1.44	%
Portfolio turnover rate (excluding short-term securities)		157.9	%		85.8	%		141.4	%		232.2	%		370.7	%

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

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Financial Highlights – continued

SFT Advantus Real Estate Securities Fund

	Class 1 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.526		$	4.324		$	4.108		$	3.143		$	3.100
Income from investment operations:
Net investment income (a)		.081			.074			.066			.062			.050
Net realized and unrealized gain(loss) on investments		.174			.128			.150			.903			(.007	)
Total from investment operations		.255			.202			.216			.965			.043
Net asset value, end of period	$	4.781		$	4.526		$	4.324		$	4.108		$	3.143
Total return (b)		5.63	%		4.66	%		5.25	%		30.70	%		1.40	%
Net assets, end of period (in thousands)	$	3,583		$	3,085		$	6,750		$	5,489		$	3,713
Ratios to average net assets:
Expenses (c)		.85	%		.82	%		.84	%		.85	%		.90	%
Net investment income		1.75	%		1.68	%		1.59	%		1.70	%		1.55	%
Portfolio turnover rate (excluding short-term securities)		75.4	%		78.0	%		65.8	%		85.4	%		39.8	%
	Class 2 Shares
	Year ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.436		$	4.249		$	4.047		$	3.104		$	3.069
Income from investment operations:
Net investment income (a)		.070			.063			.053			.050			.038
Net realized and unrealized gain(loss) on investments		.168			.124			.149			.893			(.003	)
Total from investment operations		.238			.187			.202			.943			.035
Net asset value, end of period	$	4.674		$	4.436		$	4.249		$	4.047		$	3.104
Total return (b)		5.37	%		4.40	%		4.99	%		30.37	%		1.15	%
Net assets, end of period (in thousands)	$	132,372		$	143,139		$	145,156		$	141,391		$	112,753
Ratios to average net assets:
Expenses (c)		1.10	%		1.08	%		1.09	%		1.10	%		1.15	%
Net investment income		1.55	%		1.43	%		1.30	%		1.40	%		1.18	%
Portfolio turnover rate (excluding short-term securities)		75.4	%		78.0	%		65.8	%		85.4	%		39.8	%

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

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Financial Highlights – continued

SFT Ivy^SM Growth Fund

	Class 2 Shares
	Year or period ended December 31,
	2017			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)		.022			.034			.001			.011
Net realized and unrealized gain on investments		3.520			.074			.758			1.242
Total from investment operations		3.542			.108			.759			1.253
Net asset value, end of period	$	15.662		$	12.120		$	12.012		$	11.253
Total return (c)		29.22	%		0.91	%		6.74	%		12.53	%
Net assets, end of period (in thousands)	$	504,437		$	438,985		$	479,081		$	500,575
Ratios to average net assets:
Expenses (d)		.97	%		.98	%		.97	%		.96	%(e)
Net investment income		.16	%		.29	%		.01	%		.15	%(e)
Portfolio turnover rate (excluding short-term securities)		40.5	%		52.5	%		31.6	%		44.7	%

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

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

(e) Adjusted to an annual basis.

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Financial Highlights – continued

SFT Ivy^SM Small Cap Growth Fund

	Class 2 Shares
	Year or period ended December 31,
	2017			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)		(.111	)		(.076	)		(.090	)		(.048	)
Net realized and unrealized gain(loss) on investments		3.302			2.273			(.306	)		.858
Total from investment operations		3.191			2.197			(.396	)		.810
Net asset value, end of period	$	15.802		$	12.611		$	10.414		$	10.810
Total return (c)		25.30	%		21.10	%		(3.66	)%		8.10	%
Net assets, end of period (in thousands)	$	184,233		$	163,294		$	145,465		$	182,284
Ratios to average net assets:
Expenses (d)		1.22	%		1.24	%		1.19	%		1.22	%(e)
Net investment income		(.78	)%		(.68	)%		(.80	)%		(.71	)%(e)
Portfolio turnover rate (excluding short-term securities)		54.4	%		99.2	%		65.4	%		115.8	%

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

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

(e) Adjusted to an annual basis.

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SFT T. Rowe Price Value Fund

	Class 2 Shares
	Year or period ended December 31,
	2017			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)		.153			.173			.119			.077
Net gains (losses) (both realized and unrealized)		2.033			.957			(.338	)		.759
Total from investment operations		2.186			1.130			(.219	)		.836
Net asset value, end of period	$	13.933		$	11.747		$	10.617		$	10.836
Total return (c)		18.61	%		10.65	%		(2.02	)%		8.36	%
Net assets, end of period (in thousands)	$	226,215		$	208,513		$	207,698		$	233,202
Ratios to average net assets:
Expenses (d)		1.03	%		1.03	%		1.01	%		1.02	%(e)
Net investment income		1.20	%		1.59	%		1.10	%		1.10	%(e)
Portfolio turnover rate (excluding short-term securities)		90.4	%		102.9	%		65.0	%		105.1	%

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

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

(e) Adjusted to an annual basis.

