N-CSR 1 tm2232421d1_ncsr.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4279

Securian Funds Trust

(Exact name of registrant as specified in charter)

400 Robert Street North

St. Paul, Minnesota 55101-2098

(Address of principal executive offices) (Zip code)

Paul J. Thibodeaux, Esq.

400 Robert Street North

St. Paul, Minnesota 55101-2098

(Name and address of agent for service)

Registrant's telephone number, including area code:

(651) 665-3500

Date of fiscal year end: December 31, 2022

Date of reporting period: December 31, 2022

ITEM 1. REPORT TO STOCKHOLDERS.

Filed herewith.

SECURIAN FUNDS TRUST

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

Annual report

December 31, 2022

SFT Balanced Stabilization Fund

SFT Core Bond Fund

SFT Delaware Ivy^SM Growth Fund

SFT Delaware Ivy^SM Small Cap Growth Fund

SFT Equity Stabilization Fund

SFT Government Money Market Fund

SFT Index 400 Mid-Cap Fund

SFT Index 500 Fund

SFT International Bond Fund

SFT Real Estate Securities Fund

SFT T. Rowe Price Value Fund

SFT Wellington Core Equity Fund

TABLE OF CONTENTS

	Page No.
*Letter from the President*		1
*Portfolio Manager Reviews*
SFT Balanced Stabilization Fund		2
SFT Core Bond Fund		7
SFT Delaware Ivy^SM Growth Fund		12
SFT Delaware Ivy^SM Small Cap Growth Fund		17
SFT Equity Stabilization Fund		21
SFT Government Money Market Fund		26
SFT Index 400 Mid-Cap Fund		28
SFT Index 500 Fund		32
SFT International Bond Fund		36
SFT Real Estate Securities Fund		41
SFT T. Rowe Price Value Fund		45
SFT Wellington Core Equity Fund		49
*Report of Independent Registered Public Accounting Firm*		53
*Investments In Securities*
SFT Balanced Stabilization Fund		54
SFT Core Bond Fund		61
SFT Delaware Ivy^SM Growth Fund		73
SFT Delaware Ivy^SM Small Cap Growth Fund		75
SFT Equity Stabilization Fund		77
SFT Government Money Market Fund		79
SFT Index 400 Mid-Cap Fund		80
SFT Index 500 Fund		87
SFT International Bond Fund		95
SFT Real Estate Securities Fund		98
SFT T. Rowe Price Value Fund		99
SFT Wellington Core Equity Fund		102
*Financial Statements*
Statements of Assets and Liabilities		104
Statements of Operations		106
Statements of Changes in Net Assets		108
Financial Highlights		113
Notes to Financial Statements		125
*Fund Expense Examples*		143
*Proxy Voting and Quarterly Holdings Information*		144
*Statement Regarding Liquidity Risk Management Program*		145
*Trustees and Executive Officers*		146

Letter from the President

Last year's market performance was one for the record books, but not in a positive way. While fourth quarter returns were generally upbeat, they were not enough to offset the significant losses occurring earlier in the year. Indeed, both equity and fixed income markets recorded sizable losses for the year, a most uncommon outcome.

A driving force in this market weakness was the Federal Reserve's attempt to slow inflation by raising short term interest rates, moving up the target Federal Funds rate to over 4 percent from near zero the year before. The last time rates had risen that aggressively was over forty years ago. Inflation appears to have peaked at 9.1 percent in June, but it still remains at unacceptable levels, so further Federal Reserve tightening is likely.

In 2023, optimistic corporate earnings expectations, continued geopolitical tensions and an inflation-fighting Federal Reserve will likely fuel continued volatility. For now however, the employment picture is strong, and services spending has been enough to offset weakness in manufacturing. But with so much ambiguity in the market, a recession—and higher unemployment—seem to be the base case for many market forecasters. Bond investors appear to be pricing Treasuries to reflect recession concerns, but corporate earnings estimates, and corporate bond spreads don't reflect a downturn. It appears that many risk assets still are not incorporating a generous margin of safety, therefore a level of caution is warranted.

As always, we believe the best investment tactic is to position for the long-term and use diversification to reduce risk of a downside surprise.

Sincerely,

David Kuplic
President, Securian Funds Trust

SFT Balanced Stabilization Fund

Jeremy Gogos, Ph.D., CFA, Merlin Erickson Portfolio Managers
Securian Asset Management

Fund Objective

The SFT Balanced Stabilization Fund seeks to maximize risk-adjusted total return relative to its blended benchmark index comprised of 60 percent S&P 500^® Index and 40 percent Bloomberg U.S. Aggregate Bond Index (collectively, the "Blended Benchmark Index"). The SFT Balanced Stabilization Fund invests primarily in Class 1 shares of the 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 Fund's 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

The Fund generated a total net return of -12.62 percent over the 12 months ending December 31, 2022, outperforming the Blended Benchmark Index which returned -15.79 percent over the same period.

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

Equity volatility is what guides the asset allocation of the Fund's strategy. When equity volatility is low, the equity exposure of this strategy will be high. Conversely, when equity volatility is high, the equity exposure of this strategy will be low.

In 2022, markets saw some of the worst risk asset performance in recent memory; essentially every major asset class delivered deeply negative performance. For example, for 2022, the S&P 500^® returned -18.11 percent for 2022, and the Bloomberg US Credit Index returned -15.76 percent. Commodities were a lone bright spot in an otherwise challenging year, as the Bloomberg Commodity Index closed out 2022 up 13.75 percent.

In our view, the primary driver of 2022's awful risk asset performance was the monetary policy tightening happening in concert around the globe. We will further discuss this topic shortly. For now, suffice to say that we view the 2022 S&P 500^® return of -18.11 percent, and realized volatility of 24.17 percent—an 85^th percentile value—as direct consequences of the aggressive monetary tightening the Federal Reserve (the "Fed") pursued in response to the severe inflation backdrop of late 2021 and early 2022.

Elevated volatility wasn't confined to equity. Rates and spreads also saw outsized moves through all of 2022. The 10-year U.S. Treasury yield, investment grade spreads, and high yield spreads all saw volatility in 2022 that ranked in the 82^nd to 83^rd percentile historically.

Realized 20-day S&P 500^® volatility saw a minimum of 13.29 percent, and a maximum of 34.87 percent, over the course of the year. Given this rather elevated volatility, the Fund equity exposure ranged from a minimum of 27.01 percent to a maximum of 50.25 percent, and averaged 36.10 percent for the year. This equity underweight was the primary reason the Fund outperformed its benchmark in 2022.

In absolute terms, the Fund's fixed income holdings modestly outperformed the benchmark's fixed income portion; they saw absolute returns of -12.69 percent and -13.07 percent, respectively. We continued to maintain an overall fixed income underweight relative to the benchmark for essentially all of 2022, and so the overall contributions to return for the Fund and benchmark fixed income were -4.10 percent and -5.19 percent, respectively.

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

In 2022, markets saw the correlation between the S&P 500^® and the 10-Year U.S. Treasury go deeply negative again. As we have highlighted previously, the idea of fixed income being a portfolio bulwark against equity losses relies on this correlation being positive. That is, as equity prices decrease, bond yields also decrease and, by extension, bond prices rise, offsetting the equity decline. The prevailing inflation backdrop through all of 2022, and the market expectations for central bank action that that backdrop created, caused equity and fixed income assets to move in tandem for most of 2022. As a result, the canonical 60/40 portfolio saw its second-worst year ever in the available daily history of the S&P 500^® Total Return and Bloomberg U.S. Aggregate Bond indexes (1989-present), sorted by worst percent return. For reference, 2008 saw a -20.91 percent return on the same portfolio.

The "growth over value" trade also largely unwound over the course of 2022. The high-flying tech-focused names that powered the absurd COVID-19 equity rally of 2020-2021, and which ended up accounting for a wildly outsized portion of the S&P 500^® market capitalization, saw extreme pullbacks in 2022. For example, Meta lost -64.22 percent, Tesla lost -65.03 percent, and Amazon lost -49.62 percent.

In short, 2022 exemplified the type of market regime we have repeatedly cautioned against, namely one in which investors need portfolio protection approaches beyond a fixed income allocation to mitigate losses.

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

Throughout the year, the Fund held a core long position in cash equity that tracks the S&P 500^®. In addition, the Fund had short positions in S&P 500^® futures, long and short S&P 500^® put options, long and short Chicago Board Options Exchange (CBOE) Volatility Index (VIX) call options, and long and short VIX put options. These derivative positions were held either as expressions of the target equity allocation of the Fund given prevailing volatility, or as supplemental hedges for managing the Fund's risk.

What will affect the Fund going forward?

By multiple measures, inflation continued to be a serious economic and political problem through all of 2022. Consumer Price Index (CPI) peaked at 9.1 percent year-over-year on June 30, 2022, and Personal Consumption Expenditures (PCE) printed a 5.20 percent year-over-year change on September 30, 2022. While these inflation metrics, along with market inflation expectations, have been on a downward trajectory to close out the year, every inflation metric is still well above the Fed's stated 2.0 percent target. As a result, 2022 saw the Fed embark on a very aggressive monetary tightening campaign. Its policy rate was at zero to begin 2022; it ended 2022 at 4.25 percent. The Fed Funds rate hasn't increased by more than 4 percent in a one-year period since 1981, when the Fed was contending with inflation of nearly 15 percent year-over-year, and its policy rate was north of 10 percent.

For numerous years, we have been bearish on equities. We viewed easy monetary policy as having distorted valuations across multiple asset classes, and we felt that investors were often foolheartedly latching onto growth narratives to rationalize buying indefensibly overpriced stock. Perhaps ironically, in a year where we view a recession as likely, we are more bullish on equity than we have been for quite some time.

First, let us address the notion of a potential recession. The 10-year to 3-month yield curve was inverted from November 8, 2022 through year-end, and hit a minimum of -85 basis points on December 7, 2022. As many market commentators note, this yield curve anomaly highlights overly aggressive monetary policy moves, and it has happened leading up to every recession in modern history. Based on this data point alone, we would expect a recession within the next 12-24 months. Further, it is worth reiterating that gross domestic product (GDP) printed negative growth in Q1 and Q2 of 2022.

We think signals from the consumer sector also suggest a slowing economy. Consumers have been saving a smaller fraction of their disposable income than ever, and credit card utilization has now reached pre-pandemic levels. Both trajectories are unsustainable. We interpret both of these data points as suggesting a material decrease in consumer demand as 2023 unfolds. When you combine these consumer metrics with rates market data that suggests the Fed has hiked its policy rate to an unsustainable level, we see a 2023 recession as a strong possibility.

Perhaps ironically, we view the somewhat grim macroeconomic picture as a potential tailwind for equities. Recent equity market responses to "easier" monetary policy suggest that any pivot in Fed policy will be enthusiastically received by risk markets. Further, in the asset rout of 2022, fundamental equity valuation metrics have reverted to more reasonable levels.

We also view recent geopolitical developments as supportive of a bullish equity view. First, while the response of Western nations has not been perfectly harmonious, our European allies have largely found ways to survive without Russian natural gas, and the Ukrainian resistance has proved a very formidable adversary for Russia's bumbling invasion force. As such, the potential impacts of Russian natural gas and oil supply shortages likely have fewer global economic knock-on effects than originally anticipated. Another key geopolitical development in late 2022 is that China abandoned its zero-COVID policy. The implementation of this policy change is taking an enormous human toll on the Chinese population, and we do not want to marginalize that tragedy. But, if we endeavor to keep our focus on economic issues, we anticipate that supply chain disruption will decrease materially once China's working population weathers this current COVID-19 wave that their government left them woefully unprepared for.

To summarize, we anticipate that the Fed is very close to the end of its tightening campaign. By extension, we think volatility will come down modestly from 2022 levels as 2023 unfolds. And, perhaps most importantly, we anticipate that a 2023 recession will give the Fed the justification it needs to pivot to monetary easing. Should this pivot come to pass, we think a broad risk asset rally is likely.

In a tactical sense, we will continue to use our volatility metrics to inform the equity allocation of the Fund. We will increase equity exposure if we believe volatility will decrease, and decrease equity exposure if we believe volatility will increase. Given our more bullish view of equity returns for the near future, we will maintain the Fund's equity exposure toward the upper end of its allowed range while keeping downside hedge positions in place.

Ten Largest Holdings^

Security description	Market value		% of net assets
iShares Core S&P 500 ETF	$	40,511,102		6.5	%
U.S. Treasury Note 1.000%, 12/15/24		14,509,453		2.3	%
SPDR S&P 500 ETF Trust		13,832,493		2.2	%
U.S. Treasury Note 3.875%, 12/31/27		9,312,015		1.5	%
Vanguard S&P 500 ETF		7,088,284		1.1	%
U.S. Treasury Bond 4.000%, 11/15/42		5,452,234		0.9	%
CenterPoint Energy Houston Electric LLC, Series AJ 4.850%, 10/01/52		2,979,109		0.5	%
Intercontinental Exchange, Inc. 4.350%, 06/15/29		2,907,195		0.5	%
M&T Bank Corp. 4.553%, 08/16/28		2,903,016		0.5	%
KeyBank NA 4.390%, 12/14/27		2,890,011		0.4	%
	$	102,384,912		16.4	%

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

Sector Diversification (shown as a percentage of net assets)

Asset Quality (shown as a percentage of fixed income investments)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Balanced Stabilization Fund,
the Blended Benchmark Index and Consumer Price Index (CPI)

On the chart above you can see how the SFT Balanced Stabilization Fund's shares total return compared to its Blended Benchmark Index, comprised of 60 percent of the S&P 500^® Index and 40 percent of the Bloomberg U.S. Aggregate Bond Index, and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2013 through December 31, 2022, assuming reinvestment of distributions, if any.

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

Securian Asset Management, Inc. ("Securian AM") and Securian Funds Trust, on behalf of the SFT Balanced Stabilization 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, 2021. The Expense Limitation Agreement was terminated on May 1, 2021. 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. 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 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 U.S. Aggregate Bond Index is an unmanaged benchmark composite representing the average market-weighted performance of U.S. Treasury and agency securities, investment grade corporate bonds and mortgage-backed securities with maturities greater than one year.

SFT Core Bond Fund

Stephen M. Kane, CFA, Laird R. Landmann, Bryan T. Whalen, CFA
Portfolio Managers
TCW

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 investment adviser for the Fund is Securian Asset Management, Inc. Metropolitan West Asset Management, LLC ("Met West") serves as the investment sub-adviser to the Fund and provides investment advice under a sub-advisory agreement. 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 Class 2 shares generated a total net return of -14.17 percent over the 12 months ending December 31, 2022, underperforming the Bloomberg U.S. Aggregate Bond Index which returned -13.01 percent over the same period.

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

While the challenging effects from the Federal Open Market Committee's shift in policy—from near-zero interest rates to one of the most aggressive hiking cycles in decades—was felt throughout nearly all segments of the market, perhaps no sector bore the brunt of this regime change more than residential Mortgage-Backed Securities ("MBS"). The mortgage market, spurred by pandemic-era stimulus and the Federal Reserve's (the "Fed") sizeable footprint in the agency MBS space, saw record low mortgage rates throughout 2020 and 2021, setting the stage for the downward repricing of the sector in 2022 as the surge in U.S. Treasury rates quickly moved a large segment of the mortgage universe "out of the money" (i.e., no incentive to refinance). As a result, durations extended across the coupon stack as prepayment expectations essentially fell to zero, and, when coupled with elevated volatility, increased hedging costs and heightened selling in the sector to meet outflows, the agency MBS sector posted the worst year of total returns on record, negatively impacting the Fund's sizeable allocation to the space. Similarly, spreads widened across non-agency backed issues amid broader macro uncertainty and elevated rate environment, resulting in falling prices across the sector and a headwind for performance.

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

Much as any year brings its share of the unexpected, possibly the biggest surprise of 2022 was the Fed finding a long-lost resolve in the face of a capital markets-wide selloff precipitated by a rooted and flowered inflation, germinated in the pandemic (and seeded decades prior). As for the markets, the tumult of the year would be hard to overstate. Pricing weakness was felt across asset classes with broad stock and bond measures dropping more than 15 percent, a first for the record books and a nemesis to diversification. Compounding the deleterious effect of one of the most hawkish and synchronized central bank tightening campaigns in history, low bond yields and relatively lofty stock valuations to start the year set the stage for such disappointing results. What periodic relief there was in 2022 manifested itself as a pattern of sporadic bear market rallies and a near obsession with the word "pivot", though optimism proved unsustainable. "Pivot" now follows "transitory" in the Fed lexicon...will it too be forgotten as Chair Powell stays a steady course?

Although late to take action to combat inflation, the Fed initiated its aggressive tightening measures in March to eventually get through four consecutive 75 basis point (bps) increases to the Fed Funds rate, followed by an additional 50 bps bump in December, bringing the target range to 4.25 percent to 4.50 percent by the end of the year. Resilient labor markets—sub 4 percent unemployment—provide continuing cover for an expected 50 bps of further tightening early in 2023 and peak short rates near 5 percent. Fed action has historically worked with a lag, though the first effects of slowing economic activity thus far have already shown up in the interest-rate sensitive housing market. Existing home sales fell for ten consecutive months in 2022, and are now down over 35 percent on a year-over-year basis as mortgage rates rose off historically low levels and affordability sharply deteriorated for new homebuyers on the higher financing costs and still high prices, at least for now.

Finding 4 percent for the first time since 2010 in early October and reaching a high of 4.24 percent later in the month, the 10-Year yield stabilized somewhat lower to close 2022 at 3.89 percent, though still nearly 240 bps above where it started the year. Fixed income remediated into the fourth quarter on reduced rate volatility, with the Bloomberg U.S. Aggregate Index actually gaining 1.9 percent, but year-to-date losses were too steep to overcome, falling a crushing 13 percent. Credit markets lagged in 2022 as spreads widened in both the investment grade and high yield markets. Despite widening, investment grade spreads around 130 bps are still moderately tighter than their long-term averages and substantially narrower than they have been in recessions, suggesting there is room for them to widen further in 2023 if the economy endures a more significant downturn. For leveraged finance, despite a 4Q rally of 4.2 percent, high yield bonds were down 11.2 percent for the year and the amount of distressed debt in the U.S. alone jumped more than 300 percent in 12 months.

Even more affected than the corporate market, agency MBS spreads reached levels similar to where they were in 2008, and delivered an 11.8 percent loss for 2022 despite clawing back 2.1 percent in the fourth quarter. Similarly, non-agency MBS spreads reflected weaker economic expectations than those priced by credit markets, resulting in deeply negative year-to-date returns (though better than the agency MBS market). Meanwhile, commercial real estate remains vulnerable as the work from home dynamic has weighed on office properties, adding to stress in brick-and-mortar retailers and translating to lagging results and an increasing percentage of Commercial Mortgage-Backed Securities ("CMBS") collateral loans going to special servicing. Both agency and non-agency CMBS tumbled approximately 11 percent on the year, with the agency market dragged down mostly on duration while non-agency CMBS experienced more pronounced spread widening. On the Asset-Backed Securities ("ABS") front, early signs of stress are emerging despite a modest current annual loss of 4.3 percent, with delinquencies and writeoffs picking up, especially among the highest risk borrowers.

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

Though repositioning into weakness generally produces challenges to immediate performance, improved valuations resulting from spread widening and increased volatility provided attractive opportunities to add exposure to high-quality corporate sectors and issuers, especially more defensive sectors that traditionally withstand prolonged bouts of volatility. As such, positions were added among consumer non-cyclicals, communications, and banking within financials. The resultant overweight to non-cyclicals contributed positively to relative performance as the sector outpaced the broader Index, though communications and financials lagged. Banking was among the largest additions to the corporate basis during the year given strong balance sheets and well-regulated emphasis of liquidity and capital across the sector, though the liquidity needs for many banks led to programmatic issuance and a concomitant widening of spreads past the rest of the investment grade corporate universe. Consistent with the team's relative value discipline, exposure was added to the sector in a disciplined, dollar-cost averaging manner on these increased spread levels.

Similarly, wide spreads and discount dollar pricing provided opportunity to increase the Fund's allocation to residential MBS, which weighed on returns given the significant underperformance of both agency and non-agency backed issues. The immediate performance drag notwithstanding, the team remains constructive on both the relative value and outlook for the sector. Agency MBS, largely "priced to worst" amid fully extended durations, presents upside optionality should rate volatility level off or drop in the coming year, while the relatively high liquidity and government guarantee further underpin constructive sentiment. Among non-agency deals, despite current low prices, collateral backing the deals benefits from record levels of home price appreciation, decreasing

loan to value ratios, improved lending standards, and structural supply and demand imbalances, all of which should help to cushion the sector, even in a recessionary environment.

What will affect the Fund going forward?

The path towards economic stability will be challenging as uncertainty over the trajectory of monetary policy, inflation, and geopolitical tensions renders the market susceptible to continued volatility. Without question, the effects of higher rates and tighter financial conditions will continue to be felt into 2023, with a recession the most likely outcome. However, unlike the last two recessions, we believe this one is not likely to be crisis-driven (i.e., subprime meltdown or pandemic), but rather by the Fed, suggesting a different look than recent versions. As such, the team's approach is to remain disciplined and opportunistic. Specific to the inflation picture in the U.S., prices appear to have peaked, with expectations for further deceleration as economic activity slows. As a corollary to that, it is anticipated that the yield curve will steepen significantly, with the two-year rate dropping quickly to reflect an easing Fed (by year-end 2022, the curve has steepened more than 30 bps from the cycle low). Positioning reflects this, under a belief that disciplined active managers will be well-situated to take advantage of market volatility and thus set the stage for strong prospective returns.

With the bellwether Treasury yield above the team's estimate of sustainable levels, the duration of the strategy was extended throughout 2022 to approximately 0.5 years long versus the Index. On sector positioning, allocations dictate caution given that corporate spread levels remain insufficient. As such, the strategy emphasizes more resilient sectors and issues subject to less would-be volatility, with the expectation that as recession unfolds, the non-linear move in spreads will allow for de-risking as valuations improve, while maintaining room to increase exposure during larger corrections. Unlike credit markets, both agency and non-agency MBS prices reflect economic pressure, and represent what we view as attractive value at this point. Expectations are that agency MBS could be used as buy liquidity for other opportunities in market volatility. As for non-agency holdings, especially long-seasoned legacy issues, these continue to exhibit good collateral performance, i.e., low delinquencies and improving loan-to-value ratios, though some volatility is possible, particularly if unemployment rises. The team remains selective in these sectors and, similar to credit, will look to reduce higher quality holdings, using proceeds to migrate down the quality spectrum as valuations cheapen to improve the return outlook. Finally, exposure to other securitized issues is higher quality, particularly in the CMBS market, which faces stress in 2023 as rising delinquencies ultimately filter through to defaults and losses. ABS at the top of the capital structure provides what we believe to be fair compensation given robust structures, with an ongoing focus on off-the-run sectors that offer more attractive yields than more traditional credit cards and auto receivables.

Ten Largest Holdings^

Security description	Market value		% of net assets
U.S. Treasury Bond 2.000%, 11/15/41	$	34,735,371		7.9	%
Federal National Mortgage Association 2.500%, 12/25/51, TBA		25,285,488		5.8	%
Federal National Mortgage Association 5.000%, 01/12/53, TBA		21,151,711		4.8	%
Federal National Mortgage Association 2.000%, 01/12/53, TBA		16,481,938		3.8	%
Federal National Mortgage Association 3.000%, 02/25/52, TBA		15,498,984		3.5	%
U.S. Treasury Bond 4.000%, 11/15/52		15,343,659		3.5	%
U.S. Treasury Note 3.750%, 12/31/27		9,122,788		2.1	%
Federal National Mortgage Association 2.000%, 11/01/51		8,401,492		1.9	%
Federal National Mortgage Association 4.500%, 01/12/53, TBA		6,296,625		1.4	%
U.S. Treasury Note 3.875%, 11/30/27		5,920,849		1.3	%
	$	158,238,905		36.0	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Asset Quality (shown as a percentage of investments)

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

On the chart above you can see how the SFT Core Bond Fund's Class 2 shares total return compared to the Bloomberg U.S. Aggregate Bond Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2012 through December 31, 2022, assuming reinvestment of distributions, if any.

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

SFT Delaware Ivy^SM Growth Fund

Bradley M. Klapmeyer, CFA, Brad Angermeier, CFA Portfolio Managers
Delaware Investments Fund Advisers

Fund Objective

The SFT Delaware Ivy^SM Growth Fund seeks to provide growth of capital. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks issued by large capitalization companies. The investment adviser for the Fund is Securian Asset Management, Inc. Delaware Investments Fund Advisers serves as investment sub-adviser to the Fund and provides investment advice under a sub-advisory agreement. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for large cap stocks or in the equity markets generally.

Performance Update

The Fund generated a total net return of -27.15 percent over the 12 months ending December 31, 2022, outperforming the Russell 1000 Growth^® Index which returned -29.14 percent over the same period.

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

After solid gains of 38.5 percent and 27.6 percent respectively for 2020 and 2021, the Russell 1000 Growth^® Index posted a sizeable drawdown of 29.1 percent for calendar year 2022. Despite this decline, it is important to keep things in perspective. Excluding a slight drop of 1.5 percent in 2018, this marks the first year of a significant negative return for the Fund's benchmark since the recession of 2008-2009.

While value styles shined during 2022, there were also moments of clarity wherein investors were drawn back to business quality—profitability, cash flow, and competitive advantage—as a necessary consideration. The market's hunt for the next "thematic" trade, whether that be a peak interest rates, lower inflation, or a Federal Reserve (the "Fed") policy pivot, was not a sustainable and repeatable investment strategy. It is not surprising that in a period when the relative growth of many "hyper-growth" companies disappointed, investors returned to a theme with lasting power—business quality.

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

There were some key events that occurred in 2022 that will shape the outlook for the coming year. Particularly notable was the aggressive increase of interest rates by the Fed. The Fed raised rates 4.25 percent, starting at near zero in March 2022 and ending the year at 4.375 percent. Additionally, starting in June 2022 the Fed initiated quantitative tightening by reducing its balance sheet by $80 to $90 billion per month. The inversion of the yield curve provided support for those arguing a recession is on the horizon.

This aggressive policy response was necessary as inflation hit a four-decade high. While a portion of the sharp move higher in inflation was attributable to unique circumstances associated with the pandemic, such as supply disruptions and continued China COVID-19 lockdowns, the services component continued to remain elevated. Exiting the year, the Fed made it clear that it wants to address the "stable prices" portion of its dual mandate and that it, too, believes some amount of economic pain is required to get there.

Labor markets remained strong throughout the year. The unemployment rate remained at a 50-year low despite the Fed's tightening and clear signals of economic slowing. One clear signal of slowing was the move lower in manufacturing data with headline data hovering around contraction territory. Housing data weakened as activity was directly affected by the higher rates, which more than doubled from their lows, cratering affordability. The ripple effects from a slowdown in housing can easily turn into waves given its importance to the overall economy.

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

From a sector perspective, strong stock selection in the consumer discretionary, information technology (IT) and communication services sectors were the largest contributors to the Fund's outperformance. Stock selection in the industrials and financials sectors, along with underweight positions in the energy and healthcare sectors, were the largest detractors to the Fund's performance.

The consumer discretionary sector was the largest contributor to the Fund's outperformance. Lack of exposure to Tesla Inc., accounted for most of the Fund's consumer discretionary contribution. We remain convicted in our view that economics in the auto industry will be competed away over time and Tesla is overpriced relative to its realizable future earnings. Additional positive contributors, but of lesser magnitude, included LVMH Moet Hennessy Louis Vuitton SE Unsponsored ADR and Ferrari NV.

Positive relative performance in the IT sector was helped by outperformance from the Funds overweight positions in Motorola Solutions Inc., Visa Inc., and VeriSign Inc. Each of these names provide critical components or services to their customers such that their businesses should be able to outperform in periods of economic weakness. These positive contributions were able to overwhelm negative stock contributions from PayPal Holdings Inc., Salesforce Inc., and NVIDIA Corp.

Within communications services sector, relative outperformance was driven by Electronic Arts Inc. Despite benefiting from the pandemic, Electronic Arts has been able to sustain growth due to subscription-like video game franchises. Lack of exposure to Netflix, Inc. and an underweight exposure to Meta Platforms, Inc. also drove the Fund's outperformance.

The relative underperformance within the industrials sector was driven by weakness in TransUnion and Stanley, Black & Decker Inc., along with a lack of exposure to a machinery stocks. TransUnion's weakness was related to the company's exposure to both mortgage activity and to fintech health. Stanley, Black & Decker struggled to forecast end-market demand and was also hit with input prices. Machinery stocks, such a Caterpillar Inc. (not owned), saw strong relative performance as investors favored relative value. Notable positive offsets to this industrials' headwind were relative strength from the Fund's overweight positions in CoStar Group Inc. and J.B. Hunt Transport Services Inc.

The energy sector was a negative contributor during the year as the Fund lacked exposure. Energy was driven by rising commodity prices related to unfortunate geopolitical events. We remain comfortable with our lack of exposure to these transitory trends.

What will affect the Fund going forward?

We are full of optimism that the current environment, while volatile, is extremely ripe for active stock picking to generate significant value. It is unlikely that we will return to a zero-rate environment and with that regime change comes a different set of standards. Higher valuation levels and access to capital will have to be earned through consistent growth, strong cash generation, strong profitability, and disciplined capital management. The days of free money and an "everyone wins" mentality is likely behind us.

We believe this regime change will highlight the importance of high-quality stock selection and the minimization, through a disciplined process, of behavioral mistakes. The likelihood of false positives, or mistakes, has already dramatically increased in the post-pandemic reopening euphoria and we believe this will likely continue to increase over the coming years. The tendency to favor growth as a way to validate quality will be exposed as a poor investment strategy resulting in a high degree of what we call "growth flame-outs" that can be associated with material disappointment.

Inflationary pressures are cooling, but they may prove to be more resilient. This is important because the persistence of inflation could keep the Fed involved longer, which we believe has negative ramifications on economic activity both for 2023 and likely for 2024. Risk assets (cyclicals and high growth) will periodically react

positively to the concept of a "Fed Pivot" wherein the central bank would slow or pause its rate hikes, thereby creating a bullish narrative. We believe these "risk-on" events will be difficult to sustain until expectations are reset materially lower and overly optimistic outlooks are extinguished.

Investors should favor these high-quality stocks through cycles, and especially in periods of downside volatility, as we believe quality-first investing is a superior long-term strategy for durable compounding. If downside volatility does not surface, we believe our portfolio of high-quality growth stocks will likewise shine as their "growthy" attributes will prove to be more sustainable, remain underappreciated and allow for strong upside participation.

Our conviction is high as we believe business quality is more persistent than growth, and through-the-cycle outperformance can be achieved through a disciplined stock selection process that prioritizes high-quality business models first and growth second.

Ten Largest Holdings^

Security description	Market value		% of net assets
Microsoft Corp.	$	59,118,508		12.4	%
Apple, Inc.		37,856,924		7.9	%
Visa, Inc. Class A		28,353,423		5.9	%
Alphabet, Inc. Class A		24,128,611		5.0	%
Motorola Solutions, Inc.		23,366,050		4.9	%
VeriSign, Inc.		22,922,584		4.8	%
Amazon.com, Inc.		22,425,060		4.7	%
UnitedHealth Group, Inc.		20,417,232		4.3	%
CoStar Group, Inc.		20,280,745		4.2	%
Coca-Cola Co.		16,081,499		3.4	%
	$	274,950,636		57.5	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

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

On the chart above you can see how the SFT Delaware Ivy^SM Growth Fund's shares total return compared to the Russell 1000 Growth^® Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2022, assuming reinvestment of distributions, if any.

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

'Ivy' is the registered service mark of Ivy Distributors, Inc., an affiliate of the Delaware Investments Fund Advisers, the Fund's sub-adviser.

SFT Delaware Ivy^SM Small Cap Growth Fund

Timothy J. Miller, CFA, Kenneth G. McQuade, CFA Portfolio Managers
Delaware Investments Fund Advisers

Fund Objective

The SFT Delaware Ivy^SM Small Cap Growth Fund seeks to provide growth of capital. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks issued by small capitalization companies. The investment adviser for the Fund is Securian Asset Management, Inc. Delaware Investments Fund Advisers serves as investment sub-adviser to the Fund and provides investment advice under a sub-advisory agreement. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for small cap stocks or in the equity markets generally.

Performance Update

The Fund generated a total net return of -26.87 percent over the 12 months ending December 31, 2022, underperforming the Russell 2000 Growth^® Index which returned -26.36 percent over the same period.

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

For small-cap growth stocks, 2022 was the third-worst year of the past 25, eclipsed only by the global financial crisis of 2008-2009 and the 2002 "tech bubble." The double-whammy of rising interest rates, which hurt valuations, and the lingering pandemic-induced economic disruption, which dampened earnings estimates, was largely responsible. The 10-year Treasury yield, which had been in a downtrend since 2008, bottomed near zero and remained there for almost a year following the onset of the pandemic. In 2021, growth stocks thrived as the economy responded to significant fiscal and monetary stimulus. Earnings growth surged for most major sectors of the market. But that surprisingly strong growth led to significant shortages and supply-chain disruptions that fueled inflation and led to the conditions that stifled equity markets in 2022.

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

Small-cap growth stocks had been a major beneficiary of the low interest rate, healthy economic environment and were thus vulnerable to rising rates. During 2022, the 10-year Treasury yield rose from 1.5 percent to 3.9 percent and the yield curve inverted midway through the year. High yield spreads rose more than 250 basis points by midyear signaling increased concern about a potential recession (a basis point equals one-hundredth of a percentage point). The combination crushed small-cap growth stocks by the end of the second quarter. A brief attempt at a late summer rally was thwarted over the balance of the year. The Russell 2000^® Growth Index declined more than 26 percent for the year and lagged the Russell 2000^® Value Index, which declined 16 percent. High-valuation, non-earning growth stocks were punished the most during the year. Energy was the only sector to generate a positive return. The worst-performing sectors were communication services, consumer discretionary, real estate, and information technology (IT).

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

Throughout the fiscal year, the Fund consistently maintained its strategy of diversifying across sectors while emphasizing quality growth companies. The Fund performed ahead of the benchmark for most of the year before it succumbed to the relentless pressure on growth stocks. Those stocks that had outperformed most during the year were the last targets of the selloff. Energy stocks were a prime example. Although energy companies dramatically outperformed for the first 10 months of the year, beginning in mid-November, energy stocks sold off significantly in spite of a fundamental outlook that remains healthy. BJ's Wholesale Club Holdings Inc. was another example. A large position in the Fund, BJ's had been a strong performer throughout the year but fell under the pressure of the

market selloff—again, despite consistently good sales and earnings results. The Fund's attribution for the year shows that stock selection contributed positively in all sectors of the Fund except healthcare.

Sector allocation, or weighting, detracted in the IT sector, which was consistently overweight the benchmark during the fiscal period. The Fund's small underweight in the energy sector also detracted. The benchmark energy sector was up 41.9 percent for the year while the Fund gained 39.4 percent. A weighting of one percentage point below the benchmark was to blame.

The Fund's allocation to the healthcare sector detracted, primarily the result of poor stock selection. Several holdings that previously were strong performers drastically reversed course due to high valuations, underwhelming profitability, weakness in procedure volumes, and disappointing sales as potential customers were constrained by rising prices. The overall healthcare sector underperformed the broader index, a departure from typical down years. More specifically, small-cap healthcare did not perform like a defensive sector. The repercussions of COVID-19 on the healthcare system lasted well beyond expectations. Many companies with new products or services faced challenges getting in front of decision-makers, obtaining budget sign offs, or hiring personnel to accept, install, and implement new product platforms.

In many cases we felt the new product or service was superior and would gain traction in the marketplace, but that scenario was rarely realized. For example, Omnicell Inc. has a best-in-class solution for medication management that has successfully gained share in past years but hit a significant wall this period due to budget constraints and facilities' inability to implement new platforms while labor is scarce. As a result, previously consistent revenues and bookings dried up for several quarters and visibility was lost.

For the healthcare sector as a whole, we decided to maintain our positions in some companies where we felt sufficiently confident that competitive advantages remained compelling. In other instances, we exited our positions and moved on. We may renew those positions if and when sales visibility better matches our investment horizon. Through this environment, we maintained our long-term philosophy of owning names with novel offerings that make healthcare more efficient and value based.

The industrials sector contributed on both an absolute and relative basis during the period, benefiting from advantageous stock selection. Our neutral allocation also contributed slightly as the industrial sector outperformed the market as a whole. We had exposure to alternative energy, resource management, and electrification, which we think have plenty of demand and visibility going forward. Lesser exposure to housing-related names, such as building supplies, and areas only growing via cyclical inflation also aided performance. We maintained our process of searching for areas of the economy that have long-term growth potential rather than attempting to time cyclical stocks.

The consumer discretionary sector was the largest positive contributor for the year while the IT sector was a modest drag. Stock selection led the way in the consumer discretionary sector. Monarch Casino & Resort Inc., Texas Roadhouse Inc., and Visteon Corp. were all significant contributors. Other relative contributors (declining less than the Russell 2000 Growth^® Index) included Churchill Downs Inc. and Marriott Vacations Worldwide Corp. Pent-up demand for experiences, both travel and dining, helped drive success for these companies.

The IT sector has historically been a large driver of outperformance for the Fund and we expect it will continue to be the most-favored sector from a fundamental growth perspective. That said, the sector corrected last year, reflecting the macro factors mentioned above. We reduced our large overweight versus the index throughout the year as we exited less-seasoned companies in favor of a higher quality, profitable group of stocks. The result was performance for the year that essentially matched the benchmark, with the drag from an overweight offset by modestly positive stock selection. The Fund also benefited from several take-outs as private equity firms took advantage of lower stock prices to make strategic acquisitions. Sailpoint Technologies Holdings Inc., ForgeRock Inc., and Switch Inc. were among the companies acquired.

What will affect the Fund going forward?

At the end of the Fund's fiscal year, we see no need to change its strategic positioning as we navigate through the headwind of interest rate hikes and their impact on the economy. Clearly a lot of damage has been done to small-cap stock valuations, obviating the need to be overly defensive. The Fund's emphasis on high-quality, sustainable-growth businesses across all major sectors of the market has worked well in the small-cap growth asset class and remains the focus of the Fund.

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
BJ's Wholesale Club Holdings, Inc.	$	3,992,756		2.8	%
Allegro MicroSystems, Inc.		3,852,917		2.7	%
Visteon Corp.		3,284,618		2.3	%
Red Rock Resorts, Inc. Class A		3,243,291		2.3	%
Marriott Vacations Worldwide Corp.		3,145,637		2.2	%
Kinsale Capital Group, Inc.		2,988,912		2.1	%
Cactus, Inc. Class A		2,977,503		2.1	%
Paycor HCM, Inc.		2,829,270		2.0	%
Inmode Ltd.		2,754,077		2.0	%
Texas Roadhouse, Inc.		2,748,509		2.0	%
	$	31,817,490		22.5	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

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

On the chart above you can see how the SFT Delaware Ivy^SM Small Cap Growth Fund's shares total return compared to the Russell 2000 Growth^® Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2022, assuming reinvestment of distributions, if any.

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.

'Ivy' is the registered service mark of Ivy Distributors, Inc., an affiliate of the Delaware Investments Fund Advisers, the Fund's sub-adviser.

SFT Equity Stabilization Fund

Jeremy Gogos, Ph.D., CFA, Merlin Erickson
Portfolio Managers
Securian Asset Management

Fund Objective

The SFT Equity Stabilization Fund seeks to maximize risk-adjusted total return relative to its blended benchmark index comprised of 60 percent S&P 500^® Low Volatility Index, 20 percent S&P 500^® BMI International Developed Low Volatility Index and 20 percent Bloomberg U.S. 3-Month Treasury Bellwether Index (collectively, the "Blended Benchmark Index"). The SFT Equity Stabilization Fund invests at least 80 percent of its assets in equity securities. Equity securities include those that are equity based, such as ETFs that invest primarily in U.S. and foreign equity securities. The Fund is subject to risks associated with such investments as described in detail in the Fund's 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

The Fund generated a total net return of -9.71 percent over the 12 months ending December 31, 2022, underperforming the Blended Benchmark Index which returned -4.59 percent over the same period.

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

Equity volatility is what guides the asset allocation of the Fund's strategy. When equity volatility is low, the equity exposure of the Fund's strategy will be high. Conversely, when equity volatility is high, the equity exposure of the Fund's strategy will be low.

In 2022, the markets saw some of the worst risk asset performance in recent memory, and the losses were not concentrated in a single asset class; essentially every major asset class delivered deeply negative performance in 2022. For example, the S&P 500^® returned -18.11 percent for 2022, and the Bloomberg US Credit Index returned -15.76 percent. Commodities were a lone bright spot in an otherwise challenging year, as the Bloomberg Commodity Index closed out 2022 up 13.75 percent.

Realized 20-day S&P 500^® volatility saw a minimum of 13.29 percent, and a maximum of 34.87 percent, over the course of the year. Similarly, the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) varied from a minimum of 16.60, to a maximum of 36.45, over the course of 2022. Its average value for the year was 25.62. Given this rather elevated volatility, the Fund equity exposure ranged from a minimum of 51.01 percent to a maximum of 92.92 percent, and averaged 70.78 percent for the year. This equity underweight was a key driver of performance for the Fund this past year. Style allocation within equity also drove performance through the Fund's low volatility and dividend-focused equity.

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

In 2022, the markets saw the correlation between the S&P 500^® and the 10-year U.S. Treasury go deeply negative again. This correlation closed out 2022 at -0.45. As we have highlighted previously, the idea of fixed income being a portfolio bulwark against equity losses relies on this correlation being positive. That is, as equity prices decrease, bond prices rise, offsetting the equity decline. The prevailing inflation backdrop through all of 2022, and the market expectations for central bank action that that backdrop created, caused equity and fixed income assts to move in tandem for most of 2022. Thus, the canonical 60/40 portfolio saw its second-worst year ever (-15.56 percent) in the available daily history of the S&P Total Return and Bloomberg Aggregate indexes. For reference, 2008 saw a -20.91 percent return on the same portfolio.

