N-CSRS 1 tm231465d1_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4279

Securian Funds Trust

(Exact name of registrant as specified in charter)

400 Robert Street North

St. Paul, Minnesota 55101-2098

(Address of principal executive offices) (Zip code)

Thomas P. Trier, 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, 2023

Date of reporting period: June 30, 2023

ITEM 1. REPORT TO STOCKHOLDERS.

Filed herewith.

SECURIAN FUNDS TRUST

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

Semi-Annual report

June 30, 2023

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.
*Fund Reviews*
SFT Balanced Stabilization Fund		1
SFT Core Bond Fund		2
SFT Delaware Ivy^SM Growth Fund		3
SFT Delaware Ivy^SM Small Cap Growth Fund		4
SFT Equity Stabilization Fund		5
SFT Government Money Market Fund		6
SFT Index 400 Mid-Cap Fund		7
SFT Index 500 Fund		8
SFT International Bond Fund		9
SFT Real Estate Securities Fund		11
SFT T. Rowe Price Value Fund		12
SFT Wellington Core Equity Fund		13
*Investments In Securities*
SFT Balanced Stabilization Fund		14
SFT Core Bond Fund		21
SFT Delaware Ivy^SM Growth Fund		35
SFT Delaware Ivy^SM Small Cap Growth Fund		37
SFT Equity Stabilization Fund		39
SFT Government Money Market Fund		41
SFT Index 400 Mid-Cap Fund		42
SFT Index 500 Fund		49
SFT International Bond Fund		56
SFT Real Estate Securities Fund		60
SFT T. Rowe Price Value Fund		61
SFT Wellington Core Equity Fund		64
*Financial Statements*
Statements of Assets and Liabilities		66
Statements of Operations		68
Statements of Changes in Net Assets		70
Financial Highlights		75
Notes to Financial Statements		87
*Fund Expense Examples*		104
*Proxy Voting and Quarterly Holdings Information*		105
*Statement Regarding Basis for Approval of Advisory Contracts*		106
*Statement Regarding Liquidity Risk Management Program*		109
*Trustees and Executive Officers*		110

SFT Balanced Stabilization Fund

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 U.S. Aggregate Bond Index (collectively, the Blended Benchmark Index).

The Fund invests primarily in Class 1 shares of the SFT Index 500 Fund for equity exposure, in a basket of fixed income securities issued 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

For the six-month period ended June 30, 2023, the Fund had a net return of 9.26 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor**. The Blended Benchmark Index returned 10.81 percent over the same period.

Sector Diversification (shown as a percentage of net assets)

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

** Securian Asset Management, Inc. (Securian AM) and the 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 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

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 investment adviser for the Fund is Securian Asset Management, Inc. Metropolitan West Asset Management, LLC serves as investment sub-adviser to the Fund. The Fund invests in long-term, fixed income, high quality debt instruments. The risks incurred by investing in debt instruments include, but are not limited to, reinvestment of prepaid debt obligations at lower rates of return, and the inability to reinvest at higher interest rates when debt obligations are prepaid more slowly than expected. In addition, the net asset value of the Fund may fluctuate in response to changes in interest rates and is not guaranteed.

Performance Update

The Fund's performance for the six-month period ended June 30, 2023, for each class of shares offered was as follows:

Class 1				2.20 percent*
Class 2				2.07 percent*

The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.09 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for large cap stocks or in the equity markets generally.

Performance Update

For the six month period ended June 30, 2023, the Fund generated a total net return of 27.29 percent*. The Fund's benchmark the Russell 1000 Growth Index which returned 29.02 percent over the same period.

Sector Diversification (shown as a percentage of net assets)

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 investment sub-adviser.

SFT Delaware Ivy^SM Small Cap Growth Fund

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. The risks incurred by investing in the Fund include, but are not limited to, the risk of declines in the market for small cap stocks or in the equity markets generally.

Performance Update

For the six month period ended June 30, 2023, the Fund generated a total net return of 12.06 percent*. The Fund's benchmark the Russell 2000 Growth Index which returned 13.55 percent over the same period.

Sector Diversification (shown as a percentage of net assets)

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 investment sub-adviser.

SFT Equity Stabilization Fund

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 Fund invests at least 80% of its assets in equity securities. Equity securities include those that are equity based, such as ETFs that invest primarily in U.S. and foreign equity securities. The Fund is subject to risks associated with such investments as described in detail in the 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

For the six-month period ended June 30, 2023, the Fund had a net return of 3.97 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor**. The Blended Benchmark Index, returned 1.12 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

**Securian Asset Management, Inc. (Securian AM) and the 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 percent S&P 500^® BMI International Developed Low Volatility Index and 20 percent Bloomberg U.S. 3-MonthTreasury 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

Fund Objective

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

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

Performance Update

For the six-month period ended June 30, 2023, the Fund had a net return of 2.03 percent*. This return reflects the waiver, reimbursement or payment of certain of the Fund's expenses by its investment advisor and principal underwriter**. The Fund's benchmark, the Bloomberg U.S. Treasury Bill 1-3 Month Index, returned 2.35 percent for the same period.

* The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher. The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. Investment in the 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 approved a Restated Net Investment Income Maintenance Agreement among Securian Funds Trust (on behalf of SFT Government Money Market Fund), Securian Asset Management, Inc. (Securian AM) and Securian Financial Services, Inc. (Securian Financial). A similar agreement was previously approved by the Board of Directors of Advantus Series Fund, Inc., the Trust's predecessor, effective October 29, 2009. Under such Agreement, Securian AM agrees to waive, reimburse or pay SFT Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. 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, 2024, and shall continue in effect thereafter, provided such continuance is specifically approved by Securian AM, Securian Financial, and a majority of the Trust's independent Trustees.

Effective November 1, 2017, Securian AM and Securian Funds Trust, on behalf of the SFT Government Money Market Fund, entered into an Expense Limitation Agreement which limits the operating expenses of the Fund, excluding certain expenses, (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), to 0.70% of the Fund's average daily net assets through April 30, 2024.

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

Fund Objective

The SFT Index 400 Mid-Cap Fund seeks to provide investment results generally corresponding to the aggregate price and dividend performance of publicly traded common stocks that comprise the Standard & Poor's MidCap 400^® Index (S&P MidCap 400). The Fund 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 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 performance for the six-month period ended June 30, 2023, for each class of shares offered was as follows:

Class 1				8.57 percent*
Class 2				8.44 percent*

The Fund's benchmark, the S&P MidCap 400, returned 8.84 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

S&P MidCap 400^® 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 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

Fund Objective

The SFT Index 500 Fund seeks investment results that correspond generally to the price and yield performance of the common stocks included in the Standard and Poor's 500^® Index (S&P 500). The Fund 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 Fund include, but are not limited to, the risk that the Fund may not be able to replicate the performance of the S&P 500, and the risk of declines in the equity markets generally.

Performance Update

The Fund's performance for the six-month period ended June 30, 2023, for each class of shares was as follows:

Class 1				16.78 percent*
Class 2				16.63 percent*

The Fund's benchmark, the S&P 500, returned 16.89 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

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. Investment risks associated with international investing in addition to other risks include currency fluctuations, political and economic instability, and differences in accounting standards when investing in foreign markets.

Performance Update

The Fund's performance for the six-month period ended June 30, 2023, for each class of shares offered was as follows:

Class 1				3.92 percent*
Class 2				3.82 percent*

The Fund's benchmark, the FTSE World Government Bond Index, returned 1.66 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

Currency Diversification (shown as a percentage of net assets)

African	0.42	%
South African Rand	0.42	%
Americas	96.94	%
U.S. Dollar	94.23	%
Brazilian Real	1.41	%
Colombian Peso	1.10	%
Mexican Peso	0.46	%
Canadian Dollar**	-0.26	%
Asia Pacific	3.53	%
Japanese Yen	1.41	%
Australian Dollar	0.98	%
South Korean Won	0.90	%
Indian Rupee	0.45	%
New Zealand Dollar	0.28	%
Thailand Baht	0.15	%
Malaysian Ringgit**	0.00	%
Chinese Yaun Renminbi**	-0.64	%
Europe	-0.89	%
Norwegian Krone	1.38	%
Russian Ruble	0.20	%
Polish Zloty	0.00	%
British Pound**	-0.12	%
Euro**	-2.35	%

**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.

Effective June 1, 2023, Securian Asset Management, Inc. ("Securian AM") and Securian Funds Trust (the "Trust"), on behalf of the SFT International Bond Fund (the "Fund"), entered into an Expense Limitation Agreement (the "Agreement") for the period dated June 1, 2023 through May 1, 2025. The Agreement limits the operating expenses of the Class 2 shares of the Fund to 0.99% of the average daily net assets of Class 2 shares. The Agreement may be continued annually upon the affirmative vote of the majority of the trustees of the Trust who are not "interested persons" of the Trust or any party to the Agreement, as such term is defined in the Investment Company

Act of 1940, as amended, and may be terminated by Securian AM at any time after May 1, 2024, upon sixty (60) days' prior written notice. To the extent Securian AM absorbs other expenses to satisfy this limit on operating expenses, it may seek repayment of a portion or all of such amounts at any time within three (3) fiscal years after the fiscal year in which such amounts were absorbed, provided that such reimbursement will not cause the Class 2 shares to exceed the operating expense limit. Should the Fund make any 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 Fess and Expenses of the Fund.

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

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 investment sub-adviser to the Fund. 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 performance for the six-month period ended June 30, 2023, for each class of shares offered was as follows:

Class 1				5.83 percent*
Class 2				5.70 percent*

The Fund's benchmarks, the FSTE NAREIT All Equity REITs Index (effective August 1, 2022), returned 2.97% and the FTSE NAREIT Equity REITs Index (effective prior to August 1, 2022), returned 5.37 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

The FTSE NAREIT 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.

FTSE NAREIT Equity REITs Index contains all tax qualified REITs except timber and infrastructure REITs.

SFT T. Rowe Price Value Fund

Fund Objective

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

Performance Update

For the six-month period ended June 30, 2023, the Fund had a net return of 4.02 percent*. The Fund's benchmark, the Russell 1000 Value Index, returned 5.12 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

SFT Wellington Core Equity Fund

Fund Objective

The SFT Wellington Core Equity Fund seeks long-term capital appreciation. The Fund pursues its objective by investing primarily in a diversified portfolio of common stocks. The investment adviser for the Fund is Securian Asset Management, Inc. Wellington Management Company LLP serves as investment sub-adviser to the Fund. 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 performance for the six-month period ended June 30, 2023, for each class of shares offered was as follows:

Class 1				12.57 percent*
Class 2				12.43 percent*

The Fund's benchmark, the Standard & Poor's 500^® Index, returned 16.89 percent for the same period.

Sector Diversification (shown as a percentage of net assets)

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

SFT Balanced Stabilization Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (37.1%)
Government Obligations (4.7%)
U.S. Government Agencies and Obligations (4.7%)
Federal Home Loan Mortgage Corporation (0.0%)
3.000%, 09/01/43	$	49,733	$	44,814
3.500%, 10/01/44		52,007		48,459
3.500%, 11/01/44		50,556		47,107
3.500%, 12/01/44		55,015		51,263
				191,643
Federal National Mortgage Association (0.0%)
3.000%, 04/01/43		76,872		69,327
3.000%, 05/01/43		25,561		23,053
3.000%, 06/01/43		113,988		102,795
3.500%, 08/01/42		51,075		48,060
3.500%, 02/01/43		66,976		63,456
				306,691
U.S. Treasury (4.7%)
U.S. Treasury Bond 4.000%, 11/15/42		5,530,000		5,485,933
4.000%, 11/15/52		1,200,000		1,230,750
U.S. Treasury Note 1.000%, 12/15/24		15,500,000		14,586,953
3.875%, 12/31/27		9,350,000		9,215,594
				30,519,230
Total government obligations (cost: $31,997,167)				31,017,564
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		1,303,310
Total other mortgage-backed securities (cost: $1,542,982)				1,303,310
Corporate Obligations (32.2%)
Basic Materials (0.8%)
Chemicals (0.4%)
Celanese U.S. Holdings LLC, 6.330%, 07/15/29		1,500,000		1,489,316
Nutrien Ltd., 3.000%, 04/01/25 (b)		1,000,000		951,183
				2,440,499
Mining (0.4%)
Anglo American Capital PLC, 2.625%, 09/10/30 (b) (c)		2,000,000		1,645,900
FMG Resources August 2006 Pty. Ltd., 6.125%, 04/15/32 (b) (c)		1,000,000		950,000
				2,595,900
Communications (1.4%)
Cable/Satellite TV (0.3%)
Comcast Corp. 2.887%, 11/01/51		1,319,000		883,793

	Principal		Value(a)
2.937%, 11/01/56	$	327,000	$	212,700
4.200%, 08/15/34 (d)		500,000		464,749
				1,561,242
Diversified Telecommunication Services (0.5%)
AT&T, Inc. 2.550%, 12/01/33		943,000		736,796
3.550%, 09/15/55		1,405,000		980,027
3.800%, 12/01/57		75,000		54,280
4.500%, 05/15/35		1,000,000		916,246
Verizon Communications, Inc., 2.987%, 10/30/56		1,194,000		754,197
				3,441,546
Media (0.4%)
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.750%, 02/15/28		1,500,000		1,374,697
Paramount Global, 4.000%, 01/15/26		250,000		238,171
Walt Disney Co., 4.950%, 10/15/45		1,000,000		960,274
				2,573,142
Telecommunication (0.2%)
Crown Castle Towers LLC, 3.663%, 05/15/45 (c)		1,000,000		946,698
Vodafone Group PLC, 4.125%, 05/30/25 (b)		500,000		487,372
				1,434,070
Wireless Telecommunication Services (0.0%)
Rogers Communications, Inc., 4.100%, 10/01/23 (b)		250,000		248,526
Consumer Cyclical (1.2%)
Consumer Staples Distribution & Retail (0.3%)
Kroger Co. 4.450%, 02/01/47		1,000,000		863,531
5.150%, 08/01/43		1,100,000		1,010,327
				1,873,858
Entertainment (0.2%)
Warnermedia Holdings, Inc., 5.141%, 03/15/52		1,400,000		1,133,979
Home Furnishings (0.1%)
Harman International Industries, Inc., 4.150%, 05/15/25		1,000,000		969,487
Retail (0.6%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		956,889
Lowe's Cos., Inc., 5.625%, 04/15/53		2,250,000		2,244,300
Target Corp., 3.500%, 07/01/24 (d)		750,000		736,456
				3,937,645

See accompanying notes to financial statements.
14

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Consumer Discretionary (0.3%)
Broadline Retail (0.3%)
Amazon.com, Inc. 3.875%, 08/22/37	$	1,000,000	$	910,776
4.050%, 08/22/47		1,000,000		895,447
				1,806,223
Consumer Staples (0.4%)
Consumer Products — Miscellaneous (0.1%)
SC Johnson & Son, Inc., 3.350%, 09/30/24 (c)		750,000		726,583
Household Products (0.1%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		848,493
Personal Care (0.2%)
Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		870,760
Consumer, Non-cyclical (3.6%)
Agricultural Operations (0.4%)
Cargill, Inc. 3.125%, 05/25/51 (c)		1,000,000		720,033
4.375%, 04/22/52 (c)		2,150,000		1,925,794
				2,645,827
Beverages (0.4%)
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38		1,000,000		923,511
Constellation Brands, Inc., 5.250%, 11/15/48		2,050,000		1,969,205
				2,892,716
Biotechnology (0.6%)
Amgen, Inc., 4.050%, 08/18/29		2,000,000		1,894,178
Bio-Rad Laboratories, Inc., 3.700%, 03/15/32		2,000,000		1,750,726
				3,644,904
Commercial Service — Finance (0.0%)
Moody's Corp., 4.875%, 02/15/24		150,000		149,423
Commercial Services (0.3%)
Ashtead Capital, Inc., 5.500%, 08/11/32 (c)		2,000,000		1,927,222
Diagnostic Equipment (0.3%)
Abbott Laboratories 3.875%, 09/15/25		750,000		732,994
4.750%, 11/30/36		1,000,000		1,000,303
4.750%, 04/15/43		250,000		243,904
				1,977,201
Drugstore Chains (0.0%)
CVS Pass-Through Trust, 6.943%, 01/10/30		116,945		118,970

	Principal		Value(a)
Food (0.3%)
Mars, Inc., 3.950%, 04/01/49 (c)	$	1,000,000	$	838,441
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		902,156
				1,740,597
Food Products (0.1%)
General Mills, Inc., 3.000%, 02/01/51		1,002,000		706,482
Pharmaceuticals (1.2%)
AbbVie, Inc. 3.600%, 05/14/25		1,000,000		966,762
3.800%, 03/15/25		670,000		650,617
4.400%, 11/06/42		1,000,000		892,645
4.450%, 05/14/46		1,000,000		875,009
Becton Dickinson & Co., 4.298%, 08/22/32		2,000,000		1,895,234
Bristol-Myers Squibb Co. 3.250%, 11/01/23		500,000		496,262
3.875%, 08/15/25		229,000		221,704
Novartis Capital Corp., 3.400%, 05/06/24 (d)		500,000		491,541
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 (b)		1,000,000		991,064
				7,480,838
Energy (1.9%)
Oil & Gas (1.1%)
Baker Hughes Holdings LLC/ Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27		1,000,000		922,712
BP Capital Markets America, Inc., 4.234%, 11/06/28		1,000,000		967,724
Chevron USA, Inc., 3.900%, 11/15/24		1,000,000		981,425
Coterra Energy, Inc., 3.900%, 05/15/27		1,000,000		941,448
Marathon Petroleum Corp., 3.625%, 09/15/24		750,000		730,036
Phillips 66, 4.650%, 11/15/34		1,000,000		943,528
TotalEnergies Capital International SA, 3.750%, 04/10/24 (b)		750,000		738,868
Valero Energy Corp., 4.350%, 06/01/28		1,000,000		952,317
				7,178,058
Pipelines (0.8%)
Energy Transfer LP 4.250%, 04/01/24		1,000,000		983,879
4.900%, 03/15/35		1,000,000		906,521
Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35		250,000		247,612

See accompanying notes to financial statements.
15

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Kinder Morgan, Inc., 5.300%, 12/01/34	$	750,000	$	716,034
MPLX LP, 4.950%, 09/01/32		2,000,000		1,912,782
Williams Cos., Inc., 3.750%, 06/15/27		500,000		470,656
				5,237,484
Financial (10.3%)
Banks (6.0%)
Associated Banc-Corp., 4.250%, 01/15/25		750,000		704,258
Bank of America Corp. Series L, 3.950%, 04/21/25		1,000,000		968,894
Series L, 4.183%, 11/25/27		1,000,000		950,401
4.244%, 04/24/38 (3-Month USD TERM SOFR + 2.076%) (e)		1,000,000		873,600
4.948%, 07/22/28 (SOFRRATE + 2.040%) (e)		1,500,000		1,470,886
Bank of New York Mellon Corp. 3.442%, 02/07/28 (3-Month USD TERM SOFR + 1.331%) (e)		1,000,000		941,098
5.834%, 10/25/33 (SOFRRATE + 2.074%) (e)		1,000,000		1,038,258
Capital One Financial Corp. 4.250%, 04/30/25		1,500,000		1,447,467
5.468%, 02/01/29 (SOFRRATE + 2.080%) (e)		1,500,000		1,434,532
Citigroup, Inc. 3.300%, 04/27/25		750,000		721,359
3.980%, 03/20/30 (3-Month USD TERM SOFR + 1.600%) (e)		1,000,000		924,016
4.650%, 07/23/48		1,250,000		1,121,687
4.750%, 05/18/46 (f)		1,200,000		1,014,262
Comerica Bank, 5.332%, 08/25/33 (SOFRRATE + 2.610%) (e)		2,000,000		1,623,902
Discover Bank, 4.250%, 03/13/26		500,000		471,177
Fifth Third Bank NA, 3.950%, 07/28/25		1,000,000		932,393
First Republic Bank 4.375%, 08/01/46, FDIC		575,000		2,875
4.625%, 02/13/47, FDIC		1,379,000		6,895
Goldman Sachs Group, Inc. 3.850%, 01/26/27		1,000,000		949,665
4.482%, 08/23/28 (SOFRRATE + 1.725%) (e)		2,000,000		1,930,174
5.150%, 05/22/45 (f)		1,000,000		934,074
JPMorgan Chase & Co. 3.125%, 01/23/25		1,000,000		967,306
3.328%, 04/22/52 (SOFRRATE + 1.580%) (e)		2,000,000		1,456,504
KeyBank NA, 4.390%, 12/14/27		3,000,000		2,634,267
M&T Bank Corp., 4.553%, 08/16/28 (SOFRRATE + 1.780%) (e)		3,000,000		2,783,376

	Principal		Value(a)
Morgan Stanley 2.802%, 01/25/52 (SOFRRATE + 1.430%) (e)	$	2,000,000	$	1,308,102
6.342%, 10/18/33 (SOFRRATE + 2.560%) (e)		1,000,000		1,058,095
PNC Bank NA 3.800%, 07/25/23		250,000		249,660
4.050%, 07/26/28		1,000,000		921,073
Synchrony Bank, 5.400%, 08/22/25		1,000,000		956,831
Truist Financial Corp., 6.123%, 10/28/33 (SOFRRATE + 2.300%) (e)		2,000,000		2,034,146
U.S. Bancorp, 5.850%, 10/21/33 (SOFRRATE + 2.090%) (e)		1,000,000		1,001,815
Wells Fargo & Co. 3.068%, 04/30/41 (SOFRRATE + 2.530%) (e)		1,600,000		1,175,280
4.750%, 12/07/46 (f)		2,300,000		1,934,905
				38,943,233
Finance (0.9%)
Allied World Assurance Co. Holdings Ltd., 4.350%, 10/29/25 (b)		1,290,000		1,230,683
Intercontinental Exchange, Inc., 4.350%, 06/15/29		3,000,000		2,932,524
Jefferies Group LLC/ Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31		2,000,000		1,548,802
				5,712,009
Financial Services (0.8%)
American Express Co. 3.300%, 05/03/27		1,000,000		932,199
4.050%, 12/03/42 (f)		2,000,000		1,737,498
CME Group, Inc., 3.000%, 03/15/25		1,000,000		961,043
Discover Financial Services, 3.750%, 03/04/25		1,000,000		951,200
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		926,941
				5,508,881
Insurance (1.0%)
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		810,052
Assured Guaranty U.S. Holdings, Inc., 5.000%, 07/01/24		330,000		325,667
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		848,174
Metropolitan Life Global Funding I, 1.550%, 01/07/31 (c)		3,000,000		2,328,738

See accompanying notes to financial statements.
16

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Principal Life Global Funding II, 1.500%, 08/27/30 (c)	$	3,000,000	$	2,300,499
				6,613,130
Property / Casualty Insurance (0.2%)
Arch Capital Finance LLC, 4.011%, 12/15/26 (d)		1,000,000		955,265
Real Estate Investment Trust — Diversified (0.1%)
Kite Realty Group Trust, 4.000%, 03/15/25 (d)		1,000,000		938,953
Real Estate Investment Trust — Health Care (0.6%)
Healthcare Realty Holdings LP 3.750%, 07/01/27		1,000,000		918,589
3.875%, 05/01/25		1,000,000		953,168
Physicians Realty LP, 4.300%, 03/15/27		1,000,000		941,397
Welltower OP LLC, 4.125%, 03/15/29		1,500,000		1,377,588
				4,190,742
Real Estate Investment Trust — Office Property (0.1%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		471,050
Real Estate Investment Trust — Shopping Centers (0.0%)
Retail Opportunity Investments Partnership LP, 5.000%, 12/15/23		250,000		246,294
Real Estate Investment Trust — Single Tenant (0.1%)
Office Properties Income Trust, 4.500%, 02/01/25		750,000		646,875
Specialized REITs (0.5%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		932,523
Crown Castle, Inc., 4.750%, 05/15/47		1,000,000		866,262
Essex Portfolio LP, 3.500%, 04/01/25		1,000,000		957,416
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (c)		500,000		415,895
				3,172,096
Health Care (0.8%)
Health Care Providers & Services (0.4%)
Aetna, Inc., 3.875%, 08/15/47		1,000,000		778,088
Elevance Health, Inc., 4.375%, 12/01/47		1,000,000		867,471
Laboratory Corp. of America Holdings, 4.000%, 11/01/23		250,000		248,426
UnitedHealth Group, Inc., 3.750%, 07/15/25 (d)		1,000,000		973,344
				2,867,329

	Principal		Value(a)
Pharmaceuticals (0.4%)
Cardinal Health, Inc., 3.750%, 09/15/25	$	1,000,000	$	962,634
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,044,990
Mylan, Inc., 4.200%, 11/29/23		500,000		496,603
				2,504,227
Industrials (3.8%)
Aerospace & Defense (0.7%)
General Dynamics Corp., 3.500%, 05/15/25		1,000,000		970,651
L3Harris Technologies, Inc., 3.832%, 04/27/25		1,000,000		969,684
Raytheon Technologies Corp. 3.700%, 12/15/23		500,000		495,216
4.050%, 05/04/47		1,000,000		847,245
4.125%, 11/16/28		1,500,000		1,441,985
				4,724,781
Air Freight & Logistics (0.1%)
FedEx Corp., 4.400%, 01/15/47		1,000,000		842,101
Building Products (0.4%)
CRH America Finance, Inc., 4.400%, 05/09/47 (c)		1,000,000		835,585
Mohawk Industries, Inc., 3.625%, 05/15/30		2,000,000		1,793,964
				2,629,549
Containers & Packaging (0.3%)
Amcor Finance USA, Inc., 4.500%, 05/15/28		1,000,000		949,713
Sealed Air Corp., 6.875%, 07/15/33 (c)		1,000,000		1,037,500
				1,987,213
Electrical Equipment (0.9%)
Flex Ltd. 4.750%, 06/15/25 (b)		1,000,000		973,936
4.875%, 06/15/29 (b)		1,000,000		952,611
General Motors Financial Co., Inc., 5.000%, 04/09/27		2,000,000		1,942,636
Jabil, Inc., 3.600%, 01/15/30		2,000,000		1,781,396
				5,650,579
Environmental Control (0.2%)
Republic Services, Inc., 3.950%, 05/15/28		1,000,000		957,363
Industrial Conglomerates (0.1%)
3M Co., 3.625%, 10/15/47		1,000,000		760,870
Machinery (0.3%)
Caterpillar, Inc., 3.250%, 04/09/50		2,300,000		1,806,857

See accompanying notes to financial statements.
17

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Miscellaneous Manufacturing (0.3%)
Carlisle Cos., Inc., 3.750%, 12/01/27	$	1,000,000	$	945,117
Textron, Inc. 3.875%, 03/01/25		750,000		728,212
4.300%, 03/01/24		500,000		494,710
				2,168,039
Transportation (0.2%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		350,000		345,879
Canadian Pacific Railway Co., 4.300%, 05/15/43 (b)		250,000		215,743
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.900%, 02/01/24 (c)		1,000,000		985,370
				1,546,992
Trucking & Leasing (0.3%)
GATX Corp. 3.250%, 03/30/25		1,000,000		949,633
4.550%, 11/07/28		1,000,000		954,010
				1,903,643
Information Technology (1.6%)
Communications Equipment (0.2%)
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		988,389
Computers (0.7%)
Apple, Inc., 4.375%, 05/13/45 (d)		1,000,000		944,880
Dell International LLC/EMC Corp., 6.200%, 07/15/30		2,000,000		2,067,208
Leidos, Inc., 4.375%, 05/15/30		2,000,000		1,832,500
				4,844,588
Interactive Media & Services (0.1%)
eBay, Inc., 3.450%, 08/01/24		750,000		733,705
IT Services (0.3%)
Global Payments, Inc. 4.800%, 04/01/26		750,000		729,223
5.300%, 08/15/29		1,500,000		1,452,354
				2,181,577
Software (0.3%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		969,258
Oracle Corp., 3.800%, 11/15/37		1,000,000		815,052
				1,784,310
Materials (0.6%)
Chemicals (0.5%)
Mosaic Co., 5.450%, 11/15/33		200,000		194,450

	Principal		Value(a)
Sherwin-Williams Co., 3.950%, 01/15/26	$	1,000,000	$	967,682
Yara International ASA 3.148%, 06/04/30 (b) (c)		1,000,000		832,995
4.750%, 06/01/28 (b) (c)		1,000,000		944,143
				2,939,270
Construction Materials (0.1%)
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		863,253
Technology (0.7%)
Semiconductor Equipment (0.5%)
Broadcom, Inc., 3.419%, 04/15/33 (c)		2,000,000		1,667,686
Micron Technology, Inc., 2.703%, 04/15/32		2,000,000		1,566,682
				3,234,368
Software (0.2%)
VMware, Inc., 1.400%, 08/15/26		1,800,000		1,587,242
Transportation (1.2%)
Passenger Airlines (0.7%)
Air Canada Pass Through Trust, Series 2015-2A, Class A, 4.125%, 06/15/29 (b) (c)		733,993		647,749
American Airlines Pass Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29		668,404		589,867
British Airways Pass Through Trust, Series 2013-1, Class A, 4.625%, 12/20/25 (c)		302,253		298,114
Delta Air Lines, Inc./ SkyMiles IP Ltd., 4.750%, 10/20/28 (c)		2,000,000		1,940,472
United Airlines Pass Through Trust Series 2013-1, Class A, 4.300%, 02/15/27		144,545		138,894
Series 2018-1, Class AA, 3.500%, 09/01/31		953,746		852,184
				4,467,280
Transport — Rail (0.5%)
Norfolk Southern Corp., 3.850%, 01/15/24		500,000		492,914
Union Pacific Corp. 3.750%, 03/15/24		500,000		495,311
5.375%, 06/01/33		2,500,000		2,531,062
				3,519,287
Utilities (3.6%)
Electric Utilities (2.5%)
Alabama Power Co., 3.125%, 07/15/51		2,000,000		1,369,984
Ameren Illinois Co., 3.700%, 12/01/47		1,000,000		796,272

See accompanying notes to financial statements.
18

SFT Balanced Stabilization Fund
Investments in Securities – continued

	Principal		Value(a)
Arizona Public Service Co., 4.350%, 11/15/45	$	1,000,000	$	798,950
CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52		3,150,000		2,981,639
Duke Energy Corp., 4.500%, 08/15/32		1,000,000		940,034
Duke Energy Florida LLC, 5.950%, 11/15/52		1,000,000		1,090,657
Duke Energy Progress LLC, 3.600%, 09/15/47		1,000,000		764,653
Entergy Texas, Inc., 3.450%, 12/01/27		3,000,000		2,739,849
Northern States Power Co., 3.750%, 12/01/47		1,000,000		756,521
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		594,157
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		810,321
Wisconsin Power & Light Co., 3.950%, 09/01/32		3,000,000		2,739,858
				16,382,895
Electric — Integrated (0.1%)
Berkshire Hathaway Energy Co., 3.750%, 11/15/23		250,000		248,121
Gas Utilities (0.7%)
National Fuel Gas Co. 4.750%, 09/01/28		1,000,000		945,922
5.200%, 07/15/25		1,000,000		978,703
ONEOK, Inc. 4.000%, 07/13/27		500,000		467,470
4.350%, 03/15/29		1,500,000		1,395,115
Washington Gas Light Co., Series K, 3.796%, 09/15/46		1,000,000		763,455
				4,550,665
Multi-Utilities (0.1%)
Atmos Energy Corp., 4.125%, 03/15/49		750,000		630,036
Eastern Energy Gas Holdings LLC, 3.550%, 11/01/23		250,000		247,499
				877,535

	Shares/ Principal		Value(a)
Water Utilities (0.2%)
American Water Capital Corp., 3.750%, 09/01/47	$	1,000,000	$	788,524
Aquarion Co., 4.000%, 08/15/24 (c)		500,000		489,303
				1,277,827
Total corporate obligations (cost: $224,531,778)				210,390,058
Total long-term debt securities (cost: $258,071,927)				242,710,932
Mutual Funds (52.8%)
Investment Companies (52.8%)
iShares Core S&P 500 ETF		105,440		46,995,662
SFT Index 500 Fund (g)		14,224,618		274,114,718
SPDR S&P 500 ETF Trust (d)		36,170		16,033,438
Vanguard S&P 500 ETF		20,175		8,216,874
Total mutual funds (cost: $168,921,296)				345,360,692
Short-Term Securities (8.2%)
Investment Companies (8.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		53,843,636		53,843,636
Total short-term securities (cost: $53,843,636)				53,843,636
Total investments excluding purchased options (98.1%) (cost: $480,836,859)				641,915,260
Total purchased options outstanding (0.1%) (cost: $653,966)				614,600
Total investments in securities (cost: $481,490,825) (h)				642,529,860
Cash and other assets in excess of liabilities (1.8%)				11,942,254
Total net assets (100.0%)			$	654,472,114

Investments in Securities Legend

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

(b) Foreign security: the Fund held 1.8% of net assets in foreign securities at June 30, 2023.

(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.

