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)

Paul J. Thibodeaux, 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, 2024

Date of reporting period: June 30, 2024

ITEM 1. REPORT TO STOCKHOLDERS.

(a)

The following is a copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

TABLE OF CONTENTS

SFT Balanced Stabilization Fund Class 2

SFT Core Bond Fund Class 1

SFT Core Bond Fund Class 2

SFT Delaware Ivy SM Growth Fund Class 2

SFT Delaware Ivy SM Small Cap Growth Fund Class 2

SFT Equity Stabilization Fund Class 2

SFT Government Money Market Fund Class 2

SFT Index 400 Mid-Cap Fund Class 1

SFT Index 400 Mid-Cap Fund Class 2

SFT Index 500 Fund Class 1

SFT Index 500 Fund Class 2

SFT Real Estate Securities Fund Class 1

SFT Real Estate Securities Fund Class 2

SFT T. Rowe Price Value Fund Class 2

SFT Wellington Core Equity Fund Class 1

SFT Wellington Core Equity Fund Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Balanced Stabilization Fund

Class 2

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Balanced Stabilization Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Balanced Stabilization Fund (Class 2)	$45	0.87%

Key Fund Statistics

Total Net Assets	$649,552,304
# of Portfolio Holdings	206
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$1,778,021

What did the Fund invest in?

Sector Diversification (% of net assets)

Investment Companies	61.9%
Financial	11.0%
Consumer, Non-cyclical	5.1%
U.S. Treasury	4.6%
Industrials	3.3%
Utilities	3.2%
Communications	2.4%
Consumer Cyclical	2.2%
Other	4.8%
Other Assets and Liabilities, Net	1.5%
Total	100.0%

SFT Balanced Stabilization Fund

Class 2

Ten Largest Holdings (% of Net Assets)

SFT Index 500 Fund Class 1	52.5%
iShares Core S&P 500 ETF	4.8%
SPDR S&P 500 ETF Trust	3.0%
U.S. Treasury Note 1.000% 12/15/24	2.2%
Vanguard S&P 500 ETF	1.6%
U.S. Treasury Note 3.875% 12/31/27	1.4%
U.S. Treasury Bond 4.000% 11/15/42	0.8%
Wisconsin Power & Light Co. 3.950% 09/01/32	0.4%
Intercontinental Exchange, Inc. 4.350% 06/15/29	0.4%
CenterPoint Energy Houston Electric LLC 4.850% 10/01/52	0.4%
Total	67.5%

Additional Information

If you wish to view additional information about the Fund; including but not limited to the Fund's Prospectus, financial statements, holdings and proxy voting information, please visit www.securianfunds.com.

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Balanced Stabilization Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Core Bond Fund

Class 1

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Core Bond Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Core Bond Fund (Class 1)	$26	0.52%

Key Fund Statistics

Total Net Assets	$434,431,154
# of Portfolio Holdings	547
Portfolio Turnover Rate	151%
Total Advisory Fees Paid	$869,275

What did the Fund invest in?

Sector Diversification (% of net assets)

U.S. Treasury	39.7%
Federal National Mortgage Association	23.8%
Other Mortgage-Backed Securities	11.0%
Federal Home Loan Mortgage Corporation	8.6%
Financial	7.8%
Asset-Backed Securities	7.4%
Government National Mortgage Association	4.7%
Investment Companies	3.5%
Consumer, Non-cyclical	2.5%
Other	8.7%
Other Assets and Liabilities, Net	(17.7%)
Total	100.0%

SFT Core Bond Fund

Class 1

Ten Largest Holdings (% of Net Assets)

U.S. Treasury Note 4.500% 05/31/29	10.2%
U.S. Treasury Note 4.375% 05/15/34	6.7%
U.S. Treasury Note 4.250% 06/30/29	5.1%
U.S. Treasury Bond 4.625% 05/15/44	4.7%
U.S. Treasury Note 4.625% 06/15/27	4.5%
U.S. Treasury Bond 4.625% 05/15/54	3.7%
Federal National Mortgage Association 4.000% 07/15/54	3.3%
Federal National Mortgage Association 3.000% 07/15/54	2.3%
Federal National Mortgage Association 2.500% 07/15/54	2.1%
Federal National Mortgage Association 4.500% 07/15/54	2.0%
Total	44.6%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Core Bond Fund

Class 1

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Core Bond Fund

Class 2

June 30, 2024

Fund Overview

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Core Bond Fund (Class 2)	$38	0.77%

Key Fund Statistics

Total Net Assets	$434,431,154
# of Portfolio Holdings	547
Portfolio Turnover Rate	151%
Total Advisory Fees Paid	$869,275

What did the Fund invest in?

Sector Diversification (% of net assets)

U.S. Treasury	39.7%
Federal National Mortgage Association	23.8%
Other Mortgage-Backed Securities	11.0%
Federal Home Loan Mortgage Corporation	8.6%
Financial	7.8%
Asset-Backed Securities	7.4%
Government National Mortgage Association	4.7%
Investment Companies	3.5%
Consumer, Non-cyclical	2.5%
Other	8.7%
Other Assets and Liabilities, Net	(17.7%)
Total	100.0%

SFT Core Bond Fund

Class 2

Ten Largest Holdings (% of Net Assets)

U.S. Treasury Note 4.500% 05/31/29	10.2%
U.S. Treasury Note 4.375% 05/15/34	6.7%
U.S. Treasury Note 4.250% 06/30/29	5.1%
U.S. Treasury Bond 4.625% 05/15/44	4.7%
U.S. Treasury Note 4.625% 06/15/27	4.5%
U.S. Treasury Bond 4.625% 05/15/54	3.7%
Federal National Mortgage Association 4.000% 07/15/54	3.3%
Federal National Mortgage Association 3.000% 07/15/54	2.3%
Federal National Mortgage Association 2.500% 07/15/54	2.1%
Federal National Mortgage Association 4.500% 07/15/54	2.0%
Total	44.6%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Core Bond Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Delaware Ivy SM Growth Fund

Class 2

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Delaware Ivy SM Growth Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Delaware Ivy SM Growth Fund (Class 2)	$51	0.96%

Key Fund Statistics

Total Net Assets$644,216,652
# of Portfolio Holdings37
Portfolio Turnover Rate4%
Total Advisory Fees Paid$1,972,700

What did the Fund invest in?

Sector Diversification (% of net assets)

Information Technology	44.9%
Consumer Discretionary	11.4%
Financial	10.7%
Health Care	10.4%
Communication Services	9.5%
Industrials	7.9%
Real Estate	2.4%
Consumer Staples	2.3%
Other	0.2%
Other Assets and Liabilities, Net	0.3%
Total	100.0%

SFT Delaware Ivy SM Growth Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Microsoft Corp.	14.1%
NVIDIA Corp.	10.4%
Amazon.com, Inc.	6.9%
Apple, Inc.	6.8%
Alphabet, Inc.A	6.6%
Visa, Inc.A	5.2%
UnitedHealth Group, Inc.	3.7%
Motorola Solutions, Inc.	3.2%
Intuit, Inc.	2.8%
Intercontinental Exchange, Inc.	2.8%
Total	62.5%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Delaware Ivy SM Growth Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Delaware Ivy SM Small Cap Growth Fund

Class 2

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Delaware Ivy SM Small Cap Growth Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Delaware Ivy SM Small Cap Growth Fund (Class 2)	$68	1.32%

Key Fund Statistics

Total Net Assets$155,946,668
# of Portfolio Holdings74
Portfolio Turnover Rate37%
Total Advisory Fees Paid$656,307

What did the Fund invest in?

Sector Diversification (% of net assets)

Information Technology	24.5%
Health Care	22.0%
Industrials	21.2%
Consumer Discretionary	13.2%
Financial	6.5%
Consumer Staples	3.9%
Energy	2.7%
Materials	2.6%
Other	3.8%
Other Assets and Liabilities, Net	(0.4%)
Total	100.0%

SFT Delaware Ivy SM Small Cap Growth Fund

Class 2

Ten Largest Holdings (% of Net Assets)

CyberArk Software Ltd.	4.2%
Parsons Corp.	2.9%
Federal Signal Corp.	2.6%
Clean Harbors, Inc.	2.6%
ATI, Inc.	2.6%
Onto Innovation, Inc.	2.5%
Vericel Corp.	2.3%
Red Rock Resorts, Inc.A	2.2%
Verra Mobility Corp.	2.1%
Abercrombie & Fitch Co.A	2.0%
Total	26.0%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Delaware Ivy SM Small Cap Growth Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Equity Stabilization Fund

Class 2

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Equity Stabilization Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Equity Stabilization Fund (Class 2)	$46	0.90%

Key Fund Statistics

Total Net Assets$300,937,688
# of Portfolio Holdings7
Portfolio Turnover Rate0%
Total Advisory Fees Paid$849,877

What did the Fund invest in?

Sector Diversification (% of net assets)

Investment Companies	98.1%
Other Assets and Liabilities, Net	1.9%
Total	100.0%

SFT Equity Stabilization Fund

Class 2

Top Largest Holdings (% of Net Assets)

iShares Edge MSCI Minimum Volatility USA ETF	32.9%
iShares Edge MSCI Minimum Volatility EAFE ETF	23.8%
iShares Core High Dividend ETF	18.4%
iShares Edge MSCI Minimum Volatility Emerging Markets ETF	6.6%
BlackRock Short Maturity Bond ETF	5.3%
iShares MSCI Germany ETF	4.6%
Total	91.6%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Equity Stabilization Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Government Money Market Fund

Class 2

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Government Money Market Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Government Money Market Fund (Class 2)	$33	0.65%

Key Fund Statistics

Total Net Assets$228,325,648
# of Portfolio Holdings15
Portfolio Turnover Rate0%
Total Advisory Fees Paid$284,645

What did the Fund invest in?

Sector Diversification (% of net assets)

U.S. Government Obligations	91.6%
Investment Companies	8.6%
Other Assets and Liabilities, Net	(0.2%)
Total	100.0%

SFT Government Money Market Fund

Class 2

Top Largest Holdings (% of Net Assets)

U.S. Treasury Bill 5.182%7/18/2024	10.9%
U.S. Treasury Bill 5.392%8/22/2024	10.9%
U.S. Treasury Bill 5.427%9/19/2024	10.8%
U.S. Treasury Bill 4.966%7/11/2024	9.6%
U.S. Treasury Bill 4.369%7/5/2024	8.8%
U.S. Treasury Bill 5.283%7/25/2024	6.5%
Federal Home Loan Bank Discount Notes 5.334%7/31/2024	6.5%
Federal Home Loan Mortgage Corp. Discount Notes 4.793%7/8/2024	4.4%
U.S. Treasury Bill 5.370%8/15/2024	4.4%
U.S. Treasury Bill 5.403%9/5/2024	4.3%
Total	77.1%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

SFT Government Money Market Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Index 400 Mid-Cap Fund

Class 1

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Index 400 Mid-Cap Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Index 400 Mid-Cap Fund (Class 1)	$16	0.31%

Key Fund Statistics

Total Net Assets$219,670,367
# of Portfolio Holdings405
Portfolio Turnover Rate9%
Total Advisory Fees Paid$165,985

What did the Fund invest in?

Sector Diversification (% of net assets)

Industrials	21.4%
Financial	15.5%
Consumer Discretionary	14.2%
Information Technology	9.2%
Health Care	8.9%
Real Estate	6.8%
Materials	6.3%
Energy	5.8%
Consumer Staples	4.5%
Other	7.7%
Other Assets and Liabilities, Net	(0.2%)
Total	100.0%

SFT Index 400 Mid-Cap Fund

Class 1

Ten Largest Holdings (% of Net Assets)

Williams-Sonoma, Inc.	0.7%
Pure Storage, Inc.A	0.7%
Carlisle Cos., Inc.	0.7%
EMCOR Group, Inc.	0.6%
Reliance, Inc.	0.6%
Burlington Stores, Inc.	0.6%
Lennox International, Inc.	0.6%
BioMarin Pharmaceutical, Inc.	0.6%
Illumina, Inc.	0.6%
Manhattan Associates, Inc.	0.6%
Total	6.3%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Index 400 Mid-Cap Fund

Class 1

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Index 400 Mid-Cap Fund

Class 2

June 30, 2024

Fund Overview

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Index 400 Mid-Cap Fund (Class 2)	$28	0.55%

Key Fund Statistics

Total Net Assets$219,670,367
# of Portfolio Holdings405
Portfolio Turnover Rate9%
Total Advisory Fees Paid$165,985

What did the Fund invest in?

Sector Diversification (% of net assets)

Industrials	21.4%
Financial	15.5%
Consumer Discretionary	14.2%
Information Technology	9.2%
Health Care	8.9%
Real Estate	6.8%
Materials	6.3%
Energy	5.8%
Consumer Staples	4.5%
Other	7.7%
Other Assets and Liabilities, Net	(0.2%)
Total	100.0%

SFT Index 400 Mid-Cap Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Williams-Sonoma, Inc.	0.7%
Pure Storage, Inc.A	0.7%
Carlisle Cos., Inc.	0.7%
EMCOR Group, Inc.	0.6%
Reliance, Inc.	0.6%
Burlington Stores, Inc.	0.6%
Lennox International, Inc.	0.6%
BioMarin Pharmaceutical, Inc.	0.6%
Illumina, Inc.	0.6%
Manhattan Associates, Inc.	0.6%
Total	6.3%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Index 400 Mid-Cap Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Index 500 Fund

Class 1

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Index 500 Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Index 500 Fund (Class 1)	$10	0.18%

Key Fund Statistics

Total Net Assets$1,386,615,318
# of Portfolio Holdings504
Portfolio Turnover Rate1%
Total Advisory Fees Paid$899,390

What did the Fund invest in?

Sector Diversification (% of net assets)

Information Technology	31.3%
Financial	12.0%
Health Care	11.3%
Consumer Discretionary	9.7%
Communication Services	9.1%
Industrials	7.7%
Consumer Staples	5.6%
Energy	3.5%
Investment Companies	3.5%
Other	6.3%
Other Assets and Liabilities, Net	-%
Total	100.0%

SFT Index 500 Fund

Class 1

Ten Largest Holdings (% of Net Assets)

Microsoft Corp.	7.0%
Apple, Inc.	6.4%
NVIDIA Corp.	6.4%
Amazon.com, Inc.	3.7%
Alphabet, Inc.A	2.3%
Meta Platforms, Inc.A	2.3%
Alphabet, Inc.C	1.9%
Berkshire Hathaway, Inc.B	1.6%
Eli Lilly & Co.	1.5%
Broadcom, Inc.	1.5%
Total	34.6%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Index 500 Fund

Class 1

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Index 500 Fund

Class 2

June 30, 2024

Fund Overview

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Index 500 Fund (Class 2)	$23	0.43%

Key Fund Statistics

Total Net Assets$1,386,615,318
# of Portfolio Holdings504
Portfolio Turnover Rate1%
Total Advisory Fees Paid$899,390

What did the Fund invest in?

Sector Diversification (% of net assets)

Information Technology	31.3%
Financial	12.0%
Health Care	11.3%
Consumer Discretionary	9.7%
Communication Services	9.1%
Industrials	7.7%
Consumer Staples	5.6%
Energy	3.5%
Investment Companies	3.5%
Other	6.3%
Other Assets and Liabilities, Net	-%
Total	100.0%

SFT Index 500 Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Microsoft Corp.	7.0%
Apple, Inc.	6.4%
NVIDIA Corp.	6.4%
Amazon.com, Inc.	3.7%
Alphabet, Inc.A	2.3%
Meta Platforms, Inc.A	2.3%
Alphabet, Inc.C	1.9%
Berkshire Hathaway, Inc.B	1.6%
Eli Lilly & Co.	1.5%
Broadcom, Inc.	1.5%
Total	34.6%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Index 500 Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Real Estate Securities Fund

Class 1

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Real Estate Securities Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Real Estate Securities Fund (Class 1)	$49	0.98%

Key Fund Statistics

Total Net Assets$118,101,720
# of Portfolio Holdings32
Portfolio Turnover Rate13%
Total Advisory Fees Paid$405,614

What did the Fund invest in?

Sector Diversification (% of net assets)

Real Estate	94.8%
Investment Companies	2.3%
Consumer Discretionary	2.3%
Other Assets and Liabilities, Net	0.6%
Total	100.0%

SFT Real Estate Securities Fund

Class 1

Ten Largest Holdings (% of Net Assets)

Welltower, Inc.	8.3%
Prologis, Inc.	7.6%
Digital Realty Trust, Inc.	7.6%
Simon Property Group, Inc.	6.4%
American Tower Corp.	5.2%
Invitation Homes, Inc.	4.9%
Iron Mountain, Inc.	4.8%
Crown Castle, Inc.	4.8%
SBA Communications Corp.	4.2%
Equinix, Inc.	4.1%
Total	57.9%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Real Estate Securities Fund

Class 1

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Real Estate Securities Fund

Class 2

June 30, 2024

Fund Overview

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Real Estate Securities Fund (Class 2)	$61	1.23%

Key Fund Statistics

Total Net Assets$118,101,720
# of Portfolio Holdings32
Portfolio Turnover Rate13%
Total Advisory Fees Paid$405,614

What did the Fund invest in?

Sector Diversification (% of net assets)

Real Estate	94.8%
Investment Companies	2.3%
Consumer Discretionary	2.3%
Other Assets and Liabilities, Net	0.6%
Total	100.0%

SFT Real Estate Securities Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Welltower, Inc.	8.3%
Prologis, Inc.	7.6%
Digital Realty Trust, Inc.	7.6%
Simon Property Group, Inc.	6.4%
American Tower Corp.	5.2%
Invitation Homes, Inc.	4.9%
Iron Mountain, Inc.	4.8%
Crown Castle, Inc.	4.8%
SBA Communications Corp.	4.2%
Equinix, Inc.	4.1%
Total	57.9%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Real Estate Securities Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT T. Rowe Price Value Fund

Class 2

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT T. Rowe Price Value Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT T. Rowe Price Value Fund (Class 2)	$52	0.99%

Key Fund Statistics

Total Net Assets$198,423,354
# of Portfolio Holdings120
Portfolio Turnover Rate30%
Total Advisory Fees Paid$567,488

What did the Fund invest in?

Sector Diversification (% of net assets)

Financial	22.7%
Health Care	17.0%
Industrials	16.2%
Energy	10.0%
Consumer Staples	9.7%
Information Technology	8.5%
Materials	4.7%
Consumer Discretionary	4.4%
Utilities	2.4%
Other	4.5%
Other Assets and Liabilities, Net	(0.1%)
Total	100.0%

SFT T. Rowe Price Value Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Berkshire Hathaway, Inc.B	3.5%
JPMorgan Chase & Co.	3.2%
Elevance Health, Inc.	2.9%
Kenvue, Inc.	2.4%
Johnson & Johnson	2.3%
Bank of America Corp.	2.2%
UnitedHealth Group, Inc.	2.1%
Fiserv, Inc.	1.9%
ConocoPhillips	1.8%
Charles Schwab Corp.	1.7%
Total	24.0%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT T. Rowe Price Value Fund

Class 2

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Wellington Core Equity Fund

Class 1

June 30, 2024

Fund Overview

This Semi-Annual shareholder report contains important information about SFT Wellington Core Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-995-3850.

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Wellington Core Equity Fund (Class 1)	$43	0.79%

Key Fund Statistics

Total Net Assets$130,965,801
# of Portfolio Holdings69
Portfolio Turnover Rate19%
Total Advisory Fees Paid$344,880

What did the Fund invest in?

Sector Diversification (% of net assets)

Information Technology	32.1%
Health Care	14.2%
Financial	12.4%
Consumer Discretionary	9.8%
Communication Services	9.2%
Industrials	8.2%
Consumer Staples	4.9%
Energy	3.0%
Utilities	2.8%
Other	3.6%
Other Assets and Liabilities, Net	(0.2%)
Total	100.0%

SFT Wellington Core Equity Fund

Class 1

Ten Largest Holdings (% of Net Assets)

Microsoft Corp.	7.6%
Apple, Inc.	7.1%
NVIDIA Corp.	6.4%
Amazon.com, Inc.	5.1%
Alphabet, Inc.A	5.0%
Meta Platforms, Inc.A	2.9%
Broadcom, Inc.	2.6%
Eli Lilly & Co.	2.6%
JPMorgan Chase & Co.	2.4%
UnitedHealth Group, Inc.	2.1%
Total	43.8%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Wellington Core Equity Fund

Class 1

SECURIAN FUNDS TRUST

Semi-Annual Shareholder Report

SFT Wellington Core Equity Fund

Class 2

June 30, 2024

Fund Overview

What were the Fund costs for the six month period?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SFT Wellington Core Equity Fund (Class 2)	$56	1.04%

Key Fund Statistics

Total Net Assets$130,965,801
# of Portfolio Holdings69
Portfolio Turnover Rate19%
Total Advisory Fees Paid$344,880

What did the Fund invest in?

Sector Diversification (% of net assets)

Information Technology	32.1%
Health Care	14.2%
Financial	12.4%
Consumer Discretionary	9.8%
Communication Services	9.2%
Industrials	8.2%
Consumer Staples	4.9%
Energy	3.0%
Utilities	2.8%
Other	3.6%
Other Assets and Liabilities, Net	(0.2%)
Total	100.0%

SFT Wellington Core Equity Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Microsoft Corp.	7.6%
Apple, Inc.	7.1%
NVIDIA Corp.	6.4%
Amazon.com, Inc.	5.1%
Alphabet, Inc.A	5.0%
Meta Platforms, Inc.A	2.9%
Broadcom, Inc.	2.6%
Eli Lilly & Co.	2.6%
JPMorgan Chase & Co.	2.4%
UnitedHealth Group, Inc.	2.1%
Total	43.8%

Additional Information

Phone: 800-995-3850

Email: policyservices@securian.com

SFT Wellington Core Equity Fund

Class 2

(b)

Not applicable.

ITEM 2. CODE OF ETHICS.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the code of ethics is filed under Item 19(a)(1) of this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees (the “Board”) of the registrant has determined that Julie K. Getchell is an “audit committee financial expert”, as defined in Item 3 of Form N-CSR. Ms. Getchell is “independent” for purposes of Item 3 of Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and of the Board in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or of the Board.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time. The information required by Item 4 is only required in an annual report on Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)

Schedule of Investments is included within the report transmitted to shareholders filed under Item 1 of this Form N-CSR.

(b)

Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The registrant’s most recent unaudited semi-annual financial statements are included within the report transmitted to shareholders pursuant to Rule 30e-1 filed under Item 1 of this Form N-CSR.

SECURIAN FUNDS TRUST

Offered in Minnesota Life
Insurance Company and
Securian Life Insurance
Company variable products

Shareholder report

June 30, 2024

SFT Balanced Stabilization Fund

SFT Core Bond Fund

SFT Delaware Ivy^SM Growth Fund

SFT Delaware Ivy^SM Small Cap Growth Fund

SFT Equity Stabilization Fund

SFT Government Money Market Fund

SFT Index 400 Mid-Cap Fund

SFT Index 500 Fund

SFT Real Estate Securities Fund

SFT T. Rowe Price Value Fund

SFT Wellington Core Equity Fund

TABLE OF CONTENTS

	Page No.
*Investments In Securities*
SFT Balanced Stabilization Fund		1
SFT Core Bond Fund		7
SFT Delaware Ivy^SM Growth Fund		19
SFT Delaware Ivy^SM Small Cap Growth Fund		21
SFT Equity Stabilization Fund		23
SFT Government Money Market Fund		24
SFT Index 400 Mid-Cap Fund		25
SFT Index 500 Fund		31
SFT Real Estate Securities Fund		38
SFT T. Rowe Price Value Fund		39
SFT Wellington Core Equity Fund		42
*Financial Statements*
Statements of Assets and Liabilities		44
Statements of Operations		46
Statements of Changes in Net Assets		48
Financial Highlights		53
Notes to Financial Statements		64
*Proxy Voting and Quarterly Holdings Information*		80
*Statement Regarding Basis for Approval of Advisory Contracts*		81
*Trustees and Executive Officers*		86

SFT Balanced Stabilization Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (36.6%)
Government Obligations (4.7%)
U.S. Government Agencies and Obligations (4.7%)
Federal Home Loan Mortgage Corporation (0.0%)
3.000%, 09/01/43	$	45,526	$	40,284
3.500%, 10/01/44		46,645		42,415
3.500%, 11/01/44		45,984		41,809
3.500%, 12/01/44		49,866		45,339
				169,847
Federal National Mortgage Association (0.1%)
3.000%, 04/01/43		70,014		61,870
3.000%, 05/01/43		22,812		20,159
3.000%, 06/01/43		105,210		92,971
3.500%, 08/01/42		46,529		42,607
3.500%, 02/01/43		58,794		54,153
				271,760
U.S. Treasury (4.6%)
U.S. Treasury Bond 4.000%, 11/15/42		5,530,000		5,118,058
4.000%, 11/15/52		1,200,000		1,099,828
U.S. Treasury Note 1.000%, 12/15/24		15,000,000		14,711,133
3.875%, 12/31/27		9,350,000		9,173,957
				30,102,976
Total government obligations (cost: $31,464,058)				30,544,583
Other Mortgage-Backed Securities (0.2%)
Commercial Mortgage-Backed Securities (0.2%)
Bank, Series 2019-BN18, Class A4, 3.584%, 05/15/62		1,500,000		1,345,677
Total other mortgage-backed securities (cost: $1,542,448)				1,345,677
Corporate Obligations (31.7%)
Basic Materials (1.1%)
Chemicals (0.7%)
Celanese U.S. Holdings LLC, 6.330%, 07/15/29		1,500,000		1,543,664
Mosaic Co., 5.450%, 11/15/33		200,000		198,337
Sherwin-Williams Co., 3.950%, 01/15/26		1,000,000		978,833
Yara International ASA 3.148%, 06/04/30 (b) (c)		1,000,000		874,303
4.750%, 06/01/28 (b) (c)		1,000,000		974,843
				4,569,980
Mining (0.4%)
Anglo American Capital PLC, 2.625%, 09/10/30 (b) (c)		2,000,000		1,707,698
FMG Resources August 2006 Pty. Ltd., 6.125%, 04/15/32 (b) (c)		1,000,000		988,484
				2,696,182

	Principal		Value(a)
Communications (2.4%)
Broadline Retail (0.3%)
Amazon.com, Inc. 3.875%, 08/22/37	$	1,000,000	$	885,561
4.050%, 08/22/47		1,000,000		836,010
				1,721,571
Diversified Telecommunication Services (0.4%)
AT&T, Inc. 2.550%, 12/01/33		943,000		751,461
3.550%, 09/15/55		1,405,000		952,744
3.800%, 12/01/57		75,000		52,609
4.500%, 05/15/35		1,000,000		923,115
				2,679,929
Interactive Media & Services (0.1%)
eBay, Inc., 3.450%, 08/01/24		750,000		748,411
Media (0.6%)
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.750%, 02/15/28		1,500,000		1,394,781
Comcast Corp. 2.887%, 11/01/51		1,319,000		827,457
2.937%, 11/01/56		327,000		198,454
4.200%, 08/15/34 (d)		500,000		459,287
Walt Disney Co., 4.950%, 10/15/45		1,000,000		933,713
				3,813,692
Software (0.3%)
Netflix, Inc., 4.875%, 04/15/28		2,000,000		1,990,890
Telecommunication (0.7%)
Crown Castle Towers LLC, 3.663%, 05/15/45 (c)		1,000,000		981,798
T-Mobile USA, Inc., 2.700%, 03/15/32		1,000,000		838,148
Verizon Communications, Inc. 2.650%, 11/20/40		1,000,000		691,460
2.987%, 10/30/56		1,194,000		735,887
3.000%, 11/20/60		2,000,000		1,204,253
Vodafone Group PLC, 4.125%, 05/30/25 (b)		500,000		493,970
				4,945,516
Consumer Cyclical (2.2%)
Auto Manufacturers (0.8%)
Ford Motor Credit Co. LLC 3.664%, 09/08/24		1,000,000		995,258
4.687%, 06/09/25		2,000,000		1,977,085
General Motors Financial Co., Inc., 5.000%, 04/09/27		2,000,000		1,979,847
				4,952,190

See accompanying notes to financial statements.
1

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Entertainment (0.2%)
Warnermedia Holdings, Inc., 5.141%, 03/15/52	$	1,400,000	$	1,095,308
Passenger Airlines (0.6%)
Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 06/15/29 (b) (c)		680,578		637,589
American Airlines Pass Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29		621,014		588,644
Delta Air Lines, Inc./ SkyMiles IP Ltd., 4.750%, 10/20/28 (c)		2,000,000		1,948,683
United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.500%, 09/01/31		893,475		825,356
United Airlines Pass Through Trust, Series 2013-1, Class A, 4.300%, 02/15/27		132,080		130,003
				4,130,275
Retail (0.6%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		981,405
Lowe's Cos., Inc., 5.625%, 04/15/53		2,250,000		2,190,050
Target Corp., 3.500%, 07/01/24 (d)		750,000		750,000
				3,921,455
Consumer, Non-cyclical (5.1%)
Agricultural Operations (0.4%)
Cargill, Inc. 3.125%, 05/25/51 (c)		1,000,000		673,864
4.375%, 04/22/52 (c)		2,150,000		1,828,664
				2,502,528
Beverages (0.4%)
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38		1,000,000		912,839
Constellation Brands, Inc., 5.250%, 11/15/48		2,050,000		1,917,102
				2,829,941
Biotechnology (0.6%)
Amgen, Inc., 4.050%, 08/18/29		2,000,000		1,913,466
Bio-Rad Laboratories, Inc., 3.700%, 03/15/32		2,000,000		1,773,933
				3,687,399
Commercial Services (0.7%)
Ashtead Capital, Inc., 5.500%, 08/11/32 (c)		2,000,000		1,954,668
Global Payments, Inc. 4.800%, 04/01/26		750,000		740,429
5.300%, 08/15/29		1,500,000		1,490,630
				4,185,727

	Principal		Value(a)
Consumer Staples Distribution & Retail (0.3%)
Kroger Co. 4.450%, 02/01/47	$	1,000,000	$	828,240
5.150%, 08/01/43		1,100,000		1,010,505
				1,838,745
Food Products (0.4%)
General Mills, Inc., 3.000%, 02/01/51		1,002,000		641,539
Mars, Inc., 3.950%, 04/01/49 (c)		1,000,000		797,155
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		877,947
				2,316,641
Health Care Equipment & Supplies (0.3%)
Abbott Laboratories 3.875%, 09/15/25		750,000		739,159
4.750%, 11/30/36		1,000,000		973,210
4.750%, 04/15/43		250,000		235,550
				1,947,919
Health Care Providers & Services (0.4%)
Aetna, Inc., 3.875%, 08/15/47		1,000,000		729,331
Elevance Health, Inc., 4.375%, 12/01/47		1,000,000		833,768
UnitedHealth Group, Inc., 3.750%, 07/15/25 (d)		1,000,000		985,220
				2,548,319
Household Products (0.2%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		794,336
SC Johnson & Son, Inc., 3.350%, 09/30/24 (c)		750,000		744,991
				1,539,327
Personal Care (0.1%)
Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		817,967
Pharmaceuticals (1.3%)
AbbVie, Inc. 3.600%, 05/14/25		1,000,000		983,851
3.800%, 03/15/25		670,000		661,737
4.400%, 11/06/42		1,000,000		881,523
4.450%, 05/14/46		1,000,000		871,807
Becton Dickinson & Co., 4.298%, 08/22/32		2,000,000		1,877,867
Bristol-Myers Squibb Co., 3.875%, 08/15/25		229,000		225,314
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		979,539
CVS Pass-Through Trust, 6.943%, 01/10/30		102,397		103,513
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,025,671
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 (b)		1,000,000		993,107
				8,603,929

See accompanying notes to financial statements.
2

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Energy (1.4%)
Oil & Gas (0.7%)
Baker Hughes Holdings LLC/ Baker Hughes Co.-Obligor, Inc., 3.337%, 12/15/27	$	1,000,000	$	943,704
BP Capital Markets America, Inc., 4.234%, 11/06/28		1,000,000		969,286
Chevron USA, Inc., 3.900%, 11/15/24		1,000,000		994,053
Coterra Energy, Inc., 3.900%, 05/15/27		1,000,000		962,014
Phillips 66, 4.650%, 11/15/34		1,000,000		932,470
				4,801,527
Pipelines (0.7%)
Energy Transfer LP, 4.900%, 03/15/35		1,000,000		931,751
Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35		250,000		256,349
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		728,482
MPLX LP, 4.950%, 09/01/32		2,000,000		1,917,626
Williams Cos., Inc., 3.750%, 06/15/27		500,000		479,972
				4,314,180
Financial (11.0%)
Banks (6.1%)
Associated Banc-Corp., 4.250%, 01/15/25		750,000		742,035
Bank of America Corp. Series L, 3.950%, 04/21/25		1,000,000		985,656
Series L, 4.183%, 11/25/27		1,000,000		965,799
4.244%, 04/24/38 (3-Month USD TERM SOFR + 2.076%) (e)		1,000,000		886,263
4.948%, 07/22/28 (SOFRRATE + 2.040%) (e)		1,500,000		1,488,209
Bank of New York Mellon Corp. 3.442%, 02/07/28 (3-Month USD TERM SOFR + 1.331%) (e)		1,000,000		956,897
Series J, 4.967%, 04/26/34 (SOFRRATE + 1.606%) (e)		1,500,000		1,466,171
5.834%, 10/25/33 (SOFRINDX + 2.074%) (e)		1,000,000		1,037,166
Citigroup, Inc. 3.300%, 04/27/25		750,000		737,080
3.980%, 03/20/30 (3-Month USD TERM SOFR + 1.600%) (e)		1,000,000		944,541
4.650%, 07/23/48		1,250,000		1,095,931
4.750%, 05/18/46 (f)		1,200,000		1,033,402
Comerica Bank, 5.332%, 08/25/33 (SOFRRATE + 2.610%) (e)		2,000,000		1,798,022
Discover Bank, 4.250%, 03/13/26		500,000		487,573
Fifth Third Bancorp, 6.361%, 10/27/28 (SOFRINDX + 2.192%) (e)		1,000,000		1,021,933

