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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-4279

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

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

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

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

Date of fiscal year end:	December 31

Date of reporting period:		June 30, 2018

ITEM 1. REPORT TO STOCKHOLDERS.

Filed herewith.

Securian Funds Trust

Supplement dated August 3, 2018 to the Prospectus of Securian Funds Trust dated May 1, 2018.

At a meeting held July 26, 2018, the Board of Trustees approved the merger of the SFT Mortgage Securities Fund (the "Acquired Fund") into the SFT Core Bond Fund (the "Acquiring Fund"). Completion of the merger is subject to a number of conditions, including approval by shareholders of the Acquired Fund. It is currently anticipated that proxy materials regarding the merger will be distributed to shareholders of the Acquired Fund in the fourth quarter of 2018, and that a special meeting of shareholders to consider the merger will be held later in the fourth quarter of 2018. Subject to satisfaction of these and other conditions of the merger, it is anticipated that the merger will become effective as soon as practicable following shareholder approval.

Please retain this supplement for future reference.

F91958 08-2018

Securian Funds Trust

Supplement dated May 23, 2018 to the Prospectus of Securian Funds Trust dated May 1, 2018.

Effective May 1, 2018, Lena S. Harhaj was added as an additional portfolio manager for the SFT Core Bond Fund.

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

SFT Core Bond Fund: Management

The Fund is advised by Securian AM. 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, Securian AM				April 29, 2005
Daniel A. Henken Vice President and Portfolio Manager, Securian AM				December 1, 2017
Lena S. Harhaj Portfolio Manager, Securian AM				May 1, 2018

The text relating to the SFT Core Bond Fund starting on page 118, under the caption "Portfolio Managers," is replaced by the following:

Portfolio Managers

Fund

Portfolio Manager
and Title

Primary Portfolio
Manager Since

Business Experience During
Past Five Years

SFT Core
Bond

Thomas B. Houghton
Vice President and
Portfolio Manager,
Securian AM

April 29, 2005

Vice President and Portfolio Manager
since August 2003, Securian AM

Daniel A. Henken
Vice President and
Portfolio Manager,
Securian AM

December 1, 2017

Vice President and Portfolio Manager
since December 2017, previously
Investment Officer since August 2010,
Securian AM

Lena S. Harhaj
Portfolio Manager,
Securian AM

May 1, 2018

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

Please retain this supplement for future reference.

F91665 05-2018

TABLE OF CONTENTS

	Page No.
*Fund Reviews*
SFT Core Bond Fund (formerly SFT Advantus Bond Fund)		1
SFT Dynamic Managed Volatility Fund (formerly SFT Advantus Dynamic Managed Volatility Fund)		2
SFT Government Money Market Fund (formerly SFT Advantus Government Money Market Fund)		3
SFT lndex 400 Mid-Cap Fund (formerly SFT Advantus lndex 400 Mid-Cap Fund)		4
SFT lndex 500 Fund (formerly SFT Advantus lndex 500 Fund)		5
SFT lnternational Bond Fund (formerly SFT Advantus lnternational Bond Fund)		6
SFT Managed Volatility Equity Fund (formerly SFT Advantus Managed Volatility Equity Fund)		7
SFT Mortgage Securities Fund (formerly SFT Advantus Mortgage Securities Fund)		8
SFT Real-Estate Securities Fund (formerly SFT Advantus Real Estate Securities Fund)		9
SFT Ivy^SM Growth Fund		10
SFT Ivy^SM Small Cap Growth Fund		11
SFT T. Rowe Price Value Fund		12
SFT Wellington Core Equity Fund		13
*Investments In Securities*
SFT Core Bond Fund (formerly SFT Advantus Bond Fund)		14
SFT Dynamic Managed Volatility Fund (formerly SFT Advantus Dynamic Managed Volatility Fund)		21
SFT Government Money Market Fund (formerly SFT Advantus Government Money Market Fund)		28
SFT lndex 400 Mid-Cap Fund (formerly SFT Advantus lndex 400 Mid-Cap Fund)		29
SFT lndex 500 Fund (formerly SFT Advantus lndex 500 Fund)		35
SFT lnternational Bond Fund (formerly SFT Advantus lnternational Bond Fund)		42
SFT Managed Volatility Equity Fund (formerly SFT Advantus Managed Volatility Equity Fund)		49
SFT Mortgage Securities Fund (formerly SFT Advantus Mortgage Securities Fund)		50
SFT Real-Estate Securities Fund (formerly SFT Advantus Real Estate Securities Fund)		55
SFT Ivy^SM Growth Fund		56
SFT Ivy^SM Small Cap Growth Fund		58
SFT T. Rowe Price Value Fund		60
SFT Wellington Core Equity Fund		63
*Financial Statements*
Statements of Assets and Liabilities		66
Statements of Operations		68
Statements of Changes in Net Assets		70
Financial Highlights		75
Notes to Financial Statements		88
*Fund Expense Examples*		104
*Proxy Voting and Quarterly Holdings Information*		105
*Statement Regarding Basis for Approval of Advisory Contracts*		107
*Trustees and Executive Officers*		110

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)

Fund Objective

The SFT Core 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 Core 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 Core Bond Fund may fluctuate in response to changes in interest rates and is not guaranteed.

Performance Update

The Fund's performance for the six-month period ended June 30, 2018, for each class of shares offered was as follows:

Class 1				-1.48 percent*
Class 2				-1.60 percent*

The Fund's benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned -1.62 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

Fund Objective

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

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

Performance Update

For the six-month period ended June 30, 2018, the Fund had a net return of -0.46 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor.** The blended benchmark index, which is comprised of 60 percent of the S&P^® 500 Index and 40 percent of the Bloomberg Barclays U.S. Aggregate Bond Index returned 1.00 percent over the same period.

Sector Diversification (shown as a percentage of net assets)

**Securian Asset Management, Inc. (Securian AM) (formerly known as Advantus Capital Management, Inc.) and the Securian Funds Trust, on behalf of the SFT 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 Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM 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 Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. As of June 30, 2018 Securian AM has waived $2,245,936 pursuant to the agreement, of which $1,625,512 was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

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

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

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

Fund Objective

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

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

Performance Update

For the six-month period ended June 30, 2018, the Fund had a net return of 0.45 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor and principal underwriter.** The Fund's benchmark, the Bloomberg Barclays U.S. Treasury Bill 1-3 Month Index, returned 0.81 percent for the same period.

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

The Bloomberg Barclays U.S. Treasury Bill 1-3 Month Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of three months, excluding zero coupons.

**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 Government Money Market Fund), Securian Asset Management, Inc. (Securian AM) (formerly Advantus Capital Management, Inc.) 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, Securian AM agrees to waive, reimburse or pay SFT 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. Securian AM 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 Securian AM 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 Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. As of June 30, 2018, Securian AM 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 $852,153 was eligible for recovery as of such date. If Securian AM and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement is effective through April 30, 2019, and shall continue in effect thereafter, provided such continuance is specifically approved by Securian AM, Securian Financial, and a majority of the Trust's independent Trustees.

Effective November 1, 2017, Securian AM and Securian Funds Trust, on behalf of the SFT 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 Securian AM upon at least 30 days' notice prior to the end of the contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM 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 Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. To the extent that the Fund makes such reimbursements to Securian AM, 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 June 30, 2018, Securian AM has waived $99,256 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 Securian AM, 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.

SFT Index 400 Mid-Cap Fund (formerly SFT Advantus Index 400 Mid-Cap Fund)

Fund Objective

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

Performance Update

The Fund's performance for the six-month period ended June 30, 2018, for each class of shares offered was as follows:

Class 1				3.32 percent*
Class 2				3.19 percent*

The Fund's benchmark, the Standard and Poor's MidCap 400^® Index, returned 3.49 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

"Standard & Poor's^®", "S&P^®", "Standard & Poor's MidCap 400" and "S&P MidCap 400" are trademarks of the S&P Global, Inc. and have been licensed for use by the Securian Funds Trust—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 $4.2 billion), liquidity and industry group representation. It is a market-weighted index (stock price times shares outstanding), with each stock affecting the index in proportion to its market value.

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)

Fund Objective

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

Performance Update

The Fund's performance for the six-month period ended June 30, 2018, for each class of shares offered was as follows:

Class 1				2.54 percent*
Class 2				2.41 percent*

The Fund's benchmark, the Standard & Poor's 500^® Index, returned 2.65 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

SFT International Bond Fund (formerly SFT Advantus International Bond Fund)

Fund Objective

The SFT 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 Securian Asset Management, Inc. (Securian AM) (formerly Advantus Capital Management, Inc.) acts as the investment adviser for the Fund, Franklin Advisers, Inc. provides investment advice to the SFT International Bond Fund under a sub-advisory agreement. Investment risks associated with international investing in addition to other risks include currency fluctuations, political and economic instability, and differences in accounting standards when investing in foreign markets.

Performance Update

The Fund's performance for the six-month period ended June 30, 2018, for each class of shares offered was as follows:

Class 1				-1.04 percent*
Class 2				-1.16 percent*

The Fund's benchmark, the Citigroup World Government Bond Index, returned
-0.94 percent for the same period.

Country Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

African	1.71	%
Ghana Cedi	1.71	%
Americas	157.96	%
United States Dollar	123.34	%
Mexican Peso	19.43	%
Brazilian Real	10.84	%
Argentine Peso	4.35	%
Asia Pacific*	-19.20	%
Indonesian Rupiah	9.45	%
Indian Rupee	9.83	%
Philippine Peso	1.24	%
Republic of Korea Won	0.16	%
Australian Dollar*	-7.78	%
Japanese Yen*	-32.10	%
Europe*	-40.47	%
Polish Zloty	0.05	%
Euro*	-40.52	%

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

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

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

Fund Objective

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

Performance Update

For the six-month period ended June 30, 2018, the Fund had a net return of -1.90 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor.** The blended benchmark index, which is comprised of 60 percent of the S&P 500^® Low Volatility Index, 20 percent S&P 500^® BMI International Developed Low Volatility Index and 20 percent of the Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index, returned 0.23 percent over the same period.

Sector Diversification (shown as a percentage of net assets)

**Securian Asset Management, Inc. (Securian AM) (formerly Advantus Capital Management Inc.) and the Securian Funds Trust, on behalf of the SFT 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 Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM 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 Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. As of June 30, 2018, Securian AM has waived $1,018,883 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 Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund. The Blended Benchmark Index is comprised of 60 percent of the S&P 500^® Low Volatility Index, 20% S&P 500^® BMI International Developed Low Volatility Index and 20% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The S&P 500^® Low Volatility Index measures performance of the 100 least volatile stocks in the S&P 500. The S&P 500^® BMI International Developed Low Volatility Index measures the performance of the 200 least volatile stocks in the S&P Developed Market large/midcap universe. Constituents are weighted relative to the inverse of their corresponding volatility, with the least volatile stocks receiving the highest weights. The Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index tracks the market for the on-the-run 3 month Treasury bill issued by the U.S. government.

SFT Mortgage Securities Fund (formerly SFT Advantus Mortgage Securities Fund)

Fund Objective

The SFT Mortgage Securities Fund seeks a high level of current income consistent with prudent investment risk. The SFT 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 Mortgage Securities Fund may fluctuate in response to changes in interest rates and is not guaranteed.

Performance Update

The Fund's performance for the six-month period ended June 30, 2018, for each class of shares offered was as follows:

Class 1				-0.94 percent*
Class 2				-1.06 percent*

The Fund's benchmark, the Bloomberg Barclays U.S. Mortgage-Backed Securities Index, returned -0.95 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

SFT Real Estate Securities Fund (formerly SFT Advantus Real Estate Securities Fund)

Fund Objective

The SFT 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 Real Estate Securities Fund, in addition to other risks, include rental income fluctuations, depreciation, property tax value changes, and differences in real estate market value.

Performance Update

The Fund's performance for the six-month period ended June 30, 2018, for each class of shares offered was as follows:

Class 1				0.00 percent*
Class 2				-0.12 percent*

The Fund's benchmarks, the FTSE NAREIT Equity REITs Index (effective as of May 1, 2018), returned 1.02 percent, and the Wilshire US Real Estate Securities Index (effective prior to May 1, 2018), returned 1.60 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

FTSE NAREIT Equity REITs Index is a broad-based index consisting of real estate investment trusts.

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

SFT Ivy^SM Growth Fund

Fund Objective

The SFT Ivy^SM Growth Fund seeks to provide growth of capital. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks issued by large capitalization companies. While Securian Asset Management, Inc. (formerly Advantus Capital Management, Inc.) acts as the investment adviser for the Fund, Ivy Investment Management Company (IICO) provides investment advice to the Fund under a sub-advisory agreement. Prior to May 1, 2018, Waddell & Reed Investment Management Company, an affiliate of IICO, was the sub-adviser for the Fund. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for large cap stocks or in the equity markets generally.

Performance Update

For the six-month period ended June 30, 2018, the Fund had a net return of 10.31 percent*. The Fund's benchmark, the Russell 1000 Growth Index, returned 7.25 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

SFT Ivy^SM Small Cap Growth Fund

Fund Objective

The SFT Ivy^SM Small Cap Growth Fund seeks to provide growth of capital. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks issued by small capitalization companies. While Securian Asset Management, Inc. (formerly Advantus Capital Management, Inc.) acts as the investment adviser for the Fund, Ivy Investment Management Company (IICO) provides investment advice to the Fund under a sub-advisory agreement. Prior to May 1, 2018, Waddell & Reed Investment Management Company, an affiliate of IICO, was the sub-adviser for the Fund. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for small cap stocks or in the equity markets generally.

Performance Update

For the six-month period ended June 30, 2018, the Fund had a net return of 12.23 percent*. The Fund's benchmark, the Russell 2000 Growth Index, returned 9.70 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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

SFT T. Rowe Price Value Fund

Fund Objective

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

Performance Update

For the six-month period ended June 30, 2018, the Fund had a net return of -2.35 percent*. The Fund's benchmarks, the Russell 1000 Value Index (effective as of May 1, 2018), returned -1.69 percent, and the Standard & Poor's 500^® Index (effective prior to May 1, 2018), returned 2.65 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

SFT Wellington Core Equity Fund

Fund Objective

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

The SFT Wellington Core Equity Fund was managed by FIAM LLC ("Pyramis") from January 1, 2017—November 19, 2017 and by Wellington Management from November 20, 2017—June 30, 2018.

Performance Update

The Fund's performance for the six-month period ended June 30, 2018, for each class of shares offered was as follows:

Class 1				3.68 percent*
Class 2				3.55 percent*

The Fund's benchmark, the Standard & Poor's 500^® Index, returned 2.65 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)
Investments in Securities

June 30, 2018
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (99.4%)
Government Obligations (31.4%)
Other Government Obligations (2.0%)
Provincial or Local Government Obligations (2.0%)
Douglas County Public Utility District No. 1, 5.450%, 09/01/40	$	1,185,000	$	1,377,503
Municipal Electric Authority of Georgia, 6.655%, 04/01/57		1,996,000		2,497,894
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,150,000		1,221,380
4.926%, 10/01/51		2,055,000		2,409,714
				7,506,491
U.S. Government Agencies and Obligations (29.4%)
Export-Import Bank of the United States (0.1%)
Tagua Leasing LLC, 1.732%, 09/18/24		548,401		526,329
Federal Home Loan Mortgage Corporation (FHLMC) (4.7%)
2.500%, 03/01/28		468,831		458,548
3.000%, 08/01/42		479,640		468,815
3.000%, 04/01/43		901,418		880,139
3.000%, 07/01/45		755,729		734,129
3.500%, 10/01/25		186,584		189,062
3.500%, 08/01/42		514,428		515,977
3.500%, 05/25/45		865,066		855,132
3.500%, 03/01/46		1,391,891		1,389,919
4.000%, 02/01/20		143,463		147,172
4.000%, 09/01/40		540,617		556,224
4.000%, 10/01/40		328,764		338,487
4.000%, 11/01/40		1,782,394		1,837,821
4.000%, 02/01/41		392,851		403,911
4.000%, 08/01/41		514,505		528,964
4.000%, 07/01/42		428,491		440,504
4.500%, 01/01/41		479,787		504,606
4.500%, 02/01/41		416,964		438,515
4.500%, 03/01/41		511,876		538,356
4.500%, 04/01/41		644,478		677,815
5.000%, 04/01/35		135,291		142,837
5.000%, 08/01/35		34,788		37,125
5.000%, 11/01/35		97,574		103,789
5.000%, 11/01/39		341,065		366,338
5.000%, 04/01/40		320,333		342,005
5.000%, 08/01/40		178,168		190,222
5.500%, 06/01/20		17,020		17,222
5.500%, 10/01/20		48,193		49,276
5.500%, 11/01/23		80,024		85,556
5.500%, 05/01/34		644,640		714,388
5.500%, 10/01/34		220,591		240,022
5.500%, 07/01/35		315,623		342,736
5.500%, 10/01/35		297,546		325,799
5.500%, 12/01/38		169,904		184,686
6.000%, 11/01/33		265,408		295,574
6.500%, 09/01/32		50,428		57,308

	Principal		Value(a)
6.500%, 06/01/36	$	245,599	$	277,781
6.891%, 05/25/28 (1-Month USD LIBOR + 4.800%) (b)		1,500,000		1,755,817
7.000%, 12/01/37		59,056		64,853
				17,497,430
Federal National Mortgage Association (FNMA) (11.5%)
2.500%, 11/01/27		391,832		381,143
2.500%, 07/01/28		511,259		500,636
3.000%, 06/01/22		164,634		165,401
3.000%, 11/01/27		83,710		83,722
3.000%, 07/17/33 (c)		4,380,000		4,354,288
3.000%, 03/01/42		494,995		484,040
3.000%, 04/01/43		578,565		565,253
3.000%, 05/01/43		1,174,978		1,147,928
3.000%, 06/01/43		293,149		286,484
3.000%, 09/01/43		714,928		698,532
3.000%, 07/12/48 (c)		2,000,000		1,937,422
3.500%, 11/01/25		244,732		248,216
3.500%, 01/01/26		255,316		258,952
3.500%, 11/01/40		427,244		428,707
3.500%, 01/01/41		366,723		368,026
3.500%, 02/01/41		275,492		276,472
3.500%, 04/01/41		415,479		416,957
3.500%, 11/01/41		2,280,235		2,288,296
3.500%, 01/01/42		2,118,113		2,125,615
3.500%, 04/01/42		2,270,435		2,278,509
3.500%, 08/01/42		1,605,057		1,610,186
3.500%, 01/01/43		365,421		366,710
3.500%, 03/01/43		1,293,049		1,297,608
3.500%, 05/01/43		1,184,416		1,189,074
3.500%, 05/01/45		1,316,656		1,315,221
3.500%, 10/01/45		681,716		680,551
4.000%, 04/01/41		1,262,648		1,299,445
4.000%, 08/01/41		408,243		419,300
4.000%, 09/01/41		622,810		640,507
4.000%, 04/01/44		2,575,876		2,632,956
4.000%, 08/01/44		311,155		318,719
4.000%, 07/12/48 (c)		1,100,000		1,121,452
4.500%, 05/01/35		134,698		141,005
4.500%, 07/01/35		394,016		412,168
4.500%, 06/01/39		212,529		223,518
4.500%, 04/01/41		1,653,780		1,744,930
4.500%, 07/01/41		1,480,899		1,557,256
5.000%, 07/01/18		215		218
5.000%, 07/01/23		74,348		78,826
5.000%, 11/01/33		50,676		54,268
5.000%, 05/01/34		15,857		16,982
5.000%, 12/01/34		220,425		236,067
5.000%, 08/01/35		69,680		74,235
5.000%, 04/01/38		195,346		210,988
5.000%, 12/01/39		286,964		310,426
5.000%, 04/01/41		300,939		323,617
5.500%, 04/01/33		412,666		450,722
5.500%, 12/01/33		89,653		98,064
5.500%, 01/01/34		128,499		139,813
5.500%, 02/01/34		136,133		148,248
5.500%, 03/01/34		269,471		297,060
5.500%, 04/01/34		112,640		122,142
5.500%, 09/01/34		48,378		52,396
5.500%, 02/01/35		171,355		186,600

See accompanying notes to financial statements.
14

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)
Investments in Securities – continued

	Principal		Value(a)
5.500%, 04/01/35	$	274,849	$	299,087
5.500%, 06/01/35		38,692		41,534
5.500%, 08/01/35		124,878		135,852
5.500%, 10/01/35		380,210		420,107
5.500%, 11/01/35		84,763		91,989
5.500%, 12/01/39		105,825		115,518
6.000%, 08/01/23		53,308		54,908
6.000%, 10/01/32		256,110		286,295
6.000%, 11/01/32		206,582		230,914
6.000%, 03/01/33		257,942		287,757
6.000%, 04/01/33		14,038		15,350
6.000%, 12/01/33		89,936		99,115
6.000%, 08/01/37		40,771		44,887
6.000%, 10/01/38		195,807		220,571
6.500%, 12/01/31		76,755		85,962
6.500%, 02/01/32		26,330		29,170
6.500%, 04/01/32		109,391		121,332
6.500%, 05/01/32		27,171		29,951
6.500%, 07/01/32		90,725		101,101
6.500%, 08/01/32		133,214		147,922
6.500%, 09/01/32		86,150		95,056
6.500%, 10/01/32		124,669		137,423
6.500%, 11/01/37		65,466		72,163
7.000%, 07/01/31		71,452		80,479
7.000%, 09/01/31		132,199		146,486
7.000%, 11/01/31		200,028		223,259
7.000%, 02/01/32		33,676		37,093
7.000%, 03/01/32		21,760		24,621
7.000%, 07/01/32		66,231		73,723
7.500%, 04/01/31		87,526		95,815
7.500%, 05/01/31		21,962		24,113
				42,935,430
Government National Mortgage Association (GNMA) (2.2%)
0.013%, 06/17/45 (b) (d)		321,863		126
3.000%, 03/15/45		1,053,515		1,031,703
3.000%, 03/20/45		892,551		878,238
3.000%, 04/15/45		1,517,594		1,486,173
3.250%, 11/20/35		359,282		358,036
3.500%, 10/20/43		659,314		667,166
3.500%, 02/20/45		429,356		432,087
3.500%, 03/20/45		471,040		474,037
3.500%, 04/20/46		967,642		971,786
3.750%, 03/20/46		687,543		697,931
5.000%, 12/15/39		28,768		30,814
5.000%, 01/15/40		467,848		492,283
5.500%, 07/15/38		215,301		237,670
5.500%, 10/15/38		253,750		283,833
8.500%, 10/15/22		9,939		9,967
				8,051,850
U.S. Treasury (10.9%)
U.S. Treasury Bond 3.000%, 02/15/48		10,015,000		10,048,644
5.375%, 02/15/31 (e)		5,115,000		6,462,882
U.S. Treasury Note 1.500%, 06/15/20		375,000		367,632
2.250%, 03/31/20		3,000,000		2,986,406
2.500%, 01/31/25		430,000		422,156
2.750%, 04/30/23		12,220,000		12,231,934
2.750%, 05/31/23		3,000,000		3,003,750

	Principal		Value(a)
2.750%, 02/28/25	$	2,415,000	$	2,406,416
2.875%, 05/31/25		1,000,000		1,003,828
2.875%, 05/15/28		1,875,000		1,878,735
				40,812,383
Total government obligations (cost: $115,629,569)				117,329,913
Asset-Backed Securities (11.5%)
AXIS Equipment Finance Receivables IV LLC, 3.240%, 12/20/23 (g)		2,149,999		2,141,493
Bank of The West Auto Trust, 3.210%, 04/15/25 (f)		743,000		725,631
CarMax Auto Owner Trust, 2.160%, 08/16/21		1,300,000		1,284,051
CarMax Auto Owner Trust 2018-1, 2.950%, 11/15/23		1,600,000		1,574,329
Chesapeake Funding II LLC, 3.570%, 04/15/30 (f)		1,200,000		1,195,094
Commonbond Student Loan Trust, 2.550%, 05/25/41 (f)		661,639		648,729
Commonbond Student Loan Trust 2018-A-GS, 2.591%, 02/25/44 (1-Month USD LIBOR + 0.50%) (b) (f)		1,570,338		1,570,640
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f)		1,359,359		1,396,933
Countrywide Asset-Backed Certificates, 5.934%, 05/25/37 (b)		1,378,474		1,414,366
DT Auto Owner Trust 2015-3, 4.530%, 10/17/22 (f)		500,000		505,656
Earnest Student Loan Program LLC 2.720%, 01/25/41 (f)		641,215		631,505
3.020%, 05/25/34 (f)		874,245		868,665
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (g) (h) (i)		178,643		177,689
Foursight Capital Automobile Receivables Trust, 3.710%, 01/18/22 (f)		1,200,000		1,180,199
GM Financial Consumer Automobile Receivables Trust 2018-1, 2.770%, 07/17/23		650,000		637,809
GMAC Mortgage Corp. Loan Trust, 6.952%, 08/25/37 (j)		2,300,315		2,323,241
Home Partners of America 2018-1 Trust, 2.834%, 07/17/37 (b) (f)		2,275,000		2,276,078
Invitation Homes 2015-SFR3 Trust, 3.373%, 08/17/32 (1-Month USD LIBOR + 1.300%) (b) (f)		935,143		936,306

See accompanying notes to financial statements.
15

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)
Investments in Securities – continued

	Principal		Value(a)
Invitation Homes 2018-SFR1 Trust, 3.335%, 03/17/37 (1-Month USD LIBOR + 1.25%) (b) (f)	$	3,000,000	$	3,003,638
Invitation Homes 2018-SFR3 Trust 3.000%, 07/17/37 (1-Month USD LIBOR + 1.00%) (b) (f)		1,500,000		1,501,879
3.650%, 07/17/37 (1-Month USD LIBOR + 1.65%) (b) (f)		1,500,000		1,500,936
Invitation Homes Trust, 3.353%, 06/17/37 (1-Month USD LIBOR + 1.28%) (b) (f)		1,500,000		1,505,596
PFS Financing Corp., 2.319%, 02/15/22 (1-Month USD LIBOR + 0.40%) (b) (g)		2,500,000		2,497,647
Progress Residential Trust, 3.565%, 08/17/34 (f)		1,050,000		1,024,698
Sofi Professional Loan Program 2017-F LLC, 2.840%, 01/25/41 (f)		1,500,000		1,464,478
Sofi Professional Loan Program 2018-A LLC, 2.950%, 02/25/42 (f)		1,200,000		1,174,707
Towd Point Mortgage Trust, 3.750%, 04/25/55 (b) (f)		805,000		804,509
Towd Point Mortgage Trust 2015-1, 4.359%, 11/25/57 (b) (f)		2,600,000		2,717,335
Volvo Financial Equipment LLC Series 2018-1, 3.060%, 12/15/25 (f)		1,000,000		991,135
Westlake Automobile Receivables Trust 2018-1, 2.920%, 05/15/23 (f)		3,000,000		2,973,925
Wheels SPV 2 LLC, 1.870%, 05/20/25 (f)		450,000		445,160
Total asset-backed securities (cost: $43,288,522)				43,094,057
Other Mortgage-Backed Securities (10.8%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (3.6%)
Bellemeade Re 2018-1, Ltd., 3.691%, 04/25/28 (b) (f) (h)		2,250,000		2,256,357
Credit-Based Asset Servicing and Securitization LLC, 6.250%, 10/25/36 (f) (j)		200,446		201,078
CSMC Trust, 3.500%, 06/25/47 (b) (f)		2,025,000		1,939,356
GS Mortgage-Backed Securities Trust, 3.125%, 07/25/44 (b) (f)		2,456,103		2,371,017
JPMorgan Mortgage Trust, 3.625%, 11/25/33 (b)		188,435		184,637

	Principal		Value(a)
Mellon Residential Funding Corp., 6.750%, 06/25/28	$	6,361	$	6,419
PSMC Trust, 3.500%, 02/25/48 (b) (f)		3,593,274		3,569,892
Seasoned Credit Risk Transfer Trust 4.000%, 07/25/56 (b) (f)		2,030,000		1,986,744
4.000%, 08/25/56 (b) (f)		1,000,000		983,866
				13,499,366
Commercial Mortgage-Backed Securities (7.2%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)		66,059		66,076
Banc of America Re-Remic Trust, 4.325%, 08/15/46 (b) (f)		1,350,000		1,383,667
BB-UBS Trust, 4.160%, 11/05/36 (b) (f)		500,000		497,975
Citigroup Commercial Mortgage Trust 2018-TBR, 2.903%, 12/15/36 (1-Month USD LIBOR + 0.83%) (b) (g)		4,000,000		3,995,784
Hometown Commercial Mortgage 5.506%, 11/11/38 (g)		33,298		27,585
6.057%, 06/11/39 (g)		28,292		9,669
JPMCC Commercial Mortgage Securities Trust, 3.723%, 03/15/50		1,000,000		998,280
Morgan Stanley Capital I Trust 3.201%, 08/05/34 (f)		860,000		849,914
3.451%, 08/05/34 (f)		550,000		542,216
One Market Plaza Trust, 3.614%, 02/10/32 (f)		2,000,000		1,996,008
UBS Commercial Mortgage Trust 3.580%, 12/15/50		3,000,000		2,949,410
3.724%, 06/15/50		4,000,000		3,936,102
4.061%, 12/15/50 (b)		1,505,000		1,510,596
Vornado DP LLC, 4.004%, 09/13/28 (f)		1,475,000		1,503,372
Wells Fargo Commercial Mortgage Trust 2.814%, 08/15/49		2,165,000		2,010,362
3.184%, 04/15/50		1,544,000		1,505,327
3.637%, 06/15/48		1,280,000		1,281,374
Wells Fargo Commercial Mortgage Trust 2017-SMP, 2.948%, 12/15/34 (b) (g)		1,500,000		1,500,541
WF-RBS Commercial Mortgage Trust, 3.667%, 11/15/44		345,000		349,173
				26,913,431
Total other mortgage-backed securities (cost: $41,452,947)				40,412,797

See accompanying notes to financial statements.
16

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)
Investments in Securities – continued

	Principal		Value(a)
Corporate Obligations (45.7%)
Communications (1.5%)
Telecommunication (0.9%)
Crown Castle Towers LLC, 3.222%, 05/15/42 (f)	$	1,950,000	$	1,913,242
Verizon Communications, Inc., 3.443%, 05/15/25 (3-Month USD LIBOR + 1.10%) (b)		1,500,000		1,498,297
				3,411,539
Telephone — Integrated (0.6%)
AT&T, Inc., 4.500%, 03/09/48		2,750,000		2,370,746
Consumer Cyclical (2.0%)
Airlines (0.3%)
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 05/15/23		1,171,941		1,198,075
Auto/Truck Parts & Equipment — Original (1.7%)
General Motors Financial Co., Inc. 2.400%, 05/09/19		1,675,000		1,667,195
3.188%, 04/09/21 (b)		1,650,000		1,658,583
Hyundai Capital America, 3.750%, 07/08/21 (f)		3,050,000		3,046,309
				6,372,087
Consumer, Non-cyclical (3.1%)
Beverages (0.8%)
Bacardi, Ltd., 5.300%, 05/15/48 (f) (h)		3,000,000		2,843,202
Consumer Products — Miscellaneous (0.2%)
Newell Brands, Inc., 5.000%, 11/15/23		860,000		878,959
Drugstore Chains (1.3%)
CVS Pass-Through Trust 5.298%, 01/11/27 (f)		1,152,139		1,180,136
5.880%, 01/10/28		390,501		414,423
6.036%, 12/10/28		2,320,786		2,471,234
6.943%, 01/10/30		578,364		650,193
				4,715,986
Health Care Products (0.8%)
Becton Dickinson and Co., 3.211%, 12/29/20 (3-Month USD LIBOR + 0.875%) (b)		3,100,000		3,105,065
Energy (4.6%)
Oil, Gas & Consumable Fuels (0.6%)
Marathon Petroleum Corp., 5.850%, 12/15/45		2,270,000		2,403,149

	Principal		Value(a)
Pipelines (4.0%)
Cheniere Energy Partners L.P., 5.250%, 10/01/25 (f)	$	2,000,000	$	1,950,900
Enterprise Products Operating LLC, 5.078%, 06/01/67 (3-Month USD LIBOR + 2.778%) (b)		2,180,000		2,160,925
EQT Midstream Partners L.P., 6.500%, 07/15/48		2,125,000		2,129,632
Sabine Pass Liquefaction LLC, 5.750%, 05/15/24		3,000,000		3,199,965
Sunoco Logistics Partners Operations L.P. 5.400%, 10/01/47		850,000		781,568
6.850%, 02/15/40		2,150,000		2,325,484
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,850,000		2,299,117
				14,847,591
Financial (14.7%)
Banks (9.5%)
Bank of America Corp., 3.133%, 02/05/26 (3-Month USD LIBOR + 0.77%) (b)		4,000,000		3,927,899
Barclays PLC, 3.963%, 01/10/23 (3-Month USD LIBOR + 1.625%) (b) (h)		3,300,000		3,351,119
Citigroup, Inc., 4.400%, 06/10/25		1,500,000		1,491,807
Citizens Bank NA/ Providence, 3.284%, 03/29/23 (3-Month USD LIBOR + 0.95%) (b)		3,150,000		3,151,282
Compass Bank 3.500%, 06/11/21		850,000		849,151
3.875%, 04/10/25		2,500,000		2,411,100
Discover Bank 3.450%, 07/27/26		1,900,000		1,762,976
8.700%, 11/18/19		322,000		343,257
HSBC Holdings PLC, 3.262%, 03/13/23 (3-Month USD LIBOR + 1.055%) (b) (h)		1,875,000		1,836,605
Huntington Bancshares, Inc., 5.700%, 04/15/23 (b)		2,150,000		2,127,425
JPMorgan Chase & Co., 5.000%, 07/01/19 (3-Month USD LIBOR + 3.320%) (b)		1,700,000		1,708,500

See accompanying notes to financial statements.
17

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)
Investments in Securities – continued

	Principal		Value(a)
Morgan Stanley 3.125%, 07/27/26	$	800,000	$	744,180
3.583%, 05/08/24 (3-Month USD LIBOR + 1.220%) (b)		3,600,000		3,636,000
5.450%, 07/15/19 (3-Month USD LIBOR + 3.610%) (b)		1,870,000		1,894,553
5.500%, 07/28/21		740,000		783,056
Suntrust Banks, Inc., 5.050%, 06/15/22 (3-Month USD LIBOR + 3.102%) (b)		1,160,000		1,138,192
Synovus Financial Corp., 3.125%, 11/01/22		2,480,000		2,368,400
US Bancorp, 5.300%, 04/15/27 (3-Month USD LIBOR + 2.914%) (b)		800,000		796,960
Wells Fargo & Co., 3.000%, 10/23/26		1,100,000		1,015,669
				35,338,131
Diversified Financial Services (1.6%)
Block Financial LLC, 4.125%, 10/01/20		2,050,000		2,067,898
Brookfield Finance, Inc., 4.700%, 09/20/47 (h)		665,000		629,309
Credit Suisse Group AG, 3.869%, 01/12/29 (b) (f) (h)		1,325,000		1,245,935
The Charles Schwab Corp., 4.625%, 03/01/22 (3-Month USD LIBOR + 3.315%) (b)		2,200,000		2,197,250
				6,140,392
Insurance (2.9%)
AXA Equitable Holdings, 5.00%, 04/20/48 (f)		2,270,000		2,094,323
Liberty Mutual Group, Inc., 5.246%, 03/07/67 (3-Month USD LIBOR + 2.905%) (b) (f)		3,250,000		3,168,750
Nuveen Finance LLC, 4.125%, 11/01/24 (f)		1,150,000		1,143,681
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (f)		2,500,000		2,390,830
Unum Group, 5.750%, 08/15/42		1,975,000		2,099,882
				10,897,466
Real Estate Investment Trust — Health Care (0.7%)
Ventas Realty L.P., 3.100%, 01/15/23		2,500,000		2,425,461
Health Care (1.5%)
Health Care Providers & Services (0.8%)
NYU Langone Hospitals, 4.428%, 07/01/42		1,480,000		1,528,349

