N-CSRS 1 a18-14913_1ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-4279

 

Securian Funds Trust

(Exact name of registrant as specified in charter)

 

400 Robert Street North

St. Paul, Minnesota

 

55101-2098

(Address of principal executive offices)

 

(Zip code)

 

David Dimitri, Esq.

400 Robert Street North

St. Paul, Minnesota  55101-2098

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(651)  665-3500

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

June 30, 2018

 

 


 

ITEM 1.  REPORT TO STOCKHOLDERS.

 

Filed herewith.

 



Securian Funds Trust

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

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

Please retain this supplement for future reference.

F91958 08-2018



Securian Funds Trust

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

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

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

SFT Core Bond Fund: Management

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

Name and Title  

Primary Manager Since

  
Thomas B. Houghton
Vice President and Portfolio Manager,
Securian AM		   April 29, 2005  
Daniel A. Henken
Vice President and Portfolio Manager,
Securian AM		   December 1, 2017  
Lena S. Harhaj
Portfolio Manager,
Securian AM		   May 1, 2018  

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

Portfolio Managers

Fund   Portfolio Manager
and Title		   Primary Portfolio
Manager Since		   Business Experience During
Past Five Years		  
SFT Core
Bond

   Thomas B. Houghton
Vice President and
Portfolio Manager,
Securian AM		   April 29, 2005
 
  
  		   Vice President and Portfolio Manager
since August 2003, Securian AM
  
  		  
        Daniel A. Henken
Vice President and
Portfolio Manager,
Securian AM		   December 1, 2017
 
  
  		   Vice President and Portfolio Manager
since December 2017, previously
Investment Officer since August 2010,
Securian AM		  
        Lena S. Harhaj
Portfolio Manager,
Securian AM
  
  
  		   May 1, 2018
 
  
  
  
  		   Portfolio Manager since December
2017, previously Total Return Portfolio
Analyst since April 2016, Senior
Investment Analyst 2013-2016, and
Associate Mortgage Analyst 2010-2013,
Securian AM		  

Please retain this supplement for future reference.

F91665 05-2018



TABLE OF CONTENTS

   

Page No.

  

Fund Reviews

  

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)

    

1

    

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

    

2

    

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

    

3

    

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

    

4

    

SFT lndex 500 Fund (formerly SFT Advantus lndex 500 Fund)

    

5

    

SFT lnternational Bond Fund (formerly SFT Advantus lnternational Bond Fund)

    

6

    

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

    

7

    

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

    

8

    

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

    

9

    

SFT IvySM Growth Fund

    

10

    

SFT IvySM Small Cap Growth Fund

    

11

    

SFT T. Rowe Price Value Fund

    

12

    

SFT Wellington Core Equity Fund

    

13

    

Investments In Securities

  

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)

    

14

    

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

    

21

    

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

    

28

    

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

    

29

    

SFT lndex 500 Fund (formerly SFT Advantus lndex 500 Fund)

    

35

    

SFT lnternational Bond Fund (formerly SFT Advantus lnternational Bond Fund)

    

42

    

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

    

49

    

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

    

50

    

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

    

55

    

SFT IvySM Growth Fund

    

56

    

SFT IvySM Small Cap Growth Fund

    

58

    

SFT T. Rowe Price Value Fund

    

60

    

SFT Wellington Core Equity Fund

    

63

    

Financial Statements

  

Statements of Assets and Liabilities

    

66

    

Statements of Operations

    

68

    

Statements of Changes in Net Assets

    

70

    

Financial Highlights

    

75

    

Notes to Financial Statements

    

88

    

Fund Expense Examples

    

104

    

Proxy Voting and Quarterly Holdings Information

    

105

    

Statement Regarding Basis for Approval of Advisory Contracts

    

107

    

Trustees and Executive Officers

    

110

    


SFT Core Bond Fund (formerly SFT Advantus Bond Fund)

Fund Objective

The SFT Core Bond Fund seeks as high a level of long-term total return as is consistent with prudent investment risk. Preservation of capital is a secondary objective. The SFT Core Bond Fund invests in long-term, fixed income, high quality debt instruments. The risks incurred by investing in debt instruments include, but are not limited to, reinvestment of prepaid debt obligations at lower rates of return, and the inability to reinvest at higher interest rates when debt obligations are prepaid more slowly than expected. In addition, the net asset value of the SFT Core Bond Fund may fluctuate in response to changes in interest rates and is not guaranteed.

Performance Update

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

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

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

Sector Diversification (shown as a percentage of net assets)

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

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


1


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

Fund Objective

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

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

Performance Update

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

Sector Diversification (shown as a percentage of net assets)

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

**Securian Asset Management, Inc. (Securian AM) (formerly known as Advantus Capital Management, Inc.) and the Securian Funds Trust, on behalf of the SFT Dynamic Managed Volatility Fund (the "Fund"), have entered into an Expense Limitation Agreement, dated May 1, 2013, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with the generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through April 30, 2019. The Agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. As of June 30, 2018 Securian AM has waived $2,245,936 pursuant to the agreement, of which $1,625,512 was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

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

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


2


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

Fund Objective

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

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

Performance Update

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

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

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

**Effective May 1, 2012, the Board of Trustees of Securian Funds Trust approved a Restated Net Investment Income Maintenance Agreement among Securian Funds Trust (on behalf of SFT Government Money Market Fund), Securian Asset Management, Inc. (Securian AM) (formerly Advantus Capital Management, Inc.) and Securian Financial Services, Inc. (Securian Financial). A similar agreement was previously approved by the Board of Directors of Advantus Series Fund, Inc., the Trust's predecessor, effective October 29, 2009. Under such Agreement, Securian AM agrees to waive, reimburse or pay SFT Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. As of June 30, 2018, Securian AM and Securian Financial have collectively waived $4,631,950 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $852,153 was eligible for recovery as of such date. If Securian AM and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement is effective through April 30, 2019, and shall continue in effect thereafter, provided such continuance is specifically approved by Securian AM, Securian Financial, and a majority of the Trust's independent Trustees.

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

The Agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of the contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause any Fund to exceed any limits in effect at the time of such reimbursement.

The Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Funds' shareholder reports and in Other Expenses under Fees and Expenses of the Fund in the prospectus.

As of June 30, 2018, Securian AM has waived $99,256 pursuant to the agreement, all of which was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses to the Fund.


3


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

Fund Objective

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

Performance Update

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

Class 1

   3.32 percent*  

Class 2

   3.19 percent*  

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

Sector Diversification (shown as a percentage of net assets)

"Standard & Poor's®", "S&P®", "Standard & Poor's MidCap 400" and "S&P MidCap 400" are trademarks of the S&P Global, Inc. and have been licensed for use by the Securian Funds Trust—Index 400 Mid-Cap Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.

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

S&P MidCap 400 Index consists of 400 domestic stocks chosen for market size (median market capitalization of about $4.2 billion), liquidity and industry group representation. It is a market-weighted index (stock price times shares outstanding), with each stock affecting the index in proportion to its market value.


4


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

Fund Objective

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

Performance Update

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

Class 1

   2.54 percent*  

Class 2

   2.41 percent*  

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

Sector Diversification (shown as a percentage of net assets)

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

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

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


5


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

Fund Objective

The SFT International Bond Fund seeks to maximize current income consistent with protection of principal. The Fund pursues its objective by investing primarily in debt securities issued by issuers located anywhere in the world. While Securian Asset Management, Inc. (Securian AM) (formerly Advantus Capital Management, Inc.) acts as the investment adviser for the Fund, Franklin Advisers, Inc. provides investment advice to the SFT International Bond Fund under a sub-advisory agreement. Investment risks associated with international investing in addition to other risks include currency fluctuations, political and economic instability, and differences in accounting standards when investing in foreign markets.

Performance Update

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

Class 1

   -1.04 percent*  

Class 2

   -1.16 percent*  

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

Country Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

African

    

1.71

%

  

Ghana Cedi

    

1.71

%

  

Americas

    

157.96

%

  

United States Dollar

    

123.34

%

  

Mexican Peso

    

19.43

%

  

Brazilian Real

    

10.84

%

  

Argentine Peso

    

4.35

%

  

Asia Pacific*

    

-19.20

%

  

Indonesian Rupiah

    

9.45

%

  

Indian Rupee

    

9.83

%

  

Philippine Peso

    

1.24

%

  

Republic of Korea Won

    

0.16

%

  

Australian Dollar*

    

-7.78

%

  

Japanese Yen*

    

-32.10

%

  

Europe*

    

-40.47

%

  

Polish Zloty

    

0.05

%

  

Euro*

    

-40.52

%

  

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

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

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


6


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

Fund Objective

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

Performance Update

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

Sector Diversification (shown as a percentage of net assets)

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

**Securian Asset Management, Inc. (Securian AM) (formerly Advantus Capital Management Inc.) and the Securian Funds Trust, on behalf of the SFT Managed Volatility Equity Fund (the "Fund"), have entered into an Expense Limitation Agreement, dated November 18, 2015, which limits the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with the generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.80% of the Fund's average daily net assets through April 30, 2019. The Agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. As of June 30, 2018, Securian AM has waived $1,018,883 pursuant to the agreement, all of which was eligible for recovery as of such date. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Fund's shareholder reports and in Other Expenses under Fees and Expenses of the Fund. The Blended Benchmark Index is comprised of 60 percent of the S&P 500® Low Volatility Index, 20% S&P 500® BMI International Developed Low Volatility Index and 20% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The S&P 500® Low Volatility Index measures performance of the 100 least volatile stocks in the S&P 500. The S&P 500® BMI International Developed Low Volatility Index measures the performance of the 200 least volatile stocks in the S&P Developed Market large/midcap universe. Constituents are weighted relative to the inverse of their corresponding volatility, with the least volatile stocks receiving the highest weights. The Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index tracks the market for the on-the-run 3 month Treasury bill issued by the U.S. government.


7


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

Fund Objective

The SFT Mortgage Securities Fund seeks a high level of current income consistent with prudent investment risk. The SFT Mortgage Securities Fund will invest primarily in mortgage-related securities. The risks incurred by investing in mortgage-related securities include, but are not limited to, reinvestment of prepaid loans at low rates of return, and the inability to reinvest at higher interest rates when mortgages are prepaid more slowly than expected. In addition, the net asset value of the SFT Mortgage Securities Fund may fluctuate in response to changes in interest rates and is not guaranteed.

Performance Update

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

Class 1

  

-0.94 percent*

  

Class 2

   -1.06 percent*  

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

Sector Diversification (shown as a percentage of net assets)

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

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


8


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

Fund Objective

The SFT Real Estate Securities Fund seeks above-average income and long-term growth of capital. The Fund intends to pursue its objective by investing primarily in equity securities of companies in the real estate industry. Investment risks associated with investing in the SFT Real Estate Securities Fund, in addition to other risks, include rental income fluctuations, depreciation, property tax value changes, and differences in real estate market value.

Performance Update

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

Class 1

   0.00 percent*  

Class 2

   -0.12 percent*  

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

Sector Diversification (shown as a percentage of net assets)

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

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

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


9


SFT IvySM Growth Fund

Fund Objective

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

Performance Update

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

Sector Diversification (shown as a percentage of net assets)

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

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

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


10


SFT IvySM Small Cap Growth Fund

Fund Objective

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

Performance Update

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

Sector Diversification (shown as a percentage of net assets)

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

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

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


11


SFT T. Rowe Price Value Fund

Fund Objective

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

Performance Update

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

Sector Diversification (shown as a percentage of net assets)

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

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

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


12


SFT Wellington Core Equity Fund

Fund Objective

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

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

Performance Update

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

Class 1

   3.68 percent*  

Class 2

   3.55 percent*  

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

Sector Diversification (shown as a percentage of net assets)

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

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


13



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

June 30, 2018
(Unaudited)

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

   

Principal

  

Value(a)

  

Long-Term Debt Securities (99.4%)

  

Government Obligations (31.4%)

  

Other Government Obligations (2.0%)

  
Provincial or Local Government
Obligations (2.0%)		  
Douglas County Public
Utility District No. 1,
5.450%, 09/01/40		  

$

1,185,000

    

$

1,377,503

    
Municipal Electric
Authority of Georgia,
6.655%, 04/01/57		    

1,996,000

      

2,497,894

    
Port Authority of
New York & New Jersey
4.458%, 10/01/62		    

1,150,000

      

1,221,380

    

4.926%, 10/01/51

    

2,055,000

      

2,409,714

    
         

7,506,491

    
U.S. Government Agencies and
Obligations (29.4%)		  
Export-Import Bank of the
United States (0.1%)		  
Tagua Leasing LLC,
1.732%, 09/18/24		    

548,401

      

526,329

    
Federal Home Loan Mortgage Corporation
(FHLMC) (4.7%)		  

2.500%, 03/01/28

    

468,831

      

458,548

    

3.000%, 08/01/42

    

479,640

      

468,815

    

3.000%, 04/01/43

    

901,418

      

880,139

    

3.000%, 07/01/45

    

755,729

      

734,129

    

3.500%, 10/01/25

    

186,584

      

189,062

    

3.500%, 08/01/42

    

514,428

      

515,977

    

3.500%, 05/25/45

    

865,066

      

855,132

    

3.500%, 03/01/46

    

1,391,891

      

1,389,919

    

4.000%, 02/01/20

    

143,463

      

147,172

    

4.000%, 09/01/40

    

540,617

      

556,224

    

4.000%, 10/01/40

    

328,764

      

338,487

    

4.000%, 11/01/40

    

1,782,394

      

1,837,821

    

4.000%, 02/01/41

    

392,851

      

403,911

    

4.000%, 08/01/41

    

514,505

      

528,964

    

4.000%, 07/01/42

    

428,491

      

440,504

    

4.500%, 01/01/41

    

479,787

      

504,606

    

4.500%, 02/01/41

    

416,964

      

438,515

    

4.500%, 03/01/41

    

511,876

      

538,356

    

4.500%, 04/01/41

    

644,478

      

677,815

    

5.000%, 04/01/35

    

135,291

      

142,837

    

5.000%, 08/01/35

    

34,788

      

37,125

    

5.000%, 11/01/35

    

97,574

      

103,789

    

5.000%, 11/01/39

    

341,065

      

366,338

    

5.000%, 04/01/40

    

320,333

      

342,005

    

5.000%, 08/01/40

    

178,168

      

190,222

    

5.500%, 06/01/20

    

17,020

      

17,222

    

5.500%, 10/01/20

    

48,193

      

49,276

    

5.500%, 11/01/23

    

80,024

      

85,556

    

5.500%, 05/01/34

    

644,640

      

714,388

    

5.500%, 10/01/34

    

220,591

      

240,022

    

5.500%, 07/01/35

    

315,623

      

342,736

    

5.500%, 10/01/35

    

297,546

      

325,799

    

5.500%, 12/01/38

    

169,904

      

184,686

    

6.000%, 11/01/33

    

265,408

      

295,574

    

6.500%, 09/01/32

    

50,428

      

57,308

    
   

Principal

  

Value(a)

  

6.500%, 06/01/36

  

$

245,599

    

$

277,781

    
6.891%, 05/25/28 (1-Month
USD LIBOR + 4.800%) (b)		    

1,500,000

      

1,755,817

    

7.000%, 12/01/37

    

59,056

      

64,853

    
         

17,497,430

    
Federal National Mortgage Association
(FNMA) (11.5%)		  

2.500%, 11/01/27

    

391,832

      

381,143

    

2.500%, 07/01/28

    

511,259

      

500,636

    

3.000%, 06/01/22

    

164,634

      

165,401

    

3.000%, 11/01/27

    

83,710

      

83,722

    

3.000%, 07/17/33 (c)

    

4,380,000

      

4,354,288

    

3.000%, 03/01/42

    

494,995

      

484,040

    

3.000%, 04/01/43

    

578,565

      

565,253

    

3.000%, 05/01/43

    

1,174,978

      

1,147,928

    

3.000%, 06/01/43

    

293,149

      

286,484

    

3.000%, 09/01/43

    

714,928

      

698,532

    

3.000%, 07/12/48 (c)

    

2,000,000

      

1,937,422

    

3.500%, 11/01/25

    

244,732

      

248,216

    

3.500%, 01/01/26

    

255,316

      

258,952

    

3.500%, 11/01/40

    

427,244

      

428,707

    

3.500%, 01/01/41

    

366,723

      

368,026

    

3.500%, 02/01/41

    

275,492

      

276,472

    

3.500%, 04/01/41

    

415,479

      

416,957

    

3.500%, 11/01/41

    

2,280,235

      

2,288,296

    

3.500%, 01/01/42

    

2,118,113

      

2,125,615

    

3.500%, 04/01/42

    

2,270,435

      

2,278,509

    

3.500%, 08/01/42

    

1,605,057

      

1,610,186

    

3.500%, 01/01/43

    

365,421

      

366,710

    

3.500%, 03/01/43

    

1,293,049

      

1,297,608

    

3.500%, 05/01/43

    

1,184,416

      

1,189,074

    

3.500%, 05/01/45

    

1,316,656

      

1,315,221

    

3.500%, 10/01/45

    

681,716

      

680,551

    

4.000%, 04/01/41

    

1,262,648

      

1,299,445

    

4.000%, 08/01/41

    

408,243

      

419,300

    

4.000%, 09/01/41

    

622,810

      

640,507

    

4.000%, 04/01/44

    

2,575,876

      

2,632,956

    

4.000%, 08/01/44

    

311,155

      

318,719

    

4.000%, 07/12/48 (c)

    

1,100,000

      

1,121,452

    

4.500%, 05/01/35

    

134,698

      

141,005

    

4.500%, 07/01/35

    

394,016

      

412,168

    

4.500%, 06/01/39

    

212,529

      

223,518

    

4.500%, 04/01/41

    

1,653,780

      

1,744,930

    

4.500%, 07/01/41

    

1,480,899

      

1,557,256

    

5.000%, 07/01/18

    

215

      

218

    

5.000%, 07/01/23

    

74,348

      

78,826

    

5.000%, 11/01/33

    

50,676

      

54,268

    

5.000%, 05/01/34

    

15,857

      

16,982

    

5.000%, 12/01/34

    

220,425

      

236,067

    

5.000%, 08/01/35

    

69,680

      

74,235

    

5.000%, 04/01/38

    

195,346

      

210,988

    

5.000%, 12/01/39

    

286,964

      

310,426

    

5.000%, 04/01/41

    

300,939

      

323,617

    

5.500%, 04/01/33

    

412,666

      

450,722

    

5.500%, 12/01/33

    

89,653

      

98,064

    

5.500%, 01/01/34

    

128,499

      

139,813

    

5.500%, 02/01/34

    

136,133

      

148,248

    

5.500%, 03/01/34

    

269,471

      

297,060

    

5.500%, 04/01/34

    

112,640

      

122,142

    

5.500%, 09/01/34

    

48,378

      

52,396

    

5.500%, 02/01/35

    

171,355

      

186,600

    

See accompanying notes to financial statements.
14


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

   

Principal

  

Value(a)

  

5.500%, 04/01/35

  

$

274,849

    

$

299,087

    

5.500%, 06/01/35

    

38,692

      

41,534

    

5.500%, 08/01/35

    

124,878

      

135,852

    

5.500%, 10/01/35

    

380,210

      

420,107

    

5.500%, 11/01/35

    

84,763

      

91,989

    

5.500%, 12/01/39

    

105,825

      

115,518

    

6.000%, 08/01/23

    

53,308

      

54,908

    

6.000%, 10/01/32

    

256,110

      

286,295

    

6.000%, 11/01/32

    

206,582

      

230,914

    

6.000%, 03/01/33

    

257,942

      

287,757

    

6.000%, 04/01/33

    

14,038

      

15,350

    

6.000%, 12/01/33

    

89,936

      

99,115

    

6.000%, 08/01/37

    

40,771

      

44,887

    

6.000%, 10/01/38

    

195,807

      

220,571

    

6.500%, 12/01/31

    

76,755

      

85,962

    

6.500%, 02/01/32

    

26,330

      

29,170

    

6.500%, 04/01/32

    

109,391

      

121,332

    

6.500%, 05/01/32

    

27,171

      

29,951

    

6.500%, 07/01/32

    

90,725

      

101,101

    

6.500%, 08/01/32

    

133,214

      

147,922

    

6.500%, 09/01/32

    

86,150

      

95,056

    

6.500%, 10/01/32

    

124,669

      

137,423

    

6.500%, 11/01/37

    

65,466

      

72,163

    

7.000%, 07/01/31

    

71,452

      

80,479

    

7.000%, 09/01/31

    

132,199

      

146,486

    

7.000%, 11/01/31

    

200,028

      

223,259

    

7.000%, 02/01/32

    

33,676

      

37,093

    

7.000%, 03/01/32

    

21,760

      

24,621

    

7.000%, 07/01/32

    

66,231

      

73,723

    

7.500%, 04/01/31

    

87,526

      

95,815

    

7.500%, 05/01/31

    

21,962

      

24,113

    
         

42,935,430

    
Government National Mortgage Association
(GNMA) (2.2%)		  

0.013%, 06/17/45 (b) (d)

    

321,863

      

126

    

3.000%, 03/15/45

    

1,053,515

      

1,031,703

    

3.000%, 03/20/45

    

892,551

      

878,238

    

3.000%, 04/15/45

    

1,517,594

      

1,486,173

    

3.250%, 11/20/35

    

359,282

      

358,036

    

3.500%, 10/20/43

    

659,314

      

667,166

    

3.500%, 02/20/45

    

429,356

      

432,087

    

3.500%, 03/20/45

    

471,040

      

474,037

    

3.500%, 04/20/46

    

967,642

      

971,786

    

3.750%, 03/20/46

    

687,543

      

697,931

    

5.000%, 12/15/39

    

28,768

      

30,814

    

5.000%, 01/15/40

    

467,848

      

492,283

    

5.500%, 07/15/38

    

215,301

      

237,670

    

5.500%, 10/15/38

    

253,750

      

283,833

    

8.500%, 10/15/22

    

9,939

      

9,967

    
         

8,051,850

    

U.S. Treasury (10.9%)

  
U.S. Treasury Bond
3.000%, 02/15/48		    

10,015,000

      

10,048,644

    

5.375%, 02/15/31 (e)

    

5,115,000

      

6,462,882

    
U.S. Treasury Note
1.500%, 06/15/20		    

375,000

      

367,632

    

2.250%, 03/31/20

    

3,000,000

      

2,986,406

    

2.500%, 01/31/25

    

430,000

      

422,156

    

2.750%, 04/30/23

    

12,220,000

      

12,231,934

    

2.750%, 05/31/23

    

3,000,000

      

3,003,750

    
   

Principal

  

Value(a)

  

2.750%, 02/28/25

  

$

2,415,000

    

$

2,406,416

    

2.875%, 05/31/25

    

1,000,000

      

1,003,828

    

2.875%, 05/15/28

    

1,875,000

      

1,878,735

    
         

40,812,383

    
Total government obligations
(cost: $115,629,569)		        

117,329,913

    

Asset-Backed Securities (11.5%)

  
AXIS Equipment Finance
Receivables IV LLC,
3.240%, 12/20/23 (g)		    

2,149,999

      

2,141,493

    
Bank of The West Auto Trust,
3.210%, 04/15/25 (f)		    

743,000

      

725,631

    
CarMax Auto Owner Trust,
2.160%, 08/16/21		    

1,300,000

      

1,284,051

    
CarMax Auto Owner
Trust 2018-1,
2.950%, 11/15/23		    

1,600,000

      

1,574,329

    
Chesapeake Funding II LLC,
3.570%, 04/15/30 (f)		    

1,200,000

      

1,195,094

    
Commonbond Student
Loan Trust,
2.550%, 05/25/41 (f)		    

661,639

      

648,729

    
Commonbond Student
Loan Trust 2018-A-GS,
2.591%, 02/25/44
(1-Month USD LIBOR +
0.50%) (b) (f)		    

1,570,338

      

1,570,640

    
CountryPlace Manufactured
Housing Contract Trust,
5.200%, 12/15/35 (b) (f)		    

1,359,359

      

1,396,933

    
Countrywide Asset-Backed
Certificates,
5.934%, 05/25/37 (b)		    

1,378,474

      

1,414,366

    
DT Auto Owner Trust 2015-3,
4.530%, 10/17/22 (f)		    

500,000

      

505,656

    
Earnest Student Loan
Program LLC
2.720%, 01/25/41 (f)		    

641,215

      

631,505

    

3.020%, 05/25/34 (f)

    

874,245

      

868,665

    
FAN Engine
Securitization, Ltd.,
3.000%, 10/15/19 (g) (h) (i)		    

178,643

      

177,689

    
Foursight Capital
Automobile Receivables
Trust,
3.710%, 01/18/22 (f)		    

1,200,000

      

1,180,199

    
GM Financial Consumer
Automobile Receivables
Trust 2018-1,
2.770%, 07/17/23		    

650,000

      

637,809

    
GMAC Mortgage Corp.
Loan Trust,
6.952%, 08/25/37 (j)		    

2,300,315

      

2,323,241

    
Home Partners of
America 2018-1 Trust,
2.834%, 07/17/37 (b) (f)		    

2,275,000

      

2,276,078

    
Invitation Homes
2015-SFR3 Trust,
3.373%, 08/17/32
(1-Month USD LIBOR +
1.300%) (b) (f)		    

935,143

      

936,306

    

See accompanying notes to financial statements.
15


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

   

Principal

  

Value(a)

  
Invitation Homes
2018-SFR1 Trust,
3.335%, 03/17/37
(1-Month USD LIBOR +
1.25%) (b) (f)		  

$

3,000,000

    

$

3,003,638

    
Invitation Homes
2018-SFR3 Trust
3.000%, 07/17/37
(1-Month USD LIBOR +
1.00%) (b) (f)		    

1,500,000

      

1,501,879

    
3.650%, 07/17/37
(1-Month USD LIBOR +
1.65%) (b) (f)		    

1,500,000

      

1,500,936

    
Invitation Homes Trust,
3.353%, 06/17/37
(1-Month USD LIBOR +
1.28%) (b) (f)		    

1,500,000

      

1,505,596

    
PFS Financing Corp.,
2.319%, 02/15/22
(1-Month USD LIBOR +
0.40%) (b) (g)		    

2,500,000

      

2,497,647

    
Progress Residential Trust,
3.565%, 08/17/34 (f)		    

1,050,000

      

1,024,698

    
Sofi Professional Loan
Program 2017-F LLC,
2.840%, 01/25/41 (f)		    

1,500,000

      

1,464,478

    
Sofi Professional Loan
Program 2018-A LLC,
2.950%, 02/25/42 (f)		    

1,200,000

      

1,174,707

    
Towd Point Mortgage Trust,
3.750%, 04/25/55 (b) (f)		    

805,000

      

804,509

    
Towd Point Mortgage Trust
2015-1,
4.359%, 11/25/57 (b) (f)		    

2,600,000

      

2,717,335

    
Volvo Financial Equipment
LLC Series 2018-1,
3.060%, 12/15/25 (f)		    

1,000,000

      

991,135

    
Westlake Automobile
Receivables Trust 2018-1,
2.920%, 05/15/23 (f)		    

3,000,000

      

2,973,925

    
Wheels SPV 2 LLC,
1.870%, 05/20/25 (f)		    

450,000

      

445,160

    
Total asset-backed securities
(cost: $43,288,522)		        

43,094,057

    

Other Mortgage-Backed Securities (10.8%)

  
Collateralized Mortgage Obligations/Mortgage
Revenue Bonds (3.6%)		  
Bellemeade Re 2018-1, Ltd.,
3.691%, 04/25/28 (b) (f) (h)		    

2,250,000

      

2,256,357

    
Credit-Based Asset
Servicing and
Securitization LLC,
6.250%, 10/25/36 (f) (j)		    

200,446

      

201,078

    
CSMC Trust,
3.500%, 06/25/47 (b) (f)		    

2,025,000

      

1,939,356

    
GS Mortgage-Backed
Securities Trust,
3.125%, 07/25/44 (b) (f)		    

2,456,103

      

2,371,017

    
JPMorgan Mortgage Trust,
3.625%, 11/25/33 (b)		    

188,435

      

184,637

    
   

Principal

  

Value(a)

  
Mellon Residential Funding
Corp.,
6.750%, 06/25/28		  

$

6,361

    

$

6,419

    
PSMC Trust,
3.500%, 02/25/48 (b) (f)		    

3,593,274

      

3,569,892

    
Seasoned Credit Risk
Transfer Trust
4.000%, 07/25/56 (b) (f)		    

2,030,000

      

1,986,744

    

4.000%, 08/25/56 (b) (f)

    

1,000,000

      

983,866

    
         

13,499,366

    

Commercial Mortgage-Backed Securities (7.2%)

  
7 WTC Depositor LLC Trust,
4.082%, 03/13/31 (f)		    

66,059

      

66,076

    
Banc of America Re-Remic
Trust,
4.325%, 08/15/46 (b) (f)		    

1,350,000

      

1,383,667

    
BB-UBS Trust,
4.160%, 11/05/36 (b) (f)		    

500,000

      

497,975

    
Citigroup Commercial
Mortgage Trust 2018-TBR,
2.903%, 12/15/36
(1-Month USD LIBOR +
0.83%) (b) (g)		    

4,000,000

      

3,995,784

    
Hometown Commercial
Mortgage
5.506%, 11/11/38 (g)		    

33,298

      

27,585

    

6.057%, 06/11/39 (g)

    

28,292

      

9,669

    
JPMCC Commercial
Mortgage Securities Trust,
3.723%, 03/15/50		    

1,000,000

      

998,280

    
Morgan Stanley Capital I
Trust
3.201%, 08/05/34 (f)		    

860,000

      

849,914

    

3.451%, 08/05/34 (f)

    

550,000

      

542,216

    
One Market Plaza Trust,
3.614%, 02/10/32 (f)		    

2,000,000

      

1,996,008

    
UBS Commercial Mortgage
Trust
3.580%, 12/15/50		    

3,000,000

      

2,949,410

    

3.724%, 06/15/50

    

4,000,000

      

3,936,102

    

4.061%, 12/15/50 (b)

    

1,505,000

      

1,510,596

    
Vornado DP LLC,
4.004%, 09/13/28 (f)		    

1,475,000

      

1,503,372

    
Wells Fargo Commercial
Mortgage Trust
2.814%, 08/15/49		    

2,165,000

      

2,010,362

    

3.184%, 04/15/50

    

1,544,000

      

1,505,327

    

3.637%, 06/15/48

    

1,280,000

      

1,281,374

    
Wells Fargo Commercial
Mortgage Trust 2017-SMP,
2.948%, 12/15/34 (b) (g)		    

1,500,000

      

1,500,541

    
WF-RBS Commercial
Mortgage Trust,
3.667%, 11/15/44		    

345,000

      

349,173

    
         

26,913,431

    
Total other mortgage-backed securities
(cost: $41,452,947)		        

40,412,797

    

See accompanying notes to financial statements.
16


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

   

Principal

  

Value(a)

  

Corporate Obligations (45.7%)

  

Communications (1.5%)

  

Telecommunication (0.9%)

  
Crown Castle Towers LLC,
3.222%, 05/15/42 (f)		  

$

1,950,000

    

$

1,913,242

    
Verizon
Communications, Inc.,
3.443%, 05/15/25
(3-Month USD LIBOR +
1.10%) (b)		    

1,500,000

      

1,498,297

    
         

3,411,539

    

Telephone — Integrated (0.6%)

  
AT&T, Inc.,
4.500%, 03/09/48		    

2,750,000

      

2,370,746

    

Consumer Cyclical (2.0%)

  

Airlines (0.3%)

  
US Airways 2013-1 Class B
Pass Through Trust,
5.375%, 05/15/23		    

1,171,941

      

1,198,075

    
Auto/Truck Parts &
Equipment — Original (1.7%)		  
General Motors
Financial Co., Inc.
2.400%, 05/09/19		    

1,675,000

      

1,667,195

    

3.188%, 04/09/21 (b)

    

1,650,000

      

1,658,583

    
Hyundai Capital America,
3.750%, 07/08/21 (f)		    

3,050,000

      

3,046,309

    
         

6,372,087

    

Consumer, Non-cyclical (3.1%)

  

Beverages (0.8%)

  
Bacardi, Ltd.,
5.300%, 05/15/48 (f) (h)		    

3,000,000

      

2,843,202

    
Consumer Products —
Miscellaneous (0.2%)		  
Newell Brands, Inc.,
5.000%, 11/15/23		    

860,000

      

878,959

    

Drugstore Chains (1.3%)

  
CVS Pass-Through Trust
5.298%, 01/11/27 (f)		    

1,152,139

      

1,180,136

    

5.880%, 01/10/28

    

390,501

      

414,423

    

6.036%, 12/10/28

    

2,320,786

      

2,471,234

    

6.943%, 01/10/30

    

578,364

      

650,193

    
         

4,715,986

    

Health Care Products (0.8%)

  
Becton Dickinson and Co.,
3.211%, 12/29/20
(3-Month USD LIBOR +
0.875%) (b)		    

3,100,000

      

3,105,065

    

Energy (4.6%)

  

Oil, Gas & Consumable Fuels (0.6%)

  
Marathon Petroleum Corp.,
5.850%, 12/15/45		    

2,270,000

      

2,403,149

    
   

Principal

  

Value(a)

  

Pipelines (4.0%)

  
Cheniere Energy
Partners L.P.,
5.250%, 10/01/25 (f)		  

$

2,000,000

    

$

1,950,900

    
Enterprise Products
Operating LLC,
5.078%, 06/01/67
(3-Month USD LIBOR +
2.778%) (b)		    

2,180,000

      

2,160,925

    
EQT Midstream
Partners L.P.,
6.500%, 07/15/48		    

2,125,000

      

2,129,632

    
Sabine Pass
Liquefaction LLC,
5.750%, 05/15/24		    

3,000,000

      

3,199,965

    
Sunoco Logistics Partners
Operations L.P.
5.400%, 10/01/47		    

850,000

      

781,568

    

6.850%, 02/15/40

    

2,150,000

      

2,325,484

    
Tennessee Gas
Pipeline Co. LLC,
8.375%, 06/15/32		    

1,850,000

      

2,299,117

    
         

14,847,591

    

Financial (14.7%)

  

Banks (9.5%)

  
Bank of America Corp.,
3.133%, 02/05/26
(3-Month USD LIBOR +
0.77%) (b)		    

4,000,000

      

3,927,899

    
Barclays PLC,
3.963%, 01/10/23
(3-Month USD LIBOR +
1.625%) (b) (h)		    

3,300,000

      

3,351,119

    
Citigroup, Inc.,
4.400%, 06/10/25		    

1,500,000

      

1,491,807

    
Citizens Bank NA/
Providence,
3.284%, 03/29/23
(3-Month USD LIBOR +
0.95%) (b)		    

3,150,000

      

3,151,282

    
Compass Bank
3.500%, 06/11/21		    

850,000

      

849,151

    

3.875%, 04/10/25

    

2,500,000

      

2,411,100

    
Discover Bank
3.450%, 07/27/26		    

1,900,000

      

1,762,976

    

8.700%, 11/18/19

    

322,000

      

343,257

    
HSBC Holdings PLC,
3.262%, 03/13/23
(3-Month USD LIBOR +
1.055%) (b) (h)		    

1,875,000

      

1,836,605

    
Huntington
Bancshares, Inc.,
5.700%, 04/15/23 (b)		    

2,150,000

      

2,127,425

    
JPMorgan Chase & Co.,
5.000%, 07/01/19
(3-Month USD LIBOR +
3.320%) (b)		    

1,700,000

      

1,708,500

    

See accompanying notes to financial statements.
17


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

   

Principal

  

Value(a)

  
Morgan Stanley
3.125%, 07/27/26		  

$

800,000

    

$

744,180

    
3.583%, 05/08/24
(3-Month USD LIBOR +
1.220%) (b)		    

3,600,000

      

3,636,000

    
5.450%, 07/15/19
(3-Month USD LIBOR +
3.610%) (b)		    

1,870,000

      

1,894,553

    

5.500%, 07/28/21

    

740,000

      

783,056

    
Suntrust Banks, Inc.,
5.050%, 06/15/22
(3-Month USD LIBOR +
3.102%) (b)		    

1,160,000

      

1,138,192

    
Synovus Financial Corp.,
3.125%, 11/01/22		    

2,480,000

      

2,368,400

    
US Bancorp,
5.300%, 04/15/27
(3-Month USD LIBOR +
2.914%) (b)		    

800,000

      

796,960

    
Wells Fargo & Co.,
3.000%, 10/23/26		    

1,100,000

      

1,015,669

    
         

35,338,131

    

Diversified Financial Services (1.6%)

  
Block Financial LLC,
4.125%, 10/01/20		    

2,050,000

      

2,067,898

    
Brookfield Finance, Inc.,
4.700%, 09/20/47 (h)		    

665,000

      

629,309

    
Credit Suisse Group AG,
3.869%, 01/12/29 (b) (f) (h)		    

1,325,000

      

1,245,935

    
The Charles Schwab Corp.,
4.625%, 03/01/22
(3-Month USD LIBOR +
3.315%) (b)		    

2,200,000

      

2,197,250

    
         

6,140,392

    

Insurance (2.9%)

  
AXA Equitable Holdings,
5.00%, 04/20/48 (f)		    

2,270,000

      

2,094,323

    
Liberty Mutual Group, Inc.,
5.246%, 03/07/67
(3-Month USD LIBOR +
2.905%) (b) (f)		    

3,250,000

      

3,168,750

    
Nuveen Finance LLC,
4.125%, 11/01/24 (f)		    

1,150,000

      

1,143,681

    
Teachers Insurance &
Annuity Association
of America,
4.270%, 05/15/47 (f)		    

2,500,000

      

2,390,830

    
Unum Group,
5.750%, 08/15/42		    

1,975,000

      

2,099,882

    
         

10,897,466

    

Real Estate Investment Trust — Health Care (0.7%)

  
Ventas Realty L.P.,
3.100%, 01/15/23		    

2,500,000

      

2,425,461

    

Health Care (1.5%)

  

Health Care Providers & Services (0.8%)

  
NYU Langone Hospitals,
4.428%, 07/01/42		    

1,480,000

      

1,528,349

    
   

Principal

  

Value(a)

  
Sinai Health System,
3.034%, 01/20/36		  

$

1,435,000

    

$

1,385,074

    
         

2,913,423

    

Medical Products/Supplies (0.7%)

  
Bio-Rad Laboratories, Inc.,
4.875%, 12/15/20		    

2,700,000

      

2,791,211

    

Industrials (1.2%)

  

Aerospace & Defense (0.3%)

  
Spirit AeroSystems, Inc.,
3.950%, 06/15/23		    

925,000

      

929,769

    

Electrical Equipment (0.4%)

  
Keysight Technologies, Inc.,
3.300%, 10/30/19		    

1,500,000

      

1,496,095

    

Trucking & Leasing (0.5%)

  
GATX Corp.,
4.550%, 11/07/28		    

2,000,000

      

1,985,309

    

Information Technology (0.1%)

  
Electronic Equipment, Instruments &
Components (0.1%)		  
Tech Data Corp.,
3.700%, 02/15/22		    

420,000

      

410,787

    

Technology (0.8%)

  

Computers (0.8%)

  
Dell International LLC/
EMC Corp,
8.350%, 07/15/46 (f)		    

980,000

      

1,180,232

    
Dell International LLC/
EMC Corp.,
5.450%, 06/15/23 (f)		    

1,790,000

      

1,873,481

    
         

3,053,713

    

Transportation (7.3%)

  

Airlines (6.2%)

  
Air Canada 2015-1 Class C
Pass Through Trust,
5.000%, 03/15/20 (f) (h)		    

2,600,000

      

2,617,680

    
Air Canada 2017-1 Class A
Pass Through Trust,
3.550%, 07/15/31 (f) (h)		    

2,175,000

      

2,084,839

    
America West Airlines
2000-1 Pass Through Trust,
8.057%, 01/02/22		    

509,366

      

551,389

    
American Airlines 2013-1
Class B Pass Through Trust,
5.625%, 07/15/22 (f)		    

1,762,944

      

1,793,795

    
American Airlines 2013-2
Class B Pass Through Trust,
5.600%, 01/15/22 (f)		    

1,439,732

      

1,469,427

    
American Airlines 2015-1
Class B Pass Through Trust,
3.700%, 11/01/24		    

1,553,040

      

1,514,699

    
American Airlines 2016-1
Class B Pass Through Trust,
5.250%, 07/15/25		    

470,754

      

480,169

    
British Airways 2013-1
Class B Pass Through Trust,
5.625%, 12/20/21 (f)		    

306,628

      

312,852

    

See accompanying notes to financial statements.
18


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

   

Principal

  

Value(a)

  
Continental Airlines 2009-2
Class A Pass Through Trust,
7.250%, 05/10/21		  

$

1,218,651

    

$

1,277,390

    
Continental Airlines 2012-1
Class B Pass Through Trust,
6.250%, 10/11/21		    

739,855

      

759,313

    
Delta Air Lines 2012-1
Class A Pass Through Trust,
4.750%, 11/07/21		    

397,651

      

404,531

    
Delta Air Lines 2012-1
Class B Pass Through Trust,
6.875%, 05/07/19 (f)		    

944,198

      

963,082

    
Delta Air Lines 2015-1
Class B Pass Through Trust,
4.250%, 01/30/25		    

1,534,842

      

1,531,311

    
Hawaiian Airlines 2013-1
Class B Pass Through
Certificates,
4.950%, 07/15/23		    

2,127,782

      

2,132,675

    
United Airlines 2014-1
Class B Pass Through Trust,
4.750%, 10/11/23		    

507,346

      

510,136

    
United Airlines 2014-2
Class B Pass Through Trust,
4.625%, 03/03/24		    

2,103,217

      

2,106,793

    
US Airways 2012-2 Class B
Pass Through Trust,
6.750%, 12/03/22		    

1,337,341

      

1,410,627

    
Virgin Australia 2013-1A
Pass Through Trust,
5.000%, 04/23/25 (f) (h)		    

800,734

      

814,346

    
Virgin Australia 2013-1B
Pass Through Trust,
6.000%, 04/23/22 (f) (h)		    

315,800

      

320,537

    
         

23,055,591

    

Transport — Rail (1.1%)

  
BNSF Funding Trust I,
6.613%, 12/15/55
(3-Month USD
LIBOR + 2.350%) (b)		    

3,785,000

      

4,163,500

    

Utilities (8.9%)

  

Electric Companies (0.5%)

  
Indianapolis Power &
Light Co.,
4.700%, 09/01/45 (f)		    

1,900,000

      

2,004,705

    

Electric Utilities (7.3%)

  
AES Corp.,
4.000%, 03/15/21		    

1,750,000

      

1,741,250

    
Avangrid, Inc.,
3.150%, 12/01/24		    

1,925,000

      

1,850,898

    
Cleco Corporate
Holdings LLC
3.743%, 05/01/26		    

1,125,000

      

1,061,149

    

4.973%, 05/01/46

    

1,000,000

      

991,037

    
El Paso Electric Co.,
5.000%, 12/01/44		    

1,165,000

      

1,198,329

    
Entergy Mississippi, Inc.,
3.250%, 12/01/27		    

1,100,000

      

1,050,928

    
Entergy Texas, Inc.,
3.450%, 12/01/27		    

1,885,000

      

1,830,544

    
    Shares/
Principal		  

Value(a)

  
FirstEnergy
Transmission LLC,
5.450%, 07/15/44 (f)		  

$

2,000,000

    

$

2,238,467

    
IPALCO Enterprises, Inc.
3.450%, 07/15/20		    

1,400,000

      

1,393,952

    

3.700%, 09/01/24

    

1,175,000

      

1,139,350

    
Mississippi Power Co.,
2.987%, 03/27/20
(3-Month USD LIBOR +
0.65%) (b)		    

700,000

      

699,999

    
Pennsylvania Electric Co.,
3.250%, 03/15/28 (f)		    

1,225,000

      

1,142,166

    
PPL Capital Funding, Inc.,
4.999%, 03/30/67
(3-Month USD LIBOR +
2.665%) (b)		    

4,500,000

      

4,500,000

    
Southern Power Co.,
4.950%, 12/15/46		    

2,450,000

      

2,463,731

    
The Cleveland Electric
Illuminating Co.,
3.500%, 04/01/28 (f)		    

2,400,000

      

2,276,030

    
WEC Energy Group, Inc.,
4.455%, 05/15/67
(3-Month USD LIBOR +
2.112%) (b)		    

1,750,000

      

1,726,025

    
         

27,303,855

    

Gas Utilities (1.1%)

  
Boston Gas Co.,
3.150%, 08/01/27 (f)		    

800,000

      

754,691

    
Southern Co. Gas
Capital Corp.
3.875%, 11/15/25		    

2,630,000

      

2,588,142

    

4.400%, 05/30/47

    

775,000

      

766,709

    
         

4,109,542

    
Total corporate obligations
(cost: $172,517,788)		        

171,165,349

    
Total long-term debt securities
(cost: $372,888,826)		        

372,002,116

    

Short-Term Securities (2.0%)

  

Investment Companies (2.0%)

  
State Street Institutional
U.S. Government Money
Market Fund, current rate
1.820% (k)		    

7,554,881

      

7,554,881

    
Total short-term securities
(cost: $7,554,881)		        

7,554,881

    
Total investments in securities
(cost: $380,443,707) (l)		        

379,556,997

    
Liabilities in excess of cash
and other assets (-1.4%)		        

(5,284,347

)

  

Total net assets (100.0%)

      

$

374,272,650

    

See accompanying notes to financial statements.
19


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

Investments in Securities Legend

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

(b)  Variable rate security.

(c)  Security is issued on a when-issued or forward commitment basis. As of June 30, 2018 the total cost of investments issued on a when-issued or forward commitment basis was $7,367,728.

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

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $379,055 have been pledged to cover margin requirements for the following open futures contracts:

Type

  

Expiration

   Number of
Contracts		   Position
Type		   Notional
Amount		   Market
Value		   Unrealized
Appreciation/
(Depreciation)(a)		  

10 Year U.S. Ultra

  

September 2018

    

166

    

Short

  

$

(21,021,834

)

  

$

(21,286,906

)

  

$

(265,072

)

  

5 Year U.S. Treasury Note

  

September 2018

    

218

    

Long

    

24,654,788

      

24,768,547

      

113,759

    

U.S. Long Bond

  

September 2018

    

249

    

Long

    

35,343,215

      

36,105,000

      

761,785

    

U.S. Ultra Bond

  

September 2018

    

100

    

Short

    

(15,548,902

)

    

(15,956,250

)

    

(407,348

)

  
                   

$

23,630,391

    

$

203,124

    

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

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

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

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

(j)  Step rate security.