	Principal		Value(a)
Fifth Third Bank NA, 3.950%, 07/28/25	$	1,000,000	$	982,178
First Republic Bank 4.375%, 08/01/46 (g)		575,000		23,000
4.625%, 02/13/47 (g)		1,379,000		55,160
Goldman Sachs Group, Inc. 3.850%, 01/26/27		1,000,000		966,659
4.482%, 08/23/28 (SOFRRATE + 1.725%) (e)		2,000,000		1,954,374
5.150%, 05/22/45 (f)		1,000,000		939,448
JPMorgan Chase & Co. 3.125%, 01/23/25		1,000,000		986,334
3.328%, 04/22/52 (SOFRRATE + 1.580%) (e)		2,000,000		1,414,290
3.897%, 01/23/49 (3-Month USD TERM SOFR + 1.482%) (e)		1,000,000		791,504
KeyBank NA, 4.390%, 12/14/27		3,000,000		2,842,107
M&T Bank Corp., 4.553%, 08/16/28 (SOFRINDX + 1.780%) (e)		3,000,000		2,875,648
Morgan Stanley 2.802%, 01/25/52 (SOFRRATE + 1.430%) (e)		2,000,000		1,266,518
6.342%, 10/18/33 (SOFRRATE + 2.560%) (e)		1,000,000		1,063,230
PNC Bank NA, 4.050%, 07/26/28		1,000,000		951,213
Synchrony Bank, 5.400%, 08/22/25		1,000,000		992,483
Truist Financial Corp., 6.123%, 10/28/33 (SOFRRATE + 2.300%) (e)		2,000,000		2,048,698
U.S. Bancorp, 5.850%, 10/21/33 (SOFRRATE + 2.090%) (e)		1,000,000		1,017,383
Wells Fargo & Co. 3.068%, 04/30/41 (SOFRRATE + 2.530%) (e)		1,600,000		1,178,169
4.750%, 12/07/46 (f)		2,300,000		1,956,096
				39,951,170
Financial Services (2.2%)
American Express Co. 3.300%, 05/03/27		1,000,000		951,703
4.050%, 12/03/42		2,000,000		1,674,658
Capital One Financial Corp. 4.250%, 04/30/25		1,500,000		1,481,898
5.468%, 02/01/29 (SOFRRATE + 2.080%) (e)		1,500,000		1,493,772
CME Group, Inc., 3.000%, 03/15/25		1,000,000		984,277
Discover Financial Services 3.750%, 03/04/25		1,000,000		986,808
4.100%, 02/09/27		1,000,000		961,367
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		957,539
Intercontinental Exchange, Inc., 4.350%, 06/15/29		3,000,000		2,905,956
Jefferies Financial Group, Inc., 2.625%, 10/15/31		2,000,000		1,616,374
				14,014,352

See accompanying notes to financial statements.
3

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Insurance (1.3%)
Allied World Assurance Co. Holdings Ltd., 4.350%, 10/29/25 (b)	$	1,290,000	$	1,288,332
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		860,496
Arch Capital Finance LLC, 4.011%, 12/15/26 (d)		1,000,000		969,180
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		846,564
Metropolitan Life Global Funding I, 1.550%, 01/07/31 (c)		3,000,000		2,398,504
Principal Life Global Funding II, 1.500%, 08/27/30 (c)		3,000,000		2,408,965
				8,772,041
Real Estate Investment Trust — Health Care (0.7%)
DOC DR LLC, 4.300%, 03/15/27		1,000,000		978,493
Healthcare Realty Holdings LP 3.750%, 07/01/27		1,000,000		946,927
3.875%, 05/01/25		1,000,000		982,164
Welltower OP LLC, 4.125%, 03/15/29		1,500,000		1,434,440
				4,342,024
Real Estate Investment Trust — Office Property (0.1%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		482,393
Real Estate Investment Trust — Shopping Centers (0.2%)
Kite Realty Group Trust, 4.000%, 03/15/25 (d)		1,000,000		984,940
Residential REITs (0.1%)
Essex Portfolio LP, 3.500%, 04/01/25		1,000,000		983,031
Specialized REITs (0.3%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		955,014
Crown Castle, Inc., 4.750%, 05/15/47		1,000,000		853,980
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (c)		500,000		430,323
				2,239,317
Industrials (3.3%)
Aerospace & Defense (0.5%)
General Dynamics Corp., 3.500%, 05/15/25		1,000,000		984,037
RTX Corp. 4.050%, 05/04/47		1,000,000		789,696
4.125%, 11/16/28		1,500,000		1,444,735
				3,218,468
Air Freight & Logistics (0.1%)
FedEx Corp., 4.400%, 01/15/47		1,000,000		818,771

	Principal		Value(a)
Building Products (0.5%)
CRH America Finance, Inc., 4.400%, 05/09/47 (c)	$	1,000,000	$	812,558
Mohawk Industries, Inc., 3.625%, 05/15/30		2,000,000		1,833,550
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		836,555
				3,482,663
Containers & Packaging (0.3%)
Amcor Finance USA, Inc., 4.500%, 05/15/28		1,000,000		971,064
Sealed Air Corp., 6.875%, 07/15/33 (c)		1,000,000		1,029,846
				2,000,910
Electrical Equipment (0.6%)
Flex Ltd. 4.750%, 06/15/25 (b)		1,000,000		990,712
4.875%, 06/15/29 (b)		1,000,000		969,378
Jabil, Inc., 3.600%, 01/15/30		2,000,000		1,809,660
				3,769,750
Machinery (0.3%)
Caterpillar, Inc., 3.250%, 04/09/50		2,300,000		1,647,393
Miscellaneous Manufacturing (0.3%)
Carlisle Cos., Inc., 3.750%, 12/01/27		1,000,000		953,086
Textron, Inc., 3.875%, 03/01/25		750,000		740,334
				1,693,420
Transport — Rail (0.4%)
Union Pacific Corp., 5.375%, 06/01/33		2,500,000		2,497,465
Transportation (0.0%)
Canadian Pacific Railway Co., 4.300%, 05/15/43 (b)		250,000		213,553
Trucking & Leasing (0.3%)
GATX Corp. 3.250%, 03/30/25		1,000,000		981,278
4.550%, 11/07/28		1,000,000		978,165
				1,959,443
Information Technology (2.0%)
Computers (0.8%)
Apple, Inc., 4.375%, 05/13/45 (d)		1,000,000		894,967
Dell International LLC/EMC Corp., 6.200%, 07/15/30		2,000,000		2,100,856
Leidos, Inc., 4.375%, 05/15/30		2,000,000		1,892,217
				4,888,040
Semiconductor Equipment (0.7%)
Broadcom, Inc., 3.419%, 04/15/33 (c)		2,000,000		1,727,174

See accompanying notes to financial statements.
4

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Micron Technology, Inc., 2.703%, 04/15/32	$	2,000,000	$	1,659,720
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		975,323
				4,362,217
Software (0.5%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		982,942
Oracle Corp., 3.800%, 11/15/37		1,000,000		826,116
VMware LLC, 1.400%, 08/15/26		1,800,000		1,657,104
				3,466,162
Utilities (3.2%)
Electric Utilities (2.5%)
Alabama Power Co., 3.125%, 07/15/51		2,000,000		1,331,184
Ameren Illinois Co., 3.700%, 12/01/47		1,000,000		751,032
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		815,328
CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52		3,150,000		2,813,681
Duke Energy Corp., 4.500%, 08/15/32		1,000,000		936,759
Duke Energy Florida LLC, 5.950%, 11/15/52		1,000,000		1,022,639
Duke Energy Progress LLC, 3.600%, 09/15/47		1,000,000		725,266
Entergy Texas, Inc., 3.450%, 12/01/27		3,000,000		2,822,737
Northern States Power Co., 3.750%, 12/01/47		1,000,000		727,152
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		616,422
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		802,622
Wisconsin Power & Light Co., 3.950%, 09/01/32		3,000,000		2,747,139
				16,111,961

	Shares/ Principal		Value(a)
Gas Utilities (0.5%)
Atmos Energy Corp., 4.125%, 03/15/49	$	750,000	$	593,763
National Fuel Gas Co. 4.750%, 09/01/28		1,000,000		972,319
5.200%, 07/15/25		1,000,000		993,347
Washington Gas Light Co., Series K, 3.796%, 09/15/46		1,000,000		754,975
				3,314,404
Water Utilities (0.2%)
American Water Capital Corp., 3.750%, 09/01/47		1,000,000		760,262
Aquarion Co., 4.000%, 08/15/24 (c)		500,000		498,304
				1,258,566
Total corporate obligations (cost: $217,879,727)				205,672,002
Total long-term debt securities (cost: $250,886,233)				237,562,262
Mutual Funds (61.9%)
Investment Companies (61.9%)
iShares Core S&P 500 ETF (h)		57,440		31,432,891
SFT Index 500 Fund Class 1 (h) (i) (j)		14,224,618		340,715,461
SPDR S&P 500 ETF Trust (d) (h)		36,170		19,684,437
Vanguard S&P 500 ETF (h)		20,175		10,090,123
Total mutual funds (cost: $145,919,026)				401,922,912
Total investments excluding purchased options (98.5%) (cost: $396,805,259)				639,485,174
Total purchased options outstanding (0.0%) (cost: $222,379)				107,690
Total investments in securities (cost: $397,027,638) (k)				639,592,864
Cash and other assets in excess of liabilities (1.5%)				9,959,440
Total net assets (100.0%)			$	649,552,304

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Foreign security: the Fund held 1.6% of net assets in foreign securities at June 30, 2024.

(c) Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program.

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

(e) Variable rate security.

(f) Pursuant to the Fund's Liquidity Risk Management Program, this security has been determined to be illiquid by the Fund's Liquidity Risk Management Program Administrator.

(g) In FDIC receivership.

(h) Reports and other information about these investment companies are available in the EDGAR database on the SEC's website at www.sec.gov.

(i) Affiliated security.

(j) Non-income producing security.

See accompanying notes to financial statements.
5

SFT Balanced Stabilization Fund
Investments in Securities – continued

(k) At June 30, 2024, the cost of investments for federal income tax purposes was $397,401,188. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	257,157,200
Gross unrealized depreciation		(14,502,893	)
Net unrealized appreciation	$	242,654,307

Holdings of Open Futures Contracts

On June 30, 2024, securities with an aggregate market value of $22,300,576 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				September 2024					333			Long				$	91,447,051			$	91,932,975			$	485,924

Put Options Purchased:

The Fund had the following put options purchased open at June 30, 2024:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	5,150			July 2024					121			$	12,100			$	107,690

Put Options Written:

The Fund had the following put options written open at June 30, 2024:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	4,605			July 2024					121			$	12,100			$	(23,293	)

See accompanying notes to financial statements.
6

SFT Core Bond Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (110.8%)
Government Obligations (74.1%)
Other Government Obligations (0.7%)
Provincial or Local Government Obligations (0.7%)
Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue, Series A, 5.450%, 09/01/40	$	1,185,000	$	1,223,373
Municipal Electric Authority of Georgia, 6.655%, 04/01/57		676,000		737,142
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.508%, 08/01/37		620,000		617,494
Ohio Water Development Authority, Series A2, 4.817%, 12/01/30		250,000		245,786
Texas A&M University, Series D, 4.000%, 05/15/31		325,000		310,348
				3,134,143
U.S. Government Agencies and Obligations (73.4%)
Export-Import Bank of the United States (0.0%)
Export-Import Bank of the U.S., 2.578%, 12/10/25		15,713		15,327
Federal Home Loan Mortgage Corporation (8.6%)
2.000%, 07/01/41		1,533,560		1,290,402
2.000%, 11/01/51		4,814,302		3,786,772
2.000%, 12/01/51		3,575,772		2,808,285
2.000%, 03/01/52		2,703,163		2,124,173
2.500%, 01/01/52		1,704,553		1,400,538
2.500%, 03/01/52		7,317,002		6,018,763
3.000%, 08/01/42		249,751		221,483
3.000%, 12/01/42		91,338		80,943
3.000%, 01/01/43		124,670		110,169
3.000%, 02/01/43		301,595		266,893
3.000%, 04/01/43		452,080		399,492
3.000%, 10/25/46		41,870		36,144
3.000%, 02/01/52		3,147,017		2,704,491
3.500%, 05/01/32		61,541		58,851
3.500%, 03/01/42		318,700		293,550
3.500%, 08/01/42		270,982		249,598
3.500%, 05/25/45		170,818		148,539
3.500%, 11/01/52		5,059,866		4,489,366
4.000%, 09/01/40		268,429		253,736
4.000%, 11/01/40		480,956		453,001
4.000%, 02/01/41		114,514		108,247
4.000%, 03/01/41		114,976		108,684
4.000%, 08/01/52		5,001,411		4,585,750
4.000%, 11/01/52		3,486,897		3,201,504
4.500%, 09/01/40		33,142		32,246
4.500%, 01/01/41		185,292		180,279
4.500%, 02/01/41		105,012		102,171

	Principal		Value(a)
4.500%, 03/01/41	$	225,681	$	219,480
4.500%, 04/01/41		209,598		203,295
5.000%, 05/01/29		7,781		7,696
5.000%, 04/01/35		35,699		35,347
5.000%, 08/01/35		19,038		18,821
5.000%, 11/01/35		36,506		36,184
5.000%, 11/01/39		194,174		192,336
5.000%, 04/01/40		62,020		61,433
5.000%, 08/01/40		41,554		41,160
5.500%, 05/01/34		277,254		279,464
5.500%, 10/01/34		62,836		63,217
5.500%, 07/01/35		100,061		100,547
5.500%, 10/01/35		118,256		118,975
5.500%, 12/01/38		50,750		50,997
6.000%, 11/01/33		120,865		124,122
6.400%, 10/25/29 (30 day USD SOFR Average + 1.064%) (b)		258,790		258,642
6.500%, 09/01/32		13,100		13,345
6.500%, 11/01/32		10,516		10,714
6.500%, 06/01/36		71,597		74,770
7.000%, 12/01/37		21,830		22,460
				37,447,075
Federal National Mortgage Association (23.8%)
2.000%, 04/01/51		2,730,652		2,159,566
2.000%, 11/01/51		9,435,545		7,426,782
2.000%, 07/15/54, TBA (c)		6,100,000		4,784,454
2.500%, 12/01/51		2,392,121		1,980,009
2.500%, 03/01/52		2,516,236		2,065,097
2.500%, 04/01/52		4,218,661		3,470,060
2.500%, 07/15/54, TBA (c)		11,225,000		9,192,316
3.000%, 09/01/42		62,989		55,820
3.000%, 01/01/46		49,360		43,159
3.000%, 04/01/52		5,478,480		4,671,553
3.000%, 05/01/52		2,343,292		1,999,965
3.000%, 06/01/52		447,972		384,767
3.000%, 07/15/54, TBA (c)		11,725,000		9,993,670
3.500%, 12/01/32		59,479		56,798
3.500%, 11/01/40		228,195		210,184
3.500%, 01/01/41		241,701		222,625
3.500%, 02/01/41		283,829		261,445
3.500%, 04/01/41		153,856		141,713
3.500%, 11/01/41		846,239		779,443
3.500%, 12/01/41		168,527		155,224
3.500%, 05/01/42		86,906		80,046
3.500%, 01/01/43		191,466		175,656
3.500%, 02/01/43		235,176		216,613
3.500%, 05/01/43		757,290		684,783
3.500%, 07/15/54, TBA (c)		4,950,000		4,389,281
4.000%, 12/01/40		31,590		29,724
4.000%, 04/01/41		475,679		449,641
4.000%, 09/01/41		127,297		120,329
4.000%, 11/01/41		78,882		74,563
4.000%, 06/01/42		231,449		218,784
4.000%, 09/01/43		142,581		133,777
4.000%, 07/15/54, TBA (c)		15,400,000		14,114,824

See accompanying notes to financial statements.
7

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
4.500%, 05/25/34	$	537,000	$	517,344
4.500%, 05/01/35		73,204		70,959
4.500%, 07/01/35		168,167		164,268
4.500%, 09/01/37		61,909		60,049
4.500%, 06/01/39		75,222		72,547
4.500%, 04/01/41		572,059		556,648
4.500%, 07/01/41		413,412		402,120
4.500%, 07/01/47		167,652		162,880
4.500%, 08/01/52		5,563,454		5,254,507
4.500%, 04/01/53		921,084		870,964
4.500%, 07/15/54, TBA (c)		9,250,000		8,734,818
5.000%, 11/01/33		77,831		76,905
5.000%, 03/01/34		53,869		53,663
5.000%, 05/01/34		12,385		12,209
5.000%, 12/01/34		70,291		69,454
5.000%, 07/01/35		65,122		64,347
5.000%, 08/01/35		29,871		29,523
5.000%, 03/01/38		24,753		24,496
5.000%, 04/01/38		56,867		56,340
5.000%, 06/01/39		44,996		44,570
5.000%, 12/01/39		169,429		167,825
5.000%, 06/01/40		21,888		21,681
5.000%, 04/01/41		185,930		184,170
5.000%, 11/01/53		2,106,060		2,039,265
5.000%, 07/15/54, TBA (c)		5,750,000		5,566,701
5.500%, 04/01/33		266,083		265,092
5.500%, 05/01/33		3,659		3,676
5.500%, 12/01/33		26,728		26,890
5.500%, 01/01/34		51,716		51,966
5.500%, 02/01/34		44,531		44,795
5.500%, 03/01/34		79,339		80,060
5.500%, 04/01/34		47,393		47,623
5.500%, 05/01/34		1,323		1,330
5.500%, 09/01/34		71,139		71,572
5.500%, 10/01/34		20,493		20,593
5.500%, 01/01/35		32,261		32,458
5.500%, 02/01/35		82,728		83,119
5.500%, 04/01/35		73,504		73,861
5.500%, 06/01/35		3,348		3,342
5.500%, 08/01/35		52,611		52,866
5.500%, 10/01/35		115,764		116,912
5.500%, 11/01/35		24,219		24,336
5.500%, 09/01/36		48,667		48,903
5.500%, 12/01/39		28,601		28,741
5.500%, 09/01/53		1,036,248		1,023,404
5.500%, 07/15/54, TBA (c)		3,300,000		3,258,518
6.000%, 09/01/32		5,592		5,779
6.000%, 10/01/32		158,119		159,483
6.000%, 11/01/32		207,566		214,607
6.000%, 03/01/33		127,412		128,460
6.000%, 12/01/33		52,734		52,940
6.000%, 08/01/34		9,857		9,935
6.000%, 09/01/34		10,513		10,735
6.000%, 11/01/34		5,420		5,494
6.000%, 12/01/34		41,356		42,212
6.000%, 11/01/36		5,813		5,950
6.000%, 01/01/37		69,237		70,870
6.000%, 08/01/37		34,620		35,438
6.000%, 10/01/38		55,308		56,973
6.500%, 12/01/31		15,118		15,400
6.500%, 02/01/32		88,761		90,417

	Principal		Value(a)
6.500%, 04/01/32	$	47,802	$	49,186
6.500%, 05/01/32		13,555		13,808
6.500%, 07/01/32		65,818		67,046
6.500%, 08/01/32		42,841		43,641
6.500%, 09/01/32		29,535		30,086
6.500%, 10/01/32		34,431		35,073
6.500%, 09/01/34		2,204		2,253
6.500%, 11/01/34		2,538		2,621
6.500%, 03/01/35		30,467		31,300
6.500%, 09/01/37		54,256		56,448
6.500%, 11/01/37		18,382		19,313
7.000%, 07/01/31		24,627		25,338
7.000%, 09/01/31		75,070		77,240
7.000%, 11/01/31		52,003		53,506
7.000%, 02/01/32		28,636		29,463
7.000%, 03/01/32		3,882		3,994
7.000%, 07/01/32		17,979		18,498
7.500%, 04/01/31		19,182		19,126
7.500%, 05/01/31		6,630		6,585
9.900%, 01/25/29 (30 day USD SOFR Average + 4.564%) (b)		500,315		520,595
				103,390,794
Government National Mortgage Association (4.7%)
0.000%, 06/17/45 (b) (d)		108,613		—
1.000%, 12/20/42		34,951		28,554
3.000%, 03/15/45		357,305		314,374
3.000%, 04/15/45		800,126		703,915
3.000%, 05/15/45		37,681		33,173
3.250%, 04/20/33		65,859		61,899
3.250%, 03/20/35		573,911		535,780
3.250%, 11/20/35		329,084		307,918
3.250%, 01/20/36		580,323		539,235
3.500%, 11/15/40		44,777		41,419
3.500%, 04/20/46		228,889		207,554
3.750%, 03/20/46		563,710		519,691
4.000%, 07/20/31		156,714		152,230
4.000%, 04/20/39		133,546		125,337
4.000%, 12/20/40		325,683		307,632
4.000%, 01/15/41		16,849		15,976
4.000%, 02/15/41		137,680		129,751
4.000%, 10/15/41		87,449		82,411
4.000%, 12/20/44		40,047		38,036
4.500%, 06/15/40		92,093		89,582
4.500%, 10/20/52		2,315,643		2,211,472
4.500%, 07/15/54, TBA (c)		5,450,000		5,187,667
5.000%, 05/15/33		23,898		23,561
5.000%, 12/15/39		37,754		37,804
5.000%, 01/15/40		306,846		306,943
5.000%, 07/15/40		73,686		72,677
5.000%, 07/15/54, TBA (c)		5,100,000		4,972,448
5.500%, 07/15/38		87,680		89,266
5.500%, 10/15/38		110,543		112,271
5.500%, 07/15/54, TBA (c)		3,325,000		3,302,802
				20,551,378
U.S. Treasury (36.3%)
U.S. Treasury Bond
4.500%, 02/15/44		6,285,000		6,192,689

See accompanying notes to financial statements.
8

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
4.625%, 05/15/44	$	20,425,000	$	20,472,871
4.625%, 05/15/54		15,735,000		16,049,700
U.S. Treasury Note
4.250%, 06/30/29		22,380,000		22,299,572
4.375%, 05/15/34		28,932,000		29,004,330
4.500%, 05/31/29		43,741,000		44,065,640
4.625%, 06/15/27		19,365,000		19,424,003
				157,508,805
Vendee Mortgage Trust (0.0%)
Vendee Mortgage Trust, Series 1995-1, Class 2, 7.793%, 02/15/25		107		107
Total government obligations (cost: $328,486,911)				322,047,629
Asset-Backed Securities (7.4%)
AGL CLO 12 Ltd., Series 2021-12A, Class B, 7.186%, 07/20/34 (3-Month USD TERM SOFR + 1.862%) (b) (e)		875,000		874,147
Allegro CLO VIII Ltd., Series 2018-2A, Class A, 6.690%, 07/15/31 (3-Month USD TERM SOFR + 1.362%) (b) (e)		877,037		877,885
AMMC CLO 28 Ltd., Series 2024-28A, Class A1A, 6.882%, 07/20/37 (3-Month USD TERM SOFR + 1.550%) (b) (e)		1,000,000		1,000,000
Apidos CLO XII Ltd., Series 2013-12A, Class ARR, 1.000%, 04/15/31 (3-Month USD TERM SOFR + 1.080%) (b) (c) (e)		1,100,000		1,100,000
Apidos CLO XXV Ltd., Series 2016-25A, Class A1R2, 6.475%, 10/20/31 (3-Month USD TERM SOFR + 1.150%) (b) (e)		1,077,563		1,078,665
Barings CLO Ltd., Series 2018-4A, Class A1R, 6.479%, 10/15/30 (3-Month USD TERM SOFR + 1.150%) (b) (e)		1,125,000		1,125,251
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 6.366%, 02/25/34 (1-Month USD TERM SOFR + 1.089%) (b)		327,691		321,953
BlueMountain CLO Ltd., Series 2018-3A, Class BR, 7.174%, 10/25/30 (3-Month USD TERM SOFR + 1.850%) (b) (e)		1,200,000		1,200,688
Chase Funding Trust
Series 2002-3, Class 2A1, 6.100%, 08/25/32 (1-Month USD TERM SOFR + 0.754%) (b)		88,293		85,453

	Principal		Value(a)
Series 2003-2, Class 2A2, 6.020%, 02/25/33 (1-Month USD TERM SOFR + 0.674%) (b)	$	89,998	$	88,177
CIFC Funding Ltd., Series 2022-3A, Class A, 6.735%, 04/21/35 (3-Month USD TERM SOFR + 1.410%) (b) (e)		1,250,000		1,252,404
Commonbond Student Loan Trust
Series 2017-AGS, Class C, 5.280%, 05/25/41 (e)		18,377		17,047
Series 2018-AGS, Class A1, 3.210%, 02/25/44 (e)		485,802		448,233
Series 2018-AGS, Class A2, 5.960%, 02/25/44 (1-Month USD TERM SOFR + 0.614%) (b) (e)		91,387		89,799
Series 2019-AGS, Class A1, 2.540%, 01/25/47 (e)		1,015,894		904,357
Series 2021-AGS, Class A, 1.200%, 03/25/52 (e)		430,389		356,665
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.730%, 07/15/26		219,867		219,143
FRTKL Group, Inc., Series 2021-SFR1, Class G, 4.105%, 09/17/38 (e)		1,250,000		1,118,560
Home Partners of America Trust, Series 2021-1, Class A, 1.698%, 09/17/41 (e)		1,577,868		1,326,892
HPS Loan Management Ltd., Series 2021-16A, Class A1, 6.728%, 01/23/35 (3-Month USD TERM SOFR + 1.402%) (b) (e)		1,150,000		1,152,998
Morgan Stanley Dean Witter Capital I, Inc., Series 2002-NC3, Class A2, 6.020%, 08/25/32 (1-Month USD TERM SOFR + 0.674%) (b)		65,231		64,568
Navient Private Education Refi Loan Trust
Series 2020-HA, Class A, 1.310%, 01/15/69 (e)		527,044		485,295
Series 2021-BA, Class A, 0.940%, 07/15/69 (e)		1,227,244		1,078,685
Series 2021-FA, Class A, 1.110%, 02/18/70 (e)		1,186,363		1,014,531
Series 2022-A, Class A, 2.230%, 07/15/70 (e)		1,338,806		1,181,254
OCP CLO Ltd., Series 2014-6A, Class A1R2, 6.467%, 10/17/30 (3-Month USD TERM SOFR + 1.150%) (b) (e)		1,100,000		1,100,098

See accompanying notes to financial statements.
9

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Octagon 67 Ltd., Series 2023-1A, Class A1, 7.124%, 04/25/36 (3-Month USD TERM SOFR + 1.800%) (b) (e)	$	1,100,000	$	1,101,856
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, 7.240%, 07/15/36 (3-Month USD TERM SOFR + 1.912%) (b) (e)		1,125,000		1,127,628
Progress Residential Trust
Series 2021-SFR7, Class D, 2.341%, 08/17/40 (e)		1,525,000		1,317,767
Series 2021-SFR8, Class F, 3.181%, 10/17/38 (e)		2,000,000		1,796,119
Rad CLO 4 Ltd., Series 2019-4A, Class AR, 6.558%, 04/25/32 (3-Month USD TERM SOFR + 1.230%) (b) (e)		1,250,000		1,250,525
Rockford Tower CLO Ltd., Series 2021-2A, Class B, 7.336%, 07/20/34 (3-Month USD TERM SOFR + 2.012%) (b) (e)		450,000		450,828
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B, 1.833%, 12/15/31 (e)		148,358		147,115
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D, 1.570%, 01/15/27 (e)		1,500,000		1,426,786
Saxon Asset Securities Trust, Series 2004-1, Class A, 2.349%, 03/25/35 (1-Month USD TERM SOFR + 0.654%) (b)		189,311		160,757
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (e)		1,617,760		1,378,112
Symphony CLO XX Ltd., Series 2018-20A, Class AR2, 6.437%, 01/16/32 (3-Month USD TERM SOFR + 1.100%) (b) (e)		450,000		450,000
TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 1.000%, 01/20/32 (3-Month USD TERM SOFR + 1.140%) (b) (c) (e) (f)		1,195,000		1,195,000
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (e)		975,000		866,309
Total asset-backed securities (cost: $33,566,149)				32,231,550

	Principal		Value(a)
Other Mortgage-Backed Securities (11.0%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (8.0%)
Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.633%, 01/25/45 (b) (e)	$	52,259	$	49,675
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29		16,374		10,305
CIM Trust
Series 2021-R3, Class A1, 1.951%, 06/25/57 (b) (e)		1,853,513		1,627,380
Series 2023-R3, Class A1A, 4.500%, 01/25/63 (b) (e)		1,583,668		1,493,002
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1, 3.000%, 09/25/64 (b) (e)		87,553		84,526
Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (b) (e)		1,727,278		1,493,814
CSMC Trust
Series 2013-6, Class B4, 3.388%, 08/25/43 (b) (e)		697,644		619,103
Series 2017-HL1, Class A12, 3.500%, 06/25/47 (b) (e)		784,678		685,201
Series 2020-RPL3, Class A1, 4.080%, 03/25/60 (b) (e)		1,817,903		1,810,287
Series 2020-RPL6, Class A1, 3.425%, 03/25/59 (b) (e)		1,886,093		1,878,049
FARM Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (b) (e)		1,472,933		1,148,343
Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust
Series 2017-2, Class M1, 4.000%, 08/25/56 (b) (e)		536,201		528,101
Series 2017-3, Class M1, 4.000%, 07/25/56 (b)		281,809		279,899
Series 2021-3, Class TT, 2.000%, 03/25/61		1,041,832		903,076
Flagstar Mortgage Trust
Series 2021-5INV, Class A5, 2.500%, 07/25/51 (b) (e)		2,167,953		1,881,464
Series 2021-6INV, Class A6, 2.500%, 08/25/51 (b) (e)		1,950,492		1,685,342
GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 6.475%, 07/25/44 (b) (e)		2,110,021		2,029,577
JP Morgan Mortgage Trust
Series 2014-2, Class B1, 3.410%, 06/25/29 (b) (e)		85,169		78,815

See accompanying notes to financial statements.
10

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Series 2016-3, Class B3, 3.290%, 10/25/46 (b) (e)	$	163,118	$	151,773
Series 2017-2, Class B4, 3.650%, 05/25/47 (b) (e)		2,606,423		2,304,289
Series 2021-13, Class A4, 2.500%, 04/25/52 (b) (e)		3,399,902		2,938,167
Series 2021-4, Class A5, 2.500%, 08/25/51 (b) (e)		2,400,000		1,575,167
JP Morgan Trust, Series 2015-6, Class B4, 3.506%, 10/25/45 (b) (e)		1,375,000		981,113
Luminent Mortgage Trust, Series 2005-1, Class A1, 5.980%, 11/25/35 (1-Month USD TERM SOFR + 0.634%) (b)		1,295,245		1,207,606
MRFC Mortgage Pass-Through Trust, Series 1998-2, Class B1, 6.750%, 06/25/28		1,765		1,710
Sequoia Mortgage Trust
Series 2013-8, Class B4, 3.480%, 06/25/43 (b)		441,116		331,573
Series 2015-1, Class B2, 3.930%, 01/25/45 (b) (e)		103,465		97,579
Series 2015-3, Class B1, 3.725%, 07/25/45 (b) (e)		163,200		156,053
Series 2015-4, Class B2, 3.119%, 11/25/30 (b) (e)		20,585		18,675
Series 2017-1, Class B3, 3.606%, 02/25/47 (b) (e)		920,328		747,004
Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.590%, 04/25/47 (b) (e)		1,230,177		931,824
Starwood Mortgage Residential Trust
Series 2021-3, Class A1, 1.127%, 06/25/56 (b) (e)		800,627		665,418
Series 2021-6, Class A1, 1.920%, 11/25/66 (b) (e)		1,291,474		1,100,416
Structured Asset Mortgage Investments, Inc.
Series 1998-2, Class B, 6.750%, 05/02/30 (b)		5,591		46
Series 1998-2, Class C, 6.750%, 05/02/30 (b)		3,619		196
Towd Point Mortgage Trust
Series 2015-4, Class M2, 3.750%, 04/25/55 (b) (e)		887,106		876,885
Series 2018-4, Class A1, 3.000%, 06/25/58 (b) (e)		1,553,215		1,430,045
WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.682%, 06/20/45 (b) (e)		1,248,150		1,118,752
				34,920,250
Commercial Mortgage-Backed Securities (3.0%)
BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A, 4.325%, 08/15/46 (b) (e)		1,350,000		1,095,918

	Principal		Value(a)
BB-UBS Trust
Series 2012-SHOW, Class C, 4.160%, 11/05/36 (b) (e)	$	500,000	$	464,232
Series 2012-SHOW, Class D, 4.160%, 11/05/36 (b) (e)		500,000		459,232
BCAP LLC Trust, Series 2015-RR2, Class 25A3, 3.796%, 10/28/36 (b) (e)		142,583		142,107
BX Trust, Series 2022-PSB, Class D, 10.022%, 08/15/39 (1-Month USD TERM SOFR + 4.693%) (b) (e)		662,332		662,124
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50		1,000,000		950,394
UBS Commercial Mortgage Trust
Series 2017-C1, Class AS, 3.724%, 06/15/50		2,750,000		2,562,932
Series 2017-C6, Class A5, 3.580%, 12/15/50		3,500,000		3,246,958
Series 2017-C7, Class AS, 4.061%, 12/15/50 (b)		1,505,000		1,391,998
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.637%, 06/15/48		1,905,000		1,864,524
				12,840,419
Total other mortgage-backed securities (cost: $53,612,527)				47,760,669
Corporate Obligations (16.3%)
Basic Materials (0.3%)
Chemicals (0.3%)
International Flavors & Fragrances, Inc.
2.300%, 11/01/30 (e)		1,340,000		1,118,126
3.468%, 12/01/50 (e)		100,000		66,030
4.375%, 06/01/47		135,000		104,385
				1,288,541
Communications (1.3%)
Media (0.9%)
Cable One, Inc., 4.000%, 11/15/30 (e)		162,000		120,915
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, 02/01/31 (e)		10,000		8,164
4.500%, 08/15/30 (e)		110,000		93,125
4.750%, 03/01/30 (e)		40,000		34,644
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800%, 04/01/31		1,130,000		925,255
3.700%, 04/01/51		685,000		418,594
4.800%, 03/01/50		1,000,000		737,129