	Principal		Value(a)
Sinai Health System, 3.034%, 01/20/36	$	1,435,000	$	1,385,074
				2,913,423
Medical Products/Supplies (0.7%)
Bio-Rad Laboratories, Inc., 4.875%, 12/15/20		2,700,000		2,791,211
Industrials (1.2%)
Aerospace & Defense (0.3%)
Spirit AeroSystems, Inc., 3.950%, 06/15/23		925,000		929,769
Electrical Equipment (0.4%)
Keysight Technologies, Inc., 3.300%, 10/30/19		1,500,000		1,496,095
Trucking & Leasing (0.5%)
GATX Corp., 4.550%, 11/07/28		2,000,000		1,985,309
Information Technology (0.1%)
Electronic Equipment, Instruments & Components (0.1%)
Tech Data Corp., 3.700%, 02/15/22		420,000		410,787
Technology (0.8%)
Computers (0.8%)
Dell International LLC/ EMC Corp, 8.350%, 07/15/46 (f)		980,000		1,180,232
Dell International LLC/ EMC Corp., 5.450%, 06/15/23 (f)		1,790,000		1,873,481
				3,053,713
Transportation (7.3%)
Airlines (6.2%)
Air Canada 2015-1 Class C Pass Through Trust, 5.000%, 03/15/20 (f) (h)		2,600,000		2,617,680
Air Canada 2017-1 Class A Pass Through Trust, 3.550%, 07/15/31 (f) (h)		2,175,000		2,084,839
America West Airlines 2000-1 Pass Through Trust, 8.057%, 01/02/22		509,366		551,389
American Airlines 2013-1 Class B Pass Through Trust, 5.625%, 07/15/22 (f)		1,762,944		1,793,795
American Airlines 2013-2 Class B Pass Through Trust, 5.600%, 01/15/22 (f)		1,439,732		1,469,427
American Airlines 2015-1 Class B Pass Through Trust, 3.700%, 11/01/24		1,553,040		1,514,699
American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/25		470,754		480,169
British Airways 2013-1 Class B Pass Through Trust, 5.625%, 12/20/21 (f)		306,628		312,852

See accompanying notes to financial statements.
18

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)
Investments in Securities – continued

	Principal		Value(a)
Continental Airlines 2009-2 Class A Pass Through Trust, 7.250%, 05/10/21	$	1,218,651	$	1,277,390
Continental Airlines 2012-1 Class B Pass Through Trust, 6.250%, 10/11/21		739,855		759,313
Delta Air Lines 2012-1 Class A Pass Through Trust, 4.750%, 11/07/21		397,651		404,531
Delta Air Lines 2012-1 Class B Pass Through Trust, 6.875%, 05/07/19 (f)		944,198		963,082
Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/25		1,534,842		1,531,311
Hawaiian Airlines 2013-1 Class B Pass Through Certificates, 4.950%, 07/15/23		2,127,782		2,132,675
United Airlines 2014-1 Class B Pass Through Trust, 4.750%, 10/11/23		507,346		510,136
United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/24		2,103,217		2,106,793
US Airways 2012-2 Class B Pass Through Trust, 6.750%, 12/03/22		1,337,341		1,410,627
Virgin Australia 2013-1A Pass Through Trust, 5.000%, 04/23/25 (f) (h)		800,734		814,346
Virgin Australia 2013-1B Pass Through Trust, 6.000%, 04/23/22 (f) (h)		315,800		320,537
				23,055,591
Transport — Rail (1.1%)
BNSF Funding Trust I, 6.613%, 12/15/55 (3-Month USD LIBOR + 2.350%) (b)		3,785,000		4,163,500
Utilities (8.9%)
Electric Companies (0.5%)
Indianapolis Power & Light Co., 4.700%, 09/01/45 (f)		1,900,000		2,004,705
Electric Utilities (7.3%)
AES Corp., 4.000%, 03/15/21		1,750,000		1,741,250
Avangrid, Inc., 3.150%, 12/01/24		1,925,000		1,850,898
Cleco Corporate Holdings LLC 3.743%, 05/01/26		1,125,000		1,061,149
4.973%, 05/01/46		1,000,000		991,037
El Paso Electric Co., 5.000%, 12/01/44		1,165,000		1,198,329
Entergy Mississippi, Inc., 3.250%, 12/01/27		1,100,000		1,050,928
Entergy Texas, Inc., 3.450%, 12/01/27		1,885,000		1,830,544

	Shares/ Principal		Value(a)
FirstEnergy Transmission LLC, 5.450%, 07/15/44 (f)	$	2,000,000	$	2,238,467
IPALCO Enterprises, Inc. 3.450%, 07/15/20		1,400,000		1,393,952
3.700%, 09/01/24		1,175,000		1,139,350
Mississippi Power Co., 2.987%, 03/27/20 (3-Month USD LIBOR + 0.65%) (b)		700,000		699,999
Pennsylvania Electric Co., 3.250%, 03/15/28 (f)		1,225,000		1,142,166
PPL Capital Funding, Inc., 4.999%, 03/30/67 (3-Month USD LIBOR + 2.665%) (b)		4,500,000		4,500,000
Southern Power Co., 4.950%, 12/15/46		2,450,000		2,463,731
The Cleveland Electric Illuminating Co., 3.500%, 04/01/28 (f)		2,400,000		2,276,030
WEC Energy Group, Inc., 4.455%, 05/15/67 (3-Month USD LIBOR + 2.112%) (b)		1,750,000		1,726,025
				27,303,855
Gas Utilities (1.1%)
Boston Gas Co., 3.150%, 08/01/27 (f)		800,000		754,691
Southern Co. Gas Capital Corp. 3.875%, 11/15/25		2,630,000		2,588,142
4.400%, 05/30/47		775,000		766,709
				4,109,542
Total corporate obligations (cost: $172,517,788)				171,165,349
Total long-term debt securities (cost: $372,888,826)				372,002,116
Short-Term Securities (2.0%)
Investment Companies (2.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820% (k)		7,554,881		7,554,881
Total short-term securities (cost: $7,554,881)				7,554,881
Total investments in securities (cost: $380,443,707) (l)				379,556,997
Liabilities in excess of cash and other assets (-1.4%)				(5,284,347	)
Total net assets (100.0%)			$	374,272,650

See accompanying notes to financial statements.
19

SFT Core Bond Fund (formerly 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 June 30, 2018 the total cost of investments issued on a when-issued or forward commitment basis was $7,367,728.

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

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $379,055 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	September 2018		166	Short	$	(21,021,834	)	$	(21,286,906	)	$	(265,072	)
5 Year U.S. Treasury Note	September 2018		218	Long		24,654,788			24,768,547			113,759
U.S. Long Bond	September 2018		249	Long		35,343,215			36,105,000			761,785
U.S. Ultra Bond	September 2018		100	Short		(15,548,902	)		(15,956,250	)		(407,348	)
								$	23,630,391		$	203,124

(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) 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 illiquid.

(h) Foreign security: The Fund held 4.9% of net assets in foreign securities at June 30, 2018.

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

(j) Step rate security.

(k) All or a portion of the security segregated to cover when-issued purchase commitments outstanding or extended settlement trades as of June 30, 2018.

(l) At June 30, 2018 the cost of investments for federal income tax purposes was $380,793,086. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	5,215,786
Gross unrealized depreciation		(6,248,751	)
Net unrealized depreciation	$	(1,032,965	)

See accompanying notes to financial statements.
20

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

June 30, 2018
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (36.8%)
Government Obligations (0.5%)
U.S. Government Agencies and Obligations (0.5%)
Federal Home Loan Mortgage Corporation (FHLMC) (0.3%)
3.000%, 09/01/43	$	154,780	$	151,160
3.500%, 10/01/44		252,673		252,843
3.500%, 11/01/44		249,660		249,744
3.500%, 12/01/44		261,556		261,469
				915,216
Federal National Mortgage Association (FNMA) (0.2%)
3.000%, 04/01/43		232,802		227,475
3.000%, 05/01/43		100,440		98,131
3.000%, 06/01/43		299,129		292,227
3.500%, 08/01/42		129,440		129,854
3.500%, 02/01/43		143,299		144,164
				891,851
Total government obligations (cost: $1,828,246)				1,807,067
Asset-Backed Securities (0.2%)
Longtrain Leasing III LLC 2015-1A Class A2, 4.060%, 01/15/45 (b)		1,000,000		999,071
Total asset-backed securities (cost: $999,586)				999,071
Other Mortgage-Backed Securities (0.3%)
Commercial Mortgage-Backed Securities (0.3%)
CSMC Mortgage Trust, 4.276%, 11/15/37 (c) (d)		1,000,000		1,006,588
Total other mortgage-backed securities (cost: $1,007,639)				1,006,588
Corporate Obligations (35.8%)
Basic Materials (0.3%)
Chemicals (0.3%)
Nutrien, Ltd., 3.000%, 04/01/25 (e)		1,000,000		921,037
Mining (0.0%)
BHP Billiton Finance USA, Ltd., 2.875%, 02/24/22 (e)		122,000		120,487
Communications (1.9%)
Cable/Satellite TV (0.5%)
Comcast Corp. 4.200%, 08/15/34 (f)		500,000		477,466
4.650%, 07/15/42		250,000		243,223
6.400%, 05/15/38		1,000,000		1,185,099
				1,905,788
Internet & Catalog Retail (0.2%)
Amazon.com, Inc., 3.875%, 08/22/37		1,000,000		976,113

	Principal		Value(a)
Media (0.5%)
CBS Corp. 3.500%, 01/15/25	$	750,000	$	717,294
4.000%, 01/15/26		250,000		242,450
Viacom, Inc., 5.625%, 09/15/19		250,000		256,106
Warner Media LLC, 4.850%, 07/15/45		1,000,000		910,920
				2,126,770
Telecommunication (0.4%)
Crown Castle Towers LLC, 3.663%, 05/15/45 (c)		1,000,000		979,410
Vodafone Group PLC, 4.125%, 05/30/25 (e)		500,000		498,099
				1,477,509
Telephone — Integrated (0.2%)
AT&T, Inc., 4.100%, 02/15/28 (c)		803,000		767,325
Wireless Telecommunication Services (0.1%)
Rogers Communications, Inc., 4.100%, 10/01/23 (e)		250,000		255,700
Consumer Cyclical (1.4%)
Auto/Truck Parts & Equipment — Original (0.5%)
Ford Motor Co., 5.291%, 12/08/46		1,500,000		1,390,098
Harley-Davidson Financial Services, Inc., 3.550%, 05/21/21 (b)		575,000		576,383
				1,966,481
Food & Staples Retailing (0.2%)
The Kroger Co., 4.450%, 02/01/47		1,000,000		909,526
Home Furnishings (0.3%)
Harman International Industries, Inc., 4.150%, 05/15/25		1,000,000		996,801
Retail (0.4%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		953,551
Target Corp., 3.500%, 07/01/24		750,000		753,054
				1,706,605
Consumer Staples (1.3%)
Beverages (0.1%)
The Coca-Cola Co., 3.200%, 11/01/23 (f)		500,000		498,727
Consumer Products — Miscellaneous (0.2%)
Johnson (S.C.) & Son, Inc., 3.350%, 09/30/24 (c)		750,000		742,786

See accompanying notes to financial statements.
21

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

	Principal		Value(a)
Food Products (0.5%)
Archer-Daniels-Midland Co., 3.750%, 09/15/47	$	1,000,000	$	929,139
General Mills, Inc., 4.150%, 02/15/43		1,000,000		882,588
				1,811,727
Household Products (0.2%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		980,619
Personal Care (0.3%)
The Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		1,019,597
Consumer, Non-cyclical (1.5%)
Beverages (0.2%)
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38		1,000,000		970,804
Commercial Service — Finance (0.1%)
Moody's Corp., 4.875%, 02/15/24		250,000		262,458
Diagnostic Equipment (0.5%)
Abbott Laboratories
3.875%, 09/15/25		750,000		747,594
4.750%, 11/30/36		1,000,000		1,053,197
4.750%, 04/15/43		250,000		260,255
				2,061,046
Drugstore Chains (0.1%)
CVS Pass-Through Trust, 6.943%, 01/10/30		176,331		198,230
Food (0.5%)
Flowers Foods, Inc., 3.500%, 10/01/26		1,000,000		941,493
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		1,033,682
				1,975,175
Pharmaceuticals (0.1%)
Novartis Capital Corp., 3.400%, 05/06/24 (f)		500,000		498,794
Energy (4.2%)
Oil & Gas (0.5%)
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27		1,000,000		930,530
Valero Energy Corp., 4.350%, 06/01/28		1,000,000		995,575
				1,926,105
Oil, Gas & Consumable Fuels (1.3%)
Apache Corp., 3.250%, 04/15/22		181,000		177,929
Chevron Corp., 3.191%, 06/24/23 (f)		250,000		248,750

	Principal		Value(a)
EOG Resources, Inc., 2.625%, 03/15/23	$	250,000	$	239,993
Marathon Petroleum Corp., 3.625%, 09/15/24		750,000		732,479
Noble Energy, Inc., 3.900%, 11/15/24		1,000,000		985,963
Phillips 66, 4.650%, 11/15/34		1,000,000		1,008,856
Total Capital International SA, 3.750%, 04/10/24 (e)		750,000		756,070
Valero Energy Corp., 3.650%, 03/15/25		1,000,000		976,720
				5,126,760
Pipelines (2.4%)
Andeavor Logistics LP/ Tesoro Logistics Finance Corp., 5.250%, 01/15/25		500,000		512,440
Columbia Pipeline Group, Inc., 4.500%, 06/01/25		1,000,000		997,706
Energy Transfer L.P., 4.900%, 03/15/35		1,000,000		914,771
Enterprise Products Operating LLC, 5.750%, 03/01/35		250,000		269,164
Florida Gas Transmission Co. LLC, 4.350%, 07/15/25 (c)		1,000,000		1,020,973
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		742,794
Magellan Midstream Partners L.P., 4.200%, 10/03/47		1,000,000		911,129
Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		250,000		243,656
Southern Natural Gas Co. LLC, 4.800%, 03/15/47 (c)		1,500,000		1,557,796
Spectra Energy Partners L.P., 2.950%, 09/25/18		250,000		250,059
Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/24		1,000,000		990,539
Williams Partners L.P. 3.750%, 06/15/27		500,000		472,113
4.300%, 03/04/24		500,000		501,789
				9,384,929
Financial (10.7%)
Banks (4.2%)
Associated Banc-Corp., 4.250%, 01/15/25		750,000		753,861
Astoria Financial Corp., 3.500%, 06/08/20		1,000,000		999,564

See accompanying notes to financial statements.
22

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

	Principal		Value(a)
Bank of America Corp. 3.950%, 04/21/25	$	1,000,000	$	979,335
4.183%, 11/25/27		1,000,000		973,898
4.244%, 04/24/38 (3-Month USD LIBOR + 1.814%) (d)		1,000,000		971,375
5.700%, 01/24/22		250,000		269,092
Bank of Montreal, 2.375%, 01/25/19 (e)		250,000		249,684
Barclays Bank PLC, 2.650%, 01/11/21 (e)		1,000,000		977,606
Capital One Financial Corp. 4.250%, 04/30/25		1,500,000		1,494,786
4.750%, 07/15/21		250,000		258,383
Citigroup, Inc., 3.300%, 04/27/25		750,000		719,062
Credit Suisse Group Funding Guernsey, Ltd., 2.750%, 03/26/20 (e)		600,000		593,441
Discover Bank 3.100%, 06/04/20		1,000,000		994,860
4.250%, 03/13/26		500,000		488,740
HSBC Bank USA NA, 4.875%, 08/24/20		250,000		257,664
JPMorgan Chase & Co. 3.125%, 01/23/25		1,000,000		956,309
4.500%, 01/24/22		250,000		258,603
KeyBank NA, 3.180%, 10/15/27		1,000,000		986,543
PNC Bank NA 2.450%, 07/28/22		1,000,000		965,252
3.800%, 07/25/23		250,000		251,222
SunTrust Bank, 2.750%, 05/01/23		250,000		241,465
Synchrony Bank, 3.000%, 06/15/22		1,000,000		962,991
The Goldman Sachs Group, Inc., 3.850%, 01/26/27		1,000,000		960,327
				16,564,063
Capital Markets (0.5%)
E*TRADE Financial Corp., 2.950%, 08/24/22		1,000,000		968,679
The Bank of New York Mellon Corp., 3.442%, 02/07/28 (3-Month USD LIBOR + 1.069%) (d)		1,000,000		975,988
				1,944,667
Diversified Financial Services (1.2%)
American Express Credit Corp., 3.300%, 05/03/27		1,000,000		963,627
CME Group, Inc., 3.000%, 03/15/25		1,000,000		965,059
Discover Financial Services, 3.750%, 03/04/25		1,000,000		954,848
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		970,414

	Principal		Value(a)
TD Ameritrade Holding Corp., 2.950%, 04/01/22	$	700,000	$	687,766
				4,541,714
Insurance (2.1%)
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		939,480
Assured Guaranty US Holdings, Inc., 5.000%, 07/01/24		500,000		522,493
First American Financial Corp., 4.600%, 11/15/24		750,000		757,287
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (c)		750,000		757,580
Manulife Financial Corp., 4.150%, 03/04/26 (e)		750,000		748,681
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		994,719
Metropolitan Life Global Funding I, 3.875%, 04/11/22 (c)		250,000		253,696
Old Republic International Corp., 4.875%, 10/01/24		750,000		777,520
Pacific Life Insurance Co., 4.300%, 10/24/67 (3-Month USD LIBOR + 2.796%) (c) (d)		1,000,000		907,940
StanCorp Financial Group, Inc., 5.000%, 08/15/22		750,000		770,367
The Hanover Insurance Group, Inc., 4.500%, 04/15/26		1,000,000		999,056
				8,428,819
Property / Casualty Insurance (0.3%)
Arch Capital Finance LLC, 4.011%, 12/15/26		1,000,000		987,986
Real Estate Investment Trust — Diversified (0.2%)
Retail Properties of America, Inc., 4.000%, 03/15/25		1,000,000		937,549
Real Estate Investment Trust — Health Care (0.7%)
Healthcare Realty Trust, Inc., 3.875%, 05/01/25		1,000,000		975,530
Healthcare Trust of America Holdings L.P., 3.750%, 07/01/27		1,000,000		948,834
Physicians Realty L.P., 4.300%, 03/15/27		1,000,000		964,721
				2,889,085

See accompanying notes to financial statements.
23

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

	Principal		Value(a)
Real Estate Investment Trust — Office Property (0.1%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29	$	500,000	$	498,195
Real Estate Investment Trust — Residential (0.2%)
UDR, Inc., 4.000%, 10/01/25		750,000		745,234
Real Estate Investment Trust — Shopping Centers (0.1%)
Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/23		250,000		251,572
Real Estate Investment Trust — Single Tenant (0.3%)
Select Income REIT, 4.500%, 02/01/25		750,000		729,110
Tanger Properties L.P., 3.875%, 12/01/23		500,000		488,588
				1,217,698
Real Estate Investment Trust — Storage (0.1%)
CubeSmart L.P., 4.375%, 12/15/23		500,000		510,801
Specialized REITs (0.7%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		925,583
Essex Portfolio L.P., 3.500%, 04/01/25		1,000,000		965,401
Goodman US Finance Four LLC, 4.500%, 10/15/37 (b)		500,000		495,505
HCP, Inc., 4.250%, 11/15/23		250,000		251,482
				2,637,971
Health Care (2.6%)
Biotechnology (0.3%)
Amgen, Inc., 5.700%, 02/01/19		250,000		254,103
Celgene Corp., 3.875%, 08/15/25		1,000,000		973,163
				1,227,266
Health Care Providers & Services (0.8%)
Aetna, Inc., 3.875%, 08/15/47		1,000,000		894,647
Anthem, Inc., 4.375%, 12/01/47		1,000,000		922,820
Laboratory Corp. of America Holdings, 4.000%, 11/01/23		250,000		252,622
UnitedHealth Group, Inc. 2.750%, 02/15/23		250,000		242,015
3.750%, 07/15/25 (f)		1,000,000		1,000,167
				3,312,271

	Principal		Value(a)
Pharmaceuticals (1.5%)
AbbVie, Inc., 3.600%, 05/14/25	$	1,000,000	$	968,508
Allergan Funding SCS, 3.800%, 03/15/25 (e)		670,000		650,600
Bristol-Myers Squibb Co., 3.250%, 11/01/23		500,000		497,214
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		962,602
Eli Lilly & Co., 3.950%, 05/15/47		1,000,000		984,878
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,210,227
Mylan, Inc., 4.200%, 11/29/23		500,000		500,469
				5,774,498
Industrials (5.0%)
Aerospace & Defense (0.9%)
General Dynamics Corp., 3.500%, 05/15/25		1,000,000		998,911
Harris Corp., 3.832%, 04/27/25		1,000,000		980,530
Rockwell Collins, Inc., 3.700%, 12/15/23		500,000		497,738
United Technologies Corp., 4.050%, 05/04/47		1,000,000		915,175
				3,392,354
Air Freight & Logistics (0.2%)
FedEx Corp., 4.400%, 01/15/47		1,000,000		946,835
Building Products (0.2%)
CRH America Finance, Inc., 4.400%, 05/09/47 (c)		1,000,000		917,803
Containers & Packaging (0.3%)
Amcor Finance USA, Inc., 4.500%, 05/15/28 (c)		1,000,000		1,001,506
Electrical Equipment (0.4%)
Flex. Ltd., 4.750%, 06/15/25 (e)		1,000,000		1,009,607
Trimble, Inc., 4.750%, 12/01/24		750,000		765,905
				1,775,512
Electronic Parts Distributions (0.4%)
Avnet, Inc., 3.750%, 12/01/21		1,500,000		1,494,682
Environmental Control (0.5%)
Republic Services, Inc., 3.950%, 05/15/28		1,000,000		986,470
Waste Management, Inc., 3.900%, 03/01/35		1,000,000		972,552
				1,959,022

See accompanying notes to financial statements.
24

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

	Principal		Value(a)
Industrial Conglomerates (0.2%)
3M Co., 3.625%, 10/15/47	$	1,000,000	$	950,215
Machinery (0.2%)
Caterpillar Financial Services Corp., 3.750%, 11/24/23		750,000		760,964
Miscellaneous Manufacturing (0.6%)
Carlisle Cos., Inc., 3.750%, 12/01/27		1,000,000		950,513
Textron, Inc. 3.875%, 03/01/25		750,000		741,099
4.300%, 03/01/24		500,000		510,837
				2,202,449
Road & Rail (0.1%)
Kansas City Southern, 4.300%, 05/15/43		250,000		232,544
Tools-Hand Held (0.2%)
Stanley Black & Decker, Inc., 2.451%, 11/17/18		800,000		798,967
Transportation (0.3%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		350,000		353,534
Penske Truck Leasing Co. L.P. / PTL Finance Corp., 3.900%, 02/01/24 (c)		1,000,000		989,069
				1,342,603
Trucking & Leasing (0.5%)
GATX Corp. 3.250%, 03/30/25		1,000,000		945,304
4.550%, 11/07/28		1,000,000		992,655
				1,937,959
Information Technology (1.6%)
Communications Equipment (0.4%)
Juniper Networks, Inc., 4.500%, 03/15/24		500,000		508,208
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		1,012,976
				1,521,184
Computers (0.2%)
Apple, Inc., 4.375%, 05/13/45 (f)		1,000,000		1,029,436
Internet Software & Services (0.2%)
eBay, Inc., 3.450%, 08/01/24		750,000		727,691
IT Services (0.3%)
The Western Union Co., 3.350%, 05/22/19		500,000		501,955
Total System Services, Inc., 4.800%, 04/01/26		750,000		768,850
				1,270,805

	Principal		Value(a)
Software (0.5%)
Fiserv, Inc., 3.850%, 06/01/25	$	1,000,000	$	995,957
Oracle Corp., 3.800%, 11/15/37		1,000,000		945,910
				1,941,867
Materials (1.0%)
Chemicals (0.8%)
The Dow Chemical Co., 3.500%, 10/01/24		750,000		730,442
The Mosaic Co., 5.450%, 11/15/33		200,000		202,204
The Sherwin-Williams Co., 3.950%, 01/15/26		1,000,000		996,033
Yara International ASA, 4.750%, 06/01/28 (b) (e)		1,000,000		1,005,281
				2,933,960
Construction Materials (0.2%)
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		907,903
Telecommunication Services (0.5%)
Diversified Telecommunication Services (0.5%)
AT&T, Inc. 4.350%, 06/15/45		250,000		211,784
4.500%, 05/15/35		1,000,000		924,944
Verizon Communications, Inc., 5.250%, 03/16/37		1,000,000		1,026,999
				2,163,727
Transportation (0.7%)
Airlines (0.5%)
American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 03/22/29		905,298		893,168
British Airways 2013-1 Class A Pass Through Trust, 4.625%, 12/20/25 (c)		809,724		829,805
United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/27		206,851		210,802
				1,933,775
Transport — Rail (0.2%)
Norfolk Southern Corp., 3.850%, 01/15/24		500,000		505,441
Union Pacific Corp., 3.750%, 03/15/24		500,000		505,990
				1,011,431
Utilities (3.1%)
Electric Utilities (2.0%)
Ameren Illinois Co., 3.700%, 12/01/47		1,000,000		934,781
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		1,026,795

See accompanying notes to financial statements.
25

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

	Principal		Value(a)
Duke Energy Progress LLC, 3.600%, 09/15/47	$	1,000,000	$	910,390
Entergy Louisiana LLC, 3.300%, 12/01/22		250,000		246,100
Northern States Power Co. 3.600%, 09/15/47		1,000,000		921,846
3.750%, 12/01/47		1,000,000		956,857
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		769,376
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		1,002,420
PPL Capital Funding, Inc., 3.400%, 06/01/23		250,000		245,886
Southern California Edison Co., 4.000%, 04/01/47		1,000,000		933,861
				7,948,312
Electric — Integrated (0.1%)
Berkshire Hathaway Energy Co., 3.750%, 11/15/23		250,000		253,020
Gas Utilities (0.3%)
ONEOK, Inc., 4.000%, 07/13/27		500,000		483,802
Washington Gas Light Co., 3.796%, 09/15/46		1,000,000		936,263
				1,420,065
Multi-Utilities (0.3%)
Dominion Energy Gas Holdings LLC, 3.550%, 11/01/23		250,000		249,022
National Fuel Gas Co., 5.200%, 07/15/25		1,000,000		1,027,537
				1,276,559
Water Utilities (0.4%)
American Water Capital Corp., 3.750%, 09/01/47		1,000,000		923,276
Aquarion Co., 4.000%, 08/15/24 (b)		500,000		506,093
				1,429,369
Total corporate obligations (cost: $144,947,701)				141,539,807
Total long-term debt Securities (cost: $148,783,172)				145,352,533
Purchased Options (0.1%)
S&P 500 Index, $2655.00, 07/20/18 (cost: $199,963)				311,472

	Shares/ Principal		Value(a)
Mutual Funds (44.3%)
Investment Companies (44.3%)
iShares iBoxx $ Investment Grade Corporate Bond ETF	$	44,500	$	5,098,365
SFT Index 500 Fund (g)		14,224,618		155,034,367
SPDR S&P 500 ETF Trust (f)		36,170		9,812,198
Vanguard S&P 500 ETF		20,175		5,033,864
Total mutual funds (cost: $123,653,386)				174,978,794
Short-Term Securities (17.0%)
Investment Companies (17.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		67,089,021		67,089,021
Total short-term securities (cost: $67,089,021)				67,089,021
Total investments in securities (cost: $339,725,542) (h)				387,731,820
Cash and other assets in excess of liabilities (1.8%)				7,159,733
Total net assets (100.0%)			$	394,891,553

See accompanying notes to financial statements.
26

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

Investments in Securities Legend

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

(b) 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 illiquid.

(c) 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.

(d) Variable rate security.

(e) Foreign security: The Fund held 2.0% of net assets in foreign securities at June 30, 2018.

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $10,479,993 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	September 2018		200	Short	$	(24,182,199	)	$	(24,037,500	)	$	144,699
S&P 500^® Index Future	September 2018		189	Long		130,585,424			128,595,600			(1,989,824	)
S&P 500^® E-Mini Index Future	September 2018		140	Long		19,289,175			19,051,200			(237,975	)
								$	123,609,300		$	(2,083,100	)

(g) Affiliated security.

(h) At June 30, 2018 the cost of investments for federal income tax purposes was $337,628,211. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	52,073,315
Gross unrealized depreciation		(4,092,646	)
Net unrealized appreciation	$	47,980,669

Purchased Options	Contracts		Expiration Date	Notional Amount		Exercise Price		Value(a)
Put – S&P 500 Index		216	July 2018	$	21,600	$	2,655.00	$	311,472
Written Options	Contracts		Expiration Date	Notional Amount		Exercise Price		Value(a)
Put – S&P 500 Index		332	July 2018	$	33,200	$	2,365.00	$	(39,840	)

See accompanying notes to financial statements.
27

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

June 30, 2018
(Unaudited)

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

	Principal		Value(a)
Short-Term Investments (100.1%)
U.S. Government Obligations (100.0%)
Discount Notes (57.0%)
Federal Home Loan Bank 1.818%, 07/13/18 (b)	$	16,600,000	$	16,590,123
1.849%, 07/20/18 (b)		3,500,000		3,496,647
1.881%, 07/13/18 (b)		4,000,000		3,997,533
1.892%, 07/25/18 (b)		5,500,000		5,493,176
1.900%, 07/18/18 (b)		1,200,000		1,198,941
1.951%, 09/14/18 (b)		4,000,000		3,984,042
1.955%, 08/31/18 (b)		3,100,000		3,089,915
				37,850,377
U.S. Treasury (43.0%)
U.S. Treasury Note 1.979%, 04/30/19 (3-Month U.S. Treasury Money Market Yield + 0.070%) (c)		5,000,000		5,006,243
2.049%, 01/31/19 (3-Month U.S. Treasury Money Market Yield + 0.140%) (c)		10,000,000		10,011,664
2.079%, 10/31/18 (3-Month U.S. Treasury Money Market Yield + 0.170%) (c)		3,500,000		3,502,796
2.083%, 07/31/18 (3-Month U.S. Treasury Money Market Yield + 0.174%) (c)		10,000,000		10,001,813
				28,522,516
Total U.S. government obligations				66,372,893

	Shares		Value(a)
Investment Companies (0.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		87,079	$	87,079
				87,079
Total short-term investments (cost: $66,459,972)				66,459,972
Total investments in securities (cost: $66,459,972) (d)				66,459,972
Liabilities in excess of cash and other assets (-0.1%)				(91,727	)
Total net assets (100.0%)			$	66,368,245

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 June 30, 2018.