The "growth over value" trade largely unwound over the course of 2022. The high-flying tech-focused names that powered the absurd COVID-19 equity rally of 2020-2021, and which ended up accounting for a wildly outsized portion of the S&P 500^® market capitalization, saw extreme pullbacks in 2022. For example, Meta lost -64.22 percent, Tesla lost -65.03 percent, and Amazon lost -49.62 percent.

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

Throughout the year, the Fund held a core long position in domestic and international minimum volatility and dividend-focused cash equity. In addition, the Fund had long and short positions in S&P 500^® futures, long and short S&P 500^® put options, long and short S&P 500^® call options, long and short Chicago Board Options Exchange (CBOE) Volatility Index (VIX) call options, and long and short VIX put options. These derivative positions were held either as expressions of the target equity allocation of the Fund given prevailing volatility, or as supplemental hedges for managing the Fund's risk.

What will affect the Fund going forward?

By multiple measures, inflation continued to be a serious economic and political problem through all of 2022. Consumer Price Index (CPI) peaked at 9.1 percent year-over-year on June 30, 2022, and Personal Consumption Expenditures (PCE) printed a 5.20 percent year-over-year change on September 30, 2022. While these inflation metrics, along with market inflation expectations, have been on a downward trajectory to close out the year, every inflation metric is still well above the Fed's stated 2.0 percent target. As a result, the Fed hiked its policy rate from zero to begin 2022, to 4.25 percent at the end of the year. The Fed Funds rate hasn't increased by more than 4 percent in a one-year period since 1981, when the Fed was contending with inflation of nearly 15 percent year-over-year, and its policy rate was north of 10 percent.

Ten Largest Holdings^

Security description	Market value		% of market value
iShares Edge MSCI Minimum Volatility USA ETF	$	105,101,035		32.0	%
iShares Edge MSCI Minimum Volatility EAFE ETF		79,735,463		24.3	%
iShares Core High Dividend ETF		59,510,825		18.1	%
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		21,385,516		6.5	%
iShares MSCI Germany ETF		16,326,301		5.0	%
BlackRock Short Maturity Bond ETF		15,698,407		4.7	%
	$	297,757,547		90.6	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Equity Stabilization Fund,
the Blended Benchmark Index and Consumer Price Index (CPI)

On the chart above you can see how the SFT Equity Stabilization Fund's shares total return compared to its Blended Benchmark Index, 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 U.S. 3-Month Treasury Bellwether Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on November 18, 2015 through December 31, 2022, assuming reinvestment of distributions, if any.

Securian Asset Management, Inc. ("Securian AM") and Securian Funds Trust, on behalf of the SFT Equity Stabilization 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, 2021. The Expense Limitation Agreement was terminated on May 1, 2021. 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. 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 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 U.S. 3-Month Treasury Bellwether Index tracks the market for the on-the-run 3-month Treasury bill issued by the U.S. government.

SFT Government Money Market Fund

Lena Harhaj, CFA, Katie Brisson
Portfolio Managers
Securian Asset Management

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 percent 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

The Fund generated a total net return of 1.12 percent over the 12 months ending December 31, 2022; the 3-month U.S. Treasury Bill returned 1.51 percent over the same period.

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

Money market funds in general outperformed stock and bond investments during the last year. Rates increased across the entire U.S. Treasury curve during an active Federal Reserve (the "Fed") hiking cycle. The Federal Open Market Committee voted to increase rates in 7 of the 8 meetings for a total of 425 basis points.

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

Rates on the short end of the U.S. Treasury curve increased approximately 400-450 basis points, while the longer dated tenors ranged 200-325 basis points.

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

The Fund continues to pick up incremental yield versus U.S. Treasury Bills by purchasing short-dated Agency Discount Notes.

What will affect the Fund going forward?

As the Fed finishes it's hiking cycle, short term rates will have settled to levels not seen since 2007. The yield curve remains inverted from 6-months to 10-year tenors and is therefore not incentivizing any duration extension in the broad fixed income market. The supply and demand of money market instruments, and in particular the gap, will impact yields in short-dated U.S. Treasury bills to the extent that they trade through reverse repo rates.

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 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 (the "Trust") approved a Restated Net Investment Income Maintenance Agreement among the Trust (on behalf of the Fund), Securian Asset Management, Inc. ("Securian AM") 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 the Fund's 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%. 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, 2023, 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 the Trust, on behalf of the 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 Fund's business), to 0.70% of the Fund's average daily net assets through April 30, 2023.

The Expense Limitation Agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 day's 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 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. 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 in the Fund's prospectus.

SFT Index 400 Mid-Cap Fund

James Seifert
Portfolio Manager
Securian Asset Management

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 (the "S&P MidCap 400^®"). It is designed to provide an economical and convenient means of maintaining a diversified portfolio in this equity security area as part of an overall investment strategy. The risks incurred by investing in the SFT 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 MidCap 400^®, and the risk of declines in the market for mid-cap stocks or in the equity markets generally.

Performance Update

The Fund's Class 2 shares generated a total net return of -13.60 percent over the 12 months ending December 31, 2022; the S&P MidCap 400^® returned -13.06 percent over the same period.

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

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

Only two of the nine sectors posted positive annual returns. Energy names, representing a 1.85 percent weight in the index, ended the year up 26.8 percent followed by the utility sector which ended the year up 6.4 percent. The materials and services sector, the largest sector—representing a 29.8 percent weight in the index, ended the year down 14.29 percent. However, the consumer durables sector, representing a 7.52 percent weight in the index, turned in the worst return down 21.98 percent. In terms of size, decile 2, (decile segments consist of 40 names sorted by market capitalization) consisting of names with market capitalizations between $8.9 billion and $11.1 billion and representing 15.2 percent of the index, ended the period with the worst return down 21.5 percent. All other decile groups ended the year with negative returns.

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

The S&P MidCap 400^® enjoyed a nice Q4 return of 10.78 percent. But the good performance in the fourth quarter wasn't enough to prevent a bloodbath for the year. With short-term treasuries closing December at over 4 percent, investors pummeled valuations on stocks and bonds that began the year with low yields. The Federal Reserve (the "Fed") hiked rates by over 4 percent during the year. When the dust cleared, long bonds produced equity-like losses with the Bloomberg Long Treasury Index returning a negative 29 percent for the year and the Bloomberg Corporate Bond Index losing over 15 percent. Commodities were the best performers against the inflationary backdrop though most of the performance came in the first half.

Most active market participants have never experienced a hiking cycle like this. At the beginning of the year, policymakers expected inflation to fall on its own as pandemic effects burned off. Instead, inflation broadened, and wage growth picked up. In response, the Fed raised rates seven times to increase the Federal Funds rate target by over 4 percent while signaling more to come. The last time policymakers increased rates this quickly was 1979-1980. Investors will also get a better feel for the impact of quantitative tightening in coming months. The Fed's asset reduction program reached its run rate in the fourth quarter and will add to tightening conditions.

Inflation rolled over but is still at an unacceptable level as the Consumer Price Index (CPI) fell from its June peak of 9.1 percent to just over 7 percent in November. Supply chain bottlenecks are receding, and interest rates are taking a bite out of the housing market and related spending. Unfortunately, inflation remains a problem as consumers pivot to spending their savings on experiences, eating out and higher rents. Companies are still having to pay higher wages to attract workers.

The bottom line is that while the peak is almost certainly behind us, we don't have clarity about where inflation will normalize. Until the Fed sees a clear path to core inflation below 3 percent, policymakers are likely to seek tighter financial conditions.

What will affect the Fund going forward?

Inflation isn't the only thing slowing. Real gross domestic product ("GDP") growth for 2022 is likely to be much lower than anticipated at the beginning of last year, but solid, if unspectacular, all the same. However, estimates for 2023 are coming down quickly as the Fed turns the screws. According to Bloomberg, the median estimate for real GDP growth among economists polled is only 0.3 percent for the year, dangerously close to a recession. Investors are betting on a downturn, accepting lower yields on longer bonds compared to short paper. This inversion means that investors expect the Fed to have to start lowering rates in the second half of next year as the economy falls into a recession. The New York Fed's probability of recession index is at a level that preceded previous downturns. Saying that, these indicators have variable lags. For now, the employment picture is strong, and services spending has been enough to offset weakness in manufacturing.

Expectations for calendar year 2023 are surprisingly resilient with 5.3 percent expected earning per share ("EPS") growth on 3.3 percent revenue growth, implying margin expansion at a time when the economy is teetering near a recession. Overly optimistic earnings expectations continued geopolitical tensions and an inflation-fighting Fed will likely underpin continued volatility. Policymakers are faced with contradictory signals—manufacturing weakness vs services strength, weaker leading indicators measured against relatively strong concurrent data, and strong wage growth vs waning pandemic savings. The net result is a noisy economy that's drifting downward while the Fed tries to fine-tune its policies with imperfect information. While the timing is uncertain, this makes a recession our base case.

A recession—and higher unemployment—seem to be the base case for many market participants, yet volatility and spreads declined during the last quarter. Bond investors are pricing treasuries to reflect recession concerns, but earnings estimates and spreads don't reflect a downturn. Risk assets still are not incorporating a generous margin of safety as the Fed tightens into a slowdown. These conditions may set the stage for a capitulation if the data disappoint.

Ten Largest Holdings^

Security description	Market value		% of net assets
Fair Isaac Corp.	$	1,380,326		0.7	%
First Horizon Corp.		1,208,119		0.6	%
United Therapeutics Corp.		1,176,321		0.6	%
Hubbell, Inc.		1,168,002		0.6	%
RPM International, Inc.		1,160,142		0.6	%
Carlisle Cos., Inc.		1,125,229		0.6	%
Reliance Steel & Aluminum Co.		1,091,961		0.6	%
AECOM		1,091,520		0.5	%
Toro Co.		1,090,116		0.5	%
Neurocrine Biosciences, Inc.		1,055,133		0.5	%
	$	11,546,869		5.8	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

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

On the chart above you can see how the SFT Index 400 Mid-Cap Fund's Class 2 shares total return compared to the S&P MidCap 400^® Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2012 through December 31, 2022, assuming reinvestment of distributions, if any.

The S&P MidCap 400^® Index provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500^®, is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.

"Standard & Poor's^®", "S&P^®", "Standard & Poor's MidCap 400^®" and "S&P MidCap 400^®" are trademarks of the S&P Global, Inc. and have been licensed for use by the Securian Funds Trust—SFT 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.

SFT Index 500 Fund

James Seifert
Portfolio Manager
Securian Asset Management

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 (the "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 Class 2 shares generated a total net return of -18.47 percent over the 12 months ending December 31, 2022; the S&P 500^® returned -18.11 percent over the same period.

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

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

Only one of the nine sectors posted positive annual returns. Energy names, representing a 2.58 percent weight in the S&P 500^® index, ended the year up 68 percent. The technology sector, the largest sector—representing 31.1 percent weight in the S&P 500^® index, ended the year down 26.9 percent. However, consumer durable names, representing a 3.9 percent weight in the S&P 500^® index, turned in the worst return down 46.7 percent. In terms of size, decile 1, (decile segments consist of 50 names sorted by market capitalization) consisting of the mega-cap names and representing 55.1 percent of the S&P 500^® index, ended the period with the worst return down 25.03 percent. All other decile groups ended the year with negative returns.

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

The S&P 500^® enjoyed a nice Q4 return of 7.56 percent. But the good performance in the fourth quarter wasn't enough to prevent a bloodbath for the year. With short-term treasuries closing December at over 4 percent, investors pummeled valuations on stocks and bonds that began the year with low yields. The Federal Reserve (the "Fed") hiked rates by over 4 percent during the year. When the dust cleared, long bonds produced equity-like losses with the Bloomberg Long Treasury Index returning a negative 29 percent for the year and the Bloomberg Corporate Bond Index losing over 15 percent. Commodities were the best performers against the inflationary backdrop though most of the performance came in the first half.

Most active market participants have never experienced a hiking cycle like this. At the beginning of the year, policymakers expected inflation to fall on its own as pandemic effects burned off. Instead, inflation broadened, and wage growth picked up. In response, the Fed raised rates seven times to increase the Federal Funds rate target by over 4 percent while signaling more to come. The last time policymakers increased rates this quickly was in 1979-1980. Investors will also get a better feel for the impact of quantitative tightening in coming months. The Fed's asset reduction program reached its run rate in the fourth quarter and will add to tightening conditions. Inflation rolled over but is still at an unacceptable level as the Consumer Price Index (CPI) fell from its June peak

of 9.1 percent to just over 7 percent in November. Supply chain bottlenecks are receding, and interest rates are taking a bite out of the housing market and related spending. Unfortunately, inflation remains a problem as consumers pivot to spending their savings on experiences, eating out and higher rents. Companies are still having to pay higher wages to attract workers.

What will affect the Fund going forward?

Expectations for calendar year 2023 are surprisingly resilient with 5.3 percent expected earnings per share ("EPS") growth on 3.3 percent revenue growth, implying margin expansion at a time when the economy is teetering near a recession. Overly optimistic earnings expectations continued geopolitical tensions and an inflation-fighting Fed will likely underpin continued volatility. Policymakers are faced with contradictory signals—manufacturing weakness vs services strength, weaker leading indicators measured against relatively strong concurrent data, and strong wage growth vs waning pandemic savings. The net result is a noisy economy that's drifting downward while the Fed tries to fine-tune its policies with imperfect information. While the timing is uncertain, this makes a recession our base case.

Ten Largest Holdings^

Security description	Market value		% of total net assets
Apple, Inc.	$	58,707,831		6.0	%
Microsoft Corp.		54,018,496		5.5	%
Amazon.com, Inc.		22,527,288		2.3	%
Berkshire Hathaway, Inc. Class B		16,816,825		1.7	%
Alphabet, Inc. Class A		15,923,838		1.6	%
UnitedHealth Group, Inc.		14,968,572		1.5	%
Alphabet, Inc. Class C		14,195,824		1.4	%
Johnson & Johnson		13,955,350		1.4	%
Exxon Mobil Corp.		13,725,622		1.4	%
JPMorgan Chase & Co.		11,885,283		1.2	%
	$	236,724,929		24.0	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

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

On the chart above you can see how the SFT Index 500 Fund's Class 2 shares total return compared to the S&P 500^® Index (as adjusted for dividend reinvestment) and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2012 through December 31, 2022, assuming reinvestment of distributions, if any.

"Standard & Poor's^®", "S&P^®", "Standard & Poor's 500" and "S&P 500" are trademarks of the S&P Global, Inc. and have been licensed for use by Securian Funds Trust—SFT 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.

SFT International Bond Fund

David Hoffman, CFA, Managing Director Jack P. McIntyre, CFA, Anujeet Sareen, CFA,
Brian Kloss, JD, CPA, Tracy Chen, CFA, CAIA
Portfolio Managers
Brandywine Global Investment Management

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. The investment adviser for the Fund is Securian Asset Management, Inc. Brandywine Global Investment Management, LLC serves as investment sub-adviser to the Fund and provides investment advice 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 Class 2 shares generated a total net return of -10.49 percent over the 12 months ending December 31, 2022, outperforming the FTSE World Government Bond Index which returned -18.26 percent over the same period.

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

While global interest rates rose in most markets during the year, security selection and our underweight duration positioning during the first half of the year were among the largest contributors to relative results.

Developed market interest rates generally moved higher for the full calendar year in 2022 as many central banks around the world increased rates to battle high inflation. This was most notable in the U.S. and Europe. In the U.S., the Federal Reserve (the "Fed") raised interest rates 425 basis points (bps) during the calendar year, creating a headwind for bond investors.

The Fund's bond positions in Emerging Markets (EM) were also a headwind in 2022. Yields moved higher in most EM markets in calendar year 2022, but typically not as much as many Developed Markets. Emerging markets experienced high inflation, mixed growth prospects and knock-on effects from a persistently strong U.S. Dollar (USD). The largest detractor on the EM bond side was our position in long-dated Mexican sovereign bonds.

While the Fund is predominately hedged from a currency perspective, the USD remained strong for much of the calendar year and our small exposure to foreign currency positions were a minor detractor to relative results.

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

While the Fed initially characterized surging inflation as being transitory, this proved to be widely inaccurate, as supply chain issues persisted and the war in Ukraine added fuel to the inflation fire. This left central banks little choice but to abruptly reverse course and aggressively raise rates in an attempt to rein in a four-decade high in inflation, even with the risk that this move could trigger a global recession. In the U.S., the Fed raised rates seven times and a total of 4.25 percent in 2022, the most since 1980. Europe was faced with an energy crisis and slowing

growth largely due to the Russian war with Ukraine. Both the European Central Bank (ECB) and the Bank of England (BoE) also aggressively raised rates, by 250 bps and 325 bps, respectively, in 2022. At the end of the year, rates in both regions were the highest since 2008, with potentially more hikes on tap for 2023.

China continued its zero-COVID policy for much of 2022. This caused wide-spread lock-downs and negatively impacted the economy. The Chinese economy grew at the slowest rate in three decades during 2022 with knock-on effects to global markets around the world. Protests flared across the country late in the year and Chinese officials finally rolled back many of the zero-COVID policies.

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

We maintained an underweight duration position versus the benchmark for the first half of the calendar year. We favored this posturing due to the potential for rising rates as inflation proved stickier and less transitory than originally expected. However, as the Fed began aggressively raising interest rates in the first half of 2022, we felt it was prudent to begin increasing duration to take advantage of value opportunities and in anticipation of the potential for slowing growth and inflation. By the end of the year, we moved from an underweight duration position versus the benchmark to an overweight position. We elected to increase duration for a couple of key reasons. First, we recognize that rate hikes tend to impact the economy on a lagged basis and we felt the aggressive hikes had the potential to materially slow growth and inflation to a point that the Fed may have to reverse course in 2023. Secondly, virtually all major economic indicators began to turn lower (some sharply) by late summer. It is rare that the Fed will continue to aggressively raise rates into slowing growth. By the end of the year, inflation and growth showed continued signs of slowing and we felt recession risk was elevated for 2023.

The increase in duration occurred primarily in longer-dated U.S. Treasuries. However, we added duration in European markets as well. Within Europe, we added exposure to France and Germany and increased our duration exposure to Poland. We anticipate rates to fall in 2023 in all these markets as growth and inflation slows in light of a hawkish central bank backdrop.

On the currency front, our USD exposure remained relatively stable during the calendar year 2022. Our dollar exposure was approximately 97 percent of the portfolio for most of the year. We had minor changes in our minimal foreign currency positions during the year. The most notable change being an increase in the Japanese Yen. As this portfolio is predominately hedged back to the USD, currency is not expected to be a significant driver of returns or volatility.

What will affect the Fund going forward?

The outlook for the global bond market remains complicated. Several factors add to the uncertainty for the global economy. For instance, the bond market is signaling that inflation is set to moderate, which can be seen by the inverted yield curve, while the Fed appears committed to reducing inflation and continuing their hawkish rhetoric. The U.S. Treasury yield curve indicates monetary policy is restrictive enough with rates where they are. This signal, plus more supply-side normalization, should lead to significantly slower inflation and a softer labor market.

Adding to the uncertainty is China's policymakers attempt to stimulate their economy as they try and improve growth and avoid deflation. Meanwhile, European policymakers are caught between fighting the worst inflation in decades, while subsidizing households from soaring energy costs. We believe the most intense period of global economic softness is likely to be in the first half of 2023. However, there are a range of factors that could limit downside recessionary forces, including the recent drop in energy prices, the rebound in the U.S. auto sector, and what could turn out to be a rapid decline in inflation.

The conditions for a credit crunch, commonly seen ahead of previous U.S. recessions, does not exist currently. There has been no extreme period of lending and household and corporate balance sheets are in relatively good shape. That said, recession odds increase significantly if Fed Chair Powell remains dogmatic about creating labor market slack through monetary policy. A pause in rate hikes seems probable, especially if the data show a steep decline in inflation.

Outside of the U.S., the global economy is likely already in a recession because of the strong USD and a very weak Chinese economy, albeit China's recent re-opening is a positive development for the country's growth narrative. If the greenback weakens as the U.S. economy decelerates and inflation retreats, all while the U.S. avoids a deep recession, then we believe the global economy could stabilize by this time next year. All told, we are increasingly confident about bond markets in 2023; however, the path and timing of returns remains uncertain as macro uncertainty persists. We do not foresee a repeat of 2022, where the only asset class that performed well was cash. Instead, we believe 2023 will provide a better outcome for bond markets because of the starting point of yields, we just expect some volatility throughout the year.

Ten Largest Holdings^

Security description	Market value		% of bond portfolio
U.S. Treasury Bond 2.250%, 02/15/52	$	4,586,305		5.8	%
Korea Treasury Bond 2.000%, 06/10/31		4,427,064		5.6	%
Bundesrepublik Deutschland Bundesanleihe 1.700%, 08/15/32		4,381,879		5.6	%
U.S. Treasury Bond 3.000%, 08/15/52		3,914,219		5.0	%
French Republic Government Bond OAT 0.010%, 05/25/32		3,876,936		4.9	%
Republic of Poland Government Bond 1.750%, 04/25/32		3,410,512		4.4	%
Province of Ontario Canada 2.600%, 06/02/25		3,208,834		4.1	%
Mexican Bonos 8.500%, 11/18/38		2,414,018		3.1	%
Mexican Bonos 8.500%, 05/31/29		2,286,854		2.9	%
Federal Home Loan Mortgage Corp. 5.500%, 12/01/52		2,255,095		2.9	%
	$	34,761,716		44.3	%

^Excludes short-term investments.

Country Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

African	0.20	%
South African Rand	0.20	%
Americas	98.75	%
U.S. Dollar	96.61	%
Chilean Peso	0.93	%
Brazilian Real	0.87	%
Mexican Peso	0.47	%
Colombian Peso	0.17	%
Canadian Dollar*	-0.30	%
Asia Pacific	1.06	%
Japanese Yen	1.16	%
South Korean Won	0.48	%
Thailand Baht	0.16	%
Malaysian Ringgit*	-0.07	%
Australian Dollar*	-0.21	%
Chinese Yuan Renminbi*	-0.46	%
Europe	-0.01	%
Norwegian Krone	0.74	%
Swedish Krona	0.70	%
Polish Zloty	0.57	%
Russian Ruble	0.20	%
British Pound*	-0.63	%
Euro*	-1.59	%

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

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT International Bond Fund,
FTSE World Government Bond Index and Consumer Price Index (CPI)

On the chart above you can see how the SFT International Bond Fund's Class 2 shares total return compared to the FTSE World Government Bond Index, and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2012 through December 31, 2022, assuming reinvestment of distributions, if any.

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

SFT Real Estate Securities Fund

Jon Cheigh CIO, Mathew Kirschner, CFA,
Jason A. Yablon
Portfolio Managers
Cohen & Steers Capital Management

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. The investment adviser for the Fund is Securian Asset Management, Inc. Cohen & Steers Capital Management, Inc. serves as the investment sub-adviser to the Fund and provides investment advice under a sub-advisory agreement. Investment risks associated with investing in the 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 Class 2 shares generated a total net return of -26.29 percent over the 12 months ending December 31, 2022, underperforming the FTSE NAREIT All Equity REITs Index which returned -24.95 percent, as well as the previous benchmark FTSE NAREIT Equity REIT Index, which returned -24.37 percent over the same period.

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

2022 was marked by concerns of recession and persistently high inflation. Bond yields rose meaningfully and the Federal Reserve continued to aggressively raise interest rates to slow demand, which resulted in a broad decline in risk assets.

Within listed real estate, favorable supply/demand dynamics supported rising rents and healthy earnings growth in many sectors, with new supply checked by higher financing and building costs. Although real estate conditions generally remained sound, slowing economic growth and high inflation clouded the outlook for REITs.

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

Retail REITs outperformed, bolstered by a resilient consumer. Regional malls (14.4 percent) total return and shopping centers (-0.1 percent) performed well despite inflationary headwinds, as the decline in oil prices and a strong job market aided discretionary spending. Free standing REITs (-6.1 percent) benefited partly from consumer spending trends, as well from the potential for attractive asset acquisitions from private real estate investors.

Demand for warehouse space remained exceedingly high, but growth expectations for industrial REITs (-11.2 percent) came down. Self storage (-14.9 percent) also declined as rental growth, while still well above the long-term trend, decelerated. Data centers (-10.2 percent) were caught up in the broader technology sector selloff, despite expectations for increased occupancy and margin expansion in 2023.

Residential property companies trailed on concerns around rental and leasing rates. Apartments (-18.0 percent) declined on softer rents in coastal markets and expectations for technology-related job losses. Single family homes (-20.0 percent) fell on concerns about asset values and as companies were hit with rising property taxes in some states. Nevertheless, asking rents rose amid affordability issues in the for-sale home market, which should support leasing strength in the sector. Hotels (-9.8 percent) declined on an uncertain outlook, even as business and leisure travel continued to rebound.

Office REITs (-17.3 percent) underperformed, with earnings results underscoring a difficult leasing environment as tenants reassessed their space needs. Infrastructure (-20.1 percent), the largest listed real estate sector, was pulled lower by rising interest rates and somewhat disappointing earnings results.

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

The portfolio's overweight allocation to regional malls, expressed as an overweight position in Simon Property Group, contributed to relative performance, as the company delivered strong results owing to a steady core business and a resilient balance sheet, and good visibility into 2023. Underweight allocations in the infrastructure and office sectors also aided relative performance.

The portfolio had no allocation in the specialty sector, which detracted from relative performance. This included a pair of gaming net lease companies that outperformed the benchmark. An overweight allocation in single family homes also hindered relative performance, as did an underweight in shopping centers.

What will affect the Fund going forward?

We believe listed real estate, which has seen improved valuations with the correction in share prices during the year, offers attractive return potential relative to broad equities. Slowing economic growth and high inflation temper the near-term outlook for real estate, particularly for sectors lacking pricing power. However, cash flows generally remain sound, and we anticipate healthy earnings growth in 2023. Moreover, real estate companies typically have high operating margins, low sensitivity to commodity and labor prices, and (in many cases) inflation-linked rents, making them better suited than traditional asset categories to defend against a prolonged environment of high inflation.

The portfolio may benefit from demand for shorter-lease-duration property types. We are overweight residential sectors and favor single family homes and Sunbelt apartments based on our positive view of rental housing demand (supported by the lack of affordability in the purchase market) and demographic tailwinds. The portfolio is also overweight self storage given healthy demand due to increased relocation activity. Though we have trimmed the weighting on decelerating fundamentals, we anticipate demand will outpace supply in 2023, suggesting companies will continue to have pricing power. In health care, we see value in senior housing, where occupancies fell dramatically in early 2020 but are now steadily recovering.

Data center REITs are well situated, in our view. We believe companies that provide information and logistics infrastructure, especially data centers and industrial warehouses, may continue to benefit from strong secular demand in the shift toward an e-everything economy.

Within retail, our holdings are concentrated in companies with high-quality assets that we believe may be long-term winners. Though we remain cautious toward offices as businesses reassess their future needs, we have allocated within the Sunbelt, which we favor over coastal locations.

Ten Largest Holdings^

Security description	Market value		% of net assets
Prologis, Inc.	$	10,438,798		9.0	%
American Tower Corp.		7,950,682		6.9	%
Simon Property Group, Inc.		7,250,748		6.3	%
Welltower, Inc.		6,436,420		5.5	%
Realty Income Corp.		6,039,487		5.2	%
Equinix, Inc.		5,775,400		5.0	%
Digital Realty Trust, Inc.		5,657,334		4.9	%
Invitation Homes, Inc.		5,550,446		4.8	%
Public Storage		5,437,647		4.7	%
Crown Castle, Inc.		4,805,047		4.1	%
	$	65,342,009		56.4	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT Real Estate Securities Fund, FTSE NARIET All REITs Index,
FTSE NAREIT Equity REITS Index, and Consumer Price Index (CPI)

On the chart above you can see how the SFT Real Estate Securities Fund's Class 2 shares total return compared to the FTSE NARIET All REITs Index, FTSE NAREIT Equity REITs Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on December 31, 2012 through December 31, 2022, assuming reinvestment of distributions, if any.

FTSE NARIET All Equity REITs Index is the benchmark beginning 8/1/2022 and thereafter. The FTSE NARIET All Equity REITs Index contains all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.

The FTSE NARIET Equity REITs Index is the benchmark through 7/31/2022. The FTSE NAREIT Equity Index contains all tax-qualified REITs except timber and infrastructure REITs with more than 50 percent of total net assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.

SFT T. Rowe Price Value Fund

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

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. The investment adviser for the Fund is Securian Asset Management, Inc. T. Rowe Price Associates, Inc. serves as the investment sub-adviser to the Fund and provides investment advice 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

The Fund generated a total net return of -11.67 percent over the 12 months ending December 31, 2022, underperforming the Russell 1000 Value Index which returned -7.58 percent over the same period.

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

Broadly speaking, sector allocation contributed to relative results.

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

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The Federal Reserve's (the "Fed") aggressive short-term interest rate hikes that began in March, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

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

The largest contributor during the period was the consumer discretionary sector, where favorable security selection and an underweight allocation aided relative results. Shares of Dollar General contributed to relative performance over the period. Early in the year, the company reported financials that showed strong topline growth but margins being impacted by a one-time employee appreciation bonus. Midway in the year, the company reported revenue and earnings ahead of consensus and same-store sales that exceeded expectations, to which the market reacted favorably.

An underweight allocation in the information technology sector also contributed to relative performance. Many companies within the information technology sector operate at different stages of the economic cycle, and rising interest rates and recession fears continued to negatively impact tech stock.

Favorable stock selection and an overweight position in the financials sector contributed to relative results, as well. Chubb contributed to relative performance over the year as the company benefited from the continued upcycle in

property and casualty ("P&C") and strong execution. During the fourth quarter, the company reported attractive underwriting results, driven by the rising P&C upcycle, and elevated investment income, due to higher yields.

On the other end of the spectrum, an underweight allocation in the energy sector, coupled with poor stock selection, detracted from relative results during the period. Our focus is on energy companies with strong balance sheets and the capital discipline to navigate the current rapidly changing environment and those that are making strides to invest in the transition to renewable energy.

The materials sector also hindered relative results, owing to unfavorable stock choices.

What will affect the Fund going forward?

We remain cautious on the direction of the economy and believe there is a considerable likelihood of the Fed causing an economic slowdown or recession. While goods inflation seems to be peaking, services inflation remains high and will be challenging to tame due to structural imbalances in the labor market. While the market multiple has contracted during 2022, we see elevated risk in earnings estimates, which have yet to reflect a likely recession in 2023.

As a result, we believe equity markets will remain choppy throughout the year, as expectations adjust to a slowing economy with tighter financial conditions. We believe a cautious stance remains appropriate, so we are looking to further emphasize company-level fundamentals and quality while being positioned for a variety of market environments. We believe we will have ample opportunities to increase the risk we are taking on in the portfolio as valuations become more favorable. Overall, our focus continues to be on finding high-quality companies that have attractive fundamentals and valuations. We believe this balanced approach should lead to a portfolio that has the potential to serve our clients well.

Ten Largest Holdings^

Security description	Market value		% of net assets
Elevance Health, Inc.	$	7,026,150		3.8	%
Johnson & Johnson		6,302,342		3.4	%
Southern Co.		5,873,044		3.2	%
Bank of America Corp.		5,746,651		3.1	%
Exxon Mobil Corp.		5,616,586		3.0	%
Becton Dickinson & Co.		5,237,817		2.8	%
JPMorgan Chase & Co.		4,844,497		2.6	%
Philip Morris International, Inc.		4,669,931		2.5	%
Travelers Cos., Inc.		4,141,467		2.3	%
Alphabet, Inc. Class C		4,112,636		2.2	%
	$	53,571,121		28.9	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

Comparison of Change in Investment Value*
A Hypothetical $10,000 Investment in SFT T. Rowe Price Value Fund,
the Russell 1000 Value Index and Consumer Price Index (CPI)

On the chart above you can see how the SFT T. Rowe Price Value Fund's shares total return compared to the Russell 1000 Value Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2022, assuming reinvestment of distributions, if any.

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

SFT Wellington Core Equity Fund

Mammen Chally, CFA, David A. Siegle, CFA,
Douglas W. McLane, CFA
Portfolio Managers
Wellington Management Company

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. The investment adviser for the Fund is Securian Asset Management, Inc. Wellington Management Company LLC serves as the investment sub-adviser to the Fund and provides investment advice under a sub-advisory agreement. Risks associated with investing in the Fund include, but are not limited to, issuer-specific market volatility and risk of declines in the equity markets generally.

Performance Update

The Fund's Class 2 shares generated a total net return of -19.46 percent over the period ending December 31, 2022, underperforming the S&P 500^® Index, which returned -18.11 percent over the same period.

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

During the period, security selection was the primary driver of relative underperformance, and sector allocation, a fall-out of our bottom-up stock selection process, contributed to relative performance. Weak selection in communication services (underweight to Netflix, overweight to Alphabet), real estate (overweight to AvalonBay Communities, underweight to American Tower), and materials (overweight to PPG Industries and not owning Linde) was partially offset by stronger selection in consumer discretionary (underweight to Tesla, overweight to TJX Companies), information technology (underweights to NVIDIA and not owning PayPal), and industrials (overweights to Deere and Raytheon Technologies). From a sector allocation perspective, the Fund's overweight position in health care and underweight to consumer discretionary contributed to relative performance while underweight positions to energy and materials detracted, partially offsetting results.

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

U.S. equities, as measured by the S&P 500^® Index, fell over the trailing 12-month period ending December 31, 2022, amid rampant inflation, surging borrowing costs, uncertainty about corporate earnings, and an increased probability of recession. U.S. equities opened the year lower as they registered their first quarterly loss since March 2020. Fears about the economic implications of Russia's large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the Federal Reserve (the "Fed") drove the S&P 500^® Index into correction territory in February. President Joe Biden signed into law a massive U.S. $1.5 trillion spending bill, which included substantial increases in domestic and national security programs and U.S. $13.6 billion of aid to Ukraine. U.S. equities continued to fall during a volatile second quarter. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index to its largest quarterly loss since September 2001. The housing market was pressured by soaring mortgage rates, slowing demand, and elevated home prices. U.S. equities fell in the third quarter as risk sentiment deteriorated on fears that aggressive interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. U.S. equities rallied in the fourth quarter following three straight quarterly declines. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December, the Fed raised interest rates by 50 basis points (bps), snapping a streak of four consecutive hikes of 75 bps.

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

Over the period, the Fund increased exposure to health care and energy while we decreased exposure to communication services and information technology. Our largest new position was Pfizer, an American pharmaceutical company. We initiated a position in the company as it has many revenue drivers with a broad portfolio of medicines across therapeutic areas such as oncology, cardiovascular/diabetes, neurology, and autoimmune. In addition, Pfizer has had a strategic shift towards science and technology and away from generics after the sale of its Upjohn business to Mylan, a global healthcare company, which we believe should unlock value over the long term.

On the flipside, our largest elimination was Meta Platforms, a social media platform company. We eliminated our position in Meta following a 3Q22 earnings call where Chairman and Chief Executive Officer Mark Zuckerberg's continued aggressive spending led us to believe that he is not committed to increasing shareholder value. The company's governance challenges coupled with the unknown spending plans for the Metaverse led to our decision to eliminate the stock.

What will affect the Fund going forward?

As we look ahead, there are increasing indications that inflationary pressures are abating in the goods components of both the consumer price index (CPI) and the personal consumption expenditures price index (PCE) and that there is a clearer path to a gradual disinflation in housing-related expenses by the second half of 2023. However, the services component of both indicators remains stubbornly high, driven by a still-resilient U.S. labor market driving continued upward wage pressure. Accordingly, the Federal Open Market Committee (FOMC) remains steadfast in its determination to continue to slow the U.S. economy and has indicated that incremental rate hikes should be expected in early 2023, with the FOMC's "dot plot" median rate projection now having increased from 4.6 percent to 5.1 percent for the end of 2023. It is increasingly clear that a mild recession is the likely scenario as the Fed seeks to cool wage inflation and bring down both realized inflation and future inflationary expectations.

With the Fed undertaking efforts to slow growth, companies may feel the impacts of decelerating revenue without relief from wage pressure in early 2023. Thus, a key challenge for and differentiator amongst companies will be the degree to which they can avoid the resultant margin compression through productivity offsets, innovation, or market share gains.

As we enter 2023, the conflict in Europe is approaching its one-year anniversary without any apparent cessation in sight. Both the preparation ahead of the winter season and milder than expected temperatures across the region have spared the continent from the worst-case scenario in terms of heating and energy supply, but much uncertainty remains in the conflict even after this winter has passed.

On the positive side, supply chain issues which plagued most industries in the preceding two years continue to ease, providing cost relief and improving visibility. Further, China appears to be relaxing its restrictive COVID-19-related policies in an effort to revitalize growth and placate an increasingly frustrated populace. This incremental source of demand could help offset the expected frictions from slower growth elsewhere in the world.

Ten Largest Holdings^

Security description	Market value		% of stock portfolio
Microsoft Corp.	$	5,601,236		5.1	%
Apple, Inc.		4,854,835		4.5	%
Alphabet, Inc. Class A		4,662,426		4.3	%
UnitedHealth Group, Inc.		3,707,018		3.4	%
Amazon.com, Inc.		3,208,632		2.9	%
JPMorgan Chase & Co.		2,732,019		2.5	%
Procter & Gamble Co.		2,683,673		2.5	%
EOG Resources, Inc.		2,676,013		2.5	%
Pfizer, Inc.		2,377,639		2.2	%
Eli Lilly & Co.		2,302,597		2.1	%
	$	34,806,088		32.0	%

^Excludes short-term investments.

Sector Diversification (shown as a percentage of net assets)

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

On the chart above you can see how the SFT Wellington Core Equity Fund's Class 2 shares total return compared to the S&P 500^® Index and the Consumer Price Index. The three lines represent the total return of a hypothetical $10,000 investment made on May 1, 2014 through December 31, 2022, assuming reinvestment of distributions, if any.

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

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
Securian Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SFT Balanced Stabilization Fund, SFT Core Bond Fund, SFT Delaware Ivy^SM Growth Fund, SFT Delaware Ivy^SM Small Cap Growth Fund, SFT Equity Stabilization Fund, SFT Government Money Market Fund, SFT Index 400 Mid-Cap Fund, SFT Index 500 Fund, SFT International Bond Fund, SFT Real Estate Securities Fund, SFT T. Rowe Price Value Fund, and SFT Wellington Core Equity Fund (collectively, the Funds), including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Minneapolis, Minnesota
February 23, 2023

KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.