See accompanying notes to financial statements.
11

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
CSC Holdings LLC
5.375%, 02/01/28 (e)	$	175,000	$	132,961
5.750%, 01/15/30 (e)		100,000		37,568
6.500%, 02/01/29 (e)		529,000		386,042
7.500%, 04/01/28 (e)		50,000		26,536
11.750%, 01/31/29 (e)		108,000		92,068
Sirius XM Radio, Inc., 4.000%, 07/15/28 (e)		50,000		45,167
Time Warner Cable LLC, 5.500%, 09/01/41		535,000		447,068
VZ Secured Financing BV, 5.000%, 01/15/32 (e) (f)		535,000		456,262
				3,961,498
Telecommunication (0.3%)
Altice France SA, 5.500%, 10/15/29 (e) (f)		101,000		66,568
CommScope, Inc., 4.750%, 09/01/29 (e)		184,000		127,001
Crown Castle Towers LLC, 4.241%, 07/15/48 (e)		625,000		594,615
Frontier Communications Holdings LLC, 8.625%, 03/15/31 (e)		312,000		322,457
Intelsat Jackson Holdings SA, 6.500%, 03/15/30 (e) (f)		146,000		136,077
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (e)		161,000		127,994
				1,374,712
Wireless Telecommunication Services (0.1%)
Sprint Spectrum Co. LLC/ Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (e)		375,000		373,301
Consumer Cyclical (0.8%)
Entertainment (0.5%)
Warnermedia Holdings, Inc.
4.279%, 03/15/32		185,000		161,702
5.050%, 03/15/42		1,000,000		816,303
5.141%, 03/15/52		1,685,000		1,318,281
				2,296,286
Passenger Airlines (0.1%)
JetBlue Pass Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34		663,035		620,651
Retail (0.2%)
Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 04/01/29 (e)		275,000		253,216
Michaels Cos., Inc., 7.875%, 05/01/29 (e)		341,000		220,353
Papa John's International, Inc., 3.875%, 09/15/29 (e)		225,000		199,114
Raising Cane's Restaurants LLC, 9.375%, 05/01/29 (e)		35,000		37,810
				710,493

	Principal		Value(a)
Consumer, Non-cyclical (2.5%)
Agricultural Products (0.4%)
BAT Capital Corp., 4.540%, 08/15/47	$	187,000	$	144,449
Imperial Brands Finance PLC
3.875%, 07/26/29 (e) (f)		30,000		27,790
6.125%, 07/27/27 (e) (f)		470,000		478,231
Reynolds American, Inc., 5.850%, 08/15/45		1,000,000		925,596
				1,576,066
Biotechnology (0.0%)
Amgen, Inc., 5.650%, 03/02/53		110,000		108,920
Commercial Services (0.0%)
Adtalem Global Education, Inc., 5.500%, 03/01/28 (e)		100,000		95,998
Food Products (0.4%)
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL, 6.750%, 03/15/34 (e) (f)		265,000		280,928
Pilgrim's Pride Corp.
3.500%, 03/01/32		1,320,000		1,122,581
6.875%, 05/15/34		165,000		175,544
				1,579,053
Health Care Providers & Services (1.0%)
Centene Corp., 3.000%, 10/15/30		757,000		647,227
CommonSpirit Health, 4.350%, 11/01/42		405,000		343,771
IQVIA, Inc., 5.700%, 05/15/28		825,000		832,986
Kedrion SpA, 6.500%, 09/01/29 (e) (f)		305,000		278,884
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/29 (e)		375,000		264,094
ModivCare, Inc., 5.875%, 11/15/25 (e)		130,000		131,910
New York & Presbyterian Hospital, 2.256%, 08/01/40		1,175,000		796,072
Sinai Health System, 3.034%, 01/20/36		1,045,000		948,809
				4,243,753
Pharmaceuticals (0.7%)
1375209 BC Ltd., 9.000%, 01/30/28 (e) (f)		290,000		278,837
Bayer U.S. Finance II LLC
4.375%, 12/15/28 (e)		1,500,000		1,425,395
4.400%, 07/15/44 (e)		1,000,000		766,275
Bayer U.S. Finance LLC, 6.500%, 11/21/33 (e)		200,000		204,996
Grifols SA, 4.750%, 10/15/28 (e) (f)		371,000		320,072
				2,995,575

See accompanying notes to financial statements.
12

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Energy (1.4%)
Oil & Gas (0.1%)
Ecopetrol SA, 8.875%, 01/13/33 (f)	$	40,000	$	41,322
KazMunayGas National Co. JSC, 5.375%, 04/24/30 (f)		500,000		487,050
				528,372
Pipelines (1.3%)
Energy Transfer LP, 6.850%, 02/15/40		1,850,000		1,926,348
Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/34 (e) (f)		405,200		347,675
NGPL PipeCo LLC, 3.250%, 07/15/31 (e)		1,000,000		855,206
Rockies Express Pipeline LLC, 4.950%, 07/15/29 (e)		161,000		151,556
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,500,000		1,732,160
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26		156,000		151,054
Venture Global Calcasieu Pass LLC, 6.250%, 01/15/30 (e)		60,000		60,896
Venture Global LNG, Inc., 9.500%, 02/01/29 (e)		143,000		156,732
				5,381,627
Financial (7.8%)
Banks (5.2%)
Bank of America Corp.
1.922%, 10/24/31 (SOFRRATE + 1.370%) (b)		710,000		581,161
2.572%, 10/20/32 (SOFRRATE + 1.210%) (b)		55,000		45,667
2.592%, 04/29/31 (SOFRRATE + 2.150%) (b)		590,000		510,530
2.884%, 10/22/30 (3-Month USD TERM SOFR + 1.452%) (b)		2,410,000		2,146,882
Citigroup, Inc.
1.281%, 11/03/25 (SOFRRATE + 0.528%) (b)		2,625,000		2,584,121
2.520%, 11/03/32 (SOFRRATE + 1.177%) (b)		215,000		176,957
Goldman Sachs Group, Inc.
1.431%, 03/09/27 (SOFRRATE + 0.798%) (b)		300,000		279,927
2.383%, 07/21/32 (SOFRRATE + 1.248%) (b)		600,000		493,607
HSBC Holdings PLC
2.013%, 09/22/28 (SOFRRATE + 1.732%) (b) (f)		85,000		76,365
2.357%, 08/18/31 (SOFRRATE + 1.947%) (b) (f)		1,155,000		965,888

	Principal		Value(a)
JPMorgan Chase & Co.
1.040%, 02/04/27 (3-Month USD TERM SOFR + 0.695%) (b)	$	2,500,000	$	2,328,732
1.470%, 09/22/27 (SOFRRATE + 0.765%) (b)		910,000		835,688
2.580%, 04/22/32 (3-Month USD TERM SOFR + 1.250%) (b)		275,000		232,615
Lloyds Banking Group PLC, 1.627%, 05/11/27 (1 year CMT + 0.850%) (b) (f)		255,000		236,874
Morgan Stanley
1.164%, 10/21/25 (SOFRRATE + 0.560%) (b)		800,000		788,432
1.928%, 04/28/32 (SOFRRATE + 1.020%) (b)		769,000		618,913
PNC Financial Services Group, Inc.
5.676%, 01/22/35 (SOFRRATE + 1.902%) (b)		85,000		85,637
6.875%, 10/20/34 (SOFRRATE + 2.284%) (b)		580,000		633,033
Santander UK Group Holdings PLC, 2.469%, 01/11/28 (SOFRRATE + 1.220%) (b) (f)		2,000,000		1,845,379
U.S. Bancorp
3.000%, 07/30/29		765,000		685,214
4.839%, 02/01/34 (SOFRRATE + 1.600%) (b)		40,000		37,992
Series J, 5.300%, 04/15/27 (3-Month USD TERM SOFR + 3.176%) (b)		800,000		775,965
5.678%, 01/23/35 (SOFRRATE + 1.860%) (b)		200,000		201,177
5.836%, 06/12/34 (SOFRRATE + 2.260%) (b)		40,000		40,617
5.850%, 10/21/33 (SOFRRATE + 2.090%) (b)		190,000		193,303
Wells Fargo & Co.
2.393%, 06/02/28 (SOFRRATE + 2.100%) (b)		3,485,000		3,211,020
2.879%, 10/30/30 (3-Month USD TERM SOFR + 1.432%) (b)		750,000		665,657
3.000%, 10/23/26		1,100,000		1,045,033
4.897%, 07/25/33 (SOFRRATE + 2.100%) (b)		195,000		187,912
				22,510,298
Financial Services (0.7%)
Air Lease Corp., 3.250%, 10/01/29		1,500,000		1,357,969
Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (e) (f)		1,500,000		1,349,296
GGAM Finance Ltd.
8.000%, 02/15/27 (e) (f)		90,000		92,959
8.000%, 06/15/28 (e) (f)		126,000		132,712
Helios Leasing I LLC, 1.825%, 05/16/25		13,812		13,554
				2,946,490

See accompanying notes to financial statements.
13

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Insurance (0.7%)
Athene Global Funding, 1.985%, 08/19/28 (e)	$	1,000,000	$	870,989
Farmers Insurance Exchange, 4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%) (b) (e)		500,000		372,757
Metropolitan Life Global Funding I, 5.150%, 03/28/33 (e)		290,000		286,552
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)		2,125,000		1,695,896
				3,226,194
Investment Companies (0.1%)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.375%, 02/01/29		45,000		38,492
9.000%, 06/15/30 (e)		161,000		160,226
9.750%, 01/15/29 (e)		120,000		124,320
				323,038
Real Estate Investment Trust — Health Care (0.2%)
Healthcare Realty Holdings LP, 3.100%, 02/15/30		855,000		748,116
Real Estate Investment Trust — Office Property (0.1%)
Hudson Pacific Properties LP
3.250%, 01/15/30		740,000		511,174
4.650%, 04/01/29		120,000		92,419
5.950%, 02/15/28		15,000		12,750
				616,343
Residential REITs (0.1%)
Invitation Homes Operating Partnership LP
2.000%, 08/15/31		60,000		47,720
2.700%, 01/15/34		460,000		363,104
4.150%, 04/15/32		55,000		50,265
5.500%, 08/15/33		100,000		98,746
				559,835
Savings and Loans (0.1%)
Nationwide Building Society, 2.972%, 02/16/28 (SOFRRATE + 1.290%) (b) (e) (f)		500,000		468,641
Specialized REITs (0.6%)
American Tower Corp., 2.700%, 04/15/31		920,000		779,392
Extra Space Storage LP
2.400%, 10/15/31		70,000		57,616
2.550%, 06/01/31		575,000		479,408
GLP Capital LP/GLP Financing II, Inc.
4.000%, 01/15/30		460,000		421,537
5.300%, 01/15/29		310,000		305,563

	Principal		Value(a)
VICI Properties LP/VICI Note Co., Inc., 3.875%, 02/15/29 (e)	$	665,000	$	615,111
				2,658,627
Industrials (0.5%)
Aerospace & Defense (0.2%)
Boeing Co.
5.805%, 05/01/50		445,000		402,893
6.528%, 05/01/34 (e)		215,000		220,541
				623,434
Containers & Packaging (0.3%)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.125%, 08/15/26 (e) (f)		65,000		56,418
5.250%, 08/15/27 (e) (f)		446,000		276,574
Berry Global, Inc., 5.500%, 04/15/28		1,000,000		998,386
				1,331,378
Machinery (0.0%)
OT Merger Corp., 7.875%, 10/15/29 (e)		126,000		56,700
Information Technology (0.0%)
Software (0.0%)
Open Text Corp., 6.900%, 12/01/27 (e) (f)		85,000		88,261
Utilities (1.7%)
Electric Utilities (0.8%)
Duke Energy Carolinas LLC, 4.250%, 12/15/41		1,280,000		1,074,936
Duke Energy Florida LLC, 5.875%, 11/15/33		20,000		20,834
Entergy Mississippi LLC, 3.250%, 12/01/27		500,000		468,393
MidAmerican Energy Co., 4.250%, 07/15/49		1,750,000		1,445,491
Niagara Mohawk Power Corp., 4.278%, 10/01/34 (e)		490,000		435,182
				3,444,836
Gas Utilities (0.9%)
East Ohio Gas Co., 1.300%, 06/15/25 (e)		1,380,000		1,324,342
Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50		1,410,000		930,548
Southern Co. Gas Capital Corp.
3.875%, 11/15/25		1,105,000		1,080,412
4.400%, 05/30/47		775,000		631,759
				3,967,061
Total corporate obligations (cost: $74,514,350)				70,704,098

See accompanying notes to financial statements.
14

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Bank Loans (1.4%)
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 7.094%, 09/20/30 (1-Month USD TERM SOFR + 1.750%) (b) (e)	$	73,500	$	73,188
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 9.208%, 10/01/25 (1-Month USD TERM SOFR + 3.750%) (b) (e)		9,604		9,068
Acrisure LLC, 2024 Term Loan B1, 8.344%, 02/15/27 (3-Month USD TERM SOFR + 3.000%) (b) (c) (e)		129,208		129,006
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 9.329%, 07/31/28 (1-Month USD TERM SOFR + 4.000) (b) (c) (e)		273,354		273,781
Altice France SA, 2023 USD Term Loan B14, 10.829%, 08/15/28 (3-Month USD TERM SOFR + 5.500%) (b) (e)		44,859		32,831
Amentum Government Services Holdings LLC, Term Loan B, 9.458%, 01/29/27 (1-Month USD TERM SOFR + 4.000%) (b) (e)		244,898		245,408
Arches Buyer, Inc., 2021 Term Loan B, 8.694%, 12/06/27 (1-Month USD TERM SOFR + 3.250%) (b) (e)		37,464		35,792
Artera Services LLC, 2024 Term Loan, 9.835%, 02/15/31 (3-Month USD TERM SOFR + 4.500%) (b) (e)		49,657		49,905
Asurion LLC, 2022 Term Loan B10, 9.444%, 08/19/28 (1-Month USD TERM SOFR + 4.000%) (b) (e)		245,625		242,631
Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 7.339%, 06/22/28 (1-Month USD TERM SOFR +2.000) (b) (e)		77,640		77,719
Bausch & Lomb Corp.
2023 Incremental Term Loan, 9.344%, 09/29/28 (1-Month USD TERM SOFR + 4.000) (b) (e)		56,749		56,358
Term Loan, 8.689%, 05/10/27 (1-Month USD TERM SOFR + 3.250%) (b) (e)		25,115		24,833

	Principal		Value(a)
Berry Global, Inc., 2023 Term Loan AA, 7.191%, 07/01/29 (1-Month USD TERM SOFR + 1.750%) (b) (e)	$	300,496	$	300,597
Buzz Finco LLC, Term Loan B, 8.194%, 01/29/27 (1-Month USD TERM SOFR + 2.750%) (b) (e)		32,900		32,873
Caesars Entertainment, Inc., 2024 Term Loan B1, 8.097%, 02/06/31 (3-Month USD TERM SOFR + 2.750%) (b) (e)		87,962		87,868
Carestream Dental Equipment, Inc.
2017 1st Lien Term Loan, 8.708%, 09/01/24 (1-Month USD LIBOR + 3.250%) (b) (e)		71,073		59,227
2021 Term Loan, 9.944%, 09/01/24 (1-Month USD TERM SOFR + 4.500%) (b) (e)		21,740		18,696
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, 7.458%, 02/22/28 (1-Month USD TERM SOFR + 2.000) (b) (e)		132,280		132,142
CCI Buyer, Inc., Term Loan, 9.335%, 12/17/27 (3-Month USD TERM SOFR + 4.000%) (b) (e)		39,923		39,923
Central Parent, Inc., 2024 Term Loan B, 8.585%, 07/06/29 (3-Month USD TERM SOFR + 3.250%) (b) (e)		50,000		49,219
Chemours Co., 2023 USD Term Loan B, 8.844%, 08/18/28 (1-Month USD TERM SOFR + 3.500%) (b) (e)		88,489		88,047
City Brewing Co. LLC
2024 First Out New Money Term Loan, 11.574%, 04/05/28 (3-Month USD TERM SOFR + 6.250%) (b) (e)		18,256		18,370
2024 FLFO Roll Up Term Loan, 9.090%, 04/05/28 (3-Month USD TERM SOFR + 3.500%) (b) (e)		128,980		117,694
Clean Harbors, Inc., 2023 Term Loan, 7.208%, 10/08/28 (1-Month USD TERM SOFR + 1.750%) (b) (e)		84,391		84,725
CSC Holdings LLC, 2019 Term Loan B5, 7.943%, 04/15/27 (1-Month USD LIBOR + 2.500%) (b) (e)		63,141		52,362

See accompanying notes to financial statements.
15

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 9.085%, 04/09/27 (3-Month USD TERM SOFR + 3.750) (b) (e)	$	21,061	$	21,041
EagleView Technology Corp., 2018 Add On Term Loan B, 9.097%, 08/14/25 (3-Month USD TERM SOFR + 3.500%) (b) (e)		110,109		105,521
Fertitta Entertainment LLC, 2022 Term Loan B, 9.081%, 01/27/29 (1-Month USD TERM SOFR + 3.750%) (b) (e)		53,086		53,092
First Brands Group LLC, 2021 Term Loan, 10.591%, 03/30/27 (3-Month USD TERM SOFR + 5.000%) (b) (c) (e)		18,168		18,032
Froneri International Ltd., 2020 USD Term Loan, 7.694%, 01/29/27 (1-Month USD TERM SOFR + 2.250%) (b) (e)		43,712		43,672
Frontier Communications Corp., 2021 1st Lien Term Loan, 9.208%, 10/08/27 (1-Month USD TERM SOFR + 3.750%) (b) (e)		33,709		33,677
Gainwell Acquisition Corp., Term Loan B, 9.435%, 10/01/27 (3-Month USD TERM SOFR + 4.000%) (b) (e)		244,924		235,311
Gen Digital, Inc., 2021 Term Loan A, 6.944%, 09/10/27 (1-Month USD TERM SOFR + 1.500%) (b) (e)		98,042		97,980
Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 7.444%, 11/15/27 (1-Month USD TERM SOFR + 2.000%) (b) (e)		95,256		93,619
GTCR W Merger Sub LLC
2024 USD Term Loan B, 7.844%, 01/31/31 (3-Month USD TERM SOFR + 2.500%) (b) (c) (e)		22,754		22,751
USD Term Loan B, 8.335%, 01/31/31 (3-Month USD TERM SOFR + 3.000%) (b) (e)		88,497		88,434
Invitation Homes Operating Partnership LP, 2020 Term Loan A, 6.444%, 01/31/25 (1-Month USD TERM SOFR + 1.000%) (b) (e)		44,302		43,887

	Principal		Value(a)
Iron Mountain, Inc., 2023 Term Loan B, 7.594%, 01/31/31 (1-Month USD TERM SOFR + 2.250%) (b) (e)	$	36,383	$	36,247
Jane Street Group LLC, 2024 Term Loan B, 7.958%, 01/26/28 (1-Month USD TERM SOFR + 2.500%) (b) (e)		69,888		69,813
Jazz Financing Lux SARL
2024 1st Lien Term Loan B, 7.582%, 05/05/28 (3-Month USD TERM SOFR + 2.250%) (b) (c) (e)		221,659		221,659
2024 Term Loan B, 8.458%, 05/05/28 (1-Month USD TERM SOFR + 3.000%) (b) (e)		163,509		163,484
KFC Holding Co., 2021 Term Loan B, 7.196%, 03/15/28 (1-Month USD TERM SOFR + 1.750%) (b) (e)		58,662		58,577
Magnite, Inc., 2024 Term Loan B, 9.596%, 02/06/31 (1-Month USD TERM SOFR + 4.500%, 3-Month USD TERM SOFR + 4.500%, 6-Month USD TERM SOFR + 4.500%) (b) (e)		20,040		20,078
Match Group, Inc., 2020 Term Loan B, 7.244%, 02/13/27 (3-Month USD TERM SOFR + 1.750%) (b) (e)		14,547		14,505
Medline Borrower LP, 2024 Term Loan B, 8.094%, 10/23/28 (1-Month USD TERM SOFR + 2.750%) (b) (e)		97,382		97,531
MH Sub I LLC, 2023 Term Loan, 9.594%, 05/03/28 (1-Month USD TERM SOFR + 4.250%) (b) (e)		23,315		23,281
Modivcare, Inc., 2024 Term Loan B, 10.087%, 06/20/31 (3-Month USD TERM SOFR + 4.750%) (b) (c) (e)		190,799		186,506
Naked Juice LLC
2nd Lien Term Loan, 11.435%, 01/24/30 (3-Month USD TERM SOFR + 6.000%) (b) (e)		38,193		30,554
Term Loan, 8.685%, 01/24/29 (1-Month USD TERM SOFR + 3.250%, 3-Month USD TERM SOFR + 3.250%) (b) (e)		245,614		227,346

See accompanying notes to financial statements.
16

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Patriot Container Corp., 2018 1st Lien Term Loan, 9.194%, 03/20/25 (1-Month USD TERM SOFR + 3.750%) (b) (e)	$	18,331	$	17,873
Peer Holding III B.V., 2024 USD Term Loan B5, 8.344%, 06/20/31 (3-Month USD TERM SOFR + 3.000%) (b) (c) (e)		66,166		66,194
Peraton Corp., Term Loan B, 9.194%, 02/01/28 (1-Month USD TERM SOFR + 3.750%) (b) (e)		154,448		154,405
Pre-Paid Legal Services, Inc., 2021 Term Loan, 9.208%, 12/15/28 (1-Month USD TERM SOFR + 3.750%) (b) (e)		244,987		244,566
Renaissance Holding Corp., 2024 Term Loan, 9.597%, 04/05/30 (3-Month USD TERM SOFR + 4.250%) (b) (e)		43,729		43,668
Research Now Group, Inc.
2017 1st Lien Term Loan, 10.827%, 12/20/24 (3-Month USD TERM SOFR + 5.500%) (b) (c) (e) (g)		39,002		29,121
2024 DIP 1st Lien Term Loan, 14.208%, 08/06/24 (1-Month USD TERM SOFR + 8.864%) (b) (e)		1,417		1,417
SBA Senior Finance II LLC, 2024 Term Loan B, 7.350%, 01/25/31 (1-Month USD TERM SOFR + 2.000%) (b) (e)		124,884		124,947
Spin Holdco, Inc., 2021 Term Loan, 9.600%, 03/04/28 (3-Month USD TERM SOFR + 4.000%) (b) (e)		244,937		207,216
Star Parent, Inc., Term Loan B, 9.085%, 09/27/30 (3-Month USD TERM SOFR + 3.750%) (b) (e)		45,618		45,552
Telenet Financing USD LLC, 2020 USD Term Loan AR, 7.443%, 04/30/28 (b) (e)		34,447		32,694
Trans Union LLC
2024 Term Loan B7, 7.344%, 12/01/28 (1-Month USD TERM SOFR + 2.000%) (b) (e)		43,503		43,518
2024 Term Loan B8, 7.094%, 06/24/31 (1-Month USD TERM SOFR + 1.750%) (b) (e)		18,764		18,733

	Principal		Value(a)
TransDigm, Inc., 2024 Term Loan I, 7.843%, 08/24/28 (3-Month USD TERM SOFR + 2.750%) (b) (e)	$	107,083	$	107,239
Triton Water Holdings, Inc., Term Loan, 8.595%, 03/31/28 (3-Month USD TERM SOFR + 3.250%) (b) (e)		35,980		35,980
TruGreen LP, 2020 Term Loan, 9.444%, 11/02/27 (1-Month USD TERM SOFR + 4.000%) (b) (e)		244,924		233,596
United Natural Foods, Inc., 2024 Term Loan, 10.094%, 05/01/31 (1-Month USD TERM SOFR + 4.750%) (b) (e)		74,451		74,637
Virgin Media Bristol LLC, USD Term Loan N, 7.943%, 01/31/28 (1-Month USD TERM SOFR + 2.500%) (b) (e)		68,727		65,596
Whatabrands LLC, 2024 Term Loan B, 8.094%, 08/03/28 (1-Month USD TERM SOFR + 2.750%) (b) (e)		34,913		34,913
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 8.208%, 05/18/25 (1-Month USD TERM SOFR + 2.750%) (b) (e)		40,188		40,188
Zayo Group Holdings, Inc., USD Term Loan, 8.458%, 03/09/27 (1-Month USD TERM SOFR + 3.000%) (b) (e)		193,315		167,674
Total Bank Loans (cost: $6,122,962)				6,128,588
Foreign Bonds (0.6%)
Brazilian Government International Bond, 6.125%, 03/15/34 (f)		200,000		192,213
Colombia Government International Bond, 3.000%, 01/30/30 (f)		300,000		245,037
Costa Rica Government International Bond, 6.550%, 04/03/34 (f)		200,000		205,681
Dominican Republic International Bond, 4.875%, 09/23/32 (f)		150,000		134,195
Hungary Government International Bond, 2.125%, 09/22/31 (f)		250,000		197,813
Mexico Government International Bond, 2.659%, 05/24/31 (f)		600,000		492,639

See accompanying notes to financial statements.
17

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Panama Government International Bond, 2.252%, 09/29/32 (f)	$	250,000	$	180,031
Paraguay Government International Bond, 3.849%, 06/28/33 (f)		200,000		173,683
Republic of South Africa Government International Bond
4.850%, 09/30/29 (f)		200,000		183,070
5.875%, 06/22/30 (f)		200,000		190,115
Romanian Government International Bond, 3.000%, 02/14/31 (f)		300,000		248,718
Total Foreign Bonds (cost: $2,460,193)				2,443,195
Total long-term debt securities (cost: $498,763,091)				481,315,729

	Shares		Value(a)
Short-Term Securities (6.9%)
Investment Companies (3.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		15,197,574	$	15,197,574
U.S. Government Agencies and Obligations (3.4%)
U.S. Treasury Bill
5.128%, 07/16/24		12,635,000		12,607,335
5.379%, 11/14/24		2,415,000		2,367,969
Total U.S. Government Agencies and Obligations (cost: $14,975,652)				14,975,304
Total short-term securities (cost: $30,173,226)				30,172,878
Total investments in securities (cost: $528,936,317) (h)				511,488,607
Liabilities in excess of cash and other assets (-17.7%)				(77,057,453	)
Total net assets (100.0%)			$	434,431,154

Investments in Securities Legend

(a) Securities are valued in accordance with 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, 2024 the total cost of investments issued on a when-issued or forward commitment basis was $76,264,398.

(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) Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program.

(f) Foreign security: the Fund held 2.9% of net assets in foreign securities at June 30, 2024.

(g) Pursuant to the Fund's Liquidity Risk Management Program, this security has been determined to be illiquid by the Fund's Liquidity Risk Management Program Administrator.

(h) At June 30, 2024 the cost of investments for federal income tax purposes was $529,129,968. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	2,806,316
Gross unrealized depreciation		(20,254,908	)
Net unrealized depreciation	$	(17,448,592	)

Holdings of Open Futures Contracts

On June 30, 2024, $588,000 in cash has been pledged to cover margin requirements for the following open futures contracts:

Description	Expiration Date	Number of Contracts		Position Type	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)(a)
2 Year U.S. Treasury Note	September 2024		340	Long	$	69,289,233		$	69,434,375		$	145,142
5 Year U.S. Treasury Note	September 2024		122	Long		12,932,494			13,002,531			70,037
10 Year U.S. Treasury Note	September 2024		37	Short		(4,049,295	)		(4,069,422	)		(20,127	)
10 Year U.S. Ultra	September 2024		2	Long		225,206			227,063			1,857
U.S. Ultra Bond	September 2024		3	Short		(371,853	)		(376,031	)		(4,178	)
								$	78,218,516		$	192,731

See accompanying notes to financial statements.
18

SFT Delaware Ivy^SM Growth Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.5%)
Communication Services (9.5%)
Entertainment (1.9%)
Electronic Arts, Inc.		85,886	$	11,966,496
Interactive Media & Services (7.6%)
Alphabet, Inc. Class A		234,490		42,712,354
Alphabet, Inc. Class C		35,767		6,560,383
				49,272,737
Consumer Discretionary (11.4%)
Automobiles (1.4%)
Ferrari NV (b)		21,871		8,931,460
Broadline Retail (6.9%)
Amazon.com, Inc. (c)		228,969		44,248,259
Hotels, Restaurants & Leisure (1.3%)
Booking Holdings, Inc.		2,191		8,679,647
Specialty Retail (0.3%)
Home Depot, Inc.		5,326		1,833,422
Textiles, Apparel & Luxury Goods (1.5%)
LVMH Moet Hennessy Louis Vuitton SE ADR (b)		65,261		10,007,774
Consumer Staples (2.3%)
Beverages (2.3%)
Coca-Cola Co.		233,865		14,885,507
Financial (10.7%)
Capital Markets (5.5%)
Intercontinental Exchange, Inc.		131,676		18,025,127
MSCI, Inc.		9,588		4,619,019
S&P Global, Inc.		29,034		12,949,164
				35,593,310
Financial Services (5.2%)
Visa, Inc. Class A		126,566		33,219,778
Health Care (10.4%)
Health Care Equipment & Supplies (3.0%)
Cooper Cos., Inc.		97,012		8,469,148
Intuitive Surgical, Inc. (c)		25,027		11,133,261
				19,602,409
Health Care Providers & Services (3.7%)
UnitedHealth Group, Inc.		46,820		23,843,553
Health Care Technology (0.8%)
Veeva Systems, Inc. Class A (c)		27,799		5,087,495
Life Sciences Tools & Services (2.6%)
Danaher Corp.		67,440		16,849,884
Pharmaceuticals (0.3%)
Zoetis, Inc.		10,761		1,865,527
Industrials (7.9%)
Commercial Services & Supplies (2.5%)
Waste Connections, Inc. (b)		92,818		16,276,565

	Shares		Value(a)
Ground Transportation (0.8%)
JB Hunt Transport Services, Inc.		29,734	$	4,757,440
Professional Services (4.6%)
Broadridge Financial Solutions, Inc.		52,441		10,330,877
Equifax, Inc.		49,786		12,071,113
TransUnion		23,691		1,756,925
Verisk Analytics, Inc.		20,502		5,526,314
				29,685,229
Information Technology (44.9%)
Communications Equipment (3.2%)
Motorola Solutions, Inc.		54,240		20,939,352
IT Services (2.5%)
VeriSign, Inc. (c)		88,832		15,794,330
Semiconductors & Semiconductor Equipment (11.8%)
NVIDIA Corp.		544,781		67,302,245
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (b)		50,545		8,785,226
				76,087,471
Software (20.6%)
Autodesk, Inc. (c)		26,476		6,551,486
Intuit, Inc.		27,350		17,974,694
Microsoft Corp.		202,893		90,683,026
Salesforce, Inc.		53,127		13,658,952
Synopsys, Inc. (c)		6,002		3,571,550
				132,439,708
Technology Hardware Storage & Peripherals (6.8%)
Apple, Inc.		207,905		43,788,951
Real Estate (2.4%)
Real Estate Management & Development (2.4%)
CoStar Group, Inc. (c)		208,834		15,482,953
Total common stocks (cost: $313,652,143)				641,139,257
Short-Term Securities (0.2%)
Investment Companies (0.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		1,370,012		1,370,012
Total short-term securities (cost: $1,370,012)				1,370,012
Total investments in securities (cost: $315,022,155) (d)				642,509,269
Cash and other assets in excess of liabilities (0.3%)				1,707,383
Total net assets (100.0%)			$	644,216,652

See accompanying notes to financial statements.
19

SFT Delaware Ivy^SM Growth Fund
Investments in Securities – continued

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Foreign security: the Fund held 6.8% of net assets in foreign securities at June 30, 2024.