See accompanying notes to financial statements.
28

SFT Index 400 Mid-Cap Fund
(formerly SFT Advantus Index 400 Mid-Cap Fund)
Investments in Securities

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.5%)
Consumer Discretionary (12.6%)
Auto Components (0.7%)
Dana, Inc.		18,081	$	365,055
Delphi Technologies PLC (b)		11,035		501,651
Gentex Corp.		34,037		783,532
				1,650,238
Automobiles (0.3%)
Thor Industries, Inc.		6,036		587,846
Distributors (0.3%)
Pool Corp.		5,047		764,620
Diversified Consumer Services (0.8%)
Adtalem Global Education, Inc. (c)		7,485		360,028
Graham Holdings Co. – Class B		558		327,044
Service Corp. International/US		22,711		812,827
Sotheby's (c)		4,491		244,041
				1,743,940
Hotels, Restaurants & Leisure (3.6%)
Boyd Gaming Corp.		10,211		353,913
Brinker International, Inc.		5,391		256,612
Churchill Downs, Inc.		1,393		413,024
Cracker Barrel Old Country Store, Inc.		2,955		461,601
Domino's Pizza, Inc.		5,255		1,482,803
Dunkin' Brands Group, Inc.		10,312		712,250
ILG, Inc.		13,134		433,816
International Speedway Corp. – Class A		3,035		135,664
Jack in the Box, Inc.		3,524		299,963
Papa John's International, Inc.		2,905		147,342
Scientific Games Corp. – Class A (c)		6,653		326,995
Six Flags Entertainment Corp.		9,597		672,270
Texas Roadhouse, Inc.		8,165		534,889
The Cheesecake Factory, Inc.		5,297		291,653
The Wendy's Co.		22,298		383,080
Wyndham Destinations, Inc.		12,402		549,036
Wyndham Hotels & Resorts, Inc.		12,394		729,139
				8,184,050
Household Durables (1.5%)
Helen of Troy, Ltd. (b) (c)		3,258		320,750
KB Home		10,496		285,911
NVR, Inc. (c)		432		1,283,191
Tempur Sealy International, Inc. (c)		5,746		276,095
Toll Brothers, Inc.		17,451		645,513
TRI Pointe Group, Inc. (c)		18,882		308,910
Tupperware Brands Corp.		6,267		258,451
				3,378,821

	Shares		Value(a)
Leisure Equipment & Products (0.7%)
Brunswick Corp.		10,833	$	698,512
Polaris Industries, Inc.		7,299		891,792
				1,590,304
Media (1.5%)
AMC Networks, Inc. – Class A (c)		5,644		351,057
Cable One, Inc.		628		460,506
Cinemark Holdings, Inc.		13,208		463,337
John Wiley & Sons, Inc. – Class A		5,578		348,067
Live Nation Entertainment, Inc. (c)		16,874		819,570
Meredith Corp.		4,872		248,472
TEGNA, Inc.		26,806		290,845
The New York Times Co. – Class A		15,905		411,940
				3,393,794
Multiline Retail (0.4%)
Big Lots, Inc.		5,242		219,011
Dillard's, Inc. – Class A		2,440		230,580
Ollie's Bargain Outlet Holdings, Inc. (c)		6,199		449,427
				899,018
Specialty Retail (2.1%)
Aaron's, Inc.		7,694		334,304
American Eagle Outfitters, Inc.		20,853		484,832
AutoNation, Inc. (c)		7,305		354,877
Bed Bath & Beyond, Inc.		17,382		346,337
Dick's Sporting Goods, Inc.		9,685		341,396
Five Below, Inc. (c)		6,913		675,469
Murphy USA, Inc. (c)		3,766		279,776
Sally Beauty Holdings, Inc. (c)		15,174		243,239
Signet Jewelers, Ltd. (b)		7,322		408,202
The Michaels Cos., Inc. (c)		13,802		264,584
Urban Outfitters, Inc. (c)		9,994		445,233
Williams-Sonoma, Inc.		9,472		581,392
				4,759,641
Textiles, Apparel & Luxury Goods (0.7%)
Carter's, Inc.		5,828		631,697
Deckers Outdoor Corp. (c)		3,784		427,175
Skechers U.S.A., Inc. – Class A (c)		16,878		506,509
				1,565,381
Consumer Staples (3.4%)
Beverages (0.1%)
The Boston Beer Co., Inc. – Class A (c)		1,130		338,661
Food & Staples Retailing (0.5%)
Casey's General Stores, Inc.		4,609		484,314
Sprouts Farmers Market, Inc. (c)		15,143		334,206

See accompanying notes to financial statements.
29

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

	Shares		Value(a)
United Natural Foods, Inc. (c)		6,265	$	267,265
				1,085,785
Food Products (2.2%)
Flowers Foods, Inc.		23,057		480,277
Ingredion, Inc.		8,979		993,975
Lamb Weston Holdings, Inc.		18,174		1,245,101
Lancaster Colony Corp.		2,457		340,098
Post Holdings, Inc. (c)		8,363		719,385
Sanderson Farms, Inc.		2,530		266,030
The Hain Celestial Group, Inc. (c)		12,916		384,897
Tootsie Roll Industries, Inc.		2,406		74,225
TreeHouse Foods, Inc. (c)		6,933		364,052
				4,868,040
Household Products (0.2%)
Energizer Holdings, Inc.		7,327		461,308
Personal Products (0.4%)
Edgewell Personal Care Co. (c)		6,628		334,449
Nu Skin Enterprises, Inc. – Class A		6,835		534,428
				868,877
Energy (4.8%)
Energy Equipment & Services (2.0%)
Apergy Corp. (c)		9,620		401,635
Core Laboratories NV (b)		5,433		685,699
Diamond Offshore Drilling, Inc. (c)		8,028		167,464
Dril-Quip, Inc. (c)		4,740		243,636
Ensco PLC – Class A (b)		54,328		394,421
McDermott International, Inc. (b) (c)		22,348		439,138
Nabors Industries, Ltd. (b)		43,802		280,771
Oceaneering International, Inc. (c)		12,246		311,783
Patterson-UTI Energy, Inc.		27,568		496,224
Rowan Cos., PLC – Class A (b) (c)		14,194		230,227
Superior Energy Services, Inc. (c)		19,170		186,716
Transocean, Ltd. (b) (c)		54,517		732,709
				4,570,423
Oil, Gas & Consumable Fuels (2.8%)
Callon Petroleum Co. (c)		27,865		299,270
Chesapeake Energy Corp. (c)		113,329		593,844
CNX Resources Corp. (c)		24,375		433,387
Gulfport Energy Corp. (c)		19,425		244,172
Matador Resources Co. (c)		12,860		386,443
Murphy Oil Corp.		20,216		682,694
Oasis Petroleum, Inc. (c)		33,128		429,670
PBF Energy, Inc. – Class A		13,949		584,882
QEP Resources, Inc. (c)		29,475		361,364
Range Resources Corp.		28,189		471,602
SM Energy Co.		12,771		328,087
Southwestern Energy Co. (c)		63,452		336,296
World Fuel Services Corp.		8,415		171,750
WPX Energy, Inc. (c)		49,669		895,532
				6,218,993

	Shares		Value(a)
Financial (15.9%)
Capital Markets (2.9%)
Eaton Vance Corp.		14,740	$	769,281
Evercore, Inc.		5,070		534,632
Factset Research Systems, Inc.		4,817		954,248
Federated Investors, Inc. – Class B		11,851		276,365
Interactive Brokers Group, Inc. Class A		8,800		566,808
Janus Henderson Group PLC (b)		22,418		688,905
Legg Mason, Inc.		10,621		368,867
MarketAxess Holdings, Inc.		4,729		935,680
SEI Investments Co.		16,308		1,019,576
Stifel Financial Corp.		8,820		460,845
				6,575,207
Commercial Banks (7.8%)
Associated Banc-Corp.		20,937		571,580
BancorpSouth Bank		10,147		334,344
Bank of Hawaii Corp.		5,232		436,453
Bank of the Ozarks, Inc.		15,092		679,744
Cathay General Bancorp		9,491		384,291
Chemical Financial Corp.		8,868		493,682
Commerce Bancshares, Inc.		11,659		754,454
Cullen/Frost Bankers, Inc.		7,216		781,060
East West Bancorp, Inc.		18,009		1,174,187
First Horizon National Corp.		40,666		725,481
FNB Corp.		40,251		540,168
Fulton Financial Corp.		21,844		360,426
Hancock Whitney Corp.		10,600		494,490
Home BancShares, Inc.		19,609		442,379
International Bancshares Corp.		6,737		288,344
MB Financial, Inc.		10,450		488,015
PacWest Bancorp		15,552		768,580
Pinnacle Financial Partners, Inc.		9,194		564,052
Prosperity Bancshares, Inc.		8,681		593,433
Signature Bank (c)		6,712		858,330
Sterling Bancorp		28,024		658,564
Synovus Financial Corp.		14,745		778,978
TCF Financial Corp.		20,887		514,238
Texas Capital Bancshares, Inc. (c)		6,112		559,248
Trustmark Corp.		8,424		274,875
UMB Financial Corp.		5,405		412,023
Umpqua Holdings Corp.		27,365		618,175
United Bankshares, Inc.		13,067		475,639
Valley National Bancorp		32,937		400,514
Webster Financial Corp.		11,446		729,110
Wintrust Financial Corp.		6,995		608,915
				17,763,772
Consumer Finance (0.5%)
Navient Corp.		32,888		428,530
SLM Corp. (c)		54,093		619,365
				1,047,895

See accompanying notes to financial statements.
30

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

	Shares		Value(a)
Insurance (4.2%)
Alleghany Corp.		1,899	$	1,091,868
American Financial Group, Inc.		8,622		925,399
Aspen Insurance Holdings, Ltd. (b)		7,414		301,750
Brown & Brown, Inc.		28,497		790,222
CNO Financial Group, Inc.		20,800		396,032
First American Financial Corp.		13,863		716,994
Genworth Financial, Inc. – Class A (c)		62,045		279,203
Kemper Corp.		6,020		455,413
Mercury General Corp.		4,472		203,744
Old Republic International Corp.		31,173		620,655
Primerica, Inc.		5,450		542,820
Reinsurance Group of America, Inc.		8,032		1,072,111
RenaissanceRe Holdings, Ltd. (b)		5,030		605,210
The Hanover Insurance Group, Inc.		5,320		636,059
WR Berkley Corp.		11,946		865,010
				9,502,490
Thrifts & Mortgage Finance (0.5%)
LendingTree, Inc. (c)		1,020		218,076
New York Community Bancorp, Inc.		60,951		672,899
Washington Federal, Inc.		10,499		343,317
				1,234,292
Health Care (8.9%)
Biotechnology (0.5%)
Exelixis, Inc. (c)		25,090		539,937
United Therapeutics Corp. (c)		5,422		613,499
				1,153,436
Health Care Equipment & Supplies (3.8%)
Avanos Medical, Inc. (c)		5,843		334,512
Cantel Medical Corp.		4,362		429,046
Globus Medical, Inc. (c)		9,108		459,590
Haemonetics Corp. (c)		6,489		581,933
Hill-Rom Holdings, Inc.		8,237		719,420
ICU Medical, Inc. (c)		1,954		573,792
Integra LifeSciences Holdings Corp. (c)		8,767		564,682
LivaNova PLC (b) (c)		5,440		543,021
Masimo Corp. (c)		5,855		571,741
NuVasive, Inc. (c)		6,277		327,157
STERIS PLC (b)		10,517		1,104,390
Teleflex, Inc.		5,661		1,518,337
West Pharmaceutical Services, Inc.		9,145		908,007
				8,635,628
Health Care Providers & Services (2.3%)
Acadia Healthcare Co., Inc. (c)		10,199		417,241
Chemed Corp.		1,981		637,506
Encompass Health Corp		12,282		831,737
LifePoint Health, Inc. (c)		4,754		231,995

	Shares		Value(a)
Mednax, Inc. (c)		11,744	$	508,280
Molina Healthcare, Inc. (c)		5,903		578,140
Patterson Cos., Inc.		10,115		229,307
Tenet Healthcare Corp. (c)		10,147		340,635
WellCare Health Plans, Inc. (c)		5,583		1,374,758
				5,149,599
Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc. (c)		22,054		264,648
Medidata Solutions, Inc. (c)		7,300		588,088
				852,736
Life Sciences Tools & Services (1.3%)
Bio-Rad Laboratories, Inc. – Class A (c)		2,527		729,141
Bio-Techne Corp.		4,714		697,436
Charles River Laboratories International, Inc. (c)		5,955		668,508
PRA Health Sciences, Inc. (c)		6,291		587,328
Syneos Health, Inc. (c)		6,840		320,796
				3,003,209
Pharmaceuticals (0.6%)
Akorn, Inc. (c)		11,676		193,705
Catalent, Inc. (c)		16,576		694,369
Mallinckrodt PLC (b) (c)		10,326		192,683
Prestige Brands Holdings, Inc. (c)		6,596		253,154
				1,333,911
Industrials (14.1%)
Aerospace & Defense (1.0%)
Curtiss-Wright Corp.		5,535		658,776
Esterline Technologies Corp. (c)		3,135		231,363
KLX, Inc. (c)		6,306		453,401
Teledyne Technologies, Inc. (c)		4,464		888,604
				2,232,144
Airlines (0.3%)
JetBlue Airways Corp. (c)		39,337		746,616
Building Products (0.4%)
Lennox International, Inc.		4,630		926,695
Commercial Services & Supplies (1.5%)
Clean Harbors, Inc. (c)		6,281		348,909
Deluxe Corp.		5,946		393,685
Healthcare Services Group, Inc.		9,161		395,664
Herman Miller, Inc.		7,410		251,199
HNI Corp.		5,410		201,252
MSA Safety, Inc.		4,169		401,641
Pitney Bowes, Inc.		23,310		199,767
Rollins, Inc.		11,932		627,385
The Brink's Co.		6,327		504,578
				3,324,080
Construction & Engineering (1.1%)
AECOM (c)		19,927		658,189

See accompanying notes to financial statements.
31

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

	Shares		Value(a)
Dycom Industries, Inc. (c)		3,810	$	360,083
EMCOR Group, Inc.		7,265		553,447
Granite Construction, Inc.		5,650		314,479
KBR, Inc.		17,478		313,206
Valmont Industries, Inc.		2,784		419,688
				2,619,092
Electrical Equipment (1.5%)
Acuity Brands, Inc.		5,096		590,473
Belden, Inc.		4,994		305,233
EnerSys		5,234		390,666
Hubbell, Inc.		6,837		722,944
nVent Electric PLC (b) (c)		20,179		506,493
Regal Beloit Corp.		5,456		446,301
Woodward, Inc.		6,888		529,412
				3,491,522
Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		7,535		816,116
Machinery (4.5%)
AGCO Corp.		8,122		493,168
Crane Co.		6,313		505,861
Donaldson Co., Inc.		16,141		728,282
Graco, Inc.		20,739		937,818
IDEX Corp.		9,535		1,301,337
ITT, Inc.		10,862		567,757
Kennametal, Inc.		10,145		364,205
Lincoln Electric Holdings, Inc.		7,613		668,117
Nordson Corp.		6,354		815,917
Oshkosh Corp.		9,158		643,990
Terex Corp.		8,906		375,744
The Timken Co.		8,412		366,343
The Toro Co.		13,159		792,830
Trinity Industries, Inc.		18,515		634,324
Wabtec Corp.		10,651		1,049,975
				10,245,668
Marine (0.2%)
Kirby Corp. (c)		6,617		553,181
Professional Services (0.6%)
Dun & Bradstreet Corp.		4,651		570,445
Manpowergroup, Inc.		8,162		702,422
				1,272,867
Road & Rail (1.8%)
Avis Budget Group, Inc. (c)		8,887		288,828
Genesee & Wyoming, Inc. – Class A (c)		7,476		607,948
Knight-Swift Transportation Holdings, Inc.		15,957		609,717
Landstar System, Inc.		5,263		574,720
Old Dominion Freight Line, Inc.		8,521		1,269,288
Ryder System, Inc.		6,521		468,599
Werner Enterprises, Inc.		5,571		209,191
				4,028,291
Trading Companies & Distributors (0.8%)
GATX Corp.		4,617		342,720

	Shares		Value(a)
MSC Industrial Direct Co. – Class A		5,699	$	483,560
Now, Inc. (c)		13,440		179,155
Watsco, Inc.		4,029		718,290
				1,723,725
Information Technology (15.5%)
Communications Equipment (1.3%)
ARRIS International PLC (b) (c)		21,761		531,948
Ciena Corp. (c)		17,826		472,567
InterDigital, Inc.		4,275		345,848
Lumentum Holdings, Inc. (c)		7,818		452,662
NetScout Systems, Inc. (c)		9,933		295,010
Plantronics, Inc.		4,072		310,490
ViaSat, Inc. (c)		6,809		447,487
				2,856,012
Computers & Peripherals (0.2%)
NCR Corp. (c)		14,703		440,796
Electronic Equipment, Instruments & Components (3.6%)
Arrow Electronics, Inc. (c)		10,890		819,799
Avnet, Inc.		14,624		627,223
Cognex Corp.		21,495		958,892
Coherent, Inc. (c)		3,134		490,220
Jabil , Inc.		21,290		588,881
Keysight Technologies, Inc. (c)		23,224		1,370,913
Littelfuse, Inc.		3,154		719,680
National Instruments Corp.		13,372		561,357
SYNNEX Corp.		3,593		346,760
Tech Data Corp. (c)		4,275		351,063
Trimble, Inc. (c)		30,975		1,017,219
Vishay Intertechnology, Inc.		16,420		380,944
				8,232,951
Internet Software & Services (0.6%)
Cars.com, Inc. (c)		8,934		253,636
j2 Global, Inc.		6,062		525,030
LogMeIn, Inc.		6,488		669,886
				1,448,552
IT Services (3.1%)
Acxiom Corp. (c)		9,557		286,232
Convergys Corp.		11,372		277,932
CoreLogic, Inc. (c)		10,146		526,578
Jack Henry & Associates, Inc.		9,612		1,253,020
Leidos Holdings, Inc.		17,733		1,046,247
MAXIMUS, Inc.		8,022		498,247	��
Perspecta, Inc.		17,728		364,310
Sabre Corp.		31,415		774,066
Science Applications International Corp.		5,225		422,859
Teradata Corp. (c)		15,028		603,374
WEX, Inc. (c)		5,015		955,257
				7,008,122
Office Electronics (0.4%)
Zebra Technologies Corp. – Class A (c)		6,651		952,756

See accompanying notes to financial statements.
32

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

	Shares		Value(a)
Semiconductors & Semiconductor Equipment (2.7%)
Cirrus Logic, Inc. (c)		7,579	$	290,503
Cree, Inc. (c)		12,492		519,292
Cypress Semiconductor Corp.		44,557		694,198
First Solar, Inc. (c)		10,156		534,815
Integrated Device Technology, Inc. (c)		16,066		512,184
MKS Instruments, Inc.		6,750		645,975
Monolithic Power Systems, Inc.		4,804		642,151
Silicon Laboratories, Inc. (c)		5,373		535,151
Synaptics, Inc. (c)		4,235		213,317
Teradyne, Inc.		23,778		905,228
Versum Materials, Inc.		13,540		503,011
				5,995,825
Software (3.5%)
ACI Worldwide, Inc. (c)		14,470		356,975
Blackbaud, Inc.		6,031		617,876
CDK Global, Inc.		15,375		1,000,144
CommVault Systems, Inc. (c)		5,257		346,173
Fair Isaac Corp. (c)		3,693		713,931
Fortinet, Inc. (c)		17,967		1,121,680
Manhattan Associates, Inc. (c)		8,243		387,503
PTC, Inc. (c)		14,341		1,345,329
The Ultimate Software Group, Inc. (c)		3,683		947,673
Tyler Technologies, Inc. (c)		4,491		997,451
				7,834,735
Technology Hardware & Equipment (0.1%)
VeriFone Systems, Inc. (c)		13,763		314,072
Materials (6.8%)
Chemicals (2.7%)
Ashland Global Holdings, Inc.		7,756		606,364
Cabot Corp.		7,683		474,579
Minerals Technologies, Inc.		4,386		330,485
NewMarket Corp.		1,205		487,423
Olin Corp.		20,782		596,859
PolyOne Corp.		9,852		425,803
RPM International, Inc.		16,621		969,337
Sensient Technologies Corp.		5,254		375,924
The Chemours Co.		22,112		980,888
The Scotts Miracle-Gro Co. – Class A		4,792		398,503
Valvoline, Inc.		24,321		524,604
				6,170,769
Construction Materials (0.3%)
Eagle Materials, Inc.		5,989		628,665
Containers & Packaging (1.1%)
Aptargroup, Inc.		7,772		725,749
Bemis Co., Inc.		11,307		477,269
Greif, Inc. – Class A		3,221		170,359
Owens-Illinois, Inc. (c)		20,098		337,847
Silgan Holdings, Inc.		9,210		247,104
Sonoco Products Co.		12,374		649,635
				2,607,963

	Shares		Value(a)
Metals & Mining (2.3%)
Allegheny Technologies, Inc. (c)		15,616	$	392,274
Carpenter Technology Corp.		5,766		303,119
Commercial Metals Co.		14,542		306,982
Compass Minerals International, Inc.		4,127		271,350
Reliance Steel & Aluminum Co.		8,980		786,109
Royal Gold, Inc.		8,161		757,667
Steel Dynamics, Inc.		29,324		1,347,438
United States Steel Corp.		21,973		763,562
Worthington Industries, Inc.		5,268		221,098
				5,149,599
Paper & Forest Products (0.4%)
Domtar Corp.		7,809		372,801
Louisiana-Pacific Corp.		18,044		491,158
				863,959
Real Estate (9.3%)
Diversified REITs (0.1%)
Alexander & Baldwin, Inc.		8,406		197,541
Health Care REITs (1.2%)
Healthcare Realty Trust, Inc.		15,560		452,485
Medical Properties Trust, Inc.		45,333		636,475
Omega Healthcare Investors, Inc.		24,684		765,204
Quality Care Properties, Inc. (c)		11,707		251,818
Senior Housing Properties Trust		29,534		534,270
				2,640,252
Hotels & Resort REITs (0.5%)
Hospitality Properties Trust		20,426		584,388
LaSalle Hotel Properties		13,719		469,601
				1,053,989
Industrial REITs (0.9%)
DCT Industrial Trust, Inc.		11,705		781,075
First Industrial Realty Trust, Inc.		15,581		519,471
Liberty Property Trust		18,368		814,253
				2,114,799
Office REITs (1.7%)
Corporate Office Properties Trust		12,695		368,028
Cousins Properties, Inc.		52,232		506,128
Douglas Emmett, Inc.		19,851		797,613
Highwoods Properties, Inc.		12,854		652,083
JBG SMITH Properties		11,581		422,359
Kilroy Realty Corp.		12,284		929,162
Mack-Cali Realty Corp.		11,203		227,197
				3,902,570
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc.		5,687		943,985

See accompanying notes to financial statements.
33

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

	Shares		Value(a)
Residential REITs (1.0%)
American Campus Communities, Inc.		16,988	$	728,446
Camden Property Trust		11,531		1,050,820
Education Realty Trust, Inc.		9,422		391,013
				2,170,279
Retail REITs (1.0%)
National Retail Properties, Inc.		19,121		840,559
Tanger Factory Outlet Centers, Inc.		11,730		275,537
Taubman Centers, Inc.		7,580		445,401
Urban Edge Properties		13,169		301,175
Weingarten Realty Investors		14,812		456,358
				2,319,030
Specialized REITs (2.5%)
CoreCivic, Inc.		14,733		351,971
CoreSite Realty Corp.		4,311		477,745
CyrusOne, Inc.		12,318		718,879
EPR Properties		8,036		520,652
Lamar Advertising Co. – Class A		10,445		713,498
Life Storage, Inc.		5,731		557,684
PotlatchDeltic Corp.		7,391		375,832
Rayonier, Inc.		16,082		622,213
Sabra Health Care REIT, Inc.		22,158		481,493
The GEO Group, Inc.		15,290		421,087
Uniti Group, Inc.		20,527		411,156
				5,652,210
Telecommunication Services (0.3%)
Electric Utilities (0.2%)
ALLETE, Inc.		6,372		493,256
Wireless Telecommunication Services (0.1%)
Telephone & Data Systems, Inc.		11,538		316,372
Utilities (4.9%)
Electric Utilities (0.6%)
Hawaiian Electric Industries, Inc.		13,527		463,976
IDACORP, Inc.		6,206		572,441

	Shares		Value(a)
PNM Resources, Inc.		9,900	$	385,110
				1,421,527
Gas Utilities (2.6%)
Atmos Energy Corp.		13,804		1,244,293
Energen Corp. (c)		12,109		881,777
National Fuel Gas Co.		10,679		565,560
New Jersey Resources Corp.		10,904		487,954
ONE GAS, Inc.		6,437		481,101
Southwest Gas Holdings, Inc.		6,010		458,383
UGI Corp.		21,516		1,120,338
WGL Holdings, Inc.		6,325		561,344
				5,800,750
Multi-Utilities (1.4%)
Black Hills Corp.		6,660		407,659
MDU Resources Group, Inc.		24,274		696,178
NorthWestern Corp.		6,149		352,030
OGE Energy Corp.		24,824		874,053
Vectren Corp.		10,326		737,793
				3,067,713
Water Utilities (0.3%)
Aqua America, Inc.		22,110		777,830
Total common stocks (cost: $152,466,807)				218,538,791
Short-Term Securities (2.9%)
Investment Companies (2.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		6,544,960		6,544,960
Total short-term securities (cost: $6,544,960)				6,544,960
Total investments in securities (cost: $159,011,767) (d)				225,083,751
Cash and other assets in excess of liabilities (0.6%)				1,259,617
Total net assets (100.0%)			$	226,343,368

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 3.7% of net assets in foreign securities at June 30, 2018.

(d) At June 30, 2018 the cost of investments for federal income tax purposes was $159,353,264. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	73,848,729
Gross unrealized depreciation		(8,242,950	)
Net unrealized appreciation	$	65,605,779

Holdings of Open Futures Contracts

On June 30, 2018, cash in the amount of $285,000 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 Mid 400^® E-Mini Index Future				September 2018					35			Long				$	6,971,058			$	6,846,350			$	(124,708	)

See accompanying notes to financial statements.
34

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)
Investments in Securities

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.6%)
Consumer Discretionary (12.7%)
Auto Components (0.2%)
Aptiv PLC (b)		9,887	$	905,946
BorgWarner, Inc.		7,417		320,118
The Goodyear Tire & Rubber Co.		8,956		208,585
				1,434,649
Automobiles (0.4%)
Ford Motor Co.		147,059		1,627,943
General Motors Co.		47,584		1,874,810
Harley-Davidson, Inc.		6,216		261,569
				3,764,322
Distributors (0.1%)
Genuine Parts Co.		5,445		499,796
LKQ Corp. (c)		11,561		368,796
				868,592
Diversified Consumer Services (0.0%)
H&R Block, Inc.		7,763		176,841
Hotels & Resort REITs (0.1%)
Hilton Worldwide Holdings, Inc.		10,498		831,022
Hotels, Restaurants & Leisure (1.5%)
Carnival Corp. (b)		15,240		873,404
Chipotle Mexican Grill, Inc. (c)		944		407,213
Darden Restaurants, Inc.		4,658		498,686
Marriott International, Inc. – Class A		11,154		1,412,096
McDonald's Corp.		29,505		4,623,139
MGM Resorts International		18,830		546,635
Norwegian Cruise Line Holdings, Ltd. (b) (c)		7,669		362,360
Royal Caribbean Cruises, Ltd. (b)		6,365		659,414
Starbucks Corp.		51,857		2,533,215
Wynn Resorts, Ltd.		3,183		532,643
Yum! Brands, Inc.		12,145		949,982
				13,398,787
Household Durables (0.3%)
DR Horton, Inc.		12,811		525,251
Garmin, Ltd. (b)		4,179		254,919
Leggett & Platt, Inc.		4,896		218,557
Lennar Corp. – Class A		10,256		538,440
Mohawk Industries, Inc. (c)		2,380		509,963
Newell Brands, Inc.		18,184		468,965
PulteGroup, Inc.		9,831		282,641
Whirlpool Corp.		2,438		356,509
				3,155,245
Internet & Catalog Retail (4.2%)
Amazon.com, Inc. (c)		15,139		25,733,272
Booking Holdings, Inc. (c)		1,810		3,669,033
Expedia Group, Inc.		4,557		547,706
Netflix, Inc. (c)		16,329		6,391,661
TripAdvisor, Inc. (c)		3,930		218,940
				36,560,612

	Shares		Value(a)
Leisure Equipment & Products (0.1%)
Hasbro, Inc.		4,199	$	387,610
Mattel, Inc.		12,890		211,654
				599,264
Media (2.2%)
CBS Corp. – Class B		12,832		721,415
Charter Communications, Inc. – Class A (c)		7,011		2,055,695
Comcast Corp. – Class A		172,564		5,661,825
Discovery, Inc. – Class A (c)		5,811		159,802
Discovery, Inc. – Class C (c)		12,826		327,063
DISH Network Corp. – Class A (c)		8,603		289,147
News Corp. – Class A		14,352		222,456
News Corp. – Class B		4,480		71,008
Omnicom Group, Inc.		8,541		651,422
The Interpublic Group of Cos., Inc.		14,388		337,255
The Walt Disney Co.		55,869		5,855,630
Twenty-First Century Fox, Inc. – Class A		39,572		1,966,333
Twenty-First Century Fox, Inc. – Class B		16,419		808,964
Viacom, Inc. – Class B		13,213		398,504
				19,526,519
Multiline Retail (0.5%)
Dollar General Corp.		9,551		941,729
Dollar Tree, Inc. (c)		8,902		756,670
Kohl's Corp.		6,241		454,969
Macy's, Inc.		11,512		430,894
Nordstrom, Inc.		4,377		226,641
Target Corp.		20,034		1,524,988
				4,335,891
Specialty Retail (2.3%)
Advance Auto Parts, Inc.		2,753		373,582
AutoZone, Inc. (c)		1,055		707,831
Best Buy Co., Inc.		9,216		687,329
CarMax, Inc. (c)		6,668		485,897
Foot Locker, Inc.		4,380		230,607
L Brands, Inc.		9,086		335,092
Lowe's Cos., Inc.		30,889		2,952,062
O'Reilly Automotive, Inc. (c)		3,078		842,048
Ross Stores, Inc.		14,228		1,205,823
The Gap, Inc.		8,088		261,970
The Home Depot, Inc.		43,348		8,457,195
The TJX Cos., Inc.		23,564		2,242,822
Tiffany & Co.		3,840		505,344
Tractor Supply Co.		4,530		346,500
Ulta Salon Cosmetics & Fragrance, Inc. (c)		2,118		494,468
				20,128,570
Textiles, Apparel & Luxury Goods (0.8%)
Hanesbrands, Inc.		13,458		296,345
Michael Kors Holdings, Ltd. (b) (c)		5,602		373,093
NIKE, Inc. – Class B		48,200		3,840,576
PVH Corp.		2,890		432,691

See accompanying notes to financial statements.
35

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)
Investments in Securities

	Shares		Value(a)
Ralph Lauren Corp.		2,133	$	268,161
Tapestry, Inc.		10,730		501,198
Under Armour, Inc. – Class A (c)		6,953		156,303
Under Armour, Inc. – Class C (c)		7,077		149,183
VF Corp.		12,303		1,002,941
				7,020,491
Consumer Staples (7.1%)
Beverages (1.8%)
Brown-Forman Corp. – Class B		9,755		478,093
Constellation Brands, Inc. – Class A		6,314		1,381,945
Molson Coors Brewing Co. – Class B		6,920		470,837
Monster Beverage Corp. (c)		15,401		882,477
PepsiCo, Inc.		53,279		5,800,485
The Coca-Cola Co.		143,913		6,312,024
				15,325,861
Food & Staples Retailing (1.7%)
Costco Wholesale Corp.		16,456		3,438,975
CVS Health Corp.		38,137		2,454,116
Sysco Corp.		17,988		1,228,400
The Kroger Co.		30,544		868,977
Walgreens Boots Alliance, Inc.		32,005		1,920,780
Walmart, Inc.		54,364		4,656,277
				14,567,525
Food Products (1.1%)
Archer-Daniels-Midland Co.		20,959		960,551
Campbell Soup Co.		7,195		291,685
Conagra Brands, Inc.		14,787		528,339
General Mills, Inc.		22,279		986,068
Hormel Foods Corp.		10,112		376,267
Kellogg Co.		9,347		653,075
McCormick & Co., Inc.		4,573		530,880
Mondelez International, Inc. – Class A		55,429		2,272,589
The Hershey Co.		5,180		482,051
The JM Smucker Co.		4,272		459,155
The Kraft Heinz Co.		22,429		1,408,990
Tyson Foods, Inc. – Class A		11,129		766,232
				9,715,882
Household Products (1.4%)
Church & Dwight Co., Inc.		9,192		488,647
Clorox Co.		4,833		653,663
Colgate-Palmolive Co.		32,779		2,124,407
Kimberly-Clark Corp.		13,089		1,378,795
The Procter & Gamble Co.		94,493		7,376,124
				12,021,636
Personal Care (0.1%)
The Estee Lauder Cos., Inc. – Class A		8,434		1,203,447
Personal Products (0.0%)
Coty, Inc. – Class A		17,717		249,809

	Shares		Value(a)
Tobacco (1.0%)
Altria Group, Inc.		71,121	$	4,038,962
Philip Morris International, Inc.		58,407		4,715,781
				8,754,743
Energy (6.1%)
Energy Equipment & Services (0.8%)
Baker Hughes a GE Co.		15,647		516,820
Halliburton Co.		32,825		1,479,095
Helmerich & Payne, Inc.		4,036		257,335
National Oilwell Varco, Inc.		14,266		619,144
Schlumberger, Ltd. (b)		52,050		3,488,912
TechnipFMC PLC (b)		16,309		517,648
				6,878,954
Oil, Gas & Consumable Fuels (5.3%)
Anadarko Petroleum Corp.		19,346		1,417,094
Andeavor		5,224		685,284
Apache Corp.		14,305		668,759
Cabot Oil & Gas Corp.		16,965		403,767
Chevron Corp.		71,809		9,078,812
Cimarex Energy Co.		3,540		360,160
Concho Resources, Inc. (c)		5,628		778,634
ConocoPhillips		43,968		3,061,052
Devon Energy Corp.		19,630		862,935
EOG Resources, Inc.		21,719		2,702,495
EQT Corp.		9,477		522,941
Exxon Mobil Corp.		159,098		13,162,177
Hess Corp.		9,839		658,131
HollyFrontier Corp.		6,634		453,965
Kinder Morgan, Inc.		71,293		1,259,747
Marathon Oil Corp.		32,061		668,792
Marathon Petroleum Corp.		17,356		1,217,697
Newfield Exploration Co. (c)		7,444		225,181
Noble Energy, Inc.		18,204		642,237
Occidental Petroleum Corp.		28,776		2,407,976
Phillips 66		15,721		1,765,625
Pioneer Natural Resources Co.		6,415		1,213,975
The Williams Cos., Inc.		31,097		843,040
Valero Energy Corp.		16,193		1,794,670
				46,855,146
Financial (13.7%)
Capital Markets (3.0%)
Affiliated Managers Group, Inc.		2,069		307,598
Ameriprise Financial, Inc.		5,414		757,310
BlackRock, Inc.		4,715		2,352,974
CBOE Global Markets, Inc.		4,242		441,465
CME Group, Inc.		12,764		2,092,275
E*Trade Financial Corp. (c)		9,917		606,524
Franklin Resources, Inc.		11,976		383,831
Intercontinental Exchange, Inc.		21,766		1,600,889
Invesco, Ltd. (b)		15,435		409,954
Moody's Corp.		6,240		1,064,294
Morgan Stanley		51,222		2,427,923
MSCI, Inc.		3,370		557,499
Nasdaq, Inc.		4,404		401,953
Northern Trust Corp.		7,958		818,799

See accompanying notes to financial statements.
36

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)
Investments in Securities

	Shares		Value(a)
Raymond James Financial, Inc.		4,851	$	433,437
S&P Global, Inc.		9,443		1,925,333
State Street Corp.		13,731		1,278,219
T Rowe Price Group, Inc.		9,099		1,056,303
The Bank of New York Mellon Corp.		37,950		2,046,643
The Charles Schwab Corp.		45,058		2,302,464
The Goldman Sachs Group, Inc.		13,200		2,911,524
				26,177,211
Commercial Banks (6.1%)
Bank of America Corp.		354,343		9,988,929
BB&T Corp.		29,293		1,477,539
Citigroup, Inc.		95,820		6,412,274
Citizens Financial Group, Inc.		18,214		708,525
Comerica, Inc.		6,471		588,343
Fifth Third Bancorp		25,759		739,283
Huntington Bancshares, Inc.		41,439		611,640
JPMorgan Chase & Co.		127,944		13,331,765
KeyCorp		39,870		779,060
M&T Bank Corp.		5,458		928,679
People's United Financial, Inc.		13,065		236,346
Regions Financial Corp.		42,202		750,351
SunTrust Banks, Inc.		17,467		1,153,171
SVB Financial Group (c)		1,993		575,499
The PNC Financial Services Group, Inc.		17,643		2,383,569
US Bancorp		58,634		2,932,873
Wells Fargo & Co.		164,800		9,136,512
Zions Bancorporation		7,357		387,640
				53,121,998
Consumer Finance (0.7%)
American Express Co.		26,834		2,629,732
Capital One Financial Corp.		18,291		1,680,943
Discover Financial Services		13,113		923,286
Synchrony Financial		26,660		889,911
				6,123,872
Diversified Financial Services (0.0%)
Jefferies Financial Group, Inc.		11,393		259,077
Insurance (3.9%)
Aflac, Inc.		29,091		1,251,495
American International Group, Inc.		33,681		1,785,767
Aon PLC (b)		9,177		1,258,809
Arthur J Gallagher & Co.		6,775		442,272
Assurant, Inc.		1,940		200,771
Berkshire Hathaway, Inc. – Class B (c)		72,327		13,499,835
Brighthouse Financial, Inc. (c)		4,506		180,555
Chubb, Ltd. (b)		17,506		2,223,612
Cincinnati Financial Corp.		5,564		372,009
Everest Re Group, Ltd. (b)		1,552		357,705
Hartford Financial Services Group, Inc.		13,360		683,097
Lincoln National Corp.		8,132		506,217
Loews Corp.		9,839		475,027
Marsh & McLennan Cos., Inc.		18,978		1,555,627
MetLife, Inc.		38,199		1,665,476

	Shares		Value(a)
Principal Financial Group, Inc.		9,994	$	529,182
Prudential Financial, Inc.		15,761		1,473,811
The Allstate Corp.		13,208		1,205,494
The Progressive Corp.		21,846		1,292,191
The Travelers Cos., Inc.		10,180		1,245,421
Torchmark Corp.		3,894		317,010
Unum Group		8,288		306,573
Willis Towers Watson PLC (b)		4,951		750,572
XL Group, Ltd. (b)		9,705		542,995
				34,121,523
Health Care (13.6%)
Biotechnology (2.5%)
AbbVie, Inc.		56,948		5,276,232
Alexion Pharmaceuticals, Inc. (c)		8,337		1,035,039
Amgen, Inc.		25,027		4,619,734
Biogen, Inc. (c)		7,953		2,308,279
Celgene Corp. (c)		26,561		2,109,475
Gilead Sciences, Inc.		48,860		3,461,242
Incyte Corp. (c)		6,609		442,803
Regeneron Pharmaceuticals, Inc. (c)		2,885		995,296
Vertex Pharmaceuticals, Inc. (c)		9,600		1,631,616
				21,879,716
Health Care Equipment & Supplies (3.0%)
Abbott Laboratories		65,880		4,018,021
ABIOMED, Inc. (c)		1,580		646,299
Align Technology, Inc. (c)		2,714		928,568
Baxter International, Inc.		18,512		1,366,926
Becton Dickinson and Co.		10,067		2,411,651
Boston Scientific Corp. (c)		51,850		1,695,495
Danaher Corp.		23,098		2,279,311
Dentsply Sirona, Inc.		8,467		370,601
Edwards Lifesciences Corp. (c)		7,927		1,153,933
Hologic, Inc. (c)		10,259		407,795
IDEXX Laboratories, Inc. (c)		3,283		715,497
Intuitive Surgical, Inc. (c)		4,309		2,061,770
Medtronic PLC (b)		50,888		4,356,522
ResMed, Inc.		5,360		555,189
Stryker Corp.		12,100		2,043,206
The Cooper Cos., Inc.		1,840		433,228
Varian Medical Systems, Inc. (c)		3,427		389,718
Zimmer Biomet Holdings, Inc.		7,629		850,176
				26,683,906
Health Care Providers & Services (2.8%)
Aetna, Inc.		12,305		2,257,968
AmerisourceBergen Corp.		6,099		520,062
Anthem, Inc.		9,589		2,282,470
Cardinal Health, Inc.		11,674		570,041
Centene Corp. (c)		7,710		949,949
Cigna Corp.		9,152		1,555,382
DaVita, Inc. (c)		5,245		364,213
Envision Healthcare Corp. (c)		4,544		199,981
Express Scripts Holding Co. (c)		21,108		1,629,749
HCA Healthcare, Inc.		10,448		1,071,965