SFT Balanced Stabilization Fund
Investments in Securities

December 31, 2022

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

	Principal		Value(a)
Long-Term Debt Securities (39.5%)
Government Obligations (5.0%)
U.S. Government Agencies and Obligations (3.5%)
Federal Home Loan Mortgage Corporation (0.0%)
3.000%, 09/01/43	$	52,009	$	46,845
3.500%, 10/01/44		54,450		50,889
3.500%, 11/01/44		53,038		49,570
3.500%, 12/01/44		58,106		54,306
				201,610
Federal National Mortgage Association (0.1%)
3.000%, 04/01/43		80,482		72,753
3.000%, 05/01/43		26,921		24,344
3.000%, 06/01/43		118,892		107,491
3.500%, 08/01/42		53,768		50,962
3.500%, 02/01/43		71,449		66,864
				322,414
U.S. Treasury (4.9%)
U.S. Treasury Bond
4.000%, 11/15/42		5,530,000		5,452,234
4.000%, 11/15/52		1,200,000		1,212,938
U.S. Treasury Note, 1.000%, 12/15/24		15,500,000		14,509,453
3.875%, 12/31/27		9,350,000		9,312,015
				30,486,640
Total government obligations (cost: $32,016,161)				31,010,664
Other Mortgage-Backed Securities (0.2%)
Commercial Mortgage-Backed Securities (0.2%)
Bank, Series 2019-BNK18, Class A4, 3.584%, 05/15/62		1,500,000		1,358,382
Total other mortgage-backed securities (cost: $1,543,242)				1,358,382
Corporate Obligations (34.3%)
Basic Materials (0.8%)
Chemicals (0.4%)
Celanese U.S. Holdings LLC, 6.330%, 07/15/29		1,500,000		1,460,701
Nutrien Ltd., 3.000%, 04/01/25 (b)		1,000,000		958,217
				2,418,918
Mining (0.4%)
Anglo American Capital PLC, 2.625%, 09/10/30 (b) (c)		2,000,000		1,634,594
FMG Resources August Pty. Ltd., 6.125%, 04/15/32 (b) (c)		1,000,000		926,250
				2,560,844
Communications (1.5%)
Cable/Satellite TV (0.3%)
Comcast Corp.
2.887%, 11/01/51		1,319,000		854,911
2.937%, 11/01/56		327,000		206,113
4.200%, 08/15/34 (d)		500,000		460,949
				1,521,973

	Principal		Value(a)
Diversified Telecommunication Services (0.5%)
AT&T, Inc.
2.550%, 12/01/33	$	943,000	$	727,585
3.550%, 09/15/55		1,405,000		950,333
3.800%, 12/01/57		75,000		52,243
4.500%, 05/15/35		1,000,000		913,070
Verizon Communications, Inc., 2.987%, 10/30/56		1,194,000		738,273
				3,381,504
Internet & Catalog Retail (0.3%)
Amazon.com, Inc.
3.875%, 08/22/37		1,000,000		890,758
4.050%, 08/22/47		1,000,000		865,619
				1,756,377
Media (0.2%)
Paramount Global, 4.000%, 01/15/26		250,000		239,567
Walt Disney Co., 4.950%, 10/15/45		1,000,000		946,909
				1,186,476
Telecommunication (0.2%)
Crown Castle Towers LLC, 3.663%, 05/15/45 (c)		1,000,000		965,463
Vodafone Group PLC, 4.125%, 05/30/25 (b)		500,000		492,129
				1,457,592
Wireless Telecommunication Services (0.0%)
Rogers Communications, Inc., 4.100%, 10/01/23 (b)		250,000		247,424
Consumer Cyclical (1.2%)
Entertainment (0.2%)
Warnermedia Holdings, Inc., 5.141%, 03/15/52 (c)		1,400,000		1,030,336
Food & Staples Retailing (0.3%)
Kroger Co.
4.450%, 02/01/47		1,000,000		854,328
5.150%, 08/01/43		1,100,000		1,014,426
				1,868,754
Home Furnishings (0.1%)
Harman International Industries, Inc., 4.150%, 05/15/25		1,000,000		974,197
Retail (0.6%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		960,086
Lowe's Cos., Inc., 5.625%, 04/15/53		2,250,000		2,163,312
Target Corp., 3.500%, 07/01/24 (d)		750,000		734,662
				3,858,060

See accompanying notes to financial statements.
54

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Consumer Staples (0.7%)
Consumer Products — Miscellaneous (0.1%)
SC Johnson & Son, Inc., 3.350%, 09/30/24 (c)	$	750,000	$	725,499
Household Products (0.4%)
Avery Dennison Corp., 2.650%, 04/30/30		2,000,000		1,650,398
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		822,619
				2,473,017
Personal Care (0.2%)
Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		857,290
Consumer, Non-cyclical (3.7%)
Agricultural Operations (0.4%)
Cargill, Inc. 3.125%, 05/25/51 (c)		1,000,000		693,544
4.375%, 04/22/52 (c)		2,150,000		1,873,652
				2,567,196
Beverages (0.5%)
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38		1,000,000		904,281
Constellation Brands, Inc., 5.250%, 11/15/48		2,050,000		1,935,241
				2,839,522
Biotechnology (0.6%)
Amgen, Inc., 4.050%, 08/18/29		2,000,000		1,877,166
Bio-Rad Laboratories, Inc., 3.700%, 03/15/32		2,000,000		1,721,446
				3,598,612
Commercial Service — Finance (0.0%)
Moody's Corp., 4.875%, 02/15/24		250,000		249,036
Commercial Services (0.3%)
Ashtead Capital, Inc., 5.500%, 08/11/32 (c)		2,000,000		1,922,080
Diagnostic Equipment (0.3%)
Abbott Laboratories
3.875%, 09/15/25		750,000		736,707
4.750%, 11/30/36		1,000,000		994,783
4.750%, 04/15/43		250,000		240,620
				1,972,110
Drugstore Chains (0.0%)
CVS Pass-Through Trust, 6.943%, 01/10/30		123,851		126,929
Food (0.3%)
Mars, Inc., 3.950%, 04/01/49 (c)		1,000,000		827,261
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		930,676
				1,757,937

	Principal		Value(a)
Food Products (0.1%)
General Mills, Inc., 3.000%, 02/01/51	$	1,002,000	$	678,730
Pharmaceuticals (1.2%)
AbbVie, Inc.
3.600%, 05/14/25		1,000,000		970,104
3.800%, 03/15/25		670,000		653,897
4.400%, 11/06/42		1,000,000		873,788
4.450%, 05/14/46		1,000,000		868,346
Becton Dickinson & Co., 4.298%, 08/22/32		2,000,000		1,879,118
Bristol-Myers Squibb Co.
3.250%, 11/01/23		500,000		492,944
3.875%, 08/15/25		229,000		223,000
Novartis Capital Corp., 3.400%, 05/06/24 (d)		500,000		489,878
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 (b)		1,000,000		990,842
				7,441,917
Energy (2.3%)
Oil & Gas (1.2%)
Baker Hughes Holdings LLC/ Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27		1,000,000		925,052
BP Capital Markets America, Inc., 4.234%, 11/06/28		1,000,000		968,064
Chevron USA, Inc., 3.900%, 11/15/24		1,000,000		983,017
Coterra Energy, Inc., 3.900%, 05/15/27		1,000,000		935,087
EOG Resources, Inc., 2.625%, 03/15/23		250,000		248,851
Marathon Petroleum Corp., 3.625%, 09/15/24		750,000		729,709
Phillips 66, 4.650%, 11/15/34		1,000,000		941,072
TotalEnergies Capital International SA, 3.750%, 04/10/24 (b)		750,000		740,056
Valero Energy Corp., 4.350%, 06/01/28		1,000,000		965,044
				7,435,952
Pipelines (1.1%)
Energy Transfer LP
4.250%, 04/01/24		1,000,000		983,486
4.900%, 03/15/35		1,000,000		893,051
Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35		250,000		240,185
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		703,838
Magellan Midstream Partners LP, 4.200%, 10/03/47		1,000,000		754,804
MPLX LP, 4.950%, 09/01/32		2,000,000		1,884,760

See accompanying notes to financial statements.
55

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Southern Natural Gas Co. LLC, 4.800%, 03/15/47 (c)	$	1,500,000	$	1,226,805
Williams Cos., Inc., 3.750%, 06/15/27		500,000		471,238
				7,158,167
Financial (11.4%)
Banks (6.4%)
Associated Banc-Corp., 4.250%, 01/15/25		750,000		715,248
Bank of America Corp.
Series L, 3.950%, 04/21/25		1,000,000		972,806
Series L, 4.183%, 11/25/27		1,000,000		949,221
4.244%, 04/24/38 (3-Month USD LIBOR + 1.814%) (e)		1,000,000		858,189
Bank of New York Mellon Corp.
3.442%, 02/07/28 (3-Month USD LIBOR + 1.069%) (e)		1,000,000		940,298
5.834%, 10/25/33		1,000,000		1,043,178
Capital One Financial Corp., 4.250%, 04/30/25		1,500,000		1,473,118
Citigroup, Inc.
3.300%, 04/27/25		750,000		724,740
3.980%, 03/20/30 (3-Month USD LIBOR + 1.338%) (e)		1,000,000		901,475
4.650%, 07/23/48		1,250,000		1,091,204
4.750%, 05/18/46 (f)		1,200,000		1,007,968
Comerica Bank, 5.332%, 08/25/33 (SOFRRATE + 2.610%) (e)		2,000,000		1,920,018
Discover Bank, 4.250%, 03/13/26		500,000		475,643
Fifth Third Bank NA, 3.950%, 07/28/25		1,000,000		979,669
First Republic Bank
4.375%, 08/01/46		575,000		438,691
4.625%, 02/13/47		1,379,000		1,099,721
Goldman Sachs Group, Inc.
3.850%, 01/26/27		1,000,000		953,972
4.482%, 08/23/28 (SOFRRATE + 1.725%) (e)		2,000,000		1,918,994
5.150%, 05/22/45 (f)		1,000,000		909,112
JPMorgan Chase & Co.
3.125%, 01/23/25		1,000,000		965,839
3.328%, 04/22/52 (SOFRRATE + 1.580%) (e)		2,000,000		1,374,732
KeyBank NA, 4.390%, 12/14/27		3,000,000		2,890,011
M&T Bank Corp., 4.553%, 08/16/28 (SOFRINDX + 1.780%) (e)		3,000,000		2,903,016
Morgan Stanley
2.802%, 01/25/52 (SOFRRATE + 1.430%) (e)		2,000,000		1,252,700
6.342%, 10/18/33		1,000,000		1,050,736
PNC Bank NA
3.800%, 07/25/23		250,000		248,117
4.050%, 07/26/28		1,000,000		946,269
SVB Financial Group, 2.100%, 05/15/28		2,000,000		1,667,258
Synchrony Bank, 5.400%, 08/22/25		1,000,000		992,463

	Principal		Value(a)
Truist Bank, 2.750%, 05/01/23	$	250,000	$	248,249
Truist Financial Corp., 6.123%, 10/28/33		2,000,000		2,109,078
U.S. Bancorp, 5.850%, 10/21/33		1,000,000		1,046,147
Wells Fargo & Co.
3.068%, 04/30/41 (SOFRRATE + 2.530%) (e) (f)		1,600,000		1,148,654
4.750%, 12/07/46		2,300,000		1,945,800
				40,162,334
Diversified Financial Services (1.1%)
American Express Co.
3.300%, 05/03/27		1,000,000		936,381
4.050%, 12/03/42 (f)		2,000,000		1,731,710
CME Group, Inc., 3.000%, 03/15/25		1,000,000		966,279
Discover Financial Services, 3.750%, 03/04/25		1,000,000		960,368
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		933,708
Pine Street Trust I, 4.572%, 02/15/29 (c)		1,500,000		1,388,424
				6,916,870
Finance (0.9%)
Allied World Assurance Co. Holdings Ltd., 4.350%, 10/29/25 (b)		1,290,000		1,227,576
Intercontinental Exchange, Inc., 4.350%, 06/15/29		3,000,000		2,907,195
Jefferies Group LLC/ Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31		2,000,000		1,537,840
				5,672,611
Insurance (1.3%)
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		796,126
Assured Guaranty U.S. Holdings, Inc., 5.000%, 07/01/24		330,000		329,297
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (c)		750,000		744,438
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		858,694
Metropolitan Life Global Funding I, 1.550%, 01/07/31 (c)		3,000,000		2,334,009
Pacific Life Insurance Co., 4.300%, 10/24/67 (3-Month USD LIBOR + 2.796%) (c) (e)		1,000,000		780,000
Principal Life Global Funding II, 1.500%, 08/27/30 (c)		3,000,000		2,276,127
				8,118,691
Property / Casualty Insurance (0.2%)
Arch Capital Finance LLC, 4.011%, 12/15/26 (d)		1,000,000		955,919

See accompanying notes to financial statements.
56

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Real Estate Investment Trust — Diversified (0.1%)
Kite Realty Group Trust, 4.000%, 03/15/25 (d)	$	1,000,000	$	952,180
Real Estate Investment Trust — Health Care (0.7%)
Healthcare Realty Holdings LP
3.750%, 07/01/27		1,000,000		928,128
3.875%, 05/01/25		1,000,000		958,992
Physicians Realty LP, 4.300%, 03/15/27		1,000,000		939,944
Welltower, Inc., 4.125%, 03/15/29		1,500,000		1,369,158
				4,196,222
Real Estate Investment Trust — Office Property (0.1%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		472,117
Real Estate Investment Trust — Shopping Centers (0.0%)
Retail Opportunity Investments Partnership LP, 5.000%, 12/15/23		250,000		247,148
Real Estate Investment Trust — Single Tenant (0.1%)
Office Properties Income Trust, 4.500%, 02/01/25		750,000		679,655
Specialized REITs (0.5%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		936,953
Crown Castle, Inc., 4.750%, 05/15/47		1,000,000		847,797
Essex Portfolio LP, 3.500%, 04/01/25		1,000,000		961,011
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (c)		500,000		416,960
				3,162,721
Health Care (0.9%)
Health Care Providers & Services (0.5%)
Aetna, Inc., 3.875%, 08/15/47		1,000,000		779,372
Elevance Health, Inc., 4.375%, 12/01/47		1,000,000		867,843
Laboratory Corp. of America Holdings, 4.000%, 11/01/23		250,000		247,540
UnitedHealth Group, Inc.
2.750%, 02/15/23 (d)		250,000		249,361
3.750%, 07/15/25 (d)		1,000,000		976,259
				3,120,375
Pharmaceuticals (0.4%)
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		966,715
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,044,463
Mylan, Inc., 4.200%, 11/29/23		500,000		495,199
				2,506,377

	Principal		Value(a)
Industrials (4.0%)
Aerospace & Defense (0.8%)
General Dynamics Corp., 3.500%, 05/15/25	$	1,000,000	$	973,544
L3Harris Technologies, Inc., 3.832%, 04/27/25		1,000,000		972,314
Raytheon Technologies Corp.
3.700%, 12/15/23		500,000		494,568
4.050%, 05/04/47		1,000,000		825,286
4.125%, 11/16/28		1,500,000		1,440,733
				4,706,445
Air Freight & Logistics (0.1%)
FedEx Corp., 4.400%, 01/15/47		1,000,000		802,940
Building Products (0.4%)
CRH America Finance, Inc., 4.400%, 05/09/47 (c)		1,000,000		829,956
Mohawk Industries, Inc., 3.625%, 05/15/30		2,000,000		1,725,664
				2,555,620
Containers & Packaging (0.3%)
Amcor Finance USA, Inc., 4.500%, 05/15/28		1,000,000		944,362
Sealed Air Corp., 6.875%, 07/15/33 (c)		1,000,000		992,500
				1,936,862
Electrical Equipment (0.9%)
Flex Ltd.
4.750%, 06/15/25 (b)		1,000,000		977,379
4.875%, 06/15/29 (b)		1,000,000		942,011
General Motors Financial Co., Inc., 5.000%, 04/09/27		2,000,000		1,944,074
Jabil, Inc., 3.600%, 01/15/30		2,000,000		1,764,496
				5,627,960
Environmental Control (0.2%)
Republic Services, Inc., 3.950%, 05/15/28		1,000,000		951,547
Industrial Conglomerates (0.1%)
3M Co., 3.625%, 10/15/47		1,000,000		748,726
Machinery (0.3%)
Caterpillar, Inc., 3.250%, 04/09/50		2,300,000		1,763,543
Miscellaneous Manufacturing (0.4%)
Carlisle Cos., Inc., 3.750%, 12/01/27		1,000,000		932,726
Textron, Inc.
3.875%, 03/01/25		750,000		730,742
4.300%, 03/01/24		500,000		494,443
				2,157,911
Road & Rail (0.0%)
Kansas City Southern, 4.300%, 05/15/43		250,000		207,190

See accompanying notes to financial statements.
57

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Transportation (0.2%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24	$	350,000	$	344,819
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.900%, 02/01/24 (c)		1,000,000		980,098
				1,324,917
Trucking & Leasing (0.3%)
GATX Corp.
3.250%, 03/30/25		1,000,000		952,482
4.550%, 11/07/28		1,000,000		945,425
				1,897,907
Information Technology (1.7%)
Communications Equipment (0.2%)
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		969,747
Computers (0.8%)
Apple, Inc., 4.375%, 05/13/45 (d)		1,000,000		930,063
Dell International LLC/EMC Corp., 6.200%, 07/15/30		2,000,000		2,039,594
Leidos, Inc., 4.375%, 05/15/30		2,000,000		1,807,500
				4,777,157
Interactive Media & Services (0.1%)
eBay, Inc., 3.450%, 08/01/24		750,000		731,015
IT Services (0.3%)
Global Payments, Inc.
4.800%, 04/01/26		750,000		726,554
5.300%, 08/15/29		1,500,000		1,458,252
				2,184,806
Software (0.3%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		970,867
Oracle Corp., 3.800%, 11/15/37		1,000,000		795,299
				1,766,166
Materials (0.6%)
Chemicals (0.5%)
Mosaic Co., 5.450%, 11/15/33		200,000		197,529
Sherwin-Williams Co., 3.950%, 01/15/26		1,000,000		973,708
Yara International ASA
3.148%, 06/04/30 (b) (c)		1,000,000		789,408
4.750%, 06/01/28 (b) (c)		1,000,000		921,583
				2,882,228
Construction Materials (0.1%)
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		835,700

	Principal		Value(a)
Technology (0.5%)
Semiconductor Equipment (0.5%)
Broadcom, Inc., 3.419%, 04/15/33 (c)	$	2,000,000	$	1,612,620
Micron Technology, Inc., 2.703%, 04/15/32		2,000,000		1,507,182
				3,119,802
Transportation (1.3%)
Airlines (0.7%)
Air Canada Pass Through Trust, Series 2015-2A, 4.125%, 06/15/29 (b) (c)		760,708		616,173
American Airlines Pass Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29		692,098		546,758
British Airways Pass Through Trust, Series 2013-1, Class A, 4.625%, 12/20/25 (c)		371,432		364,003
Delta Air Lines, Inc./ SkyMiles IP Ltd., 4.750%, 10/20/28 (c)		2,000,000		1,880,312
United Airlines Pass Through Trust, Series AA, 3.500%, 09/01/31		983,882		835,681
United Airlines Pass Through Trust, Series 2013-1, Class A, 4.300%, 02/15/27		150,777		140,304
				4,383,231
Transport — Rail (0.6%)
Norfolk Southern Corp., 3.850%, 01/15/24		500,000		494,952
Union Pacific Corp.
3.750%, 03/15/24		500,000		492,962
5.375%, 06/01/33		2,500,000		2,516,420
				3,504,334
Utilities (3.7%)
Electric Utilities (2.6%)
Alabama Power Co., 3.125%, 07/15/51		2,000,000		1,384,540
Ameren Illinois Co., 3.700%, 12/01/47		1,000,000		788,503
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		787,302
CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52		3,150,000		2,979,109
Duke Energy Corp., 4.500%, 08/15/32		1,000,000		941,639
Duke Energy Florida LLC, 5.950%, 11/15/52		1,000,000		1,071,983
Duke Energy Progress LLC, 3.600%, 09/15/47		1,000,000		765,745
Entergy Texas, Inc., 3.450%, 12/01/27		3,000,000		2,763,333

See accompanying notes to financial statements.
58

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Northern States Power Co., 3.750%, 12/01/47	$	1,000,000	$	740,052
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		582,731
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		795,243
Wisconsin Power & Light Co., 3.950%, 09/01/32		3,000,000		2,758,383
				16,358,563
Electric — Integrated (0.1%)
Berkshire Hathaway Energy Co., 3.750%, 11/15/23		250,000		247,156
Gas Utilities (0.7%)
National Fuel Gas Co.
4.750%, 09/01/28		1,000,000		943,650
5.200%, 07/15/25		1,000,000		991,989
ONEOK, Inc.
4.000%, 07/13/27		500,000		469,214
4.350%, 03/15/29		1,500,000		1,389,451
Washington Gas Light Co., Series K, 3.796%, 09/15/46		1,000,000		749,813
				4,544,117
Multi-Utilities (0.1%)
Atmos Energy Corp., 4.125%, 03/15/49		750,000		614,091
Eastern Energy Gas Holdings LLC, 3.550%, 11/01/23		250,000		246,743
				860,834
Water Utilities (0.2%)
American Water Capital Corp., 3.750%, 09/01/47		1,000,000		782,880
Aquarion Co., 4.000%, 08/15/24 (c)		500,000		493,099
				1,275,979
Total corporate obligations (cost: $228,781,821)				214,352,072
Total long-term debt securities (cost: $262,341,224)				246,721,118

	Shares		Value(a)
Mutual Funds (47.3%)
Investment Companies (47.3%)
iShares Core S&P 500 ETF		105,440	$	40,511,102
SFT Index 500 Fund (g)		14,224,618		234,734,959
SPDR S&P 500 ETF Trust (d)		36,170		13,832,493
Vanguard S&P 500 ETF		20,175		7,088,284
Total mutual funds (cost: $168,921,296)				296,166,838
Short-Term Securities (12.3%)
Investment Companies (12.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		77,124,275		77,124,275
Total short-term securities (cost: $77,124,275)				77,124,275
Total investments excluding purchased options (99.1%) (cost: $508,386,795)				620,012,231
Total purchased options outstanding (0.1%) (cost: $993,552)				553,957
Total investments in securities (cost: $509,380,347) (h)				620,566,188
Cash and other assets in excess of liabilities (0.8%)				4,845,852
Total net assets (100.0%)			$	625,412,040

Investments in Securities Legend

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

(b) Foreign security: The Fund held 1.8% of net assets in foreign securities at December 31, 2022.

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

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

(e) Variable rate security.

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

(g) Affiliated security.

(h) At December 31, 2022, the cost of investments for federal income tax purposes was $510,224,207. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	137,908,686
Gross unrealized depreciation		(26,308,858	)
Net unrealized appreciation	$	111,599,828

See accompanying notes to financial statements.
59

SFT Balanced Stabilization Fund
Investments in Securities – continued

Holdings of Open Futures Contracts

On December 31, 2022, securities with an aggregate market value of $17,738,529 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				March 2023					198			Short				$	(39,573,236	)		$	(38,223,900	)		$	1,349,336

Call Options Purchased:

The Fund had the following call options purchased open at December 31, 2022:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
CBOE Volatility Index				$	25			January 2023					3,203			$	320,300			$	294,676

Put Options Purchased:

The Fund had the following put options purchased open at December 31, 2022:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	3,720			January 2023					81			$	8,100			$	259,281

Call Options Written:

The Fund had the following call options written open at December 31, 2022

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
CBOE Volatility Index				$	35			January 2023					3.203			$	320,300			$	(73,669	)

Put Options Written:

The Fund had the following put options written open at December 31, 2022:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	3,330			January 2023					81			$	8,100			$	(17,820	)

See accompanying notes to financial statements.
60

SFT Core Bond Fund
Investments in Securities

December 31, 2022

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

	Principal		Value(a)
Long-Term Debt Securities (105.5%)
Government Obligations (53.6%)
Other Government Obligations (0.8%)
Provincial or Local Government Obligations (0.8%)
Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue, Series A, 5.450%, 09/01/40	$	1,185,000	$	1,156,311
Municipal Electric Authority of Georgia, 6.655%, 04/01/57		693,000		735,938
Ohio Water Development Authority, Series A2, 4.817%, 12/01/30		250,000		248,028
Port Authority of New York & New Jersey, 4.458%, 10/01/62		1,150,000		1,014,300
Texas A&M University, Series D, 4.000%, 05/15/31		325,000		305,386
				3,459,963
U.S. Government Agencies and Obligations (52.8%)
Federal Home Loan Mortgage Corporation (6.2%)
2.000%, 11/01/51		5,232,957		4,282,679
2.500%, 04/01/28		59,501		56,143
2.500%, 01/01/52		1,921,242		1,637,217
2.500%, 03/01/52		7,969,828		6,778,676
3.000%, 08/01/42		271,468		249,267
3.000%, 12/01/42		107,671		98,888
3.000%, 01/01/43		152,489		133,823
3.000%, 02/01/43		369,543		340,581
3.000%, 04/01/43		524,826		475,954
3.000%, 10/25/46		45,710		41,223
3.000%, 02/01/52		3,646,540		3,210,042
3.500%, 10/01/25		41,946		40,058
3.500%, 05/01/32		81,696		78,342
3.500%, 03/01/42		380,987		356,641
3.500%, 08/01/42		322,596		301,952
3.500%, 05/25/45		182,485		162,392
4.000%, 09/01/40		340,723		330,899
4.000%, 11/01/40		613,971		598,742
4.000%, 02/01/41		136,682		133,794
4.000%, 03/01/41		151,130		146,896
4.000%, 08/01/52		5,384,103		5,060,413
4.500%, 04/01/23		701		643
4.500%, 09/01/40		43,213		42,757
4.500%, 01/01/41		216,151		214,083
4.500%, 02/01/41		126,666		125,448
4.500%, 03/01/41		278,989		276,138
4.500%, 04/01/41		232,003		237,229
5.000%, 03/01/23		209		199
5.000%, 05/01/29		10,504		10,399
5.000%, 04/01/35		39,164		39,695
5.000%, 08/01/35		23,993		24,078
5.000%, 11/01/35		39,817		40,514
5.000%, 11/01/39		239,568		244,588
5.000%, 04/01/40		76,032		77,580
5.000%, 08/01/40		49,010		50,442

	Principal		Value(a)
5.339%, 10/25/29 (1-Month USD LIBOR + 0.950%) (b)	$	340,525	$	323,440
5.500%, 11/01/23		10,395		9,744
5.500%, 05/01/34		329,795		341,486
5.500%, 10/01/34		96,356		96,581
5.500%, 07/01/35		135,361		141,382
5.500%, 10/01/35		142,480		143,771
5.500%, 12/01/38		70,172		71,539
6.000%, 11/01/33		143,458		151,078
6.250%, 12/15/23		3,044		3,042
6.500%, 09/01/32		18,479		19,472
6.500%, 11/01/32		14,639		16,059
6.500%, 06/01/36		92,374		93,353
7.000%, 12/01/37		23,857		25,010
				27,334,372
Federal National Mortgage Association (28.7%)
2.000%, 11/01/51		10,265,677		8,401,492
2.000%, 01/12/53, TBA (d)		20,200,000		16,481,938
2.500%, 03/01/27		88,442		82,096
2.500%, 11/01/27		135,525		127,861
2.500%, 03/01/28		108,770		102,025
2.500%, 07/01/28		146,475		137,062
2.500%, 03/01/52		2,758,461		2,342,745
2.500%, 04/01/52		2,484,965		2,112,302
2.500%, 12/25/51, TBA (d)		29,775,000		25,285,488
3.000%, 11/01/27		63,649		60,679
3.000%, 09/01/42		73,075		65,782
3.000%, 01/01/46		75,765		68,179
3.000%, 04/01/52		6,016,812		5,291,259
3.000%, 02/25/52, TBA (d)		17,625,000		15,498,984
3.500%, 11/01/25		51,859		51,302
3.500%, 01/01/26		59,332		58,695
3.500%, 12/01/32		78,889		76,501
3.500%, 11/01/40		254,419		234,192
3.500%, 01/01/41		283,450		263,313
3.500%, 02/01/41		344,709		324,472
3.500%, 04/01/41		181,772		167,563
3.500%, 11/01/41		980,046		905,813
3.500%, 12/01/41		199,094		186,328
3.500%, 05/01/42		104,487		96,350
3.500%, 01/01/43		234,041		217,684
3.500%, 02/01/43		285,795		267,458
3.500%, 05/01/43		925,892		868,347
3.500%, 02/25/49, TBA (d)		3,600,000		3,276,563
4.000%, 12/01/40		38,977		37,806
4.000%, 04/01/41		568,535		544,059
4.000%, 09/01/41		155,425		151,317
4.000%, 11/01/41		92,100		89,380
4.000%, 06/01/42		268,308		260,056
4.000%, 09/01/43		163,753		158,310
4.500%, 04/01/25		6,756		6,710
4.500%, 05/25/34		537,000		526,154
4.500%, 05/01/35		86,325		91,499
4.500%, 07/01/35		226,907		222,187
4.500%, 09/01/37		79,909		78,250
4.500%, 06/01/39		81,466		80,945
4.500%, 04/01/41		703,449		699,617
4.500%, 07/01/41		480,421		473,809
4.500%, 07/01/47		200,986		199,912
4.500%, 08/01/52		6,106,672		5,896,606

See accompanying notes to financial statements.
61

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
4.500%, 01/12/53, TBA (d)	$	6,525,000	$	6,296,625
5.000%, 06/25/23		2,550		2,537
5.000%, 07/01/23		2,380		2,399
5.000%, 11/01/33		96,534		98,245
5.000%, 03/01/34		75,061		76,487
5.000%, 05/01/34		15,866		15,886
5.000%, 12/01/34		91,535		93,148
5.000%, 07/01/35		83,077		85,298
5.000%, 08/01/35		34,051		34,797
5.000%, 03/01/38		38,075		38,846
5.000%, 04/01/38		67,054		68,282
5.000%, 06/01/39		58,124		59,684
5.000%, 12/01/39		215,358		221,181
5.000%, 06/01/40		27,490		27,781
5.000%, 04/01/41		222,978		227,713
5.000%, 01/12/53, TBA (d)		21,450,000		21,151,711
5.500%, 08/01/23		1,553		1,521
5.500%, 02/01/24		4,395		4,423
5.500%, 04/01/33		330,764		337,808
5.500%, 05/01/33		4,399		4,493
5.500%, 12/01/33		34,789		35,532
5.500%, 01/01/34		64,973		66,362
5.500%, 02/01/34		74,359		76,177
5.500%, 03/01/34		116,302		117,743
5.500%, 04/01/34		55,822		57,381
5.500%, 05/01/34		1,936		1,959
5.500%, 09/01/34		79,676		81,657
5.500%, 10/01/34		24,858		24,946
5.500%, 01/01/35		41,345		42,228
5.500%, 02/01/35		131,505		132,708
5.500%, 04/01/35		102,074		102,450
5.500%, 06/01/35		6,824		6,860
5.500%, 08/01/35		69,744		71,234
5.500%, 10/01/35		134,221		135,152
5.500%, 11/01/35		30,406		31,631
5.500%, 09/01/36		61,264		62,670
5.500%, 12/01/39		37,317		38,079
6.000%, 08/01/23		3,047		3,043
6.000%, 09/01/32		7,376		7,749
6.000%, 10/01/32		223,447		232,177
6.000%, 11/01/32		264,026		277,303
6.000%, 03/01/33		173,421		181,216
6.000%, 12/01/33		69,331		74,651
6.000%, 08/01/34		10,863		10,849
6.000%, 09/01/34		13,010		13,623
6.000%, 11/01/34		7,544		7,891
6.000%, 12/01/34		54,552		57,546
6.000%, 11/01/36		6,546		6,907
6.000%, 01/01/37		76,461		80,982
6.000%, 08/01/37		37,349		39,419
6.000%, 10/01/38		69,986		73,689
6.500%, 11/01/23		1,666		1,667
6.500%, 12/01/31		26,957		27,998
6.500%, 02/01/32		118,108		123,278
6.500%, 04/01/32		68,076		72,593
6.500%, 05/01/32		16,975		17,132
6.500%, 07/01/32		114,134		120,884
6.500%, 08/01/32		61,730		65,844
6.500%, 09/01/32		37,594		40,099
6.500%, 10/01/32		47,508		48,036
6.500%, 09/01/34		2,747		2,764
6.500%, 11/01/34		2,835		3,118
6.500%, 03/01/35		38,871		40,991
6.500%, 09/01/37		58,081		58,990
6.500%, 11/01/37		19,731		20,932

	Principal		Value(a)
7.000%, 07/01/31	$	29,955	$	31,512
7.000%, 09/01/31		93,079		97,946
7.000%, 11/01/31		82,523		86,821
7.000%, 02/01/32		36,774		36,948
7.000%, 03/01/32		8,891		9,563
7.000%, 07/01/32		37,328		40,134
7.500%, 04/01/31		33,007		33,772
7.500%, 05/01/31		7,833		8,252
8.689%, 02/25/25 (1-Month USD LIBOR + 4.300%) (b)		333,624		338,890
8.789%, 01/25/24 (1-Month USD LIBOR + 4.400%) (b)		31,097		31,880
8.839%, 01/25/29 (1-Month USD LIBOR + 4.450%) (b)		762,420		780,189
				125,710,002
Government National Mortgage Association (1.3%)
0.000%, 06/17/45 (b) (c)		117,445		1
1.000%, 12/20/42		39,231		32,842
3.000%, 03/15/45		479,663		431,699
3.000%, 04/15/45		872,600		775,678
3.000%, 05/15/45		39,513		35,132
3.250%, 04/20/33		84,301		76,404
3.250%, 03/20/35		693,623		663,129
3.250%, 11/20/35		393,402		376,073
3.250%, 01/20/36		661,193		631,931
3.500%, 11/15/40		58,589		54,804
3.500%, 04/20/46		238,610		223,026
3.750%, 03/20/46		588,881		562,570
4.000%, 07/20/31		209,556		207,411
4.000%, 04/20/39		147,367		142,256
4.000%, 12/20/40		394,630		377,254
4.000%, 01/15/41		19,771		19,421
4.000%, 02/15/41		166,007		161,694
4.000%, 10/15/41		103,679		99,242
4.000%, 12/20/44		46,535		45,263
4.500%, 06/15/40		119,478		118,542
5.000%, 05/15/33		29,877		30,718
5.000%, 12/15/39		44,640		46,188
5.000%, 01/15/40		386,360		396,410
5.000%, 07/15/40		80,502		81,700
5.500%, 07/15/38		95,241		100,046
5.500%, 10/15/38		155,075		160,135
				5,849,569
U.S. Treasury (16.6%)
U.S. Treasury Bond
2.000%, 11/15/41		48,275,000		34,735,371
4.000%, 11/15/52		15,180,000		15,343,659
U.S. Treasury Inflation-Indexed Notes, 0.625%, 07/15/32		594,819		546,490
U.S. Treasury Note
3.750%, 12/31/27		9,160,000		9,122,788
3.875%, 11/30/27		5,945,000		5,920,849
4.125%, 10/31/27		255,000		256,275
4.125%, 11/15/32		5,490,000		5,621,245
4.250%, 12/31/24		95,000		94,718
4.500%, 11/30/24		1,235,000		1,235,772
				72,877,167

See accompanying notes to financial statements.
62

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Vendee Mortgage Trust (0.0%)
Vendee Mortgage Trust, Series 1995-1, Class 2, 7.793%, 02/15/25	$	4,030	$	4,027
Total government obligations (cost: $246,553,698)				235,235,100
Asset-Backed Securities (10.2%)
AGL CLO 12 Ltd., Series 2021-12A, Class B, 5.843%, 07/20/34 (3-Month USD LIBOR + 1.600%) (b) (e)		875,000		822,611
AMSR Trust
Series 2021-SFR2, Class D, 2.278%, 08/17/38 (e)		1,150,000		976,183
Series 2021-SFR4, Class B, 2.417%, 12/17/38 (e)		4,950,000		4,310,732
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 5.363%, 02/25/34 (1-Month USD LIBOR + 0.975%) (b)		361,951		406,147
CarMax Auto Owner Trust, Series 2019-4, Class D, 2.800%, 04/15/26		1,400,000		1,345,586
Chase Funding Trust
Series 2002-3, Class 2A1, 5.029%, 08/25/32 (1-Month USD LIBOR + 0.640%) (b)		94,443		105,464
Series 2003-2, Class 2A2, 4.576%, 02/25/33 (1-Month USD LIBOR + 0.560%) (b)		123,519		126,468
CIFC Funding Ltd., Series 2022-3A, Class A, 5.398%, 04/21/35 (SOFRRATE + 1.410%) (b) (e)		1,250,000		1,216,180
Commonbond Student Loan Trust
Series 2017-AGS, Class C, 5.280%, 05/25/41 (e)		18,377		17,137
Series 2018-AGS, Class A1, 3.210%, 02/25/44 (e)		632,514		599,768
Series 2018-AGS, Class A2, 4.889%, 02/25/44 (1-Month USD LIBOR + 0.500%) (b) (e)		222,633		220,050
Series 2019-AGS, Class A1, 2.540%, 01/25/47 (e)		1,329,525		1,182,152
Series 2021-AGS, Class A, 1.200%, 03/25/52 (e)		550,277		464,555
Eaton Vance CLO Ltd., Series 2019-1A, Class AR, 5.179%, 04/15/31 (3-Month USD LIBOR + 1.100%) (b) (e)		1,000,000		981,056
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.730%, 07/15/26		1,850,000		1,774,071

	Principal		Value(a)
FirstKey Homes Trust
Series 2021-SFR1, Class B, 1.788%, 08/17/38 (e)	$	2,075,000	$	1,766,804
Series 2021-SFR2, Class D, 2.058%, 09/17/38 (e)		1,950,000		1,653,766
Home Partners of America Trust
Series 2021-1, Class A, 1.698%, 09/17/41 (e)		1,655,650		1,368,422
Series 2021-3, Class B, 2.649%, 01/17/41 (e)		3,738,556		3,114,813
HPS Loan Management Ltd., Series 2021-16A, Class A1, 5.465%, 01/23/35 (3-Month USD LIBOR + 1.140%) (b) (e)		1,150,000		1,111,759
Invitation Homes Trust, Series 2018-SFR4, Class C, 5.739%, 01/17/38 (1-Month USD LIBOR + 1.400%) (b) (e)		5,049,767		5,014,336
Morgan Stanley Dean Witter Capital I, Inc., Series 2002-NC3, Class A2, 4.949%, 08/25/32 (1-Month USD LIBOR + 0.560%) (b)		162,375		169,331
Navient Private Education Refi Loan Trust
Series 2020-HA, Class A, 1.310%, 01/15/69 (e)		859,775		762,515
Series 2021-BA, Class A, 0.940%, 07/15/69 (e)		1,651,329		1,388,790
Series 2021-CA, Class A, 1.060%, 10/15/69 (e)		824,990		698,126
Series 2021-FA, Class A, 1.110%, 02/18/70 (e)		1,500,766		1,265,593
Series 2022-A, Class A, 2.230%, 07/15/70 (e)		1,554,427		1,364,142
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, 5.729%, 07/15/36 (3-Month USD LIBOR + 1.650%) (b) (e)		1,125,000		1,076,640
Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class A1A, 5.633%, 01/20/34 (3-Month USD LIBOR + 1.390%) (b) (e)		675,000		661,513
Progress Residential Trust, Series 2021-SFR7, Class D, 2.341%, 08/17/40 (e)		1,525,000		1,187,120
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B, 1.833%, 12/15/31 (e)		801,839		770,975
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D, 1.570%, 01/15/27 (e)		1,500,000		1,309,185

See accompanying notes to financial statements.
63

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 01/15/26	$	984,988	$	977,300
Saxon Asset Securities Trust, Series 2004-1, Class A, 2.047%, 03/25/35 (1-Month USD LIBOR + 0.540%) (b)		222,524		223,579
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (e)		2,089,868		1,627,072
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (e)		975,000		808,293
Tricon Residential Trust, Series 2021-SFR1, Class B, 2.244%, 07/17/38 (e)		2,300,000		1,979,190
Total asset-backed securities (cost: $49,982,591)				44,847,424
Other Mortgage-Backed Securities (12.4%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (8.3%)
Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.666%, 01/25/4 (b) (e)		85,929		82,936
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29		23,746		22,635
Bellemeade RE Ltd., Series 2018-3A, Class M1B, 6.239%, 10/25/28 (1-Month USD LIBOR + 1.850%) (b) (e) (f)		317,107		316,854
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1, 3.000%, 09/25/64 (b) (e)		143,843		137,134
Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (b) (e)		1,948,221		1,667,632
CSMC Trust
Series 2013-6, Class B4,3.330%, 08/25/43 (b) (e)		1,039,606		877,732
Series 2017-HL1, Class A12,3.500%, 06/25/47 (b) (e)		953,266		873,034
Eagle RE Ltd., Series 2020-1, Class M1B, 5.839%, 01/25/30 (1-Month LIBOR + 1.450%) (b) (e) (f)		3,691,265		3,671,197
FARM Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (b) (e)		1,585,331		1,348,405
Flagstar Mortgage Trust
Series 2021-5INV, Class A5, 2.500%, 07/25/51 (b) (e)		2,109,078		1,805,322
Series 2021-6INV, Class A6, 2.500%, 08/25/51 (b) (e)		2,216,681		1,916,620

	Principal		Value(a)
GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 3.148%, 07/25/44 (b) (e)	$	2,110,021	$	1,912,762
JP Morgan Mortgage Trust
Series 2014-2, Class B1, 3.412%, 06/25/29 (b) (e)		85,169		73,151
Series 2016-3, Class B3, 3.282%, 10/25/46 (b) (e)		209,681		193,601
Series 2017-2, Class B4, 3.654%, 05/25/47 (b) (e)		2,840,176		2,152,142
Series 2021-13, Class A4, 2.500%, 04/25/52 (b) (e)		3,941,441		3,390,871
Series 2021-4, Class A5, 2.500%, 08/25/51 (b) (e)		2,400,000		1,637,377
JP Morgan Trust, Series 2015-6, Class B4, 3.535%, 10/25/45 (b) (e)		1,375,000		861,244
MRFC Mortgage Pass-Through Trust, Series 1998-2, Class B1, 6.750%, 06/25/28		3,046		3,075
Prudential Home Mortgage Securities Co., Inc., Series 1994-E, Class 5B, 7.479%, 09/28/24 (b) (e)		35		35
Radnor RE Ltd., Series 2019-1, Class M1B, 6.339%, 02/25/29 (1-Month USD LIBOR + 1.950%) (b) (e) (f)		726,645		718,304
Seasoned Credit Risk Transfer Trust
Series 2017-2, Class M1, 4.000%, 08/25/56 (b) (e)		1,053,117		1,019,182
Series 2017-3, Class M1, 4.000%, 07/25/56 (b)		1,434,320		1,402,058
Sequoia Mortgage Trust
Series 2013-8, Class B4, 3.488%, 06/25/43 (b)		473,469		348,437
Series 2015-1, Class B2, 3.913%, 01/25/45 (b) (e)		132,359		124,739
Series 2015-3, Class B1, 3.723%, 07/25/45 (b) (e)		209,247		197,153
Series 2015-4, Class B2, 3.136%, 11/25/30 (b) (e)		180,951		172,922
Series 2017-1, Class B3, 3.607%, 02/25/47 (b) (e)		1,012,345		771,641
Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.603%, 04/25/47 (b) (e)		1,362,521		961,550
Structured Asset Mortgage Investments, Inc.
Series 1998-2, Class B, 6.750%, 05/02/30 (b)		5,650		125
Series 1998-2, Class C, 6.750%, 05/02/30 (b)		3,657		81
Towd Point Mortgage Trust
Series 2015-2, Class 2M2, 4.166%, 11/25/57 (b) (e)		2,702,710		2,672,231
Series 2015-4, Class M2, 3.750%, 04/25/55 (b) (e)		2,505,000		2,447,852
Series 2018-4, Class A1, 3.000%, 06/25/58 (b) (e)		1,814,834		1,626,928

See accompanying notes to financial statements.
64

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.677%, 06/20/45 (b) (e)	$	1,599,161	$	1,370,090
				36,777,052
Commercial Mortgage-Backed Securities (4.1%)
BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A, 4.185%, 08/15/46 (b) (e)		1,350,000		1,050,386
BB-UBS Trust
Series 2012-SHOW, Class C, 4.026%, 11/05/36 (b) (e)		500,000		479,875
Series 2012-SHOW, Class D, 4.026%, 11/05/36 (b) (e)		500,000		470,048
BX Trust, Series 2022-PSB, Class D, 9.029%, 08/15/39 (b) (e)		820,507		812,155
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		500,000		472,798
Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class A, 5.273%, 12/15/36 (1-Month USD LIBOR + 0.830%) (b) (e)		4,000,000		3,910,245
Irvine Core Office Trust, Series 2013-IRV, Class A1, 2.068%, 05/15/48 (e)		20,109		20,010
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50		1,000,000		933,830
One Market Plaza Trust, Series 2017-1MKT, Class A, 3.614%, 02/10/32 (e)		992,000		960,495
UBS Commercial Mortgage Trust
Series 2017-C1, Class AS, 3.724%, 06/15/50		2,750,000		2,433,444
Series 2017-C6, Class A5, 3.580%, 12/15/50		3,500,000		3,206,865
Series 2017-C7, Class AS, 4.061%, 12/15/50 (b)		1,505,000		1,360,092
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.637%, 06/15/48		1,905,000		1,810,046
				17,920,289
Total other mortgage-backed securities (cost: $62,602,573)				54,697,341
Corporate Obligations (26.3%)
Basic Materials (0.1%)
Chemicals (0.1%)
International Flavors & Fragrances, Inc., 2.300%, 11/01/30 (e)		500,000		395,576
SK Invictus Intermediate II Sarl, 5.000%, 10/30/29 (e) (f)		50,000		40,063
				435,639