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

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

Gross unrealized appreciation

  

$

5,215,786

    

Gross unrealized depreciation

    

(6,248,751

)

  

Net unrealized depreciation

  

$

(1,032,965

)

  

See accompanying notes to financial statements.
20


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

June 30, 2018
(Unaudited)

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

   

Principal

  

Value(a)

  

Long-Term Debt Securities (36.8%)

  

Government Obligations (0.5%)

  
U.S. Government Agencies and
Obligations (0.5%)		  
Federal Home Loan Mortgage
Corporation (FHLMC) (0.3%)		  

3.000%, 09/01/43

  

$

154,780

    

$

151,160

    

3.500%, 10/01/44

    

252,673

      

252,843

    

3.500%, 11/01/44

    

249,660

      

249,744

    

3.500%, 12/01/44

    

261,556

      

261,469

    
         

915,216

    
Federal National Mortgage Association
(FNMA) (0.2%)		  

3.000%, 04/01/43

    

232,802

      

227,475

    

3.000%, 05/01/43

    

100,440

      

98,131

    

3.000%, 06/01/43

    

299,129

      

292,227

    

3.500%, 08/01/42

    

129,440

      

129,854

    

3.500%, 02/01/43

    

143,299

      

144,164

    
         

891,851

    
Total government obligations
(cost: $1,828,246)		        

1,807,067

    

Asset-Backed Securities (0.2%)

  
Longtrain Leasing III LLC
2015-1A Class A2,
4.060%, 01/15/45 (b)		    

1,000,000

      

999,071

    
Total asset-backed securities
(cost: $999,586)		        

999,071

    

Other Mortgage-Backed Securities (0.3%)

  

Commercial Mortgage-Backed Securities (0.3%)

  
CSMC Mortgage Trust,
4.276%, 11/15/37 (c) (d)		    

1,000,000

      

1,006,588

    
Total other mortgage-backed securities
(cost: $1,007,639)		        

1,006,588

    

Corporate Obligations (35.8%)

  

Basic Materials (0.3%)

  

Chemicals (0.3%)

  
Nutrien, Ltd.,
3.000%, 04/01/25 (e)		    

1,000,000

      

921,037

    

Mining (0.0%)

  
BHP Billiton Finance
USA, Ltd.,
2.875%, 02/24/22 (e)		    

122,000

      

120,487

    

Communications (1.9%)

  

Cable/Satellite TV (0.5%)

  
Comcast Corp.
4.200%, 08/15/34 (f)		    

500,000

      

477,466

    

4.650%, 07/15/42

    

250,000

      

243,223

    

6.400%, 05/15/38

    

1,000,000

      

1,185,099

    
         

1,905,788

    

Internet & Catalog Retail (0.2%)

  
Amazon.com, Inc.,
3.875%, 08/22/37		    

1,000,000

      

976,113

    
   

Principal

  

Value(a)

  

Media (0.5%)

  
CBS Corp.
3.500%, 01/15/25		  

$

750,000

    

$

717,294

    

4.000%, 01/15/26

    

250,000

      

242,450

    
Viacom, Inc.,
5.625%, 09/15/19		    

250,000

      

256,106

    
Warner Media LLC,
4.850%, 07/15/45		    

1,000,000

      

910,920

    
         

2,126,770

    

Telecommunication (0.4%)

  
Crown Castle Towers LLC,
3.663%, 05/15/45 (c)		    

1,000,000

      

979,410

    
Vodafone Group PLC,
4.125%, 05/30/25 (e)		    

500,000

      

498,099

    
         

1,477,509

    

Telephone — Integrated (0.2%)

  
AT&T, Inc.,
4.100%, 02/15/28 (c)		    

803,000

      

767,325

    

Wireless Telecommunication Services (0.1%)

  
Rogers
Communications, Inc.,
4.100%, 10/01/23 (e)		    

250,000

      

255,700

    

Consumer Cyclical (1.4%)

  

Auto/Truck Parts & Equipment — Original (0.5%)

  
Ford Motor Co.,
5.291%, 12/08/46		    

1,500,000

      

1,390,098

    
Harley-Davidson Financial
Services, Inc.,
3.550%, 05/21/21 (b)		    

575,000

      

576,383

    
         

1,966,481

    

Food & Staples Retailing (0.2%)

  
The Kroger Co.,
4.450%, 02/01/47		    

1,000,000

      

909,526

    

Home Furnishings (0.3%)

  
Harman International
Industries, Inc.,
4.150%, 05/15/25		    

1,000,000

      

996,801

    

Retail (0.4%)

  
AutoZone, Inc.,
3.250%, 04/15/25		    

1,000,000

      

953,551

    
Target Corp.,
3.500%, 07/01/24		    

750,000

      

753,054

    
         

1,706,605

    

Consumer Staples (1.3%)

  

Beverages (0.1%)

  
The Coca-Cola Co.,
3.200%, 11/01/23 (f)		    

500,000

      

498,727

    

Consumer Products — Miscellaneous (0.2%)

  
Johnson (S.C.) & Son, Inc.,
3.350%, 09/30/24 (c)		    

750,000

      

742,786

    

See accompanying notes to financial statements.
21


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

   

Principal

  

Value(a)

  

Food Products (0.5%)

  
Archer-Daniels-Midland Co.,
3.750%, 09/15/47		  

$

1,000,000

    

$

929,139

    
General Mills, Inc.,
4.150%, 02/15/43		    

1,000,000

      

882,588

    
         

1,811,727

    

Household Products (0.2%)

  
Kimberly-Clark Corp.,
3.900%, 05/04/47		    

1,000,000

      

980,619

    

Personal Care (0.3%)

  
The Estee Lauder Cos., Inc.,
4.150%, 03/15/47		    

1,000,000

      

1,019,597

    

Consumer, Non-cyclical (1.5%)

  

Beverages (0.2%)

  
Anheuser-Busch InBev
Worldwide, Inc.,
4.375%, 04/15/38		    

1,000,000

      

970,804

    

Commercial Service — Finance (0.1%)

  
Moody's Corp.,
4.875%, 02/15/24		    

250,000

      

262,458

    

Diagnostic Equipment (0.5%)

  

Abbott Laboratories

  

3.875%, 09/15/25

    

750,000

      

747,594

    

4.750%, 11/30/36

    

1,000,000

      

1,053,197

    

4.750%, 04/15/43

    

250,000

      

260,255

    
         

2,061,046

    

Drugstore Chains (0.1%)

  
CVS Pass-Through Trust,
6.943%, 01/10/30		    

176,331

      

198,230

    

Food (0.5%)

  
Flowers Foods, Inc.,
3.500%, 10/01/26		    

1,000,000

      

941,493

    
Tyson Foods, Inc.,
5.150%, 08/15/44		    

1,000,000

      

1,033,682

    
         

1,975,175

    

Pharmaceuticals (0.1%)

  
Novartis Capital Corp.,
3.400%, 05/06/24 (f)		    

500,000

      

498,794

    

Energy (4.2%)

  

Oil & Gas (0.5%)

  
Baker Hughes a GE Co.
LLC / Baker Hughes
Co-Obligor, Inc.,
3.337%, 12/15/27		    

1,000,000

      

930,530

    
Valero Energy Corp.,
4.350%, 06/01/28		    

1,000,000

      

995,575

    
         

1,926,105

    

Oil, Gas & Consumable Fuels (1.3%)

  
Apache Corp.,
3.250%, 04/15/22		    

181,000

      

177,929

    
Chevron Corp.,
3.191%, 06/24/23 (f)		    

250,000

      

248,750

    
   

Principal

  

Value(a)

  
EOG Resources, Inc.,
2.625%, 03/15/23		  

$

250,000

    

$

239,993

    
Marathon Petroleum Corp.,
3.625%, 09/15/24		    

750,000

      

732,479

    
Noble Energy, Inc.,
3.900%, 11/15/24		    

1,000,000

      

985,963

    
Phillips 66,
4.650%, 11/15/34		    

1,000,000

      

1,008,856

    
Total Capital
International SA,
3.750%, 04/10/24 (e)		    

750,000

      

756,070

    
Valero Energy Corp.,
3.650%, 03/15/25		    

1,000,000

      

976,720

    
         

5,126,760

    

Pipelines (2.4%)

  
Andeavor Logistics LP/
Tesoro Logistics Finance
Corp.,
5.250%, 01/15/25		    

500,000

      

512,440

    
Columbia Pipeline
Group, Inc.,
4.500%, 06/01/25		    

1,000,000

      

997,706

    
Energy Transfer L.P.,
4.900%, 03/15/35		    

1,000,000

      

914,771

    
Enterprise Products
Operating LLC,
5.750%, 03/01/35		    

250,000

      

269,164

    
Florida Gas Transmission
Co. LLC,
4.350%, 07/15/25 (c)		    

1,000,000

      

1,020,973

    
Kinder Morgan, Inc.,
5.300%, 12/01/34		    

750,000

      

742,794

    
Magellan Midstream
Partners L.P.,
4.200%, 10/03/47		    

1,000,000

      

911,129

    
Plains All American Pipeline
L.P./PAA Finance Corp.,
3.850%, 10/15/23		    

250,000

      

243,656

    
Southern Natural Gas
Co. LLC,
4.800%, 03/15/47 (c)		    

1,500,000

      

1,557,796

    
Spectra Energy
Partners L.P.,
2.950%, 09/25/18		    

250,000

      

250,059

    
Sunoco Logistics Partners
Operations L.P.,
4.250%, 04/01/24		    

1,000,000

      

990,539

    
Williams Partners L.P.
3.750%, 06/15/27		    

500,000

      

472,113

    

4.300%, 03/04/24

    

500,000

      

501,789

    
         

9,384,929

    

Financial (10.7%)

  

Banks (4.2%)

  
Associated Banc-Corp.,
4.250%, 01/15/25		    

750,000

      

753,861

    
Astoria Financial Corp.,
3.500%, 06/08/20		    

1,000,000

      

999,564

    

See accompanying notes to financial statements.
22


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

   

Principal

  

Value(a)

  
Bank of America Corp.
3.950%, 04/21/25		  

$

1,000,000

    

$

979,335

    

4.183%, 11/25/27

    

1,000,000

      

973,898

    
4.244%, 04/24/38
(3-Month USD LIBOR +
1.814%) (d)		    

1,000,000

      

971,375

    

5.700%, 01/24/22

    

250,000

      

269,092

    
Bank of Montreal,
2.375%, 01/25/19 (e)		    

250,000

      

249,684

    
Barclays Bank PLC,
2.650%, 01/11/21 (e)		    

1,000,000

      

977,606

    
Capital One Financial Corp.
4.250%, 04/30/25		    

1,500,000

      

1,494,786

    

4.750%, 07/15/21

    

250,000

      

258,383

    
Citigroup, Inc.,
3.300%, 04/27/25		    

750,000

      

719,062

    
Credit Suisse Group
Funding Guernsey, Ltd.,
2.750%, 03/26/20 (e)		    

600,000

      

593,441

    
Discover Bank
3.100%, 06/04/20		    

1,000,000

      

994,860

    

4.250%, 03/13/26

    

500,000

      

488,740

    
HSBC Bank USA NA,
4.875%, 08/24/20		    

250,000

      

257,664

    
JPMorgan Chase & Co.
3.125%, 01/23/25		    

1,000,000

      

956,309

    

4.500%, 01/24/22

    

250,000

      

258,603

    
KeyBank NA,
3.180%, 10/15/27		    

1,000,000

      

986,543

    
PNC Bank NA
2.450%, 07/28/22		    

1,000,000

      

965,252

    

3.800%, 07/25/23

    

250,000

      

251,222

    
SunTrust Bank,
2.750%, 05/01/23		    

250,000

      

241,465

    
Synchrony Bank,
3.000%, 06/15/22		    

1,000,000

      

962,991

    
The Goldman Sachs
Group, Inc.,
3.850%, 01/26/27		    

1,000,000

      

960,327

    
         

16,564,063

    

Capital Markets (0.5%)

  
E*TRADE Financial Corp.,
2.950%, 08/24/22		    

1,000,000

      

968,679

    
The Bank of New York
Mellon Corp.,
3.442%, 02/07/28
(3-Month USD LIBOR +
1.069%) (d)		    

1,000,000

      

975,988

    
         

1,944,667

    

Diversified Financial Services (1.2%)

  
American Express
Credit Corp.,
3.300%, 05/03/27		    

1,000,000

      

963,627

    
CME Group, Inc.,
3.000%, 03/15/25		    

1,000,000

      

965,059

    
Discover Financial Services,
3.750%, 03/04/25		    

1,000,000

      

954,848

    
Eaton Vance Corp.,
3.500%, 04/06/27		    

1,000,000

      

970,414

    
   

Principal

  

Value(a)

  
TD Ameritrade
Holding Corp.,
2.950%, 04/01/22		  

$

700,000

    

$

687,766

    
         

4,541,714

    

Insurance (2.1%)

  
American Financial
Group, Inc.,
4.500%, 06/15/47		    

1,000,000

      

939,480

    
Assured Guaranty US
Holdings, Inc.,
5.000%, 07/01/24		    

500,000

      

522,493

    
First American
Financial Corp.,
4.600%, 11/15/24		    

750,000

      

757,287

    
Liberty Mutual
Group, Inc.,
4.250%, 06/15/23 (c)		    

750,000

      

757,580

    
Manulife Financial Corp.,
4.150%, 03/04/26 (e)		    

750,000

      

748,681

    
Marsh & McLennan
Cos., Inc.,
4.350%, 01/30/47		    

1,000,000

      

994,719

    
Metropolitan Life Global
Funding I,
3.875%, 04/11/22 (c)		    

250,000

      

253,696

    
Old Republic
International Corp.,
4.875%, 10/01/24		    

750,000

      

777,520

    
Pacific Life Insurance Co.,
4.300%, 10/24/67
(3-Month USD LIBOR +
2.796%) (c) (d)		    

1,000,000

      

907,940

    
StanCorp Financial
Group, Inc.,
5.000%, 08/15/22		    

750,000

      

770,367

    
The Hanover Insurance
Group, Inc.,
4.500%, 04/15/26		    

1,000,000

      

999,056

    
         

8,428,819

    

Property / Casualty Insurance (0.3%)

  
Arch Capital Finance LLC,
4.011%, 12/15/26		    

1,000,000

      

987,986

    

Real Estate Investment Trust — Diversified (0.2%)

  
Retail Properties of
America, Inc.,
4.000%, 03/15/25		    

1,000,000

      

937,549

    

Real Estate Investment Trust — Health Care (0.7%)

  
Healthcare Realty Trust, Inc.,
3.875%, 05/01/25		    

1,000,000

      

975,530

    
Healthcare Trust of America
Holdings L.P.,
3.750%, 07/01/27		    

1,000,000

      

948,834

    
Physicians Realty L.P.,
4.300%, 03/15/27		    

1,000,000

      

964,721

    
         

2,889,085

    

See accompanying notes to financial statements.
23


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

   

Principal

  

Value(a)

  

Real Estate Investment Trust — Office Property (0.1%)

  
Alexandria Real Estate
Equities, Inc.,
4.500%, 07/30/29		  

$

500,000

    

$

498,195

    

Real Estate Investment Trust — Residential (0.2%)

  
UDR, Inc.,
4.000%, 10/01/25		    

750,000

      

745,234

    

Real Estate Investment Trust — Shopping Centers (0.1%)

  
Retail Opportunity
Investments
Partnership L.P.,
5.000%, 12/15/23		    

250,000

      

251,572

    

Real Estate Investment Trust — Single Tenant (0.3%)

  
Select Income REIT,
4.500%, 02/01/25		    

750,000

      

729,110

    
Tanger Properties L.P.,
3.875%, 12/01/23		    

500,000

      

488,588

    
         

1,217,698

    

Real Estate Investment Trust — Storage (0.1%)

  
CubeSmart L.P.,
4.375%, 12/15/23		    

500,000

      

510,801

    

Specialized REITs (0.7%)

  
American Tower Corp.,
3.375%, 10/15/26		    

1,000,000

      

925,583

    
Essex Portfolio L.P.,
3.500%, 04/01/25		    

1,000,000

      

965,401

    
Goodman US Finance
Four LLC,
4.500%, 10/15/37 (b)		    

500,000

      

495,505

    
HCP, Inc.,
4.250%, 11/15/23		    

250,000

      

251,482

    
         

2,637,971

    

Health Care (2.6%)

  

Biotechnology (0.3%)

  
Amgen, Inc.,
5.700%, 02/01/19		    

250,000

      

254,103

    
Celgene Corp.,
3.875%, 08/15/25		    

1,000,000

      

973,163

    
         

1,227,266

    

Health Care Providers & Services (0.8%)

  
Aetna, Inc.,
3.875%, 08/15/47		    

1,000,000

      

894,647

    
Anthem, Inc.,
4.375%, 12/01/47		    

1,000,000

      

922,820

    
Laboratory Corp. of
America Holdings,
4.000%, 11/01/23		    

250,000

      

252,622

    
UnitedHealth Group, Inc.
2.750%, 02/15/23		    

250,000

      

242,015

    

3.750%, 07/15/25 (f)

    

1,000,000

      

1,000,167

    
         

3,312,271

    
   

Principal

  

Value(a)

  

Pharmaceuticals (1.5%)

  
AbbVie, Inc.,
3.600%, 05/14/25		  

$

1,000,000

    

$

968,508

    
Allergan Funding SCS,
3.800%, 03/15/25 (e)		    

670,000

      

650,600

    
Bristol-Myers Squibb Co.,
3.250%, 11/01/23		    

500,000

      

497,214

    
Cardinal Health, Inc.,
3.750%, 09/15/25		    

1,000,000

      

962,602

    
Eli Lilly & Co.,
3.950%, 05/15/47		    

1,000,000

      

984,878

    
Mead Johnson Nutrition Co.,
5.900%, 11/01/39		    

1,000,000

      

1,210,227

    
Mylan, Inc.,
4.200%, 11/29/23		    

500,000

      

500,469

    
         

5,774,498

    

Industrials (5.0%)

  

Aerospace & Defense (0.9%)

  
General Dynamics Corp.,
3.500%, 05/15/25		    

1,000,000

      

998,911

    
Harris Corp.,
3.832%, 04/27/25		    

1,000,000

      

980,530

    
Rockwell Collins, Inc.,
3.700%, 12/15/23		    

500,000

      

497,738

    
United Technologies Corp.,
4.050%, 05/04/47		    

1,000,000

      

915,175

    
         

3,392,354

    

Air Freight & Logistics (0.2%)

  
FedEx Corp.,
4.400%, 01/15/47		    

1,000,000

      

946,835

    

Building Products (0.2%)

  
CRH America Finance, Inc.,
4.400%, 05/09/47 (c)		    

1,000,000

      

917,803

    

Containers & Packaging (0.3%)

  
Amcor Finance USA, Inc.,
4.500%, 05/15/28 (c)		    

1,000,000

      

1,001,506

    

Electrical Equipment (0.4%)

  
Flex. Ltd.,
4.750%, 06/15/25 (e)		    

1,000,000

      

1,009,607

    
Trimble, Inc.,
4.750%, 12/01/24		    

750,000

      

765,905

    
         

1,775,512

    

Electronic Parts Distributions (0.4%)

  
Avnet, Inc.,
3.750%, 12/01/21		    

1,500,000

      

1,494,682

    

Environmental Control (0.5%)

  
Republic Services, Inc.,
3.950%, 05/15/28		    

1,000,000

      

986,470

    
Waste Management, Inc.,
3.900%, 03/01/35		    

1,000,000

      

972,552

    
         

1,959,022

    

See accompanying notes to financial statements.
24


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

   

Principal

  

Value(a)

  

Industrial Conglomerates (0.2%)

  
3M Co.,
3.625%, 10/15/47		  

$

1,000,000

    

$

950,215

    

Machinery (0.2%)

  
Caterpillar Financial
Services Corp.,
3.750%, 11/24/23		    

750,000

      

760,964

    

Miscellaneous Manufacturing (0.6%)

  
Carlisle Cos., Inc.,
3.750%, 12/01/27		    

1,000,000

      

950,513

    
Textron, Inc.
3.875%, 03/01/25		    

750,000

      

741,099

    

4.300%, 03/01/24

    

500,000

      

510,837

    
         

2,202,449

    

Road & Rail (0.1%)

  
Kansas City Southern,
4.300%, 05/15/43		    

250,000

      

232,544

    

Tools-Hand Held (0.2%)

  
Stanley Black & Decker, Inc.,
2.451%, 11/17/18		    

800,000

      

798,967

    

Transportation (0.3%)

  
Burlington Northern
Santa Fe LLC,
3.750%, 04/01/24		    

350,000

      

353,534

    
Penske Truck Leasing Co.
L.P. / PTL Finance Corp.,
3.900%, 02/01/24 (c)		    

1,000,000

      

989,069

    
         

1,342,603

    

Trucking & Leasing (0.5%)

  
GATX Corp.
3.250%, 03/30/25		    

1,000,000

      

945,304

    

4.550%, 11/07/28

    

1,000,000

      

992,655

    
         

1,937,959

    

Information Technology (1.6%)

  

Communications Equipment (0.4%)

  
Juniper Networks, Inc.,
4.500%, 03/15/24		    

500,000

      

508,208

    
QUALCOMM, Inc.,
4.650%, 05/20/35		    

1,000,000

      

1,012,976

    
         

1,521,184

    

Computers (0.2%)

  
Apple, Inc.,
4.375%, 05/13/45 (f)		    

1,000,000

      

1,029,436

    

Internet Software & Services (0.2%)

  
eBay, Inc.,
3.450%, 08/01/24		    

750,000

      

727,691

    

IT Services (0.3%)

  
The Western Union Co.,
3.350%, 05/22/19		    

500,000

      

501,955

    
Total System Services, Inc.,
4.800%, 04/01/26		    

750,000

      

768,850

    
         

1,270,805

    
   

Principal

  

Value(a)

  

Software (0.5%)

  
Fiserv, Inc.,
3.850%, 06/01/25		  

$

1,000,000

    

$

995,957

    
Oracle Corp.,
3.800%, 11/15/37		    

1,000,000

      

945,910

    
         

1,941,867

    

Materials (1.0%)

  

Chemicals (0.8%)

  
The Dow Chemical Co.,
3.500%, 10/01/24		    

750,000

      

730,442

    
The Mosaic Co.,
5.450%, 11/15/33		    

200,000

      

202,204

    
The Sherwin-Williams Co.,
3.950%, 01/15/26		    

1,000,000

      

996,033

    
Yara International ASA,
4.750%, 06/01/28 (b) (e)		    

1,000,000

      

1,005,281

    
         

2,933,960

    

Construction Materials (0.2%)

  
Vulcan Materials Co.,
4.500%, 06/15/47		    

1,000,000

      

907,903

    

Telecommunication Services (0.5%)

  

Diversified Telecommunication Services (0.5%)

  
AT&T, Inc.
4.350%, 06/15/45		    

250,000

      

211,784

    

4.500%, 05/15/35

    

1,000,000

      

924,944

    
Verizon
Communications, Inc.,
5.250%, 03/16/37		    

1,000,000

      

1,026,999

    
         

2,163,727

    

Transportation (0.7%)

  

Airlines (0.5%)

  
American Airlines 2015-2
Class A Pass Through Trust,
4.000%, 03/22/29		    

905,298

      

893,168

    
British Airways 2013-1
Class A Pass Through Trust,
4.625%, 12/20/25 (c)		    

809,724

      

829,805

    
United Airlines 2013-1
Class A Pass Through Trust,
4.300%, 02/15/27		    

206,851

      

210,802

    
         

1,933,775

    

Transport — Rail (0.2%)

  
Norfolk Southern Corp.,
3.850%, 01/15/24		    

500,000

      

505,441

    
Union Pacific Corp.,
3.750%, 03/15/24		    

500,000

      

505,990

    
         

1,011,431

    

Utilities (3.1%)

  

Electric Utilities (2.0%)

  
Ameren Illinois Co.,
3.700%, 12/01/47		    

1,000,000

      

934,781

    
Arizona Public Service Co.,
4.350%, 11/15/45		    

1,000,000

      

1,026,795

    

See accompanying notes to financial statements.
25


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

   

Principal

  

Value(a)

  
Duke Energy Progress LLC,
3.600%, 09/15/47		  

$

1,000,000

    

$

910,390

    
Entergy Louisiana LLC,
3.300%, 12/01/22		    

250,000

      

246,100

    
Northern States Power Co.
3.600%, 09/15/47		    

1,000,000

      

921,846

    

3.750%, 12/01/47

    

1,000,000

      

956,857

    
Oglethorpe Power Corp.,
4.250%, 04/01/46		    

800,000

      

769,376

    
Oklahoma Gas &
Electric Co.,
4.150%, 04/01/47		    

1,000,000

      

1,002,420

    
PPL Capital Funding, Inc.,
3.400%, 06/01/23		    

250,000

      

245,886

    
Southern California Edison
Co., 4.000%, 04/01/47		    

1,000,000

      

933,861

    
         

7,948,312

    

Electric — Integrated (0.1%)

  
Berkshire Hathaway
Energy Co.,
3.750%, 11/15/23		    

250,000

      

253,020

    

Gas Utilities (0.3%)

  
ONEOK, Inc.,
4.000%, 07/13/27		    

500,000

      

483,802

    
Washington Gas Light Co.,
3.796%, 09/15/46		    

1,000,000

      

936,263

    
         

1,420,065

    

Multi-Utilities (0.3%)

  
Dominion Energy Gas
Holdings LLC,
3.550%, 11/01/23		    

250,000

      

249,022

    
National Fuel Gas Co.,
5.200%, 07/15/25		    

1,000,000

      

1,027,537

    
         

1,276,559

    

Water Utilities (0.4%)

  
American Water
Capital Corp.,
3.750%, 09/01/47		    

1,000,000

      

923,276

    
Aquarion Co.,
4.000%, 08/15/24 (b)		    

500,000

      

506,093

    
         

1,429,369

    
Total corporate obligations
(cost: $144,947,701)		        

141,539,807

    
Total long-term debt Securities
(cost: $148,783,172)		        

145,352,533

    

Purchased Options (0.1%)

  
S&P 500 Index,
$2655.00, 07/20/18
(cost: $199,963)		        

311,472

    
    Shares/
Principal		  

Value(a)

  

Mutual Funds (44.3%)

  

Investment Companies (44.3%)

  
iShares iBoxx $ Investment
Grade Corporate
Bond ETF		  

$

44,500

    

$

5,098,365

    

SFT Index 500 Fund (g)

    

14,224,618

      

155,034,367

    

SPDR S&P 500 ETF Trust (f)

    

36,170

      

9,812,198

    

Vanguard S&P 500 ETF

    

20,175

      

5,033,864

    
Total mutual funds
(cost: $123,653,386)		        

174,978,794

    

Short-Term Securities (17.0%)

  

Investment Companies (17.0%)

  
State Street Institutional
U.S. Government Money
Market Fund, current
rate 1.820%		    

67,089,021

      

67,089,021

    
Total short-term securities
(cost: $67,089,021)		        

67,089,021

    
Total investments in securities
(cost: $339,725,542) (h)		        

387,731,820

    
Cash and other assets in
excess of liabilities (1.8%)		        

7,159,733

    

Total net assets (100.0%)

      

$

394,891,553

    

See accompanying notes to financial statements.
26


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

Investments in Securities Legend

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

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

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

(d)  Variable rate security.

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

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $10,479,993 have been pledged to cover margin requirements for the following open futures contracts:

Type

  

Expiration

   Number of
Contracts		   Position
Type		   Notional
Amount		   Market
Value		   Unrealized
Appreciation/
(Depreciation)(a)		  

10 Year U.S. Treasury Note

  

September 2018

    

200

    

Short

  

$

(24,182,199

)

  

$

(24,037,500

)

  

$

144,699

    

S&P 500® Index Future

  

September 2018

    

189

    

Long

    

130,585,424

      

128,595,600

      

(1,989,824

)

  

S&P 500® E-Mini Index Future

  

September 2018

    

140

    

Long

    

19,289,175

      

19,051,200

      

(237,975

)

  
                   

$

123,609,300

    

$

(2,083,100

)

  

(g)  Affiliated security.

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

Gross unrealized appreciation

  

$

52,073,315

    

Gross unrealized depreciation

    

(4,092,646

)

  

Net unrealized appreciation

  

$

47,980,669

    

 

Purchased Options

  

Contracts

  

Expiration Date

  

Notional Amount

  

Exercise Price

  

Value(a)

  

Put – S&P 500 Index

    

216

    

July 2018

  

$

21,600

    

$

2,655.00

    

$

311,472

    

Written Options

  

Contracts

  

Expiration Date

  

Notional Amount

  

Exercise Price

  

Value(a)

  

Put – S&P 500 Index

    

332

    

July 2018

  

$

33,200

    

$

2,365.00

    

$

(39,840

)

  

See accompanying notes to financial statements.
27


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

June 30, 2018
(Unaudited)

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

   

Principal

  

Value(a)

  

Short-Term Investments (100.1%)

  

U.S. Government Obligations (100.0%)

  

Discount Notes (57.0%)

  
Federal Home Loan Bank
1.818%, 07/13/18 (b)		  

$

16,600,000

    

$

16,590,123

    

1.849%, 07/20/18 (b)

    

3,500,000

      

3,496,647

    

1.881%, 07/13/18 (b)

    

4,000,000

      

3,997,533

    

1.892%, 07/25/18 (b)

    

5,500,000

      

5,493,176

    

1.900%, 07/18/18 (b)

    

1,200,000

      

1,198,941

    

1.951%, 09/14/18 (b)

    

4,000,000

      

3,984,042

    

1.955%, 08/31/18 (b)

    

3,100,000

      

3,089,915

    
         

37,850,377

    

U.S. Treasury (43.0%)

  
U.S. Treasury Note
1.979%, 04/30/19
(3-Month U.S. Treasury
Money Market Yield +
0.070%) (c)		    

5,000,000

      

5,006,243

    
2.049%, 01/31/19
(3-Month U.S. Treasury
Money Market Yield +
0.140%) (c)		    

10,000,000

      

10,011,664

    
2.079%, 10/31/18
(3-Month U.S. Treasury
Money Market Yield +
0.170%) (c)		    

3,500,000

      

3,502,796

    
2.083%, 07/31/18
(3-Month U.S. Treasury
Money Market Yield +
0.174%) (c)		    

10,000,000

      

10,001,813

    
         

28,522,516

    

Total U.S. government obligations

        

66,372,893

    
   

Shares

  

Value(a)

  

Investment Companies (0.1%)

  
State Street Institutional
U.S. Government Money
Market Fund,
current rate 1.820%		    

87,079

    

$

87,079

    
         

87,079

    
Total short-term investments
(cost: $66,459,972)		        

66,459,972

    
Total investments in securities
(cost: $66,459,972) (d)		        

66,459,972

    
Liabilities in excess of cash
and other assets (-0.1%)		        

(91,727

)

  

Total net assets (100.0%)

      

$

66,368,245

    

Investments in Securities Legend

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

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

(c)  Variable rate security.

(d)  Also represents the cost of investments for federal income tax purposes at June 30, 2018.

See accompanying notes to financial statements.
28


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

June 30, 2018
(Unaudited)

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

   

Shares

  

Value(a)

  

Common Stocks (96.5%)

  

Consumer Discretionary (12.6%)

  

Auto Components (0.7%)

  

Dana, Inc.

    

18,081

    

$

365,055

    

Delphi Technologies PLC (b)

    

11,035

      

501,651

    

Gentex Corp.

    

34,037

      

783,532

    
         

1,650,238

    

Automobiles (0.3%)

  

Thor Industries, Inc.

    

6,036

      

587,846

    

Distributors (0.3%)

  

Pool Corp.

    

5,047

      

764,620

    

Diversified Consumer Services (0.8%)

  
Adtalem Global
Education, Inc. (c)		    

7,485

      

360,028

    
Graham Holdings Co. –
Class B		    

558

      

327,044

    
Service Corp.
International/US		    

22,711

      

812,827

    

Sotheby's (c)

    

4,491

      

244,041

    
         

1,743,940

    

Hotels, Restaurants & Leisure (3.6%)

  

Boyd Gaming Corp.

    

10,211

      

353,913

    

Brinker International, Inc.

    

5,391

      

256,612

    

Churchill Downs, Inc.

    

1,393

      

413,024

    
Cracker Barrel Old Country
Store, Inc.		    

2,955

      

461,601

    

Domino's Pizza, Inc.

    

5,255

      

1,482,803

    

Dunkin' Brands Group, Inc.

    

10,312

      

712,250

    

ILG, Inc.

    

13,134

      

433,816

    
International Speedway
Corp. – Class A		    

3,035

      

135,664

    

Jack in the Box, Inc.

    

3,524

      

299,963

    
Papa John's
International, Inc.		    

2,905

      

147,342

    
Scientific Games Corp. –
Class A (c)		    

6,653

      

326,995

    

Six Flags Entertainment Corp.

    

9,597

      

672,270

    

Texas Roadhouse, Inc.

    

8,165

      

534,889

    

The Cheesecake Factory, Inc.

    

5,297

      

291,653

    

The Wendy's Co.

    

22,298

      

383,080

    

Wyndham Destinations, Inc.

    

12,402

      

549,036

    
Wyndham Hotels &
Resorts, Inc.		    

12,394

      

729,139

    
         

8,184,050

    

Household Durables (1.5%)

  

Helen of Troy, Ltd. (b) (c)

    

3,258

      

320,750

    

KB Home

    

10,496

      

285,911

    

NVR, Inc. (c)

    

432

      

1,283,191

    
Tempur Sealy International,
Inc. (c)		    

5,746

      

276,095

    

Toll Brothers, Inc.

    

17,451

      

645,513

    

TRI Pointe Group, Inc. (c)

    

18,882

      

308,910

    

Tupperware Brands Corp.

    

6,267

      

258,451

    
         

3,378,821

    
   

Shares

  

Value(a)

  

Leisure Equipment & Products (0.7%)

  

Brunswick Corp.

    

10,833

    

$

698,512

    

Polaris Industries, Inc.

    

7,299

      

891,792

    
         

1,590,304

    

Media (1.5%)

  
AMC Networks, Inc. –
Class A (c)		    

5,644

      

351,057

    

Cable One, Inc.

    

628

      

460,506

    

Cinemark Holdings, Inc.

    

13,208

      

463,337

    
John Wiley & Sons, Inc. –
Class A		    

5,578

      

348,067

    
Live Nation Entertainment,
Inc. (c)		    

16,874

      

819,570

    

Meredith Corp.

    

4,872

      

248,472

    

TEGNA, Inc.

    

26,806

      

290,845

    
The New York Times Co. –
Class A		    

15,905

      

411,940

    
         

3,393,794

    

Multiline Retail (0.4%)

  

Big Lots, Inc.

    

5,242

      

219,011

    

Dillard's, Inc. – Class A

    

2,440

      

230,580

    
Ollie's Bargain Outlet
Holdings, Inc. (c)		    

6,199

      

449,427

    
         

899,018

    

Specialty Retail (2.1%)

  

Aaron's, Inc.

    

7,694

      

334,304

    
American Eagle
Outfitters, Inc.		    

20,853

      

484,832

    

AutoNation, Inc. (c)

    

7,305

      

354,877

    

Bed Bath & Beyond, Inc.

    

17,382

      

346,337

    

Dick's Sporting Goods, Inc.

    

9,685

      

341,396

    

Five Below, Inc. (c)

    

6,913

      

675,469

    

Murphy USA, Inc. (c)

    

3,766

      

279,776

    

Sally Beauty Holdings, Inc. (c)

    

15,174

      

243,239

    

Signet Jewelers, Ltd. (b)

    

7,322

      

408,202

    

The Michaels Cos., Inc. (c)

    

13,802

      

264,584

    

Urban Outfitters, Inc. (c)

    

9,994

      

445,233

    

Williams-Sonoma, Inc.

    

9,472

      

581,392

    
         

4,759,641

    

Textiles, Apparel & Luxury Goods (0.7%)

  

Carter's, Inc.

    

5,828

      

631,697

    

Deckers Outdoor Corp. (c)

    

3,784

      

427,175

    
Skechers U.S.A., Inc. –
Class A (c)		    

16,878

      

506,509

    
         

1,565,381

    

Consumer Staples (3.4%)

  

Beverages (0.1%)

  
The Boston Beer Co., Inc. –
Class A (c)		    

1,130

      

338,661

    

Food & Staples Retailing (0.5%)

  

Casey's General Stores, Inc.

    

4,609

      

484,314

    
Sprouts Farmers
Market, Inc. (c)		    

15,143

      

334,206

    

See accompanying notes to financial statements.
29


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

   

Shares

  

Value(a)

  

United Natural Foods, Inc. (c)

    

6,265

    

$

267,265

    
         

1,085,785

    

Food Products (2.2%)

  

Flowers Foods, Inc.

    

23,057

      

480,277

    

Ingredion, Inc.

    

8,979

      

993,975

    

Lamb Weston Holdings, Inc.

    

18,174

      

1,245,101

    

Lancaster Colony Corp.

    

2,457

      

340,098

    

Post Holdings, Inc. (c)

    

8,363

      

719,385

    

Sanderson Farms, Inc.

    

2,530

      

266,030

    

The Hain Celestial Group, Inc. (c)

    

12,916

      

384,897

    

Tootsie Roll Industries, Inc.

    

2,406

      

74,225

    

TreeHouse Foods, Inc. (c)

    

6,933

      

364,052

    
         

4,868,040

    

Household Products (0.2%)

  

Energizer Holdings, Inc.

    

7,327

      

461,308

    

Personal Products (0.4%)

  

Edgewell Personal Care Co. (c)

    

6,628

      

334,449

    
Nu Skin Enterprises, Inc. –
Class A		    

6,835

      

534,428

    
         

868,877

    

Energy (4.8%)

  

Energy Equipment & Services (2.0%)

  

Apergy Corp. (c)

    

9,620

      

401,635

    

Core Laboratories NV (b)

    

5,433

      

685,699

    
Diamond Offshore
Drilling, Inc. (c)		    

8,028

      

167,464

    

Dril-Quip, Inc. (c)

    

4,740

      

243,636

    

Ensco PLC – Class A (b)

    

54,328

      

394,421

    
McDermott International,
Inc. (b) (c)		    

22,348

      

439,138

    

Nabors Industries, Ltd. (b)

    

43,802

      

280,771

    
Oceaneering International,
Inc. (c)		    

12,246

      

311,783

    

Patterson-UTI Energy, Inc.

    

27,568

      

496,224

    
Rowan Cos., PLC –
Class A (b) (c)		    

14,194

      

230,227

    
Superior Energy Services,
Inc. (c)		    

19,170

      

186,716

    

Transocean, Ltd. (b) (c)

    

54,517

      

732,709

    
         

4,570,423

    

Oil, Gas & Consumable Fuels (2.8%)

  

Callon Petroleum Co. (c)

    

27,865

      

299,270

    

Chesapeake Energy Corp. (c)

    

113,329

      

593,844

    

CNX Resources Corp. (c)

    

24,375

      

433,387

    

Gulfport Energy Corp. (c)

    

19,425

      

244,172

    

Matador Resources Co. (c)

    

12,860

      

386,443

    

Murphy Oil Corp.

    

20,216

      

682,694

    

Oasis Petroleum, Inc. (c)

    

33,128

      

429,670

    

PBF Energy, Inc. – Class A

    

13,949

      

584,882

    

QEP Resources, Inc. (c)

    

29,475

      

361,364

    

Range Resources Corp.

    

28,189

      

471,602

    

SM Energy Co.

    

12,771

      

328,087

    

Southwestern Energy Co. (c)

    

63,452

      

336,296

    

World Fuel Services Corp.

    

8,415

      

171,750

    

WPX Energy, Inc. (c)

    

49,669

      

895,532

    
         

6,218,993

    
   

Shares

  

Value(a)

  

Financial (15.9%)

  

Capital Markets (2.9%)

  

Eaton Vance Corp.

    

14,740

    

$

769,281

    

Evercore, Inc.

    

5,070

      

534,632

    
Factset Research
Systems, Inc.		    

4,817

      

954,248

    
Federated Investors, Inc. –
Class B		    

11,851

      

276,365

    
Interactive Brokers Group,
Inc. Class A		    

8,800

      

566,808

    
Janus Henderson Group
PLC (b)		    

22,418

      

688,905

    

Legg Mason, Inc.

    

10,621

      

368,867

    

MarketAxess Holdings, Inc.

    

4,729

      

935,680

    

SEI Investments Co.

    

16,308

      

1,019,576

    

Stifel Financial Corp.

    

8,820

      

460,845

    
         

6,575,207

    

Commercial Banks (7.8%)

  

Associated Banc-Corp.

    

20,937

      

571,580

    

BancorpSouth Bank

    

10,147

      

334,344

    

Bank of Hawaii Corp.

    

5,232

      

436,453

    

Bank of the Ozarks, Inc.

    

15,092

      

679,744

    

Cathay General Bancorp

    

9,491

      

384,291

    

Chemical Financial Corp.

    

8,868

      

493,682

    

Commerce Bancshares, Inc.

    

11,659

      

754,454

    

Cullen/Frost Bankers, Inc.

    

7,216

      

781,060

    

East West Bancorp, Inc.

    

18,009

      

1,174,187

    

First Horizon National Corp.

    

40,666

      

725,481

    

FNB Corp.

    

40,251

      

540,168

    

Fulton Financial Corp.

    

21,844

      

360,426

    

Hancock Whitney Corp.

    

10,600

      

494,490

    

Home BancShares, Inc.

    

19,609

      

442,379

    
International
Bancshares Corp.		    

6,737

      

288,344

    

MB Financial, Inc.

    

10,450

      

488,015

    

PacWest Bancorp

    

15,552

      

768,580

    
Pinnacle Financial
Partners, Inc.		    

9,194

      

564,052

    

Prosperity Bancshares, Inc.

    

8,681

      

593,433

    

Signature Bank (c)

    

6,712

      

858,330

    

Sterling Bancorp

    

28,024

      

658,564

    

Synovus Financial Corp.

    

14,745

      

778,978

    

TCF Financial Corp.

    

20,887

      

514,238

    
Texas Capital Bancshares,
Inc. (c)		    

6,112

      

559,248

    

Trustmark Corp.

    

8,424

      

274,875

    

UMB Financial Corp.

    

5,405

      

412,023

    

Umpqua Holdings Corp.

    

27,365

      

618,175

    

United Bankshares, Inc.

    

13,067

      

475,639

    

Valley National Bancorp

    

32,937

      

400,514

    

Webster Financial Corp.

    

11,446

      

729,110

    

Wintrust Financial Corp.

    

6,995

      

608,915

    
         

17,763,772

    

Consumer Finance (0.5%)

  

Navient Corp.

    

32,888

      

428,530

    

SLM Corp. (c)

    

54,093

      

619,365

    
         

1,047,895

    

See accompanying notes to financial statements.
30


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

   

Shares

  

Value(a)

  

Insurance (4.2%)

  

Alleghany Corp.

    

1,899

    

$

1,091,868

    

American Financial Group, Inc.

    

8,622

      

925,399

    
Aspen Insurance Holdings,
Ltd. (b)		    

7,414

      

301,750

    

Brown & Brown, Inc.

    

28,497

      

790,222

    

CNO Financial Group, Inc.

    

20,800

      

396,032

    
First American
Financial Corp.		    

13,863

      

716,994

    
Genworth Financial, Inc. –
Class A (c)		    

62,045

      

279,203

    

Kemper Corp.

    

6,020

      

455,413

    

Mercury General Corp.

    

4,472

      

203,744

    
Old Republic
International Corp.		    

31,173

      

620,655

    

Primerica, Inc.

    

5,450

      

542,820

    
Reinsurance Group of
America, Inc.		    

8,032

      

1,072,111

    
RenaissanceRe Holdings,
Ltd. (b)		    

5,030

      

605,210

    
The Hanover Insurance
Group, Inc.		    

5,320

      

636,059

    

WR Berkley Corp.

    

11,946

      

865,010

    
         

9,502,490

    

Thrifts & Mortgage Finance (0.5%)

  

LendingTree, Inc. (c)

    

1,020

      

218,076

    
New York Community
Bancorp, Inc.		    

60,951

      

672,899

    

Washington Federal, Inc.

    

10,499

      

343,317

    
         

1,234,292

    

Health Care (8.9%)

  

Biotechnology (0.5%)

  

Exelixis, Inc. (c)

    

25,090

      

539,937

    

United Therapeutics Corp. (c)

    

5,422

      

613,499

    
         

1,153,436

    

Health Care Equipment & Supplies (3.8%)

  

Avanos Medical, Inc. (c)

    

5,843

      

334,512

    

Cantel Medical Corp.

    

4,362

      

429,046

    

Globus Medical, Inc. (c)

    

9,108

      

459,590

    

Haemonetics Corp. (c)

    

6,489

      

581,933

    

Hill-Rom Holdings, Inc.

    

8,237

      

719,420

    

ICU Medical, Inc. (c)

    

1,954

      

573,792

    
Integra LifeSciences
Holdings Corp. (c)		    

8,767

      

564,682

    

LivaNova PLC (b) (c)

    

5,440

      

543,021

    

Masimo Corp. (c)

    

5,855

      

571,741

    

NuVasive, Inc. (c)

    

6,277

      

327,157

    

STERIS PLC (b)

    

10,517

      

1,104,390

    

Teleflex, Inc.

    

5,661

      

1,518,337

    
West Pharmaceutical
Services, Inc.		    

9,145

      

908,007

    
         

8,635,628

    

Health Care Providers & Services (2.3%)

  

Acadia Healthcare Co., Inc. (c)

    

10,199

      

417,241

    

Chemed Corp.

    

1,981

      

637,506

    

Encompass Health Corp

    

12,282

      

831,737

    

LifePoint Health, Inc. (c)

    

4,754

      

231,995

    
   

Shares

  

Value(a)

  

Mednax, Inc. (c)

    

11,744

    

$

508,280

    

Molina Healthcare, Inc. (c)

    

5,903

      

578,140

    

Patterson Cos., Inc.

    

10,115

      

229,307

    

Tenet Healthcare Corp. (c)

    

10,147

      

340,635

    

WellCare Health Plans, Inc. (c)

    

5,583

      

1,374,758

    
         

5,149,599

    

Health Care Technology (0.4%)

  
Allscripts Healthcare
Solutions, Inc. (c)		    

22,054

      

264,648

    

Medidata Solutions, Inc. (c)

    

7,300

      

588,088

    
         

852,736

    

Life Sciences Tools & Services (1.3%)

  
Bio-Rad Laboratories, Inc. –
Class A (c)		    

2,527

      

729,141

    

Bio-Techne Corp.