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SFT Wellington Core Equity Fund
(Formerly SFT Pyramis^® Core Equity Fund)

	Class 1 Shares
	Year or period ended December 31,
	2017			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)		.084			.089			.075			.053
Net realized and unrealized gain on investments		2.451			.484			.038			1.095
Total from investment operations		2.535			.573			.113			1.148
Net asset value, end of period	$	14.369		$	11.834		$	11.261		$	11.148
Total return (c)		21.42	%		5.09	%		1.01	%		11.48	%
Net assets, end of period (in thousands)	$	706		$	696		$	587		$	663
Ratios to average net assets:
Expenses (d)		.85	%		.80	%		.78	%		.86	%(e)
Net investment income		.64	%		.80	%		.66	%		.74	%(e)
Portfolio turnover rate (excluding short-term securities)		138.0	%		88.8	%		84.6	%		54.2	%
	Class 2 Shares
	Year or period ended December 31,
	2017			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)		.051			.060			.046			.035
Net realized and unrealized gain on investments		2.432			.481			.039			1.094
Total from investment operations		2.483			.541			.085			1.129
Net asset value, end of period	$	14.238		$	11.755		$	11.214		$	11.129
Total return (c)		21.12	%		4.83	%		0.76	%		11.29	%
Net assets, end of period (in thousands)	$	120,185		$	113,799		$	128,297		$	141,272
Ratios to average net assets:
Expenses (d)		1.10	%		1.05	%		1.03	%		1.11	%(e)
Net investment income		.40	%		.54	%		.41	%		.49	%(e)
Portfolio turnover rate (excluding short-term securities)		138.0	%		88.8	%		84.6	%		54.2	%

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

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

(e) Adjusted to an annual basis.

117

Securian Funds Trust
Notes to Financial Statements

December 31, 2017

(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 T. Rowe Price Value Fund		NA		P
SFT Wellington Core Equity Fund		P		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

118

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Notes to Financial Statements – continued

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

exchange are valued at the last sale price on that exchange prior to the time when assets are valued; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price, by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by the Advantus Capital 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

119

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Notes to Financial Statements – continued

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

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

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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(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 December 31, 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 ASC 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 year ended December 31, 2017. The Funds' federal and state income returns for which the

121

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

applicable statutes of limitations have not expired (2014, 2015, 2016 and 2017) 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.

Capital Loss Carryforwards

As of December 31, 2017, the Funds had no realized capital loss carryforwards, for U.S. federal income tax purposes, available to be used to offset future capital gains.

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 that are structured as a partnership for tax purposes are not required to distribute taxable income, and Funds other than SFT Advantus Government Money Market Fund and SFT Advantus International Bond Fund will not distribute taxable income.

The federal income tax character of distributions paid to shareholders during the fiscal year ended December 31, 2017 was as follows:

Fund				Ordinary Income				Long-Term Capital Gain
SFT Advantus International Bond Fund				$	—			$	—

At December 31, 2017, as a result of permanent book-to-tax difference, the following reclassification adjustments were made on the Statements of Assets and Liabilities:

Fund				Paid-In Capital				Undistributed Net Investment Income				Accumulated Net Realized Gain (Loss)
SFT Advantus International Bond Fund				$	(2,345,213	)		$	2,435,685			$	(90,472	)

Distributable Earnings

As of December 31, 2017, the components of distributable earnings on a federal income tax basis were:

Fund				Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Unrealized Appreciation/ (Depreciation)				Post October Capital/ Late Year Ordinary Loss				Capital Loss Carryforward
SFT Advantus International Bond Fund				$	—			$	1,136,728			$	355,325			$	—			$	—

For the year ended December 31, 2017, the following funds are designating the following items with regard to earnings for the year:

				Foreign Tax Credit
SFT Advantus International Bond Fund				$	204,206

Securities Purchased on a When-Issued or Forward Commitment 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 December 31, 2017, the SFT Advantus Bond Fund and SFT Advantus

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

Mortgage Securities Fund had entered into outstanding, when-issued or forward commitments at fair value of $7,611,583 and $7,770,876, 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 December 31, 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	$	—	$	548,252	$	24,407
SFT T. Rowe Price Value Fund		449,641		108,617		(6,429	)
SFT Wellington Core Equity Fund		8,361,642		5,393,254		485,148

(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 year ended December 31, 2017 were as follows:

	Non-U.S. Government				U.S. Government*
	Purchases		Sales		Purchases		Sales
SFT Advantus Bond Fund	$	172,810,401	$	146,688,952	$	441,077,102	$	446,139,381
SFT Advantus Dynamic Managed Volatility Fund		46,428,520		4,516,136		—		317,581
SFT Advantus Index 400 Mid-Cap Fund		35,094,334		45,256,419		—		—
SFT Advantus Index 500 Fund		21,514,781		28,293,884		—		—
SFT Advantus International Bond Fund		35,432,181		44,436,372		—		—
SFT Advantus Managed Volatility Equity Fund		45,757,866		18,758,810		—		—
SFT Advantus Mortgage Securities Fund		20,542,766		17,277,705		117,208,897		125,257,324
SFT Advantus Real Estate Securities Fund		102,904,205		116,202,992		—		—
SFT Ivy^SM Growth Fund		191,886,251		247,528,647		—		—
SFT Ivy^SM Small Cap Growth Fund		91,887,106		107,364,425		—		—
SFT T. Rowe Price Value Fund		196,947,437		212,490,239		—		—
SFT Wellington Core Equity Fund		160,144,319		175,791,279		—		—

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

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(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 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
SFT Wellington Core Equity Fund				0.65% of all assets

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 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.