See accompanying notes to financial statements.
37

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)
Investments in Securities

	Shares		Value(a)
Henry Schein, Inc. (c)		5,691	$	413,394
Humana, Inc.		5,189		1,544,402
Laboratory Corp. of America Holdings (c)		3,889		698,192
McKesson Corp.		7,593		1,012,906
Quest Diagnostics, Inc.		5,067		557,066
UnitedHealth Group, Inc.		36,112		8,859,718
Universal Health Services, Inc. – Class B		3,214		358,168
				24,845,626
Health Care Technology (0.1%)
Cerner Corp. (c)		11,748		702,413
Life Sciences Tools & Services (0.9%)
Agilent Technologies, Inc.		12,023		743,502
Illumina, Inc. (c)		5,582		1,558,997
IQVIA Holdings, Inc. (c)		6,088		607,704
Mettler-Toledo International, Inc. (c)		1,002		579,787
PerkinElmer, Inc.		4,091		299,584
Thermo Fisher Scientific, Inc.		15,154		3,139,000
Waters Corp. (c)		2,982		577,285
				7,505,859
Pharmaceuticals (4.3%)
Allergan PLC (b)		12,741		2,124,179
Bristol-Myers Squibb Co.		61,421		3,399,038
Eli Lilly & Co.		35,893		3,062,750
Johnson & Johnson		100,789		12,229,737
Merck & Co., Inc.		101,095		6,136,466
Mylan NV (b) (c)		19,298		697,430
Nektar Therapeutics (c)		5,964		291,222
Perrigo Co. PLC (b)		4,789		349,166
Pfizer, Inc.		219,814		7,974,852
Zoetis, Inc.		18,182		1,548,925
				37,813,765
Industrials (9.4%)
Aerospace & Defense (2.5%)
Arconic, Inc.		15,909		270,612
General Dynamics Corp.		10,376		1,934,190
Huntington Ingalls Industries, Inc.		1,700		368,543
L3 Technologies, Inc.		2,935		564,459
Lockheed Martin Corp.		9,405		2,778,519
Northrop Grumman Corp.		6,624		2,038,205
Raytheon Co.		10,794		2,085,185
Rockwell Collins, Inc.		6,151		828,417
The Boeing Co.		20,579		6,904,461
TransDigm Group, Inc.		1,894		653,695
United Technologies Corp.		27,942		3,493,588
				21,919,874
Air Freight & Logistics (0.6%)
CH Robinson Worldwide, Inc.		5,177		433,108
Expeditors International of Washington, Inc.		6,555		479,170
FedEx Corp.		9,238		2,097,580
United Parcel Service, Inc. – Class B		25,908		2,752,207
				5,762,065

	Shares		Value(a)
Airlines (0.4%)
Alaska Air Group, Inc.		4,600	$	277,794
American Airlines Group, Inc.		15,657		594,340
Delta Air Lines, Inc.		24,251		1,201,394
Southwest Airlines Co.		20,044		1,019,839
United Continental Holdings, Inc. (c)		8,856		617,529
				3,710,896
Building Products (0.3%)
Allegion PLC (b)		3,491		270,064
AO Smith Corp.		5,360		317,044
Fortune Brands Home & Security, Inc.		5,483		294,382
Johnson Controls International PLC (b)		34,721		1,161,418
Masco Corp.		11,651		435,980
				2,478,888
Commercial Services & Supplies (0.4%)
Avery Dennison Corp.		3,311		338,053
Cintas Corp.		3,274		605,919
Copart, Inc. (c)		3,710		209,838
Republic Services, Inc.		8,371		572,241
Stericycle, Inc. (c)		3,182		207,753
Waste Management, Inc.		14,874		1,209,851
				3,143,655
Construction & Engineering (0.1%)
Fluor Corp.		5,202		253,754
Jacobs Engineering Group, Inc.		4,492		285,197
Quanta Services, Inc. (c)		5,621		187,741
				726,692
Electrical Equipment (0.5%)
AMETEK, Inc.		8,621		622,091
Eaton Corp. PLC (b)		16,426		1,227,679
Emerson Electric Co.		23,677		1,637,028
Rockwell Automation, Inc.		4,719		784,440
				4,271,238
Industrial Conglomerates (1.7%)
3M Co.		22,310		4,388,823
General Electric Co.		326,375		4,441,964
Honeywell International, Inc.		28,068		4,043,196
Roper Technologies, Inc.		3,874		1,068,875
Textron, Inc.		9,621		634,120
				14,576,978
Machinery (1.5%)
Caterpillar, Inc.		22,450		3,045,792
Cummins, Inc.		5,768		767,144
Deere & Co.		12,202		1,705,840
Dover Corp.		5,802		424,706
Flowserve Corp.		4,829		195,092
Fortive Corp.		11,472		884,606
Illinois Tool Works, Inc.		11,457		1,587,253
Ingersoll-Rand PLC (b)		9,318		836,104
PACCAR, Inc.		13,167		815,827
Parker Hannifin Corp.		4,991		777,847
Pentair PLC (b)		6,100		256,688
Snap-On, Inc.		2,143		344,423

See accompanying notes to financial statements.
38

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)
Investments in Securities

	Shares		Value(a)
Stanley Black & Decker, Inc.		5,835	$	774,946
Xylem, Inc.		6,716		452,524
				12,868,792
Professional Services (0.3%)
Equifax, Inc.		4,536		567,499
IHS Markit, Ltd. (b) (c)		13,381		690,326
Nielsen Holdings PLC (b)		12,504		386,749
Robert Half International, Inc.		4,568		297,377
United Rentals, Inc. (c)		3,175		468,693
Verisk Analytics, Inc. (c)		5,846		629,263
				3,039,907
Road & Rail (1.0%)
CSX Corp.		32,893		2,097,915
JB Hunt Transport Services, Inc.		3,190		387,744
Kansas City Southern		3,786		401,165
Norfolk Southern Corp.		10,608		1,600,429
Union Pacific Corp.		29,145		4,129,264
				8,616,517
Trading Companies & Distributors (0.1%)
Fastenal Co.		10,772		518,456
WW Grainger, Inc.		1,974		608,782
				1,127,238
Information Technology (25.7%)
Communications Equipment (1.1%)
Cisco Systems, Inc.		176,723		7,604,391
F5 Networks, Inc. (c)		2,260		389,737
Harris Corp.		4,505		651,153
Juniper Networks, Inc.		13,120		359,750
Motorola Solutions, Inc.		6,106		710,555
				9,715,586
Computers & Peripherals (4.1%)
Apple, Inc. (d)		184,700		34,189,817
NetApp, Inc.		9,979		783,651
Western Digital Corp.		11,161		863,973
				35,837,441
Electronic Equipment, Instruments & Components (0.5%)
Amphenol Corp. – Class A		11,327		987,148
Corning, Inc.		31,202		858,367
FLIR Systems, Inc.		5,129		266,554
IPG Photonics Corp. (c)		1,426		314,618
Seagate Technology PLC (b)		10,726		605,697
TE Connectivity, Ltd. (b)		13,092		1,179,066
				4,211,450
Internet Software & Services (5.3%)
Akamai Technologies, Inc. (c)		6,362		465,889
Alphabet, Inc. – Class A (c)		11,250		12,703,388
Alphabet, Inc. – Class C (c)		11,408		12,727,335
eBay, Inc. (c)		34,736		1,259,527
Facebook, Inc. – Class A (c)		90,134		17,514,839
Twitter, Inc. (c)		24,606		1,074,544
VeriSign, Inc. (c)		3,614		496,636
				46,242,158

	Shares		Value(a)
IT Services (4.5%)
Accenture PLC – Class A (b)		24,166	$	3,953,316
Alliance Data Systems Corp.		1,816		423,491
Automatic Data Processing, Inc.		16,554		2,220,554
Broadridge Financial Solutions, Inc.		4,431		510,008
Cognizant Technology Solutions Corp. – Class A		22,016		1,739,044
DXC Technology Co.		10,698		862,366
Fidelity National Information Services, Inc.		12,380		1,312,651
Fiserv, Inc. (c)		15,385		1,139,875
FleetCor Technologies, Inc. (c)		3,360		707,784
Gartner, Inc. – Class A (c)		3,410		453,189
Global Payments, Inc.		6,005		669,497
International Business Machines Corp.		32,081		4,481,716
Mastercard, Inc. – Class A		34,454		6,770,900
Paychex, Inc.		11,967		817,944
PayPal Holdings, Inc. (c)		41,942		3,492,510
The Western Union Co.		17,231		350,306
Total System Services, Inc.		6,238		527,236
Visa, Inc. – Class A		67,120		8,890,044
				39,322,431
Office Electronics (0.0%)
Xerox Corp.		7,998		191,952
Semiconductors & Semiconductor Equipment (4.0%)
Advanced Micro Devices, Inc. (c)		30,945		463,866
Analog Devices, Inc.		13,910		1,334,247
Applied Materials, Inc.		37,880		1,749,677
Broadcom, Inc.		15,413		3,739,810
Intel Corp.		175,112		8,704,818
KLA-Tencor Corp.		5,839		598,673
Lam Research Corp.		6,162		1,065,102
Microchip Technology, Inc.		8,754		796,176
Micron Technology, Inc. (c)		43,517		2,282,032
NVIDIA Corp.		22,867		5,417,192
Qorvo, Inc. (c)		4,737		379,765
QUALCOMM, Inc.		55,685		3,125,042
Skyworks Solutions, Inc.		6,857		662,729
Texas Instruments, Inc.		36,785		4,055,546
Xilinx, Inc.		9,502		620,101
				34,994,776
Software (6.0%)
Activision Blizzard, Inc.		28,531		2,177,486
Adobe Systems, Inc. (c)		18,525		4,516,580
ANSYS, Inc. (c)		3,130		545,184
Autodesk, Inc. (c)		8,234		1,079,395
CA, Inc.		11,691		416,784
Cadence Design Systems, Inc. (c)		10,554		457,094
Citrix Systems, Inc. (c)		4,774		500,506
Electronic Arts, Inc. (c)		11,494		1,620,884
Intuit, Inc.		9,168		1,873,068
Microsoft Corp.		288,717		28,470,384
Oracle Corp.		111,985		4,934,059
Red Hat, Inc. (c)		6,644		892,754

See accompanying notes to financial statements.
39

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)
Investments in Securities

	Shares		Value(a)
Salesforce.com, Inc. (c)		26,505	$	3,615,282
Symantec Corp.		23,294		481,021
Synopsys, Inc. (c)		5,579		477,395
Take-Two Interactive Software, Inc. (c)		4,311		510,250
				52,568,126
Technology Hardware Storage & Peripherals (0.2%)
Hewlett Packard Enterprise Co.		57,381		838,336
HP, Inc.		61,605		1,397,818
				2,236,154
Materials (2.5%)
Chemicals (1.8%)
Air Products & Chemicals, Inc.		8,190		1,275,429
Albemarle Corp.		4,150		391,470
CF Industries Holdings, Inc.		8,743		388,189
DowDuPont, Inc.		87,210		5,748,883
Eastman Chemical Co.		5,364		536,185
Ecolab, Inc.		9,751		1,368,358
FMC Corp.		5,003		446,318
International Flavors & Fragrances, Inc.		2,904		359,980
LyondellBasell Industries NV – Class A (b)		12,081		1,327,098
PPG Industries, Inc.		9,369		971,846
Praxair, Inc.		10,765		1,702,485
The Mosaic Co.		13,084		367,006
The Sherwin-Williams Co.		3,116		1,269,988
				16,153,235
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		2,422		540,905
Vulcan Materials Co.		4,992		644,268
				1,185,173
Containers & Packaging (0.3%)
Ball Corp.		13,070		464,639
International Paper Co.		15,480		806,198
Packaging Corp. of America		3,560		397,972
Sealed Air Corp.		6,056		257,077
WestRock Co.		9,554		544,769
				2,470,655
Metals & Mining (0.3%)
Freeport-McMoRan, Inc.		50,600		873,356
Newmont Mining Corp.		20,025		755,143
Nucor Corp.		11,867		741,687
				2,370,186
Real Estate (2.8%)
Health Care REITs (0.2%)
HCP, Inc.		17,601		454,458
Ventas, Inc.		13,301		757,492
Welltower, Inc.		13,978		876,280
				2,088,230
Hotels & Resort REITs (0.1%)
Host Hotels & Resorts, Inc.		27,857		586,947

	Shares		Value(a)
Industrial REITs (0.2%)
Duke Realty Corp.		13,352	$	387,608
ProLogis, Inc.		19,987		1,312,946
				1,700,554
Office REITs (0.2%)
Alexandria Real Estate Equities, Inc.		3,815		481,339
Boston Properties, Inc.		5,750		721,165
SL Green Realty Corp.		3,304		332,151
Vornado Realty Trust		6,499		480,406
				2,015,061
Real Estate Services (0.1%)
CBRE Group, Inc. – Class A (c)		11,305		539,701
Residential REITs (0.4%)
Apartment Investment & Management Co. – Class A		5,857		247,751
AvalonBay Communities, Inc.		5,225		898,125
Equity Residential		13,766		876,757
Essex Property Trust, Inc.		2,490		595,285
Mid-America Apartment Communities, Inc.		4,290		431,874
UDR, Inc.		9,956		373,748
				3,423,540
Retail REITs (0.5%)
Federal Realty Investment Trust		2,700		341,685
GGP, Inc.		23,702		484,232
Kimco Realty Corp.		15,885		269,886
Realty Income Corp.		10,633		571,949
Regency Centers Corp.		5,530		343,302
Simon Property Group, Inc.		11,592		1,972,843
The Macerich Co.		3,995		227,036
				4,210,933
Specialized REITs (1.1%)
American Tower Corp.		16,613		2,395,096
Crown Castle International Corp.		15,526		1,674,013
Digital Realty Trust, Inc.		7,697		858,831
Equinix, Inc.		3,049		1,310,735
Extra Space Storage, Inc.		4,720		471,103
Iron Mountain, Inc.		10,573		370,161
Public Storage		5,611		1,272,912
SBA Communications Corp. (c)		4,290		708,365
Weyerhaeuser Co.		28,383		1,034,844
				10,096,060
Telecommunication Services (2.0%)
Diversified Telecommunication Services (1.9%)
AT&T, Inc.		272,984		8,765,516
CenturyLink, Inc.		36,892		687,667
Verizon Communications, Inc.		155,267		7,811,483
				17,264,666
Electric Utilities (0.1%)
Evergy, Inc.		10,100		567,115

See accompanying notes to financial statements.
40

SFT Index 500 Fund (formerly SFT Advantus Index 500 Fund)
Investments in Securities

	Shares		Value(a)
Utilities (3.0%)
Electric Utilities (1.8%)
Alliant Energy Corp.		8,691	$	367,803
American Electric Power Co., Inc.		18,497		1,280,917
Duke Energy Corp.		26,326		2,081,860
Edison International		12,213		772,717
Entergy Corp.		6,701		541,374
Eversource Energy		11,887		696,697
Exelon Corp.		36,265		1,544,889
FirstEnergy Corp.		16,786		602,785
NextEra Energy, Inc.		17,665		2,950,585
PG&E Corp.		19,351		823,579
Pinnacle West Capital Corp.		4,150		334,324
PPL Corp.		26,268		749,951
The Southern Co.		37,990		1,759,317
Xcel Energy, Inc.		19,060		870,661
				15,377,459
Gas Utilities (0.1%)
ONEOK, Inc.		15,398		1,075,242
Independent Power Producers & Energy Traders (0.1%)
AES Corp.		24,819		332,823
NRG Energy, Inc.		11,208		344,085
				676,908
Multi-Utilities (0.9%)
Ameren Corp.		9,104		553,978
CenterPoint Energy, Inc.		16,173		448,154

	Shares		Value(a)
CMS Energy Corp.		10,549	$	498,757
Consolidated Edison, Inc.		11,654		908,779
Dominion Energy, Inc.		24,451		1,667,069
DTE Energy Co.		6,820		706,757
NiSource, Inc.		12,608		331,338
Public Service Enterprise Group, Inc.		18,903		1,023,408
SCANA Corp.		5,351		206,121
Sempra Energy		9,926		1,152,508
WEC Energy Group, Inc.		11,828		764,680
				8,261,549
Water Utilities (0.1%)
American Water Works Co., Inc.		6,620		565,216
Total common stocks (cost: $329,120,129)				864,800,018
Short-Term Securities (1.3%)
Investment Companies (1.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		11,007,328		11,007,328
Total short-term securities (cost: $11,007,328)				11,007,328
Total investments in securities (cost: $340,127,457) (e)				875,807,346
Cash and other assets in excess of liabilities (0.1%)				1,085,035
Total net assets (100.0%)			$	876,892,381

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 3.7% of net assets in foreign securities at June 30, 2018.

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $6,478,850 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 Mid 500^® E-Mini Index Future	September 2018		78	Long	$	10,815,580	$	10,614,240	$	(201,340	)
							$	10,614,240	$	(201,340	)

(e) At June 30, 2018 the cost of investments for federal income tax purposes was $342,664,424. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	540,864,132
Gross unrealized depreciation		(7,922,550	)
Net unrealized appreciation	$	532,941,582

See accompanying notes to financial statements.
41

SFT International Bond Fund (formerly SFT Advantus International Bond Fund)
Investments in Securities

June 30, 2018
(Unaudited)

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

	Principal(b)		Value(a)
Long-Term Debt Securities (44.3%)
Argentina (3.5%)
Government (3.5%)
Argentine Bonos del Tesoro (ARS) 15.500%, 10/17/26		59,411,000	$	1,864,988
16.000%, 10/17/23		29,346,000		904,905
18.200%, 10/03/21		28,395,000		859,243
21.200%, 09/19/18		2,801,000		93,490
				3,722,626
Brazil (3.7%)
Government (3.7%)
Brazil Letras do Tesouro Nacional (BRL) 9.694%, 07/01/21 (c)		4,460,000		877,795
Brazil Notas do Tesouro Nacional Serie B (BRL) 19.321%, 05/15/19		80,000		66,327
19.321%, 08/15/22		134,000		110,585
19.321%, 05/15/23		186,000		152,992
19.321%, 08/15/24		110,000		90,623
Brazil Notas do Tesouro Nacional Serie F (BRL) 10.000%, 01/01/21		4,840,000		1,277,703
10.000%, 01/01/23		5,209,000		1,322,645
				3,898,670
Ghana (1.8%)
Government (1.8%)
Ghana Government Bond (GHS) 18.750%, 01/24/22		960,000		203,508
19.000%, 11/02/26		2,890,000		623,540
19.750%, 03/25/24		960,000		211,704
19.750%, 03/15/32		2,890,000		673,083
21.500%, 03/09/20		100,000		21,816
24.500%, 06/21/21		50,000		11,859
24.750%, 03/01/21		100,000		23,568
24.750%, 07/19/21		160,000		38,293
Republic of Ghana Government Bonds (GHS) 16.250%, 05/17/21		130,000		25,904
16.500%, 03/22/21		100,000		20,043
17.600%, 11/28/22		50,000		10,270
18.250%, 09/21/20		50,000		10,398
				1,873,986
Indonesia (9.3%)
Government (9.3%)
Indonesia Treasury Bond (IDR)
6.125%, 05/15/28		228,000,000		14,121
7.000%, 05/15/27		49,134,000,000		3,217,883
8.375%, 03/15/24		21,929,000,000		1,563,187
8.375%, 09/15/26		25,590,000,000		1,817,015
8.750%, 05/15/31		13,084,000,000		951,851

	Principal(b)		Value(a)
9.000%, 03/15/29		5,228,000,000	$	387,996
9.500%, 07/15/23		18,680,000,000		1,389,594
10.000%, 09/15/24		1,959,000,000		149,010
10.000%, 02/15/28		76,000,000		5,940
10.250%, 07/15/22		2,658,000,000		200,509
10.500%, 08/15/30		1,070,000,000		87,175
11.500%, 09/15/19		466,000,000		33,934
				9,818,215
Mexico (8.7%)
Government (8.7%)
Mexican Bonos (MXN) 5.000%, 12/11/19		100,870,000		4,933,948
6.500%, 06/10/21		20,100,000		989,981
8.000%, 06/11/20		44,930,000		2,297,686
8.500%, 12/13/18		13,490,000		687,617
Mexican Udibonos (MXN) 2.500%, 12/10/20		1,659,586		81,900
4.000%, 06/13/19		2,074,483		105,734
				9,096,866
Philippines (0.8%)
Government (0.8%)
Philippine Government Bond (PHP) 3.375%, 08/20/20		1,600,000		28,997
3.875%, 11/22/19		41,660,000		772,322
5.000%, 08/18/18		3,500,000		65,650
				866,969
South Korea (15.7%)
Government (15.7%)
Korea Treasury Bond (KRW) 1.375%, 09/10/21		708,200,000		619,673
1.500%, 06/10/19		2,690,600,000		2,406,215
1.875%, 03/10/22		200,000,000		177,000
2.000%, 03/10/21		2,212,310,000		1,978,131
2.000%, 09/10/22		2,371,000,000		2,100,610
3.000%, 03/10/23		967,000,000		891,101
3.000%, 09/10/24		2,419,000,000		2,235,799
3.375%, 09/10/23		2,729,000,000		2,560,194
3.500%, 03/10/24		1,785,000,000		1,690,072
3.750%, 06/10/22		1,792,000,000		1,694,923
4.250%, 06/10/21		139,300,000		132,378
				16,486,096
Ukraine (0.8%)
Government (0.8%)
Ukraine Government International Bond (USD) 2.114%, 05/31/40 (d) (e)		1,361,000		860,152
Total long-term debt securities (cost: $50,630,674)				46,623,580

See accompanying notes to financial statements.
42

SFT International Bond Fund (formerly SFT Advantus International Bond Fund)
Investments in Securities – continued

	Principal(b)		Value(a)
Short-Term Securities (51.9%)
Argentina (0.5%)
Argentina Treasury Bills (ARS) (0.895%), 09/14/18 (c)		792,000	$	28,756
3.101%, 10/12/18 (c)		317,000		11,183
25.140%, 09/19/18 (c)		1,674,000		53,046
25.150%, 09/19/18 (c)		1,110,000		35,174
25.480%, 09/19/18 (c)		3,802,000		120,478
Bonos de la Nacion Argentina con Ajuste por CER (ARS) 3.750%, 02/08/19 (c)		1,868,000		70,252
Letras Banco Central Argentina (ARS) 25.314%, 08/15/18 (c)		1,480,000		48,629
25.350%, 08/15/18 (c)		370,000		12,157
25.547%, 07/18/18 (c)		2,368,000		80,385
Letras Del Banco Central De La Republica Argentina (ARS) 25.128%, 10/17/18 (c)		2,202,000		67,914
40.768%, 10/17/18 (c)		646,000		19,986
45.073%, 11/21/18 (c)		150,000		4,490
				552,450
Mexico (10.8%)
Mexican Cetes (MXN) 7.310%, 08/16/18 (c)		13,725,900		691,101
7.335%, 08/16/18 (c)		1,882,000		94,759
7.341%, 10/11/18 (c)		204,800		10,186
7.371%, 08/16/18 (c)		2,711,200		136,509
7.371%, 10/11/18 (c)		9,688,700		481,868
7.432%, 12/06/18 (c)		410,000		20,144
7.665%, 07/05/18 (c)		2,177,700		110,649
7.756%, 12/06/18 (c)		1,851,000		90,943
Mexico Cetes (MXN) 7.695%, 09/13/18 (c)		27,284,200		1,365,324
7.695%, 09/27/18 (c)		21,221,100		1,058,661
7.716%, 09/27/18 (c)		2,874,500		143,401
7.746%, 10/25/18 (c)		20,696,700		1,027,324
7.787%, 09/13/18 (c)		17,112,400		856,319
7.797%, 09/27/18 (c)		19,280,000		961,825
7.827%, 08/16/18 (c)		1,930,400		97,196
7.837%, 08/09/18 (c)		5,912,400		298,147
7.868%, 08/30/18 (c)		1,773,700		89,033
7.873%, 09/27/18 (c)		1,773,700		88,485
7.918%, 11/08/18 (c)		363,000		17,944
7.943%, 01/31/19 (c)		3,037,700		147,454
7.949%, 11/22/18 (c)		270,800		13,345
8.010%, 12/06/18 (c)		9,113,200		447,747
8.020%, 03/28/19 (c)		6,074,200		291,346
8.030%, 11/08/18 (c)		3,847,900		190,211
8.030%, 03/28/19 (c)		10,632,100		509,964
8.040%, 03/28/19 (c)		3,037,700		145,702
8.060%, 05/23/19 (c)		2,278,300		107,989
8.081%, 01/31/19 (c)		399,200		19,378
8.091%, 05/23/19 (c)		9,113,300		431,960
8.101%, 01/31/19 (c)		2,278,000		110,577
8.111%, 01/31/19 (c)		3,532,600		171,478
8.111%, 03/28/19 (c)		1,518,700		72,844
8.121%, 05/23/19 (c)		19,110,600		905,821
8.131%, 05/23/19 (c)		2,126,200		100,779
				11,306,413

	Principal(b)		Value(a)
Philippines (0.4%)
Philippine Treasury Bill (PHP) 2.666%, 09/05/18 (c)		4,920,000	$	91,556
2.667%, 09/12/18 (c)		2,970,000		55,226
2.672%, 08/29/18 (c)		5,400,000		100,564
2.962%, 12/05/18 (c)		2,770,000		51,056
2.985%, 12/12/18 (c)		3,040,000		55,992
2.989%, 11/28/18 (c)		4,180,000		77,100
				431,494
United States (33.7%)
Federal Home Loan Bank (USD) 1.653%, 07/02/18 (c)		17,435,000		17,435,000
U.S. Treasury Bill (USD) 1.843%, 07/19/18 (c)		18,000,000		17,985,231
				35,420,231
Investment Companies (6.5%)
United States (6.5%)
State Street Institutional U.S. Government Money Market Fund (USD), current rate 1.820%		6,849,158		6,849,158
Total short-term securities (cost: $55,099,083)				54,559,746
Total investments in securities (cost: $105,729,757) (f)				101,183,326
Cash and other assets in excess of liabilities (3.8%)				3,981,936
Total net assets (100.0%)			$	105,165,262

See accompanying notes to financial statements.
43

SFT International Bond Fund (formerly SFT Advantus International Bond Fund)
Investments in Securities – continued

Foreign Forward Currency Contracts

On June 30, 2018, SFT International Bond Fund had entered into forward foreign currency contracts that obligate the Fund to deliver currencies at specified future dates. Unrealized appreciation and depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts were as follows:

Settlement Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)(a)			Counterparty
07/05/18		725,882	EUR		849,572	USD	$	1,952		DBK
07/06/18		366,500	EUR		454,231	USD		26,236		JPM
07/09/18		480,695	EUR		579,526	USD		18,059		BOA
07/09/18		805,000	EUR		995,680	USD		55,416		BOA
07/09/18		228,417	EUR		281,877	USD		15,080		UBS
07/10/18		6,569,760,000	KRW		6,221,364	USD		324,972		HSB
07/10/18		1,578,954	EUR		1,944,127	USD		99,734		HSB
07/10/18		279,196	EUR		344,996	USD		18,865		JPM
07/11/18		57,903,900	JPY		544,217	USD		21,175		BCB
07/12/18		9,980,000	JPY		90,471	USD		316		CIT
07/12/18		717,825	EUR		892,906	USD		54,285		DBK
07/12/18		318,477	AUD		243,549	USD		8,243		JPM
07/13/18		119,438	EUR		148,810	USD		9,263		BOA
07/13/18		12,300,000	JPY		115,746	USD		4,626		CIT
07/13/18		78,270	EUR		97,478	USD		6,030		GSC
07/13/18		2,010,112	USD		132,044,244	INR		(84,830	)	JPS
07/16/18		107,000	EUR		126,293	USD		1,251		GSC
07/16/18		602,000	EUR		747,013	USD		43,502		HSB
07/16/18		2,000,638	USD		132,032,118	INR		(76,217	)	JPS
07/16/18		10,380	EUR		12,261	USD		132		JPM
07/16/18		317,259	EUR		374,789	USD		4,033		JPM
07/16/18		1,169,196	EUR		1,383,228	USD		16,880		JPM
07/16/18		760,000	AUD		578,542	USD		17,009		JPM
07/17/18		33,230,000	JPY		301,384	USD		1,100		BCB
07/17/18		35,690,000	JPY		323,866	USD		1,351		HSB
07/18/18		168,000	EUR		209,530	USD		13,172		GSC
07/18/18		110,000	AUD		83,211	USD		1,936		JPM
07/19/18		486,001	USD		31,697,000	INR		(24,169	)	DBK
07/19/18		577,412	USD		37,658,833	INR		(28,715	)	DBK
07/19/18		365,500	EUR		426,732	USD		(493	)	MSC
07/20/18		882,534	USD		58,640,000	INR		(28,238	)	JPS
07/23/18		110,840,000	JPY		1,009,086	USD		7,075		JPM
07/23/18		642,000	EUR		744,669	USD		(5,971	)	JPM
07/23/18		50,750	EUR		58,906	USD		(432	)	MSC
07/23/18		182,750	EUR		216,536	USD		2,861		MSC
07/23/18		317,000	EUR		369,800	USD		(843	)	SCB
07/24/18		201,071	USD		13,424,000	INR		(5,596	)	JPS
07/25/18		75,690	USD		5,058,000	INR		(2,046	)	DBK
07/26/18		14,825,000	JPY		136,791	USD		2,744		MSC
07/27/18		489,817	USD		32,918,166	INR		(10,646	)	DBK
07/30/18		1,416,728	EUR		1,657,089	USD		(224	)	BOA
07/30/18		50,203,538	JPY		467,147	USD		13,087		DBK
07/30/18		17,600,000	JPY		163,601	USD		4,420		JPM
07/30/18		262,000	EUR		308,158	USD		1,665		MSC
07/31/18		690,867	EUR		847,797	USD		39,549		BCB
07/31/18		60,350,000	JPY		560,626	USD		14,762		BCB
07/31/18		52,800,000	JPY		486,134	USD		8,559		GSC
07/31/18		77,000	EUR		93,989	USD		3,906		GSC
07/31/18		14,825,000	JPY		134,636	USD		544		MSC
07/31/18		262,000	EUR		304,473	USD		(2,042	)	MSC
07/31/18		633,107	EUR		772,615	USD		31,941		SCB
08/02/18		297,007	USD		20,094,000	INR		(4,717	)	HSB
08/02/18		535,000	EUR		651,242	USD		25,252		JPM
08/03/18		37,500	EUR		45,596	USD		1,715		GSC
08/06/18		76,884	EUR		92,620	USD		2,633		CIT
08/06/18		371,263	USD		24,082,000	INR		(21,126	)	JPS
08/08/18		168,116	USD		10,920,000	INR		(9,383	)	HSB
08/09/18		14,673,000	JPY		135,642	USD		2,844		CIT
08/09/18		13,826,020	JPY		127,369	USD		2,237		CIT
08/09/18		111,700	AUD		83,810	USD		1,271		CIT
08/09/18		3,116,000	EUR		3,737,112	USD		89,259		DBK
08/09/18		358,966	EUR		430,644	USD		10,408		JPM

See accompanying notes to financial statements.
44

SFT International Bond Fund (formerly SFT Advantus International Bond Fund)
Investments in Securities – continued

Settlement Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)(a)			Counterparty
08/10/18		335,000	EUR		400,223	USD	$	8,014		BCB
08/10/18		239,311	EUR		285,864	USD		5,686		JPM
08/13/18		61,530,000	JPY		568,895	USD		11,868		CIT
08/13/18		11,479,666	JPY		105,255	USD		1,331		CIT
08/13/18		318,262	AUD		243,434	USD		8,258		JPM
08/14/18		11,479,667	JPY		102,795	USD		(1,137	)	CIT
08/14/18		3,074,985	EUR		3,694,594	USD		93,413		CIT
08/14/18		158,000	EUR		190,001	USD		4,964		HSB
08/15/18		115,000	EUR		138,279	USD		3,590		DBK
08/15/18		22,910,000	JPY		210,938	USD		3,507		HSB
08/15/18		8,030,000	JPY		75,469	USD		2,764		JPM
08/15/18		760,000	AUD		575,077	USD		13,481		JPM
08/16/18		294,825	EUR		355,305	USD		9,978		BOA
08/16/18		7,332,500	JPY		67,374	USD		980		CIT
08/16/18		376,802	USD		25,664,000	INR		(4,091	)	HSB
08/16/18		100,310,000	JPY		945,661	USD		37,375		JPM
08/16/18		100,685,000	JPY		925,057	USD		13,375		JPM
08/16/18		13,769,800	JPY		126,504	USD		1,821		SCB
08/16/18		160,000	EUR		192,885	USD		5,477		SCB
08/17/18		2,133,000,000	KRW		1,993,272	USD		75,769		HSB
08/20/18		48,327,275	JPY		441,345	USD		3,633		BOA
08/20/18		935,351	EUR		1,109,310	USD		13,410		JPM
08/20/18		115,000	AUD		87,006	USD		2,026		JPM
08/21/18		97,530,600	JPY		886,106	USD		2,687		CIT
08/21/18		97,305,000	JPY		884,269	USD		2,893		DBK
08/21/18		317,259	EUR		377,030	USD		5,287		JPM
08/21/18		20,675	EUR		24,587	USD		361		UBS
08/22/18		74,602,500	JPY		676,974	USD		1,188		BOA
08/22/18		23,068,000	JPY		209,156	USD		195		CIT
08/22/18		403,000	AUD		302,129	USD		4,330		CIT
08/22/18		33,313	EUR		39,467	USD		430		UBS
08/23/18		1,464,000,000	KRW		1,367,905	USD		51,425		CIT
08/23/18		77,666,000	JPY		702,872	USD		(712	)	CIT
08/23/18		2,343,132	USD		161,582,400	INR		1,604		JPS
08/24/18		64,764,000	JPY		587,519	USD		775		BOA
08/24/18		815,540	EUR		967,031	USD		11,221		DBK
08/24/18		142,170,490	JPY		1,291,015	USD		2,990		JPM
08/24/18		52,556,000	JPY		476,926	USD		783		SCB
08/27/18		22,797,000	JPY		215,738	USD		9,161		DBK
08/27/18		60,993,500	JPY		558,528	USD		5,831		JPM
08/29/18		54,600,000	JPY		503,481	USD		8,652		BCB
08/29/18		38,472,000	JPY		354,806	USD		6,142		DBK
08/29/18		130,792	EUR		154,461	USD		1,116		DBK
08/29/18		130,500	EUR		154,122	USD		1,119		GSC
08/29/18		77,440,000	JPY		707,683	USD		5,859		HSB
08/29/18		645,663	EUR		762,083	USD		5,085		SCB
08/31/18		690,867	EUR		814,780	USD		4,664		BCB
08/31/18		616,157	EUR		727,601	USD		5,090		UBS
09/04/18		37,500	EUR		44,181	USD		195		GSC
09/04/18		73,808,000	JPY		681,200	USD		12,019		HSB
09/05/18		1,449,000,000	KRW		1,349,476	USD		45,645		HSB
09/05/18		44,000,000	JPY		404,298	USD		5,341		JPM
09/05/18		7,425,972	USD		27,884,523	BRL		(228,108	)	JPM
09/06/18		20,800,000	JPY		190,773	USD		2,161		HSB
09/06/18		3,236,680	EUR		3,811,618	USD		14,519		SCB
09/06/18		158,417	EUR		186,890	USD		1,045		UBS
09/07/18		743,085	EUR		872,293	USD		476		BOA
09/07/18		725,882	EUR		853,492	USD		1,859		DBK
09/07/18		51,000	EUR		60,007	USD		171		GSC
09/10/18		46,300,000	JPY		423,411	USD		3,438		CIT
09/11/18		91,710,000	JPY		839,182	USD		7,244		CIT
09/11/18		34,700,000	JPY		313,033	USD		(1,745	)	HSB
09/11/18		34,700,000	JPY		318,166	USD		3,389		HSB
09/11/18		279,196	EUR		332,456	USD		4,789		JPM
09/12/18		22,100,000	JPY		203,349	USD		2,856		DBK
09/12/18		717,825	EUR		850,271	USD		7,757		DBK
09/12/18		66,670,000	JPY		613,083	USD		8,246		HSB
09/12/18		61,770,000	JPY		567,898	USD		7,515		JPM