    

4,714

      

697,436

    
Charles River Laboratories
International, Inc. (c)		    

5,955

      

668,508

    

PRA Health Sciences, Inc. (c)

    

6,291

      

587,328

    

Syneos Health, Inc. (c)

    

6,840

      

320,796

    
         

3,003,209

    

Pharmaceuticals (0.6%)

  

Akorn, Inc. (c)

    

11,676

      

193,705

    

Catalent, Inc. (c)

    

16,576

      

694,369

    

Mallinckrodt PLC (b) (c)

    

10,326

      

192,683

    
Prestige Brands Holdings,
Inc. (c)		    

6,596

      

253,154

    
         

1,333,911

    

Industrials (14.1%)

  

Aerospace & Defense (1.0%)

  

Curtiss-Wright Corp.

    

5,535

      

658,776

    
Esterline Technologies
Corp. (c)		    

3,135

      

231,363

    

KLX, Inc. (c)

    

6,306

      

453,401

    

Teledyne Technologies, Inc. (c)

    

4,464

      

888,604

    
         

2,232,144

    

Airlines (0.3%)

  

JetBlue Airways Corp. (c)

    

39,337

      

746,616

    

Building Products (0.4%)

  

Lennox International, Inc.

    

4,630

      

926,695

    

Commercial Services & Supplies (1.5%)

  

Clean Harbors, Inc. (c)

    

6,281

      

348,909

    

Deluxe Corp.

    

5,946

      

393,685

    
Healthcare Services
Group, Inc.		    

9,161

      

395,664

    

Herman Miller, Inc.

    

7,410

      

251,199

    

HNI Corp.

    

5,410

      

201,252

    

MSA Safety, Inc.

    

4,169

      

401,641

    

Pitney Bowes, Inc.

    

23,310

      

199,767

    

Rollins, Inc.

    

11,932

      

627,385

    

The Brink's Co.

    

6,327

      

504,578

    
         

3,324,080

    

Construction & Engineering (1.1%)

  

AECOM (c)

    

19,927

      

658,189

    

See accompanying notes to financial statements.
31


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

   

Shares

  

Value(a)

  

Dycom Industries, Inc. (c)

    

3,810

    

$

360,083

    

EMCOR Group, Inc.

    

7,265

      

553,447

    

Granite Construction, Inc.

    

5,650

      

314,479

    

KBR, Inc.

    

17,478

      

313,206

    

Valmont Industries, Inc.

    

2,784

      

419,688

    
         

2,619,092

    

Electrical Equipment (1.5%)

  

Acuity Brands, Inc.

    

5,096

      

590,473

    

Belden, Inc.

    

4,994

      

305,233

    

EnerSys

    

5,234

      

390,666

    

Hubbell, Inc.

    

6,837

      

722,944

    

nVent Electric PLC (b) (c)

    

20,179

      

506,493

    

Regal Beloit Corp.

    

5,456

      

446,301

    

Woodward, Inc.

    

6,888

      

529,412

    
         

3,491,522

    

Industrial Conglomerates (0.4%)

  

Carlisle Cos., Inc.

    

7,535

      

816,116

    

Machinery (4.5%)

  

AGCO Corp.

    

8,122

      

493,168

    

Crane Co.

    

6,313

      

505,861

    

Donaldson Co., Inc.

    

16,141

      

728,282

    

Graco, Inc.

    

20,739

      

937,818

    

IDEX Corp.

    

9,535

      

1,301,337

    

ITT, Inc.

    

10,862

      

567,757

    

Kennametal, Inc.

    

10,145

      

364,205

    

Lincoln Electric Holdings, Inc.

    

7,613

      

668,117

    

Nordson Corp.

    

6,354

      

815,917

    

Oshkosh Corp.

    

9,158

      

643,990

    

Terex Corp.

    

8,906

      

375,744

    

The Timken Co.

    

8,412

      

366,343

    

The Toro Co.

    

13,159

      

792,830

    

Trinity Industries, Inc.

    

18,515

      

634,324

    

Wabtec Corp.

    

10,651

      

1,049,975

    
         

10,245,668

    

Marine (0.2%)

  

Kirby Corp. (c)

    

6,617

      

553,181

    

Professional Services (0.6%)

  

Dun & Bradstreet Corp.

    

4,651

      

570,445

    

Manpowergroup, Inc.

    

8,162

      

702,422

    
         

1,272,867

    

Road & Rail (1.8%)

  

Avis Budget Group, Inc. (c)

    

8,887

      

288,828

    
Genesee & Wyoming, Inc. –
Class A (c)		    

7,476

      

607,948

    
Knight-Swift Transportation
Holdings, Inc.		    

15,957

      

609,717

    

Landstar System, Inc.

    

5,263

      

574,720

    
Old Dominion Freight
Line, Inc.		    

8,521

      

1,269,288

    

Ryder System, Inc.

    

6,521

      

468,599

    

Werner Enterprises, Inc.

    

5,571

      

209,191

    
         

4,028,291

    

Trading Companies & Distributors (0.8%)

  

GATX Corp.

    

4,617

      

342,720

    
   

Shares

  

Value(a)

  
MSC Industrial Direct Co. –
Class A		    

5,699

    

$

483,560

    

Now, Inc. (c)

    

13,440

      

179,155

    

Watsco, Inc.

    

4,029

      

718,290

    
         

1,723,725

    

Information Technology (15.5%)

  

Communications Equipment (1.3%)

  

ARRIS International PLC (b) (c)

    

21,761

      

531,948

    

Ciena Corp. (c)

    

17,826

      

472,567

    

InterDigital, Inc.

    

4,275

      

345,848

    

Lumentum Holdings, Inc. (c)

    

7,818

      

452,662

    

NetScout Systems, Inc. (c)

    

9,933

      

295,010

    

Plantronics, Inc.

    

4,072

      

310,490

    

ViaSat, Inc. (c)

    

6,809

      

447,487

    
         

2,856,012

    

Computers & Peripherals (0.2%)

  

NCR Corp. (c)

    

14,703

      

440,796

    
Electronic Equipment, Instruments &
Components (3.6%)		  

Arrow Electronics, Inc. (c)

    

10,890

      

819,799

    

Avnet, Inc.

    

14,624

      

627,223

    

Cognex Corp.

    

21,495

      

958,892

    

Coherent, Inc. (c)

    

3,134

      

490,220

    

Jabil , Inc.

    

21,290

      

588,881

    

Keysight Technologies, Inc. (c)

    

23,224

      

1,370,913

    

Littelfuse, Inc.

    

3,154

      

719,680

    

National Instruments Corp.

    

13,372

      

561,357

    

SYNNEX Corp.

    

3,593

      

346,760

    

Tech Data Corp. (c)

    

4,275

      

351,063

    

Trimble, Inc. (c)

    

30,975

      

1,017,219

    

Vishay Intertechnology, Inc.

    

16,420

      

380,944

    
         

8,232,951

    

Internet Software & Services (0.6%)

  

Cars.com, Inc. (c)

    

8,934

      

253,636

    

j2 Global, Inc.

    

6,062

      

525,030

    

LogMeIn, Inc.

    

6,488

      

669,886

    
         

1,448,552

    

IT Services (3.1%)

  

Acxiom Corp. (c)

    

9,557

      

286,232

    

Convergys Corp.

    

11,372

      

277,932

    

CoreLogic, Inc. (c)

    

10,146

      

526,578

    

Jack Henry & Associates, Inc.

    

9,612

      

1,253,020

    

Leidos Holdings, Inc.

    

17,733

      

1,046,247

    

MAXIMUS, Inc.

    

8,022

      

498,247

    

Perspecta, Inc.

    

17,728

      

364,310

    

Sabre Corp.

    

31,415

      

774,066

    
Science Applications
International Corp.		    

5,225

      

422,859

    

Teradata Corp. (c)

    

15,028

      

603,374

    

WEX, Inc. (c)

    

5,015

      

955,257

    
         

7,008,122

    

Office Electronics (0.4%)

  
Zebra Technologies Corp. –
Class A (c)		    

6,651

      

952,756

    

See accompanying notes to financial statements.
32


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

   

Shares

  

Value(a)

  
Semiconductors & Semiconductor
Equipment (2.7%)		  

Cirrus Logic, Inc. (c)

    

7,579

    

$

290,503

    

Cree, Inc. (c)

    

12,492

      

519,292

    

Cypress Semiconductor Corp.

    

44,557

      

694,198

    

First Solar, Inc. (c)

    

10,156

      

534,815

    
Integrated Device
Technology, Inc. (c)		    

16,066

      

512,184

    

MKS Instruments, Inc.

    

6,750

      

645,975

    
Monolithic Power
Systems, Inc.		    

4,804

      

642,151

    

Silicon Laboratories, Inc. (c)

    

5,373

      

535,151

    

Synaptics, Inc. (c)

    

4,235

      

213,317

    

Teradyne, Inc.

    

23,778

      

905,228

    

Versum Materials, Inc.

    

13,540

      

503,011

    
         

5,995,825

    

Software (3.5%)

  

ACI Worldwide, Inc. (c)

    

14,470

      

356,975

    

Blackbaud, Inc.

    

6,031

      

617,876

    

CDK Global, Inc.

    

15,375

      

1,000,144

    

CommVault Systems, Inc. (c)

    

5,257

      

346,173

    

Fair Isaac Corp. (c)

    

3,693

      

713,931

    

Fortinet, Inc. (c)

    

17,967

      

1,121,680

    

Manhattan Associates, Inc. (c)

    

8,243

      

387,503

    

PTC, Inc. (c)

    

14,341

      

1,345,329

    
The Ultimate Software
Group, Inc. (c)		    

3,683

      

947,673

    

Tyler Technologies, Inc. (c)

    

4,491

      

997,451

    
         

7,834,735

    

Technology Hardware & Equipment (0.1%)

  

VeriFone Systems, Inc. (c)

    

13,763

      

314,072

    

Materials (6.8%)

  

Chemicals (2.7%)

  

Ashland Global Holdings, Inc.

    

7,756

      

606,364

    

Cabot Corp.

    

7,683

      

474,579

    

Minerals Technologies, Inc.

    

4,386

      

330,485

    

NewMarket Corp.

    

1,205

      

487,423

    

Olin Corp.

    

20,782

      

596,859

    

PolyOne Corp.

    

9,852

      

425,803

    

RPM International, Inc.

    

16,621

      

969,337

    

Sensient Technologies Corp.

    

5,254

      

375,924

    

The Chemours Co.

    

22,112

      

980,888

    
The Scotts Miracle-Gro
Co. – Class A		    

4,792

      

398,503

    

Valvoline, Inc.

    

24,321

      

524,604

    
         

6,170,769

    

Construction Materials (0.3%)

  

Eagle Materials, Inc.

    

5,989

      

628,665

    

Containers & Packaging (1.1%)

  

Aptargroup, Inc.

    

7,772

      

725,749

    

Bemis Co., Inc.

    

11,307

      

477,269

    

Greif, Inc. – Class A

    

3,221

      

170,359

    

Owens-Illinois, Inc. (c)

    

20,098

      

337,847

    

Silgan Holdings, Inc.

    

9,210

      

247,104

    

Sonoco Products Co.

    

12,374

      

649,635

    
         

2,607,963

    
   

Shares

  

Value(a)

  

Metals & Mining (2.3%)

  
Allegheny Technologies,
Inc. (c)		    

15,616

    

$

392,274

    

Carpenter Technology Corp.

    

5,766

      

303,119

    

Commercial Metals Co.

    

14,542

      

306,982

    
Compass Minerals
International, Inc.		    

4,127

      

271,350

    
Reliance Steel &
Aluminum Co.		    

8,980

      

786,109

    

Royal Gold, Inc.

    

8,161

      

757,667

    

Steel Dynamics, Inc.

    

29,324

      

1,347,438

    

United States Steel Corp.

    

21,973

      

763,562

    

Worthington Industries, Inc.

    

5,268

      

221,098

    
         

5,149,599

    

Paper & Forest Products (0.4%)

  

Domtar Corp.

    

7,809

      

372,801

    

Louisiana-Pacific Corp.

    

18,044

      

491,158

    
         

863,959

    

Real Estate (9.3%)

  

Diversified REITs (0.1%)

  

Alexander & Baldwin, Inc.

    

8,406

      

197,541

    

Health Care REITs (1.2%)

  

Healthcare Realty Trust, Inc.

    

15,560

      

452,485

    

Medical Properties Trust, Inc.

    

45,333

      

636,475

    
Omega Healthcare
Investors, Inc.		    

24,684

      

765,204

    
Quality Care Properties,
Inc. (c)		    

11,707

      

251,818

    
Senior Housing Properties
Trust		    

29,534

      

534,270

    
         

2,640,252

    

Hotels & Resort REITs (0.5%)

  

Hospitality Properties Trust

    

20,426

      

584,388

    

LaSalle Hotel Properties

    

13,719

      

469,601

    
         

1,053,989

    

Industrial REITs (0.9%)

  

DCT Industrial Trust, Inc.

    

11,705

      

781,075

    
First Industrial Realty
Trust, Inc.		    

15,581

      

519,471

    

Liberty Property Trust

    

18,368

      

814,253

    
         

2,114,799

    

Office REITs (1.7%)

  
Corporate Office Properties
Trust		    

12,695

      

368,028

    

Cousins Properties, Inc.

    

52,232

      

506,128

    

Douglas Emmett, Inc.

    

19,851

      

797,613

    

Highwoods Properties, Inc.

    

12,854

      

652,083

    

JBG SMITH Properties

    

11,581

      

422,359

    

Kilroy Realty Corp.

    

12,284

      

929,162

    

Mack-Cali Realty Corp.

    

11,203

      

227,197

    
         

3,902,570

    

Real Estate Management & Development (0.4%)

  

Jones Lang LaSalle, Inc.

    

5,687

      

943,985

    

See accompanying notes to financial statements.
33


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

   

Shares

  

Value(a)

  

Residential REITs (1.0%)

  
American Campus
Communities, Inc.		    

16,988

    

$

728,446

    

Camden Property Trust

    

11,531

      

1,050,820

    

Education Realty Trust, Inc.

    

9,422

      

391,013

    
         

2,170,279

    

Retail REITs (1.0%)

  

National Retail Properties, Inc.

    

19,121

      

840,559

    
Tanger Factory Outlet
Centers, Inc.		    

11,730

      

275,537

    

Taubman Centers, Inc.

    

7,580

      

445,401

    

Urban Edge Properties

    

13,169

      

301,175

    

Weingarten Realty Investors

    

14,812

      

456,358

    
         

2,319,030

    

Specialized REITs (2.5%)

  

CoreCivic, Inc.

    

14,733

      

351,971

    

CoreSite Realty Corp.

    

4,311

      

477,745

    

CyrusOne, Inc.

    

12,318

      

718,879

    

EPR Properties

    

8,036

      

520,652

    

Lamar Advertising Co. – Class A

    

10,445

      

713,498

    

Life Storage, Inc.

    

5,731

      

557,684

    

PotlatchDeltic Corp.

    

7,391

      

375,832

    

Rayonier, Inc.

    

16,082

      

622,213

    

Sabra Health Care REIT, Inc.

    

22,158

      

481,493

    

The GEO Group, Inc.

    

15,290

      

421,087

    

Uniti Group, Inc.

    

20,527

      

411,156

    
         

5,652,210

    

Telecommunication Services (0.3%)

  

Electric Utilities (0.2%)

  

ALLETE, Inc.

    

6,372

      

493,256

    

Wireless Telecommunication Services (0.1%)

  

Telephone & Data Systems, Inc.

    

11,538

      

316,372

    

Utilities (4.9%)

  

Electric Utilities (0.6%)

  
Hawaiian Electric
Industries, Inc.		    

13,527

      

463,976

    

IDACORP, Inc.

    

6,206

      

572,441

    
   

Shares

  

Value(a)

  

PNM Resources, Inc.

    

9,900

    

$

385,110

    
         

1,421,527

    

Gas Utilities (2.6%)

  

Atmos Energy Corp.

    

13,804

      

1,244,293

    

Energen Corp. (c)

    

12,109

      

881,777

    

National Fuel Gas Co.

    

10,679

      

565,560

    

New Jersey Resources Corp.

    

10,904

      

487,954

    

ONE GAS, Inc.

    

6,437

      

481,101

    

Southwest Gas Holdings, Inc.

    

6,010

      

458,383

    

UGI Corp.

    

21,516

      

1,120,338

    

WGL Holdings, Inc.

    

6,325

      

561,344

    
         

5,800,750

    

Multi-Utilities (1.4%)

  

Black Hills Corp.

    

6,660

      

407,659

    

MDU Resources Group, Inc.

    

24,274

      

696,178

    

NorthWestern Corp.

    

6,149

      

352,030

    

OGE Energy Corp.

    

24,824

      

874,053

    

Vectren Corp.

    

10,326

      

737,793

    
         

3,067,713

    

Water Utilities (0.3%)

  

Aqua America, Inc.

    

22,110

      

777,830

    
Total common stocks
(cost: $152,466,807)		        

218,538,791

    

Short-Term Securities (2.9%)

  

Investment Companies (2.9%)

  
State Street Institutional
U.S. Government Money
Market Fund, current
rate 1.820%		    

6,544,960

      

6,544,960

    
Total short-term securities
(cost: $6,544,960)		        

6,544,960

    
Total investments in securities
(cost: $159,011,767) (d)		        

225,083,751

    
Cash and other assets in
excess of liabilities (0.6%)		        

1,259,617

    

Total net assets (100.0%)

      

$

226,343,368

    

Investments in Securities Legend

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

(b)  Foreign security: The Fund held 3.7% of net assets in foreign securities at June 30, 2018.

(c)  Non-income producing security.

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

Gross unrealized appreciation

  

$

73,848,729

    

Gross unrealized depreciation

    

(8,242,950

)

  

Net unrealized appreciation

  

$

65,605,779

    

Holdings of Open Futures Contracts

On June 30, 2018, cash in the amount of $285,000 have been pledged to cover margin requirements for the following open futures contracts:

Type

  

Expiration

   Number of
Contracts		   Position
Type		   Notional
Amount		   Market
Value		   Unrealized
Appreciation/
(Depreciation)(a)		  

S&P Mid 400® E-Mini Index Future

  

September 2018

    

35

    

Long

  

$

6,971,058

    

$

6,846,350

    

$

(124,708

)

  

See accompanying notes to financial statements.
34


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

June 30, 2018
(Unaudited)

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

   

Shares

  

Value(a)

  

Common Stocks (98.6%)

  

Consumer Discretionary (12.7%)

  

Auto Components (0.2%)

  

Aptiv PLC (b)

    

9,887

    

$

905,946

    

BorgWarner, Inc.

    

7,417

      

320,118

    
The Goodyear Tire &
Rubber Co.		    

8,956

      

208,585

    
         

1,434,649

    

Automobiles (0.4%)

  

Ford Motor Co.

    

147,059

      

1,627,943

    

General Motors Co.

    

47,584

      

1,874,810

    

Harley-Davidson, Inc.

    

6,216

      

261,569

    
         

3,764,322

    

Distributors (0.1%)

  

Genuine Parts Co.

    

5,445

      

499,796

    

LKQ Corp. (c)

    

11,561

      

368,796

    
         

868,592

    

Diversified Consumer Services (0.0%)

  

H&R Block, Inc.

    

7,763

      

176,841

    

Hotels & Resort REITs (0.1%)

  

Hilton Worldwide Holdings, Inc.

    

10,498

      

831,022

    

Hotels, Restaurants & Leisure (1.5%)

  

Carnival Corp. (b)

    

15,240

      

873,404

    

Chipotle Mexican Grill, Inc. (c)

    

944

      

407,213

    

Darden Restaurants, Inc.

    

4,658

      

498,686

    
Marriott International, Inc. –
Class A		    

11,154

      

1,412,096

    

McDonald's Corp.

    

29,505

      

4,623,139

    

MGM Resorts International

    

18,830

      

546,635

    
Norwegian Cruise Line
Holdings, Ltd. (b) (c)		    

7,669

      

362,360

    

Royal Caribbean Cruises, Ltd. (b)

    

6,365

      

659,414

    

Starbucks Corp.

    

51,857

      

2,533,215

    

Wynn Resorts, Ltd.

    

3,183

      

532,643

    

Yum! Brands, Inc.

    

12,145

      

949,982

    
         

13,398,787

    

Household Durables (0.3%)

  

DR Horton, Inc.

    

12,811

      

525,251

    

Garmin, Ltd. (b)

    

4,179

      

254,919

    

Leggett & Platt, Inc.

    

4,896

      

218,557

    

Lennar Corp. – Class A

    

10,256

      

538,440

    

Mohawk Industries, Inc. (c)

    

2,380

      

509,963

    

Newell Brands, Inc.

    

18,184

      

468,965

    

PulteGroup, Inc.

    

9,831

      

282,641

    

Whirlpool Corp.

    

2,438

      

356,509

    
         

3,155,245

    

Internet & Catalog Retail (4.2%)

  

Amazon.com, Inc. (c)

    

15,139

      

25,733,272

    

Booking Holdings, Inc. (c)

    

1,810

      

3,669,033

    

Expedia Group, Inc.

    

4,557

      

547,706

    

Netflix, Inc. (c)

    

16,329

      

6,391,661

    

TripAdvisor, Inc. (c)

    

3,930

      

218,940

    
         

36,560,612

    
   

Shares

  

Value(a)

  

Leisure Equipment & Products (0.1%)

  

Hasbro, Inc.

    

4,199

    

$

387,610

    

Mattel, Inc.

    

12,890

      

211,654

    
         

599,264

    

Media (2.2%)

  

CBS Corp. – Class B

    

12,832

      

721,415

    
Charter Communications,
Inc. – Class A (c)		    

7,011

      

2,055,695

    

Comcast Corp. – Class A

    

172,564

      

5,661,825

    

Discovery, Inc. – Class A (c)

    

5,811

      

159,802

    

Discovery, Inc. – Class C (c)

    

12,826

      

327,063

    
DISH Network Corp. –
Class A (c)		    

8,603

      

289,147

    

News Corp. – Class A

    

14,352

      

222,456

    

News Corp. – Class B

    

4,480

      

71,008

    

Omnicom Group, Inc.

    

8,541

      

651,422

    
The Interpublic Group of
Cos., Inc.		    

14,388

      

337,255

    

The Walt Disney Co.

    

55,869

      

5,855,630

    
Twenty-First Century Fox,
Inc. – Class A		    

39,572

      

1,966,333

    
Twenty-First Century Fox,
Inc. – Class B		    

16,419

      

808,964

    

Viacom, Inc. – Class B

    

13,213

      

398,504

    
         

19,526,519

    

Multiline Retail (0.5%)

  

Dollar General Corp.

    

9,551

      

941,729

    

Dollar Tree, Inc. (c)

    

8,902

      

756,670

    

Kohl's Corp.

    

6,241

      

454,969

    

Macy's, Inc.

    

11,512

      

430,894

    

Nordstrom, Inc.

    

4,377

      

226,641

    

Target Corp.

    

20,034

      

1,524,988

    
         

4,335,891

    

Specialty Retail (2.3%)

  

Advance Auto Parts, Inc.

    

2,753

      

373,582

    

AutoZone, Inc. (c)

    

1,055

      

707,831

    

Best Buy Co., Inc.

    

9,216

      

687,329

    

CarMax, Inc. (c)

    

6,668

      

485,897

    

Foot Locker, Inc.

    

4,380

      

230,607

    

L Brands, Inc.

    

9,086

      

335,092

    

Lowe's Cos., Inc.

    

30,889

      

2,952,062

    

O'Reilly Automotive, Inc. (c)

    

3,078

      

842,048

    

Ross Stores, Inc.

    

14,228

      

1,205,823

    

The Gap, Inc.

    

8,088

      

261,970

    

The Home Depot, Inc.

    

43,348

      

8,457,195

    

The TJX Cos., Inc.

    

23,564

      

2,242,822

    

Tiffany & Co.

    

3,840

      

505,344

    

Tractor Supply Co.

    

4,530

      

346,500

    
Ulta Salon Cosmetics &
Fragrance, Inc. (c)		    

2,118

      

494,468

    
         

20,128,570

    

Textiles, Apparel & Luxury Goods (0.8%)

  

Hanesbrands, Inc.

    

13,458

      

296,345

    
Michael Kors Holdings,
Ltd. (b) (c)		    

5,602

      

373,093

    

NIKE, Inc. – Class B

    

48,200

      

3,840,576

    

PVH Corp.

    

2,890

      

432,691

    

See accompanying notes to financial statements.
35


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

   

Shares

  

Value(a)

  

Ralph Lauren Corp.

    

2,133

    

$

268,161

    

Tapestry, Inc.

    

10,730

      

501,198

    
Under Armour, Inc. –
Class A (c)		    

6,953

      

156,303

    
Under Armour, Inc. –
Class C (c)		    

7,077

      

149,183

    

VF Corp.

    

12,303

      

1,002,941

    
         

7,020,491

    

Consumer Staples (7.1%)

  

Beverages (1.8%)

  
Brown-Forman Corp. –
Class B		    

9,755

      

478,093

    
Constellation Brands, Inc. –
Class A		    

6,314

      

1,381,945

    
Molson Coors Brewing
Co. – Class B		    

6,920

      

470,837

    

Monster Beverage Corp. (c)

    

15,401

      

882,477

    

PepsiCo, Inc.

    

53,279

      

5,800,485

    

The Coca-Cola Co.

    

143,913

      

6,312,024

    
         

15,325,861

    

Food & Staples Retailing (1.7%)

  

Costco Wholesale Corp.

    

16,456

      

3,438,975

    

CVS Health Corp.

    

38,137

      

2,454,116

    

Sysco Corp.

    

17,988

      

1,228,400

    

The Kroger Co.

    

30,544

      

868,977

    
Walgreens Boots
Alliance, Inc.		    

32,005

      

1,920,780

    

Walmart, Inc.

    

54,364

      

4,656,277

    
         

14,567,525

    

Food Products (1.1%)

  

Archer-Daniels-Midland Co.

    

20,959

      

960,551

    

Campbell Soup Co.

    

7,195

      

291,685

    

Conagra Brands, Inc.

    

14,787

      

528,339

    

General Mills, Inc.

    

22,279

      

986,068

    

Hormel Foods Corp.

    

10,112

      

376,267

    

Kellogg Co.

    

9,347

      

653,075

    

McCormick & Co., Inc.

    

4,573

      

530,880

    
Mondelez International,
Inc. – Class A		    

55,429

      

2,272,589

    

The Hershey Co.

    

5,180

      

482,051

    

The JM Smucker Co.

    

4,272

      

459,155

    

The Kraft Heinz Co.

    

22,429

      

1,408,990

    

Tyson Foods, Inc. – Class A

    

11,129

      

766,232

    
         

9,715,882

    

Household Products (1.4%)

  

Church & Dwight Co., Inc.

    

9,192

      

488,647

    

Clorox Co.

    

4,833

      

653,663

    

Colgate-Palmolive Co.

    

32,779

      

2,124,407

    

Kimberly-Clark Corp.

    

13,089

      

1,378,795

    

The Procter & Gamble Co.

    

94,493

      

7,376,124

    
         

12,021,636

    

Personal Care (0.1%)

  
The Estee Lauder Cos.,
Inc. – Class A		    

8,434

      

1,203,447

    

Personal Products (0.0%)

  

Coty, Inc. – Class A

    

17,717

      

249,809

    
   

Shares

  

Value(a)

  

Tobacco (1.0%)

  

Altria Group, Inc.

    

71,121

    

$

4,038,962

    
Philip Morris
International, Inc.		    

58,407

      

4,715,781

    
         

8,754,743

    

Energy (6.1%)

  

Energy Equipment & Services (0.8%)

  

Baker Hughes a GE Co.

    

15,647

      

516,820

    

Halliburton Co.

    

32,825

      

1,479,095

    

Helmerich & Payne, Inc.

    

4,036

      

257,335

    

National Oilwell Varco, Inc.

    

14,266

      

619,144

    

Schlumberger, Ltd. (b)

    

52,050

      

3,488,912

    

TechnipFMC PLC (b)

    

16,309

      

517,648

    
         

6,878,954

    

Oil, Gas & Consumable Fuels (5.3%)

  

Anadarko Petroleum Corp.

    

19,346

      

1,417,094

    

Andeavor

    

5,224

      

685,284

    

Apache Corp.

    

14,305

      

668,759

    

Cabot Oil & Gas Corp.

    

16,965

      

403,767

    

Chevron Corp.

    

71,809

      

9,078,812

    

Cimarex Energy Co.

    

3,540

      

360,160

    

Concho Resources, Inc. (c)

    

5,628

      

778,634

    

ConocoPhillips

    

43,968

      

3,061,052

    

Devon Energy Corp.

    

19,630

      

862,935

    

EOG Resources, Inc.

    

21,719

      

2,702,495

    

EQT Corp.

    

9,477

      

522,941

    

Exxon Mobil Corp.

    

159,098

      

13,162,177

    

Hess Corp.

    

9,839

      

658,131

    

HollyFrontier Corp.

    

6,634

      

453,965

    

Kinder Morgan, Inc.

    

71,293

      

1,259,747

    

Marathon Oil Corp.

    

32,061

      

668,792

    

Marathon Petroleum Corp.

    

17,356

      

1,217,697

    

Newfield Exploration Co. (c)

    

7,444

      

225,181

    

Noble Energy, Inc.

    

18,204

      

642,237

    

Occidental Petroleum Corp.

    

28,776

      

2,407,976

    

Phillips 66

    

15,721

      

1,765,625

    
Pioneer Natural
Resources Co.		    

6,415

      

1,213,975

    

The Williams Cos., Inc.

    

31,097

      

843,040

    

Valero Energy Corp.

    

16,193

      

1,794,670

    
         

46,855,146

    

Financial (13.7%)

  

Capital Markets (3.0%)

  
Affiliated Managers
Group, Inc.		    

2,069

      

307,598

    

Ameriprise Financial, Inc.

    

5,414

      

757,310

    

BlackRock, Inc.

    

4,715

      

2,352,974

    

CBOE Global Markets, Inc.

    

4,242

      

441,465

    

CME Group, Inc.

    

12,764

      

2,092,275

    

E*Trade Financial Corp. (c)

    

9,917

      

606,524

    

Franklin Resources, Inc.

    

11,976

      

383,831

    
Intercontinental
Exchange, Inc.		    

21,766

      

1,600,889

    

Invesco, Ltd. (b)

    

15,435

      

409,954

    

Moody's Corp.

    

6,240

      

1,064,294

    

Morgan Stanley

    

51,222

      

2,427,923

    

MSCI, Inc.

    

3,370

      

557,499

    

Nasdaq, Inc.

    

4,404

      

401,953

    

Northern Trust Corp.

    

7,958

      

818,799

    

See accompanying notes to financial statements.
36


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

   

Shares

  

Value(a)

  
Raymond James
Financial, Inc.		    

4,851

    

$

433,437

    

S&P Global, Inc.

    

9,443

      

1,925,333

    

State Street Corp.

    

13,731

      

1,278,219

    

T Rowe Price Group, Inc.

    

9,099

      

1,056,303

    
The Bank of New York
Mellon Corp.		    

37,950

      

2,046,643

    

The Charles Schwab Corp.

    

45,058

      

2,302,464

    
The Goldman Sachs
Group, Inc.		    

13,200

      

2,911,524

    
         

26,177,211

    

Commercial Banks (6.1%)

  

Bank of America Corp.

    

354,343

      

9,988,929

    

BB&T Corp.

    

29,293

      

1,477,539

    

Citigroup, Inc.

    

95,820

      

6,412,274

    

Citizens Financial Group, Inc.

    

18,214

      

708,525

    

Comerica, Inc.

    

6,471

      

588,343

    

Fifth Third Bancorp

    

25,759

      

739,283

    

Huntington Bancshares, Inc.

    

41,439

      

611,640

    

JPMorgan Chase & Co.

    

127,944

      

13,331,765

    

KeyCorp

    

39,870

      

779,060

    

M&T Bank Corp.

    

5,458

      

928,679

    

People's United Financial, Inc.

    

13,065

      

236,346

    

Regions Financial Corp.

    

42,202

      

750,351

    

SunTrust Banks, Inc.

    

17,467

      

1,153,171

    

SVB Financial Group (c)

    

1,993

      

575,499

    
The PNC Financial Services
Group, Inc.		    

17,643

      

2,383,569

    

US Bancorp

    

58,634

      

2,932,873

    

Wells Fargo & Co.

    

164,800

      

9,136,512

    

Zions Bancorporation

    

7,357

      

387,640

    
         

53,121,998

    

Consumer Finance (0.7%)

  

American Express Co.

    

26,834

      

2,629,732

    

Capital One Financial Corp.

    

18,291

      

1,680,943

    

Discover Financial Services

    

13,113

      

923,286

    

Synchrony Financial

    

26,660

      

889,911

    
         

6,123,872

    

Diversified Financial Services (0.0%)

  

Jefferies Financial Group, Inc.

    

11,393

      

259,077

    

Insurance (3.9%)

  

Aflac, Inc.

    

29,091

      

1,251,495

    
American International
Group, Inc.		    

33,681

      

1,785,767

    

Aon PLC (b)

    

9,177

      

1,258,809

    

Arthur J Gallagher & Co.

    

6,775

      

442,272

    

Assurant, Inc.

    

1,940

      

200,771

    
Berkshire Hathaway, Inc. –
Class B (c)		    

72,327

      

13,499,835

    

Brighthouse Financial, Inc. (c)

    

4,506

      

180,555

    

Chubb, Ltd. (b)

    

17,506

      

2,223,612

    

Cincinnati Financial Corp.

    

5,564

      

372,009

    

Everest Re Group, Ltd. (b)

    

1,552

      

357,705

    
Hartford Financial Services
Group, Inc.		    

13,360

      

683,097

    

Lincoln National Corp.

    

8,132

      

506,217

    

Loews Corp.

    

9,839

      

475,027

    

Marsh & McLennan Cos., Inc.

    

18,978

      

1,555,627

    

MetLife, Inc.

    

38,199

      

1,665,476

    
   

Shares

  

Value(a)

  
Principal Financial
Group, Inc.		    

9,994

    

$

529,182

    

Prudential Financial, Inc.

    

15,761

      

1,473,811

    

The Allstate Corp.

    

13,208

      

1,205,494

    

The Progressive Corp.

    

21,846

      

1,292,191

    

The Travelers Cos., Inc.

    

10,180

      

1,245,421

    

Torchmark Corp.

    

3,894

      

317,010

    

Unum Group

    

8,288

      

306,573

    

Willis Towers Watson PLC (b)

    

4,951

      

750,572

    

XL Group, Ltd. (b)

    

9,705

      

542,995

    
         

34,121,523

    

Health Care (13.6%)

  

Biotechnology (2.5%)

  

AbbVie, Inc.

    

56,948

      

5,276,232

    
Alexion Pharmaceuticals,
Inc. (c)		    

8,337

      

1,035,039

    

Amgen, Inc.

    

25,027

      

4,619,734

    

Biogen, Inc. (c)

    

7,953

      

2,308,279

    

Celgene Corp. (c)

    

26,561

      

2,109,475

    

Gilead Sciences, Inc.

    

48,860

      

3,461,242

    

Incyte Corp. (c)

    

6,609

      

442,803

    
Regeneron
Pharmaceuticals, Inc. (c)		    

2,885

      

995,296

    
Vertex Pharmaceuticals,
Inc. (c)		    

9,600

      

1,631,616

    
         

21,879,716

    

Health Care Equipment & Supplies (3.0%)

  

Abbott Laboratories

    

65,880

      

4,018,021

    

ABIOMED, Inc. (c)

    

1,580

      

646,299

    

Align Technology, Inc. (c)

    

2,714

      

928,568

    

Baxter International, Inc.

    

18,512

      

1,366,926

    

Becton Dickinson and Co.

    

10,067

      

2,411,651

    

Boston Scientific Corp. (c)

    

51,850

      

1,695,495

    

Danaher Corp.

    

23,098

      

2,279,311

    

Dentsply Sirona, Inc.

    

8,467

      

370,601

    
Edwards Lifesciences
Corp. (c)		    

7,927

      

1,153,933

    

Hologic, Inc. (c)

    

10,259

      

407,795

    

IDEXX Laboratories, Inc. (c)

    

3,283

      

715,497

    

Intuitive Surgical, Inc. (c)

    

4,309

      

2,061,770

    

Medtronic PLC (b)

    

50,888

      

4,356,522

    

ResMed, Inc.

    

5,360

      

555,189

    

Stryker Corp.

    

12,100

      

2,043,206

    

The Cooper Cos., Inc.

    

1,840

      

433,228

    
Varian Medical
Systems, Inc. (c)		    

3,427

      

389,718

    

Zimmer Biomet Holdings, Inc.

    

7,629

      

850,176

    
         

26,683,906

    

Health Care Providers & Services (2.8%)

  

Aetna, Inc.

    

12,305

      

2,257,968

    

AmerisourceBergen Corp.

    

6,099

      

520,062

    

Anthem, Inc.

    

9,589

      

2,282,470

    

Cardinal Health, Inc.

    

11,674

      

570,041

    

Centene Corp. (c)

    

7,710

      

949,949

    

Cigna Corp.

    

9,152

      

1,555,382

    

DaVita, Inc. (c)

    

5,245

      

364,213

    

Envision Healthcare Corp. (c)

    

4,544

      

199,981

    
Express Scripts Holding
Co. (c)		    

21,108

      

1,629,749

    

HCA Healthcare, Inc.

    

10,448

      

1,071,965

    

See accompanying notes to financial statements.
37


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

   

Shares

  

Value(a)

  

Henry Schein, Inc. (c)

    

5,691

    

$

413,394

    

Humana, Inc.

    

5,189

      

1,544,402

    
Laboratory Corp. of
America Holdings (c)		    

3,889

      

698,192

    

McKesson Corp.

    

7,593

      

1,012,906

    

Quest Diagnostics, Inc.

    

5,067

      

557,066

    

UnitedHealth Group, Inc.

    

36,112

      

8,859,718

    
Universal Health Services,
Inc. – Class B		    

3,214

      

358,168

    
         

24,845,626

    

Health Care Technology (0.1%)

  

Cerner Corp. (c)

    

11,748

      

702,413

    

Life Sciences Tools & Services (0.9%)

  

Agilent Technologies, Inc.

    

12,023

      

743,502

    

Illumina, Inc. (c)

    

5,582

      

1,558,997

    

IQVIA Holdings, Inc. (c)

    

6,088

      

607,704

    
Mettler-Toledo
International, Inc. (c)		    

1,002

      

579,787

    

PerkinElmer, Inc.

    

4,091

      

299,584

    

Thermo Fisher Scientific, Inc.

    

15,154

      

3,139,000

    

Waters Corp. (c)

    

2,982

      

577,285

    
         

7,505,859

    

Pharmaceuticals (4.3%)

  

Allergan PLC (b)

    

12,741

      

2,124,179

    

Bristol-Myers Squibb Co.

    

61,421

      

3,399,038

    

Eli Lilly & Co.

    

35,893

      

3,062,750

    

Johnson & Johnson

    

100,789

      

12,229,737

    

Merck & Co., Inc.

    

101,095

      

6,136,466

    

Mylan NV (b) (c)

    

19,298

      

697,430

    

Nektar Therapeutics (c)

    

5,964

      

291,222

    

Perrigo Co. PLC (b)

    

4,789

      

349,166

    

Pfizer, Inc.

    

219,814

      

7,974,852

    

Zoetis, Inc.

    

18,182

      

1,548,925

    
         

37,813,765

    

Industrials (9.4%)

  

Aerospace & Defense (2.5%)

  

Arconic, Inc.

    

15,909

      

270,612

    

General Dynamics Corp.

    

10,376

      

1,934,190

    
Huntington Ingalls
Industries, Inc.		    

1,700

      

368,543

    

L3 Technologies, Inc.

    

2,935

      

564,459

    

Lockheed Martin Corp.

    

9,405

      

2,778,519

    

Northrop Grumman Corp.

    

6,624

      

2,038,205

    

Raytheon Co.

    

10,794

      

2,085,185

    

Rockwell Collins, Inc.

    

6,151

      

828,417

    

The Boeing Co.

    

20,579

      

6,904,461

    

TransDigm Group, Inc.

    

1,894

      

653,695

    

United Technologies Corp.

    

27,942

      

3,493,588

    
         

21,919,874

    

Air Freight & Logistics (0.6%)

  

CH Robinson Worldwide, Inc.

    

5,177

      

433,108

    
Expeditors International of
Washington, Inc.		    

6,555

      

479,170

    

FedEx Corp.

    

9,238

      

2,097,580

    
United Parcel Service, Inc. –
Class B		    

25,908

      

2,752,207

    
         

5,762,065

    
   

Shares

  

Value(a)

  

Airlines (0.4%)

  

Alaska Air Group, Inc.

    

4,600

    

$

277,794

    

American Airlines Group, Inc.

    

15,657

      

594,340

    

Delta Air Lines, Inc.

    

24,251

      

1,201,394

    

Southwest Airlines Co.

    

20,044

      

1,019,839

    
United Continental
Holdings, Inc. (c)		    

8,856

      

617,529

    
         

3,710,896

    

Building Products (0.3%)

  

Allegion PLC (b)

    

3,491

      

270,064

    

AO Smith Corp.

    

5,360

      

317,044

    
Fortune Brands Home &
Security, Inc.		    

5,483

      

294,382

    
Johnson Controls
International PLC (b)		    

34,721

      

1,161,418

    

Masco Corp.

    

11,651

      

435,980

    
         

2,478,888

    

Commercial Services & Supplies (0.4%)

  

Avery Dennison Corp.

    

3,311

      

338,053

    

Cintas Corp.

    

3,274

      

605,919

    

Copart, Inc. (c)

    

3,710

      

209,838

    

Republic Services, Inc.

    

8,371

      

572,241

    

Stericycle, Inc. (c)

    

3,182

      

207,753

    

Waste Management, Inc.

    

14,874

      

1,209,851

    
         

3,143,655

    

Construction & Engineering (0.1%)

  

Fluor Corp.

    

5,202

      

253,754

    
Jacobs Engineering
Group, Inc.		    

4,492

      

285,197

    

Quanta Services, Inc. (c)

    

5,621

      

187,741

    
         

726,692

    

Electrical Equipment (0.5%)

  

AMETEK, Inc.

    

8,621

      

622,091

    

Eaton Corp. PLC (b)

    

16,426

      

1,227,679

    

Emerson Electric Co.

    

23,677

      

1,637,028

    

Rockwell Automation, Inc.

    

4,719

      

784,440

    
         

4,271,238

    

Industrial Conglomerates (1.7%)

  

3M Co.

    

22,310

      

4,388,823

    

General Electric Co.

    

326,375

      

4,441,964

    

Honeywell International, Inc.

    

28,068

      

4,043,196

    

Roper Technologies, Inc.

    

3,874

      

1,068,875

    

Textron, Inc.

    

9,621

      

634,120

    
         

14,576,978

    

Machinery (1.5%)

  

Caterpillar, Inc.

    

22,450

      

3,045,792

    

Cummins, Inc.

    

5,768

      

767,144

    

Deere & Co.

    

12,202

      

1,705,840

    

Dover Corp.

    

5,802

      

424,706

    

Flowserve Corp.

    

4,829

      

195,092

    

Fortive Corp.

    

11,472

      

884,606

    

Illinois Tool Works, Inc.

    

11,457

      

1,587,253

    

Ingersoll-Rand PLC (b)

    

9,318

      

836,104

    

PACCAR, Inc.

    

13,167

      

815,827

    

Parker Hannifin Corp.

    

4,991

      

777,847

    

Pentair PLC (b)

    

6,100

      

256,688

    

Snap-On, Inc.

    

2,143

      

344,423

    

See accompanying notes to financial statements.
38


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

   

Shares

  

Value(a)

  

Stanley Black & Decker, Inc.

    

5,835

    

$

774,946

    

Xylem, Inc.

    

6,716

      

452,524

    
         

12,868,792

    

Professional Services (0.3%)

  

Equifax, Inc.

    

4,536

      

567,499

    

IHS Markit, Ltd. (b) (c)

    

13,381

      

690,326

    

Nielsen Holdings PLC (b)

    

12,504

      

386,749

    

Robert Half International, Inc.

    

4,568

      

297,377

    

United Rentals, Inc. (c)

    

3,175

      

468,693

    

Verisk Analytics, Inc. (c)

    

5,846

      

629,263

    
         

3,039,907

    

Road & Rail (1.0%)

  

CSX Corp.

    

32,893

      

2,097,915

    
JB Hunt Transport
Services, Inc.		    

3,190

      

387,744

    

Kansas City Southern

    

3,786

      

401,165

    

Norfolk Southern Corp.

    

10,608

      

1,600,429

    

Union Pacific Corp.

    

29,145

      

4,129,264

    
         

8,616,517

    

Trading Companies & Distributors (0.1%)

  

Fastenal Co.

    

10,772

      

518,456

    

WW Grainger, Inc.

    

1,974

      

608,782

    
         

1,127,238

    

Information Technology (25.7%)

  

Communications Equipment (1.1%)

  

Cisco Systems, Inc.

    

176,723

      

7,604,391

    

F5 Networks, Inc. (c)

    

2,260

      

389,737

    

Harris Corp.

    

4,505

      

651,153

    

Juniper Networks, Inc.

    

13,120

      

359,750

    

Motorola Solutions, Inc.

    

6,106

      

710,555

    
         

9,715,586

    

Computers & Peripherals (4.1%)

  

Apple, Inc. (d)

    

184,700

      

34,189,817

    

NetApp, Inc.

    

9,979

      

783,651

    

Western Digital Corp.

    

11,161

      

863,973

    
         

35,837,441

    
Electronic Equipment, Instruments &
Components (0.5%)		  

Amphenol Corp. – Class A

    

11,327

      

987,148

    

Corning, Inc.

    

31,202

      

858,367

    

FLIR Systems, Inc.