	Principal		Value(a)
Communication Services (0.3%)
Wireless Telecommunication Services (0.3%)
T-Mobile USA, Inc., 2.550%, 02/15/31	$	1,500,000	$	1,229,249
Communications (1.6%)
Cable/Satellite TV (0.4%)
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800%, 04/01/31		1,130,000		883,683
4.800%, 03/01/50		1,000,000		733,849
				1,617,532
Media (0.3%)
Cable One, Inc., 4.000%, 11/15/30 (e)		162,000		127,575
CSC Holdings LLC
5.375%, 02/01/28 (e)		200,000		161,250
6.500%, 02/01/29 (e)		554,000		454,280
7.500%, 04/01/28 (e)		50,000		33,750
Paramount Global, 4.200%, 05/19/32		250,000		205,052
Time Warner Cable LLC, 5.500%, 09/01/41		535,000		446,163
				1,428,070
Telecommunication (0.6%)
AT&T, Inc., 3.550%, 09/15/55		1,787,000		1,208,716
CommScope, Inc., 4.750%, 09/01/29 (e)		264,000		212,850
Crown Castle Towers LLC, 4.241%, 07/15/48 (e)		625,000		570,277
Intelsat Jackson Holdings SA, 6.500%, 03/15/30 (e) (f)		151,000		132,314
Level 3 Financing, Inc., 4.250%, 07/01/28 (e)		536,000		422,100
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (e)		161,000		118,536
				2,664,793
Wireless Telecommunication Services (0.3%)
Sprint Spectrum Co. LLC/ Sprint Spectrum Co. II LLC/ Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (e)		500,000		493,433
T-Mobile USA, Inc., 2.625%, 04/15/26		1,000,000		915,978
				1,409,411
Consumer Cyclical (0.7%)
Entertainment (0.5%)
Caesars Entertainment, Inc.
4.625%, 10/15/29 (e)		169,000		137,524
8.125%, 07/01/27 (e)		92,000		90,275
Warnermedia Holdings, Inc.
5.050%, 03/15/42 (e)		1,000,000		770,881
5.141%, 03/15/52 (e)		1,500,000		1,103,931
				2,102,611

See accompanying notes to financial statements.
65

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Retail (0.2%)
Alimentation Couche-Tard, Inc., 3.800%, 01/25/50 (e) (f)	$	500,000	$	353,262
Fertitta Entertainment LLC/ Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/30 (e)		55,000		44,275
FirstCash, Inc., 5.625%, 01/01/30 (e)		254,000		226,060
Michaels Cos., Inc., 7.875%, 05/01/29 (e)		341,000		226,765
				850,362
Consumer, Non-cyclical (2.3%)
Agricultural Products (0.3%)
Imperial Brands Finance PLC
3.875%, 07/26/29 (e) (f)		30,000		25,671
6.125%, 07/27/27 (e) (f)		470,000		464,713
Reynolds American, Inc., 5.850%, 08/15/45		1,000,000		858,961
				1,349,345
Beverages (0.1%)
Anheuser-Busch InBev Worldwide, Inc., 4.600%, 04/15/48		371,000		327,547
Biotechnology (0.1%)
Grifols Escrow Issuer SA, 4.750%, 10/15/28 (e) (f)		271,000		234,754
Commercial Services (0.1%)
Rent-A-Center, Inc., 6.375%, 02/15/29 (e)		54,000		43,267
WASH Multifamily Acquisition, Inc., 5.750%, 04/15/26 (e)		236,000		221,250
				264,517
Food (0.3%)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.750%, 04/01/33 (e) (f)		1,500,000		1,425,000
Food Products (0.2%)
Kraft Heinz Foods Co., 5.200%, 07/15/45		750,000		694,888
Pilgrim's Pride Corp., 3.500%, 03/01/32 (e)		560,000		438,200
				1,133,088
Household Products (0.0%)
Spectrum Brands, Inc., 5.500%, 07/15/30 (e)		132,000		116,655
Pharmaceuticals (1.2%)
BAT Capital Corp.
2.726%, 03/25/31		750,000		586,775
4.540%, 08/15/47		1,000,000		715,383
Bayer U.S. Finance II LLC
4.375%, 12/15/28 (e)		1,500,000		1,413,480
4.400%, 07/15/44 (e)		1,000,000		791,207

	Principal		Value(a)
Becton Dickinson & Co., 4.298%, 08/22/32	$	1,000,000	$	939,559
CVS Health Corp., 5.050%, 03/25/48		1,000,000		900,796
				5,347,200
Energy (1.6%)
Oil & Gas (0.5%)
KazMunayGas National Co. JSC, 5.375%, 04/24/30 (f)		500,000		453,125
NGPL PipeCo LLC, 3.250%, 07/15/31 (e)		1,000,000		814,532
Qatar Energy, 2.250%, 07/12/31 (f)		500,000		414,033
Transocean Phoenix 2 Ltd., 7.750%, 10/15/24 (e) (f)		92,800		91,872
Transocean Proteus Ltd., 6.250%, 12/01/24 (e) (f)		93,600		92,664
USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 09/01/27		246,000		231,240
				2,097,466
Pipelines (1.1%)
Energy Transfer LP
6.250%, 04/15/49		190,000		178,260
6.850%, 02/15/40		1,850,000		1,776,364
Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/34 (e) (f)		462,330		392,745
Plains All American Pipeline LP/PAA Finance Corp., 3.550%, 12/15/29		500,000		434,032
Rockies Express Pipeline LLC, 4.950%, 07/15/29 (e)		256,000		231,680
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,500,000		1,711,561
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26		156,000		134,160
Venture Global Calcasieu Pass LLC, 4.125%, 08/15/31 (e)		260,000		220,350
				5,079,152
Financial (13.7%)
Banks (10.3%)
ABN AMRO Bank NV, 2.470%, 12/13/29 (1-Year CMT + 1.100%) (b) (e) (f)		500,000		405,513
Bank of America Corp.
2.496%, 02/13/31 (3-Month USD LIBOR + 0.990%) (b)		1,000,000		814,438
2.572%, 10/20/32 (SOFRRATE + 1.210%) (b)		1,000,000		785,084
3.974%, 02/07/30 (3-Month USD LIBOR + 1.210%) (b)		4,040,000		3,667,201

See accompanying notes to financial statements.
66

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Citigroup, Inc.
1.281%, 11/03/25 (SOFRRATE + 0.528%) (b)	$	2,625,000	$	2,419,179
2.520%, 11/03/32 (SOFRRATE + 1.177%) (b)		750,000		584,637
2.666%, 01/29/31 (SOFRRATE + 1.146%) (b)		1,000,000		821,588
3.057%, 01/25/33 (b)		330,000		266,823
Credit Suisse Group AG
3.091%, 05/14/32 (SOFRRATE + 1.730%) (b) (e) (f)		3,935,000		2,725,531
6.537%, 08/12/33 (b) (e) (f)		320,000		282,491
9.016%, 11/15/33 (b) (e) (f)		1,690,000		1,741,312
Goldman Sachs Group, Inc.
1.431%, 03/09/27 (SOFRRATE + 0.798%) (b)		300,000		263,152
2.383%, 07/21/32 (SOFRRATE + 1.248%) (b)		3,785,000		2,947,220
HSBC Holdings PLC
2.013%, 09/22/28 (SOFRRATE + 1.732%) (b) (f)		1,000,000		836,968
2.357%, 08/18/31 (b) (f)		1,770,000		1,355,200
2.804%, 05/24/32 (SOFRRATE + 1.187%) (b) (f)		1,500,000		1,159,663
JPMorgan Chase & Co.
0.969%, 06/23/25 (3-Month USD TERM SOFR + 0.580%) (b)		1,000,000		932,662
1.470%, 09/22/27 (SOFRRATE + 0.765%) (b)		1,500,000		1,297,863
2.580%, 04/22/32 (SOFRRATE + 1.250%) (b)		1,000,000		804,978
3.540%, 05/01/28 (3-Month USD LIBOR + 1.380%) (b)		2,500,000		2,315,775
Lloyds Banking Group PLC, 4.976%, 08/11/33 (b) (f)		495,000		455,955
Lloyds Banking Group PLC
1.627%, 05/11/27 (1-Year CMT + 0.850%) (b) (f)		1,000,000		866,302
3.574%, 11/07/28 (3-Month USD LIBOR + 1.205%) (b) (f)		1,000,000		901,041
Morgan Stanley
0.529%, 01/25/24 (SOFRRATE + 0.455%) (b)		3,700,000		3,665,153
1.164%, 10/21/25 (b)		800,000		736,790
1.928%, 04/28/32 (SOFRRATE + 1.020%) (b)		1,894,000		1,436,732
NatWest Group PLC, 4.269%, 03/22/25 (3-Month USD LIBOR + 1.762%) (b) (f)		1,000,000		975,151
PNC Financial Services Group, Inc., 6.037%, 10/28/33		425,000		446,040
Santander UK Group Holdings PLC, 2.469%, 01/11/28 (SOFRRATE + 1.220%) (b) (f)		2,000,000		1,711,150

	Principal		Value(a)
U.S. Bancorp
3.000%, 07/30/29	$	765,000	$	673,800
Series J,5.300%, 04/15/27 (3-Month USD LIBOR + 2.914%) (b)		800,000		698,000
5.850%, 10/21/33		430,000		449,843
Wells Fargo & Co.
2.393%, 06/02/28 (SOFRRATE + 2.100%) (b)		4,125,000		3,649,235
2.879%, 10/30/30 (3-Month USD TERM SOFR + 1.431%) (b)		1,000,000		852,960
3.000%, 10/23/26		1,100,000		1,018,038
				44,963,468
Diversified Financial Services (0.4%)
DY7 Leasing LLC, 2.578%, 12/10/25		31,426		30,297
Helios Leasing I LLC, 1.825%, 05/16/25		34,056		32,735
Macquarie Group Ltd., 2.691%, 06/23/32 (SOFRRATE + 1.440%) (b) (e) (f)		2,075,000		1,592,544
				1,655,576
Finance (1.1%)
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust, 3.300%, 01/30/32 (f)		1,500,000		1,169,412
Air Lease Corp., 3.250%, 10/01/29		1,500,000		1,277,508
Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (e) (f)		1,500,000		1,209,375
Seasoned Credit Risk Transfer Trust, Series 2021-3, Class TT, 2.000%, 03/25/61		1,292,498		1,158,829
				4,815,124
Insurance (0.7%)
Acrisure LLC/Acrisure Finance, Inc., 7.000%, 11/15/25 (e)		48,000		44,040
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.750%, 10/15/27 (e)		50,000		44,938
AssuredPartners, Inc., 5.625%, 01/15/29 (e)		48,000		39,120
Athene Global Funding, 1.985%, 08/19/28 (e)		1,000,000		806,408
Farmers Insurance Exchange, 4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%) (b) (e)		500,000		397,155
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)		2,125,000		1,759,137
				3,090,798
Real Estate Investment Trust — Health Care (0.2%)
Healthcare Realty Holdings LP, 3.100%, 02/15/30		1,000,000		840,749

See accompanying notes to financial statements.
67

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Real Estate Investment Trust — Office Property (0.1%)
Hudson Pacific Properties LP
3.250%, 01/15/30	$	590,000	$	452,645
5.950%, 02/15/28		35,000		32,866
				485,511
Residential REITs (0.0%)
Invitation Homes Operating Partnership LP, 2.700%, 01/15/34		180,000		131,710
Savings and Loans (0.1%)
Nationwide Building Society, 2.972%, 02/16/28 (SOFRRATE + 1.290%) (b) (e) (f)		500,000		441,198
Specialized REITs (0.8%)
Extra Space Storage LP, 2.550%, 06/01/31		575,000		451,639
GLP Capital LP/GLP Financing II, Inc.
4.000%, 01/15/30		472,000		413,963
5.300%, 01/15/29		1,000,000		947,668
5.375%, 04/15/26		500,000		491,850
VICI Properties LP/VICI Note Co., Inc.
3.750%, 02/15/27 (e)		40,000		36,200
3.875%, 02/15/29 (e)		1,500,000		1,314,375
				3,655,695
Health Care (2.1%)
Health Care Providers & Services (2.1%)
Centene Corp.
3.000%, 10/15/30		1,087,000		891,340
4.250%, 12/15/27		715,000		672,100
CommonSpirit Health, 4.350%, 11/01/42		460,000		389,188
HCA, Inc.
3.500%, 09/01/30		650,000		559,813
3.625%, 03/15/32 (e)		1,000,000		848,966
4.625%, 03/15/52 (e)		680,000		534,870
5.250%, 04/15/25		455,000		453,863
5.375%, 02/01/25		545,000		545,000
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/29 (e)		157,000		131,095
ModivCare, Inc., 5.875%, 11/15/25 (e)		96,000		90,720
Molina Healthcare, Inc., 3.875%, 05/15/32 (e)		789,000		668,677
New York & Presbyterian Hospital, 2.256%, 08/01/40		1,175,000		780,514
NYU Langone Hospitals, Series 2020, 3.380%, 07/01/55		2,354,000		1,613,549
Sinai Health System, 3.034%, 01/20/36		1,150,000		1,021,037
				9,200,732

	Principal		Value(a)
Industrials (0.2%)
Construction & Engineering (0.0%)
Artera Services LLC, 9.033%, 12/04/25 (e)	$	162,000	$	134,460
Containers & Packaging (0.1%)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.250%, 08/15/27 (e) (f)		446,000		336,730
Trivium Packaging Finance BV
5.500%, 08/15/26 (e) (f)		191,000		177,869
8.500%, 08/15/27 (e) (f)		48,000		44,220
				558,819
Environmental Control (0.1%)
Waste Pro USA, Inc., 5.500%, 02/15/26 (e)		354,000		311,962
Machinery (0.0%)
OT Merger Corp., 7.875%, 10/15/29 (e)		63,000		33,390
Information Technology (0.6%)
Computers (0.1%)
NCR Corp., 5.125%, 04/15/29 (e)		489,000		405,870
IT Services (0.1%)
Global Payments, Inc.
5.400%, 08/15/32		225,000		215,433
5.950%, 08/15/52		293,000		267,908
				483,341
Software (0.4%)
Gen Digital, Inc., 6.750%, 09/30/27 (e)		225,000		220,500
Open Text Corp., 6.900%, 12/01/27 (e)		85,000		85,106
Oracle Corp.
3.600%, 04/01/50		1,000,000		682,023
3.850%, 07/15/36		500,000		404,187
6.900%, 11/09/52		215,000		233,677
				1,625,493
Real Estate (0.0%)
Residential REITs (0.0%)
Invitation Homes Operating Partnership LP, 2.000%, 08/15/31		60,000		44,367
Technology (0.1%)
Semiconductor Equipment (0.1%)
Broadcom, Inc., 3.419%, 04/15/33 (e)		500,000		403,155
Transport-Services (0.2%)
Airlines (0.2%)
JetBlue Pass Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34		747,448		656,821

See accompanying notes to financial statements.
68

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Utilities (2.8%)
Electric Utilities (1.7%)
American Transmission System, Inc., 2.650%, 01/15/32 (e)	$	975,000	$	800,836
Duke Energy Carolinas LLC, 4.250%, 12/15/41		2,030,000		1,769,582
Entergy Mississippi LLC, 3.250%, 12/01/27		500,000		457,298
Eversource Energy, Series N, 3.800%, 12/01/23		950,000		938,749
FirstEnergy Corp., 2.650%, 03/01/30		266,000		217,725
FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e)		2,000,000		1,877,500
MidAmerican Energy Co., 4.250%, 07/15/49		1,750,000		1,486,861
				7,548,551
Electric — Integrated (0.2%)
Exelon Corp., 4.050%, 04/15/30		1,000,000		931,474
Gas Utilities (0.9%)
East Ohio Gas Co., 1.300%, 06/15/25 (e)		1,380,000		1,250,048
Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50		1,410,000		954,966
Southern Co. Gas Capital Corp.
3.875%, 11/15/25		1,105,000		1,060,136
4.400%, 05/30/47		775,000		623,202
				3,888,352
Total corporate obligations (cost: $127,675,495)				115,419,007
Bank Loans (2.1%)
Acrisure LLC, 2020 Term Loan B, 7.884%, 02/15/27 (1-Month USD LIBOR + 3.500%) (b) (e)		248,721		232,865
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 7.967%, 07/31/28 (1-Month USD SOFRRATE+ 3.750%) (b) (e)		248,750		233,203
Amentum Government Services Holdings LLC, Term Loan B, 8.170%, 01/29/27 (3-Month USD LIBOR + 4.000%) (b) (e)		248,725		242,506
American Airlines, Inc., 2021 Term Loan, 8.993%, 04/20/28 (3-Month USD LIBOR + 4.750%) (b) (e)		29,399		29,227
Arches Buyer, Inc., 2021 Term Loan B, 7.634%, 12/06/27 (1-Month USD LIBOR + 3.250%) (b) (d) (e)		38,046		35,106

	Principal		Value(a)
Asurion LLC
2021 Second Lien Term Loan B4, 9.634%, 01/20/29 (1-Month USD LIBOR + 5.250%) (b) (e)	$	22,509	$	17,370
2022 Term Loan B10, 8.680%, 08/19/28 (3-Month USD TERM SOFR + 4.000%) (b) (e)		249,375		222,567
Bausch & Lomb, Inc., Term Loan, 7.842%, 05/10/27, (3-Month USD SOFR + 3.250%) (b) (d) (e)		27,196		25,757
Caesars Resort Collection LLC, 2020 Term Loan B1, 7.884%, 07/21/25 (1-Month USD LIBOR + 3.500%) (b) (e)		347,294		346,100
CDK Global, Inc., 2022 USD Term Loan B, 9.080%, 07/06/29 (3-Month USD SOFR + 4.500%) (b) (e)		250,000		247,617
CommScope, Inc., 2019 Term Loan B, 7.634%, 04/06/26 (1-Month USD LIBOR + 3.250%) (b) (e)		248,715		233,869
Corporation Service Co., Term Loan B, 7.673%, 11/02/29 (1-Month USD SOFR + 3.250%) (b) (d) (e)		250,000		247,500
Crown Finance U.S., Inc, 2022 DIP Term Loan, 14.417%, 09/07/23 (1-Month USD SOFR + 10.000%) (b) (d) (e)		106,909		104,851
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 8.073%, 04/09/27 (1-Month USD SOFR + 3.750%) (b)		21,390		19,920
DirecTV Financing LLC, Term Loan, 9.384%, 08/02/27 (1-Month USD LIBOR + 5.000%) (b) (e)		237,936		230,760
Fertitta Entertainment LLC, 2022 Term Loan B, 8.323%, 01/27/29 (1-Month USD SOFRRATE + 4.000%) (b) (e)		248,747		235,860
Formula One Holdings Ltd., Term Loan B, 7.573%, 01/15/30 (3-Month USD SOFR + 3.250%) (b) (d) (e)		8,453		8,444
Gainwell Acquisition Corp., Term Loan B, 8.730%, 10/01/27 (3-Month USD LIBOR + 4.000%) (b) (e)		248,731		234,740

See accompanying notes to financial statements.
69

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 6.384%, 11/15/27 (1-Month USD LIBOR + 2.000%) (b) (e)	$	250,000	$	240,972
Hostess Brands LLC, 2019 Term Loan, 6.665%, 08/03/25 (3-Month USD LIBOR + 2.250%) (b) (e)		226,337		225,291
Hub International Ltd., 2021 Term Loan B, 7.528%, 04/25/25 (3-Month USD LIBOR + 3.250%) (b) (e)		248,731		246,244
II-VI, Inc., 2022 Term Loan B, 7.134%, 07/02/29 (3-Month USD LIBOR + 2.750%) (b) (e)		262,031		259,083
Ingram Micro, Inc., 2021 Term Loan B, 8.230%, 06/30/28 (3-Month USD LIBOR + 3.500%) (b) (e)		248,737		244,540
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 7.445%, 02/01/29 (6-Month USD SOFRRATE + 4.500%) (b) (e)		237,696		229,139
J&J Ventures Gaming LLC, Term Loan, 8.730%, 04/26/28 (3-Month USD LIBOR + 4.000%) (b) (e)		248,741		237,547
Jazz Financing Lux SARL, USD Term Loan, 7.884%, 05/05/28 (1-Month USD LIBOR + 3.500%) (b) (e)		224,299		222,088
Medline Borrower LP, USD Term Loan B, 7.634%, 10/23/28 (1-Month USD LIBOR + 3.250%) (b) (e)		248,747		235,936
Mitnick Corporate Purchaser, Inc., Term Loan, 8.944%, 05/02/29 (3-Month USD SOFR + 4.750%) (b) (e)		21,945		20,505
Naked Juice LLC, Term Loan, 7.930%, 01/24/29 (3-Month USD TERM SOFRRATE + 3.250%) (b) (e)		249,373		222,165
NortonLifeLock, Inc., 2022 Term Loan B, 6.423%, 09/12/29 (1-Month USD SOFR + 2.000%) (b) (e)		250,000		245,312
Open Text Corp., Term Loan B, 6.134%, 05/30/25 (1-Month USD LIBOR + 1.750%) (b) (d) (e)		29,202		28,454

	Principal		Value(a)
Organon & Co., USD Term Loan, 7.750%, 06/02/28 (3-Month USD LIBOR + 3.000%) (b) (e)	$	500,427	$	494,589
Peraton Corp., Term Loan B, 8.139%, 02/01/28 (1-Month USD LIBOR + 3.750%) (b) (e)		248,711		242,538
Playtika Holding Corp., 2021 Term Loan, 7.134%, 03/13/28 (1-Month USD LIBOR + 2.750%) (b) (e)		249,367		237,522
Pre-Paid Legal Services, Inc., 2021 Term Loan, 8.134%, 12/15/28 (1-Month USD LIBOR + 3.750%) (b) (e)		248,747		239,046
Proofpoint, Inc., 1st Lien Term Loan, 7.985%, 08/31/28 (3-Month USD LIBOR + 3.250%) (b) (e)		248,744		238,561
RealPage, Inc., 1st Lien Term Loan, 7.384%, 04/24/28 (1-Month USD LIBOR + 3.000%) (b) (e)		21,889		20,786
SBA Senior Finance II LLC, 2018 Term Loan B, 6.140%, 04/11/25 (1-Month USD LIBOR + 1.750%) (b) (e)		249,347		248,323
Scientific Games International, Inc., 2022 USD Term Loan, 7.417%, 04/14/29 (1-Month USD SOFR + 3.000%) (b) (e)		248,750		244,915
Spin Holdco, Inc., 2021 Term Loan, 7.144%, 03/04/28 (3-Month USD LIBOR + 4.000%) (b) (e)		248,734		210,180
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 8.480%, 10/01/26 (3-Month USD LIBOR + 3.750%) (b) (e)		248,734		237,817
Trans Union LLC, 2019 Term Loan B5, 6.134%, 11/16/26 (1-Month USD LIBOR + 1.750%) (b) (e)		100,860		99,373
TruGreen LP, 2020 Term Loan, 8.384%, 11/02/27 (1-Month USD LIBOR + 4.000%) (b) (e)		248,731		218,883
United Airlines, Inc., 2021 Term Loan B, 8.108%, 04/21/28 (3-Month USD LIBOR + 3.750%) (b) (e)		248,734		244,796

See accompanying notes to financial statements.
70

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Whatabrands LLC, 2021 Term Loan B, 7.637%, 08/03/28 (1-Month USD LIBOR + 3.250%) (b) (e)	$	248,744	$	240,193
Yum Brands, 2021 Term Loan B, 6.089%, 03/15/28 (1-Month USD LIBOR + 1.750%) (b) (e)		59,572		58,567
Zayo Group Holdings, Inc., USD Term Loan, 7.384%, 03/09/27 (1-Month USD LIBOR + 3.000%) (b) (e)		300,000		241,792
Total Bank Loans (cost: $9,203,909)				9,123,419
Foreign Bonds (0.9%)
Brazilian Government International Bond, 3.875%, 06/12/30 (f)		400,000		347,371
Colombia Government International Bond, 3.000%, 01/30/30 (f)		300,000		230,534
Dominican Republic International Bond, 4.875%, 09/23/32 (f)		150,000		125,063
Guatemala Government Bond, 4.900%, 06/01/30 (f)		200,000		189,000
Hungary Government International Bond, 2.125%, 09/22/31 (f)		250,000		185,002
Mexico Government International Bond, 2.659%, 05/24/31 (f)		600,000		486,000
Panama Government International Bond, 2.252%, 09/29/32 (f)		500,000		370,625
Paraguay Government International Bond, 4.950%, 04/28/31 (e) (f)		300,000		291,375
Perusahaan Penerbit SBSN Indonesia III, 2.800%, 06/23/30 (e) (f)		500,000		437,500
Peruvian Government International Bond, 2.844%, 06/20/30 (f)		400,000		339,406
Philippine Government International Bond, 1.950%, 01/06/32 (f)		250,000		204,184
Republic of Poland Government International Bond, 5.750%, 11/16/32 (f)		22,000		23,392
Republic of South Africa Government International Bond, 4.850%, 09/30/29 (f)		400,000		356,494
Romanian Government International Bond, 3.000%, 02/14/31 (f)		300,000		235,734
Total Foreign Bonds (cost: $3,844,129)				3,821,680
Total long-term debt securities (cost: $499,862,395)				463,143,971

	Shares/ Principal		Value(a)
Short-Term Securities (16.5%)
Investment Companies (4.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		19,232,086	$	19,232,086
U.S. Government Obligations (12.1%)
Federal Home Loan Bank, 4.290%, 02/28/23	$	15,000,000		14,898,585
U.S. Treasury Bill
3.300%, 01/19/23		36,575,000		36,513,148
4.640%, 05/25/23		1,785,000		1,753,105
Total U.S. government obligations (cost: $53,202,181)				53,164,838
Total short-term securities (cost: $72,434,267)				72,396,924
Total investments in securities (cost: $572,296,662) (g)				535,540,895
Liabilities in excess of cash and other assets (-22.0%)				(96,583,197	)
Total net assets (100.0%)			$	438,957,698

See accompanying notes to financial statements.
71

SFT Core 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) 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.

(d) Security is issued on a when-issued or forward commitment basis. As of December 31, 2022, the total cost of investments issued on a when-issued or forward commitment basis was $89,082,094.

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

(f) Foreign security: The Fund held 7.1% of net assets in foreign securities at December 31, 2022.

(g) At December 31, 2022, the cost of investments for federal income tax purposes was $572,787,759. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	863,466
Gross unrealized depreciation		(38,006,526	)
Net unrealized depreciation	$	(37,143,060	)

Holdings of Open Futures Contracts

On December 31, 2022, $1,315,000 in cash has been pledged to cover margin requirements for the following open futures contracts:

Description	Expiration Date	Number of Contracts		Position Type	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)(a)
2 Year U.S. Treasury Note	March 2023		542	Long	$	111,026,155		$	111,152,344		$	126,189
5 Year U.S. Treasury Note	March 2023		90	Long		9,720,054			9,713,672			(6,382	)
10 Year U.S. Ultra	March 2023		40	Short		(4,744,168	)		(4,731,250	)		12,918
U.S. Ultra Bond	March 2023		103	Short		(13,805,267	)		(13,834,187	)		(28,921	)
								$	102,300,579		$	103,804

See accompanying notes to financial statements.
72

SFT Delaware Ivy^SM Growth Fund
Investments in Securities

December 31, 2022

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

	Shares		Value(a)
Common Stocks (99.2%)
Consumer Discretionary (12.8%)
Automobiles (2.1%)
Ferrari NV (b)		47,655	$	10,208,654
Hotels, Restaurants & Leisure (1.2%)
Booking Holdings, Inc. (c)		2,926		5,896,709
Internet & Catalog Retail (4.7%)
Amazon.com, Inc. (c)		266,965		22,425,060
Specialty Retail (1.3%)
Home Depot, Inc.		19,896		6,284,351
Textiles, Apparel & Luxury Goods (3.5%)
LVMH Moet Hennessy Louis Vuitton SE ADR (b)		52,431		7,595,679
NIKE, Inc. Class B		76,392		8,938,628
				16,534,307
Consumer Staples (3.6%)
Beverages (3.4%)
Coca-Cola Co.		252,814		16,081,499
Personal Care (0.2%)
Estee Lauder Cos., Inc. Class A		4,429		1,098,879
Financial (4.9%)
Capital Markets (4.9%)
Intercontinental Exchange, Inc.		110,992		11,386,669
S&P Global, Inc.		35,929		12,034,059
				23,420,728
Health Care (10.3%)
Health Care Equipment & Supplies (5.0%)
Cooper Cos., Inc.		29,217		9,661,185
Danaher Corp.		27,672		7,344,702
Intuitive Surgical, Inc. (c)		26,882		7,133,139
				24,139,026
Health Care Providers & Services (4.3%)
UnitedHealth Group, Inc.		38,510		20,417,232
Pharmaceuticals (1.0%)
Zoetis, Inc.		32,679		4,789,108
Industrials (10.2%)
Professional Services (7.5%)
CoStar Group, Inc. (c)		262,432		20,280,745
Equifax, Inc.		13,996		2,720,262
TransUnion		157,593		8,943,403
Verisk Analytics, Inc.		23,272		4,105,646
				36,050,056
Road & Rail (2.7%)
JB Hunt Transport Services, Inc.		51,657		9,006,915
Union Pacific Corp.		18,916		3,916,936
				12,923,851

	Shares		Value(a)
Information Technology (57.4%)
Communications Equipment (4.9%)
Motorola Solutions, Inc.		90,668	$	23,366,050
Computers & Peripherals (7.9%)
Apple, Inc.		291,364		37,856,924
Interactive Media & Services (5.8%)
Alphabet, Inc. Class A (c)		273,474		24,128,611
Alphabet, Inc. Class C (c)		42,161		3,740,946
				27,869,557
IT Services (13.5%)
Broadridge Financial Solutions, Inc.		65,715		8,814,353
PayPal Holdings, Inc. (c)		61,431		4,375,116
VeriSign, Inc. (c)		111,578		22,922,584
Visa, Inc. Class A		136,472		28,353,423
				64,465,476
Semiconductors & Semiconductor Equipment (2.7%)
NVIDIA Corp.		87,548		12,794,265
Software (22.6%)
Adobe, Inc. (c)		27,317		9,192,990
Autodesk, Inc. (c)		31,562		5,897,991
Electronic Arts, Inc.		121,496		14,844,381
Intuit, Inc.		28,321		11,023,099
Microsoft Corp.		246,512		59,118,508
Salesforce, Inc. (c)		45,991		6,097,947
Veeva Systems, Inc. Class A (c)		11,413		1,841,830
				108,016,746
Total common stocks (cost: $331,576,005)				474,638,478
Short-Term Securities (0.8%)
Investment Companies (0.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		3,803,470		3,803,470
Total short-term securities (cost: $3,803,470)				3,803,470
Total investments in securities (cost: $335,379,475) (d)				478,441,948
Cash and other assets in excess of liabilities (0.0%)				17,221
Total net assets (100.0%)			$	478,459,169

See accompanying notes to financial statements.
73

SFT Delaware Ivy^SM Growth 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) Foreign security: The Fund held 3.7% of net assets in foreign securities at December 31, 2022.

(d) At December 31, 2022, the cost of investments for federal income tax purposes was $335,979,714. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	156,856,407
Gross unrealized depreciation		(14,394,173	)
Net unrealized appreciation	$	142,462,234

See accompanying notes to financial statements.
74

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

December 31, 2022

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

	Shares		Value(a)
Common Stocks (96.5%)
Communication Services (1.0%)
Diversified Telecommunication Services (1.0%)
Iridium Communications, Inc. (b)		28,885	$	1,484,689
Consumer Discretionary (14.3%)
Auto Components (4.1%)
Fox Factory Holding Corp. (b)		28,464		2,596,771
Visteon Corp. (b)		25,106		3,284,618
				5,881,389
Entertainment (1.9%)
Monarch Casino & Resort, Inc. (b)		34,386		2,643,939
Hotels, Restaurants & Leisure (6.5%)
Marriott Vacations Worldwide Corp.		23,372		3,145,637
Red Rock Resorts, Inc. Class A		81,062		3,243,291
Texas Roadhouse, Inc.		30,220		2,748,509
				9,137,437
Internet & Catalog Retail (0.3%)
Xometry, Inc. Class A (b)		11,997		386,663
Media (0.5%)
Nexstar Media Group, Inc. Class A		3,964		693,819
Specialty Retail (1.0%)
Boot Barn Holdings, Inc. (b)		23,255		1,453,903
Consumer, Non-cyclical (0.9%)
Beverages (0.9%)
Duckhorn Portfolio, Inc. (b)		75,216		1,246,329
Energy (7.6%)
Electrical Equipment (1.7%)
Shoals Technologies Group, Inc. Class A (b)		96,577		2,382,555
Energy Equipment & Services (4.1%)
Cactus, Inc. Class A		59,242		2,977,503
Liberty Energy, Inc. Class A		80,907		1,295,321
Weatherford International PLC (b) (c)		30,454		1,550,718
				5,823,542
Oil, Gas & Consumable Fuels (1.8%)
Northern Oil & Gas, Inc.		32,131		990,277
SM Energy Co.		43,129		1,502,183
				2,492,460
Financial (4.5%)
Capital Markets (1.5%)
Focus Financial Partners, Inc. Class A (b)		29,186		1,087,762
Houlihan Lokey, Inc.		11,854		1,033,195
				2,120,957

	Shares		Value(a)
Commercial Banks (0.9%)
Seacoast Banking Corp. of Florida		38,302	$	1,194,639
Insurance (2.1%)
Kinsale Capital Group, Inc.		11,429		2,988,912
Health Care (21.1%)
Biotechnology (3.7%)
CareDx, Inc. (b)		58,394		666,276
Insmed, Inc. (b)		39,910		797,402
PTC Therapeutics, Inc. (b)		14,763		563,504
TransMedics Group, Inc. (b)		22,164		1,367,962
Vericel Corp. (b)		70,489		1,856,680
				5,251,824
Health Care Equipment & Supplies (6.7%)
Axonics, Inc. (b)		23,482		1,468,329
CryoPort, Inc. (b)		95,979		1,665,236
Inmode Ltd. (b) (c)		77,145		2,754,077
Penumbra, Inc. (b)		11,916		2,650,833
Tandem Diabetes Care, Inc. (b)		19,374		870,861
				9,409,336
Health Care Providers & Services (5.4%)
AMN Healthcare Services, Inc. (b)		12,409		1,275,893
Option Care Health, Inc. (b)		57,621		1,733,816
Privia Health Group, Inc. (b)		84,409		1,916,929
Progyny, Inc. (b)		88,221		2,748,084
				7,674,722
Health Care Technology (1.4%)
Evolent Health, Inc. Class A (b)		70,363		1,975,793
Life Sciences Tools & Services (0.5%)
Cytek Biosciences, Inc. (b)		69,644		711,065
Pharmaceuticals (3.4%)
Harmony Biosciences Holdings, Inc. (b)		46,214		2,546,391
Pacira BioSciences, Inc. (b)		57,908		2,235,828
				4,782,219
Industrials (17.0%)
Aerospace & Defense (0.5%)
Parsons Corp. (b)		16,137		746,336
Air Freight & Logistics (1.3%)
Air Transport Services Group, Inc. (b)		72,515		1,883,940
Building Products (0.8%)
AAON, Inc.		14,524		1,093,948
Commercial Services & Supplies (3.7%)
Casella Waste Systems, Inc. Class A (b)		33,205		2,633,489
Clean Harbors, Inc. (b)		22,321		2,547,272
				5,180,761

See accompanying notes to financial statements.
75

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

	Shares		Value(a)
Construction & Engineering (1.6%)
Valmont Industries, Inc.		6,827	$	2,257,484
Electrical Equipment (1.8%)
EnerSys		33,819		2,497,195
Machinery (3.9%)
Chart Industries, Inc. (b)		8,185		943,158
Evoqua Water Technologies Corp. (b)		46,767		1,851,973
Kornit Digital Ltd. (b) (c)		24,793		569,495
RBC Bearings, Inc. (b)		9,866		2,065,447
				5,430,073
Marine (1.5%)
Kirby Corp. (b)		33,563		2,159,779
Professional Services (0.5%)
CBIZ, Inc. (b)		14,902		698,159
Road & Rail (1.4%)
Saia, Inc. (b)		9,525		1,997,202
Information Technology (23.3%)
Communications Equipment (1.8%)
Calix, Inc. (b)		17,373		1,188,834
Viavi Solutions, Inc. (b)		136,542		1,435,057
				2,623,891
Electronic Equipment, Instruments & Components (0.7%)
Belden, Inc.		13,551		974,317
IT Services (1.5%)
Shift4 Payments, Inc. Class A (b)		37,696		2,108,337
Semiconductors & Semiconductor Equipment (4.2%)
Allegro MicroSystems, Inc. (b)		128,345		3,852,917
Onto Innovation, Inc. (b)		13,269		903,486
Power Integrations, Inc.		16,955		1,216,013
				5,972,416
Software (15.1%)
Box, Inc. Class A (b)		70,672		2,200,019
CyberArk Software Ltd. (b) (c)		20,876		2,706,573
DoubleVerify Holdings, Inc. (b)		68,302		1,499,912
Five9, Inc. (b)		19,346		1,312,820

	Shares		Value(a)
Globant SA (b) (c)		13,605	$	2,287,817
Instructure Holdings, Inc. (b)		58,914		1,380,944
Jamf Holding Corp. (b)		45,053		959,629
Paycor HCM, Inc. (b)		115,622		2,829,270
Smartsheet, Inc. Class A (b)		53,613		2,110,208
Sprout Social, Inc. Class A (b)		35,911		2,027,535
Tenable Holdings, Inc. (b)		51,634		1,969,837
				21,284,564
Leisure and Consumer Staples (4.6%)
Beverages (1.2%)
MGP Ingredients, Inc.		16,097		1,712,399
Food & Staples Retailing (2.9%)
BJ's Wholesale Club Holdings, Inc. (b)		60,350		3,992,756
Food Products (0.5%)
Sovos Brands, Inc. (b)		51,791		744,236
Materials (1.4%)
Metals & Mining (1.4%)
ATI, Inc. (b)		68,879		2,056,727
Real Estate (0.8%)
Hotels & Resort REITs (0.8%)
Ryman Hospitality Properties, Inc.		13,624		1,114,171
Total common stocks (cost: $138,695,488)				136,264,883
Short-Term Securities (3.6%)
Investment Companies (3.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		5,052,123		5,052,123
Total short-term securities (cost: $5,052,123)				5,052,123
Total investments in securities (cost: $143,747,611) (d)				141,317,006
Liabilities in excess of cash and other assets (-0.1%)				(179,214	)
Total net assets (100.0%)			$	141,137,792

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At December 31, 2022, the cost of investments for federal income tax purposes was $144,049,566. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	14,363,071
Gross unrealized depreciation		(17,095,631	)
Net unrealized depreciation	$	(2,732,560	)

See accompanying notes to financial statements.
76

SFT Equity Stabilization Fund
Investments in Securities

December 31, 2022

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

	Shares		Value(a)
Mutual Funds (90.6%)
Investment Companies (90.6%)
BlackRock Short Maturity Bond ETF		318,620	$	15,698,407
iShares Core High Dividend ETF		570,902		59,510,825
iShares Edge MSCI Minimum Volatility EAFE ETF		1,253,998		79,735,463
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		403,120		21,385,516
iShares Edge MSCI Minimum Volatility USA ETF (b)		1,457,712		105,101,035
iShares MSCI Germany ETF		660,182		16,326,301
Total mutual funds (cost: $261,455,687)				297,757,547

	Shares		Value(a)
Short-Term Securities (8.0%)
Investment Companies (8.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		26,175,390	$	26,175,390
Total investments excluding purchased options (cost: $287,631,077)				323,932,937
Total purchased options outstanding (0.1%) (cost: $527,430)				294,043
Total investments in securities (cost: $288,158,507) (c)				324,226,980
Cash and other assets in excess of liabilities (1.3%)				4,118,022
Total net assets (100.0%)			$	328,345,002

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.

(c) At December 31, 2022, the cost of investments for federal income tax purposes was $290,319,241. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	36,636,418
Gross unrealized depreciation		(2,585,834	)
Net unrealized appreciation	$	34,050,584

Holdings of Open Futures Contracts

On December 31, 2022, securities with an aggregate market value of $12,689,600 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				March 2023					43			Short				$	(8,492,555	)		$	(8,301,150	)		$	191,405

Call Options Purchased:

The Fund had the following call options purchased open at December 31, 2022:
Description	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Value(a)
CBOE Volatility Index	$	25	January 2023		1,700	$	170,000	$	156,400

Put Options Purchased:

The Fund had the following put options purchased open at December 31, 2022:
Description	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Value(a)
S&P 500 Index	$	3,720	January 2023		43	$	4,300	$	137,643

See accompanying notes to financial statements.
77

SFT Equity Stabilization Fund
Investments in Securities – continued

Call Options Written:

The Fund had the following call options written open at December 31, 2022:

Exercise Description				Expiration Price				Number of Date				Notional Contracts				Amount				Value(a)
CBOE Volatility Index				$	35			January 2023					1,700			$	170,000			$	(39,100	)

Put Options Written:

The Fund had the following put options written open at December 31, 2022:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	3,330			January 2023					43			$	4,300			$	(9,460	)

See accompanying notes to financial statements.
78

SFT Government Money Market Fund
Investments in Securities

December 31, 2022

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

	Principal		Value(a)
Short-Term Securities (100.3%)
U.S. Government Obligations (91.6%)
Discount Notes (91.6%)
Federal Home Loan Bank 3.860%, 01/25/23 (b)	$	8,000,000	$	7,979,251
4.140%, 01/27/23 (b)		20,000,000		19,940,056
4.270%, 02/08/23 (b)		30,000,000		29,866,367
4.270%, 02/15/23 (b)		15,580,000		15,498,205
4.340%, 02/15/23 (b)		10,000,000		9,946,562
4.450%, 02/27/23 (b)		2,000,000		1,986,225
4.450%, 03/01/23 (b)		6,500,000		6,453,607
4.520%, 03/15/23 (b)		25,000,000		24,776,944
4.530%, 03/23/23 (b)		9,300,000		9,207,930
4.560%, 03/23/23 (b)		3,700,000		3,663,120
4.570%, 03/23/23 (b)		20,000,000		19,800,200
U.S. Treasury Bill 3.750%, 03/16/23		20,000,000		19,849,122
3.910%, 01/17/23		15,000,000		14,973,217
4.020%, 02/14/23		10,000,000		9,951,582
4.710%, 05/25/23		10,000,000		9,818,700
Total U.S. government obligations (cost: $203,711,088)				203,711,088

	Shares		Value(a)
Investment Companies (8.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		19,354,925	$	19,354,925
Total short-term securities (cost: $223,066,013)				223,066,013
Total investments in securities (cost: $223,066,013) (c)				223,066,013
Liabilities in excess of cash and other assets (-0.3%)				(584,215	)
Total net assets (100.0%)			$	222,481,798

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.