Advantus Capital has a sub-advisory agreement with Wellington Management Company LLP ("Wellington Management"), a Registered Investment Advisor for the SFT Wellington Core Equity Fund, under which Advantus Capital pays Wellington Management an annual fee ranging from 0.28% to 0.31% based on average daily net assets. Wellington Management began sub-advising the Fund on November 20, 2017. Prior to

124

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

November 20, 2017, Advantus Capital had a sub-advisory agreement with FIAM LLC ("Pyramis") under which Advantus Capital paid an annual fee ranging from 0.31% to 0.33% based on average 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 $4,610 to $23,760.

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 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 year ended December 31, 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

125

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

Statement of Operations. As of December 31, 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 $1,176,744 was eligible for recovery by Advantus Capital and Securian Financial as of such date. Amounts subject to potential recovery for the periods ended December 31, 2018 and 2019 are $533,550, and $77,228, 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, SFT Advantus Government Money Market Fund, and SFT Advantus Managed Volatility Fund Expense Waivers

Advantus Capital and the Trust, on behalf of SFT Advantus Dynamic Managed Volatility, SFT Advantus Government Money Market, and SFT Advantus Managed Volatility Funds, have entered into Expense Limitation Agreements which limit the operating expenses of these Funds, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Funds' business), through April 30, 2019.

The Agreements renew 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 Funds are 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 any Fund to exceed any limits in effect at the time of such reimbursement. Each Fund's ability to reimburse Advantus Capital in this manner only applies to fees waived or reimbursements made by Advantus Capital within the three years prior to the date of such reimbursement. 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 Funds' shareholder reports and in Other Expenses under Fees and Expenses of the Fund in the prospectus.

As of December 31, 2017, the amounts waived and eligible for recovery are as follows:

							Recoverable through December 31,
Fund	Agreement Date	Expense Limit			Advisory Fees Waived for Year Ended December 31, 2017*		2017		2018		2019
SFT Advantus Dynamic Managed Volatility Fund	May 1, 2013		0.80	%	$	602,045	$	1,466,313	$	1,067,191	$	602,045
SFT Advantus Government Money Market Fund	November 1, 2017		0.70	%	$	26,980	$	26,980	$	26,980	$	26,980
SFT Advantus Managed Volatility Equity Fund	November 18, 2015		0.80	%	$	421,177	$	782,484	$	744,688	$	421,177

* This amount is reflected in fees waived in the accompanying Statements of Operations.

(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 December 31, 2017, the SFT Advantus Bond Fund, SFT Advantus Dynamic Managed Volatility Fund, and SFT Advantus Mortgage Securities Fund held illiquid securities of $731,199, $3,065,350, and $191,644, respectively, which represent 0.2%, 0.8%, and 0.2% 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.

126

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Notes to Financial Statements – continued

(5) Illiquid Securities – (continued)

The following is a list of illiquid securities by fund, including acquisition date and cost, as of December 31, 2017:

Security	Acquisition Date	Cost
SFT Advantus Bond Fund
Baker Hughes Inc.	12/06/2017	$	415,000
FAN Engine Securitization, Ltd.	10/18/2013		245,634
Hometown Commercial Mortgage	Various		87,603
		$	748,237
SFT Advantus Dynamic Managed Volatility Fund
Aquarion Co.	08/19/2014	$	498,507
Goodman US Finance Four LLC	09/26/2017		499,207
Longtrain Leasing III LLC, 2015 – 1A Class A2	01/23/2015		999,582
Pacific Life Insurance Co.	10/17/2017		999,161
		$	2,996,457
SFT Advantus Mortgage Securities Fund
FAN Engine Securitization, Ltd.	10/18/2013	$	65,693
Hometown Commercial Mortgage	11/28/2006		17,784
JPMorgan Chase Commercial Mortgage Securities Corp.	03/22/2010		114,489
		$	197,966

(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 year ended December 31, 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
December 31, 2017 using

Fund

Level 1

Level 2

Level 3

Total

SFT Advantus Bond Fund

Assets

Government Obligations

–

131,035,930

–

131,035,930

Asset-Backed Securities

–

15,648,583

–

15,648,583

Other Mortgage-Backed Securities

–

32,105,360

–

32,105,360

Corporate Obligations

–

200,566,791

–

200,566,791

Investment Companies

11,618,459

–

11,618,459

Total Investments

11,618,459

379,356,664

–

390,975,123

Other Financial Instruments*

Futures Contracts

210,691

–

210,691

127

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
December 31, 2017 using

Fund

Level 1

Level 2

Level 3

Total

Liabilities

Other Financial Instruments*

Futures Contracts

(277,521

)

–

(277,521

)