(d) At June 30, 2024 the cost of investments for federal income tax purposes was $315,613,968. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	329,891,681
Gross unrealized depreciation		(2,996,380	)
Net unrealized appreciation	$	326,895,301

See accompanying notes to financial statements.
20

SFT Delaware Ivy^SM Small Cap Growth Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.8%)
Communication Services (1.2%)
Entertainment (1.2%)
IMAX Corp. (b) (c)		114,596	$	1,921,775
Consumer Discretionary (13.2%)
Automobile Components (1.4%)
Modine Manufacturing Co. (b)		22,250		2,229,227
Diversified Consumer Services (0.9%)
Universal Technical Institute, Inc. (b)		87,757		1,380,418
Hotels, Restaurants & Leisure (5.3%)
Dutch Bros, Inc. Class A (b)		24,183		1,001,176
First Watch Restaurant Group, Inc. (b)		68,723		1,206,776
Light & Wonder, Inc. (b)		24,881		2,609,519
Red Rock Resorts, Inc. Class A		62,775		3,448,231
				8,265,702
Household Durables (2.4%)
Installed Building Products, Inc.		10,682		2,197,074
Meritage Homes Corp.		9,998		1,618,176
				3,815,250
Leisure Product (1.2%)
Acushnet Holdings Corp.		28,277		1,795,024
Specialty Retail (2.0%)
Abercrombie & Fitch Co. Class A (b)		17,426		3,099,040
Consumer Staples (3.9%)
Beverages (0.8%)
MGP Ingredients, Inc.		15,671		1,165,922
Personal Products (3.1%)
BellRing Brands, Inc. (b)		52,367		2,992,251
elf Beauty, Inc. (b)		8,942		1,884,258
				4,876,509
Energy (2.7%)
Energy Equipment & Services (2.7%)
Cactus, Inc. Class A		33,186		1,750,230
Weatherford International PLC (b) (c)		20,387		2,496,388
				4,246,618
Financial (6.5%)
Capital Markets (2.8%)
Houlihan Lokey, Inc.		21,660		2,921,068
WisdomTree, Inc.		148,211		1,468,771
				4,389,839
Commercial Banks (1.3%)
Western Alliance Bancorp		31,217		1,961,052
Financial Services (1.0%)
Flywire Corp. (b)		98,897		1,620,922

	Shares		Value(a)
Insurance (1.4%)
Palomar Holdings, Inc. (b)		26,363	$	2,139,357
Health Care (22.0%)
Biotechnology (6.6%)
Halozyme Therapeutics, Inc. (b)		32,975		1,726,571
Ideaya Biosciences, Inc. (b)		21,725		762,765
Insmed, Inc. (b)		36,980		2,477,660
Vaxcyte, Inc. (b)		12,830		968,793
Vericel Corp. (b)		76,262		3,498,901
Viking Therapeutics, Inc. (b)		16,139		855,528
				10,290,218
Health Care Equipment & Supplies (3.7%)
Integer Holdings Corp. (b)		26,086		3,020,498
TransMedics Group, Inc. (b)		18,367		2,766,438
				5,786,936
Health Care Providers & Services (6.9%)
Acadia Healthcare Co., Inc. (b)		34,984		2,362,819
Encompass Health Corp.		26,228		2,250,100
HealthEquity, Inc. (b)		26,170		2,255,854
Option Care Health, Inc. (b)		47,416		1,313,423
Progyny, Inc. (b)		88,483		2,531,499
				10,713,695
Health Care Technology (0.9%)
Evolent Health, Inc. Class A (b)		72,390		1,384,097
Pharmaceuticals (3.9%)
ANI Pharmaceuticals, Inc. (b)		31,393		1,999,106
Axsome Therapeutics, Inc. (b)		25,542		2,056,131
Harmony Biosciences Holdings, Inc. (b)		23,273		702,146
Intra-Cellular Therapies, Inc. (b)		10,097		691,544
Tarsus Pharmaceuticals, Inc. (b)		25,111		682,517
				6,131,444
Industrials (21.2%)
Aerospace & Defense (3.2%)
AAR Corp. (b)		17,586		1,278,502
AeroVironment, Inc. (b)		11,634		2,119,249
Leonardo DRS, Inc. (b)		62,480		1,593,865
				4,991,616
Building Products (1.3%)
Trex Co., Inc. (b)		27,948		2,071,506
Commercial Services & Supplies (3.9%)
ACV Auctions, Inc. Class A (b)		114,346		2,086,814
Clean Harbors, Inc. (b)		17,619		3,984,537
				6,071,351
Construction & Engineering (1.5%)
Construction Partners, Inc. Class A (b)		42,697		2,357,301
Electrical Equipment (0.4%)
NEXTracker, Inc. Class A (b)		12,996		609,253

See accompanying notes to financial statements.
21

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

	Shares		Value(a)
Machinery (2.6%)
Federal Signal Corp.		49,078	$	4,106,356
Marine Transportation (1.3%)
Kirby Corp. (b)		16,257		1,946,451
Professional Services (7.0%)
CBIZ, Inc. (b)		41,001		3,038,174
Parsons Corp. (b)		54,700		4,475,007
Verra Mobility Corp. (b)		122,778		3,339,562
				10,852,743
Information Technology (24.5%)
Communications Equipment (0.6%)
Harmonic, Inc. (b)		77,846		916,247
Electronic Equipment, Instruments & Components (2.3%)
Advanced Energy Industries, Inc.		14,738		1,602,905
OSI Systems, Inc. (b)		14,357		1,974,374
				3,577,279
Semiconductors & Semiconductor Equipment (5.3%)
Onto Innovation, Inc. (b)		17,602		3,864,695
Rambus, Inc. (b)		42,876		2,519,394
Veeco Instruments, Inc. (b)		39,439		1,842,196
				8,226,285
Software (16.3%)
AvePoint, Inc. (b)		91,366		952,034
Box, Inc. Class A (b)		14,600		386,024
Braze, Inc. Class A (b)		47,119		1,830,102
CyberArk Software Ltd. (b) (c)		23,904		6,535,832
Descartes Systems Group, Inc. (b) (c)		24,347		2,357,763
DoubleVerify Holdings, Inc. (b)		51,821		1,008,955

	Shares		Value(a)
Envestnet, Inc. (b)		25,381	$	1,588,597
Instructure Holdings, Inc. (b)		59,021		1,381,682
Monday.com Ltd. (b) (c)		7,920		1,906,819
Sprout Social, Inc. Class A (b)		45,965		1,640,031
Tenable Holdings, Inc. (b)		63,292		2,758,265
Varonis Systems, Inc. (b)		64,575		3,097,663
				25,443,767
Materials (2.6%)
Metals & Mining (2.6%)
ATI, Inc. (b)		72,818		4,037,758
Total common stocks (cost: $129,866,026)				152,420,958
Mutual Funds (1.1%)
Investment Companies (1.1%)
iShares Russell 2000 Growth ETF (d)		6,486		1,702,769
Total mutual funds (cost: $1,450,044)				1,702,769
Short-Term Securities (1.5%)
Investment Companies (1.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		2,409,560		2,409,560
Total short-term securities (cost: $2,409,560)				2,409,560
Total investments in securities (cost: $133,725,630) (e)				156,533,287
Liabilities in excess of cash and other assets (-0.4%)				(586,619	)
Total net assets (100.0%)			$	155,946,668

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Non-income producing security.

(d) Reports and other information about these investment companies are available in the EDGAR database on the SEC's website at www.sec.gov.

(e) At June 30, 2024 the cost of investments for federal income tax purposes was $134,044,044. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	30,936,426
Gross unrealized depreciation		(8,447,183	)
Net unrealized appreciation	$	22,489,243

See accompanying notes to financial statements.
22

SFT Equity Stabilization Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Mutual Funds (91.6%)
Investment Companies (91.6%)
BlackRock Short Maturity Bond ETF (b)		318,620	$	16,036,145
iShares Core High Dividend ETF (b)		509,702		55,404,607
iShares Edge MSCI Minimum Volatility EAFE ETF (b)		1,032,248		71,591,560
iShares Edge MSCI Minimum Volatility Emerging Markets ETF (b)		347,420		19,875,898
iShares Edge MSCI Minimum Volatility USA ETF (b) (c)		1,178,962		98,985,650
iShares MSCI Germany ETF (b)		448,182		13,723,333
Total mutual funds (cost: $219,615,675)				275,617,193

	Shares		Value(a)
Short-Term Securities (6.5%)
Investment Companies (6.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		19,491,183	$	19,491,183
Total investments excluding purchased options (cost: $239,106,858)				295,108,376
Total purchased options outstanding (0.0%) (cost: $102,919)				49,840
Total investments in securities (cost: $239,209,777) (d)				295,158,216
Cash and other assets in excess of liabilities (1.9%)				5,779,472
Total net assets (100.0%)			$	300,937,688

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Reports and other information about these investment companies are available in the EDGAR database on the SEC's website at www.sec.gov.

(d) At June 30, 2024, the cost of investments for federal income tax purposes was $241,620,456. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	53,750,242
Gross unrealized depreciation		—
Net unrealized appreciation	$	53,750,242

Holdings of Open Futures Contracts

On June 30, 2024, securities with an aggregate market value of $14,776,960 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				September 2024					153			Long				$	42,016,213			$	42,239,475			$	223,262

Put Options Purchased:

The Fund had the following put options purchased open at June 30, 2024:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	5,150			July 2024					56			$	5,600			$	49,840

Put Options Written:

The Fund had the following put options written open at June 30, 2024:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	4,605			July 2024					56			$	5,600			$	(10,780	)

See accompanying notes to financial statements.
23

SFT Government Money Market Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Principal		Value(a)
Short-Term Securities (100.2%)
U.S. Government Obligations (91.6%)
Discount Notes (91.6%)
Federal Home Loan Bank
4.882%, 07/10/24 (b)	$	1,000,000	$	998,695
5.319%, 07/31/24 (b)		15,000,000		14,934,125
5.333%, 08/07/24 (b)		5,200,000		5,171,947
Federal Home Loan Mortgage Corp., 4.780%, 07/08/24 (b)		10,000,000		9,989,772
U.S. Treasury Bill
4.357%, 07/05/24		20,000,000		19,988,320
4.952%, 07/11/24		22,000,000		21,967,978
5.168%, 07/18/24		25,000,000		24,937,958
5.268%, 07/25/24		15,000,000		14,947,349
5.330%, 08/08/24		9,000,000		8,950,205
5.353%, 08/15/24		10,000,000		9,934,500
5.358%, 08/15/24		10,000,000		9,934,444
5.377%, 08/22/24		25,000,000		24,810,597
5.384%, 09/26/24		3,000,000		2,962,307
5.388%, 09/05/24		10,000,000		9,904,135
5.412%, 09/19/24		25,000,000		24,709,311
5.416%, 09/12/24		5,000,000		4,946,822
Total U.S. government obligations (cost: $209,088,465)				209,088,465

	Shares		Value(a)
Investment Companies (8.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		19,722,268	$	19,722,268
Total short-term securities (cost: $228,810,733)				228,810,733
Total investments in securities (cost: $228,810,733) (c)				228,810,733
Liabilities in excess of cash and other assets (-0.2%)				(485,085	)
Total net assets (100.0%)			$	228,325,648

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

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

See accompanying notes to financial statements.
24

SFT Index 400 Mid-Cap Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.6%)
Communication Services (1.5%)
Diversified Telecommunication Services (0.3%)
Frontier Communications Parent, Inc. (b)		17,841	$	467,077
Iridium Communications, Inc.		9,684		257,788
				724,865
Entertainment (0.4%)
TKO Group Holdings, Inc.		4,698		507,337
Warner Music Group Corp. Class A		11,293		346,131
				853,468
Interactive Media & Services (0.2%)
Ziff Davis, Inc. (b)		3,637		200,217
ZoomInfo Technologies, Inc. (b)		22,665		289,432
				489,649
Media (0.6%)
New York Times Co. Class A		13,042		667,881
Nexstar Media Group, Inc.		2,487		412,867
TEGNA, Inc.		13,527		188,566
				1,269,314
Consumer Discretionary (14.2%)
Automobile Components (1.1%)
Adient PLC (b) (c)		7,164		177,022
Autoliv, Inc.		5,776		617,974
Gentex Corp.		18,438		621,545
Goodyear Tire & Rubber Co. (b)		22,706		257,713
Lear Corp.		4,529		517,257
Visteon Corp. (b)		2,188		233,460
				2,424,971
Automobiles (0.3%)
Harley-Davidson, Inc.		9,762		327,417
Thor Industries, Inc.		4,215		393,892
				721,309
Broadline Retail (0.5%)
Macy's, Inc.		21,945		421,344
Nordstrom, Inc.		7,812		165,771
Ollie's Bargain Outlet Holdings, Inc. (b)		4,888		479,855
				1,066,970
Diversified Consumer Services (1.2%)
Duolingo, Inc. (b)		2,944		614,324
Graham Holdings Co. Class B		358		250,439
Grand Canyon Education, Inc. (b)		2,325		325,291
H&R Block, Inc.		11,128		603,471
Service Corp. International		11,613		826,033
				2,619,558
Hotels, Restaurants & Leisure (3.5%)
Aramark		20,975		713,570
Boyd Gaming Corp.		5,372		295,997

	Shares		Value(a)
Choice Hotels International, Inc.		1,901	$	226,219
Churchill Downs, Inc.		5,335		744,766
Hilton Grand Vacations, Inc. (b)		5,458		220,667
Hyatt Hotels Corp. Class A		3,532		536,581
Light & Wonder, Inc. (b)		7,189		753,982
Marriott Vacations Worldwide Corp.		2,572		224,587
Planet Fitness, Inc. Class A (b)		6,962		512,334
Texas Roadhouse, Inc.		5,327		914,699
Travel & Leisure Co.		5,683		255,621
Vail Resorts, Inc.		3,028		545,434
Wendy's Co.		13,252		224,754
Wingstop, Inc.		2,339		988,602
Wyndham Hotels & Resorts, Inc.		6,426		475,524
				7,633,337
Household Durables (1.8%)
Helen of Troy Ltd. (b) (c)		1,841		170,734
KB Home		5,864		411,536
Taylor Morrison Home Corp. (b)		8,435		467,636
Tempur Sealy International, Inc.		13,847		655,517
Toll Brothers, Inc.		8,308		956,916
TopBuild Corp. (b)		2,590		997,849
Whirlpool Corp.		4,357		445,285
				4,105,473
Leisure Products (0.6%)
Brunswick Corp.		5,389		392,158
Mattel, Inc. (b)		27,444		446,239
Polaris, Inc.		4,213		329,920
YETI Holdings, Inc. (b)		6,798		259,344
				1,427,661
Specialty Retail (3.9%)
AutoNation, Inc. (b)		1,959		312,226
Burlington Stores, Inc. (b)		5,094		1,222,560
Dick's Sporting Goods, Inc.		4,644		997,763
Five Below, Inc. (b)		4,402		479,686
Floor & Decor Holdings, Inc. Class A (b)		8,535		848,464
GameStop Corp. Class A (b)		21,490		530,588
Gap, Inc.		17,278		412,772
Lithia Motors, Inc.		2,186		551,856
Murphy USA, Inc.		1,553		729,071
Penske Automotive Group, Inc.		1,547		230,534
RH (b)		1,209		295,528
Valvoline, Inc. (b)		10,277		443,966
Williams-Sonoma, Inc.		5,125		1,447,146
				8,502,160
Textiles, Apparel & Luxury Goods (1.3%)
Capri Holdings Ltd. (b) (c)		9,297		307,545
Carter's, Inc.		2,855		176,924
Columbia Sportswear Co.		2,660		210,353
Crocs, Inc. (b)		4,841		706,496
PVH Corp.		4,515		478,003
Skechers USA, Inc. Class A (b)		10,559		729,838

See accompanying notes to financial statements.
25

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

	Shares		Value(a)
Under Armour, Inc. Class A (b)		15,058	$	100,437
Under Armour, Inc. Class C (b)		15,219		99,380
				2,808,976
Consumer Staples (4.5%)
Beverages (0.6%)
Boston Beer Co., Inc. Class A (b)		785		239,464
Celsius Holdings, Inc. (b)		11,897		679,200
Coca-Cola Consolidated, Inc.		420		455,700
				1,374,364
Consumer Staples Distribution & Retail (2.1%)
BJ's Wholesale Club Holdings, Inc. (b)		10,604		931,455
Casey's General Stores, Inc.		2,953		1,126,747
Performance Food Group Co. (b)		12,411		820,491
Sprouts Farmers Market, Inc. (b)		8,013		670,368
U.S. Foods Holding Corp. (b)		18,041		955,812
				4,504,873
Food Products (1.0%)
Darling Ingredients, Inc. (b)		12,743		468,305
Flowers Foods, Inc.		15,324		340,193
Ingredion, Inc.		5,202		596,669
Lancaster Colony Corp.		1,597		301,785
Pilgrim's Pride Corp. (b)		3,209		123,515
Post Holdings, Inc. (b)		4,003		416,953
				2,247,420
Personal Products (0.8%)
BellRing Brands, Inc. (b)		10,403		594,427
Coty, Inc. Class A (b)		29,071		291,291
elf Beauty, Inc. (b)		4,427		932,858
				1,818,576
Energy (5.8%)
Energy Equipment & Services (1.0%)
ChampionX Corp.		15,185		504,294
NOV, Inc.		31,547		599,708
Valaris Ltd. (b) (c)		4,957		369,297
Weatherford International PLC (b) (c)		5,781		707,883
				2,181,182
Oil, Gas & Consumable Fuels (4.8%)
Antero Midstream Corp.		27,251		401,680
Antero Resources Corp. (b)		23,232		758,060
Chesapeake Energy Corp.		8,884		730,176
Chord Energy Corp.		4,959		831,525
Civitas Resources, Inc.		7,344		506,736
CNX Resources Corp. (b)		12,222		296,995
DT Midstream, Inc.		7,745		550,127
Equitrans Midstream Corp.		34,587		448,939
HF Sinclair Corp.		11,954		637,627
Matador Resources Co.		9,255		551,598
Murphy Oil Corp.		11,560		476,735
Ovintiv, Inc.		19,853		930,510
PBF Energy, Inc. Class A		8,416		387,304
Permian Resources Corp.		40,964		661,569
Range Resources Corp.		19,351		648,839

	Shares		Value(a)
Southwestern Energy Co. (b)		87,951	$	591,910
Texas Pacific Land Corp.		1,486		1,091,125
				10,501,455
Financial (15.5%)
Capital Markets (2.9%)
Affiliated Managers Group, Inc.		2,541		396,981
Carlyle Group, Inc.		17,222		691,463
Evercore, Inc. Class A		2,852		594,442
Federated Hermes, Inc.		6,401		210,465
Houlihan Lokey, Inc.		4,156		560,478
Interactive Brokers Group, Inc. Class A		8,542		1,047,249
Janus Henderson Group PLC (c)		10,238		345,123
Jefferies Financial Group, Inc.		13,529		673,203
Morningstar, Inc.		2,080		615,368
SEI Investments Co.		7,964		515,191
Stifel Financial Corp.		8,171		687,590
				6,337,553
Commercial Banks (5.0%)
Associated Banc-Corp.		11,824		250,078
Bank OZK		8,414		344,974
Cadence Bank		14,570		412,040
Columbia Banking System, Inc.		16,699		332,143
Commerce Bancshares, Inc.		9,401		524,388
Cullen/Frost Bankers, Inc.		5,112		519,533
East West Bancorp, Inc.		11,097		812,633
First Financial Bankshares, Inc.		10,253		302,771
First Horizon Corp.		43,617		687,840
FNB Corp.		28,693		392,520
Glacier Bancorp, Inc.		8,991		335,544
Hancock Whitney Corp.		6,894		329,740
Home BancShares, Inc.		14,858		355,998
International Bancshares Corp.		4,219		241,369
New York Community Bancorp, Inc.		62,185		200,236
Old National Bancorp		25,186		432,947
Pinnacle Financial Partners, Inc.		6,100		488,244
Prosperity Bancshares, Inc.		7,638		466,987
SouthState Corp.		6,076		464,328
Synovus Financial Corp.		11,679		469,379
Texas Capital Bancshares, Inc. (b)		3,720		227,441
UMB Financial Corp.		3,498		291,803
United Bankshares, Inc.		10,757		348,957
Valley National Bancorp		34,113		238,109
Webster Financial Corp.		13,677		596,180
Wintrust Financial Corp.		4,879		480,874
Zions Bancorp NA		11,776		510,725
				11,057,781
Consumer Finance (0.7%)
Ally Financial, Inc.		21,820		865,600
FirstCash Holdings, Inc.		2,932		307,508
SLM Corp.		17,524		364,324
				1,537,432

See accompanying notes to financial statements.
26

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

	Shares		Value(a)
Financial Services (1.7%)
Equitable Holdings, Inc.		24,384	$	996,330
Essent Group Ltd. (c)		8,508		478,065
Euronet Worldwide, Inc. (b)		3,475		359,662
MGIC Investment Corp.		21,262		458,196
Voya Financial, Inc.		8,031		571,406
Western Union Co.		26,984		329,744
WEX, Inc. (b)		3,342		592,002
				3,785,405
Insurance (4.6%)
American Financial Group, Inc.		5,217		641,795
Brighthouse Financial, Inc. (b)		4,953		214,663
CNO Financial Group, Inc.		8,634		239,334
Erie Indemnity Co. Class A		1,989		720,814
Fidelity National Financial, Inc.		20,703		1,023,142
First American Financial Corp.		8,272		446,274
Hanover Insurance Group, Inc.		2,828		354,744
Kemper Corp.		4,800		284,784
Kinsale Capital Group, Inc.		1,820		701,210
Old Republic International Corp.		20,163		623,037
Primerica, Inc.		2,745		649,412
Reinsurance Group of America, Inc.		5,247		1,077,052
RenaissanceRe Holdings Ltd. (c)		4,218		942,765
RLI Corp.		3,198		449,927
Ryan Specialty Holdings, Inc.		8,180		473,704
Selective Insurance Group, Inc.		4,825		452,730
Unum Group		14,198		725,660
				10,021,047
Mortgage REITs (0.6%)
Annaly Capital Management, Inc.		39,914		760,761
Starwood Property Trust, Inc.		23,940		453,423
				1,214,184
Health Care (8.9%)
Biotechnology (3.1%)
Arrowhead Pharmaceuticals, Inc. (b)		9,905		257,431
BioMarin Pharmaceutical, Inc. (b)		15,144		1,246,805
Cytokinetics, Inc. (b)		9,144		495,422
Exelixis, Inc. (b)		23,232		522,023
GRAIL, Inc. (b)		1		8
Halozyme Therapeutics, Inc. (b)		10,151		531,506
Neurocrine Biosciences, Inc. (b)		8,026		1,104,939
Roivant Sciences Ltd. (b) (c)		26,994		285,327
Sarepta Therapeutics, Inc. (b)		7,510		1,186,580
United Therapeutics Corp. (b)		3,538		1,127,030
				6,757,071
Health Care Equipment & Supplies (1.7%)
Dentsply Sirona, Inc.		16,560		412,510
Enovis Corp. (b)		3,981		179,941
Envista Holdings Corp. (b)		13,707		227,947

	Shares		Value(a)
Globus Medical, Inc. Class A (b)		8,982	$	615,177
Haemonetics Corp. (b)		3,995		330,506
Lantheus Holdings, Inc. (b)		5,496		441,274
LivaNova PLC (b) (c)		4,263		233,698
Masimo Corp. (b)		3,556		447,843
Neogen Corp. (b)		15,721		245,719
Penumbra, Inc. (b)		3,055		549,808
QuidelOrtho Corp. (b)		3,886		129,093
				3,813,516
Health Care Providers & Services (2.0%)
Acadia Healthcare Co., Inc. (b)		7,399		499,728
Amedisys, Inc. (b)		2,564		235,375
Chemed Corp.		1,277		692,875
Encompass Health Corp.		8,030		688,894
HealthEquity, Inc. (b)		6,939		598,142
Option Care Health, Inc. (b)		13,863		384,005
Progyny, Inc. (b)		6,607		189,026
R1 RCM, Inc. (b)		15,791		198,335
Tenet Healthcare Corp. (b)		7,791		1,036,437
				4,522,817
Health Care Technology (0.1%)
Doximity, Inc. Class A (b)		9,743		272,512
Life Sciences Tools & Services (1.6%)
Azenta, Inc. (b)		4,300		226,266
Bruker Corp.		7,766		495,548
Illumina, Inc. (b)		12,705		1,326,148
Medpace Holdings, Inc. (b)		1,867		768,924
Repligen Corp. (b)		4,144		522,393
Sotera Health Co. (b)		9,933		117,905
				3,457,184
Pharmaceuticals (0.4%)
Jazz Pharmaceuticals PLC (b) (c)		5,022		535,998
Perrigo Co. PLC (c)		10,872		279,193
				815,191
Industrials (21.4%)
Aerospace & Defense (1.3%)
BWX Technologies, Inc.		7,290		692,550
Curtiss-Wright Corp.		3,044		824,863
Hexcel Corp.		6,629		413,981
Woodward, Inc.		4,811		838,942
				2,770,336
Air Freight & Logistics (0.2%)
GXO Logistics, Inc. (b)		9,525		481,013
Building Products (3.6%)
AAON, Inc.		5,442		474,760
Advanced Drainage Systems, Inc.		5,434		871,559
Carlisle Cos., Inc.		3,787		1,534,530
Fortune Brands Innovations, Inc.		9,976		647,842
Lennox International, Inc.		2,557		1,367,944
Owens Corning		6,911		1,200,579
Simpson Manufacturing Co., Inc.		3,362		566,598

See accompanying notes to financial statements.
27

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

	Shares		Value(a)
Trex Co., Inc. (b)		8,669	$	642,546
UFP Industries, Inc.		4,925		551,600
				7,857,958
Commercial Services & Supplies (1.9%)
Brink's Co.		3,546		363,110
Clean Harbors, Inc. (b)		4,001		904,826
MSA Safety, Inc.		2,929		549,744
RB Global, Inc. (c)		14,652		1,118,827
Stericycle, Inc. (b)		7,400		430,162
Tetra Tech, Inc.		4,267		872,516
				4,239,185
Construction & Engineering (2.3%)
AECOM		10,857		956,936
Comfort Systems USA, Inc.		2,814		855,794
EMCOR Group, Inc.		3,749		1,368,685
Fluor Corp. (b)		13,653		594,588
MasTec, Inc. (b)		4,819		515,585
MDU Resources Group, Inc.		16,261		408,151
Valmont Industries, Inc.		1,611		442,139
				5,141,878
Electrical Equipment (1.6%)
Acuity Brands, Inc.		2,432		587,182
EnerSys		3,176		328,779
NEXTracker, Inc. Class A (b)		9,801		459,471
nVent Electric PLC (c)		13,241		1,014,393
Regal Rexnord Corp.		5,305		717,342
Sensata Technologies Holding PLC (c)		12,022		449,503
				3,556,670
Ground Transportation (1.7%)
Avis Budget Group, Inc.		1,359		142,043
Knight-Swift Transportation Holdings, Inc.		12,889		643,419
Landstar System, Inc.		2,844		524,661
Ryder System, Inc.		3,495		432,960
Saia, Inc. (b)		2,121		1,005,969
XPO, Inc. (b)		9,278		984,860
				3,733,912
Machinery (4.3%)
AGCO Corp.		4,939		483,429
Chart Industries, Inc. (b)		3,353		483,972
Crane Co.		3,920		568,322
Donaldson Co., Inc.		9,600		686,976
Esab Corp.		4,497		424,652
Flowserve Corp.		10,500		505,050
Graco, Inc.		13,489		1,069,408
ITT, Inc.		6,564		847,937
Lincoln Electric Holdings, Inc.		4,539		856,237
Middleby Corp. (b)		4,288		525,752
Oshkosh Corp.		5,216		564,371
RBC Bearings, Inc. (b)		2,361		636,950
Terex Corp.		5,367		294,326
Timken Co.		5,166		413,952
Toro Co.		8,327		778,658
Watts Water Technologies, Inc. Class A		2,219		406,898
				9,546,890

	Shares		Value(a)
Marine Transportation (0.3%)
Kirby Corp. (b)		4,649	$	556,625
Professional Services (2.5%)
CACI International, Inc. Class A (b)		1,831		787,568
Concentrix Corp.		3,690		233,503
ExlService Holdings, Inc. (b)		12,955		406,269
Exponent, Inc.		4,006		381,051
FTI Consulting, Inc. (b)		2,764		595,725
Genpact Ltd. (c)		13,206		425,101
Insperity, Inc.		2,769		252,560
KBR, Inc.		10,709		686,875
ManpowerGroup, Inc.		3,804		265,519
Maximus, Inc.		4,848		415,474
Paylocity Holding Corp. (b)		3,455		455,542
Science Applications International Corp.		4,089		480,662
				5,385,849
Trading Companies & Distributors (1.7%)
Applied Industrial Technologies, Inc.		3,079		597,326
Core & Main, Inc. Class A (b)		13,639		667,493
GATX Corp.		2,798		370,343
MSC Industrial Direct Co., Inc. Class A		3,613		286,547
Watsco, Inc.		2,572		1,191,453
WESCO International, Inc.		3,486		552,601
				3,665,763
Information Technology (9.2%)
Communications Equipment (0.4%)
Ciena Corp. (b)		11,533		555,660
Lumentum Holdings, Inc. (b)		5,354		272,626
				828,286
Electronic Equipment, Instruments & Components (2.5%)
Arrow Electronics, Inc. (b)		4,245		512,626
Avnet, Inc.		7,208		371,140
Belden, Inc.		3,244		304,287
Cognex Corp.		13,691		640,191
Coherent Corp. (b)		10,579		766,554
Crane NXT Co.		3,789		232,720
IPG Photonics Corp. (b)		2,289		193,169
Littelfuse, Inc.		1,977		505,302
Novanta, Inc. (b) (c)		2,832		461,928
TD SYNNEX Corp.		6,198		715,249
Vishay Intertechnology, Inc.		9,980		222,554
Vontier Corp.		12,314		470,395
				5,396,115
IT Services (0.4%)
ASGN, Inc. (b)		3,660		322,702
Kyndryl Holdings, Inc. (b)		18,352		482,841
				805,543
Semiconductors & Semiconductor Equipment (2.7%)
Allegro MicroSystems, Inc. (b)		5,699		160,940
Amkor Technology, Inc.		8,246		330,005
Cirrus Logic, Inc. (b)		4,301		549,066
Lattice Semiconductor Corp. (b)		10,970		636,150

See accompanying notes to financial statements.
28

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

	Shares		Value(a)
MACOM Technology Solutions Holdings, Inc. (b)		4,366	$	486,678
MKS Instruments, Inc.		5,014		654,728
Onto Innovation, Inc. (b)		3,930		862,871
Power Integrations, Inc.		4,527		317,750
Rambus, Inc. (b)		8,596		505,101
Silicon Laboratories, Inc. (b)		2,498		276,354
Synaptics, Inc. (b)		3,147		277,565
Universal Display Corp.		3,481		731,880
Wolfspeed, Inc. (b)		10,037		228,442
				6,017,530
Software (2.5%)
Altair Engineering, Inc. Class A (b)		4,542		445,479
Appfolio, Inc. Class A (b)		1,680		410,878
Aspen Technology, Inc. (b)		2,202		437,383
Blackbaud, Inc. (b)		3,223		245,496
CommVault Systems, Inc. (b)		3,416		415,283
Dolby Laboratories, Inc. Class A		4,739		375,471
Dropbox, Inc. Class A (b)		19,273		433,064
Dynatrace, Inc. (b)		19,185		858,337
Manhattan Associates, Inc. (b)		4,911		1,211,446
Qualys, Inc. (b)		2,909		414,823
Teradata Corp. (b)		7,712		266,527
				5,514,187
Technology Hardware Storage & Peripherals (0.7%)
Pure Storage, Inc. Class A (b)		24,325		1,561,908
Materials (6.3%)
Chemicals (2.1%)
Arcadium Lithium PLC (b) (c)		82,325		276,612
Ashland, Inc.		3,998		377,771
Avient Corp.		7,278		317,685
Axalta Coating Systems Ltd. (b) (c)		17,598		601,324
Cabot Corp.		4,407		404,959
Chemours Co.		11,875		268,019
NewMarket Corp.		528		272,221
Olin Corp.		9,524		449,057
RPM International, Inc.		10,269		1,105,766
Scotts Miracle-Gro Co.		3,319		215,934
Westlake Corp.		2,503		362,484
				4,651,832
Construction Materials (0.4%)
Eagle Materials, Inc.		2,748		597,580
Knife River Corp. (b)		4,502		315,770
				913,350
Containers & Packaging (1.6%)
AptarGroup, Inc.		5,285		744,181
Berry Global Group, Inc.		9,124		536,947
Crown Holdings, Inc.		9,516		707,895
Graphic Packaging Holding Co.		24,509		642,381
Greif, Inc. Class A		2,025		116,377
Silgan Holdings, Inc.		6,472		273,960
Sonoco Products Co.		7,836		397,442
				3,419,183

	Shares		Value(a)
Metals & Mining (2.0%)
Alcoa Corp.		14,321	$	569,689
Cleveland-Cliffs, Inc. (b)		37,923		583,635
Commercial Metals Co.		9,228		507,448
MP Materials Corp. (b)		10,680		135,956
Reliance, Inc.		4,580		1,308,048
Royal Gold, Inc.		5,242		656,089
U.S. Steel Corp.		17,844		674,503
				4,435,368
Paper & Forest Products (0.2%)
Louisiana-Pacific Corp.		5,087		418,813
Real Estate (6.8%)
Diversified REITs (0.4%)
WP Carey, Inc.		17,453		960,788
Health Care REITs (0.7%)
Healthcare Realty Trust, Inc.		30,191		497,548
Omega Healthcare Investors, Inc.		19,708		674,999
Sabra Health Care REIT, Inc.		18,463		284,330
				1,456,877
Hotels & Resort REITs (0.1%)
Park Hotels & Resorts, Inc.		16,796		251,604
Industrial REITs (1.1%)
EastGroup Properties, Inc.		3,833		651,993
First Industrial Realty Trust, Inc.		10,555		501,468
Rexford Industrial Realty, Inc.		17,331		772,789
STAG Industrial, Inc.		14,522		523,664
				2,449,914
Office REITs (0.5%)
COPT Defense Properties		8,965		224,394
Cousins Properties, Inc.		12,128		280,763
Kilroy Realty Corp.		8,518		265,506
Vornado Realty Trust		12,761		335,487
				1,106,150
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc. (b)		3,793		778,627
Residential REITs (1.0%)
American Homes 4 Rent Class A		25,666		953,748
Equity LifeStyle Properties, Inc.		14,874		968,744
Independence Realty Trust, Inc.		17,919		335,802
				2,258,294
Retail REITs (0.9%)
Agree Realty Corp.		8,007		495,953
Brixmor Property Group, Inc.		24,031		554,876
Kite Realty Group Trust		17,515		391,986
NNN REIT, Inc.		14,623		622,940
				2,065,755

See accompanying notes to financial statements.
29

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

	Shares		Value(a)
Specialized REITs (1.7%)
CubeSmart		17,943	$	810,485
EPR Properties		6,035		253,349
Gaming & Leisure Properties, Inc.		21,654		978,978
Lamar Advertising Co. Class A		7,004		837,188
National Storage Affiliates Trust		5,558		229,101
PotlatchDeltic Corp.		6,341		249,772
Rayonier, Inc.		10,924		317,779
				3,676,652
Utilities (2.5%)
Electric Utilities (0.8%)
ALLETE, Inc.		4,561		284,378
IDACORP, Inc.		3,987		371,389
OGE Energy Corp.		15,995		571,022
PNM Resources, Inc.		7,194		265,890
Portland General Electric Co.		8,187		354,006
				1,846,685
Gas Utilities (0.9%)
National Fuel Gas Co.		7,331		397,267
New Jersey Resources Corp.		7,881		336,834
ONE Gas, Inc.		4,496		287,070
Southwest Gas Holdings, Inc.		4,785		336,768
Spire, Inc.		4,521		274,560
UGI Corp.		16,719		382,865
				2,015,364
Independent Power And Renewable Electricity Producers (0.1%)
Ormat Technologies, Inc.		4,242		304,151

	Shares/ Principal		Value(a)
Multi-Utilities (0.3%)
Black Hills Corp.		5,484	$	298,220
Northwestern Energy Group, Inc.		4,885		244,641
				542,861
Water Utilities (0.4%)
Essential Utilities, Inc.		20,070		749,213
Total common stocks (cost: $150,496,123)				212,228,403
Mutual Funds (0.2%)
Investment Companies (0.2%)
SPDR S&P MidCap 400 ETF Trust (d)		7,500		384,750
Total mutual funds (cost: $387,208)				384,750
Short-Term Securities (3.0%)
Investment Companies (2.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		5,657,235		5,657,235
U.S. Government Agencies and Obligations (0.4%)
U.S. Treasury Note, 3.875%, 04/30/25 (e)	$	1,000,000		989,463
Total short-term securities (cost: $6,647,153)				6,646,698
Total investments in securities (cost: $157,530,484) (f)				219,259,851
Cash and other assets in excess of liabilities (0.2%)				410,516
Total net assets (100.0%)			$	219,670,367

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Non-income producing security.