    

5,129

      

266,554

    

IPG Photonics Corp. (c)

    

1,426

      

314,618

    

Seagate Technology PLC (b)

    

10,726

      

605,697

    

TE Connectivity, Ltd. (b)

    

13,092

      

1,179,066

    
         

4,211,450

    

Internet Software & Services (5.3%)

  

Akamai Technologies, Inc. (c)

    

6,362

      

465,889

    

Alphabet, Inc. – Class A (c)

    

11,250

      

12,703,388

    

Alphabet, Inc. – Class C (c)

    

11,408

      

12,727,335

    

eBay, Inc. (c)

    

34,736

      

1,259,527

    

Facebook, Inc. – Class A (c)

    

90,134

      

17,514,839

    

Twitter, Inc. (c)

    

24,606

      

1,074,544

    

VeriSign, Inc. (c)

    

3,614

      

496,636

    
         

46,242,158

    
   

Shares

  

Value(a)

  

IT Services (4.5%)

  

Accenture PLC – Class A (b)

    

24,166

    

$

3,953,316

    

Alliance Data Systems Corp.

    

1,816

      

423,491

    
Automatic Data
Processing, Inc.		    

16,554

      

2,220,554

    
Broadridge Financial
Solutions, Inc.		    

4,431

      

510,008

    
Cognizant Technology
Solutions Corp. – Class A		    

22,016

      

1,739,044

    

DXC Technology Co.

    

10,698

      

862,366

    
Fidelity National
Information Services, Inc.		    

12,380

      

1,312,651

    

Fiserv, Inc. (c)

    

15,385

      

1,139,875

    

FleetCor Technologies, Inc. (c)

    

3,360

      

707,784

    

Gartner, Inc. – Class A (c)

    

3,410

      

453,189

    

Global Payments, Inc.

    

6,005

      

669,497

    
International Business
Machines Corp.		    

32,081

      

4,481,716

    

Mastercard, Inc. – Class A

    

34,454

      

6,770,900

    

Paychex, Inc.

    

11,967

      

817,944

    

PayPal Holdings, Inc. (c)

    

41,942

      

3,492,510

    

The Western Union Co.

    

17,231

      

350,306

    

Total System Services, Inc.

    

6,238

      

527,236

    

Visa, Inc. – Class A

    

67,120

      

8,890,044

    
         

39,322,431

    

Office Electronics (0.0%)

  

Xerox Corp.

    

7,998

      

191,952

    
Semiconductors & Semiconductor
Equipment (4.0%)		  
Advanced Micro Devices,
Inc. (c)		    

30,945

      

463,866

    

Analog Devices, Inc.

    

13,910

      

1,334,247

    

Applied Materials, Inc.

    

37,880

      

1,749,677

    

Broadcom, Inc.

    

15,413

      

3,739,810

    

Intel Corp.

    

175,112

      

8,704,818

    

KLA-Tencor Corp.

    

5,839

      

598,673

    

Lam Research Corp.

    

6,162

      

1,065,102

    

Microchip Technology, Inc.

    

8,754

      

796,176

    

Micron Technology, Inc. (c)

    

43,517

      

2,282,032

    

NVIDIA Corp.

    

22,867

      

5,417,192

    

Qorvo, Inc. (c)

    

4,737

      

379,765

    

QUALCOMM, Inc.

    

55,685

      

3,125,042

    

Skyworks Solutions, Inc.

    

6,857

      

662,729

    

Texas Instruments, Inc.

    

36,785

      

4,055,546

    

Xilinx, Inc.

    

9,502

      

620,101

    
         

34,994,776

    

Software (6.0%)

  

Activision Blizzard, Inc.

    

28,531

      

2,177,486

    

Adobe Systems, Inc. (c)

    

18,525

      

4,516,580

    

ANSYS, Inc. (c)

    

3,130

      

545,184

    

Autodesk, Inc. (c)

    

8,234

      

1,079,395

    

CA, Inc.

    

11,691

      

416,784

    
Cadence Design Systems,
Inc. (c)		    

10,554

      

457,094

    

Citrix Systems, Inc. (c)

    

4,774

      

500,506

    

Electronic Arts, Inc. (c)

    

11,494

      

1,620,884

    

Intuit, Inc.

    

9,168

      

1,873,068

    

Microsoft Corp.

    

288,717

      

28,470,384

    

Oracle Corp.

    

111,985

      

4,934,059

    

Red Hat, Inc. (c)

    

6,644

      

892,754

    

See accompanying notes to financial statements.
39


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

   

Shares

  

Value(a)

  

Salesforce.com, Inc. (c)

    

26,505

    

$

3,615,282

    

Symantec Corp.

    

23,294

      

481,021

    

Synopsys, Inc. (c)

    

5,579

      

477,395

    
Take-Two Interactive
Software, Inc. (c)		    

4,311

      

510,250

    
         

52,568,126

    
Technology Hardware Storage &
Peripherals (0.2%)		  

Hewlett Packard Enterprise Co.

    

57,381

      

838,336

    

HP, Inc.

    

61,605

      

1,397,818

    
         

2,236,154

    

Materials (2.5%)

  

Chemicals (1.8%)

  

Air Products & Chemicals, Inc.

    

8,190

      

1,275,429

    

Albemarle Corp.

    

4,150

      

391,470

    

CF Industries Holdings, Inc.

    

8,743

      

388,189

    

DowDuPont, Inc.

    

87,210

      

5,748,883

    

Eastman Chemical Co.

    

5,364

      

536,185

    

Ecolab, Inc.

    

9,751

      

1,368,358

    

FMC Corp.

    

5,003

      

446,318

    
International Flavors &
Fragrances, Inc.		    

2,904

      

359,980

    
LyondellBasell Industries
NV – Class A (b)		    

12,081

      

1,327,098

    

PPG Industries, Inc.

    

9,369

      

971,846

    

Praxair, Inc.

    

10,765

      

1,702,485

    

The Mosaic Co.

    

13,084

      

367,006

    

The Sherwin-Williams Co.

    

3,116

      

1,269,988

    
         

16,153,235

    

Construction Materials (0.1%)

  

Martin Marietta Materials, Inc.

    

2,422

      

540,905

    

Vulcan Materials Co.

    

4,992

      

644,268

    
         

1,185,173

    

Containers & Packaging (0.3%)

  

Ball Corp.

    

13,070

      

464,639

    

International Paper Co.

    

15,480

      

806,198

    

Packaging Corp. of America

    

3,560

      

397,972

    

Sealed Air Corp.

    

6,056

      

257,077

    

WestRock Co.

    

9,554

      

544,769

    
         

2,470,655

    

Metals & Mining (0.3%)

  

Freeport-McMoRan, Inc.

    

50,600

      

873,356

    

Newmont Mining Corp.

    

20,025

      

755,143

    

Nucor Corp.

    

11,867

      

741,687

    
         

2,370,186

    

Real Estate (2.8%)

  

Health Care REITs (0.2%)

  

HCP, Inc.

    

17,601

      

454,458

    

Ventas, Inc.

    

13,301

      

757,492

    

Welltower, Inc.

    

13,978

      

876,280

    
         

2,088,230

    

Hotels & Resort REITs (0.1%)

  

Host Hotels & Resorts, Inc.

    

27,857

      

586,947

    
   

Shares

  

Value(a)

  

Industrial REITs (0.2%)

  

Duke Realty Corp.

    

13,352

    

$

387,608

    

ProLogis, Inc.

    

19,987

      

1,312,946

    
         

1,700,554

    

Office REITs (0.2%)

  
Alexandria Real Estate
Equities, Inc.		    

3,815

      

481,339

    

Boston Properties, Inc.

    

5,750

      

721,165

    

SL Green Realty Corp.

    

3,304

      

332,151

    

Vornado Realty Trust

    

6,499

      

480,406

    
         

2,015,061

    

Real Estate Services (0.1%)

  

CBRE Group, Inc. – Class A (c)

    

11,305

      

539,701

    

Residential REITs (0.4%)

  
Apartment Investment &
Management Co. – Class A		    

5,857

      

247,751

    

AvalonBay Communities, Inc.

    

5,225

      

898,125

    

Equity Residential

    

13,766

      

876,757

    

Essex Property Trust, Inc.

    

2,490

      

595,285

    
Mid-America Apartment
Communities, Inc.		    

4,290

      

431,874

    

UDR, Inc.

    

9,956

      

373,748

    
         

3,423,540

    

Retail REITs (0.5%)

  
Federal Realty Investment
Trust		    

2,700

      

341,685

    

GGP, Inc.

    

23,702

      

484,232

    

Kimco Realty Corp.

    

15,885

      

269,886

    

Realty Income Corp.

    

10,633

      

571,949

    

Regency Centers Corp.

    

5,530

      

343,302

    

Simon Property Group, Inc.

    

11,592

      

1,972,843

    

The Macerich Co.

    

3,995

      

227,036

    
         

4,210,933

    

Specialized REITs (1.1%)

  

American Tower Corp.

    

16,613

      

2,395,096

    
Crown Castle
International Corp.		    

15,526

      

1,674,013

    

Digital Realty Trust, Inc.

    

7,697

      

858,831

    

Equinix, Inc.

    

3,049

      

1,310,735

    

Extra Space Storage, Inc.

    

4,720

      

471,103

    

Iron Mountain, Inc.

    

10,573

      

370,161

    

Public Storage

    

5,611

      

1,272,912

    
SBA Communications
Corp. (c)		    

4,290

      

708,365

    

Weyerhaeuser Co.

    

28,383

      

1,034,844

    
         

10,096,060

    

Telecommunication Services (2.0%)

  

Diversified Telecommunication Services (1.9%)

  

AT&T, Inc.

    

272,984

      

8,765,516

    

CenturyLink, Inc.

    

36,892

      

687,667

    

Verizon Communications, Inc.

    

155,267

      

7,811,483

    
         

17,264,666

    

Electric Utilities (0.1%)

  

Evergy, Inc.

    

10,100

      

567,115

    

See accompanying notes to financial statements.
40


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

   

Shares

  

Value(a)

  

Utilities (3.0%)

  

Electric Utilities (1.8%)

  

Alliant Energy Corp.

    

8,691

    

$

367,803

    
American Electric Power
Co., Inc.		    

18,497

      

1,280,917

    

Duke Energy Corp.

    

26,326

      

2,081,860

    

Edison International

    

12,213

      

772,717

    

Entergy Corp.

    

6,701

      

541,374

    

Eversource Energy

    

11,887

      

696,697

    

Exelon Corp.

    

36,265

      

1,544,889

    

FirstEnergy Corp.

    

16,786

      

602,785

    

NextEra Energy, Inc.

    

17,665

      

2,950,585

    

PG&E Corp.

    

19,351

      

823,579

    

Pinnacle West Capital Corp.

    

4,150

      

334,324

    

PPL Corp.

    

26,268

      

749,951

    

The Southern Co.

    

37,990

      

1,759,317

    

Xcel Energy, Inc.

    

19,060

      

870,661

    
         

15,377,459

    

Gas Utilities (0.1%)

  

ONEOK, Inc.

    

15,398

      

1,075,242

    
Independent Power Producers &
Energy Traders (0.1%)		  

AES Corp.

    

24,819

      

332,823

    

NRG Energy, Inc.

    

11,208

      

344,085

    
         

676,908

    

Multi-Utilities (0.9%)

  

Ameren Corp.

    

9,104

      

553,978

    

CenterPoint Energy, Inc.

    

16,173

      

448,154

    
   

Shares

  

Value(a)

  

CMS Energy Corp.

    

10,549

    

$

498,757

    

Consolidated Edison, Inc.

    

11,654

      

908,779

    

Dominion Energy, Inc.

    

24,451

      

1,667,069

    

DTE Energy Co.

    

6,820

      

706,757

    

NiSource, Inc.

    

12,608

      

331,338

    
Public Service Enterprise
Group, Inc.		    

18,903

      

1,023,408

    

SCANA Corp.

    

5,351

      

206,121

    

Sempra Energy

    

9,926

      

1,152,508

    

WEC Energy Group, Inc.

    

11,828

      

764,680

    
         

8,261,549

    

Water Utilities (0.1%)

  

American Water Works Co., Inc.

    

6,620

      

565,216

    
Total common stocks
(cost: $329,120,129)		        

864,800,018

    

Short-Term Securities (1.3%)

  

Investment Companies (1.3%)

  
State Street Institutional
U.S. Government Money
Market Fund, current
rate 1.820%		    

11,007,328

      

11,007,328

    
Total short-term securities
(cost: $11,007,328)		        

11,007,328

    
Total investments in securities
(cost: $340,127,457) (e)		        

875,807,346

    
Cash and other assets in
excess of liabilities (0.1%)		        

1,085,035

    

Total net assets (100.0%)

      

$

876,892,381

    

Investments in Securities Legend

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

(b)  Foreign security: The Fund held 3.7% of net assets in foreign securities at June 30, 2018.

(c)  Non-income producing security.

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $6,478,850 have been pledged to cover margin requirements for the following open futures contracts:

Type

  

Expiration

   Number of
Contracts		   Position
Type		   Notional
Amount		   Market
Value		   Unrealized
Appreciation/
(Depreciation)(a)		  

S&P Mid 500® E-Mini Index Future

  

September 2018

    

78

    

Long

  

$

10,815,580

    

$

10,614,240

    

$

(201,340

)

  
                   

$

10,614,240

    

$

(201,340

)

  

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

Gross unrealized appreciation

  

$

540,864,132

    

Gross unrealized depreciation

    

(7,922,550

)

  

Net unrealized appreciation

  

$

532,941,582

    

See accompanying notes to financial statements.
41



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

June 30, 2018
(Unaudited)

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

   

Principal(b)

  

Value(a)

  

Long-Term Debt Securities (44.3%)

  

Argentina (3.5%)

  

Government (3.5%)

  
Argentine Bonos
del Tesoro (ARS)
15.500%, 10/17/26		    

59,411,000

    

$

1,864,988

    

16.000%, 10/17/23

    

29,346,000

      

904,905

    

18.200%, 10/03/21

    

28,395,000

      

859,243

    

21.200%, 09/19/18

    

2,801,000

      

93,490

    
         

3,722,626

    

Brazil (3.7%)

  

Government (3.7%)

  
Brazil Letras do Tesouro
Nacional (BRL)
9.694%, 07/01/21 (c)		    

4,460,000

      

877,795

    
Brazil Notas do Tesouro
Nacional Serie B (BRL)
19.321%, 05/15/19		    

80,000

      

66,327

    

19.321%, 08/15/22

    

134,000

      

110,585

    

19.321%, 05/15/23

    

186,000

      

152,992

    

19.321%, 08/15/24

    

110,000

      

90,623

    
Brazil Notas do Tesouro
Nacional Serie F (BRL)
10.000%, 01/01/21		    

4,840,000

      

1,277,703

    

10.000%, 01/01/23

    

5,209,000

      

1,322,645

    
         

3,898,670

    

Ghana (1.8%)

  

Government (1.8%)

  
Ghana Government
Bond (GHS)
18.750%, 01/24/22		    

960,000

      

203,508

    

19.000%, 11/02/26

    

2,890,000

      

623,540

    

19.750%, 03/25/24

    

960,000

      

211,704

    

19.750%, 03/15/32

    

2,890,000

      

673,083

    

21.500%, 03/09/20

    

100,000

      

21,816

    

24.500%, 06/21/21

    

50,000

      

11,859

    

24.750%, 03/01/21

    

100,000

      

23,568

    

24.750%, 07/19/21

    

160,000

      

38,293

    
Republic of Ghana
Government Bonds (GHS)
16.250%, 05/17/21		    

130,000

      

25,904

    

16.500%, 03/22/21

    

100,000

      

20,043

    

17.600%, 11/28/22

    

50,000

      

10,270

    

18.250%, 09/21/20

    

50,000

      

10,398

    
         

1,873,986

    

Indonesia (9.3%)

  

Government (9.3%)

  
Indonesia Treasury
Bond (IDR)		  

6.125%, 05/15/28

    

228,000,000

      

14,121

    

7.000%, 05/15/27

    

49,134,000,000

      

3,217,883

    

8.375%, 03/15/24

    

21,929,000,000

      

1,563,187

    

8.375%, 09/15/26

    

25,590,000,000

      

1,817,015

    

8.750%, 05/15/31

    

13,084,000,000

      

951,851

    
   

Principal(b)

  

Value(a)

  

9.000%, 03/15/29

    

5,228,000,000

    

$

387,996

    

9.500%, 07/15/23

    

18,680,000,000

      

1,389,594

    

10.000%, 09/15/24

    

1,959,000,000

      

149,010

    

10.000%, 02/15/28

    

76,000,000

      

5,940

    

10.250%, 07/15/22

    

2,658,000,000

      

200,509

    

10.500%, 08/15/30

    

1,070,000,000

      

87,175

    

11.500%, 09/15/19

    

466,000,000

      

33,934

    
         

9,818,215

    

Mexico (8.7%)

  

Government (8.7%)

  
Mexican Bonos (MXN)
5.000%, 12/11/19		    

100,870,000

      

4,933,948

    

6.500%, 06/10/21

    

20,100,000

      

989,981

    

8.000%, 06/11/20

    

44,930,000

      

2,297,686

    

8.500%, 12/13/18

    

13,490,000

      

687,617

    
Mexican Udibonos (MXN)
2.500%, 12/10/20		    

1,659,586

      

81,900

    

4.000%, 06/13/19

    

2,074,483

      

105,734

    
         

9,096,866

    

Philippines (0.8%)

  

Government (0.8%)

  
Philippine Government
Bond (PHP)
3.375%, 08/20/20		    

1,600,000

      

28,997

    

3.875%, 11/22/19

    

41,660,000

      

772,322

    

5.000%, 08/18/18

    

3,500,000

      

65,650

    
         

866,969

    

South Korea (15.7%)

  

Government (15.7%)

  
Korea Treasury
Bond (KRW)
1.375%, 09/10/21		    

708,200,000

      

619,673

    

1.500%, 06/10/19

    

2,690,600,000

      

2,406,215

    

1.875%, 03/10/22

    

200,000,000

      

177,000

    

2.000%, 03/10/21

    

2,212,310,000

      

1,978,131

    

2.000%, 09/10/22

    

2,371,000,000

      

2,100,610

    

3.000%, 03/10/23

    

967,000,000

      

891,101

    

3.000%, 09/10/24

    

2,419,000,000

      

2,235,799

    

3.375%, 09/10/23

    

2,729,000,000

      

2,560,194

    

3.500%, 03/10/24

    

1,785,000,000

      

1,690,072

    

3.750%, 06/10/22

    

1,792,000,000

      

1,694,923

    

4.250%, 06/10/21

    

139,300,000

      

132,378

    
         

16,486,096

    

Ukraine (0.8%)

  

Government (0.8%)

  
Ukraine Government
International Bond (USD)
2.114%, 05/31/40 (d) (e)		    

1,361,000

      

860,152

    
Total long-term debt securities
(cost: $50,630,674)		        

46,623,580

    

See accompanying notes to financial statements.
42


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

   

Principal(b)

  

Value(a)

  

Short-Term Securities (51.9%)

  

Argentina (0.5%)

  
Argentina Treasury
Bills (ARS)
(0.895%), 09/14/18 (c)		    

792,000

    

$

28,756

    

3.101%, 10/12/18 (c)

    

317,000

      

11,183

    

25.140%, 09/19/18 (c)

    

1,674,000

      

53,046

    

25.150%, 09/19/18 (c)

    

1,110,000

      

35,174

    

25.480%, 09/19/18 (c)

    

3,802,000

      

120,478

    
Bonos de la Nacion
Argentina con Ajuste
por CER (ARS)
3.750%, 02/08/19 (c)		    

1,868,000

      

70,252

    
Letras Banco Central
Argentina (ARS)
25.314%, 08/15/18 (c)		    

1,480,000

      

48,629

    

25.350%, 08/15/18 (c)

    

370,000

      

12,157

    

25.547%, 07/18/18 (c)

    

2,368,000

      

80,385

    
Letras Del Banco
Central De La Republica
Argentina (ARS)
25.128%, 10/17/18 (c)		    

2,202,000

      

67,914

    

40.768%, 10/17/18 (c)

    

646,000

      

19,986

    

45.073%, 11/21/18 (c)

    

150,000

      

4,490

    
         

552,450

    

Mexico (10.8%)

  
Mexican Cetes (MXN)
7.310%, 08/16/18 (c)		    

13,725,900

      

691,101

    

7.335%, 08/16/18 (c)

    

1,882,000

      

94,759

    

7.341%, 10/11/18 (c)

    

204,800

      

10,186

    

7.371%, 08/16/18 (c)

    

2,711,200

      

136,509

    

7.371%, 10/11/18 (c)

    

9,688,700

      

481,868

    

7.432%, 12/06/18 (c)

    

410,000

      

20,144

    

7.665%, 07/05/18 (c)

    

2,177,700

      

110,649

    

7.756%, 12/06/18 (c)

    

1,851,000

      

90,943

    
Mexico Cetes (MXN)
7.695%, 09/13/18 (c)		    

27,284,200

      

1,365,324

    

7.695%, 09/27/18 (c)

    

21,221,100

      

1,058,661

    

7.716%, 09/27/18 (c)

    

2,874,500

      

143,401

    

7.746%, 10/25/18 (c)

    

20,696,700

      

1,027,324

    

7.787%, 09/13/18 (c)

    

17,112,400

      

856,319

    

7.797%, 09/27/18 (c)

    

19,280,000

      

961,825

    

7.827%, 08/16/18 (c)

    

1,930,400

      

97,196

    

7.837%, 08/09/18 (c)

    

5,912,400

      

298,147

    

7.868%, 08/30/18 (c)

    

1,773,700

      

89,033

    

7.873%, 09/27/18 (c)

    

1,773,700

      

88,485

    

7.918%, 11/08/18 (c)

    

363,000

      

17,944

    

7.943%, 01/31/19 (c)

    

3,037,700

      

147,454

    

7.949%, 11/22/18 (c)

    

270,800

      

13,345

    

8.010%, 12/06/18 (c)

    

9,113,200

      

447,747

    

8.020%, 03/28/19 (c)

    

6,074,200

      

291,346

    

8.030%, 11/08/18 (c)

    

3,847,900

      

190,211

    

8.030%, 03/28/19 (c)

    

10,632,100

      

509,964

    

8.040%, 03/28/19 (c)

    

3,037,700

      

145,702

    

8.060%, 05/23/19 (c)

    

2,278,300

      

107,989

    

8.081%, 01/31/19 (c)

    

399,200

      

19,378

    

8.091%, 05/23/19 (c)

    

9,113,300

      

431,960

    

8.101%, 01/31/19 (c)

    

2,278,000

      

110,577

    

8.111%, 01/31/19 (c)

    

3,532,600

      

171,478

    

8.111%, 03/28/19 (c)

    

1,518,700

      

72,844

    

8.121%, 05/23/19 (c)

    

19,110,600

      

905,821

    

8.131%, 05/23/19 (c)

    

2,126,200

      

100,779

    
         

11,306,413

    
   

Principal(b)

  

Value(a)

  

Philippines (0.4%)

  
Philippine Treasury Bill (PHP)
2.666%, 09/05/18 (c)		    

4,920,000

    

$

91,556

    

2.667%, 09/12/18 (c)

    

2,970,000

      

55,226

    

2.672%, 08/29/18 (c)

    

5,400,000

      

100,564

    

2.962%, 12/05/18 (c)

    

2,770,000

      

51,056

    

2.985%, 12/12/18 (c)

    

3,040,000

      

55,992

    

2.989%, 11/28/18 (c)

    

4,180,000

      

77,100

    
         

431,494

    

United States (33.7%)

  
Federal Home Loan Bank (USD)
1.653%, 07/02/18 (c)		    

17,435,000

      

17,435,000

    
U.S. Treasury Bill (USD)
1.843%, 07/19/18 (c)		    

18,000,000

      

17,985,231

    
         

35,420,231

    

Investment Companies (6.5%)

  

United States (6.5%)

  
State Street Institutional
U.S. Government Money
Market Fund (USD),
current rate 1.820%		    

6,849,158

      

6,849,158

    
Total short-term securities
(cost: $55,099,083)		        

54,559,746

    
Total investments in securities
(cost: $105,729,757) (f)		        

101,183,326

    
Cash and other assets in
excess of liabilities (3.8%)		        

3,981,936

    

Total net assets (100.0%)

      

$

105,165,262

    

See accompanying notes to financial statements.
43


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

Foreign Forward Currency Contracts

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

Settlement
Date		   Currency to be
delivered – SELL		   Currency to be
received – BUY		   Unrealized
Gain (Loss)(a)		  

Counterparty

  

07/05/18

    

725,882

    

EUR

        

849,572

    

USD

      

$

1,952

    

DBK

  

07/06/18

    

366,500

    

EUR

        

454,231

    

USD

        

26,236

    

JPM

  

07/09/18

    

480,695

    

EUR

        

579,526

    

USD

        

18,059

    

BOA

  

07/09/18

    

805,000

    

EUR

        

995,680

    

USD

        

55,416

    

BOA

  

07/09/18

    

228,417

    

EUR

        

281,877

    

USD

        

15,080

    

UBS

  

07/10/18

    

6,569,760,000

    

KRW

        

6,221,364

    

USD

        

324,972

    

HSB

  

07/10/18

    

1,578,954

    

EUR

        

1,944,127

    

USD

        

99,734

    

HSB

  

07/10/18

    

279,196

    

EUR

        

344,996

    

USD

        

18,865

    

JPM

  

07/11/18

    

57,903,900

    

JPY

        

544,217

    

USD

        

21,175

    

BCB

  

07/12/18

    

9,980,000

    

JPY

        

90,471

    

USD

        

316

    

CIT

  

07/12/18

    

717,825

    

EUR

        

892,906

    

USD

        

54,285

    

DBK

  

07/12/18

    

318,477

    

AUD

        

243,549

    

USD

        

8,243

    

JPM

  

07/13/18

    

119,438

    

EUR

        

148,810

    

USD

        

9,263

    

BOA

  

07/13/18

    

12,300,000

    

JPY

        

115,746

    

USD

        

4,626

    

CIT

  

07/13/18

    

78,270

    

EUR

        

97,478

    

USD

        

6,030

    

GSC

  

07/13/18

    

2,010,112

    

USD

        

132,044,244

    

INR

        

(84,830

)

  

JPS

  

07/16/18

    

107,000

    

EUR

        

126,293

    

USD

        

1,251

    

GSC

  

07/16/18

    

602,000

    

EUR

        

747,013

    

USD

        

43,502

    

HSB

  

07/16/18

    

2,000,638

    

USD

        

132,032,118

    

INR

        

(76,217

)

  

JPS

  

07/16/18

    

10,380

    

EUR

        

12,261

    

USD

        

132

    

JPM

  

07/16/18

    

317,259

    

EUR

        

374,789

    

USD

        

4,033

    

JPM

  

07/16/18

    

1,169,196

    

EUR

        

1,383,228

    

USD

        

16,880

    

JPM

  

07/16/18

    

760,000

    

AUD

        

578,542

    

USD

        

17,009

    

JPM

  

07/17/18

    

33,230,000

    

JPY

        

301,384

    

USD

        

1,100

    

BCB

  

07/17/18

    

35,690,000

    

JPY

        

323,866

    

USD

        

1,351

    

HSB

  

07/18/18

    

168,000

    

EUR

        

209,530

    

USD

        

13,172

    

GSC

  

07/18/18

    

110,000

    

AUD

        

83,211

    

USD

        

1,936

    

JPM

  

07/19/18

    

486,001

    

USD

        

31,697,000

    

INR

        

(24,169

)

  

DBK

  

07/19/18

    

577,412

    

USD

        

37,658,833

    

INR

        

(28,715

)

  

DBK

  

07/19/18

    

365,500

    

EUR

        

426,732

    

USD

        

(493

)

  

MSC

  

07/20/18

    

882,534

    

USD

        

58,640,000

    

INR

        

(28,238

)

  

JPS

  

07/23/18

    

110,840,000

    

JPY

        

1,009,086

    

USD

        

7,075

    

JPM

  

07/23/18

    

642,000

    

EUR

        

744,669

    

USD

        

(5,971

)

  

JPM

  

07/23/18

    

50,750

    

EUR

        

58,906

    

USD

        

(432

)

  

MSC

  

07/23/18

    

182,750

    

EUR

        

216,536

    

USD

        

2,861

    

MSC

  

07/23/18

    

317,000

    

EUR

        

369,800

    

USD

        

(843

)

  

SCB

  

07/24/18

    

201,071

    

USD

        

13,424,000

    

INR

        

(5,596

)

  

JPS

  

07/25/18

    

75,690

    

USD

        

5,058,000

    

INR

        

(2,046

)

  

DBK

  

07/26/18

    

14,825,000

    

JPY

        

136,791

    

USD

        

2,744

    

MSC

  

07/27/18

    

489,817

    

USD

        

32,918,166

    

INR

        

(10,646

)

  

DBK

  

07/30/18

    

1,416,728

    

EUR

        

1,657,089

    

USD

        

(224

)

  

BOA

  

07/30/18

    

50,203,538

    

JPY

        

467,147

    

USD

        

13,087

    

DBK

  

07/30/18

    

17,600,000

    

JPY

        

163,601

    

USD

        

4,420

    

JPM

  

07/30/18

    

262,000

    

EUR

        

308,158

    

USD

        

1,665

    

MSC

  

07/31/18

    

690,867

    

EUR

        

847,797

    

USD

        

39,549

    

BCB

  

07/31/18

    

60,350,000

    

JPY

        

560,626

    

USD

        

14,762

    

BCB

  

07/31/18

    

52,800,000

    

JPY

        

486,134

    

USD

        

8,559

    

GSC

  

07/31/18

    

77,000

    

EUR

        

93,989

    

USD

        

3,906

    

GSC

  

07/31/18

    

14,825,000

    

JPY

        

134,636

    

USD

        

544

    

MSC

  

07/31/18

    

262,000

    

EUR

        

304,473

    

USD

        

(2,042

)

  

MSC

  

07/31/18

    

633,107

    

EUR

        

772,615

    

USD

        

31,941

    

SCB

  

08/02/18

    

297,007

    

USD

        

20,094,000

    

INR

        

(4,717

)

  

HSB

  

08/02/18

    

535,000

    

EUR

        

651,242

    

USD

        

25,252

    

JPM

  

08/03/18

    

37,500

    

EUR

        

45,596

    

USD

        

1,715

    

GSC

  

08/06/18

    

76,884

    

EUR

        

92,620

    

USD

        

2,633

    

CIT

  

08/06/18

    

371,263

    

USD

        

24,082,000

    

INR

        

(21,126

)

  

JPS

  

08/08/18

    

168,116

    

USD

        

10,920,000

    

INR

        

(9,383

)

  

HSB

  

08/09/18

    

14,673,000

    

JPY

        

135,642

    

USD

        

2,844

    

CIT

  

08/09/18

    

13,826,020

    

JPY

        

127,369

    

USD

        

2,237

    

CIT

  

08/09/18

    

111,700

    

AUD

        

83,810

    

USD

        

1,271

    

CIT

  

08/09/18

    

3,116,000

    

EUR

        

3,737,112

    

USD

        

89,259

    

DBK

  

08/09/18

    

358,966

    

EUR

        

430,644

    

USD

        

10,408

    

JPM

  

See accompanying notes to financial statements.
44


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

Settlement
Date		   Currency to be
delivered – SELL		   Currency to be
received – BUY		   Unrealized
Gain (Loss)(a)		  

Counterparty

  

08/10/18

    

335,000

    

EUR

        

400,223

    

USD

      

$

8,014

    

BCB

  

08/10/18

    

239,311

    

EUR

        

285,864

    

USD

        

5,686

    

JPM

  

08/13/18

    

61,530,000

    

JPY

        

568,895

    

USD

        

11,868

    

CIT

  

08/13/18

    

11,479,666

    

JPY

        

105,255

    

USD

        

1,331

    

CIT

  

08/13/18

    

318,262

    

AUD

        

243,434

    

USD

        

8,258

    

JPM

  

08/14/18

    

11,479,667

    

JPY

        

102,795

    

USD

        

(1,137

)

  

CIT

  

08/14/18

    

3,074,985

    

EUR

        

3,694,594

    

USD

        

93,413

    

CIT

  

08/14/18

    

158,000

    

EUR

        

190,001

    

USD

        

4,964

    

HSB

  

08/15/18

    

115,000

    

EUR

        

138,279

    

USD

        

3,590

    

DBK

  

08/15/18

    

22,910,000

    

JPY

        

210,938

    

USD

        

3,507

    

HSB

  

08/15/18

    

8,030,000

    

JPY

        

75,469

    

USD

        

2,764

    

JPM

  

08/15/18

    

760,000

    

AUD

        

575,077

    

USD

        

13,481

    

JPM

  

08/16/18

    

294,825

    

EUR

        

355,305

    

USD

        

9,978

    

BOA

  

08/16/18

    

7,332,500

    

JPY

        

67,374

    

USD

        

980

    

CIT

  

08/16/18

    

376,802

    

USD

        

25,664,000

    

INR

        

(4,091

)

  

HSB

  

08/16/18

    

100,310,000

    

JPY

        

945,661

    

USD

        

37,375

    

JPM

  

08/16/18

    

100,685,000

    

JPY

        

925,057

    

USD

        

13,375

    

JPM

  

08/16/18

    

13,769,800

    

JPY

        

126,504

    

USD

        

1,821

    

SCB

  

08/16/18

    

160,000

    

EUR

        

192,885

    

USD

        

5,477

    

SCB

  

08/17/18

    

2,133,000,000

    

KRW

        

1,993,272

    

USD

        

75,769

    

HSB

  

08/20/18

    

48,327,275

    

JPY

        

441,345

    

USD

        

3,633

    

BOA

  

08/20/18

    

935,351

    

EUR

        

1,109,310

    

USD

        

13,410

    

JPM

  

08/20/18

    

115,000

    

AUD

        

87,006

    

USD

        

2,026

    

JPM

  

08/21/18

    

97,530,600

    

JPY

        

886,106

    

USD

        

2,687

    

CIT

  

08/21/18

    

97,305,000

    

JPY

        

884,269

    

USD

        

2,893

    

DBK

  

08/21/18

    

317,259

    

EUR

        

377,030

    

USD

        

5,287

    

JPM

  

08/21/18

    

20,675

    

EUR

        

24,587

    

USD

        

361

    

UBS

  

08/22/18

    

74,602,500

    

JPY

        

676,974

    

USD

        

1,188

    

BOA

  

08/22/18

    

23,068,000

    

JPY

        

209,156

    

USD

        

195

    

CIT

  

08/22/18

    

403,000

    

AUD

        

302,129

    

USD

        

4,330

    

CIT

  

08/22/18

    

33,313

    

EUR

        

39,467

    

USD

        

430

    

UBS

  

08/23/18

    

1,464,000,000

    

KRW

        

1,367,905

    

USD

        

51,425

    

CIT

  

08/23/18

    

77,666,000

    

JPY

        

702,872

    

USD

        

(712

)

  

CIT

  

08/23/18

    

2,343,132

    

USD

        

161,582,400

    

INR

        

1,604

    

JPS

  

08/24/18

    

64,764,000

    

JPY

        

587,519

    

USD

        

775

    

BOA

  

08/24/18

    

815,540

    

EUR

        

967,031

    

USD

        

11,221

    

DBK

  

08/24/18

    

142,170,490

    

JPY

        

1,291,015

    

USD

        

2,990

    

JPM

  

08/24/18

    

52,556,000

    

JPY

        

476,926

    

USD

        

783

    

SCB

  

08/27/18

    

22,797,000

    

JPY

        

215,738

    

USD

        

9,161

    

DBK

  

08/27/18

    

60,993,500

    

JPY

        

558,528

    

USD

        

5,831

    

JPM

  

08/29/18

    

54,600,000

    

JPY

        

503,481

    

USD

        

8,652

    

BCB

  

08/29/18

    

38,472,000

    

JPY

        

354,806

    

USD

        

6,142

    

DBK

  

08/29/18

    

130,792

    

EUR

        

154,461

    

USD

        

1,116

    

DBK

  

08/29/18

    

130,500

    

EUR

        

154,122

    

USD

        

1,119

    

GSC

  

08/29/18

    

77,440,000

    

JPY

        

707,683

    

USD

        

5,859

    

HSB

  

08/29/18

    

645,663

    

EUR

        

762,083

    

USD

        

5,085

    

SCB

  

08/31/18

    

690,867

    

EUR

        

814,780

    

USD

        

4,664

    

BCB

  

08/31/18

    

616,157

    

EUR

        

727,601

    

USD

        

5,090

    

UBS

  

09/04/18

    

37,500

    

EUR

        

44,181

    

USD

        

195

    

GSC

  

09/04/18

    

73,808,000

    

JPY

        

681,200

    

USD

        

12,019

    

HSB

  

09/05/18

    

1,449,000,000

    

KRW

        

1,349,476

    

USD

        

45,645

    

HSB

  

09/05/18

    

44,000,000

    

JPY

        

404,298

    

USD

        

5,341

    

JPM

  

09/05/18

    

7,425,972

    

USD

        

27,884,523

    

BRL

        

(228,108

)

  

JPM

  

09/06/18

    

20,800,000

    

JPY

        

190,773

    

USD

        

2,161

    

HSB

  

09/06/18

    

3,236,680

    

EUR

        

3,811,618

    

USD

        

14,519

    

SCB

  

09/06/18

    

158,417

    

EUR

        

186,890

    

USD

        

1,045

    

UBS

  

09/07/18

    

743,085

    

EUR

        

872,293

    

USD

        

476

    

BOA

  

09/07/18

    

725,882

    

EUR

        

853,492

    

USD

        

1,859

    

DBK

  

09/07/18

    

51,000

    

EUR

        

60,007

    

USD

        

171

    

GSC

  

09/10/18

    

46,300,000

    

JPY

        

423,411

    

USD

        

3,438

    

CIT

  

09/11/18

    

91,710,000

    

JPY

        

839,182

    

USD

        

7,244

    

CIT

  

09/11/18

    

34,700,000

    

JPY

        

313,033

    

USD

        

(1,745

)

  

HSB

  

09/11/18

    

34,700,000

    

JPY

        

318,166

    

USD

        

3,389

    

HSB

  

09/11/18

    

279,196

    

EUR

        

332,456

    

USD

        

4,789

    

JPM

  

09/12/18

    

22,100,000

    

JPY

        

203,349

    

USD

        

2,856

    

DBK

  

09/12/18

    

717,825

    

EUR

        

850,271

    

USD

        

7,757

    

DBK

  

09/12/18

    

66,670,000

    

JPY

        

613,083

    

USD

        

8,246

    

HSB

  

09/12/18

    

61,770,000

    

JPY

        

567,898

    

USD

        

7,515

    

JPM

  

See accompanying notes to financial statements.
45


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

Settlement
Date		   Currency to be
delivered – SELL		   Currency to be
received – BUY		   Unrealized
Gain (Loss)(a)		  

Counterparty

  

09/12/18

    

318,262

    

AUD

        

243,485

    

USD

      

$

8,290

    

JPM

  

09/13/18

    

17,886,000

    

JPY

        

164,482

    

USD

        

2,206

    

CIT

  

09/13/18

    

55,874

    

EUR

        

66,424

    

USD

        

840

    

CIT

  

09/13/18

    

1,971,000

    

AUD

        

1,500,966

    

USD

        

44,400

    

CIT

  

09/14/18

    

241,142

    

USD

        

16,470,000

    

INR

        

(2,761

)

  

DBK

  

09/14/18

    

13,582,000

    

JPY

        

123,953

    

USD

        

717

    

JPM

  

09/14/18

    

760,000

    

AUD

        

578,751

    

USD

        

17,110

    

JPM

  

09/14/18

    

14,666,000

    

JPY

        

133,897

    

USD

        

825

    

SCB

  

09/17/18

    

105,620

    

EUR

        

125,330

    

USD

        

1,313

    

JPM

  

09/18/18

    

48,327,275

    

JPY

        

439,687

    

USD

        

1,055

    

BOA

  

09/18/18

    

923,224

    

EUR

        

1,092,063

    

USD

        

7,956

    

BOA

  

09/18/18

    

19,620,000

    

JPY

        

178,876

    

USD

        

799

    

GSC

  

09/18/18

    

78,270

    

EUR

        

91,692

    

USD

        

(217

)

  

GSC

  

09/18/18

    

21,480,270

    

JPY

        

204,867

    

USD

        

9,906

    

GSC

  

09/18/18

    

26,000,000

    

JPY

        

236,993

    

USD

        

1,009

    

JPM

  

09/18/18

    

145,000

    

AUD

        

109,717

    

USD

        

2,561

    

JPM

  

09/18/18

    

18,200,000

    

JPY

        

166,113

    

USD

        

925

    

MSC

  

09/19/18

    

22,560,000

    

JPY

        

205,235

    

USD

        

458

    

BCB

  

09/19/18

    

15,430,000

    

JPY

        

147,574

    

USD

        

7,516

    

DBK

  

09/19/18

    

154,900,000

    

JPY

        

1,409,444

    

USD

        

3,419

    

JPM

  

09/20/18

    

35,200,000

    

JPY

        

320,729

    

USD

        

1,195

    

CIT

  

09/20/18

    

246,460

    

EUR

        

287,984

    

USD

        

(1,471

)

  

GSC

  

09/20/18

    

4,111,000

    

AUD

        

3,058,222

    

USD

        

20,140

    

JPM

  

09/20/18

    

20,675

    

EUR

        

24,159

    

USD

        

(123

)

  

UBS

  

09/21/18

    

74,400,375

    

JPY

        

680,139

    

USD

        

4,704

    

BOA

  

09/21/18

    

74,662,400

    

JPY

        

683,071

    

USD

        

5,257

    

HSB

  

09/24/18

    

1,514,253

    

EUR

        

1,765,028

    

USD

        

(13,948

)

  

HSB

  

09/25/18

    

75,119,000

    

JPY

        

686,218

    

USD

        

4,049

    

DBK

  

09/25/18

    

96,755,000

    

JPY

        

884,092

    

USD

        

5,442

    

HSB

  

09/25/18

    

29,220,000

    

JPY

        

266,944

    

USD

        

1,592

    

JPM

  

09/25/18

    

317,259

    

EUR

        

370,082

    

USD

        

(2,670

)

  

JPM

  

09/28/18

    

1,416,728

    

EUR

        

1,664,556

    

USD

        

(374

)

  

BOA

  

09/28/18

    

130,740

    

EUR

        

152,845

    

USD

        

(801

)

  

DBK

  

09/28/18

    

130,500

    

EUR

        

152,428

    

USD

        

(935

)

  

GSC

  

09/28/18

    

9,763,000

    

JPY

        

89,542

    

USD

        

862

    

JPM

  

09/28/18

    

60,993,500

    

JPY

        

559,512

    

USD

        

5,491

    

JPM

  

10/05/18

    

29,920,000

    

JPY

        

286,020

    

USD

        

14,099

    

SCB

  

10/09/18

    

111,700

    

AUD

        

86,007

    

USD

        

3,452

    

CIT

  

10/09/18

    

58,343

    

USD

        

3,868,000

    

INR

        

(2,527

)

  

JPS

  

10/15/18

    

760,000

    

AUD

        

575,305

    

USD

        

13,580

    

JPM

  

10/16/18

    

763,000,000

    

KRW

        

716,432

    

USD

        

28,355

    

CIT

  

10/26/18

    

42,092,130

    

JPY

        

385,798

    

USD

        

2,599

    

BCB

  

10/30/18

    

536,000,000

    

KRW

        

501,638

    

USD

        

17,908

    

HSB

  

11/15/18

    

1,020,000,000

    

KRW

        

953,940

    

USD

        

32,620

    

CIT

  

11/19/18

    

610,000,000

    

KRW

        

571,375

    

USD

        

20,272

    

DBK

  

11/21/18

    

1,071,500,000

    

KRW

        

1,004,312

    

USD

        

36,163

    

CIT

  

11/30/18

    

1,494,000,000

    

KRW

        

1,394,906

    

USD

        

44,358

    

DBK

  

12/11/18

    

607,000,000

    

KRW

        

571,536

    

USD

        

22,496

    

DBK

  

12/18/18

    

104,863,100

    

JPY

        

960,703

    

USD

        

1,901

    

CIT

  

12/18/18

    

46,870,000

    

JPY

        

430,545

    

USD

        

1,995

    

DBK

  

12/18/18

    

46,950,000

    

JPY

        

430,862

    

USD

        

1,581

    

HSB

  

12/19/18

    

63,794

    

USD

        

4,419,000

    

INR

        

(557

)

  

CIT

  

12/20/18

    

508,500,000

    

KRW

        

473,045

    

USD

        

12,877

    

CIT

  

01/11/19

    

62,600,000

    

JPY

        

569,132

    

USD

        

(4,367

)

  

BCB

  

01/11/19

    

10,873,000

    

JPY

        

98,819

    

USD

        

(793

)

  

GSC

  

01/16/19

    

21,600,000

    

JPY

        

198,529

    

USD

        

564

    

JPM

  

01/22/19

    

45,710,000

    

JPY

        

422,458

    

USD

        

3,320

    

SCB

  

01/24/19

    

27,530,000

    

JPY

        

254,733

    

USD

        

2,254

    

BCB

  

01/24/19

    

10,020,000

    

JPY

        

92,394

    

USD

        

500

    

DBK

  

01/25/19

    

32,786,000

    

JPY

        

304,397

    

USD

        

3,692

    

CIT

  

01/25/19

    

51,000,000

    

JPY

        

473,103

    

USD

        

5,343

    

JPM

  

01/31/19

    

64,982,551

    

JPY

        

610,337

    

USD

        

14,042

    

HSB

  

02/14/19

    

11,479,667

    

JPY

        

108,358

    

USD

        

2,897

    

CIT

  

02/15/19

    

15,430,000

    

JPY

        

147,229

    

USD

        

5,466

    

BCB

  
                   

$

1,498,969

        

See accompanying notes to financial statements.
46


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

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

Interest Rate Swap Contracts

Description  

Counter-party

   Payment
Frequency
(Pay/Rec)		   Maturity
Date		   Notional
Amount		  

Value

   Upfront
Payments/
(Receipts)		   Unrealized
Appreciation/
(Depreciation)(a)		  

Centrally Cleared Swaps

  
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.816%		  

CIT

   Quarterly/
Semi-Annually		  

02/03/25

  

$

440,000

      

26,975

    

$

–

    

$

 26,975    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.914%		  

CIT

   Quarterly/
Semi-Annually		  

01/22/25

    

704,000

      

38,618

      

–

       38,618    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.936%		  

CIT

   Quarterly/
Semi-Annually		  

01/29/25

    

320,000

      

17,102

      

–

       17,102    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.941%		  

CIT

   Quarterly/
Semi-Annually		  

01/30/25

    

270,000

      

14,379

      

–

       14,379    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.969%		  

CIT

   Quarterly/
Semi-Annually		  

01/23/25

    

880,000

      

45,146

      

–

       45,146    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.973%		  

CIT

   Quarterly/
Semi-Annually		  

01/27/25

    

1,300,000

      

66,512

      

–

       66,512    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.977%		  

CIT

   Quarterly/
Semi-Annually		  

03/27/25

    

750,000

      

38,540

      

–

       38,540    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 1.985%		  

CIT

   Quarterly/
Semi-Annually		  

03/27/25

    

750,000

      

38,218

      

–

       38,218    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 2.378%		  

CIT

   Quarterly/
Semi-Annually		  

11/18/46

    

3,200,000

      

359,770

      

–

       359,770    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 2.537%		  

GSC

   Quarterly/
Semi-Annually		  

04/13/47

    

1,700,000

      

136,693

      

–

       136,693    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 2.695%		  

CIT

   Quarterly/
Semi-Annually		  

05/09/24

    

1,704,000

      

19,023

      

–

       19,023    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 2.793%		  

CIT

   Quarterly/
Semi-Annually		  

03/13/47

    

2,000,000

      

42,727

      

–

       42,727    
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 2.979%		  

CIT

   Quarterly/
Semi-Annually		  

02/20/48

    

1,514,000

      

(27,692

)

    

–

       (27,692

)

  
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 3.002%		  

HSB

   Quarterly/
Semi-Annually		  

02/22/48

    

1,514,000

      

(34,649

)

    

–

       (34,649

)

  
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 3.019%		  

HSB

   Quarterly/
Semi-Annually		  

02/23/48

    

1,514,000

      

(40,060

)

    

–

       (40,060

)

  
Receive Floating Rate 3-Month
USD LIBOR Pay Fixed Rate 3.387%		  

CIT

   Quarterly/
Semi-Annually		  

05/09/44

    

2,028,000

      

(153,615

)

    

–

       (153,615

)

  

Net unrealized appreciation (depreciation)

                  

$

587,687

    

$

–

    

$

587,687

    

Investments in Securities Legend

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

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

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

(d)  Variable rate security.