See accompanying notes to financial statements.
19

SFT Balanced Stabilization Fund
Investments in Securities – continued

(h) At June 30, 2023, the cost of investments for federal income tax purposes was $486,217,169. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	181,115,253
Gross unrealized depreciation		(20,062,460	)
Net unrealized appreciation	$	161,052,793

Holdings of Open Futures Contracts

On June 30, 2023, securities with an aggregate market value of $19,478,482 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				September 2023					567			Long				$	122,408,235			$	127,241,887			$	4,833,652

Call Options Purchased:

The Fund had the following call options purchased open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
CBOE Volatility Index				$	21			July 2023					10,150			$	1,015,000			$	446,600

Put Options Purchased:

The Fund had the following put options purchased open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	4,315			July 2023					100			$	10,000			$	168,000

Call Options Written:

The Fund had the following call options written open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
CBOE Volatility Index				$	40			July 2023					10,150			$	1,015,000			$	(71,050	)

Put Options Written:

The Fund had the following put options written open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	3,865			July 2023					100			$	10,000			$	(22,500	)

See accompanying notes to financial statements.
20

SFT Core Bond Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (108.3%)
Government Obligations (60.6%)
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	$	1,232,092
Municipal Electric Authority of Georgia, 6.655%, 04/01/57		685,000		785,531
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.508%, 08/01/37		620,000		646,040
Ohio Water Development Authority, Series A2, 4.817%, 12/01/30		250,000		249,587
Texas A&M University, Series D, 4.000%, 05/15/31		325,000		313,638
				3,226,888
U.S. Government Agencies and Obligations (59.8%)
Export-Import Bank of the United States (0.0%)
Export-Import Bank of the U.S., 2.578%, 12/10/25		26,188		25,038
Federal Home Loan Bank (2.2%)
Federal Home Loan Banks
5.300%, 05/22/24		4,870,000		4,854,435
5.370%, 05/21/24		4,900,000		4,887,069
				9,741,504
Federal Home Loan Mortgage Corporation (7.5%)
2.000%, 11/01/51		5,099,605		4,163,227
2.000%, 12/01/51		3,750,187		3,068,204
2.500%, 04/01/28		49,960		46,246
2.500%, 01/01/52		1,853,609		1,574,225
2.500%, 03/01/52		7,721,404		6,557,433
3.000%, 08/01/42		264,621		238,304
3.000%, 12/01/42		101,202		91,173
3.000%, 01/01/43		143,446		130,888
3.000%, 02/01/43		348,793		320,233
3.000%, 04/01/43		501,704		451,881
3.000%, 10/25/46		44,042		39,725
3.000%, 02/01/52		3,512,448		3,097,330
3.500%, 10/01/25		29,785		29,211
3.500%, 05/01/32		71,977		68,963
3.500%, 03/01/42		358,539		341,490
3.500%, 08/01/42		304,217		289,751
3.500%, 05/25/45		178,680		158,927
4.000%, 09/01/40		312,026		302,490
4.000%, 11/01/40		554,646		537,520
4.000%, 02/01/41		126,633		122,736
4.000%, 03/01/41		135,546		131,375

	Principal		Value(a)
4.000%, 08/01/52	$	5,264,270	$	4,942,441
4.000%, 11/01/52		3,676,437		3,452,927
4.500%, 09/01/40		41,418		40,920
4.500%, 01/01/41		210,351		203,472
4.500%, 02/01/41		123,388		119,352
4.500%, 03/01/41		260,849		259,416
4.500%, 04/01/41		221,510		219,940
5.000%, 05/01/29		9,536		9,431
5.000%, 04/01/35		38,042		38,506
5.000%, 08/01/35		21,992		21,865
5.000%, 11/01/35		38,745		39,202
5.000%, 11/01/39		224,192		225,155
5.000%, 04/01/40		73,870		74,735
5.000%, 08/01/40		46,490		46,908
5.500%, 11/01/23		3,358		3,360
5.500%, 05/01/34		307,354		316,478
5.500%, 10/01/34		80,916		83,307
5.500%, 07/01/35		129,265		132,664
5.500%, 10/01/35		133,124		130,583
5.500%, 12/01/38		61,004		62,669
6.000%, 11/01/33		135,964		140,536
6.100%, 10/25/29 (1-Month USD LIBOR + 0.950%) (b)		312,498		303,116
6.250%, 12/15/23		1,072		1,068
6.500%, 09/01/32		14,620		15,261
6.500%, 11/01/32		13,010		14,215
6.500%, 06/01/36		86,703		86,932
7.000%, 12/01/37		23,235		24,434
				32,770,225
Federal National Mortgage Association (28.1%)
2.000%, 11/01/51		10,000,419		8,165,747
2.000%, 07/13/53, TBA (c)		5,100,000		4,156,500
2.000%, 08/14/53, TBA (c)		11,325,000		9,231,645
2.500%, 03/01/27		69,734		65,630
2.500%, 11/01/27		117,948		111,452
2.500%, 03/01/28		91,986		86,544
2.500%, 07/01/28		123,362		116,078
2.500%, 12/01/51		2,566,045		2,194,856
2.500%, 03/01/52		2,683,972		2,276,622
2.500%, 04/01/52		4,468,494		3,799,395
2.500%, 07/13/53, TBA (c)		24,375,000		20,661,621
3.000%, 11/01/27		53,891		51,990
3.000%, 09/01/42		69,764		62,806
3.000%, 01/01/46		62,859		56,319
3.000%, 04/01/52		5,858,068		5,156,240
3.000%, 06/01/52		480,562		425,053
3.000%, 07/13/53, TBA (c)		11,075,000		9,744,270
3.000%, 08/14/53, TBA (c)		9,675,000		8,521,181
3.500%, 11/01/25		36,070		35,375
3.500%, 01/01/26		44,012		43,165
3.500%, 12/01/32		72,240		68,856
3.500%, 11/01/40		247,358		227,774
3.500%, 01/01/41		272,460		253,270
3.500%, 02/01/41		324,838		303,400
3.500%, 04/01/41		171,996		158,666

See accompanying notes to financial statements.
21

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
3.500%, 11/01/41	$	934,101	$	863,818
3.500%, 12/01/41		188,184		175,769
3.500%, 05/01/42		96,175		88,757
3.500%, 01/01/43		221,899		208,198
3.500%, 02/01/43		267,906		253,824
3.500%, 05/01/43		859,246		803,804
3.500%, 08/14/53, TBA (c)		3,600,000		3,283,453
4.000%, 12/01/40		37,142		36,045
4.000%, 04/01/41		544,515		518,192
4.000%, 09/01/41		141,655		137,453
4.000%, 11/01/41		86,861		84,166
4.000%, 06/01/42		250,439		241,163
4.000%, 09/01/43		155,175		148,757
4.000%, 07/13/53, TBA (c)		3,050,000		2,861,758
4.500%, 04/01/25		4,635		4,590
4.500%, 05/25/34		537,000		523,602
4.500%, 05/01/35		82,730		82,831
4.500%, 07/01/35		211,765		205,358
4.500%, 09/01/37		73,709		71,481
4.500%, 06/01/39		79,419		78,811
4.500%, 04/01/41		660,529		655,438
4.500%, 07/01/41		445,957		440,060
4.500%, 07/01/47		188,578		185,443
4.500%, 08/01/52		5,939,500		5,709,494
4.500%, 07/13/53, TBA (c)		4,225,000		4,061,281
5.000%, 07/01/23		14		14
5.000%, 11/01/33		89,348		90,427
5.000%, 03/01/34		71,138		72,123
5.000%, 05/01/34		14,644		14,549
5.000%, 12/01/34		83,480		84,486
5.000%, 07/01/35		76,773		77,393
5.000%, 08/01/35		32,714		33,149
5.000%, 03/01/38		32,050		32,338
5.000%, 04/01/38		65,407		66,104
5.000%, 06/01/39		56,690		57,293
5.000%, 12/01/39		202,070		204,212
5.000%, 06/01/40		25,924		26,160
5.000%, 04/01/41		203,384		204,446
5.000%, 07/13/53, TBA (c)		15,000,000		14,700,000
5.500%, 08/01/23		52		52
5.500%, 02/01/24		1,753		1,751
5.500%, 04/01/33		314,109		320,607
5.500%, 05/01/33		4,212		4,290
5.500%, 12/01/33		32,057		32,718
5.500%, 01/01/34		60,790		61,913
5.500%, 02/01/34		70,325		72,411
5.500%, 03/01/34		108,526		110,302
5.500%, 04/01/34		53,178		54,261
5.500%, 05/01/34		1,772		1,826
5.500%, 09/01/34		76,924		79,301
5.500%, 10/01/34		23,220		23,937
5.500%, 01/01/35		40,010		40,527
5.500%, 02/01/35		125,841		129,021
5.500%, 04/01/35		94,396		96,464
5.500%, 06/01/35		6,516		6,634
5.500%, 08/01/35		62,120		63,260
5.500%, 10/01/35		128,717		130,992
5.500%, 11/01/35		28,334		28,866
5.500%, 09/01/36		56,569		57,560
5.500%, 12/01/39		33,932		35,257

	Principal		Value(a)
5.500%, 07/13/53, TBA (c)	$	6,375,000	$	6,346,113
6.000%, 08/01/23		413		412
6.000%, 09/01/32		6,952		7,298
6.000%, 10/01/32		208,480		216,426
6.000%, 11/01/32		250,546		263,029
6.000%, 03/01/33		158,732		165,614
6.000%, 12/01/33		64,851		69,298
6.000%, 08/01/34		10,538		10,440
6.000%, 09/01/34		12,502		12,919
6.000%, 11/01/34		5,927		6,082
6.000%, 12/01/34		50,519		52,261
6.000%, 11/01/36		6,296		6,588
6.000%, 01/01/37		73,978		76,088
6.000%, 08/01/37		36,470		37,434
6.000%, 10/01/38		60,144		62,715
6.500%, 11/01/23		552		550
6.500%, 12/01/31		23,631		24,450
6.500%, 02/01/32		111,053		115,405
6.500%, 04/01/32		60,787		63,156
6.500%, 05/01/32		15,736		15,736
6.500%, 07/01/32		88,871		91,787
6.500%, 08/01/32		54,303		57,319
6.500%, 09/01/32		34,620		36,760
6.500%, 10/01/32		42,581		42,669
6.500%, 09/01/34		2,571		2,563
6.500%, 11/01/34		2,740		2,910
6.500%, 03/01/35		36,042		37,555
6.500%, 09/01/37		56,834		57,250
6.500%, 11/01/37		19,282		20,525
7.000%, 07/01/31		28,202		29,805
7.000%, 09/01/31		85,411		90,264
7.000%, 11/01/31		77,611		82,022
7.000%, 02/01/32		32,417		34,389
7.000%, 03/01/32		6,880		7,296
7.000%, 07/01/32		33,647		35,682
7.500%, 04/01/31		29,801		30,177
7.500%, 05/01/31		7,434		7,747
9.550%, 01/25/24 (1-Month USD LIBOR + 4.400%) (b)		29,274		29,778
9.600%, 01/25/29 (1-Month USD LIBOR + 4.450%) (b)		672,682		704,036
				123,665,193
Government National Mortgage Association (2.0%)
0.000%, 06/17/45 (b) (d)		114,586		1
1.000%, 12/20/42		38,371		30,649
3.000%, 03/15/45		451,926		411,502
3.000%, 04/15/45		859,429		770,686
3.000%, 05/15/45		38,910		35,448
3.250%, 04/20/33		78,842		71,599
3.250%, 03/20/35		661,459		631,251
3.250%, 11/20/35		357,924		341,611
3.250%, 01/20/36		617,470		589,370
3.500%, 11/15/40		51,199		48,121
3.500%, 04/20/46		235,432		221,135
3.750%, 03/20/46		580,379		554,538
4.000%, 07/20/31		194,966		191,280
4.000%, 04/20/39		142,623		136,747
4.000%, 12/20/40		363,738		348,832
4.000%, 01/15/41		18,746		17,525

See accompanying notes to financial statements.
22

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
4.000%, 02/15/41	$	158,897	$	151,427
4.000%, 10/15/41		99,307		94,103
4.000%, 12/20/44		44,056		42,744
4.500%, 06/15/40		116,803		116,160
4.500%, 07/20/53, TBA (c)		2,400,000		2,316,375
5.000%, 05/15/33		27,824		28,096
5.000%, 12/15/39		41,516		42,202
5.000%, 01/15/40		348,879		351,056
5.000%, 07/15/40		78,737		79,231
5.000%, 07/20/53, TBA (c)		1,125,000		1,105,313
5.500%, 07/15/38		92,790		93,308
5.500%, 10/15/38		134,717		135,684
				8,955,994
U.S. Treasury (20.0%)
U.S. Treasury Bond
2.000%, 11/15/41		19,390,000		14,163,789
3.625%, 05/15/53		8,968,000		8,605,076
3.875%, 05/15/43		15,025,000		14,635,289
U.S. Treasury Inflation-Indexed Notes
1.125%, 01/15/33		3,456,959		3,309,498
1.250%, 04/15/28		3,019,473		2,919,925
U.S. Treasury Note
3.375%, 05/15/33		4,070,000		3,922,463
3.625%, 05/31/28		3,190,000		3,119,222
4.000%, 06/30/28		16,390,000		16,292,684
4.250%, 05/31/25		1,696,000		1,674,270
4.625%, 06/30/25		19,305,000		19,214,508
				87,856,724
Vendee Mortgage Trust (0.0%)
Vendee Mortgage Trust, Series 1995-1, Class 2, 7.793%, 02/15/25		2,385		2,383
Total government obligations (cost: $274,196,933)				266,243,949
Asset-Backed Securities (6.5%)
AGL CLO 12 Ltd., Series 2021-12A, Class B, 6.850%, 07/20/34 (3-Month USD LIBOR + 1.600%) (b) (e)		875,000		850,514
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 5.527%, 02/25/34 (1-Month USD LIBOR + 0.975%) (b)		361,951		347,674
CarMax Auto Owner Trust, Series 2019-4, Class D, 2.800%, 04/15/26		1,400,000		1,373,903
Chase Funding Trust
Series 2002-3, Class 2A1, 5.790%, 08/25/32 (1-Month USD LIBOR + 0.640%) (b)		94,443		90,139
Series 2003-2, Class 2A2, 5.710%, 02/25/33 (1-Month USD LIBOR + 0.560%) (b)		112,218		108,207

	Principal		Value(a)
CIFC Funding Ltd., Series 2022-3A, Class A, 6.466%, 04/21/35 (3-Month USD TERM SOFR + 1.410%) (b) (e)	$	1,250,000	$	1,228,135
Commonbond Student Loan Trust
Series 2017-AGS, Class C, 5.280%, 05/25/41 (e)		18,377		17,017
Series 2018-AGS, Class A1, 3.210%, 02/25/44 (e)		580,557		537,057
Series 2018-AGS, Class A2, 5.650%, 02/25/44 (1-Month USD LIBOR + 0.500%) (b) (e)		172,550		170,487
Series 2019-AGS, Class A1, 2.540%, 01/25/47 (e)		1,218,160		1,062,833
Series 2021-AGS, Class A, 1.200%, 03/25/52 (e)		509,403		428,439
Eaton Vance CLO Ltd., Series 2019-1A, Class AR, 6.360%, 04/15/31 (3-Month USD LIBOR + 1.100%) (b) (e)		1,000,000		985,000
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.730%, 07/15/26		1,850,000		1,800,196
FRTKL Group, Inc., Series 2021-SFR1, Class G, 4.105%, 09/17/38 (e)		1,250,000		1,054,919
Home Partners of America Trust, Series 2021-1, Class A, 1.698%, 09/17/41 (e)		1,621,322		1,370,788
HPS Loan Management Ltd., Series 2021-16A, Class A1, 6.413%, 01/23/35 (3-Month USD LIBOR + 1.140%) (b) (e)		1,150,000		1,122,449
Morgan Stanley Dean Witter Capital I, Inc., Series 2002-NC3, Class A2, 5.710%, 08/25/32 (1-Month USD LIBOR + 0.560%) (b)		141,357		140,273
Navient Private Education Refi Loan Trust
Series 2020-HA, Class A, 1.310%, 01/15/69 (e)		720,769		648,877
Series 2021-BA, Class A, 0.940%, 07/15/69 (e)		1,498,457		1,289,813
Series 2021-CA, Class A, 1.060%, 10/15/69 (e)		754,708		648,434
Series 2021-FA, Class A, 1.110%, 02/18/70 (e)		1,390,548		1,160,945
Series 2022-A, Class A, 2.230%, 07/15/70 (e)		1,452,408		1,259,177

See accompanying notes to financial statements.
23

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Octagon 67 Ltd., Series 2023-1A, Class A1, 6.565%, 04/25/36 (3-Month USD TERM SOFR + 1.800%) (b) (e)	$	1,100,000	$	1,095,729
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, 6.910%, 07/15/36 (3-Month USD LIBOR + 1.650%) (b) (e)		1,125,000		1,089,000
Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class A1A, 6.640%, 01/20/34 (3-Month USD LIBOR + 1.390%) (b) (e)		675,000		666,816
Progress Residential Trust
Series 2021-SFR7, Class D, 2.341%, 08/17/40 (e)		1,525,000		1,223,467
Series 2021-SFR8, Class F, 3.181%, 10/17/38 (e)		2,000,000		1,707,023
Rockford Tower CLO Ltd., Series 2021-2A, Class B, 7.000%, 07/20/34 (3-Month USD LIBOR + 1.750%) (b) (e)		450,000		431,226
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B, 1.833%, 12/15/31 (e)		545,492		525,635
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D, 1.570%, 01/15/27 (e)		1,500,000		1,365,125
Saxon Asset Securities Trust, Series 2004-1, Class A, 2.029%, 03/25/35 (1-Month USD LIBOR + 0.540%) (b)		212,311		180,148
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (e)		1,920,438		1,596,575
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (e)		975,000		829,711
Total asset-backed securities (cost: $30,769,483)				28,405,731
Other Mortgage-Backed Securities (12.6%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (8.6%)
Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.672%, 01/25/45 (b) (e)		75,475		68,930

	Principal		Value(a)
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29	$	22,356	$	21,340
CIM Trust, 4.500%, 01/25/63 (b) (e)		1,770,150		1,587,829
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1, 3.000%, 09/25/64 (b) (e)		120,228		112,971
Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (b) (e)		1,876,619		1,607,244
CSMC Trust
Series 2013-6, Class B4, 3.355%, 08/25/43 (b) (e)		902,794		792,966
Series 2017-HL1, Class A12, 3.500%, 06/25/47 (b) (e)		908,247		792,359
Series 2020-RPL6, Class A1, 2.688%, 03/25/59 (b) (e)		1,824,639		1,764,665
Eagle RE Ltd., Series 2020-1, Class M1B, 6.600%, 01/25/30 (1-Month USD LIBOR + 1.450%) (b) (e) (f)		2,116,470		2,114,051
FARM Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (b) (e)		1,541,722		1,238,051
Flagstar Mortgage Trust
Series 2021-5INV, Class A5, 2.500%, 07/25/51 (b) (e)		2,022,235		1,734,067
Series 2021-6INV, Class A6, 2.500%, 08/25/51 (b) (e)		2,126,836		1,807,811
GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 4.308%, 07/25/44 (b) (e)		2,110,021		1,997,643
JP Morgan Mortgage Trust
Series 2014-2, Class B1, 3.415%, 06/25/29 (b) (e)		85,169		74,270
Series 2016-3, Class B3, 3.289%, 10/25/46 (b) (e)		195,640		172,683
Series 2017-2, Class B4, 3.650%, 05/25/47 (b) (e)		2,780,460		2,230,160
Series 2021-13, Class A4, 2.500%, 04/25/52 (b) (e)		3,745,355		3,211,642
Series 2021-4, Class A5, 2.500%, 08/25/51 (b) (e)		2,400,000		1,617,380
JP Morgan Trust, Series 2015-6, Class B4, 3.521%, 10/25/45 (b) (e)		1,375,000		876,079
MRFC Mortgage Pass-Through Trust, Series 1998-2, Class B1, 6.750%, 06/25/28		2,636		2,587

See accompanying notes to financial statements.
24

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Seasoned Credit Risk Transfer Trust
Series 2017-2, Class M1, 4.000%, 08/25/56 (b) (e)	$	881,190	$	853,291
Series 2017-3, Class M1, 4.000%, 07/25/56 (b)		1,024,918		998,577
Series 2021-3, Class TT, 2.000%, 03/25/61		1,199,818		1,061,899
Sequoia Mortgage Trust
Series 2013-8, Class B4, 3.481%, 06/25/43 (b)		441,116		320,140
Series 2015-1, Class B2, 3.920%, 01/25/45 (b) (e)		120,843		111,731
Series 2015-3, Class B1, 3.724%, 07/25/45 (b) (e)		189,917		175,774
Series 2015-4, Class B2, 3.129%, 11/25/30 (b) (e)		118,054		111,098
Series 2017-1, Class B3, 3.607%, 02/25/47 (b) (e)		982,806		724,940
Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.601%, 04/25/47 (b) (e)		1,329,243		915,221
Starwood Mortgage Residential Trust
Series 2021-3, Class A1, 1.127%, 06/25/56 (b) (e)		901,800		652,429
Series 2021-6, Class A1, 1.920%, 11/25/66 (b) (e)		1,422,831		1,152,486
Structured Asset Mortgage Investments, Inc.
Series 1998-2, Class B, 6.750%, 05/02/30 (b)		5,624		127
Series 1998-2, Class C, 6.750%, 05/02/30 (b)		3,640		82
Towd Point Mortgage Trust
Series 2015-2, Class 2M2, 4.397%, 11/25/57 (b) (e)		2,028,331		1,967,790
Series 2015-4, Class M2, 3.750%, 04/25/55 (b) (e)		2,118,995		2,036,276
Series 2018-4, Class A1, 3.000%, 06/25/58 (b) (e)		1,727,401		1,570,398
WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.673%, 06/20/45 (b) (e)		1,560,807		1,392,182
				37,869,169
Commercial Mortgage-Backed Securities (4.0%)
BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A, 4.325%, 08/15/46 (b) (e)		1,350,000		1,013,960
BB-UBS Trust
Series 2012-SHOW, Class C, 4.160%, 11/05/36 (b) (e)		500,000		480,689
Series 2012-SHOW, Class D, 4.160%, 11/05/36 (b) (e)		500,000		473,470

	Principal		Value(a)
BCAP LLC Trust, Series 2015- RR2, Class 25A3, 3.095%, 10/28/36 (b) (e)	$	977,960	$	968,297
BX Trust, Series 2022-PSB, Class D, 9.840%, 08/15/39 (1-Month USD TERM SOFR + 4.693%) (b) (e)		740,873		738,380
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		500,000		463,287
Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class A, 6.148%, 12/15/36 (1-Month USD LIBOR + 0.955%) (b) (e)		4,000,000		3,930,116
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50		1,000,000		919,695
UBS Commercial Mortgage Trust
Series 2017-C1, Class AS, 3.724%, 06/15/50		2,750,000		2,476,860
Series 2017-C6, Class A5, 3.580%, 12/15/50		3,500,000		3,108,448
Series 2017-C7, Class AS, 4.061%, 12/15/50 (b)		1,505,000		1,360,531
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.637%, 06/15/48		1,905,000		1,806,200
				17,739,933
Total other mortgage-backed securities (cost: $63,572,338)				55,609,102
Corporate Obligations (26.0%)
Basic Materials (0.2%)
Chemicals (0.2%)
International Flavors & Fragrances, Inc.
2.300%, 11/01/30 (e)		1,235,000		977,789
3.468%, 12/01/50 (e)		100,000		66,382
SK Invictus Intermediate II Sarl, 5.000%, 10/30/29 (e) (f)		50,000		39,625
				1,083,796
Communications (1.9%)
Cable/Satellite TV (0.4%)
Charter Communications Operating LLC/Charter Communications Operating Capital 2.800%, 04/01/31		1,130,000		908,544
4.800%, 03/01/50		1,000,000		754,063
				1,662,607

See accompanying notes to financial statements.
25

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Interactive Media & Services (0.0%)
Northwest Fiber LLC/ Northwest Fiber Finance Sub, Inc., 4.750%, 04/30/27 (e)	$	50,000	$	44,062
Media (0.4%)
Cable One, Inc., 4.000%, 11/15/30 (e)		162,000		126,360
CSC Holdings LLC
5.375%, 02/01/28 (e)		200,000		160,750
5.750%, 01/15/30 (e)		200,000		94,000
6.500%, 02/01/29 (e)		554,000		446,663
7.500%, 04/01/28 (e)		50,000		28,500
Time Warner Cable LLC, 5.500%, 09/01/41		535,000		441,993
VZ Secured Financing BV, 5.000%, 01/15/32 (e) (f)		385,000		315,219
				1,613,485
Software (0.2%)
Meta Platforms, Inc.
4.450%, 08/15/52		255,000		221,175
5.600%, 05/15/53		680,000		698,831
				920,006
Telecommunication (0.5%)
AT&T, Inc., 3.550%, 09/15/55		787,000		548,955
CommScope, Inc., 4.750%, 09/01/29 (e)		264,000		207,900
Crown Castle Towers LLC, 4.241%, 07/15/48 (e)		625,000		579,557
Frontier Communications Holdings LLC, 8.625%, 03/15/31 (e)		452,000		437,310
Intelsat Jackson Holdings SA, 6.500%, 03/15/30 (e) (f)		151,000		137,221
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (e)		161,000		113,706
				2,024,649
Wireless Telecommunication Services (0.4%)
Sprint Spectrum Co. LLC/ Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (e)		475,000		470,665
T-Mobile USA, Inc.
2.550%, 02/15/31		1,500,000		1,246,279
2.625%, 04/15/26		250,000		231,957
				1,948,901
Consumer Cyclical (0.7%)
Entertainment (0.5%)
Warnermedia Holdings, Inc.
5.050%, 03/15/42		1,000,000		834,583
5.141%, 03/15/52		1,500,000		1,214,977
				2,049,560

	Principal		Value(a)
Retail (0.2%)
Alimentation Couche-Tard, Inc., 3.800%, 01/25/50 (e) (f)	$	500,000	$	359,800
Fertitta Entertainment LLC/ Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/30 (e)		113,000		95,768
FirstCash, Inc., 5.625%, 01/01/30 (e)		254,000		228,918
Michaels Cos., Inc., 7.875%, 05/01/29 (e)		341,000		229,322
				913,808
Consumer, Non-cyclical (2.6%)
Agricultural Products (0.3%)
Imperial Brands Finance PLC
3.875%, 07/26/29 (e) (f)		30,000		26,369
6.125%, 07/27/27 (e) (f)		470,000		470,849
Reynolds American, Inc., 5.850%, 08/15/45		1,000,000		888,965
				1,386,183
Beverages (0.0%)
Triton Water Holdings, Inc., 6.250%, 04/01/29 (e)		252,000		215,775
Biotechnology (0.4%)
Amgen, Inc.
5.250%, 03/02/33		445,000		445,614
5.600%, 03/02/43		445,000		444,107
5.650%, 03/02/53		445,000		450,200
Grifols Escrow Issuer SA, 4.750%, 10/15/28 (e) (f)		386,000		332,925
				1,672,846
Commercial Services (0.1%)
Adtalem Global Education, Inc., 5.500%, 03/01/28 (c) (e)		45,000		40,725
Upbound Group, Inc., 6.375%, 02/15/29 (e)		54,000		47,925
WASH Multifamily Acquisition, Inc., 5.750%, 04/15/26 (e)		236,000		219,480
				308,130
Food (0.2%)
JBS USA LUX SA/ JBS USA Food Co./ JBS USA Finance, Inc., 5.750%, 04/01/33 (e) (f)		830,000		776,050
Food Products (0.3%)
Pilgrim's Pride Corp.
3.500%, 03/01/32		1,320,000		1,042,800
6.250%, 07/01/33		60,000		58,050
				1,100,850
Health Care Providers & Services (0.2%)
IQVIA, Inc., 5.700%, 05/15/28 (e)		825,000		816,750

See accompanying notes to financial statements.
26

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/29 (e)	$	365,000	$	270,100
				1,086,850
Household Products (0.0%)
Spectrum Brands, Inc., 5.500%, 07/15/30 (e)		132,000		120,450
Pharmaceuticals (1.1%)
BAT Capital Corp.
2.726%, 03/25/31		750,000		595,671
4.540%, 08/15/47		1,000,000		734,217
Bayer U.S. Finance II LLC
4.375%, 12/15/28 (e)		1,500,000		1,419,888
4.400%, 07/15/44 (e)		1,000,000		793,680
CVS Health Corp., 5.050%, 03/25/48		1,000,000		918,851
Kevlar SpA, 6.500%, 09/01/29 (e) (f)		375,000		320,481
				4,782,788
Energy (1.6%)
Oil & Gas (0.4%)
Archrock Partners LP/ Archrock Partners Finance Corp., 6.250%, 04/01/28 (e)		50,000		46,500
Ecopetrol SA, 8.875%, 01/13/33 (f)		40,000		39,250
KazMunayGas National Co. JSC, 5.375%, 04/24/30 (f)		500,000		463,125
NGPL PipeCo LLC, 3.250%, 07/15/31 (e)		1,000,000		827,913
Qatar Energy, 2.250%, 07/12/31 (f)		200,000		167,504
Transocean Titan Financing Ltd., 8.375%, 02/01/28 (e) (f)		350,000		356,125
				1,900,417
Pipelines (1.2%)
Energy Transfer LP
5.000%, 05/15/50		93,000		78,486
6.850%, 02/15/40		1,850,000		1,863,385
Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/34 (e) (f)		443,550		378,584
Plains All American Pipeline LP/PAA Finance Corp., 3.550%, 12/15/29		500,000		435,968
Rockies Express Pipeline LLC, 4.950%, 07/15/29 (e)		256,000		231,680
Sabine Pass Liquefaction LLC, Series WI, 4.500%, 05/15/30		20,000		18,925
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,500,000		1,702,596

	Principal		Value(a)
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26	$	156,000	$	134,550
Venture Global Calcasieu Pass LLC
3.875%, 11/01/33 (e)		50,000		40,750
4.125%, 08/15/31 (e)		360,000		307,800
6.250%, 01/15/30 (e)		125,000		123,281
				5,316,005
Financial (13.4%)
Banks (9.6%)
ABN AMRO Bank NV, 2.470%, 12/13/29 (1 year CMT + 1.100%) (b) (e) (f)		500,000		417,724
Bank of America Corp.
2.496%, 02/13/31 (3-Month USD TERM SOFR + 1.252%) (b)		1,000,000		833,799
2.572%, 10/20/32 (SOFRRATE + 1.210%) (b)		685,000		555,309
3.194%, 07/23/30 (3-Month USD TERM SOFR + 1.442%) (b)		2,410,000		2,120,352
3.974%, 02/07/30 (3-Month USD TERM SOFR + 1.472%) (b)		1,630,000		1,505,489
Citigroup, Inc.
1.281%, 11/03/25 (SOFRRATE + 0.528%) (b)		2,625,000		2,457,168
2.520%, 11/03/32 (SOFRRATE + 1.177%) (b)		750,000		603,061
2.666%, 01/29/31 (SOFRRATE + 1.146%) (b)		1,000,000		842,677
3.057%, 01/25/33 (SOFRRATE + 1.351%) (b)		330,000		274,212
Goldman Sachs Group, Inc.
1.431%, 03/09/27 (SOFRRATE + 0.798%) (b)		300,000		267,806
2.383%, 07/21/32 (SOFRRATE + 1.248%) (b)		3,785,000		3,027,349
HSBC Holdings PLC
2.013%, 09/22/28 (SOFRRATE + 1.732%) (b) (f)		1,000,000		855,914
2.357%, 08/18/31 (SOFRRATE + 1.947%) (b) (f)		1,770,000		1,403,785
6.332%, 03/09/44 (SOFRRATE + 2.650%) (b) (f)		845,000		870,711
JPMorgan Chase & Co.
0.969%, 06/23/25 (3-Month USD TERM SOFR + 0.580%) (b)		1,000,000		948,939

See accompanying notes to financial statements.
27

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
1.040%, 02/04/27 (3-Month USD TERM SOFR + 0.695%) (b)	$	2,500,000	$	2,226,152
1.470%, 09/22/27 (SOFRRATE + 0.765%) (b)		1,500,000		1,323,825
2.580%, 04/22/32 (3-Month USD TERM SOFR + 1.250%) (b)		865,000		716,295
Lloyds Banking Group PLC
1.627%, 05/11/27 (1 year CMT + 0.850%) (b) (f)		500,000		441,934
3.574%, 11/07/28 (3-Month USD LIBOR + 1.205%) (b) (f)		1,000,000		904,676
4.976%, 08/11/33 (1 year CMT + 2.300%) (b) (f)		495,000		461,616
Morgan Stanley
1.164%, 10/21/25 (SOFRRATE + 0.560%) (b)		800,000		747,568
1.928%, 04/28/32 (SOFRRATE + 1.020%) (b)		1,354,000		1,051,862
NatWest Group PLC, 4.269%, 03/22/25 (3-Month USD LIBOR + 1.762%) (b) (f)		460,000		451,867
PNC Financial Services Group, Inc., 5.068%, 01/24/34 (SOFRRATE + 1.933%) (b)		600,000		573,218
Santander UK Group Holdings PLC
1.089%, 03/15/25 (SOFRRATE + 0.787%) (b) (f)		540,000		517,301
2.469%, 01/11/28 (SOFRRATE + 1.220%) (b) (f)		2,000,000		1,742,302
U.S. Bancorp
3.000%, 07/30/29		765,000		645,407
4.839%, 02/01/34 (SOFRRATE + 1.600%) (b)		320,000		299,457
Series J, 5.300%, 04/15/27 (3-Month USD TERM SOFR + 3.176%) (b)		800,000		650,000
5.836%, 06/12/34 (SOFRRATE + 2.260%) (b)		255,000		255,273
5.850%, 10/21/33 (SOFRRATE + 2.090%) (b)		210,000		210,381
UBS Group AG
2.593%, 09/11/25 (SOFRRATE + 1.560%) (b) (e) (f)		555,000		525,964
3.091%, 05/14/32 (SOFRRATE + 1.730%) (b) (e) (f)		3,795,000		3,054,038