See accompanying notes to financial statements.
79

SFT Index 400 Mid-Cap Fund
Investments in Securities

December 31, 2022

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

	Shares		Value(a)
Common Stocks (95.4%)
Communication Services (0.8%)
Diversified Telecommunication Services (0.6%)
Frontier Communications Parent, Inc. (b)		20,403	$	519,869
Iridium Communications, Inc. (b)		11,468		589,455
				1,109,324
Electric Utilities (0.2%)
Portland General Electric Co.		8,140		398,860
Consumer Discretionary (14.6%)
Auto Components (1.4%)
Adient PLC (b) (c)		8,643		299,826
Dana, Inc.		11,650		176,264
Fox Factory Holding Corp. (b)		3,842		350,506
Gentex Corp.		21,557		587,859
Goodyear Tire & Rubber Co. (b)		25,993		263,829
Lear Corp.		5,458		676,901
Visteon Corp. (b)		2,600		340,158
				2,695,343
Automobiles (0.4%)
Harley-Davidson, Inc.		12,145		505,232
Thor Industries, Inc.		4,965		374,808
				880,040
Casino Gaming (0.2%)
Boyd Gaming Corp.		7,289		397,469
Diversified Consumer Services (1.0%)
Graham Holdings Co. Class B		358		216,307
Grand Canyon Education, Inc. (b)		2,819		297,855
H&R Block, Inc.		14,286		521,582
Service Corp. International		14,134		977,225
				2,012,969
Entertainment (0.1%)
World Wrestling Entertainment, Inc. Class A		3,948		270,517
Hotels, Restaurants & Leisure (2.5%)
Choice Hotels International, Inc.		2,547		286,894
Churchill Downs, Inc.		3,030		640,633
Cracker Barrel Old Country Store, Inc.		2,080		197,059
Light & Wonder, Inc. Class A (b)		8,542		500,561
Marriott Vacations Worldwide Corp.		3,488		469,450
Papa John's International, Inc.		2,986		245,778
Penn Entertainment, Inc. (b)		14,254		423,344
Texas Roadhouse, Inc.		6,162		560,434
Travel & Leisure Co.		7,469		271,871

	Shares		Value(a)
Wendy's Co.		15,660	$	354,386
Wingstop, Inc.		2,768		380,932
Wyndham Hotels & Resorts, Inc.		8,116		578,752
				4,910,094
Household Durables (1.3%)
Helen of Troy Ltd. (b) (c)		2,247		249,215
KB Home		7,614		242,506
Leggett & Platt, Inc.		12,183		392,658
Taylor Morrison Home Corp. (b)		9,956		302,165
Tempur Sealy International, Inc.		15,623		536,337
Toll Brothers, Inc.		9,664		482,427
TopBuild Corp. (b)		2,913		455,855
				2,661,163
Interactive Media & Services (0.1%)
TripAdvisor, Inc. (b)		9,629		173,130
Leisure Equipment & Products (1.1%)
Brunswick Corp.		6,650		479,332
Mattel, Inc. (b)		32,567		580,995
Polaris, Inc.		5,007		505,707
Topgolf Callaway Brands Corp. (b)		12,654		249,917
YETI Holdings, Inc. (b)		7,841		323,912
				2,139,863
Media (1.0%)
Cable One, Inc.		448		318,913
John Wiley & Sons, Inc. Class A		3,856		154,471
New York Times Co. Class A		15,097		490,049
Nexstar Media Group, Inc. Class A		3,450		603,854
TEGNA, Inc.		20,502		434,437
				2,001,724
Multiline Retail (0.6%)
Kohl's Corp.		10,718		270,630
Macy's, Inc.		24,902		514,226
Nordstrom, Inc.		10,172		164,176
Ollie's Bargain Outlet Holdings, Inc. (b)		5,349		250,547
				1,199,579
Specialty Retail (2.7%)
AutoNation, Inc. (b)		3,143		337,244
Dick's Sporting Goods, Inc.		5,092		612,517
Five Below, Inc. (b)		5,122		905,928
Foot Locker, Inc.		7,235		273,411
GameStop Corp. Class A (b)		23,227		428,770
Gap, Inc.		19,384		218,652
Lithia Motors, Inc.		2,514		514,716
Murphy USA, Inc.		1,911		534,201
RH (b)		1,826		487,889
Victoria's Secret & Co. (b)		7,466		267,133
Williams-Sonoma, Inc.		6,131		704,575
				5,285,036

See accompanying notes to financial statements.
80

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

	Shares		Value(a)
Textiles, Apparel & Luxury Goods (2.2%)
Capri Holdings Ltd. (b) (c)		11,835	$	678,382
Carter's, Inc.		3,461		258,225
Columbia Sportswear Co.		3,232		283,058
Crocs, Inc. (b)		5,713		619,461
Deckers Outdoor Corp. (b)		2,423		967,165
Hanesbrands, Inc.		32,066		203,940
PVH Corp.		5,993		423,046
Skechers U.S.A., Inc. Class A (b)		12,296		515,817
Under Armour, Inc. Class A (b)		17,339		176,164
Under Armour, Inc. Class C (b)		18,105		161,497
				4,286,755
Consumer Staples (2.6%)
Beverages (0.3%)
Boston Beer Co., Inc. Class A (b)		885		291,626
Coca-Cola Consolidated, Inc.		420		215,191
				506,817
Food & Staples Retailing (0.7%)
Casey's General Stores, Inc.		3,484		781,635
Grocery Outlet Holding Corp. (b)		8,134		237,432
Sprouts Farmers Market, Inc. (b)		9,712		314,377
				1,333,444
Food Products (1.4%)
Darling Ingredients, Inc. (b)		14,728		921,826
Flowers Foods, Inc.		17,619		506,370
Ingredion, Inc.		6,037		591,203
Lancaster Colony Corp.		1,897		374,278
Post Holdings, Inc. (b)		4,966		448,231
				2,841,908
Household Products (0.1%)
Energizer Holdings, Inc.		6,051		203,011
Personal Products (0.1%)
Coty, Inc. Class A (b)		33,592		287,548
Energy (3.7%)
Energy Equipment & Services (0.6%)
ChampionX Corp.		18,320		531,097
NOV, Inc.		36,096		754,045
				1,285,142
Oil, Gas & Consumable Fuels (3.1%)
Antero Midstream Corp.		30,779		332,106
Antero Resources Corp. (b)		25,300		784,047
CNX Resources Corp. (b)		16,585		279,291
DT Midstream, Inc. (b)		8,818		487,283
Equitrans Midstream Corp.		39,770		266,459
HF Sinclair Corp.		12,359		641,309
Matador Resources Co.		10,246		586,481
Murphy Oil Corp.		13,428		577,538
PBF Energy, Inc. Class A		10,503		428,312
PDC Energy, Inc.		8,467		537,485

	Shares		Value(a)
Range Resources Corp.		22,205	$	555,569
Southwestern Energy Co. (b)		101,413		593,266
				6,069,146
Financial (14.6%)
Capital Markets (2.0%)
Affiliated Managers Group, Inc.		3,526		558,624
Evercore, Inc. Class A		3,288		358,655
Federated Hermes, Inc.		7,732		280,749
Interactive Brokers Group, Inc. Class A		9,391		679,439
Janus Henderson Group PLC (c)		12,101		284,616
Jefferies Financial Group, Inc.		16,834		577,069
SEI Investments Co.		9,402		548,137
Stifel Financial Corp.		9,766		570,041
				3,857,330
Commercial Banks (6.7%)
Associated Banc-Corp.		13,817		319,035
Bank of Hawaii Corp.		3,689		286,119
Bank OZK		10,155		406,809
Cadence Bank		16,765		413,425
Cathay General Bancorp		6,751		275,373
Commerce Bancshares, Inc.		10,411		708,677
Cullen/Frost Bankers, Inc.		5,956		796,317
East West Bancorp, Inc.		12,952		853,537
First Financial Bankshares, Inc.		11,844		407,434
First Horizon Corp.		49,311		1,208,119
FNB Corp.		32,235		420,667
Fulton Financial Corp.		15,391		259,031
Glacier Bancorp, Inc.		10,114		499,834
Hancock Whitney Corp.		7,790		376,958
Home BancShares, Inc.		17,414		396,865
International Bancshares Corp.		4,776		218,550
Old National Bancorp		26,915		483,932
PacWest Bancorp		10,754		246,804
Pinnacle Financial Partners, Inc.		6,963		511,084
Prosperity Bancshares, Inc.		8,403		610,730
Synovus Financial Corp.		13,366		501,893
Texas Capital Bancshares, Inc. (b)		4,537		273,626
UMB Financial Corp.		3,970		331,574
Umpqua Holdings Corp.		19,946		356,036
United Bankshares, Inc.		12,374		501,023
Valley National Bancorp		38,621		436,803
Webster Financial Corp.		15,956		755,357
Wintrust Financial Corp.		5,601		473,397
				13,329,009
Consumer Finance (0.4%)
FirstCash Holdings, Inc.		3,424		297,580
Navient Corp.		9,720		159,894
SLM Corp.		22,955		381,053
				838,527

See accompanying notes to financial statements.
81

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

	Shares		Value(a)
Diversified Financial Services (0.3%)
Voya Financial, Inc.		8,941	$	549,782
Insurance (3.9%)
American Financial Group, Inc.		6,477		889,163
Brighthouse Financial, Inc. (b)		6,352		325,667
CNO Financial Group, Inc.		10,446		238,691
First American Financial Corp.		9,511		497,806
Hanover Insurance Group, Inc.		3,299		445,794
Kemper Corp.		5,830		286,836
Kinsale Capital Group, Inc.		2,020		528,270
Old Republic International Corp.		26,006		628,045
Primerica, Inc.		3,420		485,024
Reinsurance Group of America, Inc.		6,107		867,744
RenaissanceRe Holdings Ltd. (c)		4,047		745,579
RLI Corp.		3,741		491,081
Selective Insurance Group, Inc.		5,502		487,532
Unum Group		17,167		704,362
				7,621,594
Residential REITs (0.6%)
Annaly Capital Management, Inc.		42,994		906,314
Independence Realty Trust, Inc.		20,569		346,793
				1,253,107
Thrifts & Mortgage Finance (0.7%)
Essent Group Ltd. (c)		9,808		381,335
MGIC Investment Corp.		27,295		354,835
New York Community Bancorp, Inc.		62,515		537,629
Washington Federal, Inc.		5,953		199,723
				1,473,522
Health Care (9.5%)
Biotechnology (1.9%)
Arrowhead Pharmaceuticals, Inc. (b)		9,639		390,958
Exelixis, Inc. (b)		29,641		475,442
Halozyme Therapeutics, Inc. (b)		12,425		706,982
Neurocrine Biosciences, Inc. (b)		8,834		1,055,133
United Therapeutics Corp. (b)		4,230		1,176,321
				3,804,836
Health Care Equipment & Supplies (3.4%)
Enovis Corp. (b)		4,385		234,685
Envista Holdings Corp. (b)		14,983		504,478
Globus Medical, Inc. Class A (b)		7,134		529,842
Haemonetics Corp. (b)		4,686		368,554
ICU Medical, Inc. (b)		1,891		297,795

	Shares		Value(a)
Inari Medical, Inc. (b)		4,388	$	278,901
Integra LifeSciences Holdings Corp. (b)		6,633		371,912
Lantheus Holdings, Inc. (b)		6,325		322,322
LivaNova PLC (b) (c)		4,871		270,535
Masimo Corp. (b)		4,413		652,903
Neogen Corp. (b)		19,859		302,453
Omnicell, Inc. (b)		4,030		203,193
Penumbra, Inc. (b)		3,560		791,958
QuidelOrtho Corp. (b)		4,952		424,238
Shockwave Medical, Inc. (b)		3,363		691,466
STAAR Surgical Co. (b)		4,358		211,537
Tandem Diabetes Care, Inc. (b)		5,831		262,104
				6,718,876
Health Care Providers & Services (2.3%)
Acadia Healthcare Co., Inc. (b)		8,360		688,195
Amedisys, Inc. (b)		2,994		250,119
Chemed Corp.		1,411		720,217
Encompass Health Corp.		9,098		544,151
HealthEquity, Inc. (b)		7,691		474,073
LHC Group, Inc. (b)		2,895		468,093
Option Care Health, Inc. (b)		14,115		424,720
Patterson Cos., Inc.		7,960		223,119
Progyny, Inc. (b)		6,913		215,340
R1 RCM, Inc. (b)		12,537		137,280
Tenet Healthcare Corp. (b)		9,936		484,777
				4,630,084
Life Sciences Tools & Services (1.2%)
Bruker Corp.		9,198		628,683
Medpace Holdings, Inc. (b)		2,293		487,056
Repligen Corp. (b)		4,800		812,688
Sotera Health Co. (b)		9,024		75,170
Syneos Health, Inc. (b)		9,456		346,846
				2,350,443
Pharmaceuticals (0.7%)
Jazz Pharmaceuticals PLC (b) (c)		5,781		920,971
Perrigo Co. PLC (c)		12,372		421,762
				1,342,733
Industrials (18.6%)
Aerospace & Defense (1.4%)
Axon Enterprise, Inc. (b)		6,266		1,039,717
Curtiss-Wright Corp.		3,515		586,970
Hexcel Corp.		7,662		450,909
Mercury Systems, Inc. (b)		5,257		235,198
Woodward, Inc.		5,529		534,157
				2,846,951
Air Freight & Logistics (0.2%)
GXO Logistics, Inc. (b)		10,831		462,375
Airlines (0.1%)
JetBlue Airways Corp. (b)		29,762		192,858
Building Products (2.5%)
Builders FirstSource, Inc. (b)		13,525		877,502
Carlisle Cos., Inc.		4,775		1,125,229

See accompanying notes to financial statements.
82

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

	Shares		Value(a)
Fortune Brands Innovations, Inc.		11,785	$	673,041
Lennox International, Inc.		2,945		704,532
Owens Corning		8,588		732,556
Simpson Manufacturing Co., Inc.		3,891		344,976
Trex Co., Inc. (b)		10,068		426,179
				4,884,015
Commercial Services & Supplies (1.5%)
Brink's Co.		4,265		229,073
Clean Harbors, Inc. (b)		4,588		523,583
IAA, Inc. (b)		12,292		491,680
MSA Safety, Inc.		3,368		485,632
Stericycle, Inc. (b)		8,395		418,827
Tetra Tech, Inc.		4,849		704,026
				2,852,821
Construction & Engineering (1.8%)
AECOM		12,852		1,091,520
Dycom Industries, Inc. (b)		2,667		249,631
EMCOR Group, Inc.		4,379		648,574
Fluor Corp. (b)		13,057		452,556
MasTec, Inc. (b)		5,400		460,782
Valmont Industries, Inc.		2,044		675,889
				3,578,952
Electrical Equipment (1.9%)
Acuity Brands, Inc.		2,987		494,677
EnerSys		3,707		273,725
Hubbell, Inc.		4,977		1,168,002
nVent Electric PLC (c)		15,308		588,899
Regal Rexnord Corp.		6,084		729,958
Sunrun, Inc. (b)		19,583		470,384
Vicor Corp. (b)		2,030		109,113
				3,834,758
Machinery (4.5%)
AGCO Corp.		5,654		784,153
Chart Industries, Inc. (b)		3,850		443,636
Crane Holdings Co.		4,343		436,254
Donaldson Co., Inc.		11,264		663,112
Esab Corp.		4,727		221,791
Flowserve Corp.		12,010		368,467
Graco, Inc.		15,427		1,037,620
ITT, Inc.		7,621		618,063
Kennametal, Inc.		7,327		176,288
Lincoln Electric Holdings, Inc.		5,326		769,554
Middleby Corp. (b)		4,989		668,027
Oshkosh Corp.		5,976		527,023
Terex Corp.		6,163		263,283
Timken Co.		6,084		429,956
Toro Co.		9,630		1,090,116
Watts Water Technologies, Inc. Class A		2,564		374,934
				8,872,277
Marine (0.2%)
Kirby Corp. (b)		5,504		354,182

	Shares		Value(a)
Professional Services (1.8%)
ASGN, Inc. (b)		4,544	$	370,245
CACI International, Inc. Class A (b)		2,165		650,777
FTI Consulting, Inc. (b)		3,231		513,083
Insperity, Inc.		3,281		372,722
KBR, Inc.		12,523		661,215
ManpowerGroup, Inc.		4,663		388,008
Science Applications International Corp.		5,097		565,410
				3,521,460
Road & Rail (1.7%)
Avis Budget Group, Inc. (b)		2,287		374,908
Knight-Swift Transportation Holdings, Inc.		14,771		774,148
Landstar System, Inc.		3,326		541,805
RXO, Inc. (b)		10,504		180,669
Ryder System, Inc.		4,562		381,246
Saia, Inc. (b)		2,462		516,232
Werner Enterprises, Inc.		5,344		215,150
XPO, Inc. (b)		10,504		349,678
				3,333,836
Trading Companies & Distributors (1.0%)
GATX Corp.		3,199		340,181
MSC Industrial Direct Co., Inc. Class A		4,314		352,454
Univar Solutions, Inc. (b)		14,994		476,809
Watsco, Inc.		3,057		762,416
				1,931,860
Information Technology (11.9%)
Communications Equipment (0.8%)
Calix, Inc. (b)		5,183		354,673
Ciena Corp. (b)		13,570		691,799
Lumentum Holdings, Inc. (b)		6,190		322,932
Viasat, Inc. (b)		6,899		218,353
				1,587,757
Computers & Peripherals (0.1%)
Xerox Holdings Corp.		10,228		149,329
Electronic Equipment, Instruments & Components (2.9%)
Arrow Electronics, Inc. (b)		5,652		591,030
Avnet, Inc.		8,409		349,646
Belden, Inc.		3,923		282,064
Cognex Corp.		15,891		748,625
Coherent Corp. (b)		12,744		447,314
IPG Photonics Corp. (b)		2,926		277,005
Jabil, Inc.		12,372		843,770
Littelfuse, Inc.		2,350		517,470
National Instruments Corp.		11,982		442,136
Novanta, Inc. (b) (c)		3,250		441,578
TD SYNNEX Corp.		3,851		364,728
Vishay Intertechnology, Inc.		11,827		255,108
Vontier Corp.		14,422		278,777
				5,839,251

See accompanying notes to financial statements.
83

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

	Shares		Value(a)
Interactive Media & Services (0.2%)
Ziff Davis, Inc. (b)		4,323	$	341,949
IT Services (2.0%)
Concentrix Corp.		3,901		519,457
Euronet Worldwide, Inc. (b)		4,301		405,928
ExlService Holdings, Inc. (b)		3,026		512,695
Genpact Ltd. (c)		15,414		713,977
Kyndryl Holdings, Inc. (b)		18,756		208,567
Maximus, Inc.		5,512		404,195
Western Union Co.		35,487		488,656
WEX, Inc. (b)		3,982		651,654
				3,905,129
Life Sciences Tools & Services (0.2%)
Azenta, Inc. (b)		6,836		397,992
Semiconductors & Semiconductor Equipment (2.5%)
Allegro MicroSystems, Inc. (b)		5,977		179,429
Amkor Technology, Inc.		9,149		219,393
Cirrus Logic, Inc. (b)		5,008		372,996
Lattice Semiconductor Corp. (b)		12,595		817,164
MACOM Technology Solutions Holdings, Inc. (b)		4,666		293,865
MKS Instruments, Inc.		5,214		441,782
Power Integrations, Inc.		5,204		373,231
Silicon Laboratories, Inc. (b)		3,025		410,402
SiTime Corp. (b)		1,510		153,446
SunPower Corp. (b)		7,789		140,436
Synaptics, Inc. (b)		3,618		344,289
Universal Display Corp.		4,043		436,806
Wolfspeed, Inc. (b)		11,414		788,022
				4,971,261
Software (3.2%)
ACI Worldwide, Inc. (b)		10,248		235,704
Aspen Technology, Inc. (b)		2,715		557,661
Blackbaud, Inc. (b)		4,050		238,383
CommVault Systems, Inc. (b)		4,066		255,507
Dynatrace, Inc. (b)		18,516		709,163
Envestnet, Inc. (b)		5,031		310,413
Fair Isaac Corp. (b)		2,306		1,380,326
Manhattan Associates, Inc. (b)		5,786		702,420
NCR Corp. (b)		12,626		295,575
Paylocity Holding Corp. (b)		3,855		748,872
Qualys, Inc. (b)		3,188		357,789
Super Micro Computer, Inc. (b)		4,241		348,186
Teradata Corp. (b)		9,287		312,600
				6,452,599
Leisure and Consumer Staples (1.3%)
Beverages (0.2%)
Celsius Holdings, Inc. (b)		3,761		391,294
Food & Staples Retailing (0.8%)
BJ's Wholesale Club Holdings, Inc. (b)		12,412		821,178
Performance Food Group Co. (b)		14,305		835,269
				1,656,447

	Shares		Value(a)
Food Products (0.1%)
Pilgrim's Pride Corp. (b)		4,047	$	96,035
Personal Products (0.2%)
BellRing Brands, Inc. (b)		12,368		317,116
Materials (6.2%)
Chemicals (2.5%)
Ashland, Inc.		4,623		497,111
Avient Corp.		7,805		263,497
Cabot Corp.		5,165		345,229
Chemours Co.		13,868		424,638
Ingevity Corp. (b)		3,166		223,013
NewMarket Corp.		628		195,377
Olin Corp.		11,705		619,663
RPM International, Inc.		11,905		1,160,142
Scotts Miracle-Gro Co.		3,637		176,722
Sensient Technologies Corp.		3,880		282,930
Valvoline, Inc.		16,267		531,117
Westlake Corp.		3,158		323,821
				5,043,260
Construction Materials (0.2%)
Eagle Materials, Inc.		3,441		457,137
Containers & Packaging (0.9%)
AptarGroup, Inc.		6,015		661,530
Greif, Inc. Class A		2,325		155,914
Silgan Holdings, Inc.		7,688		398,546
Sonoco Products Co.		8,922		541,655
				1,757,645
Metals & Mining (2.4%)
Alcoa Corp.		16,259		739,297
Cleveland-Cliffs, Inc. (b)		47,353		762,857
Commercial Metals Co.		10,783		520,819
MP Materials Corp. (b)		8,429		204,656
Reliance Steel & Aluminum Co.		5,394		1,091,961
Royal Gold, Inc.		6,084		685,789
U.S. Steel Corp.		21,528		539,276
Worthington Industries, Inc.		2,758		137,100
				4,681,755
Paper & Forest Products (0.2%)
Louisiana-Pacific Corp.		6,588		390,009
Real Estate (7.6%)
Diversified REITs (0.4%)
STORE Capital Corp.		24,418		782,841
Health Care REITs (0.8%)
Healthcare Realty Trust, Inc. Class A		34,972		673,911
Medical Properties Trust, Inc.		54,953		612,176
Physicians Realty Trust		20,976		303,523
				1,589,610
Hotels & Resort REITs (0.1%)
Park Hotels & Resorts, Inc.		20,662		243,605

See accompanying notes to financial statements.
84

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

	Shares		Value(a)
Industrial REITs (1.1%)
EastGroup Properties, Inc.		3,978	$	588,983
First Industrial Realty Trust, Inc.		12,142		585,973
Rexford Industrial Realty, Inc.		16,862		921,339
				2,096,295
Office REITs (0.9%)
Corporate Office Properties Trust		10,248		265,833
Cousins Properties, Inc.		13,828		349,710
Douglas Emmett, Inc.		16,154		253,295
Highwoods Properties, Inc.		9,586		268,217
JBG SMITH Properties		9,087		172,471
Kilroy Realty Corp.		9,576		370,304
SL Green Realty Corp.		5,871		197,970
				1,877,800
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc. (b)		4,347		692,781
Residential REITs (0.2%)
Apartment Income REIT Corp.		13,777		472,689
Retail REITs (1.3%)
Brixmor Property Group, Inc.		27,560		624,785
Kite Realty Group Trust		20,134		423,821
Macerich Co.		19,737		222,239
National Retail Properties, Inc.		16,424		751,562
Spirit Realty Capital, Inc.		12,834		512,461
				2,534,868
Specialized REITs (2.4%)
CubeSmart		20,637		830,639
EPR Properties		6,834		257,778
Lamar Advertising Co. Class A		8,037		758,693
Life Storage, Inc.		7,811		769,383
National Storage Affiliates Trust		7,692		277,835
Omega Healthcare Investors, Inc.		21,520		601,484
Pebblebrook Hotel Trust		12,081		161,765
PotlatchDeltic Corp.		7,344		323,063
Rayonier, Inc.		13,455		443,477
Sabra Health Care REIT, Inc.		21,225		263,827
				4,687,944
Utilities (4.0%)
Construction & Engineering (0.3%)
MDU Resources Group, Inc.		18,687		566,964
Electric Utilities (1.4%)
ALLETE, Inc.		5,195		335,129
Hawaiian Electric Industries, Inc.		9,976		417,496
IDACORP, Inc.		4,630		499,346

	Shares/ Principal		Value(a)
OGE Energy Corp.		18,397	$	727,601
Ormat Technologies, Inc.		4,451		384,922
PNM Resources, Inc.		7,825		381,782
				2,746,276
Gas Utilities (1.4%)
National Fuel Gas Co.		8,337		527,732
New Jersey Resources Corp.		8,765		434,919
ONE Gas, Inc.		4,931		373,375
Southwest Gas Holdings, Inc.		5,629		348,323
Spire, Inc.		4,851		334,040
UGI Corp.		19,241		713,264
				2,731,653
Multi-Utilities (0.4%)
Black Hills Corp.		5,910		415,709
NorthWestern Corp.		5,309		315,036
				730,745
Water Utilities (0.5%)
Essential Utilities, Inc.		21,934		1,046,910
Total common stocks (cost: $146,773,785)				188,622,016
Long-Term Debt Securities (0.5%)
Government Obligation (0.5%)
U.S. Treasury (0.5%)
U.S. Treasury Note, 1.750%, 05/15/23 (d)	$	1,000,000		989,219
Total long-term debt securities (cost: $998,909)				989,219
Mutual Funds (0.2%)
Investment Companies (0.2%)
SPDR S&P MidCap 400 ETF Trust		700		309,953
Total mutual funds (cost: $318,031)				309,953
Short-Term Securities (3.9%)
Investment Companies (3.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		7,709,769		7,709,769
Total short-term securities (cost: $7,709,769)				7,709,769
Total investments in securities (cost: $155,800,494) (e)				197,630,957
Cash and other assets in excess of liabilities (0.0%)				37,069
Total net assets (100.0%)			$	197,668,026

See accompanying notes to financial statements.
85

SFT Index 400 Mid-Cap 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) Non-income producing security.

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

(e) At December 31, 2022, the cost of investments for federal income tax purposes was $155,781,997. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	56,978,513
Gross unrealized depreciation		(15,359,438	)
Net unrealized appreciation	$	41,619,075

Holdings of Open Futures Contracts

On December 31, 2022, securities with an aggregate market value of $989,219 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P Mid 400^® E-Mini Index Future				March 2023					35			Long				$	8,778,985			$	8,549,100			$	(229,885	)

See accompanying notes to financial statements.
86

SFT Index 500 Fund
Investments in Securities

December 31, 2022

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

	Shares		Value(a)
Common Stocks (98.3%)
Communication Services (1.3%)
Diversified Telecommunication Services (0.9%)
AT&T, Inc.		215,351	$	3,964,612
Lumen Technologies, Inc.		28,760		150,127
Verizon Communications, Inc.		126,902		4,999,939
				9,114,678
Entertainment (0.1%)
Warner Bros Discovery, Inc. (b)		66,773		633,008
Interactive Media & Services (0.0%)
Match Group, Inc. (b)		8,407		348,806
Media (0.1%)
Fox Corp. Class A		9,081		275,790
Fox Corp. Class B		4,151		118,096
Paramount Global Class B		15,260		257,589
				651,475
Wireless Telecommunication Services (0.2%)
T-Mobile U.S., Inc. (b)		18,063		2,528,820
Consumer Discretionary (11.1%)
Auto Components (0.1%)
Aptiv PLC (b) (c)		8,187		762,455
BorgWarner, Inc.		6,988		281,267
				1,043,722
Automobiles (1.3%)
Ford Motor Co.		119,343		1,387,959
General Motors Co.		42,928		1,444,098
Tesla, Inc. (b)		81,103		9,990,268
				12,822,325
Distributors (0.2%)
Genuine Parts Co.		4,210		730,477
LKQ Corp.		7,651		408,640
Pool Corp.		1,170		353,726
				1,492,843
Entertainment (0.5%)
Walt Disney Co. (b)		55,085		4,785,785
Hotels, Restaurants & Leisure (1.8%)
Booking Holdings, Inc. (b)		1,194		2,406,244
Caesars Entertainment, Inc. (b)		6,434		267,654
Carnival Corp. (b) (c)		30,259		243,888
Chipotle Mexican Grill, Inc. (b)		849		1,177,979
Darden Restaurants, Inc.		3,638		503,244
Domino's Pizza, Inc.		1,070		370,648
Las Vegas Sands Corp. (b)		9,860		473,970
Marriott International, Inc. Class A		8,130		1,210,476
McDonald's Corp.		22,132		5,832,446
MGM Resorts International		9,631		322,927
Norwegian Cruise Line Holdings Ltd. (b) (c)		12,644		154,763

	Shares		Value(a)
Royal Caribbean Cruises Ltd. (b) (c)		6,631	$	327,770
Starbucks Corp.		34,685		3,440,752
Wynn Resorts Ltd. (b)		3,025		249,472
Yum! Brands, Inc.		8,474		1,085,350
				18,067,583
Household Durables (0.3%)
DR Horton, Inc.		9,379		836,044
Garmin Ltd. (c)		4,629		427,210
Lennar Corp. Class A		7,698		696,669
Mohawk Industries, Inc. (b)		1,513		154,659
Newell Brands, Inc.		11,294		147,726
NVR, Inc. (b)		94		433,583
PulteGroup, Inc.		6,846		311,698
Whirlpool Corp.		1,635		231,287
				3,238,876
Internet & Catalog Retail (2.8%)
Amazon.com, Inc. (b)		268,182		22,527,288
Etsy, Inc. (b)		3,721		445,702
Expedia Group, Inc. (b)		4,463		390,959
Netflix, Inc. (b)		13,447		3,965,251
				27,329,200
Leisure Equipment & Products (0.0%)
Hasbro, Inc.		3,835		233,973
Media (0.7%)
Charter Communications, Inc. Class A (b)		3,227		1,094,276
Comcast Corp. Class A		130,351		4,558,374
DISH Network Corp. Class A (b)		7,594		106,620
Interpublic Group of Cos., Inc.		11,691		389,427
Live Nation Entertainment, Inc. (b)		4,263		297,301
News Corp. Class A		11,519		209,646
News Corp. Class B		3,493		64,411
Omnicom Group, Inc.		6,161		502,553
				7,222,608
Multiline Retail (0.5%)
Dollar General Corp.		6,869		1,691,491
Dollar Tree, Inc. (b)		6,334		895,881
Target Corp.		13,914		2,073,743
				4,661,115
Specialty Retail (2.4%)
Advance Auto Parts, Inc.		1,798		264,360
AutoZone, Inc. (b)		586		1,445,182
Bath & Body Works, Inc.		6,850		288,659
Best Buy Co., Inc.		6,054		485,591
CarMax, Inc. (b)		4,756		289,593
Home Depot, Inc.		30,985		9,786,922
Lowe's Cos., Inc.		18,755		3,736,746
O'Reilly Automotive, Inc. (b)		1,941		1,638,262
Ross Stores, Inc.		10,455		1,213,512
TJX Cos., Inc.		35,058		2,790,617

See accompanying notes to financial statements.
87

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Tractor Supply Co.		3,309	$	744,426
Ulta Beauty, Inc. (b)		1,578		740,192
				23,424,062
Textiles, Apparel & Luxury Goods (0.5%)
NIKE, Inc. Class B		38,063		4,453,752
Ralph Lauren Corp.		1,233		130,291
Tapestry, Inc.		7,280		277,222
VF Corp.		9,909		273,588
				5,134,853
Consumer Staples (7.4%)
Beverages (1.9%)
Brown-Forman Corp. Class B		5,525		362,882
Coca-Cola Co.		117,603		7,480,727
Constellation Brands, Inc. Class A		4,905		1,136,734
Keurig Dr Pepper, Inc.		25,676		915,606
Molson Coors Beverage Co. Class B		5,647		290,933
Monster Beverage Corp. (b)		11,441		1,161,605
PepsiCo, Inc.		41,629		7,520,695
				18,869,182
Food & Staples Retailing (1.9%)
Costco Wholesale Corp.		13,431		6,131,251
CVS Health Corp.		39,703		3,699,923
Kroger Co.		19,682		877,423
Sysco Corp.		15,288		1,168,768
Walgreens Boots Alliance, Inc.		21,689		810,301
Walmart, Inc.		42,647		6,046,918
				18,734,584
Food Products (1.2%)
Archer-Daniels-Midland Co.		16,598		1,541,124
Campbell Soup Co.		5,989		339,876
Conagra Brands, Inc.		14,406		557,512
General Mills, Inc.		17,934		1,503,766
Hershey Co.		4,465		1,033,960
Hormel Foods Corp.		8,684		395,556
J M Smucker Co.		3,241		513,569
Kellogg Co.		7,654		545,271
Kraft Heinz Co.		24,058		979,401
Lamb Weston Holdings, Inc.		4,297		383,980
McCormick & Co., Inc.		7,516		623,001
Mondelez International, Inc. Class A		41,263		2,750,179
Tyson Foods, Inc. Class A		8,690		540,953
				11,708,148
Household Products (1.5%)
Church & Dwight Co., Inc.		7,289		587,566
Clorox Co.		3,720		522,028
Colgate-Palmolive Co.		25,237		1,988,423
Kimberly-Clark Corp.		10,131		1,375,283
Procter & Gamble Co.		71,603		10,852,151
				15,325,451

	Shares		Value(a)
Personal Care (0.2%)
Estee Lauder Cos., Inc. Class A		7,031	$	1,744,461
Tobacco (0.7%)
Altria Group, Inc.		54,152		2,475,288
Philip Morris International, Inc.		46,841		4,740,778
				7,216,066
Energy (5.0%)
Energy Equipment & Services (0.4%)
Baker Hughes Co.		30,260		893,578
Halliburton Co.		27,437		1,079,646
Schlumberger Ltd. (c)		42,846		2,290,547
				4,263,771
Oil, Gas & Consumable Fuels (4.6%)
APA Corp.		9,698		452,703
Chevron Corp.		53,753		9,648,126
ConocoPhillips		37,651		4,442,818
Coterra Energy, Inc.		23,773		584,103
Devon Energy Corp.		19,752		1,214,946
Diamondback Energy, Inc.		5,334		729,585
EOG Resources, Inc.		17,748		2,298,721
EQT Corp.		11,015		372,637
Exxon Mobil Corp.		124,439		13,725,622
Hess Corp.		8,361		1,185,757
Kinder Morgan, Inc.		59,768		1,080,605
Marathon Oil Corp.		19,189		519,446
Marathon Petroleum Corp.		14,161		1,648,199
Occidental Petroleum Corp.		21,971		1,383,953
Phillips 66		14,281		1,486,366
Pioneer Natural Resources Co.		7,162		1,635,729
Targa Resources Corp.		6,820		501,270
Valero Energy Corp.		11,649		1,477,792
Williams Cos., Inc.		36,803		1,210,819
				45,599,197
Financial (11.5%)
Capital Markets (3.1%)
Ameriprise Financial, Inc.		3,214		1,000,743
Bank of New York Mellon Corp.		22,225		1,011,682
BlackRock, Inc.		4,525		3,206,551
Cboe Global Markets, Inc.		3,154		395,732
Charles Schwab Corp.		46,089		3,837,370
CME Group, Inc.		10,869		1,827,731
FactSet Research Systems, Inc.		1,221		489,877
Franklin Resources, Inc.		8,524		224,863
Goldman Sachs Group, Inc.		10,232		3,513,464
Intercontinental Exchange, Inc.		16,877		1,731,411
Invesco Ltd. (c)		13,650		245,564
MarketAxess Holdings, Inc.		1,169		326,022
Moody's Corp.		4,807		1,339,326
Morgan Stanley		39,833		3,386,602
MSCI, Inc.		2,447		1,138,271
Nasdaq, Inc.		10,242		628,347
Northern Trust Corp.		6,253		553,328

See accompanying notes to financial statements.
88

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Raymond James Financial, Inc.		5,781	$	617,700
S&P Global, Inc.		10,062		3,370,166
State Street Corp.		11,031		855,675
T Rowe Price Group, Inc.		6,708		731,575
				30,432,000
Commercial Banks (3.8%)
Bank of America Corp.		210,894		6,984,809
Citigroup, Inc.		58,524		2,647,040
Citizens Financial Group, Inc.		14,873		585,550
Comerica, Inc.		3,925		262,386
Fifth Third Bancorp		20,740		680,479
First Republic Bank		5,483		668,323
Huntington Bancshares, Inc.		43,593		614,661
JPMorgan Chase & Co.		88,630		11,885,283
KeyCorp		28,190		491,070
M&T Bank Corp.		5,147		746,624
PNC Financial Services Group, Inc.		12,187		1,924,815
Regions Financial Corp.		28,235		608,747
Signature Bank		1,806		208,087
SVB Financial Group (b)		1,777		408,959
Truist Financial Corp.		40,089		1,725,030
U.S. Bancorp		40,855		1,781,687
Wells Fargo & Co.		115,138		4,754,048
Zions Bancorp NA		4,504		221,417
				37,199,015
Consumer Finance (0.5%)
American Express Co.		17,998		2,659,205
Capital One Financial Corp.		11,517		1,070,620
Discover Financial Services		8,197		801,913
Synchrony Financial		13,613		447,323
				4,979,061
Insurance (4.1%)
Aflac, Inc.		17,097		1,229,958
Allstate Corp.		7,992		1,083,715
American International Group, Inc.		22,450		1,419,738
Aon PLC Class A (c)		6,250		1,875,875
Arch Capital Group Ltd. (b) (c)		11,089		696,167
Arthur J Gallagher & Co.		6,371		1,201,188
Assurant, Inc.		1,555		194,468
Berkshire Hathaway, Inc. Class B (b)		54,441		16,816,825
Brown & Brown, Inc.		7,034		400,727
Chubb Ltd. (c)		12,523		2,762,574
Cincinnati Financial Corp.		4,677		478,878
Everest Re Group Ltd. (c)		1,152		381,623
Globe Life, Inc.		2,674		322,351
Hartford Financial Services Group, Inc.		9,596		727,665
Lincoln National Corp.		4,648		142,787
Loews Corp.		5,901		344,205
Marsh & McLennan Cos., Inc.		14,947		2,473,430
MetLife, Inc.		19,914		1,441,176
Principal Financial Group, Inc.		6,800		570,656

	Shares		Value(a)
Progressive Corp.		17,678	$	2,293,013
Prudential Financial, Inc.		11,056		1,099,630
Travelers Cos., Inc.		7,065		1,324,617
Willis Towers Watson PLC (c)		3,321		812,250
WR Berkley Corp.		6,129		444,782
				40,538,298
Health Care (15.2%)
Biotechnology (2.4%)
AbbVie, Inc.		53,437		8,635,954
Amgen, Inc.		16,152		4,242,161
Biogen, Inc. (b)		4,345		1,203,217
Gilead Sciences, Inc.		37,898		3,253,543
Incyte Corp. (b)		5,508		442,403
Moderna, Inc. (b)		9,983		1,793,146
Regeneron Pharmaceuticals, Inc. (b)		3,236		2,334,742
Vertex Pharmaceuticals, Inc. (b)		7,727		2,231,403
				24,136,569
Health Care Equipment & Supplies (3.4%)
Abbott Laboratories		52,684		5,784,176
Align Technology, Inc. (b)		2,232		470,729
Baxter International, Inc.		15,232		776,375
Becton Dickinson & Co.		8,620		2,192,066
Boston Scientific Corp. (b)		43,279		2,002,519
Cooper Cos., Inc.		1,466		484,762
Danaher Corp.		19,797		5,254,520
Dentsply Sirona, Inc.		6,493		206,737
Dexcom, Inc. (b)		11,592		1,312,678
Edwards Lifesciences Corp. (b)		18,681		1,393,789
Hologic, Inc. (b)		7,543		564,292
IDEXX Laboratories, Inc. (b)		2,488		1,015,004
Intuitive Surgical, Inc. (b)		10,668		2,830,754
Medtronic PLC (c)		40,162		3,121,391
ResMed, Inc.		4,406		917,021
STERIS PLC (c)		2,975		549,453
Stryker Corp.		10,177		2,488,175
Teleflex, Inc.		1,454		362,962
West Pharmaceutical Services, Inc.		2,230		524,831
Zimmer Biomet Holdings, Inc.		6,343		808,732
				33,060,966
Health Care Providers & Services (3.3%)
AmerisourceBergen Corp.		4,901		812,145
Cardinal Health, Inc.		7,920		608,810
Centene Corp. (b)		17,051		1,398,352
Cigna Corp.		9,256		3,066,883
DaVita, Inc. (b)		1,571		117,307
Elevance Health, Inc.		7,218		3,702,617
HCA Healthcare, Inc.		6,460		1,550,142
Henry Schein, Inc. (b)		4,083		326,109
Humana, Inc.		3,830		1,961,688
Laboratory Corp. of America Holdings		2,666		627,790
McKesson Corp.		4,331		1,624,645
Molina Healthcare, Inc. (b)		1,740		574,583