See accompanying notes to financial statements.
45

SFT International Bond Fund (formerly SFT Advantus International Bond Fund)
Investments in Securities – continued

Settlement Date	Currency to be delivered – SELL			Currency to be received – BUY			Unrealized Gain (Loss)(a)			Counterparty
09/12/18		318,262	AUD		243,485	USD	$	8,290		JPM
09/13/18		17,886,000	JPY		164,482	USD		2,206		CIT
09/13/18		55,874	EUR		66,424	USD		840		CIT
09/13/18		1,971,000	AUD		1,500,966	USD		44,400		CIT
09/14/18		241,142	USD		16,470,000	INR		(2,761	)	DBK
09/14/18		13,582,000	JPY		123,953	USD		717		JPM
09/14/18		760,000	AUD		578,751	USD		17,110		JPM
09/14/18		14,666,000	JPY		133,897	USD		825		SCB
09/17/18		105,620	EUR		125,330	USD		1,313		JPM
09/18/18		48,327,275	JPY		439,687	USD		1,055		BOA
09/18/18		923,224	EUR		1,092,063	USD		7,956		BOA
09/18/18		19,620,000	JPY		178,876	USD		799		GSC
09/18/18		78,270	EUR		91,692	USD		(217	)	GSC
09/18/18		21,480,270	JPY		204,867	USD		9,906		GSC
09/18/18		26,000,000	JPY		236,993	USD		1,009		JPM
09/18/18		145,000	AUD		109,717	USD		2,561		JPM
09/18/18		18,200,000	JPY		166,113	USD		925		MSC
09/19/18		22,560,000	JPY		205,235	USD		458		BCB
09/19/18		15,430,000	JPY		147,574	USD		7,516		DBK
09/19/18		154,900,000	JPY		1,409,444	USD		3,419		JPM
09/20/18		35,200,000	JPY		320,729	USD		1,195		CIT
09/20/18		246,460	EUR		287,984	USD		(1,471	)	GSC
09/20/18		4,111,000	AUD		3,058,222	USD		20,140		JPM
09/20/18		20,675	EUR		24,159	USD		(123	)	UBS
09/21/18		74,400,375	JPY		680,139	USD		4,704		BOA
09/21/18		74,662,400	JPY		683,071	USD		5,257		HSB
09/24/18		1,514,253	EUR		1,765,028	USD		(13,948	)	HSB
09/25/18		75,119,000	JPY		686,218	USD		4,049		DBK
09/25/18		96,755,000	JPY		884,092	USD		5,442		HSB
09/25/18		29,220,000	JPY		266,944	USD		1,592		JPM
09/25/18		317,259	EUR		370,082	USD		(2,670	)	JPM
09/28/18		1,416,728	EUR		1,664,556	USD		(374	)	BOA
09/28/18		130,740	EUR		152,845	USD		(801	)	DBK
09/28/18		130,500	EUR		152,428	USD		(935	)	GSC
09/28/18		9,763,000	JPY		89,542	USD		862		JPM
09/28/18		60,993,500	JPY		559,512	USD		5,491		JPM
10/05/18		29,920,000	JPY		286,020	USD		14,099		SCB
10/09/18		111,700	AUD		86,007	USD		3,452		CIT
10/09/18		58,343	USD		3,868,000	INR		(2,527	)	JPS
10/15/18		760,000	AUD		575,305	USD		13,580		JPM
10/16/18		763,000,000	KRW		716,432	USD		28,355		CIT
10/26/18		42,092,130	JPY		385,798	USD		2,599		BCB
10/30/18		536,000,000	KRW		501,638	USD		17,908		HSB
11/15/18		1,020,000,000	KRW		953,940	USD		32,620		CIT
11/19/18		610,000,000	KRW		571,375	USD		20,272		DBK
11/21/18		1,071,500,000	KRW		1,004,312	USD		36,163		CIT
11/30/18		1,494,000,000	KRW		1,394,906	USD		44,358		DBK
12/11/18		607,000,000	KRW		571,536	USD		22,496		DBK
12/18/18		104,863,100	JPY		960,703	USD		1,901		CIT
12/18/18		46,870,000	JPY		430,545	USD		1,995		DBK
12/18/18		46,950,000	JPY		430,862	USD		1,581		HSB
12/19/18		63,794	USD		4,419,000	INR		(557	)	CIT
12/20/18		508,500,000	KRW		473,045	USD		12,877		CIT
01/11/19		62,600,000	JPY		569,132	USD		(4,367	)	BCB
01/11/19		10,873,000	JPY		98,819	USD		(793	)	GSC
01/16/19		21,600,000	JPY		198,529	USD		564		JPM
01/22/19		45,710,000	JPY		422,458	USD		3,320		SCB
01/24/19		27,530,000	JPY		254,733	USD		2,254		BCB
01/24/19		10,020,000	JPY		92,394	USD		500		DBK
01/25/19		32,786,000	JPY		304,397	USD		3,692		CIT
01/25/19		51,000,000	JPY		473,103	USD		5,343		JPM
01/31/19		64,982,551	JPY		610,337	USD		14,042		HSB
02/14/19		11,479,667	JPY		108,358	USD		2,897		CIT
02/15/19		15,430,000	JPY		147,229	USD		5,466		BCB
							$	1,498,969

See accompanying notes to financial statements.
46

SFT International Bond Fund (formerly SFT Advantus International Bond Fund)
Investments in Securities – continued

At June 30, 2018, the Fund had the following interest rate swap contracts outstanding.

Interest Rate Swap Contracts

Description	Counter-party	Payment Frequency (Pay/Rec)	Maturity Date	Notional Amount		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation/ (Depreciation)(a)
Centrally Cleared Swaps
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.816%	CIT	Quarterly/ Semi-Annually	02/03/25	$	440,000		26,975		$	–	$	26,975
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.914%	CIT	Quarterly/ Semi-Annually	01/22/25		704,000		38,618			–		38,618
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.936%	CIT	Quarterly/ Semi-Annually	01/29/25		320,000		17,102			–		17,102
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.941%	CIT	Quarterly/ Semi-Annually	01/30/25		270,000		14,379			–		14,379
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.969%	CIT	Quarterly/ Semi-Annually	01/23/25		880,000		45,146			–		45,146
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.973%	CIT	Quarterly/ Semi-Annually	01/27/25		1,300,000		66,512			–		66,512
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.977%	CIT	Quarterly/ Semi-Annually	03/27/25		750,000		38,540			–		38,540
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 1.985%	CIT	Quarterly/ Semi-Annually	03/27/25		750,000		38,218			–		38,218
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.378%	CIT	Quarterly/ Semi-Annually	11/18/46		3,200,000		359,770			–		359,770
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.537%	GSC	Quarterly/ Semi-Annually	04/13/47		1,700,000		136,693			–		136,693
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.695%	CIT	Quarterly/ Semi-Annually	05/09/24		1,704,000		19,023			–		19,023
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.793%	CIT	Quarterly/ Semi-Annually	03/13/47		2,000,000		42,727			–		42,727
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 2.979%	CIT	Quarterly/ Semi-Annually	02/20/48		1,514,000		(27,692	)		–		(27,692	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 3.002%	HSB	Quarterly/ Semi-Annually	02/22/48		1,514,000		(34,649	)		–		(34,649	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 3.019%	HSB	Quarterly/ Semi-Annually	02/23/48		1,514,000		(40,060	)		–		(40,060	)
Receive Floating Rate 3-Month USD LIBOR Pay Fixed Rate 3.387%	CIT	Quarterly/ Semi-Annually	05/09/44		2,028,000		(153,615	)		–		(153,615	)
Net unrealized appreciation (depreciation)						$	587,687		$	–	$	587,687

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 June 30, 2018 the cost of investments for federal income tax purposes was $107,228,726. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	2,482,877
Gross unrealized depreciation		(6,441,621	)
Net unrealized depreciation	$	(3,598,744	)

See accompanying notes to financial statements.
47

SFT International Bond Fund (formerly 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

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.
48

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

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Mutual Funds (89.8%)
Investment Companies (89.8%)
iShares Core High Dividend ETF		598,057	$	50,828,865
iShares Edge MSCI Minimum Volatility EAFE ETF		1,000,363		71,165,824
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		294,855		17,054,413
iShares Edge MSCI Minimum Volatility USA ETF (b)		1,722,732		91,580,433
iShares MSCI Germany ETF		378,732		11,354,385
iShares Short Maturity Bond ETF		282,595		14,177,791
Total mutual funds (cost: $234,970,614)				256,161,711
Purchased Option (0.1%)
Put Option Purchased (0.1%)
S&P 500 Index, $2,650.00, 07/20/18 (cost: $143,492)				223,510

	Shares		Value(a)
Short-Term Securities (8.4%)
Investment Companies (8.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		23,938,550	$	23,938,550
Total short-term securities (cost: $23,938,550)				23,938,550
Total investments in securities (cost: $259,052,656) (c)				280,323,771
Cash and other assets in excess of liabilities (1.7%)				4,943,343
Total net assets (100.0%)			$	285,267,114

Investments in Securities Legend

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

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $2,126,400 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 Mid 500^® E-Mini Index Future	September 2018		209	Long	$	28,795,982	$	28,440,720	$	(355,262	)
							$	28,440,720	$	(355,262	)

(c) At June 30, 2018 the cost of investments for federal income tax purposes was $258,688,001. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	21,251,948
Gross unrealized depreciation		–
Net unrealized appreciation	$	21,251,948

Purchased Options	Contracts		Expiration Date	Notional Amount		Exercise Price		Value(a)
Put—S&P 500 Index		155	July 2018	$	15,500	$	143,492	$	223,510
Written Options	Contracts		Expiration Date	Notional Amount		Exercise Price		Value(a)
Put—S&P 500 Index		238	July 2018	$	23,800	$	44,384	$	(28,560	)

See accompanying notes to financial statements.
49

SFT Mortgage Securities Fund
(formerly SFT Advantus Mortgage Securities Fund)
Investments in Securities

June 30, 2018
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (97.8%)
Government Obligations (72.2%)
Other Government Obligations (0.7%)
Provincial or Local Government Obligations (0.7%)
Ohio State Water Development Authority, 4.817%, 12/01/30	$	250,000	$	279,125
Texas A&M University, 4.000%, 05/15/31		325,000		333,983
				613,108
U.S. Government Agencies and Obligations (71.5%)
Export-Import Bank of the United States (0.7%)
DY7 Leasing LLC, 2.578%, 12/10/25		156,250		153,455
Export Leasing 2009 LLC, 1.859%, 08/28/21		85,587		84,250
Helios Leasing I LLC 1.825%, 05/16/25		91,522		87,696
2.018%, 05/29/24		137,771		133,637
Union 16 Leasing LLC, 1.863%, 01/22/25		147,037		141,427
				600,465
Federal Home Loan Mortgage Corporation (FHLMC) (12.8%)
2.500%, 03/01/28		140,649		137,564
2.500%, 04/01/28		212,617		207,956
2.651%, 01/25/23 (1-Month USD LIBOR + 0.650%) (b)		219,031		219,581
3.000%, 08/01/42		108,217		105,775
3.000%, 12/01/42		228,264		223,101
3.000%, 01/01/43		307,231		300,047
3.000%, 02/01/43		731,937		715,332
3.000%, 04/01/43		300,473		293,380
3.000%, 10/25/46		351,135		337,227
3.041%, 10/25/29 (1-Month USD LIBOR + 0.950%) (b)		450,000		428,717
3.500%, 10/01/25		93,292		94,531
3.500%, 05/01/32		264,622		268,444
3.500%, 03/01/42		1,011,726		1,014,783
3.500%, 08/01/42		257,214		257,988
3.500%, 12/01/44		1,163,923		1,163,535
3.500%, 05/25/45		562,293		555,836
3.500%, 11/01/46		383,725		382,447
4.000%, 09/01/40		360,411		370,816
4.000%, 03/01/41		373,744		385,327
4.000%, 01/01/45		826,464		845,822
4.500%, 04/01/23		32,546		33,888
4.500%, 09/01/40		229,542		241,417
4.500%, 01/01/41		239,893		252,303
4.500%, 03/01/41		255,938		269,178
5.000%, 03/01/23		25,392		26,808
5.000%, 05/01/29		34,583		36,512
5.000%, 08/01/35		38,285		40,857
5.000%, 11/01/35		40,610		43,197

	Principal		Value(a)
5.000%, 11/01/39	$	418,484	$	449,495
5.500%, 06/01/20		11,346		11,482
5.500%, 10/01/20		41,753		42,154
5.500%, 11/01/23		80,024		85,556
5.500%, 05/01/34		151,235		167,598
6.000%, 09/01/22		43,271		44,888
6.000%, 11/01/33		137,393		153,009
6.250%, 12/15/23		50,101		52,605
6.500%, 11/01/32		38,309		42,893
6.641%, 10/25/24 (1-Month USD LIBOR + 4.550%) (b)		201,311		223,283
6.891%, 05/25/28 (1-Month USD LIBOR + 4.800%) (b)		200,000		234,109
				10,759,441
Federal National Mortgage Association (FNMA) (41.4%)
2.500%, 03/01/27		351,937		345,074
2.500%, 11/01/27		166,529		161,986
2.500%, 03/01/28		377,560		369,945
3.000%, 09/01/22		102,205		102,679
3.000%, 11/01/27		167,420		167,445
3.000%, 06/01/28		219,488		219,453
3.000%, 07/17/33 (c)		1,700,000		1,690,020
3.000%, 03/01/42		123,749		121,010
3.000%, 09/01/42		163,146		159,575
3.000%, 03/01/43		120,273		117,532
3.000%, 04/01/43		482,367		471,709
3.000%, 05/01/43		667,119		651,680
3.000%, 09/01/43		186,214		181,943
3.000%, 01/01/46		501,846		486,884
3.000%, 07/01/48 (c)		1,875,000		1,816,333
3.500%, 11/01/25		54,082		54,852
3.500%, 01/01/26		127,658		129,476
3.500%, 12/01/32		226,881		230,279
3.500%, 11/01/40		213,622		214,353
3.500%, 01/01/41		386,256		387,630
3.500%, 02/01/41		768,938		771,673
3.500%, 11/01/41		357,684		358,948
3.500%, 12/01/41		673,549		675,940
3.500%, 01/01/42		1,588,584		1,594,212
3.500%, 05/01/42		489,787		491,517
3.500%, 08/01/42		460,807		462,279
3.500%, 01/01/43		281,396		282,388
3.500%, 02/01/43		573,197		576,654
3.500%, 03/01/43		258,610		259,522
3.500%, 05/01/43		952,837		955,191
3.500%, 06/01/45		1,553,703		1,552,010
3.500%, 10/01/45		204,515		204,165
3.500%, 01/01/46		391,309		390,640
3.500%, 01/01/47		926,301		924,574
3.500%, 11/01/47		982,923		979,971
3.500%, 07/12/48 (c)		2,575,000		2,562,887
4.000%, 06/25/23		108,650		109,603
4.000%, 12/01/40		147,450		151,404
4.000%, 04/01/41		133,427		137,319
4.000%, 11/01/41		300,006		308,130
4.000%, 06/01/42		787,829		809,141
4.000%, 09/01/43		478,494		489,656
4.000%, 10/01/43		1,176,274		1,215,233

See accompanying notes to financial statements.
50

SFT Mortgage Securities Fund

(formerly SFT Advantus Mortgage Securities Fund)
Investments in Securities – continued

	Principal		Value(a)
4.000%, 01/01/44	$	268,116	$	277,015
4.000%, 08/01/44		239,350		245,168
4.000%, 07/12/48 (c)		2,370,000		2,416,219
4.500%, 04/01/21		2,498		2,529
4.500%, 11/01/23		28,051		29,230	��
4.500%, 04/01/25		58,753		60,720
4.500%, 05/25/34		537,000		573,994
4.500%, 05/01/35		193,919		202,999
4.500%, 07/01/35		169,281		177,080
4.500%, 09/01/37		205,992		215,715
5.000%, 10/01/20		30,911		31,631
5.000%, 06/25/23		101,331		104,628
5.000%, 11/01/33		175,586		188,035
5.000%, 03/01/34		224,575		239,498
5.000%, 05/01/34		41,094		44,009
5.000%, 12/01/34		34,770		37,238
5.000%, 07/01/35		226,123		242,146
5.000%, 03/01/38		102,713		110,062
5.000%, 06/01/39		153,662		165,948
5.000%, 12/01/39		248,224		268,518
5.000%, 06/01/40		81,546		87,441
5.000%, 04/01/41		150,470		161,809
5.500%, 08/01/23		44,828		48,044
5.500%, 02/01/24		66,219		70,969
5.500%, 04/01/33		294,762		321,944
5.500%, 05/01/33		16,243		17,619
5.500%, 01/01/34		41,754		45,429
5.500%, 02/01/34		24,959		27,139
5.500%, 04/01/34		63,510		68,876
5.500%, 05/01/34		7,361		7,896
5.500%, 09/01/34		161,260		174,654
5.500%, 10/01/34		66,696		72,745
5.500%, 01/01/35		106,707		116,275
5.500%, 02/01/35		200,562		218,622
5.500%, 06/01/35		11,514		12,487
5.500%, 08/01/35		52,806		57,447
5.500%, 10/01/35		36,724		40,581
5.500%, 11/01/35		8,074		8,749
5.500%, 09/01/36		153,047		166,474
5.741%, 09/25/29 (1-Month USD LIBOR + 3.650%) (b)		250,000		272,571
6.000%, 09/01/32		16,797		18,782
6.000%, 10/01/32		251,459		281,082
6.000%, 11/01/32		207,148		231,458
6.000%, 03/01/33		221,897		247,420
6.000%, 04/01/33		35,411		38,721
6.000%, 12/01/33		59,836		66,381
6.000%, 08/01/34		49,002		53,719
6.000%, 09/01/34		31,238		34,398
6.000%, 11/01/34		17,112		18,709
6.000%, 12/01/34		129,615		142,842
6.000%, 11/01/36		13,809		15,202
6.000%, 01/01/37		152,028		167,493
6.000%, 08/01/37		40,771		44,887
6.000%, 12/01/37		23,158		25,309
6.491%, 01/25/24 (1-Month USD LIBOR + 4.400%) (b)		100,000		113,875
6.500%, 11/01/23		36,973		38,460
6.500%, 02/01/32		212,758		235,962
6.500%, 04/01/32		67,156		74,487
6.500%, 05/01/32		19,408		21,394
6.500%, 07/01/32		242,906		269,849
6.500%, 09/01/34		10,827		11,935
6.500%, 11/01/34		7,996		8,815

	Principal		Value(a)
6.500%, 03/01/35	$	97,685	$	108,740
6.500%, 02/01/36		15,114		16,660
6.500%, 09/01/37		100,900		113,080
7.000%, 09/01/31		86,152		92,791
7.000%, 11/01/31		19,611		21,888
7.000%, 02/01/32		78,295		88,055
7.000%, 07/01/32		16,020		17,845
7.000%, 10/01/37		16,023		16,678
7.500%, 07/25/22		47,815		49,778
7.500%, 04/01/31		29,355		32,135
				34,691,898
Government National Mortgage Association (GNMA) (16.1%)
0.013%, 06/17/45 (b) (d)		224,956		88
0.643%, 07/16/40 (b) (d)		211,580		117
1.000%, 12/20/42		141,043		128,620
3.000%, 09/20/42		441,766		436,459
3.000%, 09/20/44		162,858		160,908
3.000%, 03/15/45		489,799		479,659
3.000%, 04/15/45		1,273,808		1,247,435
3.000%, 05/15/45		125,254		122,686
3.250%, 04/20/33		180,447		180,088
3.250%, 03/20/35		1,137,275		1,135,016
3.250%, 11/20/35		288,261		287,262
3.250%, 01/20/36		1,110,653		1,106,801
3.500%, 11/15/40		93,803		94,368
3.500%, 10/20/43		321,094		324,918
3.500%, 02/20/45		515,227		518,505
3.500%, 03/20/45		774,392		779,319
3.500%, 04/20/45		979,180		985,410
3.500%, 04/20/46		225,783		226,750
3.500%, 07/19/48 (c)		600,000		602,309
3.750%, 03/20/46		246,289		250,010
4.000%, 07/20/31		416,994		431,061
4.000%, 04/20/39		275,690		284,936
4.000%, 12/20/40		839,995		868,333
4.000%, 01/15/41		57,998		59,745
4.000%, 02/15/41		416,712		431,197
4.000%, 10/15/41		298,841		307,852
4.000%, 12/20/44		161,904		167,221
4.500%, 06/15/40		287,704		304,441
5.000%, 05/15/33		87,633		93,356
5.000%, 12/15/39		79,113		84,738
5.000%, 01/15/40		701,772		738,425
5.000%, 07/15/40		370,688		390,101
5.500%, 07/15/38		112,658		124,363
5.500%, 10/15/38		133,662		149,508
				13,502,005
U.S. Treasury (0.4%)
U.S. Treasury Note
2.250%, 02/15/27 (e)		150,000		143,139
2.750%, 02/15/28		200,000		198,289
				341,428
Vendee Mortgage Trust (0.1%)
Vendee Mortgage Trust, 7.793%, 02/15/25		40,273		42,394
Total government obligations (cost: $61,404,063)				60,550,739

See accompanying notes to financial statements.
51

SFT Mortgage Securities Fund

(formerly SFT Advantus Mortgage Securities Fund)
Investments in Securities – continued

	Principal		Value(a)
Asset-Backed Securities (10.7%)
Bank of The West Auto Trust, 3.210%, 04/15/25 (f)	$	150,000	$	146,494
Bear Stearns Asset Backed Securities Trust, 3.066%, 02/25/34 (1-Month USD LIBOR + 0.975%) (b)		361,951		357,221
CarMax Auto Owner Trust 2018-1, 2.950%, 11/15/23		350,000		344,384
Chase Funding Trust
2.651%, 02/25/33 (1-Month USD LIBOR + 0.560%) (b)		155,233		148,293
2.731%, 08/25/32 (1-Month USD LIBOR + 0.640%) (b)		120,225		117,814
Chesapeake Funding II LLC
3.260%, 11/15/29 (f)		375,000		368,555
3.380%, 08/15/29 (f)		275,000		272,008
3.710%, 05/15/29 (f)		100,000		99,729
Commonbond Student Loan Trust, 5.280%, 05/25/41 (f)		229,463		232,951
CountryPlace Manufactured Housing Contract Trust, 5.200%, 12/15/35 (b) (f)		398,900		409,926
Credit-Based Asset Servicing and Securitization LLC, 6.250%, 10/25/36 (f) (g)		77,866		78,111
Earnest Student Loan Program LLC, 2.650%, 01/25/41 (f)		347,582		339,012
Entergy Gulf States Reconstruction Funding 1 LLC, 5.930%, 06/29/22		418,210		433,922
FAN Engine Securitization, Ltd., 3.000%, 10/15/19 (h) (i) (j)		47,777		47,521
FirstEnergy Ohio PIRB Special Purpose Trust, 1.726%, 01/15/22		116,831		116,047
Foursight Capital Automobile Receivables Trust
2.340%, 01/15/21 (f)		79,570		79,257
3.710%, 01/18/22 (f)		285,000		280,297
GM Financial Consumer Automobile Receivables Trust 2018-1, 2.770%, 07/17/23		150,000		147,187
Invitation Homes 2015-SFR3 Trust, 3.373%, 08/17/32 (1-Month USD LIBOR + 1.300%) (b) (f)		605,972		606,726
Invitation Homes 2018-SFR1 Trust, 3.335%, 03/17/37 (1-Month USD LIBOR + 1.250%) (b) (f)		500,000		500,606
Invitation Homes 2018-SFR3 Trust, 3.000%, 07/17/37 (1-Month USD LIBOR + 1.000%) (b) (f)		650,000		650,814
Lehman ABS Manufactured Housing Contract Trust, 5.873%, 04/15/40		33,115		33,469

	Principal		Value(a)
Morgan Stanley Dean Witter Capital I, Inc., 2.651%, 08/25/32 (1-Month USD LIBOR + 0.560%) (b)	$	178,343	$	169,595
PFS Financing Corp., 2.319%, 02/15/22 (1-Month USD LIBOR + 0.400%) (b) (h)		550,000		549,482
Progress Residential 2018-SFR1 Trust, 3.684%, 03/17/35 (f)		500,000		492,088
Progress Residential Trust, 3.565%, 08/17/34 (f)		475,000		463,554
Saxon Asset Securities Trust, 2.049%, 03/25/35 (1-Month USD LIBOR + 0.540%) (b)		270,238		258,324
Towd Point Mortgage Trust, 3.750%, 04/25/55 (b) (f)		350,000		349,787
Towd Point Mortgage Trust 2015-1, 4.359%, 11/25/57 (b) (f)		554,000		579,001
Volvo Financial Equipment LLC Series 2018-1, 3.060%, 12/15/25 (f)		300,000		297,341
Total asset-backed securities (cost: $9,001,443)				8,969,516
Other Mortgage-Backed Securities (13.9%)
Collateralized Mortgage Obligations/ Mortgage Revenue Bonds (5.9%)
Agate Bay Mortgage Trust, 3.819%, 01/25/45 (b) (f)		254,439		250,191
Bear Stearns Mortgage Securities, Inc., 8.000%, 11/25/29		124,269		79,421
Citigroup Mortgage Loan Trust, Inc., 3.000%, 09/25/64 (b) (f)		473,261		465,525
CSMC Trust, 3.500%, 06/25/47 (b) (f)		525,000		502,796
GS Mortgage-Backed Securities Trust, 3.125%, 07/25/44 (b) (f)		388,624		375,161
JP Morgan Mortgage Trust
3.368%, 10/25/46 (b) (f)		328,627		304,744
3.419%, 06/25/29 (b) (f)		277,611		273,340
3.647%, 05/25/43 (b) (f)		376,260		363,494
Prudential Home Mortgage Securities 7.706%, 09/28/24 (b) (f)		714		657
7.900%, 04/28/22 (f)		5,571		5,407
PSMC Trust, 3.500%, 02/25/48 (b) (f)		766,565		761,577
Seasoned Credit Risk Transfer Trust 4.000%, 07/25/56 (b) (f)		572,000		559,811
4.000%, 08/25/56 (b) (f)		200,000		196,773
Sequoia Mortgage Trust 3.714%, 07/25/45 (b) (f)		463,583		458,238
3.875%, 01/25/45 (b) (f)		384,936		384,773
Structured Asset Mortgage Investments, Inc., 1.089%, 05/02/30 (b)		10,674		1,660
				4,983,568

See accompanying notes to financial statements.
52

SFT Mortgage Securities Fund

(formerly SFT Advantus Mortgage Securities Fund)
Investments in Securities – continued

	Principal		Value(a)
Commercial Mortgage-Backed Securities (8.0%)
7 WTC Depositor LLC Trust, 4.082%, 03/13/31 (f)	$	20,978	$	20,983
BB-UBS Trust, 4.160%, 11/05/36 (b) (f)		500,000		491,195
CFCRE Commercial Mortgage Trust, 3.839%, 12/10/54		500,000		501,102
CSMC Trust, 3.304%, 09/15/37 (f)		400,000		394,656
Hometown Commercial Mortgage, 5.506%, 11/11/38 (h)		17,639		14,612
Irvine Core Office Trust, 2.068%, 05/15/48 (f)		263,952		256,576
JPMorgan Chase Commercial Mortgage Securities Corp., 1.86%, 12/05/27 (b) (d) (h)		3,322,142		83,679
Morgan Stanley Bank of America Merrill Lynch Trust, 3.720%, 12/15/49		225,000		224,588
Morgan Stanley Capital I Trust, 3.451%, 08/05/34 (f)		150,000		147,877
One Market Plaza Trust, 3.614%, 02/10/32 (f)		500,000		499,002
UBS Commercial Mortgage Trust 3.580%, 12/15/50		500,000		491,568
3.724%, 06/15/50		1,500,000		1,476,038
Wells Fargo Commercial Mortgage Trust 2.814%, 08/15/49		540,000		501,430
3.637%, 06/15/48		625,000		625,671
Wells Fargo Commercial Mortgage Trust 2017-SMP, 2.82%, 12/15/34 (1-Month USD LIBOR + 0.750%) (b) (h)		1,000,000		1,000,361
				6,729,338
Total other mortgage-backed securities (cost: $12,123,354)				11,712,906
Corporate Obligations (1.0%)
Communications (0.5%)
Telecommunication (0.5%)
Crown Castle Towers LLC, 3.222%, 05/15/42 (f)		425,000		416,989
Financial (0.5%)
Real Estate Investment Trust — Residential (0.5%)
UDR, Inc., 4.000%, 10/01/25		400,000		397,458
Total corporate obligations (cost: $824,299)				814,447
Total long-term debt securities (cost: $83,353,159)				82,047,608

	Shares		Value(a)
Short-Term Securities (12.8%)
Investment Companies (12.8%)
Federated Government Obligations Fund, current rate 1.750% (k)		2,300,000	$	2,300,000
State Street Institutional U.S. Government Money Market Fund, current rate 1.820% (k)		6,132,672		6,132,672
STIT-Government & Agency Portfolio, current rate 1.810% (k)		2,300,000		2,300,000
Total short-term securities (cost: $10,732,672)				10,732,672
Total investments in securities (cost: $94,085,831) (l)				92,780,280
Liabilities in excess of cash and other assets (-10.6%)				(8,872,161	)
Total net assets (100.0%)			$	83,908,119

See accompanying notes to financial statements.
53

SFT Mortgage Securities Fund

(formerly 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 June 30, 2018 the total cost of investments issued on a when-issued or forward commitment basis was $9,031,717.

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $95,426 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	September 2018		17	Short	$	(2,152,838	)	$	(2,179,984	)	$	(27,146	)
U.S. Long Bond	September 2018		25	Long		3,548,515			3,625,000			76,485
U.S. Ultra Bond	September 2018		3	Short		(466,467	)		(478,687	)		(12,220	)
								$	966,329		$	37,119

(g) Step rate security.

(h) 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 illiquid.

(i) Foreign security: The Fund held 0.1% of net assets in foreign securities at June 30, 2018.

(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 June 30, 2018.

(l) At June 30, 2018 the cost of investments for federal income tax purposes was $94,145,403. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	705,853
Gross unrealized depreciation		(2,033,857	)
Net unrealized depreciation	$	(1,328,004	)

See accompanying notes to financial statements.
54

SFT Real Estate Securities Fund (formerly SFT Advantus Real Estate Securities Fund)
Investments in Securities

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.5%)
Consumer Discretionary (2.0%)
Hilton Worldwide Holdings, Inc.		34,700	$	2,746,852
Financial (1.2%)
Retail Opportunity Investments Corp.		46,200		885,192
Summit Hotel Properties, Inc.		53,300		762,723
				1,647,915
Real Estate (95.3%)
Health Care REITs (7.9%)
HCP, Inc.		139,400		3,599,308
Healthcare Realty Trust, Inc.		16,800		488,544
Healthcare Trust of America, Inc. – Class A		77,300		2,084,008
Physicians Realty Trust		44,000		701,360
Ventas, Inc.		7,496		426,897
Welltower, Inc.		53,800		3,372,722
				10,672,839
Hotels & Resort REITs (5.0%)
Host Hotels & Resorts, Inc.		222,246		4,682,723
RLJ Lodging Trust		33,200		732,060
Sunstone Hotel Investors, Inc.		78,400		1,303,008
				6,717,791
Industrial REITs (9.7%)
Duke Realty Corp.		130,800		3,797,124
First Industrial Realty Trust, Inc.		23,900		796,826
Liberty Property Trust		74,200		3,289,286
ProLogis, Inc.		79,681		5,234,245
				13,117,481
Office REITs (12.9%)
Alexandria Real Estate Equities, Inc.		36,600		4,617,822
Boston Properties, Inc.		14,783		1,854,084
Cousins Properties, Inc.		133,100		1,289,739
Highwoods Properties, Inc.		38,400		1,948,032
Kilroy Realty Corp.		47,536		3,595,623
SL Green Realty Corp.		42,171		4,239,451
				17,544,751
Residential REITs (24.1%)
American Campus Communities, Inc.		59,600		2,555,648
American Homes 4 Rent – Class A		66,600		1,477,188
AvalonBay Communities, Inc.		35,326		6,072,186
Camden Property Trust		39,700		3,617,861
Equity Lifestyle Properties, Inc.		11,600		1,066,040
Equity Residential		47,500		3,025,275
Essex Property Trust, Inc.		13,616		3,255,177
Invitation Homes, Inc.		166,400		3,837,184
Mid-America Apartment Communities, Inc.		5,700		573,819
Sun Communities, Inc.		39,600		3,876,048
UDR, Inc.		89,000		3,341,060
				32,697,486

	Shares		Value(a)
Retail REITs (15.8%)
Agree Realty Corp.		37,400	$	1,973,598
Federal Realty Investment Trust		16,200		2,050,110
GGP, Inc.		25,900		529,137
National Retail Properties, Inc.		30,200		1,327,592
Realty Income Corp.		28,700		1,543,773
Regency Centers Corp.		58,714		3,644,965
Simon Property Group, Inc.		49,379		8,403,812
Weingarten Realty Investors		65,200		2,008,812
				21,481,799
Specialized REITs (19.9%)
CyrusOne, Inc.		55,600		3,244,816
Digital Realty Trust, Inc.		44,800		4,998,784
Equinix, Inc.		14,534		6,248,021
Extra Space Storage, Inc.		30,300		3,024,243
Public Storage		25,700		5,830,302
SBA Communications Corp. (b)		9,700		1,601,664
STORE Capital Corp.		76,500		2,096,100
				27,043,930
Total common stocks (cost: $126,658,429)				133,670,844
Short-Term Securities (1.4%)
Investment Companies (1.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		1,884,230		1,884,230
Total short-term securities (cost: $1,884,230)				1,884,230
Total investments in securities (cost: $128,542,659) (c)				135,555,074
Cash and other assets in excess of liabilities (0.1%)				181,674
Total net assets (100.0%)			$	135,736,748

Investments in Securities Legend

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

(b) Non-income producing security.