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

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

Gross unrealized appreciation

  

$

2,482,877

    

Gross unrealized depreciation

    

(6,441,621

)

  

Net unrealized depreciation

   $

(3,598,744

)

  

See accompanying notes to financial statements.
47


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

Currency Legend

ARS  Argentine Peso

AUD  Australian Dollar

BRL  Brazilian Real

EUR  Euro

GHS  Ghanaian Cedi

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

PHP  Philippine Peso

USD  United States Dollar

Counterparty Legend

BCB  Barclays Bank PLC

BOA  Bank of America Merrill Lynch

CIT  Citibank NA

DBK  Deutsche Bank AG

GSC  Goldman Sachs

HSB  HSBC Bank PLC

JPM  JPMorgan Chase Bank NA

JPS  JPMorgan Chase (Singapore)

MSC  Morgan Stanley and Co., Inc.

SCB  Standard Chartered Bank

UBS  UBS AG

See accompanying notes to financial statements.
48


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

June 30, 2018
(Unaudited)

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

   
Shares		  

Value(a)

  

Mutual Funds (89.8%)

  

Investment Companies (89.8%)

  
iShares Core High
Dividend ETF		    

598,057

    

$

50,828,865

    
iShares Edge MSCI
Minimum Volatility
EAFE ETF		    

1,000,363

      

71,165,824

    
iShares Edge MSCI
Minimum Volatility
Emerging Markets ETF		    

294,855

      

17,054,413

    
iShares Edge MSCI
Minimum Volatility
USA ETF (b)		    

1,722,732

      

91,580,433

    

iShares MSCI Germany ETF

    

378,732

      

11,354,385

    
iShares Short Maturity
Bond ETF		    

282,595

      

14,177,791

    
Total mutual funds
(cost: $234,970,614)		        

256,161,711

    

Purchased Option (0.1%)

  

Put Option Purchased (0.1%)

  
S&P 500 Index,
$2,650.00, 07/20/18
(cost: $143,492)		        

223,510

    
   
Shares		  

Value(a)

  

Short-Term Securities (8.4%)

  

Investment Companies (8.4%)

  
State Street Institutional
U.S. Government
Money Market Fund,
current rate 1.820%		    

23,938,550

    

$

23,938,550

    
Total short-term securities
(cost: $23,938,550)		        

23,938,550

    
Total investments in securities
(cost: $259,052,656) (c)		        

280,323,771

    
Cash and other assets in
excess of liabilities (1.7%)		        

4,943,343

    

Total net assets (100.0%)

      

$

285,267,114

    

Investments in Securities Legend

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

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $2,126,400 have been pledged to cover margin requirements for the following open futures contracts:

Type

  

Expiration

   Number of
Contracts		   Position
Type		   Notional
Amount		   Market
Value		   Unrealized
Appreciation/
(Depreciation)(a)		  

S&P Mid 500® E-Mini Index Future

  

September 2018

    

209

    

Long

  

$

28,795,982

    

$

28,440,720

    

$

(355,262

)

  
                   

$

28,440,720

    

$

(355,262

)

  

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

Gross unrealized appreciation

  

$

21,251,948

    

Gross unrealized depreciation

    

–

    

Net unrealized appreciation

  

$

21,251,948

    

 

Purchased Options

  

Contracts

  

Expiration Date

  

Notional Amount

  

Exercise Price

  

Value(a)

  

Put—S&P 500 Index

    

155

    

July 2018

  

$

15,500

    

$

143,492

    

$

223,510

    

Written Options

  

Contracts

  

Expiration Date

  

Notional Amount

  

Exercise Price

  

Value(a)

  

Put—S&P 500 Index

    

238

    

July 2018

  

$

23,800

    

$

44,384

    

$

(28,560

)

  

See accompanying notes to financial statements.
49


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

June 30, 2018
(Unaudited)

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

   

Principal

  

Value(a)

  

Long-Term Debt Securities (97.8%)

  

Government Obligations (72.2%)

  

Other Government Obligations (0.7%)

  
Provincial or Local Government
Obligations (0.7%)		  
Ohio State Water
Development Authority,
4.817%, 12/01/30		  

$

250,000

    

$

279,125

    
Texas A&M University,
4.000%, 05/15/31		    

325,000

      

333,983

    
         

613,108

    
U.S. Government Agencies and
Obligations (71.5%)		  
Export-Import Bank of the United
States (0.7%)		  
DY7 Leasing LLC,
2.578%, 12/10/25		    

156,250

      

153,455

    
Export Leasing 2009 LLC,
1.859%, 08/28/21		    

85,587

      

84,250

    
Helios Leasing I LLC
1.825%, 05/16/25		    

91,522

      

87,696

    

2.018%, 05/29/24

    

137,771

      

133,637

    
Union 16 Leasing LLC,
1.863%, 01/22/25		    

147,037

      

141,427

    
         

600,465

    
Federal Home Loan Mortgage Corporation
(FHLMC) (12.8%)		  

2.500%, 03/01/28

    

140,649

      

137,564

    

2.500%, 04/01/28

    

212,617

      

207,956

    
2.651%, 01/25/23 (1-Month
USD LIBOR + 0.650%) (b)		    

219,031

      

219,581

    

3.000%, 08/01/42

    

108,217

      

105,775

    

3.000%, 12/01/42

    

228,264

      

223,101

    

3.000%, 01/01/43

    

307,231

      

300,047

    

3.000%, 02/01/43

    

731,937

      

715,332

    

3.000%, 04/01/43

    

300,473

      

293,380

    

3.000%, 10/25/46

    

351,135

      

337,227

    
3.041%, 10/25/29 (1-Month
USD LIBOR + 0.950%) (b)		    

450,000

      

428,717

    

3.500%, 10/01/25

    

93,292

      

94,531

    

3.500%, 05/01/32

    

264,622

      

268,444

    

3.500%, 03/01/42

    

1,011,726

      

1,014,783

    

3.500%, 08/01/42

    

257,214

      

257,988

    

3.500%, 12/01/44

    

1,163,923

      

1,163,535

    

3.500%, 05/25/45

    

562,293

      

555,836

    

3.500%, 11/01/46

    

383,725

      

382,447

    

4.000%, 09/01/40

    

360,411

      

370,816

    

4.000%, 03/01/41

    

373,744

      

385,327

    

4.000%, 01/01/45

    

826,464

      

845,822

    

4.500%, 04/01/23

    

32,546

      

33,888

    

4.500%, 09/01/40

    

229,542

      

241,417

    

4.500%, 01/01/41

    

239,893

      

252,303

    

4.500%, 03/01/41

    

255,938

      

269,178

    

5.000%, 03/01/23

    

25,392

      

26,808

    

5.000%, 05/01/29

    

34,583

      

36,512

    

5.000%, 08/01/35

    

38,285

      

40,857

    

5.000%, 11/01/35

    

40,610

      

43,197

    
   

Principal

  

Value(a)

  

5.000%, 11/01/39

  

$

418,484

    

$

449,495

    

5.500%, 06/01/20

    

11,346

      

11,482

    

5.500%, 10/01/20

    

41,753

      

42,154

    

5.500%, 11/01/23

    

80,024

      

85,556

    

5.500%, 05/01/34

    

151,235

      

167,598

    

6.000%, 09/01/22

    

43,271

      

44,888

    

6.000%, 11/01/33

    

137,393

      

153,009

    

6.250%, 12/15/23

    

50,101

      

52,605

    

6.500%, 11/01/32

    

38,309

      

42,893

    
6.641%, 10/25/24 (1-Month
USD LIBOR + 4.550%) (b)		    

201,311

      

223,283

    
6.891%, 05/25/28 (1-Month
USD LIBOR + 4.800%) (b)		    

200,000

      

234,109

    
         

10,759,441

    
Federal National Mortgage Association
(FNMA) (41.4%)		  

2.500%, 03/01/27

    

351,937

      

345,074

    

2.500%, 11/01/27

    

166,529

      

161,986

    

2.500%, 03/01/28

    

377,560

      

369,945

    

3.000%, 09/01/22

    

102,205

      

102,679

    

3.000%, 11/01/27

    

167,420

      

167,445

    

3.000%, 06/01/28

    

219,488

      

219,453

    

3.000%, 07/17/33 (c)

    

1,700,000

      

1,690,020

    

3.000%, 03/01/42

    

123,749

      

121,010

    

3.000%, 09/01/42

    

163,146

      

159,575

    

3.000%, 03/01/43

    

120,273

      

117,532

    

3.000%, 04/01/43

    

482,367

      

471,709

    

3.000%, 05/01/43

    

667,119

      

651,680

    

3.000%, 09/01/43

    

186,214

      

181,943

    

3.000%, 01/01/46

    

501,846

      

486,884

    

3.000%, 07/01/48 (c)

    

1,875,000

      

1,816,333

    

3.500%, 11/01/25

    

54,082

      

54,852

    

3.500%, 01/01/26

    

127,658

      

129,476

    

3.500%, 12/01/32

    

226,881

      

230,279

    

3.500%, 11/01/40

    

213,622

      

214,353

    

3.500%, 01/01/41

    

386,256

      

387,630

    

3.500%, 02/01/41

    

768,938

      

771,673

    

3.500%, 11/01/41

    

357,684

      

358,948

    

3.500%, 12/01/41

    

673,549

      

675,940

    

3.500%, 01/01/42

    

1,588,584

      

1,594,212

    

3.500%, 05/01/42

    

489,787

      

491,517

    

3.500%, 08/01/42

    

460,807

      

462,279

    

3.500%, 01/01/43

    

281,396

      

282,388

    

3.500%, 02/01/43

    

573,197

      

576,654

    

3.500%, 03/01/43

    

258,610

      

259,522

    

3.500%, 05/01/43

    

952,837

      

955,191

    

3.500%, 06/01/45

    

1,553,703

      

1,552,010

    

3.500%, 10/01/45

    

204,515

      

204,165

    

3.500%, 01/01/46

    

391,309

      

390,640

    

3.500%, 01/01/47

    

926,301

      

924,574

    

3.500%, 11/01/47

    

982,923

      

979,971

    

3.500%, 07/12/48 (c)

    

2,575,000

      

2,562,887

    

4.000%, 06/25/23

    

108,650

      

109,603

    

4.000%, 12/01/40

    

147,450

      

151,404

    

4.000%, 04/01/41

    

133,427

      

137,319

    

4.000%, 11/01/41

    

300,006

      

308,130

    

4.000%, 06/01/42

    

787,829

      

809,141

    

4.000%, 09/01/43

    

478,494

      

489,656

    

4.000%, 10/01/43

    

1,176,274

      

1,215,233

    

See accompanying notes to financial statements.
50


SFT Mortgage Securities Fund

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

   

Principal

  

Value(a)

  

4.000%, 01/01/44

  

$

268,116

    

$

277,015

    

4.000%, 08/01/44

    

239,350

      

245,168

    

4.000%, 07/12/48 (c)

    

2,370,000

      

2,416,219

    

4.500%, 04/01/21

    

2,498

      

2,529

    

4.500%, 11/01/23

    

28,051

      

29,230

    

4.500%, 04/01/25

    

58,753

      

60,720

    

4.500%, 05/25/34

    

537,000

      

573,994

    

4.500%, 05/01/35

    

193,919

      

202,999

    

4.500%, 07/01/35

    

169,281

      

177,080

    

4.500%, 09/01/37

    

205,992

      

215,715

    

5.000%, 10/01/20

    

30,911

      

31,631

    

5.000%, 06/25/23

    

101,331

      

104,628

    

5.000%, 11/01/33

    

175,586

      

188,035

    

5.000%, 03/01/34

    

224,575

      

239,498

    

5.000%, 05/01/34

    

41,094

      

44,009

    

5.000%, 12/01/34

    

34,770

      

37,238

    

5.000%, 07/01/35

    

226,123

      

242,146

    

5.000%, 03/01/38

    

102,713

      

110,062

    

5.000%, 06/01/39

    

153,662

      

165,948

    

5.000%, 12/01/39

    

248,224

      

268,518

    

5.000%, 06/01/40

    

81,546

      

87,441

    

5.000%, 04/01/41

    

150,470

      

161,809

    

5.500%, 08/01/23

    

44,828

      

48,044

    

5.500%, 02/01/24

    

66,219

      

70,969

    

5.500%, 04/01/33

    

294,762

      

321,944

    

5.500%, 05/01/33

    

16,243

      

17,619

    

5.500%, 01/01/34

    

41,754

      

45,429

    

5.500%, 02/01/34

    

24,959

      

27,139

    

5.500%, 04/01/34

    

63,510

      

68,876

    

5.500%, 05/01/34

    

7,361

      

7,896

    

5.500%, 09/01/34

    

161,260

      

174,654

    

5.500%, 10/01/34

    

66,696

      

72,745

    

5.500%, 01/01/35

    

106,707

      

116,275

    

5.500%, 02/01/35

    

200,562

      

218,622

    

5.500%, 06/01/35

    

11,514

      

12,487

    

5.500%, 08/01/35

    

52,806

      

57,447

    

5.500%, 10/01/35

    

36,724

      

40,581

    

5.500%, 11/01/35

    

8,074

      

8,749

    

5.500%, 09/01/36

    

153,047

      

166,474

    
5.741%, 09/25/29 (1-Month
USD LIBOR + 3.650%) (b)		    

250,000

      

272,571

    

6.000%, 09/01/32

    

16,797

      

18,782

    

6.000%, 10/01/32

    

251,459

      

281,082

    

6.000%, 11/01/32

    

207,148

      

231,458

    

6.000%, 03/01/33

    

221,897

      

247,420

    

6.000%, 04/01/33

    

35,411

      

38,721

    

6.000%, 12/01/33

    

59,836

      

66,381

    

6.000%, 08/01/34

    

49,002

      

53,719

    

6.000%, 09/01/34

    

31,238

      

34,398

    

6.000%, 11/01/34

    

17,112

      

18,709

    

6.000%, 12/01/34

    

129,615

      

142,842

    

6.000%, 11/01/36

    

13,809

      

15,202

    

6.000%, 01/01/37

    

152,028

      

167,493

    

6.000%, 08/01/37

    

40,771

      

44,887

    

6.000%, 12/01/37

    

23,158

      

25,309

    
6.491%, 01/25/24 (1-Month
USD LIBOR + 4.400%) (b)		    

100,000

      

113,875

    

6.500%, 11/01/23

    

36,973

      

38,460

    

6.500%, 02/01/32

    

212,758

      

235,962

    

6.500%, 04/01/32

    

67,156

      

74,487

    

6.500%, 05/01/32

    

19,408

      

21,394

    

6.500%, 07/01/32

    

242,906

      

269,849

    

6.500%, 09/01/34

    

10,827

      

11,935

    

6.500%, 11/01/34

    

7,996

      

8,815

    
   

Principal

  

Value(a)

  

6.500%, 03/01/35

  

$

97,685

    

$

108,740

    

6.500%, 02/01/36

    

15,114

      

16,660

    

6.500%, 09/01/37

    

100,900

      

113,080

    

7.000%, 09/01/31

    

86,152

      

92,791

    

7.000%, 11/01/31

    

19,611

      

21,888

    

7.000%, 02/01/32

    

78,295

      

88,055

    

7.000%, 07/01/32

    

16,020

      

17,845

    

7.000%, 10/01/37

    

16,023

      

16,678

    

7.500%, 07/25/22

    

47,815

      

49,778

    

7.500%, 04/01/31

    

29,355

      

32,135

    
         

34,691,898

    
Government National Mortgage Association
(GNMA) (16.1%)		  

0.013%, 06/17/45 (b) (d)

    

224,956

      

88

    

0.643%, 07/16/40 (b) (d)

    

211,580

      

117

    

1.000%, 12/20/42

    

141,043

      

128,620

    

3.000%, 09/20/42

    

441,766

      

436,459

    

3.000%, 09/20/44

    

162,858

      

160,908

    

3.000%, 03/15/45

    

489,799

      

479,659

    

3.000%, 04/15/45

    

1,273,808

      

1,247,435

    

3.000%, 05/15/45

    

125,254

      

122,686

    

3.250%, 04/20/33

    

180,447

      

180,088

    

3.250%, 03/20/35

    

1,137,275

      

1,135,016

    

3.250%, 11/20/35

    

288,261

      

287,262

    

3.250%, 01/20/36

    

1,110,653

      

1,106,801

    

3.500%, 11/15/40

    

93,803

      

94,368

    

3.500%, 10/20/43

    

321,094

      

324,918

    

3.500%, 02/20/45

    

515,227

      

518,505

    

3.500%, 03/20/45

    

774,392

      

779,319

    

3.500%, 04/20/45

    

979,180

      

985,410

    

3.500%, 04/20/46

    

225,783

      

226,750

    

3.500%, 07/19/48 (c)

    

600,000

      

602,309

    

3.750%, 03/20/46

    

246,289

      

250,010

    

4.000%, 07/20/31

    

416,994

      

431,061

    

4.000%, 04/20/39

    

275,690

      

284,936

    

4.000%, 12/20/40

    

839,995

      

868,333

    

4.000%, 01/15/41

    

57,998

      

59,745

    

4.000%, 02/15/41

    

416,712

      

431,197

    

4.000%, 10/15/41

    

298,841

      

307,852

    

4.000%, 12/20/44

    

161,904

      

167,221

    

4.500%, 06/15/40

    

287,704

      

304,441

    

5.000%, 05/15/33

    

87,633

      

93,356

    

5.000%, 12/15/39

    

79,113

      

84,738

    

5.000%, 01/15/40

    

701,772

      

738,425

    

5.000%, 07/15/40

    

370,688

      

390,101

    

5.500%, 07/15/38

    

112,658

      

124,363

    

5.500%, 10/15/38

    

133,662

      

149,508

    
         

13,502,005

    

U.S. Treasury (0.4%)

  

U.S. Treasury Note

 

2.250%, 02/15/27 (e)

    

150,000

      

143,139

    

2.750%, 02/15/28

    

200,000

      

198,289

    
         

341,428

    

Vendee Mortgage Trust (0.1%)

  
Vendee Mortgage Trust,
7.793%, 02/15/25		    

40,273

      

42,394

    
Total government obligations
(cost: $61,404,063)		        

60,550,739

    

See accompanying notes to financial statements.
51


SFT Mortgage Securities Fund

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

   

Principal

  

Value(a)

  

Asset-Backed Securities (10.7%)

  
Bank of The West Auto Trust,
3.210%, 04/15/25 (f)		  

$

150,000

    

$

146,494

    
Bear Stearns Asset Backed
Securities Trust,
3.066%, 02/25/34 (1-Month
USD LIBOR + 0.975%) (b)		    

361,951

      

357,221

    
CarMax Auto Owner Trust
2018-1, 2.950%, 11/15/23		    

350,000

      

344,384

    

Chase Funding Trust

  
2.651%, 02/25/33 (1-Month
USD LIBOR + 0.560%) (b)		    

155,233

      

148,293

    
2.731%, 08/25/32 (1-Month
USD LIBOR + 0.640%) (b)		    

120,225

      

117,814

    

Chesapeake Funding II LLC

  

3.260%, 11/15/29 (f)

    

375,000

      

368,555

    

3.380%, 08/15/29 (f)

    

275,000

      

272,008

    

3.710%, 05/15/29 (f)

    

100,000

      

99,729

    
Commonbond Student
Loan Trust,
5.280%, 05/25/41 (f)		    

229,463

      

232,951

    
CountryPlace Manufactured
Housing Contract Trust,
5.200%, 12/15/35 (b) (f)		    

398,900

      

409,926

    
Credit-Based Asset
Servicing and
Securitization LLC,
6.250%, 10/25/36 (f) (g)		    

77,866

      

78,111

    
Earnest Student Loan
Program LLC,
2.650%, 01/25/41 (f)		    

347,582

      

339,012

    
Entergy Gulf States
Reconstruction
Funding 1 LLC,
5.930%, 06/29/22		    

418,210

      

433,922

    
FAN Engine Securitization,
Ltd.,
3.000%, 10/15/19 (h) (i) (j)		    

47,777

      

47,521

    
FirstEnergy Ohio PIRB
Special Purpose Trust,
1.726%, 01/15/22		    

116,831

      

116,047

    
Foursight Capital
Automobile
Receivables Trust		  

2.340%, 01/15/21 (f)

    

79,570

      

79,257

    

3.710%, 01/18/22 (f)

    

285,000

      

280,297

    
GM Financial Consumer
Automobile Receivables
Trust 2018-1,
2.770%, 07/17/23		    

150,000

      

147,187

    
Invitation Homes
2015-SFR3 Trust,
3.373%, 08/17/32 (1-Month
USD LIBOR + 1.300%) (b) (f)		    

605,972

      

606,726

    
Invitation Homes
2018-SFR1 Trust,
3.335%, 03/17/37 (1-Month
USD LIBOR + 1.250%) (b) (f)		    

500,000

      

500,606

    
Invitation Homes
2018-SFR3 Trust,
3.000%, 07/17/37 (1-Month
USD LIBOR + 1.000%) (b) (f)		    

650,000

      

650,814

    
Lehman ABS Manufactured
Housing Contract Trust,
5.873%, 04/15/40		    

33,115

      

33,469

    
   

Principal

  

Value(a)

  
Morgan Stanley Dean
Witter Capital I, Inc.,
2.651%, 08/25/32 (1-Month
USD LIBOR + 0.560%) (b)		  

$

178,343

    

$

169,595

    
PFS Financing Corp.,
2.319%, 02/15/22
(1-Month USD LIBOR +
0.400%) (b) (h)		    

550,000

      

549,482

    
Progress Residential
2018-SFR1 Trust,
3.684%, 03/17/35 (f)		    

500,000

      

492,088

    
Progress Residential Trust,
3.565%, 08/17/34 (f)		    

475,000

      

463,554

    
Saxon Asset Securities Trust,
2.049%, 03/25/35 (1-Month
USD LIBOR + 0.540%) (b)		    

270,238

      

258,324

    
Towd Point Mortgage Trust,
3.750%, 04/25/55 (b) (f)		    

350,000

      

349,787

    
Towd Point Mortgage Trust
2015-1, 4.359%,
11/25/57 (b) (f)		    

554,000

      

579,001

    
Volvo Financial Equipment
LLC Series 2018-1,
3.060%, 12/15/25 (f)		    

300,000

      

297,341

    
Total asset-backed securities
(cost: $9,001,443)		        

8,969,516

    

Other Mortgage-Backed Securities (13.9%)

  
Collateralized Mortgage Obligations/
Mortgage Revenue Bonds (5.9%)		  
Agate Bay Mortgage Trust,
3.819%, 01/25/45 (b) (f)		    

254,439

      

250,191

    
Bear Stearns Mortgage
Securities, Inc.,
8.000%, 11/25/29		    

124,269

      

79,421

    
Citigroup Mortgage
Loan Trust, Inc.,
3.000%, 09/25/64 (b) (f)		    

473,261

      

465,525

    
CSMC Trust,
3.500%, 06/25/47 (b) (f)		    

525,000

      

502,796

    
GS Mortgage-Backed
Securities Trust,
3.125%, 07/25/44 (b) (f)		    

388,624

      

375,161

    

JP Morgan Mortgage Trust

  

3.368%, 10/25/46 (b) (f)

    

328,627

      

304,744

    

3.419%, 06/25/29 (b) (f)

    

277,611

      

273,340

    

3.647%, 05/25/43 (b) (f)

    

376,260

      

363,494

    
Prudential Home
Mortgage Securities
7.706%, 09/28/24 (b) (f)		    

714

      

657

    

7.900%, 04/28/22 (f)

    

5,571

      

5,407

    
PSMC Trust,
3.500%, 02/25/48 (b) (f)		    

766,565

      

761,577

    
Seasoned Credit Risk
Transfer Trust
4.000%, 07/25/56 (b) (f)		    

572,000

      

559,811

    

4.000%, 08/25/56 (b) (f)

    

200,000

      

196,773

    
Sequoia Mortgage Trust
3.714%, 07/25/45 (b) (f)		    

463,583

      

458,238

    

3.875%, 01/25/45 (b) (f)

    

384,936

      

384,773

    
Structured Asset Mortgage
Investments, Inc.,
1.089%, 05/02/30 (b)		    

10,674

      

1,660

    
         

4,983,568

    

See accompanying notes to financial statements.
52


SFT Mortgage Securities Fund

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

   

Principal

  

Value(a)

  
Commercial Mortgage-Backed
Securities (8.0%)		  
7 WTC Depositor LLC Trust,
4.082%, 03/13/31 (f)		  

$

20,978

    

$

20,983

    
BB-UBS Trust,
4.160%, 11/05/36 (b) (f)		    

500,000

      

491,195

    
CFCRE Commercial
Mortgage Trust,
3.839%, 12/10/54		    

500,000

      

501,102

    
CSMC Trust,
3.304%, 09/15/37 (f)		    

400,000

      

394,656

    
Hometown Commercial
Mortgage,
5.506%, 11/11/38 (h)		    

17,639

      

14,612

    
Irvine Core Office Trust,
2.068%, 05/15/48 (f)		    

263,952

      

256,576

    
JPMorgan Chase
Commercial Mortgage
Securities Corp.,
1.86%, 12/05/27 (b) (d) (h)		    

3,322,142

      

83,679

    
Morgan Stanley Bank of
America Merrill
Lynch Trust,
3.720%, 12/15/49		    

225,000

      

224,588

    
Morgan Stanley
Capital I Trust,
3.451%, 08/05/34 (f)		    

150,000

      

147,877

    
One Market Plaza Trust,
3.614%, 02/10/32 (f)		    

500,000

      

499,002

    
UBS Commercial
Mortgage Trust
3.580%, 12/15/50		    

500,000

      

491,568

    

3.724%, 06/15/50

    

1,500,000

      

1,476,038

    
Wells Fargo Commercial
Mortgage Trust
2.814%, 08/15/49		    

540,000

      

501,430

    

3.637%, 06/15/48

    

625,000

      

625,671

    
Wells Fargo Commercial
Mortgage Trust
2017-SMP, 2.82%,
12/15/34 (1-Month USD
LIBOR + 0.750%) (b) (h)		    

1,000,000

      

1,000,361

    
         

6,729,338

    
Total other mortgage-backed securities
(cost: $12,123,354)		        

11,712,906

    

Corporate Obligations (1.0%)

  

Communications (0.5%)

  

Telecommunication (0.5%)

  
Crown Castle Towers LLC,
3.222%, 05/15/42 (f)		    

425,000

      

416,989

    

Financial (0.5%)

  
Real Estate Investment Trust —
Residential (0.5%)		  
UDR, Inc.,
4.000%, 10/01/25		    

400,000

      

397,458

    
Total corporate obligations
(cost: $824,299)		        

814,447

    
Total long-term debt securities
(cost: $83,353,159)		        

82,047,608

    
   
Shares		  

Value(a)

  

Short-Term Securities (12.8%)

  

Investment Companies (12.8%)

  
Federated Government
Obligations Fund,
current rate 1.750% (k)		    

2,300,000

    

$

2,300,000

    
State Street Institutional
U.S. Government
Money Market Fund,
current rate 1.820% (k)		    

6,132,672

      

6,132,672

    
STIT-Government & Agency
Portfolio, current rate
1.810% (k)		    

2,300,000

      

2,300,000

    
Total short-term securities
(cost: $10,732,672)		        

10,732,672

    
Total investments in securities
(cost: $94,085,831) (l)		        

92,780,280

    
Liabilities in excess of cash
and other assets (-10.6%)		        

(8,872,161

)

  

Total net assets (100.0%)

      

$

83,908,119

    

See accompanying notes to financial statements.
53


SFT Mortgage Securities Fund

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

Investments in Securities Legend

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

(b)  Variable rate security.

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

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

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

Holdings of Open Futures Contracts

On June 30, 2018, securities with an aggregate market value of $95,426 have been pledged to cover margin requirements for the following open futures contracts:

Type

  

Expiration

   Number of
Contracts		   Position
Type		   Notional
Amount		   Market
Value		   Unrealized
Appreciation/
(Depreciation)(a)		  

10 Year U.S. Ultra

  

September 2018

    

17

    

Short

  

$

(2,152,838

)

  

$

(2,179,984

)

  

$

(27,146

)

  

U.S. Long Bond

  

September 2018

    

25

    

Long

    

3,548,515

      

3,625,000

      

76,485

    

U.S. Ultra Bond

  

September 2018

    

3

    

Short

    

(466,467

)

    

(478,687

)

    

(12,220

)

  
                   

$

966,329

    

$

37,119

    

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

(g)  Step rate security.

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

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

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

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

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

Gross unrealized appreciation

  

$

705,853

    

Gross unrealized depreciation

    

(2,033,857

)

  

Net unrealized depreciation

  

$

(1,328,004

)

  

See accompanying notes to financial statements.
54


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

June 30, 2018
(Unaudited)

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

   

Shares

  

Value(a)

  

Common Stocks (98.5%)

  

Consumer Discretionary (2.0%)

  
Hilton Worldwide
Holdings, Inc.		    

34,700

    

$

2,746,852

    

Financial (1.2%)

  
Retail Opportunity
Investments Corp.		    

46,200

      

885,192

    

Summit Hotel Properties, Inc.

    

53,300

      

762,723

    
         

1,647,915

    

Real Estate (95.3%)

  

Health Care REITs (7.9%)

  

HCP, Inc.

    

139,400

      

3,599,308

    

Healthcare Realty Trust, Inc.

    

16,800

      

488,544

    
Healthcare Trust of
America, Inc. – Class A		    

77,300

      

2,084,008

    

Physicians Realty Trust

    

44,000

      

701,360

    

Ventas, Inc.

    

7,496

      

426,897

    

Welltower, Inc.

    

53,800

      

3,372,722

    
         

10,672,839

    

Hotels & Resort REITs (5.0%)

  

Host Hotels & Resorts, Inc.

    

222,246

      

4,682,723

    

RLJ Lodging Trust

    

33,200

      

732,060

    

Sunstone Hotel Investors, Inc.

    

78,400

      

1,303,008

    
         

6,717,791

    

Industrial REITs (9.7%)

  

Duke Realty Corp.

    

130,800

      

3,797,124

    

First Industrial Realty Trust, Inc.

    

23,900

      

796,826

    

Liberty Property Trust

    

74,200

      

3,289,286

    

ProLogis, Inc.

    

79,681

      

5,234,245

    
         

13,117,481

    

Office REITs (12.9%)

  
Alexandria Real Estate
Equities, Inc.		    

36,600

      

4,617,822

    

Boston Properties, Inc.

    

14,783

      

1,854,084

    

Cousins Properties, Inc.

    

133,100

      

1,289,739

    

Highwoods Properties, Inc.

    

38,400

      

1,948,032

    

Kilroy Realty Corp.

    

47,536

      

3,595,623

    

SL Green Realty Corp.

    

42,171

      

4,239,451

    
         

17,544,751

    

Residential REITs (24.1%)

  
American Campus
Communities, Inc.		    

59,600

      

2,555,648

    
American Homes 4 Rent –
Class A		    

66,600

      

1,477,188

    

AvalonBay Communities, Inc.

    

35,326

      

6,072,186

    

Camden Property Trust

    

39,700

      

3,617,861

    

Equity Lifestyle Properties, Inc.

    

11,600

      

1,066,040

    

Equity Residential

    

47,500

      

3,025,275

    

Essex Property Trust, Inc.

    

13,616

      

3,255,177

    

Invitation Homes, Inc.

    

166,400

      

3,837,184

    
Mid-America Apartment
Communities, Inc.		    

5,700

      

573,819

    

Sun Communities, Inc.

    

39,600

      

3,876,048

    

UDR, Inc.

    

89,000

      

3,341,060

    
         

32,697,486

    
   

Shares

  

Value(a)

  

Retail REITs (15.8%)

  

Agree Realty Corp.

    

37,400

    

$

1,973,598

    

Federal Realty Investment Trust

    

16,200

      

2,050,110

    

GGP, Inc.

    

25,900

      

529,137

    

National Retail Properties, Inc.

    

30,200

      

1,327,592

    

Realty Income Corp.

    

28,700

      

1,543,773

    

Regency Centers Corp.

    

58,714

      

3,644,965

    

Simon Property Group, Inc.

    

49,379

      

8,403,812

    

Weingarten Realty Investors

    

65,200

      

2,008,812

    
         

21,481,799

    

Specialized REITs (19.9%)

  

CyrusOne, Inc.

    

55,600

      

3,244,816

    

Digital Realty Trust, Inc.

    

44,800

      

4,998,784

    

Equinix, Inc.

    

14,534

      

6,248,021

    

Extra Space Storage, Inc.

    

30,300

      

3,024,243

    

Public Storage

    

25,700

      

5,830,302

    

SBA Communications Corp. (b)

    

9,700

      

1,601,664

    

STORE Capital Corp.

    

76,500

      

2,096,100

    
         

27,043,930

    
Total common stocks
(cost: $126,658,429)		        

133,670,844

    

Short-Term Securities (1.4%)

  

Investment Companies (1.4%)

  
State Street Institutional
U.S. Government
Money Market Fund,
current rate 1.820%		    

1,884,230

      

1,884,230

    
Total short-term securities
(cost: $1,884,230)		        

1,884,230

    
Total investments in securities
(cost: $128,542,659) (c)		        

135,555,074

    
Cash and other assets in
excess of liabilities (0.1%)		        

181,674

    

Total net assets (100.0%)

      

$

135,736,748

    

Investments in Securities Legend

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

(b)  Non-income producing security.

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

Gross unrealized appreciation

  

$

7,730,390

    

Gross unrealized depreciation

    

(1,568,533

)

  

Net unrealized appreciation

  

$

6,161,857

    

See accompanying notes to financial statements.
55



SFT IvySM Growth Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

   

Shares

  

Value(a)

  

Common Stocks (97.4%)

  

Consumer Discretionary (18.2%)

  

Automobiles (2.0%)

  

Ferrari NV (b)

    

78,929

    

$

10,656,204

    

Internet & Catalog Retail (6.0%)

  

Amazon.com, Inc. (c)

    

16,361

      

27,810,428

    

Booking Holdings, Inc. (c)

    

1,700

      

3,446,053

    
         

31,256,481

    

Media (0.7%)

  

Comcast Corp. – Class A

    

103,700

      

3,402,397

    

Specialty Retail (3.9%)

  

The Home Depot, Inc.

    

102,800

      

20,056,280

    

Textiles, Apparel & Luxury Goods (5.6%)

  

NIKE, Inc. – Class B

    

178,800

      

14,246,784

    

VF Corp.

    

183,400

      

14,950,768

    
         

29,197,552

    

Consumer Staples (2.4%)

  

Beverages (1.4%)

  

Monster Beverage Corp. (c)

    

127,500

      

7,305,750

    

Tobacco (1.0%)

  
Philip Morris International,
Inc.		    

65,300

      

5,272,322

    

Energy (1.8%)

  

Energy Equipment & Services (1.8%)

  

Halliburton Co.

    

208,115

      

9,377,662

    

Financial (8.8%)

  

Capital Markets (8.5%)

  

CME Group, Inc.

    

124,800

      

20,457,216

    

S&P Global, Inc.

    

52,195

      

10,642,039

    

The Charles Schwab Corp.

    

259,200

      

13,245,120

    
         

44,344,375

    

Commercial Banks (0.3%)

  

Citigroup, Inc.

    

22,100

      

1,478,932

    

Health Care (9.7%)

  

Health Care Equipment & Supplies (4.7%)

  

ABIOMED, Inc. (c)

    

10,600

      

4,335,930

    

Danaher Corp.

    

103,500

      

10,213,380

    

Intuitive Surgical, Inc. (c)

    

20,800

      

9,952,384

    
         

24,501,694

    

Health Care Providers & Services (2.2%)

  

UnitedHealth Group, Inc.

    

47,000

      

11,530,980

    

Pharmaceuticals (2.8%)

  

Zoetis, Inc.

    

166,400

      

14,175,616

    

Industrials (12.0%)

  

Aerospace & Defense (2.4%)

  

Lockheed Martin Corp.

    

16,273

      

4,807,532

    

Northrop Grumman Corp.

    

24,302

      

7,477,726

    
         

12,285,258

    
   

Shares

  

Value(a)

  

Machinery (5.2%)

  

Caterpillar, Inc.

    

104,100

    

$

14,123,247

    

Stanley Black & Decker, Inc.

    

97,500

      

12,948,975

    
         

27,072,222

    

Professional Services (2.0%)

  

Verisk Analytics, Inc. (c)

    

97,700

      

10,516,428

    

Road & Rail (2.4%)

  
JB Hunt Transport Services,
Inc.		    

58,900

      

7,159,295

    

Union Pacific Corp.

    

37,642

      

5,333,118

    
         

12,492,413

    

Information Technology (43.2%)

  

Computers & Peripherals (4.7%)

  

Apple, Inc.

    

130,321

      

24,123,720

    

Internet Software & Services (7.1%)

  

Alphabet, Inc. – Class A (c)

    

11,400

      

12,872,766

    

Alphabet, Inc. – Class C (c)

    

8,444

      

9,420,548

    

Facebook, Inc. – Class A (c)

    

75,859

      

14,740,921

    
         

37,034,235

    

IT Services (12.9%)

  
FleetCor Technologies,
Inc. (c)		    

18,400

      

3,875,960

    

Mastercard, Inc. – Class A

    

117,000

      

22,992,840

    

PayPal Holdings, Inc. (c)

    

219,800

      

18,302,746

    

Visa, Inc. – Class A

    

164,700

      

21,814,515

    
         

66,986,061

    

Semiconductors & Semiconductor Equipment (2.3%)

  

Lam Research Corp.

    

20,038

      

3,463,568

    

Microchip Technology, Inc.

    

47,529

      

4,322,763

    

NVIDIA Corp.

    

16,300

      

3,861,470

    
         

11,647,801

    

Software (16.2%)

  

Adobe Systems, Inc. (c)

    

69,600

      

16,969,176

    

Electronic Arts, Inc. (c)

    

81,800

      

11,535,436

    

Microsoft Corp.

    

343,800

      

33,902,118

    

Salesforce.com, Inc. (c)

    

157,952

      

21,544,653

    
         

83,951,383

    

Real Estate (1.3%)

  

Specialized REITs (1.3%)

  

American Tower Corp.

    

45,200

      

6,516,484

    
Total common stocks
(cost: $350,847,334)		        

505,182,250

    

See accompanying notes to financial statements.
56


SFT IvySM Growth Fund
Investments in Securities – continued

   

Shares

  

Value(a)

  

Short-Term Securities (2.7%)

  

Investment Companies (2.7%)

  
State Street Institutional
U.S. Government Money
Market Fund, current
rate 1.820%		    

13,837,662

    

$

13,837,662

    
Total short-term securities
(cost: $13,837,662)		        

13,837,662

    
Total investments in securities
(cost: $364,684,996) (d)		        

519,019,912

    
Liabilities in excess of cash
and other assets (-0.1%)		        

(535,140

)

  

Total net assets (100.0%)

      

$

518,484,772

    

Investments in Securities Legend

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

(b)  Foreign security: The Fund held 2.1% of net assets in foreign securities at June 30, 2018.

(c)  Non-income producing security.

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

Gross unrealized appreciation

  

$

160,363,067

    

Gross unrealized depreciation

    

(6,158,310

)

  

Net unrealized appreciation

  

$

154,204,757

    

See accompanying notes to financial statements.
57


SFT IvySM Small Cap Growth Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

   

Shares

  

Value(a)

  

Common Stocks (95.5%)

  

Consumer Discretionary (19.2%)

  

Auto Components (1.7%)

  

Visteon Corp. (b)

    

26,616

    

$

3,439,852

    

Distributors (1.5%)

  

Pool Corp.

    

20,202

      

3,060,603

    

Diversified Consumer Services (1.2%)

  
Grand Canyon Education,
Inc. (b)		    

21,200

      

2,366,132

    

Hotels, Restaurants & Leisure (4.4%)

  
Hilton Grand Vacations,
Inc. (b)		    

68,500

      

2,376,950

    

Texas Roadhouse, Inc.

    

49,700

      

3,255,847

    

Wingstop, Inc.

    

61,233

      

3,191,464

    
         

8,824,261

    

Household Durables (1.3%)

  
Installed Building Products,
Inc. (b)		    

48,346

      

2,733,966

    

Media (1.0%)

  
Nexstar Media Group,
Inc. – Class A		    

27,200

      

1,996,480

    

Multiline Retail (1.3%)

  
Ollie's Bargain Outlet
Holdings, Inc. (b)		    

35,600

      

2,581,000

    

Specialty Retail (6.8%)

  

At Home Group, Inc. (b)

    

67,000

      

2,623,050

    

Burlington Stores, Inc. (b)

    

14,900

      

2,242,897

    

Caleres, Inc.

    

47,032

      

1,617,431

    

Five Below, Inc. (b)

    

22,200

      

2,169,162

    

The Children's Place, Inc.

    

15,700

      

1,896,560

    

Urban Outfitters, Inc. (b)

    

69,600

      

3,100,680

    
         

13,649,780

    

Consumer Staples (0.9%)

  

Food & Staples Retailing (0.9%)

  
Sprouts Farmers Market,
Inc. (b)		    

80,000

      

1,765,600

    

Energy (4.0%)

  

Energy Equipment & Services (1.2%)

  

Keane Group, Inc. (b)

    

102,200

      

1,397,074

    

RPC, Inc.

    

75,500

      

1,100,035

    
         

2,497,109

    

Oil, Gas & Consumable Fuels (2.8%)

  
Centennial Resource
Development, Inc. –
Class A (b)		    

112,872

      

2,038,468

    

Matador Resources Co. (b)

    

41,700

      

1,253,085

    

PDC Energy, Inc. (b)

    

23,700

      

1,432,665

    
WildHorse Resource
Development Corp. (b)		    

35,000

      

887,600

    
         

5,611,818

    
   

Shares

  

Value(a)

  

Financial (7.2%)

  

Capital Markets (2.8%)

  

Evercore, Inc.

    

27,200

    

$

2,868,240

    

LPL Financial Holdings, Inc.

    

26,800

      

1,756,472

    

Virtu Financial, Inc. Class A

    

36,700

      

974,385

    
         

5,599,097

    

Commercial Banks (4.4%)

  

Ameris Bancorp

    

42,900

      

2,288,715

    

Heritage Financial Corp.

    

38,600

      

1,345,210

    

Home BancShares, Inc.

    

43,600

      

983,616

    
Seacoast Banking Corp. of
Florida (b)		    

35,470

      

1,120,143

    

Western Alliance Bancorp (b)

    

54,300

      

3,073,923

    
         

8,811,607

    

Health Care (20.3%)

  

Health Care Equipment & Supplies (8.7%)

  

Inogen, Inc. (b)

    

13,555

      

2,525,703

    
iRhythm Technologies,
Inc. (b)		    

28,500

      

2,312,205

    

K2M Group Holdings, Inc. (b)

    

119,714

      

2,693,565

    

Nevro Corp. (b)

    

29,751

      

2,375,617

    

Novocure, Ltd. (b) (c)

    

80,400

      

2,516,520

    

Penumbra, Inc. (b)

    

15,911

      

2,198,105

    

Sientra, Inc. (b)

    

14,798

      

288,709

    
Tactile Systems Technology,
Inc. (b)		    

48,200

      

2,506,400

    
         

17,416,824

    

Health Care Providers & Services (10.4%)

  
Acadia Healthcare Co.,
Inc. (b)		    

60,546

      

2,476,937

    
AMN Healthcare Services,
Inc. (b)		    

110,395

      

6,469,147

    

Envision Healthcare Corp. (b)

    

34,800

      

1,531,548

    

HealthEquity, Inc. (b)

    

42,507

      

3,192,276

    

LHC Group, Inc. (b)

    

32,900

      

2,815,911

    

Teladoc, Inc. (b)

    

75,964

      

4,409,710

    
         

20,895,529

    

Pharmaceuticals (1.2%)

  
Aerie Pharmaceuticals,
Inc. (b)		    

15,991

      

1,080,192

    

Optinose, Inc. (b)

    

45,481

      

1,272,558

    

Tricida, Inc. (b)

    

300

      

8,970

    
         

2,361,720

    

Industrials (16.1%)

  

Aerospace & Defense (2.8%)

  

Hexcel Corp.

    

36,700

      

2,436,146

    

Mercury Systems, Inc. (b)

    

84,600

      

3,219,876

    
         

5,656,022

    

Air Freight & Logistics (0.8%)

  
Air Transport Services
Group, Inc. (b)		    

70,000

      

1,581,300

    

See accompanying notes to financial statements.
58


SFT IvySM Small Cap Growth Fund
Investments in Securities – continued

   

Shares

  

Value(a)

  

Commercial Services & Supplies (2.7%)

  
Healthcare Services Group,
Inc.		    

71,900

    

$

3,105,361

    

The Brink's Co.