(d) Reports and other information about these investment companies are available in the EDGAR database on the SEC's website at www.sec.gov.

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

(f) At June 30, 2024 the cost of investments for federal income tax purposes was $157,632,461. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	72,609,664
Gross unrealized depreciation		(10,975,353	)
Net unrealized appreciation	$	61,634,311

Holdings of Open Futures Contracts

On June 30, 2024, securities with an aggregate market value of $989,463 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P Mid 400^® E-Mini Index Future				September 2024					24			Long				$	7,092,519			$	7,099,440			$	6,921

See accompanying notes to financial statements.
30

SFT Index 500 Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.5%)
Communication Services (9.0%)
Diversified Telecommunication Services (0.6%)
AT&T, Inc.		209,321	$	4,000,124
Verizon Communications, Inc.		122,882		5,067,654
				9,067,778
Entertainment (1.2%)
Electronic Arts, Inc.		7,085		987,153
Live Nation Entertainment, Inc. (b)		4,155		389,490
Netflix, Inc. (b)		12,580		8,489,991
Take-Two Interactive Software, Inc. (b)		4,604		715,876
Walt Disney Co.		53,220		5,284,214
Warner Bros Discovery, Inc. (b)		65,094		484,299
				16,351,023
Interactive Media & Services (6.5%)
Alphabet, Inc. Class A		171,481		31,235,264
Alphabet, Inc. Class C		142,661		26,166,880
Match Group, Inc. (b)		7,755		235,597
Meta Platforms, Inc. Class A		63,976		32,257,979
				89,895,720
Media (0.5%)
Charter Communications, Inc. Class A (b)		2,817		842,170
Comcast Corp. Class A		114,268		4,474,735
Fox Corp. Class A		6,748		231,929
Fox Corp. Class B		3,851		123,309
Interpublic Group of Cos., Inc.		11,018		320,514
News Corp. Class A		11,070		305,200
News Corp. Class B		3,293		93,488
Omnicom Group, Inc.		5,661		507,792
Paramount Global Class B		14,432		149,948
				7,049,085
Wireless Telecommunication Services (0.2%)
T-Mobile U.S., Inc.		15,052		2,651,861
Consumer Discretionary (9.6%)
Automobile Components (0.1%)
Aptiv PLC (b) (c)		7,942		559,276
BorgWarner, Inc.		6,651		214,428
				773,704
Automobiles (1.4%)
Ford Motor Co.		114,481		1,435,592
General Motors Co.		33,308		1,547,489
Tesla, Inc. (b)		81,000		16,028,280
				19,011,361
Broadline Retail (3.8%)
Amazon.com, Inc. (b)		267,348		51,665,001
eBay, Inc.		14,771		793,498
Etsy, Inc. (b)		3,413		201,299
				52,659,798

	Shares		Value(a)
Distributors (0.1%)
Genuine Parts Co.		4,010	$	554,663
LKQ Corp.		7,731		321,533
Pool Corp.		1,070		328,843
				1,205,039
Hotels, Restaurants & Leisure (1.8%)
Airbnb, Inc. Class A (b)		12,864		1,950,568
Booking Holdings, Inc.		991		3,925,846
Caesars Entertainment, Inc. (b)		6,234		247,739
Carnival Corp. (b) (c)		29,487		551,997
Chipotle Mexican Grill, Inc. (b)		40,500		2,537,325
Darden Restaurants, Inc.		3,438		520,238
Domino's Pizza, Inc.		1,070		552,473
Expedia Group, Inc. (b)		3,706		466,919
Hilton Worldwide Holdings, Inc.		7,299		1,592,642
Las Vegas Sands Corp.		10,657		471,572
Marriott International, Inc. Class A		7,004		1,693,357
McDonald's Corp.		21,039		5,361,579
MGM Resorts International (b)		7,325		325,523
Norwegian Cruise Line Holdings Ltd. (b) (c)		12,460		234,123
Royal Caribbean Cruises Ltd. (b) (c)		6,874		1,095,922
Starbucks Corp.		33,067		2,574,266
Wynn Resorts Ltd.		2,707		242,277
Yum! Brands, Inc.		8,174		1,082,728
				25,427,094
Household Durables (0.3%)
DR Horton, Inc.		8,652		1,219,326
Garmin Ltd. (c)		4,429		721,573
Lennar Corp. Class A		7,148		1,071,271
Mohawk Industries, Inc. (b)		1,513		171,861
NVR, Inc. (b)		100		758,856
PulteGroup, Inc.		6,140		676,014
				4,618,901
Leisure Products (0.0%)
Hasbro, Inc.		3,750		219,375
Specialty Retail (1.8%)
AutoZone, Inc. (b)		511		1,514,655
Bath & Body Works, Inc.		6,529		254,957
Best Buy Co., Inc.		5,554		468,147
CarMax, Inc. (b)		4,556		334,137
Home Depot, Inc.		28,932		9,959,552
Lowe's Cos., Inc.		16,704		3,682,564
O'Reilly Automotive, Inc. (b)		1,745		1,842,825
Ross Stores, Inc.		9,788		1,422,392
TJX Cos., Inc.		33,061		3,640,016
Tractor Supply Co.		3,109		839,430
Ulta Beauty, Inc. (b)		1,378		531,729
				24,490,404
Textiles, Apparel & Luxury Goods (0.3%)
Deckers Outdoor Corp. (b)		758		733,706
Lululemon Athletica, Inc. (b)		3,370		1,006,619
NIKE, Inc. Class B		35,366		2,665,536

See accompanying notes to financial statements.
31

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Ralph Lauren Corp.		1,133	$	198,343
Tapestry, Inc.		6,628		283,612
				4,887,816
Consumer Staples (5.6%)
Beverages (1.3%)
Brown-Forman Corp. Class B		5,225		225,668
Coca-Cola Co.		113,187		7,204,352
Constellation Brands, Inc. Class A		4,705		1,210,502
Keurig Dr Pepper, Inc.		30,471		1,017,731
Molson Coors Beverage Co. Class B		5,308		269,806
Monster Beverage Corp. (b)		20,706		1,034,265
PepsiCo, Inc.		40,134		6,619,301
				17,581,625
Consumer Staples Distribution & Retail (1.8%)
Costco Wholesale Corp.		12,948		11,005,670
Dollar General Corp.		6,343		838,735
Dollar Tree, Inc. (b)		6,013		642,008
Kroger Co.		19,449		971,089
Sysco Corp.		14,537		1,037,796
Target Corp.		13,505		1,999,280
Walgreens Boots Alliance, Inc.		20,903		252,822
Walmart, Inc.		124,705		8,443,776
				25,191,176
Food Products (0.7%)
Archer-Daniels-Midland Co.		14,434		872,535
Bunge Global SA (c)		4,131		441,067
Campbell Soup Co.		5,689		257,086
Conagra Brands, Inc.		13,956		396,630
General Mills, Inc.		16,481		1,042,588
Hershey Co.		4,265		784,035
Hormel Foods Corp.		8,384		255,628
J M Smucker Co.		3,085		336,388
Kellanova		7,612		439,060
Kraft Heinz Co.		23,042		742,413
Lamb Weston Holdings, Inc.		4,117		346,157
McCormick & Co., Inc.		7,316		518,997
Mondelez International, Inc. Class A		39,158		2,562,500
Tyson Foods, Inc. Class A		8,290		473,691
				9,468,775
Household Products (1.2%)
Church & Dwight Co., Inc.		7,106		736,750
Clorox Co.		3,620		494,021
Colgate-Palmolive Co.		23,951		2,324,205
Kimberly-Clark Corp.		9,829		1,358,368
Procter & Gamble Co.		68,900		11,362,988
				16,276,332
Personal Products (0.1%)
Estee Lauder Cos., Inc. Class A		6,731		716,178
Kenvue, Inc.		55,899		1,016,244
				1,732,422
Tobacco (0.5%)
Altria Group, Inc.		50,143		2,284,014

	Shares		Value(a)
Philip Morris International, Inc.		45,382	$	4,598,558
				6,882,572
Energy (3.5%)
Energy Equipment & Services (0.3%)
Baker Hughes Co.		29,134		1,024,643
Halliburton Co.		25,844		873,010
Schlumberger NV (c)		41,727		1,968,680
				3,866,333
Oil, Gas & Consumable Fuels (3.2%)
APA Corp.		10,511		309,444
Chevron Corp.		50,036		7,826,631
ConocoPhillips		34,142		3,905,162
Coterra Energy, Inc.		21,726		579,432
Devon Energy Corp.		18,450		874,530
Diamondback Energy, Inc.		5,164		1,033,781
EOG Resources, Inc.		16,777		2,111,721
EQT Corp.		12,891		476,709
Exxon Mobil Corp.		130,959		15,076,000
Hess Corp.		8,030		1,184,586
Kinder Morgan, Inc.		56,368		1,120,032
Marathon Oil Corp.		16,466		472,080
Marathon Petroleum Corp.		10,285		1,784,242
Occidental Petroleum Corp.		19,340		1,219,000
ONEOK, Inc.		17,038		1,389,449
Phillips 66		12,376		1,747,120
Targa Resources Corp.		6,415		826,124
Valero Energy Corp.		9,546		1,496,431
Williams Cos., Inc.		35,579		1,512,108
				44,944,582
Financial (12.0%)
Capital Markets (2.7%)
Ameriprise Financial, Inc.		2,960		1,264,482
Bank of New York Mellon Corp.		21,831		1,307,459
BlackRock, Inc.		4,113		3,238,247
Blackstone, Inc.		20,862		2,582,716
Cboe Global Markets, Inc.		3,054		519,363
Charles Schwab Corp.		43,583		3,211,631
CME Group, Inc.		10,511		2,066,463
FactSet Research Systems, Inc.		1,121		457,671
Franklin Resources, Inc.		8,754		195,652
Goldman Sachs Group, Inc.		9,414		4,258,140
Intercontinental Exchange, Inc.		16,744		2,292,086
Invesco Ltd. (c)		13,132		196,455
KKR & Co., Inc.		19,429		2,044,708
MarketAxess Holdings, Inc.		1,069		214,366
Moody's Corp.		4,607		1,939,224
Morgan Stanley		36,531		3,550,448
MSCI, Inc.		2,336		1,125,368
Nasdaq, Inc.		11,108		669,368
Northern Trust Corp.		5,953		499,933
Raymond James Financial, Inc.		5,442		672,686
S&P Global, Inc.		9,345		4,167,870
State Street Corp.		8,794		650,756
T Rowe Price Group, Inc.		6,509		750,553
				37,875,645

See accompanying notes to financial statements.
32

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Commercial Banks (3.1%)
Bank of America Corp.		198,623	$	7,899,237
Citigroup, Inc.		55,684		3,533,707
Citizens Financial Group, Inc.		13,283		478,586
Fifth Third Bancorp		19,969		728,669
Huntington Bancshares, Inc.		42,308		557,619
JPMorgan Chase & Co.		83,833		16,956,063
KeyCorp		27,525		391,130
M&T Bank Corp.		4,829		730,917
PNC Financial Services Group, Inc.		11,616		1,806,056
Regions Financial Corp.		26,736		535,789
Truist Financial Corp.		39,063		1,517,598
U.S. Bancorp		45,555		1,808,534
Wells Fargo & Co.		101,777		6,044,536
				42,988,441
Consumer Finance (0.5%)
American Express Co.		16,589		3,841,183
Capital One Financial Corp.		11,135		1,541,641
Discover Financial Services		7,302		955,174
Synchrony Financial		11,722		553,161
				6,891,159
Financial Services (3.7%)
Berkshire Hathaway, Inc. Class B (b)		52,851		21,499,787
Corpay, Inc. (b)		1,994		531,221
Fidelity National Information Services, Inc.		16,238		1,223,696
Fiserv, Inc. (b)		17,081		2,545,752
Global Payments, Inc.		7,451		720,512
Jack Henry & Associates, Inc.		2,088		346,650
Mastercard, Inc. Class A		23,968		10,573,723
PayPal Holdings, Inc. (b)		30,537		1,772,062
Visa, Inc. Class A		45,955		12,061,809
				51,275,212
Insurance (2.0%)
Aflac, Inc.		15,095		1,348,134
Allstate Corp.		7,692		1,228,105
American International Group, Inc.		19,374		1,438,326
Aon PLC Class A (c)		6,347		1,863,352
Arch Capital Group Ltd. (b) (c)		10,858		1,095,464
Arthur J Gallagher & Co.		6,395		1,658,287
Assurant, Inc.		1,455		241,894
Brown & Brown, Inc.		6,838		611,386
Chubb Ltd. (c)		11,854		3,023,718
Cincinnati Financial Corp.		4,477		528,734
Everest Group Ltd. (c)		1,252		477,037
Globe Life, Inc.		2,374		195,333
Hartford Financial Services Group, Inc.		8,634		868,062
Loews Corp.		5,250		392,385
Marsh & McLennan Cos., Inc.		14,384		3,030,996
MetLife, Inc.		17,438		1,223,973
Principal Financial Group, Inc.		6,295		493,843
Progressive Corp.		17,098		3,551,425
Prudential Financial, Inc.		10,480		1,228,151
Travelers Cos., Inc.		6,640		1,350,178

	Shares		Value(a)
W R Berkley Corp.		5,829	$	458,043
Willis Towers Watson PLC (c)		2,921		765,711
				27,072,537
Health Care (11.3%)
Biotechnology (1.8%)
AbbVie, Inc.		51,551		8,842,027
Amgen, Inc.		15,660		4,892,967
Biogen, Inc. (b)		4,245		984,076
Gilead Sciences, Inc.		36,370		2,495,346
Incyte Corp. (b)		5,414		328,197
Moderna, Inc. (b)		9,683		1,149,856
Regeneron Pharmaceuticals, Inc. (b)		3,121		3,280,264
Vertex Pharmaceuticals, Inc. (b)		7,512		3,521,025
				25,493,758
Health Care Equipment & Supplies (2.3%)
Abbott Laboratories		50,785		5,277,069
Align Technology, Inc. (b)		2,032		490,586
Baxter International, Inc.		14,876		497,602
Becton Dickinson & Co.		8,433		1,970,876
Boston Scientific Corp. (b)		42,919		3,305,192
Cooper Cos., Inc.		5,764		503,197
Dexcom, Inc. (b)		11,609		1,316,228
Edwards Lifesciences Corp. (b)		17,591		1,624,881
GE HealthCare Technologies, Inc.		12,392		965,585
Hologic, Inc. (b)		6,813		505,865
IDEXX Laboratories, Inc. (b)		2,388		1,163,434
Insulet Corp. (b)		2,003		404,205
Intuitive Surgical, Inc. (b)		10,407		4,629,554
Medtronic PLC (c)		38,763		3,051,036
ResMed, Inc.		4,306		824,255
Solventum Corp. (b)		3,981		210,515
STERIS PLC (c)		2,875		631,177
Stryker Corp.		9,888		3,364,392
Teleflex, Inc.		1,354		284,787
Zimmer Biomet Holdings, Inc.		6,005		651,723
				31,672,159
Health Care Providers & Services (2.4%)
Cardinal Health, Inc.		7,084		696,499
Cencora, Inc.		4,790		1,079,187
Centene Corp. (b)		15,579		1,032,888
Cigna Group		8,293		2,741,417
CVS Health Corp.		36,648		2,164,431
DaVita, Inc. (b)		1,477		204,668
Elevance Health, Inc.		6,785		3,676,520
HCA Healthcare, Inc.		5,658		1,817,802
Henry Schein, Inc. (b)		3,672		235,375
Humana, Inc.		3,510		1,311,512
Labcorp Holdings, Inc.		2,444		497,378
McKesson Corp.		3,782		2,208,839
Molina Healthcare, Inc. (b)		1,740		517,302
Quest Diagnostics, Inc.		3,161		432,678
UnitedHealth Group, Inc.		26,869		13,683,307
Universal Health Services, Inc. Class B		1,699		314,196
				32,613,999

See accompanying notes to financial statements.
33

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Life Sciences Tools & Services (1.2%)
Agilent Technologies, Inc.		8,491	$	1,100,688
Bio-Rad Laboratories, Inc. Class A (b)		592		161,681
Bio-Techne Corp.		4,580		328,157
Charles River Laboratories International, Inc. (b)		1,510		311,936
Danaher Corp.		19,244		4,808,113
IQVIA Holdings, Inc. (b)		5,290		1,118,518
Mettler-Toledo International, Inc. (b)		669		934,988
Revvity, Inc.		3,558		373,092
Thermo Fisher Scientific, Inc.		11,144		6,162,632
Waters Corp. (b)		1,744		505,969
West Pharmaceutical Services, Inc.		2,127		700,613
				16,506,387
Pharmaceuticals (3.6%)
Bristol-Myers Squibb Co.		59,177		2,457,621
Catalent, Inc. (b)		5,237		294,477
Eli Lilly & Co.		23,307		21,101,692
Johnson & Johnson		70,259		10,269,055
Merck & Co., Inc.		73,941		9,153,896
Pfizer, Inc.		165,426		4,628,619
Viatris, Inc.		34,759		369,488
Zoetis, Inc.		13,320		2,309,155
				50,584,003
Industrials (7.8%)
Aerospace & Defense (1.7%)
Axon Enterprise, Inc. (b)		2,040		600,250
Boeing Co. (b)		16,820		3,061,408
General Dynamics Corp.		6,637		1,925,659
General Electric Co.		31,955		5,079,886
Howmet Aerospace, Inc.		11,320		878,772
Huntington Ingalls Industries, Inc.		1,089		268,253
L3Harris Technologies, Inc.		5,531		1,242,152
Lockheed Martin Corp.		6,234		2,911,901
Northrop Grumman Corp.		4,043		1,762,546
RTX Corp.		38,812		3,896,337
Textron, Inc.		5,567		477,983
TransDigm Group, Inc.		1,669		2,132,331
				24,237,478
Air Freight & Logistics (0.4%)
CH Robinson Worldwide, Inc.		3,350		295,202
Expeditors International of Washington, Inc.		4,123		514,509
FedEx Corp.		6,609		1,981,642
United Parcel Service, Inc. Class B		21,262		2,909,705
				5,701,058
Building Products (0.5%)
A O Smith Corp.		3,450		282,141
Allegion PLC (c)		2,454		289,940
Builders FirstSource, Inc. (b)		3,498		484,158
Carrier Global Corp.		24,462		1,543,063
Johnson Controls International PLC (c)		19,666		1,307,199

	Shares		Value(a)
Masco Corp.		6,391	$	426,088
Trane Technologies PLC (c)		6,608		2,173,570
				6,506,159
Commercial Services & Supplies (0.6%)
Cintas Corp.		2,590		1,813,673
Copart, Inc. (b)		25,542		1,383,355
Republic Services, Inc.		5,916		1,149,715
Rollins, Inc.		8,133		396,809
Veralto Corp.		6,375		608,621
Waste Management, Inc.		10,655		2,273,138
				7,625,311
Construction & Engineering (0.1%)
Quanta Services, Inc.		4,302		1,093,095
Electrical Equipment (0.7%)
AMETEK, Inc.		6,717		1,119,791
Eaton Corp. PLC (c)		11,671		3,659,442
Emerson Electric Co.		16,701		1,839,782
GE Vernova, Inc. (b)		7,936		1,361,103
Generac Holdings, Inc. (b)		1,718		227,154
Hubbell, Inc.		1,610		588,423
Rockwell Automation, Inc.		3,313		912,003
				9,707,698
Ground Transportation (0.9%)
CSX Corp.		57,070		1,908,991
JB Hunt Transport Services, Inc.		2,371		379,360
Norfolk Southern Corp.		6,572		1,410,943
Old Dominion Freight Line, Inc.		5,186		915,848
Uber Technologies, Inc. (b)		61,000		4,433,480
Union Pacific Corp.		17,811		4,029,917
				13,078,539
Industrial Conglomerates (0.4%)
3M Co.		16,154		1,650,777
Honeywell International, Inc.		19,010		4,059,396
				5,710,173
Machinery (1.5%)
Caterpillar, Inc.		14,277		4,755,669
Cummins, Inc.		4,030		1,116,028
Deere & Co.		7,557		2,823,522
Dover Corp.		3,980		718,191
Fortive Corp.		10,244		759,080
IDEX Corp.		2,149		432,379
Illinois Tool Works, Inc.		7,927		1,878,382
Ingersoll Rand, Inc.		11,777		1,069,823
Nordson Corp.		1,610		373,423
Otis Worldwide Corp.		11,803		1,136,157
PACCAR, Inc.		15,301		1,575,085
Parker-Hannifin Corp.		3,793		1,918,537
Pentair PLC (c)		4,770		365,716
Snap-on, Inc.		1,555		406,461
Stanley Black & Decker, Inc.		4,443		354,951
Westinghouse Air Brake Technologies Corp.		5,095		805,265
Xylem, Inc.		7,047		955,785
				21,444,454

See accompanying notes to financial statements.
34

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Passenger Airlines (0.1%)
American Airlines Group, Inc. (b)		19,153	$	217,004
Delta Air Lines, Inc.		18,814		892,536
Southwest Airlines Co.		17,470		499,817
United Airlines Holdings, Inc. (b)		9,578		466,065
				2,075,422
Professional Services (0.6%)
Automatic Data Processing, Inc.		11,948		2,851,868
Broadridge Financial Solutions, Inc.		3,441		677,877
Dayforce, Inc. (b)		4,600		228,160
Equifax, Inc.		3,563		863,885
Jacobs Solutions, Inc.		3,607		503,934
Leidos Holdings, Inc.		3,947		575,788
Paychex, Inc.		9,352		1,108,773
Paycom Software, Inc.		1,340		191,674
Verisk Analytics, Inc.		4,165		1,122,676
				8,124,635
Trading Companies & Distributors (0.3%)
Fastenal Co.		16,714		1,050,308
United Rentals, Inc.		1,985		1,283,759
WW Grainger, Inc.		1,277		1,152,160
				3,486,227
Information Technology (31.3%)
Communications Equipment (0.8%)
Arista Networks, Inc. (b)		7,443		2,608,623
Cisco Systems, Inc.		118,209		5,616,109
F5, Inc. (b)		1,621		279,185
Juniper Networks, Inc.		9,406		342,943
Motorola Solutions, Inc.		4,845		1,870,412
				10,717,272
Electronic Equipment, Instruments & Components (0.6%)
Amphenol Corp. Class A		35,067		2,362,464
CDW Corp.		3,927		879,020
Corning, Inc.		22,506		874,358
Jabil, Inc.		3,520		382,941
Keysight Technologies, Inc. (b)		5,059		691,818
TE Connectivity Ltd. (c)		8,939		1,344,694
Teledyne Technologies, Inc. (b)		1,368		530,756
Trimble, Inc. (b)		7,129		398,654
Zebra Technologies Corp. Class A (b)		1,510		466,484
				7,931,189
IT Services (1.0%)
Accenture PLC Class A (c)		18,355		5,569,091
Akamai Technologies, Inc. (b)		4,414		397,613
Cognizant Technology Solutions Corp. Class A		14,514		986,952
EPAM Systems, Inc. (b)		1,689		317,718
Gartner, Inc. (b)		2,311		1,037,778
GoDaddy, Inc. Class A (b)		4,114		574,767
International Business Machines Corp.		26,817		4,638,000

	Shares		Value(a)
VeriSign, Inc. (b)		2,488	$	442,366
				13,964,285
Semiconductors & Semiconductor Equipment (11.6%)
Advanced Micro Devices, Inc. (b)		47,185		7,653,879
Analog Devices, Inc.		14,477		3,304,520
Applied Materials, Inc.		24,256		5,724,173
Broadcom, Inc.		12,717		20,417,525
Enphase Energy, Inc. (b)		3,922		391,063
First Solar, Inc. (b)		3,106		700,279
Intel Corp.		124,276		3,848,828
KLA Corp.		3,931		3,241,149
Lam Research Corp.		3,873		4,124,164
Microchip Technology, Inc.		15,775		1,443,412
Micron Technology, Inc.		32,327		4,251,970
Monolithic Power Systems, Inc.		1,410		1,158,569
NVIDIA Corp.		718,108		88,715,062
NXP Semiconductors NV (c)		7,464		2,008,488
ON Semiconductor Corp. (b)		12,521		858,315
Qorvo, Inc. (b)		2,759		320,154
QUALCOMM, Inc.		32,638		6,500,837
Skyworks Solutions, Inc.		4,648		495,384
Teradyne, Inc.		4,464		661,967
Texas Instruments, Inc.		26,580		5,170,607
				160,990,345
Software (10.6%)
Adobe, Inc. (b)		13,079		7,265,908
ANSYS, Inc. (b)		2,527		812,431
Autodesk, Inc. (b)		6,204		1,535,180
Cadence Design Systems, Inc. (b)		7,936		2,442,304
Crowdstrike Holdings, Inc. Class A (b)		6,734		2,580,401
Fair Isaac Corp. (b)		762		1,134,359
Fortinet, Inc. (b)		18,510		1,115,598
Gen Digital, Inc.		16,085		401,803
Intuit, Inc.		8,169		5,368,748
Microsoft Corp.		216,974		96,976,529
Oracle Corp.		46,538		6,571,166
Palo Alto Networks, Inc. (b)		9,432		3,197,542
PTC, Inc. (b)		3,467		629,850
Roper Technologies, Inc.		3,155		1,778,347
Salesforce, Inc.		28,354		7,289,813
ServiceNow, Inc. (b)		6,055		4,763,287
Synopsys, Inc. (b)		4,446		2,645,637
Tyler Technologies, Inc. (b)		1,286		646,575
				147,155,478
Technology Hardware Storage & Peripherals (6.7%)
Apple, Inc. (d)		420,794		88,627,632
Hewlett Packard Enterprise Co.		37,951		803,423
HP, Inc.		25,195		882,329
NetApp, Inc.		5,985		770,868
Seagate Technology Holdings PLC (c)		5,682		586,780
Super Micro Computer, Inc. (b)		1,488		1,219,193
Western Digital Corp. (b)		9,477		718,072
				93,608,297

See accompanying notes to financial statements.
35

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Materials (2.1%)
Chemicals (1.4%)
Air Products & Chemicals, Inc.		6,444	$	1,662,874
Albemarle Corp.		3,392		324,004
Celanese Corp.		2,891		389,967
CF Industries Holdings, Inc.		5,336		395,504
Corteva, Inc.		20,347		1,097,517
Dow, Inc.		20,528		1,089,010
DuPont de Nemours, Inc.		12,205		982,381
Eastman Chemical Co.		3,385		331,629
Ecolab, Inc.		7,395		1,760,010
FMC Corp.		3,606		207,525
International Flavors & Fragrances, Inc.		7,403		704,840
Linde PLC (c)		14,034		6,158,260
LyondellBasell Industries NV Class A (c)		7,432		710,945
Mosaic Co.		9,382		271,140
PPG Industries, Inc.		6,825		859,199
Sherwin-Williams Co.		6,810		2,032,308
				18,977,113
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		1,799		974,698
Vulcan Materials Co.		3,847		956,672
				1,931,370
Containers & Packaging (0.2%)
Amcor PLC (c)		42,194		412,657
Avery Dennison Corp.		2,330		509,454
Ball Corp.		9,060		543,781
International Paper Co.		10,086		435,211
Packaging Corp. of America		2,582		471,370
Westrock Co.		7,510		377,453
				2,749,926
Metals & Mining (0.4%)
Freeport-McMoRan, Inc.		41,935		2,038,041
Newmont Corp.		33,664		1,409,512
Nucor Corp.		6,999		1,106,402
Steel Dynamics, Inc.		4,312		558,404
				5,112,359
Real Estate (2.1%)
Health Care REITs (0.3%)
Alexandria Real Estate Equities, Inc.		4,569		534,436
Healthpeak Properties, Inc.		20,545		402,682
Ventas, Inc.		11,777		603,689
Welltower, Inc.		17,455		1,819,684
				3,360,491
Hotels & Resort REITs (0.0%)
Host Hotels & Resorts, Inc.		20,582		370,064
Industrial REITs (0.2%)
Prologis, Inc.		27,028		3,035,515
Office REITs (0.0%)
Boston Properties, Inc.		4,210		259,168

	Shares		Value(a)
Real Estate Management & Development (0.1%)
CBRE Group, Inc. Class A (b)		8,783	$	782,653
CoStar Group, Inc. (b)		11,920		883,749
				1,666,402
Residential REITs (0.3%)
AvalonBay Communities, Inc.		4,141		856,731
Camden Property Trust		3,034		331,040
Equity Residential		10,067		698,046
Essex Property Trust, Inc.		1,910		519,902
Invitation Homes, Inc.		16,809		603,275
Mid-America Apartment Communities, Inc.		3,337		475,889
UDR, Inc.		8,799		362,079
				3,846,962
Retail REITs (0.3%)
Federal Realty Investment Trust		2,085		210,523
Kimco Realty Corp.		19,482		379,120
Realty Income Corp.		25,420		1,342,684
Regency Centers Corp.		4,791		298,000
Simon Property Group, Inc.		9,515		1,444,377
				3,674,704
Specialized REITs (0.9%)
American Tower Corp.		13,632		2,649,788
Crown Castle, Inc.		12,685		1,239,324
Digital Realty Trust, Inc.		9,435		1,434,592
Equinix, Inc.		2,752		2,082,163
Extra Space Storage, Inc.		6,106		948,933
Iron Mountain, Inc.		8,524		763,921
Public Storage		4,641		1,334,984
SBA Communications Corp.		3,134		615,204
VICI Properties, Inc.		30,454		872,203
Weyerhaeuser Co.		21,282		604,196
				12,545,308
Utilities (2.2%)
Electric Utilities (1.4%)
Alliant Energy Corp.		7,437		378,543
American Electric Power Co., Inc.		15,388		1,350,143
Constellation Energy Corp.		9,203		1,843,085
Duke Energy Corp.		22,530		2,258,182
Edison International		11,229		806,355
Entergy Corp.		6,211		664,577
Evergy, Inc.		6,650		352,251
Eversource Energy		10,217		579,406
Exelon Corp.		29,194		1,010,404
FirstEnergy Corp.		15,121		578,681
NextEra Energy, Inc.		59,978		4,247,042
NRG Energy, Inc.		6,086		473,856
PG&E Corp.		62,387		1,089,277
Pinnacle West Capital Corp.		3,292		251,443
PPL Corp.		21,537		595,498
Southern Co.		31,920		2,476,034
Xcel Energy, Inc.		16,198		865,135
				19,819,912
Gas Utilities (0.0%)
Atmos Energy Corp.		4,356		508,127

See accompanying notes to financial statements.
36

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Independent Power And Renewable Electricity Producers (0.1%)
AES Corp.		20,746	$	364,507
Vistra Corp.		9,534		819,733
				1,184,240
Multi-Utilities (0.6%)
Ameren Corp.		7,762		551,956
CenterPoint Energy, Inc.		18,644		577,591
CMS Energy Corp.		8,670		516,125
Consolidated Edison, Inc.		10,053		898,939
Dominion Energy, Inc.		24,470		1,199,030
DTE Energy Co.		5,949		660,399
NiSource, Inc.		13,087		377,037
Public Service Enterprise Group, Inc.		14,540		1,071,598
Sempra		18,474		1,405,132
WEC Energy Group, Inc.		9,165		719,086
				7,976,893

	Shares		Value(a)
Water Utilities (0.1%)
American Water Works Co., Inc.		5,642	$	728,721
Total common stocks (cost: $370,515,363)				1,338,130,466
Short-Term Securities (3.5%)
Investment Companies (3.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		48,423,447		48,423,447
Total short-term securities (cost: $48,423,447)				48,423,447
Total investments in securities (cost: $418,938,810) (e)				1,386,553,913
Cash and other assets in excess of liabilities (0.0%)				61,405
Total net assets (100.0%)			$	1,386,615,318

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Non-income producing security.