SFT Advantus Dynamic Managed Volatility Fund

Assets

Government Obligations

–

2,975,448

–

2,975,448

Asset-Backed Securities

–

1,024,110

–

1,024,110

Other Mortgage-Backed Securities

–

1,045,607

–

1,045,607

Corporate Obligations

–

138,892,079

–

138,892,079

Purchased Options

52,148

–

52,148

Investment Companies

228,524,133

–

228,524,133

Total Investments

228,576,281

143,937,244

–

372,513,525

Other Financial Instruments*

Futures Contracts

788,931

–

788,931

SFT Advantus Government Money Market Fund

Assets

U.S. Government Obligations

–

66,572,818

–

66,572,818

Investment Companies

634,005

–

634,005

Total Investments

634,005

66,572,818

–

67,206,823

SFT Advantus Index 400 Mid-Cap Fund

Assets

Common Stocks

219,517,328

–

219,517,328

Investment Companies

7,169,663

–

7,169,663

Total Investments

226,686,991

–

226,686,991

Other Financial Instruments*

Futures Contracts

15,973

–

15,973

SFT Advantus Index 500 Fund

Assets

Common Stocks

860,356,596

–

860,356,596

Investment Companies

14,777,164

–

14,777,164

Total Investments

875,133,760

–

875,133,760

Other Financial Instruments*

Futures Contracts

96,258

–

96,258

SFT Advantus International Bond Fund

Assets

Long-Term Debt Securities

–

55,476,383

–

55,476,383

Short-Term Debt Securities

–

45,541,333

–

45,541,333

Investment Companies

5,436,158

–

5,436,158

Total Investments

5,436,158

101,017,716

–

106,453,874

Other Financial Instruments*

Forward Foreign Currency Contracts

–

750,495

–

750,495

Interest Rate Swap Contracts

–

250,290

–

250,290

Liabilities

Other Financial Instruments*

Forward Foreign Currency Contracts

–

(2,395,385

)

–

(2,395,385

)

Interest Rate Swap Contracts

–

(617,093

)

–

(617,093

)

128

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
December 31, 2017 using

Fund

Level 1

Level 2

Level 3

Total

SFT Advantus Managed Volatility Equity Fund

Assets

Investment Companies

263,934,813

–

263,934,813

Purchased Options

60,450

–

60,450

Total Investments

263,995,263

–

263,995,263

Other Financial Instruments*

Futures Contracts

148,528

–

148,528

Liabilities

Other Financial Instruments*

Written Options

(25,350

)

–

(25,350

)

SFT Advantus Mortgage Securities Fund

Assets

Government Obligations

–

65,883,997

–

65,883,997

Asset-Backed Securities

–

5,944,050

–

5,944,050

Other Mortgage-Backed Securities

–

10,202,465

–

10,202,465

Corporate Obligations

–

1,066,358

–

1,066,358

Short-Term Securities

12,342,352

–

12,342,352

Total Investments

12,342,352

83,096,870

–

95,439,222

Other Financial Instruments*

Futures Contracts

22,579

–

22,579

Liabilities

Other Financial Instruments*

Futures Contracts

(8,828

)

–

(8,828

)

SFT Advantus Real Estate Securities Fund

Assets

Common Stocks

133,698,548

–

133,698,548

Investment Companies

1,612,358

–

1,612,358

Total Investments

135,310,906

–

135,310,906

SFT Ivy^SM Growth Fund

Assets

Common Stocks

500,874,208

–

500,874,208

Investment Companies

3,500,595

–

3,500,595

Total Investments

504,374,803

–

504,374,803

SFT Ivy^SM Small Cap Growth Fund

Assets

Common Stocks

181,606,753

–

181,606,753

Investment Companies

2,847,807

–

2,847,807

Total Investments

184,454,560

–

184,454,560

SFT T. Rowe Price Value Fund

Assets

Common Stocks

223,272,902

–

223,272,902

Preferred Stocks

1,470,007

–

1,470,007

Investment Companies

1,446,786

–

1,446,786

Total Investments

226,189,695

–

226,189,695

SFT Wellington Core Equity Fund

Assets

Common Stocks

119,145,805

–

119,145,805

Investment Companies

1,901,657

–

1,901,657

Total Investments

121,047,462

–

121,047,462

* 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.

129

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Level 2 Measurements:

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

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

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

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

Forward Foreign Currency and Interest Rate Swap Contracts – These derivatives are traded in the over-the-counter derivative market and are principally valued using market price quotations or industry recognized modeling 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 with the exception of futures contracts in the SFT Advantus Dynamic Managed Volatility Fund. The volume of futures contracts for the SFT Advantus Dynamic Managed Volatility Fund ranged from $110,390,900 to $152,554,720 of base notional value averaging $133,824,814.

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

130

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

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.

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

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

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

Risk Exposure

Fund

Instrument
Type

Total Value at
December 31, 2017

Statement of Assets and
Liabilities Location

Equity

Interest
Rate

Foreign
Exchange

SFT Advantus Bond Fund

Futures

210,691

Variation margin
receivable*

–

210,691

–

Futures

(277,521

)

Variation margin
payable*

–

(277,521

)

–

SFT Advantus Dynamic
Managed Volatility Fund

Futures

788,931

Variation margin
receivable*

745,793

43,138

–

Options

52,148

Call Options
Purchased

52,148

–

SFT Advantus Index 400
Mid-Cap Fund

Futures

15,973

Variation margin
receivable *

15,973

–

SFT Advantus Index 500 Fund

Futures

96,258

Variation margin
receivable*

96,258

–

SFT Advantus International
Bond Fund

Foreign
Currency
Forwards

750,495

Unrealized
appreciation on
forward foreign
currency contracts

–

750,495

Foreign
Currency
Forwards

(2,395,385

)

Unrealized
depreciation on
forward foreign
currency contracts

–

(2,395,385

)

Swaps

250,290

Variation margin
receivable*

–

250,290

–

Swaps

(617,093

)

Variation margin
payable*

–

(617,093

)

–

SFT Advantus Managed
Volatility Equity Fund

Options

(25,350

)

Put Options
Written

(25,350

)

–

Options

60,450

Put Options
Purchased

60,450

–

Futures

148,528

Variation margin
payable*

148,528

–

SFT Advantus Mortgage
Securities Fund

Futures

22,579

Variation margin
receivable*

–

22,579

–

Futures

(8,828

)

Variation margin
payable*

–

(8,828

)

–

* 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.