	Principal		Value(a)
6.373%, 07/15/26 (SOFRRATE + 3.340%) (b) (e) (f)	$	445,000	$	441,885
6.537%, 08/12/33 (SOFRRATE + 3.920%) (b) (e) (f)		320,000		324,000
9.016%, 11/15/33 (SOFRRATE + 5.020%) (b) (e) (f)		1,760,000		2,111,660
Wells Fargo & Co.
2.393%, 06/02/28 (SOFRRATE + 2.100%) (b)		3,730,000		3,306,436
2.879%, 10/30/30 (3-Month USD TERM SOFR + 1.431%) (b)		1,000,000		864,308
3.000%, 10/23/26		1,100,000		1,019,631
4.897%, 07/25/33 (SOFRRATE + 2.100%) (b)		195,000		186,900
				42,038,251
Finance (0.9%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 01/30/32 (f)		1,500,000		1,222,521
Air Lease Corp., 3.250%, 10/01/29		1,500,000		1,273,200
Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (e) (f)		1,500,000		1,262,040
GGAM Finance Ltd., 8.000%, 06/15/28 (e) (f)		221,000		220,171
Jane Street Group/ JSG Finance, Inc., 4.500%, 11/15/29 (e)		150,000		129,000
				4,106,932
Financial Services (0.4%)
Helios Leasing I LLC, 1.825%, 05/16/25		27,370		26,359
Macquarie Group Ltd., 2.691%, 06/23/32 (SOFRRATE + 1.440%) (b) (e) (f)		2,075,000		1,640,724
				1,667,083
Insurance (0.9%)
Acrisure LLC/Acrisure Finance, Inc., 7.000%, 11/15/25 (e)		48,000		46,440
Athene Global Funding, 1.985%, 08/19/28 (e)		1,000,000		802,036
Farmers Insurance Exchange, 4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%) (b) (e)		500,000		393,406
Metropolitan Life Global Funding I, 5.150%, 03/28/33 (e)		290,000		285,498

See accompanying notes to financial statements.
28

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)	$	2,125,000	$	1,752,494
Willis North America, Inc., 5.350%, 05/15/33		670,000		650,737
				3,930,611
Investment Companies (0.1%)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.250%, 05/15/27		206,000		176,645
6.250%, 05/15/26		150,000		136,875
6.375%, 12/15/25		50,000		46,438
				359,958
Real Estate Investment Trust — Health Care (0.2%)
Healthcare Realty Holdings LP, 3.100%, 02/15/30		1,000,000		851,657
Real Estate Investment Trust — Office Property (0.1%)
Hudson Pacific Properties LP
3.250%, 01/15/30		705,000		445,787
3.950%, 11/01/27		65,000		46,881
5.950%, 02/15/28		25,000		19,750
				512,418
REITS-Storage (0.0%)
Life Storage LP, 2.400%, 10/15/31		70,000		55,454
Residential REITs (0.1%)
Invitation Homes Operating Partnership LP
2.000%, 08/15/31		60,000		45,622
2.700%, 01/15/34		460,000		346,364
				391,986
Savings and Loans (0.1%)
Nationwide Building Society, 2.972%, 02/16/28 (SOFRRATE + 1.290%) (b) (e) (f)		500,000		448,392
Specialized REITs (1.0%)
American Tower Corp.
2.700%, 04/15/31		920,000		761,915
5.550%, 07/15/33		565,000		566,227
Extra Space Storage LP, 2.550%, 06/01/31		575,000		463,647
GLP Capital LP/GLP Financing II, Inc.
3.250%, 01/15/32		7,000		5,605
4.000%, 01/15/30		465,000		399,114
5.300%, 01/15/29		1,000,000		937,631
Hudson Pacific Properties LP, 4.650%, 04/01/29		110,000		77,962
VICI Properties LP
4.950%, 02/15/30		10,000		9,338
5.625%, 05/15/52		100,000		89,750

	Principal		Value(a)
VICI Properties LP/ VICI Note Co., Inc.
3.750%, 02/15/27 (e)	$	20,000	$	18,300
3.875%, 02/15/29 (e)		1,470,000		1,286,250
4.125%, 08/15/30 (e)		17,000		14,918
4.500%, 01/15/28 (e)		17,000		15,576
				4,646,233
Health Care (1.6%)
Health Care Providers & Services (1.6%)
Centene Corp.
3.000%, 10/15/30		1,087,000		904,927
4.250%, 12/15/27		715,000		669,597
CommonSpirit Health, 4.350%, 11/01/42 (c)		405,000		346,253
HCA, Inc.
3.500%, 09/01/30		650,000		569,563
3.625%, 03/15/32 (e)		1,513,000		1,312,491
4.625%, 03/15/52 (e)		400,000		328,305
New York & Presbyterian Hospital, 2.256%, 08/01/40		1,175,000		787,994
NYU Langone Hospitals, Series 2020, 3.380%, 07/01/55		1,829,000		1,285,714
Sinai Health System, 3.034%, 01/20/36		1,115,000		995,391
				7,200,235
Industrials (0.5%)
Construction & Engineering (0.0%)
Artera Services LLC, 9.033%, 12/04/25 (e)		162,000		140,940
Containers & Packaging (0.3%)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.250%, 08/15/27 (e) (f)		446,000		375,755
Berry Global, Inc., 5.500%, 04/15/28 (e)		1,000,000		983,750
				1,359,505
Environmental Control (0.1%)
Waste Pro USA, Inc., 5.500%, 02/15/26 (e)		354,000		327,007
Machinery (0.0%)
OT Merger Corp., 7.875%, 10/15/29 (e)		126,000		75,600
Transport Services (0.1%)
Transnet SOC Ltd., 8.250%, 02/06/28 (e) (f)		200,000		194,000
Information Technology (0.7%)
Computers (0.1%)
NCR Corp., 5.125%, 04/15/29 (e)		489,000		432,765

See accompanying notes to financial statements.
29

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
IT Services (0.1%)
Global Payments, Inc.
5.400%, 08/15/32	$	225,000	$	219,203
5.950%, 08/15/52		293,000		279,781
				498,984
Software (0.5%)
Open Text Corp., 6.900%, 12/01/27 (e) (f)		85,000		86,275
Oracle Corp.
3.600%, 04/01/50		1,000,000		712,368
3.850%, 07/15/36		500,000		416,717
3.950%, 03/25/51		600,000		453,752
6.500%, 04/15/38		160,000		170,940
6.900%, 11/09/52		105,000		117,566
				1,957,618
Technology (0.1%)
Semiconductor Equipment (0.1%)
Broadcom, Inc., 3.419%, 04/15/33 (e)		500,000		416,921
Transport-Services (0.1%)
Passenger Airlines (0.1%)
JetBlue Pass Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34		719,311		651,861
Utilities (2.6%)
Electric Utilities (1.7%)
Arizona Public Service Co., 5.550%, 08/01/33		465,000		465,670
Duke Energy Carolinas LLC, 4.250%, 12/15/41		1,280,000		1,101,825
Entergy Mississippi LLC, 3.250%, 12/01/27		500,000		452,251
Eversource Energy, Series N, 3.800%, 12/01/23		950,000		942,864
FirstEnergy Corp., 2.650%, 03/01/30		266,000		224,032
FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e)		2,000,000		1,841,246
MidAmerican Energy Co., 4.250%, 07/15/49		1,750,000		1,480,003
Niagara Mohawk Power Corp., 4.278%, 10/01/34 (e)		490,000		434,626
Puget Sound Energy, Inc., 5.448%, 06/01/53		450,000		453,537
				7,396,054
Gas Utilities (0.9%)
East Ohio Gas Co., 1.300%, 06/15/25 (e)		1,380,000		1,260,843
Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50		1,410,000		956,172

	Principal		Value(a)
Southern Co. Gas Capital Corp.
3.875%, 11/15/25	$	1,105,000	$	1,053,845
4.400%, 05/30/47		775,000		645,739
				3,916,599
Total corporate obligations (cost: $122,569,806)				114,504,282
Bank Loans (1.9%)
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 8.967%, 10/01/25 (1-Month USD TERM SOFR + 3.750%) (b) (c) (e)		9,706		8,942
Acrisure LLC, 2020 Term Loan B, 8.693%, 02/15/27 (1-Month USD LIBOR + 3.500%) (b) (e)		247,442		240,122
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 8.896%, 07/31/28 (1-Month USD LIBOR + 3.750%) (b) (e)		247,500		242,086
Amentum Government Services Holdings LLC, Term Loan B, 9.217%, 01/29/27 (1-Month USD TERM SOFR + 4.000%) (b) (e)		247,449		243,119
American Airlines, Inc., 2021 Term Loan, 10.000%, 04/20/28 (3-Month USD LIBOR + 4.750%) (b) (e)		29,399		30,035
Arches Buyer, Inc., 2021 Term Loan B, 8.453%, 12/06/27 (1-Month USD TERM SOFR + 3.250%) (b) (e)		37,852		36,374
Asurion LLC 2018 Term Loan B7, 8.538%, 11/03/24 (b) (c) (e)		14,386		14,360
2022 Term Loan B10, 9.203%, 08/19/28 (1-Month USD TERM SOFR + 4.000%) (b) (e)		248,125		234,271
Bausch & Lomb, Inc., Term Loan, 8.592%, 05/10/27 (3-Month USD TERM SOFR + 3.250%) (b) (e)		39,919		38,703
CDK Global, Inc., 2022 USD Term Loan B, 9.492%, 07/06/29 (3-Month USD TERM SOFR + 4.250%) (b) (e)		248,750		247,874

See accompanying notes to financial statements.
30

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Chemours Co., 2018 USD Term Loan B, 6.953%, 04/03/25 (1-Month USD TERM SOFR + 1.750%) (b) (e)	$	7,194	$	7,122
City Brewing Co. LLC, Closing Date Term Loan, 8.760%, 04/05/28 (3-Month USD LIBOR + 3.500%) (b) (c) (e)		35,376		22,817
CommScope, Inc., 2019 Term Loan B, 8.467%, 04/06/26 (1-Month USD LIBOR + 3.250%) (b) (e)		247,429		236,542
Corporation Service Co., Term Loan B, 8.453%, 11/02/29 (1-Month USD TERM SOFR + 3.250%) (b) (e)		238,750		238,929
Crown Finance US, Inc., 2022 DIP Term Loan, 15.238%, 09/07/23 (1-Month USD TERM SOFR + 10.000%) (b) (e)		106,781		107,804
CSC Holdings LLC, 2019 Term Loan B5, 7.693%, 04/15/27 (b) (c) (e)		63,801		55,613
Dave & Buster's, Inc., 2023 Term Loan, 9.000%, 06/29/29 (1-Month USD TERM SOFR + 5.000%) (b) (c) (e)		22,090		21,979
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 8.992%, 04/09/27 (3-Month USD TERM SOFR + 3.750%) (b) (e)		21,281		20,589
Delos Finance SARL, 2018 Term Loan B, 7.288%, 10/06/23 (3-Month USD LIBOR + 1.750%) (b) (c) (e)		22,940		22,915
DirecTV Financing LLC, Term Loan, 10.217%, 08/02/27 (1-Month USD Term SOFR + 5.000%) (b) (e)		225,871		220,628
Entegris, Inc., 2023 Term Loan B, 7.989%, 07/06/29 (1-Month USD TERM SOFR + 2.750%, 3-Month USD TERM SOFR + 2.750%) (b) (e)		31,190		31,185
Fertitta Entertainment LLC, 2022 Term Loan B, 9.103%, 01/27/29 (1-Month USD TERM SOFR + 4.000%) (b) (e)		247,494		244,207

	Principal		Value(a)
Filtration Group Corp., 2023 USD Term Loan, 9.326%, 10/21/28 (1-Month USD TERM SOFR + 4.250%) (b) (c) (e)	$	30,273	$	30,178
Formula One Holdings Ltd., Term Loan B, 8.103%, 01/15/30 (1-Month USD TERM SOFR + 3.000%) (b) (e)		8,453		8,443
Frontier Communications Corp., 2021 1st Lien Term Loan, 9.000%, 05/01/28 (1-Month USD LIBOR + 3.750%) (b) (e)		34,057		33,007
Gainwell Acquisition Corp., Term Loan B, 9.342%, 10/01/27 (3-Month USD TERM SOFR + 4.000%) (b) (e)		247,462		243,131
Genesee & Wyoming, Inc., Term Loan, 7.342%, 12/30/26 (3-Month USD TERM SOFR + 2.000%) (b) (e)		18,778		18,741
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 7.414%, 11/15/27 (1-Month USD LIBOR + 2.000%) (b) (c) (e)		50,000		49,170
H Food Holdings LLC, 2018 Term Loan B, 9.269%, 05/23/25 (6-Month USD LIBOR + 3.688%) (b) (e)		17,409		15,271
Hilton Domestic Operating Co., Inc., 2019 Term Loan B2, 6.939%, 06/22/26 (1-Month USD TERM SOFR + 1.750%) (b) (e)		17,955		17,925
Hostess Brands LLC, 2023 Term Loan B, 7.742%, 06/21/30 (3-Month USD LIBOR + 2.250%) (b) (c) (e)		106,743		106,209
ICON Luxembourg SARL, LUX Term Loan, 7.754%, 07/03/28 (3-Month USD TERM SOFR + 2.250%) (b) (e)		60,597		60,559
II-VI, Inc., 2022 Term Loan B, 7.967%, 07/02/29 (1-Month USD TERM SOFR + 2.750%) (b) (e)		245,182		244,569

See accompanying notes to financial statements.
31

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 9.444%, 02/01/29 (3-Month USD TERM SOFR + 4.250%) (b) (e)	$	225,668	$	224,352
IQVIA, Inc., 2018 USD Term Loan B3, 7.288%, 06/11/25 (1-Month USD LIBOR + 1.750%) (b) (e)		70,364		70,288
Jazz Financing Lux SARL, USD Term Loan, 8.864%, 05/05/28 (1-Month USD LIBOR + 3.500%) (b) (e)		223,037		222,723
KFC Holding Co., 2021 Term Loan B, 6.896%, 03/15/28 (1-Month USD LIBOR + 1.750%) (b) (e)		59,269		58,676
Medline Borrower LP, USD Term Loan B, 8.353%, 10/23/28 (1-Month USD Term SOFR + 3.250%) (b) (e)		147,998		146,200
MH Sub I LLC, 2023 Term Loan, 9.353%, 05/03/28 (1-Month USD TERM SOFR + 4.250%) (b) (e)		44,381		42,458
Naked Juice LLC, 2nd Lien Term Loan, 11.342%, 01/24/30 (3-Month USD TERM SOFR + 6.000%) (b) (e)		38,193		30,196
Naked Juice LLC, Term Loan, 8.300%, 01/24/29 (1-Month USD TERM SOFR + 3.250%, 3-Month USD TERM SOFR + 3.250%) (b) (e)		248,120		230,530
NortonLifeLock, Inc., 2021 Term Loan A, 6.953%, 09/10/27 (1-Month USD TERM SOFR + 1.750%) (b) (e)		140,508		137,347
Open Text Corp.
2022 Term Loan B, 8.584%, 01/31/30 (1-Month USD TERM SOFR + 3.500%) (b) (c) (e)		45,861		45,935
Term Loan B, 6.952%, 05/30/25 (1-Month USD TERM SOFR + 1.750%) (b) (c) (e)		35,479		35,468

	Principal		Value(a)
Oracle Corp., Term Loan A1, 6.777%, 08/16/27 (1-Month USD TERM SOFR + 1.600%) (b) (c) (e)	$	273,318	$	270,585
Organon & Co., USD Term Loan, 8.250%, 06/02/28 (1-Month USD LIBOR + 3.000%) (b) (e)		455,626		454,772
Patriot Container Corp., 2018 1st Lien Term Loan, 8.834%, 03/20/25 (1-Month USD TERM SOFR + 3.750%) (b) (c) (e)		9,706		8,917
Peraton Corp., Term Loan B, 8.953%, 02/01/28 (1-Month USD TERM SOFR + 3.750%) (b) (e)		256,531		251,537
Playtika Holding Corp., 2021 Term Loan, 7.943%, 03/13/28 (1-Month USD LIBOR + 2.750%) (b) (e)		247,468		246,308
PRA Health Sciences, Inc., US Term Loan, 7.754%, 07/03/28 (3-Month USD TERM SOFR + 2.250%) (b) (e)		15,098		15,088
Pre-Paid Legal Services, Inc., 2021 Term Loan, 8.943%, 12/15/28 (1-Month USD LIBOR + 3.750%) (b) (e)		247,494		243,596
Proofpoint, Inc., 1st Lien Term Loan, 8.467%, 08/31/28 (1-Month USD TERM SOFR + 3.250%) (b) (e)		247,487		241,781
RealPage, Inc., 1st Lien Term Loan, 8.217%, 04/24/28 (1-Month USD LIBOR + 3.000%) (b) (e)		21,778		21,261
Renaissance Holding Corp., 2023 Refi Term Loan, 9.992%, 04/05/30 (1-Month USD TERM SOFR + 4.750%) (b) (e)		56,770		56,025
SBA Senior Finance II LLC, 2018 Term Loan B, 6.950%, 04/11/25 (1-Month USD LIBOR + 1.750%) (b) (e)		346,034		345,849
Scientific Games International, Inc., 2022 USD Term Loan, 8.248%, 04/14/29 (1-Month USD TERM SOFR + 3.000%) (b) (e)		247,500		246,793

See accompanying notes to financial statements.
32

SFT Core Bond Fund
Investments in Securities – continued

	Principal		Value(a)
Spin Holdco, Inc., 2021 Term Loan, 9.230%, 03/04/28 (3-Month USD LIBOR + 4.000%) (b) (e)	$	247,468	$	209,111
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 9.092%, 10/01/26 (3-Month USD TERM SOFR + 3.750%) (b) (e)		247,468		245,818
TransDigm, Inc., 2023 Term Loan I, 8.492%, 08/24/28 (3-Month USD TERM SOFR + 3.250%) (b) (e)		111,681		111,529
TruGreen LP, 2020 Term Loan, 9.203%, 11/02/27 (1-Month USD LIBOR + 4.000%) (b) (e)		247,462		227,046
United Airlines, Inc., 2021 Term Loan B, 9.292%, 04/21/28 (3-Month USD LIBOR + 3.750%) (b) (e)		196,965		196,571
Whatabrands LLC, 2021 Term Loan B, 8.467%, 08/03/28 (1-Month USD LIBOR + 3.250%) (b) (e)		247,487		245,863
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 7.950%, 05/18/25 (1-Month USD LIBOR + 2.750%) (b) (c) (e)		41,377		41,233
Zayo Group Holdings, Inc., USD Term Loan, 8.217%, 03/09/27 (1-Month USD TERM SOFR + 3.000%) (b) (e)		300,000		234,643
Total Bank Loans (cost: $8,517,445)				8,551,918
Foreign Bonds (0.7%)
Brazilian Government International Bond, 3.875%, 06/12/30 (f)		200,000		177,117
Colombia Government International Bond, 3.000%, 01/30/30 (f)		300,000		232,919
Dominican Republic International Bond, 4.875%, 09/23/32 (f)		150,000		127,125
Hungary Government International Bond, 2.125%, 09/22/31 (f)		250,000		193,124
Mexico Government International Bond, 2.659%, 05/24/31 (f)		600,000		496,256

	Shares/ Principal		Value(a)
Panama Government International Bond, 2.252%, 09/29/32 (f)	$	500,000	$	380,625
Perusahaan Penerbit SBSN Indonesia III, 2.800%, 06/23/30 (e) (f)		500,000		443,750
Peruvian Government International Bond, 2.844%, 06/20/30 (f)		400,000		348,566
Republic of Poland Government International Bond, 5.750%, 11/16/32 (f)		22,000		23,056
Republic of South Africa Government International Bond, 4.850%, 09/30/29 (f)		200,000		175,500
Romanian Government International Bond, 3.000%, 02/14/31 (f)		300,000		248,100
Total Foreign Bonds (cost: $2,846,432)				2,846,138
Total long-term debt securities (cost: $502,472,437)				476,161,120
Short-Term Securities (10.6%)
Investment Companies (0.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		2,951,126		2,951,126
U.S. Government Agencies and Obligations (9.9%)
U.S. Treasury Bill
4.454%, 07/20/23 (c)		32,640,000		32,562,163
4.882%, 08/03/23		813,000		809,398
5.288%, 10/12/23		2,235,000		2,202,425
5.317%, 10/19/23		8,430,000		8,298,239
Total U.S. Government Agencies and Obligations (cost: $43,872,461)				43,872,225
Total short-term securities (cost: $46,823,587)				46,823,351
Total investments in securities (cost: $549,296,024) (g)				522,984,471
Liabilities in excess of cash and other assets (-18.9%)				(83,265,571	)
Total net assets (100.0%)			$	439,718,900

See accompanying notes to financial statements.
33

SFT Core Bond Fund
Investments in Securities – continued

Investments in Securities Legend

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

(b) Variable rate security.

(c) Security is issued on a when-issued or forward commitment basis. As of June 30, 2023, the total cost of investments issued on a when-issued or forward commitment basis was $109,666,615.

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

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

(f) Foreign security: the Fund held 6.6% of net assets in foreign securities at June 30, 2023.

(g) At June 30, 2023, the cost of investments for federal income tax purposes was $548,135,761. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	1,610,391
Gross unrealized depreciation		(28,443,821	)
Net unrealized depreciation	$	(26,833,430	)

Holdings of Open Futures Contracts

On June 30, 2023, $1,154,000 in cash has been pledged to cover margin requirements for the following open futures contracts:

Description	Expiration Date	Number of Contracts		Position Type	Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)(a)
2 Year U.S. Treasury Note	September 2023		491	Long	$	101,304,036	$	99,841,781	$	(1,462,255	)
5 Year U.S. Treasury Note	September 2023		104	Long		11,351,740		11,137,750		(213,990	)
10 Year U.S. Ultra	September 2023		2	Long		241,004		236,875		(4,129	)
U.S. Ultra Bond	September 2023		7	Long		955,297		953,531		(1,766	)
							$112,169,937		$(1,682,140)

See accompanying notes to financial statements.
34

SFT Delaware Ivy^SM Growth Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.6%)
Communication Services (2.2%)
Entertainment (2.2%)
Electronic Arts, Inc.		98,854	$	12,821,364
Consumer Discretionary (13.0%)
Automobiles (2.3%)
Ferrari NV (b)		40,991		13,330,683
Broadline Retail (5.8%)
Amazon.com, Inc. (c)		256,324		33,414,397
Hotels, Restaurants & Leisure (1.3%)
Booking Holdings, Inc. (c)		2,763		7,461,012
Specialty Retail (0.6%)
Home Depot, Inc.		11,492		3,569,875
Textiles, Apparel & Luxury Goods (3.0%)
LVMH Moet Hennessy Louis Vuitton SE ADR (b)		50,187		9,477,313
NIKE, Inc. Class B		73,149		8,073,455
				17,550,768
Consumer Staples (2.7%)
Beverages (2.5%)
Coca-Cola Co.		243,821		14,682,901
Personal Products (0.2%)
Estee Lauder Cos., Inc. Class A		3,970		779,628
Financial (10.8%)
Capital Markets (5.0%)
Intercontinental Exchange, Inc.		135,119		15,279,256
S&P Global, Inc.		34,848		13,970,215
				29,249,471
IT Services (5.8%)
Visa, Inc. Class A		142,423		33,822,614
Health Care (11.9%)
Health Care Equipment & Supplies (3.5%)
Cooper Cos., Inc.		28,507		10,930,439
Intuitive Surgical, Inc. (c)		27,513		9,407,795
				20,338,234
Health Care Providers & Services (3.8%)
UnitedHealth Group, Inc.		45,502		21,870,082
Health Care Technology (1.0%)
Veeva Systems, Inc. Class A (c)		30,770		6,084,152
Life Sciences Tools & Services (2.7%)
Danaher Corp.		65,484		15,716,160
Pharmaceuticals (0.9%)
Zoetis, Inc.		31,715		5,461,640
Industrials (12.4%)
Commercial Services & Supplies (0.8%)
Waste Connections, Inc. (b)		33,579		4,799,446

	Shares		Value(a)
Ground Transportation (2.0%)
JB Hunt Transport Services, Inc.		49,593	$	8,977,821
Union Pacific Corp.		12,482		2,554,067
				11,531,888
IT Services (1.8%)
Broadridge Financial Solutions, Inc.		61,855		10,245,044
Professional Services (7.8%)
CoStar Group, Inc. (c)		248,389		22,106,621
Equifax, Inc.		51,811		12,191,128
TransUnion		76,064		5,958,093
Verisk Analytics, Inc.		23,211		5,246,383
				45,502,225
Information Technology (46.6%)
Communications Equipment (3.5%)
Motorola Solutions, Inc.		69,750		20,456,280
Computer Peripherals (8.2%)
Apple, Inc.		245,746		47,667,352
Interactive Media & Services (6.0%)
Alphabet, Inc. Class A (c)		247,955		29,680,214
Alphabet, Inc. Class C (c)		42,161		5,100,216
				34,780,430
IT Services (4.2%)
VeriSign, Inc. (c)		108,747		24,573,559
Semiconductors & Semiconductor Equipment (4.6%)
NVIDIA Corp.		62,979		26,641,376
Software (20.1%)
Adobe, Inc. (c)		19,286		9,430,661
Autodesk, Inc. (c)		29,780		6,093,286
Intuit, Inc.		29,128		13,346,159
Microsoft Corp.		232,504		79,176,912
Salesforce, Inc. (c)		41,174		8,698,419
				116,745,437
Total common stocks (cost: $332,375,399)				579,096,018
Short-Term Securities (0.4%)
Investment Companies (0.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		2,221,491		2,221,491
Total short-term securities (cost: $2,221,491)				2,221,491
Total investments in securities (cost: $334,596,890) (d)				581,317,509
Liabilities in excess of cash and other assets (0.0%)				(152,616	)
Total net assets (100.0%)			$	581,164,893

See accompanying notes to financial statements.
35

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

Investments in Securities Legend

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

(b) Foreign security: the Fund held 4.8% of net assets in foreign securities at June 30, 2023.

(d) At June 30, 2023, the cost of investments for federal income tax purposes was $335,200,914. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	249,658,111
Gross unrealized depreciation		(3,541,516	)
Net unrealized appreciation	$	246,116,595

See accompanying notes to financial statements.
36

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

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Common Stocks (98.7%)
Communication Services (1.6%)
Diversified Telecommunication Services (1.6%)
Iridium Communications, Inc.		38,990	$	2,422,059
Consumer Discretionary (14.0%)
Automobile Components (2.3%)
Fox Factory Holding Corp. (b)		10,875		1,180,046
Visteon Corp. (b)		16,348		2,347,736
				3,527,782
Entertainment (1.1%)
IMAX Corp. (b) (c)		95,779		1,627,285
Hotels, Restaurants & Leisure (7.7%)
First Watch Restaurant Group, Inc. (b)		49,966		844,425
Marriott Vacations Worldwide Corp.		9,196		1,128,533
Monarch Casino & Resort, Inc.		12,246		862,731
Red Rock Resorts, Inc. Class A		67,373		3,151,709
Texas Roadhouse, Inc.		32,159		3,610,813
Wingstop, Inc.		11,488		2,299,438
				11,897,649
Household Durables (1.3%)
Meritage Homes Corp.		14,439		2,054,237
Specialty Retail (1.6%)
Boot Barn Holdings, Inc. (b)		29,575		2,504,707
Consumer Staples (2.3%)
Beverages (1.5%)
Duckhorn Portfolio, Inc. (b)		40,944		531,044
MGP Ingredients, Inc.		17,129		1,820,470
				2,351,514
Personal Products (0.8%)
BellRing Brands, Inc. (b)		35,082		1,284,001
Energy (3.7%)
Energy Equipment & Services (3.2%)
Cactus, Inc. Class A		47,259		2,000,001
Weatherford International PLC (b) (c)		43,240		2,872,001
				4,872,002
Oil, Gas & Consumable Fuels (0.5%)
SM Energy Co.		26,723		845,248
Financial (5.8%)
Capital Markets (1.6%)
Houlihan Lokey, Inc.		24,770		2,435,139
Commercial Banks (0.8%)
Seacoast Banking Corp. of Florida		54,035		1,194,173
Financial Services (1.1%)
Flywire Corp. (b)		56,868		1,765,183

	Shares		Value(a)
Insurance (2.3%)
Kinsale Capital Group, Inc.		9,556	$	3,575,855
Health Care (22.5%)
Biotechnology (4.4%)
Halozyme Therapeutics, Inc. (b)		46,753		1,686,381
Insmed, Inc. (b)		63,456		1,338,921
PTC Therapeutics, Inc. (b)		18,327		745,359
Vericel Corp. (b)		80,854		3,037,685
				6,808,346
Health Care Equipment & Supplies (6.1%)
Axonics, Inc. (b)		25,174		1,270,532
Inmode Ltd. (b) (c)		79,076		2,953,488
Penumbra, Inc. (b)		6,746		2,321,029
TransMedics Group, Inc. (b)		34,248		2,876,147
				9,421,196
Health Care Providers & Services (6.0%)
Acadia Healthcare Co., Inc. (b)		34,724		2,765,419
Progyny, Inc. (b)		98,764		3,885,376
R1 RCM, Inc. (b)		138,141		2,548,702
				9,199,497
Health Care Technology (1.8%)
Evolent Health, Inc. Class A (b)		92,254		2,795,296
Life Sciences Tools & Services (1.6%)
CryoPort, Inc. (b)		97,366		1,679,564
Cytek Biosciences, Inc. (b)		83,295		711,339
				2,390,903
Pharmaceuticals (2.6%)
Harmony Biosciences Holdings, Inc. (b)		59,571		2,096,304
Pacira BioSciences, Inc. (b)		48,288		1,934,900
				4,031,204
Industrials (19.3%)
Aerospace & Defense (2.0%)
Parsons Corp. (b)		63,965		3,079,275
Building Products (0.9%)
AAON, Inc.		14,557		1,380,149
Commercial Services & Supplies (3.8%)
Casella Waste Systems, Inc. Class A (b)		19,186		1,735,374
Clean Harbors, Inc. (b)		24,951		4,102,693
				5,838,067
Electrical Equipment (3.5%)
EnerSys		26,650		2,892,058
Shoals Technologies Group, Inc. Class A (b)		98,347		2,513,749
				5,405,807
Ground Transportation (1.4%)
Saia, Inc. (b)		6,198		2,122,257

See accompanying notes to financial statements.
37

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

	Shares		Value(a)
Machinery (2.1%)
Chart Industries, Inc. (b)		3,455	$	552,075
Federal Signal Corp.		41,007		2,625,678
				3,177,753
Marine Transportation (1.8%)
Kirby Corp. (b)		37,104		2,855,153
Professional Services (2.0%)
CBIZ, Inc. (b)		57,816		3,080,437
Trading Companies & Distributors (1.8%)
SiteOne Landscape Supply, Inc. (b)		16,340		2,734,662
Information Technology (26.4%)
Communications Equipment (1.3%)
Calix, Inc. (b)		40,585		2,025,597
Computer Peripherals (1.2%)
Super Micro Computer, Inc. (b)		7,241		1,804,819
Electronic Equipment, Instruments & Components (1.1%)
Belden, Inc.		17,495		1,673,397
IT Services (1.6%)
Shift4 Payments, Inc. Class A (b)		36,443		2,474,844
Semiconductors & Semiconductor Equipment (5.9%)
Allegro MicroSystems, Inc. (b)		79,347		3,581,723
Onto Innovation, Inc. (b)		16,166		1,882,854
Power Integrations, Inc.		17,900		1,694,593
Rambus, Inc. (b)		15,163		973,010
Silicon Laboratories, Inc. (b)		5,724		902,904
				9,035,084

	Shares		Value(a)
Software (15.3%)
Box, Inc. Class A (b)		79,747	$	2,342,967
CyberArk Software Ltd. (b) (c)		24,079		3,764,270
DoubleVerify Holdings, Inc. (b)		130,737		5,088,284
Instructure Holdings, Inc. (b)		67,809		1,706,074
Jamf Holding Corp. (b)		42,653		832,587
Paycor HCM, Inc. (b)		123,041		2,912,381
Smartsheet, Inc. Class A (b)		57,057		2,183,001
Sprout Social, Inc. Class A (b)		46,808		2,160,657
Tenable Holdings, Inc. (b)		60,373		2,629,244
				23,619,465
Materials (2.3%)
Metals & Mining (2.3%)
ATI, Inc. (b)		79,814		3,530,173
Real Estate (0.8%)
Hotels & Resort REITs (0.8%)
Ryman Hospitality Properties, Inc.		13,465		1,251,168
Total common stocks (cost: $139,306,322)				152,091,383
Short-Term Securities (2.1%)
Investment Companies (2.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		3,190,876		3,190,876
Total short-term securities (cost: $3,190,876)				3,190,876
Total investments in securities (cost: $142,497,198) (d)				155,282,259
Liabilities in excess of cash and other assets (-0.8%)				(1,240,244	)
Total net assets (100.0%)			$	154,042,015

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At June 30, 2023, the cost of investments for federal income tax purposes was $143,347,721. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	22,091,658
Gross unrealized depreciation		(10,157,120	)
Net unrealized appreciation	$	11,934,538