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

(e) At June 30, 2024, the cost of investments for federal income tax purposes was $421,590,683. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	983,877,197
Gross unrealized depreciation		(18,419,540	)
Net unrealized appreciation	$	965,457,657

Holdings of Open Futures Contracts

On June 30, 2024, securities with an aggregate market value of $29,486,800 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				September 2024					172			Long				$	46,990,473			$	47,484,900			$	494,427

See accompanying notes to financial statements.
37

SFT Real Estate Securities Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.1%)
Consumer Discretionary (2.3%)
Hotels, Restaurants & Leisure (2.3%)
Boyd Gaming Corp.		24,739	$	1,363,119
Caesars Entertainment, Inc. (b)		32,967		1,310,108
				2,673,227
Real Estate (94.8%)
Diversified REITs (0.9%)
WP Carey, Inc.		19,629		1,080,577
Health Care REITs (12.4%)
Healthcare Realty Trust, Inc.		186,178		3,068,213
Healthpeak Properties, Inc.		64,088		1,256,125
Omega Healthcare Investors, Inc.		16,343		559,748
Welltower, Inc.		93,971		9,796,477
				14,680,563
Hotels & Resort REITs (0.9%)
Host Hotels & Resorts, Inc.		61,793		1,111,038
Industrial REITs (9.2%)
Americold Realty Trust, Inc.		73,535		1,878,084
Prologis, Inc.		79,492		8,927,746
				10,805,830
Office REITs (1.7%)
Highwoods Properties, Inc.		76,500		2,009,655
Residential REITs (17.3%)
American Homes 4 Rent Class A		53,704		1,995,640
Camden Property Trust		17,110		1,866,872
Equity LifeStyle Properties, Inc.		7,899		514,462
Essex Property Trust, Inc.		13,677		3,722,879
Invitation Homes, Inc.		161,830		5,808,079
Sun Communities, Inc.		32,011		3,852,204
UDR, Inc.		65,965		2,714,460
				20,474,596

	Shares		Value(a)
Retail REITs (11.7%)
Kimco Realty Corp.		124,418	$	2,421,174
Realty Income Corp.		73,015		3,856,652
Simon Property Group, Inc.		49,633		7,534,290
				13,812,116
Specialized REITs (40.7%)
American Tower Corp.		31,592		6,140,853
Crown Castle, Inc.		57,639		5,631,330
Digital Realty Trust, Inc.		59,399		9,031,618
Equinix, Inc.		6,340		4,796,844
Extra Space Storage, Inc.		23,769		3,693,940
Iron Mountain, Inc.		63,101		5,655,112
Public Storage		7,807		2,245,684
SBA Communications Corp.		25,175		4,941,853
VICI Properties, Inc.		137,258		3,931,069
Weyerhaeuser Co.		68,337		1,940,087
				48,008,390
Total common stocks (cost: $114,665,190)				114,655,992
Short-Term Securities (2.3%)
Investment Companies (2.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		2,741,847		2,741,847
Total short-term securities (cost: $2,741,847)				2,741,847
Total investments in securities (cost: $117,407,037) (c)				117,397,839
Cash and other assets in excess of liabilities (0.6%)				703,881
Total net assets (100.0%)			$	118,101,720

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Non-income producing security.

(c) At June 30, 2024, the cost of investments for federal income tax purposes was $117,518,585. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	9,580,772
Gross unrealized depreciation		(9,701,518	)
Net unrealized depreciation	$	(120,746	)

See accompanying notes to financial statements.
38

SFT T. Rowe Price Value Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.6%)
Communication Services (1.7%)
Media (0.6%)
Comcast Corp. Class A		29,000	$	1,135,640
Wireless Telecommunication Services (1.1%)
T-Mobile U.S., Inc.		12,239		2,156,267
Consumer Discretionary (4.4%)
Diversified Consumer Services (0.1%)
Service Corp. International		4,000		284,520
Hotels, Restaurants & Leisure (2.1%)
Booking Holdings, Inc.		278		1,101,297
Hilton Worldwide Holdings, Inc.		3,139		684,930
McDonald's Corp.		7,395		1,884,542
Norwegian Cruise Line Holdings Ltd. (b) (c)		30,200		567,458
				4,238,227
Specialty Retail (1.5%)
AutoZone, Inc. (b)		500		1,482,050
Home Depot, Inc.		2,676		921,186
Tractor Supply Co.		1,900		513,000
				2,916,236
Textiles, Apparel & Luxury Goods (0.7%)
Cie Financiere Richemont SA Class A (c)		8,729		1,362,388
Consumer Staples (9.7%)
Beverages (1.9%)
Coca-Cola Co.		48,449		3,083,779
Keurig Dr Pepper, Inc.		18,400		614,560
				3,698,339
Consumer Staples Distribution & Retail (2.1%)
Dollar Tree, Inc. (b)		11,700		1,249,209
Walmart, Inc.		43,824		2,967,323
				4,216,532
Food Products (0.5%)
Mondelez International, Inc. Class A		13,405		877,223
Household Products (2.8%)
Colgate-Palmolive Co.		25,400		2,464,816
Procter & Gamble Co.		18,669		3,078,892
				5,543,708
Personal Products (2.4%)
Kenvue, Inc.		265,141		4,820,263
Energy (10.0%)
Energy Equipment & Services (2.7%)
Halliburton Co.		80,294		2,712,331
Schlumberger NV (c)		54,322		2,562,912
				5,275,243

	Shares		Value(a)
Oil, Gas & Consumable Fuels (7.3%)
Chevron Corp.		9,235	$	1,444,539
ConocoPhillips		30,970		3,542,349
Diamondback Energy, Inc.		6,500		1,301,235
EQT Corp.		59,864		2,213,771
Exxon Mobil Corp.		19,928		2,294,111
Hess Corp.		1,500		221,280
Kinder Morgan, Inc.		24,200		480,854
Range Resources Corp.		71,597		2,400,647
Williams Cos., Inc.		16,286		692,155
				14,590,941
Financial (22.7%)
Capital Markets (3.1%)
Charles Schwab Corp.		45,900		3,382,371
CME Group, Inc.		5,528		1,086,805
Goldman Sachs Group, Inc.		3,930		1,777,617
				6,246,793
Commercial Banks (7.6%)
Bank of America Corp.		108,319		4,307,846
Citigroup, Inc.		27,100		1,719,766
East West Bancorp, Inc.		5,643		413,237
Huntington Bancshares, Inc.		16,000		210,880
JPMorgan Chase & Co.		31,034		6,276,937
KeyCorp		32,800		466,088
PNC Financial Services Group, Inc.		2,385		370,820
Wells Fargo & Co.		21,574		1,281,280
				15,046,854
Consumer Finance (1.3%)
American Express Co.		11,543		2,672,782
Financial Services (6.9%)
Berkshire Hathaway, Inc. Class B (b)		16,842		6,851,326
Corebridge Financial, Inc.		28,027		816,146
Corpay, Inc. (b)		2,822		751,809
Fiserv, Inc. (b)		25,513		3,802,457
Visa, Inc. Class A		5,300		1,391,091
				13,612,829
Insurance (3.8%)
Allstate Corp.		11,617		1,854,770
Chubb Ltd. (c)		2,643		674,177
MetLife, Inc.		31,750		2,228,533
Progressive Corp.		5,002		1,038,965
Travelers Cos., Inc.		8,589		1,746,487
				7,542,932
Health Care (17.0%)
Health Care Equipment & Supplies (0.7%)
GE HealthCare Technologies, Inc.		9,848		767,356
Hologic, Inc. (b)		8,363		620,953
				1,388,309

See accompanying notes to financial statements.
39

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

	Shares		Value(a)
Health Care Providers & Services (8.6%)
Cencora, Inc.		13,337	$	3,004,826
Cigna Group		4,400		1,454,508
Elevance Health, Inc.		10,610		5,749,135
HCA Healthcare, Inc.		3,247		1,043,196
Tenet Healthcare Corp. (b)		13,675		1,819,185
UnitedHealth Group, Inc.		8,003		4,075,608
				17,146,458
Life Sciences Tools & Services (2.6%)
Danaher Corp.		6,334		1,582,550
Revvity, Inc.		13,100		1,373,666
Thermo Fisher Scientific, Inc.		3,984		2,203,152
				5,159,368
Pharmaceuticals (5.1%)
AstraZeneca PLC ADR (c)		40,155		3,131,688
Bristol-Myers Squibb Co.		9,900		411,147
Johnson & Johnson		31,134		4,550,545
Merck & Co., Inc.		16,197		2,005,189
				10,098,569
Industrials (16.2%)
Aerospace & Defense (3.2%)
Boeing Co. (b)		4,000		728,040
General Dynamics Corp.		6,428		1,865,020
General Electric Co.		12,097		1,923,060
L3Harris Technologies, Inc.		7,936		1,782,267
				6,298,387
Air Freight & Logistics (0.7%)
FedEx Corp.		4,400		1,319,296
Commercial Services & Supplies (0.6%)
Republic Services, Inc.		5,800		1,127,172
Electrical Equipment (2.4%)
AMETEK, Inc.		12,916		2,153,227
GE Vernova, Inc. (b)		2,604		446,612
Rockwell Automation, Inc.		7,800		2,147,184
				4,747,023
Ground Transportation (3.5%)
CSX Corp.		84,092		2,812,877
Norfolk Southern Corp.		5,639		1,210,637
Old Dominion Freight Line, Inc.		5,100		900,660
Union Pacific Corp.		9,225		2,087,249
				7,011,423
Industrial Conglomerates (1.4%)
Honeywell International, Inc.		6,387		1,363,880
Siemens AG (c)		7,438		1,384,840
				2,748,720
Machinery (4.0%)
Cummins, Inc.		7,547		2,089,991
Deere & Co.		3,075		1,148,912
Dover Corp.		5,400		974,430
IDEX Corp.		5,070		1,020,084
Westinghouse Air Brake Technologies Corp.		17,026		2,690,959
				7,924,376

	Shares		Value(a)
Trading Companies & Distributors (0.4%)
Ferguson PLC (c)		4,400	$	852,060
Information Technology (8.5%)
Electronic Equipment, Instruments & Components (2.6%)
Amphenol Corp. Class A		20,722		1,396,041
Keysight Technologies, Inc. (b)		13,800		1,887,150
TE Connectivity Ltd. (c)		12,794		1,924,602
				5,207,793
Semiconductors & Semiconductor Equipment (5.3%)
Analog Devices, Inc.		6,587		1,503,549
Applied Materials, Inc.		4,082		963,311
Intel Corp.		44,851		1,389,035
Lam Research Corp.		834		888,085
Micron Technology, Inc.		11,700		1,538,901
NXP Semiconductors NV (c)		1,961		527,686
QUALCOMM, Inc.		2,772		552,127
Texas Instruments, Inc.		16,348		3,180,176
				10,542,870
Software (0.6%)
Microsoft Corp.		2,358		1,053,908
Materials (4.7%)
Chemicals (1.5%)
Linde PLC (c)		4,170		1,829,838
Mosaic Co.		28,000		809,200
Nutrien Ltd. (c)		5,937		302,252
				2,941,290
Construction Materials (0.4%)
Martin Marietta Materials, Inc.		1,651		894,512
Containers & Packaging (1.0%)
International Paper Co.		44,990		1,941,319
Metals & Mining (1.8%)
Franco-Nevada Corp. (c)		6,477		767,654
Freeport-McMoRan, Inc.		29,000		1,409,400
Southern Copper Corp.		5,089		548,289
Wheaton Precious Metals Corp. (c)		16,100		843,962
				3,569,305
Real Estate (2.3%)
Industrial REITs (0.3%)
Prologis, Inc.		4,958		556,833
Residential REITs (0.5%)
Equity LifeStyle Properties, Inc.		14,612		951,679
Specialized REITs (1.5%)
Public Storage		6,329		1,820,537
Weyerhaeuser Co.		42,569		1,208,534
				3,029,071
Utilities (2.4%)
Electric Utilities (1.4%)
Constellation Energy Corp.		3,367		674,309
NextEra Energy, Inc.		9,268		656,267
Xcel Energy, Inc.		26,000		1,388,660
				2,719,236

See accompanying notes to financial statements.
40

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

	Shares		Value(a)
Gas Utilities (0.3%)
Atmos Energy Corp.		5,800	$	676,570
Multi-Utilities (0.7%)
Ameren Corp.		18,760		1,334,024
Total common stocks (cost: $172,932,419)				197,477,288
Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		830,008		830,008
T. Rowe Price Reserve Investment Fund 5.380%		218,562		218,562
Total short-term securities (cost: $1,048,570)				1,048,570
Total investments in securities (cost: $173,980,989) (d)				198,525,858
Liabilities in excess of cash and other assets (-0.1%)				(102,504	)
Total net assets (100.0%)			$	198,423,354

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Non-income producing security.

(d) At June 30, 2024, the cost of investments for federal income tax purposes was $174,808,760. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	27,512,481
Gross unrealized depreciation		(3,795,383	)
Net unrealized appreciation	$	23,717,098

See accompanying notes to financial statements.
41

SFT Wellington Core Equity Fund
Investments in Securities

June 30, 2024
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.8%)
Communication Services (9.2%)
Entertainment (1.3%)
Netflix, Inc. (b)		2,599	$	1,754,013
Interactive Media & Services (7.9%)
Alphabet, Inc. Class A		36,163		6,587,090
Meta Platforms, Inc. Class A		7,444		3,753,414
				10,340,504
Consumer Discretionary (9.8%)
Broadline Retail (5.1%)
Amazon.com, Inc. (b)		34,299		6,628,282
Hotels, Restaurants & Leisure (1.9%)
Marriott International, Inc. Class A		4,834		1,168,716
McDonald's Corp.		5,132		1,307,839
				2,476,555
Specialty Retail (2.2%)
AutoZone, Inc. (b)		480		1,422,768
TJX Cos., Inc.		13,502		1,486,570
				2,909,338
Textiles, Apparel & Luxury Goods (0.6%)
NIKE, Inc. Class B		9,989		752,871
Consumer Staples (4.9%)
Beverages (2.0%)
Brown-Forman Corp. Class B		20,230		873,734
Constellation Brands, Inc. Class A		4,518		1,162,391
Monster Beverage Corp. (b)		12,611		629,919
				2,666,044
Household Products (2.0%)
Procter & Gamble Co.		16,067		2,649,770
Personal Products (0.9%)
Estee Lauder Cos., Inc. Class A		10,846		1,154,014
Energy (3.0%)
Oil, Gas & Consumable Fuels (3.0%)
Chesapeake Energy Corp.		7,118		585,029
ConocoPhillips		12,503		1,430,093
EOG Resources, Inc.		9,879		1,243,470
Phillips 66		5,120		722,790
				3,981,382
Financial (12.4%)
Capital Markets (2.2%)
Charles Schwab Corp.		17,653		1,300,850
Morgan Stanley		16,302		1,584,391
				2,885,241
Commercial Banks (4.5%)
Bank of America Corp.		49,184		1,956,048
JPMorgan Chase & Co.		15,859		3,207,641
PNC Financial Services Group, Inc.		4,578		711,787
				5,875,476

	Shares		Value(a)
Consumer Finance (1.2%)
American Express Co.		6,796	$	1,573,614
Financial Services (2.0%)
Mastercard, Inc. Class A		5,807		2,561,816
Insurance (2.5%)
Arch Capital Group Ltd. (b) (c)		9,837		992,455
Chubb Ltd. (c)		4,097		1,045,063
Progressive Corp.		6,076		1,262,046
				3,299,564
Health Care (14.2%)
Biotechnology (1.7%)
Regeneron Pharmaceuticals, Inc. (b)		981		1,031,060
Vertex Pharmaceuticals, Inc. (b)		2,433		1,140,396
				2,171,456
Health Care Equipment & Supplies (2.4%)
Abbott Laboratories		15,126		1,571,743
Boston Scientific Corp. (b)		20,946		1,613,051
				3,184,794
Health Care Providers & Services (2.9%)
Cencora, Inc.		5,095		1,147,904
UnitedHealth Group, Inc.		5,331		2,714,865
				3,862,769
Life Sciences Tools & Services (2.2%)
Danaher Corp.		5,637		1,408,405
Thermo Fisher Scientific, Inc.		2,571		1,421,763
				2,830,168
Pharmaceuticals (5.0%)
Eli Lilly & Co.		3,771		3,414,188
Merck & Co., Inc.		15,710		1,944,898
Zoetis, Inc.		6,845		1,186,649
				6,545,735
Industrials (8.2%)
Aerospace & Defense (2.3%)
General Dynamics Corp.		5,540		1,607,376
RTX Corp.		13,985		1,403,954
				3,011,330
Commercial Services & Supplies (0.8%)
Republic Services, Inc.		5,828		1,132,613
Electrical Equipment (2.2%)
AMETEK, Inc.		6,495		1,082,781
Emerson Electric Co.		8,035		885,136
GE Vernova, Inc. (b)		5,415		928,727
				2,896,644
Machinery (2.9%)
Deere & Co.		2,911		1,087,637
IDEX Corp.		3,214		646,657
Illinois Tool Works, Inc.		3,447		816,801
Ingersoll Rand, Inc.		13,230		1,201,813
				3,752,908

See accompanying notes to financial statements.
42

SFT Wellington Core Equity Fund
Investments in Securities – continued

	Shares		Value(a)
Information Technology (32.1%)
Communications Equipment (1.3%)
Motorola Solutions, Inc.		4,416	$	1,704,797
Electronic Equipment, Instruments & Components (1.0%)
CDW Corp.		5,864		1,312,598
IT Services (0.8%)
Accenture PLC Class A (c)		3,518		1,067,396
Semiconductors & Semiconductor Equipment (11.6%)
Broadcom, Inc.		2,117		3,398,907
KLA Corp.		2,118		1,746,312
NVIDIA Corp.		67,975		8,397,632
Texas Instruments, Inc.		8,014		1,558,963
				15,101,814
Software (10.3%)
Microsoft Corp.		22,211		9,927,207
Roper Technologies, Inc.		2,431		1,370,258
Salesforce, Inc.		5,204		1,337,948
Workday, Inc. Class A (b)		3,747		837,679
				13,473,092
Technology Hardware Storage & Peripherals (7.1%)
Apple, Inc.		44,286		9,327,517
Materials (1.8%)
Chemicals (1.2%)
Linde PLC (c)		3,461		1,518,721
Metals & Mining (0.6%)
Freeport-McMoRan, Inc.		16,470		800,442

	Shares		Value(a)
Real Estate (1.4%)
Health Care REITs (0.8%)
Welltower, Inc.		10,438	$	1,088,161
Specialized REITs (0.6%)
Iron Mountain, Inc.		8,248		739,186
Utilities (2.8%)
Electric Utilities (1.9%)
Duke Energy Corp.		12,960		1,298,981
PG&E Corp.		65,819		1,149,200
				2,448,181
Gas Utilities (0.9%)
Atmos Energy Corp.		10,300		1,201,495
Total common stocks (cost: $77,747,006)				130,680,301
Short-Term Securities (0.4%)
Investment Companies (0.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.250%		520,799		520,799
Total short-term securities (cost: $520,799)				520,799
Total investments in securities (cost: $78,267,805) (d)				131,201,100
Liabilities in excess of cash and other assets (-0.2%)				(235,299	)
Total net assets (100.0%)			$	130,965,801

Investments in Securities Legend

(a) Securities are valued in accordance with procedures described in Note 2 of the notes to financial statements.

(b) Non-income producing security.

(d) At June 30, 2024, the cost of investments for federal income tax purposes was $78,337,713. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	54,124,435
Gross unrealized depreciation		(1,261,048	)
Net unrealized appreciation	$	52,863,387

See accompanying notes to financial statements.
43

Securian Funds Trust

Statements of Assets and Liabilities

June 30, 2024

(Unaudited)

	SFT Balanced Stabilization Fund		SFT Core Bond Fund		SFT Delaware Ivy^SM Growth Fund			SFT Delaware Ivy^SM Small Cap Growth Fund		SFT Equity Stabilization Fund		SFT Government Money Market Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	298,877,403	$	511,488,607	$	642,509,269		$	156,533,287	$	295,158,216	$	228,810,733
Affiliated issuers (Note 8)		340,715,461		–		–			–		–		–
Cash on demand deposit		9,000,000		–		–			–		7,725,000		–
Due from broker¹		–		588,000		–			–		–		–
Foreign currency on deposit²		–		9		–			–		–		–
Receivable:
Fund shares sold		–		1,582		–			–		–		–
Investment securities sold (including paydowns)		–		20,828,784		2,469,236			739,064		–		–
Investment securities sold on a when-issued or forward – commitment basis (Note 2)		–		25,274		–			–		–		–
Dividends and accrued interest		2,729,962		2,243,853		259,802			13,935		136,932		117,473
Refundable foreign income taxes withheld		–		2,577		9,215			–		–		–
Variation margin on futures contracts		–		–		–			–		–		–
Prepaid expenses		3,535		7,043		7,949			4,953		5,703		7,902
Total assets		651,326,361		535,185,729		645,255,471			157,291,239		303,025,851		228,936,108
Liabilities
Due to custodian		281,353		93,641		–			–		–		–
Payable:
Fund shares repurchased		439,489		423,807		428,649			232,810		1,532,805		439,827
Investment securities purchased		–		23,737,421		–			870,388		–		–
Investment securities purchased on a when-issued or forward – commitment basis (Note 2)		–		2,975,014		–			–		–		–
Investment securities purchased on a TBA basis (Note 2)		–		73,032,543		–			–		–		–
Adviser		436,141		236,045		473,479			145,565		206,919		104,841
Variation margin on futures contracts		417,903		7,480		–			–		246,114		–
Accrued expenses		175,878		248,624		136,691			95,808		91,545		65,792
Options written at value³		23,293		–		–			–		10,780		–
Total liabilities		1,774,057		100,754,575		1,038,819			1,344,571		2,088,163		610,460
Net assets applicable to outstanding capital stock	$	649,552,304	$	434,431,154	$	644,216,652		$	155,946,668	$	300,937,688	$	228,325,648
Net Assets Consist of:
Paid in capital**	$	284,007,169	$	365,925,811	$	(145,739,148	)	$	3,817,061	$	201,978,081	$	228,323,583
Total distributable earnings		365,545,135		68,505,343		789,955,800			152,129,607		98,959,607		2,065
Net assets	$	649,552,304	$	434,431,154	$	644,216,652		$	155,946,668	$	300,937,688	$	228,325,648
Net assets by class:
Class 1	$	N/A	$	9,323,201	$	N/A		$	N/A	$	N/A	$	N/A
Class 2		649,552,304		425,107,953		644,216,652			155,946,668		300,937,688		228,325,648
Net asset value per share of outstanding capital stock by class:
Class 1		N/A		2.487		N/A			N/A		N/A		N/A
Class 2		23.307		2.392		43.195			23.904		14.825		1.000
* Identified cost
Unaffiliated issuers	$	290,027,638	$	528,936,317	$	315,022,155		$	133,725,630	$	239,209,777	$	228,810,733
Affiliated issuers		107,000,000		–		–			–		–		–
** Shares outstanding by class:
Class 1		N/A		3,748,359		N/A			N/A		N/A		N/A
Class 2		27,869,771		177,686,877		14,914,225			6,523,953		20,299,947		228,325,648
¹ Cash collateral for open futures contracts	$	–	$	588,000	$	–		$	–	$	–	$	–
² Foreign currency on deposit (cost)	$	–	$	9	$	–		$	–	$	–	$	–
³ Premiums received	$	49,618	$	–	$	–		$	–	$	22,963	$	–

See accompanying notes to financial statements.
44

	SFT Index 400 Mid-Cap Fund			SFT Index 500 Fund			SFT Real Estate Securities 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	$	219,259,851		$	1,386,553,913		$	117,397,839		$	198,525,858	$	131,201,100
Affiliated issuers (Note 8)		–			–			–			–		–
Cash on demand deposit		–			–			–			–		–
Due from broker¹		–			–			–			–		–
Foreign currency on deposit²		–			–			–			–		–
Receivable:
Fund shares sold		9,672			305,640			–			–		–
Investment securities sold (including paydowns)		452,736			–			667,014			838,125		39,570
Investment securities sold on a when-issued or forward – commitment basis (Note 2)		–			–			–			–		–
Dividends and accrued interest		240,071			846,173			345,522			129,111		40,694
Refundable foreign income taxes withheld		–			–			–			8,445		3,602
Variation margin on futures contracts		8,187			–			–			–		–
Prepaid expenses		4,830			10,499			4,718			24,541		4,444
Total assets		219,975,347			1,387,716,225			118,415,093			199,526,080		131,289,410
Liabilities
Due to custodian		–			–			–			328,253		–
Payable:
Fund shares repurchased		117,730			330,355			58,988			67,822		31,479
Investment securities purchased		–			–			63,586			463,660		96,901
Investment securities purchased on a when-issued or forward – commitment basis (Note 2)		–			–			–			–		–
Investment securities purchased on a TBA basis (Note 2)		–			–			–			–		–
Adviser		71,099			336,262			95,036			141,171		91,315
Variation margin on futures contracts		–			210,652			–			–		–
Accrued expenses		116,151			223,638			95,763			101,820		103,914
Options written at value³		–			–			–			–		–
Total liabilities		304,980			1,100,907			313,373			1,102,726		323,609
Net assets applicable to outstanding capital stock	$	219,670,367		$	1,386,615,318		$	118,101,720		$	198,423,354	$	130,965,801
Net Assets Consist of:
Paid in capital**	$	(72,805,599	)	$	(169,421,625	)	$	(18,188,604	)	$	10,703,999	$	(8,118,617	)
Total distributable earnings		292,475,966			1,556,036,943			136,290,324			187,719,355		139,084,418
Net assets	$	219,670,367		$	1,386,615,318		$	118,101,720		$	198,423,354	$	130,965,801
Net assets by class:
Class 1	$	39,289,137		$	522,838,628		$	14,531,491		$	N/A	$	6,690,603
Class 2		180,381,230			863,776,690			103,570,229			198,423,354		124,275,198
Net asset value per share of outstanding capital stock by class:
Class 1		8.295			23.953			6.584			N/A		31.637
Class 2		7.980			23.045			6.334			24.559		30.843
* Identified cost
Unaffiliated issuers	$	157,530,484		$	418,938,810		$	117,407,037		$	173,980,989	$	78,267,805
Affiliated issuers		–			–			–			–		–
** Shares outstanding by class:
Class 1		4,736,484			21,828,126			2,206,942			N/A		211,478
Class 2		22,603,644			37,482,826			16,351,840			8,079,390		4,029,279
¹ Cash collateral for open futures contracts	$	–		$	–		$	–		$	–	$	–
² Foreign currency on deposit (cost)	$	–		$	–		$	–		$	–	$	–
³ Premiums received	$	–		$	–		$	–		$	–	$	–

Securian Funds Trust

Statements of Operations

Six months ended June 30, 2024

(Unaudited)

	SFT Balanced Stabilization Fund			SFT Core Bond Fund			SFT Delaware Ivy^SM Growth Fund			SFT Delaware Ivy^SM Small Cap Growth Fund			SFT Equity Stabilization Fund			SFT Government Money Market Fund
Income:
Interest¹	$	5,534,522		$	9,840,768		$	–		$	–		$	–		$	5,567,084
Dividends¹		750,672			506,413			2,068,774			297,044			4,632,026			542,987
Foreign tax withholding		–			–			(56,487	)		–			–			–
Total investment income		6,285,194			10,347,181			2,012,287			297,044			4,632,026			6,110,071
Expenses (Note 4):
Investment advisory fee		1,778,021			869,275			1,972,700			656,307			849,877			284,645
Rule 12b-1 fees		808,191			531,960			768,088			193,031			386,308			284,645
Audit and accounting services		125,443			162,026			89,231			61,578			65,147			74,726
Administrative services fee		20,637			25,389			20,002			19,245			19,705			28,891
Legal fees		16,997			16,997			16,997			16,997			16,997			16,997
Custodian fees		7,817			13,282			6,896			10,216			7,768			5,351
Printing and shareholder reports		6,350			6,350			6,350			6,350			6,350			6,876
Trustee's fees		25,113			25,113			25,113			25,113			25,113			25,113
S&P licensing fee		–			–			–			–			–			–
Insurance		7,062			7,062			7,062			7,062			7,062			7,062
Other		7,458			7,858			25,908			21,283			10,891			5,269
Total expenses		2,803,089			1,665,312			2,938,347			1,017,182			1,395,218			739,575
Net investment income (loss)		3,482,105			8,681,869			(926,060	)		(720,138	)		3,236,808			5,370,496
Realized gains (losses) on investments and foreign currencies:
Investments (Note 3)
Unaffiliated issuers		940,457			(2,617,412	)		33,130,983			6,618,960			4,099,431			–
Written options contracts		264,196			–			–			–			128,921			–
Foreign currency transactions		–			–			(142	)		–			–			–
Other		–			2,851			47,959			144,237			–			–
Futures contracts		4,854,385			(757,964	)		–			–			3,934,517			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers, net of foreign capital gains tax		2,575,669			(8,218,852	)		56,942,385			6,345,454			7,384,562			–
Affiliated issuers (Note 8)		44,886,153			–			–			–			–			–
Written options contracts		(20,561	)		–			–			–			(11,261	)		–
Translation of assets and liabilities in foreign currency		–			(1	)		(196	)		–			–			–
Futures contracts		(1,489,267	)		(938,851	)		–			–			(600,401	)		–
Net gains (losses) on investments		52,011,032			(12,530,229	)		90,120,989			13,108,651			14,935,769			–
Net increase (decrease) in net assets resulting from operations	$	55,493,137		$	(3,848,360	)	$	89,194,929		$	12,388,513		$	18,172,577		$	5,370,496

¹ All income is from unaffiliated issuers.

See accompanying notes to financial statements.
46

	SFT Index 400 Mid-Cap Fund			SFT Index 500 Fund			SFT Real Estate Securities Fund			SFT T. Rowe Price Value Fund			SFT Wellington Core Equity Fund
Income:
Interest¹	$	24,708		$	–		$	–		$	4,771		$	–
Dividends¹		2,139,210			10,119,209			3,505,240			1,851,304			738,286
Foreign tax withholding		(1,553	)		(2,316	)		–			(13,478	)		–
Total investment income		2,162,365			10,116,893			3,505,240			1,842,597			738,286
Expenses (Note 4):
Investment advisory fee		165,985			899,390			405,614			567,488			344,880
Rule 12b-1 fees		229,541			1,026,671			127,793			248,898			149,171
Audit and accounting services		72,756			130,199			67,780			61,578			65,140
Administrative services fee		19,245			19,245			19,245			19,245			19,245
Legal fees		16,997			16,997			16,997			16,997			16,997
Custodian fees		8,410			9,510			6,692			13,137			7,393
Printing and shareholder reports		6,350			6,350			6,350			6,350			6,350
Trustee's fees		25,113			25,113			25,113			25,113			25,113
S&P licensing fee		10,567			31,701			–			–			–
Insurance		7,062			7,062			7,062			7,062			7,062
Other		4,972			14,968			14,422			21,682			3,928
Total expenses		566,998			2,187,206			697,068			987,550			645,279
Net investment income (loss)		1,595,367			7,929,687			2,808,172			855,047			93,007
Realized gains (losses) on investments and foreign currencies:
Investments (Note 3)
Unaffiliated issuers		10,301,127			34,685,223			(1,210,813	)		13,582,502			9,857,760
Written options contracts		–			–			–			–			–
Foreign currency transactions		–			–			–			(187	)		–
Other		22,873			9,284			–			7,615			187
Futures contracts		286,942			3,603,974			–			–			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers, net of foreign capital gains tax		967,468			137,704,960			(2,250,580	)		5,316,451			9,446,044
Affiliated issuers (Note 8)		–			–			–			–			–
Written options contracts		–			–			–			–			–
Translation of assets and liabilities in foreign currency		–			–			–			(29	)		–
Futures contracts		(303,403	)		(527,907	)		–			–			–
Net gains (losses) on investments		11,275,007			175,475,534			(3,461,393	)		18,906,352			19,303,991
Net increase (decrease) in net assets resulting from operations	$	12,870,374		$	183,405,221		$	(653,221	)	$	19,761,399		$	19,396,998

Securian Funds Trust

Statements of Changes in Net Assets

Six months ended June 30, 2024 and year ended December 31, 2023

(Unaudited)

	SFT Balanced Stabilization Fund						SFT Core Bond Fund						SFT Delaware Ivy^SM Growth Fund
	2024			2023			2024			2023			2024			2023
Operations:
Net investment income	$	3,482,105		$	9,105,366		$	8,681,869		$	16,838,091		$	(926,060	)	$	(1,512,332	)
Net realized gains (losses) on investments		6,059,038			(1,831,671	)		(3,372,525	)		(21,003,285	)		33,178,800			48,002,492
Net change in unrealized appreciation or depreciation of investments		45,951,994			84,402,479			(9,157,704	)		28,554,687			56,942,189			127,482,406
Net increase (decrease) in net assets resulting from operations		55,493,137			91,676,174			(3,848,360	)		24,389,493			89,194,929			173,972,566
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–			–			–
Decrease in net assets from distributions		–			–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			1,576,364			2,905,145			–			–
Class 2		1,976,854			13,209,574			6,726,089			16,197,517			184,977			3,055,901
Value of distributions reinvested
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(1,451,802	)		(1,433,965	)		–			–
Class 2		(60,546,238	)		(77,669,237	)		(17,414,652	)		(32,172,373	)		(38,419,110	)		(62,231,780	)
Increase (decrease) in net assets from capital stock transactions		(58,569,384	)		(64,459,663	)		(10,564,001	)		(14,503,676	)		(38,234,133	)		(59,175,879	)
Total increase (decrease) in net assets		(3,076,247	)		27,216,511			(14,412,361	)		9,885,817			50,960,796			114,796,687
Net assets at beginning of period		652,628,551			625,412,040			448,843,515			438,957,698			593,255,856			478,459,169
Net assets at end of period	$	649,552,304		$	652,628,551		$	434,431,154		$	448,843,515		$	644,216,652		$	593,255,856
Capital share transactions:
Proceeds from sales
Class 1		–			–			638,422			1,204,741			–			–
Class 2		88,264			674,005			2,840,470			6,951,653			4,728			102,273
Issued on reinvestment of distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(590,570	)		(593,413	)		–			–
Class 2		(2,713,670	)		(3,923,754	)		(7,327,816	)		(13,902,388	)		(958,616	)		(1,889,632	)
Net change from capital transactions		(2,625,406	)		(3,249,749	)		(4,439,494	)		(6,339,407	)		(953,888	)		(1,787,359	)