(c) At June 30, 2018 the cost of investments for federal income tax purposes was $129,393,217. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	7,730,390
Gross unrealized depreciation		(1,568,533	)
Net unrealized appreciation	$	6,161,857

See accompanying notes to financial statements.
55

SFT Ivy^SM Growth Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.4%)
Consumer Discretionary (18.2%)
Automobiles (2.0%)
Ferrari NV (b)		78,929	$	10,656,204
Internet & Catalog Retail (6.0%)
Amazon.com, Inc. (c)		16,361		27,810,428
Booking Holdings, Inc. (c)		1,700		3,446,053
				31,256,481
Media (0.7%)
Comcast Corp. – Class A		103,700		3,402,397
Specialty Retail (3.9%)
The Home Depot, Inc.		102,800		20,056,280
Textiles, Apparel & Luxury Goods (5.6%)
NIKE, Inc. – Class B		178,800		14,246,784
VF Corp.		183,400		14,950,768
				29,197,552
Consumer Staples (2.4%)
Beverages (1.4%)
Monster Beverage Corp. (c)		127,500		7,305,750
Tobacco (1.0%)
Philip Morris International, Inc.		65,300		5,272,322
Energy (1.8%)
Energy Equipment & Services (1.8%)
Halliburton Co.		208,115		9,377,662
Financial (8.8%)
Capital Markets (8.5%)
CME Group, Inc.		124,800		20,457,216
S&P Global, Inc.		52,195		10,642,039
The Charles Schwab Corp.		259,200		13,245,120
				44,344,375
Commercial Banks (0.3%)
Citigroup, Inc.		22,100		1,478,932
Health Care (9.7%)
Health Care Equipment & Supplies (4.7%)
ABIOMED, Inc. (c)		10,600		4,335,930
Danaher Corp.		103,500		10,213,380
Intuitive Surgical, Inc. (c)		20,800		9,952,384
				24,501,694
Health Care Providers & Services (2.2%)
UnitedHealth Group, Inc.		47,000		11,530,980
Pharmaceuticals (2.8%)
Zoetis, Inc.		166,400		14,175,616
Industrials (12.0%)
Aerospace & Defense (2.4%)
Lockheed Martin Corp.		16,273		4,807,532
Northrop Grumman Corp.		24,302		7,477,726
				12,285,258

	Shares		Value(a)
Machinery (5.2%)
Caterpillar, Inc.		104,100	$	14,123,247
Stanley Black & Decker, Inc.		97,500		12,948,975
				27,072,222
Professional Services (2.0%)
Verisk Analytics, Inc. (c)		97,700		10,516,428
Road & Rail (2.4%)
JB Hunt Transport Services, Inc.		58,900		7,159,295
Union Pacific Corp.		37,642		5,333,118
				12,492,413
Information Technology (43.2%)
Computers & Peripherals (4.7%)
Apple, Inc.		130,321		24,123,720
Internet Software & Services (7.1%)
Alphabet, Inc. – Class A (c)		11,400		12,872,766
Alphabet, Inc. – Class C (c)		8,444		9,420,548
Facebook, Inc. – Class A (c)		75,859		14,740,921
				37,034,235
IT Services (12.9%)
FleetCor Technologies, Inc. (c)		18,400		3,875,960
Mastercard, Inc. – Class A		117,000		22,992,840
PayPal Holdings, Inc. (c)		219,800		18,302,746
Visa, Inc. – Class A		164,700		21,814,515
				66,986,061
Semiconductors & Semiconductor Equipment (2.3%)
Lam Research Corp.		20,038		3,463,568
Microchip Technology, Inc.		47,529		4,322,763
NVIDIA Corp.		16,300		3,861,470
				11,647,801
Software (16.2%)
Adobe Systems, Inc. (c)		69,600		16,969,176
Electronic Arts, Inc. (c)		81,800		11,535,436
Microsoft Corp.		343,800		33,902,118
Salesforce.com, Inc. (c)		157,952		21,544,653
				83,951,383
Real Estate (1.3%)
Specialized REITs (1.3%)
American Tower Corp.		45,200		6,516,484
Total common stocks (cost: $350,847,334)				505,182,250

See accompanying notes to financial statements.
56

SFT Ivy^SM Growth Fund
Investments in Securities – continued

	Shares		Value(a)
Short-Term Securities (2.7%)
Investment Companies (2.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		13,837,662	$	13,837,662
Total short-term securities (cost: $13,837,662)				13,837,662
Total investments in securities (cost: $364,684,996) (d)				519,019,912
Liabilities in excess of cash and other assets (-0.1%)				(535,140	)
Total net assets (100.0%)			$	518,484,772

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 2.1% of net assets in foreign securities at June 30, 2018.

(d) At June 30, 2018 the cost of investments for federal income tax purposes was $364,815,155. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	160,363,067
Gross unrealized depreciation		(6,158,310	)
Net unrealized appreciation	$	154,204,757

See accompanying notes to financial statements.
57

SFT Ivy^SM Small Cap Growth Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Common Stocks (95.5%)
Consumer Discretionary (19.2%)
Auto Components (1.7%)
Visteon Corp. (b)		26,616	$	3,439,852
Distributors (1.5%)
Pool Corp.		20,202		3,060,603
Diversified Consumer Services (1.2%)
Grand Canyon Education, Inc. (b)		21,200		2,366,132
Hotels, Restaurants & Leisure (4.4%)
Hilton Grand Vacations, Inc. (b)		68,500		2,376,950
Texas Roadhouse, Inc.		49,700		3,255,847
Wingstop, Inc.		61,233		3,191,464
				8,824,261
Household Durables (1.3%)
Installed Building Products, Inc. (b)		48,346		2,733,966
Media (1.0%)
Nexstar Media Group, Inc. – Class A		27,200		1,996,480
Multiline Retail (1.3%)
Ollie's Bargain Outlet Holdings, Inc. (b)		35,600		2,581,000
Specialty Retail (6.8%)
At Home Group, Inc. (b)		67,000		2,623,050
Burlington Stores, Inc. (b)		14,900		2,242,897
Caleres, Inc.		47,032		1,617,431
Five Below, Inc. (b)		22,200		2,169,162
The Children's Place, Inc.		15,700		1,896,560
Urban Outfitters, Inc. (b)		69,600		3,100,680
				13,649,780
Consumer Staples (0.9%)
Food & Staples Retailing (0.9%)
Sprouts Farmers Market, Inc. (b)		80,000		1,765,600
Energy (4.0%)
Energy Equipment & Services (1.2%)
Keane Group, Inc. (b)		102,200		1,397,074
RPC, Inc.		75,500		1,100,035
				2,497,109
Oil, Gas & Consumable Fuels (2.8%)
Centennial Resource Development, Inc. – Class A (b)		112,872		2,038,468
Matador Resources Co. (b)		41,700		1,253,085
PDC Energy, Inc. (b)		23,700		1,432,665
WildHorse Resource Development Corp. (b)		35,000		887,600
				5,611,818

	Shares		Value(a)
Financial (7.2%)
Capital Markets (2.8%)
Evercore, Inc.		27,200	$	2,868,240
LPL Financial Holdings, Inc.		26,800		1,756,472
Virtu Financial, Inc. Class A		36,700		974,385
				5,599,097
Commercial Banks (4.4%)
Ameris Bancorp		42,900		2,288,715
Heritage Financial Corp.		38,600		1,345,210
Home BancShares, Inc.		43,600		983,616
Seacoast Banking Corp. of Florida (b)		35,470		1,120,143
Western Alliance Bancorp (b)		54,300		3,073,923
				8,811,607
Health Care (20.3%)
Health Care Equipment & Supplies (8.7%)
Inogen, Inc. (b)		13,555		2,525,703
iRhythm Technologies, Inc. (b)		28,500		2,312,205
K2M Group Holdings, Inc. (b)		119,714		2,693,565
Nevro Corp. (b)		29,751		2,375,617
Novocure, Ltd. (b) (c)		80,400		2,516,520
Penumbra, Inc. (b)		15,911		2,198,105
Sientra, Inc. (b)		14,798		288,709
Tactile Systems Technology, Inc. (b)		48,200		2,506,400
				17,416,824
Health Care Providers & Services (10.4%)
Acadia Healthcare Co., Inc. (b)		60,546		2,476,937
AMN Healthcare Services, Inc. (b)		110,395		6,469,147
Envision Healthcare Corp. (b)		34,800		1,531,548
HealthEquity, Inc. (b)		42,507		3,192,276
LHC Group, Inc. (b)		32,900		2,815,911
Teladoc, Inc. (b)		75,964		4,409,710
				20,895,529
Pharmaceuticals (1.2%)
Aerie Pharmaceuticals, Inc. (b)		15,991		1,080,192
Optinose, Inc. (b)		45,481		1,272,558
Tricida, Inc. (b)		300		8,970
				2,361,720
Industrials (16.1%)
Aerospace & Defense (2.8%)
Hexcel Corp.		36,700		2,436,146
Mercury Systems, Inc. (b)		84,600		3,219,876
				5,656,022
Air Freight & Logistics (0.8%)
Air Transport Services Group, Inc. (b)		70,000		1,581,300

See accompanying notes to financial statements.
58

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

	Shares		Value(a)
Commercial Services & Supplies (2.7%)
Healthcare Services Group, Inc.		71,900	$	3,105,361
The Brink's Co.		28,700		2,288,825
				5,394,186
Construction & Engineering (1.0%)
Dycom Industries, Inc. (b)		21,400		2,022,514
Electrical Equipment (1.4%)
Woodward, Inc.		36,300		2,790,018
Machinery (3.7%)
John Bean Technologies Corp.		32,100		2,853,690
RBC Bearings, Inc. (b)		17,683		2,277,747
The Timken Co.		51,798		2,255,803
				7,387,240
Road & Rail (1.3%)
Knight-Swift Transportation Holdings, Inc.		67,300		2,571,533
Trading Companies & Distributors (2.4%)
Beacon Roofing Supply, Inc. (b)		67,577		2,880,132
Watsco, Inc.		10,906		1,944,322
				4,824,454
Information Technology (26.0%)
Internet Software & Services (7.2%)
Apptio, Inc. Class A (b)		44,800		1,621,760
Envestnet, Inc. (b)		33,700		1,851,815
Five9, Inc. (b)		88,000		3,042,160
Mimecast, Ltd. (b) (c)		49,000		2,019,290
New Relic, Inc. (b)		20,200		2,031,918
Q2 Holdings, Inc. (b)		52,194		2,977,668
SendGrid, Inc. (b)		34,900		925,548
				14,470,159
IT Services (3.0%)
Booz Allen Hamilton Holding Corp.		76,735		3,355,621
InterXion Holding NV (b) (c)		42,900		2,677,818
				6,033,439
Semiconductors & Semiconductor Equipment (3.2%)
Integrated Device Technology, Inc. (b)		65,800		2,097,704
Monolithic Power Systems, Inc.		21,800		2,914,006
Power Integrations, Inc.		18,632		1,361,068
				6,372,778
Software (12.0%)
Ellie Mae, Inc. (b)		14,500		1,505,680
Globant SA (b) (c)		47,500		2,697,525
HubSpot, Inc. (b)		26,800		3,360,720
Paycom Software, Inc. (b)		31,555		3,118,581
Pluralsight, Inc. (b)		35,047		856,899
Proofpoint, Inc. (b)		21,044		2,426,583

	Shares		Value(a)
The Ultimate Software Group, Inc. (b)		9,822	$	2,527,299
Tyler Technologies, Inc. (b)		2,699		599,448
Varonis Systems, Inc. (b)		37,500		2,793,750
Zendesk, Inc. (b)		60,500		3,296,645
Zscaler, Inc. (b)		26,056		931,502
				24,114,632
Technology Hardware & Equipment (0.6%)
USA Technologies, Inc. (b)		91,400		1,279,600
Materials (1.4%)
Construction Materials (1.4%)
Summit Materials, Inc. – Class A (b)		58,964		1,547,805
US Concrete, Inc. (b)		25,430		1,335,075
				2,882,880
Real Estate (0.4%)
Real Estate Services (0.4%)
RE/MAX Holdings, Inc. – Class A		15,300		802,485
Total common stocks (cost: $143,683,931)				191,794,618
Short-Term Securities (4.3%)
Investment Companies (4.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		8,691,009		8,691,009
Total short-term securities (cost: $8,691,009)				8,691,009
Total investments in securities (cost: $152,374,940) (d)				200,485,627
Cash and other assets in excess of liabilities (0.2%)				470,540
Total net assets (100.0%)			$	200,956,167

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At June 30, 2018 the cost of investments for federal income tax purposes was $152,416,478. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	50,740,018
Gross unrealized depreciation		(2,670,869	)
Net unrealized appreciation	$	48,069,149

See accompanying notes to financial statements.
59

SFT T. Rowe Price Value Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.5%)
Consumer Discretionary (6.8%)
Auto Components (0.8%)
Magna International, Inc. (b)		30,532	$	1,774,825
Hotels, Restaurants & Leisure (1.2%)
Las Vegas Sands Corp.		11,973		914,258
MGM Resorts International		19,400		563,182
Norwegian Cruise Line Holdings, Ltd. (b) (c)		20,726		979,304
				2,456,744
Household Durables (0.1%)
Lennar Corp. – Class A		2,931		153,877
Internet & Catalog Retail (0.9%)
Booking Holdings, Inc. (c)		934		1,893,302
Media (2.5%)
Charter Communications, Inc. – Class A (c)		5,200		1,524,692
Comcast Corp. – Class A		41,135		1,349,639
Twenty-First Century Fox, Inc. – Class B		46,000		2,266,420
				5,140,751
Specialty Retail (0.7%)
L Brands, Inc.		2,900		106,952
Ross Stores, Inc.		16,677		1,413,376
				1,520,328
Textiles, Apparel & Luxury Goods (0.6%)
Hanesbrands, Inc.		57,879		1,274,496
Consumer Staples (8.4%)
Beverages (0.1%)
PepsiCo, Inc.		1,000		108,870
Food & Staples Retailing (1.2%)
CVS Health Corp.		39,400		2,535,390
Food Products (5.1%)
Bunge, Ltd. (b)		22,074		1,538,778
Tyson Foods, Inc. – Class A		131,360		9,044,136
				10,582,914
Household Products (0.7%)
Kimberly-Clark Corp.		14,400		1,516,896
Tobacco (1.3%)
Philip Morris International, Inc.		34,820		2,811,367
Energy (9.8%)
Oil, Gas & Consumable Fuels (9.8%)
Apache Corp.		2,067		96,632
BP PLC ADR (b)		43,968		2,007,579
Canadian Natural Resources, Ltd. (b)		17,300		624,011
Chevron Corp.		28,390		3,589,348
Concho Resources, Inc. (c)		13,190		1,824,836

	Shares		Value(a)
ConocoPhillips		11,835	$	823,953
Diamondback Energy, Inc.		1,700		223,669
EOG Resources, Inc.		15,630		1,944,841
Phillips 66		19,400		2,178,814
Plains GP Holdings L.P. Class A (c)		29,950		716,105
TOTAL SA ADR (b)		37,181		2,251,681
TransCanada Corp. (b)		70,474		3,044,477
Valero Energy Corp.		10,313		1,142,990
				20,468,936
Financial (22.5%)
Capital Markets (5.1%)
Intercontinental Exchange, Inc.		35,111		2,582,414
Morgan Stanley		28,276		1,340,283
State Street Corp.		23,690		2,205,302
The Bank of New York Mellon Corp.		45,674		2,463,199
The Charles Schwab Corp.		38,942		1,989,936
				10,581,134
Commercial Banks (12.1%)
Citigroup, Inc.		36,248		2,425,716
Fifth Third Bancorp		40,621		1,165,823
First Republic Bank		17,867		1,729,347
JPMorgan Chase & Co.		43,599		4,543,016
The PNC Financial Services Group, Inc.		29,362		3,966,806
US Bancorp		66,331		3,317,876
Wells Fargo & Co.		148,925		8,256,402
				25,404,986
Insurance (5.3%)
American International Group, Inc.		44,611		2,365,275
Chubb, Ltd. (b)		20,637		2,621,312
Marsh & McLennan Cos., Inc.		35,888		2,941,739
MetLife, Inc.		49,158		2,143,289
Willis Towers Watson PLC (b)		7,500		1,137,000
				11,208,615
Health Care (13.6%)
Biotechnology (0.3%)
Gilead Sciences, Inc.		8,437		597,677
Health Care Equipment & Supplies (6.2%)
Becton Dickinson and Co.		12,161		2,913,289
Boston Scientific Corp. (c)		17,100		559,170
Danaher Corp.		18,969		1,871,861
Hologic, Inc. (c)		24,692		981,507
Medtronic PLC (b)		39,988		3,423,373
Stryker Corp.		11,840		1,999,302
The Cooper Cos., Inc.		3,950		930,027
Zimmer Biomet Holdings, Inc.		2,800		312,032
				12,990,561

See accompanying notes to financial statements.
60

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

	Shares		Value(a)
Health Care Providers & Services (2.0%)
Aetna, Inc.		5,736	$	1,052,556
Anthem, Inc.		4,096		974,971
Cigna Corp.		4,900		832,755
UnitedHealth Group, Inc.		5,500		1,349,370
				4,209,652
Life Sciences Tools & Services (1.5%)
Agilent Technologies, Inc.		31,146		1,926,069
Thermo Fisher Scientific, Inc.		5,972		1,237,040
				3,163,109
Pharmaceuticals (3.6%)
Merck & Co., Inc.		47,509		2,883,796
Pfizer, Inc.		132,124		4,793,459
				7,677,255
Industrials (7.1%)
Aerospace & Defense (3.1%)
Northrop Grumman Corp.		9,500		2,923,150
The Boeing Co.		10,966		3,679,203
				6,602,353
Airlines (1.6%)
American Airlines Group, Inc.		68,551		2,602,196
Southwest Airlines Co.		12,900		656,352
				3,258,548
Building Products (0.7%)
Johnson Controls International PLC (b)		41,148		1,376,401
Commercial Services & Supplies (0.0%)
Republic Services, Inc.		1,500		102,540
Industrial Conglomerates (0.9%)
Honeywell International, Inc.		7,074		1,019,009
Roper Technologies, Inc.		2,881		794,897
				1,813,906
Machinery (0.6%)
PACCAR, Inc.		3,575		221,507
Stanley Black & Decker, Inc.		8,711		1,156,908
				1,378,415
Road & Rail (0.2%)
Kansas City Southern		3,800		402,648
Information Technology (14.2%)
Communications Equipment (2.6%)
Cisco Systems, Inc.		103,243		4,442,546
Harris Corp.		6,475		935,897
				5,378,443
Electronic Equipment, Instruments & Components (1.6%)
Corning, Inc.		41,343		1,137,346
Keysight Technologies, Inc. (c)		38,812		2,291,072
TE Connectivity, Ltd. (b)		353		31,861
				3,460,279

	Shares		Value(a)
Internet Software & Services (1.1%)
Facebook, Inc. – Class A (c)		12,094	$	2,350,106
Semiconductors & Semiconductor Equipment (3.4%)
Applied Materials, Inc.		25,204		1,164,173
Broadcom, Inc.		9,212		2,235,200
Maxim Integrated Products, Inc.		7,868		461,537
Texas Instruments, Inc.		29,878		3,294,049
				7,154,959
Software (5.5%)
Microsoft Corp.		96,900		9,555,309
Synopsys, Inc. (c)		21,944		1,877,748
				11,433,057
Materials (3.7%)
Chemicals (1.6%)
CF Industries Holdings, Inc.		17,365		771,006
DowDuPont, Inc.		40,343		2,659,410
				3,430,416
Containers & Packaging (2.1%)
International Paper Co.		84,197		4,384,980
Real Estate (2.3%)
Office REITs (0.3%)
SL Green Realty Corp.		5,800		583,074
Specialized REITs (2.0%)
Crown Castle International Corp.		35,702		3,849,390
Weyerhaeuser Co.		9,800		357,308
				4,206,698
Telecommunication Services (2.8%)
Diversified Telecommunication Services (1.7%)
AT&T, Inc.		73,048		2,345,571
Verizon Communications, Inc.		22,763		1,145,207
				3,490,778
Electric Utilities (1.1%)
Evergy, Inc.		41,219		2,314,447
Utilities (7.3%)
Electric Utilities (5.4%)
Entergy Corp.		32,270		2,607,093
Eversource Energy		8,083		473,745
NextEra Energy, Inc.		27,621		4,613,535
PG&E Corp. (c)		38,844		1,653,201
The Southern Co.		41,165		1,906,351
				11,253,925
Multi-Utilities (1.9%)
DTE Energy Co.		6,500		673,595
NiSource, Inc.		37,315		980,638
Sempra Energy		20,853		2,421,242
				4,075,475
Total common stocks (cost: $198,328,580)				206,523,133

See accompanying notes to financial statements.
61

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

	Shares		Value(a)
Preferred Stocks (1.2%)
Health Care (0.3%)
Becton Dickinson and Co., 6.125%		8,949	$	553,496
Industrials (0.2%)
Fortive Corp., 5.000% (c)		316		324,088
Utilities (0.7%)
NextEra Energy, Inc., 6.123%		16,937		967,103
Sempra Energy Series A, 6.000%		4,348		448,757
				1,415,860
Total preferred stocks (cost: $1,721,251)				2,293,444
Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		498,459		498,459
T. Rowe Price Reserve Investment Fund, current rate 1.97%		572,038		572,038
Total short-term securities (cost: $1,070,497)				1,070,497
Total investments in securities (cost: $201,120,328) (d)				209,887,074
Liabilities in excess of cash and other assets (-0.2%)				(384,804	)
Total net assets (100.0%)			$	209,502,270

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 9.9% of net assets in foreign securities at June 30, 2018.

(d) At June 30, 2018 the cost of investments for federal income tax purposes was $202,798,963. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	12,949,950
Gross unrealized depreciation		(5,861,839	)
Net unrealized appreciation	$	7,088,111

See accompanying notes to financial statements.
62

SFT Wellington Core Equity Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.6%)
Consumer Discretionary (12.0%)
Hotels & Resort REITs (0.8%)
Hilton Worldwide Holdings, Inc.		12,280	$	972,085
Hotels, Restaurants & Leisure (2.3%)
Aramark		29,958		1,111,442
McDonald's Corp.		10,236		1,603,879
				2,715,321
Internet & Catalog Retail (1.4%)
Booking Holdings, Inc. (b)		822		1,666,268
Media (1.5%)
Comcast Corp. – Class A		53,915		1,768,951
Multiline Retail (1.3%)
Dollar Tree, Inc. (b)		17,741		1,507,985
Specialty Retail (1.5%)
The TJX Cos., Inc.		18,510		1,761,782
Textiles, Apparel & Luxury Goods (3.2%)
NIKE, Inc. – Class B		25,893		2,063,154
VF Corp.		19,773		1,611,895
				3,675,049
Consumer Staples (7.4%)
Beverages (2.1%)
Constellation Brands, Inc. – Class A		5,698		1,247,121
Monster Beverage Corp. (b)		21,668		1,241,577
				2,488,698
Food & Staples Retailing (3.0%)
Costco Wholesale Corp.		8,673		1,812,483
Walmart, Inc.		19,201		1,644,566
				3,457,049
Household Products (1.4%)
Colgate-Palmolive Co.		25,328		1,641,508
Personal Care (0.9%)
The Estee Lauder Cos., Inc. – Class A		7,716		1,100,996
Energy (2.8%)
Oil, Gas & Consumable Fuels (2.8%)
Continental Resources, Inc. (b)		18,424		1,193,138
EOG Resources, Inc.		16,931		2,106,725
				3,299,863
Financial (14.5%)
Commercial Banks (8.6%)
Bank of America Corp.		113,118		3,188,797
Fifth Third Bancorp		36,233		1,039,887
JPMorgan Chase & Co.		30,777		3,206,963
The PNC Financial Services Group, Inc.		19,167		2,589,462
				10,025,109

	Shares		Value(a)
Consumer Finance (2.2%)
Capital One Financial Corp.		15,382	$	1,413,606
Synchrony Financial		34,904		1,165,095
				2,578,701
Insurance (3.7%)
Athene Holding, Ltd. – Class A (b) (c)		17,559		769,786
Chubb, Ltd. (c)		15,789		2,005,519
The Allstate Corp.		16,874		1,540,090
				4,315,395
Health Care (16.9%)
Health Care Equipment & Supplies (6.2%)
Abbott Laboratories		22,679		1,383,192
Baxter International, Inc.		26,874		1,984,376
Danaher Corp.		10,811		1,066,830
Hologic, Inc. (b)		26,666		1,059,974
Medtronic PLC (c)		20,148		1,724,870
				7,219,242
Health Care Providers & Services (4.8%)
Anthem, Inc.		5,764		1,372,005
Laboratory Corp. of America Holdings (b)		7,960		1,429,059
UnitedHealth Group, Inc.		11,466		2,813,068
				5,614,132
Life Sciences Tools & Services (1.3%)
Thermo Fisher Scientific, Inc.		7,439		1,540,914
Pharmaceuticals (4.6%)
Allergan PLC (c)		6,510		1,085,347
Bristol-Myers Squibb Co.		20,808		1,151,515
Eli Lilly & Co.		19,443		1,659,071
Merck & Co., Inc.		25,751		1,563,086
				5,459,019
Industrials (11.0%)
Aerospace & Defense (2.6%)
General Dynamics Corp.		4,439		827,474
The Boeing Co.		6,695		2,246,239
				3,073,713
Air Freight & Logistics (1.2%)
FedEx Corp.		6,318		1,434,565
Building Products (0.9%)
Fortune Brands Home & Security, Inc.		18,342		984,782
Commercial Services & Supplies (1.0%)
Republic Services, Inc.		17,389		1,188,712
Electrical Equipment (1.1%)
AMETEK, Inc.		17,074		1,232,060
Machinery (2.0%)
Illinois Tool Works, Inc.		8,871		1,228,988
Snap-On, Inc.		6,929		1,113,629
				2,342,617

See accompanying notes to financial statements.
63

SFT Wellington Core Equity Fund
Investments in Securities – continued

	Shares		Value(a)
Professional Services (1.3%)
Equifax, Inc.		5,134	$	642,315
IHS Markit, Ltd. (b) (c)		17,208		887,761
				1,530,076
Road & Rail (0.9%)
Norfolk Southern Corp.		6,977		1,052,620
Information Technology (26.3%)
Communications Equipment (1.1%)
Motorola Solutions, Inc.		11,265		1,310,908
Computers & Peripherals (3.6%)
Apple, Inc.		13,178		2,439,380
NetApp, Inc.		21,801		1,712,032
				4,151,412
Electronic Equipment, Instruments & Components (0.7%)
CDW Corp.		10,269		829,632
Internet Software & Services (8.2%)
Alphabet, Inc. – Class A (b)		2,951		3,332,240
Alphabet, Inc. – Class C (b)		721		804,384
eBay, Inc. (b)		25,845		937,140
Facebook, Inc. – Class A (b)		13,988		2,718,148
GoDaddy, Inc. – Class A (b)		25,724		1,816,114
				9,608,026
IT Services (4.8%)
Leidos Holdings, Inc.		17,387		1,025,833
Mastercard, Inc. – Class A		18,380		3,612,038
Total System Services, Inc.		12,191		1,030,383
				5,668,254
Semiconductors & Semiconductor Equipment (2.8%)
Lam Research Corp.		5,110		883,264
Micron Technology, Inc. (b)		14,251		747,322
ON Semiconductor Corp. (b)		33,736		750,120
Teradyne, Inc.		22,066		840,053
				3,220,759
Software (5.1%)
Microsoft Corp.		28,804		2,840,362
Salesforce.com, Inc. (b)		10,256		1,398,918
SS&C Technologies Holdings, Inc.		18,034		935,965
Workday, Inc. – Class A (b)		6,959		842,874
				6,018,119
Materials (2.2%)
Chemicals (2.2%)
DowDuPont, Inc.		17,206		1,134,219
Ecolab, Inc.		10,518		1,475,991
				2,610,210
Telecommunication Services (1.7%)
Diversified Telecommunication Services (1.7%)
Verizon Communications, Inc.		38,808		1,952,430

	Shares		Value(a)
Utilities (4.8%)
Electric Utilities (4.8%)
American Electric Power Co., Inc.		26,008	$	1,801,054
NextEra Energy, Inc.		15,016		2,508,123
Pinnacle West Capital Corp.		16,815		1,354,616
				5,663,793
Total common stocks (cost: $105,441,400)				116,680,755
Short-Term Securities (0.3%)
Investment Companies (0.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 1.820%		358,947		358,947
Total short-term securities (cost: $358,947)				358,947
Total investments in securities (cost: $105,800,347) (d)				117,039,702
Cash and other assets in excess of liabilities (0.1%)				143,926
Total net assets (100.0%)			$	117,183,628

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At June 30, 2018 the cost of investments for federal income tax purposes was $105,862,914. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	13,856,290
Gross unrealized depreciation		(2,679,502	)
Net unrealized appreciation	$	11,176,788

See accompanying notes to financial statements.
64

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Securian Funds Trust

Statements of Assets and Liabilities

June 30, 2018

(Unaudited)

	SFT Core Bond Fund⁵		SFT Dynamic Managed Volatility Fund⁵		SFT Government Money Market Fund⁵		SFT Index 400 Mid-Cap Fund⁵		SFT Index 500 Fund⁵		SFT International Bond Fund⁵			SFT Managed Volatility Equity Fund⁵
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	379,556,997	$	232,697,453	$	66,459,972	$	225,083,751	$	875,807,346	$	101,183,326		$	280,323,771
Affiliated issuers (note 8)		–		155,034,367		–		–		–		–			–
Cash on demand deposit^1,2		20,801		5,832,676		–		314,640		63,534		80,000			4,152,570
Foreign currency on deposit³		–		–		–		–		–		202,864			–
Receivable:
Fund shares sold		–		37,166		–		–		16,037		–			–
Investment securities sold (including paydowns)		1,892,788		–		–		1,420,455		821,636		–			–
Investment securities sold on a when-issued or forward – commitment basis (note 2)		–		–		–		–		–		–			–
Dividends and accrued interest		2,568,205		1,522,756		100,614		217,286		731,257		666,456			1,013,539
Refundable foreign income taxes withheld		–		–		–		–		–		53,301			–
Adviser (note 4)		–		57,596		12,128		–		–		–			40,046
Variation margin on swaps		–		–		–		–		–		1,991,478			–
Variation margin on futures		8,922		113,925		–		9,672		12,368		–			21,945
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		2,071,994			–
Prepaid expenses		2,846		2,846		2,846		2,846		2,846		2,846			5,075
Total assets		384,050,559		395,298,785		66,575,560		227,048,650		877,455,024		106,252,265			285,556,946
Liabilities
Due to custodian		–		–		–		–		–		200,364			–
Payable:
Fund shares repurchased		217,544		–		114,762		23,847		–		39,117			4,583
Investment securities purchased		1,884,228		–		–		540,025		209,851		4,848			–
Investment securities purchased on a when-issued or forward – commitment basis (note 2)		7,376,746		–		–		–		–		–			–
Adviser		200,790		296,137		40,345		77,703		260,243		96,415			218,081
Accrued expenses		98,601		71,255		52,208		63,707		92,549		173,234			38,608
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		573,025			–
Options written at value⁴		–		39,840		–		–		–		–			28,560
Total liabilities		9,777,909		407,232		207,315		705,282		562,643		1,087,003			289,832
Net assets applicable to outstanding capital stock	$	374,272,650	$	394,891,553	$	66,368,245	$	226,343,368	$	876,892,381	$	105,165,262		$	285,267,114
Net Assets Consist of:
Paid in capital**	$	323,604,983	$	320,011,209	$	66,366,179	$	29,722,926	$	133,036,490	$	104,897,678		$	254,638,704
Retained earnings (deficit)		50,667,667		74,880,344		2,066		196,620,442		743,855,891		–			30,628,410
Undistributed net investment income (loss)		–		–		–		–		–		3,354,520			–
Accumulated net realized gain (loss)		–		–		–		–		–		(528,838	)		–
Net unrealized appreciation (depreciation) on:
Investments		–		–		–		–		–		(4,590,881	)		–
Foreign currency and forward currency transactions		–		–		–		–		–		1,445,096			–
Swaps		–		–		–		–		–		587,687			–
Net assets	$	374,272,650	$	394,891,553	$	66,368,245	$	226,343,368	$	876,892,381	$	105,165,262		$	285,267,114
Net assets by class:
Class 1	$	2,994,573	$	N/A	$	N/A	$	7,441,943	$	174,815,814	$	1,177,794		$	N/A
Class 2		371,278,077		394,891,553		66,368,245		218,901,425		702,076,567		103,987,468			285,267,114
Net asset value per share of outstanding capital stock by class:
Class 1		2.334		N/A		N/A		5.120		10.899		2.507			N/A
Class 2		2.279		14.335		1.000		5.000		10.644		2.448			11.963
* Identified cost
Unaffiliated issuers	$	380,443,707	$	232,725,542	$	66,459,972	$	159,011,767	$	340,127,457	$	105,729,757		$	259,052,656
Affiliated issuers		–		107,000,000		–		–		–		–			–
** Shares outstanding by class:
Class 1		1,283,243		N/A		N/A		1,453,541		16,039,531		469,775			N/A
Class 2		162,912,748		27,546,946		66,368,245		43,778,460		65,961,459		42,472,524			23,845,164
¹ Collateral for open swaps and foreign currency contracts	$	–	$	–	$	–	$	–	$	–	$	1,913,948		$	–
² Collateral for open futures contracts	$	–	$	–	$	–	$	285,000	$	–	$	–		$	–
³ Foreign currency on deposit (cost)	$	–	$	–	$	–	$	–	$	–	$	194,902		$	–
⁴ Premiums received	$	–	$	61,914	$	–	$	–	$	–	$	–		$	44,384
⁵ See Note 1 of accompanying notes to financial statements regarding former names of the funds.