See accompanying notes to financial statements.
89

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Quest Diagnostics, Inc.		3,467	$	542,377
UnitedHealth Group, Inc.		28,233		14,968,572
Universal Health Services, Inc. Class B		1,899		267,550
				32,149,570
Life Sciences Tools & Services (1.3%)
Agilent Technologies, Inc.		8,891		1,330,538
Bio-Rad Laboratories, Inc. Class A (b)		692		290,979
Bio-Techne Corp.		4,680		387,879
Charles River Laboratories International, Inc. (b)		1,510		329,029
Illumina, Inc. (b)		4,755		961,461
IQVIA Holdings, Inc. (b)		5,633		1,154,145
Mettler-Toledo International, Inc. (b)		707		1,021,933
PerkinElmer, Inc.		3,758		526,947
Thermo Fisher Scientific, Inc.		11,886		6,545,501
Waters Corp. (b)		1,844		631,718
				13,180,130
Pharmaceuticals (4.8%)
Bristol-Myers Squibb Co.		64,244		4,622,356
Catalent, Inc. (b)		5,437		244,719
Eli Lilly & Co.		23,830		8,717,967
Johnson & Johnson		79,000		13,955,350
Merck & Co., Inc.		76,610		8,499,880
Organon & Co.		7,631		213,134
Pfizer, Inc.		169,613		8,690,970
Viatris, Inc.		36,642		407,826
Zoetis, Inc.		14,077		2,062,984
				47,415,186
Industrials (8.7%)
Aerospace & Defense (1.9%)
Boeing Co. (b)		16,928		3,224,615
General Dynamics Corp.		6,847		1,698,809
Howmet Aerospace, Inc.		11,065		436,072
Huntington Ingalls Industries, Inc.		1,189		274,279
L3Harris Technologies, Inc.		5,731		1,193,251
Lockheed Martin Corp.		7,056		3,432,673
Northrop Grumman Corp.		4,443		2,424,145
Raytheon Technologies Corp.		44,419		4,482,765
Teledyne Technologies, Inc. (b)		1,468		587,068
TransDigm Group, Inc.		1,569		987,921
				18,741,598
Air Freight & Logistics (0.6%)
CH Robinson Worldwide, Inc.		3,550		325,038
Expeditors International of Washington, Inc.		4,739		492,477
FedEx Corp.		7,203		1,247,560
United Parcel Service, Inc. Class B		22,079		3,838,213
				5,903,288

	Shares		Value(a)
Airlines (0.2%)
Alaska Air Group, Inc. (b)		3,756	$	161,283
American Airlines Group, Inc. (b)		19,637		249,783
Delta Air Lines, Inc. (b)		19,374		636,629
Southwest Airlines Co. (b)		17,940		604,040
United Airlines Holdings, Inc. (b)		9,878		372,400
				2,024,135
Building Products (0.4%)
Allegion PLC (c)		2,654		279,360
AO Smith Corp.		3,750		214,650
Carrier Global Corp.		25,169		1,038,221
Johnson Controls International PLC (c)		20,809		1,331,776
Masco Corp.		6,767		315,816
Trane Technologies PLC (c)		6,932		1,165,200
				4,345,023
Commercial Services & Supplies (0.5%)
Cintas Corp.		2,590		1,169,696
Copart, Inc. (b)		12,948		788,404
Republic Services, Inc.		6,216		801,802
Rollins, Inc.		6,944		253,734
Waste Management, Inc.		11,287		1,770,704
				4,784,340
Construction & Engineering (0.1%)
Jacobs Solutions, Inc.		3,807		457,106
Quanta Services, Inc.		4,281		610,043
				1,067,149
Electrical Equipment (0.6%)
AMETEK, Inc.		6,939		969,517
Eaton Corp. PLC (c)		11,952		1,875,866
Emerson Electric Co.		17,866		1,716,208
Generac Holdings, Inc. (b)		1,817		182,899
Rockwell Automation, Inc.		3,513		904,844
				5,649,334
Industrial Conglomerates (1.1%)
3M Co.		16,701		2,002,784
General Electric Co.		33,016		2,766,411
Honeywell International, Inc.		20,315		4,353,504
Roper Technologies, Inc.		3,262		1,409,477
Textron, Inc.		6,307		446,536
				10,978,712
Machinery (1.8%)
Caterpillar, Inc.		15,689		3,758,457
Cummins, Inc.		4,310		1,044,270
Deere & Co.		8,320		3,567,283
Dover Corp.		4,180		566,014
Fortive Corp.		10,644		683,877
IDEX Corp.		2,249		513,514
Illinois Tool Works, Inc.		8,487		1,869,686
Ingersoll Rand, Inc.		12,235		639,279
Nordson Corp.		1,610		382,729
Otis Worldwide Corp.		12,576		984,826
PACCAR, Inc.		10,434		1,032,653

See accompanying notes to financial statements.
90

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Parker-Hannifin Corp.		3,905	$	1,136,355
Pentair PLC (c)		4,970		223,551
Snap-On, Inc.		1,655		378,151
Stanley Black & Decker, Inc.		4,397		330,303
Westinghouse Air Brake Technologies Corp.		5,495		548,456
Xylem, Inc.		5,351		591,660
				18,251,064
Professional Services (0.4%)
CoStar Group, Inc. (b)		12,288		949,617
Equifax, Inc.		3,663		711,941
Robert Half International, Inc.		3,252		240,095
United Rentals, Inc. (b)		2,093		743,894
Verisk Analytics, Inc.		4,756		839,053
				3,484,600
Road & Rail (0.9%)
CSX Corp.		63,526		1,968,036
JB Hunt Transport Services, Inc.		2,471		430,844
Norfolk Southern Corp.		7,013		1,728,143
Old Dominion Freight Line, Inc.		2,750		780,395
Union Pacific Corp.		18,577		3,846,739
				8,754,157
Trading Companies & Distributors (0.2%)
Fastenal Co.		17,244		815,986
WW Grainger, Inc.		1,386		770,963
				1,586,949
Information Technology (29.4%)
Communications Equipment (0.9%)
Arista Networks, Inc. (b)		7,395		897,383
Cisco Systems, Inc.		124,066		5,910,504
F5, Inc. (b)		1,821		261,332
Juniper Networks, Inc.		9,806		313,400
Motorola Solutions, Inc.		5,045		1,300,147
				8,682,766
Computers & Peripherals (6.1%)
Apple, Inc. (d)		451,842		58,707,831
NetApp, Inc.		6,487		389,609
Seagate Technology Holdings PLC (c)		5,782		304,191
Western Digital Corp. (b)		9,598		302,817
				59,704,448
Electronic Equipment, Instruments & Components (0.5%)
Amphenol Corp. Class A		17,981		1,369,073
CDW Corp.		4,127		737,000
Corning, Inc.		23,001		734,652
Keysight Technologies, Inc. (b)		5,362		917,277
TE Connectivity Ltd. (c)		9,542		1,095,422
Trimble, Inc. (b)		7,353		371,768
				5,225,192

	Shares		Value(a)
Interactive Media & Services (4.0%)
Akamai Technologies, Inc. (b)		4,723	$	398,149
Alphabet, Inc. Class A (b)		180,481		15,923,838
Alphabet, Inc. Class C (b)		159,989		14,195,824
eBay, Inc.		16,385		679,486
Meta Platforms, Inc. Class A (b)		67,946		8,176,622
				39,373,919
IT Services (4.4%)
Accenture PLC Class A (c)		19,081		5,091,574
Automatic Data Processing, Inc.		12,566		3,001,515
Broadridge Financial Solutions, Inc.		3,541		474,954
Cognizant Technology Solutions Corp. Class A		15,511		887,074
DXC Technology Co. (b)		6,898		182,797
EPAM Systems, Inc. (b)		1,789		586,327
Fidelity National Information Services, Inc.		17,929		1,216,483
Fiserv, Inc. (b)		19,092		1,929,628
FleetCor Technologies, Inc. (b)		2,194		402,994
Gartner, Inc. (b)		2,411		810,433
Global Payments, Inc.		8,158		810,253
International Business Machines Corp.		27,319		3,848,974
Jack Henry & Associates, Inc.		2,188		384,125
Leidos Holdings, Inc.		4,049		425,914
Mastercard, Inc. Class A		25,638		8,915,102
Paychex, Inc.		9,612		1,110,763
PayPal Holdings, Inc. (b)		34,447		2,453,315
VeriSign, Inc. (b)		2,788		572,767
Visa, Inc. Class A		49,404		10,264,175
				43,369,167
Office Electronics (0.0%)
Zebra Technologies Corp. Class A (b)		1,610		412,820
Semiconductors & Semiconductor Equipment (5.0%)
Advanced Micro Devices, Inc. (b)		48,719		3,155,530
Analog Devices, Inc.		15,505		2,543,285
Applied Materials, Inc.		25,995		2,531,393
Broadcom, Inc.		12,263		6,856,611
Enphase Energy, Inc. (b)		4,122		1,092,165
First Solar, Inc. (b)		2,996		448,771
Intel Corp.		124,702		3,295,874
KLA Corp.		4,255		1,604,263
Lam Research Corp.		4,144		1,741,723
Microchip Technology, Inc.		16,563		1,163,551
Micron Technology, Inc.		32,850		1,641,843
Monolithic Power Systems, Inc.		1,410		498,590
NVIDIA Corp.		75,239		10,995,428
NXP Semiconductors NV (c)		7,780		1,229,473
ON Semiconductor Corp. (b)		13,066		814,926
Qorvo, Inc. (b)		3,059		277,268

See accompanying notes to financial statements.
91

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
QUALCOMM, Inc.		33,872	$	3,723,888
Skyworks Solutions, Inc.		4,848		441,798
SolarEdge Technologies, Inc. (b) (c)		1,664		471,361
Teradyne, Inc.		4,664		407,400
Texas Instruments, Inc.		27,421		4,530,498
				49,465,639
Software (8.4%)
Activision Blizzard, Inc.		21,519		1,647,279
Adobe, Inc. (b)		14,113		4,749,448
ANSYS, Inc. (b)		2,627		634,657
Autodesk, Inc. (b)		6,504		1,215,402
Cadence Design Systems, Inc. (b)		8,306		1,334,276
Ceridian HCM Holding, Inc. (b)		4,592		294,577
Contra Abiomed, Inc., Contingent Value Rights (b) (e)		1,425		1,453
Electronic Arts, Inc.		7,926		968,399
Fortinet, Inc. (b)		19,539		955,262
Gen Digital, Inc.		17,516		375,368
Intuit, Inc.		8,502		3,309,148
Microsoft Corp.		225,246		54,018,496
Oracle Corp.		46,436		3,795,679
Paycom Software, Inc. (b)		1,440		446,846
PTC, Inc. (b)		3,200		384,128
Salesforce, Inc. (b)		30,216		4,006,339
ServiceNow, Inc. (b)		6,080		2,360,682
Synopsys, Inc. (b)		4,646		1,483,421
Take-Two Interactive Software, Inc. (b)		4,704		489,828
Tyler Technologies, Inc. (b)		1,286		414,619
				82,885,307
Technology Hardware Storage & Peripherals (0.1%)
Hewlett Packard Enterprise Co.		38,879		620,509
HP, Inc.		26,748		718,719
				1,339,228
Materials (2.7%)
Chemicals (1.9%)
Air Products & Chemicals, Inc.		6,744		2,078,905
Albemarle Corp.		3,592		778,961
Celanese Corp.		2,991		305,800
CF Industries Holdings, Inc.		5,879		500,891
Corteva, Inc.		21,497		1,263,594
Dow, Inc.		21,264		1,071,493
DuPont de Nemours, Inc.		14,930		1,024,646
Eastman Chemical Co.		3,585		291,962
Ecolab, Inc.		7,470		1,087,333
FMC Corp.		3,806		474,989
International Flavors & Fragrances, Inc.		7,703		807,583
Linde PLC (c)		14,993		4,890,417
LyondellBasell Industries NV Class A (c)		7,632		633,685
Mosaic Co.		10,260		450,106

	Shares		Value(a)
PPG Industries, Inc.		7,025	$	883,323
Sherwin-Williams Co.		7,126		1,691,214
				18,234,902
Commercial Services & Supplies (0.1%)
Avery Dennison Corp.		2,430		439,830
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		1,899		641,805
Vulcan Materials Co.		4,047		708,670
				1,350,475
Containers & Packaging (0.2%)
Amcor PLC (c)		44,992		535,855
Ball Corp.		9,399		480,665
International Paper Co.		10,747		372,168
Packaging Corp. of America		2,782		355,845
Sealed Air Corp.		4,294		214,185
WestRock Co.		7,592		266,935
				2,225,653
Metals & Mining (0.4%)
Freeport-McMoRan, Inc.		43,188		1,641,144
Newmont Corp.		23,983		1,131,998
Nucor Corp.		7,726		1,018,364
Steel Dynamics, Inc.		5,049		493,287
				4,284,793
Real Estate (2.8%)
Health Care REITs (0.2%)
Healthpeak Properties, Inc.		16,191		405,909
Ventas, Inc.		12,077		544,069
Welltower, Inc.		14,277		935,857
				1,885,835
Hotels & Resort REITs (0.1%)
Hilton Worldwide Holdings, Inc.		8,165		1,031,730
Host Hotels & Resorts, Inc.		21,605		346,760
				1,378,490
Industrial REITs (0.3%)
Prologis, Inc.		27,891		3,144,152
Office REITs (0.1%)
Alexandria Real Estate Equities, Inc.		4,524		659,011
Boston Properties, Inc.		4,310		291,270
Vornado Realty Trust		4,833		100,575
				1,050,856
Real Estate Investment Trust (0.0%)
Federal Realty Investment Trust		2,185		220,772
Real Estate Services (0.1%)
CBRE Group, Inc. Class A (b)		9,537		733,967

See accompanying notes to financial statements.
92

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Residential REITs (0.4%)
AvalonBay Communities, Inc.		4,241	$	685,006
Camden Property Trust		3,180		355,778
Equity Residential		10,277		606,343
Essex Property Trust, Inc.		1,910		404,767
Invitation Homes, Inc.		17,550		520,182
Mid-America Apartment Communities, Inc.		3,433		538,947
UDR, Inc.		9,165		354,961
				3,465,984
Retail REITs (0.3%)
Kimco Realty Corp.		18,687		395,791
Realty Income Corp.		18,950		1,201,998
Regency Centers Corp.		4,621		288,813
Simon Property Group, Inc.		9,823		1,154,006
				3,040,608
Specialized REITs (1.3%)
American Tower Corp.		14,071		2,981,082
Crown Castle, Inc.		13,094		1,776,070
Digital Realty Trust, Inc.		8,624		864,728
Equinix, Inc.		2,852		1,868,146
Extra Space Storage, Inc.		4,026		592,547
Iron Mountain, Inc.		8,722		434,792
Public Storage		4,741		1,328,381
SBA Communications Corp.		3,234		906,522
VICI Properties, Inc.		29,101		942,872
Weyerhaeuser Co.		22,170		687,270
				12,382,410
Utilities (3.2%)
Electric Utilities (2.0%)
Alliant Energy Corp.		7,529		415,676
American Electric Power Co., Inc.		15,527		1,474,289
Constellation Energy Corp.		9,807		845,461
Duke Energy Corp.		23,268		2,396,371
Edison International		11,445		728,131
Entergy Corp.		6,058		681,525
Evergy, Inc.		6,836		430,190
Eversource Energy		10,524		882,332
Exelon Corp.		30,027		1,298,067
FirstEnergy Corp.		16,412		688,319
NextEra Energy, Inc.		60,044		5,019,678
PG&E Corp. (b)		48,649		791,033
Pinnacle West Capital Corp.		3,392		257,928
PPL Corp.		22,248		650,087
Southern Co.		32,895		2,349,032
Xcel Energy, Inc.		16,535		1,159,269
				20,067,388
Gas Utilities (0.1%)
Atmos Energy Corp.		4,141		464,082
ONEOK, Inc.		13,409		880,971
				1,345,053
Independent Power Producers & Energy Traders (0.1%)
AES Corp.		20,182		580,434
NRG Energy, Inc.		6,868		218,540
				798,974

	Shares		Value(a)
Multi-Utilities (0.9%)
Ameren Corp.		7,811	$	694,554
CenterPoint Energy, Inc.		19,022		570,470
CMS Energy Corp.		8,770		555,404
Consolidated Edison, Inc.		10,640		1,014,098
Dominion Energy, Inc.		25,178		1,543,915
DTE Energy Co.		5,854		688,021
NiSource, Inc.		12,271		336,471
Public Service Enterprise Group, Inc.		15,076		923,707
Sempra Energy		9,432		1,457,621
WEC Energy Group, Inc.		9,465		887,438
				8,671,699
Water Utilities (0.1%)
American Water Works Co., Inc.		5,432		827,945
Total common stocks (cost: $355,130,532)				970,864,008
Short-Term Securities (2.1%)
Investment Companies (2.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		20,839,604		20,839,604
Total short-term securities (cost: $20,839,604)				20,839,604
Total investments in securities (cost: $375,970,136) (f)				991,703,612
Liabilities in excess of cash and other assets (-0.4%)				(4,119,813	)
Total net assets (100.0%)			$	987,583,799

See accompanying notes to financial statements.
93

SFT Index 500 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) Non-income producing security.

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

(e) This security is fair valued by Securian AM, as the Valuation Designee, in accordance with procedures approved by the Board of Trustees of Securian Funds Trust and in accordance with provisions of the Investment Company Act of 1940, as amended.

(f) At December 31, 2022, the cost of investments for federal income tax purposes was $377,771,146. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	638,954,919
Gross unrealized depreciation		(25,563,235	)
Net unrealized appreciation	$	613,391,684

Holdings of Open Futures Contracts

On December 31, 2022, securities with an aggregate market value of $18,190,200 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				March 2023					80			Long				$	15,984,782			$	15,444,000			$	(540,782	)

See accompanying notes to financial statements.
94

SFT International Bond Fund
Investments in Securities

December 31, 2022

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

	Principal(b)		Value(a)
Long-Term Debt Securities (99.2%)
Australia (7.0%)
Financial (4.4%)
Commonwealth Bank of Australia (USD) 5.046%, 03/14/25 (SOFRRATE + 0.740%) (c) (d)		1,770,000	$	1,759,966
Macquarie Group Ltd. (USD) 6.207%, 11/22/24 (c)		1,660,000		1,670,674
				3,430,640
Government (2.6%)
New South Wales Treasury Corp. (AUD) 4.000%, 04/20/23		530,000		360,200
Queensland Treasury Corp. (AUD) 4.250%, 07/21/23 (c)		1,210,000		824,155
Western Australian Treasury Corp. (AUD) 6.000%, 10/16/23		1,280,000		883,995
				2,068,350
Brazil (5.6%)
Government (5.6%)
Brazil Notas do Tesouro Nacional Serie F (BRL) 10.000%, 01/01/27		11,950,000		2,085,058
10.000%, 01/01/29		3,440,000		583,059
10.000%, 01/01/31		3,320,000		548,923
10.000%, 01/01/33		7,260,000		1,179,911
				4,396,951
Canada (4.1%)
Government (4.1%)
Province of Ontario Canada (CAD) 2.600%, 06/02/25		4,500,000		3,208,834
Colombia (4.4%)
Government (4.4%)
Colombian TES (COP) 6.000%, 04/28/28		8,700,000,000		1,339,265
6.250%, 11/26/25		5,300,000,000		936,982
7.000%, 03/26/31		6,010,000,000		877,426
7.250%, 10/26/50		2,720,000,000		320,254
				3,473,927
France (6.5%)
Government (6.5%)
French Republic Government Bond OAT (EUR) 0.010%, 05/25/32		4,830,000		3,876,936
0.750%, 05/25/52		2,110,000		1,186,975
				5,063,911

	Principal(b)		Value(a)
Germany (5.6%)
Government (5.6%)
Bundesrepublik Deutschland Bundesanleihe (EUR) 1.700%, 08/15/32		4,430,000	$	4,381,879
Malaysia (2.9%)
Government (2.9%)
Malaysia Government Bond (MYR) 3.480%, 03/15/23		4,950,000		1,124,701
3.899%, 11/16/27		3,350,000		761,549
3.955%, 09/15/25		1,700,000		387,951
				2,274,201
Mexico (12.7%)
Government (12.7%)
Mexican Bonos (MXN) 7.750%, 11/13/42		47,700,000		2,164,619
8.000%, 11/07/47		32,700,000		1,498,784
8.000%, 07/31/53		36,100,000		1,692,239
8.500%, 05/31/29		45,500,000		2,286,854
8.500%, 11/18/38		49,300,000		2,414,018
				10,056,514
Poland (4.3%)
Government (4.3%)
Republic of Poland Government Bond (PLN) 1.750%, 04/25/32		22,790,000		3,410,512
Russia (0.2%)
Government (0.2%)
Russian Federal Bond—OFZ (RUB) 7.650%, 04/10/30 (e)		29,000,000		119,178
South Africa (4.3%)
Government (4.3%)
Republic of South Africa Government Bond (ZAR) 6.500%, 02/28/41		44,700,000		1,644,682
8.750%, 02/28/48		37,000,000		1,701,610
				3,346,292
South Korea (7.4%)
Government (7.4%)
Korea Treasury Bond (KRW) 1.875%, 03/10/51		2,600,000,000		1,417,005
2.000%, 06/10/31		6,430,000,000		4,427,064
				5,844,069
United States (34.2%)
Financial (4.1%)
Goldman Sachs Group, Inc. (USD) 5.700%, 11/01/24		1,660,000		1,679,869

See accompanying notes to financial statements.
95

SFT International Bond Fund
Investments in Securities – continued

	Principal(b)		Value(a)
Jackson National Life Global Funding (USD) 5.473%, 06/28/24 (c) (d)		1,530,000	$	1,530,304
				3,210,173
Government (15.6%)
U.S. Treasury Bond (USD) 1.875%, 11/15/51		2,020,000		1,291,537
U.S. Treasury Bond (USD) 2.250%, 02/15/52		6,530,000		4,586,305
U.S. Treasury Bond (USD) 3.000%, 08/15/52		4,700,000		3,914,219
U.S. Treasury Note (USD) 1.875%, 02/15/32		2,260,000		1,922,765
U.S. Treasury Note (USD) 4.435%, 07/31/24 (3-Month U.S. Treasury Money Market Yield + 0.037%) (d)		540,000		539,593
				12,254,419
Mortgage Securities (14.5%)
Federal Home Loan Mortgage Corp. (USD) 4.500%, 09/01/52		1,289,270		1,244,285
4.500%, 10/01/52		912,734		881,212
5.000%, 08/01/52		648,802		639,882
5.000%, 11/01/52		801,710		790,842
5.500%, 12/01/52		2,247,173		2,255,095

	Principal(b)/ Shares		Value(a)
Federal National Mortgage Association (USD) 4.500%, 09/01/52		1,864,479	$	1,800,084
5.000%, 12/01/52		1,443,373		1,423,807
5.000%, 10/01/52		667,894		658,713
5.500%, 12/01/52		1,641,879		1,648,094
				11,342,014
Total long-term debt securities (cost: $87,035,003)				77,881,864
Short-Term Securities (1.2%)
Investment Companies (1.2%)
United States (1.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		944,622		944,622
Total short-term securities (cost: $944,622)				944,622
Total investments in securities (cost: $87,979,625) (f)				78,826,486
Liabilities in excess of cash and other assets (-0.4%)				(344,243	)
Total net assets (100.0%)			$	78,482,243

Investments in Securities Legend

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

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

(d) Variable rate security.

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

(f) At December 31, 2022, the cost of investments for federal income tax purposes was $86,153,565 . The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	625,214
Gross unrealized depreciation		(9,852,650	)
Net unrealized depreciation	$	(9,227,436	)

See accompanying notes to financial statements.
96

SFT International Bond Fund
Investments in Securities – continued

Foreign Forward Currency Contracts

On December 31, 2022, 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 Appreciation(a)		Unrealized Depreciation(a)			Counterparty
01/13/23		516,225	USD		5,700,000	SEK	$	31,151	$	–		HSB
01/19/23		19,099	USD		100,000	BRL		–		(212	)	JPM
01/19/23		127,937	USD		680,000	BRL		493		–		JPM
01/19/23		22,980,000	BRL		4,295,327	USD		–		(44,865	)	JPM
01/20/23		13,670,000	PLN		2,717,054	USD		–		(396,885	)	GSC
01/20/23		395,889	USD		1,810,000	PLN		16,417		–		MSC
01/20/23		1,430,000	PLN		315,788	USD		–		(9,957	)	UBS
01/25/23		4,680,000	CAD		3,399,433	USD		–		(55,037	)	GSC
01/27/23		15,890,000,000	COP		3,176,031	USD		–		(87,768	)	JPM
01/27/23		1,100,000,000	COP		225,549	USD		–		(390	)	JPM
01/31/23		104,763	USD		2,100,000	MXN		2,488		–		GSC
01/31/23		364,429	USD		7,100,000	MXN		–		(1,817	)	JPM
01/31/23		187,600,000	MXN		9,240,108	USD		–		(341,011	)	MSC
01/31/23		13,300,000	MXN		665,957	USD		–		(13,301	)	MSC
02/03/23		9,680,000	EUR		9,719,253	USD		–		(631,865	)	BLC
02/03/23		653,470	USD		610,000	EUR		–		(1,179	)	HSB
02/03/23		480,000	EUR		504,735	USD		–		(8,543	)	MSC
02/03/23		490,000	EUR		525,216	USD		1,244		–		MSC
02/15/23		56,500,000	ZAR		3,243,938	USD		–		(64,960	)	HSB
02/16/23		2,500,000	CNH		359,619	USD		–		(2,936	)	MSC
03/03/23		410,000	GBP		498,871	USD		4,970		–		JPM
03/07/23		3,330,000	AUD		2,265,442	USD		1,506		–		JPM
03/08/23		103,076	USD		130,000,000	KRW		23		–		HSB
03/08/23		7,050,000,000	KRW		5,419,950	USD		–		(171,233	)	HSB
03/10/23		121,739	USD		4,200,000	THB		319		–		HSB
03/14/23		881,887	USD		119,000,000	JPY		28,372		–		JPM
03/20/23		721,608	USD		630,000,000	CLP		10,439		–		JPM
03/20/23		587,487	USD		5,700,000	NOK		–		(6,841	)	MSC
03/21/23		10,300,000	MYR		2,347,846	USD		1,765		–		BLC
							$	99,187	$	(1,838,800	)

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CLP Chilean Peso

CNH Chinese Yuan Renminbi Offshore

COP Colombian Peso

EUR Euro

GBP British Pound

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

PLN Polish Zloty

Currency Legend

RUB Russian Ruble

SEK Swedish Krona

THB Thai Baht

USD United States Dollar

ZAR South African Rand

Counterparty Legend

BLC Barclays Bank PLC

GSC Goldman Sachs

HSB HSBC Bank PLC

JPM JPMorgan Chase Bank NA

MSC Morgan Stanley and Co., Inc.

UBS UBS AG

Holdings of Open Futures Contracts

On December 31, 2022, $307,450 in cash has been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
U.S. Ultra Bond				March 2023					43			Long				$	5,936,182			$	5,775,438			$	(160,744	)

See accompanying notes to financial statements.
97

SFT Real Estate Securities Fund
Investments in Securities

December 31, 2022

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

	Shares		Value(a)
Common Stocks (97.9%)
Consumer Discretionary (0.9%)
Boyd Gaming Corp.		19,383	$	1,056,955
Real Estate (97.0%)
Health Care REITs (9.3%)
Healthcare Realty Trust, Inc. Class A		144,644		2,787,290
Healthpeak Properties, Inc.		60,617		1,519,668
Welltower, Inc.		98,191		6,436,420
				10,743,378
Hotels & Resort REITs (2.2%)
Host Hotels & Resorts, Inc.		156,046		2,504,538
Industrial REITs (12.0%)
Americold Realty Trust, Inc.		122,040		3,454,953
Prologis, Inc.		92,600		10,438,798
				13,893,751
Office REITs (1.8%)
Highwoods Properties, Inc.		76,500		2,140,470
Residential REITs (22.6%)
American Homes 4 Rent Class A		76,800		2,314,752
Apartment Income REIT Corp. (a)		51,977		1,783,331
Camden Property Trust		39,597		4,430,112
Essex Property Trust, Inc.		2,698		571,760
Invitation Homes, Inc.		187,262		5,550,446
Mid-America Apartment Communities, Inc.		23,711		3,722,390
Sun Communities, Inc.		30,422		4,350,346
UDR, Inc.		88,088		3,411,648
				26,134,785

	Shares		Value(a)
Retail REITs (17.3%)
Kimco Realty Corp.		107,600	$	2,278,968
Realty Income Corp.		95,215		6,039,487
Simon Property Group, Inc.		61,719		7,250,748
SITE Centers Corp.		80,257		1,096,311
Spirit Realty Capital, Inc.		82,856		3,308,440
				19,973,954
Specialized REITs (31.8%)
American Tower Corp.		37,528		7,950,682
Crown Castle, Inc.		35,425		4,805,047
Digital Realty Trust, Inc.		56,421		5,657,334
Equinix, Inc.		8,817		5,775,400
Extra Space Storage, Inc.		9,962		1,466,207
Life Storage, Inc.		31,907		3,142,839
Public Storage		19,407		5,437,647
SBA Communications Corp.		6,903		1,934,980
Weyerhaeuser Co.		21,600		669,600
				36,839,736
Total common stocks (cost: $123,155,583)				113,287,567
Short-Term Securities (1.9%)
Investment Companies (1.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		2,207,429		2,207,429
Total short-term securities (cost: $2,207,429)				2,207,429
Total investments in securities (cost: $125,363,012) (b)				115,494,996
Cash and other assets in excess of liabilities (0.2%)				263,323
Total net assets (100.0%)			$	115,758,319

Investments in Securities Legend

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

(b) At December 31, 2022, the cost of investments for federal income tax purposes was $126,556,516. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	1,627,027
Gross unrealized depreciation		(12,688,547	)
Net unrealized depreciation	$	(11,061,520	)

See accompanying notes to financial statements.
98

SFT T. Rowe Price Value Fund
Investments in Securities

December 31, 2022

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

	Shares		Value(a)
Common Stocks (98.9%)
Communication Services (1.1%)
Diversified Telecommunication Services (1.1%)
Verizon Communications, Inc.		48,700	$	1,918,780
Consumer Discretionary (6.2%)
Entertainment (0.7%)
Walt Disney Co. (b)		14,281		1,240,733
Hotels, Restaurants & Leisure (2.3%)
Booking Holdings, Inc. (b)		10		20,153
McDonald's Corp.		12,364		3,258,285
Yum! Brands, Inc.		7,072		905,782
				4,184,220
Multiline Retail (0.8%)
Dollar General Corp.		6,096		1,501,140
Specialty Retail (2.4%)
Home Depot, Inc.		5,600		1,768,816
Ross Stores, Inc.		5,792		672,277
TJX Cos., Inc.		12,180		969,528
Ulta Beauty, Inc. (b)		2,400		1,125,768
				4,536,389
Consumer Staples (10.6%)
Beverages (1.2%)
Coca-Cola Co.		13,112		834,055
Constellation Brands, Inc. Class A		1,255		290,846
Keurig Dr Pepper, Inc.		32,129		1,145,720
				2,270,621
Food & Staples Retailing (1.8%)
Walmart, Inc.		22,647		3,211,118
Food Products (2.9%)
Kraft Heinz Co.		51,179		2,083,497
Mondelez International, Inc. Class A		49,895		3,325,502
				5,408,999
Household Products (2.2%)
Kimberly-Clark Corp.		5,400		733,050
Procter & Gamble Co.		22,086		3,347,354
				4,080,404
Tobacco (2.5%)
Philip Morris International, Inc.		46,141		4,669,931
Energy (5.9%)
Oil, Gas & Consumable Fuels (5.9%)
Chevron Corp.		17,100		3,069,279
ConocoPhillips		3,300		389,400
Exxon Mobil Corp.		50,921		5,616,586
Kinder Morgan, Inc.		102,900		1,860,432
				10,935,697

	Shares		Value(a)
Financial (21.7%)
Capital Markets (0.7%)
Goldman Sachs Group, Inc.		3,700	$	1,270,506
Commercial Banks (8.9%)
Bank of America Corp.		173,510		5,746,651
Citigroup, Inc.		18,900		854,847
JPMorgan Chase & Co.		36,126		4,844,497
U.S. Bancorp		42,200		1,840,342
Wells Fargo & Co.		76,814		3,171,650
				16,457,987
Diversified Financial Services (0.3%)
Corebridge Financial, Inc.		25,109		503,687
Insurance (11.8%)
Allstate Corp.		11,361		1,540,552
American International Group, Inc.		18,951		1,198,461
Berkshire Hathaway, Inc. Class B (b)		11,700		3,614,130
Chubb Ltd. (c)		17,006		3,751,523
Hartford Financial Services Group, Inc.		16,455		1,247,783
MetLife, Inc.		42,233		3,056,402
Progressive Corp.		26,102		3,385,690
Travelers Cos., Inc.		22,089		4,141,467
				21,936,008
Health Care (20.6%)
Biotechnology (1.8%)
AbbVie, Inc.		14,357		2,320,235
Amgen, Inc.		4,000		1,050,560
				3,370,795
Health Care Equipment & Supplies (3.5%)
Becton Dickinson & Co.		20,597		5,237,817
Danaher Corp.		4,131		1,096,450
GE HealthCare Technologies, Inc. (b)		3,530		206,082
				6,540,349
Health Care Providers & Services (8.0%)
AmerisourceBergen Corp.		6,472		1,072,475
Centene Corp. (b)		24,973		2,048,036
Cigna Corp.		2,470		818,410
Elevance Health, Inc.		13,697		7,026,150
HCA Healthcare, Inc.		9,047		2,170,918
Humana, Inc.		2,050		1,049,989
UnitedHealth Group, Inc.		1,167		618,720
				14,804,698
Life Sciences Tools & Services (1.6%)
PerkinElmer, Inc.		6,119		858,006
Thermo Fisher Scientific, Inc.		3,694		2,034,249
				2,892,255

See accompanying notes to financial statements.
99

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

	Shares		Value(a)
Pharmaceuticals (5.7%)
AstraZeneca PLC ADR (c)		38,955	$	2,641,149
Johnson & Johnson		35,677		6,302,342
Merck & Co., Inc.		13,800		1,531,110
				10,474,601
Industrials (10.9%)
Aerospace & Defense (2.1%)
L3Harris Technologies, Inc.		14,316		2,980,734
Northrop Grumman Corp.		1,620		883,888
				3,864,622
Commercial Services & Supplies (0.4%)
Republic Services, Inc.		5,792		747,110
Electrical Equipment (2.4%)
AMETEK, Inc.		3,613		504,808
Eaton Corp. PLC (c)		19,024		2,985,817
Hubbell, Inc.		3,708		870,194
				4,360,819
Industrial Conglomerates (3.2%)
General Electric Co.		37,697		3,158,632
Honeywell International, Inc.		8,737		1,872,339
Siemens AG (c)		6,880		951,904
				5,982,875
Machinery (0.3%)
Cummins, Inc.		800		193,832
Dover Corp.		2,600		352,066
				545,898
Road & Rail (2.5%)
CSX Corp.		71,291		2,208,595
Norfolk Southern Corp.		6,056		1,492,320
Union Pacific Corp.		4,900		1,014,643
				4,715,558
Information Technology (11.1%)
Electronic Equipment, Instruments & Components (0.3%)
TE Connectivity Ltd. (c)		4,600		528,080
Interactive Media & Services (2.2%)
Alphabet, Inc. Class C (b)		46,350		4,112,636
IT Services (2.2%)
Accenture PLC Class A (c)		2,400		640,416
Booz Allen Hamilton Holding Corp.		900		94,068
Fidelity National Information Services, Inc.		8,600		583,510
Fiserv, Inc. (b)		27,563		2,785,792
				4,103,786
Semiconductors & Semiconductor Equipment (5.5%)
Applied Materials, Inc.		10,200		993,276
Broadcom, Inc.		4,761		2,662,018
KLA Corp.		7,731		2,914,819
Lam Research Corp.		2,600		1,092,780
Micron Technology, Inc.		21,000		1,049,580
Texas Instruments, Inc.		9,400		1,553,068
				10,265,541

	Shares		Value(a)
Software (0.9%)
Activision Blizzard, Inc.		10,400	$	796,120
Microsoft Corp.		3,365		806,994
				1,603,114
Materials (2.0%)
Chemicals (2.0%)
International Flavors & Fragrances, Inc.		8,700		912,108
Nutrien Ltd. (c)		25,957		1,895,640
Sherwin-Williams Co.		3,600		854,388
				3,662,136
Real Estate (1.9%)
Industrial REITs (1.1%)
Prologis, Inc.		17,131		1,931,177
Office REITs (0.1%)
Boston Properties, Inc.		2,900		195,982
Residential REITs (0.2%)
Equity LifeStyle Properties, Inc.		6,263		404,590
Specialized REITs (0.5%)
Weyerhaeuser Co.		29,797		923,707
Utilities (6.9%)
Electric Utilities (4.7%)
American Electric Power Co., Inc.		12,813		1,216,594
FirstEnergy Corp.		25,200		1,056,888
Southern Co.		82,244		5,873,044
Xcel Energy, Inc.		7,399		518,744
				8,665,270
Multi-Utilities (2.2%)
Ameren Corp.		8,160		725,587
Dominion Energy, Inc.		10,011		613,875
DTE Energy Co.		6,178		726,100
Sempra Energy		11,944		1,845,826
WEC Energy Group, Inc.		2,800		262,528
				4,173,916
Total common stocks (cost: $177,181,026)				182,995,735
Short-Term Securities (1.6%)
Investment Companies (1.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		505,739		505,739
T. Rowe Price Government Reserve Fund, current rate 4.300%		2,441,999		2,441,999
Total short-term securities (cost: $2,947,738)				2,947,738
Total investments in securities (cost: $180,128,764) (d)				185,943,473
Liabilities in excess of cash and other assets (-0.5%)				(834,236	)
Total net assets (100.0%)			$	185,109,237

See accompanying notes to financial statements.
100

SFT T. Rowe Price Value 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) Non-income producing security.