See accompanying notes to financial statements.
48

	SFT Delaware Ivy^SM Small Cap Growth Fund						SFT Equity Stabilization Fund
	2024			2023			2024			2023
Operations:
Net investment income	$	(720,138	)	$	(1,182,026	)	$	3,236,808		$	6,437,472
Net realized gains (losses) on investments		6,763,197			(58,713	)		8,162,869			4,281,581
Net change in unrealized appreciation or depreciation of investments		6,345,454			18,892,808			6,772,900			13,051,352
Net increase (decrease) in net assets resulting from operations		12,388,513			17,652,069			18,172,577			23,770,405
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			–			–
Class 2		531,602			2,226,893			2,514,799			4,013,741
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			–			–
Class 2		(7,331,829	)		(10,658,372	)		(33,118,108	)		(42,760,728	)
Increase (decrease) in net assets from capital stock transactions		(6,800,227	)		(8,431,479	)		(30,603,309	)		(38,746,987	)
Total increase (decrease) in net assets		5,588,286			9,220,590			(12,430,732	)		(14,976,582	)
Net assets at beginning of period		150,358,382			141,137,792			313,368,420			328,345,002
Net assets at end of period	$	155,946,668		$	150,358,382		$	300,937,688		$	313,368,420
Capital share transactions:
Proceeds from sales
Class 1		–			–			–			–
Class 2		23,204			106,852			173,969			301,259
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			–			–
Class 2		(314,566	)		(506,818	)		(2,283,581	)		(3,209,790	)
Net change from capital transactions		(291,362	)		(399,966	)		(2,109,612	)		(2,908,531	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2024 and year ended December 31, 2023

(Unaudited)

	SFT Government Money Market Fund						SFT Index 400 Mid-Cap Fund						SFT Index 500 Fund
	2024			2023			2024			2023			2024			2023
Operations:
Net investment income	$	5,370,496		$	9,853,941		$	1,595,367		$	2,421,307		$	7,929,687		$	14,981,676
Net realized gains (losses) on investments		–			–			10,610,942			8,721,925			38,298,481			23,260,190
Net change in unrealized appreciation or depreciation of investments		–			–			664,065			19,471,645			137,177,053			215,739,783
Net increase (decrease) in net assets resulting from operations		5,370,496			9,853,941			12,870,374			30,614,877			183,405,221			253,981,649
Distributions to shareholders:
From distributable earnings
Class 2		(5,370,496	)		(9,853,941	)		–			–			–			–
Decrease in net assets from distributions		(5,370,496	)		(9,853,941	)		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			2,431,765			5,140,157			22,050,714			33,312,718
Class 2		26,871,106			29,878,184			508,622			5,567,880			3,251,742			19,341,483
Value of distributions reinvested
Class 2		5,370,496			9,853,941			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(1,214,383	)		(2,572,960	)		(6,812,099	)		(3,045,533	)
Class 2		(33,385,252	)		(32,744,625	)		(14,680,390	)		(16,663,601	)		(46,228,234	)		(60,226,142	)
Increase (decrease) in net assets from capital stock transactions		(1,143,650	)		6,987,500			(12,954,386	)		(8,528,524	)		(27,737,877	)		(10,617,474	)
Total increase (decrease) in net assets		(1,143,650	)		6,987,500			(84,012	)		22,086,353			155,667,344			243,364,175
Net assets at beginning of period		229,469,298			222,481,798			219,754,379			197,668,026			1,230,947,974			987,583,799
Net assets at end of period	$	228,325,648		$	229,469,298		$	219,670,367		$	219,754,379		$	1,386,615,318		$	1,230,947,974
Capital share transactions:
Proceeds from sales
Class 1		–			–			302,845			732,412			991,580			1,767,995
Class 2		26,871,106			29,878,184			65,367			831,612			149,277			1,116,355
Issued on reinvestment of distributions
Class 2		5,370,496			9,853,941			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(152,269	)		(354,200	)		(300,014	)		(167,065	)
Class 2		(33,385,252	)		(32,744,625	)		(1,863,935	)		(2,422,092	)		(2,168,715	)		(3,356,944	)
Net change from capital transactions		(1,143,650	)		6,987,500			(1,647,992	)		(1,212,268	)		(1,327,872	)		(639,659	)

See accompanying notes to financial statements.
50

	SFT Real Estate Securities Fund						SFT T. Rowe Price Value Fund
	2024			2023			2024			2023
Operations:
Net investment income	$	2,808,172		$	2,228,913		$	855,047		$	2,070,354
Net realized gains (losses) on investments		(1,210,813	)		(653,536	)		13,589,930			5,329,753
Net change in unrealized appreciation or depreciation of investments		(2,250,580	)		12,109,398			5,316,422			13,413,381
Net increase (decrease) in net assets resulting from operations		(653,221	)		13,684,775			19,761,399			20,813,488
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		1,154,963			2,993,353			–			–
Class 2		1,389,970			3,262,779			365,830			3,666,723
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(1,345,718	)		(1,031,943	)		–			–
Class 2		(6,395,014	)		(10,716,543	)		(16,045,046	)		(15,248,277	)
Increase (decrease) in net assets from capital stock transactions		(5,195,799	)		(5,492,354	)		(15,679,216	)		(11,581,554	)
Total increase (decrease) in net assets		(5,849,020	)		8,192,421			4,082,183			9,231,934
Net assets at beginning of period		123,950,740			115,758,319			194,341,171			185,109,237
Net assets at end of period	$	118,101,720		$	123,950,740		$	198,423,354		$	194,341,171
Capital share transactions:
Proceeds from sales
Class 1		180,905			495,893			–			–
Class 2		226,811			564,801			15,384			182,574
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(212,487	)		(162,367	)		–			–
Class 2		(1,035,507	)		(1,801,795	)		(673,134	)		(744,932	)
Net change from capital transactions		(840,278	)		(903,468	)		(657,750	)		(562,358	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2024 and year ended December 31, 2023

(Unaudited)

	SFT Wellington Core Equity Fund
	2024			2023
Operations:
Net investment income	$	93,007		$	461,176
Net realized gains (losses) on investments		9,857,947			6,914,067
Net change in unrealized appreciation or depreciation of investments		9,446,044			14,070,066
Net increase (decrease) in net assets resulting from operations		19,396,998			21,445,309
Distributions to shareholders:
From distributable earnings
Class 2		–			–
Decrease in net assets from distributions		–			–
Capital stock transactions:
Proceeds from sales
Class 1		538,981			1,127,143
Class 2		349,019			1,651,828
Value of distributions reinvested
Class 2		–			–
Payments for redemption of shares
Class 1		(330,417	)		(339,069	)
Class 2		(8,044,293	)		(13,593,680	)
Increase (decrease) in net assets from capital stock transactions		(7,486,710	)		(11,153,778	)
Total increase (decrease) in net assets		11,910,288			10,291,531
Net assets at beginning of period		119,055,513			108,763,982
Net assets at end of period	$	130,965,801		$	119,055,513
Capital share transactions:
Proceeds from sales
Class 1		17,929			46,534
Class 2		12,167			71,038
Issued on reinvestment of distributions
Class 2		–			–
Payments for redemption of shares
Class 1		(11,079	)		(13,739	)
Class 2		(279,312	)		(568,752	)
Net change from capital transactions		(260,295	)		(464,919	)

See accompanying notes to financial statements.
52

Securian Funds Trust
Financial Highlights

SFT Balanced Stabilization Fund

	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	21.401		$	18.534		$	21.210		$	18.697		$	16.892		$	13.983
Income from investment operations:
Net investment income (a)		.119			.282			.136			.019			.082			.185
Net realized and unrealized gain(loss) on investments		1.787			2.585			(2.812	)		2.494			1.723			2.724
Total from investment operations		1.906			2.867			(2.676	)		2.513			1.805			2.909
Net asset value, end of period	$	23.307		$	21.401		$	18.534		$	21.210		$	18.697		$	16.892
Total return (b)		8.90	%		15.47	%		(12.62	)%		13.46	%		10.67	%		20.81	%
Net assets, end of period (in thousands)	$	649,552		$	652,629		$	625,412		$	729,543		$	678,188		$	577,805
Ratios to average net assets:
Expenses before waiver (c)		.87	%(d)		.87	%		.86	%		.85	%		.86	%		.90	%
Expenses (c) .		.87	%(d)		.87	%		.86	%		.84	%(e)		.80	%(e)		.80	%(e)
Net investment income		1.08	%(d)		1.43	%		.71	%		.10	%		.48	%		1.18	%
Portfolio turnover rate (excluding short-term securities)		–	%(f)		4.1	%		12.0	%		5.8	%		–	%		1.2	%

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

(f) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Core Bond Fund

	Class 1 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	2.505		$	2.364		$	2.747		$	2.755		$	2.571		$	2.355
Income from investment operations:
Net investment income (a) .		.052			.098			.065			.056			.067			.078
Net realized and unrealized gain(loss) on investments		(.070	)		.043			(.448	)		(.064	)		.117			.138
Total from investment operations		(.018	)		.141			(.383	)		(.008	)		.184			.216
Net asset value, end of period	$	2.487		$	2.505		$	2.364		$	2.747		$	2.755		$	2.571
Total return (b)		(0.72	)%		5.98	%		(13.93	)%		(0.29	)%		7.15	%		9.18	%
Net assets, end of period (in thousands)	$	9,323		$	9,271		$	7,303		$	7,751		$	5,530		$	5,060
Ratios to average net assets:
Expenses (c) .		.52	%(d)		.51	%		.50	%		.49	%		.48	%		.49	%
Net investment income		4.24	%(d)		4.09	%		2.62	%		2.03	%		2.52	%		3.11	%
Portfolio turnover rate (excluding short-term securities)		151.4	%(e)		209.9	%		139.2	%		67.3	%		93.0	%		130.4	%
	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	2.413		$	2.282		$	2.659		$	2.673		$	2.501		$	2.297
Income from investment operations:
Net investment income (a)		.047			.089			.057			.047			.059			.070
Net realized and unrealized gain(loss) on investments		(.068	)		.042			(.434	)		(.061	)		.113			.134
Total from investment operations		(.021	)		.131			(.377	)		(.014	)		.172			.204
Net asset value, end of period	$	2.392		$	2.413		$	2.282		$	2.659		$	2.673		$	2.501
Total return (b)		(0.85	)%		5.72	%		(14.17	)%		(0.54	)%		6.88	%		8.90	%
Net assets, end of period (in thousands)	$	425,108		$	439,572		$	431,655		$	522,580		$	491,483		$	482,818
Ratios to average net assets:
Expenses (c)		.77	%(d)		.76	%		.75	%		.74	%		.73	%		.74	%
Net investment income		3.99	%(d)		3.83	%		2.38	%		1.78	%		2.28	%		2.87	%
Portfolio turnover rate (excluding short-term securities)		151.4	%(e)		209.9	%		139.2	%		67.3	%		93.0	%		130.4	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Delaware Ivy^SM Growth Fund

	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	37.387		$	27.100		$	37.202		$	28.554		$	21.848		$	16.007
Income from investment operations:
Net investment loss (a)		(.060	)		(.090	)		(.082	)		(.124	)		(.038	)		(.005	)
Net realized and unrealized gain(loss) on investments		5.868			10.377			(10.020	)		8.772			6.744			5.846
Total from investment operations		5.808			10.287			(10.102	)		8.648			6.706			5.841
Net asset value, end of period	$	43.195		$	37.387		$	27.100		$	37.202		$	28.554		$	21.848
Total return (b)		15.53	%		37.96	%		(27.15	)%		30.29	%		30.69	%		36.49	%
Net assets, end of period (in thousands)	$	644,217		$	593,256		$	478,459		$	705,437		$	606,247		$	544,843
Ratios to average net assets:
Expenses (c) .		.96	%(d)		.97	%		.96	%		.96	%		.97	%		.98	%
Net investment loss		(.30	)%(d)		(.28	)%		(.27	)%		(.38	)%		(.16	)%		(.03	)%
Portfolio turnover rate (excluding short-term securities)		4.4	%(e)		9.1	%		8.5	%		14.4	%		28.9	%		29.9	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Delaware Ivy^SM Small Cap Growth Fund

	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	22.062		$	19.561		$	26.750		$	25.579		$	18.772		$	15.181
Income from investment operations:
Net investment loss (a)		(.108	)		(.168	)		(.179	)		(.233	)		(.161	)		(.146	)
Net realized and unrealized gain(loss) on investments		1.950			2.669			(7.010	)		1.404			6.968			3.737
Total from investment operations		1.842			2.501			(7.189	)		1.171			6.807			3.591
Net asset value, end of period	$	23.904		$	22.062		$	19.561		$	26.750		$	25.579		$	18.772
Total return (b)		8.34	%		12.79	%		(26.87	)%		4.58	%		36.26	%		23.66	%
Net assets, end of period (in thousands)	$	155,947		$	150,358		$	141,138		$	204,666		$	211,834		$	176,721
Ratios to average net assets:
Expenses (c)		1.32	%(d)		1.32	%		1.27	%		1.23	%		1.24	%		1.23	%
Net investment loss		(.93	)%(d)		(.80	)%		(.82	)%		(.84	)%		(.83	)%		(.81	)%
Portfolio turnover rate (excluding short-term securities)		37.1	%(e)		65.1	%		61.8	%		47.1	%		53.6	%		43.3	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Equity Stabilization Fund

	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.984		$	12.969		$	14.363		$	12.804		$	13.527		$	11.594
Income from investment operations:
Net investment income (a)		.150			.268			.169			.154			.173			.275
Net realized and unrealized gain(loss) on investments		.691			.747			(1.563	)		1.405			(.896	)		1.658
Total from investment operations		.841			1.015			(1.394	)		1.559			(.723	)		1.933
Net asset value, end of period	$	14.825		$	13.984		$	12.969		$	14.363		$	12.804		$	13.527
Total return (b)		6.01	%		7.82	%		(9.71	)%		12.18	%		(5.35	)%		16.67	%
Net assets, end of period (in thousands)	$	300,938		$	313,368		$	328,345		$	372,333		$	355,582		$	390,478
Ratios to average net assets:
Expenses before waiver (c)		.90	%(d)		.90	%		.88	%		.87	%		.88	%		.90	%
Expenses (c)		.90	%(d)		.90	%		.88	%		.85	%(e)		.80	%(e)		.80	%(e)
Net investment income		2.09	%(d)		2.01	%		1.28	%		1.13	%		1.38	%		2.17	%
Portfolio turnover rate (excluding short-term securities)		–	%(f)		0.6	%		12.3	%		3.4	%		20.1	%		–	%

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

(d) Adjusted to an annual basis.

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

(f) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Government Money Market Fund

	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
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)		.023			.044			.011			–			.002			.015
Net realized and unrealized gain on investments		–			–			–			–			–			–
Total from investment operations .		.023			.044			.011			–			.002			.015
Less distributions:
Distributions from net investment income		(.023	)		(.044	)		(.011	)		–			(.002	)		(.015	)
Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total return (b)		2.37	%		4.47	%		1.12	%		–	%		0.21	%		1.50	%
Net assets, end of period (in thousands)	$	228,326		$	229,469		$	222,482		$	197,078		$	196,877		$	188,351
Ratios to average net assets:
Expenses before waiver .		.65	%(c)		.64	%		.64	%		.66	%		.68	%		.83	%
Expenses (d) .		.65	%(c)		.64	%		.48	%(e)		.04	%(e)		.29	%(e)		.70	%(e)
Net investment income		4.72	%(c)		4.38	%		1.16	%		–	%		.20	%		1.35	%

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

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

Securian Funds Trust
Financial Highlights – continued

SFT Index 400 Mid-Cap Fund

	Class 1 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.823		$	6.745		$	7.786		$	6.264		$	5.527		$	4.392
Income from investment operations:
Net investment income (a)		.066			.100			.084			.068			.065			.067
Net realized and unrealized gain(loss) on investments		.406			.978			(1.125	)		1.454			.672			1.068
Total from investment operations .		.472			1.078			(1.041	)		1.522			.737			1.135
Net asset value, end of period	$	8.295		$	7.823		$	6.745		$	7.786		$	6.264		$	5.527
Total return (b)		6.03	%		15.99	%		(13.38	)%		24.30	%		13.34	%		25.82	%
Net assets, end of period (in thousands)	$	39,289		$	35,875		$	28,379		$	25,327		$	15,838		$	12,088
Ratios to average net assets:
Expenses (c) .		.31	%(d)		.31	%		.30	%		.28	%		.31	%		.29	%
Net investment income		1.64	%(d)		1.40	%		1.22	%		.93	%		1.27	%		1.31	%
Portfolio turnover rate (excluding short-term securities)		8.9	%(e)		20.7	%		15.0	%		15.3	%		14.4	%		15.1	%
	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.535		$	6.513		$	7.538		$	6.079		$	5.377		$	4.284
Income from investment operations:
Net investment income (a)		.055			.079			.063			.050			.050			.054
Net realized and unrealized gain(loss) on investments .		.390			.943			(1.088	)		1.409			.652			1.039
Total from investment operations .		.445			1.022			(1.025	)		1.459			.702			1.093
Net asset value, end of period	$	7.980		$	7.535		$	6.513		$	7.538		$	6.079		$	5.377
Total return (b)		5.90	%		15.70	%		(13.60	)%		23.99	%		13.06	%		25.51	%
Net assets, end of period (in thousands)	$	180,381		$	183,879		$	169,289		$	207,828		$	188,333		$	186,108
Ratios to average net assets:
Expenses (c)		.55	%(d)		.56	%		.55	%		.53	%		.56	%		.54	%
Net investment income		1.40	%(d)		1.14	%		.94	%		.71	%		1.02	%		1.09	%
Portfolio turnover rate (excluding short-term securities)		8.9	%(e)		20.7	%		15.0	%		15.3	%		14.4	%		15.1	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Index 500 Fund

	Class 1 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	20.797		$	16.502		$	20.191		$	15.732		$	13.309		$	10.144
Income from investment operations:
Net investment income (a) .		.153			.283			.251			.215			.217			.215
Net realized and unrealized gain(loss) on investments		3.003			4.012			(3.940	)		4.244			2.206			2.950
Total from investment operations		3.156			4.295			(3.689	)		4.459			2.423			3.165
Net asset value, end of period	$	23.953		$	20.797		$	16.502		$	20.191		$	15.732		$	13.309
Total return (b)		15.17	%		26.03	%		(18.27	)%		28.35	%		18.20	%		31.20	%
Net assets, end of period (in thousands)	$	522,839		$	439,577		$	322,375		$	365,210		$	272,088		$	224,410
Ratios to average net assets:
Expenses (c)		.18	%(d)		.19	%		.19	%		.19	%		.20	%		.20	%
Net investment income		1.38	%(d)		1.52	%		1.44	%		1.19	%		1.62	%		1.81	%
Portfolio turnover rate (excluding short-term securities)		0.8	%(e)		2.5	%		2.1	%		2.3	%		3.3	%		2.6	%
	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	20.034		$	15.936		$	19.547		$	15.268		$	12.949		$	9.894
Income from investment operations:
Net investment income (a)		.121			.227			.200			.164			.179			.181
Net realized and unrealized gain(loss) on investments		2.890			3.871			(3.811	)		4.115			2.140			2.874
Total from investment operations		3.011			4.098			(3.611	)		4.279			2.319			3.055
Net asset value, end of period	$	23.045		$	20.034		$	15.936		$	19.547		$	15.268		$	12.949
Total return (b)		15.03	%		25.71	%		(18.47	)%		28.03	%		17.91	%		30.88	%
Net assets, end of period (in thousands)	$	863,777		$	791,371		$	665,209		$	862,746		$	731,356		$	689,994
Ratios to average net assets:
Expenses (c) .		.43	%(d)		.44	%		.44	%		.44	%		.45	%		.45	%
Net investment income		1.13	%(d)		1.27	%		1.18	%		.94	%		1.38	%		1.56	%
Portfolio turnover rate (excluding short-term securities)		0.8	%(e)		2.5	%		2.1	%		2.3	%		3.3	%		2.6	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Real Estate Securities Fund

	Class 1 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	6.605		$	5.885		$	7.964		$	5.515		$	5.661		$	4.534
Income from investment operations:
Net investment income (a)		.162			.132			.114			.061			.087			.096
Net realized and unrealized gain(loss) on investments		(.183	)		.588			(2.193	)		2.388			(.233	)		1.031
Total from investment operations		(.021	)		.720			(2.079	)		2.449			(.146	)		1.127
Net asset value, end of period	$	6.584		$	6.605		$	5.885		$	7.964		$	5.515		$	5.661
Total return (b)		(0.31	)%		12.22	%		(26.10	)%		44.41	%		(2.59	)%		24.87	%
Net assets, end of period (in thousands)	$	14,531		$	14,785		$	11,211		$	13,201		$	6,461		$	5,858
Ratios to average net assets:
Expenses (c)		.98	%(d)		.97	%		.90	%		.87	%		.91	%		.88	%
Net investment income		5.08	%(d)		2.18	%		1.71	%		.91	%		1.69	%		1.79	%
Portfolio turnover rate (excluding short-term securities)		12.6	%(e)		33.4	%		78.7	%		59.7	%		74.9	%		55.5	%
	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	6.361		$	5.683		$	7.709		$	5.352		$	5.508		$	4.422
Income from investment operations:
Net investment income (a)		.147			.110			.091			.055			.073			.082
Net realized and unrealized gain(loss) on investments		(.174	)		.568			(2.117	)		2.302			(.229	)		1.004
Total from investment operations		(.027	)		.678			(2.026	)		2.357			(.156	)		1.086
Net asset value, end of period	$	6.334		$	6.361		$	5.683		$	7.709		$	5.352		$	5.508
Total return (b)		(0.43	)%		11.94	%		(26.29	)%		44.05	%		(2.83	)%		24.56	%
Net assets, end of period (in thousands)	$	103,570		$	109,166		$	104,547		$	160,607		$	119,460		$	128,350
Ratios to average net assets:
Expenses (c)		1.23	%(d)		1.22	%		1.15	%		1.12	%		1.16	%		1.13	%
Net investment income		4.81	%(d)		1.88	%		1.40	%		.85	%		1.46	%		1.59	%
Portfolio turnover rate (excluding short-term securities)		12.6	%(e)		33.4	%		78.7	%		59.7	%		74.9	%		55.5	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT T. Rowe Price Value Fund

	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	22.243		$	19.905		$	22.533		$	17.411		$	15.818		$	12.568
Income from investment operations:
Net investment income (a) .		.102			.228			.180			.082			.147			.186
Net realized and unrealized gain(loss) on investments		2.214			2.110			(2.808	)		5.040			1.446			3.064
Total from investment operations		2.316			2.338			(2.628	)		5.122			1.593			3.250
Net asset value, end of period	$	24.559		$	22.243		$	19.905		$	22.533		$	17.411		$	15.818
Total return (b)		10.41	%		11.75	%		(11.67	)%		29.43	%		10.06	%		25.86	%
Net assets, end of period (in thousands)	$	198,423		$	194,341		$	185,109		$	239,333		$	206,350		$	201,178
Ratios to average net assets:
Expenses (c) .		.99	%(d)		1.04	%		1.07	%		1.05	%		1.06	%		1.06	%
Net investment income .		.86	%(d)		1.12	%		.88	%		.40	%		1.01	%		1.28	%
Portfolio turnover rate (excluding short-term securities)		29.9	%(e)		61.8	%		186.4	%		100.1	%		113.2	%		131.1	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Wellington Core Equity Fund

	Class 1 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	27.068		$	22.365		$	27.698		$	22.304		$	18.861		$	14.069
Income from investment operations:
Net investment income (a) .		.057			.155			.152			.105			.116			.120
Net realized and unrealized gain(loss) on investments		4.512			4.548			(5.485	)		5.289			3.327			4.672
Total from investment operations		4.569			4.703			(5.333	)		5.394			3.443			4.792
Net asset value, end of period	$	31.637		$	27.068		$	22.365		$	27.698		$	22.304		$	18.861
Total return (b)		16.88	%		21.03	%		(19.26	)%		24.18	%		18.25	%		34.06	%
Net assets, end of period (in thousands)	$	6,691		$	5,539		$	3,843		$	3,020		$	1,729		$	1,251
Ratios to average net assets:
Expenses (c) .		.79	%(d)		.85	%		.87	%		.84	%		.86	%		.86	%
Net investment income .		.38	%(d)		.63	%		.65	%		.42	%		.61	%		.71	%
Portfolio turnover rate (excluding short-term securities)		18.7	%(e)		23.1	%		14.0	%		14.4	%		23.0	%		14.9	%
	Class 2 Shares
	Six months ended June 30, 2024			Year ended December 31,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	26.421		$	21.885		$	27.173		$	21.936		$	18.596		$	13.906
Income from investment operations:
Net investment income (a)		.020			.094			.088			.042			.068			.077
Net realized and unrealized gain(loss) on investments		4.402			4.442			(5.376	)		5.195			3.272			4.613
Total from investment operations		4.422			4.536			(5.288	)		5.237			3.340			4.690
Net asset value, end of period	$	30.843		$	26.421		$	21.885		$	27.173		$	21.936		$	18.596
Total return (b)		16.74	%		20.73	%		(19.46	)%		23.87	%		17.96	%		33.73	%
Net assets, end of period (in thousands)	$	124,275		$	113,517		$	104,921		$	141,740		$	128,567		$	123,630
Ratios to average net assets:
Expenses (c)		1.04	%(d)		1.10	%		1.12	%		1.08	%		1.11	%		1.11	%
Net investment income		.14	%(d)		.40	%		.38	%		.17	%		.37	%		.47	%
Portfolio turnover rate (excluding short-term securities)		18.7	%(e)		23.1	%		14.0	%		14.4	%		23.0	%		14.9	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Notes to Financial Statements

June 30, 2024

(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"), each of whose Funds operate as a no-load, diversified open-end management investment company, except that the SFT Delaware Ivy^SM Growth 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 Balanced Stabilization Fund		NA		🗸
SFT Core Bond Fund		🗸		🗸
SFT Delaware Ivy^SM Growth Fund		NA		🗸
SFT Delaware Ivy^SM Small Cap Growth Fund		NA		🗸
SFT Equity Stabilization Fund		NA		🗸
SFT Government Money Market Fund		NA		🗸
SFT Index 400 Mid-Cap Fund		🗸		🗸
SFT Index 500 Fund		🗸		🗸
SFT Real Estate Securities Fund		🗸		🗸
SFT T. Rowe Price Value Fund		NA		🗸
SFT Wellington Core Equity Fund		🗸		🗸

Securian Asset Management, Inc. ("Securian AM"), 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 Funds' prospectus provides a detailed description of each Fund's investment objective, policies and strategies.

Class 2 shares are subject to a Rule 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 Rule 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 Funds 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.

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 statement of assets and liabilities 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

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 Securian AM, as the Valuation Designee, in accordance with procedures approved by the Board of Trustees (the "Board") of the Trust and in accordance with provisions of the 1940 Act. The Board has delegated the daily oversight of the securities valuation function to Securian AM, which ensures that valuations comply with the valuation policies. The summary of fair valued in good faith securities are presented to the Board at their quarterly meetings.

A Fund's investments will also be valued at fair value in good faith by Securian AM if it 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, Securian AM is immediately notified and promptly determines whether fair value in good faith pricing is needed in accordance with the Trust's valuation procedures and, if so, approves 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 stable 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.

On July 12, 2023, the Securities Exchange Commission ("SEC") adopted amendments to Rule 2a-7 and other rules that govern money market funds under the 1940 Act. As applicable to a government money market fund, these amendments, among other changes: (i) increase required weekly liquid asset and daily liquid asset minimums, effective April 2, 2024; and (ii) allow government money market funds and retail money market funds to engage in certain practices in order to maintain a stable net asset value in a negative interest rate environment, subject to certain conditions including Board approval and disclosure requirements. At this time, management is evaluating the rule amendments and their impact on the SFT Government Money Market Fund.

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.

Investment Companies

The Funds may invest in other investment companies, which may not be traded on an exchange, the Fund(s) may, as a practical expedient, estimate the fair value of an investment company based on the reported NAV per share or its equivalent if the reported NAV per share or its equivalent of the investment company is calculated in a manner consistent with the measurement principles applied to investment companies, in accordance with ASC 946. If the investment company does not provide a reported NAV per share or its

Securian Funds Trust
Notes to Financial Statements – continued

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

equivalent on a Business Day, Securian AM, as valuation designee, shall estimate fair value in good faith and in a manner consistent with the Trust's Valuation Procedures.

Foreign Currency Translations

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.

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.

The Funds do not separately report changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities.

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.

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 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 each Fund pays a premium whether or not the option is exercised. Each 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. Each 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

Securian Funds Trust
Notes to Financial Statements – continued

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

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.

Bank Loans

The SFT Core Bond Fund may purchase bank loans. Bank loans are interests in amounts owed by corporate or other borrowers and may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Bank loans may be made directly with a borrower or acquired through assignment or participation. The Fund's right to enforce a borrower's compliance with the terms of the loan agreement, or benefit directly from the collateral supporting the loan, varies when the loan is a direct borrowing, an assignment, or a participation. Investments in bank loans may involve special risks including risk of loss in case of default, insolvency, or the bankruptcy of the borrower and are generally subject to restrictions on transfer with limited opportunities to sell them in secondary markets. The Fund may also invest in loan commitments, which are contractual obligations for a future funding. The Fund may earn a commitment fee on any unfunded portion of these commitments which is amortized to interest income over the commitment period. Both the funded portion of a loan interest as well as its unfunded commitment, if any, is reflected on the Schedule of Investments. Although typically secured, bank loans may not be backed by sufficient collateral to satisfy their issuers' obligations in the event of bankruptcy, insolvency or similar distressed scenarios. Bank loans may also be illiquid, not readily marketable, or subject to restrictions on resale.

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. As of June 30, 2024, no Funds were invested in repurchase agreements.

Federal Taxes

Each Fund, other than SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund, qualifies as a partnership for federal income tax purposes 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 considered for federal income tax purposes by its partners, which will be Minnesota Life and Securian Life through their respective separate accounts. SFT Balanced Stabilization Fund, SFT Equity Stabilization 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 Balanced Stabilization Fund, SFT Equity Stabilization 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

Securian Funds Trust
Notes to Financial Statements – continued

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

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 considers for federal income tax purposes the income, gains, deductions, and losses relating to those assets.

The FASB ASC 740, "Income Taxes" (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Funds have evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Funds' financial statements for the six months ended June 30, 2024. The Funds' federal and state income returns for which the applicable statutes of limitations have not expired (2020, 2021, 2022 and 2023) 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.

The Funds are partnerships and disregarded entities. Funds other than SFT Government Money Market Fund are not required to and will not distribute taxable income.

Securities Purchased on a When-Issued or Forward Commitment Basis

Delivery and payment for securities which have been purchased or sold by a Fund on a when-issued or forward commitment basis, including To Be Announced ("TBA") securities, 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, 2024, the SFT Core Bond Fund entered into outstanding, when-issued or forward commitments, including TBA securities, at fair value of $75,982,283.

Cross-Trades

The Funds are permitted to purchase and sell securities (i.e., "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 adviser or 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 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price to save costs where allowed.

For the six months ended June 30, 2024, the Funds engaged in the following cross-trades, which resulted in the following net realized gains (losses):

				Purchases				Sales				Net Realized Gains (Losses)
SFT Wellington Core Equity Fund				$	–			$	270,419			$	49,505

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, 2024 were as follows:

	Non-U.S. Government				U.S. Government*
	Purchases		Sales		Purchases		Sales
SFT Balanced Stabilization Fund	$	–	$	29,093,194	$	–	$	485,391
SFT Core Bond Fund		21,359,575		42,785,755		609,302,862		571,892,856
SFT Delaware Ivy^SM Growth Fund		26,751,222		67,159,561		–		–
SFT Delaware Ivy^SM Small Cap Growth Fund		57,036,260		64,717,408		–		–
SFT Equity Stabilization Fund		–		18,101,470		–		–
SFT Index 400 Mid-Cap Fund		19,333,158		30,566,407		–		1,000,000
SFT Index 500 Fund		9,558,080		43,972,154		–		–
SFT Real Estate Securities Fund		14,545,547		19,707,789		–		–
SFT T. Rowe Price Value Fund		59,546,791		72,442,276		–		–
SFT Wellington Core Equity Fund		23,314,134		29,701,744		–		–

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

(4) Expenses and Related Party Transactions

The Trust has entered into 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 pays Securian AM an annual fee, based on average daily net assets, in the following amounts:

Fund				Annual Fee on Net Assets
SFT Balanced Stabilization Fund				0.55% of assets to $750 million; and 0.50% of assets exceeding $750 million
SFT Core Bond Fund				0.40% of assets to $750 million; and 0.35% of assets exceeding $750 million
SFT Delaware Ivy^SM Growth Fund				0.67% of assets to $300 million; and 0.625% of next $200 million of assets; and 0.60% of next $500 million of assets; and 0.50% of assets exceeding $1 billion
SFT Delaware Ivy^SM Small Cap Growth Fund				0.85% of assets to $300 million; and 0.80% of next $200 million of assets; and 0.75% of next $500 million of assets; and 0.70% of assets exceeding $1 billion
SFT Equity Stabilization Fund				0.55% of assets to $750 million; and 0.50% of assets exceeding $750 million
SFT Government Money Market Fund				0.25% of assets to $750 million; and 0.20% of assets exceeding $750 million
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 Real Estate Securities Fund				0.70% of assets to $300 million; and 0.675% of next $200 million of assets; and 0.65% of next $500 million of assets; and 0.60% of assets exceeding $1 billion
SFT T. Rowe Price Value Fund(a)				0.57% of assets to $300 million; and 0.55% of next $200 million of assets; and 0.525% of next $500 million of assets; and 0.50% of assets exceeding $1 billion
SFT Wellington Core Equity Fund(b)				0.55% of assets to $300 million; and 0.525% of next $200 million of assets; and 0.50% of next $500 million of assets; and 0.45% of assets exceeding $1 billion

(a) Prior to June 1, 2023, the Fund's investment advisory fee was 0.67% of assets to $300 million; and 0.65% of next $200 million of assets; and 0.625% of next $500 million of assets; and 0.60% of assets exceeding $1 billion.