See accompanying notes to financial statements.
66

	SFT Mortgage Securities Fund⁵			SFT Real Estate Securities Fund⁵			SFT Ivy^SM Growth Fund			SFT Ivy^SM Small Cap Growth Fund			SFT T. Rowe Price Value Fund			SFT Wellington Core Equity Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	92,780,280		$	135,555,074		$	519,019,912		$	200,485,627		$	209,887,074		$	117,039,702
Affiliated issuers (note 8)		–			–			–			–			–			–
Cash on demand deposit^1,2		–			–			–			–			54,121			–
Foreign currency on deposit³		–			–			–			–			13,176			–
Receivable:
Fund shares sold		–			–			–			–			–			28,231
Investment securities sold (including paydowns)		21,556			100,952			–			1,242,184			2,521,742			174,185
Investment securities sold on a when-issued or forward – commitment basis (note 2)		–			–			–			–			–			–
Dividends and accrued interest		254,170			466,588			166,915			22,271			237,057			81,154
Refundable foreign income taxes withheld		–			–			–			–			4,236			–
Adviser (note 4)		–			–			–			–			–			–
Variation margin on swaps		–			–			–			–			–			–
Variation margin on futures		969			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–
Prepaid expenses		2,846			2,846			2,846			2,846			2,846			2,846
Total assets		93,059,821			136,125,460			519,189,673			201,752,928			212,720,252			117,326,118
Liabilities
Due to custodian		–			–			–			–			–			–
Payable:
Fund shares repurchased		13,906			28,880			236,066			27,317			159,155			–
Investment securities purchased		–			200,189			–			536,019			2,837,888			–
Investment securities purchased on a when-issued or forward – commitment basis (note 2)		9,042,403			–			–			–			–			–
Adviser		46,613			106,876			403,606			188,887			165,579			91,502
Accrued expenses		48,780			52,767			65,229			44,538			55,360			50,988
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–
Options written at value⁴		–			–			–			–			–			–
Total liabilities		9,151,702			388,712			704,901			796,761			3,217,982			142,490
Net assets applicable to outstanding capital stock	$	83,908,119		$	135,736,748		$	518,484,772		$	200,956,167		$	209,502,270		$	117,183,628
Net Assets Consist of:
Paid in capital**	$	100,171,510		$	42,068,932		$	250,842,079		$	102,264,010		$	142,182,227		$	68,262,681
Retained earnings (deficit)		(16,263,391	)		93,667,816			267,642,693			98,692,157			67,320,043			48,920,947
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	$	83,908,119		$	135,736,748		$	518,484,772		$	200,956,167		$	209,502,270		$	117,183,628
Net assets by class:
Class 1	$	265,933		$	4,066,468		$	N/A		$	N/A		$	N/A		$	750,560
Class 2		83,642,186			131,670,280			518,484,772			200,956,167			209,502,270			116,433,068
Net asset value per share of outstanding capital stock by class:
Class 1		1.948			4.781			N/A			N/A			N/A			14.898
Class 2		1.902			4.668			17.277			17.735			13.606			14.743
* Identified cost
Unaffiliated issuers	$	94,085,831		$	128,542,659		$	364,684,996		$	152,374,940		$	201,120,328		$	105,800,347
Affiliated issuers		–			–			–			–			–			–
** Shares outstanding by class:
Class 1		136,522			850,617			N/A			N/A			N/A			50,381
Class 2		43,970,401			28,204,515			30,010,203			11,331,326			15,397,856			7,897,303
¹ Collateral for open swaps and foreign currency contracts		$	–		$	–		$	–		$	–		$	–		$	–
² Collateral for open futures contracts		$	–		$	–		$	–		$	–		$	–		$	–
³ Foreign currency on deposit (cost)		$	–		$	–		$	–		$	–		$	13,196		$	–
⁴ Premiums received		$	–		$	–		$	–		$	–		$	–		$	–
⁵ See Note 1 of accompanying notes to financial statements regarding former names of the funds.

Securian Funds Trust

Statements of Operations

Six months ended June 30, 2018

(Unaudited)

	SFT Core Bond Fund²			SFT Dynamic Managed Volatility Fund²			SFT Government Money Market Fund²			SFT Index 400 Mid-Cap Fund²			SFT Index 500 Fund²			SFT International Bond Fund²			SFT Managed Volatility Equity Fund²
Income:
Interest¹	$	6,902,144		$	2,795,703		$	541,569		$	–		$	67		$	2,414,654		$	93
Dividends		104,799			756,349			5,106			1,708,469			8,438,827			70,906			3,934,725
Foreign tax withholding		–			–			–			(896	)		–			(118,773	)		–
Total investment income		7,006,943			3,552,052			546,675			1,707,573			8,438,894			2,366,787			3,934,818
Expenses (note 4):
Investment advisory fee		751,234			1,242,607			101,714			168,512			657,857			319,836			883,238
Rule 12b-1 fees		465,893			477,926			84,761			272,106			882,444			131,818			339,707
Audit and accounting services		113,002			84,232			63,168			63,474			104,222			76,491			48,501
Administrative services fee		29,975			19,111			22,877			13,409			13,409			39,632			11,028
Legal fees		15,881			15,881			9,832			9,832			16,808			11,246			9,832
Custodian fees		7,934			7,438			5,455			10,414			9,601			56,532			6,943
Printing and shareholder reports		6,037			5,927			6,033			5,660			5,660			5,660			5,979
Trustee's fees		9,345			9,345			9,345			9,345			9,345			9,345			9,345
S&P Licensing fee		–			–			–			9,421			31,737			–			–
Insurance		4,159			4,159			4,159			4,159			4,159			4,159			4,159
Other		2,568			3,456			2,263			2,811			4,396			2,437			5,305
Total expenses before fees waived		1,406,028			1,870,082			309,607			569,143			1,739,638			657,156			1,324,037
Less fees waived (note 4)		–			(339,650	)		(72,276	)		–			–			–			(236,399	)
Total expenses net of fees waived		1,406,028			1,530,432			237,331			569,143			1,739,638			657,156			1,087,638
Net investment income		5,600,915			2,021,620			309,344			1,138,430			6,699,256			1,709,631			2,847,180
Realized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		(1,770,323	)		(2,558,031	)		–			11,341,886			13,575,797			291,693			46,258
Written options transactions		–			144,144			–			–			–			–			272,376
Swaps		–			–			–			–			–			35,976			–
Foreign forward currency contracts		–			–			–			–			–			(1,782,842	)		–
Foreign currency transactions		–			–			–			–			–			(210,393	)		–
Net increase from litigation payments		9,941			–			–			378			589			–			–
Futures transactions		(404,469	)		5,888,604			–			246,472			127,950			–			(2,231,062	)
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		(9,906,950	)		(8,294,381	)		–			(5,491,368	)		1,086,405			(5,346,320	)		(5,802,980	)
Affiliated issuers (note 8)		–			3,840,177			–			–			–			–			–
Options written		–			22,074			–			–			–			–			2,329
Swaps		–			–			–			–			–			954,490			–
Translation of assets and liabilities in foreign currency		–			–			–			–			–			(20,564	)		–
Foreign forward currency contracts		–			–			–			–			–			3,143,859			–
Futures transactions		269,954			(2,872,031	)		–			(140,681	)		(297,598	)		–			(503,790	)
Net gains (losses) on investments		(11,801,847	)		(3,829,444	)		–			5,956,687			14,493,143			(2,934,101	)		(8,216,869	)
Net increase (decrease) in net assets resulting from operations	$	(6,200,932	)	$	(1,807,824	)	$	309,344		$	7,095,117		$	21,192,399		$	(1,224,470	)	$	(5,369,689	)

¹ All income is from unaffiliated issuers.

² See Note 1 of accompanying notes to financial statements regarding former names of the funds.

See accompanying notes to financial statements.
68

	SFT Mortgage Securities Fund²			SFT Real Estate Securities Fund²			SFT Ivy^SM Growth Fund			SFT Ivy^SM Small Cap Growth Fund			SFT T. Rowe Price Value Fund			SFT Wellington Core Equity Fund
Income:
Interest¹	$	1,217,372		$	–		$	23,040		$	22,650		$	3,369		$	3,839
Dividends		83,197			2,010,343			2,636,531			622,809			2,420,267			867,663
Foreign tax withholding		–			–			(22,552	)		–			(83,648	)		(3,871	)
Total investment income		1,300,569			2,010,343			2,637,019			645,459			2,339,988			867,631
Expenses (note 4):
Investment advisory fee		169,353			448,802			1,733,469			816,672			727,199			387,829
Rule 12b-1 fees		105,516			155,747			648,767			240,198			271,343			148,241
Audit and accounting services		65,070			59,432			75,352			53,263			54,250			56,941
Administrative services fee		28,790			13,409			13,409			13,409			13,012			13,409
Legal fees		15,881			9,832			9,832			9,832			9,832			10,295
Custodian fees		6,943			6,943			6,943			8,926			23,803			10,909
Printing and shareholder reports		5,994			5,660			5,660			5,660			5,660			7,355
Trustee's fees		9,345			9,345			9,345			9,345			9,345			9,345
S&P Licensing fee		–			–			–			–			–			–
Insurance		4,159			4,159			4,159			4,159			4,159			4,159
Other		2,445			2,366			2,753			2,734			2,675			2,382
Total expenses before fees waived		413,496			715,695			2,509,689			1,164,198			1,121,278			650,865
Less fees waived (note 4)		–			–			–			–			–			–
Total expenses net of fees waived		413,496			715,695			2,509,689			1,164,198			1,121,278			650,865
Net investment income		887,073			1,294,648			127,330			(518,739	)		1,218,710			216,766
Realized gains (losses) on investments and foreign currencies:
Investments (note 3)
Unaffiliated issuers		(142,107	)		(958,727	)		45,573,486			19,172,542			15,094,541			2,714,375
Written options transactions		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Foreign forward currency contracts		–			–			–			–			–			–
Foreign currency transactions		–			–			–			–			465			–
Net increase from litigation payments		196			–			–			–			–			–
Futures transactions		(672	)		–			–			–			–			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers		(1,710,992	)		(419,984	)		5,232,456			3,512,923			(21,291,110	)		1,313,478
Affiliated issuers (note 8)		–			–			–			–			–			–
Options written		–			–			–			–			–			–
Swaps		–			–			–			–			–			–
Translation of assets and liabilities in foreign currency		–			–			–			–			808			–
Foreign forward currency contracts		–			–			–			–			–			–
Futures transactions		23,367			–			–			–			–			–
Net gains (losses) on investments		(1,830,208	)		(1,378,711	)		50,805,942			22,685,465			(6,195,296	)		4,027,853
Net increase (decrease) in net assets resulting from operations	$	(943,135	)	$	(84,063	)	$	50,933,272		$	22,166,726		$	(4,976,586	)	$	4,244,619

Securian Funds Trust

Statements of Changes in Net Assets

Six months ended June 30, 2018 and year ended December 31, 2017

(Unaudited)

	SFT Core Bond Fund¹						SFT Dynamic Managed Volatility Fund¹						SFT Government Money Market Fund¹
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	5,600,915		$	10,326,474		$	2,021,620		$	2,872,482		$	309,344		$	91,904
Net realized gains (losses) on investments		(2,164,851	)		3,848,575			3,474,717			18,204,722			–			–
Net change in unrealized appreciation or depreciation of investments		(9,636,996	)		3,221,880			(7,304,161	)		33,175,486			–			–
Net increase (decrease) in net assets resulting from operations		(6,200,932	)		17,396,929			(1,807,824	)		54,252,690			309,344			91,904
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–			(309,344	)		(91,904	)
Decrease in net assets from distributions		–			–			–			–			(309,344	)		(91,904	)
Capital stock transactions:
Proceeds from sales
Class 1		642,864			626,191			–			–			–			–
Class 2		6,612,915			14,703,357			28,389,099			44,777,384			18,046,909			20,785,779
Value of distributions reinvested
Class 2		–			–			–			–			309,344			91,904
Payments for redemption of shares
Class 1		(216,469	)		(242,838	)		–			–			–			–
Class 2		(11,871,111	)		(17,446,671	)		(4,813,655	)		(6,906,214	)		(18,968,326	)		(31,692,159	)
Increase (decrease) in net assets from capital stock transactions		(4,831,801	)		(2,359,961	)		23,575,444			37,871,170			(612,073	)		(10,814,476	)
Total increase (decrease) in net assets		(11,032,733	)		15,036,968			21,767,620			92,123,860			(612,073	)		(10,814,476	)
Net assets at beginning of period		385,305,383			370,268,415			373,123,933			281,000,073			66,980,318			77,794,794
Net assets at end of period	$	374,272,650		$	385,305,383		$	394,891,553		$	373,123,933		$	66,368,245		$	66,980,318
Undistributed net investment income (loss)		–			–			–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		275,222			269,388			–			–			–			–
Class 2		2,888,579			6,471,805			1,971,448			3,410,058			18,046,909			20,785,779
Issued on reinvestment of distributions
Class 2		–			–			–			–			309,344			91,904
Payments for redemption of shares
Class 1		(92,937	)		(104,498	)		–			–			–			–
Class 2		(5,205,006	)		(7,644,483	)		(334,400	)		(513,222	)		(18,968,326	)		(31,692,159	)
Net change from capital transactions		(2,134,142	)		(1,007,788	)		1,637,048			2,896,836			(612,073	)		(10,814,476	)

¹ See Note 1 of accompanying notes to financial statements regarding former names of the funds.

See accompanying notes to financial statements.
70

	SFT Index 400 Mid-Cap Fund¹						SFT Index 500 Fund¹
	2018			2017			2018			2017
Operations:
Net investment income	$	1,138,430		$	2,096,561		$	6,699,256		$	13,003,322
Net realized gains (losses) on investments		11,588,736			19,903,499			13,704,336			18,817,482
Net change in unrealized appreciation or depreciation of investments		(5,632,049	)		10,089,062			788,807			123,700,640
Net increase (decrease) in net assets resulting from operations		7,095,117			32,089,122			21,192,399			155,521,444
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		1,542,017			1,499,601			3,413,914			5,775,147
Class 2		1,432,920			4,898,352			4,983,373			13,635,718
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(689,523	)		(199,990	)		(523,474	)		(274,673	)
Class 2		(9,750,655	)		(30,271,297	)		(28,110,521	)		(41,531,047	)
Increase (decrease) in net assets from capital stock transactions		(7,465,241	)		(24,073,334	)		(20,236,708	)		(22,394,855	)
Total increase (decrease) in net assets		(370,124	)		8,015,788			955,691			133,126,589
Net assets at beginning of period		226,713,492			218,697,704			875,936,690			742,810,101
Net assets at end of period	$	226,343,368		$	226,713,492		$	876,892,381		$	875,936,690
Undistributed net investment income (loss)		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		305,025			328,196			313,667			593,588
Class 2		292,616			1,113,440			466,993			1,423,520
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(138,669	)		(44,438	)		(48,009	)		(29,209	)
Class 2		(1,987,618	)		(6,797,130	)		(2,655,227	)		(4,407,339	)
Net change from capital transactions		(1,528,646	)		(5,399,932	)		(1,922,576	)		(2,419,440	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2018 and year ended December 31, 2017

(Unaudited)

	SFT International Bond Fund¹						SFT Managed Volatility Equity Fund¹						SFT Mortgage Securities Fund¹
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	1,709,631		$	4,124,281		$	2,847,180		$	3,347,461		$	887,073		$	1,722,157
Net realized gains (losses) on investments		(1,665,566	)		629,553			(1,912,428	)		3,294,966			(142,583	)		(232,565	)
Net change in unrealized appreciation or depreciation of investments		(1,268,535	)		(3,456,355	)		(6,304,441	)		27,285,086			(1,687,625	)		275,216
Net increase (decrease) in net assets resulting from operations		(1,224,470	)		1,297,479			(5,369,689	)		33,927,513			(943,135	)		1,764,808
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–			–			–
Decrease in net assets from distributions		–			–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		101,162			199,736			–			–			19,561			46,632
Class 2		2,157,734			3,523,068			31,624,127			54,031,240			1,020,136			2,321,219
Value of distributions reinvested
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(44,743	)		(177,606	)		–			–			(14,054	)		(58,630	)
Class 2		(3,827,349	)		(7,845,215	)		(2,467,963	)		(26,615,898	)		(3,895,995	)		(7,882,052	)
Increase (decrease) in net assets from capital stock transactions		(1,613,196	)		(4,300,017	)		29,156,164			27,415,342			(2,870,352	)		(5,572,831	)
Total increase (decrease) in net assets		(2,837,666	)		(3,002,538	)		23,786,475			61,342,855			(3,813,487	)		(3,808,023	)
Net assets at beginning of period		108,002,928			111,005,466			261,480,639			200,137,784			87,721,606			91,529,629
Net assets at end of period	$	105,165,262		$	108,002,928		$	285,267,114		$	261,480,639		$	83,908,119		$	87,721,606
Undistributed net investment income (loss)		3,354,520			1,644,889			–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		39,829			77,984			–			–			10,059			23,922
Class 2		871,061			1,406,182			2,609,420			4,755,843			536,195			1,219,474
Issued on reinvestment of distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(17,641	)		(69,554	)		–			–			(7,254	)		(30,102	)
Class 2		(1,541,199	)		(3,131,653	)		(206,045	)		(2,406,045	)		(2,054,635	)		(4,128,205	)
Net change from capital transactions		(647,950	)		(1,717,041	)		2,403,375			2,349,798			(1,515,635	)		(2,914,911	)

¹ See Note 1 of accompanying notes to financial statements regarding former names of the funds.

See accompanying notes to financial statements.
72

	SFT Real Estate Securities Fund¹						SFT Ivy^SMGrowth Fund						SFT Ivy^SMSmall Cap Growth Fund
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	1,294,648		$	2,159,815		$	127,330		$	747,333		$	(518,739	)	$	(1,345,244	)
Net realized gains (losses) on investments		(958,727	)		6,432,149			45,573,486			32,362,425			19,172,542			13,252,837
Net change in unrealized appreciation or depreciation of investments		(419,984	)		(1,281,847	)		5,232,456			88,764,663			3,512,923			26,975,755
Net increase (decrease) in net assets resulting from operations		(84,063	)		7,310,117			50,933,272			121,874,421			22,166,726			38,883,348
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–			–			–
Decrease in net assets from distributions		–			–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		531,236			739,204			–			–			–			–
Class 2		3,911,276			12,579,024			2,652,269			1,677,876			3,010,023			1,550,904
Value of distributions reinvested
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(78,196	)		(422,188	)		–			–			–			–
Class 2		(4,498,670	)		(30,474,526	)		(39,538,030	)		(58,099,636	)		(8,453,446	)		(19,495,781	)
Increase (decrease) in net assets from capital stock transactions		(134,354	)		(17,578,486	)		(36,885,761	)		(56,421,760	)		(5,443,423	)		(17,944,877	)
Total increase (decrease) in net assets		(218,417	)		(10,268,369	)		14,047,511			65,452,661			16,723,303			20,938,471
Net assets at beginning of period		135,955,165			146,223,534			504,437,261			438,984,600			184,232,864			163,294,393
Net assets at end of period	$	135,736,748		$	135,955,165		$	518,484,772		$	504,437,261		$	200,956,167		$	184,232,864
Undistributed net investment income (loss)		–			–			–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		118,296			158,943			–			–			–			–
Class 2		897,136			2,775,497			156,486			123,273			174,717			108,507
Issued on reinvestment of distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		(17,169	)		(91,140	)		–			–			–			–
Class 2		(1,012,932	)		(6,723,222	)		(2,354,957	)		(4,133,610	)		(502,269	)		(1,397,740	)
Net change from capital transactions		(14,669	)		(3,879,922	)		(2,198,471	)		(4,010,337	)		(327,552	)		(1,289,233	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2018 and year ended December 31, 2017

(Unaudited)

	SFT T. Rowe Price Value Fund						SFT Wellington Core Equity Fund
	2018			2017			2018			2017
Operations:
Net investment income	$	1,218,710		$	2,623,411		$	216,766		$	467,945
Net realized gains (losses) on investments		15,095,006			24,258,009			2,714,375			21,810,519
Net change in unrealized appreciation or depreciation of investments		(21,290,302	)		10,607,530			1,313,478			233,193
Net increase (decrease) in net assets resulting from operations		(4,976,586	)		37,488,950			4,244,619			22,511,657
Distributions to shareholders:
From net investment income
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			95,060			136,444
Class 2		906,097			10,721,941			173,002			371,896
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(77,202	)		(273,237	)
Class 2		(12,642,096	)		(30,508,819	)		(8,143,114	)		(16,350,148	)
Increase (decrease) in net assets from capital stock transactions		(11,735,999	)		(19,786,878	)		(7,952,254	)		(16,115,045	)
Total increase (decrease) in net assets		(16,712,585	)		17,702,072			(3,707,635	)		6,396,612
Net assets at beginning of period		226,214,855			208,512,783			120,891,263			114,494,651
Net assets at end of period	$	209,502,270		$	226,214,855		$	117,183,628		$	120,891,263
Undistributed net investment income		–			–			–			–
Capital share transactions:
Proceeds from sales
Class 1		–			–			6,414			10,383
Class 2		65,480			875,479			11,776			29,187
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(5,194	)		(19,999	)
Class 2		(902,966	)		(2,390,120	)		(555,719	)		(1,268,569	)
Net change from capital transactions		(837,486	)		(1,514,641	)		(542,723	)		(1,248,998	)

See accompanying notes to financial statements.
74

Securian Funds Trust
Financial Highlights

SFT Core Bond Fund*

	Class 1 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.368		$	2.257		$	2.157		$	2.148		$	2.016		$	2.024
Income from investment operations:
Net investment income (a)		.037			.069			.066			.066			.064			.060
Net realized and unrealized gain(loss) on investments		(.071	)		.042			.034			(.057	)		.068			(.068	)
Total from investment operations		(.034	)		.111			.100			.009			.132			(.008	)
Net asset value, end of period	$	2.334		$	2.368		$	2.257		$	2.157		$	2.148		$	2.016
Total return (b)		(1.48	)%		4.95	%		4.63	%		0.41	%		6.56	%		(0.40	)%
Net assets, end of period (in thousands)	$	2,995		$	2,608		$	2,113		$	6,243		$	5,402		$	4,414
Ratios to average net assets:
Expenses (c)		.50	%(d)		.49	%		.49	%		.49	%		.49	%		.51	%
Net investment income		3.24	%(d)		2.96	%		2.97	%		3.03	%		3.07	%		2.96	%
Portfolio turnover rate (excluding short-term securities)		100.0	%(e)		159.8	%		249.6	%		179.3	%		193.5	%		235.8	%
	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.316		$	2.212		$	2.120		$	2.117		$	1.991		$	2.004
Income from investment operations:
Net investment income (a)		.034			.062			.059			.059			.058			.054
Net realized and unrealized gain(loss) on investments		(.071	)		.042			.033			(.056	)		.068			(.067	)
Total from investment operations		(.037	)		.104			.092			.003			.126			(.013	)
Net asset value, end of period	$	2.279		$	2.316		$	2.212		$	2.120		$	2.117		$	1.991
Total return (b)		(1.60	)%		4.69	%		4.37	%		0.16	%		6.29	%		(0.65	)%
Net assets, end of period (in thousands)	$	371,278		$	382,697		$	368,156		$	382,934		$	368,926		$	356,034
Ratios to average net assets:
Expenses (c)		.75	%(d)		.74	%		.74	%		.74	%		.74	%		.76	%
Net investment income		2.98	%(d)		2.71	%		2.68	%		2.78	%		2.82	%		2.71	%
Portfolio turnover rate (excluding short-term securities)		100.0	%(e)		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.

(d) Adjusted to an annual basis.

(e) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Dynamic Managed Volatility Fund*

	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013 (a)
Net asset value, beginning of period	$	14.401		$	12.210		$	11.226		$	11.603		$	10.731		$	10.000
Income from investment operations:
Net investment income (b)		.076			.116			.091			.082			.039			.008
Net realized and unrealized gain(loss) on investments		(.142	)		2.075			.893			(.459	)		.833			.723
Total from investment operations		(.066	)		2.191			.984			(.377	)		.872			.731
Net asset value, end of period	$	14.335		$	14.401		$	12.210		$	11.226		$	11.603		$	10.731
Total return (c)		(0.46	)%		17.94	%		8.77	%		(3.25	)%		8.12	%		7.31	%
Net assets, end of period (in thousands)	$	394,892		$	373,124		$	281,000		$	203,987		$	131,047		$	52,931
Ratios to average net assets:
Expenses before waiver (d)		.98	%(e)		.98	%		1.00	%		1.02	%		1.19	%		1.37	%(e)
Expenses net of waiver (d)(f)		.80	%(e)		.80	%		.80	%		.80	%		.80	%		.80	%(e)
Net investment income		1.06	%(e)		.87	%		.79	%		.71	%		.35	%		.12	%(e)
Portfolio turnover rate (excluding short-term securities)		0.5	%(g)		1.7	%		1.4	%		5.1	%		1.5	%		32.1	%(g)

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

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

(g) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Government Money Market Fund*

	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income from investment operations:
Net investment income (a)		.005			.001			–			–			–			–
Net realized and unrealized gain(loss) on investments		–			–			–			–			–			–
Total from investment operations		1.005			1.001			1.000			1.000			1.000			1.000
Less distributions:
Distributions from net investment income		(.005	)		(.001	)		–			–			–			–
Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total return (b)		0.45	%		0.13	%		–	%		–	%		–	%		–	%
Net assets, end of period (in thousands)	$	66,368		$	66,980		$	77,795		$	88,829		$	86,904		$	89,423
Ratios to average net assets:
Expenses before waiver		.91	%(c)		.92	%		.91	%		.85	%		.83	%		.86	%
Expenses net of waiver (d)(e)		.70	%(c)		.78	%		.36	%		.12	%		.10	%		.10	%
Net investment income		.45	%		.13	%		–	%		–	%		–	%		–	%

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

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

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Index 400 Mid-Cap Fund*

	Class 1 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.955		$	4.275		$	3.553		$	3.640		$	3.324		$	2.497
Income from investment operations:
Net investment income (a)		.032			.055			.045			.046			.040			.034
Net realized and unrealized gain(loss) on investments		.133			.625			.677			(.133	)		.276			.793
Total from investment operations		.165			.680			.722			(.087	)		.316			.827
Net asset value, end of period	$	5.120		$	4.955		$	4.275		$	3.553		$	3.640		$	3.324
Total return (b)		3.32	%		15.90	%		20.34	%		(2.39	)%		9.51	%		33.11	%
Net assets, end of period (in thousands)	$	7,442		$	6,378		$	4,290		$	16,847		$	15,418		$	12,802
Ratios to average net assets:
Expenses (c)		.26	%(d)		.26	%		.26	%		.26	%		.25	%		.28	%
Net investment income		1.27	%(d)		1.21	%		1.24	%		1.24	%		1.15	%		1.15	%
Portfolio turnover rate (excluding short-term securities)		8.3	%(e)		16.6	%		18.5	%		16.1	%		12.0	%		9.3	%
	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.845		$	4.191		$	3.491		$	3.586		$	3.283		$	2.472
Income from investment operations:
Net investment income (a)		.024			.042			.039			.036			.030			.025
Net realized and unrealized gain(loss) on investments		.131			.612			.661			(.131	)		.273			.786
Total from investment operations		.155			.654			.700			(.095	)		.303			.811
Net asset value, end of period	$	5.000		$	4.845		$	4.191		$	3.491		$	3.586		$	3.283
Total return (b)		3.19	%		15.61	%		20.04	%		(2.63	)%		9.24	%		32.78	%
Net assets, end of period (in thousands)	$	218,901		$	220,335		$	214,408		$	185,717		$	218,305		$	215,884
Ratios to average net assets:
Expenses (c)		.51	%(d)		.51	%		.51	%		.51	%		.50	%		.53	%
Net investment income		1.00	%(d)		.95	%		1.06	%		.98	%		.89	%		.87	%
Portfolio turnover rate (excluding short-term securities)		8.3	%(e)		16.6	%		18.5	%		16.1	%		12.0	%		9.3	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Index 500 Fund*

	Class 1 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	10.629		$	8.745		$	7.829		$	7.737		$	6.822		$	5.167
Income from investment operations:
Net investment income (a)		.093			.175			.160			.147			.132			.115
Net realized and unrealized gain(loss) on investments		.177			1.709			.756			(.055	)		.783			1.540
Total from investment operations		.270			1.884			.916			.092			.915			1.655
Net asset value, end of period	$	10.899		$	10.629		$	8.745		$	7.829		$	7.737		$	6.822
Total return (b)		2.54	%		21.54	%		11.72	%		1.18	%		13.41	%		32.04	%
Net assets, end of period (in thousands)	$	174,815		$	167,661		$	133,014		$	110,210		$	60,909		$	36,387
Ratios to average net assets:
Expenses (c)		.20	%(d)		.20	%		.20	%		.21	%		.21	%		.22	%
Net investment income		1.73	%(d)		1.82	%		1.97	%		1.88	%		1.83	%		1.88	%
Portfolio turnover rate (excluding short-term securities)		1.1	%(e)		2.7	%		3.5	%		6.1	%		4.8	%		4.5	%
	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	10.393		$	8.573		$	7.693		$	7.622		$	6.737		$	5.115
Income from investment operations:
Net investment income (a)		.078			.148			.136			.124			.110			.095
Net realized and unrealized gain(loss) on investments		.173			1.672			.744			(.053	)		.775			1.527
Total from investment operations		.251			1.820			.880			.071			.885			1.622
Net asset value, end of period	$	10.644		$	10.393		$	8.573		$	7.693		$	7.622		$	6.737
Total return (b)		2.41	%		21.23	%		11.44	%		0.93	%		13.13	%		31.71	%
Net assets, end of period (in thousands)	$	702,077		$	708,275		$	609,796		$	577,069		$	585,532		$	540,439
Ratios to average net assets:
Expenses (c)		.45	%(d)		.45	%		.45	%		.46	%		.46	%		.47	%
Net investment income		1.48	%(d)		1.57	%		1.72	%		1.61	%		1.56	%		1.59	%
Portfolio turnover rate (excluding short-term securities)		1.1	%(e)		2.7	%		3.5	%		6.1	%		4.8	%		4.5	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT International Bond Fund*

	Class 1 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.533		$	2.499		$	2.418		$	2.517		$	2.468		$	2.464
Income from investment operations:
Net investment income (a)		.044			.102			.064			.063			.074			.078
Net realized and unrealized gain(loss) on investments		(.070	)		(.068	)		.017			(.162	)		(.025	)		(.074	)
Total from investment operations		(.026	)		.034			.081			(.099	)		.049			.004
Net asset value, end of period	$	2.507		$	2.533		$	2.499		$	2.418		$	2.517		$	2.468
Total return (b)		(1.04	)%		1.38	%		3.35	%		(3.92	)%		1.96	%		0.17	%
Net assets, end of period (in thousands)	$	1,178		$	1,134		$	1,097		$	984		$	938		$	756
Ratios to average net assets:
Expenses (c)		.99	%(d)		.98	%		1.00	%		.89	%		.86	%		.87	%
Net investment income		3.46	%(d)		3.97	%		2.67	%		2.55	%		2.93	%		3.18	%
Portfolio turnover rate (excluding short-term securities)		3.1	%(e)		58.7	%		54.0	%		42.4	%		19.3	%		17.7	%
	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.477		$	2.450		$	2.376		$	2.479		$	2.438		$	2.440
Income from investment operations:
Net investment income (a)		.039			.093			.057			.056			.067			.071
Net realized and unrealized gain(loss) on investments		(.068	)		(.066	)		.017			(.159	)		(.026	)		(.073	)
Total from investment operations		(.029	)		.027			.074			(.103	)		.041			(.002	)
Net asset value, end of period	$	2.448		$	2.477		$	2.450		$	2.376		$	2.479		$	2.438
Total return (b)		(1.16	)%		1.12	%		3.09	%		(4.16	)%		1.70	%		(0.08	)%
Net assets, end of period (in thousands)	$	103,987		$	106,869		$	109,908		$	112,548		$	124,174		$	128,885
Ratios to average net assets:
Expenses (c)		1.24	%(d)		1.23	%		1.24	%		1.14	%		1.11	%		1.12	%
Net investment income		3.20	%(d)		3.72	%		2.42	%		2.29	%		2.69	%		2.92	%
Portfolio turnover rate (excluding short-term securities)		3.1	%(e)		58.7	%		54.0	%		42.4	%		19.3	%		17.7	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Managed Volatility Equity Fund*

	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015 (a)
Net asset value, beginning of period	$	12.195		$	10.483		$	10.064		$	10.000
Income from investment operations:
Net investment income (b)		.126			.169			.253			.066
Net realized and unrealized gain(loss) on investments		(.358	)		1.543			.166			(.002	)
Total from investment operations		(.232	)		1.712			.419			.064
Net asset value, end of period	$	11.963		$	12.195		$	10.483		$	10.064
Total return (c)		(1.90	)%		16.33	%		4.16	%		0.64	%
Net assets, end of period (in thousands)	$	285,267		$	261,481		$	200,138		$	25,514
Ratios to average net assets:
Expenses before waiver (d)		.97	%(e)		.99	%		1.09	%		2.28	%(e)
Expenses net of waiver (f)		.80	%(e)		.80	%		.80	%		.80	%(e)
Net investment income		2.09	%(e)		1.48	%		2.43	%		5.53	%(e)
Portfolio turnover rate (excluding short-term securities)		–	%(g)		9.2	%		8.5	%		–	%(g)

(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).

(g) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Mortgage Securities Fund*

	Class 1 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	1.966		$	1.924		$	1.894		$	1.835		$	1.731		$	1.761
Income from investment operations:
Net investment income (a)		.023			.042			.042			.042			.031			.029
Net realized and unrealized gain(loss) on investments		(.041	)		–			(.012	)		.017			.073			(.059	)
Total from investment operations		(.018	)		.042			.030			.059			.104			(.030	)
Net asset value, end of period	$	1.948		$	1.966		$	1.924		$	1.894		$	1.835		$	1.731
Total return (b)		(0.94	)%		2.22	%		1.58	%		3.21	%		6.03	%		(1.73	)%
Net assets, end of period (in thousands)	$	266		$	263		$	269		$	913		$	813		$	985
Ratios to average net assets:
Expenses (c)		.73	%(d)		.68	%		.65	%		.64	%		.63	%		.68	%
Net investment income		2.35	%(d)		2.16	%		2.18	%		2.25	%		1.73	%		1.67	%
Portfolio turnover rate (excluding short-term securities)		71.2	%(e)		157.9	%		85.8	%		141.4	%		232.2	%		370.7	%
	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	1.923		$	1.886		$	1.861		$	1.808		$	1.709		$	1.744
Income from investment operations:
Net investment income (a)		.020			.037			.035			.037			.026			.025
Net realized and unrealized gain(loss) on investments		(.041	)		–			(.010	)		.016			.073			(.060	)
Total from investment operations		(.021	)		.037			.025			.053			.099			(.035	)
Net asset value, end of period	$	1.902		$	1.923		$	1.886		$	1.861		$	1.808		$	1.709
Total return (b)		(1.06	)%		1.96	%		1.32	%		2.95	%		5.76	%		(1.98	)%
Net assets, end of period (in thousands)	$	83,642		$	87,459		$	91,261		$	93,502		$	97,348		$	95,570
Ratios to average net assets:
Expenses (c)		.98	%(d)		.93	%		.90	%		.89	%		.88	%		.93	%
Net investment income		2.09	%(d)		1.91	%		1.83	%		2.00	%		1.48	%		1.44	%
Portfolio turnover rate (excluding short-term securities)		71.2	%(e)		157.9	%		85.8	%		141.4	%		232.2	%		370.7	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Real Estate Securities Fund*

	Class 1 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.781		$	4.526		$	4.324		$	4.108		$	3.143		$	3.100
Income from investment operations:
Net investment income (a)		.051			.081			.074			.066			.062			.050
Net realized and unrealized gain(loss) on investments		(.051	)		.174			.128			.150			.903			(.007	)
Total from investment operations		–			.255			.202			.216			.965			.043
Net asset value, end of period	$	4.781		$	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)	$	4,067		$	3,583		$	3,085		$	6,750		$	5,489		$	3,713
Ratios to average net assets:
Expenses (c)		.87	%(d)		.85	%		.82	%		.84	%		.85	%		.90	%
Net investment income		2.31	%(d)		1.75	%		1.68	%		1.59	%		1.70	%		1.55	%
Portfolio turnover rate (excluding short-term securities)		36.3	%(e)		75.4	%		78.0	%		65.8	%		85.4	%		39.8	%
	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.674		$	4.436		$	4.249		$	4.047		$	3.104		$	3.069
Income from investment operations:
Net investment income (a)		.044			.070			.063			.053			.050			.038
Net realized and unrealized gain(loss) on investments		(.050	)		.168			.124			.149			.893			(.003	)
Total from investment operations		(.006	)		.238			.187			.202			.943			.035
Net asset value, end of period	$	4.668		$	4.674		$	4.436		$	4.249		$	4.047		$	3.104
Total return (b)		(0.12	)%		5.37	%		4.40	%		4.99	%		30.37	%		1.15	%
Net assets, end of period (in thousands)	$	131,670		$	132,372		$	143,139		$	145,156		$	141,391		$	112,753
Ratios to average net assets:
Expenses (c)		1.12	%(d)		1.10	%		1.08	%		1.09	%		1.10	%		1.15	%
Net investment income		2.01	%(d)		1.55	%		1.43	%		1.30	%		1.40	%		1.18	%
Portfolio turnover rate (excluding short-term securities)		36.3	%(e)		75.4	%		78.0	%		65.8	%		85.4	%		39.8	%

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

(d) Adjusted to an annual basis.