    

28,700

      

2,288,825

    
         

5,394,186

    

Construction & Engineering (1.0%)

  

Dycom Industries, Inc. (b)

    

21,400

      

2,022,514

    

Electrical Equipment (1.4%)

  

Woodward, Inc.

    

36,300

      

2,790,018

    

Machinery (3.7%)

  
John Bean Technologies
Corp.		    

32,100

      

2,853,690

    

RBC Bearings, Inc. (b)

    

17,683

      

2,277,747

    

The Timken Co.

    

51,798

      

2,255,803

    
         

7,387,240

    

Road & Rail (1.3%)

  
Knight-Swift Transportation
Holdings, Inc.		    

67,300

      

2,571,533

    

Trading Companies & Distributors (2.4%)

  
Beacon Roofing Supply,
Inc. (b)		    

67,577

      

2,880,132

    

Watsco, Inc.

    

10,906

      

1,944,322

    
         

4,824,454

    

Information Technology (26.0%)

  

Internet Software & Services (7.2%)

  

Apptio, Inc. Class A (b)

    

44,800

      

1,621,760

    

Envestnet, Inc. (b)

    

33,700

      

1,851,815

    

Five9, Inc. (b)

    

88,000

      

3,042,160

    

Mimecast, Ltd. (b) (c)

    

49,000

      

2,019,290

    

New Relic, Inc. (b)

    

20,200

      

2,031,918

    

Q2 Holdings, Inc. (b)

    

52,194

      

2,977,668

    

SendGrid, Inc. (b)

    

34,900

      

925,548

    
         

14,470,159

    

IT Services (3.0%)

  
Booz Allen Hamilton Holding
Corp.		    

76,735

      

3,355,621

    

InterXion Holding NV (b) (c)

    

42,900

      

2,677,818

    
         

6,033,439

    

Semiconductors & Semiconductor Equipment (3.2%)

  
Integrated Device
Technology, Inc. (b)		    

65,800

      

2,097,704

    
Monolithic Power Systems,
Inc.		    

21,800

      

2,914,006

    

Power Integrations, Inc.

    

18,632

      

1,361,068

    
         

6,372,778

    

Software (12.0%)

  

Ellie Mae, Inc. (b)

    

14,500

      

1,505,680

    

Globant SA (b) (c)

    

47,500

      

2,697,525

    

HubSpot, Inc. (b)

    

26,800

      

3,360,720

    

Paycom Software, Inc. (b)

    

31,555

      

3,118,581

    

Pluralsight, Inc. (b)

    

35,047

      

856,899

    

Proofpoint, Inc. (b)

    

21,044

      

2,426,583

    
   

Shares

  

Value(a)

  
The Ultimate Software
Group, Inc. (b)		    

9,822

    

$

2,527,299

    

Tyler Technologies, Inc. (b)

    

2,699

      

599,448

    

Varonis Systems, Inc. (b)

    

37,500

      

2,793,750

    

Zendesk, Inc. (b)

    

60,500

      

3,296,645

    

Zscaler, Inc. (b)

    

26,056

      

931,502

    
         

24,114,632

    

Technology Hardware & Equipment (0.6%)

  

USA Technologies, Inc. (b)

    

91,400

      

1,279,600

    

Materials (1.4%)

  

Construction Materials (1.4%)

  
Summit Materials, Inc. –
Class A (b)		    

58,964

      

1,547,805

    

US Concrete, Inc. (b)

    

25,430

      

1,335,075

    
         

2,882,880

    

Real Estate (0.4%)

  

Real Estate Services (0.4%)

  
RE/MAX Holdings, Inc. –
Class A		    

15,300

      

802,485

    
Total common stocks
(cost: $143,683,931)		        

191,794,618

    

Short-Term Securities (4.3%)

  

Investment Companies (4.3%)

  
State Street Institutional
U.S. Government Money
Market Fund, current
rate 1.820%		    

8,691,009

      

8,691,009

    
Total short-term securities
(cost: $8,691,009)		        

8,691,009

    
Total investments in securities
(cost: $152,374,940) (d)		        

200,485,627

    
Cash and other assets in
excess of liabilities (0.2%)		        

470,540

    

Total net assets (100.0%)

      

$

200,956,167

    

Investments in Securities Legend

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

(b)  Non-income producing security.

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

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

Gross unrealized appreciation

  

$

50,740,018

    

Gross unrealized depreciation

    

(2,670,869

)

  

Net unrealized appreciation

  

$

48,069,149

    

See accompanying notes to financial statements.
59


SFT T. Rowe Price Value Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

   

Shares

  

Value(a)

  

Common Stocks (98.5%)

  

Consumer Discretionary (6.8%)

  

Auto Components (0.8%)

  

Magna International, Inc. (b)

    

30,532

    

$

1,774,825

    

Hotels, Restaurants & Leisure (1.2%)

  

Las Vegas Sands Corp.

    

11,973

      

914,258

    

MGM Resorts International

    

19,400

      

563,182

    
Norwegian Cruise Line
Holdings, Ltd. (b) (c)		    

20,726

      

979,304

    
         

2,456,744

    

Household Durables (0.1%)

  

Lennar Corp. – Class A

    

2,931

      

153,877

    

Internet & Catalog Retail (0.9%)

  

Booking Holdings, Inc. (c)

    

934

      

1,893,302

    

Media (2.5%)

  
Charter Communications,
Inc. – Class A (c)		    

5,200

      

1,524,692

    

Comcast Corp. – Class A

    

41,135

      

1,349,639

    
Twenty-First Century Fox,
Inc. – Class B		    

46,000

      

2,266,420

    
         

5,140,751

    

Specialty Retail (0.7%)

  

L Brands, Inc.

    

2,900

      

106,952

    

Ross Stores, Inc.

    

16,677

      

1,413,376

    
         

1,520,328

    

Textiles, Apparel & Luxury Goods (0.6%)

  

Hanesbrands, Inc.

    

57,879

      

1,274,496

    

Consumer Staples (8.4%)

  

Beverages (0.1%)

  

PepsiCo, Inc.

    

1,000

      

108,870

    

Food & Staples Retailing (1.2%)

  

CVS Health Corp.

    

39,400

      

2,535,390

    

Food Products (5.1%)

  

Bunge, Ltd. (b)

    

22,074

      

1,538,778

    

Tyson Foods, Inc. – Class A

    

131,360

      

9,044,136

    
         

10,582,914

    

Household Products (0.7%)

  

Kimberly-Clark Corp.

    

14,400

      

1,516,896

    

Tobacco (1.3%)

  
Philip Morris International,
Inc.		    

34,820

      

2,811,367

    

Energy (9.8%)

  

Oil, Gas & Consumable Fuels (9.8%)

  

Apache Corp.

    

2,067

      

96,632

    
BP PLC ADR (b)    

43,968

      

2,007,579

    
Canadian Natural Resources,
Ltd. (b)		    

17,300

      

624,011

    

Chevron Corp.

    

28,390

      

3,589,348

    

Concho Resources, Inc. (c)

    

13,190

      

1,824,836

    
   

Shares

  

Value(a)

  

ConocoPhillips

    

11,835

    

$

823,953

    

Diamondback Energy, Inc.

    

1,700

      

223,669

    

EOG Resources, Inc.

    

15,630

      

1,944,841

    

Phillips 66

    

19,400

      

2,178,814

    
Plains GP Holdings L.P.
Class A (c)		    

29,950

      

716,105

    

TOTAL SA ADR (b)

    

37,181

      

2,251,681

    

TransCanada Corp. (b)

    

70,474

      

3,044,477

    

Valero Energy Corp.

    

10,313

      

1,142,990

    
         

20,468,936

    

Financial (22.5%)

  

Capital Markets (5.1%)

  
Intercontinental Exchange,
Inc.		    

35,111

      

2,582,414

    

Morgan Stanley

    

28,276

      

1,340,283

    

State Street Corp.

    

23,690

      

2,205,302

    
The Bank of New York
Mellon Corp.		    

45,674

      

2,463,199

    

The Charles Schwab Corp.

    

38,942

      

1,989,936

    
         

10,581,134

    

Commercial Banks (12.1%)

  

Citigroup, Inc.

    

36,248

      

2,425,716

    

Fifth Third Bancorp

    

40,621

      

1,165,823

    

First Republic Bank

    

17,867

      

1,729,347

    

JPMorgan Chase & Co.

    

43,599

      

4,543,016

    
The PNC Financial Services
Group, Inc.		    

29,362

      

3,966,806

    

US Bancorp

    

66,331

      

3,317,876

    

Wells Fargo & Co.

    

148,925

      

8,256,402

    
         

25,404,986

    

Insurance (5.3%)

  
American International
Group, Inc.		    

44,611

      

2,365,275

    

Chubb, Ltd. (b)

    

20,637

      

2,621,312

    
Marsh & McLennan Cos.,
Inc.		    

35,888

      

2,941,739

    

MetLife, Inc.

    

49,158

      

2,143,289

    

Willis Towers Watson PLC (b)

    

7,500

      

1,137,000

    
         

11,208,615

    

Health Care (13.6%)

  

Biotechnology (0.3%)

  

Gilead Sciences, Inc.

    

8,437

      

597,677

    

Health Care Equipment & Supplies (6.2%)

  

Becton Dickinson and Co.

    

12,161

      

2,913,289

    

Boston Scientific Corp. (c)

    

17,100

      

559,170

    

Danaher Corp.

    

18,969

      

1,871,861

    

Hologic, Inc. (c)

    

24,692

      

981,507

    

Medtronic PLC (b)

    

39,988

      

3,423,373

    

Stryker Corp.

    

11,840

      

1,999,302

    

The Cooper Cos., Inc.

    

3,950

      

930,027

    
Zimmer Biomet Holdings,
Inc.		    

2,800

      

312,032

    
         

12,990,561

    

See accompanying notes to financial statements.
60


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

   

Shares

  

Value(a)

  

Health Care Providers & Services (2.0%)

  

Aetna, Inc.

    

5,736

    

$

1,052,556

    

Anthem, Inc.

    

4,096

      

974,971

    

Cigna Corp.

    

4,900

      

832,755

    

UnitedHealth Group, Inc.

    

5,500

      

1,349,370

    
         

4,209,652

    

Life Sciences Tools & Services (1.5%)

  

Agilent Technologies, Inc.

    

31,146

      

1,926,069

    

Thermo Fisher Scientific, Inc.

    

5,972

      

1,237,040

    
         

3,163,109

    

Pharmaceuticals (3.6%)

  

Merck & Co., Inc.

    

47,509

      

2,883,796

    

Pfizer, Inc.

    

132,124

      

4,793,459

    
         

7,677,255

    

Industrials (7.1%)

  

Aerospace & Defense (3.1%)

  

Northrop Grumman Corp.

    

9,500

      

2,923,150

    

The Boeing Co.

    

10,966

      

3,679,203

    
         

6,602,353

    

Airlines (1.6%)

  
American Airlines Group,
Inc.		    

68,551

      

2,602,196

    

Southwest Airlines Co.

    

12,900

      

656,352

    
         

3,258,548

    

Building Products (0.7%)

  
Johnson Controls
International PLC (b)		    

41,148

      

1,376,401

    

Commercial Services & Supplies (0.0%)

  

Republic Services, Inc.

    

1,500

      

102,540

    

Industrial Conglomerates (0.9%)

  

Honeywell International, Inc.

    

7,074

      

1,019,009

    

Roper Technologies, Inc.

    

2,881

      

794,897

    
         

1,813,906

    

Machinery (0.6%)

  

PACCAR, Inc.

    

3,575

      

221,507

    

Stanley Black & Decker, Inc.

    

8,711

      

1,156,908

    
         

1,378,415

    

Road & Rail (0.2%)

  

Kansas City Southern

    

3,800

      

402,648

    

Information Technology (14.2%)

  

Communications Equipment (2.6%)

  

Cisco Systems, Inc.

    

103,243

      

4,442,546

    

Harris Corp.

    

6,475

      

935,897

    
         

5,378,443

    

Electronic Equipment, Instruments & Components (1.6%)

  

Corning, Inc.

    

41,343

      

1,137,346

    
Keysight Technologies,
Inc. (c)		    

38,812

      

2,291,072

    

TE Connectivity, Ltd. (b)

    

353

      

31,861

    
         

3,460,279

    
   

Shares

  

Value(a)

  

Internet Software & Services (1.1%)

  

Facebook, Inc. – Class A (c)

    

12,094

    

$

2,350,106

    

Semiconductors & Semiconductor Equipment (3.4%)

  

Applied Materials, Inc.

    

25,204

      

1,164,173

    

Broadcom, Inc.

    

9,212

      

2,235,200

    
Maxim Integrated Products,
Inc.		    

7,868

      

461,537

    

Texas Instruments, Inc.

    

29,878

      

3,294,049

    
         

7,154,959

    

Software (5.5%)

  

Microsoft Corp.

    

96,900

      

9,555,309

    

Synopsys, Inc. (c)

    

21,944

      

1,877,748

    
         

11,433,057

    

Materials (3.7%)

  

Chemicals (1.6%)

  

CF Industries Holdings, Inc.

    

17,365

      

771,006

    

DowDuPont, Inc.

    

40,343

      

2,659,410

    
         

3,430,416

    

Containers & Packaging (2.1%)

  

International Paper Co.

    

84,197

      

4,384,980

    

Real Estate (2.3%)

  

Office REITs (0.3%)

  

SL Green Realty Corp.

    

5,800

      

583,074

    

Specialized REITs (2.0%)

  
Crown Castle International
Corp.		    

35,702

      

3,849,390

    

Weyerhaeuser Co.

    

9,800

      

357,308

    
         

4,206,698

    

Telecommunication Services (2.8%)

  

Diversified Telecommunication Services (1.7%)

  

AT&T, Inc.

    

73,048

      

2,345,571

    
Verizon Communications,
Inc.		    

22,763

      

1,145,207

    
         

3,490,778

    

Electric Utilities (1.1%)

  

Evergy, Inc.

    

41,219

      

2,314,447

    

Utilities (7.3%)

  

Electric Utilities (5.4%)

  

Entergy Corp.

    

32,270

      

2,607,093

    

Eversource Energy

    

8,083

      

473,745

    

NextEra Energy, Inc.

    

27,621

      

4,613,535

    

PG&E Corp. (c)

    

38,844

      

1,653,201

    

The Southern Co.

    

41,165

      

1,906,351

    
         

11,253,925

    

Multi-Utilities (1.9%)

  

DTE Energy Co.

    

6,500

      

673,595

    

NiSource, Inc.

    

37,315

      

980,638

    

Sempra Energy

    

20,853

      

2,421,242

    
         

4,075,475

    
Total common stocks
(cost: $198,328,580)		        

206,523,133

    

See accompanying notes to financial statements.
61


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

   

Shares

  

Value(a)

  

Preferred Stocks (1.2%)

  

Health Care (0.3%)

  
Becton Dickinson and
Co., 6.125%		    

8,949

    

$

553,496

    

Industrials (0.2%)

  

Fortive Corp., 5.000% (c)

    

316

      

324,088

    

Utilities (0.7%)

  

NextEra Energy, Inc., 6.123%

    

16,937

      

967,103

    
Sempra Energy Series A,
6.000%		    

4,348

      

448,757

    
         

1,415,860

    
Total preferred stocks
(cost: $1,721,251)		        

2,293,444

    

Short-Term Securities (0.5%)

  

Investment Companies (0.5%)

  
State Street Institutional
U.S. Government Money
Market Fund, current
rate 1.820%		    

498,459

      

498,459

    
T. Rowe Price Reserve
Investment Fund, current
rate 1.97%		    

572,038

      

572,038

    
Total short-term securities
(cost: $1,070,497)		        

1,070,497

    
Total investments in securities
(cost: $201,120,328) (d)		        

209,887,074

    
Liabilities in excess of cash
and other assets (-0.2%)		        

(384,804

)

  

Total net assets (100.0%)

      

$

209,502,270

    

Investments in Securities Legend

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

(b)  Foreign security: The Fund held 9.9% of net assets in foreign securities at June 30, 2018.

(c)  Non-income producing security.

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

Gross unrealized appreciation

  

$

12,949,950

    

Gross unrealized depreciation

    

(5,861,839

)

  

Net unrealized appreciation

  

$

7,088,111

    

See accompanying notes to financial statements.
62


SFT Wellington Core Equity Fund
Investments in Securities

June 30, 2018
(Unaudited)

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

   

Shares

  

Value(a)

  

Common Stocks (99.6%)

  

Consumer Discretionary (12.0%)

  

Hotels & Resort REITs (0.8%)

  
Hilton Worldwide Holdings,
Inc.		    

12,280

    

$

972,085

    

Hotels, Restaurants & Leisure (2.3%)

  

Aramark

    

29,958

      

1,111,442

    

McDonald's Corp.

    

10,236

      

1,603,879

    
         

2,715,321

    

Internet & Catalog Retail (1.4%)

  

Booking Holdings, Inc. (b)

    

822

      

1,666,268

    

Media (1.5%)

  

Comcast Corp. – Class A

    

53,915

      

1,768,951

    

Multiline Retail (1.3%)

  

Dollar Tree, Inc. (b)

    

17,741

      

1,507,985

    

Specialty Retail (1.5%)

  

The TJX Cos., Inc.

    

18,510

      

1,761,782

    

Textiles, Apparel & Luxury Goods (3.2%)

  

NIKE, Inc. – Class B

    

25,893

      

2,063,154

    

VF Corp.

    

19,773

      

1,611,895

    
         

3,675,049

    

Consumer Staples (7.4%)

  

Beverages (2.1%)

  
Constellation Brands, Inc. –
Class A		    

5,698

      

1,247,121

    

Monster Beverage Corp. (b)

    

21,668

      

1,241,577

    
         

2,488,698

    

Food & Staples Retailing (3.0%)

  

Costco Wholesale Corp.

    

8,673

      

1,812,483

    

Walmart, Inc.

    

19,201

      

1,644,566

    
         

3,457,049

    

Household Products (1.4%)

  

Colgate-Palmolive Co.

    

25,328

      

1,641,508

    

Personal Care (0.9%)

  
The Estee Lauder Cos.,
Inc. – Class A		    

7,716

      

1,100,996

    

Energy (2.8%)

  

Oil, Gas & Consumable Fuels (2.8%)

  
Continental Resources,
Inc. (b)		    

18,424

      

1,193,138

    

EOG Resources, Inc.

    

16,931

      

2,106,725

    
         

3,299,863

    

Financial (14.5%)

  

Commercial Banks (8.6%)

  

Bank of America Corp.

    

113,118

      

3,188,797

    

Fifth Third Bancorp

    

36,233

      

1,039,887

    

JPMorgan Chase & Co.

    

30,777

      

3,206,963

    
The PNC Financial Services
Group, Inc.		    

19,167

      

2,589,462

    
         

10,025,109

    
   

Shares

  

Value(a)

  

Consumer Finance (2.2%)

  

Capital One Financial Corp.

    

15,382

    

$

1,413,606

    

Synchrony Financial

    

34,904

      

1,165,095

    
         

2,578,701

    

Insurance (3.7%)

  
Athene Holding, Ltd. –
Class A (b) (c)		    

17,559

      

769,786

    

Chubb, Ltd. (c)

    

15,789

      

2,005,519

    

The Allstate Corp.

    

16,874

      

1,540,090

    
         

4,315,395

    

Health Care (16.9%)

  

Health Care Equipment & Supplies (6.2%)

  

Abbott Laboratories

    

22,679

      

1,383,192

    

Baxter International, Inc.

    

26,874

      

1,984,376

    

Danaher Corp.

    

10,811

      

1,066,830

    

Hologic, Inc. (b)

    

26,666

      

1,059,974

    

Medtronic PLC (c)

    

20,148

      

1,724,870

    
         

7,219,242

    

Health Care Providers & Services (4.8%)

  

Anthem, Inc.

    

5,764

      

1,372,005

    
Laboratory Corp. of America
Holdings (b)		    

7,960

      

1,429,059

    

UnitedHealth Group, Inc.

    

11,466

      

2,813,068

    
         

5,614,132

    

Life Sciences Tools & Services (1.3%)

  

Thermo Fisher Scientific, Inc.

    

7,439

      

1,540,914

    

Pharmaceuticals (4.6%)

  

Allergan PLC (c)

    

6,510

      

1,085,347

    

Bristol-Myers Squibb Co.

    

20,808

      

1,151,515

    

Eli Lilly & Co.

    

19,443

      

1,659,071

    

Merck & Co., Inc.

    

25,751

      

1,563,086

    
         

5,459,019

    

Industrials (11.0%)

  

Aerospace & Defense (2.6%)

  

General Dynamics Corp.

    

4,439

      

827,474

    

The Boeing Co.

    

6,695

      

2,246,239

    
         

3,073,713

    

Air Freight & Logistics (1.2%)

  

FedEx Corp.

    

6,318

      

1,434,565

    

Building Products (0.9%)

  
Fortune Brands Home &
Security, Inc.		    

18,342

      

984,782

    

Commercial Services & Supplies (1.0%)

  

Republic Services, Inc.

    

17,389

      

1,188,712

    

Electrical Equipment (1.1%)

  

AMETEK, Inc.

    

17,074

      

1,232,060

    

Machinery (2.0%)

  

Illinois Tool Works, Inc.

    

8,871

      

1,228,988

    

Snap-On, Inc.

    

6,929

      

1,113,629

    
         

2,342,617

    

See accompanying notes to financial statements.
63


SFT Wellington Core Equity Fund
Investments in Securities – continued

   

Shares

  

Value(a)

  

Professional Services (1.3%)

  

Equifax, Inc.

    

5,134

    

$

642,315

    

IHS Markit, Ltd. (b) (c)

    

17,208

      

887,761

    
         

1,530,076

    

Road & Rail (0.9%)

  

Norfolk Southern Corp.

    

6,977

      

1,052,620

    

Information Technology (26.3%)

  

Communications Equipment (1.1%)

  

Motorola Solutions, Inc.

    

11,265

      

1,310,908

    

Computers & Peripherals (3.6%)

  

Apple, Inc.

    

13,178

      

2,439,380

    

NetApp, Inc.

    

21,801

      

1,712,032

    
         

4,151,412

    

Electronic Equipment, Instruments & Components (0.7%)

  

CDW Corp.

    

10,269

      

829,632

    

Internet Software & Services (8.2%)

  

Alphabet, Inc. – Class A (b)

    

2,951

      

3,332,240

    

Alphabet, Inc. – Class C (b)

    

721

      

804,384

    

eBay, Inc. (b)

    

25,845

      

937,140

    

Facebook, Inc. – Class A (b)

    

13,988

      

2,718,148

    

GoDaddy, Inc. – Class A (b)

    

25,724

      

1,816,114

    
         

9,608,026

    

IT Services (4.8%)

  

Leidos Holdings, Inc.

    

17,387

      

1,025,833

    

Mastercard, Inc. – Class A

    

18,380

      

3,612,038

    

Total System Services, Inc.

    

12,191

      

1,030,383

    
         

5,668,254

    

Semiconductors & Semiconductor Equipment (2.8%)

  

Lam Research Corp.

    

5,110

      

883,264

    

Micron Technology, Inc. (b)

    

14,251

      

747,322

    

ON Semiconductor Corp. (b)

    

33,736

      

750,120

    

Teradyne, Inc.

    

22,066

      

840,053

    
         

3,220,759

    

Software (5.1%)

  

Microsoft Corp.

    

28,804

      

2,840,362

    

Salesforce.com, Inc. (b)

    

10,256

      

1,398,918

    
SS&C Technologies
Holdings, Inc.		    

18,034

      

935,965

    

Workday, Inc. – Class A (b)

    

6,959

      

842,874

    
         

6,018,119

    

Materials (2.2%)

  

Chemicals (2.2%)

  

DowDuPont, Inc.

    

17,206

      

1,134,219

    

Ecolab, Inc.

    

10,518

      

1,475,991

    
         

2,610,210

    

Telecommunication Services (1.7%)

  

Diversified Telecommunication Services (1.7%)

  
Verizon Communications,
Inc.		    

38,808

      

1,952,430

    
   

Shares

  

Value(a)

  

Utilities (4.8%)

  

Electric Utilities (4.8%)

  
American Electric Power
Co., Inc.		    

26,008

    

$

1,801,054

    

NextEra Energy, Inc.

    

15,016

      

2,508,123

    

Pinnacle West Capital Corp.

    

16,815

      

1,354,616

    
         

5,663,793

    
Total common stocks
(cost: $105,441,400)		        

116,680,755

    

Short-Term Securities (0.3%)

  

Investment Companies (0.3%)

  
State Street Institutional
U.S. Government Money
Market Fund, current
rate 1.820%		    

358,947

      

358,947

    
Total short-term securities
(cost: $358,947)		        

358,947

    
Total investments in securities
(cost: $105,800,347) (d)		        

117,039,702

    
Cash and other assets in
excess of liabilities (0.1%)		        

143,926

    

Total net assets (100.0%)

      

$

117,183,628

    

Investments in Securities Legend

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

(b)  Non-income producing security.

(c)  Foreign security: The Fund held 5.5% of net assets in foreign securities at June 30, 2018.

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

Gross unrealized appreciation

  

$

13,856,290

    

Gross unrealized depreciation

    

(2,679,502

)

  

Net unrealized appreciation

  

$

11,176,788

    

See accompanying notes to financial statements.
64


(This page has been left blank intentionally.)


65



Securian Funds Trust

Statements of Assets and Liabilities

June 30, 2018

(Unaudited)

   

SFT
Core Bond
Fund5

  

SFT
Dynamic
Managed
Volatility
Fund5

  

SFT
Government
Money
Market
Fund5

  

SFT
Index 400
Mid-Cap
Fund5

  

SFT
Index 500
Fund5

  

SFT
International
Bond
Fund5

  

SFT
Managed
Volatility
Equity
Fund5

  

Assets

                                                          

Investments in securities, at market value – see
accompanying schedule for detailed listing*

  

Unaffiliated issuers

  

$

379,556,997

    

$

232,697,453

    

$

66,459,972

    

$

225,083,751

    

$

875,807,346

    

$

101,183,326

    

$

280,323,771

    

Affiliated issuers (note 8)

    

–

      

155,034,367

      

–

      

–

      

–

      

–

      

–

    

Cash on demand deposit1,2

    

20,801

      

5,832,676

      

–

      

314,640

      

63,534

      

80,000

      

4,152,570

    

Foreign currency on deposit3

    

–

      

–

      

–

      

–

      

–

      

202,864

      

–

    

Receivable:

  

Fund shares sold

    

–

      

37,166

      

–

      

–

      

16,037

      

–

      

–

    

Investment securities sold (including paydowns)

    

1,892,788

      

–

      

–

      

1,420,455

      

821,636

      

–

      

–

    

Investment securities sold on a when-issued or forward – commitment
basis (note 2)

    

–

      

–

      

–

      

–

      

–

      

–

      

–

    

Dividends and accrued interest

    

2,568,205

      

1,522,756

      

100,614

      

217,286

      

731,257

      

666,456

      

1,013,539

    

Refundable foreign income taxes withheld

    

–

      

–

      

–

      

–

      

–

      

53,301

      

–

    

Adviser (note 4)

    

–

      

57,596

      

12,128

      

–

      

–

      

–

      

40,046

    

Variation margin on swaps

    

–

      

–

      

–

      

–

      

–

      

1,991,478

      

–

    

Variation margin on futures

    

8,922

      

113,925

      

–

      

9,672

      

12,368

      

–

      

21,945

    

Unrealized appreciation on forward foreign currency contracts

    

–

      

–

      

–

      

–

      

–

      

2,071,994

      

–

    

Prepaid expenses

    

2,846

      

2,846

      

2,846

      

2,846

      

2,846

      

2,846

      

5,075

    

Total assets

    

384,050,559

      

395,298,785

      

66,575,560

      

227,048,650

      

877,455,024

      

106,252,265

      

285,556,946

    

Liabilities

                                                          

Due to custodian

    

–

      

–

      

–

      

–

      

–

      

200,364

      

–

    

Payable:

  

Fund shares repurchased

    

217,544

      

–

      

114,762

      

23,847

      

–

      

39,117

      

4,583

    

Investment securities purchased

    

1,884,228

      

–

      

–

      

540,025

      

209,851

      

4,848

      

–

    

Investment securities purchased on a when-issued or forward –
commitment basis (note 2)

    

7,376,746

      

–

      

–

      

–

      

–

      

–

      

–

    

Adviser

    

200,790

      

296,137

      

40,345

      

77,703

      

260,243

      

96,415

      

218,081

    

Accrued expenses

    

98,601

      

71,255

      

52,208

      

63,707

      

92,549

      

173,234

      

38,608

    

Unrealized depreciation on forward foreign currency contracts

    

–

      

–

      

–

      

–

      

–

      

573,025

      

–

    

Options written at value4

    

–

      

39,840

      

–

      

–

      

–

      

–

      

28,560

    

Total liabilities

    

9,777,909

      

407,232

      

207,315

      

705,282

      

562,643

      

1,087,003

      

289,832

    

Net assets applicable to outstanding capital stock

  

$

374,272,650

    

$

394,891,553

    

$

66,368,245

    

$

226,343,368

    

$

876,892,381

    

$

105,165,262

    

$

285,267,114

    

Net Assets Consist of:

  

Paid in capital**

  

$

323,604,983

    

$

320,011,209

    

$

66,366,179

    

$

29,722,926

    

$

133,036,490

    

$

104,897,678

    

$

254,638,704

    

Retained earnings (deficit)

    

50,667,667

      

74,880,344

      

2,066

      

196,620,442

      

743,855,891

      

–

      

30,628,410

    

Undistributed net investment income (loss)

    

–

      

–

      

–

      

–

      

–

      

3,354,520

      

–

    

Accumulated net realized gain (loss)

    

–

      

–

      

–

      

–

      

–

      

(528,838

)

    

–

    

Net unrealized appreciation (depreciation) on:

  

Investments

    

–

      

–

      

–

      

–

      

–

      

(4,590,881

)

    

–

    

Foreign currency and forward currency transactions

    

–

      

–

      

–

      

–

      

–

      

1,445,096

      

–

    

Swaps

    

–

      

–

      

–

      

–

      

–

      

587,687

      

–

    

Net assets

  

$

374,272,650

    

$

394,891,553

    

$

66,368,245

    

$

226,343,368

    

$

876,892,381

    

$

105,165,262

    

$

285,267,114

    

Net assets by class:

  

Class 1

  

$

2,994,573

    

$

N/A

    

$

N/A

    

$

7,441,943

    

$

174,815,814

    

$

1,177,794

    

$

N/A

    

Class 2

    

371,278,077

      

394,891,553

      

66,368,245

      

218,901,425

      

702,076,567

      

103,987,468

      

285,267,114

    

Net asset value per share of outstanding capital stock by class:

  

Class 1

    

2.334

      

N/A

      

N/A

      

5.120

      

10.899

      

2.507

      

N/A

    

Class 2

    

2.279

      

14.335

      

1.000

      

5.000

      

10.644

      

2.448

      

11.963

    

* Identified cost

      

Unaffiliated issuers

  

$

380,443,707

    

$

232,725,542

    

$

66,459,972

    

$

159,011,767

    

$

340,127,457

    

$

105,729,757

    

$

259,052,656

    

Affiliated issuers

    

–

      

107,000,000

      

–

      

–

      

–

      

–

      

–

    

** Shares outstanding by class:

                              

Class 1

    

1,283,243

      

N/A

      

N/A

      

1,453,541

      

16,039,531

      

469,775

      

N/A

    

Class 2

    

162,912,748

      

27,546,946

      

66,368,245

      

43,778,460

      

65,961,459

      

42,472,524

      

23,845,164

    

 1 Collateral for open swaps and foreign currency contracts

  

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

$

1,913,948

    

$

–

    

 2 Collateral for open futures contracts

  

$

–

    

$

–

    

$

–

    

$

285,000

    

$

–

    

$

–

    

$

–

    

 3 Foreign currency on deposit (cost)

  

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

$

194,902

    

$

–

    

 4 Premiums received

  

$

–

    

$

61,914

    

$

–

    

$

–

    

$

–

    

$

–

    

$

44,384

    

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

  

See accompanying notes to financial statements.
66


   

SFT
Mortgage
Securities
Fund5

  

SFT
Real Estate
Securities
Fund5

  

SFT
IvySM Growth
Fund

  

SFT
IvySM Small
Cap Growth
Fund

  

SFT
T. Rowe Price
Value
Fund

  

SFT
Wellington
Core Equity
Fund

      

Assets

                                                      

Investments in securities, at market value – see
accompanying schedule for detailed listing*

      

Unaffiliated issuers

  

$

92,780,280

    

$

135,555,074

    

$

519,019,912

    

$

200,485,627

    

$

209,887,074

    

$

117,039,702

        

Affiliated issuers (note 8)

    

–

      

–

      

–

      

–

      

–

      

–

        

Cash on demand deposit1,2

    

–

      

–

      

–

      

–

      

54,121

      

–

        

Foreign currency on deposit3

    

–

      

–

      

–

      

–

      

13,176

      

–

        

Receivable:

      

Fund shares sold

    

–

      

–

      

–

      

–

      

–

      

28,231

        

Investment securities sold (including paydowns)

    

21,556

      

100,952

      

–

      

1,242,184

      

2,521,742

      

174,185

        

Investment securities sold on a when-issued or forward – commitment
basis (note 2)

    

–

      

–

      

–

      

–

      

–

      

–

        

Dividends and accrued interest

    

254,170

      

466,588

      

166,915

      

22,271

      

237,057

      

81,154

        

Refundable foreign income taxes withheld

    

–

      

–

      

–

      

–

      

4,236

      

–

        

Adviser (note 4)

    

–

      

–

      

–

      

–

      

–

      

–

        

Variation margin on swaps

    

–

      

–

      

–

      

–

      

–

      

–

        

Variation margin on futures

    

969

      

–

      

–

      

–

      

–

      

–

        

Unrealized appreciation on forward foreign currency contracts

    

–

      

–

      

–

      

–

      

–

      

–

        

Prepaid expenses

    

2,846

      

2,846

      

2,846

      

2,846

      

2,846

      

2,846

        

Total assets

    

93,059,821

      

136,125,460

      

519,189,673

      

201,752,928

      

212,720,252

      

117,326,118

        

Liabilities

                                                      

Due to custodian

    

–

      

–

      

–

      

–

      

–

      

–

        

Payable:

      

Fund shares repurchased

    

13,906

      

28,880

      

236,066

      

27,317

      

159,155

      

–

        

Investment securities purchased

    

–

      

200,189

      

–

      

536,019

      

2,837,888

      

–

        

Investment securities purchased on a when-issued or forward –
commitment basis (note 2)

    

9,042,403

      

–

      

–

      

–

      

–

      

–

        

Adviser

    

46,613

      

106,876

      

403,606

      

188,887

      

165,579

      

91,502

        

Accrued expenses

    

48,780

      

52,767

      

65,229

      

44,538

      

55,360

      

50,988

        

Unrealized depreciation on forward foreign currency contracts

    

–

      

–

      

–

      

–

      

–

      

–

        

Options written at value4

    

–

      

–

      

–

      

–

      

–

      

–

        

Total liabilities

    

9,151,702

      

388,712

      

704,901

      

796,761

      

3,217,982

      

142,490

        

Net assets applicable to outstanding capital stock

  

$

83,908,119

    

$

135,736,748

    

$

518,484,772

    

$

200,956,167

    

$

209,502,270

    

$

117,183,628

        

Net Assets Consist of:

      

Paid in capital**

  

$

100,171,510

    

$

42,068,932

    

$

250,842,079

    

$

102,264,010

    

$

142,182,227

    

$

68,262,681

        

Retained earnings (deficit)

    

(16,263,391

)

    

93,667,816

      

267,642,693

      

98,692,157

      

67,320,043

      

48,920,947

        

Undistributed net investment income (loss)

    

–

      

–

      

–

      

–

      

–

      

–

        

Accumulated net realized gain (loss)

    

–

      

–

      

–

      

–

      

–

      

–

        

Net unrealized appreciation (depreciation) on:

      

Investments

    

–

      

–

      

–

      

–

      

–

      

–

        

Foreign currency and forward currency transactions

    

–

      

–

      

–

      

–

      

–

      

–

        

Swaps

    

–

      

–

      

–

      

–

      

–

      

–

        

Net assets

  

$

83,908,119

    

$

135,736,748

    

$

518,484,772

    

$

200,956,167

    

$

209,502,270

    

$

117,183,628

        

Net assets by class:

      

Class 1

  

$

265,933

    

$

4,066,468

    

$

N/A

    

$

N/A

    

$

N/A

    

$

750,560

        

Class 2

    

83,642,186

      

131,670,280

      

518,484,772

      

200,956,167

      

209,502,270

      

116,433,068

        

Net asset value per share of outstanding capital stock by class:

      

Class 1

    

1.948

      

4.781

      

N/A

      

N/A

      

N/A

      

14.898

        

Class 2

    

1.902

      

4.668

      

17.277

      

17.735

      

13.606

      

14.743

        

* Identified cost

  

Unaffiliated issuers

  

$

94,085,831

    

$

128,542,659

    

$

364,684,996

    

$

152,374,940

    

$

201,120,328

    

$

105,800,347

        

Affiliated issuers

    

–

      

–

      

–

      

–

      

–

      

–

        

** Shares outstanding by class:

                              

Class 1

    

136,522

      

850,617

      

N/A

      

N/A

      

N/A

      

50,381

        

Class 2

    

43,970,401

      

28,204,515

      

30,010,203

      

11,331,326

      

15,397,856

      

7,897,303

        

 1 Collateral for open swaps and foreign currency contracts

  

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

 2 Collateral for open futures contracts

  

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

 3 Foreign currency on deposit (cost)

  

$

–

    

$

–

    

$

–

    

$

–

    

$

13,196

    

$

–

    

 4 Premiums received

  

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

$

–

    

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

      


67


Securian Funds Trust

Statements of Operations

Six months ended June 30, 2018

(Unaudited)

    SFT
Core Bond
Fund2		   SFT
Dynamic
Managed
Volatility
Fund2		   SFT
Government
Money
Market
Fund2		   SFT
Index 400
Mid-Cap
Fund2		   SFT
Index 500
Fund2		   SFT
International
Bond
Fund2		   SFT
Managed
Volatility
Equity
Fund2		  

Income:

  

Interest1

  

$

6,902,144

    

$

2,795,703

    

$

541,569

    

$

–

    

$

67

    

$

2,414,654

    

$

93

    

Dividends

    

104,799

      

756,349

      

5,106

      

1,708,469

      

8,438,827

      

70,906

      

3,934,725

    

Foreign tax withholding

    

–

      

–

      

–

      

(896

)

    

–

      

(118,773

)

    

–

    

Total investment income

    

7,006,943

      

3,552,052

      

546,675

      

1,707,573

      

8,438,894

      

2,366,787

      

3,934,818

    

Expenses (note 4):

  

Investment advisory fee

    

751,234

      

1,242,607

      

101,714

      

168,512

      

657,857

      

319,836

      

883,238

    

Rule 12b-1 fees

    

465,893

      

477,926

      

84,761

      

272,106

      

882,444

      

131,818

      

339,707

    

Audit and accounting services

    

113,002

      

84,232

      

63,168

      

63,474

      

104,222

      

76,491

      

48,501

    

Administrative services fee

    

29,975

      

19,111

      

22,877

      

13,409

      

13,409

      

39,632

      

11,028

    

Legal fees

    

15,881

      

15,881

      

9,832

      

9,832

      

16,808

      

11,246

      

9,832

    

Custodian fees

    

7,934

      

7,438

      

5,455

      

10,414

      

9,601

      

56,532

      

6,943

    

Printing and shareholder reports

    

6,037

      

5,927

      

6,033

      

5,660

      

5,660

      

5,660

      

5,979

    

Trustee's fees

    

9,345

      

9,345

      

9,345

      

9,345

      

9,345

      

9,345

      

9,345

    

S&P Licensing fee

    

–

      

–

      

–

      

9,421

      

31,737

      

–

      

–

    

Insurance

    

4,159

      

4,159

      

4,159

      

4,159

      

4,159

      

4,159

      

4,159

    

Other

    

2,568

      

3,456

      

2,263

      

2,811

      

4,396

      

2,437

      

5,305

    

Total expenses before fees waived

    

1,406,028

      

1,870,082

      

309,607

      

569,143

      

1,739,638

      

657,156

      

1,324,037

    

Less fees waived (note 4)

    

–

      

(339,650

)

    

(72,276

)

    

–

      

–

      

–

      

(236,399

)

  

Total expenses net of fees waived

    

1,406,028

      

1,530,432

      

237,331

      

569,143

      

1,739,638

      

657,156

      

1,087,638

    

Net investment income

    

5,600,915

      

2,021,620

      

309,344

      

1,138,430

      

6,699,256

      

1,709,631

      

2,847,180

    
Realized gains (losses) on investments and foreign
currencies:		  

Investments (note 3)

  

Unaffiliated issuers

    

(1,770,323

)

    

(2,558,031

)

    

–

      

11,341,886

      

13,575,797

      

291,693

      

46,258

    

Written options transactions

    

–

      

144,144

      

–

      

–

      

–

      

–

      

272,376

    

Swaps

    

–

      

–

      

–

      

–

      

–

      

35,976

      

–

    

Foreign forward currency contracts

    

–

      

–

      

–

      

–

      

–

      

(1,782,842

)

    

–

    

Foreign currency transactions

    

–

      

–

      

–

      

–

      

–

      

(210,393

)

    

–

    

Net increase from litigation payments

    

9,941

      

–

      

–

      

378

      

589

      

–

      

–

    

Futures transactions

    

(404,469

)

    

5,888,604

      

–

      

246,472

      

127,950

      

–

      

(2,231,062

)

  

Net change in unrealized appreciation or depreciation on:

  

Investments

  

Unaffiliated issuers

    

(9,906,950

)

    

(8,294,381

)

    

–

      

(5,491,368

)

    

1,086,405

      

(5,346,320

)

    

(5,802,980

)

  

Affiliated issuers (note 8)

    

–

      

3,840,177

      

–

      

–

      

–

      

–

      

–

    

Options written

    

–

      

22,074

      

–

      

–

      

–

      

–

      

2,329

    

Swaps

    

–

      

–

      

–

      

–

      

–

      

954,490

      

–

    

Translation of assets and liabilities in foreign currency

    

–

      

–

      

–

      

–

      

–

      

(20,564

)

    

–

    

Foreign forward currency contracts

    

–

      

–

      

–

      

–

      

–

      

3,143,859

      

–

    

Futures transactions

    

269,954

      

(2,872,031

)

    

–

      

(140,681

)

    

(297,598

)

    

–

      

(503,790

)

  

Net gains (losses) on investments

    

(11,801,847

)

    

(3,829,444

)

    

–

      

5,956,687

      

14,493,143

      

(2,934,101

)

    

(8,216,869

)

  
Net increase (decrease) in net assets resulting from
operations		  

$

(6,200,932

)

  

$

(1,807,824

)

  

$

309,344

    

$

7,095,117

    

$

21,192,399

    

$

(1,224,470

)

  

$

(5,369,689

)

  

1  All income is from unaffiliated issuers.

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

See accompanying notes to financial statements.
68


    SFT
Mortgage
Securities
Fund2		   SFT
Real Estate
Securities
Fund2		   SFT
IvySM Growth
Fund		   SFT
IvySM Small
Cap Growth
Fund		   SFT
T. Rowe Price
Value
Fund		   SFT
Wellington
Core Equity
Fund		  

Income:

  

Interest1

  

$

1,217,372

    

$

–

    

$

23,040

    

$

22,650

    

$

3,369

    

$

3,839

    

Dividends

    

83,197

      

2,010,343

      

2,636,531

      

622,809

      

2,420,267

      

867,663

    

Foreign tax withholding

    

–

      

–

      

(22,552

)

    

–

      

(83,648

)

    

(3,871

)

  

Total investment income

    

1,300,569

      

2,010,343

      

2,637,019

      

645,459

      

2,339,988

      

867,631

    

Expenses (note 4):

  

Investment advisory fee

    

169,353

      

448,802

      

1,733,469

      

816,672

      

727,199

      

387,829

    

Rule 12b-1 fees

    

105,516

      

155,747

      

648,767

      

240,198

      

271,343

      

148,241

    

Audit and accounting services

    

65,070

      

59,432

      

75,352

      

53,263

      

54,250

      

56,941

    

Administrative services fee

    

28,790

      

13,409

      

13,409

      

13,409

      

13,012

      

13,409

    

Legal fees

    

15,881

      

9,832

      

9,832

      

9,832

      

9,832

      

10,295

    

Custodian fees

    

6,943

      

6,943

      

6,943

      

8,926

      

23,803

      

10,909

    

Printing and shareholder reports

    

5,994

      

5,660

      

5,660

      

5,660

      

5,660

      

7,355

    

Trustee's fees

    

9,345

      

9,345

      

9,345

      

9,345

      

9,345

      

9,345

    

S&P Licensing fee

    

–

      

–

      

–

      

–

      

–

      

–

    

Insurance

    

4,159

      

4,159

      

4,159

      

4,159

      

4,159

      

4,159

    

Other

    

2,445

      

2,366

      

2,753

      

2,734

      

2,675

      

2,382

    

Total expenses before fees waived

    

413,496

      

715,695

      

2,509,689

      

1,164,198

      

1,121,278

      

650,865

    

Less fees waived (note 4)

    

–

      

–

      

–

      

–

      

–

      

–

    

Total expenses net of fees waived

    

413,496

      

715,695

      

2,509,689

      

1,164,198

      

1,121,278

      

650,865

    

Net investment income

    

887,073

      

1,294,648

      

127,330

      

(518,739

)

    

1,218,710

      

216,766

    
Realized gains (losses) on investments and foreign
currencies:		  

Investments (note 3)

  

Unaffiliated issuers

    

(142,107

)

    

(958,727

)

    

45,573,486

      

19,172,542

      

15,094,541

      

2,714,375

    

Written options transactions

    

–

      

–

      

–

      

–

      

–

      

–

    

Swaps

    

–

      

–

      

–

      

–

      

–

      

–

    

Foreign forward currency contracts

    

–

      

–

      

–

      

–

      

–

      

–

    

Foreign currency transactions

    

–

      

–

      

–

      

–

      

465

      

–

    

Net increase from litigation payments

    

196

      

–

      

–

      

–

      

–

      

–

    

Futures transactions

    

(672

)

    

–

      

–

      

–

      

–

      

–

    

Net change in unrealized appreciation or depreciation on:

  

Investments

  

Unaffiliated issuers

    

(1,710,992

)

    

(419,984

)

    