See accompanying notes to financial statements.
38

SFT Equity Stabilization Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Mutual Funds (89.7%)
Investment Companies (89.7%)
BlackRock Short Maturity Bond ETF		318,620	$	15,841,786
iShares Core High Dividend ETF		570,902		57,541,212
iShares Edge MSCI Minimum Volatility EAFE ETF		1,147,248		77,439,240
iShares Edge MSCI Minimum Volatility Emerging Markets ETF		347,420		19,101,152
iShares Edge MSCI Minimum Volatility USA ETF (b)		1,364,412		101,416,744
iShares MSCI Germany ETF		448,182		12,804,560
Total mutual funds (cost: $241,374,191)				284,144,694

	Shares		Value(a)
Short-Term Securities (10.3%)
Investment Companies (10.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		32,696,933	$	32,696,933
Total investments excluding purchased options (cost: $274,071,124)				316,841,627
Total purchased options outstanding (0.1%) (cost: $326,513)				306,860
Total investments in securities (cost: $274,397,637) (c)				317,148,487
Liabilities in excess of cash and other assets (-0.1%)				(457,054	)
Total net assets (100.0%)			$	316,691,433

Investments in Securities Legend

(a) Securities are valued in accordance with 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 June 30, 2023, the cost of investments for federal income tax purposes was $270,180,376. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	40,676,555
Gross unrealized depreciation		(157,329	)
Net unrealized appreciation	$	40,519,226

Holdings of Open Futures Contracts

On June 30, 2023, securities with an aggregate market value of $13,082,080 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				September 2023					243			Long				$	52,460,672			$	54,532,238			$	2,071,565

Call Options Purchased:

The Fund had the following call options purchased open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
CBOE Volatility Index				$	21			July 2023					5,065			$	506,500			$	222,860

Put Options Purchased:

The Fund had the following put options purchased open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	4,315			July 2023					50			$	5,000			$	84,000

See accompanying notes to financial statements.
39

SFT Equity Stabilization Fund
Investments in Securities – continued

Call Options Written

The Fund had the following call options written open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
CBOE Volatility Index				$	40			July 2023					5,065			$	506,500			$	(8,509,200	)

Put Options Written:

The Fund had the following put options written open at June 30, 2023:

Description				Exercise Price				Expiration Date				Number of Contracts				Notional Amount				Value(a)
S&P 500 Index				$	3,865			July 2023					50			$	5,000			$	(11,250	)

See accompanying notes to financial statements.
40

SFT Government Money Market Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Principal		Value(a)
Short-Term Securities (100.1%)
U.S. Government Obligations (89.9%)
Discount Notes (89.9%)
Federal Home Loan Bank
4.724%, 07/19/23 (b)	$	25,000,000	$	24,940,000
4.726%, 07/14/23 (b)		3,555,000		3,548,710
4.842%, 07/17/23 (b)		5,000,000		4,989,000
4.973%, 07/26/23 (b)		10,000,000		9,965,486
4.975%, 07/28/23 (b)		12,000,000		11,955,387
5.076%, 08/09/23 (b)		20,000,000		19,891,775
5.135%, 08/16/23 (b)		10,000,000		9,935,728
5.188%, 08/30/23 (b)		3,990,000		3,956,418
5.300%, 08/23/23 (b)		10,000,000		9,923,886
5.320%, 09/13/23 (b)		20,000,000		19,788,113
Federal Home Loan Mortgage Corp.
4.060%, 07/05/23 (b)		5,000,000		4,997,275
U.S. Treasury Bill
4.917%, 08/17/23		25,000,000		24,842,681
4.962%, 07/13/23		20,000,000		19,965,533
5.170%, 08/10/23		5,000,000		4,971,767
5.175%, 08/01/23		10,000,000		9,955,865
5.270%, 08/22/23		20,000,000		19,851,395
Total U.S. government obligations (cost: $203,479,019)				203,479,019

	Shares		Value(a)
Investment Companies (10.2%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		23,121,178	$	23,121,178
Total short-term securities (cost: $226,600,197)				226,600,197
Total investments in securities (cost: $226,600,197) (c)				226,600,197
Liabilities in excess of cash and other assets (-0.1%)				(208,434	)
Total net assets (100.0%)			$	226,391,763

Investments in Securities Legend

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

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

See accompanying notes to financial statements.
41

SFT Index 400 Mid-Cap Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.1%)
Communication Services (0.5%)
Diversified Telecommunication Services (0.5%)
Frontier Communications Parent, Inc. (b)		19,889	$	370,731
Iridium Communications, Inc.		11,217		696,800
				1,067,531
Consumer Discretionary (15.5%)
Automobile Components (1.6%)
Adient PLC (b) (c)		8,436		323,268
Autoliv, Inc.		6,881		585,160
Fox Factory Holding Corp. (b)		3,742		406,044
Gentex Corp.		20,819		609,164
Goodyear Tire & Rubber Co. (b)		25,248		345,393
Lear Corp.		5,258		754,786
Visteon Corp. (b)		2,500		359,025
				3,382,840
Automobiles (0.4%)
Harley-Davidson, Inc.		11,654		410,337
Thor Industries, Inc.		4,765		493,178
				903,515
Broadline Retail (0.5%)
Kohl's Corp.		9,865		227,388
Macy's, Inc.		24,259		389,357
Nordstrom, Inc.		10,066		206,051
Ollie's Bargain Outlet Holdings, Inc. (b)		5,128		297,065
				1,119,861
Diversified Consumer Services (0.8%)
Graham Holdings Co. Class B		358		204,590
Grand Canyon Education, Inc. (b)		2,719		280,628
H&R Block, Inc.		13,566		432,348
Service Corp. International		13,466		869,769
				1,787,335
Entertainment (0.2%)
World Wrestling Entertainment, Inc. Class A		3,848		417,393
Hotels, Restaurants & Leisure (3.4%)
Aramark		23,215		999,406
Boyd Gaming Corp.		6,839		474,421
Choice Hotels International, Inc.		2,362		277,582
Churchill Downs, Inc.		5,869		816,789
Hilton Grand Vacations, Inc. (b)		6,847		311,128
Light & Wonder, Inc. (b)		8,117		558,125
Marriott Vacations Worldwide Corp.		3,279		402,399

	Shares		Value(a)
Papa John's International, Inc.		2,647	$	195,428
Penn Entertainment, Inc. (b)		13,729		329,908
Planet Fitness, Inc. Class A (b)		7,568		510,386
Texas Roadhouse, Inc.		5,962		669,413
Travel & Leisure Co.		6,797		274,191
Wendy's Co.		15,018		326,641
Wingstop, Inc.		2,668		534,027
Wyndham Hotels & Resorts, Inc.		7,649		524,492
				7,204,336
Household Durables (1.7%)
Helen of Troy Ltd. (b) (c)		2,147		231,919
KB Home		7,151		369,778
Leggett & Platt, Inc.		11,858		351,234
Taylor Morrison Home Corp. (b)		9,720		474,045
Tempur Sealy International, Inc.		15,328		614,193
Toll Brothers, Inc.		9,173		725,309
TopBuild Corp. (b)		2,813		748,314
				3,514,792
Interactive Media & Services (0.1%)
TripAdvisor, Inc. (b)		9,429		155,484
Leisure Products (1.1%)
Brunswick Corp.		6,299		545,745
Mattel, Inc. (b)		31,531		616,116
Polaris, Inc.		4,765		576,232
Topgolf Callaway Brands Corp. (b)		12,400		246,140
YETI Holdings, Inc. (b)		7,719		299,806
				2,284,039
Media (0.8%)
Cable One, Inc.		448		294,372
New York Times Co. Class A		14,596		574,790
Nexstar Media Group, Inc.		3,194		531,961
TEGNA, Inc.		20,046		325,547
				1,726,670
Specialty Retail (2.9%)
AutoNation, Inc. (b)		2,803		461,402
Dick's Sporting Goods, Inc.		5,450		720,435
Five Below, Inc. (b)		4,959		974,642
Foot Locker, Inc.		7,035		190,719
GameStop Corp. Class A (b)		22,530		546,352
Gap, Inc.		19,005		169,715
Lithia Motors, Inc.		2,514		764,532
Murphy USA, Inc.		1,811		563,420
RH (b)		1,591		524,378
Valvoline, Inc.		12,400		465,124
Williams-Sonoma, Inc.		5,849		731,944
				6,112,663

See accompanying notes to financial statements.
42

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

	Shares		Value(a)
Textiles, Apparel & Luxury Goods (2.0%)
Capri Holdings Ltd. (b) (c)		11,198	$	401,896
Carter's, Inc.		3,357		243,718
Columbia Sportswear Co.		3,132		241,916
Crocs, Inc. (b)		5,513		619,882
Deckers Outdoor Corp. (b)		2,423		1,278,520
PVH Corp.		5,593		475,237
Skechers U.S.A., Inc. Class A (b)		11,961		629,866
Under Armour, Inc. Class A (b)		16,810		121,368
Under Armour, Inc. Class C (b)		16,887		113,312
				4,125,715
Consumer Staples (4.2%)
Beverages (0.5%)
Boston Beer Co., Inc. Class A (b)		885		272,969
Celsius Holdings, Inc. (b)		3,661		546,185
Coca-Cola Consolidated, Inc.		420		267,128
				1,086,282
Consumer Staples Distribution & Retail (1.8%)
BJ's Wholesale Club Holdings, Inc. (b)		11,971		754,293
Casey's General Stores, Inc.		3,284		800,902
Grocery Outlet Holding Corp. (b)		7,934		242,860
Performance Food Group Co. (b)		13,910		837,938
Sprouts Farmers Market, Inc. (b)		9,179		337,145
U.S. Foods Holding Corp. (b)		20,148		886,512
				3,859,650
Food Products (1.4%)
Darling Ingredients, Inc. (b)		14,214		906,711
Flowers Foods, Inc.		17,171		427,214
Ingredion, Inc.		5,837		618,430
Lancaster Colony Corp.		1,797		361,359
Pilgrim's Pride Corp. (b)		3,947		84,821
Post Holdings, Inc. (b)		4,766		412,974
				2,811,509
Household Products (0.1%)
Energizer Holdings, Inc.		5,851		196,477
Personal Products (0.4%)
BellRing Brands, Inc. (b)		11,830		432,978
Coty, Inc. Class A (b)		32,667		401,477
				834,455
Energy (4.0%)
Energy Equipment & Services (0.7%)
ChampionX Corp.		17,636		547,421
NOV, Inc.		35,074		562,587
Valaris Ltd. (b) (c)		5,357		337,116
				1,447,124

	Shares		Value(a)
Oil, Gas & Consumable Fuels (3.3%)
Antero Midstream Corp.		29,910	$	346,956
Antero Resources Corp. (b)		24,598		566,492
Chord Energy Corp.		3,689		567,368
CNX Resources Corp. (b)		14,750		261,370
DT Midstream, Inc. (b)		8,618		427,194
Equitrans Midstream Corp.		38,589		368,911
HF Sinclair Corp.		11,478		512,033
Matador Resources Co.		10,046		525,607
Murphy Oil Corp.		13,071		500,619
Ovintiv, Inc.		21,783		829,279
PBF Energy, Inc. Class A		9,772		400,066
PDC Energy, Inc.		7,790		554,181
Range Resources Corp.		21,494		631,924
Southwestern Energy Co. (b)		98,104		589,605
				7,081,605
Financial (13.0%)
Capital Markets (1.8%)
Affiliated Managers Group, Inc.		3,216		482,046
Evercore, Inc. Class A		3,143		388,444
Federated Hermes, Inc.		7,532		270,022
Interactive Brokers Group, Inc. Class A		9,175		762,167
Janus Henderson Group PLC (c)		11,805		321,686
Jefferies Financial Group, Inc.		16,634		551,750
SEI Investments Co.		9,025		538,071
Stifel Financial Corp.		9,454		564,120
				3,878,306
Commercial Banks (5.0%)
Associated Banc-Corp.		13,441		218,147
Bank OZK		9,602		385,616
Cadence Bank		16,275		319,641
Cathay General Bancorp		6,461		207,980
Columbia Banking System, Inc.		18,570		376,600
Commerce Bancshares, Inc.		10,110		492,357
Cullen/Frost Bankers, Inc.		5,737		616,900
East West Bancorp, Inc.		12,601		665,207
First Financial Bankshares, Inc.		11,570		329,629
First Horizon Corp.		47,910		539,946
FNB Corp.		32,165		367,968
Glacier Bancorp, Inc.		9,876		307,835
Hancock Whitney Corp.		7,668		294,298
Home BancShares, Inc.		16,801		383,063
International Bancshares Corp.		4,676		206,679
New York Community Bancorp, Inc.		64,329		723,058
Old National Bancorp		26,065		363,346
Pinnacle Financial Partners, Inc.		6,836		387,259
Prosperity Bancshares, Inc.		8,303		468,953
SouthState Corp.		6,763		445,005
Synovus Financial Corp.		13,016		393,734

See accompanying notes to financial statements.
43

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

	Shares		Value(a)
Texas Capital Bancshares, Inc. (b)		4,264	$	219,596
UMB Financial Corp.		3,870		235,683
United Bankshares, Inc.		11,989		355,714
Valley National Bancorp		37,551		291,020
Webster Financial Corp.		15,566		587,616
Wintrust Financial Corp.		5,401		392,221
				10,575,071
Consumer Finance (0.3%)
FirstCash Holdings, Inc.		3,281		306,216
SLM Corp.		21,591		352,365
				658,581
Financial Services (1.5%)
Essent Group Ltd. (c)		9,555		447,174
Euronet Worldwide, Inc. (b)		4,200		492,954
MGIC Investment Corp.		25,532		403,150
Voya Financial, Inc.		8,734		626,315
Western Union Co.		33,358		391,290
WEX, Inc. (b)		3,816		694,779
				3,055,662
Insurance (3.7%)
American Financial Group, Inc.		6,222		738,862
Brighthouse Financial, Inc. (b)		5,956		282,017
CNO Financial Group, Inc.		10,204		241,529
First American Financial Corp.		9,194		524,242
Hanover Insurance Group, Inc.		3,199		361,583
Kemper Corp.		5,630		271,704
Kinsale Capital Group, Inc.		1,920		718,464
Old Republic International Corp.		24,255		610,498
Primerica, Inc.		3,227		638,171
Reinsurance Group of America, Inc.		5,928		822,154
RenaissanceRe Holdings Ltd. (c)		4,475		834,677
RLI Corp.		3,612		492,930
Selective Insurance Group, Inc.		5,389		517,075
Unum Group		16,502		787,145
				7,841,051
Mortgage REITs (0.7%)
Annaly Capital Management, Inc.		43,996		880,360
Starwood Property Trust, Inc.		27,802		539,358
				1,419,718
Health Care (9.1%)
Biotechnology (1.4%)
Arrowhead Pharmaceuticals, Inc. (b)		9,523		339,590
Exelixis, Inc. (b)		29,008		554,343
Halozyme Therapeutics, Inc. (b)		11,730		423,101

	Shares		Value(a)
Neurocrine Biosciences, Inc. (b)		8,692	$	819,656
United Therapeutics Corp. (b)		4,230		933,772
				3,070,462
Health Care Equipment & Supplies (3.5%)
Enovis Corp. (b)		4,185		268,342
Envista Holdings Corp. (b)		14,583		493,489
Globus Medical, Inc. Class A (b)		7,034		418,804
Haemonetics Corp. (b)		4,486		381,938
ICU Medical, Inc. (b)		1,791		319,138
Inari Medical, Inc. (b)		4,583		266,456
Integra LifeSciences Holdings Corp. (b)		6,347		261,052
Lantheus Holdings, Inc. (b)		6,087		510,821
LivaNova PLC (b) (c)		4,771		245,372
Masimo Corp. (b)		4,313		709,704
Neogen Corp. (b)		19,261		418,927
Omnicell, Inc. (b)		3,930		289,523
Penumbra, Inc. (b)		3,459		1,190,104
QuidelOrtho Corp. (b)		4,752		393,751
Shockwave Medical, Inc. (b)		3,263		931,293
STAAR Surgical Co. (b)		4,258		223,843
				7,322,557
Health Care Providers & Services (2.2%)
Acadia Healthcare Co., Inc. (b)		8,160		649,862
Amedisys, Inc. (b)		2,894		264,627
Chemed Corp.		1,411		764,296
Encompass Health Corp.		8,898		602,484
HealthEquity, Inc. (b)		7,591		479,296
Option Care Health, Inc. (b)		14,732		478,643
Patterson Cos., Inc.		7,746		257,632
Progyny, Inc. (b)		6,713		264,090
R1 RCM, Inc. (b)		12,294		226,824
Tenet Healthcare Corp. (b)		9,080		738,930
				4,726,684
Health Care Technology (0.2%)
Doximity, Inc. Class A (b)		10,574		359,728
Life Sciences Tools & Services (1.3%)
Azenta, Inc. (b)		5,805		270,977
Bruker Corp.		8,888		657,001
Medpace Holdings, Inc. (b)		2,193		526,693
Repligen Corp. (b)		4,600		650,716
Sotera Health Co. (b)		8,808		165,943
Syneos Health, Inc. (b)		9,234		389,121
				2,660,451
Pharmaceuticals (0.5%)
Jazz Pharmaceuticals PLC (b) (c)		5,681		704,274
Perrigo Co. PLC (c)		12,055		409,267
				1,113,541
Industrials (22.0%)
Aerospace & Defense (1.2%)
BWX Technologies, Inc.		8,146		583,009
Curtiss-Wright Corp.		3,415		627,199

See accompanying notes to financial statements.
44

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

	Shares		Value(a)
Hexcel Corp.		7,516	$	571,366
Mercury Systems, Inc. (b)		5,157		178,381
Woodward, Inc.		5,329		633,671
				2,593,626
Air Freight & Logistics (0.3%)
GXO Logistics, Inc. (b)		10,594		665,515
Building Products (3.7%)
Advanced Drainage Systems, Inc.		5,572		633,982
Builders FirstSource, Inc. (b)		11,418		1,552,848
Carlisle Cos., Inc.		4,541		1,164,903
Fortune Brands Innovations, Inc.		11,287		812,100
Lennox International, Inc.		2,945		960,276
Owens Corning		8,027		1,047,523
Simpson Manufacturing Co., Inc.		3,791		525,054
Trex Co., Inc. (b)		9,692		635,408
UFP Industries, Inc.		5,470		530,863
				7,862,957
Commercial Services & Supplies (1.3%)
Brink's Co.		4,065		275,729
Clean Harbors, Inc. (b)		4,482		736,975
MSA Safety, Inc.		3,268		568,501
Stericycle, Inc. (b)		8,235		382,434
Tetra Tech, Inc.		4,742		776,455
				2,740,094
Construction & Engineering (1.8%)
AECOM		12,382		1,048,631
EMCOR Group, Inc.		4,236		782,728
Fluor Corp. (b)		12,760		377,696
MasTec, Inc. (b)		5,400		637,038
MDU Resources Group, Inc.		18,140		379,852
Valmont Industries, Inc.		1,943		565,510
				3,791,455
Electrical Equipment (2.1%)
Acuity Brands, Inc.		2,833		462,006
EnerSys		3,607		391,432
Hubbell, Inc.		4,774		1,582,867
nVent Electric PLC (c)		14,758		762,546
Regal Rexnord Corp.		5,884		905,547
Sunrun, Inc. (b)		19,207		343,037
Vicor Corp. (b)		1,930		104,220
				4,551,655
Ground Transportation (2.0%)
Avis Budget Group, Inc. (b)		2,125		485,924
Hertz Global Holdings, Inc. (b)		14,041		258,214
Knight-Swift Transportation Holdings, Inc.		14,345		797,008
Landstar System, Inc.		3,201		616,321
Ryder System, Inc.		4,141		351,115
Saia, Inc. (b)		2,362		808,772

	Shares		Value(a)
Werner Enterprises, Inc.		5,244	$	231,680
XPO, Inc. (b)		10,304		607,936
				4,156,970
Machinery (4.7%)
AGCO Corp.		5,535		727,410
Chart Industries, Inc. (b)		3,740		597,615
Crane Co.		4,243		378,136
Crane NXT Co.		4,243		239,475
Donaldson Co., Inc.		10,803		675,295
Esab Corp.		4,527		301,227
Flowserve Corp.		11,683		434,023
Graco, Inc.		14,996		1,294,905
ITT, Inc.		7,340		684,161
Lincoln Electric Holdings, Inc.		5,126		1,018,177
Middleby Corp. (b)		4,767		704,706
Oshkosh Corp.		5,818		503,781
Terex Corp.		5,963		356,766
Timken Co.		5,868		537,098
Toro Co.		9,290		944,328
Watts Water Technologies, Inc. Class A		2,464		452,711
				9,849,814
Marine Transportation (0.2%)
Kirby Corp. (b)		5,304		408,143
Passenger Airlines (0.1%)
JetBlue Airways Corp. (b)		29,210		258,801
Professional Services (3.1%)
ASGN, Inc. (b)		4,391		332,091
CACI International, Inc. Class A (b)		2,031		692,246
Concentrix Corp.		3,801		306,931
ExlService Holdings, Inc. (b)		2,926		442,002
Exponent, Inc.		4,528		422,553
FTI Consulting, Inc. (b)		3,027		575,735
Genpact Ltd. (c)		15,092		567,007
Insperity, Inc.		3,181		378,412
KBR, Inc.		12,090		786,575
ManpowerGroup, Inc.		4,463		354,362
Maximus, Inc.		5,412		457,368
Paylocity Holding Corp. (b)		3,655		674,457
Science Applications International Corp.		4,810		541,029
				6,530,768
Trading Companies & Distributors (1.5%)
GATX Corp.		3,099		398,965
MSC Industrial Direct Co., Inc. Class A		4,210		401,129
Univar Solutions, Inc. (b)		14,052		503,624
Watsco, Inc.		2,957		1,128,007
WESCO International, Inc.		4,019		719,642
				3,151,367

See accompanying notes to financial statements.
45

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

	Shares		Value(a)
Information Technology (10.4%)
Communications Equipment (0.6%)
Calix, Inc. (b)		5,083	$	253,692
Ciena Corp. (b)		13,287		564,565
Lumentum Holdings, Inc. (b)		6,090		345,486
				1,163,743
Computer Peripherals (0.5%)
Super Micro Computer, Inc. (b)		4,068		1,013,949
Electronic Equipment, Instruments & Components (3.6%)
Arrow Electronics, Inc. (b)		5,032		720,733
Avnet, Inc.		8,142		410,764
Belden, Inc.		3,790		362,514
Cognex Corp.		15,375		861,307
Coherent Corp. (b)		12,416		632,968
IPG Photonics Corp. (b)		2,781		377,715
Jabil, Inc.		11,820		1,275,733
Littelfuse, Inc.		2,250		655,447
National Instruments Corp.		11,714		672,384
Novanta, Inc. (b) (c)		3,150		579,915
TD SYNNEX Corp.		3,698		347,612
Vishay Intertechnology, Inc.		11,365		334,131
Vontier Corp.		13,863		446,527
				7,677,750
Interactive Media & Services (0.4%)
Ziff Davis, Inc. (b)		4,123		288,858
ZoomInfo Technologies, Inc. (b)		24,013		609,690
				898,548
IT Services (0.1%)
Kyndryl Holdings, Inc. (b)		18,240		242,227
Semiconductors & Semiconductor Equipment (2.5%)
Allegro MicroSystems, Inc. (b)		5,777		260,774
Amkor Technology, Inc.		8,949		266,233
Cirrus Logic, Inc. (b)		4,908		397,597
Lattice Semiconductor Corp. (b)		12,262		1,178,010
MACOM Technology Solutions Holdings, Inc. (b)		4,566		299,210
MKS Instruments, Inc.		5,114		552,823
Power Integrations, Inc.		5,104		483,196
Silicon Laboratories, Inc. (b)		2,805		442,461
Synaptics, Inc. (b)		3,518		300,367
Universal Display Corp.		3,843		553,891
Wolfspeed, Inc. (b)		11,088		616,382
				5,350,944
Software (2.6%)
ACI Worldwide, Inc. (b)		9,649		223,567
Aspen Technology, Inc. (b)		2,600		435,786
Blackbaud, Inc. (b)		3,950		281,161

	Shares		Value(a)
CommVault Systems, Inc. (b)		3,866	$	280,749
Dropbox, Inc. Class A (b)		24,227		646,134
Dynatrace, Inc. (b)		19,312		993,989
Envestnet, Inc. (b)		4,846		287,610
Manhattan Associates, Inc. (b)		5,526		1,104,537
NCR Corp. (b)		12,426		313,135
Qualys, Inc. (b)		2,991		386,348
Teradata Corp. (b)		9,006		481,010
				5,434,026
Technology Hardware Storage & Peripherals (0.1%)
Xerox Holdings Corp.		10,028		149,317
Materials (7.1%)
Chemicals (2.3%)
Ashland, Inc.		4,327		376,060
Avient Corp.		7,605		311,045
Axalta Coating Systems Ltd. (b) (c)		19,734		647,473
Cabot Corp.		4,965		332,109
Chemours Co.		13,287		490,157
NewMarket Corp.		628		252,531
Olin Corp.		10,710		550,387
RPM International, Inc.		11,484		1,030,459
Scotts Miracle-Gro Co.		3,637		228,004
Sensient Technologies Corp.		3,680		261,758
Westlake Corp.		3,058		365,339
				4,845,322
Construction Materials (0.4%)
Eagle Materials, Inc.		3,183		593,375
Knife River Corp. (b)		4,529		197,011
				790,386
Containers & Packaging (1.9%)
AptarGroup, Inc.		5,815		673,726
Berry Global Group, Inc.		10,618		683,162
Crown Holdings, Inc.		10,699		929,422
Graphic Packaging Holding Co.		27,361		657,485
Greif, Inc. Class A		2,225		153,280
Silgan Holdings, Inc.		7,464		349,987
Sonoco Products Co.		8,722		514,773
				3,961,835
Metals & Mining (2.3%)
Alcoa Corp.		15,892		539,215
Cleveland-Cliffs, Inc. (b)		45,885		769,033
Commercial Metals Co.		10,433		549,402
MP Materials Corp. (b)		8,228		188,257
Reliance Steel & Aluminum Co.		5,238		1,422,588
Royal Gold, Inc.		5,851		671,578
U.S. Steel Corp.		20,173		504,527
Worthington Industries, Inc.		2,658		184,651
				4,829,251
Paper & Forest Products (0.2%)
Louisiana-Pacific Corp.		6,388		478,972

See accompanying notes to financial statements.
46

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

	Shares		Value(a)
Real Estate (7.1%)
Health Care REITs (1.1%)
Healthcare Realty Trust, Inc.		33,924	$	639,807
Medical Properties Trust, Inc.		53,298		493,539
Omega Healthcare Investors, Inc.		20,877		640,715
Physicians Realty Trust		21,237		297,106
Sabra Health Care REIT, Inc.		20,595		242,403
				2,313,570
Hotels & Resort REITs (0.1%)
Park Hotels & Resorts, Inc.		19,209		246,259
Industrial REITs (1.4%)
EastGroup Properties, Inc.		3,978		690,581
First Industrial Realty Trust, Inc.		11,780		620,099
Rexford Industrial Realty, Inc.		17,901		934,790
STAG Industrial, Inc.		15,979		573,327
				2,818,797
Office REITs (0.6%)
Corporate Office Properties Trust		10,023		238,046
Cousins Properties, Inc.		13,513		308,097
Highwoods Properties, Inc.		9,386		224,419
Kilroy Realty Corp.		9,390		282,545
Vornado Realty Trust		14,358		260,454
				1,313,561
Real Estate Management & Development (0.3%)
Jones Lang LaSalle, Inc. (b)		4,247		661,683
Residential REITs (0.4%)
Apartment Income REIT Corp.		13,291		479,672
Independence Realty Trust, Inc.		19,982		364,072
				843,744
Retail REITs (1.3%)
Agree Realty Corp.		8,302		542,868
Brixmor Property Group, Inc.		26,773		589,006
Kite Realty Group Trust		19,538		436,479
NNN REIT, Inc.		16,220		694,054
Spirit Realty Capital, Inc.		12,587		495,676
				2,758,083
Specialized REITs (1.9%)
CubeSmart		20,015		893,870
EPR Properties		6,634		310,471
Lamar Advertising Co. Class A		7,793		773,455

	Shares/ Principal		Value(a)
Life Storage, Inc.		7,580	$	1,007,837
National Storage Affiliates Trust		7,315		254,781
PotlatchDeltic Corp.		7,119		376,239
Rayonier, Inc.		13,204		414,606
				4,031,259
Utilities (3.2%)
Electric Utilities (1.2%)
ALLETE, Inc.		5,095		295,357
Hawaiian Electric Industries, Inc.		9,761		353,348
IDACORP, Inc.		4,508		462,521
OGE Energy Corp.		17,842		640,706
PNM Resources, Inc.		7,625		343,888
Portland General Electric Co.		8,607		403,066
				2,498,886
Gas Utilities (1.1%)
National Fuel Gas Co.		8,178		420,022
New Jersey Resources Corp.		8,637		407,666
ONE Gas, Inc.		4,931		378,750
Southwest Gas Holdings, Inc.		5,829		371,016
Spire, Inc.		4,651		295,059
UGI Corp.		18,647		502,910
				2,375,423
Independent Power Producers & Energy Traders (0.2%)
Ormat Technologies, Inc.		4,680		376,553
Multi-Utilities (0.3%)
Black Hills Corp.		5,910		356,136
NorthWestern Corp.		5,326		302,304
				658,440
Water Utilities (0.4%)
Essential Utilities, Inc.		21,432		855,351
Total common stocks (cost: $147,938,684)				202,950,132
Long-Term Debt Securities (0.5%)
Government Obligation (0.5%)
U.S. Treasury (0.5%)
U.S. Treasury Note, 2.500%, 05/15/24 (d)	$	1,000,000		975,000
Total long-term debt securities (cost: $981,535)				975,000
Mutual Funds (0.6%)
Investment Companies (0.6%)
SPDR S&P MidCap 400 ETF Trust		28,400		1,303,276
Total mutual funds (cost: $1,227,208)				1,303,276

See accompanying notes to financial statements.
47

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

	Shares		Value(a)
Short-Term Securities (2.8%)
Investment Companies (2.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		5,885,883	$	5,885,883
Total short-term securities (cost: $5,885,883)				5,885,883
Total investments in securities (cost: $156,033,310) (e)				211,114,291
Cash and other assets in excess of liabilities (0.0%)				56,075
Total net assets (100.0%)			$	211,170,366

Investments in Securities Legend

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

(b) Non-income producing security.