(e) Not annualized.

* See Note 1 of accompanying notes to financial statements regarding the former name of the fund.

Securian Funds Trust
Financial Highlights – continued

SFT Ivy^SM Growth Fund

	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014 (a)
Net asset value, beginning of period	$	15.662		$	12.120		$	12.012		$	11.253		$	10.000
Income from investment operations:
Net investment income (b)		.004			.022			.034			.001			.011
Net realized and unrealized gain on investments		1.611			3.520			.074			.758			1.242
Total from investment operations		1.615			3.542			.108			.759			1.253
Net asset value, end of period	$	17.277		$	15.662		$	12.120		$	12.012		$	11.253
Total return (c)		10.31	%		29.22	%		0.91	%		6.74	%		12.53	%
Net assets, end of period (in thousands)	$	518,485		$	504,437		$	438,985		$	479,081		$	500,575
Ratios to average net assets:
Expenses (d)		.97	%(e)		.97	%		.98	%		.97	%		.96	%(e)
Net investment income		.05	%(e)		.16	%		.29	%		.01	%		.15	%(e)
Portfolio turnover rate (excluding short-term securities)		18.7	%(f)		40.5	%		52.5	%		31.6	%		44.7	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Ivy^SM Small Cap Growth Fund

	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014 (a)
Net asset value, beginning of period	$	15.802		$	12.611		$	10.414		$	10.810		$	10.000
Income from investment operations:
Net investment income (b)		(.045	)		(.111	)		(.076	)		(.090	)		(.048	)
Net realized and unrealized gain(loss) on investments		1.978			3.302			2.273			(.306	)		.858
Total from investment operations		1.933			3.191			2.197			(.396	)		.810
Net asset value, end of period	$	17.735		$	15.802		$	12.611		$	10.414		$	10.810
Total return (c)		12.23	%		25.30	%		21.10	%		(3.66	)%		8.10	%
Net assets, end of period (in thousands)	$	200,956		$	184,233		$	163,294		$	145,465		$	182,284
Ratios to average net assets:
Expenses (d)		1.21	%(e)		1.22	%		1.24	%		1.19	%		1.22	%(e)
Net investment income		(.54	)%(e)		(.78	)%		(.68	)%		(.80	)%		(.71	)%(e)
Portfolio turnover rate (excluding short-term securities)		23.2	%(f)		54.4	%		99.2	%		65.4	%		115.8	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT T. Rowe Price Value Fund

	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014 (a)
Net asset value, beginning of period	$	13.933		$	11.747		$	10.617		$	10.836		$	10.000
Income from investment operations:
Net investment income (b)		.077			.153			.173			.119			.077
Net realized and unrealized gain(loss) on investments		(.404	)		2.033			.957			(.338	)		.759
Total from investment operations		(.327	)		2.186			1.130			(.219	)		.836
Net asset value, end of period	$	13.606		$	13.933		$	11.747		$	10.617		$	10.836
Total return (c)		(2.35	)%		18.61	%		10.65	%		(2.02	)%		8.36	%
Net assets, end of period (in thousands)	$	209,502		$	226,215		$	208,513		$	207,698		$	233,202
Ratios to average net assets:
Expenses (d)		1.03	%(e)		1.03	%		1.03	%		1.01	%		1.02	%(e)
Net investment income		1.12	%(e)		1.20	%		1.59	%		1.10	%		1.10	%(e)
Portfolio turnover rate (excluding short-term securities)		75.2	%(f)		90.4	%		102.9	%		65.0	%		105.1	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Wellington Core Equity Fund

	Class 1 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014 (a)
Net asset value, beginning of period	$	14.369		$	11.834		$	11.261		$	11.148		$	10.000
Income from investment operations:
Net investment income (b)		.045			.084			.089			.075			.053
Net realized and unrealized gain on investments		.484			2.451			.484			.038			1.095
Total from investment operations		.529			2.535			.573			.113			1.148
Net asset value, end of period	$	14.898		$	14.369		$	11.834		$	11.261		$	11.148
Total return (c)		3.68	%		21.42	%		5.09	%		1.01	%		11.48	%
Net assets, end of period (in thousands)	$	751		$	706		$	696		$	587		$	663
Ratios to average net assets:
Expenses (d)		.84	%(e)		.85	%		.80	%		.78	%		.86	%(e)
Net investment income		.61	%(e)		.64	%		.80	%		.66	%		.74	%(e)
Portfolio turnover rate (excluding short-term securities)		13.1	%(f)		138.0	%		88.8	%		84.6	%		54.2	%(f)
	Class 2 Shares
	Six months ended June 30, 2018			Year ended December 31,
	(unaudited)			2017			2016			2015			2014 (a)
Net asset value, beginning of period	$	14.238		$	11.755		$	11.214		$	11.129		$	10.000
Income from investment operations:
Net investment income (b)		.026			.051			.060			.046			.035
Net realized and unrealized gain on investments		.479			2.432			.481			.039			1.094
Total from investment operations		.505			2.483			.541			.085			1.129
Net asset value, end of period	$	14.743		$	14.238		$	11.755		$	11.214		$	11.129
Total return (c)		3.55	%		21.12	%		4.83	%		0.76	%		11.29	%
Net assets, end of period (in thousands)	$	116,433		$	120,185		$	113,799		$	128,297		$	141,272
Ratios to average net assets:
Expenses (d)		1.09	%(e)		1.10	%		1.05	%		1.03	%		1.11	%(e)
Net investment income		.36	%(e)		.40	%		.54	%		.41	%		.49	%(e)
Portfolio turnover rate (excluding short-term securities)		13.1	%(f)		138.0	%		88.8	%		84.6	%		54.2	%(f)

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

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

(e) Adjusted to an annual basis.

(f) Not annualized.

Securian Funds Trust
Notes to Financial Statements

June 30, 2018

(Unaudited)

(1) Organization

Securian Funds Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a no-load, diversified open-end management investment company, except that SFT 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 Core Bond Fund (formerly SFT Advantus Bond Fund)		P		P
SFT Dynamic Managed Volatility Fund (formerly SFT Advantus Dynamic Managed Volatility Fund)		NA		P
SFT Government Money Market Fund (formerly SFT Advantus Government Money Market Fund)		NA		P
SFT Index 400 Mid-Cap Fund (formerly SFT Advantus Index 400 Mid-Cap Fund)		P		P
SFT Index 500 Fund (formerly SFT Advantus Index 500 Mid-Cap Fund)		P		P
SFT International Bond Fund (formerly SFT Advantus International Bond Fund)		P		P
SFT Managed Volatility Equity Fund (formerly SFT Advantus Managed Volatility Equity Fund)		NA		P
SFT Mortgage Securities Fund (formerly SFT Advantus Mortgage Securities Fund)		P		P
SFT Real Estate Securities Fund (formerly 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

Securian Asset Management, Inc.(Securian AM), (formerly Advantus Capital Management, Inc.) 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 Securian AM 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.

Securian Funds Trust
Notes to Financial Statements – continued

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

Investments in Securities

Each Fund's net asset value is generally calculated as of the close of normal trading on the New York Stock Exchange (typically 3:00 p.m. Central Time). Investments in securities traded on a U.S. or foreign securities exchange are valued at the last sale price on that exchange prior to the time when assets are valued; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price, by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by the Securian AM. 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 Securian AM determines that an event impacting the value of an investment occurred after the close of the security's primary exchange or market (for example, a foreign exchange or market) and before the time the Fund's net asset value is calculated. If a significant event impacting the value of a security or group of securities occurs, the Valuation Committee is immediately notified and the members meet promptly to determine whether fair value pricing is needed in accordance with the Fund's valuation procedures and, if so, to approve the pricing methodology to be used.

Short-term securities, with the exception of those held in the SFT Government Money Market Fund, are valued at market value. Pursuant to Rule 2a-7 of the 1940 Act, all securities in the SFT 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 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.

Securian Funds Trust
Notes to Financial Statements – continued

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

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

Futures Transactions

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

Securian Funds Trust
Notes to Financial Statements – continued

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

writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

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

Repurchase Agreements

Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, U.S. Government securities, U.S. Government agencies securities or corporate securities having a value equal to, or in excess of, the value of the repurchase agreement. If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the value of those securities has declined, a Fund may incur a loss upon disposition of the securities. Repurchase agreements are carried at amortized cost. At June 30, 2018, no Funds were invested in repurchase agreements.

Federal Taxes

Each Fund, other than SFT Dynamic Managed Volatility Fund, SFT International Bond Fund, SFT 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 Dynamic Managed Volatility Fund, SFT 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 Dynamic Managed Volatility Fund, SFT 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.

SFT International Bond Fund qualifies 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.

Securian Funds Trust
Notes to Financial Statements – continued

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

The FASB, Accounting Standards Codification 740, "Income Taxes" (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Funds have evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Funds' financial statements as of the six months ended June 30, 2018. The Funds' federal and state income returns for which the 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.

Distributions to Shareholders

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

Securities Purchased on a When-Issued or Forward Commitment Basis

Delivery and payment for securities which have been purchased by a Fund on a when-issued or forward commitment basis can take place a month or more after the transaction date. During this period, such securities are subject to market fluctuations. As of June 30, 2018, the SFT Core Bond Fund and SFT Mortgage Securities Fund had entered into outstanding, when-issued or forward commitments at fair value of $7,413,162 and $9,087,768, respectively. The Funds have segregated assets to cover such when-issued and forward commitments.

Cross-Trades

The Funds are permitted to purchase and sell securities ("cross-trade") from and to other Funds within the Trust as well as outside of the Trust, where both accounts are managed by the same sub-adviser pursuant to "Cross-Trading" procedures adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by a respective Fund from and to another fund that is or could be considered an affiliate of the Funds under certain limited circumstances by virtue of having a common investment adviser, common officer, or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price to save costs where allowed. Pursuant to these procedures, for the period ended June 30, 2018, the Funds engaged in the following cross-trades, which resulted in the following net realized gains (losses):

				Purchases				Sales				Net Realized Gains (Losses)
SFT T. Rowe Price Value Fund				$	–			$	199,482			$	(28,274	)

Securian Funds Trust
Notes to Financial Statements – continued

(3) Investment Security Transactions

The cost of purchases and proceeds from sales of investment securities, other than temporary investments in short-term securities, for the six months ended June 30, 2018 were as follows:

	Non-U.S. Government				U.S. Government*
Fund	Purchases		Sales		Purchases		Sales
SFT Core Bond Fund	$	210,006,967	$	196,647,723	$	178,638,077	$	190,066,819
SFT Dynamic Managed Volatility Fund		11,520,947		499,977		–		1,115,613
SFT Index 400 Mid-Cap Fund		17,934,727		24,762,761		–		–
SFT Index 500 Fund		9,428,151		17,548,011		–		–
SFT International Bond Fund		1,617,304		5,366,454		–		–
SFT Managed Volatility Equity Fund		26,725,318		–		–		–
SFT Mortgage Securities Fund		6,834,789		4,321,968		56,241,603		57,713,776
SFT Real Estate Securities Fund		48,453,803		46,899,939		–		–
SFT Ivy^SM Growth Fund		96,029,276		142,527,176		–		–
SFT Ivy^SM Small Cap Growth Fund		43,586,078		56,083,680		–		–
SFT T. Rowe Price Value Fund		163,216,746		172,085,597		–		–
SFT Wellington Core Equity Fund		15,628,022		22,120,926		–		–

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

(4) Expenses and Related Party Transactions

The Funds have an investment advisory agreement with Securian AM, a wholly-owned subsidiary of Securian Financial Group. Under the advisory agreement, Securian AM, 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 Securian AM an annual fee, based on average daily net assets, in the following amounts:

Fund				Annual Fee on Net Assets
SFT Core Bond Fund				0.40% of net assets to $1 billion; and 0.35% of net assets exceeding $1 billion
SFT Dynamic Managed Volatility Fund				0.65% of all assets
SFT Government Money Market Fund				0.30% of net assets to $1 billion; and 0.25% of net assets exceeding $1 billion
SFT Index 400 Mid-Cap Fund				0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion
SFT Index 500 Fund				0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion
SFT International Bond Fund				0.60% of net assets to $1 billion; and 0.55% of net assets exceeding $1 billion
SFT Managed Volatility Equity Fund				0.65% of all assets
SFT Mortgage Securities Fund				0.40% of net assets to $1 billion; and 0.35% of net assets exceeding $1 billion
SFT 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

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

Securian Funds Trust
Notes to Financial Statements – continued

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

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

Securian AM 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 Securian AM pays T. Rowe Price an annual fee ranging from 0.30% to 0.50% based on average daily net assets.

Securian AM 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 Securian AM pays Wellington Management an annual fee ranging from 0.28% to 0.31% based on average daily net assets.

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

Administrative Services Fee

The Trust has an agreement with Securian Financial Group under which Securian Financial Group provides accounting, legal and other administrative services. Each Fund reimburses Securian Financial Group quarterly for the actual costs incurred in performing such services, as determined in accordance with Securian Financial Group's customary cost accounting procedures consistently applied. Total quarterly administrative fees by Fund range from $5,139 to $23,400.

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 2018, 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 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 Government Money Market Fund), Securian AM and Securian Financial. Under such Agreement, Securian AM agrees to waive, reimburse or pay SFT 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. Securian AM 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 Securian AM 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 Securian AM and/or Securian Financial to recover

Securian Funds Trust
Notes to Financial Statements – continued

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

the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. For the six months ended June 30, 2018, no waivers were made pursuant to the Agreement. As of June 30, 2018, Securian AM 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 $852,153 was eligible for recovery by Securian AM and Securian Financial as of such date. Amounts subject to potential recovery for the periods ended June 30, 2019 and 2020 are $300,636, and $0, respectively. If Securian AM 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, 2019, provided such continuance is specifically approved by a majority of the Trust's independent Trustees.

SFT Dynamic Managed Volatility Fund, SFT Government Money Market Fund, and SFT Managed Volatility Fund Expense Waivers

Securian AM and the Trust, on behalf of the SFT Dynamic Managed Volatility Fund, SFT Government Money Market Fund, and SFT Managed Volatility Equity Fund, 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 Fund's business), through April 30, 2019.

The Agreements renew annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Funds are authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM 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 Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. To the extent that the Fund makes such reimbursements to Securian AM, 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 June 30, 2018, the amounts waived and eligible for recovery are as follows:

							Recoverable through December 31,
Fund	Agreement Date	Expense Limit			Advisory Fees Waived for the Six Months Ended June 30, 2018*		2018		2019		2020
SFT Dynamic Managed Volatility Fund	May 1, 2013		0.80	%	$	339,650	$	1,625,512	$	1,175,766	$	668,876
SFT Government Money Market Fund	November 1, 2017		0.70	%	$	72,276	$	99,256	$	99,256	$	99,256
SFT Managed Volatility Equity Fund	November 18, 2015		0.80	%	$	236,399	$	1,018,883	$	847,795	$	454,477

* 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 Government Money Market Fund which limits its investment in illiquid securities to 5% of net assets. At June 30, 2018, the SFT Core Bond Fund, SFT Dynamic Managed Volatility Fund, and SFT Mortgage Securities Fund

Securian Funds Trust
Notes to Financial Statements – continued

(5) Illiquid Securities – (continued)

held illiquid securities of $1,350,408, $999,071, and $1,695,656, respectively, which represent 2.8%, 0.3%, and 2.0% 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.

(6) Fair Value Measurement

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

The following is a summary of the levels used for the period ended June 30, 2018, in valuing the Fund's assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):

	Fair Value Measurement at June 30, 2018 using
Fund	Level 1			Level 2		Level 3		Total
SFT Core Bond Fund
Assets
Government Obligations	$	–		$	117,329,913	$	–	$	117,329,913
Asset-Backed Securities		–			43,094,057		–		43,094,057
Other Mortgage-Backed Securities		–			40,412,797		–		40,412,797
Corporate Obligations		–			171,165,349		–		171,165,349
Investment Companies		7,554,881			–		–		7,554,881
Total Investments		7,554,881			372,002,116		–		379,556,997
Other Financial Instruments*
Futures Contracts		875,544			–		–		875,544
Liabilities
Other Financial Instruments*
Futures Contracts		(672,420	)		–		–		(672,420	)
SFT Dynamic Managed Volatility Fund
Assets
Government Obligations		–			1,807,067		–		1,807,067
Asset-Backed Securities		–			999,071		–		999,071
Other Mortgage-Backed Securities		–			1,006,588		–		1,006,588
Corporate Obligations		–			141,539,807		–		141,539,807
Purchased Options		311,472			–		–		311,472
Investment Companies		242,067,815			–		–		242,067,815
Total Investments		242,379,287			145,352,533		–		387,731,820
Other Financial Instruments*
Futures Contracts		144,699			–		–		144,699
Liabilities
Other Financial Instruments*
Futures Contracts		(2,227,799	)		–		–		(2,227,799	)
Written Options		(39,840	)						(39,840	)

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

	Fair Value Measurement at June 30, 2018 using
Fund	Level 1			Level 2			Level 3		Total
SFT Government Money Market Fund
Assets
U.S. Government Obligations	$	–		$	66,372,893		$	–	$	66,372,893
Investment Companies		87,079			–			–		87,079
Total Investments		87,079			66,372,893			–		66,459,972
SFT Index 400 Mid-Cap Fund
Assets
Common Stocks		218,538,791			–			–		218,538,791
Investment Companies		6,544,960			–			–		6,544,960
Total Investments		225,083,751			–			–		225,083,751
Liabilities
Other Financial Instruments*
Futures Contracts		(124,708	)		–			–		(124,708	)
SFT Index 500 Fund
Assets
Common Stocks		864,800,018			–			–		864,800,018
Investment Companies		11,007,328			–			–		11,007,328
Total Investments		875,807,346			–			–		875,807,346
Liabilities
Other Financial Instruments*
Futures Contracts		(201,340	)		–			–		(201,340	)
SFT International Bond Fund
Assets
Long-Term Debt Securities		–			46,623,580			–		46,623,580
Short-Term Debt Securities		–			47,710,588			–		47,710,588
Investment Companies		6,849,158			–			–		6,849,158
Total Investments		6,849,158			94,334,168			–		101,183,326
Other Financial Instruments*
Forward Foreign Currency Contracts		–			2,071,994			–		2,071,994
Interest Rate Swap Contracts		–			843,703			–		843,703
Liabilities
Other Financial Instruments*
Forward Foreign Currency Contracts		–			(573,025	)		–		(573,025	)
Interest Rate Swap Contracts		–			(256,016	)		–		(256,016	)
SFT Managed Volatility Equity Fund
Assets
Investment Companies		280,100,261			–			–		280,100,261
Purchased Options		223,510			–			–		223,510
Total Investments		280,323,771			–			–		280,323,771
Liabilities
Other Financial Instruments*
Futures Contracts		(355,262	)							(355,262	)
Written Options		(28,560	)		–			–		(28,560	)

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
June 30, 2018 using

Fund

Level 1

Level 2

Level 3

Total

SFT Mortgage Securities Fund

Assets

Government Obligations

–

60,550,739

–

60,550,739

Asset-Backed Securities

–

8,969,516

–

8,969,516

Other Mortgage-Backed Securities

–

11,712,906

–

11,712,906

Corporate Obligations

–

814,447

–

814,447

Investment Companies

10,732,672

–

10,732,672

Total Investments

10,732,672

82,047,608

–

92,780,280

Other Financial Instruments*

Futures Contracts

76,485

–

76,485

Liabilities

Other Financial Instruments*

Futures Contracts

(39,366

)

–

(39,366

)

SFT Real Estate Securities Fund

Assets

Common Stocks

133,670,844

–

133,670,844

Investment Companies

1,884,230

–

1,884,230

Total Investments

135,555,074

–

135,555,074

SFT Ivy^SM Growth Fund

Assets

Common Stocks

505,182,250

–

505,182,250

Investment Companies

13,837,662

–

13,837,662

Total Investments

519,019,912

–

519,019,912

SFT Ivy^SM Small Cap Growth Fund

Assets

Common Stocks

191,794,618

–

191,794,618

Investment Companies

8,691,009

–

8,691,009

Total Investments

200,485,627

–

200,485,627

SFT T. Rowe Price Value Fund

Assets

Common Stocks

206,523,133

–

206,523,133

Preferred Stocks

2,293,444

–

2,293,444

Investment Companies

1,070,497

–

1,070,497

Total Investments

209,887,074

–

209,887,074

SFT Wellington Core Equity Fund

Assets

Common Stocks

116,680,755

–

116,680,755

Investment Companies

358,947

–

358,947

Total Investments

117,039,702

–

117,039,702

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

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

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 as of period end June 30, 2018.

Equity derivatives were purchased or sold to manage the SFT Index 400 Mid-Cap and SFT Index 500 Funds' shareholder liquidity and to attempt to replicate intended stock investments to maintain fully invested Funds. Equity index options are utilized by the SFT Dynamic Managed Volatility Fund and the SFT 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 International Bond Fund's current or intended investments in foreign securities, as well as, to more efficiently obtain exposure to foreign currencies or to take advantage of cross currency markets in order to benefit from valuation differentials and shifts in pricing within the currency markets.

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

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

	Risk Exposure
	Equity Contracts			Interest Rate Contracts			Foreign Exchange Contracts
SFT Core Bond Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2018
Assets:
Variation margin on futures contracts*	$	–		$	875,544		$	–
Liabilities:
Variation margin on futures contracts*	$	–		$	(672,420	)	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2018
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	–		$	(404,469	)	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	–		$	269,954		$	–
SFT Dynamic Managed Volatility Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2018
Assets:
Variation margin on futures contracts*	$	–		$	144,699		$	–
Investments in securities at value (purchased options), market value		311,472			–			–
Total	$	311,472		$	144,699		$	–
Liabilities:
Variation margin on futures contracts*	$	(2,227,799	)	$	–		$	–
Written options, market value					(39,840	)
	$	(2,267,639	)	$	–		$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2018
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	5,412,933		$	475,671		$	–
Purchased options contracts		(2,510,957	)		–			–
Written options contracts		144,144			–			–
Total	$	3,046,120		$	475,671		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(2,973,592	)	$	101,561		$	–
Purchased options contracts		115,804			–			–
Written options contracts		22,074			–			–
Total	$	(2,835,714	)	$	101,561		$	–
SFT Index 400 Mid-Cap Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2018
Assets:
Variation margin on futures contracts*	$	–		$	–		$	–
Liabilities:
Variation margin on futures contracts*	$	(124,708	)	$	–		$	–

100

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	Risk Exposure
	Equity Contracts			Interest Rate Contracts			Foreign Exchange Contracts
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2018
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	246,472		$	–		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(140,681	)	$	–		$	–
SFT Index 500 Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2018
Assets:
Variation margin on futures contracts*	$	–		$	–		$	–
Liabilities:
Variation margin on futures contracts*	$	(201,340	)	$	–		$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2018
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	127,950		$	–		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(297,598	)	$	–		$	–
SFT International Bond Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2018
Assets:
Unrealized appreciation on forward foreign currency contracts	$	–		$	–		$	2,071,994
Variation margin on swap contracts*		–			843,703			–
Total	$	–		$	843,703		$	2,071,994
Liabilities:
Unrealized depreciation on forward foreign currency contracts	$	–		$	–		$	(573,025	)
Variation margin on swap contracts*		–			(256,016	)		–
Total	$	–		$	(256,016	)	$	(573,025	)
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2018
Net Realized Gain (Loss) on Derivatives:
Swap contracts	$	–		$	35,976		$	–
Foreign currency contracts		–			–			(1,782,842	)
Total	$	–		$	35,976		$	(1,782,842	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Swap contracts	$	–		$	954,490		$	–
Foreign currency contracts		–			–			3,143,859
Total	$	–		$	954,490		$	3,143,859

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Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	Risk Exposure
	Equity Contracts			Interest Rate Contracts			Foreign Exchange Contracts
SFT Managed Volatility Equity Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2018
Assets:
Variation margin on futures contracts*	$	–		$	–		$	–
Investments in securities at value (purchased options), market value		223,510			–			–
Total	$	223,510		$	–		$	–
Liabilities:
Variation margin on futures contracts*	$	(355,262	)	$	–		$	–
Written options, market value		(28,560	)		–			–
Total	$	(383,822	)	$	–		$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2018
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	(2,231,062	)	$	–		$	–
Purchased options contracts		46,258			–			–
Written options contracts		272,376			–			–
Total	$	(1,912,428	)	$	–		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(503,790	)	$	–		$	–
Purchased options contracts		117,423			–			–
Written options contracts		2,329			–			–
Total	$	(384,038	)	$	–		$	–
SFT Mortgage Securities Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2018
Assets:
Variation margin on futures contracts*	$	–		$	76,485		$	–
Liabilities:
Variation margin on futures contracts*	$	–		$	(39,366	)	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2018
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	–		$	(672	)	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	–		$	23,367		$	–

* 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.

The Funds may be exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. The Funds manage credit risk related to derivatives by entering into transactions with highly rated counterparties. Generally, the current credit exposure of the derivative contracts is limited to the positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting arrangements and any collateral received pursuant to credit support annexes. Because exchange traded derivatives are purchased through regulated exchanges and positions are settled regularly, the Funds have minimal exposure to credit-related losses in the event of nonperformance by

102

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

counterparties to such derivative instruments. For the period ended June 30, 2018 none of the Funds' derivatives were subject to master netting arrangements.

(8) Affiliated Ownership

The SFT 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 Dynamic Managed Volatility Fund because they share the same investment advisor, Securian AM, and because they are overseen by the same Board of Trustees. The SFT Dynamic Managed Volatility Fund will achieve its equity exposure by investing primarily in Class 1 Shares of the SFT 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 Index 500 Fund as of June 30, 2018 are as follows:

Fund/ Underlying Fund	Balance of Shares Held at June 30, 2018		Net Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ Depreciation		Distributions Received		Value at June 30, 2018
SFT Dynamic Managed Volatility Fund
SFT Index 500 Fund		14,224,618	$	–	$	3,840,177	$	–	$	155,034,367

(9) Subsequent Events

103

Securian Funds Trust
Other Information

(unaudited)

Fund Expenses Paid by Shareholders

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

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 01, 2018 through June 30, 2018. 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 Core Bond Fund	$	1,000	$	985.20		0.50	%	$	2.46	$	984.00		0.75	%	$	3.69
SFT Dynamic Managed Volatility Fund		1,000		NA		NA			NA		995.40		0.80	%		3.96
SFT Government Money Market Fund		1,000		NA		NA			NA		1,004.50		0.70	%		3.48
SFT Index 400 Mid-Cap Fund		1,000		1,033.20		0.26	%		1.31		1,031.90		0.51	%		2.57
SFT Index 500 Fund		1,000		1,025.40		0.20	%		1.00		1,024.10		0.45	%		2.26
SFT International Bond Fund		1,000		989.60		0.99	%		4.88		988.40		1.24	%		6.11
SFT Managed Volatility Equity Fund		1,000		NA		NA			NA		981.00		0.80	%		3.93
SFT Mortgage Securities Fund		1,000		990.60		0.73	%		3.60		989.40		0.98	%		4.83
SFT Real Estate Securities Fund		1,000		1,000.00		0.87	%		4.31		998.80		1.12	%		5.55
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,103.10		0.97	%		5.06
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,231.10		1.21	%		6.69
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		976.50		1.03	%		5.05
SFT Wellington Core Equity Fund		1,000		1,036.80		0.84	%		4.24		1,035.50		1.09	%		5.50

104

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 Core Bond Fund	$	1,000	$	1,022.32		0.50	%	$	2.51	$	1,021.08		0.75	%	$	3.76
SFT Dynamic Managed Volatility Fund		1,000		NA		NA			NA		1,020.83		0.80	%		4.01
SFT Government Money Market Fund		1,000		NA		NA			NA		1,021.32		0.70	%		3.51
SFT Index 400 Mid-Cap Fund		1,000		1,023.51		0.26	%		1.30		1,022.27		0.51	%		2.56
SFT Index 500 Fund		1,000		1,023.80		0.20	%		1.00		1,022.56		0.45	%		2.26
SFT International Bond Fund		1,000		1,019.89		0.99	%		4.96		1,018.65		1.24	%		6.21
SFT Managed Volatility Equity Fund		1,000		NA		NA			NA		1,020.83		0.80	%		4.01
SFT Mortgage Securities Fund		1,000		1,021.17		0.73	%		3.66		1,019.93		0.98	%		4.91
SFT Real Estate Securities Fund		1,000		1,020.48		0.87	%		4.36		1,019.24		1.12	%		5.61
SFT Ivy^SM Growth Fund		1,000		NA		NA			NA		1,019.98		0.97	%		4.86
SFT Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,018.79		1.21	%		6.06
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,019.69		1.03	%		5.16
SFT Wellington Core Equity Fund		1,000		1,020.63		0.84	%		4.21		1,019.39		1.09	%		5.46

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 Securian AM 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.

105

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.

106

Securian Funds Trust
Statement Regarding Basis for Approval of Advisory Contracts

(unaudited)

Each year, the Board of Trustees of Securian Funds Trust (the "Trust") votes on the renewal of the Trust's Investment Advisory Agreement with Advantus Capital Management, Inc. ("Advantus"). The Board most recently unanimously reapproved the Investment Advisory Agreement on January 25, 2018. At this meeting, the Board of Trustees also reapproved the Investment Sub-Advisory Agreements between Advantus and Franklin Advisers, Inc. (for the International Bond Fund), between Advantus and Waddell & Reed Investment Management Company (for Ivy Growth Fund) between Advantus and Waddell & Reed Investment Management Company (for Ivy Small Cap Growth Fund), between Advantus and Wellington Management Company LLC (for Wellington Core Equity Fund) and between Advantus and T.Rowe Price Associates, Inc. (for T.Rowe Price Value Fund). Collectively, the Funds managed by sub-advisers are referred to as the "Sub-Advised Funds".

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

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

Management Fee and Other Expenses

The Trustees reviewed the January 2018 report prepared by Broadridge Financial Solutions, Inc. ("Broadridge") containing comparisons of each Fund's investment management, non-management and total expenses with industry peers independently selected by Broadridge.

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

Fees Charged to Other Advisory Clients of Advantus

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

Costs of Services Provided and Profitability to Advantus

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

Investment Results

The Trustees review a quarterly report comparing each Fund's investment performance for the most recently completed calendar quarter and 1, 3 5 and, where applicable, 10-year periods then ended with Broadridge peer groups and with one or more benchmark indices.

107

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

The Trustees noted that each of the Bond Fund and Mortgage Securities Fund outperformed its Broadridge peer group average for the most recent quarter and for the 1, 3 and 5-year periods ended December 31, 2017, that International Bond Fund underperformed its peer group for all reported periods except the 10-year period in which it outperformed its peers, and that Real Estate Securities Fund performed approximately in line with its peer group during the most recent quarter and during the 1 and 3 year periods, slightly better than its peers during the 5 year period, and slightly worse than its peers during the 10 year period all ended December 31, 2017. The Trustees then noted that the Index 400 and Index 500 Funds continue to perform in line with their respective benchmarks, and that the Money Market Fund's performance is in-line with its peer group for all relevant periods. The Trustees then observed that the Managed Volatility Fund and the Managed Volatility Equity Fund performed consistently with their objectives and were competitive with their peers. With respect to the Sub-Advised Funds, the Trustees noted that Ivy Growth Fund underperformed its benchmark for the most recent quarter and for the 1- and 3-year periods ended December 31, 2017, that Ivy Small Cap Growth Fund had outperformed its peers during the most recent quarter and 1 and 3-year periods ended December 31, 2017 (posting first quintile performance during the 3 year period), that Wellington Core Equity Fund had outperformed its peer group during the most recent quarter and had performed in line with its peers during the year ended December 31, 2017 and that T. Rowe Price Value Fund had outperformed its peers during the most recent quarter and 1-year period ended December 31, 2017 and had performed in line with its peers during the 3-year period ended December 31, 2017. The Trustees reviewed attribution analyses and portfolio positioning on all Funds, particularly the Funds with more recent underperformance. Based on the foregoing, the Trustees concluded that reapproving the Funds' Investment Advisory Agreement and each Sub-Advised Fund's Investment Subadvisory Agreement were in the best interests of each Fund and its shareholders.

Ancillary Benefits to Advantus and Its Affiliates

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

Nature, Extent and Quality of Services Provided by Advantus

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

Investment Sub-Advisory Agreements

At the January 25, 2018 meeting, the Trustees also unanimously reapproved the Investment Sub-Advisory Agreements for the Sub-Advised Funds. In addition to the Trustees' review of the Sub-Advised Funds' investment performance and expense ratios (as set forth above), the Trustees also requested and evaluated other information, including a report on each sub-adviser's organization and current staffing, a report on brokerage allocation practices and related soft dollar arrangements, assurances that each Sub-Advised Fund will be

108

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

managed in accordance with its stated investment objectives, policies and limitations, assurances that all disclosures relating to the sub-adviser reflected in the Trust's registration statement are complete and accurate, and assurance that the sub-adviser will operate in full compliance with applicable laws, regulations and exemptive orders. The Trustees also reviewed a summary of each sub-adviser's code of ethics and compliance program. The Trustees requested, but did not receive, an analysis of each sub-adviser's profitability in managing the Fund. However, the Trustees noted that Advantus is unaffiliated with each sub-adviser and that the Investment Sub-Advisory Agreements were negotiated on an "arm's-length" basis.

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

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

After the January 25, 2018, meeting, Waddell & Reed Investment Management Company reorganized their mutual fund advisory responsibilities, including the sub-advisory services for the Ivy Growth Fund and Ivy Small Cap Growth Fund, into its affiliate Ivy Investment Management Company. The Trustees determined that this reallocation will not result in in any material change in the nature or quality of services to be provided to the Funds or any change in advisory fees. Accordingly, at a meeting on April 26, 2018, the Trustees unanimously approved a sub-advisory agreement between Ivy Investment Management Company and each of Ivy Growth Fund and Ivy Small Cap Growth Fund.

109

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, Securian Asset Management, Inc. (Securian AM) (formerly 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, Securian AM since 2017; Executive Vice President and Director, Securian AM 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 Securian AM) since July 2007; Senior Vice President, Securian Life

110

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

Insurance Company since June 2007; President and Director, Marketview Properties, LLC (entity holding real estate assets) since January 2010; President and Director, Marketview Properties II, LLC (entity holding real estate assets) since March 2010; President 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, Securian AM 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, Michael Steinert, 1975, serves as the Trust's Chief Compliance Officer. Mr. Steinert also serves as Vice President and Chief Compliance Officer of Securian AM.

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114

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

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

Securian Financial Services, Inc.

www.securian.com

Securities Dealer, Member FINRA/SIPC.

Registered Investment Advisor

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

1.888.237.1838

F38897 Rev 8-2018

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 8-2018

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.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

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

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

Exhibit 99.CODE ETH attached hereto.

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

Exhibit 99.CERT attached hereto.

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

Not applicable.

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

Exhibit 99.906 CERT attached hereto

SIGNATURES

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

(Registrant) Securian Funds Trust

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

Date: August 21, 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: August 21, 2018

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