131

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
Year Ended
December 31, 2017

Statement of
Operations Location

Equity

Interest
Rate

Foreign
Exchange

SFT Advantus Bond Fund

Futures

(41,756

)

Net realized gains
(losses) from
futures transactions

–

(41,756

)

–

SFT Advantus Dynamic
Managed Volatility Fund

Futures

19,751,912

Net realized gains
(losses) from
futures transactions

19,872,433

(120,521

)

–

Purchased
Options

(1,616,658

)

Net realized gains
(losses) from
investments

(1,616,658

)

–

Written
Options

101,223

Net realized gains
(losses) from
written options

101,223

–

SFT Advantus Index 400
Mid-Cap Fund

Futures

755,387

Net realized gains
(losses) from
futures transactions

755,387

–

SFT Advantus Index 500
Fund

Futures

2,004,359

Net realized gains
(losses) from
futures transactions

2,004,359

–

SFT Advantus International
Bond Fund

Foreign
Currency
Forwards

(667,943

)

Net realized gains
(losses) from foreign
currency transactions

–

(667,943

)

Swaps

(261,906

)

Net realized gains
(losses) from swaps

–

(261,906

)

–

SFT Advantus Managed
Volatility Equity Fund

Futures

3,108,348

Net realized gains
(losses) from
futures transactions

3,108,348

–

Purchased
Options

(1,856,735

)

Net realized gains
(losses) from
investments

(1,856,735

)

–

Written
Options

307,649

Net realized gains
(losses) from
written options

307,649

–

SFT Advantus Mortgage
Securities Fund

Futures

6,938

Net realized gains
(losses) from

—

6,938

–

futures transactions

132

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

						Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Instrument Type	Net Change in Unrealized Appreciation (Depreciation) on Derivatives for Year Ended December 31, 2017			Statement of Operations Location	Equity			Interest Rate			Foreign Exchange
SFT Advantus Bond Fund	Futures	$	(67,252	)	Net change in unrealized appreciation or depreciation on futures transactions	$	–		$	(67,252	)	$	–
SFT Advantus Dynamic Managed Volatility Fund	Futures		(719,523	)	Net change in unrealized appreciation or depreciation on futures transactions		(625,773	)		(93,750	)		–
	Purchased Options		27,722		Net change in unrealized appreciation or depreciation on investments		27,722			–			–
	Written Options		(34,774	)	Net change in unrealized appreciation or depreciation on written options		(34,774	)		–			–
SFT Advantus Index 400 Mid-Cap Fund	Futures		305,298		Net change in unrealized appreciation or depreciation on futures transactions		305,298			–			–
SFT Advantus Index 500 Fund	Futures		(50,942	)	Net change in unrealized appreciation or depreciation on futures transactions		(50,942	)		–			–
SFT Advantus International Bond Fund	Foreign Currency Forwards		(6,269,712	)	Net change in unrealized appreciation or depreciation on foreign currency transactions		–			–			(6,269,712	)
	Swaps		(71,272	)	Net change in unrealized appreciation or depreciation on swaps		–			(71,272	)		–

133

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

Unrealized Appreciation (Depreciation)
on Derivatives Recognized in Income

Fund

Instrument
Type

Net Change in
Unrealized
Appreciation
(Depreciation) on
Derivatives for
Year Ended
December 31, 2017

Statement of
Operations Location

Equity

Interest
Rate

Foreign
Exchange

SFT Advantus Managed
Volatility Equity Fund

Futures

(140,583

)

Net change in
unrealized
appreciation or
depreciation on
futures transactions

(140,583

)

–

Purchased
Options

(172,527

)

Net change in
unrealized
appreciation or
depreciation on
investments

(172,527

)

–

Written
Options

13,495

Net change in
unrealized
appreciation or
depreciation on
written options

13,495

–

SFT Advantus Mortgage
Securities Fund

Futures

13,751

Net change in
unrealized
appreciation or
depreciation on
futures transactions

–

13,751

–

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 master netting arrangements and any collateral received pursuant to credit support annexes. Because exchange traded and centrally cleared 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 year ended December 31, 2017 none of the Funds' derivatives were subject to master netting arrangements.

134

Securian Funds Trust
Notes to Financial Statements – continued

(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 for the period ended December 31, 2017 are as follows:

Fund/Underlying Fund

Balance
of Shares
Held at
December 31,
2016

Gross
Additions

Gross
Sales

Balance
of Shares
Held at
December 31,
2017

Value at
December 31,
2017

Realized
Gain
(Loss)

Net change in
Unrealized
Appreciation
(Depreciation)