(b) Prior to June 1, 2023, the Fund's investment advisory fee was 0.65% of assets to $300 million; and 0.625% of next $200 million of assets; and 0.60% of next $500 million of assets; and 0.55% of assets exceeding $1 billion.

Securian Funds Trust
Notes to Financial Statements – continued

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

Securian AM has entered into a sub-advisory agreement with Cohen & Steers Capital Management, Inc. ("Cohen & Steers"), as sub-adviser to the SFT Real Estate Securities Fund, under which Securian AM pays Cohen & Steers an annual fee ranging from 0.25% to 0.38% based on average daily net assets.

Securian AM has entered into a sub-advisory agreement with Delaware Investments Fund Advisers ("DIFA"), a series of Macquarie Investment Management Business Trust, as sub-adviser to SFT Delaware Ivy^SM Growth Fund and the SFT Delaware Ivy^SM Small Cap Growth Fund, under which Securian AM pays DIFA an annual fee for SFT Delaware Ivy^SM Growth Fund and the SFT Delaware Ivy^SM Small Cap Growth Fund ranging from 0.33% to 0.55% and 0.40% to 0.82%, respectively, based on average daily net assets.

Securian AM has entered into a sub-advisory agreement with Metropolitan West Asset Management, LLC ("MetWest"), a wholly-owned subsidiary of TCW Group, Inc., as sub-adviser to the SFT Core Bond Fund, under which Securian pays MetWest an annual fee ranging from 0.10% to 0.18% based on average daily net assets.

Securian AM has entered into a sub-advisory agreement with T. Rowe Price Associates, Inc. ("T. Rowe Price"), as sub-adviser to the SFT T. Rowe Price Value Fund, under which Securian AM pays T. Rowe Price an annual fee ranging from 0.25% to 0.48% based on average daily net assets.

Securian AM has entered into a sub-advisory agreement with Wellington Management Company LLP ("Wellington Management"), as sub-adviser to the SFT Wellington Core Equity Fund, under which Securian AM pays Wellington Management an annual fee ranging from 0.27% 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, a percentage of the 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 entered into an agreement with Securian Financial Group under which Securian Financial Group provides accounting, legal, security valuations 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 currently range from $8,000 to $19,000.

Accounting Services

The Trust has entered into an agreement with State Street Bank and Trust Company ("State Street") in which State Street provides daily fund accounting and investment administration services. In 2024, these fees ranged from 0.01% to 0.04% 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 (each, a "Covered Fund"). Each Covered Fund pays distribution fees at the annual rate of 0.25% 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

Securian Funds Trust
Notes to Financial Statements – continued

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

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 approved a Restated Net Investment Income Maintenance Agreement (the "Income Maintenance Agreement") among the Trust (on behalf of SFT Government Money Market Fund), Securian AM and Securian Financial. Under such Income Maintenance 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 Income Maintenance 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%. 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. There is no guarantee that the Fund will maintain a positive yield. The Income Maintenance Agreement runs through April 30, 2025 and renew annually for a full year unless terminated by Securian AM upon at least 30 days' notice prior to the end of the contract term.

As of June 30, 2024, the amounts waived and eligible for recovery are as follows:

Agreement

Advisory
Fees Waived
for the
six months
ended

12b-1 Fees
Waived
for the
six months
ended

Excess Expense
Waived
for the
six months
ended

Total
eligible for
recovery
as of

Expiring June 30,

Fund

Date

June 30, 2024*

June 30, 2024

2025

2026

2027

SFT Government
Money Market
Fund

May 1, 2012

–

942,838

–

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

SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT Government Money Market Fund Expense Waivers

Securian AM and the Trust, on behalf of the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT Government Money Market Fund, have entered into separate 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). The Expense Limitation Agreements for SFT Balanced Stabilization Fund and SFT Equity Stabilization Fund were terminated effective May 1, 2021.

Securian Funds Trust
Notes to Financial Statements – continued

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

The SFT Government Money Market Expense Limitation Agreement runs through April 30, 2025 and renews annually for a full year unless terminated by Securian AM upon at least 30 days' notice prior to the end of the 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 their respective Expense Limitation Agreement, provided that such reimbursement will not cause any Fund to exceed any limits in effect at the time of such reimbursement. A 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 Funds' prospectus.

As of June 30, 2024, the amounts waived and eligible for recovery are as follows:

Agreement

Expense

Advisory Fees
Waived for the
six months
ended

Total eligible
for recovery
as of

Expiring June 30,

Fund

Date

Limit

June 30, 2024*

June 30, 2024

2025

2026

2027

SFT Balanced
Stabilization Fund

Terminated May 1, 2021

N/A

–

SFT Equity
Stabilization Fund

Terminated May 1, 2021

N/A

–

SFT Government Money
Market Fund

November 1, 2023

0.70

–

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

(5) Illiquid Investments

Non-Money Market Funds—Pursuant to Rule 22e-4 under the 1940 Act, no Fund may acquire an "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. Rule 22e-4 generally defines an illiquid investment as any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. At June 30, 2024, the SFT Balanced Stabilization Fund and SFT Core Bond Fund held three and one illiquid securities with a market value of $3,928,946 and $29,121, which represents 0.6% and 0.0% of net assets, respectively.

Government Money Market Funds—Money market funds are governed by Rule 2a-7 under the 1940 Act. Per Rule 2a-7, the SFT Government Money Market Fund currently limits investments in "illiquid securities" to 0.5% of total assets at the time of purchase. Rule 2a-7 defines an illiquid security as a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund. At June 30, 2024, the Fund did not hold illiquid securities.

(6) Fair Value Measurement

The Trust utilizes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs when determining fair value. The hierarchy also establishes a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions 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 or liability based on the best

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

information available in the circumstances. Level 1 includes unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, credit risk and prepayment speed). Level 3 includes unobservable inputs, which may include the advisor's own assumptions in determining the fair value of an investment or are based on independent non-binding broker quotes. Other financial instruments are derivative instruments not reflected in total investments, such as futures, swaps, and written options.

The following is a summary of the levels used for the six months ended June 30, 2024, 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, 2024 using
Fund	Level 1			Level 2		Level 3		Total
SFT Balanced Stabilization Fund
Assets
Government Obligations	$	–		$	30,544,583	$	–	$	30,544,583
Other Mortgage-Backed Securities		–			1,345,677		–		1,345,677
Corporate Obligations		–			205,672,002		–		205,672,002
Purchased Options		107,690			–		–		107,690
Investment Companies		401,922,912			–		–		401,922,912
Total Investments		402,030,602			237,562,262		–		639,592,864
Other Financial Instruments* Futures Contracts		485,924			–		–		485,924
Liabilities
Other Financial Instruments* Written Options		(23,293	)		–		–		(23,293	)
SFT Core Bond Fund
Assets
Government Obligations		–			322,047,629		–		322,047,629
Asset-Backed Securities		–			32,231,550		–		32,231,550
Other Mortgage-Backed Securities		–			47,760,669		–		47,760,669
Corporate Obligations		–			70,704,098		–		70,704,098
Bank Loans		–			6,128,588		–		6,128,588
Foreign Bonds		–			2,443,195		–		2,443,195
Investment Companies		15,197,574			–		–		15,197,574
U.S. Government Agencies and Obligations		–			14,975,304		–		14,975,304
Total Investments		15,197,574			496,291,033		–		511,488,607
Other Financial Instruments* Futures Contracts		217,036			–		–		217,036
Liabilities
Other Financial Instruments* Futures Contracts		(24,305	)		–		–		(24,305	)
SFT Delaware Ivy^SM Growth Fund
Assets
Common Stocks		641,139,257			–		–		641,139,257
Investment Companies		1,370,012			–		–		1,370,012
Total Investments		642,509,269			–		–		642,509,269
SFT Delaware Ivy^SM Small Cap Growth Fund
Assets
Common Stocks		152,420,958			–		–		152,420,958
Investment Companies		4,112,329			–		–		4,112,329
Total Investments		156,533,287			–		–		156,533,287

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
June 30, 2024 using

Fund

Level 1

Level 2

Level 3

Total

SFT Equity Stabilization Fund

Assets

Investment Companies

295,108,376

–

295,108,376

Purchased Options

49,840

–

49,840

Total Investments

295,158,216

–

295,158,216

Other Financial Instruments*
Futures Contracts

223,262

–

223,262

Liabilities

Other Financial Instruments*
Written Options

(10,780

)

–

(10,780

)

SFT Government Money Market Fund

Assets

U.S. Government Obligations

209,088,465

–

209,088,465

Investment Companies

19,722,268

–

19,722,268

Total Investments

228,810,733

–

228,810,733

SFT Index 400 Mid-Cap Fund

Assets

Common Stocks

212,228,403

–

212,228,403

Investment Companies

6,041,985

–

6,041,985

U.S. Government Agencies and
Obligations

–

989,463

–

989,463

Total Investments

218,270,388

989,463

–

219,259,851

Other Financial Instruments*
Futures Contracts

6,921

–

6,921

SFT Index 500 Fund

Assets

Common Stocks

1,338,130,466

–

1,338,130,466

Investment Companies

48,423,447

–

48,423,447

Total Investments

1,386,553,913

–

1,386,553,913

Other Financial Instruments*
Futures Contracts

494,427

–

494,427

SFT Real Estate Securities Fund

Assets

Common Stocks

114,655,992

–

114,655,992

Investment Companies

2,741,847

–

2,741,847

Total Investments

117,397,839

–

117,397,839

SFT T. Rowe Price Value Fund

Assets

Common Stocks

197,477,288

–

197,477,288

Investment Companies

1,048,570

–

1,048,570

Total Investments

198,525,858

–

198,525,858

SFT Wellington Core Equity Fund

Assets

Common Stocks

130,680,301

–

130,680,301

Investment Companies

520,799

–

520,799

Total Investments

131,201,100

–

131,201,100

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

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Level 2 Measurements:

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

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

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

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

Bank Loans – These securities are generally valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. These quoted prices are based on interest rates, yield curves, option adjusted spreads, credit spreads and/or other criteria. To the extent that these inputs are observable, the values of Bank Loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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, 2 and 3 during the six-months ended June 30, 2024.

(7) Derivative Instruments Reporting

The Trust provides, when applicable, disclosures of the location, by line item, of fair value amounts in the Statement of Assets and Liabilities and the location, by line item, of amounts of gains and losses reported in the Statement of Operations. The derivative instruments outstanding as of period end are disclosed in the

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

Investments in Securities. The following tables represent the average monthly volume of the Fund's derivative transactions during the six months ended June 30, 2024:

	Average Notional Amount
SFT Balanced Stabilization Fund
Futures contracts	$	77,465,017
Purchased options contracts		199,110
Written options contracts		(42,697	)
SFT Core Bond Fund
Futures contracts	$	90,139,090
SFT Equity Stabilization Fund
Futures contracts	$	36,749,967
Purchased options contracts		95,679
Written options contracts		(20,469	)
SFT Index 400 Mid-Cap Fund
Futures contracts	$	5,883,164
SFT Index 500 Fund
Futures contracts	$	32,358,726

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 Balanced Stabilization Fund and the SFT Equity Stabilization Fund to manage the equity exposure while attempting to reduce the volatility and risk of the Funds. Interest rate derivatives were purchased or sold in the SFT Core Bond Fund to both manage the average duration of the fixed income portfolio and to hedge against the effects of interest rate changes on a portfolio's current or intended investments.

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

	Risk Exposure
	Equity Contracts			Interest Rate Contracts
SFT Balanced Stabilization Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2024
Assets:
Investments in securities, at market value (purchased options)	$	107,690		$	–
Variation margin on futures contracts*		485,924			–
Total	$	593,614		$	–
Liabilities:
Written options contracts	$	(23,293	)	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2024
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	4,854,385		$	–
Purchased options contracts		(1,168,773	)		–
Written options contracts		264,196			–
Total	$	3,949,808		$	–

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	Risk Exposure
	Equity Contracts			Interest Rate Contracts
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(1,489,267	)	$	–
Purchased options contracts		89,327			–
Written options contracts		(20,561	)		–
Total	$	(1,420,501	)	$	–
SFT Core Bond Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2024
Assets:
Variation margin on futures contracts*	$	–		$	217,036
Liabilities:
Variation margin on futures contracts*	$	–		$	(24,305	)
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2024
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	–		$	(757,964	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	–		$	(938,851	)
SFT Equity Stabilization Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2024
Assets:
Investments in securities, at market value (purchased options)	$	49,840		$	–
Variation margin on futures contracts*		223,262			–
Total	$	273,102		$	–
Liabilities:
Written options contracts	$	(10,780	)	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2024
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	3,934,517		$	–
Purchased options contracts		(571,716	)		–
Written options contracts		128,921			–
Total	$	3,491,722		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(600,401	)	$	–
Purchased options contracts		48,935			–
Written options contracts		(11,261	)		–
Total	$	(562,727	)	$	–
SFT Index 400 Mid-Cap Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2024
Assets:
Variation margin on futures contracts*	$	6,921		$	–

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	Risk Exposure
	Equity Contracts			Interest Rate Contracts
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2024
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	286,942		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(303,403	)	$	–
SFT Index 500 Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2024
Assets:
Variation margin on futures contracts*	$	494,427		$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2024
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	3,603,974		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(527,907	)	$	–

* Includes cumulative appreciation/depreciation of futures contracts as reported in the notes to the Schedules of Investments in Securities. Only the 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 counterparties to such derivative instruments. For the six months ended June 30, 2024, none of the Funds' derivatives were subject to master netting arrangements.

(8) Affiliated Ownership

The SFT Balanced Stabilization Fund invests in underlying securities and other investment companies, of which certain underlying funds (affiliated underlying funds) may be deemed to be under common control with the SFT Balanced Stabilization Fund because they share the same investment advisor, Securian AM, and because they are overseen by the same Board. The SFT Balanced Stabilization Fund achieves its equity exposure by investing only 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.

Securian Funds Trust
Notes to Financial Statements – continued

(8) Affiliated Ownership – (continued)

A summary of all transactions with the affiliated SFT Index 500 Fund as of June 30, 2024 are as follows:

					As of June 30, 2024
Fund/Underlying Fund	Beginning Value as of January 1, 2024		Change in Unrealized Appreciation/ Depreciation		Ending Value		Share Balance
SFT Balanced Stabilization Fund
SFT Index 500 Fund Class 1	$	295,829,308	$	44,886,153	$	340,715,461		14,224,618

(9) Other Risks

The Funds can invest in securities of foreign issuers, which may subject them to investment risks not normally associated with investing in U.S. securities. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war, acts of terrorism, financial institution failures, or other events, can adversely affect local and global markets and normal market operations.

(10) Subsequent Events

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

Securian Funds Trust
Other Information

(unaudited)

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 ("SEC") 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.

Proxy Voting Record

The Trust's proxy voting record for the 12 month period ended June 30 is available by calling, toll-free, 866-330-7355 or on the SEC'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

Each Fund (other than the SFT Government Money Market Fund) files its complete schedule of investment holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT are available on the SEC's website at www.sec.gov. The SFT Government Money Market Fund files a complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Fund's reports on Form N-MFP are available on the SEC's website at www.sec.gov. The SFT Government Money Market Fund makes portfolio holdings information available to shareholders on its website at: www.securianfunds.com

Securian Funds Trust
Statement Regarding Basis for Approval of Advisory Contracts

(unaudited)

Each year, the Board of Trustees (the "Board") of Securian Funds Trust (the "Trust," and each series thereof, a "Fund," and together, the "Funds") votes on the renewal of the Trust's investment advisory agreement (the "Investment Advisory Agreement") with Securian Asset Management, Inc. ("Securian AM"), the Trust's investment adviser. The Board most recently unanimously approved the continuation of the Investment Advisory Agreement on February 22, 2024. At this meeting, the Board also approved the continuation of the investment sub-advisory agreements (each an "Investment Sub-Advisory Agreement," and together with the Investment Advisory Agreement, the "Advisory Contracts") between Securian AM and Delaware Investments Fund Advisers ("DIFA") (for SFT Delaware Ivy Growth Fund), between Securian AM and DIFA (for SFT Delaware Ivy Small Cap Growth Fund), between Securian AM and Wellington Management Company LLC ("Wellington") (for SFT Wellington Core Equity Fund), between Securian AM and Cohen & Steers Capital Management, Inc. ("Cohen & Steers") (for SFT Real Estate Securities Fund), and between Securian AM and Metropolitan West Asset Management, LLC ("MetWest") (for SFT T. Rowe Price Value Fund). Collectively, the Funds managed by the sub-advisers are referred to as the "Sub-Advised Funds" and the sub-advisers listed above are referred to collectively herein as the "Sub-Advisers."

The Board receives 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. The Board meets at least once each year with each Fund's portfolio management team. The Board also receives frequent updates on industry developments and best practices, changes in Securian AM's organization and staffing, brokerage allocation and other matters.

In preparing for the Board's meeting on February 22, 2024, the members of the Board who are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees") met in executive session on February 12, 2024 to review the responses to various information requests made to Securian AM and the Sub-Advisers. The Board also reviewed a memorandum from independent legal counsel outlining their legal duties and responsibilities in connection with this annual review.

The Board considered various factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Board's determination to approve the continuation of the Advisory Contracts are discussed separately below.

Investment Advisory Agreement

Investment Performance

The Board reviewed the January 2024 report (the "Broadridge Report") prepared by Broadridge Financial Solutions, Inc. ("Broadridge") containing comparisons of each Fund's total return performance, and Board reports comparing each Fund's investment performance for the most recently completed calendar quarter and one, three, five and, where applicable, ten-year periods ended December 31, 2023, with peer funds independently selected by Broadridge and with one or more benchmark indices.

The Board noted that each of SFT S&P 400 Mid-Cap Index Fund and SFT S&P 500 Index Fund slightly underperformed their respective benchmarks and Broadridge peers during all reporting periods. They also noted that the SFT Government Money Market Fund slightly underperformed its Broadridge peers and benchmark for all relevant periods. The Board then observed that the SFT Balanced Stabilization Fund and the SFT Equity Stabilization Fund performed consistently with their objectives and were competitive with their peers. The Board reviewed attribution analyses and portfolio positioning on all Funds, particularly the Funds with more recent underperformance. After considering all this information, the Board concluded that the overall performance for each Fund was acceptable.

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

Nature, Extent and Quality of Services Provided by Securian AM

The Board considered the nature, extent and quality of the services that Securian AM provides to the Funds. The Board considered Securian AM's investment teams and their capabilities, including ensuring that the Funds pursue their investment objectives. The Board also noted that Securian AM 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. The Board further took into account that Securian AM pays all of the compensation of 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 Board considered the experience, capability and integrity of Securian AM's investment management and other personnel, the role of Securian AM's senior management, and the extent of its involvement with the Funds, and Securian AM's willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained.

The Board also considered (a) the financial position of Securian AM; (b) the quality of Securian AM's regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by Securian AM to the Funds; and (d) Securian AM's supervision of the Funds' third-party service providers.

With respect to the Sub-Advised Funds, the Board noted the responsibilities that Securian AM has, including the selection and oversight of the Funds' Sub-Advisers; maintaining a comprehensive compliance and administration program; and implementing Sub-Advised Fund policies.

Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by Securian AM to the Funds.

Management Fee and Other Expenses

The Board reviewed the Broadridge Report comparisons of each Fund's investment management, non-management and total expenses with industry peers that were independently selected by Broadridge, and analyzed factors that contributed to the expenses for certain Funds, including the small size of certain Funds in comparison to their industry peers. The Board reviewed whether current fee levels appropriately capture and share economies of scale (if any) with Fund investors, and the Board noted that all of the Funds have breakpoints in their fee structures that provide the opportunity for sharing economies of scale with Fund investors as such Funds' assets grow.

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

The Board reviewed Board reports on Securian AM's profitability in managing each Fund, as well as the methodology by which Securian AM calculated such profitability, and did not view Securian AM's profitability from any Fund as excessive.

The Board also considered that Securian AM and its affiliates benefit from certain soft-dollar arrangements. The Board noted that Securian AM's profitability would be somewhat lower if it had to pay for these benefits out of

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

its own assets. The Board also noted that Securian Financial Services, Inc. (the Trust's distributor), an affiliate of Securian AM, receives 12b-1 fees from the Funds. The Board also noted that Minnesota Life Insurance Company, an affiliate of Securian AM, 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 Board also recognized that Securian AM and its affiliates derive reputational and other benefits from their association with the Funds and Trust.

Based on this information, the Board concluded that the advisory fee payable by each Fund to Securian AM is fair and reasonable in light of the nature, extent and quality of services provided by Securian AM.

Investment Sub-Advisory Agreements

At the February 22, 2024 meeting, the Board also unanimously approved the continuation of the Investment Sub-Advisory Agreements. In addition to the Board's review of the Sub-Advised Funds' investment performance and expense ratios, the Board 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 is 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 operates in full compliance with applicable laws, regulations and exemptive orders. The Board also reviewed a summary of each Sub-Adviser's code of ethics and compliance program. The Board noted that Securian AM is unaffiliated with each Sub-Adviser and took into account Securian AM's position that the Investment Sub-Advisory Agreements were negotiated on an "arm's-length" basis.

The Board also reviewed the allocation of duties and responsibilities with respect to each Sub-Advised Fund between Securian AM and each Fund's Sub-Adviser. The Board noted that Securian AM 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, Audit Committee of the Board and Governance Committee of the Board meetings, and many other requirements.

Investment Performance

The Board reviewed the Broadridge Report containing comparisons of each Sub-Advised Fund's total return performance and Board reports comparing each Sub-Advised Fund's investment performance for the most recently completed calendar quarter and one, three, five and, where applicable, ten-year periods ended December 31, 2023 with peer funds independently selected by Broadridge and with one or more benchmark indices.

With respect to the Sub-Advised Funds, the Board noted that SFT Delaware Ivy Growth Fund outperformed its benchmark and Broadridge peers for the 1-year period, underperformed its benchmark and Lipper peers for the 3-year period, and outperformed its Broadridge peers, but underperformed its benchmark for the 5-year period. They noted that the SFT Delaware Ivy Small Cap Growth Fund underperformed both its Broadridge peers and benchmark for all reporting periods. The Board observed that the SFT Real Estate Securities Fund outperformed its Broadridge peers and its benchmark during 1- and 3-year periods, and outperformed its Broadridge peers but underperformed its benchmark during 5- and 10-year periods. The Board noted that the SFT Core Bond Fund underperformed its Broadridge peers for all reporting periods, but outperformed its benchmark for the 1-, 3- and 10-year periods. The Board then observed that SFT Wellington Core Equity Fund underperformed its Broadridge peers and benchmark for all reporting periods. Finally, the Board noted that SFT T. Rowe Price Value Fund outperformed its Broadridge peers and benchmark for the 5-year period, underperformed its Broadridge

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

peers and benchmark for the 3-year period, but underperformed its Broadridge peers for the 1-year period. The Board reviewed attribution analyses and portfolio positioning on all Sub-Advised Funds, particularly the Funds with more recent underperformance. After considering all this information, the Board concluded that the Sub-Advised Funds' overall performance was acceptable.

Nature, Extent and Quality of Services Provided by the Sub-Advisers

The Board considered each Sub-Adviser's investment management process, including (a) the experience, capability and integrity of the Sub-Adviser's management, investment professionals and other personnel; (b) the financial position of the Sub-Adviser; (c) the quality of the Sub-Adviser's regulatory and legal compliance policies, procedures and systems; (d) the Sub-Adviser's brokerage and trading practices; and (e) Securian AM's evaluation of the nature, quality and extent of services performed by each Sub-Adviser.

The Board specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Adviser that are responsible for the day-to-day management of each Sub-Advised Fund's portfolio. The Board also considered, with respect to each Sub-Adviser, its specific investment approach and level of expertise within its particular asset class and strategy. The Board considered whether each Sub-Adviser operated within its respective Fund's investment objective and style, and considered each Sub-Adviser's record of compliance with applicable investment restrictions. The Board also considered each Sub-Adviser's performance record with respect to the relevant benchmark(s).

The Board concluded that the nature, extent and quality of the services provided by each Sub-Adviser to its respective Sub-Advised Fund is satisfactory.

Management Fee and Other Expenses of the Sub-Advisers

The Board considered the fee paid to each Sub-Adviser by Securian AM for providing services to the respective Sub-Advised Fund. The Board considered management's representation that Securian AM negotiated competitive fee structures for each Fund, and noted that the sub-advisory fees are paid by Securian AM out of the investment advisory fees it receives and not the Funds. The Board also considered individual reports and data prepared with regard to each Sub- Advised Fund, including comparative information regarding fees. The Board noted that each Sub-Adviser's fees were generally similar to, or less than, the fees charged by each Sub-Adviser to other comparable funds and accounts.

The Board considered each Sub-Adviser's fee schedule, the anticipated effect of asset growth on each Fund's expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Board noted that certain of the Sub-Advisory Agreements' fee schedules contain breakpoints that present potential economies of scale that could potentially be passed along to the Sub-Advised Funds' shareholders as assets of the Sub-Advised Funds grow.

The Board considered the allocation of Fund brokerage to brokers affiliated with a Sub-Adviser, and benefits to the Sub-Advisers from the use of "soft dollar" commissions (if applicable) to pay for research and brokerage services. The Board also considered any other ancillary benefits that accrue to a Sub-Adviser or any affiliate by virtue of the Sub-Adviser's relationship with the Fund, and concluded that such benefits, if any, were reasonable.

The Board concluded that the fees charged by each Sub-Adviser were justified and reasonable in connection with the services provided for managing each respective Sub-Advised Fund.

The Board did not consider the profitability of the Sub-Advisers to be a material factor based on representations from Securian AM that it negotiates sub-advisory fees with the Sub-Advisers on an arm's-length basis and reports regarding any relationships between the Sub-Advisers and Securian AM.

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

Conclusion

Based on the foregoing factors, the Board concluded that approving the continuation of the Advisory Contracts was in the best interest of the Funds and their shareholders.

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 six current Trustees is considered an "interested person" (as defined in the Investment Company Act of 1940) of the Trust. The other five 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") or its affiliated companies, including Minnesota Life Insurance Company.

Only executive officers and other officers who perform policy-making functions with the Trust are listed. Each Trustee serves for an indefinite term, until his or her resignation, death or removal.

The Funds' Statement of Additional Information contains additional information about the Funds' Trustees and is available without charge upon request, by calling, toll free, 800-995-3850.

Name, Address⁽¹⁾and Age

Position(s)
Held Within
the Trust

Term of Office and
Length of Time
Served⁽²⁾

Principal Occupation(s)
During the Last 5 Years

Other Directorships
Held During Past
5 Years by Trustee

Independent Trustees

Julie K. Getchell
Year of birth: 1954

Trustee

Since 2011

Retired; held various senior financial positions at Cargill and its investment affiliates from 2005 to 2012; served as Chief Financial Officer and later as Chief Operating Officer of Insight Investment, Inc. from 1991 to 2000; Chartered Financial Analyst; Certified Public Accountant (inactive)

None

Brian E. Gustafson
Year of birth: 1967

Trustee

Since 2022

Managing Director, Investments, Tonkawa, from 2001 to present; Chartered Financial Analyst

None

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

Name, Address⁽¹⁾and Age

Position(s)
Held Within
the Trust

Term of Office and
Length of Time
Served⁽²⁾

Principal Occupation(s)
During the Last 5 Years

Other Directorships
Held During Past
5 Years by Trustee

Independent Trustees — continued

Linda L. Henderson⁽³⁾Year of birth: 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. Several senior investment positions with RBC Wealth Management (formerly Dain Bosworth and Dain Rauscher) from 1985-2004, including—Senior Vice President and Director of Fixed Income Research and Strategies, from 2000-2004. Chartered Financial Analyst

None

Wan-Chong Kung
Year of birth: 1960

Trustee

Since 2022

Retired; Portfolio Manager, Nuveen Asset Management, LLC, from 2011-2019

Federal Home Loan Bank of Des Moines, 2022-present; Trust for Advised Portfolios, 2020-present

Interested Trustee

David M. Kuplic
Year of birth: 1957

Trustee

Trustee since 2016

Retired; President, Securian Funds Trust from 2011 to 2023; Senior Vice President, Minnesota Life Insurance Company from June 2007 to June 2021; President and CEO, Securian AM from November 2017 to June 2021; Senior Vice President, Securian Financial Group, Inc. from June 2007 to June 2021; Senior Vice President, Securian Life Insurance Company from June 2007 to June 2021; President and Director, Marketview Properties, LLC (entity holding real estate assets) from January 2010 to June 2021

None

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

Name, Address⁽¹⁾and Age

Position(s)
Held Within
the Trust

Term of Office and
Length of Time
Served⁽²⁾

Principal Occupation(s)
During the Last 5 Years

Other Executive Officers⁽⁴⁾

Suzette L. Huovinen
Year of birth: 1975

President and Principal Executive Officer

Since 2023

Director, President, and CEO, Securian AM, since January 2023; Senior Vice President, Securian Financial Group, Inc. since 2019; Senior Vice President, Minnesota Life Insurance Company, since 2019; Senior Vice President, Securian Life Insurance Company, since 2019; President and CEO, Canadian Premier Life Insurance Company, from 2019 to 2022; President and CEO, Canadian Premier General Insurance Company, from 2019 to 2022; Vice President, Chief Actuary and Chief Risk Officer, Securian Financial Group, Inc., from 2015 to 2019

Kevin L. Ligtenberg
Year of birth: 1973

Vice President and Treasurer

Since 2021

Vice President, Director of Investment Operations, Securian AM since August 2021; Director of Investment Operations, Securian AM from May 2021 to July 2021; Manager of Investment Operations, Securian AM from March 2013 to May 2021

Christopher B. Owens
Year of birth: 1977

Vice President

Since 2020

Vice President—Individual Solutions Distribution, Securian Financial Group, Inc. since April 2024; Second Vice President—Retail Life and Annuity Sales, Securian Financial Group, Inc., June 2018 to April 2024; National Sales Vice President—Retail Life and Annuity Sales, Securian Financial Group, Inc., October 2011 to June 2018

Paul Jason Thibodeaux
Year of birth: 1979

Secretary

Since 2021

Senior Vice President, Chief Compliance Officer, Securian AM, since August, 2023; Vice President, Assistant General Counsel, Securian AM from June, 2022 to August, 2023; Senior Investment Counsel, Securian AM from January, 2018 to May 2022; Attorney, Gray Plant Mooty from 2014 to 2018

(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) Ms. Henderson retired as a Trustee effective as of July 25, 2024.

(4) Although not a corporate office of the Trust, Mr. Thibodeaux has also served as the Trust's Chief Compliance Officer since August, 2023. Effective August 5, 2024, Mr. Thibodeaux resigned as the Chief Compliance Officer of Securian AM and the Trust, and Ms. Jessica Parrucci assumed the Chief Compliance Officer position of both Securian AM and the Trust.

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 6-2024

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 6-2024

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

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no changes in or disagreements with accountants during the period covered by this report.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

This information is included within the report transmitted to shareholders filed under Item 1 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

This information is included within the financial statements filed under Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

This information is included within the report transmitted to shareholders filed under Item 1 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board.

ITEM 16. CONTROLS AND PROCEDURES.

(a)            Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within ninety (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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a) (1) A copy of the code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2 is filed herewith as Exhibit 99.CODE ETH.

(a) (2) Not applicable.

(a) (3) 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) is filed herewith as Exhibit 99.CERT.

(a) (4) Not applicable.

(b) A certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith as Exhibit 99.906 CERT.

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	/s/ Suzette L. Huovinen
	Suzette L. Huovinen, President

Date: August 27, 2024

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	/s/ Suzette L. Huovinen
	Suzette L. Huovinen, President (Principal Executive Officer)

By	/s/ Kevin L. Ligtenberg
	Kevin L. Ligtenberg, Treasurer (Principal Financial Officer)

Date: August 27, 2024

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

SECURIAN FUNDS TRUST

SFT Balanced Stabilization Fund

Fund Overview

What were the Fund costs for the six month period?

Key Fund Statistics

What did the Fund invest in?

Sector Diversification (% of net assets)

SFT Balanced Stabilization Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Additional Information

SFT Balanced Stabilization Fund

Class 2

SECURIAN FUNDS TRUST

SFT Core Bond Fund

Fund Overview

What were the Fund costs for the six month period?

Key Fund Statistics

What did the Fund invest in?

Sector Diversification (% of net assets)

SFT Core Bond Fund

Class 1

Ten Largest Holdings (% of Net Assets)

Additional Information

SFT Core Bond Fund

Class 1

SECURIAN FUNDS TRUST

SFT Core Bond Fund

Fund Overview

What were the Fund costs for the six month period?

Key Fund Statistics

What did the Fund invest in?

Sector Diversification (% of net assets)

SFT Core Bond Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Additional Information

SFT Core Bond Fund

Class 2

SECURIAN FUNDS TRUST

SFT Delaware Ivy SM Growth Fund

Fund Overview

What were the Fund costs for the six month period?

Key Fund Statistics

What did the Fund invest in?

Sector Diversification (% of net assets)

SFT Delaware Ivy SM Growth Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Additional Information

SFT Delaware Ivy SM Growth Fund

Class 2

SECURIAN FUNDS TRUST

SFT Delaware Ivy SM Small Cap Growth Fund

Fund Overview

What were the Fund costs for the six month period?

Key Fund Statistics

What did the Fund invest in?

Sector Diversification (% of net assets)

SFT Delaware Ivy SM Small Cap Growth Fund

Class 2

Ten Largest Holdings (% of Net Assets)

Additional Information

SFT Delaware Ivy SM Small Cap Growth Fund

Class 2

SECURIAN FUNDS TRUST

SFT Equity Stabilization Fund

Fund Overview

What were the Fund costs for the six month period?

Key Fund Statistics

What did the Fund invest in?

Sector Diversification (% of net assets)

SFT Equity Stabilization Fund

Class 2

Top Largest Holdings (% of Net Assets)

Additional Information

SFT Equity Stabilization Fund

Class 2

SECURIAN FUNDS TRUST