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

(e) At June 30, 2023, the cost of investments for federal income tax purposes was $156,275,411. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	67,543,041
Gross unrealized depreciation		(12,574,620	)
Net unrealized appreciation	$	54,968,421

Holdings of Open Futures Contracts

On June 30, 2023, securities with an aggregate market value of $975,000 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P Mid 400^® E-Mini Index Future				September 2023					26			Long				$	6,745,119			$	6,874,660			$	129,541

See accompanying notes to financial statements.
48

SFT Index 500 Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.9%)
Communication Services (2.6%)
Diversified Telecommunication Services (0.7%)
AT&T, Inc.		216,759	$	3,457,306
Verizon Communications, Inc.		127,465		4,740,423
				8,197,729
Entertainment (1.0%)
Activision Blizzard, Inc. (b)		21,691		1,828,551
Electronic Arts, Inc.		7,826		1,015,032
Live Nation Entertainment, Inc. (b)		4,363		397,513
Netflix, Inc. (b)		13,547		5,967,318
Take-Two Interactive Software, Inc. (b)		4,804		706,957
Warner Bros Discovery, Inc. (b)		67,215		842,876
				10,758,247
Interactive Media & Services (0.0%)
Match Group, Inc. (b)		8,407		351,833
Media (0.7%)
Charter Communications, Inc. Class A (b)		3,127		1,148,766
Comcast Corp. Class A		126,113		5,239,995
Fox Corp. Class A		8,157		277,338
Fox Corp. Class B		4,051		129,186
Interpublic Group of Cos., Inc.		11,691		451,039
News Corp. Class A		11,519		224,621
News Corp. Class B		3,493		68,882
Omnicom Group, Inc.		5,961		567,189
Paramount Global Class B		15,372		244,569
				8,351,585
Wireless Telecommunication Services (0.2%)
T-Mobile U.S., Inc. (b)		17,462		2,425,472
Consumer Discretionary (10.9%)
Automobile Components (0.1%)
Aptiv PLC (b) (c)		8,187		835,811
BorgWarner, Inc.		7,089		346,723
				1,182,534
Automobiles (2.2%)
Ford Motor Co.		119,155		1,802,815
General Motors Co.		42,127		1,624,417
Tesla, Inc. (b)		81,685		21,382,683
				24,809,915
Broadline Retail (3.2%)
Amazon.com, Inc. (b)		270,653		35,282,325
eBay, Inc.		16,213		724,559
Etsy, Inc. (b)		3,721		314,834
				36,321,718
Distributors (0.1%)
Genuine Parts Co.		4,210		712,458
LKQ Corp.		7,651		445,824
Pool Corp.		1,170		438,329
				1,596,611

	Shares		Value(a)
Entertainment (0.4%)
Walt Disney Co. (b)		55,313	$	4,938,344
Hotels, Restaurants & Leisure (2.0%)
Booking Holdings, Inc. (b)		1,124		3,035,171
Caesars Entertainment, Inc. (b)		6,434		327,941
Carnival Corp. (b) (c)		30,453		573,430
Chipotle Mexican Grill, Inc. (b)		849		1,816,011
Darden Restaurants, Inc.		3,638		607,837
Domino's Pizza, Inc.		1,070		360,579
Expedia Group, Inc. (b)		4,323		472,893
Hilton Worldwide Holdings, Inc.		7,965		1,159,306
Las Vegas Sands Corp. (b)		9,964		577,912
Marriott International, Inc. Class A		7,818		1,436,088
McDonald's Corp.		22,132		6,604,410
MGM Resorts International		9,155		402,088
Norwegian Cruise Line Holdings Ltd. (b) (c)		12,860		279,962
Royal Caribbean Cruises Ltd. (b) (c)		6,631		687,900
Starbucks Corp.		34,699		3,437,283
Wynn Resorts Ltd.		3,125		330,031
Yum! Brands, Inc.		8,474		1,174,073
				23,282,915
Household Durables (0.4%)
DR Horton, Inc.		9,379		1,141,331
Garmin Ltd. (c)		4,629		482,759
Lennar Corp. Class A		7,598		952,105
Mohawk Industries, Inc. (b)		1,513		156,081
Newell Brands, Inc.		11,396		99,145
NVR, Inc. (b)		94		596,958
PulteGroup, Inc.		6,746		524,029
Whirlpool Corp.		1,635		243,272
				4,195,680
Leisure Products (0.0%)
Hasbro, Inc.		3,950		255,841
Specialty Retail (2.1%)
Advance Auto Parts, Inc.		1,798		126,399
AutoZone, Inc. (b)		561		1,398,775
Bath & Body Works, Inc.		6,850		256,875
Best Buy Co., Inc.		5,854		479,735
CarMax, Inc. (b)		4,756		398,077
Home Depot, Inc.		30,704		9,537,891
Lowe's Cos., Inc.		18,082		4,081,108
O'Reilly Automotive, Inc. (b)		1,841		1,758,707
Ross Stores, Inc.		10,355		1,161,106
TJX Cos., Inc.		34,858		2,955,610
Tractor Supply Co.		3,309		731,620
Ulta Beauty, Inc. (b)		1,578		742,599
				23,628,502

See accompanying notes to financial statements.
49

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Textiles, Apparel & Luxury Goods (0.4%)
NIKE, Inc. Class B		37,357	$	4,123,092
Ralph Lauren Corp.		1,233		152,029
Tapestry, Inc.		7,028		300,798
VF Corp.		10,016		191,206
				4,767,125
Consumer Staples (6.5%)
Beverages (1.6%)
Brown-Forman Corp. Class B		5,525		368,960
Coca-Cola Co.		118,009		7,106,502
Constellation Brands, Inc. Class A		4,905		1,207,268
Keurig Dr Pepper, Inc.		25,537		798,542
Molson Coors Beverage Co. Class B		5,647		371,798
Monster Beverage Corp. (b)		23,167		1,330,713
PepsiCo, Inc.		41,729		7,729,045
				18,912,828
Consumer Staples Distribution & Retail (1.8%)
Costco Wholesale Corp.		13,431		7,230,982
Dollar General Corp.		6,643		1,127,848
Dollar Tree, Inc. (b)		6,234		894,579
Kroger Co.		19,800		930,600
Sysco Corp.		15,288		1,134,370
Target Corp.		13,914		1,835,256
Walgreens Boots Alliance, Inc.		21,712		618,575
Walmart, Inc.		42,461		6,674,020
				20,446,230
Food Products (1.0%)
Archer-Daniels-Midland Co.		16,498		1,246,589
Bunge Ltd. (c)		4,531		427,500
Campbell Soup Co.		5,989		273,757
Conagra Brands, Inc.		14,406		485,770
General Mills, Inc.		17,734		1,360,198
Hershey Co.		4,465		1,114,911
Hormel Foods Corp.		8,684		349,270
J M Smucker Co.		3,241		478,598
Kellogg Co.		7,794		525,316
Kraft Heinz Co.		24,186		858,603
Lamb Weston Holdings, Inc.		4,417		507,734
McCormick & Co., Inc.		7,516		655,621
Mondelez International, Inc. Class A		41,263		3,009,723
Tyson Foods, Inc. Class A		8,590		438,434
				11,732,024
Household Products (1.4%)
Church & Dwight Co., Inc.		7,406		742,303
Clorox Co.		3,720		591,629
Colgate-Palmolive Co.		25,137		1,936,554
Kimberly-Clark Corp.		10,231		1,412,492
Procter & Gamble Co.		71,432		10,839,092
				15,522,070
Personal Products (0.1%)
Estee Lauder Cos., Inc. Class A		7,031		1,380,748

	Shares		Value(a)
Tobacco (0.6%)
Altria Group, Inc.		54,052	$	2,448,556
Philip Morris International, Inc.		47,062		4,594,192
				7,042,748
Energy (4.0%)
Energy Equipment & Services (0.3%)
Baker Hughes Co.		30,695		970,269
Halliburton Co.		27,337		901,848
Schlumberger NV (c)		43,216		2,122,770
				3,994,887
Oil, Gas & Consumable Fuels (3.7%)
APA Corp.		9,356		319,695
Chevron Corp.		52,838		8,314,059
ConocoPhillips		36,689		3,801,347
Coterra Energy, Inc.		22,966		581,040
Devon Energy Corp.		19,456		940,503
Diamondback Energy, Inc.		5,464		717,751
EOG Resources, Inc.		17,648		2,019,637
EQT Corp.		10,915		448,934
Exxon Mobil Corp.		122,584		13,147,134
Hess Corp.		8,361		1,136,678
Kinder Morgan, Inc.		59,798		1,029,722
Marathon Oil Corp.		18,725		431,049
Marathon Petroleum Corp.		12,864		1,499,942
Occidental Petroleum Corp.		21,784		1,280,899
ONEOK, Inc.		13,533		835,257
Phillips 66		13,912		1,326,927
Pioneer Natural Resources Co.		7,062		1,463,105
Targa Resources Corp.		6,820		519,002
Valero Energy Corp.		10,961		1,285,725
Williams Cos., Inc.		36,935		1,205,189
				42,303,595
Financial (11.0%)
Capital Markets (2.6%)
Ameriprise Financial, Inc.		3,214		1,067,562
Bank of New York Mellon Corp.		21,773		969,334
BlackRock, Inc.		4,525		3,127,408
Cboe Global Markets, Inc.		3,154		435,284
Charles Schwab Corp.		45,058		2,553,887
CME Group, Inc.		10,869		2,013,917
FactSet Research Systems, Inc.		1,221		489,194
Franklin Resources, Inc.		8,635		230,641
Goldman Sachs Group, Inc.		10,080		3,251,203
Intercontinental Exchange, Inc.		16,877		1,908,451
Invesco Ltd. (c)		13,891		233,508
MarketAxess Holdings, Inc.		1,169		305,600
Moody's Corp.		4,807		1,671,490
Morgan Stanley		39,459		3,369,799
MSCI, Inc.		2,447		1,148,353
Nasdaq, Inc.		10,242		510,564
Northern Trust Corp.		6,253		463,597
Raymond James Financial, Inc.		5,781		599,894
S&P Global, Inc.		9,962		3,993,666
State Street Corp.		10,134		741,606
T Rowe Price Group, Inc.		6,809		762,744
				29,847,702

See accompanying notes to financial statements.
50

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Commercial Banks (3.0%)
Bank of America Corp.		210,214	$	6,031,040
Citigroup, Inc.		59,025		2,717,511
Citizens Financial Group, Inc.		14,674		382,698
Comerica, Inc.		3,925		166,263
Fifth Third Bancorp		20,540		538,353
Huntington Bancshares, Inc.		43,694		471,021
JPMorgan Chase & Co.		88,604		12,886,566
KeyCorp		28,357		262,019
M&T Bank Corp.		5,029		622,389
PNC Financial Services Group, Inc.		12,087		1,522,358
Regions Financial Corp.		28,449		506,961
Truist Financial Corp.		40,384		1,225,654
U.S. Bancorp		42,295		1,397,427
Wells Fargo & Co.		113,768		4,855,618
Zions Bancorp NA		4,404		118,291
				33,704,169
Consumer Finance (0.5%)
American Express Co.		17,998		3,135,252
Capital One Financial Corp.		11,517		1,259,614
Discover Financial Services		7,699		899,628
Synchrony Financial		12,994		440,757
				5,735,251
Financial Services (1.9%)
Berkshire Hathaway, Inc. Class B (b)		54,070		18,437,870
Global Payments, Inc.		7,865		774,860
Jack Henry & Associates, Inc.		2,188		366,118
PayPal Holdings, Inc. (b)		33,828		2,257,342
				21,836,190
Insurance (2.0%)
Aflac, Inc.		16,671		1,163,636
Allstate Corp.		7,892		860,544
American International Group, Inc.		21,944		1,262,658
Aon PLC Class A (c)		6,250		2,157,500
Arch Capital Group Ltd. (b) (c)		11,199		838,245
Arthur J Gallagher & Co.		6,495		1,426,107
Assurant, Inc.		1,555		195,495
Brown & Brown, Inc.		7,138		491,380
Chubb Ltd. (c)		12,523		2,411,429
Cincinnati Financial Corp.		4,677		455,166
Everest Re Group Ltd. (c)		1,352		462,195
Globe Life, Inc.		2,674		293,124
Hartford Financial Services Group, Inc.		9,396		676,700
Lincoln National Corp.		4,648		119,732
Loews Corp.		5,735		340,544
Marsh & McLennan Cos., Inc.		14,947		2,811,232
MetLife, Inc.		19,504		1,102,561
Principal Financial Group, Inc.		6,800		515,712
Progressive Corp.		17,678		2,340,037
Prudential Financial, Inc.		11,056		975,360
Travelers Cos., Inc.		6,965		1,209,542
Willis Towers Watson PLC (c)		3,221		758,545
WR Berkley Corp.		6,029		359,087
				23,226,531

	Shares		Value(a)
IT Services (1.0%)
Visa, Inc. Class A		49,065	$	11,651,956
Health Care (13.1%)
Biotechnology (1.9%)
AbbVie, Inc.		53,447		7,200,914
Amgen, Inc.		16,152		3,586,067
Biogen, Inc. (b)		4,445		1,266,158
Gilead Sciences, Inc.		37,757		2,909,932
Incyte Corp. (b)		5,614		349,472
Moderna, Inc. (b)		9,883		1,200,784
Regeneron Pharmaceuticals, Inc. (b)		3,256		2,339,566
Vertex Pharmaceuticals, Inc. (b)		7,827		2,754,400
				21,607,293
Health Care Equipment & Supplies (2.8%)
Abbott Laboratories		52,693		5,744,591
Align Technology, Inc. (b)		2,132		753,960
Baxter International, Inc.		15,337		698,754
Becton Dickinson & Co.		8,620		2,275,766
Boston Scientific Corp. (b)		43,591		2,357,837
Cooper Cos., Inc.		1,566		600,451
Dentsply Sirona, Inc.		6,393		255,848
Dexcom, Inc. (b)		11,700		1,503,567
Edwards Lifesciences Corp. (b)		18,380		1,733,785
GE HealthCare Technologies, Inc.		11,768		956,032
Hologic, Inc. (b)		7,443		602,660
IDEXX Laboratories, Inc. (b)		2,588		1,299,771
Insulet Corp. (b)		2,103		606,379
Intuitive Surgical, Inc. (b)		10,668		3,647,816
Medtronic PLC (c)		40,276		3,548,316
ResMed, Inc.		4,406		962,711
STERIS PLC (c)		2,975		669,316
Stryker Corp.		10,277		3,135,410
Teleflex, Inc.		1,454		351,912
Zimmer Biomet Holdings, Inc.		6,243		908,981
				32,613,863
Health Care Providers & Services (2.8%)
AmerisourceBergen Corp.		4,901		943,099
Cardinal Health, Inc.		7,700		728,189
Centene Corp. (b)		16,576		1,118,051
Cigna Group		8,944		2,509,686
CVS Health Corp.		38,781		2,680,931
DaVita, Inc. (b)		1,677		168,488
Elevance Health, Inc.		7,218		3,206,885
HCA Healthcare, Inc.		6,256		1,898,571
Henry Schein, Inc. (b)		3,972		322,129
Humana, Inc.		3,830		1,712,508
Laboratory Corp. of America Holdings		2,666		643,386
McKesson Corp.		4,147		1,772,055
Molina Healthcare, Inc. (b)		1,740		524,158
Quest Diagnostics, Inc.		3,361		472,422
UnitedHealth Group, Inc.		28,229		13,567,987
Universal Health Services, Inc. Class B		1,899		299,605
				32,568,150

See accompanying notes to financial statements.
51

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Life Sciences Tools & Services (1.5%)
Agilent Technologies, Inc.		8,891	$	1,069,143
Bio-Rad Laboratories, Inc. Class A (b)		692		262,351
Bio-Techne Corp.		4,680		382,028
Charles River Laboratories International, Inc. (b)		1,510		317,478
Danaher Corp.		20,136		4,832,640
Illumina, Inc. (b)		4,755		891,515
IQVIA Holdings, Inc. (b)		5,633		1,266,129
Mettler-Toledo International, Inc. (b)		669		877,487
Revvity, Inc.		3,758		446,413
Thermo Fisher Scientific, Inc.		11,695		6,101,866
Waters Corp. (b)		1,844		491,500
West Pharmaceutical Services, Inc.		2,230		852,908
				17,791,458
Pharmaceuticals (4.1%)
Bristol-Myers Squibb Co.		63,698		4,073,487
Catalent, Inc. (b)		5,437		235,748
Eli Lilly & Co.		23,930		11,222,691
Johnson & Johnson		78,794		13,041,983
Merck & Co., Inc.		76,935		8,877,530
Organon & Co.		7,733		160,924
Pfizer, Inc.		171,166		6,278,369
Viatris, Inc.		36,354		362,813
Zoetis, Inc.		13,977		2,406,979
				46,660,524
Industrials (8.4%)
Aerospace & Defense (1.6%)
Axon Enterprise, Inc. (b)		2,140		417,557
Boeing Co. (b)		17,146		3,620,549
General Dynamics Corp.		6,847		1,473,132
Howmet Aerospace, Inc.		11,065		548,381
Huntington Ingalls Industries, Inc.		1,189		270,616
L3Harris Technologies, Inc.		5,731		1,121,958
Lockheed Martin Corp.		6,880		3,167,415
Northrop Grumman Corp.		4,343		1,979,539
Raytheon Technologies Corp.		44,219		4,331,693
Textron, Inc.		6,114		413,490
TransDigm Group, Inc.		1,569		1,402,953
				18,747,283
Air Freight & Logistics (0.6%)
CH Robinson Worldwide, Inc.		3,450		325,507
Expeditors International of Washington, Inc.		4,632		561,074
FedEx Corp.		7,031		1,742,985
United Parcel Service, Inc. Class B		21,975		3,939,019
				6,568,585
Building Products (0.4%)
Allegion PLC (c)		2,654		318,533
AO Smith Corp.		3,750		272,925
Carrier Global Corp.		25,312		1,258,260

	Shares		Value(a)
Johnson Controls International PLC (c)		20,709	$	1,411,111
Masco Corp.		6,767		388,291
Trane Technologies PLC (c)		6,932		1,325,814
				4,974,934
Commercial Services & Supplies (0.5%)
Cintas Corp.		2,690		1,337,145
Copart, Inc. (b)		12,948		1,180,987
Republic Services, Inc.		6,216		952,105
Rollins, Inc.		6,944		297,411
Waste Management, Inc.		11,187		1,940,050
				5,707,698
Construction & Engineering (0.1%)
Quanta Services, Inc.		4,402		864,773
Electrical Equipment (0.6%)
AMETEK, Inc.		6,939		1,123,285
Eaton Corp. PLC (c)		12,052		2,423,657
Emerson Electric Co.		17,301		1,563,838
Generac Holdings, Inc. (b)		1,818		271,118
Rockwell Automation, Inc.		3,513		1,157,358
				6,539,256
Ground Transportation (0.8%)
CSX Corp.		61,642		2,101,992
JB Hunt Transport Services, Inc.		2,471		447,325
Norfolk Southern Corp.		6,897		1,563,964
Old Dominion Freight Line, Inc.		2,750		1,016,812
Union Pacific Corp.		18,477		3,780,764
				8,910,857
Industrial Conglomerates (0.8%)
3M Co.		16,726		1,674,105
General Electric Co.		33,017		3,626,917
Honeywell International, Inc.		20,215		4,194,613
				9,495,635
IT Services (0.1%)
Broadridge Financial Solutions, Inc.		3,541		586,496
Machinery (1.7%)
Caterpillar, Inc.		15,626		3,844,777
Cummins, Inc.		4,310		1,056,640
Deere & Co.		8,188		3,317,696
Dover Corp.		4,180		617,177
Fortive Corp.		10,644		795,852
IDEX Corp.		2,249		484,120
Illinois Tool Works, Inc.		8,387		2,098,092
Ingersoll Rand, Inc.		12,235		799,680
Nordson Corp.		1,610		399,570
Otis Worldwide Corp.		12,476		1,110,489
PACCAR, Inc.		15,805		1,322,088
Parker-Hannifin Corp.		3,905		1,523,106
Pentair PLC (c)		4,970		321,062
Snap-On, Inc.		1,655		476,954
Stanley Black & Decker, Inc.		4,643		435,095

See accompanying notes to financial statements.
52

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Westinghouse Air Brake Technologies Corp.		5,395	$	591,670
Xylem, Inc.		7,247		816,157
				20,010,225
Passenger Airlines (0.2%)
Alaska Air Group, Inc. (b)		3,861		205,328
American Airlines Group, Inc. (b)		19,794		355,104
Delta Air Lines, Inc. (b)		19,487		926,412
Southwest Airlines Co.		18,042		653,301
United Airlines Holdings, Inc. (b)		9,878		542,006
				2,682,151
Professional Services (0.7%)
Automatic Data Processing, Inc.		12,566		2,761,881
Ceridian HCM Holding, Inc. (b)		4,700		314,759
CoStar Group, Inc. (b)		12,288		1,093,632
Equifax, Inc.		3,763		885,434
Jacobs Solutions, Inc.		3,807		452,614
Leidos Holdings, Inc.		4,158		367,900
Paychex, Inc.		9,714		1,086,705
Paycom Software, Inc.		1,440		462,586
Robert Half International, Inc.		3,252		244,615
Verisk Analytics, Inc.		4,390		992,272
				8,662,398
Trading Companies & Distributors (0.3%)
Fastenal Co.		17,244		1,017,224
United Rentals, Inc.		2,093		932,159
WW Grainger, Inc.		1,386		1,092,986
				3,042,369
Information Technology (34.1%)
Communications Equipment (0.9%)
Arista Networks, Inc. (b)		7,595		1,230,846
Cisco Systems, Inc.		124,186		6,425,384
F5, Inc. (b)		1,821		266,339
Juniper Networks, Inc.		9,706		304,089
Motorola Solutions, Inc.		5,045		1,479,597
				9,706,255
Computer Peripherals (7.6%)
Apple, Inc. (d)		448,283		86,953,453
Electronic Equipment, Instruments & Components (0.6%)
Amphenol Corp. Class A		17,981		1,527,486
CDW Corp.		4,027		738,955
Corning, Inc.		23,198		812,858
Keysight Technologies, Inc. (b)		5,362		897,867
TE Connectivity Ltd. (c)		9,542		1,337,407
Teledyne Technologies, Inc. (b)		1,468		603,509
Trimble, Inc. (b)		7,467		395,303
Zebra Technologies Corp. Class A (b)		1,610		476,286
				6,789,671

	Shares		Value(a)
Interactive Media & Services (5.2%)
Alphabet, Inc. Class A (b)		180,132	$	21,561,800
Alphabet, Inc. Class C (b)		154,947		18,743,939
Meta Platforms, Inc. Class A (b)		67,073		19,248,610
				59,554,349
IT Services (2.3%)
Accenture PLC Class A (c)		19,181		5,918,873
Akamai Technologies, Inc. (b)		4,614		414,660
Cognizant Technology Solutions Corp. Class A		15,311		999,502
DXC Technology Co. (b)		6,903		184,448
EPAM Systems, Inc. (b)		1,789		402,078
Fidelity National Information Services, Inc.		17,929		980,716
Fiserv, Inc. (b)		18,716		2,361,023
FleetCor Technologies, Inc. (b)		2,194		550,870
Gartner, Inc. (b)		2,411		844,598
International Business Machines Corp.		27,532		3,684,057
Mastercard, Inc. Class A		25,371		9,978,414
VeriSign, Inc. (b)		2,788		630,004
				26,949,243
Semiconductors & Semiconductor Equipment (7.2%)
Advanced Micro Devices, Inc. (b)		48,820		5,561,086
Analog Devices, Inc.		15,347		2,989,749
Applied Materials, Inc.		25,627		3,704,127
Broadcom, Inc.		12,653		10,975,592
Enphase Energy, Inc. (b)		4,122		690,353
First Solar, Inc. (b)		2,996		569,510
Intel Corp.		126,465		4,228,990
KLA Corp.		4,155		2,015,258
Lam Research Corp.		4,074		2,619,012
Microchip Technology, Inc.		16,563		1,483,879
Micron Technology, Inc.		33,182		2,094,116
Monolithic Power Systems, Inc.		1,410		761,724
NVIDIA Corp.		74,986		31,720,578
NXP Semiconductors NV (c)		7,880		1,612,878
ON Semiconductor Corp. (b)		13,066		1,235,782
Qorvo, Inc. (b)		2,959		301,907
QUALCOMM, Inc.		33,761		4,018,909
Skyworks Solutions, Inc.		4,748		525,556
SolarEdge Technologies, Inc. (b) (c)		1,764		474,604
Teradyne, Inc.		4,664		519,243
Texas Instruments, Inc.		27,521		4,954,330
				83,057,183
Software (10.1%)
Adobe, Inc. (b)		13,962		6,827,278
ANSYS, Inc. (b)		2,627		867,619
Autodesk, Inc. (b)		6,504		1,330,784
Cadence Design Systems, Inc. (b)		8,306		1,947,923
Fair Isaac Corp. (b)		762		616,618
Fortinet, Inc. (b)		19,760		1,493,658
Gen Digital, Inc.		17,223		319,487

See accompanying notes to financial statements.
53

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Intuit, Inc.		8,502	$	3,895,531
Microsoft Corp.		225,489		76,788,024
Oracle Corp.		46,659		5,556,620
Palo Alto Networks, Inc. (b)		9,175		2,344,304
PTC, Inc. (b)		3,200		455,360
Roper Technologies, Inc.		3,262		1,568,370
Salesforce, Inc. (b)		29,684		6,271,042
ServiceNow, Inc. (b)		6,180		3,472,975
Synopsys, Inc. (b)		4,646		2,022,915
Tyler Technologies, Inc. (b)		1,286		535,581
				116,314,089
Technology Hardware Storage & Peripherals (0.2%)
Hewlett Packard Enterprise Co.		39,291		660,089
HP, Inc.		26,284		807,182
NetApp, Inc.		6,387		487,967
Seagate Technology Holdings PLC (c)		5,782		357,732
Western Digital Corp. (b)		9,700		367,921
				2,680,891
Materials (2.5%)
Chemicals (1.7%)
Air Products & Chemicals, Inc.		6,744		2,020,030
Albemarle Corp.		3,592		801,339
Celanese Corp.		2,991		346,358
CF Industries Holdings, Inc.		5,879		408,120
Corteva, Inc.		21,497		1,231,778
Dow, Inc.		21,445		1,142,161
DuPont de Nemours, Inc.		13,871		990,944
Eastman Chemical Co.		3,585		300,136
Ecolab, Inc.		7,470		1,394,574
FMC Corp.		3,706		386,684
International Flavors & Fragrances, Inc.		7,703		613,082
Linde PLC (c)		14,893		5,675,424
LyondellBasell Industries NV Class A (c)		7,632		700,847
Mosaic Co.		10,069		352,415
PPG Industries, Inc.		7,125		1,056,638
Sherwin-Williams Co.		7,126		1,892,096
				19,312,626
Construction Materials (0.2%)
Martin Marietta Materials, Inc.		1,899		876,749
Vulcan Materials Co.		4,047		912,356
				1,789,105
Containers & Packaging (0.2%)
Amcor PLC (c)		44,614		445,248
Avery Dennison Corp.		2,430		417,474
Ball Corp.		9,505		553,286
International Paper Co.		10,522		334,705
Packaging Corp. of America		2,682		354,453
Sealed Air Corp.		4,294		171,760
Westrock Co.		7,710		224,129
				2,501,055

	Shares		Value(a)
Metals & Mining (0.4%)
Freeport-McMoRan, Inc.		43,457	$	1,738,280
Newmont Corp.		24,095		1,027,893
Nucor Corp.		7,626		1,250,512
Steel Dynamics, Inc.		4,868		530,271
				4,546,956
Real Estate (2.3%)
Health Care REITs (0.2%)
Healthpeak Properties, Inc.		16,555		332,756
Ventas, Inc.		12,077		570,880
Welltower, Inc.		15,070		1,219,012
				2,122,648
Hotels & Resort REITs (0.0%)
Host Hotels & Resorts, Inc.		21,505		361,929
Industrial REITs (0.3%)
Prologis, Inc.		27,999		3,433,517
Office REITs (0.1%)
Alexandria Real Estate Equities, Inc.		4,769		541,234
Boston Properties, Inc.		4,310		248,213
				789,447
Real Estate Management & Development (0.1%)
CBRE Group, Inc. Class A (b)		9,424		760,611
Residential REITs (0.3%)
AvalonBay Communities, Inc.		4,341		821,621
Camden Property Trust		3,234		352,086
Equity Residential		10,277		677,974
Essex Property Trust, Inc.		1,910		447,513
Invitation Homes, Inc.		17,550		603,720
Mid-America Apartment Communities, Inc.		3,537		537,129
UDR, Inc.		9,363		402,234
				3,842,277
Retail REITs (0.3%)
Federal Realty Investment Trust		2,185		211,442
Kimco Realty Corp.		18,795		370,637
Realty Income Corp.		20,412		1,220,434
Regency Centers Corp.		4,621		285,439
Simon Property Group, Inc.		9,823		1,134,360
				3,222,312
Specialized REITs (1.0%)
American Tower Corp.		14,071		2,728,930
Crown Castle, Inc.		13,094		1,491,930
Digital Realty Trust, Inc.		8,833		1,005,814
Equinix, Inc.		2,852		2,235,797
Extra Space Storage, Inc.		4,026		599,270
Iron Mountain, Inc.		8,842		502,402
Public Storage		4,841		1,412,991
SBA Communications Corp.		3,234		749,512
VICI Properties, Inc.		30,390		955,158
Weyerhaeuser Co.		22,170		742,917
				12,424,721

See accompanying notes to financial statements.
54

SFT Index 500 Fund
Investments in Securities – continued

	Shares		Value(a)
Utilities (2.5%)
Electric Utilities (1.7%)
Alliant Energy Corp.		7,529	$	395,122
American Electric Power Co., Inc.		15,527		1,307,374
Constellation Energy Corp.		9,807		897,831
Duke Energy Corp.		23,268		2,088,070
Edison International		11,562		802,981
Entergy Corp.		6,411		624,239
Evergy, Inc.		6,950		406,019
Eversource Energy		10,524		746,362
Exelon Corp.		30,155		1,228,515
FirstEnergy Corp.		16,412		638,099
NextEra Energy, Inc.		61,350		4,552,170
NRG Energy, Inc.		6,975		260,795
PG&E Corp. (b)		49,015		846,979
Pinnacle West Capital Corp.		3,392		276,312
PPL Corp.		22,348		591,328
Southern Co.		33,061		2,322,535
Xcel Energy, Inc.		16,686		1,037,369
				19,022,100
Gas Utilities (0.0%)
Atmos Energy Corp.		4,334		504,218
Independent Power Producers & Energy Traders (0.0%)
AES Corp.		20,294		420,695
Multi-Utilities (0.7%)
Ameren Corp.		7,962		650,256
CenterPoint Energy, Inc.		19,132		557,698

	Shares		Value(a)
CMS Energy Corp.		8,770	$	515,237
Consolidated Edison, Inc.		10,507		949,833
Dominion Energy, Inc.		25,345		1,312,618
DTE Energy Co.		6,249		687,515
NiSource, Inc.		12,524		342,531
Public Service Enterprise Group, Inc.		15,076		943,908
Sempra Energy		9,532		1,387,764
WEC Energy Group, Inc.		9,465		835,192
				8,182,552
Water Utilities (0.1%)
American Water Works Co., Inc.		5,842		833,945
Total common stocks (cost: $359,392,491)				1,126,510,776
Short-Term Securities (2.1%)
Investment Companies (2.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		23,762,004		23,762,004
Total short-term securities (cost: $23,762,004)				23,762,004
Total investments in securities (cost: $383,154,495) (e)				1,150,272,780
Cash and other assets in excess of liabilities (0.0%)				281,794
Total net assets (100.0%)			$	1,150,554,574

Investments in Securities Legend

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

(b) Non-income producing security.