Distributions
Received

SFT Advantus
Dynamic Managed
Volatility Fund

SFT Advantus
Index 500 Fund

14,224,618

–

14,224,618

151,194,190

–

26,793,604

–

(9) Subsequent Events

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

135

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, July 01, 2017 through December 31, 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	$	1,017.40		0.49	%	$	2.49	$	1,016.20		0.74	%	$	3.76
SFT Advantus Dynamic Managed Volatility Fund		1,000		NA		NA			NA		1,094.90		0.80	%		4.22
SFT Advantus Government Money Market Fund		1,000		NA		NA			NA		1,001.30		0.85	%		4.29
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,095.10		0.27	%		1.43		1,093.70		0.52	%		2.74
SFT Advantus Index 500 Fund		1,000		1,112.80		0.20	%		1.07		1,111.40		0.45	%		2.39
SFT Advantus International Bond Fund		1,000		987.70		0.98	%		4.91		986.50		1.23	%		6.16
SFT Advantus Managed Volatility Equity Fund		1,000		NA		NA			NA		1,073.90		0.80	%		4.18
SFT Advantus Mortgage Securities Fund		1,000		1,008.90		0.69	%		3.49		1,007.70		0.94	%		4.76
SFT Advantus Real Estate Securities Fund		1,000		1,023.60		0.86	%		4.39		1,022.30		1.11	%		5.66
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,142.10		0.97	%		5.24
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,097.00		1.22	%		6.45
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,093.90		1.03	%		5.44
SFT Wellington Core Equity Fund		1,000		1,111.20		0.86	%		4.58		1,109.80		1.12	%		5.96

136

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	$	1,022.74		0.49	%	$	2.50	$	1,021.48		0.74	%	$	3.77
SFT Advantus Dynamic Managed Volatility Fund		1,000		NA		NA			NA		1,021.17		0.80	%		4.08
SFT Advantus Government Money Market Fund		1,000		NA		NA			NA		1,020.92		0.85	%		4.33
SFT Advantus Index 400 Mid-Cap Fund		1,000		1,023.84		0.27	%		1.38		1,022.58		0.52	%		2.65
SFT Advantus Index 500 Fund		1,000		1,024.20		0.20	%		1.02		1,022.94		0.45	%		2.29
SFT Advantus International Bond Fund		1,000		1,020.27		0.98	%		4.99		1,019.00		1.23	%		6.26
SFT Advantus Managed Volatility Equity Fund		1,000		NA		NA			NA		1,021.17		0.80	%		4.08
SFT Advantus Mortgage Securities Fund		1,000		1,021.73		0.69	%		3.52		1,020.47		0.94	%		4.79
SFT Advantus Real Estate Securities Fund		1,000		1,020.87		0.86	%		4.38		1,019.61		1.11	%		5.65
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,020.32		0.97	%		4.94
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,019.06		1.22	%		6.21
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,020.01		1.03	%		5.24
SFT Wellington Core Equity Fund		1,000		1,020.87		0.86	%		4.38		1,019.56		1.12	%		5.70

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.

137

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.

138

Securian Funds Trust
Statement Regarding Basis for Approval of a New Sub-Advisory Agreement for SFT Pyramis Core Equity Fund (now named "SFT Wellington Core Equity Fund")
(unaudited)

At a meeting held on July 27, 2017, the Board of Trustees of the Trust considered the recommendation of Advantus Capital Management Inc. (the "Adviser") that Wellington Management Company LLP ("Wellington") replace FIAM LLC ("FIAM") as the sub-adviser to the Fund and unanimously approved the Wellington Agreement. At the meeting, the Board reviewed materials furnished by the Adviser and by Wellington pertaining to Wellington and the Wellington Agreement. The Board also met personally with and received a presentation from Mammen Chally, CFA, the person to serve as lead portfolio manager for the Fund.

The Adviser, as manager of all of the Funds of the Trust, is charged with researching and recommending sub-advisers for the Fund. The Adviser has adopted policies and procedures to assist it in the process of analyzing each sub-adviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Adviser in deciding which investment advisers to approve. The Trustees also receive frequent updates on industry and regulatory developments and best practices. After an investment adviser becomes a sub-adviser, a similarly rigorous process is instituted by the Adviser to monitor the investment performance and other responsibilities of the sub-adviser.

As part of its ongoing obligation to monitor and evaluate the performance of the Fund's sub-adviser, the Adviser recently completed a review of FIAM's management of the Fund. The Adviser's review and evaluation of FIAM focused primarily on the performance of the Fund.

The Board, including a majority of the independent Trustees, with the assistance of independent counsel to the independent Trustees, considered whether to approve the Wellington Agreement in light of its experience in governing the Fund and working with the Adviser and the sub-advisers on matters relating to the Fund. The independent Trustees are those Trustees who are not "interested persons" of the Trust or the Fund within the meaning of the 1940 Act, and are not employees of or affiliated with the Trust, Fund, the Adviser, FIAM, or Wellington.

Prior to voting, the Board reviewed the Adviser's recommendation that it approve the Wellington Agreement with independent legal counsel and received from such counsel an oral summary of the legal standards for consideration of the proposed approval. In its deliberations, the Board considered all factors that the Trustees believed were relevant. The Board based its decision to approve the Wellington Agreement on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations.

The Trustees also requested and evaluated other information, including information on Wellington's organization and current staffing, performance information, and information on brokerage allocation practices and soft dollar arrangements. The Trustees also requested and reviewed a summary of Wellington's code of ethics and overall compliance program.

The Trustees reviewed the terms of the Wellington Agreement. In reaching their determination with respect to the approval of the Wellington Agreement, the Trustees met in private session with independent legal counsel at which no representatives of the Adviser, Wellington or their respective affiliates were present.

In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them regarding the Fund.