5,232,456

      

3,512,923

      

(21,291,110

)

    

1,313,478

    

Affiliated issuers (note 8)

    

–

      

–

      

–

      

–

      

–

      

–

    

Options written

    

–

      

–

      

–

      

–

      

–

      

–

    

Swaps

    

–

      

–

      

–

      

–

      

–

      

–

    

Translation of assets and liabilities in foreign currency

    

–

      

–

      

–

      

–

      

808

      

–

    

Foreign forward currency contracts

    

–

      

–

      

–

      

–

      

–

      

–

    

Futures transactions

    

23,367

      

–

      

–

      

–

      

–

      

–

    

Net gains (losses) on investments

    

(1,830,208

)

    

(1,378,711

)

    

50,805,942

      

22,685,465

      

(6,195,296

)

    

4,027,853

    
Net increase (decrease) in net assets resulting from
operations		  

$

(943,135

)

  

$

(84,063

)

  

$

50,933,272

    

$

22,166,726

    

$

(4,976,586

)

  

$

4,244,619

    


69


Securian Funds Trust

Statements of Changes in Net Assets

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

(Unaudited)

   SFT
Core Bond
Fund1		   SFT
Dynamic
Managed
Volatility
Fund1		   SFT
Government
Money
Market
Fund1		  
   

2018

  

2017

  

2018

  

2017

  

2018

  

2017

  

Operations:

  

Net investment income

  

$

5,600,915

    

$

10,326,474

    

$

2,021,620

    

$

2,872,482

    

$

309,344

    

$

91,904

    

Net realized gains (losses) on investments

    

(2,164,851

)

    

3,848,575

      

3,474,717

      

18,204,722

      

–

      

–

    
Net change in unrealized appreciation or
depreciation of investments		    

(9,636,996

)

    

3,221,880

      

(7,304,161

)

    

33,175,486

      

–

      

–

    
Net increase (decrease) in net assets
resulting from operations		    

(6,200,932

)

    

17,396,929

      

(1,807,824

)

    

54,252,690

      

309,344

      

91,904

    

Distributions to shareholders:

  

From net investment income

  

Class 2

    

–

      

–

      

–

      

–

      

(309,344

)

    

(91,904

)

  

Decrease in net assets from distributions

    

–

      

–

      

–

      

–

      

(309,344

)

    

(91,904

)

  

Capital stock transactions:

  

Proceeds from sales

  

Class 1

    

642,864

      

626,191

      

–

      

–

      

–

      

–

    

Class 2

    

6,612,915

      

14,703,357

      

28,389,099

      

44,777,384

      

18,046,909

      

20,785,779

    

Value of distributions reinvested

  

Class 2

    

–

      

–

      

–

      

–

      

309,344

      

91,904

    

Payments for redemption of shares

  

Class 1

    

(216,469

)

    

(242,838

)

    

–

      

–

      

–

      

–

    

Class 2

    

(11,871,111

)

    

(17,446,671

)

    

(4,813,655

)

    

(6,906,214

)

    

(18,968,326

)

    

(31,692,159

)

  
Increase (decrease) in net assets from
capital stock transactions		    

(4,831,801

)

    

(2,359,961

)

    

23,575,444

      

37,871,170

      

(612,073

)

    

(10,814,476

)

  

Total increase (decrease) in net assets

    

(11,032,733

)

    

15,036,968

      

21,767,620

      

92,123,860

      

(612,073

)

    

(10,814,476

)

  

Net assets at beginning of period

    

385,305,383

      

370,268,415

      

373,123,933

      

281,000,073

      

66,980,318

      

77,794,794

    

Net assets at end of period

  

$

374,272,650

    

$

385,305,383

    

$

394,891,553

    

$

373,123,933

    

$

66,368,245

    

$

66,980,318

    

Undistributed net investment income (loss)

    

–

      

–

      

–

      

–

      

–

      

–

    

Capital share transactions:

  

Proceeds from sales

  

Class 1

    

275,222

      

269,388

      

–

      

–

      

–

      

–

    

Class 2

    

2,888,579

      

6,471,805

      

1,971,448

      

3,410,058

      

18,046,909

      

20,785,779

    

Issued on reinvestment of distributions

  

Class 2

    

–

      

–

      

–

      

–

      

309,344

      

91,904

    

Payments for redemption of shares

  

Class 1

    

(92,937

)

    

(104,498

)

    

–

      

–

      

–

      

–

    

Class 2

    

(5,205,006

)

    

(7,644,483

)

    

(334,400

)

    

(513,222

)

    

(18,968,326

)

    

(31,692,159

)

  

Net change from capital transactions

    

(2,134,142

)

    

(1,007,788

)

    

1,637,048

      

2,896,836

      

(612,073

)

    

(10,814,476

)

  

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

See accompanying notes to financial statements.
70


    SFT
Index 400
Mid-Cap
Fund1		   SFT
Index 500
Fund1		  
   

2018

  

2017

  

2018

  

2017

  

Operations:

  

Net investment income

  

$

1,138,430

    

$

2,096,561

    

$

6,699,256

    

$

13,003,322

    

Net realized gains (losses) on investments

    

11,588,736

      

19,903,499

      

13,704,336

      

18,817,482

    
Net change in unrealized appreciation or
depreciation of investments		    

(5,632,049

)

    

10,089,062

      

788,807

      

123,700,640

    
Net increase (decrease) in net assets
resulting from operations		    

7,095,117

      

32,089,122

      

21,192,399

      

155,521,444

    

Distributions to shareholders:

  

From net investment income

  

Class 2

    

–

      

–

      

–

      

–

    

Decrease in net assets from distributions

    

–

      

–

      

–

      

–

    

Capital stock transactions:

  

Proceeds from sales

  

Class 1

    

1,542,017

      

1,499,601

      

3,413,914

      

5,775,147

    

Class 2

    

1,432,920

      

4,898,352

      

4,983,373

      

13,635,718

    

Value of distributions reinvested

  

Class 2

    

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

(689,523

)

    

(199,990

)

    

(523,474

)

    

(274,673

)

  

Class 2

    

(9,750,655

)

    

(30,271,297

)

    

(28,110,521

)

    

(41,531,047

)

  
Increase (decrease) in net assets from
capital stock transactions		    

(7,465,241

)

    

(24,073,334

)

    

(20,236,708

)

    

(22,394,855

)

  

Total increase (decrease) in net assets

    

(370,124

)

    

8,015,788

      

955,691

      

133,126,589

    

Net assets at beginning of period

    

226,713,492

      

218,697,704

      

875,936,690

      

742,810,101

    

Net assets at end of period

  

$

226,343,368

    

$

226,713,492

    

$

876,892,381

    

$

875,936,690

    

Undistributed net investment income (loss)

    

–

      

–

      

–

      

–

    

Capital share transactions:

  

Proceeds from sales

  

Class 1

    

305,025

      

328,196

      

313,667

      

593,588

    

Class 2

    

292,616

      

1,113,440

      

466,993

      

1,423,520

    

Issued on reinvestment of distributions

  

Class 2

    

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

(138,669

)

    

(44,438

)

    

(48,009

)

    

(29,209

)

  

Class 2

    

(1,987,618

)

    

(6,797,130

)

    

(2,655,227

)

    

(4,407,339

)

  

Net change from capital transactions

    

(1,528,646

)

    

(5,399,932

)

    

(1,922,576

)

    

(2,419,440

)

  


71


Securian Funds Trust

Statements of Changes in Net Assets – continued

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

(Unaudited)

   SFT
International
Bond
Fund1		   SFT
Managed
Volatility Equity
Fund1		   SFT
Mortgage
Securities
Fund1		  
   

2018

  

2017

  

2018

  

2017

  

2018

  

2017

  

Operations:

  

Net investment income

  

$

1,709,631

    

$

4,124,281

    

$

2,847,180

    

$

3,347,461

    

$

887,073

    

$

1,722,157

    

Net realized gains (losses) on investments

    

(1,665,566

)

    

629,553

      

(1,912,428

)

    

3,294,966

      

(142,583

)

    

(232,565

)

  
Net change in unrealized appreciation or
depreciation of investments		    

(1,268,535

)

    

(3,456,355

)

    

(6,304,441

)

    

27,285,086

      

(1,687,625

)

    

275,216

    
Net increase (decrease) in net assets
resulting from operations		    

(1,224,470

)

    

1,297,479

      

(5,369,689

)

    

33,927,513

      

(943,135

)

    

1,764,808

    

Distributions to shareholders:

  

From net investment income

  

Class 2

    

–

      

–

      

–

      

–

      

–

      

–

    

Decrease in net assets from distributions

    

–

      

–

      

–

      

–

      

–

      

–

    

Capital stock transactions:

  

Proceeds from sales

  

Class 1

    

101,162

      

199,736

      

–

      

–

      

19,561

      

46,632

    

Class 2

    

2,157,734

      

3,523,068

      

31,624,127

      

54,031,240

      

1,020,136

      

2,321,219

    

Value of distributions reinvested

  

Class 2

    

–

      

–

      

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

(44,743

)

    

(177,606

)

    

–

      

–

      

(14,054

)

    

(58,630

)

  

Class 2

    

(3,827,349

)

    

(7,845,215

)

    

(2,467,963

)

    

(26,615,898

)

    

(3,895,995

)

    

(7,882,052

)

  
Increase (decrease) in net assets from
capital stock transactions		    

(1,613,196

)

    

(4,300,017

)

    

29,156,164

      

27,415,342

      

(2,870,352

)

    

(5,572,831

)

  

Total increase (decrease) in net assets

    

(2,837,666

)

    

(3,002,538

)

    

23,786,475

      

61,342,855

      

(3,813,487

)

    

(3,808,023

)

  

Net assets at beginning of period

    

108,002,928

      

111,005,466

      

261,480,639

      

200,137,784

      

87,721,606

      

91,529,629

    

Net assets at end of period

  

$

105,165,262

    

$

108,002,928

    

$

285,267,114

    

$

261,480,639

    

$

83,908,119

    

$

87,721,606

    

Undistributed net investment income (loss)

    

3,354,520

      

1,644,889

      

–

      

–

      

–

      

–

    

Capital share transactions:

  

Proceeds from sales

  

Class 1

    

39,829

      

77,984

      

–

      

–

      

10,059

      

23,922

    

Class 2

    

871,061

      

1,406,182

      

2,609,420

      

4,755,843

      

536,195

      

1,219,474

    

Issued on reinvestment of distributions

  

Class 2

    

–

      

–

      

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

(17,641

)

    

(69,554

)

    

–

      

–

      

(7,254

)

    

(30,102

)

  

Class 2

    

(1,541,199

)

    

(3,131,653

)

    

(206,045

)

    

(2,406,045

)

    

(2,054,635

)

    

(4,128,205

)

  

Net change from capital transactions

    

(647,950

)

    

(1,717,041

)

    

2,403,375

      

2,349,798

      

(1,515,635

)

    

(2,914,911

)

  

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

See accompanying notes to financial statements.
72


    SFT
Real Estate
Securities
Fund1		   SFT IvySM
Growth
Fund		   SFT IvySM
Small Cap
Growth
Fund		  
   

2018

  

2017

  

2018

  

2017

  

2018

  

2017

  

Operations:

  

Net investment income

  

$

1,294,648

    

$

2,159,815

    

$

127,330

    

$

747,333

    

$

(518,739

)

  

$

(1,345,244

)

  

Net realized gains (losses) on investments

    

(958,727

)

    

6,432,149

      

45,573,486

      

32,362,425

      

19,172,542

      

13,252,837

    
Net change in unrealized appreciation or
depreciation of investments		    

(419,984

)

    

(1,281,847

)

    

5,232,456

      

88,764,663

      

3,512,923

      

26,975,755

    
Net increase (decrease) in net assets
resulting from operations		    

(84,063

)

    

7,310,117

      

50,933,272

      

121,874,421

      

22,166,726

      

38,883,348

    

Distributions to shareholders:

  

From net investment income

  

Class 2

    

–

      

–

      

–

      

–

      

–

      

–

    

Decrease in net assets from distributions

    

–

      

–

      

–

      

–

      

–

      

–

    

Capital stock transactions:

  

Proceeds from sales

  

Class 1

    

531,236

      

739,204

      

–

      

–

      

–

      

–

    

Class 2

    

3,911,276

      

12,579,024

      

2,652,269

      

1,677,876

      

3,010,023

      

1,550,904

    

Value of distributions reinvested

  

Class 2

    

–

      

–

      

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

(78,196

)

    

(422,188

)

    

–

      

–

      

–

      

–

    

Class 2

    

(4,498,670

)

    

(30,474,526

)

    

(39,538,030

)

    

(58,099,636

)

    

(8,453,446

)

    

(19,495,781

)

  
Increase (decrease) in net assets from
capital stock transactions		    

(134,354

)

    

(17,578,486

)

    

(36,885,761

)

    

(56,421,760

)

    

(5,443,423

)

    

(17,944,877

)

  

Total increase (decrease) in net assets

    

(218,417

)

    

(10,268,369

)

    

14,047,511

      

65,452,661

      

16,723,303

      

20,938,471

    

Net assets at beginning of period

    

135,955,165

      

146,223,534

      

504,437,261

      

438,984,600

      

184,232,864

      

163,294,393

    

Net assets at end of period

  

$

135,736,748

    

$

135,955,165

    

$

518,484,772

    

$

504,437,261

    

$

200,956,167

    

$

184,232,864

    

Undistributed net investment income (loss)

    

–

      

–

      

–

      

–

      

–

      

–

    

Capital share transactions:

  

Proceeds from sales

  

Class 1

    

118,296

      

158,943

      

–

      

–

      

–

      

–

    

Class 2

    

897,136

      

2,775,497

      

156,486

      

123,273

      

174,717

      

108,507

    

Issued on reinvestment of distributions

  

Class 2

    

–

      

–

      

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

(17,169

)

    

(91,140

)

    

–

      

–

      

–

      

–

    

Class 2

    

(1,012,932

)

    

(6,723,222

)

    

(2,354,957

)

    

(4,133,610

)

    

(502,269

)

    

(1,397,740

)

  

Net change from capital transactions

    

(14,669

)

    

(3,879,922

)

    

(2,198,471

)

    

(4,010,337

)

    

(327,552

)

    

(1,289,233

)

  


73


Securian Funds Trust

Statements of Changes in Net Assets – continued

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

(Unaudited)

    SFT
T. Rowe Price
Value
Fund		   SFT
Wellington
Core Equity
Fund		  
   

2018

  

2017

  

2018

  

2017

  

Operations:

  

Net investment income

  

$

1,218,710

    

$

2,623,411

    

$

216,766

    

$

467,945

    

Net realized gains (losses) on investments

    

15,095,006

      

24,258,009

      

2,714,375

      

21,810,519

    
Net change in unrealized appreciation or
depreciation of investments		    

(21,290,302

)

    

10,607,530

      

1,313,478

      

233,193

    
Net increase (decrease) in net assets
resulting from operations		    

(4,976,586

)

    

37,488,950

      

4,244,619

      

22,511,657

    

Distributions to shareholders:

  

From net investment income

  

Class 2

    

–

      

–

      

–

      

–

    

Decrease in net assets from distributions

    

–

      

–

      

–

      

–

    

Capital stock transactions:

  

Proceeds from sales

  

Class 1

    

–

      

–

      

95,060

      

136,444

    

Class 2

    

906,097

      

10,721,941

      

173,002

      

371,896

    

Value of distributions reinvested

  

Class 2

    

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

–

      

–

      

(77,202

)

    

(273,237

)

  

Class 2

    

(12,642,096

)

    

(30,508,819

)

    

(8,143,114

)

    

(16,350,148

)

  
Increase (decrease) in net assets from
capital stock transactions		    

(11,735,999

)

    

(19,786,878

)

    

(7,952,254

)

    

(16,115,045

)

  

Total increase (decrease) in net assets

    

(16,712,585

)

    

17,702,072

      

(3,707,635

)

    

6,396,612

    

Net assets at beginning of period

    

226,214,855

      

208,512,783

      

120,891,263

      

114,494,651

    

Net assets at end of period

  

$

209,502,270

    

$

226,214,855

    

$

117,183,628

    

$

120,891,263

    

Undistributed net investment income

    

–

      

–

      

–

      

–

    

Capital share transactions:

  

Proceeds from sales

  

Class 1

    

–

      

–

      

6,414

      

10,383

    

Class 2

    

65,480

      

875,479

      

11,776

      

29,187

    

Issued on reinvestment of distributions

  

Class 2

    

–

      

–

      

–

      

–

    

Payments for redemption of shares

  

Class 1

    

–

      

–

      

(5,194

)

    

(19,999

)

  

Class 2

    

(902,966

)

    

(2,390,120

)

    

(555,719

)

    

(1,268,569

)

  

Net change from capital transactions

    

(837,486

)

    

(1,514,641

)

    

(542,723

)

    

(1,248,998

)

  

See accompanying notes to financial statements.
74



Securian Funds Trust
Financial Highlights

SFT Core Bond Fund*

   

Class 1 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

2.368

    

$

2.257

    

$

2.157

    

$

2.148

    

$

2.016

    

$

2.024

    

Income from investment operations:

  

Net investment income (a)

    

.037

      

.069

      

.066

      

.066

      

.064

      

.060

    
Net realized and unrealized gain(loss)
on investments		    

(.071

)

    

.042

      

.034

      

(.057

)

    

.068

      

(.068

)

  

Total from investment operations

    

(.034

)

    

.111

      

.100

      

.009

      

.132

      

(.008

)

  

Net asset value, end of period

  

$

2.334

    

$

2.368

    

$

2.257

    

$

2.157

    

$

2.148

    

$

2.016

    

Total return (b)

    

(1.48

)%

    

4.95

%

    

4.63

%

    

0.41

%

    

6.56

%

    

(0.40

)%

  

Net assets, end of period (in thousands)

  

$

2,995

    

$

2,608

    

$

2,113

    

$

6,243

    

$

5,402

    

$

4,414

    

Ratios to average net assets:

  

Expenses (c)

    

.50

%(d)

    

.49

%

    

.49

%

    

.49

%

    

.49

%

    

.51

%

  

Net investment income

    

3.24

%(d)

    

2.96

%

    

2.97

%

    

3.03

%

    

3.07

%

    

2.96

%

  
Portfolio turnover rate (excluding
short-term securities)		    

100.0

%(e)

    

159.8

%

    

249.6

%

    

179.3

%

    

193.5

%

    

235.8

%

  
   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

2.316

    

$

2.212

    

$

2.120

    

$

2.117

    

$

1.991

    

$

2.004

    

Income from investment operations:

  

Net investment income (a)

    

.034

      

.062

      

.059

      

.059

      

.058

      

.054

    
Net realized and unrealized gain(loss)
on investments		    

(.071

)

    

.042

      

.033

      

(.056

)

    

.068

      

(.067

)

  

Total from investment operations

    

(.037

)

    

.104

      

.092

      

.003

      

.126

      

(.013

)

  

Net asset value, end of period

  

$

2.279

    

$

2.316

    

$

2.212

    

$

2.120

    

$

2.117

    

$

1.991

    

Total return (b)

    

(1.60

)%

    

4.69

%

    

4.37

%

    

0.16

%

    

6.29

%

    

(0.65

)%

  

Net assets, end of period (in thousands)

  

$

371,278

    

$

382,697

    

$

368,156

    

$

382,934

    

$

368,926

    

$

356,034

    

Ratios to average net assets:

  

Expenses (c)

    

.75

%(d)

    

.74

%

    

.74

%

    

.74

%

    

.74

%

    

.76

%

  

Net investment income

    

2.98

%(d)

    

2.71

%

    

2.68

%

    

2.78

%

    

2.82

%

    

2.71

%

  
Portfolio turnover rate (excluding
short-term securities)		    

100.0

%(e)

    

159.8

%

    

249.6

%

    

179.3

%

    

193.5

%

    

235.8

%

  

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

(b)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(c)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d)  Adjusted to an annual basis.

(e)  Not annualized.

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


75


Securian Funds Trust
Financial Highlights – continued

SFT Dynamic Managed Volatility Fund*

   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013 (a)

  

Net asset value, beginning of period

  

$

14.401

    

$

12.210

    

$

11.226

    

$

11.603

    

$

10.731

    

$

10.000

    

Income from investment operations:

  

Net investment income (b)

    

.076

      

.116

      

.091

      

.082

      

.039

      

.008

    
Net realized and unrealized gain(loss)
on investments		    

(.142

)

    

2.075

      

.893

      

(.459

)

    

.833

      

.723

    

Total from investment operations

    

(.066

)

    

2.191

      

.984

      

(.377

)

    

.872

      

.731

    

Net asset value, end of period

  

$

14.335

    

$

14.401

    

$

12.210

    

$

11.226

    

$

11.603

    

$

10.731

    

Total return (c)

    

(0.46

)%

    

17.94

%

    

8.77

%

    

(3.25

)%

    

8.12

%

    

7.31

%

  

Net assets, end of period (in thousands)

  

$

394,892

    

$

373,124

    

$

281,000

    

$

203,987

    

$

131,047

    

$

52,931

    

Ratios to average net assets:

  

Expenses before waiver (d)

    

.98

%(e)

    

.98

%

    

1.00

%

    

1.02

%

    

1.19

%

    

1.37

%(e)

  

Expenses net of waiver (d)(f)

    

.80

%(e)

    

.80

%

    

.80

%

    

.80

%

    

.80

%

    

.80

%(e)

  

Net investment income

    

1.06

%(e)

    

.87

%

    

.79

%

    

.71

%

    

.35

%

    

.12

%(e)

  
Portfolio turnover rate (excluding
short-term securities)		    

0.5

%(g)

    

1.7

%

    

1.4

%

    

5.1

%

    

1.5

%

    

32.1

%(g)

  

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

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

(c)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(d)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(e)  Adjusted to an annual basis.

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

(g)  Not annualized.

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


76


Securian Funds Trust
Financial Highlights – continued

SFT Government Money Market Fund*

   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

1.000

    

$

1.000

    

$

1.000

    

$

1.000

    

$

1.000

    

$

1.000

    

Income from investment operations:

  

Net investment income (a)

    

.005

      

.001

      

–

      

–

      

–

      

–

    
Net realized and unrealized gain(loss)
on investments		    

–

      

–

      

–

      

–

      

–

      

–

    

Total from investment operations

    

1.005

      

1.001

      

1.000

      

1.000

      

1.000

      

1.000

    

Less distributions:

  

Distributions from net investment income

    

(.005

)

    

(.001

)

    

–

      

–

      

–

      

–

    

Net asset value, end of period

  

$

1.000

    

$

1.000

    

$

1.000

    

$

1.000

    

$

1.000

    

$

1.000

    

Total return (b)

    

0.45

%

    

0.13

%

    

–

%

    

–

%

    

–

%

    

–

%

  

Net assets, end of period (in thousands)

  

$

66,368

    

$

66,980

    

$

77,795

    

$

88,829

    

$

86,904

    

$

89,423

    

Ratios to average net assets:

  

Expenses before waiver

    

.91

%(c)

    

.92

%

    

.91

%

    

.85

%

    

.83

%

    

.86

%

  

Expenses net of waiver (d)(e)

    

.70

%(c)

    

.78

%

    

.36

%

    

.12

%

    

.10

%

    

.10

%

  

Net investment income

    

.45

%

    

.13

%

    

–

%

    

–

%

    

–

%

    

–

%

  

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

(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)  Adjusted to an annual basis.

(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).

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


77


Securian Funds Trust
Financial Highlights – continued

SFT Index 400 Mid-Cap Fund*

   

Class 1 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

4.955

    

$

4.275

    

$

3.553

    

$

3.640

    

$

3.324

    

$

2.497

    

Income from investment operations:

  

Net investment income (a)

    

.032

      

.055

      

.045

      

.046

      

.040

      

.034

    
Net realized and unrealized gain(loss)
on investments		    

.133

      

.625

      

.677

      

(.133

)

    

.276

      

.793

    

Total from investment operations

    

.165

      

.680

      

.722

      

(.087

)

    

.316

      

.827

    

Net asset value, end of period

  

$

5.120

    

$

4.955

    

$

4.275

    

$

3.553

    

$

3.640

    

$

3.324

    

Total return (b)

    

3.32

%

    

15.90

%

    

20.34

%

    

(2.39

)%

    

9.51

%

    

33.11

%

  

Net assets, end of period (in thousands)

  

$

7,442

    

$

6,378

    

$

4,290

    

$

16,847

    

$

15,418

    

$

12,802

    

Ratios to average net assets:

  

Expenses (c)

    

.26

%(d)

    

.26

%

    

.26

%

    

.26

%

    

.25

%

    

.28

%

  

Net investment income

    

1.27

%(d)

    

1.21

%

    

1.24

%

    

1.24

%

    

1.15

%

    

1.15

%

  
Portfolio turnover rate (excluding
short-term securities)		    

8.3

%(e)

    

16.6

%

    

18.5

%

    

16.1

%

    

12.0

%

    

9.3

%

  
   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

4.845

    

$

4.191

    

$

3.491

    

$

3.586

    

$

3.283

    

$

2.472

    

Income from investment operations:

  

Net investment income (a)

    

.024

      

.042

      

.039

      

.036

      

.030

      

.025

    
Net realized and unrealized gain(loss)
on investments		    

.131

      

.612

      

.661

      

(.131

)

    

.273

      

.786

    

Total from investment operations

    

.155

      

.654

      

.700

      

(.095

)

    

.303

      

.811

    

Net asset value, end of period

  

$

5.000

    

$

4.845

    

$

4.191

    

$

3.491

    

$

3.586

    

$

3.283

    

Total return (b)

    

3.19

%

    

15.61

%

    

20.04

%

    

(2.63

)%

    

9.24

%

    

32.78

%

  

Net assets, end of period (in thousands)

  

$

218,901

    

$

220,335

    

$

214,408

    

$

185,717

    

$

218,305

    

$

215,884

    

Ratios to average net assets:

  

Expenses (c)

    

.51

%(d)

    

.51

%

    

.51

%

    

.51

%

    

.50

%

    

.53

%

  

Net investment income

    

1.00

%(d)

    

.95

%

    

1.06

%

    

.98

%

    

.89

%

    

.87

%

  
Portfolio turnover rate (excluding
short-term securities)		    

8.3

%(e)

    

16.6

%

    

18.5

%

    

16.1

%

    

12.0

%

    

9.3

%

  

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

(b)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(c)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d)  Adjusted to an annual basis.

(e)  Not annualized.

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


78


Securian Funds Trust
Financial Highlights – continued

SFT Index 500 Fund*

   

Class 1 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

10.629

    

$

8.745

    

$

7.829

    

$

7.737

    

$

6.822

    

$

5.167

    

Income from investment operations:

  

Net investment income (a)

    

.093

      

.175

      

.160

      

.147

      

.132

      

.115

    
Net realized and unrealized gain(loss)
on investments		    

.177

      

1.709

      

.756

      

(.055

)

    

.783

      

1.540

    

Total from investment operations

    

.270

      

1.884

      

.916

      

.092

      

.915

      

1.655

    

Net asset value, end of period

  

$

10.899

    

$

10.629

    

$

8.745

    

$

7.829

    

$

7.737

    

$

6.822

    

Total return (b)

    

2.54

%

    

21.54

%

    

11.72

%

    

1.18

%

    

13.41

%

    

32.04

%

  

Net assets, end of period (in thousands)

  

$

174,815

    

$

167,661

    

$

133,014

    

$

110,210

    

$

60,909

    

$

36,387

    

Ratios to average net assets:

  

Expenses (c)

    

.20

%(d)

    

.20

%

    

.20

%

    

.21

%

    

.21

%

    

.22

%

  

Net investment income

    

1.73

%(d)

    

1.82

%

    

1.97

%

    

1.88

%

    

1.83

%

    

1.88

%

  
Portfolio turnover rate (excluding
short-term securities)		    

1.1

%(e)

    

2.7

%

    

3.5

%

    

6.1

%

    

4.8

%

    

4.5

%

  
   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

10.393

    

$

8.573

    

$

7.693

    

$

7.622

    

$

6.737

    

$

5.115

    

Income from investment operations:

  

Net investment income (a)

    

.078

      

.148

      

.136

      

.124

      

.110

      

.095

    
Net realized and unrealized gain(loss)
on investments		    

.173

      

1.672

      

.744

      

(.053

)

    

.775

      

1.527

    

Total from investment operations

    

.251

      

1.820

      

.880

      

.071

      

.885

      

1.622

    

Net asset value, end of period

  

$

10.644

    

$

10.393

    

$

8.573

    

$

7.693

    

$

7.622

    

$

6.737

    

Total return (b)

    

2.41

%

    

21.23

%

    

11.44

%

    

0.93

%

    

13.13

%

    

31.71

%

  

Net assets, end of period (in thousands)

  

$

702,077

    

$

708,275

    

$

609,796

    

$

577,069

    

$

585,532

    

$

540,439

    

Ratios to average net assets:

  

Expenses (c)

    

.45

%(d)

    

.45

%

    

.45

%

    

.46

%

    

.46

%

    

.47

%

  

Net investment income

    

1.48

%(d)

    

1.57

%

    

1.72

%

    

1.61

%

    

1.56

%

    

1.59

%

  
Portfolio turnover rate (excluding
short-term securities)		    

1.1

%(e)

    

2.7

%

    

3.5

%

    

6.1

%

    

4.8

%

    

4.5

%

  

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

(b)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(c)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d)  Adjusted to an annual basis.

(e)  Not annualized.

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


79


Securian Funds Trust
Financial Highlights – continued

SFT International Bond Fund*

   

Class 1 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

2.533

    

$

2.499

    

$

2.418

    

$

2.517

    

$

2.468

    

$

2.464

    

Income from investment operations:

  

Net investment income (a)

    

.044

      

.102

      

.064

      

.063

      

.074

      

.078

    
Net realized and unrealized gain(loss)
on investments		    

(.070

)

    

(.068

)

    

.017

      

(.162

)

    

(.025

)

    

(.074

)

  

Total from investment operations

    

(.026

)

    

.034

      

.081

      

(.099

)

    

.049

      

.004

    

Net asset value, end of period

  

$

2.507

    

$

2.533

    

$

2.499

    

$

2.418

    

$

2.517

    

$

2.468

    

Total return (b)

    

(1.04

)%

    

1.38

%

    

3.35

%

    

(3.92

)%

    

1.96

%

    

0.17

%

  

Net assets, end of period (in thousands)

  

$

1,178

    

$

1,134

    

$

1,097

    

$

984

    

$

938

    

$

756

    

Ratios to average net assets:

  

Expenses (c)

    

.99

%(d)

    

.98

%

    

1.00

%

    

.89

%

    

.86

%

    

.87

%

  

Net investment income

    

3.46

%(d)

    

3.97

%

    

2.67

%

    

2.55

%

    

2.93

%

    

3.18

%

  
Portfolio turnover rate (excluding
short-term securities)		    

3.1

%(e)

    

58.7

%

    

54.0

%

    

42.4

%

    

19.3

%

    

17.7

%

  
   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

2.477

    

$

2.450

    

$

2.376

    

$

2.479

    

$

2.438

    

$

2.440

    

Income from investment operations:

  

Net investment income (a)

    

.039

      

.093

      

.057

      

.056

      

.067

      

.071

    
Net realized and unrealized gain(loss)
on investments		    

(.068

)

    

(.066

)

    

.017

      

(.159

)

    

(.026

)

    

(.073

)

  

Total from investment operations

    

(.029

)

    

.027

      

.074

      

(.103

)

    

.041

      

(.002

)

  

Net asset value, end of period

  

$

2.448

    

$

2.477

    

$

2.450

    

$

2.376

    

$

2.479

    

$

2.438

    

Total return (b)

    

(1.16

)%

    

1.12

%

    

3.09

%

    

(4.16

)%

    

1.70

%

    

(0.08

)%

  

Net assets, end of period (in thousands)

  

$

103,987

    

$

106,869

    

$

109,908

    

$

112,548

    

$

124,174

    

$

128,885

    

Ratios to average net assets:

  

Expenses (c)

    

1.24

%(d)

    

1.23

%

    

1.24

%

    

1.14

%

    

1.11

%

    

1.12

%

  

Net investment income

    

3.20

%(d)

    

3.72

%

    

2.42

%

    

2.29

%

    

2.69

%

    

2.92

%

  
Portfolio turnover rate (excluding
short-term securities)		    

3.1

%(e)

    

58.7

%

    

54.0

%

    

42.4

%

    

19.3

%

    

17.7

%

  

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

(b)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(c)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d)  Adjusted to an annual basis.

(e)  Not annualized.

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


80


Securian Funds Trust
Financial Highlights – continued

SFT Managed Volatility Equity Fund*

   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015 (a)

  

Net asset value, beginning of period

  

$

12.195

    

$

10.483

    

$

10.064

    

$

10.000

    

Income from investment operations:

  

Net investment income (b)

    

.126

      

.169

      

.253

      

.066

    

Net realized and unrealized gain(loss) on investments

    

(.358

)

    

1.543

      

.166

      

(.002

)

  

Total from investment operations

    

(.232

)

    

1.712

      

.419

      

.064

    

Net asset value, end of period

  

$

11.963

    

$

12.195

    

$

10.483

    

$

10.064

    

Total return (c)

    

(1.90

)%

    

16.33

%

    

4.16

%

    

0.64

%

  

Net assets, end of period (in thousands)

  

$

285,267

    

$

261,481

    

$

200,138

    

$

25,514

    

Ratios to average net assets:

  

Expenses before waiver (d)

    

.97

%(e)

    

.99

%

    

1.09

%

    

2.28

%(e)

  

Expenses net of waiver (f)

    

.80

%(e)

    

.80

%

    

.80

%

    

.80

%(e)

  

Net investment income

    

2.09

%(e)

    

1.48

%

    

2.43

%

    

5.53

%(e)

  

Portfolio turnover rate (excluding short-term securities)

    

–

%(g)

    

9.2

%

    

8.5

%

    

–

%(g)

  

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

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

(c)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(d)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(e)  Adjusted to an annual basis.

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

(g)  Not annualized.

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


81


Securian Funds Trust
Financial Highlights – continued

SFT Mortgage Securities Fund*

   

Class 1 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

1.966

    

$

1.924

    

$

1.894

    

$

1.835

    

$

1.731

    

$

1.761

    

Income from investment operations:

  

Net investment income (a)

    

.023

      

.042

      

.042

      

.042

      

.031

      

.029

    
Net realized and unrealized gain(loss)
on investments		    

(.041

)

    

–

      

(.012

)

    

.017

      

.073

      

(.059

)

  

Total from investment operations

    

(.018

)

    

.042

      

.030

      

.059

      

.104

      

(.030

)

  

Net asset value, end of period

  

$

1.948

    

$

1.966

    

$

1.924

    

$

1.894

    

$

1.835

    

$

1.731

    

Total return (b)

    

(0.94

)%

    

2.22

%

    

1.58

%

    

3.21

%

    

6.03

%

    

(1.73

)%

  

Net assets, end of period (in thousands)

  

$

266

    

$

263

    

$

269

    

$

913

    

$

813

    

$

985

    

Ratios to average net assets:

  

Expenses (c)

    

.73

%(d)

    

.68

%

    

.65

%

    

.64

%

    

.63

%

    

.68

%

  

Net investment income

    

2.35

%(d)

    

2.16

%

    

2.18

%

    

2.25

%

    

1.73

%

    

1.67

%

  
Portfolio turnover rate (excluding
short-term securities)		    

71.2

%(e)

    

157.9

%

    

85.8

%

    

141.4

%

    

232.2

%

    

370.7

%

  
   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

1.923

    

$

1.886

    

$

1.861

    

$

1.808

    

$

1.709

    

$

1.744

    

Income from investment operations:

  

Net investment income (a)

    

.020

      

.037

      

.035

      

.037

      

.026

      

.025

    
Net realized and unrealized gain(loss)
on investments		    

(.041

)

    

–

      

(.010

)

    

.016

      

.073

      

(.060

)

  

Total from investment operations

    

(.021

)

    

.037

      

.025

      

.053

      

.099

      

(.035

)

  

Net asset value, end of period

  

$

1.902

    

$

1.923

    

$

1.886

    

$

1.861

    

$

1.808

    

$

1.709

    

Total return (b)

    

(1.06

)%

    

1.96

%

    

1.32

%

    

2.95

%

    

5.76

%

    

(1.98

)%

  

Net assets, end of period (in thousands)

  

$

83,642

    

$

87,459

    

$

91,261

    

$

93,502

    

$

97,348

    

$

95,570

    

Ratios to average net assets:

  

Expenses (c)

    

.98

%(d)

    

.93

%

    

.90

%

    

.89

%

    

.88

%

    

.93

%

  

Net investment income

    

2.09

%(d)

    

1.91

%

    

1.83

%

    

2.00

%

    

1.48

%

    

1.44

%

  
Portfolio turnover rate (excluding
short-term securities)		    

71.2

%(e)

    

157.9

%

    

85.8

%

    

141.4

%

    

232.2

%

    

370.7

%

  

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

(b)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(c)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d)  Adjusted to an annual basis.

(e)  Not annualized.

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


82


Securian Funds Trust
Financial Highlights – continued

SFT Real Estate Securities Fund*

   

Class 1 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

4.781

    

$

4.526

    

$

4.324

    

$

4.108

    

$

3.143

    

$

3.100

    

Income from investment operations:

  

Net investment income (a)

    

.051

      

.081

      

.074

      

.066

      

.062

      

.050

    
Net realized and unrealized gain(loss)
on investments		    

(.051

)

    

.174

      

.128

      

.150

      

.903

      

(.007

)

  

Total from investment operations

    

–

      

.255

      

.202

      

.216

      

.965

      

.043

    

Net asset value, end of period

  

$

4.781

    

$

4.781

    

$

4.526

    

$

4.324

    

$

4.108

    

$

3.143

    

Total return (b)

    

–

%

    

5.63

%

    

4.66

%

    

5.25

%

    

30.70

%

    

1.40

%

  

Net assets, end of period (in thousands)

  

$

4,067

    

$

3,583

    

$

3,085

    

$

6,750

    

$

5,489

    

$

3,713

    

Ratios to average net assets:

  

Expenses (c)

    

.87

%(d)

    

.85

%

    

.82

%

    

.84

%

    

.85

%

    

.90

%

  

Net investment income

    

2.31

%(d)

    

1.75

%

    

1.68

%

    

1.59

%

    

1.70

%

    

1.55

%

  
Portfolio turnover rate (excluding
short-term securities)		    

36.3

%(e)

    

75.4

%

    

78.0

%

    

65.8

%

    

85.4

%

    

39.8

%

  
   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014

  

2013

  

Net asset value, beginning of period

  

$

4.674

    

$

4.436

    

$

4.249

    

$

4.047

    

$

3.104

    

$

3.069

    

Income from investment operations:

  

Net investment income (a)

    

.044

      

.070

      

.063

      

.053

      

.050

      

.038

    
Net realized and unrealized gain(loss)
on investments		    

(.050

)

    

.168

      

.124

      

.149

      

.893

      

(.003

)

  

Total from investment operations

    

(.006

)

    

.238

      

.187

      

.202

      

.943

      

.035

    

Net asset value, end of period

  

$

4.668

    

$

4.674

    

$

4.436

    

$

4.249

    

$

4.047

    

$

3.104

    

Total return (b)

    

(0.12

)%

    

5.37

%

    

4.40

%

    

4.99

%

    

30.37

%

    

1.15

%

  

Net assets, end of period (in thousands)

  

$

131,670

    

$

132,372

    

$

143,139

    

$

145,156

    

$

141,391

    

$

112,753

    

Ratios to average net assets:

  

Expenses (c)

    

1.12

%(d)

    

1.10

%

    

1.08

%

    

1.09

%

    

1.10

%

    

1.15

%

  

Net investment income

    

2.01

%(d)

    

1.55

%

    

1.43

%

    

1.30

%

    

1.40

%

    

1.18

%

  
Portfolio turnover rate (excluding
short-term securities)		    

36.3

%(e)

    

75.4

%

    

78.0

%

    

65.8

%

    

85.4

%

    

39.8

%

  

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

(b)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(c)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d)  Adjusted to an annual basis.

(e)  Not annualized.

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


83


Securian Funds Trust
Financial Highlights – continued

SFT IvySM Growth Fund

   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014 (a)

  

Net asset value, beginning of period

  

$

15.662

    

$

12.120

    

$

12.012

    

$

11.253

    

$

10.000

    

Income from investment operations:

  

Net investment income (b)

    

.004

      

.022

      

.034

      

.001

      

.011

    

Net realized and unrealized gain on investments

    

1.611

      

3.520

      

.074

      

.758

      

1.242

    

Total from investment operations

    

1.615

      

3.542

      

.108

      

.759

      

1.253

    

Net asset value, end of period

  

$

17.277

    

$

15.662

    

$

12.120

    

$

12.012

    

$

11.253

    

Total return (c)

    

10.31

%

    

29.22

%

    

0.91

%

    

6.74

%

    

12.53

%

  

Net assets, end of period (in thousands)

  

$

518,485

    

$

504,437

    

$

438,985

    

$

479,081

    

$

500,575

    

Ratios to average net assets:

  

Expenses (d)

    

.97

%(e)

    

.97

%

    

.98

%

    

.97

%

    

.96

%(e)

  

Net investment income

    

.05

%(e)

    

.16

%

    

.29

%

    

.01

%

    

.15

%(e)

  
Portfolio turnover rate (excluding short-term
securities)		    

18.7

%(f)

    

40.5

%

    

52.5

%

    

31.6

%

    

44.7

%(f)

  

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

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

(c)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(d)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(e)  Adjusted to an annual basis.

(f)  Not annualized.


84


Securian Funds Trust
Financial Highlights – continued

SFT IvySM Small Cap Growth Fund

   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014 (a)

  

Net asset value, beginning of period

  

$

15.802

    

$

12.611

    

$

10.414

    

$

10.810

    

$

10.000

    

Income from investment operations:

  

Net investment income (b)

    

(.045

)

    

(.111

)

    

(.076

)

    

(.090

)

    

(.048

)

  
Net realized and unrealized gain(loss)
on investments		    

1.978

      

3.302

      

2.273

      

(.306

)

    

.858

    

Total from investment operations

    

1.933

      

3.191

      

2.197

      

(.396

)

    

.810

    

Net asset value, end of period

  

$

17.735

    

$

15.802

    

$

12.611

    

$

10.414

    

$

10.810

    

Total return (c)

    

12.23

%

    

25.30

%

    

21.10

%

    

(3.66

)%

    

8.10

%

  

Net assets, end of period (in thousands)

  

$

200,956

    

$

184,233

    

$

163,294

    

$

145,465

    

$

182,284

    

Ratios to average net assets:

  

Expenses (d)

    

1.21

%(e)

    

1.22

%

    

1.24

%

    

1.19

%

    

1.22

%(e)

  

Net investment income

    

(.54

)%(e)

    

(.78

)%

    

(.68

)%

    

(.80

)%

    

(.71

)%(e)

  
Portfolio turnover rate (excluding short-term
securities)		    

23.2

%(f)

    

54.4

%

    

99.2

%

    

65.4

%

    

115.8

%(f)

  

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

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

(c)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(d)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(e)  Adjusted to an annual basis.

(f)  Not annualized.


85


Securian Funds Trust
Financial Highlights – continued

SFT T. Rowe Price Value Fund

   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014 (a)

  

Net asset value, beginning of period

  

$

13.933

    

$

11.747

    

$

10.617

    

$

10.836

    

$

10.000

    

Income from investment operations:

  

Net investment income (b)

    

.077

      

.153

      

.173

      

.119

      

.077

    
Net realized and unrealized gain(loss)
on investments		    

(.404

)

    

2.033

      

.957

      

(.338

)

    

.759

    

Total from investment operations

    

(.327

)

    

2.186

      

1.130

      

(.219

)

    

.836

    

Net asset value, end of period

  

$

13.606

    

$

13.933

    

$

11.747

    

$

10.617

    

$

10.836

    

Total return (c)

    

(2.35

)%

    

18.61

%

    

10.65

%

    

(2.02

)%

    

8.36

%

  

Net assets, end of period (in thousands)

  

$

209,502

    

$

226,215

    

$

208,513

    

$

207,698

    

$

233,202

    

Ratios to average net assets:

  

Expenses (d)

    

1.03

%(e)

    

1.03

%

    

1.03

%

    

1.01

%

    

1.02

%(e)

  

Net investment income

    

1.12

%(e)

    

1.20

%

    

1.59

%

    

1.10

%

    

1.10

%(e)

  
Portfolio turnover rate (excluding short-term
securities)		    

75.2

%(f)

    

90.4

%

    

102.9

%

    

65.0

%

    

105.1

%(f)

  

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

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

(c)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(d)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(e)  Adjusted to an annual basis.

(f)  Not annualized.


86


Securian Funds Trust
Financial Highlights – continued

SFT Wellington Core Equity Fund

   

Class 1 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014 (a)

  

Net asset value, beginning of period

  

$

14.369

    

$

11.834

    

$

11.261

    

$

11.148

    

$

10.000

    

Income from investment operations:

  

Net investment income (b)

    

.045

      

.084

      

.089

      

.075

      

.053

    

Net realized and unrealized gain on investments

    

.484

      

2.451

      

.484

      

.038

      

1.095

    

Total from investment operations

    

.529

      

2.535

      

.573

      

.113

      

1.148

    

Net asset value, end of period

  

$

14.898

    

$

14.369

    

$

11.834

    

$

11.261

    

$

11.148

    

Total return (c)

    

3.68

%

    

21.42

%

    

5.09

%

    

1.01

%

    

11.48

%

  

Net assets, end of period (in thousands)

  

$

751

    

$

706

    

$

696

    

$

587

    

$

663

    

Ratios to average net assets:

  

Expenses (d)

    

.84

%(e)

    

.85

%

    

.80

%

    

.78

%

    

.86

%(e)

  

Net investment income

    

.61

%(e)

    

.64

%

    

.80

%

    

.66

%

    

.74

%(e)

  
Portfolio turnover rate (excluding short-term
securities)		    

13.1

%(f)

    

138.0

%

    

88.8

%

    

84.6

%

    

54.2

%(f)

  
   

Class 2 Shares

  
    Six months
ended
June 30,
2018		  

Year ended December 31,

  
   

(unaudited)

  

2017

  

2016

  

2015

  

2014 (a)

  

Net asset value, beginning of period

  

$

14.238

    

$

11.755

    

$

11.214

    

$

11.129

    

$

10.000

    

Income from investment operations:

  

Net investment income (b)

    

.026

      

.051

      

.060

      

.046

      

.035

    

Net realized and unrealized gain on investments

    

.479

      

2.432

      

.481

      

.039

      

1.094

    

Total from investment operations

    

.505

      

2.483

      

.541

      

.085

      

1.129

    

Net asset value, end of period

  

$

14.743

    

$

14.238

    

$

11.755

    

$

11.214

    

$

11.129

    

Total return (c)

    

3.55

%

    

21.12

%

    

4.83

%

    

0.76

%

    

11.29

%

  

Net assets, end of period (in thousands)

  

$

116,433

    

$

120,185

    

$

113,799

    

$

128,297

    

$

141,272

    

Ratios to average net assets:

  

Expenses (d)

    

1.09

%(e)

    

1.10

%

    

1.05

%

    

1.03

%

    

1.11

%(e)

  

Net investment income

    

.36

%(e)

    

.40

%

    

.54

%

    

.41

%

    

.49

%(e)

  
Portfolio turnover rate (excluding short-term
securities)		    

13.1

%(f)

    

138.0

%

    

88.8

%

    

84.6

%

    

54.2

%(f)

  

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

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

(c)  Total return figures are based on a share outstanding throughout the period and assume reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares. For periods less than one year, total return presented has not been annualized.