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

(e) At June 30, 2023, the cost of investments for federal income tax purposes was $386,190,174. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	778,881,814
Gross unrealized depreciation		(13,953,352	)
Net unrealized appreciation	$	764,928,462

Holdings of Open Futures Contracts

On June 30, 2023, securities with an aggregate market value of $27,155,800 have been pledged to cover margin requirements for the following open futures contracts:

Description				Expiration Date				Number of Contracts				Position Type				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future				September 2023					103			Long				$	22,268,631			$	23,114,487			$	845,856

See accompanying notes to financial statements.
55

SFT International Bond Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Principal(b)		Value(a)
Long-Term Debt Securities (97.7%)
Australia (3.4%)
Financial (3.4%)
Commonwealth Bank of Australia (USD) 5.831%, 03/14/25 (SOFRRATE + 0.740%) (c) (d)		1,770,000	$	1,771,701
Macquarie Group Ltd. (USD) 6.207%, 11/22/24 (c)		950,000		948,907
				2,720,608
Brazil (6.3%)
Government (6.3%)
Brazil Notas do Tesouro Nacional Serie F (BRL) 10.000%, 01/01/27		11,220,000		2,305,049
10.000%, 01/01/29		3,440,000		695,486
10.000%, 01/01/31		3,320,000		666,354
10.000%, 01/01/33		6,760,000		1,344,045
				5,010,934
Canada (1.9%)
Government (1.9%)
Province of Ontario Canada (CAD) 2.600%, 06/02/25		2,060,000		1,496,713
Colombia (8.1%)
Government (8.1%)
Colombian TES (COP) 6.000%, 04/28/28		8,020,000,000		1,649,355
7.000%, 03/26/31		6,010,000,000		1,217,134
7.250%, 10/26/50		2,720,000,000		463,284
9.250%, 05/28/42		14,230,000,000		3,062,205
				6,391,978
Great Britain (9.8%)
Government (9.8%)
U.K. Gilts (GBP) 1.250%, 07/31/51		5,950,000		3,750,497
3.250%, 01/31/33		3,470,000		4,021,162
				7,771,659
Mexico (14.7%)
Energy (0.9%)
Petroleos Mexicanos (USD) 6.950%, 01/28/60		1,200,000		748,500
Government (13.8%)
Mexican Bonos (MXN) 7.750%, 11/13/42		44,300,000		2,343,581
8.000%, 11/07/47		31,000,000		1,650,371
8.000%, 07/31/53		34,300,000		1,875,070
8.500%, 05/31/29		42,600,000		2,477,172
8.500%, 11/18/38		45,000,000		2,560,605
				10,906,799

	Principal(b)		Value(a)
New Zealand (0.8%)
Government (0.8%)
New Zealand Government Bond (NZD) 2.750%, 05/15/51		1,450,000	$	612,844
Russia (0.2%)
Government (0.2%)
Russian Federal Bond — OFZ (RUB) 7.650%, 04/10/30 (e)		29,000,000		119,888
South Africa (3.3%)
Government (3.3%)
Republic of South Africa Government Bond (ZAR) 6.500%, 02/28/41		41,700,000		1,305,682
8.750%, 02/28/48		34,600,000		1,328,981
				2,634,663
United States (49.2%)
Financial (1.9%)
Jackson National Life Global Funding (USD) 6.242%, 06/28/24 (SOFRRATE + 1.150%) (c) (d)		1,530,000		1,530,000
Government (23.8%)
U.S. Treasury Bond (USD) 2.250%, 02/15/52		3,430,000		2,474,423
3.000%, 08/15/52		4,390,000		3,726,013
U.S. Treasury Note (USD) 1.875%, 02/15/32		2,130,000		1,823,147
3.500%, 02/15/33		9,640,000		9,385,444
5.449%, 01/31/25 (3-Month U.S. Treasury Money Market Yield + 0.200%) (d)		1,450,000		1,454,125
				18,863,152
Industrial (3.7%)
General Motors Financial Co., Inc. (USD) 5.400%, 04/06/26		1,550,000		1,530,749
Toyota Motor Credit Corp. (USD) 4.450%, 05/18/26		1,420,000		1,399,285
				2,930,034
Mortgage Securities (19.8%)
Federal Home Loan Mortgage Corp. (USD) 4.500%, 09/01/52		1,254,382		1,206,584
4.500%, 10/01/52		888,489		854,486
5.000%, 08/01/52		631,061		619,072
5.000%, 11/01/52		775,026		759,597
5.500%, 12/01/52		2,155,698		2,147,186
Federal National Mortgage Association (USD) 4.500%, 09/01/52		1,817,738		1,748,453

See accompanying notes to financial statements.
56

SFT International Bond Fund
Investments in Securities – continued

	Principal(b)		Value(a)
5.000%, 10/01/52		643,961	$	631,146
5.000%, 12/01/52		1,399,623		1,371,754
5.500%, 12/01/52		1,573,253		1,567,330
Government National Mortgage Association (USD) 5.000%, 06/20/53		1,070,000		1,051,472
5.500%, 02/20/53		750,814		747,945
5.500%, 04/20/53		1,363,446		1,358,217
5.500%, 05/20/53		928,087		924,541
5.500%, 06/20/53		680,000		677,418
				15,665,201
Total long-term debt securities (cost: $78,118,179)				77,402,973

	Shares		Value(a)
Short-Term Securities (1.8%)
Investment Companies (1.8%)
United States (1.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		1,414,697	$	1,414,697
Total short-term securities (cost: $1,414,697)				1,414,697
Total investments in securities (cost: $79,532,876) (f)				78,817,670
Cash and other assets in excess of liabilities (0.5%)				429,386
Total net assets (100.0%)			$	79,247,056

Investments in Securities Legend

(a) Securities are valued in accordance with 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 June 30, 2023, the cost of investments for federal income tax purposes was $79,532,876. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	3,003,536
Gross unrealized depreciation		(5,177,741	)
Net unrealized depreciation	$	(2,174,205	)

See accompanying notes to financial statements.
57

SFT International Bond Fund
Investments in Securities – continued

Foreign Forward Currency Contracts

On June 30, 2023, 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
07/19/23		21,260,000	BRL		4,254,127	USD	$	—	$	(142,236	)	JPM
07/20/23		498,049	USD		2,020,000	PLN		—		(1,237	)	BLC
07/20/23		300,836	USD		1,230,000	PLN		1,677		—		BLC
07/20/23		319,081	USD		1,340,000	PLN		10,487		—		BLC
07/20/23		107,438	USD		450,000	PLN		3,238		—		BLC
07/20/23		336,963	USD		1,440,000	PLN		17,200		—		BLC
07/20/23		124,840	USD		530,000	PLN		5,511		—		BLC
07/20/23		190,231	USD		800,000	PLN		6,526		—		GSC
07/20/23		1,030,000	PLN		246,143	USD		—		(7,182	)	HSB
07/20/23		271,715	USD		1,130,000	PLN		6,204		—		MSC
07/20/23		185,717	USD		780,000	PLN		6,121		—		MSC
07/20/23		1,290,000	PLN		305,847	USD		—		(11,424	)	UBS
07/20/23		12,620,000	PLN		2,972,370	USD		—		(131,469	)	UBS
07/20/23		180,809	USD		750,000	PLN		3,650		—		UBS
07/20/23		462,112	USD		1,910,000	PLN		7,645		—		UBS
07/20/23		185,665	USD		780,000	PLN		6,173		—		UBS
07/20/23		422,900	USD		1,780,000	PLN		14,884		—		UBS
07/25/23		400,000	CAD		303,966	USD		1,592		—		JPM
07/25/23		1,000,000	CAD		743,972	USD		—		(11,964	)	MSC
07/25/23		860,000	CAD		631,878	USD		—		(18,228	)	UBS
07/28/23		183,500,000	MXN		9,967,845	USD		—		(684,567	)	BLC
07/28/23		23,600,000,000	COP		5,107,893	USD		—		(504,688	)	JPM
08/04/23		70,000	EUR		76,133	USD		—		(348	)	JPM
08/04/23		220,000	EUR		238,306	USD		—		(2,065	)	JPM
08/04/23		210,000	EUR		226,486	USD		—		(2,959	)	JPM
08/04/23		540,000	EUR		579,571	USD		—		(10,431	)	JPM
08/04/23		620,000	EUR		662,758	USD		—		(14,652	)	JPM
08/04/23		7,000,000	EUR		7,758,779	USD		110,600		—		JPM
08/04/23		1,781,235	USD		1,630,000	EUR		—		(302	)	JPM
08/04/23		1,528,159	USD		1,400,000	EUR		1,477		—		JPM
08/04/23		4,206,160	USD		3,920,000	EUR		76,820		—		JPM
08/15/23		314,389	USD		6,100,000	ZAR		7,209		—		HSB
08/15/23		51,700,000	ZAR		2,736,738	USD		11,062		—		HSB
08/17/23		3,690,000	CNH		534,032	USD		25,054		—		HSB
08/31/23		590,168	USD		890,000	AUD		3,199		—		JPM
08/31/23		184,474	USD		280,000	AUD		2,203		—		JPM
09/01/23		590,000	GBP		752,504	USD		2,227		—		JPM
09/01/23		1,310,000	GBP		1,667,106	USD		1,237		—		JPM
09/01/23		1,110,000	GBP		1,411,878	USD		340		—		JPM
09/01/23		3,260,000	GBP		4,060,330	USD		—		(85,268	)	JPM
09/11/23		352,057	USD		29,000,000	INR		645		—		BLC
09/13/23		717,039	USD		930,000,000	KRW		—		(7,502	)	HSB
09/14/23		121,669	USD		4,200,000	THB		—		(2,370	)	HSB
09/19/23		1,163,873	USD		160,000,000	JPY		—		(43,737	)	JPM
09/22/23		114,361	USD		1,200,000	NOK		—		(2,036	)	JPM
09/22/23		235,388	USD		2,500,000	NOK		—		(1,378	)	JPM
09/22/23		213,906	USD		2,300,000	NOK		1,383		—		JPM
09/26/23		640,000	NZD		396,782	USD		4,836		—		BLC
09/29/23		545,392	USD		5,700,000	NOK		—		(11,737	)	MSC
							$	339,200	$	(1,697,780	)

See accompanying notes to financial statements.
58

SFT International Bond Fund
Investments in Securities – continued

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CNH Chinese Yuan Renminbi Offshore

COP Colombian Peso

EUR Euro

GBP British Pound

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PLN Polish Zloty

RUB Russian Ruble

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 June 30, 2023, $419,211 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)
10 Year U.S. Ultra				September 2023					81			Long				$	9,693,856			$	9,593,437			$	(100,419	)

See accompanying notes to financial statements.
59

SFT Real Estate Securities Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.6%)
Consumer Discretionary (0.8%)
Casino Gaming (0.8%)
Boyd Gaming Corp.		14,555	$	1,009,680
Real Estate (98.8%)
Health Care REITs (10.5%)
Healthcare Realty Trust, Inc.		186,178		3,511,317
Medical Properties Trust, Inc.		138,875		1,285,983
Welltower, Inc.		96,396		7,797,472
				12,594,772
Hotels & Resort REITs (0.7%)
Host Hotels & Resorts, Inc.		51,824		872,198
Industrial REITs (13.8%)
Americold Realty Trust, Inc.		122,040		3,941,892
First Industrial Realty Trust, Inc.		22,444		1,181,452
Prologis, Inc.		92,600		11,355,538
				16,478,882
Office REITs (1.5%)
Highwoods Properties, Inc.		76,500		1,829,115
Residential REITs (24.8%)
American Homes 4 Rent Class A		75,077		2,661,480
Apartment Income REIT Corp.		43,815		1,581,283
Camden Property Trust		44,414		4,835,352
Essex Property Trust, Inc.		7,645		1,791,223
Invitation Homes, Inc.		187,262		6,441,813
Mid-America Apartment Communities, Inc.		30,873		4,688,374
Sun Communities, Inc.		35,658		4,651,943
UDR, Inc.		69,364		2,979,877
				29,631,345

	Shares		Value(a)
Retail REITs (16.7%)
Kimco Realty Corp.		139,355	$	2,748,081
Realty Income Corp.		95,215		5,692,905
Simon Property Group, Inc.		61,719		7,127,310
SITE Centers Corp.		73,232		968,127
Spirit Realty Capital, Inc.		87,262		3,436,377
				19,972,800
Specialized REITs (30.8%)
American Tower Corp.		29,617		5,743,921
Crown Castle, Inc.		46,974		5,352,218
Digital Realty Trust, Inc.		61,862		7,044,226
Equinix, Inc.		8,618		6,755,995
Extra Space Storage, Inc.		10,919		1,625,293
Iron Mountain, Inc.		30,916		1,756,647
Public Storage		11,214		3,273,142
SBA Communications Corp.		19,602		4,542,960
Weyerhaeuser Co.		21,600		723,816
				36,818,218
Total common stocks (cost: $124,343,562)				119,207,010
Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		588,521		588,521
Total short-term securities (cost: $588,521)				588,521
Total investments in securities (cost: $124,932,083) (b)				119,795,531
Liabilities in excess of cash and other assets (-0.1%)				(115,395	)
Total net assets (100.0%)			$	119,680,136

Investments in Securities Legend

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

(b) At June 30, 2023, the cost of investments for federal income tax purposes was $125,873,445. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	4,776,414
Gross unrealized depreciation		(10,854,328	)
Net unrealized depreciation	$	(6,077,914	)

See accompanying notes to financial statements.
60

SFT T. Rowe Price Value Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.7%)
Communication Services (1.4%)
Diversified Telecommunication Services (0.6%)
Verizon Communications, Inc.		30,000	$	1,115,700
Wireless Telecommunication Services (0.8%)
T-Mobile U.S., Inc. (b)		10,700		1,486,230
Consumer Discretionary (7.0%)
Automobiles (0.4%)
General Motors Co.		22,400		863,744
Broadline Retail (1.5%)
Amazon.com, Inc. (b)		21,700		2,828,812
Diversified Consumer Services (0.4%)
Service Corp. International		11,500		742,785
Entertainment (0.4%)
Walt Disney Co. (b)		8,381		748,256
Hotels, Restaurants & Leisure (1.8%)
Booking Holdings, Inc. (b)		660		1,782,218
McDonald's Corp.		5,295		1,580,081
				3,362,299
Specialty Retail (2.5%)
AutoZone, Inc. (b)		490		1,221,746
Bath & Body Works, Inc.		7,100		266,250
Best Buy Co., Inc.		7,600		622,820
Home Depot, Inc.		2,376		738,081
TJX Cos., Inc.		7,475		633,805
Ulta Beauty, Inc. (b)		2,600		1,223,547
				4,706,249
Consumer Staples (9.2%)
Beverages (1.3%)
Coca-Cola Co.		13,112		789,605
PepsiCo, Inc.		8,700		1,611,414
				2,401,019
Consumer Staples Distribution & Retail (1.1%)
Target Corp.		3,187		420,365
Walmart, Inc.		10,247		1,610,624
				2,030,989
Food Products (2.7%)
General Mills, Inc.		8,600		659,620
Kraft Heinz Co.		34,979		1,241,755
Mondelez International, Inc. Class A		44,675		3,258,594
				5,159,969
Household Products (1.5%)
Procter & Gamble Co.		19,386		2,941,631
Personal Products (0.4%)
Kenvue, Inc. (b)		27,978		739,179

	Shares		Value(a)
Tobacco (2.2%)
Philip Morris International, Inc.		41,773	$	4,077,880
Energy (8.1%)
Energy Equipment & Services (0.7%)
Halliburton Co.		8,700		287,013
NOV, Inc.		15,400		247,016
Schlumberger NV (c)		18,300		898,896
				1,432,925
Oil, Gas & Consumable Fuels (7.4%)
Chevron Corp.		22,600		3,556,110
EQT Corp.		38,200		1,571,166
Exxon Mobil Corp.		42,638		4,572,926
Kinder Morgan, Inc.		102,900		1,771,938
Range Resources Corp.		50,400		1,481,760
Southwestern Energy Co. (b)		84,000		504,840
Williams Cos., Inc.		14,272		465,695
				13,924,435
Financial (20.4%)
Capital Markets (0.7%)
Goldman Sachs Group, Inc.		3,900		1,257,906
Commercial Banks (8.4%)
Bank of America Corp.		126,094		3,617,637
East West Bancorp, Inc.		5,643		297,894
JPMorgan Chase & Co.		37,663		5,477,707
PNC Financial Services Group, Inc.		15,600		1,964,820
U.S. Bancorp		34,900		1,153,096
Wells Fargo & Co.		77,114		3,291,225
				15,802,379
Consumer Finance (1.1%)
American Express Co.		12,304		2,143,357
Financial Services (3.6%)
Berkshire Hathaway, Inc. Class B (b)		18,200		6,206,200
Corebridge Financial, Inc.		34,374		607,045
				6,813,245
Insurance (6.6%)
Allstate Corp.		11,227		1,224,192
Chubb Ltd. (c)		10,124		1,949,477
Hartford Financial Services Group, Inc.		15,055		1,084,261
MetLife, Inc.		55,333		3,127,974
Progressive Corp.		21,902		2,899,168
Travelers Cos., Inc.		12,789		2,220,938
				12,506,010
Health Care (17.7%)
Biotechnology (1.2%)
Amgen, Inc.		6,900		1,531,938
Regeneron Pharmaceuticals, Inc. (b)		1,000		718,540
				2,250,478

See accompanying notes to financial statements.
61

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

	Shares		Value(a)
Health Care Equipment & Supplies (2.6%)
Becton Dickinson & Co.		8,362	$	2,207,652
GE HealthCare Technologies, Inc.		23,148		1,880,543
Medtronic PLC (c)		10,200		898,620
				4,986,815
Health Care Providers & Services (7.3%)
AmerisourceBergen Corp.		20,300		3,906,329
Elevance Health, Inc.		12,789		5,682,025
HCA Healthcare, Inc.		7,247		2,199,320
Humana, Inc.		2,800		1,251,964
UnitedHealth Group, Inc.		1,827		878,129
				13,917,767
Life Sciences Tools & Services (1.8%)
Danaher Corp.		7,431		1,783,440
Thermo Fisher Scientific, Inc.		2,984		1,556,902
				3,340,342
Pharmaceuticals (4.8%)
AstraZeneca PLC ADR (c)		27,955		2,000,739
Johnson & Johnson		28,504		4,717,982
Merck & Co., Inc.		20,100		2,319,339
				9,038,060
Industrials (13.7%)
Aerospace & Defense (2.1%)
General Dynamics Corp.		2,600		559,390
L3Harris Technologies, Inc.		13,516		2,646,027
Northrop Grumman Corp.		1,620		738,396
				3,943,813
Building Products (0.6%)
Carrier Global Corp.		22,050		1,096,106
Electrical Equipment (3.1%)
AMETEK, Inc.		10,813		1,750,408
Eaton Corp. PLC (c)		15,324		3,081,656
Hubbell, Inc.		3,008		997,333
				5,829,397
Ground Transportation (3.4%)
CSX Corp.		92,991		3,170,993
Norfolk Southern Corp.		4,930		1,117,927
Union Pacific Corp.		10,900		2,230,358
				6,519,278
Industrial Conglomerates (3.1%)
General Electric Co.		33,197		3,646,690
Honeywell International, Inc.		5,937		1,231,928
Siemens AG (c)		5,870		976,892
				5,855,510
Machinery (1.4%)
Cummins, Inc.		2,000		490,320
Deere & Co.		1,200		486,228
Dover Corp.		2,600		383,890
Westinghouse Air Brake Technologies Corp.		12,100		1,327,007
				2,687,445

	Shares		Value(a)
Information Technology (14.1%)
Electronic Equipment, Instruments & Components (0.7%)
TE Connectivity Ltd. (c)		9,100	$	1,275,456
Interactive Media & Services (1.7%)
Alphabet, Inc. Class C (b)		25,950		3,139,172
IT Services (3.2%)
Accenture PLC Class A (c)		2,484		766,512
Fidelity National Information Services, Inc.		12,900		705,630
Fiserv, Inc. (b)		30,539		3,852,495
FleetCor Technologies, Inc. (b)		3,122		783,872
				6,108,509
Semiconductors & Semiconductor Equipment (7.4%)
Applied Materials, Inc.		11,700		1,691,118
Broadcom, Inc.		3,191		2,767,969
KLA Corp.		541		262,396
Lam Research Corp.		4,605		2,960,370
Micron Technology, Inc.		26,600		1,678,726
NXP Semiconductors NV (c)		4,800		982,464
QUALCOMM, Inc.		6,900		821,376
Texas Instruments, Inc.		15,800		2,844,316
				14,008,735
Software (1.1%)
Adobe, Inc. (b)		1,075		525,665
Microsoft Corp.		4,565		1,554,565
				2,080,230
Materials (1.4%)
Chemicals (0.9%)
Nutrien Ltd. (c)		30,457		1,798,486
Metals & Mining (0.5%)
Freeport-McMoRan, Inc.		23,100		924,000
Real Estate (2.6%)
Industrial REITs (0.6%)
Prologis, Inc.		9,231		1,131,998
Residential REITs (0.5%)
Equity LifeStyle Properties, Inc.		14,218		951,042
Specialized REITs (1.5%)
Life Storage, Inc.		4,600		611,616
Public Storage		4,300		1,255,084
Weyerhaeuser Co.		30,096		1,008,517
				2,875,217
Utilities (4.1%)
Electric Utilities (3.7%)
Constellation Energy Corp.		17,600		1,611,280
Entergy Corp.		4,400		428,428
Evergy, Inc.		10,900		636,778
FirstEnergy Corp.		11,515		447,703
NextEra Energy, Inc.		23,000		1,706,600
Southern Co.		31,623		2,221,516
				7,052,305

See accompanying notes to financial statements.
62

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

	Shares		Value(a)
Multi-Utilities (0.4%)
Ameren Corp.		5,460	$	445,918
DTE Energy Co.		2,078		228,622
				674,540
Total common stocks (cost: $176,907,130)				188,569,700
Short-Term Securities (0.4%)
Investment Companies (0.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		471,256		471,256
T. Rowe Price Government Reserve Fund, current rate 5.130%		286,664		286,664
Total short-term securities (cost: $757,920)				757,920
Total investments in securities (cost: $177,665,050) (d)				189,327,620
Liabilities in excess of cash and other assets (-0.1%)				(141,721	)
Total net assets (100.0%)			$	189,185,899

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At June 30, 2023, the cost of investments for federal income tax purposes was $180,135,745. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	14,640,850
Gross unrealized depreciation		(5,448,975	)
Net unrealized appreciation	$	9,191,875

See accompanying notes to financial statements.
63

SFT Wellington Core Equity Fund
Investments in Securities

June 30, 2023
(Unaudited)

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

	Shares		Value(a)
Common Stocks (100.0%)
Consumer Discretionary (11.0%)
Automobiles (0.7%)
Tesla, Inc. (b)		3,099	$	811,225
Broadline Retail (4.5%)
Amazon.com, Inc. (b)		40,223		5,243,470
Entertainment (1.1%)
Walt Disney Co. (b)		14,906		1,330,808
Hotels, Restaurants & Leisure (1.7%)
McDonald's Corp.		6,657		1,986,516
Specialty Retail (1.7%)
TJX Cos., Inc.		23,527		1,994,854
Textiles, Apparel & Luxury Goods (1.3%)
NIKE, Inc. Class B		14,184		1,565,488
Consumer Staples (8.0%)
Beverages (2.6%)
Constellation Brands, Inc. Class A		6,143		1,511,977
Monster Beverage Corp. (b)		26,669		1,531,867
				3,043,844
Consumer Staples Distribution & Retail (1.1%)
Sysco Corp.		16,607		1,232,240
Household Products (3.4%)
Colgate-Palmolive Co.		17,041		1,312,839
Procter & Gamble Co.		17,714		2,687,922
				4,000,761
Personal Products (0.9%)
Estee Lauder Cos., Inc. Class A		5,622		1,104,048
Energy (3.3%)
Energy Equipment & Services (0.6%)
Schlumberger NV (c)		14,731		723,587
Oil, Gas & Consumable Fuels (2.7%)
ConocoPhillips		12,709		1,316,779
EOG Resources, Inc.		15,852		1,814,103
				3,130,882
Financial (10.0%)
Capital Markets (1.4%)
Morgan Stanley		20,189		1,724,140
Commercial Banks (4.4%)
Bank of America Corp.		56,555		1,622,563
JPMorgan Chase & Co.		18,620		2,708,093
PNC Financial Services Group, Inc.		6,500		818,675
				5,149,331
Consumer Finance (1.1%)
American Express Co.		7,335		1,277,757

	Shares		Value(a)
Insurance (3.1%)
Arch Capital Group Ltd. (b) (c)		13,893	$	1,039,891
Chubb Ltd. (c)		7,005		1,348,883
Progressive Corp.		9,268		1,226,805
				3,615,579
Health Care (17.0%)
Biotechnology (2.1%)
Regeneron Pharmaceuticals, Inc. (b)		1,328		954,221
Vertex Pharmaceuticals, Inc. (b)		4,202		1,478,726
				2,432,947
Health Care Equipment & Supplies (4.0%)
Abbott Laboratories		15,321		1,670,296
Becton Dickinson & Co.		6,112		1,613,629
Hologic, Inc. (b)		16,886		1,367,259
				4,651,184
Health Care Providers & Services (2.9%)
UnitedHealth Group, Inc.		7,016		3,372,170
Life Sciences Tools & Services (2.6%)
Danaher Corp.		5,831		1,399,440
Thermo Fisher Scientific, Inc.		3,170		1,653,947
				3,053,387
Pharmaceuticals (5.4%)
Eli Lilly & Co.		5,575		2,614,564
Merck & Co., Inc.		19,199		2,215,373
Pfizer, Inc.		42,058		1,542,687
				6,372,624
Industrials (8.0%)
Aerospace & Defense (1.6%)
Raytheon Technologies Corp.		18,903		1,851,738
Building Products (0.9%)
Johnson Controls International PLC (c)		16,079		1,095,623
Commercial Services & Supplies (0.8%)
Republic Services, Inc.		5,956		912,281
Electrical Equipment (1.3%)
AMETEK, Inc.		9,771		1,581,729
Machinery (3.4%)
Deere & Co.		3,580		1,450,580
IDEX Corp.		4,990		1,074,148
Illinois Tool Works, Inc.		5,687		1,422,660
				3,947,388
Information Technology (36.6%)
Communications Equipment (1.5%)
Motorola Solutions, Inc.		6,171		1,809,831
Computer Peripherals (6.7%)
Apple, Inc.		40,625		7,880,031

See accompanying notes to financial statements.
64

SFT Wellington Core Equity Fund
Investments in Securities – continued

	Shares		Value(a)
Electronic Equipment, Instruments & Components (1.0%)
CDW Corp.		6,110	$	1,121,185
Interactive Media & Services (6.6%)
Alphabet, Inc. Class A (b)		48,534		5,809,520
Meta Platforms, Inc. Class A (b)		6,552		1,880,293
				7,689,813
IT Services (2.8%)
GoDaddy, Inc. Class A (b)		11,600		871,508
Mastercard, Inc. Class A		5,995		2,357,834
				3,229,342
Semiconductors & Semiconductor Equipment (8.5%)
Advanced Micro Devices, Inc. (b)		11,238		1,280,121
Broadcom, Inc.		1,907		1,654,189
KLA Corp.		2,965		1,438,084
NVIDIA Corp.		6,466		2,735,247
QUALCOMM, Inc.		9,481		1,128,618
Texas Instruments, Inc.		9,575		1,723,692
				9,959,951
Software (9.5%)
Microsoft Corp.		23,366		7,957,058
Palo Alto Networks, Inc. (b)		3,639		929,801
Salesforce, Inc. (b)		6,283		1,327,346
Workday, Inc. Class A (b)		4,335		979,233
				11,193,438
Materials (1.3%)
Chemicals (1.3%)
PPG Industries, Inc.		9,898		1,467,873

	Shares		Value(a)
Real Estate (1.8%)
Industrial REITs (1.0%)
Prologis, Inc.		9,516	$	1,166,947
Residential REITs (0.8%)
AvalonBay Communities, Inc.		4,852		918,338
Utilities (3.0%)
Electric Utilities (3.0%)
American Electric Power Co., Inc.		17,956		1,511,895
Duke Energy Corp.		13,989		1,255,373
Eversource Energy		10,973		778,205
				3,545,473
Total common stocks (cost: $77,121,543)				117,187,823
Short-Term Securities (0.1%)
Investment Companies (0.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.030%		163,757		163,757
Total short-term securities (cost: $163,757)				163,757
Total investments in securities (cost: $77,285,300) (d)				117,351,580
Liabilities in excess of cash and other assets (-0.1%)				(120,678	)
Total net assets (100.0%)			$	117,230,902

Investments in Securities Legend

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

(b) Non-income producing security.

(d) At June 30, 2023, the cost of investments for federal income tax purposes was $77,354,065. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

Gross unrealized appreciation	$	42,436,305
Gross unrealized depreciation		(2,438,790	)
Net unrealized appreciation	$	39,997,515

See accompanying notes to financial statements.
65

Securian Funds Trust

Statements of Assets and Liabilities

June 30, 2023

(Unaudited)

	SFT Balanced Stabilization Fund		SFT Core Bond Fund		SFT Delaware Ivy^SM Growth Fund			SFT Delaware Ivy^SM Small Cap Growth Fund		SFT Equity Stabilization Fund		SFT Government Money Market Fund
Assets
Investments in securities, at market value – see accompanying schedule for detailed listing*
Unaffiliated issuers	$	368,415,142	$	522,984,471	$	581,317,509		$	155,282,259	$	317,148,487	$	226,600,197
Affiliated issuers (Note 8)		274,114,718		–		–			–		–		–
Cash on demand deposit		9,000,000		33,400		–			–		7,725,000		–
Due from broker^1,3		–		1,154,000		–			–		–		–
Foreign currency on deposit²		–		6		–			–		–		–
Receivable:
Fund shares sold		–		4,083		–			–		138,982		–
Investment securities sold (including paydowns)		22,300		7,654,740		1,090,523			591,082		11,150		–
Investment securities sold on a when-issued or forward – commitment basis (Note 2)		–		152,480		–			–		–		–
Investment securities sold on a TBA basis (Note 2)		–		21,837,970		–			–		–		–
Dividends and accrued interest		2,755,362		2,345,772		286,895			26,140		129,194		159,502
Refundable foreign income taxes withheld		–		1,021		–			–		–		–
Adviser (Note 4)		–		–		–			–		–		–
Variation margin on futures contracts		1,478,386		–		–			–		637,921		–
Unrealized appreciation on forward foreign currency contracts		–		–		–			–		–		–
Prepaid expenses		5,425		9,841		8,577			5,033		8,307		9,883
Total assets		655,791,333		556,177,784		582,703,504			155,904,514		325,799,041		226,769,582
Liabilities
Due to custodian		426,359		–		–			–		212,760		–
Payable:
Fund shares repurchased		59,054		314,184		63,227			10,327		–		202,185
Investment securities purchased		176,857		6,010,283		964,184			1,648,748		88,428		–
Investment securities purchased on a when-issued or forward – commitment basis (Note 2)		–		403,495		–			–		–		–
Investment securities purchased on a TBA basis (Note 2)		–		109,263,120		–			–		–		–
Adviser		432,439		240,472		424,662			140,944		219,054		101,372
Variation margin on futures contracts		–		6,044		–			–		–		–
Accrued expenses		130,960		221,286		86,538			62,480		66,916		74,262
Unrealized depreciation on forward foreign currency contracts		–		–		–			–		–		–
Options written at value⁴		93,550		–		–			–		8,520,450		–
Total liabilities		1,319,219		116,458,884		1,538,611			1,862,499		9,107,608		377,819
Net assets applicable to outstanding capital stock	$	654,472,114	$	439,718,900	$	581,164,893		$	154,042,015	$	316,691,433	$	226,391,763
Net Assets Consist of:
Paid in capital**	$	379,530,600	$	382,605,350	$	(73,466,061	)	$	15,151,946	$	255,406,623	$	226,389,698
Total distributable earnings		274,941,514		57,113,550		654,630,954			138,890,069		61,284,810		2,065
Net assets	$	654,472,114	$	439,718,900	$	581,164,893		$	154,042,015	$	316,691,433	$	226,391,763
Net assets by class:
Class 1	$	N/A	$	7,127,976	$	N/A		$	N/A	$	N/A	$	N/A
Class 2		654,472,114		432,590,924		581,164,893			154,042,015		316,691,433		226,391,763
Net asset value per share of outstanding capital stock by class:
Class 1		N/A		2.416		N/A			N/A		N/A		N/A
Class 2		20.249		2.330		34.495			21.920		13.132		1.000
* Identified cost
Unaffiliated issuers	$	374,490,825	$	549,296,024	$	334,596,890		$	142,497,198	$	274,397,637	$	226,600,197
Affiliated issuers		107,000,000		–		–			–		–		–
** Shares outstanding by class:
Class 1		N/A		2,950,437		N/A			N/A		N/A		N/A
Class 2		32,321,493		185,690,592		16,847,947			7,027,359		24,116,234		226,391,763
¹ Cash collateral for open futures contracts	$	–	$	1,154,000	$	–		$	–	$	–	$	–
² Collateral for open foreign currency contracts	$	–	$	–	$	–		$	–	$	–	$	–
³ Foreign currency on deposit (cost)	$	–	$	5	$	–		$	–	$	–	$	–
⁴ Premiums received	$	73,050	$	–	$	–		$	–	$	36,475	$	–

See accompanying notes to financial statements.
66

	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	$	211,114,291		$	1,150,272,780		$	78,817,670		$	119,795,531		$	189,327,620	$	117,351,580
Affiliated issuers (Note 8)		–			–			–			–			–		–
Cash on demand deposit		–			5,199			–			–			–		–
Due from broker^1,3		–			–			1,009,211			–			–		–
Foreign currency on deposit²		–			–			25,057			–			–		–
Receivable:
Fund shares sold		–			–			644			38,756			–		–
Investment securities sold (including paydowns)		–			–			–			–			1,369,649		–
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		267,880			820,769			1,073,152			324,974			208,524		72,958
Refundable foreign income taxes withheld		–			–			3,643			–			3,043		–
Adviser (Note 4)		–			–			20,628			–			–		–
Variation margin on futures contracts		42,902			23,564			–			–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–			339,200			–			–		–
Prepaid expenses		5,052			11,201			5,130			5,883			25,125		5,660
Total assets		211,430,125			1,151,133,513			81,294,335			120,165,144			190,933,961		117,430,198
Liabilities
Due to custodian		–			–			–			–			–		–
Payable:
Fund shares repurchased		104,174			127,452			46,637			35,345			53,313		49,199
Investment securities purchased		–			–			–			290,046			1,485,830		–
Investment securities purchased on a when-issued or forward – commitment basis (Note 2)		–			–			–			–			–		–
Investment securities purchased on a TBA basis (Note 2)		–			–			–			–			–		–
Adviser		67,041			292,099			62,760			95,134			131,171		81,169
Variation margin on futures contracts		–			–			100,274			–			–		–
Accrued expenses		88,544			159,388			139,828			64,483			77,748		68,928
Unrealized depreciation on forward foreign currency contracts		–			–			1,697,780			–			–		–
Options written at value⁴		–			–			–			–			–		–
Total liabilities		259,759			578,939			2,047,279			485,008			1,748,062		199,296
Net assets applicable to outstanding capital stock	$	211,170,366		$	1,150,554,574		$	79,247,056		$	119,680,136		$	189,185,899	$	117,230,902
Net Assets Consist of:
Paid in capital**	$	(54,498,268	)	$	(132,899,502	)	$	94,236,642		$	(10,285,130	)	$	34,730,235	$	5,726,332
Total distributable earnings		265,668,634			1,283,454,076			(14,989,586	)		129,965,266			154,455,664		111,504,570
Net assets	$	211,170,366		$	1,150,554,574		$	79,247,056		$	119,680,136		$	189,185,899	$	117,230,902
Net assets by class:
Class 1	$	33,126,609		$	389,478,472		$	2,250,189		$	12,688,622		$	N/A	$	4,871,248
Class 2		178,043,757			761,076,102			76,996,867			106,991,514			189,185,899		112,359,654
Net asset value per share of outstanding capital stock by class:
Class 1		7.323			19.270			2.207			6.229			N/A		25.180
Class 2		7.062			18.586			2.129			6.007			20.704		24.600
* Identified cost
Unaffiliated issuers	$	156,033,310		$	383,154,495		$	79,532,876		$	124,932,083		$	177,665,050	$	77,285,300
Affiliated issuers		–			–			–			–			–		–
** Shares outstanding by class:
Class 1		4,523,833			20,211,214			1,019,543			2,037,101			N/A		193,492
Class 2		25,210,008			40,948,001			36,166,300			17,811,932			9,137,443		4,566,556
¹ Cash collateral for open futures contracts	$	–		$	–		$	419,211		$	–		$	–	$	–
² Collateral for open foreign currency contracts	$	–		$	–		$	590,000		$	–		$	–	$	–
³ Foreign currency on deposit (cost)	$	–		$	–		$	31,779		$	–		$	–	$	–
⁴ Premiums received	$	–		$	–		$	–		$	–		$	–	$	–

Securian Funds Trust

Statements of Operations

Six months ended June 30, 2023

(Unaudited)

	SFT Balanced Stabilization Fund			SFT Core Bond Fund			SFT Delaware Ivy^SM Growth Fund			SFT Delaware Ivy^SM Small Cap Growth Fund			SFT Equity Stabilization Fund			SFT Government Money Market Fund
Income:
Interest¹	$	5,555,953		$	9,596,720		$	–		$	–		$	–		$	4,620,016
Dividends¹		1,873,840			238,843			2,024,536			508,061			4,644,709			590,671
Foreign tax withholding		–			–			(44,091	)		–			–			–
Total investment income		7,429,793			9,835,563			1,980,445			508,061			4,644,709			5,210,687
Expenses (Note 4):
Investment advisory fee		1,739,845			883,867			1,698,593			627,250			891,593			277,669
Rule 12b-1 fees		790,839			543,232			654,119			184,485			405,269			277,669
Audit and accounting services		119,965			141,919			75,249			55,860			63,770			63,303
Administrative services fee		20,359			23,483			18,276			18,276			20,359			30,252
Legal fees		15,847			15,847			15,847			15,847			15,847			15,847
Custodian fees		6,943			36,448			6,744			9,075			7,041			4,860
Printing and shareholder reports		4,369			4,369			4,369			4,369			4,369			4,259
Trustee's fees		23,716			23,716			23,716			23,716			23,716			23,716
S&P licensing fee		–			–			–			–			–			–
Insurance		6,407			6,407			6,407			6,407			6,407			6,407
Other		6,339			8,552			24,764			19,903			10,256			4,931
Total expenses before fees waived		2,734,629			1,687,840			2,528,084			965,188			1,448,627			708,913
Less fees waived (Note 4)		–			–			–			–			–			–
Total expenses net of fees waived		2,734,629			1,687,840			2,528,084			965,188			1,448,627			708,913
Net investment income (loss)		4,695,164			8,147,723			(547,639	)		(457,127	)		3,196,082			4,501,774
Realized gains (losses) on investments and foreign currencies:
Investments (Note 3)
Unaffiliated issuers		(4,798,432	)		(6,805,632	)		24,732,142			1,969,456			1,380,985			–
Written options contracts		627,453			–			–			–			328,111			–
Foreign forward currency contracts		–			–			–			–			–			–
Foreign currency transactions		–			–			–			–			–			–
Net increase from litigation payments		–			6			–			73,049			–			–
Futures contracts		2,912,320			(851,027	)		–			–			(615,801	)		–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers, net of foreign capital gains tax		10,473,435			10,444,214			103,658,146			15,215,666			6,682,377			–
Affiliated issuers (Note 8)		39,379,759			–			–			–			–			–
Written options contracts		(208,325	)		–			–			–			(8,583,729	)		–
Translation of assets and liabilities in foreign currency		–			–			–			–			–			–
Foreign forward currency contracts		–			–			–			–			–			–
Futures contracts		3,484,316			(1,785,944	)		–			–			1,880,160			–
Net gains (losses) on investments		51,870,526			1,001,617			128,390,288			17,258,171			1,072,103			–
Net increase (decrease) in net assets resulting from operations	$	56,565,690		$	9,149,340		$	127,842,649		$	16,801,044		$	4,268,185		$	4,501,774

¹ All income is from unaffiliated issuers.