139

Securian Funds Trust
Statement Regarding Basis for Approval of a New Sub-Advisory Agreement for SFT Pyramis Core Equity Fund (now named "SFT Wellington Core Equity Fund") – continued
(unaudited)

The material factors and conclusions that formed the basis for the Trustees' approval of the Wellington Agreement (including the appropriateness of the fees payable to Wellington by the Adviser thereunder) were separately discussed by the Trustees. The Trustees determined that the overall arrangements between the Fund and Wellington, as provided in the Wellington Agreement, are fair and reasonable in light of the services performed, expenses incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment.

The Board approved the termination of the FIAM Agreement and determined that the Wellington Agreement was reasonable and in the best interests of the Fund and approved Wellington as the Fund's new sub-adviser, effective on or about November 15, 2017. The Board's decision to approve the Wellington Agreement reflects the exercise of its business judgment on whether to approve new arrangements and continue existing arrangements.

A rule adopted by the SEC under the 1940 Act requires a discussion of certain factors relating to the selection of investment advisers and sub-advisers and the approval of advisory and sub-advisory fees. The factors enumerated by the SEC in the rule are set forth below in italics followed by the Board's conclusions regarding each factor.

(1) The nature, extent, and quality of services provided by the Sub-Adviser.

In deciding to approve Wellington as the Fund's sub-adviser, the Board considered the experience and track record of Wellington's investment management personnel. The Board also noted Wellington's investment infrastructure as well as the risk profiles of its investment process. Specifically, the Board determined that, based upon the Adviser's report, the proposed change to Wellington as the sub-adviser likely would benefit the Fund and its shareholders.

In reviewing the other various matters listed above, the Board concluded that Wellington is a recognized firm capable of competently managing the Fund; that the nature, extent, and quality of services that Wellington could provide were at a level at least equal to the services that could be provided by FIAM; that the services contemplated by the Wellington Agreement are substantially similar to those provided under the FIAM Agreement; that the Wellington Agreement contains provisions generally comparable to those of other sub-advisory agreements for other mutual funds; and that Wellington was staffed with a number of qualified personnel and had significant research capabilities.

(2) The investment performance of the Sub-Adviser.

The Board received information on the investment returns of Wellington's Disciplined US Equity Composite, which strategy will be used by Wellington as the sub-adviser to the Fund. Gross investment return information included annual returns for 2008 through 2016, and year-to-date through June 30, 2017, and annualized one, three, five and since inception annualized returns. It was noted that for each of the three and five year annualized returns, and the annualized returns since inception (May 1, 2007), the Disciplined US Equity Composite out-performed the S&P 500 index.

On the basis of the information presented, the Board concluded that Wellington's performance in managing portfolios with main strategies substantially similar to that of the Fund has been strong.

140

Securian Funds Trust
Statement Regarding Basis for Approval of a New Sub-Advisory Agreement for SFT Pyramis Core Equity Fund (now named "SFT Wellington Core Equity Fund") – continued
(unaudited)

(3) The costs of services to be provided and profits to be realized by Wellington from its relationship with the Fund.

The Adviser, on behalf of the Board, requested, but did not receive, an analysis of Wellington's profitability in managing the Fund. The Board noted that sub-advisers such as Wellington sometimes do not disclose this proprietary information, and further noted that the Wellington Agreement (including Wellington's fees) had been negotiated by the Adviser on an arm's length basis.

The Board compared the fee schedule in the Wellington Agreement to the fee schedule in the FIAM Agreement. The Board noted that the fee schedule in the FIAM Agreement is somewhat higher than the fee schedule in the Wellington Agreement (33 to 31 basis points versus 31 to 28 basis points). The Board also noted that fees paid to Wellington will be paid by the Adviser out of the fees it receives from the Fund and that the fees payable by shareholders of the Fund will not change. Based upon its review, the Board concluded that the fees proposed to be paid to Wellington were reasonable. Information comparing the fees under the Wellington Agreement and the FIAM Agreement is set forth in this information statement.

(4) and (5) The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflect these economies of scale.

The Board noted that the fee schedule in the Wellington Agreement contains "breakpoints" to reduce the fee rate based upon the size of the Fund's assets. The Board noted that the fee schedule in the FIAM Agreement also included breakpoints. As is consistent with past changes in sub-advisors pursuant to the manager-of-managers exemptive order, the costs associated with the change from FIAM to Wellington (such as the cost of preparing and mailing this information statement) will be borne by the Fund.

141

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 Cargill, 2009-2012; Chief Financial Officer, La Grosse Global Fund Services, 2007-2009; Senior Managing Director, Black River Asset Management, 2005-2007; Consultant, Black River Asset Management, 2004-2005; Chief Financial Officer, Prestige Resorts & Destinations, 2001-2003; Chief Operating Officer, Insight Investment Management, Inc., 1991-1996; Chartered Financial Analyst; CPA—inactive