(d) At December 31, 2022, the cost of investments for federal income tax purposes was $183,976,527. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	5,952,055
Gross unrealized depreciation		(3,985,109	)
Net unrealized appreciation	$	1,966,946

See accompanying notes to financial statements.
101

SFT Wellington Core Equity Fund
Investments in Securities

December 31, 2022

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

	Shares		Value(a)
Common Stocks (98.9%)
Consumer Discretionary (10.4%)
Automobiles (0.9%)
Ford Motor Co.		63,854	$	742,622
Tesla, Inc. (b)		1,809		222,833
				965,455
Entertainment (1.2%)
Walt Disney Co. (b)		14,532		1,262,540
Hotels, Restaurants & Leisure (2.0%)
Airbnb, Inc. Class A (b)		5,162		441,351
McDonald's Corp.		6,698		1,765,124
				2,206,475
Internet & Catalog Retail (2.9%)
Amazon.com, Inc. (b)		38,198		3,208,632
Specialty Retail (1.9%)
TJX Cos., Inc.		26,502		2,109,559
Textiles, Apparel & Luxury Goods (1.5%)
NIKE, Inc. Class B		13,753		1,609,238
Consumer Staples (7.6%)
Beverages (2.9%)
Constellation Brands, Inc. Class A		6,837		1,584,475
Monster Beverage Corp. (b)		15,570		1,580,822
				3,165,297
Food & Staples Retailing (1.2%)
Sysco Corp.		16,091		1,230,157
Household Products (3.5%)
Colgate-Palmolive Co.		14,630		1,152,697
Procter & Gamble Co.		17,707		2,683,673
				3,836,370
Energy (3.9%)
Oil, Gas & Consumable Fuels (3.9%)
ConocoPhillips		12,788		1,508,984
EOG Resources, Inc.		20,661		2,676,013
				4,184,997
Financial (12.1%)
Capital Markets (2.9%)
Charles Schwab Corp.		14,299		1,190,535
Morgan Stanley		23,002		1,955,630
				3,146,165
Commercial Banks (5.2%)
Bank of America Corp.		56,907		1,884,760
JPMorgan Chase & Co.		20,373		2,732,019
PNC Financial Services Group, Inc.		6,296		994,390
				5,611,169
Consumer Finance (1.5%)
American Express Co.		11,323		1,672,973

	Shares		Value(a)
Insurance (2.5%)
Chubb Ltd. (c)		6,934	$	1,529,640
Progressive Corp.		9,326		1,209,676
				2,739,316
Health Care (18.5%)
Biotechnology (2.9%)
Regeneron Pharmaceuticals, Inc. (b)		2,375		1,713,539
Vertex Pharmaceuticals, Inc. (b)		4,953		1,430,327
				3,143,866
Health Care Equipment & Supplies (5.2%)
Abbott Laboratories		12,956		1,422,439
Becton Dickinson & Co.		6,020		1,530,886
Danaher Corp.		5,685		1,508,913
Hologic, Inc. (b)		16,456		1,231,073
				5,693,311
Health Care Providers & Services (4.3%)
Laboratory Corp. of America Holdings		4,158		979,126
UnitedHealth Group, Inc.		6,992		3,707,018
				4,686,144
Life Sciences Tools & Services (1.8%)
Thermo Fisher Scientific, Inc.		3,563		1,962,109
Pharmaceuticals (4.3%)
Eli Lilly & Co.		6,294		2,302,597
Pfizer, Inc.		46,402		2,377,639
				4,680,236
Industrials (9.5%)
Aerospace & Defense (1.6%)
Raytheon Technologies Corp.		17,525		1,768,623
Building Products (2.0%)
Fortune Brands Innovations, Inc.		12,310		703,024
Johnson Controls International PLC (c)		22,672		1,451,008
				2,154,032
Commercial Services & Supplies (0.7%)
Republic Services, Inc.		5,768		744,014
Electrical Equipment (1.3%)
AMETEK, Inc.		10,290		1,437,719
Machinery (3.9%)
Deere & Co.		4,020		1,723,615
IDEX Corp.		5,371		1,226,360
Illinois Tool Works, Inc.		5,919		1,303,956
				4,253,931

See accompanying notes to financial statements.
102

SFT Wellington Core Equity Fund
Investments in Securities – continued

	Shares		Value(a)
Information Technology (30.4%)
Communications Equipment (2.5%)
F5, Inc. (b)		5,859	$	840,825
Motorola Solutions, Inc.		7,218		1,860,151
				2,700,976
Computers & Peripherals (5.2%)
Apple, Inc.		37,365		4,854,835
NetApp, Inc.		14,273		857,236
				5,712,071
Electronic Equipment, Instruments & Components (2.0%)
CDW Corp.		6,879		1,228,452
Corning, Inc.		30,165		963,470
				2,191,922
Interactive Media & Services (5.1%)
Alphabet, Inc. Class A (b)		52,844		4,662,426
GoDaddy, Inc. Class A (b)		11,600		867,912
				5,530,338
IT Services (3.4%)
Global Payments, Inc.		6,465		642,104
Leidos Holdings, Inc.		10,185		1,071,360
Mastercard, Inc. Class A		5,731		1,992,840
				3,706,304
Semiconductors & Semiconductor Equipment (4.8%)
Advanced Micro Devices, Inc. (b)		11,308		732,419
KLA Corp.		3,443		1,298,114
NVIDIA Corp.		2,777		405,831
QUALCOMM, Inc.		9,240		1,015,846
Texas Instruments, Inc.		10,713		1,770,002
				5,222,212
Software (7.4%)
Microsoft Corp.		23,356		5,601,236
Palo Alto Networks, Inc. (b)		5,608		782,540
Salesforce, Inc. (b)		7,296		967,377
Workday, Inc. Class A (b)		4,172		698,101
				8,049,254

	Shares		Value(a)
Materials (1.1%)
Chemicals (1.1%)
PPG Industries, Inc.		9,646	$	1,212,888
Real Estate (1.7%)
Industrial REITs (1.0%)
Prologis, Inc.		9,274		1,045,458
Residential REITs (0.7%)
AvalonBay Communities, Inc.		4,644		750,099
Utilities (3.7%)
Electric Utilities (3.7%)
American Electric Power Co., Inc.		17,730		1,683,463
Duke Energy Corp.		13,538		1,394,279
Eversource Energy		10,628		891,052
				3,968,794
Total common stocks (cost: $78,145,459)				107,562,644
Short-Term Securities (1.7%)
Investment Companies (1.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.120%		1,856,525		1,856,525
Total short-term securities (cost: $1,856,525)				1,856,525
Total investments in securities (cost: $80,001,984) (d)				109,419,169
Liabilities in excess of cash and other assets (-0.6%)				(655,187	)
Total net assets (100.0%)			$	108,763,982

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At December 31, 2022, the cost of investments for federal income tax purposes was $80,077,146. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	34,225,281
Gross unrealized depreciation		(4,883,258	)
Net unrealized appreciation	$	29,342,023

See accompanying notes to financial statements.
103

Securian Funds Trust

Statements of Assets and Liabilities

December 31, 2022

	SFT Balanced Stabilization Fund		SFT Core Bond Fund		SFT Delaware Ivy^SM Growth Fund			SFT Delaware Ivy^SM Small Cap Growth Fund		SFT Equity Stabilization Fund^(a)		SFT Government Money Market Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	385,831,229	$	535,540,895	$	478,441,948		$	141,317,006	$	324,226,980	$	223,066,013
Affiliated issuers (Note 8)		234,734,959		–		–			–		–		–
Cash on demand deposit		9,000,000		59,214		–			–		7,225,000		–
Due from broker^1,3		–		1,315,000		–			–		500,000		–
Foreign currency on deposit²		–		6		–			–		–		–
Receivable:
Fund shares sold		–		319		–			–		–		–
Investment securities sold		12,745,189		1,317,625		423,466			151,433		–		–
Investment securities sold on a when-issued or forward – commitment basis (Note 2)		–		15,147		–			–		–		–
Investment securities sold on a TBA basis (Note 2)		–		5,799,770		–			–		–		–
Dividends and accrued interest		2,766,172		2,230,671		192,592			53,935		84,924		77,989
Refundable foreign income taxes withheld		–		–		–			–		–		–
Variation margin on futures contracts		106,425		–		–			–		3,085		–
Unrealized appreciation on forward foreign currency contracts		–		–		–			–		–		–
Prepaid expenses		11,611		11,610		11,440			11,440		11,440		13,767
Total assets		645,195,585		546,290,257		479,069,446			141,533,814		332,051,429		223,157,769
Liabilities
Payable:
Fund shares repurchased		98,761		540,591		162,208			20,880		486,822		516,570
Investment securities purchased		19,077,411		11,645,973		–			183,722		2,888,042		–
Investment securities purchased on a when-issued or forward – commitment basis (Note 2)		–		413,515		–			–		–		–
Investment securities purchased on a TBA basis (Note 2)		–		94,324,118		–			–		–		–
Adviser		438,261		252,853		382,890			142,244		234,170		106,665
Variation margin on futures contracts		–		38,414		–			–		–		–
Accrued expenses		77,623		117,095		65,179			49,176		48,833		52,736
Unrealized depreciation on forward foreign currency contracts		–		–		–			–		–		–
Options written at value⁴		91,489		–		–			–		48,560		–
Total liabilities		19,783,545		107,332,559		610,277			396,022		3,706,427		675,971
Net assets applicable to outstanding capital stock	$	625,412,040	$	438,957,698	$	478,459,169		$	141,137,792	$	328,345,002	$	222,481,798
Net Assets Consist of:
Paid in capital**	$	407,036,216	$	390,993,488	$	(48,329,136	)	$	19,048,767	$	271,328,377	$	222,479,733
Total distributable earnings		218,375,824		47,964,210		526,788,305			122,089,025		57,016,625		2,065
Net assets	$	625,412,040	$	438,957,698	$	478,459,169		$	141,137,792	$	328,345,002	$	222,481,798
Net assets by class:
Class 1	$	N/A	$	7,302,723	$	N/A		$	N/A	$	N/A	$	N/A
Class 2		625,412,040		431,654,975		478,459,169			141,137,792		328,345,002		222,481,798
Net asset value per share of outstanding capital stock by class:
Class 1		N/A		2.364		N/A			N/A		N/A		N/A
Class 2		18.534		2.282		27.100			19.561		12.969		1.000
* Identified cost
Unaffiliated issuers	$	402,380,347	$	572,296,662	$	335,379,475		$	143,747,611	$	288,158,507	$	223,066,013
Affiliated issuers		107,000,000		–		–			–		–		–
** Shares outstanding by class:
Class 1		N/A		3,089,179		N/A			N/A		N/A		N/A
Class 2		33,744,926		189,124,958		17,655,472			7,215,281		25,318,090		222,481,798
¹ Cash collateral for open futures contracts	$	–	$	1,315,000	$	–		$	–	$	500,000	$	–
² Foreign currency on deposit (cost)	$	–	$	5	$	–		$	–	$	–	$	–
³ Collateral for open foreign currency contracts	$	–	$	–	$	–		$	–	$	–	$	–
⁴ Premiums received	$	279,314	$	–	$	–		$	–	$	148,314	$	–

See accompanying notes to financial statements.
104

	SFT Index 400 Mid-Cap Fund			SFT Index 500 Fund			SFT International Bond Fund			SFT Real Estate Securities Fund			SFT T. Rowe Price Value Fund		SFT Wellington Core Equity Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	197,630,957		$	991,703,612		$	78,826,486		$	115,494,996		$	185,943,473	$	109,419,169
Affiliated issuers (Note 8)		–			–			–			–			–		–
Cash on demand deposit		–			5,685			–			–			22,442		–
Due from broker^1,3		–			–			497,450			–			–		–
Foreign currency on deposit²		–			–			30,600			–			261		–
Receivable:
Fund shares sold		21,741			88,148			382			2,751			–		–
Investment securities sold		–			–			–			155,083			290,045		–
Investment securities sold on a when-issued or forward – commitment basis (Note 2)		–			–			–			–			–		–
Investment securities sold on a TBA basis (Note 2)		–			–			–			–			–		–
Dividends and accrued interest		274,905			918,321			1,017,870			376,314			240,585		60,563
Refundable foreign income taxes withheld		–			–			3,374			–			10,513		–
Variation margin on futures contracts		–			–			9,528			–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–			99,187			–			–		–
Prepaid expenses		11,440			11,440			11,440			11,440			30,930		11,440
Total assets		197,939,043			992,727,206			80,496,317			116,040,584			186,538,249		109,491,172
Liabilities
Payable:
Fund shares repurchased		93,570			4,691,154			15,313			51,194			42,247		15,397
Investment securities purchased		–			–			–			79,054			1,180,443		573,211
Investment securities purchased on a when-issued or forward – commitment basis (Note 2)		–			–			–			–			–		–
Investment securities purchased on a TBA basis (Note 2)		–			–			–			–			–		–
Adviser		69,068			280,670			66,554			99,483			152,842		90,799
Variation margin on futures contracts		46,910			62,398			–			–			–		–
Accrued expenses		61,469			109,185			93,407			52,534			53,480		47,783
Unrealized depreciation on forward foreign currency contracts		–			–			1,838,800			–			–		–
Options written at value⁴		–			–			–			–			–		–
Total liabilities		271,017			5,143,407			2,014,074			282,265			1,429,012		727,190
Net assets applicable to outstanding capital stock	$	197,668,026		$	987,583,799		$	78,482,243		$	115,758,319		$	185,109,237	$	108,763,982
Net Assets Consist of:
Paid in capital**	$	(51,322,689	)	$	(131,066,274	)	$	96,703,833		$	(7,500,451	)	$	37,964,769	$	10,521,871
Total distributable earnings		248,990,715			1,118,650,073			(18,221,590	)		123,258,770			147,144,468		98,242,111
Net assets	$	197,668,026		$	987,583,799		$	78,482,243		$	115,758,319		$	185,109,237	$	108,763,982
Net assets by class:
Class 1	$	28,379,168		$	322,374,733		$	1,721,136		$	11,211,677		$	N/A	$	3,843,062
Class 2		169,288,858			665,209,066			76,761,107			104,546,642			185,109,237		104,920,920
Net asset value per share of outstanding capital stock by class:
Class 1		6.745			16.502			2.116			5.885			N/A		22.365
Class 2		6.513			15.936			2.045			5.683			19.905		21.885
* Identified cost
Unaffiliated issuers	$	155,800,494		$	375,970,136		$	87,979,625		$	125,363,012		$	180,128,764	$	80,001,984
Affiliated issuers		–			–			–			–			–		–
** Shares outstanding by class:
Class 1		4,207,696			19,535,630			813,306			1,904,998			N/A		171,833
Class 2		25,992,692			41,742,853			37,544,471			18,397,530			9,299,498		4,794,138
¹ Cash collateral for open futures contracts	$	–		$	–		$	307,450		$	–		$	–	$	–
² Foreign currency on deposit (cost)	$	–		$	–		$	31,735		$	–		$	261	$	–
³ Collateral for open foreign currency contracts	$	–		$	–		$	190,000		$	–		$	–	$	–
⁴ Premiums received	$	–		$	–		$	–		$	–		$	–	$	–

105

Securian Funds Trust

Statements of Operations

Year ended December 31, 2022

	SFT Balanced Stabilization Fund			SFT Core Bond Fund			SFT Delaware Ivy^SM Growth Fund			SFT Delaware Ivy^SM Small Cap Growth Fund			SFT Equity Stabilization Fund^(a)			SFT Government Money Market Fund
Income:
Interest¹	$	7,095,302		$	14,668,014		$	–		$	–		$	–		$	3,069,896
Dividends¹		3,159,677			160,249			3,779,682			729,500			7,349,301			517,395
Foreign tax withholding		–			–			(43,160	)		–			–			–
Total investment income		10,254,979			14,828,263			3,736,522			729,500			7,349,301			3,587,291
Expenses (Note 4):
Investment advisory fee		3,594,312			1,899,176			3,522,880			1,377,838			1,865,667			546,785
Rule 12b-1 fees		1,633,778			1,169,037			1,360,089			405,247			848,031			546,785
Audit and accounting services		237,433			277,725			160,683			109,540			127,007			138,503
Administrative services fee		39,099			45,099			35,098			35,098			39,099			58,101
Legal fees		29,101			29,101			29,101			29,101			29,101			29,101
Custodian fees		15,100			33,756			12,301			16,801			14,899			9,702
Printing and shareholder reports		8,599			8,599			8,599			8,599			8,599			8,399
Trustee's fees		38,458			38,458			38,458			38,458			38,458			38,458
S&P licensing fee		–			–			–			–			–			–
Insurance		12,665			12,665			12,665			12,665			12,665			12,665
Other		7,353			20,445			42,956			31,758			16,446			12,243
Total expenses before fees waived		5,615,898			3,534,061			5,222,830			2,065,105			2,999,972			1,400,742
Less fees waived (Note 4)		–			–			–			–			–			(348,440	)
Total expenses net of fees waived		5,615,898			3,534,061			5,222,830			2,065,105			2,999,972			1,052,302
Net investment income (loss)		4,639,081			11,294,202			(1,486,308	)		(1,335,605	)		4,349,329			2,534,989
Realized gains (losses) on investments and foreign currencies:
Investments (Note 3)
Unaffiliated issuers		(5,869,240	)		(35,171,287	)		22,834,638			1,195,339			10,476,268			–
Written options contracts		424,854			–			–			–			568,144			–
Foreign currency transactions		–			–			–			–			–			–
Foreign forward currency contracts		–			–			–			–			–			–
Net increase from litigation payments		–			41,752			–			25,755			–			–
Futures contracts		5,062,663			(2,784,352	)		–			–			(10,514,880	)		–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers, net of foreign capital gains tax		(44,832,276	)		(48,291,558	)		(208,274,945	)		(53,902,189	)		(41,184,950	)		–
Affiliated issuers (Note 8)		(52,479,679	)		–			–			–			–			–
Written options contracts		187,588			–			–			–			99,660			–
Translation of assets and liabilities in foreign currency		–			1			–			–			–			–
Foreign forward currency contracts		–			–			–			–			–			–
Futures contracts		1,349,336			44,662			–			–			266,391			–
Net gains (losses) on investments		(96,156,754	)		(86,160,782	)		(185,440,307	)		(52,681,095	)		(40,289,367	)		–
Net increase (decrease) in net assets resulting from operations	$	(91,517,673	)	$	(74,866,580	)	$	(186,926,615	)	$	(54,016,700	)	$	(35,940,038	)	$	2,534,989

¹ All income is from unaffiliated issuers.

See accompanying notes to financial statements.
106

	SFT Index 400 Mid-Cap Fund			SFT Index 500 Fund			SFT International Bond Fund			SFT Real Estate Securities Fund			SFT T. Rowe Price Value Fund			SFT Wellington Core Equity Fund
Income:
Interest¹	$	13,351		$	6,683		$	3,082,332		$	–		$	85,723		$	56
Dividends¹		3,052,276			17,152,410			39,097			3,438,507			3,902,127			1,796,141
Foreign tax withholding		(3,148	)		(3,974	)		(24,946	)		–			(60,552	)		(7,169	)
Total investment income		3,062,479			17,155,119			3,096,483			3,438,507			3,927,298			1,789,028
Expenses (Note 4):
Investment advisory fee		307,452			1,552,501			507,470			940,102			1,343,326			775,985
Rule 12b-1 fees		446,758			1,817,289			207,096			307,258			501,241			290,483
Audit and accounting services		130,956			234,675			153,014			126,175			110,211			114,368
Administrative services fee		35,098			35,098			49,100			35,098			35,098			35,098
Legal fees		29,101			41,300			29,101			29,101			29,101			29,101
Custodian fees		17,400			18,998			49,889			13,001			44,800			15,100
Printing and shareholder reports		8,599			8,599			8,599			8,599			8,599			8,599
Trustee's fees		38,458			38,458			38,458			38,458			38,458			38,458
S&P licensing fee		20,355			62,591			–			–			–			–
Insurance		12,665			12,665			12,665			12,665			12,665			12,665
Other		10,569			32,770			21,478			8,668			31,773			8,578
Total expenses before fees waived		1,057,411			3,854,944			1,076,870			1,519,125			2,155,272			1,328,435
Less fees waived (Note 4)		–			–			–			–			–			–
Total expenses net of fees waived		1,057,411			3,854,944			1,076,870			1,519,125			2,155,272			1,328,435
Net investment income (loss)		2,005,068			13,300,175			2,019,613			1,919,382			1,772,026			460,593
Realized gains (losses) on investments and foreign currencies:
Investments (Note 3)
Unaffiliated issuers		8,500,797			13,540,964			(1,683,074	)		11,797,899			8,292,243			3,350,908
Written options contracts		–			–			–			–			–			–
Foreign currency transactions		–			–			(86,827	)		–			(7,553	)		–
Foreign forward currency contracts		22,111			15,172			2,059,228			–			15,537			23,214
Net increase from litigation payments		–			–			19,201			–			–			–
Futures contracts		(1,780,923	)		(4,074,989	)		(2,999,704	)		–			–			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers, net of foreign capital gains tax		(40,073,756	)		(246,609,124	)		(7,097,260	)		(55,799,207	)		(37,095,919	)		(31,436,967	)
Affiliated issuers (Note 8)		–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–
Translation of assets and liabilities in foreign currency		–			–			12,518			–			230			–
Foreign forward currency contracts		–			–			(1,987,630	)		–			–			–
Futures contracts		(432,355	)		(1,244,501	)		(44,386	)		–			–			–
Net gains (losses) on investments		(33,764,126	)		(238,372,478	)		(11,807,934	)		(44,001,308	)		(28,795,462	)		(28,062,845	)
Net increase (decrease) in net assets resulting from operations	$	(31,759,058	)	$	(225,072,303	)	$	(9,788,321	)	$	(42,081,926	)	$	(27,023,436	)	$	(27,602,252	)

107

Securian Funds Trust

Statements of Changes in Net Assets

Year ended December 31, 2022 and year ended December 31, 2021

	SFT Balanced Stabilization Fund						SFT Core Bond Fund						SFT Delaware Ivy^SM Growth Fund
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	4,639,081		$	680,135		$	11,294,202		$	9,127,135		$	(1,486,308	)	$	(2,511,586	)
Net realized gains (losses) on investments		(381,723	)		30,773,557			(37,913,887	)		(467,086	)		22,834,638			80,994,825
Net change in unrealized appreciation or depreciation of investments		(95,775,031	)		57,575,189			(48,246,895	)		(11,323,520	)		(208,274,945	)		95,694,143
Net increase (decrease) in net assets resulting from operations		(91,517,673	)		89,028,881			(74,866,580	)		(2,663,471	)		(186,926,615	)		174,177,382
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–			–			–
Decrease in net assets from distributions		–			–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			3,230,634			2,557,649			–			–
Class 2		29,621,512			20,502,040			16,187,058			57,112,903			3,132,710			533,469
Value of distributions reinvested
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(2,572,439	)		(321,527	)		–			–
Class 2		(42,234,628	)		(58,176,028	)		(33,351,620	)		(23,367,538	)		(43,183,443	)		(75,521,572	)
Increase (decrease) in net assets from capital stock transactions		(12,613,116	)		(37,673,988	)		(16,506,367	)		35,981,487			(40,050,733	)		(74,988,103	)
Total increase (decrease) in net assets		(104,130,789	)		51,354,893			(91,372,947	)		33,318,016			(226,977,348	)		99,189,279
Net assets at beginning of period		729,542,829			678,187,936			530,330,645			497,012,629			705,436,517			606,247,238
Net assets at end of period	$	625,412,040		$	729,542,829		$	438,957,698		$	530,330,645		$	478,459,169		$	705,436,517
Capital share transactions:
Proceeds from sales
Class 1		–			–			1,322,960			931,524			–			–
Class 2		1,556,915			1,040,728			6,535,013			21,495,901			111,963			18,676
Issued on reinvestment of distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(1,055,792	)		(117,009	)		–			–
Class 2		(2,209,032	)		(2,916,842	)		(13,939,714	)		(8,812,950	)		(1,418,840	)		(2,287,884	)
Net change from capital transactions		(652,117	)		(1,876,114	)		(7,137,533	)		13,497,466			(1,306,877	)		(2,269,208	)

See accompanying notes to financial statements.
108

	SFT Delaware Ivy^SM Small Cap Growth Fund						SFT Equity Stabilization Fund
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	(1,335,605	)	$	(1,843,532	)	$	4,349,329		$	4,062,284
Net realized gains (losses) on investments		1,221,094			35,934,114			529,532			13,648,891
Net change in unrealized appreciation or depreciation of investments		(53,902,189	)		(23,831,963	)		(40,818,899	)		23,514,377
Net increase (decrease) in net assets resulting from operations		(54,016,700	)		10,258,619			(35,940,038	)		41,225,552
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			–			–
Class 2		2,356,271			1,835,165			14,861,373			11,333,212
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			–			–
Class 2		(11,868,005	)		(19,261,342	)		(22,909,068	)		(35,808,323	)
Increase (decrease) in net assets from capital stock transactions		(9,511,734	)		(17,426,177	)		(8,047,695	)		(24,475,111	)
Total increase (decrease) in net assets		(63,528,434	)		(7,167,558	)		(43,987,733	)		16,750,441
Net assets at beginning of period		204,666,226			211,833,784			372,332,735			355,582,294
Net assets at end of period	$	141,137,792		$	204,666,226		$	328,345,002		$	372,332,735
Capital share transactions:
Proceeds from sales
Class 1		–			–			–			–
Class 2		109,498			67,382			1,134,473			820,033
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			–			–
Class 2		(545,360	)		(697,889	)		(1,739,173	)		(2,668,223	)
Net change from capital transactions		(435,862	)		(630,507	)		(604,700	)		(1,848,190	)

109

Securian Funds Trust

Statements of Changes in Net Assets – continued

Year ended December 31, 2022 and year ended December 31, 2021

	SFT Government Money Market Fund						SFT Index 400 Mid-Cap Fund						SFT Index 500 Fund
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	2,534,989		$	–		$	2,005,068		$	1,652,494		$	13,300,175		$	11,323,005
Net realized gains (losses) on investments		–			–			6,741,985			25,848,251			9,481,147			54,598,627
Net change in unrealized appreciation or depreciation of investments		–			–			(40,506,111	)		19,807,664			(247,853,625	)		208,627,322
Net increase (decrease) in net assets resulting from operations		2,534,989			–			(31,759,058	)		47,308,409			(225,072,303	)		274,548,954
Distributions to shareholders:
From distributable earnings
Class 2		(2,534,989	)		–			–			–			–			–
Decrease in net assets from distributions		(2,534,989	)		–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			7,357,506			5,959,281			30,015,096			29,049,479
Class 2		84,358,046			38,077,001			2,800,098			2,325,362			18,902,724			19,582,173
Value of distributions reinvested
Class 2		2,534,989			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(747,878	)		(573,325	)		(4,441,720	)		(14,455,661	)
Class 2		(61,489,586	)		(37,875,640	)		(13,137,316	)		(26,036,416	)		(59,775,837	)		(84,212,900	)
Increase (decrease) in net assets from capital stock transactions		25,403,449			201,361			(3,727,590	)		(18,325,098	)		(15,299,737	)		(50,036,909	)
Total increase (decrease) in net assets		25,403,449			201,361			(35,486,648	)		28,983,311			(240,372,040	)		224,512,045
Net assets at beginning of period		197,078,349			196,876,988			233,154,674			204,171,363			1,227,955,839			1,003,443,794
Net assets at end of period	$	222,481,798		$	197,078,349		$	197,668,026		$	233,154,674		$	987,583,799		$	1,227,955,839
Capital share transactions:
Proceeds from sales
Class 1		–			–			1,065,896			803,253			1,712,141			1,537,397
Class 2		84,358,046			38,077,001			422,867			326,818			1,128,392			1,090,964
Issued on reinvestment of distributions
Class 2		2,534,989			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(110,879	)		(78,858	)		(263,959	)		(745,439	)
Class 2		(61,489,586	)		(37,875,640	)		(2,001,142	)		(3,734,848	)		(3,521,706	)		(4,855,719	)
Net change from capital transactions		25,403,449			201,361			(623,258	)		(2,683,635	)		(945,132	)		(2,972,797	)

See accompanying notes to financial statements.
110

	SFT International Bond Fund						SFT Real Estate Securities Fund
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	2,019,613		$	831,779		$	1,919,382		$	1,254,508
Net realized gains (losses) on investments		(2,691,176	)		(9,883,969	)		11,797,899			18,190,448
Net change in unrealized appreciation or depreciation of investments		(9,116,758	)		5,392,471			(55,799,207	)		34,305,944
Net increase (decrease) in net assets resulting from operations		(9,788,321	)		(3,659,719	)		(42,081,926	)		53,750,900
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		354,918			685,192			2,477,049			3,897,473
Class 2		6,220,821			7,322,451			2,620,143			10,951,153
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(215,972	)		(376,322	)		(983,199	)		(375,521	)
Class 2		(8,842,598	)		(4,372,840	)		(20,081,328	)		(20,337,710	)
Increase (decrease) in net assets from capital stock transactions		(2,482,831	)		3,258,481			(15,967,335	)		(5,864,605	)
Total increase (decrease) in net assets		(12,271,152	)		(401,238	)		(58,049,261	)		47,886,295
Net assets at beginning of period		90,753,395			91,154,633			173,807,580			125,921,285
Net assets at end of period	$	78,482,243		$	90,753,395		$	115,758,319		$	173,807,580
Capital share transactions:
Proceeds from sales
Class 1		160,173			287,069			391,287			542,889
Class 2		2,857,112			3,148,037			450,796			1,590,621
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(98,419	)		(158,139	)		(144,006	)		(56,722	)
Class 2		(4,146,064	)		(1,885,931	)		(2,886,927	)		(3,079,110	)
Net change from capital transactions		(1,227,198	)		1,391,036			(2,188,850	)		(1,002,322	)

111

Securian Funds Trust

Statements of Changes in Net Assets – continued

Year ended December 31, 2022 and year ended December 31, 2021

	SFT T. Rowe Price Value Fund						SFT Wellington Core Equity Fund
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	1,772,026		$	897,403		$	460,593		$	238,717
Net realized gains (losses) on investments		8,300,227			55,592,342			3,374,122			14,602,167
Net change in unrealized appreciation or depreciation of investments		(37,095,689	)		696,317			(31,436,967	)		14,573,796
Net increase (decrease) in net assets resulting from operations		(27,023,436	)		57,186,062			(27,602,252	)		29,414,680
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			2,003,044			1,136,597
Class 2		3,145,151			10,386,456			644,745			885,222
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(549,192	)		(304,280	)
Class 2		(30,345,304	)		(34,589,303	)		(10,492,245	)		(16,668,396	)
Increase (decrease) in net assets from capital stock transactions		(27,200,153	)		(24,202,847	)		(8,393,648	)		(14,950,857	)
Total increase (decrease) in net assets		(54,223,589	)		32,983,215			(35,995,900	)		14,463,823
Net assets at beginning of period		239,332,826			206,349,611			144,759,882			130,296,059
Net assets at end of period	$	185,109,237		$	239,332,826		$	108,763,982		$	144,759,882
Capital share transactions:
Proceeds from sales
Class 1		–			–			86,449			43,942
Class 2		156,376			480,185			28,079			37,894
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(23,633	)		(12,427	)
Class 2		(1,478,169	)		(1,710,343	)		(450,239	)		(682,712	)
Net change from capital transactions		(1,321,793	)		(1,230,158	)		(359,344	)		(613,303	)

See accompanying notes to financial statements.
112

Securian Funds Trust
Financial Highlights

SFT Balanced Stabilization Fund

	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.210		$	18.697		$	16.892		$	13.983		$	14.401
Income from investment operations:
Net investment income (a)		.136			.019			.082			.185			.162
Net realized and unrealized gain(loss) on investments		(2.812	)		2.494			1.723			2.724			(.580	)
Total from investment operations		(2.676	)		2.513			1.805			2.909			(.418	)
Net asset value, end of period	$	18.534		$	21.210		$	18.697		$	16.892		$	13.983
Total return (b)		(12.62	)%		13.46	%		10.67	%		20.81	%		(2.90	)%
Net assets, end of period (in thousands)	$	625,412		$	729,543		$	678,188		$	577,805		$	415,233
Ratios to average net assets:
Expenses before waiver (c)		.86	%		.85	%		.86	%		.90	%		.98	%
Expenses (c)		.86	%		.84	%(d)		.80	%(d)		.80	%(d)		.80	%(d)
Net investment income		.71	%		.10	%		.48	%		1.18	%		1.12	%
Portfolio turnover rate (excluding short-term securities)		12.0	%		5.8	%		–	%		1.2	%		2.2	%

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

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

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

113

Securian Funds Trust
Financial Highlights – continued

SFT Core Bond Fund

	Class 1 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.747		$	2.755		$	2.571		$	2.355		$	2.368
Income from investment operations:
Net investment income (a)		.065			.056			.067			.078			.077
Net realized and unrealized gain(loss) on investments		(.448	)		(.064	)		.117			.138			(.090	)
Total from investment operations		(.383	)		(.008	)		.184			.216			(.013	)
Net asset value, end of period	$	2.364		$	2.747		$	2.755		$	2.571		$	2.355
Total return (b)		(13.93	)%		(0.29	)%		7.15	%		9.18	%		(0.59	)%
Net assets, end of period (in thousands)	$	7,303		$	7,751		$	5,530		$	5,060		$	3,640
Ratios to average net assets:
Expenses (c)		.50	%		.49	%		.48	%		.49	%		.50	%
Net investment income		2.62	%		2.03	%		2.52	%		3.11	%		3.29	%
Portfolio turnover rate (excluding short-term securities)		139.2	%		67.3	%		93.0	%		130.4	%		151.1	%
	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.659		$	2.673		$	2.501		$	2.297		$	2.316
Income from investment operations:
Net investment income (a)		.057			.047			.059			.070			.069
Net realized and unrealized gain(loss) on investments		(.434	)		(.061	)		.113			.134			(.088	)
Total from investment operations		(.377	)		(.014	)		.172			.204			(.019	)
Net asset value, end of period	$	2.282		$	2.659		$	2.673		$	2.501		$	2.297
Total return (b)		(14.17	)%		(0.54	)%		6.88	%		8.90	%		(0.84	)%
Net assets, end of period (in thousands)	$	431,655		$	522,580		$	491,483		$	482,818		$	434,229
Ratios to average net assets:
Expenses (c)		.75	%		.74	%		.73	%		.74	%		.75	%
Net investment income		2.38	%		1.78	%		2.28	%		2.87	%		3.04	%
Portfolio turnover rate (excluding short-term securities)		139.2	%		67.3	%		93.0	%		130.4	%		151.1	%

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

114

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Financial Highlights – continued

SFT Delaware Ivy^SM Growth Fund

	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	37.202		$	28.554		$	21.848		$	16.007		$	15.662
Income from investment operations:
Net investment income (loss) (a)		(.082	)		(.124	)		(.038	)		(.005	)		.008
Net realized and unrealized gain(loss) on investments		(10.020	)		8.772			6.744			5.846			.337
Total from investment operations		(10.102	)		8.648			6.706			5.841			.345
Net asset value, end of period	$	27.100		$	37.202		$	28.554		$	21.848		$	16.007
Total return (b)		(27.15	)%		30.29	%		30.69	%		36.49	%		2.21	%
Net assets, end of period (in thousands)	$	478,459		$	705,437		$	606,247		$	544,843		$	453,883
Ratios to average net assets:
Expenses (c)		.96	%		.96	%		.97	%		.98	%		.97	%
Net investment income (loss)		(.27	)%		(.38	)%		(.16	)%		(.03	)%		.04	%
Portfolio turnover rate (excluding short-term securities)		8.5	%		14.4	%		28.9	%		29.9	%		42.3	%

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

115

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Financial Highlights – continued

SFT Delaware Ivy^SM Small Cap Growth Fund

	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	26.750		$	25.579		$	18.772		$	15.181		$	15.802
Income from investment operations:
Net investment loss (a)		(.179	)		(.233	)		(.161	)		(.146	)		(.102	)
Net realized and unrealized gain(loss) on investments		(7.010	)		1.404			6.968			3.737			(.519	)
Total from investment operations		(7.189	)		1.171			6.807			3.591			(.621	)
Net asset value, end of period	$	19.561		$	26.750		$	25.579		$	18.772		$	15.181
Total return (b)		(26.87	)%		4.58	%		36.26	%		23.66	%		(3.93	)%
Net assets, end of period (in thousands)	$	141,138		$	204,666		$	211,834		$	176,721		$	163,367
Ratios to average net assets:
Expenses (c)		1.27	%		1.23	%		1.24	%		1.23	%		1.21	%
Net investment loss		(.82	)%		(.84	)%		(.83	)%		(.81	)%		(.59	)%
Portfolio turnover rate (excluding short-term securities)		61.8	%		47.1	%		53.6	%		43.3	%		53.1	%

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

116

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Financial Highlights – continued

SFT Equity Stabilization Fund

	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.363		$	12.804		$	13.527		$	11.594		$	12.195
Income from investment operations:
Net investment income (a)		.169			.154			.173			.275			.220
Net realized and unrealized gain(loss) on investments		(1.563	)		1.405			(.896	)		1.658			(.821	)
Total from investment operations		(1.394	)		1.559			(.723	)		1.933			(.601	)
Net asset value, end of period	$	12.969		$	14.363		$	12.804		$	13.527		$	11.594
Total return (b)		(9.71	)%		12.18	%		(5.35	)%		16.67	%		(4.93	)%
Net assets, end of period (in thousands)	$	328,345		$	372,333		$	355,582		$	390,478		$	298,485
Ratios to average net assets:
Expenses before waiver (c)		.88	%		.87	%		.88	%		.90	%		.97	%
Expenses (c)		.88	%		.85	%(d)		.80	%(d)		.80	%(d)		.80	%(d)
Net investment income		1.28	%		1.13	%		1.38	%		2.17	%		1.82	%
Portfolio turnover rate (excluding short-term securities)		12.3	%		3.4	%		20.1	%		–	%		–	%

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

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

117

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Financial Highlights – continued

SFT Government Money Market Fund

	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income from investment operations:
Net investment income (a)		.011			–			.002			.015			.012
Net realized and unrealized gain on investments		–			–			–			–			–
Total from investment operations		.011			–			.002			.015			.012
Less distributions:
Distributions from net investment income		(.011	)		–			(.002	)		(.015	)		(.012	)
Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total return (b)		1.12	%		–	%		0.21	%		1.50	%		1.18	%
Net assets, end of period (in thousands)	$	222,482		$	197,078		$	196,877		$	188,351		$	72,761
Ratios to average net assets:
Expenses before waiver		.64	%		.66	%		.68	%		.83	%		.90	%
Expenses net of waiver (c)(d)		.48	%		.04	%		.29	%		.70	%		.70	%
Net investment income		1.16	%		–	%		.20	%		1.35	%		1.18	%

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

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

118

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Financial Highlights – continued

SFT Index 400 Mid-Cap Fund

	Class 1 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.786		$	6.264		$	5.527		$	4.392		$	4.955
Income from investment operations:
Net investment income (a)		.084			.068			.065			.067			.065
Net realized and unrealized gain(loss) on investments		(1.125	)		1.454			.672			1.068			(.628	)
Total from investment operations		(1.041	)		1.522			.737			1.135			(.563	)
Net asset value, end of period	$	6.745		$	7.786		$	6.264		$	5.527		$	4.392
Total return (b)		(13.38	)%		24.30	%		13.34	%		25.82	%		(11.36	)%
Net assets, end of period (in thousands)	$	28,379		$	25,327		$	15,838		$	12,088		$	7,662
Ratios to average net assets:
Expenses (c)		.30	%		.28	%		.31	%		.29	%		.27	%
Net investment income		1.22	%		.93	%		1.27	%		1.31	%		1.29	%
Portfolio turnover rate (excluding short-term securities)		15.0	%		15.3	%		14.4	%		15.1	%		14.6	%
	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.538		$	6.079		$	5.377		$	4.284		$	4.845
Income from investment operations:
Net investment income (loss) (a)		.063			.050			.050			.054			.050
Net realized and unrealized gain(loss) on investments		(1.088	)		1.409			.652			1.039			(.611	)
Total from investment operations		(1.025	)		1.459			.702			1.093			(.561	)
Net asset value, end of period	$	6.513		$	7.538		$	6.079		$	5.377		$	4.284
Total return (b)		(13.60	)%		23.99	%		13.06	%		25.51	%		(11.58	)%
Net assets, end of period (in thousands)	$	169,289		$	207,828		$	188,333		$	186,108		$	182,703
Ratios to average net assets:
Expenses (c)		.55	%		.53	%		.56	%		.54	%		.52	%
Net investment income		0.94	%		.71	%		1.02	%		1.09	%		1.03	%
Portfolio turnover rate (excluding short-term securities)		15.0	%		15.3	%		14.4	%		15.1	%		14.6	%

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

119

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Financial Highlights – continued

SFT Index 500 Fund

	Class 1 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	20.191		$	15.732		$	13.309		$	10.144		$	10.629
Income from investment operations:
Net investment income (a)		.251			.215			.217			.215			.192
Net realized and unrealized gain(loss) on investments		(3.940	)		4.244			2.206			2.950			(.677	)
Total from investment operations		(3.689	)		4.459			2.423			3.165			(.485	)
Net asset value, end of period	$	16.502		$	20.191		$	15.732		$	13.309		$	10.144
Total return (b)		(18.27	)%		28.35	%		18.20	%		31.20	%		(4.56	)%
Net assets, end of period (in thousands)	$	322,375		$	365,210		$	272,088		$	224,410		$	164,095
Ratios to average net assets:
Expenses (c)		.19	%		.19	%		.20	%		.20	%		.20	%
Net investment income		1.44	%		1.19	%		1.62	%		1.81	%		1.74	%
Portfolio turnover rate (excluding short-term securities)		2.1	%		2.3	%		3.3	%		2.6	%		2.4	%
	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	19.547		$	15.268		$	12.949		$	9.894		$	10.393
Income from investment operations:
Net investment income (a)		.200			.164			.179			.181			.160
Net realized and unrealized gain(loss) on investments		(3.811	)		4.115			2.140			2.874			(.659	)
Total from investment operations		(3.611	)		4.279			2.319			3.055			(.499	)
Net asset value, end of period	$	15.936		$	19.547		$	15.268		$	12.949		$	9.894
Total return (b)		(18.47	)%		28.03	%		17.91	%		30.88	%		(4.80	)%
Net assets, end of period (in thousands)	$	665,209		$	862,746		$	731,356		$	689,994		$	630,692
Ratios to average net assets:
Expenses (c)		.44	%		.44	%		.45	%		.45	%		.45	%
Net investment income		1.18	%		.94	%		1.38	%		1.56	%		1.49	%
Portfolio turnover rate (excluding short-term securities)		2.1	%		2.3	%		3.3	%		2.6	%		2.4	%

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

120

Securian Funds Trust
Financial Highlights – continued

SFT International Bond Fund

	Class 1 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.367		$	2.458		$	2.620		$	2.570		$	2.533
Income from investment operations:
Net investment income (a)		.059			.028			.035			.116			.091
Net realized and unrealized loss on investments		(.310	)		(.119	)		(.197	)		(.066	)		(.054	)
Total from investment operations		(.251	)		(.091	)		(.162	)		.050			.037
Net asset value, end of period	$	2.116		$	2.367		$	2.458		$	2.620		$	2.570
Total return (b)		(10.59	)%(c)		(3.70	)%(c)		(6.18	)%(c)		1.93	%		1.46	%
Net assets, end of period (in thousands)	$	1,721		$	1,779		$	1,531		$	1,396		$	1,237
Ratios to average net assets:
Expenses (d)		1.03	%		1.04	%		.98	%		1.01	%		.95	%
Net investment income		2.66	%		1.16	%		1.40	%		4.43	%		3.57	%
Portfolio turnover rate (excluding short-term securities)		108.7	%		124.2	%		62.1	%		23.4	%		20.4	%
	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.291		$	2.385		$	2.549		$	2.507		$	2.477
Income from investment operations:
Net investment income (a)		.051			.021			.028			.108			.082
Net realized and unrealized loss on investments		(.297	)		(.115	)		(.192	)		(.066	)		(.052	)
Total from investment operations		(.246	)		(.094	)		(.164	)		.042			.030
Net asset value, end of period	$	2.045		$	2.291		$	2.385		$	2.549		$	2.507
Total return (b)		(10.76	)%(c)		(3.94	)%(c)		(6.43	)%(c)		1.68	%		1.21	%
Net assets, end of period (in thousands)	$	76,761		$	88,974		$	89,624		$	99,019		$	103,430
Ratios to average net assets:
Expenses (d)		1.28	%		1.29	%		1.23	%		1.26	%		1.20	%
Net investment income		2.38	%		.91	%		1.15	%		4.20	%		3.32	%
Portfolio turnover rate (excluding short-term securities)		108.7	%		124.2	%		62.1	%		23.4	%		20.4	%

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

(c) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

(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.