See accompanying notes to financial statements.
68

	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	$	5,187		$	–		$	2,236,975		$	–	$	12,885		$	–
Dividends¹		1,848,369			9,482,913			41,144			2,351,084		2,046,163			931,963
Foreign tax withholding		(1,681	)		(2,382	)		(3,401	)		–		(35,279	)		(3,528	)
Total investment income		1,851,875			9,480,531			2,274,718			2,351,084		2,023,769			928,435
Expenses (Note 4):
Investment advisory fee		151,488			773,278			238,215			410,181		598,278			353,792
Rule 12b-1 fees		214,686			878,574			96,594			131,867		228,926			134,297
Audit and accounting services		66,901			113,618			78,202			62,598		55,860			58,139
Administrative services fee		18,276			18,276			26,086			18,276		18,276			18,276
Legal fees		15,847			15,847			15,847			15,847		15,847			15,847
Custodian fees		7,388			7,388			17,803			6,297		29,356			7,240
Printing and shareholder reports		4,369			4,369			4,369			4,369		4,369			4,369
Trustee's fees		23,716			23,716			23,716			23,716		23,716			23,716
S&P licensing fee		8,728			30,249			–			–		–			–
Insurance		6,407			6,407			6,407			6,407		6,407			6,407
Other		4,899			14,617			22,634			13,924		19,870			4,006
Total expenses before fees waived		522,705			1,886,339			529,873			693,482		1,000,905			626,089
Less fees waived (Note 4)		–			–			(20,628	)		–		–			–
Total expenses net of fees waived		522,705			1,886,339			509,245			693,482		1,000,905			626,089
Net investment income (loss)		1,329,170			7,594,192			1,765,473			1,657,602		1,022,864			302,346
Realized gains (losses) on investments and foreign currencies:
Investments (Note 3)
Unaffiliated issuers		1,587,363			3,105,320			(3,881,384	)		317,430		440,978			2,306,929
Written options contracts		–			–			–			–		–			–
Foreign forward currency contracts		–			–			(3,318,998	)		–		–			–
Foreign currency transactions		–			–			(23,501	)		–		(179	)		–
Net increase from litigation payments		5,389			2,118			–			–		–			4,089
Futures contracts		146,054			1,330,926			(187,364	)		–		–			–
Net change in unrealized appreciation or depreciation on:
Investments
Unaffiliated issuers, net of foreign capital gains tax		13,250,518			151,384,809			8,425,801			4,731,464		5,847,861			10,649,095
Affiliated issuers (Note 8)		–			–			–			–		–			–
Written options contracts		–			–			–			–		–			–
Translation of assets and liabilities in foreign currency		–			–			10,619			–		(328	)		–
Foreign forward currency contracts		–			–			381,033			–		–			–
Futures contracts		359,426			1,386,638			60,325			–		–			–
Net gains (losses) on investments		15,348,750			157,209,811			1,466,531			5,048,894		6,288,332			12,960,113
Net increase (decrease) in net assets resulting from operations	$	16,677,920		$	164,804,003		$	3,232,004		$	6,706,496	$	7,311,196		$	13,262,459

Securian Funds Trust

Statements of Changes in Net Assets

Six months ended June 30, 2023 and year ended December 31, 2022

(Unaudited)

	SFT Balanced Stabilization Fund						SFT Core Bond Fund						SFT Delaware Ivy^SM Growth Fund
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	4,695,164		$	4,639,081		$	8,147,723		$	11,294,202		$	(547,639	)	$	(1,486,308	)
Net realized gains (losses) on investments		(1,258,659	)		(381,723	)		(7,656,653	)		(37,913,887	)		24,732,142			22,834,638
Net change in unrealized appreciation or depreciation of investments		53,129,185			(95,775,031	)		8,658,270			(48,246,895	)		103,658,146			(208,274,945	)
Net increase (decrease) in net assets resulting from operations		56,565,690			(91,517,673	)		9,149,340			(74,866,580	)		127,842,649			(186,926,615	)
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–			–			–
Decrease in net assets from distributions		–			–			–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			908,450			3,230,634			–			–
Class 2		8,619,039			29,621,512			9,336,621			16,187,058			2,987,228			3,132,710
Value of distributions reinvested
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(1,245,399	)		(2,572,439	)		–			–
Class 2		(36,124,655	)		(42,234,628	)		(17,387,810	)		(33,351,620	)		(28,124,153	)		(43,183,443	)
Increase (decrease) in net assets from capital stock transactions		(27,505,616	)		(12,613,116	)		(8,388,138	)		(16,506,367	)		(25,136,925	)		(40,050,733	)
Total increase (decrease) in net assets		29,060,074			(104,130,789	)		761,202			(91,372,947	)		102,705,724			(226,977,348	)
Net assets at beginning of period		625,412,040			729,542,829			438,957,698			530,330,645			478,459,169			705,436,517
Net assets at end of period	$	654,472,114		$	625,412,040		$	439,718,900		$	438,957,698		$	581,164,893		$	478,459,169
Capital share transactions:
Proceeds from sales
Class 1		–			–			373,984			1,322,960			–			–
Class 2		444,881			1,556,915			3,984,308			6,535,013			100,241			111,963
Issued on reinvestment of distributions
Class 2		–			–			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(512,725	)		(1,055,792	)		–			–
Class 2		(1,868,314	)		(2,209,032	)		(7,418,674	)		(13,939,714	)		(907,766	)		(1,418,840	)
Net change from capital transactions		(1,423,433	)		(652,117	)		(3,573,107	)		(7,137,533	)		(807,525	)		(1,306,877	)

See accompanying notes to financial statements.
70

	SFT Delaware Ivy^SM Small Cap Growth Fund						SFT Equity Stabilization Fund
	2023			2022			2023			2022
Operations:
Net investment income	$	(457,127	)	$	(1,335,605	)	$	3,196,082		$	4,349,329
Net realized gains (losses) on investments		2,042,505			1,221,094			1,093,295			529,532
Net change in unrealized appreciation or depreciation of investments		15,215,666			(53,902,189	)		(21,192	)		(40,818,899	)
Net increase (decrease) in net assets resulting from operations		16,801,044			(54,016,700	)		4,268,185			(35,940,038	)
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			–			–
Class 2		1,498,323			2,356,271			1,634,862			14,861,373
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			–			–
Class 2		(5,395,144	)		(11,868,005	)		(17,556,616	)		(22,909,068	)
Increase (decrease) in net assets from capital stock transactions		(3,896,821	)		(9,511,734	)		(15,921,754	)		(8,047,695	)
Total increase (decrease) in net assets		12,904,223			(63,528,434	)		(11,653,569	)		(43,987,733	)
Net assets at beginning of period		141,137,792			204,666,226			328,345,002			372,332,735
Net assets at end of period	$	154,042,015		$	141,137,792		$	316,691,433		$	328,345,002
Capital share transactions:
Proceeds from sales
Class 1		–			–			–			–
Class 2		71,427			109,498			124,471			1,134,473
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			–			–
Class 2		(259,349	)		(545,360	)		(1,326,327	)		(1,739,173	)
Net change from capital transactions		(187,922	)		(435,862	)		(1,201,856	)		(604,700	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2023 and year ended December 31, 2022

(Unaudited)

	SFT Government Money Market Fund						SFT Index 400 Mid-Cap Fund						SFT Index 500 Fund
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	4,501,774		$	2,534,989		$	1,329,170		$	2,005,068		$	7,594,192		$	13,300,175
Net realized gains (losses) on investments		–			–			1,738,806			6,741,985			4,438,364			9,481,147
Net change in unrealized appreciation or depreciation of investments		–			–			13,609,944			(40,506,111	)		152,771,447			(247,853,625	)
Net increase (decrease) in net assets resulting from operations		4,501,774			2,534,989			16,677,920			(31,759,058	)		164,804,003			(225,072,303	)
Distributions to shareholders:
From distributable earnings
Class 2		(4,501,774	)		(2,534,989	)		–			–			–			–
Decrease in net assets from distributions		(4,501,774	)		(2,534,989	)		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			2,949,909			7,357,506			13,888,203			30,015,096
Class 2		15,555,467			84,358,046			4,483,043			2,800,098			15,502,093			18,902,724
Value of distributions reinvested
Class 2		4,501,774			2,534,989			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(767,616	)		(747,878	)		(1,907,295	)		(4,441,720	)
Class 2		(16,147,276	)		(61,489,586	)		(9,840,916	)		(13,137,316	)		(29,316,229	)		(59,775,837	)
Increase (decrease) in net assets from capital stock transactions		3,909,965			25,403,449			(3,175,580	)		(3,727,590	)		(1,833,228	)		(15,299,737	)
Total increase (decrease) in net assets		3,909,965			25,403,449			13,502,340			(35,486,648	)		162,970,775			(240,372,040	)
Net assets at beginning of period		222,481,798			197,078,349			197,668,026			233,154,674			987,583,799			1,227,955,839
Net assets at end of period	$	226,391,763		$	222,481,798		$	211,170,366		$	197,668,026		$	1,150,554,574		$	987,583,799
Capital share transactions:
Proceeds from sales
Class 1		–			–			423,980			1,065,896			783,339			1,712,141
Class 2		15,555,467			84,358,046			673,299			422,867			913,129			1,128,392
Issued on reinvestment of distributions
Class 2		4,501,774			2,534,989			–			–			–			–
Payments for redemption of shares
Class 1		–			–			(107,843	)		(110,879	)		(107,755	)		(263,959	)
Class 2		(16,147,276	)		(61,489,586	)		(1,455,983	)		(2,001,142	)		(1,707,981	)		(3,521,706	)
Net change from capital transactions		3,909,965			25,403,449			(466,547	)		(623,258	)		(119,268	)		(945,132	)

See accompanying notes to financial statements.
72

	SFT International Bond Fund						SFT Real Estate Securities Fund
	2023			2022			2023			2022
Operations:
Net investment income	$	1,765,473		$	2,019,613		$	1,657,602		$	1,919,382
Net realized gains (losses) on investments		(7,411,247	)		(2,691,176	)		317,430			11,797,899
Net change in unrealized appreciation or depreciation of investments		8,877,778			(9,116,758	)		4,731,464			(55,799,207	)
Net increase (decrease) in net assets resulting from operations		3,232,004			(9,788,321	)		6,706,496			(42,081,926	)
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		512,175			354,918			1,733,123			2,477,049
Class 2		727,156			6,220,821			2,039,995			2,620,143
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(60,885	)		(215,972	)		(981,087	)		(983,199	)
Class 2		(3,645,637	)		(8,842,598	)		(5,576,710	)		(20,081,328	)
Increase (decrease) in net assets from capital stock transactions		(2,467,191	)		(2,482,831	)		(2,784,679	)		(15,967,335	)
Total increase (decrease) in net assets		764,813			(12,271,152	)		3,921,817			(58,049,261	)
Net assets at beginning of period		78,482,243			90,753,395			115,758,319			173,807,580
Net assets at end of period	$	79,247,056		$	78,482,243		$	119,680,136		$	115,758,319
Capital share transactions:
Proceeds from sales
Class 1		234,145			160,173			286,406			391,287
Class 2		347,891			2,857,112			347,747			450,796
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		(27,908	)		(98,419	)		(154,304	)		(144,006	)
Class 2		(1,726,062	)		(4,146,064	)		(933,345	)		(2,886,927	)
Net change from capital transactions		(1,171,934	)		(1,227,198	)		(453,496	)		(2,188,850	)

Securian Funds Trust

Statements of Changes in Net Assets – continued

Six months ended June 30, 2023 and year ended December 31, 2022

(Unaudited)

	SFT T. Rowe Price Value Fund						SFT Wellington Core Equity Fund
	2023			2022			2023			2022
Operations:
Net investment income	$	1,022,864		$	1,772,026		$	302,346		$	460,593
Net realized gains (losses) on investments		440,799			8,300,227			2,311,018			3,374,122
Net change in unrealized appreciation or depreciation of investments		5,847,533			(37,095,689	)		10,649,095			(31,436,967	)
Net increase (decrease) in net assets resulting from operations		7,311,196			(27,023,436	)		13,262,459			(27,602,252	)
Distributions to shareholders:
From distributable earnings
Class 2		–			–			–			–
Decrease in net assets from distributions		–			–			–			–
Capital stock transactions:
Proceeds from sales
Class 1		–			–			632,352			2,003,044
Class 2		3,074,799			3,145,151			1,368,613			644,745
Value of distributions reinvested
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(131,996	)		(549,192	)
Class 2		(6,309,333	)		(30,345,304	)		(6,664,508	)		(10,492,245	)
Increase (decrease) in net assets from capital stock transactions		(3,234,534	)		(27,200,153	)		(4,795,539	)		(8,393,648	)
Total increase (decrease) in net assets		4,076,662			(54,223,589	)		8,466,920			(35,995,900	)
Net assets at beginning of period		185,109,237			239,332,826			108,763,982			144,759,882
Net assets at end of period	$	189,185,899		$	185,109,237		$	117,230,902		$	108,763,982
Capital share transactions:
Proceeds from sales
Class 1		–			–			27,219			86,449
Class 2		154,103			156,376			59,610			28,079
Issued on reinvestment of distributions
Class 2		–			–			–			–
Payments for redemption of shares
Class 1		–			–			(5,561	)		(23,633	)
Class 2		(316,159	)		(1,478,169	)		(287,192	)		(450,239	)
Net change from capital transactions		(162,056	)		(1,321,793	)		(205,924	)		(359,344	)

See accompanying notes to financial statements.
74

Securian Funds Trust
Financial Highlights

SFT Balanced Stabilization Fund

	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	18.534		$	21.210		$	18.697		$	16.892		$	13.983		$	14.401
Income from investment operations:
Net investment income (a)		.142			.136			.019			.082			.185			.162
Net realized and unrealized gain(loss) on investments		1.573			(2.812	)		2.494			1.723			2.724			(.580	)
Total from investment operations		1.715			(2.676	)		2.513			1.805			2.909			(.418	)
Net asset value, end of period	$	20.249		$	18.534		$	21.210		$	18.697		$	16.892		$	13.983
Total return (b)		9.26	%		(12.62	)%		13.46	%		10.67	%		20.81	%		(2.90	)%
Net assets, end of period (in thousands)	$	654,472		$	625,412		$	729,543		$	678,188		$	577,805		$	415,233
Ratios to average net assets:
Expenses before waiver (c)		.86	%(d)		.86	%		.85	%		.86	%		.90	%		.98	%
Expenses (c)		.86	%(d)		.86	%		.84	%(e)		.80	%(e)		.80	%(e)		.80	%(e)
Net investment income		1.48	%(d)		.71	%		.10	%		.48	%		1.18	%		1.12	%
Portfolio turnover rate (excluding short-term securities)		1.5	%(f)		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. For periods less than one year, total return presented has not been annualized.

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

(d) Adjusted to an annual basis.

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

(f) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Core Bond Fund

	Class 1 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.364		$	2.747		$	2.755		$	2.571		$	2.355		$	2.368
Income from investment operations:
Net investment income (a)		.047			.065			.056			.067			.078			.077
Net realized and unrealized gain(loss) on investments		.005			(.448	)		(.064	)		.117			.138			(.090	)
Total from investment operations		.052			(.383	)		(.008	)		.184			.216			(.013	)
Net asset value, end of period	$	2.416		$	2.364		$	2.747		$	2.755		$	2.571		$	2.355
Total return (b)		2.20	%		(13.93	)%		(0.29	)%		7.15	%		9.18	%		(0.59	)%
Net assets, end of period (in thousands)	$	7,128		$	7,303		$	7,751		$	5,530		$	5,060		$	3,640
Ratios to average net assets:
Expenses (c)		.52	%(d)		.50	%		.49	%		.48	%		.49	%		.50	%
Net investment income		3.93	%(d)		2.62	%		2.03	%		2.52	%		3.11	%		3.29	%
Portfolio turnover rate (excluding short-term securities)		99.1	%(e)		139.2	%		67.3	%		93.0	%		130.4	%		151.1	%
	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.282		$	2.659		$	2.673		$	2.501		$	2.297		$	2.316
Income from investment operations:
Net investment income (a)		.043			.057			.047			.059			.070			.069
Net realized and unrealized gain(loss) on investments		.005			(.434	)		(.061	)		.113			.134			(.088	)
Total from investment operations		.048			(.377	)		(.014	)		.172			.204			(.019	)
Net asset value, end of period	$	2.330		$	2.282		$	2.659		$	2.673		$	2.501		$	2.297
Total return (b)		2.07	%		(14.17	)%		(0.54	)%		6.88	%		8.90	%		(0.84	)%
Net assets, end of period (in thousands)	$	432,591		$	431,655		$	522,580		$	491,483		$	482,818		$	434,229
Ratios to average net assets:
Expenses (c)		.77	%(d)		.75	%		.74	%		.73	%		.74	%		.75	%
Net investment income		3.68	%(d)		2.38	%		1.78	%		2.28	%		2.87	%		3.04	%
Portfolio turnover rate (excluding short-term securities)		99.1	%(e)		139.2	%		67.3	%		93.0	%		130.4	%		151.1	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Delaware Ivy^SM Growth Fund

	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	27.100		$	37.202		$	28.554		$	21.848		$	16.007		$	15.662
Income from investment operations:
Net investment income (loss) (a)		(.032	)		(.082	)		(.124	)		(.038	)		(.005	)		.008
Net realized and unrealized gain(loss) on investments		7.427			(10.020	)		8.772			6.744			5.846			.337
Total from investment operations		7.395			(10.102	)		8.648			6.706			5.841			.345
Net asset value, end of period	$	34.495		$	27.100		$	37.202		$	28.554		$	21.848		$	16.007
Total return (b)		27.29	%		(27.15	)%		30.29	%		30.69	%		36.49	%		2.21	%
Net assets, end of period (in thousands)	$	581,165		$	478,459		$	705,437		$	606,247		$	544,843		$	453,883
Ratios to average net assets:
Expenses (c)		.97	%(d)		.96	%		.96	%		.97	%		.98	%		.97	%
Net investment income (loss)		(.21	)%(d)		(.27	)%		(.38	)%		(.16	)%		(.03	)%		.04	%
Portfolio turnover rate (excluding short-term securities)		6.9	%(e)		8.5	%		14.4	%		28.9	%		29.9	%		42.3	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Delaware Ivy^SM Small Cap Growth Fund

	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	19.561		$	26.750		$	25.579		$	18.772		$	15.181		$	15.802
Income from investment operations:
Net investment loss (a)		(.064	)		(.179	)		(.233	)		(.161	)		(.146	)		(.102	)
Net realized and unrealized gain(loss) on investments		2.423			(7.010	)		1.404			6.968			3.737			(.519	)
Total from investment operations		2.359			(7.189	)		1.171			6.807			3.591			(.621	)
Net asset value, end of period	$	21.920		$	19.561		$	26.750		$	25.579		$	18.772		$	15.181
Total return (b)		12.06	%		(26.87	)%		4.58	%		36.26	%		23.66	%		(3.93	)%
Net assets, end of period (in thousands)	$	154,042		$	141,138		$	204,666		$	211,834		$	176,721		$	163,367
Ratios to average net assets:
Expenses (c)		1.31	%(d)		1.27	%		1.23	%		1.24	%		1.23	%		1.21	%
Net investment loss		(.62	)%(d)		(.82	)%		(.84	)%		(.83	)%		(.81	)%		(.59	)%
Portfolio turnover rate (excluding short-term securities)		34.3	%(e)		61.8	%		47.1	%		53.6	%		43.3	%		53.1	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Equity Stabilization Fund

	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.969		$	14.363		$	12.804		$	13.527		$	11.594		$	12.195
Income from investment operations:
Net investment income (a)		.129			.169			.154			.173			.275			.220
Net realized and unrealized gain(loss) on investments		.034			(1.563	)		1.405			(.896	)		1.658			(.821	)
Total from investment operations		.163			(1.394	)		1.559			(.723	)		1.933			(.601	)
Net asset value, end of period	$	13.132		$	12.969		$	14.363		$	12.804		$	13.527		$	11.594
Total return (b)		3.97	%		(9.71	)%		12.18	%		(5.35	)%		16.67	%		(4.93	)%
Net assets, end of period (in thousands)	$	316,691		$	328,345		$	372,333		$	355,582		$	390,478		$	298,485
Ratios to average net assets:
Expenses before waiver (c)		.89	%(d)		.88	%		.87	%		.88	%		.90	%		.97	%
Expenses (c)		.89	%(d)		.88	%		.85	%(e)		.80	%(e)		.80	%(e)		.80	%(e)
Net investment income		1.97	%(d)		1.28	%		1.13	%		1.38	%		2.17	%		1.82	%
Portfolio turnover rate (excluding short-term securities)		0.6	%(f)		12.3	%		3.4	%		20.1	%		–	%		–	%

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

(d) Adjusted to an annual basis.

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

(f) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Government Money Market Fund

	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income from investment operations:
Net investment income (a)		.020			.011			–			.002			.015			.012
Net realized and unrealized gain on investments		–			–			–			–			–			–
Total from investment operations		.020			.011			–			.002			.015			.012
Less distributions:
Distributions from net investment income		(.020	)		(.011	)		–			(.002	)		(.015	)		(.012	)
Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total return (b)		2.03	%		1.12	%		–	%		0.21	%		1.50	%		1.18	%
Net assets, end of period (in thousands)	$	226,392		$	222,482		$	197,078		$	196,877		$	188,351		$	72,761
Ratios to average net assets:
Expenses before waiver		.64	%(c)		.64	%		.66	%		.68	%		.83	%		.90	%
Expenses (d)		.64	%(c)		.48	%(e)		.04	%(e)		.29	%(e)		.70	%(e)		.70	%(e)
Net investment income		4.05	%(c)		1.16	%		–	%		.20	%		1.35	%		1.18	%

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

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

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

Securian Funds Trust
Financial Highlights – continued

SFT Index 400 Mid-Cap Fund

	Class 1 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	6.745		$	7.786		$	6.264		$	5.527		$	4.392		$	4.955
Income from investment operations:
Net investment income (a)		.054			.084			.068			.065			.067			.065
Net realized and unrealized gain(loss) on investments		.524			(1.125	)		1.454			.672			1.068			(.628	)
Total from investment operations		.578			(1.041	)		1.522			.737			1.135			(.563	)
Net asset value, end of period	$	7.323		$	6.745		$	7.786		$	6.264		$	5.527		$	4.392
Total return (b)		8.57	%		(13.38	)%		24.30	%		13.34	%		25.82	%		(11.36	)%
Net assets, end of period (in thousands)	$	33,127		$	28,379		$	25,327		$	15,838		$	12,088		$	7,662
Ratios to average net assets:
Expenses (c)		.31	%(d)		.30	%		.28	%		.31	%		.29	%		.27	%
Net investment income		1.54	%(d)		1.22	%		.93	%		1.27	%		1.31	%		1.29	%
Portfolio turnover rate (excluding short-term securities)		9.4	%(e)		15.0	%		15.3	%		14.4	%		15.1	%		14.6	%
	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	6.513		$	7.538		$	6.079		$	5.377		$	4.284		$	4.845
Income from investment operations:
Net investment income (a)		.043			.063			.050			.050			.054			.050
Net realized and unrealized gain(loss) on investments		.506			(1.088	)		1.409			.652			1.039			(.611	)
Total from investment operations		.549			(1.025	)		1.459			.702			1.093			(.561	)
Net asset value, end of period	$	7.062		$	6.513		$	7.538		$	6.079		$	5.377		$	4.284
Total return (b)		8.44	%		(13.60	)%		23.99	%		13.06	%		25.51	%		(11.58	)%
Net assets, end of period (in thousands)	$	178,043		$	169,289		$	207,828		$	188,333		$	186,108		$	182,703
Ratios to average net assets:
Expenses (c)		.55	%(d)		.55	%		.53	%		.56	%		.54	%		.52	%
Net investment income		1.28	%(d)		.94	%		.71	%		1.02	%		1.09	%		1.03	%
Portfolio turnover rate (excluding short-term securities)		9.4	%(e)		15.0	%		15.3	%		14.4	%		15.1	%		14.6	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Index 500 Fund

	Class 1 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	16.502		$	20.191		$	15.732		$	13.309		$	10.144		$	10.629
Income from investment operations:
Net investment income (a)		.138			.251			.215			.217			.215			.192
Net realized and unrealized gain(loss) on investments		2.630			(3.940	)		4.244			2.206			2.950			(.677	)
Total from investment operations		2.768			(3.689	)		4.459			2.423			3.165			(.485	)
Net asset value, end of period	$	19.270		$	16.502		$	20.191		$	15.732		$	13.309		$	10.144
Total return (b)		16.78	%		(18.27	)%		28.35	%		18.20	%		31.20	%		(4.56	)%
Net assets, end of period (in thousands)	$	389,479		$	322,375		$	365,210		$	272,088		$	224,410		$	164,095
Ratios to average net assets:
Expenses (c)		.19	%(d)		.19	%		.19	%		.20	%		.20	%		.20	%
Net investment income		1.57	%(d)		1.44	%		1.19	%		1.62	%		1.81	%		1.74	%
Portfolio turnover rate (excluding short-term securities)		0.7	%(e)		2.1	%		2.3	%		3.3	%		2.6	%		2.4	%
	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	15.936		$	19.547		$	15.268		$	12.949		$	9.894		$	10.393
Income from investment operations:
Net investment income (a)		.112			.200			.164			.179			.181			.160
Net realized and unrealized gain(loss) on investments		2.538			(3.811	)		4.115			2.140			2.874			(.659	)
Total from investment operations		2.650			(3.611	)		4.279			2.319			3.055			(.499	)
Net asset value, end of period	$	18.586		$	15.936		$	19.547		$	15.268		$	12.949		$	9.894
Total return (b)		16.63	%		(18.47	)%		28.03	%		17.91	%		30.88	%		(4.80	)%
Net assets, end of period (in thousands)	$	761,076		$	665,209		$	862,746		$	731,356		$	689,994		$	630,692
Ratios to average net assets:
Expenses (c)		.44	%(d)		.44	%		.44	%		.45	%		.45	%		.45	%
Net investment income		1.32	%(d)		1.18	%		.94	%		1.38	%		1.56	%		1.49	%
Portfolio turnover rate (excluding short-term securities)		0.7	%(e)		2.1	%		2.3	%		3.3	%		2.6	%		2.4	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT International Bond Fund

	Class 1 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.116		$	2.367		$	2.458		$	2.620		$	2.570		$	2.533
Income from investment operations:
Net investment income (a)		.050			.059			.028			.035			.116			.091
Net realized and unrealized gain(loss) on investments		.041			(.310	)		(.119	)		(.197	)		(.066	)		(.054	)
Total from investment operations		.091			(.251	)		(.091	)		(.162	)		.050			.037
Net asset value, end of period	$	2.207		$	2.116		$	2.367		$	2.458		$	2.620		$	2.570
Total return (b)		3.92	%		(10.59	)%(c)		(3.70	)%(c)		(6.18	)%(c)		1.93	%		1.46	%
Net assets, end of period (in thousands)	$	2,250		$	1,721		$	1,779		$	1,531		$	1,396		$	1,237
Ratios to average net assets:
Expenses (d)		1.09	%(e)		1.03	%		1.04	%		.98	%		1.01	%		.95	%
Net investment income		4.66	%(e)		2.66	%		1.16	%		1.40	%		4.43	%		3.57	%
Portfolio turnover rate (excluding short-term securities)		61.3	%(f)		108.7	%		124.2	%		62.1	%		23.4	%		20.4	%
	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	2.045		$	2.291		$	2.385		$	2.549		$	2.507		$	2.477
Income from investment operations:
Net investment income (a)		.047			.051			.021			.028			.108			.082
Net realized and unrealized gain(loss) on investments		.037			(.297	)		(.115	)		(.192	)		(.066	)		(.052	)
Total from investment operations		.084			(.246	)		(.094	)		(.164	)		.042			.030
Net asset value, end of period	$	2.129		$	2.045		$	2.291		$	2.385		$	2.549		$	2.507
Total return (b)		3.82	%		(10.76	)%(c)		3.94	%(c)		(6.43	)%(c)		1.68	%		1.21	%
Net assets, end of period (in thousands)	$	76,997		$	76,761		$	88,974		$	89,624		$	99,019		$	103,430
Ratios to average net assets:
Expenses before waiver (d)		1.34	%(e)		1.28	%		1.29	%		1.23	%		1.26	%		1.20	%
Expenses (d)		1.29	%(e)(g)		1.28	%		1.29	%		1.23	%		1.26	%		1.20	%
Net investment income		4.44	%(e)		2.38	%		.91	%		1.15	%		4.20	%		3.32	%
Portfolio turnover rate (excluding short-term securities)		61.3	%(f)		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.

(e) Adjusted to an annual basis.

(f) Not Annualized.