Linda L. Henderson 1949 Trustee since 2007

Retired: Professional Adviser, Carlson School of Management, working with faculty and MBA students managing Carlson Growth Fund. Semi-retirement, 2004-2007. RBC Wealth Management (formerly Dain Bosworth and Dain Rauscher) 1985-2004. Senior Vice President and Director of Fixed Income Research and Strategies, 2000-2004. Director of Retail Fixed Income. 1996-2000. Director of Financial Services, 1994-1996. Manager of the Investment Management Group, 1992-1994. Consultant, Investment Management Group, 1991-1992. Investment Executive, 1985-1991. Assistant Professor of Business Administration/Finance, University of Wisconsin-River Falls, 1980-1985. 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; President, Advantus Capital Management, Inc. since 2017; 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; Senior Vice President, Securian Financial Group, Inc. since June 2007; President and Director, MIMLIC Funding, Inc. (entity holding legal title to bonds beneficially owned by certain clients of Advantus Capital) since July 2007; Senior Vice President, Securian Life Insurance Company since June 2007; President and Director,

142

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

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 and Director, Marketview Properties III, LLC since January 2012; President, Marketview Properties IV, LLC since January 2012

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; 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; Financial Vice President, Marketview Properties II, LLC (entities holding certain real estate assets) since March 2010; Financial Vice President, Marketview Properties III, LLC since January 2012; Financial Vice President, Marketview Properties IV, LLC since January 2012

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, serves as the Trust's Chief Compliance Officer. Mr. Steinert also serves as Vice President and Chief Compliance Officer of Advantus Capital Management, Inc.

143

(This page has been left blank intentionally.)

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

F38897 Rev 2-2018

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

F38897 Rev 2-2018

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.

(a) Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

2017		2016
$	346,616	$	354,119

(b) Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were as follows:

2017		2016
$	0	$	0

There were no fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant’s investment adviser or to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were required to be pre-approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice, tax planning and tax return preparation were as follows:

2017		2016
$	5,000	$	29,800

There were no fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the investment adviser or to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning that were required to be pre-approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) — (c) of this Item 4 were as follows:

2017		2016
$	0	$	0

There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the investment adviser or to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant, other than the services reported in paragraphs (a) — (c) of this Item 4, that were required to be pre-approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e)(1) Registrant’s audit committee has adopted the following pre-approval policies and procedures in accordance with paragraph (c)(7) of Rule 2-01 of Regulation S-X:

SECURIAN FUNDS TRUST

AUDIT COMMITTEE POLICY

Regarding Pre-Approval of Services Provided by the Independent Auditor

The Audit Committee (the “Committee”) of the Securian Funds Trust (the “Trust”) has responsibility for ensuring that all services performed by the independent audit firm (the “Auditor”) for the Trust do not impair the Auditor’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:

· Understand the nature of the professional services expected to be provided and their impact on the Auditor’s independence and audit quality

· Examine and evaluate the safeguards put into place by the Trust and the Auditor to safeguard independence

· Meet semi-annually with the engagement partner of the Auditor

· Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

Policy for Audit and Non-Audit Services Provided to the Trust

On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the Auditor directly for the Trust. At least annually the Committee will receive a report from the Auditor of all audit and non-audit services, which were approved during the year.

The engagement of the Auditor for any non-audit service requires the written pre-approval of the Trust’s Treasurer, and all non-audit services performed by the Auditor will be disclosed in the required SEC periodic filings.

In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:

Audit Services

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

· Annual Trust financial statement audits

· SEC and regulatory filings and consents

Audit-related Services

In addition, the following categories of audit-related services are deemed to be consistent with the role of the Auditor and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

· Accounting consultations

· Trust merger support services

· Other accounting related matters

· Agreed Upon Procedure Reports

· Attestation Reports

· Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee of $20,000 or more are subject to pre-approval by the Committee on a case-by-case basis. Individual projects with an estimated fee of less than $20,000 are subject to pre-approval by the then-serving Chair of the Committee on a case-by-case basis. The Chair shall thereafter report to the full Committee on any such matters at the Committee’s next regularly scheduled meeting.

Tax Services

The following categories of tax services are deemed to be consistent with the role of the Auditor and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

· Tax compliance services related to the filing or amendment of the following:

· Federal, state and local income tax compliance; and,

· Sales and use tax compliance

· Timely RIC qualification reviews

· Tax distribution analysis and planning

· Tax authority examination services

· Tax appeals support services

· Accounting methods studies

· Trust merger support services

· Tax consulting services and related projects

Other Non-audit Services

The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the Auditor without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.

Proscribed Services

In accordance with SEC rules on independence, the Auditor is prohibited from performing services in the following categories of non-audit services:

· Management functions

· Accounting and bookkeeping services

· Internal audit services

· Financial information systems design and implementation

· �� Valuation services supporting the financial statements

· Actuarial services supporting the financial statements

· Executive recruitment

· Expert services (e.g., litigation support)

· Investment banking

Policy for Pre approval of Non-Audit Services Provided to Other Affiliated Entities

The Committee is also responsible for pre-approving certain non-audit services provided to Advantus Capital Management Inc. (“Advantus”) and any other entity under common control with Advantus that provides ongoing services to the Trust. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the Trust.

Although the Committee is not required to pre-approve all services provided to Advantus and affiliated service providers, the Committee will annually receive a report from the Auditor on the aggregate fees for all services provided to Advantus and its affiliates.

(e)(2) None of the services provided to the registrant described in paragraphs (b) — (d) of this Item 4 were pre-approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees billed for each of the last two fiscal years by the registrant’s accountant for services rendered to the registrant and to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant were as follows:

2017		2016
$	0	$	0

(h) The registrant’s audit committee has considered that the provision of the non-audit services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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 trustee 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 trustee, 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: February 19, 2018

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: February 19, 2018

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