121

Securian Funds Trust
Financial Highlights – continued

SFT Real Estate Securities Fund

	Class 1 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.964		$	5.515		$	5.661		$	4.534		$	4.781
Income from investment operations:
Net investment income (a)		.114			.061			.087			.096			.085
Net realized and unrealized gain(loss) on investments		(2.193	)		2.388			(.233	)		1.031			(.332	)
Total from investment operations		(2.079	)		2.449			(.146	)		1.127			(.247	)
Net asset value, end of period	$	5.885		$	7.964		$	5.515		$	5.661		$	4.534
Total return (b)		(26.10	)%		44.41	%		(2.59	)%		24.87	%		(5.16	)%
Net assets, end of period (in thousands)	$	11,211		$	13,201		$	6,461		$	5,858		$	4,122
Ratios to average net assets:
Expenses (c)		.90	%		.87	%		.91	%		.88	%		.87	%
Net investment income		1.71	%		.91	%		1.69	%		1.79	%		1.83	%
Portfolio turnover rate (excluding short-term securities)		78.7	%		59.7	%		74.9	%		55.5	%		70.0	%
	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.709		$	5.352		$	5.508		$	4.422		$	4.674
Income from investment operations:
Net investment income (a)		.091			.055			.073			.082			.072
Net realized and unrealized gain(loss) on investments		(2.117	)		2.302			(.229	)		1.004			(.324	)
Total from investment operations		(2.026	)		2.357			(.156	)		1.086			(.252	)
Net asset value, end of period	$	5.683		$	7.709		$	5.352		$	5.508		$	4.422
Total return (b)		(26.29	)%		44.05	%		(2.83	)%		24.56	%		(5.40	)%
Net assets, end of period (in thousands)	$	104,547		$	160,607		$	119,460		$	128,350		$	116,067
Ratios to average net assets:
Expenses (c)		1.15	%		1.12	%		1.16	%		1.13	%		1.12	%
Net investment income		1.40	%		.85	%		1.46	%		1.59	%		1.60	%
Portfolio turnover rate (excluding short-term securities)		78.7	%		59.7	%		74.9	%		55.5	%		70.0	%

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

122

Securian Funds Trust
Financial Highlights – continued

SFT T. Rowe Price Value Fund

	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	22.533		$	17.411		$	15.818		$	12.568		$	13.933
Income from investment operations:
Net investment income (a)		.180			.082			.147			.186			.174
Net realized and unrealized gain(loss) on investments		(2.808	)		5.040			1.446			3.064			(1.539	)
Total from investment operations		(2.628	)		5.122			1.593			3.250			(1.365	)
Net asset value, end of period	$	19.905		$	22.533		$	17.411		$	15.818		$	12.568
Total return (b)		(11.67	)%		29.43	%		10.06	%		25.86	%		(9.80	)%
Net assets, end of period (in thousands)	$	185,109		$	239,333		$	206,350		$	201,178		$	181,589
Ratios to average net assets:
Expenses (c)		1.07	%		1.05	%		1.06	%		1.06	%		1.04	%
Net investment income		.88	%		.40	%		1.01	%		1.28	%		1.26	%
Portfolio turnover rate (excluding short-term securities)		186.4	%		100.1	%		113.2	%		131.1	%		140.0	%

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

123

Securian Funds Trust
Financial Highlights – continued

SFT Wellington Core Equity Fund

	Class 1 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	27.698		$	22.304		$	18.861		$	14.069		$	14.369
Income from investment operations:
Net investment income (a)		.152			.105			.116			.120			.099
Net realized and unrealized gain(loss) on investments		(5.485	)		5.289			3.327			4.672			(.399	)
Total from investment operations		(5.333	)		5.394			3.443			4.792			(.300	)
Net asset value, end of period	$	22.365		$	27.698		$	22.304		$	18.861		$	14.069
Total return (b)		(19.26	)%		24.18	%		18.25	%		34.06	%		(2.09	)%
Net assets, end of period (in thousands)	$	3,843		$	3,020		$	1,729		$	1,251		$	757
Ratios to average net assets:
Expenses (c)		.87	%		.84	%		.86	%		.86	%		.84	%
Net investment income		.65	%		.42	%		.61	%		.71	%		.66	%
Portfolio turnover rate (excluding short-term securities)		14.0	%		14.4	%		23.0	%		14.9	%		21.6	%
	Class 2 Shares
	Year ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	27.173		$	21.936		$	18.596		$	13.906		$	14.238
Income from investment operations:
Net investment income (a)		.088			.042			.068			.077			.060
Net realized and unrealized gain(loss) on investments		(5.376	)		5.195			3.272			4.613			(.392	)
Total from investment operations		(5.288	)		5.237			3.340			4.690			(.332	)
Net asset value, end of period	$	21.885		$	27.173		$	21.936		$	18.596		$	13.906
Total return (b)		(19.46	)%		23.87	%		17.96	%		33.73	%		(2.33	)%
Net assets, end of period (in thousands)	$	104,921		$	141,740		$	128,567		$	123,630		$	102,769
Ratios to average net assets:
Expenses (c)		1.12	%		1.08	%		1.11	%		1.11	%		1.09	%
Net investment income		.38	%		.17	%		.37	%		.47	%		.40	%
Portfolio turnover rate (excluding short-term securities)		14.0	%		14.4	%		23.0	%		14.9	%		21.6	%

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

124

Securian Funds Trust
Notes to Financial Statements

December 31, 2022

(1) Organization

Securian Funds Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), each of whose Funds operate as a no-load, diversified open-end management investment company, except that the SFT Delaware Ivy^SM Growth Fund and the SFT International Bond Fund operate as non-diversified, open-end management investment companies. The Trust is a series trust that includes the Funds and share classes listed below:

Fund Name	Share Class 1		Share Class 2
SFT Balanced Stabilization Fund		NA		🗸
SFT Core Bond Fund		🗸		🗸
SFT Delaware Ivy^SM Growth Fund		NA		🗸
SFT Delaware Ivy^SM Small Cap Growth Fund		NA		🗸
SFT Equity Stabilization Fund		NA		🗸
SFT Government Money Market Fund		NA		🗸
SFT Index 400 Mid-Cap Fund		🗸		🗸
SFT Index 500 Fund		🗸		🗸
SFT International Bond Fund		🗸		🗸
SFT Real Estate Securities Fund		🗸		🗸
SFT T. Rowe Price Value Fund		NA		🗸
SFT Wellington Core Equity Fund		🗸		🗸

Securian Asset Management, Inc. ("Securian AM"), a wholly-owned subsidiary of Securian Financial Group, Inc. ("Securian Financial Group"), serves as the investment adviser to each of the Funds in the Trust pursuant to an investment advisory agreement between Securian AM and the Trust. The Funds' prospectus provides a detailed description of each Fund's investment objective, policies and strategies.

Class 2 shares are subject to a Rule 12b-1 distribution fee. Both classes of shares have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that Class 1 shares are not subject to a Rule 12b-1 distribution fee. Income, expenses (other than Rule 12b-1 fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Trust accounts for the assets, liabilities and operations of each Fund separately. Shares of the Funds are not offered directly to the public, but sold only to Minnesota Life Insurance Company ("Minnesota Life") and Securian Life Insurance Company ("Securian Life") in connection with Minnesota Life and Securian Life variable life insurance policies and variable annuity contracts, and to certain other separate accounts of life insurance affiliates of Minnesota Life and Securian Life, and may also be offered to certain qualified plans.

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, "Financial Services—Investment Companies." The significant accounting policies followed consistently by the Trust are as follows:

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, as of the statement of assets and liabilities date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

125

Securian Funds Trust
Notes to Financial Statements – continued

(2) Summary of Significant Accounting Policies

Investments in Securities

Each Fund's net asset value is generally calculated as of the close of normal trading on the New York Stock Exchange (typically 3:00 p.m. Central Time). Investments in securities traded on a U.S. or foreign securities exchange are valued at the last sale price on that exchange prior to the time when assets are valued; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by Securian AM, as the Valuation Designee, in accordance with procedures approved by the Board of Trustees (the "Board") of Securian Funds Trust and in accordance with provisions of the 1940 act. The Board has delegated the daily oversight of the securities valuation function to Securian AM who ensures 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 Securian AM if it determines that an event impacting the value of an investment occurred after the close of the security's primary exchange or market (for example, a foreign exchange or market) and before the time the Fund's net asset value is calculated. If a significant event impacting the value of a security or group of securities occurs, Securian AM is immediately notified and promptly determines whether fair value pricing is needed in accordance with the Fund's valuation procedures and, if so, approves the pricing methodology to be used.

Short-term securities, with the exception of those held in the SFT Government Money Market Fund, are valued at market value. Pursuant to Rule 2a-7 of the 1940 Act, all securities in the SFT Government Money Market Fund are valued at amortized cost, which approximates market value, in order to attempt to maintain a stable net asset value of $1.00 per share. However, there is no assurance the SFT Government Money Market Fund will maintain the $1.00 net asset value.

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.

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.

126

Securian Funds Trust
Notes to Financial Statements – continued

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

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

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.

Options Transactions

Each Fund (excluding the SFT Government Money Market Fund) may write (i.e., sell) covered call and secured put options and purchase and sell put and call options written by others. An option is a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised.

The risk in buying an option is that 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

127

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Notes to Financial Statements – continued

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

collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.

Bank Loans

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

Repurchase Agreements

Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, U.S. Government securities, U.S. Government agencies securities or corporate securities having a value equal to, or in excess of, the value of the repurchase agreement. If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the value of those securities has declined, a Fund may incur a loss upon disposition of the securities. Repurchase agreements are carried at amortized cost. At December 31, 2022, no Funds were invested in repurchase agreements.

Federal Taxes

Each Fund, other than SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund, SFT International Bond Fund, and SFT T. Rowe Price Value Fund, qualifies as a partnership for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). A Fund is treated, for federal income tax purposes, as a partnership if it has more than one shareholder. A Fund's election to be treated as a partnership is not expected to result in any material adverse federal income tax consequences to any owner of a variable annuity contract or variable life insurance policy, or in the tax treatment of any such contract or policy. As a partnership, a Fund is not subject to income tax, and any income, gains, deductions, or losses of the Fund will instead pass through and be considered for federal income tax purposes by its partners, which will be Minnesota Life and Securian Life through their respective separate accounts. SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund are treated as disregarded entities for federal income tax purposes. While the Trust anticipates that each Fund other than SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund, and SFT T. Rowe Price Value Fund will always have two shareholders, Minnesota Life and Securian Life, a wholly owned subsidiary of Minnesota Life, such ownership could change and accordingly a Fund may at some time 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

128

Securian Funds Trust
Notes to Financial Statements – continued

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

from its owner, and the owner is treated as directly owning the assets of the disregarded entity and considers for federal income tax purposes the income, gains, deductions, and losses relating to those assets.

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 Code that are applicable to regulated investment companies and to distribute all (or a sufficient amount) of its taxable income and net capital gain to its shareholders. Therefore, no income tax provision is required.

The FASB ASC 740, "Income Taxes" (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Funds have evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Funds' financial statements as of December 31, 2022. The Funds' federal and state income returns for which the applicable statutes of limitations have not expired (2019, 2020, 2021 and 2022) 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 that are partnerships and disregarded entities (those funds other than SFT Government Money Market Fund and SFT International Bond Fund) are not required to and will not distribute taxable income.

The federal income tax character of distributions paid to shareholders during the fiscal year ended December 31, 2022 was as follows:

December 31, 2022

December 31, 2021

Fund

Ordinary
Income

Long-Term
Capital Gain

Ordinary
Income

Long-Term
Capital Gain

SFT International Bond Fund

–

At December 31, 2022, as a result of permanent book-to-tax difference, the following reclassification adjustments were made on the Statements of Assets and Liabilities primarily relate to net operating losses:

Fund				Paid-In Capital				Total Distributable Earnings (Loss)
SFT International Bond Fund				$	1,226,385			$	(1,226,385	)

129

Securian Funds Trust
Notes to Financial Statements – continued

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

Distributable Earnings

As of December 31, 2022, the components of distributable earnings on a federal income tax basis were:

Fund				Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Unrealized Appreciation/ (Depreciation)				Post October Capital/ Late Year Ordinary Loss				Capital Loss Carryforward
SFT International Bond Fund				$	–			$	–			$	(9,230,747	)		$	–			$	(8,990,843	)

For the year ending December 31, 2022, the SFT International Bond Fund had a foreign tax credit of $10,495 and foreign sourced income of $2,243,808.

Securities Purchased on a When-Issued or Forward Commitment Basis

Delivery and payment for securities which have been purchased or sold by a Fund on a when-issued or forward commitment basis, including To Be Announced ("TBA") securities, can take place a month or more after the transaction date. During this period, such securities are subject to market fluctuations. As of December 31, 2022, the SFT Core Bond Fund had entered into outstanding, when-issued or forward commitments, including TBA securities, at a fair value of $88,441,421.

Cross-Trades

The Funds are permitted to purchase and sell securities (i.e., "cross-trade") from and to other Funds within the Trust as well as outside of the Trust, where both accounts are managed by the same adviser or sub-adviser pursuant to "Cross-Trading" procedures adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by a respective Fund from and to another Fund that is or could be considered an affiliate of the Funds under certain limited circumstances by virtue of having a common investment adviser, common officer, or common trustee complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price to save costs where allowed. For the year ended December 31, 2022, 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				$	–			$	1,513,526			$	615,870

(3) Investment Security Transactions

The cost of purchases and proceeds from sales of investment securities, other than temporary investments in short-term securities, for the year ended December 31, 2022 were as follows:

	Non-U.S. Government				U.S. Government*
	Purchases		Sales		Purchases		Sales
SFT Balanced Stabilization Fund	$	110,556,003	$	42,654,717	$	52,751,922	$	20,384,599
SFT Core Bond Fund		117,721,921		197,685,265		503,019,830		465,317,493
SFT Delaware Ivy^SM Growth Fund		46,703,337		89,647,687		–		–
SFT Delaware Ivy^SM Small Cap Growth Fund		98,668,777		110,351,487		–		–
SFT Equity Stabilization Fund		40,123,706		37,207,763		–		–
SFT Index 400 Mid-Cap Fund		29,640,272		28,553,062		997,035		1,000,000
SFT Index 500 Fund		24,299,647		21,373,491		–		–
SFT International Bond Fund		32,906,754		23,666,421		55,679,860		65,659,899
SFT Real Estate Securities Fund		105,281,980		117,848,870		–		–
SFT T. Rowe Price Value Fund		367,306,195		392,993,736		–		–
SFT Wellington Core Equity Fund		16,716,781		24,892,969		–		–

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

130

Securian Funds Trust
Notes to Financial Statements – continued

(4) Expenses and Related Party Transactions

The Trust has entered into an investment advisory agreement with Securian AM, a wholly-owned subsidiary of Securian Financial Group. Under the advisory agreement, Securian AM manages the Funds' investments and provides research, statistical and advisory services and pays related office rental and executive expenses and salaries.

Each Fund pays Securian AM an annual fee, based on average daily net assets, in the following amounts:

Fund				Annual Fee on Net Assets
SFT Balanced Stabilization Fund				0.55% of assets to $750 million; and 0.50% of assets exceeding $750 million
SFT Core Bond Fund				0.40% of assets to $750 million; and 0.35% of assets exceeding $750 million
SFT Delaware Ivy^SM Growth Fund				0.67% of assets to $300 million; and 0.625% of next $200 million of assets; and 0.60% of next $500 million of assets; and 0.50% of assets exceeding $1 billion
SFT Delaware Ivy^SM Small Cap Growth Fund				0.85% of assets to $300 million; and 0.80% of next $200 million of assets; and 0.75% of next $500 million of assets; and 0.70% of assets exceeding $1 billion
SFT Equity Stabilization Fund				0.55% of assets to $750 million; and 0.50% of assets exceeding $750 million
SFT Government Money Market Fund				0.25% of assets to $750 million; and 0.20% of assets exceeding $750 million
SFT Index 400 Mid-Cap Fund				0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion
SFT Index 500 Fund				0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion
SFT International Bond Fund				0.60% of assets to $300 million; and 0.575% of next $200 million of assets; and 0.55% of next $500 million of assets; and 0.50% of assets exceeding $1 billion
SFT Real Estate Securities Fund				0.70% of assets to $300 million; and 0.675% of next $200 million of assets; and 0.65% of next $500 million of assets; and 0.60% of assets exceeding $1 billion
SFT T. Rowe Price Value Fund				0.67% of assets to $300 million; and 0.65% of next $200 million of assets; and 0.625% of next $500 million of assets; and 0.60% of assets exceeding $1 billion
SFT Wellington Core Equity Fund				0.65% of assets to $300 million; and 0.625% of next $200 million of assets; and 0.60% of next $500 million of assets; and 0.55% of assets exceeding $1 billion

Securian AM has entered into a sub-advisory agreement with Brandywine Global Investment Management, LLC ("Brandywine"), a wholly owned subsidiary of Franklin Resources, Inc., as sub-adviser to the SFT International Bond Fund, under which Securian AM pays Brandywine an annual fee of 0.30% based on average daily net assets.

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

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

131

Securian Funds Trust
Notes to Financial Statements – continued

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

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

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

Securian AM has entered into a sub-advisory agreement with Wellington Management Company LLP ("Wellington Management"), as sub-adviser to 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, a percentage of the compensation paid to the Trust's Chief Compliance Officer, and other miscellaneous expenses. Each Fund will pay all expenses directly related to its individual operations.

Operating expenses not attributable to a specific Fund are generally allocated based upon the proportionate daily net assets of each Fund.

Administrative Services Fee

The Trust has entered into an agreement with Securian Financial Group under which Securian Financial Group provides accounting, legal, security valuations and other administrative services. Each Fund reimburses Securian Financial Group quarterly for the actual costs incurred in performing such services, as determined in accordance with Securian Financial Group's customary cost accounting procedures consistently applied. Total quarterly administrative fees by Fund range from $4,500 to $19,000.

Accounting Services

The Trust has entered into an agreement with State Street Bank and Trust Company ("State Street") in which State Street provides daily fund accounting and investment administration services. In 2022, these fees ranged from 0.01% to 0.05% 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 (each, a "Covered Fund"). Each Covered Fund pays distribution fees at the annual rate of 0.25% of the average daily net assets of the Covered Fund. These fees are paid out of the Covered Fund's assets, which reduces a Covered Fund's net assets as do other Covered Fund expenses. The fees are paid to Securian Financial Services, Inc. ("Securian Financial"), the Trust's underwriter, to pay for distribution-related expenses and activities in connection with the distribution of the Covered Fund's shares. Securian Financial may also use the fees to pay insurance companies, dealers or others for certain non-distribution services as provided for in the distribution plan.

Net Investment Income Maintenance Agreement for the SFT Government Money Market Fund

Effective May 1, 2012, the Board approved a Restated Net Investment Income Maintenance Agreement among the 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

132

Securian Funds Trust
Notes to Financial Statements – continued

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

investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. If Securian AM and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. The agreement runs through April 30, 2023.

As of December 31, 2022, the amounts waived and eligible for recovery are as follows:

	Agreement	Advisory Fees Waived for the year ended December 31,		12b-1 Fees Waived for the year ended December 31,		Excess Expense Waived for the year ended December 31,		Total eligible for recovery as of December 31,		Expiring December 31,
Fund	Date	2022*		2022*		2022*		2022		2023		2024		2025
SFT Government Money Market Fund	May 1, 2012	$	159,432	$	159,432	$	29,576	$	2,327,804	$	776,001	$	1,203,364	$	348,440

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

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

Securian AM and the Trust, on behalf of the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT Government Money Market Fund, have entered into seperate Expense Limitation Agreements which limit the operating expenses of these Funds, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business). The Expense Limitation Agreements for SFT Balanced Stabilization Fund and SFT Equity Stabilization Fund were terminated effective May 1, 2021. The SFT Government Money Market Fund Expense Limitation Agreement runs through April 30, 2023.

The SFT Government Money Market Expense Limitation 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 Funds are authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to their respective Expense Limitation Agreement, provided that such reimbursement will not cause any Fund to exceed any limits in effect at the time of such reimbursement. A Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Funds' shareholder reports and in Other Expenses under Fees and Expenses of the Fund in the Funds' prospectus.

133

Securian Funds Trust
Notes to Financial Statements – continued

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

As of December 31, 2022, the amounts waived and eligible for recovery are as follows:

	Agreement	Expense			Advisory Fees Waived for the year ended December 31,		Total eligible for recovery as of December 31,		Expiring December 31,
Fund	Date	Limit			2022*		2022		2023		2024		2025
SFT Balanced Stabilization Fund	Terminated May 1, 2021		N/A		$	–	$	494,720	$	373,980	$	120,740	$	–
SFT Equity Stabilization Fund	Terminated May 1, 2021		N/A		$	–	$	361,396	$	274,362	$	87,034	$	–
SFT Government Money Market Fund	November 1, 2017		0.70	%	$	–	$	–	$	–	$	–	$	–

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

(5) Illiquid Investments

Non-Money Market Funds—Pursuant to Rule 22e-4 under the 1940 Act, no Fund may acquire an "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. Rule 22e-4 generally defines an illiquid investment as any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. At December 31, 2022, the SFT Balanced Stabilization Fund held four illiquid securities with a market value of $4,797,444, which represents 0.8% of net assets.

Government Money Market Funds—Money market funds are governed by Rule 2a-7 under the 1940 Act. By definition, a government money market fund is a fund that invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Consequently, the SFT Government Money Market Fund currently limits investments in "illiquid securities" to 0.5% of net assets at the time of purchase. Rule 2a-7 defines an illiquid security as a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund. At December 31, 2022, the Fund did not hold illiquid securities.

(6) Fair Value Measurement

The Trust utilizes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs when determining fair value. The hierarchy also establishes a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs include information market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the Trust's estimates about the assumptions market participants would use in valuing the financial asset or liability based on the best 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.

134

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

The following is a summary of the levels used as of December 31, 2022, in valuing the Fund's assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):

Fair Value Measurement at
December 31, 2022 using

Fund

Level 1

Level 2

Level 3

Total

SFT Balanced Stabilization Fund

Assets

Government Obligations

–

31,010,664

–

31,010,664

Other Mortgage-Backed Securities

–

1,358,382

–

1,358,382

Corporate Obligations

–

214,352,072

–

214,352,072

Purchased Options

553,957

–

553,957

Investment Companies

373,291,113

–

373,291,113

Total Investments

373,845,070

246,721,118

–

620,566,188

Other Financial Instruments*

Futures Contracts

1,349,336

–

1,349,336

Liabilities

Other Financial Instruments*

Written Options

(91,489

)

–

(91,489

)

SFT Core Bond Fund

Assets

Government Obligations

–

235,235,100

–

235,235,100

Asset-Backed Securities

–

44,847,424

–

44,847,424

Other Mortgage-Backed Securities

–

54,697,341

–

54,697,341

Corporate Obligations

–

115,419,007

–

115,419,007

Bank Loans

–

9,123,419

–

9,123,419

Foreign Bonds

–

3,821,680

–

3,821,680

U.S. Government Obligations

–

53,164,838

–

53,164,838

Investment Companies

19,232,086

–

19,232,086

Total Investments

19,232,086

516,308,809

–

535,540,895

Other Financial Instruments*

Futures Contracts

139,107

–

139,107

Liabilities

Other Financial Instruments*

Futures Contracts

(35,303

)

–

(35,303

)

SFT Delaware Ivy^SM Growth Fund

Assets

Common Stocks

474,638,478

–

474,638,478

Investment Companies

3,803,470

–

3,803,470

Total Investments

478,441,948

–

478,441,948

SFT Delaware Ivy^SM Small Cap Growth Fund

Assets

Common Stocks

136,264,883

–

136,264,883

Investment Companies

5,052,123

–

5,052,123

Total Investments

141,317,006

–

141,317,006

135

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

	Fair Value Measurement at December 31, 2022 using
Fund	Level 1			Level 2			Level 3		Total
SFT Equity Stabilization Fund
Assets
Investment Companies	$	323,932,937		$	–		$	–	$	323,932,937
Purchased Options		294,043			–			–		294,043
Total Investments		324,226,980			–			–		324,226,980
Other Financial Instruments*
Futures Contracts		191,405			–			–		191,405
Liabilities
Other Financial Instruments*
Written Options		(48,560	)		–			–		(48,560	)
SFT Government Money Market Fund
Assets
U.S. Government Obligations		–			203,711,088			–		203,711,088
Investment Companies		19,354,925			–			–		19,354,925
Total Investments		19,354,925			203,711,088			–		223,066,013
SFT Index 400 Mid-Cap Fund
Assets
Common Stocks		188,622,016			–			–		188,622,016
Long-Term Debt Securities		–			989,219			–		989,219
Investment Companies		8,019,722			–			–		8,019,722
Total Investments		196,641,738			989,219			–		197,630,957
Liabilities
Other Financial Instruments*
Futures Contracts		(229,885	)		–			–		(229,885	)
SFT Index 500 Fund
Assets
Common Stocks		970,864,008			–			–		970,864,008
Investment Companies		20,839,604			–			–		20,839,604
Total Investments		991,703,612			–			–		991,703,612
Liabilities
Other Financial Instruments*
Futures Contracts		(540,782	)		–			–		(540,782	)
SFT International Bond Fund
Assets
Long-Term Debt Securities		–			77,881,864			–		77,881,864
Investment Companies		944,622			–			–		944,622
Total Investments		944,622			77,881,864			–		78,826,486
Other Financial Instruments*
Forward Foreign Currency Contracts		–			99,187			–		99,187
Liabilities
Other Financial Instruments*
Forward Foreign Currency Contracts		–			(1,838,800	)		–		(1,838,800	)
Futures Contracts		(160,744	)		–			–		(160,744	)
SFT Real Estate Securities Fund
Assets
Common Stocks		113,287,567			–			–		113,287,567
Investment Companies		2,207,429			–			–		2,207,429
Total Investments		115,494,996			–			–		115,494,996

136

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
December 31, 2022 using

Fund

Level 1

Level 2

Level 3

Total

SFT T. Rowe Price Value Fund

Assets

Common Stocks

182,995,735

–

182,995,735

Investment Companies

2,947,738

–

2,947,738

Total Investments

185,943,473

–

185,943,473

SFT Wellington Core Equity Fund

Assets

Common Stocks

107,562,644

–

107,562,644

Investment Companies

1,856,525

–

1,856,525

Total Investments

109,419,169

–

109,419,169

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

Level 2 Measurements:

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

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

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

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

137

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

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

Forward Foreign Currency – 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, 2 and 3 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 Assets and Liabilities and the location, by line item, of amounts of gains and losses reported in the Statement of Operations. The derivative instruments outstanding as of period end are disclosed in the Investments in Securities. The following tables represent the average monthly volume of the Fund's derivative transactions during the year ended December 31, 2022:

	Average Notional Amount
SFT Balanced Stabilization Fund
Futures contracts	$	86,871,755	(a)
Purchased options contracts		1,145,765
Written options contracts		(159,218	)(a)
SFT Core Bond Fund
Futures contracts	$	123,895,092	(a)
SFT Equity Stabilization Fund
Futures contracts	$	47,909,095
Purchased options contracts		782,368
Written options contracts		(98,883	)
SFT Index 400 Mid-Cap Fund
Futures contracts	$	10,677,079
SFT Index 500 Fund
Futures contracts	$	23,195,450
SFT International Bond Fund
Futures contracts	$	11,246,030
Forward foreign currency contracts		56,177,789

(a) Positions were open for eleven months during the period.

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

138

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

Interest rate derivatives were purchased or sold in the SFT Core Bond Fund and SFT International Bond Fund to both manage the average duration of the fixed income portfolio and to hedge against the effects of interest rate changes on a portfolio's current or intended investments.

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.

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

	Risk Exposure
	Equity Contracts			Interest Rate Contracts		Foreign Exchange Contracts
SFT Balanced Stabilization Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022
Assets:
Investments in securities, at market value (purchased options)	$	553,957		$	–	$	–
Variation margin on futures contracts*		1,349,336			–		–
Total	$	1,903,293		$	–	$	–
Liabilities:
Written options contracts	$	(91,489	)	$	–	$	–
The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	5,062,663		$	–	$	–
Purchased options contracts		1,301,206			–		–
Written options contracts		424,854			–		–
Total	$	6,788,723		$	–	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	1,349,336		$	–	$	–
Purchased options contracts		(239,605	)		–		–
Written options contracts		187,588			–		–
Total	$	1,297,319		$	–	$	–

139

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	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 December 31, 2022
Assets:
Variation margin on futures contracts*	$	–		$	139,107		$	–
Liabilities:
Variation margin on futures contracts*	$	–		$	(35,303	)	$	–
The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	–		$	(2,784,352	)	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	–		$	44,662		$	–
SFT Equity Stabilization Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022
Assets:
Investments in securities, at market value (purchased options)	$	294,043		$	–		$	–
Variation margin on futures contracts*		191,405			–			–
Total	$	485,448		$	–		$	–
Liabilities:
Written options contracts	$	(48,560	)	$	–		$	–
The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	(10,514,880	)	$	–		$	–
Purchased options contracts		1,371,581			–			–
Written options contracts		568,144			–			–
Total	$	(8,575,155	)	$	–		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	266,391		$	–		$	–
Purchased options contracts		(128,584	)		–			–
Written options contracts		99,660			–			–
Total	$	237,467		$	–		$	–

140

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	Risk Exposure
	Equity Contracts			Interest Rate Contracts			Foreign Exchange Contracts
SFT Index 400 Mid-Cap Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022
Liabilities:
Variation margin on futures contracts*	$	(229,885	)	$	–		$	–
The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	(1,780,923	)	$	–		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(432,355	)	$	–		$	–
SFT Index 500 Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022
Liabilities:
Variation margin on futures contracts*	$	(540,782	)	$	–		$	–
The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	(4,074,989	)	$	–		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	(1,244,501	)	$	–		$	–
SFT International Bond Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022
Assets:
Unrealized appreciation on forward foreign currency contracts	$	–		$	–		$	99,187
Liabilities:
Unrealized depreciation on forward foreign currency contracts	$	–		$	–		$	(1,838,800	)
Variation margin on futures contracts*		–			(160,744	)		–
Total	$	–		$	(160,744	)	$	(1,838,800	)
The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022
Net Realized Gain (Loss) on Derivatives:
Foreign currency contracts	$	–		$	–		$	2,059,228
Futures contracts		–			(2,999,704	)		–
Total	$	–		$	(2,999,704	)	$	2,059,228
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Foreign currency contracts	$	–		$	–		$	(1,987,630	)
Futures contracts		–			(44,386	)		–
Total	$	–		$	(44,386	)	$	(1,987,630	)

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

141

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

The Funds may be exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. The Funds manage credit risk related to derivatives by entering into transactions with highly rated counterparties. Generally, the current credit exposure of the derivative contracts is limited to the positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting arrangements and any collateral received pursuant to credit support annexes. Because exchange traded derivatives are purchased through regulated exchanges and positions are settled regularly, the Funds have minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments. For the year ended December 31, 2022, none of the Funds' derivatives were subject to master netting arrangements.

(8) Affiliated Ownership

The SFT Balanced Stabilization Fund invests in underlying securities and other investment companies, of which certain underlying funds (affiliated underlying funds) may be deemed to be under common control with the SFT Balanced Stabilization Fund because they share the same investment advisor, Securian AM, and because they are overseen by the same Board. The SFT Balanced Stabilization Fund achieves its equity exposure by investing 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 December 31, 2022 are as follows:

						As of December 31, 2022
Fund/Underlying Fund	Beginning Value as of January 1, 2022		Change in Unrealized Appreciation/ Depreciation			Ending Value		Share Balance
SFT Balanced Stabilization Fund
SFT Index 500 Fund	$	287,214,638	$	(52,479,679	)	$	234,734,959		14,224,618

(9) Other Risks

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

(10) Subsequent Events

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

142

Securian Funds Trust
Other Information
(unaudited)

Fund Expenses Paid by Shareholders

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

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022. 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 entire year.

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 Balanced Stabilization Fund	$	1,000		NA		NA			NA	$	997.90		0.86	%	$	4.33
SFT Core Bond Fund		1,000	$	955.90		0.51	%	$	2.51		954.50		0.76	%		3.74
SFT Delaware Ivy^SM Growth Fund		1,000		NA		NA			NA		998.20		0.97	%		4.89
SFT Delaware Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,001.90		1.29	%		6.51
SFT Equity Stabilization Fund		1,000		NA		NA			NA		1,003.70		0.89	%		4.49
SFT Government Money Market Fund		1,000		NA		NA			NA		1,010.90		0.64	%		3.24
SFT Index 400 Mid-Cap Fund		1,000		1,078.50		0.30	%		1.57		1,077.10		0.55	%		2.88
SFT Index 500 Fund		1,000		1,022.00		0.20	%		1.02		1,020.80		0.45	%		2.29
SFT International Bond Fund		1,000		973.40		1.04	%		5.17		972.10		1.29	%		6.41
SFT Real Estate Securities Fund		1,000		926.00		0.92	%		4.47		924.80		1.17	%		5.68
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,036.80		1.09	%		5.60
SFT Wellington Core Equity Fund		1,000		1,022.40		0.88	%		4.49		1,021.10		1.13	%		5.76

143

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 year. 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 Balanced Stabilization Fund	$	1,000		NA		NA			NA	$	1,020.87		0.86	%	$	4.38
SFT Core Bond Fund		1,000	$	1,022.63		0.51	%	$	2.60		1,021.37		0.76	%		3.87
SFT Delaware Ivy^SM Growth Fund		1,000		NA		NA			NA		1,020.32		0.97	%		4.94
SFT Delaware Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,018.70		1.29	%		6.56
SFT Equity Stabilization Fund		1,000		NA		NA			NA		1,020.72		0.89	%		4.53
SFT Government Money Market Fund		1,000		NA		NA			NA		1,021.98		0.64	%		3.26
SFT Index 400 Mid-Cap Fund		1,000		1,023.69		0.30	%		1.53		1,022.43		0.55	%		2.80
SFT Index 500 Fund		1,000		1,024.20		0.20	%		1.02		1,022.94		0.45	%		2.29
SFT International Bond Fund		1,000		1,019.96		1.04	%		5.30		1,018.70		1.29	%		6.56
SFT Real Estate Securities Fund		1,000		1,020.56		0.92	%		4.69		1,019.31		1.17	%		5.96
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,019.71		1.09	%		5.55
SFT Wellington Core Equity Fund		1,000		1,020.77		0.88	%		4.48		1,019.51		1.13	%		5.75

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 ("SEC") website at www.sec.gov. The Trust will provide this document within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

Proxy Voting Record

The Trust's proxy voting record for the 12 month period ended June 30 is available by calling, toll-free, 866-330-7355 or on the SEC's website at www.sec.gov no later than August 31 each year. The Trust will also provide this information, within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

Availability of Quarterly Schedule of Investments

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-PORT. The Trust's Form N-PORT are available on the SEC's website at www.sec.gov.

144

Securian Funds Trust
Statement Regarding Liquidity Risk Management Program
(unaudited)

The following statement discusses the operation and effectiveness of the Funds' liquidity risk management program for the period from January 1, 2022 through December 31, 2022 and describes the Board's review of the Funds' liquidity risk management program that took place during the six-month period ended June 30, 2022.

The Funds have adopted a Liquidity Risk Management Program (the "LRM Program"). The Funds' Board has appointed the Securian AM Liquidity Risk Oversight Committee (the "Committee") as the administrator of the LRM Program. In its capacity as program administrator, the Committee oversees and monitors the LRM Program for the Funds. In addition, the Committee assesses and manages the Funds' liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Committee assesses and manages liquidity risk by classifying and reviewing periodically the classification of Fund investments for liquidity risk management purposes; reporting periodically to the Board on Fund liquidity risk and the status of the LRM Program; and determining the policies, procedures and controls necessary to create and maintain the LRM Program, among other means. The Committee's process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Funds' Board reviewed a report prepared by the Committee to address the operation of the LRM Program, assess its adequacy and effectiveness of implementation, including (if applicable), the operation of the highly liquid investment minimum and any material changes to the LRM Program for the period from January 1, 2022 through December 31, 2022 (the "Covered Period"). To prepare this report, the Committee discussed the operation and effectiveness of the Funds' third-party liquidity assessment services in light of the liquidity risks posed by each Fund. Additionally, the Committee reviewed portfolio managers' responses to the LRM Program's Annual Liquidity Risk Assessment Review Checklist for each Fund. As a result of its review, the Committee reported the following to the Board:

— The Funds' LRM Program operated effectively during the Covered Period, was adequately designed and was effectively implemented.

— Because each Fund primarily holds assets that are highly liquid investments, the Funds do not have highly liquid investments minimums. It is expected each Fund will continue to primarily hold assets that are highly liquid investments for the foreseeable future.

— There were no material changes to the LRM Program during the Covered Period.

— There were no breaches of any Fund's restriction on holding greater than 15% illiquid assets.

145

Securian Funds Trust
Trustees and Executive Officers
(unaudited)

Under Delaware law, the Board of Trustees of the Trust has overall responsibility for managing the Trust in good faith and in a manner reasonably believed to be in the best interests of the Trust. The Trustees meet periodically throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Trust, and review the performance of the Trust and its Funds. One of the six current Trustees is considered an "interested person" (as defined in the Investment Company Act of 1940) of the Trust. The other five Trustees, because they are not interested persons of the Trust, are considered independent ("Independent Trustees") and are not employees or officers of, and have no financial interest in, the Trust's investment adviser, Securian Asset Management, Inc. ("Securian AM") or its affiliated companies, including Minnesota Life Insurance Company.

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

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

Name, Address⁽¹⁾and Age

Position(s)
Held Within
the Trust

Term of Office and
Length of Time
Served⁽²⁾

Principal Occupation(s)
During the Last 5 Years

Other Directorships
Held During Past
5 Years by Trustee

Independent Trustees

Julie K. Gethell
Year of birth: 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

None

Brian E. Gustafson
Year of birth: 1967

Trustee

Since 2022

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

None

146

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

Name, Address⁽¹⁾and Age

Position(s)
Held Within
the Trust

Term of Office and
Length of Time
Served⁽²⁾

Principal Occupation(s)
During the Last 5 Years

Other Directorships
Held During Past
5 Years by Trustee

Independent Trustees — continued

Linda L. Henderson
Year of birth: 1949

Trustee

Since 2007

Retired: Professional Adviser, Carlson School of Management, working with faculty and MBA students managing Carlson Growth Fund. Semi-retirement, 2004-2007. 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

None

Wan-Chong Kung
Year of birth: 1960

Trustee

Since 2022

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

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

William C. Melton
Year of birth: 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

None

147

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

Name, Address⁽¹⁾and Age

Position(s)
Held Within
the Trust

Term of Office and
Length of Time
Served⁽²⁾

Principal Occupation(s)
During the Last 5 Years

Other Directorships
Held During Past
5 Years by Trustee

Interested Trustee

David M. Kuplic
Year of birth: 1957

Trustee, President and Principal Executive Officer

Trustee since 2016, President and Principal Excutive Officer since since 2011

Retired; Senior Vice President, Minnesota Life Insurance Company from June 2007 to June 2021; President and CEO, Securian AM from November 2017 to June 2021; Senior Vice President and Director, Advantus Capital Management, Inc., February 2006 to November 2017; Senior Vice President, Securian Financial Group, Inc. from June 2007 to June 2021; Senior Vice President, Securian Life Insurance Company from June 2007 to June 2021; President and Director, Marketview Properties, LLC (entity holding real estate assets) from January 2010 to June 2021; President and Director, Marketview Properties II, LLC (entity holding real estate assets) from March 2010 to June 2021; President and Director, Marketview Properties III, LLC (entity holding real estate assets) from January 2012 to June 2021; President and Director, Marketview Properties IV, LLC (entity holding real estate assets) from January 2012 to June 2021

None

148

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

Name, Address⁽¹⁾and Age

Position(s)
Held Within
the Trust

Term of Office and
Length of Time
Served⁽²⁾

Principal Occupation(s)
During the Last 5 Years

Other Executive Officers⁽³⁾

Kevin L. Ligtenberg
Year of birth: 1973

Vice President and Treasurer

Since 2021

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

Christopher B. Owens
Year of birth: 1977

Vice President

Since 2020

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

Paul Jason Thibodeaux
Year of birth: 1979

Secretary

Since 2021

Vice President, Assistant General Counsel, Securian AM since June, 2022; Senior Investment Counsel, Securian AM from January, 2018 to May 2022; Attorney, Gray Plant Mooty (now known as Lathrop GPM, LLP) from 2014 to 2018

(1) Unless otherwise noted, the address of each Trustee and officer is the address of the Trust: 400 Robert Street North, St. Paul, Minnesota 55101.

(2) The years reflect when a person became a director or officer of Advantus Series Fund, the predecessor to the Trust.

(3) Although not a corporate officer of the Trust, Michael T. Steinert, born in 1975, has served as the Trust's Chief Compliance Officer since August 2017. Mr. Steinert is also Senior Vice President, Chief Operating Officer, Treasurer and Chief Compliance Officer of Securian AM.

149

(This page has been left blank intentionally.)

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

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

Securian Financial Services, Inc.

www.securian.com

Securities Dealer, Member FINRA/SIPC.

Registered Investment Advisor

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

1.888.237.1838

F38897 Rev 2-2023

Minnesota Life Insurance Company

A Securian Company

Securian Life Insurance Company

A New York admitted insurer

400 Robert Street North

St. Paul, MN 55101-2098

PRESORTED STANDARD
U.S. POSTAGE PAID
CAROL STREAM, IL
PERMIT NO. 1480

F38897 Rev 2-2023

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

ITEM 2. CODE OF ETHICS.

Filed herewith as Exhibit 12(a)(1). During the period covered by this report, there has been no amendment to the code of ethics that relates to any element of the code of ethics definition set forth in paragraph (b) of Item 2 of Form N-CSR, nor has the registrant granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions that relates to one or more of the items set forth in paragraph (b) of Item 2 of form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Trust has determined that Julie K. Getchell, a member of the Board's Audit Committee, possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Ms. Getchell as the Audit Committee's financial expert. Ms. Getchell is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

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

	2022				2021
$	362,000			$	333,668

(b) Audit-Related Fees

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

	2022				2021
$	-			$	-

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

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

2022				2021
$	5,600			$	8,525

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

(d) All Other Fees

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

2022				2021
$	9,570			$	3,941

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

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

SECURIAN FUNDS TRUST

AUDIT COMMITTEE POLICY

Regarding Pre-Approval of Services Provided by the Independent Auditor

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

●

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

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

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Meet semi-annually with the engagement partner of the Auditor

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

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

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

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

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

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

Audit Services

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

●

Annual Trust financial statement audits

●

SEC and regulatory filings and consents

Audit-related Services

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

●

Accounting consultations

●

Trust merger support services

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Other accounting related matters

●

Agreed Upon Procedure Reports

●

Attestation Reports

●

Other Internal Control Reports

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

Tax Services

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

●

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

Federal, state and local income tax compliance; and,

Sales and use tax compliance

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Timely RIC qualification reviews

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Tax distribution analysis and planning

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Tax authority examination services

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Tax appeals support services

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Accounting methods studies

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Trust merger support services

●

Tax consulting services and related projects

Other Non-audit Services

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

Proscribed Services

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

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Management functions

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Accounting and bookkeeping services

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Internal audit services

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Financial information systems design and implementation

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Valuation services supporting the financial statements

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Actuarial services supporting the financial statements

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Executive recruitment

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Expert services (e.g., litigation support)

●

Investment banking

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

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

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

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

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

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

	2022				2021
$	-			$	-

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Not applicable.

ITEM 13. 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.

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

Exhibit 99.906 CERT attached hereto

SIGNATURES

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

(Registrant) Securian Funds Trust

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

Date: February 27, 2023

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

Date: February 27, 2023