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

Securian Funds Trust
Financial Highlights – continued

SFT Real Estate Securities Fund

	Class 1 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	5.885		$	7.964		$	5.515		$	5.661		$	4.534		$	4.781
Income from investment operations:
Net investment income (a)		.093			.114			.061			.087			.096			.085
Net realized and unrealized gain(loss) on investments		.251			(2.193	)		2.388			(.233	)		1.031			(.332	)
Total from investment operations		.344			(2.079	)		2.449			(.146	)		1.127			(.247	)
Net asset value, end of period	$	6.229		$	5.885		$	7.964		$	5.515		$	5.661		$	4.534
Total return (b)		5.83	%		(26.10	)%		44.41	%		(2.59	)%		24.87	%		(5.16	)%
Net assets, end of period (in thousands)	$	12,689		$	11,211		$	13,201		$	6,461		$	5,858		$	4,122
Ratios to average net assets:
Expenses (c)		.96	%(d)		.90	%		.87	%		.91	%		.88	%		.87	%
Net investment income		3.08	%(d)		1.71	%		.91	%		1.69	%		1.79	%		1.83	%
Portfolio turnover rate (excluding short-term securities)		17.4	%(e)		78.7	%		59.7	%		74.9	%		55.5	%		70.0	%
	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	5.683		$	7.709		$	5.352		$	5.508		$	4.422		$	4.674
Income from investment operations:
Net investment income (a)		.082			.091			.055			.073			.082			.072
Net realized and unrealized gain(loss) on investments		.242			(2.117	)		2.302			(.229	)		1.004			(.324	)
Total from investment operations		.324			(2.026	)		2.357			(.156	)		1.086			(.252	)
Net asset value, end of period	$	6.007		$	5.683		$	7.709		$	5.352		$	5.508		$	4.422
Total return (b)		5.70	%		(26.29	)%		44.05	%		(2.83	)%		24.56	%		(5.40	)%
Net assets, end of period (in thousands)	$	106,991		$	104,547		$	160,607		$	119,460		$	128,350		$	116,067
Ratios to average net assets:
Expenses (c)		1.21	%(d)		1.15	%		1.12	%		1.16	%		1.13	%		1.12	%
Net investment income		2.80	%(d)		1.40	%		.85	%		1.46	%		1.59	%		1.60	%
Portfolio turnover rate (excluding short-term securities)		17.4	%(e)		78.7	%		59.7	%		74.9	%		55.5	%		70.0	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT T. Rowe Price Value Fund

	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	19.905		$	22.533		$	17.411		$	15.818		$	12.568		$	13.933
Income from investment operations:
Net investment income (a)		.111			.180			.082			.147			.186			.174
Net realized and unrealized gain(loss) on investments		.688			(2.808	)		5.040			1.446			3.064			(1.539	)
Total from investment operations		.799			(2.628	)		5.122			1.593			3.250			(1.365	)
Net asset value, end of period	$	20.704		$	19.905		$	22.533		$	17.411		$	15.818		$	12.568
Total return (b)		4.02	%		(11.67	)%		29.43	%		10.06	%		25.86	%		(9.80	)%
Net assets, end of period (in thousands)	$	189,186		$	185,109		$	239,333		$	206,350		$	201,178		$	181,589
Ratios to average net assets:
Expenses (c)		1.09	%(d)		1.07	%		1.05	%		1.06	%		1.06	%		1.04	%
Net investment income		1.12	%(d)		.88	%		.40	%		1.01	%		1.28	%		1.26	%
Portfolio turnover rate (excluding short-term securities)		35.1	%(e)		186.4	%		100.1	%		113.2	%		131.1	%		140.0	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Financial Highlights – continued

SFT Wellington Core Equity Fund

	Class 1 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	22.365		$	27.698		$	22.304		$	18.861		$	14.069		$	14.369
Income from investment operations:
Net investment income (a)		.090			.152			.105			.116			.120			.099
Net realized and unrealized gain(loss) on investments		2.725			(5.485	)		5.289			3.327			4.672			(.399	)
Total from investment operations		2.815			(5.333	)		5.394			3.443			4.792			(.300	)
Net asset value, end of period	$	25.180		$	22.365		$	27.698		$	22.304		$	18.861		$	14.069
Total return (b)		12.57	%		(19.26	)%		24.18	%		18.25	%		34.06	%		(2.09	)%
Net assets, end of period (in thousands)	$	4,871		$	3,843		$	3,020		$	1,729		$	1,251		$	757
Ratios to average net assets:
Expenses (c)		.88	%(d)		.87	%		.84	%		.86	%		.86	%		.84	%
Net investment income		.78	%(d)		.65	%		.42	%		.61	%		.71	%		.66	%
Portfolio turnover rate (excluding short-term securities)		11.3	%(e)		14.0	%		14.4	%		23.0	%		14.9	%		21.6	%
	Class 2 Shares
	Six months ended June 30, 2023			Year ended December 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.885		$	27.173		$	21.936		$	18.596		$	13.906		$	14.238
Income from investment operations:
Net investment income (a)		.061			.088			.042			.068			.077			.060
Net realized and unrealized gain(loss) on investments		2.654			(5.376	)		5.195			3.272			4.613			(.392	)
Total from investment operations		2.715			(5.288	)		5.237			3.340			4.690			(.332	)
Net asset value, end of period	$	24.600		$	21.885		$	27.173		$	21.936		$	18.596		$	13.906
Total return (b)		12.43	%		(19.46	)%		23.87	%		17.96	%		33.73	%		(2.33	)%
Net assets, end of period (in thousands)	$	112,360		$	104,921		$	141,740		$	128,567		$	123,630		$	102,769
Ratios to average net assets:
Expenses (c)		1.13	%(d)		1.12	%		1.08	%		1.11	%		1.11	%		1.09	%
Net investment income		.53	%(d)		.38	%		.17	%		.37	%		.47	%		.40	%
Portfolio turnover rate (excluding short-term securities)		11.3	%(e)		14.0	%		14.4	%		23.0	%		14.9	%		21.6	%

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

Securian Funds Trust
Notes to Financial Statements

June 30, 2023

(Unaudited)

(1) Organization

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

(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

Securian Funds Trust
Notes to Financial Statements – continued

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

traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by Securian AM, as the Valuation Designee, in accordance with procedures approved by the Board of Trustees (the "Board") of the Trust and in accordance with provisions of the 1940 act. The Board has delegated the daily oversight of the securities valuation function to Securian AM, which ensures that valuations comply with the valuation policies. The summary of fair valued securities are presented to 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 Trust's valuation procedures and, if so, approves the pricing methodology to be used.

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

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.

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.

Securian Funds Trust
Notes to Financial Statements – continued

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

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 each Fund pays a premium whether or not the option is exercised. Each Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. Each Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.

Bank Loans

The SFT Core Bond Fund may 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

Securian Funds Trust
Notes to Financial Statements – continued

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

with limited opportunities to sell them in secondary markets. The Fund may also invest in loan commitments, which are contractual obligations for a future funding. The Fund may earn a commitment fee on any unfunded portion of these commitments which is amortized to interest income over the commitment period. Both the funded portion of a loan interest as well as its unfunded commitment, if any, is reflected on the Schedule of Investments. Although typically secured, bank loans may not be backed by sufficient collateral to satisfy their issuers' obligations in the event of bankruptcy, insolvency or similar distressed scenarios. Bank loans may also be illiquid, not readily marketable, or subject to restrictions on resale.

Repurchase Agreements

Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, U.S. Government securities, U.S. Government agencies securities or corporate securities having a value equal to, or in excess of, the value of the repurchase agreement. If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the value of those securities has declined, a Fund may incur a loss upon disposition of the securities. Repurchase agreements are carried at amortized cost. As of June 30, 2023, 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 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 for the six months ended June 30, 2023. 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.

Securian Funds Trust
Notes to Financial Statements – continued

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

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.

Securities Purchased on a When-Issued or Forward Commitment Basis

Delivery and payment for securities which have been purchased or sold by a Fund on a when-issued or forward commitment basis, including To Be Announced ("TBA") securities, can take place a month or more after the transaction date. During this period, such securities are subject to market fluctuations. As of June 30, 2023, the SFT Core Bond Fund had entered into outstanding, when-issued or forward commitments, including TBA securities, at fair value of $120,672,972.

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 by virtue of having a common investment adviser, common officer, or common trustee complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price to save costs where allowed. For the six months ended June 30, 2023, 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				$	–			$	312,206			$	63,314

(3) Investment Security Transactions

The cost of purchases and proceeds from sales of investment securities, other than temporary investments in short-term securities, for the six months ended June 30, 2023 were as follows:

	Non-U.S. Government				U.S. Government*
	Purchases		Sales		Purchases		Sales
SFT Balanced Stabilization Fund	$	5,866,152	$	8,711,440	$	9,290,498	$	–
SFT Core Bond Fund		38,145,187		52,998,118		360,058,669		325,506,169
SFT Delaware Ivy^SM Growth Fund		36,050,373		59,983,121		–		–
SFT Delaware Ivy^SM Small Cap Growth Fund		49,797,503		51,181,882		–		–
SFT Equity Stabilization Fund		1,649,690		24,838,026		–		–
SFT Index 400 Mid-Cap Fund		18,200,738		17,558,096		978,636		1,000,000
SFT Index 500 Fund		8,512,965		7,570,577		–		–
SFT International Bond Fund		17,718,315		33,556,241		29,682,888		18,394,079
SFT Real Estate Securities Fund		21,264,436		20,393,887		–		–
SFT T. Rowe Price Value Fund		64,624,368		65,339,246		–		–
SFT Wellington Core Equity Fund		12,677,179		16,008,025		–		–

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

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(a)				0.57% of assets to $300 million; and 0.55% of next $200 million of assets; and 0.525% of next $500 million of assets; and 0.50% of assets exceeding $1 billion
SFT Wellington Core Equity Fund(b)				0.55% of assets to $300 million; and 0.525% of next $200 million of assets; and 0.50% of next $500 million of assets; and 0.45% of assets exceeding $1 billion

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

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

Securian 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

Securian Funds Trust
Notes to Financial Statements – continued

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

Fund and the SFT Delaware Ivy^SM Small Cap Growth Fund, under which Securian AM pays DIFA an annual fee for SFT Delaware Ivy^SM Growth Fund and the SFT Delaware Ivy^SM Small Cap Growth Fund ranging from 0.33% to 0.55% and 0.40% to 0.82%, respectively, based on average daily net assets.

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

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

Securian AM has entered into a sub-advisory agreement with Wellington Management Company LLP ("Wellington Management"), as sub-adviser to the SFT Wellington Core Equity Fund, under which Securian AM pays Wellington Management an annual fee ranging from 0.27% to 0.31% based on average daily net assets.

The Trust bears certain other operating expenses including independent trustees' fees, federal registration fees, printing and shareholder report expenses, legal fees, audit fees, custodian fees, a percentage of the compensation paid to the Trust's Chief Compliance Officer, and other miscellaneous expenses. Each Fund will pay all expenses directly related to its individual operations

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

Administrative Services Fee

The Trust has entered into an agreement with Securian Financial Group under which Securian Financial Group provides accounting, legal, security valuations and other administrative services. Each Fund reimburses Securian Financial Group quarterly for the actual costs incurred in performing such services, as determined in accordance with Securian Financial Group's customary cost accounting procedures consistently applied. Total quarterly administrative fees by Fund range from $8,000 to $20,000.

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 2023, 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.

Securian Funds Trust
Notes to Financial Statements – continued

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

Under such Agreement, Securian AM agrees to waive, reimburse, or pay SFT Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed, or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. 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, 2024.

As of June 30, 2023, the amounts waived and eligible for recovery are as follows:

Agreement

Advisory
Fees Waived
for the
six months
ended

12b-1 Fees
Waived
for the
six months
ended

Excess Expense
Waived
for the
six months
ended

Total
eligible for
recovery
as of

Expiring June 30,

Fund

Date

June 30, 2023*

June 30, 2023

2024

2025

2026

SFT Government
Money Market
Fund

May 1, 2012

–

2,130,690

1,187,852

942,838

–

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

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

Securian AM and the Trust, on behalf of the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT Government Money Market Fund, have entered into separate Expense Limitation Agreements which limit the operating expenses of these Funds, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business). The Expense Limitation Agreements for SFT Balanced Stabilization Fund and SFT Equity Stabilization Fund were terminated effective May 1, 2021. The SFT Government Money Market Expense Limitation Agreement runs through April 30, 2024. The SFT International Bond Fund entered into an Expense Limitation Agreement dated June 1, 2023 that runs through May 1, 2025.

The SFT International Bond Fund Expense Limitation Agreement may be renewed annually upon the affirmative vote of the majority of the trustees of the Trust who are not "interested persons" of the Trust or any party to the Agreement, as such term is defined in the Investment Company Act of 1940, as amended, and may be terminated by Securian AM at any time after May 1, 2024, upon 60 days' prior written notice. The Agreement limits the operating expenses of the Class 2 shares of the Fund, to 0.99% of the average daily net assets of Class 2 shares. To the extent Securian AM absorbs other expenses to satisfy this limit on operating expenses, it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were absorbed, provided that such reimbursement will not cause the Class 2 shares to

Securian Funds Trust
Notes to Financial Statements – continued

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

exceed the operating expense limit. Should the Fund make any 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.

As of June 30, 2023, the amounts waived and eligible for recovery are as follows:

	Agreement	Expense			Advisory Fees Waived for the six months ended		Total eligible for recovery as of		Expiring June 30,
Fund	Date	Limit			June 30, 2023*		June 30, 2023		2024		2025		2026
SFT Balanced Stabilization Fund	Terminated May 1, 2021		N/A		$	–	$	323,480	$	323,480	$	–	$	–
SFT Equity Stabilization Fund	Terminated May 1, 2021		N/A		$	–	$	228,047	$	228,047	$	–	$	–
SFT Government Money Market Fund	November 1, 2017		0.70	%	$	–	$	–	$	–	$	–	$	–
SFT International Bond Fund	June 1, 2023		0.99	%	$	20,628	$	20,628	$	–	$	–	$	20,628

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

(5) Illiquid Investments

Non-Money Market Funds—Pursuant to Rule 22e-4 under the 1940 Act, no Fund may acquire an "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. Rule 22e-4 generally defines an illiquid investment as any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. At June 30, 2023, the SFT Balanced Stabilization Fund and SFT International Bond Fund held 4 and 1 illiquid securities with a market value of $5,620,739 and $119,888, which represents 0.9% and 0.2% of net assets, respectively.

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 June 30, 2023, 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

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

investment or are based on independent non-binding broker quotes. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swaps, and written options.

The following is a summary of the levels used for the six months ended June 30, 2023, in valuing the Fund's assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):

	Fair Value Measurement at June 30, 2023 using
Fund	Level 1			Level 2		Level 3		Total
SFT Balanced Stabilization Fund
Assets
Government Obligations	$	–		$	31,017,564	$	–	$	31,017,564
Other Mortgage-Backed Securities		–			1,303,310		–		1,303,310
Corporate Obligations		–			210,390,058		–		210,390,058
Purchased Options		614,600			–		–		614,600
Investment Companies		399,204,328			–		–		399,204,328
Total Investments		399,818,928			242,710,932		–		642,529,860
Other Financial Instruments* Futures Contracts		4,833,652			–		–		4,833,652
Liabilities
Other Financial Instruments* Written Options		(93,550	)		–		–		(93,550	)
SFT Core Bond Fund
Assets
Government Obligations		–			266,243,949		–		266,243,949
Asset-Backed Securities		–			28,405,731		–		28,405,731
Other Mortgage-Backed Securities		–			55,609,102		–		55,609,102
Corporate Obligations		–			114,504,282		–		114,504,282
Bank Loans		–			8,551,918		–		8,551,918
Foreign Bonds		–			2,846,138		–		2,846,138
U.S. Government Agencies and Obligations		–			43,872,225		–		43,872,225
Investment Companies		2,951,126			–		–		2,951,126
Total Investments		2,951,126			520,033,345		–		522,984,471
Liabilities
Other Financial Instruments* Futures Contracts		(1,682,140	)		–		–		(1,682,140	)
SFT Delaware Ivy^SM Growth Fund
Assets
Common Stocks		579,096,018			–		–		579,096,018
Investment Companies		2,221,491			–		–		2,221,491
Total Investments		581,317,509			–		–		581,317,509
SFT Delaware Ivy^SM Small Cap Growth Fund
Assets
Common Stocks		152,091,383			–		–		152,091,383
Investment Companies		3,190,876			–		–		3,190,876
Total Investments		155,282,259			–		–		155,282,259

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

	Fair Value Measurement at June 30, 2023 using
Fund	Level 1			Level 2			Level 3		Total
SFT Equity Stabilization Fund
Assets
Investment Companies	$	316,841,627		$	–		$	–	$	316,841,627
Purchased Options		306,860			–			–		306,860
Total Investments		317,148,487			–			–		317,148,487
Other Financial Instruments* Futures Contracts		2,071,565			–			–		2,071,565
Liabilities
Other Financial Instruments* Written Options		(8,520,450	)		–			–		(8,520,450	)
SFT Government Money Market Fund
Assets
U.S. Government Obligations		–			203,479,019			–		203,479,019
Investment Companies		23,121,178			–			–		23,121,178
Total Investments		23,121,178			203,479,019			–		226,600,197
SFT Index 400 Mid-Cap Fund
Assets
Common Stocks		202,950,132			–			–		202,950,132
Long-Term Debt Securities		–			975,000			–		975,000
Investment Companies		7,189,159			–			–		7,189,159
Total Investments		210,139,291			975,000			–		211,114,291
Other Financial Instruments* Futures Contracts		129,541			–			–		129,541
SFT Index 500 Fund
Assets
Common Stocks		1,126,510,776			–			–		1,126,510,776
Investment Companies		23,762,004			–			–		23,762,004
Total Investments		1,150,272,780			–			–		1,150,272,780
Other Financial Instruments* Futures Contracts		845,856			–			–		845,856
SFT International Bond Fund
Assets
Long-Term Debt Securities		–			77,402,973			–		77,402,973
Investment Companies		1,414,697			–			–		1,414,697
Total Investments		1,414,697			77,402,973			–		78,817,670
Other Financial Instruments* Forward Foreign Currency Contracts		–			339,200			–		339,200
Liabilities
Other Financial Instruments* Forward Foreign Currency Contracts		–			(1,697,780	)		–		(1,697,780	)
Futures Contracts		(100,419	)		–			–		(100,419	)
SFT Real Estate Securities Fund
Assets
Common Stocks		119,207,010			–			–		119,207,010
Investment Companies		588,521			–			–		588,521
Total Investments		119,795,531			–			–		119,795,531

Securian Funds Trust
Notes to Financial Statements – continued

(6) Fair Value Measurement – (continued)

Fair Value Measurement at
June 30, 2023 using

Fund

Level 1

Level 2

Level 3

Total

SFT T. Rowe Price Value Fund

Assets

Common Stocks

188,569,700

–

188,569,700

Investment Companies

757,920

–

757,920

Total Investments

189,327,620

–

189,327,620

SFT Wellington Core Equity Fund

Assets

Common Stocks

117,187,823

–

117,187,823

Investment Companies

163,757

–

163,757

Total Investments

117,351,580

–

117,351,580

* 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.

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 six months ended June 30, 2023:

	Average Notional Amount
SFT Balanced Stabilization Fund
Futures contracts	$	69,420,348
Purchased options contracts		393,289	(a)
Written options contracts		(55,359	)(a)
SFT Core Bond Fund
Futures contracts	$	107,740,296
SFT Equity Stabilization Fund
Futures contracts	$	23,110,989
Purchased options contracts		196,577	(a)
Written options contracts		(1,725,055	)(a)
SFT Index 400 Mid-Cap Fund
Futures contracts	$	7,040,511
SFT Index 500 Fund
Futures contracts	$	21,750,549
SFT International Bond Fund
Futures contracts	$	7,934,664
Forward foreign currency contracts		60,083,983

(a) Positions were open for five 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.

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 June 30, 2023
Assets:
Investments in securities, at market value (purchased options)	$	614,600		$	–		$	–
Variation margin on futures contracts*		4,833,652			–			–
Total	$	5,448,252		$	–		$	–
Liabilities:
Written options contracts	$	(93,550	)	$	–		$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2023
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	2,912,320		$	–		$	–
Purchased options contracts		(3,312,763	)		–			–
Written options contracts		627,453			–			–
Total	$	227,010		$	–		$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	3,484,316		$	–		$	–
Purchased options contracts		400,229			–			–
Written options contracts		(208,325	)		–			–
Total	$	3,676,220		$	–		$	–
SFT Core Bond Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2023
Liabilities:
Variation margin on futures contracts*	$	–		$	(1,682,140	)	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2023
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	–		$	(851,027	)	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	–		$	(1,785,944	)	$	–

100

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	Risk Exposure
	Equity Contracts			Interest Rate Contracts		Foreign Exchange Contracts
SFT Equity Stabilization Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2023
Assets:
Investments in securities, at market value (purchased options)	$	306,860		$	–	$	–
Variation margin on futures contracts*		2,071,565			–		–
Total	$	2,378,425		$	–	$	–
Liabilities:
Written options contracts	$	(8,520,450	)	$	–	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2023
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	(615,801	)	$	–	$	–
Purchased options contracts		(1,725,855	)		–		–
Written options contracts		328,111			–		–
Total	$	(2,013,545	)	$	–	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	1,880,160		$	–	$	–
Purchased options contracts		213,734			–		–
Written options contracts		(8,583,729	)		–		–
Total	$	(6,489,835	)	$	–	$	–
SFT Index 400 Mid-Cap Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2023
Assets:
Variation margin on futures contracts*	$	129,541		$	–	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2023
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	146,054		$	–	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	359,426		$	–	$	–
SFT Index 500 Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2023
Assets:
Variation margin on futures contracts*	$	845,856		$	–	$	–
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2023
Net Realized Gain (Loss) on Derivatives:
Futures contracts	$	1,330,926		$	–	$	–
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Futures contracts	$	1,386,638		$	–	$	–

101

Securian Funds Trust
Notes to Financial Statements – continued

(7) Derivative Instruments Reporting – (continued)

	Risk Exposure
	Equity Contracts		Interest Rate Contracts			Foreign Exchange Contracts
SFT International Bond Fund
Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2023
Assets:
Unrealized appreciation on forward foreign currency contracts	$	–	$	–		$	339,200
Liabilities:
Unrealized depreciation on forward foreign currency contracts	$	–	$	–		$	(1,697,780	)
Variation margin on futures contracts*		–		(100,419	)		–
Total	$	–	$	(100,419	)	$	(1,697,780	)
The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2023
Net Realized Gain (Loss) on Derivatives:
Foreign currency contracts	$	–	$	–		$	(3,318,998	)
Futures contracts		–		(187,364	)		–
Total	$	–	$	(187,364	)	$	(3,318,998	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:
Foreign currency contracts	$	–	$	–		$	381,033
Futures contracts		–		60,325			–
Total	$	–	$	60,325		$	381,033

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

The Funds may be exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. The Funds manage credit risk related to derivatives by entering into transactions with highly rated counterparties. Generally, the current credit exposure of the derivative contracts is limited to the positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting arrangements and any collateral received pursuant to credit support annexes. Because exchange traded derivatives are purchased through regulated exchanges and positions are settled regularly, the Funds have minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments. For the six months ended June 30, 2023, 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.

102

Securian Funds Trust
Notes to Financial Statements – continued

(8) Affiliated Ownership – (continued)

A summary of all transactions with the affiliated SFT Index 500 Fund as of June 30, 2023 are as follows:

					As of June 30, 2023
Fund/Underlying Fund	Beginning Value as of January 1, 2023		Change in Unrealized Appreciation/ Depreciation		Ending Value		Share Balance
SFT Balanced Stabilization Fund
SFT Index 500 Fund	$	234,734,959	$	39,379,759	$	274,114,718		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, financial institution failures, or other events, can adversely affect local and global markets and normal market operations.

(10) Subsequent Events

At a meeting held on July 27, 2023, the Board of the Trust unanimously approved a Plan of Liquidation and Dissolution of the SFT International Bond Fund. Accordingly, the SFT International Bond Fund will be liquidated on or about December 8, 2023 (the "Liquidation Date"), although the Fund may sell portfolio holdings prior to such date. Shareholders may redeem their shares until the Liquidation Date. On or promptly after the Liquidation Date, the SFT International Bond Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder's proportionate interest in the assets of the Fund, in complete redemption and cancellation of the Fund's shares held by the shareholders, and the Fund will be dissolved. The liquidation of the SFT International Bond Fund's portfolio holdings is likely to result in increased transaction costs, which will be borne by the Fund and its shareholders.

103

Securian Funds Trust
Other Information

(unaudited)

Fund Expenses Paid by Shareholders

Shareholders of the Trust incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; (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) redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Trust expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023. 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	$	1,092.60		0.86	%	$	4.46
SFT Core Bond Fund		1,000	$	1,022.00		0.52	%	$	2.61		1,020.70		0.77	%		3.86
SFT Delaware Ivy^SM Growth Fund		1,000		NA		NA			NA		1,272.90		0.97	%		5.47
SFT Delaware Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,120.60		1.31	%		6.89
SFT Equity Stabilization Fund		1,000		NA		NA			NA		1,039.70		0.89	%		4.50
SFT Government Money Market Fund		1,000		NA		NA			NA		1,020.30		0.64	%		3.21
SFT Index 400 Mid-Cap Fund		1,000		1,085.70		0.31	%		1.60		1,084.40		0.55	%		2.84
SFT Index 500 Fund		1,000		1,167.80		0.19	%		1.02		1,166.30		0.44	%		2.36
SFT International Bond Fund		1,000		1,039.20		1.09	%		5.51		1,038.20		1.29	%		6.52
SFT Real Estate Securities Fund		1,000		1,058.30		0.96	%		4.90		1,057.00		1.21	%		6.17
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,040.20		1.09	%		5.51
SFT Wellington Core Equity Fund		1,000		1,125.70		0.88	%		4.64		1,124.30		1.13	%		5.95

104

Securian Funds Trust
Other Information – continued

(unaudited)

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the 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	$	1,020.53		0.86	%	$	4.31
SFT Core Bond Fund		1,000	$	1,022.22		0.52	%	$	2.61		1,020.98		0.77	%		3.86
SFT Delaware Ivy^SM Growth Fund		1,000		NA		NA			NA		1,019.98		0.97	%		4.86
SFT Delaware Ivy^SM Small Cap Growth Fund		1,000		NA		NA			NA		1,018.30		1.31	%		6.56
SFT Equity Stabilization Fund		1,000		NA		NA			NA		1,020.38		0.89	%		4.46
SFT Government Money Market Fund		1,000		NA		NA			NA		1,021.62		0.64	%		3.21
SFT Index 400 Mid-Cap Fund		1,000		1,023.26		0.31	%		1.56		1,022.07		0.55	%		2.76
SFT Index 500 Fund		1,000		1,023.85		0.19	%		0.95		1,022.61		0.44	%		2.21
SFT International Bond Fund		1,000		1,019.39		1.09	%		5.46		1,018.40		1.29	%		6.46
SFT Real Estate Securities Fund		1,000		1,020.03		0.96	%		4.81		1,018.79		1.21	%		6.06
SFT T. Rowe Price Value Fund		1,000		NA		NA			NA		1,019.39		1.09	%		5.46
SFT Wellington Core Equity Fund		1,000		1,020.43		0.88	%		4.41		1,019.19		1.13	%		5.66

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.

105

Securian Funds Trust
Statement Regarding Basis for Approval of Advisory Contracts

(unaudited)

Each year, the Board of the Trust votes on the renewal of the Trust's investment advisory agreement (the "Investment Advisory Agreement") with Securian AM. The Board most recently unanimously reapproved the Investment Advisory Agreement on February 23, 2023. At this meeting, the Board also reapproved the investment sub- advisory agreements (each an "Investment Sub-Advisory Agreement," and together with the Investment Advisory Agreement, the "Advisory Contracts") between Securian AM and Brandywine Global Investment Management, LLC (for the SFT International Bond Fund), between Securian AM and Delaware Investments Fund Advisers (for SFT Delaware Ivy Growth Fund), between Securian AM and Delaware Investments Fund Advisers (for SFT Delaware Ivy Small Cap Growth Fund), between Securian AM and Wellington Management Company LLC (for SFT Wellington Core Equity Fund), between Securian AM and Cohen & Steers Capital Management, Inc. (for SFT Real Estate Securities Fund), between Securian AM and Metropolitan West Asset Management, LLC (for SFT Core Bond Fund) and between Securian AM and T. Rowe Price Associates, Inc. (for SFT T. Rowe Price Value Fund). Collectively, the Funds managed by sub-advisers are referred to as the "Sub-Advised Funds."

The Board receives a variety of information throughout the year about each Fund's investment performance, adherence to investment policies, expenses, sales and redemptions, regulatory compliance and management. The Board meets at least once each year with each Fund's portfolio management team (or, in the case of the Sub-Advised Funds, representatives of such team). The Board also receives frequent updates on industry developments and best practices, changes in Securian AM's organization and staffing, brokerage allocation and other matters.

In preparing for the Board's meeting on February 23, 2023, the members of the Board who are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees") also met in executive session on February 9, 2023 to review the responses to various information requests made to Securian AM and the sub-advisers to the Sub-Advised Funds. The Board also reviewed a memorandum from independent legal counsel outlining their legal duties and responsibilities in connection with this annual review.

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

Fees Charged to Other Advisory Clients of Securian AM

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

Costs of Services Provided and Profitability to Securian AM

The Board reviewed Board reports on Securian AM's profitability in managing each Fund and did not view Securian AM's profitability from any Fund as excessive.

Investment Results

The Board reviewed the January 2023 report (the "Broadridge Report") prepared by Broadridge Financial Solutions, Inc. ("Broadridge") containing comparisons of each Fund's total return performance and Board reports comparing each Fund's investment performance for the most recently completed calendar quarter and one,

106

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

three, five and, where applicable, ten-year periods ended December 31, 2022 with Broadridge peer groups and with one or more benchmark indices.

The Board noted that the SFT S&P 400 Mid-Cap Index Fund slightly underperformed its benchmark during all reporting periods, but slightly outperformed its Lipper peers during the one, three and 10-year periods. They also noted that the SFT S&P 500 Index Fund slightly underperformed their Lipper peers and benchmark during all reporting periods. They also noted that the SFT Government Money Market Fund's slightly underperformed its Lipper peers and benchmark for all relevant periods. The Board then observed that the SFT Balanced Stabilization Fund and the SFT Equity Stabilization Fund performed consistently with their objectives and were competitive with their peers. With respect to the Sub-Advised Funds, the Board noted that SFT Delaware Ivy Growth Fund outperformed its Lipper peers, and performed in line with its benchmark during all reporting periods. They noted that the SFT Delaware Ivy Small Cap Growth Fund underperformed both its Lipper peers and benchmark for the most recent quarter, underperformed its Lipper peers during the three and five-year periods and its benchmark during the one-year period, but outperformed its benchmark during the three and five-year periods. The Board observed that the SFT Real Estate Securities Fund outperformed its Lipper peers and underperformed its benchmark during the most recent quarter and one-year period, but outperformed its Lipper peers and benchmark during the three-year period, and outperformed its Lipper peers and underperformed its benchmark for the five and 10-year periods. The Board noted that the SFT Core Bond Fund underperformed its Lipper peers for the most recent quarter and its Lipper peers for the three and five-year periods, outperformed its Lipper peers for the one and 10-year periods, but underperformed its benchmark for the most recent quarter and one, three and five-year periods. They noted that the SFT International Bond Fund underperformed its Lipper peers and outperformed its benchmark for the most recent quarter, outperformed its Lipper peers and benchmark for the one-year period, but underperformed its Lipper peers and benchmark for the three, five and 10-year periods. The Board then observed that SFT Wellington Core Equity Fund underperformed its Lipper peers and benchmark for the most recent quarter and one and three-year periods and outperformed its Lipper peers and underperformed its benchmark for the five-year period. Finally, the Board noted that SFT T. Rowe Price Value Fund underperformed its Lipper peers and benchmark for the most recent quarter and one-year period, but outperformed its Lipper peers and benchmark for the three and five-year periods. The Board reviewed attribution analyses and portfolio positioning on all Funds, particularly the Funds with more recent underperformance.

Ancillary Benefits to Securian AM and Its Affiliates

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

Nature, Extent and Quality of Services Provided by Securian AM

In addition to investment management services, Securian AM provides the Trust with office space, administrative and other services (exclusive of, and in addition to, any such services provided by other Trust services providers) and executive and other personnel as are necessary for its operations. Securian AM pays all of the compensation of officers and employees of the Trust (except that each Fund pays an equitable share of the compensation

107

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

expense of the Trust's Chief Compliance Officer). The Board considered the quality and scope of services provided by Securian AM under the Investment Advisory Agreement and concluded that Securian AM has provided acceptable executive and administrative management and other services during and prior to the last year.

Management Fee and Other Expenses

The Board reviewed the Broadridge Report comparisons of each Fund's investment management, non-management and total expenses with industry peers that were independently selected by Broadridge and analyzed factors that contributed to higher expenses for certain Funds, including the small size of certain of the Funds in comparison to the industry peers selected by Broadridge. The Board reviewed whether current fee levels appropriately capture and share economies of scale (if any) with Fund investors, and the Board noted that all of the Funds have breakpoints in their fee structures that provide the opportunity for sharing economies of scale with Fund investors as such Funds' assets grow. Based on this information, the Board concluded that the advisory fee payable by each Fund to Securian AM is fair and reasonable in light of the nature, extent and quality of services provided by Securian AM.

Investment Sub-Advisory Agreements

At the February 23, 2023 meeting, the Board also unanimously reapproved the Investment Sub-Advisory Agreements. In addition to the Board's review of the Sub-Advised Funds' investment performance and expense ratios (as set forth above), the Board also requested and evaluated other information, including a report on each sub-adviser's organization and current staffing, a report on brokerage allocation practices and related soft dollar arrangements, assurances that each Sub-Advised Fund will be managed in accordance with its stated investment objectives, policies and limitations, assurances that all disclosures relating to the sub-adviser reflected in the Trust's registration statement are complete and accurate, and assurance that the sub-adviser will operate in full compliance with applicable laws, regulations and exemptive orders. The Board also reviewed a summary of each sub- adviser's code of ethics and compliance program. However, the Board noted that Securian AM is unaffiliated with each sub-adviser and that the Investment Sub-Advisory Agreements were negotiated on an "arm's-length" basis.

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

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

108

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, 2023.

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.

109

Securian Funds Trust
Trustees and Executive Officers
(unaudited)

Under Delaware law, the Board of Trustees of the Trust has overall responsibility for managing the Trust in good faith and in a manner reasonably believed to be in the best interests of the Trust. The Trustees meet periodically throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Trust, and review the performance of the Trust and its Funds. One of the 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

110

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

None

Wan-Chong Kung
Year of birth: 1960

Trustee

Since 2022

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

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

Interested Trustee

David M. Kuplic
Year of birth: 1957

Trustee, President and Principal Executive Officer

Trustee since 2016, President and Principal Executive 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, Securian Financial Group, Inc. from June 2007 to June 2021; Senior Vice President, Securian Life Insurance Company from June 2007 to June 2021; President and Director, Marketview Properties, LLC (entity holding real estate assets) from January 2010 to June 2021

None

111

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.

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

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

Securian Financial Services, Inc.

www.securian.com

Securities Dealer, Member FINRA/SIPC.

Registered Investment Advisor

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

1.888.237.1838

F38897 Rev 6-2023

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 6-2023

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.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. 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.

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

Not applicable.

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

Exhibit 99.906 CERT attached hereto

SIGNATURES

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

(Registrant) Securian Funds Trust

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

Date: August 24, 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: August 24, 2023