(d)  In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(e)  Adjusted to an annual basis.

(f)  Not annualized.


87



Securian Funds Trust
Notes to Financial Statements

June 30, 2018

(Unaudited)

(1)  Organization

Securian Funds Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a no-load, diversified open-end management investment company, except that SFT International Bond Fund operates as a non-diversified, open-end management investment company. The Trust is a series trust that includes the Funds and share classes listed below:

Fund Name

  

Share Class 1

  

Share Class 2

  

SFT Core Bond Fund (formerly SFT Advantus Bond Fund)

    

P

      

P

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

NA

      

P

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

NA

      

P

    

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

    

P

      

P

    

SFT Index 500 Fund (formerly SFT Advantus Index 500 Mid-Cap Fund)

    

P

      

P

    

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

    

P

      

P

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

NA

      

P

    

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

    

P

      

P

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

P

      

P

    

SFT IvySM Growth Fund

    

NA

      

P

    

SFT IvySM Small Cap Growth Fund

    

NA

      

P

    

SFT T. Rowe Price Value Fund

    

NA

      

P

    

SFT Wellington Core Equity Fund

    

P

      

P

    

Securian Asset Management, Inc.(Securian AM), (formerly Advantus Capital Management, Inc.) a wholly-owned subsidiary of Securian Financial Group, Inc. ("Securian Financial Group"), serves as the investment adviser to each of the Funds in the Trust pursuant to an investment advisory agreement between Securian AM and the Trust. The Trust's prospectus provides a detailed description of each Fund's investment objective, policies and strategies.

Class 2 shares are subject to a 12b-1 distribution fee. Both classes of shares have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that Class 1 shares are not subject to a 12b-1 distribution fee. Income, expenses (other than Rule 12b-1 fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Trust accounts for the assets, liabilities and operations of each Fund separately. Shares of the Trust are not offered directly to the public, but sold only to Minnesota Life Insurance Company ("Minnesota Life") and Securian Life Insurance Company ("Securian Life") in connection with Minnesota Life and Securian Life variable life insurance policies and variable annuity contracts, and to certain other separate accounts of life insurance affiliates of Minnesota Life and Securian Life, and may also be offered to certain qualified plans.

(2)  Summary of Significant Accounting Policies

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, "Financial Services – Investment Companies." The significant accounting policies followed consistently by the Trust are as follows:

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, as of the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.


88


Securian Funds Trust
Notes to Financial Statements – continued

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

Investments in Securities

Each Fund's net asset value is generally calculated as of the close of normal trading on the New York Stock Exchange (typically 3:00 p.m. Central Time). Investments in securities traded on a U.S. or foreign securities exchange are valued at the last sale price on that exchange prior to the time when assets are valued; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price, by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by the Securian AM. Valuation Committee ("the Valuation Committee") under the supervision of the Trust's Board of Trustees ("the Board") and in accordance with Board-approved valuation policies and procedures. The Board has delegated the daily oversight of the securities valuation function to the Valuation Committee whose members ensure the valuations comply with the valuation policies and affirms the reasonableness of the fair valuation determinations. The fair valued securities are reviewed by the Board at their quarterly meetings.

A Fund's investments will also be valued at fair value by the Valuation Committee if Securian AM determines that an event impacting the value of an investment occurred after the close of the security's primary exchange or market (for example, a foreign exchange or market) and before the time the Fund's net asset value is calculated. If a significant event impacting the value of a security or group of securities occurs, the Valuation Committee is immediately notified and the members meet promptly to determine whether fair value pricing is needed in accordance with the Fund's valuation procedures and, if so, to approve the pricing methodology to be used.

Short-term securities, with the exception of those held in the SFT Government Money Market Fund, are valued at market value. Pursuant to Rule 2a-7 of the 1940 Act, all securities in the SFT Government Money Market Fund are valued at amortized cost, which approximates market value, in order to attempt to maintain a constant net asset value of $1.00 per share. However, there is no assurance the SFT Government Money Market Fund will maintain the $1.00 net asset value.

Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses are calculated using the first in, first out basis. Paydowns of securities are recorded as receivables as of the due date, which varies by the issuer. Dividend income is recognized on the ex-dividend date or upon dividend notification for certain foreign securities, and interest income, including amortization of bond premium and accretion of bond discount computed on an effective yield basis, is accrued daily.

Foreign Currency Translations and Forward Foreign Currency Contracts

Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars at the closing rate of exchange. Foreign currency amounts related to the purchase or sale of securities, income and expenses are translated at the exchange rate on the transaction date. The Fund isolates the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities.

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.


89


Securian Funds Trust
Notes to Financial Statements – continued

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

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

Futures Transactions

To gain exposure to, or for protection from market changes, the Funds (excluding the SFT Government Money Market Fund) may buy and sell financial futures contracts traded on any U.S. or foreign exchange. The Funds may also buy and write put and call options on these futures contracts. Risks of entering into futures contracts and related options include the possibility of an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Upon entering into a futures contract, a Fund is required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value as determined by each relevant clearing agency and is aggregated at a Futures Commission Merchant ("FCM") which is registered with the Commodity Futures Trading Commission or the applicable regulator. Subsequent payments (variation margin) are made or received by a Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. A Fund recognizes a realized gain or loss when the contract is closed or expired. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to a Fund's assets in the segregated account. For a listing of open futures contracts see the Investments in Securities for each Fund.

Interest Rate Swaps

The SFT International Bond Fund may enter into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between the Fund and a counterparty to exchange interest rate cash flows during the life of the agreement. Each party's payment obligation is computed based on different interest rates, applied to a notional amount. Interest rate swaps often exchange payments based on a fixed rate for payments linked to a floating rate (i.e. LIBOR).

These agreements are executed on a registered exchange ("centrally cleared interest rate swaps"), significantly reducing risk from counterparty default. Upon entering into an interest rate swap contract, a Fund is required to pledge an initial margin, and the daily change in fair value is accounted for as a variation margin payable or receivable on the Statement of Assets and Liabilities. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as unrealized appreciation and depreciation until the payments are made.

Options Transactions

Each Fund (excluding the SFT Government Money Market Fund) may write (i.e., sell) covered call and secured put options and purchase and sell put and call options written by others. An option is a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in


90


Securian Funds Trust
Notes to Financial Statements – continued

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

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

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

Repurchase Agreements

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

Federal Taxes

Each Fund, other than SFT Dynamic Managed Volatility Fund, SFT International Bond Fund, SFT Managed Volatility Equity Fund, and SFT T. Rowe Price Value Fund, qualifies for federal income tax purposes as a partnership under the Internal Revenue Code of 1986, as amended (the "Code"). A Fund is treated, for federal income tax purposes, as a partnership if it has more than one shareholder. A Fund's election to be treated as a partnership is not expected to result in any material adverse federal income tax consequences to any owner of a variable annuity contract or variable life insurance policy, or in the tax treatment of any such contract or policy. As a partnership, a Fund is not subject to income tax, and any income, gains, deductions or losses of the Fund will instead pass through and be taken into account for federal income tax purposes by its partners, which will be Minnesota Life and Securian Life through their respective separate accounts. SFT Dynamic Managed Volatility Fund, SFT Managed Volatility Equity Fund and SFT T. Rowe Price Value Fund are treated as disregarded entities for federal income tax purposes. While the Trust anticipates that each Fund other than SFT Dynamic Managed Volatility Fund, SFT Managed Volatility Equity Fund, and SFT T. Rowe Price Value Fund will always have two shareholders, Minnesota Life and Securian Life, a wholly owned subsidiary of Minnesota Life, such ownership could change and accordingly a Fund may at some time have only one shareholder and would be treated as a disregarded entity for federal income tax purposes. A disregarded entity is disregarded for federal income tax purposes as an entity separate from its owner, and the owner is treated as directly owning the assets of the disregarded entity and takes into account for federal income tax purposes the income, gains, deductions and losses relating to those assets.

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


91


Securian Funds Trust
Notes to Financial Statements – continued

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

The FASB, Accounting Standards Codification 740, "Income Taxes" (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Funds have evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Funds' financial statements as of the six months ended June 30, 2018. The Funds' federal and state income returns for which the applicable statutes of limitations have not expired (2014, 2015, 2016 and 2017) remain subject to examination by the Internal Revenue Service and states department of revenue.

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

Distributions to Shareholders

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

Securities Purchased on a When-Issued or Forward Commitment Basis

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

Cross-Trades

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

   

Purchases

  

Sales

   Net Realized
Gains (Losses)		  

SFT T. Rowe Price Value Fund

  

$

–

    

$

199,482

    

$

(28,274

)

  


92


Securian Funds Trust
Notes to Financial Statements – continued

(3)  Investment Security Transactions

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

   

Non-U.S. Government

  

U.S. Government*

  

Fund

  

Purchases

  

Sales

  

Purchases

  

Sales

  
SFT Core Bond Fund  

$

210,006,967

    

$

196,647,723

    

$

178,638,077

    

$

190,066,819

    

SFT Dynamic Managed Volatility Fund

    

11,520,947

      

499,977

      

–

      

1,115,613

    

SFT Index 400 Mid-Cap Fund

    

17,934,727

      

24,762,761

      

–

      

–

    
SFT Index 500 Fund    

9,428,151

      

17,548,011

      

–

      

–

    

SFT International Bond Fund

    

1,617,304

      

5,366,454

      

–

      

–

    

SFT Managed Volatility Equity Fund

    

26,725,318

      

–

      

–

      

–

    

SFT Mortgage Securities Fund

    

6,834,789

      

4,321,968

      

56,241,603

      

57,713,776

    

SFT Real Estate Securities Fund

    

48,453,803

      

46,899,939

      

–

      

–

    

SFT IvySM Growth Fund

    

96,029,276

      

142,527,176

      

–

      

–

    

SFT IvySM Small Cap Growth Fund

    

43,586,078

      

56,083,680

      

–

      

–

    

SFT T. Rowe Price Value Fund

    

163,216,746

      

172,085,597

      

–

      

–

    

SFT Wellington Core Equity Fund

    

15,628,022

      

22,120,926

      

–

      

–

    

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

(4)  Expenses and Related Party Transactions

The Funds have an investment advisory agreement with Securian AM, a wholly-owned subsidiary of Securian Financial Group. Under the advisory agreement, Securian AM, manages the Funds' investments and provides research, statistical and advisory services and pays related office rental and executive expenses and salaries.

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

Fund

  

Annual Fee on Net Assets

  
SFT Core Bond Fund  

0.40% of net assets to $1 billion; and 0.35% of net assets exceeding $1 billion

  

SFT Dynamic Managed Volatility Fund

  0.65% of all assets  

SFT Government Money Market Fund

 

0.30% of net assets to $1 billion; and 0.25% of net assets exceeding $1 billion

  

SFT Index 400 Mid-Cap Fund

 

0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion

  
SFT Index 500 Fund  

0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion

  

SFT International Bond Fund

 

0.60% of net assets to $1 billion; and 0.55% of net assets exceeding $1 billion

  

SFT Managed Volatility Equity Fund

  0.65% of all assets  

SFT Mortgage Securities Fund

 

0.40% of net assets to $1 billion; and 0.35% of net assets exceeding $1 billion

  

SFT Real Estate Securities Fund

 

0.70% of net assets to $1 billion; and 0.65% of net assets exceeding $1 billion

  

SFT IvySM Growth Fund

 

0.67% of net assets to $500 million; and 0.625% of next $300 million of net assets; and 0.60% of next $200 million of net assets; and 0.50% of net assets exceeding $1 billion

  

SFT IvySM Small Cap Growth Fund

 

0.85% of net assets to $1 billion; and 0.80% of next $2 billion of net assets; and 0.76% of net assets exceeding $3 billion

  

SFT T. Rowe Price Value Fund

 

0.67% of net assets to $1 billion; and 0.65% of next $1.5 billion of net assets; and 0.60% of net assets exceeding $2.5 billion

  

SFT Wellington Core Equity Fund

  0.65% of all assets  

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


93


Securian Funds Trust
Notes to Financial Statements – continued

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

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

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

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

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

Administrative Services Fee

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

Accounting Services

The Trust has an agreement with State Street Bank and Trust Company ("State Street") in which State Street provides daily fund accounting and investment administration services. In 2018, these fees ranged from .01% to .05% of net assets depending on the size and makeup of the respective Fund. The fees are based upon a calculation of multiple factors including base fees, size of assets, and certain other fees.

Distribution Fees

The Trust has adopted a Rule 12b-1 Distribution Plan which covers all of its Class 2 shares ("Covered Funds"). Each Covered Fund pays distribution fees at the annual rate of .25% of the average daily net assets of the Covered Fund. These fees are paid out of the Covered Fund's assets, which reduces a Covered Fund's net assets as do other Covered Fund expenses. The fees are paid to Securian Financial Services, Inc. ("Securian Financial"), the Trust's underwriter, to pay for distribution-related expenses and activities in connection with the distribution of the Covered Fund's shares. Securian Financial may also use the fees to pay insurance companies, dealers or others for certain non-distribution services as provided for in the distribution plan.

Net Investment Income Maintenance Agreement for the SFT Government Money Market Fund

Effective May 1, 2012, the Board of Trustees of the Trust approved a Restated Net Investment Income Maintenance Agreement among Securian Funds Trust (on behalf of SFT Government Money Market Fund), Securian AM and Securian Financial. Under such Agreement, Securian AM agrees to waive, reimburse or pay SFT Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover


94


Securian Funds Trust
Notes to Financial Statements – continued

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

the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. For the six months ended June 30, 2018, no waivers were made pursuant to the Agreement. As of June 30, 2018, Securian AM and Securian Financial have collectively waived a cumulative total of $4,631,950 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $852,153 was eligible for recovery by Securian AM and Securian Financial as of such date. Amounts subject to potential recovery for the periods ended June 30, 2019 and 2020 are $300,636, and $0, respectively. If Securian AM and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The Agreement shall continue in effect following April 30, 2019, provided such continuance is specifically approved by a majority of the Trust's independent Trustees.

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

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

The Agreements renew annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Funds are authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause any Fund to exceed any limits in effect at the time of such reimbursement. The Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Funds' shareholder reports and in Other Expenses under Fees and Expenses of the Fund in the prospectus.

As of June 30, 2018, the amounts waived and eligible for recovery are as follows:

               

Recoverable through December 31,

  

Fund

   Agreement
Date		   Expense
Limit		   Advisory Fees
Waived for the
Six Months Ended
June 30, 2018*		  

2018

  

2019

  

2020

  
SFT Dynamic Managed
Volatility Fund		  

May 1, 2013

    

0.80

%

  

$

339,650

    

$

1,625,512

    

$

1,175,766

    

$

668,876

    
SFT Government Money
Market Fund		  

November 1, 2017

    

0.70

%

  

$

72,276

    

$

99,256

    

$

99,256

    

$

99,256

    
SFT Managed Volatility
Equity Fund		  

November 18, 2015

    

0.80

%

  

$

236,399

    

$

1,018,883

    

$

847,795

    

$

454,477

    

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

(5)  Illiquid Securities

Each Fund currently limits investments in illiquid securities to 15% of net assets at the time of purchase, except for the SFT Government Money Market Fund which limits its investment in illiquid securities to 5% of net assets. At June 30, 2018, the SFT Core Bond Fund, SFT Dynamic Managed Volatility Fund, and SFT Mortgage Securities Fund


95


Securian Funds Trust
Notes to Financial Statements – continued

(5)  Illiquid Securities – (continued)

held illiquid securities of $1,350,408, $999,071, and $1,695,656, respectively, which represent 2.8%, 0.3%, and 2.0% of net assets, respectively. Pursuant to guidelines adopted by the Trust's Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the percent limitations specified above.

(6)  Fair Value Measurement

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

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

    Fair Value Measurement at
June 30, 2018 using		      

Fund

  

Level 1

  

Level 2

  

Level 3

  

Total

  

SFT Core Bond Fund

  

Assets

  

Government Obligations

  

$

–

    

$

117,329,913

    

$

–

    

$

117,329,913

    

Asset-Backed Securities

    

–

      

43,094,057

      

–

      

43,094,057

    

Other Mortgage-Backed Securities

    

–

      

40,412,797

      

–

      

40,412,797

    

Corporate Obligations

    

–

      

171,165,349

      

–

      

171,165,349

    

Investment Companies

    

7,554,881

      

–

      

–

      

7,554,881

    

Total Investments

    

7,554,881

      

372,002,116

      

–

      

379,556,997

    

Other Financial Instruments*

  

Futures Contracts

    

875,544

      

–

      

–

      

875,544

    

Liabilities

  

Other Financial Instruments*

  

Futures Contracts

    

(672,420

)

    

–

      

–

      

(672,420

)

  

SFT Dynamic Managed Volatility Fund

  

Assets

  

Government Obligations

    

–

      

1,807,067

      

–

      

1,807,067

    

Asset-Backed Securities

    

–

      

999,071

      

–

      

999,071

    

Other Mortgage-Backed Securities

    

–

      

1,006,588

      

–

      

1,006,588

    

Corporate Obligations

    

–

      

141,539,807

      

–

      

141,539,807

    

Purchased Options

    

311,472

      

–

      

–

      

311,472

    

Investment Companies

    

242,067,815

      

–

      

–

      

242,067,815

    

Total Investments

    

242,379,287

      

145,352,533

      

–

      

387,731,820

    

Other Financial Instruments*

  

Futures Contracts

    

144,699

      

–

      

–

      

144,699

    

Liabilities

  

Other Financial Instruments*

  

Futures Contracts

    

(2,227,799

)

    

–

      

–

      

(2,227,799

)

  

Written Options

    

(39,840

)

                    

(39,840

)

  


96


Securian Funds Trust
Notes to Financial Statements – continued

(6)  Fair Value Measurement – (continued)

    Fair Value Measurement at
June 30, 2018 using		      

Fund

  

Level 1

  

Level 2

  

Level 3

  

Total

  

SFT Government Money Market Fund

  

Assets

  

U.S. Government Obligations

  

$

–

    

$

66,372,893

    

$

–

    

$

66,372,893

    

Investment Companies

    

87,079

      

–

      

–

      

87,079

    

Total Investments

    

87,079

      

66,372,893

      

–

      

66,459,972

    

SFT Index 400 Mid-Cap Fund

  

Assets

  

Common Stocks

    

218,538,791

      

–

      

–

      

218,538,791

    

Investment Companies

    

6,544,960

      

–

      

–

      

6,544,960

    

Total Investments

    

225,083,751

      

–

      

–

      

225,083,751

    

Liabilities

  

Other Financial Instruments*

  

Futures Contracts

    

(124,708

)

    

–

      

–

      

(124,708

)

  

SFT Index 500 Fund

  

Assets

  

Common Stocks

    

864,800,018

      

–

      

–

      

864,800,018

    

Investment Companies

    

11,007,328

      

–

      

–

      

11,007,328

    

Total Investments

    

875,807,346

      

–

      

–

      

875,807,346

    

Liabilities

  

Other Financial Instruments*

  

Futures Contracts

    

(201,340

)

    

–

      

–

      

(201,340

)

  

SFT International Bond Fund

  

Assets

  

Long-Term Debt Securities

    

–

      

46,623,580

      

–

      

46,623,580

    

Short-Term Debt Securities

    

–

      

47,710,588

      

–

      

47,710,588

    

Investment Companies

    

6,849,158

      

–

      

–

      

6,849,158

    

Total Investments

    

6,849,158

      

94,334,168

      

–

      

101,183,326

    

Other Financial Instruments*

  

Forward Foreign Currency Contracts

    

–

      

2,071,994

      

–

      

2,071,994

    

Interest Rate Swap Contracts

    

–

      

843,703

      

–

      

843,703

    

Liabilities

  

Other Financial Instruments*

  

Forward Foreign Currency Contracts

    

–

      

(573,025

)

    

–

      

(573,025

)

  

Interest Rate Swap Contracts

    

–

      

(256,016

)

    

–

      

(256,016

)

  

SFT Managed Volatility Equity Fund

  

Assets

  

Investment Companies

    

280,100,261

      

–

      

–

      

280,100,261

    

Purchased Options

    

223,510

      

–

      

–

      

223,510

    

Total Investments

    

280,323,771

      

–

      

–

      

280,323,771

    

Liabilities

  

Other Financial Instruments*

  

Futures Contracts

    

(355,262

)

                    

(355,262

)

  

Written Options

    

(28,560

)

    

–

      

–

      

(28,560

)

  


97


Securian Funds Trust
Notes to Financial Statements – continued

(6)  Fair Value Measurement – (continued)

    Fair Value Measurement at
June 30, 2018 using		      

Fund

  

Level 1

  

Level 2

  

Level 3

  

Total

  

SFT Mortgage Securities Fund

  

Assets

  

Government Obligations

  

$

–

    

$

60,550,739

    

$

–

    

$

60,550,739

    

Asset-Backed Securities

    

–

      

8,969,516

      

–

      

8,969,516

    

Other Mortgage-Backed Securities

    

–

      

11,712,906

      

–

      

11,712,906

    

Corporate Obligations

    

–

      

814,447

      

–

      

814,447

    

Investment Companies

    

10,732,672

      

–

      

–

      

10,732,672

    

Total Investments

    

10,732,672

      

82,047,608

      

–

      

92,780,280

    

Other Financial Instruments*

  

Futures Contracts

    

76,485

      

–

      

–

      

76,485

    

Liabilities

  

Other Financial Instruments*

  

Futures Contracts

    

(39,366

)

    

–

      

–

      

(39,366

)

  

SFT Real Estate Securities Fund

  

Assets

  

Common Stocks

    

133,670,844

      

–

      

–

      

133,670,844

    

Investment Companies

    

1,884,230

      

–

      

–

      

1,884,230

    

Total Investments

    

135,555,074

      

–

      

–

      

135,555,074

    

SFT IvySM Growth Fund

  

Assets

  

Common Stocks

    

505,182,250

      

–

      

–

      

505,182,250

    

Investment Companies

    

13,837,662

      

–

      

–

      

13,837,662

    

Total Investments

    

519,019,912

      

–

      

–

      

519,019,912

    

SFT IvySM Small Cap Growth Fund

  

Assets

  

Common Stocks

    

191,794,618

      

–

      

–

      

191,794,618

    

Investment Companies

    

8,691,009

      

–

      

–

      

8,691,009

    

Total Investments

    

200,485,627

      

–

      

–

      

200,485,627

    

SFT T. Rowe Price Value Fund

  

Assets

  
Common Stocks    

206,523,133

      

–

      

–

   

206,523,133

    
Preferred Stocks    

2,293,444

      

–

      

–

      

2,293,444

    

Investment Companies

    

1,070,497

      

–

      

–

      

1,070,497

    

Total Investments

    

209,887,074

      

–

      

–

      

209,887,074

    

SFT Wellington Core Equity Fund

  

Assets

  

Common Stocks

    

116,680,755

      

–

      

–

      

116,680,755

    

Investment Companies

    

358,947

      

–

      

–

      

358,947

    

Total Investments

    

117,039,702

      

–

      

–

      

117,039,702

    

Level 2 Measurements:

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

Asset-backed and other mortgage-backed securities comprised of RMBS, CMBS and ABS fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing


98


Securian Funds Trust
Notes to Financial Statements – continued

(6)  Fair Value Measurement – (continued)

or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans, etc.

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

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

Forward Foreign Currency and Interest Rate Swap Contracts – These derivatives are traded in the over-the-counter derivative market and are principally valued using market price quotations or industry recognized modeling techniques. The significant inputs to the models are observable in the market or can be derived from or corroborated by observable market data. These significant inputs may include interest rates, foreign currency exchange rates, interest rate curves, contractual terms, market prices, and measures of volatility.

The Funds' policy is to recognize transfers between the levels as of the end of the period. There were no transfers of financial assets between Levels 1 and 2 during the period.

(7)  Derivative Instruments Reporting

The Trust provides, when applicable, disclosures of the location, by line item, of fair value amounts in the statement of financial position and the location, by line item, of amounts of gains and losses reported in the statement of financial performance. Generally, the derivative instruments outstanding as of period end are disclosed in the Investments in Securities. The volume of derivative activity is indicative for all Funds as of period end June 30, 2018.

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

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

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


99


Securian Funds Trust
Notes to Financial Statements – continued

(7)  Derivative Instruments Reporting – (continued)

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

   

Risk Exposure

  
    Equity
Contracts		   Interest
Rate
Contracts		   Foreign
Exchange
Contracts		  

SFT Core Bond Fund

  
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities
as of June 30, 2018		  

Assets:

  

Variation margin on futures contracts*

  

$

–

    

$

875,544

    

$

–

    

Liabilities:

  

Variation margin on futures contracts*

  

$

–

    

$

(672,420

)

  

$

–

    
The Effect of Derivative Instruments on the Statement of Operations
for the period ended June 30, 2018		  

Net Realized Gain (Loss) on Derivatives:

  

Futures contracts

  

$

–

    

$

(404,469

)

  

$

–

    

Net Change in Unrealized Appreciation (Depreciation) on Derivatives:

  

Futures contracts

  

$

–

    

$

269,954

    

$

–

    

SFT Dynamic Managed Volatility Fund

  
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities
as of June 30, 2018		  

Assets:

  

Variation margin on futures contracts*

  

$

–

    

$

144,699

    

$

–

    

Investments in securities at value (purchased options), market value

    

311,472

      

–

      

–

    

Total

  

$

311,472

    

$

144,699

    

$

–

    

Liabilities:

  

Variation margin on futures contracts*

  

$

(2,227,799

)

  

$

–

    

$

–

    

Written options, market value

        

(39,840

)

      
   

$

(2,267,639

)

  

$

–

    

$

–

    
The Effect of Derivative Instruments on the Statement of Operations
for the period ended June 30, 2018		  

Net Realized Gain (Loss) on Derivatives:

  

Futures contracts

  

$

5,412,933

    

$

475,671

    

$

–

    

Purchased options contracts

    

(2,510,957

)

    

–

      

–

    

Written options contracts

    

144,144

      

–

      

–

    

Total

  

$

3,046,120

    

$

475,671

    

$

–

    

Net Change in Unrealized Appreciation (Depreciation) on Derivatives:

  

Futures contracts

  

$

(2,973,592

)

  

$

101,561

    

$

–

    

Purchased options contracts

    

115,804

      

–

      

–

    

Written options contracts

    

22,074

      

–

      

–

    

Total

  

$

(2,835,714

)

  

$

101,561

    

$

–

    

SFT Index 400 Mid-Cap Fund

  
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities
as of June 30, 2018		  

Assets:

  

Variation margin on futures contracts*

  

$

–

    

$

–

    

$

–

    

Liabilities:

  

Variation margin on futures contracts*

  

$

(124,708

)

  

$

–

    

$

–

    


100


Securian Funds Trust
Notes to Financial Statements – continued

(7)  Derivative Instruments Reporting – (continued)

   

Risk Exposure

  
    Equity
Contracts		   Interest
Rate
Contracts		   Foreign
Exchange
Contracts		  
The Effect of Derivative Instruments on the Statement of Operations
for the period ended June 30, 2018		  

Net Realized Gain (Loss) on Derivatives:

  

Futures contracts

  

$

246,472

    

$

–

    

$

–

    

Net Change in Unrealized Appreciation (Depreciation) on Derivatives:

  

Futures contracts

  

$

(140,681

)

  

$

–

    

$

–

    

SFT Index 500 Fund

  
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities
as of June 30, 2018		  

Assets:

  

Variation margin on futures contracts*

  

$

–

    

$

–

    

$

–

    

Liabilities:

  

Variation margin on futures contracts*

  

$

(201,340

)

  

$

–

    

$

–

    
The Effect of Derivative Instruments on the Statement of Operations
for the period ended June 30, 2018		  

Net Realized Gain (Loss) on Derivatives:

  

Futures contracts

  

$

127,950

    

$

–

    

$

–

    

Net Change in Unrealized Appreciation (Depreciation) on Derivatives:

  

Futures contracts

  

$

(297,598

)

  

$

–

    

$

–

    

SFT International Bond Fund

  
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities
as of June 30, 2018		  

Assets:

  

Unrealized appreciation on forward foreign currency contracts

  

$

–

    

$

–

    

$

2,071,994

    

Variation margin on swap contracts*

    

–

      

843,703

      

–

    

Total

  

$

–

    

$

843,703

    

$

2,071,994

    

Liabilities:

  

Unrealized depreciation on forward foreign currency contracts

  

$

–

    

$

–

    

$

(573,025

)

  

Variation margin on swap contracts*

    

–

      

(256,016

)

    

–

    

Total

  

$

–

    

$

(256,016

)

  

$

(573,025

)

  
The Effect of Derivative Instruments on the Statement of Operations
for the period ended June 30, 2018		  

Net Realized Gain (Loss) on Derivatives:

  

Swap contracts

  

$

–

    

$

35,976

    

$

–

    

Foreign currency contracts

    

–

      

–

      

(1,782,842

)

  

Total

  

$

–

    

$

35,976

    

$

(1,782,842

)

  

Net Change in Unrealized Appreciation (Depreciation) on Derivatives:

  

Swap contracts

  

$

–

    

$

954,490

    

$

–

    

Foreign currency contracts

    

–

      

–

      

3,143,859

    

Total

  

$

–

    

$

954,490

    

$

3,143,859

    


101


Securian Funds Trust
Notes to Financial Statements – continued

(7)  Derivative Instruments Reporting – (continued)

   

Risk Exposure

  
    Equity
Contracts		   Interest
Rate
Contracts		   Foreign
Exchange
Contracts		  

SFT Managed Volatility Equity Fund

  
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities
as of June 30, 2018		  

Assets:

  

Variation margin on futures contracts*

  

$

–

    

$

–

    

$

–

    

Investments in securities at value (purchased options), market value

    

223,510

      

–

      

–

    

Total

  

$

223,510

    

$

–

    

$

–

    

Liabilities:

  

Variation margin on futures contracts*

  

$

(355,262

)

  

$

–

    

$

–

    

Written options, market value

    

(28,560

)

    

–

      

–

    

Total

  

$

(383,822

)

  

$

–

    

$

–

    
The Effect of Derivative Instruments on the Statement of Operations
for the period ended June 30, 2018		  

Net Realized Gain (Loss) on Derivatives:

  

Futures contracts

  

$

(2,231,062

)

  

$

–

    

$

–

    

Purchased options contracts

    

46,258

      

–

      

–

    

Written options contracts

    

272,376

      

–

      

–

    

Total

  

$

(1,912,428

)

  

$

–

    

$

–

    

Net Change in Unrealized Appreciation (Depreciation) on Derivatives:

  

Futures contracts

  

$

(503,790

)

  

$

–

    

$

–

    

Purchased options contracts

    

117,423

      

–

      

–

    

Written options contracts

    

2,329

      

–

      

–

    

Total

  

$

(384,038

)

  

$

–

    

$

–

    

SFT Mortgage Securities Fund

  
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities
as of June 30, 2018		  

Assets:

  

Variation margin on futures contracts*

  

$

–

    

$

76,485

    

$

–

    

Liabilities:

  

Variation margin on futures contracts*

  

$

–

    

$

(39,366

)

  

$

–

    
The Effect of Derivative Instruments on the Statement of Operations
for the period ended June 30, 2018		  

Net Realized Gain (Loss) on Derivatives:

  

Futures contracts

  

$

–

    

$

(672

)

  

$

–

    

Net Change in Unrealized Appreciation (Depreciation) on Derivatives:

  

Futures contracts

  

$

–

    

$

23,367

    

$

–

    

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

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


102


Securian Funds Trust
Notes to Financial Statements – continued

(7)  Derivative Instruments Reporting – (continued)

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

(8)  Affiliated Ownership

The SFT Dynamic Managed Volatility Fund invests in underlying securities and other investment companies, of which certain underlying funds (the "affiliated underlying funds") may be deemed to be under common control with the SFT Dynamic Managed Volatility Fund because they share the same investment advisor, Securian AM, and because they are overseen by the same Board of Trustees. The SFT Dynamic Managed Volatility Fund will achieve its equity exposure by investing primarily in Class 1 Shares of the SFT Index 500 Fund, an affiliated fund in the Trust that seeks investment results that correspond generally to the price and yield performance of the common stocks included in the Standard & Poor's 500 Index. A summary of all transactions with the affiliated SFT Index 500 Fund as of June 30, 2018 are as follows:

Fund/
Underlying Fund		   Balance
of Shares
Held at
June 30, 2018		   Net Realized
Gain/(Loss)		   Net Change
in Unrealized
Appreciation/
Depreciation		   Distributions
Received		   Value at
June 30, 2018		  

SFT Dynamic Managed Volatility Fund

  

SFT Index 500 Fund

    

14,224,618

    

$

–

    

$

3,840,177

    

$

–

    

$

155,034,367

    

(9)  Subsequent Events

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


103



Securian Funds Trust
Other Information

(unaudited)

Fund Expenses Paid by Shareholders

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

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 01, 2018 through June 30, 2018. Expenses paid during the period in the tables below are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by number of days in most recent fiscal half-year divided by 365 to reflect the one-half year period.

Actual Expenses

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

   

Actual Expenses

  
   

CLASS 1

  

CLASS 2

  
    Beginning
Account
Value		   Ending
Account
Value		   Annual
Expense
Ratio		   Expenses
Paid During
Period		   Ending
Account
Value		   Annual
Expense
Ratio		   Expenses
Paid During
Period		  
SFT Core Bond Fund  

$

1,000

    

$

985.20

      

0.50

%

  

$

2.46

    

$

984.00

      

0.75

%

  

$

3.69

    
SFT Dynamic Managed
Volatility Fund		    

1,000

      

NA

      

NA

      

NA

      

995.40

      

0.80

%

    

3.96

    
SFT Government Money
Market Fund		    

1,000

      

NA

      

NA

      

NA

      

1,004.50

      

0.70

%

    

3.48

    

SFT Index 400 Mid-Cap Fund

    

1,000

      

1,033.20

      

0.26

%

    

1.31

      

1,031.90

      

0.51

%

    

2.57

    
SFT Index 500 Fund    

1,000

      

1,025.40

      

0.20

%

    

1.00

      

1,024.10

      

0.45

%

    

2.26

    

SFT International Bond Fund

    

1,000

      

989.60

      

0.99

%

    

4.88

      

988.40

      

1.24

%

    

6.11

    
SFT Managed Volatility
Equity Fund		    

1,000

      

NA

      

NA

      

NA

      

981.00

      

0.80

%

    

3.93

    
SFT Mortgage Securities
Fund		    

1,000

      

990.60

      

0.73

%

    

3.60

      

989.40

      

0.98

%

    

4.83

    
SFT Real Estate Securities
Fund		    

1,000

      

1,000.00

      

0.87

%

    

4.31

      

998.80

      

1.12

%

    

5.55

    

SFT IvySM Growth Fund

    

1,000

      

NA

      

NA

      

NA

      

1,103.10

      

0.97

%

    

5.06

    
SFT IvySM Small Cap Growth
Fund		    

1,000

      

NA

      

NA

      

NA

      

1,231.10

      

1.21

%

    

6.69

    

SFT T. Rowe Price Value Fund

    

1,000

      

NA

      

NA

      

NA

      

976.50

      

1.03

%

    

5.05

    
SFT Wellington Core Equity
Fund		    

1,000

      

1,036.80

      

0.84

%

    

4.24

      

1,035.50

      

1.09

%

    

5.50

    


104


Securian Funds Trust
Other Information – continued

(unaudited)

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds' and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

   

Hypothetical Expenses

  
   

CLASS 1

  

CLASS 2

  
    Beginning
Account
Value		   Ending
Account
Value		   Annual
Expense
Ratio		   Expenses
Paid During
Period		   Ending
Account
Value		   Annual
Expense
Ratio		   Expenses
Paid During
Period		  
SFT Core Bond Fund  

$

1,000

    

$

1,022.32

      

0.50

%

  

$

2.51

    

$

1,021.08

      

0.75

%

  

$

3.76

    
SFT Dynamic Managed
Volatility Fund		    

1,000

      

NA

      

NA

      

NA

      

1,020.83

      

0.80

%

    

4.01

    
SFT Government Money
Market Fund		    

1,000

      

NA

      

NA

      

NA

      

1,021.32

      

0.70

%

    

3.51

    

SFT Index 400 Mid-Cap Fund

    

1,000

      

1,023.51

      

0.26

%

    

1.30

      

1,022.27

      

0.51

%

    

2.56

    
SFT Index 500 Fund    

1,000

      

1,023.80

      

0.20

%

    

1.00

      

1,022.56

      

0.45

%

    

2.26

    

SFT International Bond Fund

    

1,000

      

1,019.89

      

0.99

%

    

4.96

      

1,018.65

      

1.24

%

    

6.21

    
SFT Managed Volatility
Equity Fund		    

1,000

      

NA

      

NA

      

NA

      

1,020.83

      

0.80

%

    

4.01

    
SFT Mortgage Securities
Fund		    

1,000

      

1,021.17

      

0.73

%

    

3.66

      

1,019.93

      

0.98

%

    

4.91

    
SFT Real Estate Securities
Fund		    

1,000

      

1,020.48

      

0.87

%

    

4.36

      

1,019.24

      

1.12

%

    

5.61

    

SFT IvySM Growth Fund

    

1,000

      

NA

      

NA

      

NA

      

1,019.98

      

0.97

%

    

4.86

    
SFT IvySM Small Cap Growth
Fund		    

1,000

      

NA

      

NA

      

NA

      

1,018.79

      

1.21

%

    

6.06

    

SFT T. Rowe Price Value Fund

    

1,000

      

NA

      

NA

      

NA

      

1,019.69

      

1.03

%

    

5.16

    
SFT Wellington Core Equity
Fund		    

1,000

      

1,020.63

      

0.84

%

    

4.21

      

1,019.39

      

1.09

%

    

5.46

    

Please note that the expenses shown in both tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information provided in the hypothetical example table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Proxy Voting Policies and Procedures

A description of the policies and procedures that Securian AM uses to vote proxies related to each Fund's portfolio securities is set forth in the Trust's Statement of Additional Information which is available without charge, upon request, by calling, toll-free, 800-995-3850 or on the Securities and Exchange Commission's website at www.sec.gov. The Trust will provide this document within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.


105


Securian Funds Trust
Other Information – continued

(unaudited)

Proxy Voting Record

The Trust's proxy voting record for the 12 month period ended December 31 is available by calling, toll-free, 866-330-7355 or on the Securities and Exchange Commission's website at www.sec.gov no later than August 31 each year. The Trust will also provide this information, within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

Availability of Quarterly Schedule of Investments

The Trust files its complete schedule of investment holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available to shareholders without charge on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the Commission's Public Reference Room in Washington, DC. More information of the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.


106


Securian Funds Trust
Statement Regarding Basis for Approval of Advisory Contracts

(unaudited)

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

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

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

Management Fee and Other Expenses

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

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

Fees Charged to Other Advisory Clients of Advantus

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

Costs of Services Provided and Profitability to Advantus

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

Investment Results

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


107


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

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

Ancillary Benefits to Advantus and Its Affiliates

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

Nature, Extent and Quality of Services Provided by Advantus

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

Investment Sub-Advisory Agreements

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


108


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

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

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

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

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


109



Securian Funds Trust
Trustees and Executive Officers
(unaudited)

Under Delaware law, the Board of Trustees of the Trust has overall responsibility for managing the Trust in good faith and in a manner reasonably believed to be in the best interests of the Trust. The Trustees meet periodically throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Trust, and review the performance of the Trust and its Funds. One of the four current Trustees is considered an "interested person" (as defined in the Investment Company Act of 1940) of the Trust. The other three Trustees, because they are not interested persons of the Trust, are considered independent ("Independent Trustees") and are not employees or officers of, and have no financial interest in, the Trust's investment adviser, Securian Asset Management, Inc. (Securian AM) (formerly Advantus Capital Management, Inc.) or its affiliated companies, including Minnesota Life Insurance Company. 75% of the Board of Trustees is required to be comprised of Independent Trustees.

Only executive officers and other officers who perform policy-making functions with the Trust are listed. None of the Trustees is a director of any public company (a company required to file reports under the Securities Exchange Act of 1934) or of any registered investment companies other than the Trust. Each Trustee serves for an indefinite term, until his or her resignation, death or removal.

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

Independent Trustees

Julie K. Getchell 1954 Trustee since 2011

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

Linda L. Henderson 1949 Trustee since 2007

Retired: Professional Adviser, Carlson School of Management, working with faculty and MBA students managing Carlson Growth Fund. Semi-retirement, 2004-2007. RBC Wealth Management (formerly Dain Bosworth and Dain Rauscher) 1985-2004. Senior Vice President and Director of Fixed Income Research and Strategies, 2000-2004. Director of Retail Fixed Income. 1996-2000. Director of Financial Services, 1994-1996. Manager of the Investment Management Group, 1992-1994. Consultant, Investment Management Group, 1991-1992. Investment Executive, 1985-1991. Assistant Professor of Business Administration/Finance, University of Wisconsin-River Falls, 1980-1985. Chartered Financial Analyst

William C. Melton 1947 Trustee since 2002

Retired; member, State of Minnesota Council of Economic Advisors from 1988 to 1994, and again from 2010 to the present; various senior positions at American Express Financial Advisors (formerly Investors Diversified Services and, thereafter, IDS/American Express) from 1982 through 1997, including Chief Economist and, thereafter, Chief International Economist

Interested Trustee and Principal Executive Officer

David M. Kuplic 1957 Trustee since 2016 and President since 2011

Senior Vice President, Minnesota Life Insurance Company since June 2007; President, Securian AM since 2017; Executive Vice President and Director, Securian AM since July 2007; Senior Vice President and Director, Advantus Capital Management, Inc., February 2006 to July 2007; Senior Vice President, Securian Financial Group, Inc. since June 2007; President and Director, MIMLIC Funding, Inc. (entity holding legal title to bonds beneficially owned by certain clients of Securian AM) since July 2007; Senior Vice President, Securian Life


110


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

Insurance Company since June 2007; President and Director, Marketview Properties, LLC (entity holding real estate assets) since January 2010; President and Director, Marketview Properties II, LLC (entity holding real estate assets) since March 2010; President and Director, Marketview Properties III, LLC since January 2012; President, Marketview Properties IV, LLC since January 2012

Other Executive Officers(3)

Gary M. Kleist 1959 Vice President and Treasurer since 2003

Financial Vice President, Chief of Operations and Director, Securian AM since December 1997; Second Vice President, Minnesota Life Insurance Company since February 2000; Second Vice President, Securian Financial Group, Inc. since February 2000; Second Vice President, Securian Life Insurance Company since June 2007; Financial Vice President, Marketview Properties, LLC since January 2010; Financial Vice President, Marketview Properties II, LLC (entities holding certain real estate assets) since March 2010; Financial Vice President, Marketview Properties III, LLC since January 2012; Financial Vice President, Marketview Properties IV, LLC since January 2012

Daniel H. Kruse 1963 Vice President since 2017

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

Michael J. Radmer 1945 Secretary since 1998

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

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

(1)  Unless otherwise noted, the address of each Trustee and officer is the address of the Trust: 400 Robert Street North, St. Paul, Minnesota 55101.

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

(3)  Although not a 'corporate' officer of the Trust, Michael Steinert, 1975, serves as the Trust's Chief Compliance Officer. Mr. Steinert also serves as Vice President and Chief Compliance Officer of Securian AM.


111



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112


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113


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114



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

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

Securian Financial Services, Inc.

www.securian.com

Securities Dealer, Member FINRA/SIPC.

Registered Investment Advisor

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

1.888.237.1838

F38897 Rev 8-2018


Minnesota Life Insurance Company

A Securian Company

Securian Life Insurance Company

A New York admitted insurer

400 Robert Street North

St. Paul, MN 55101-2098

PRESORTED STANDARD
U.S. POSTAGE PAID
CAROL STREAM, IL
PERMIT NO. 1480

©2018 Securian Funds Trust All rights reserved.

F38897 Rev 8-2018

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



 

ITEM 2.  CODE OF ETHICS.

 

Filed herewith as Exhibit 12(a)(1).  During the period covered by this report, there has been no amendment to the code of ethics that relates to any element of the code of ethics definition set forth in paragraph (b) of Item 2 of Form N-CSR, nor has the registrant granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR.

 

ITEM 3.  AUDIT COMMITTEE FINANCIAL EXPERT.

 

The Board of Trustees of the Trust has determined that Julie K. Getchell, a member of the Board’s Audit Committee, possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Ms. Getchell as the Audit Committee’s financial expert.  Ms. Getchell is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

 

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

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

 

ITEM 5.  AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6.  SCHEDULE OF INVESTMENTS.

 

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

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 


 

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

 

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

 

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

 

ITEM 11.  CONTROLS AND PROCEDURES.

 

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

 

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

 

ITEM 12.  EXHIBITS.

 

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

 

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

 

Exhibit 99.CODE ETH attached hereto.

 

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

 


 

Exhibit 99.CERT attached hereto.

 

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

 

Not applicable.

 

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

 

Exhibit 99.906 CERT attached hereto

 


 

SIGNATURES

 

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

 

(Registrant) Securian Funds Trust

 

 

 

By (Signature and Title)

/s/ David M. Kuplic

 

David M. Kuplic, President

 

 

Date:  August 21, 2018

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

/s/ David M. Kuplic

 

David M. Kuplic, President (Principal Executive Officer)

 

 

By (Signature and Title)

/s/ Gary M. Kleist

 

Gary M. Kleist, Treasurer (Principal Financial Officer)

 

 

Date: August 21, 2018