# EDGAR Filing Document

**Accession Number:** 0000766351
**File Stem:** 0001193125-26-183880
**Filing Date:** 2026-4
**Character Count:** 1517620
**Document Hash:** 7f834634d7a1bcb55c1d811bc73467e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-183880.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-183880

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 157

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Securian Funds Trust
- **CENTRAL INDEX KEY:** 0000766351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04279
- **FILM NUMBER:** 26903486

**BUSINESS ADDRESS:**
- **STREET 1:** 400 N ROBERT ST
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101
- **BUSINESS PHONE:** 6516656918

**MAIL ADDRESS:**
- **STREET 1:** 400 ROBERT STREET NORTH
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101-2098

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVANTUS SERIES FUND INC
- **DATE OF NAME CHANGE:** 19970609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIMLIC SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Securian Funds Trust
- **CENTRAL INDEX KEY:** 0000766351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-96990
- **FILM NUMBER:** 26903485

**BUSINESS ADDRESS:**
- **STREET 1:** 400 N ROBERT ST
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101
- **BUSINESS PHONE:** 6516656918

**MAIL ADDRESS:**
- **STREET 1:** 400 ROBERT STREET NORTH
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101-2098

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVANTUS SERIES FUND INC
- **DATE OF NAME CHANGE:** 19970609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIMLIC SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SFT Government Money Market Fund (Series ID: S000001671)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000004536 | SFT Government Money Market Fund |  |

### SFT Core Bond Fund (Series ID: S000024505)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000072676 | Class 1      |  |
| C000072677 | Class 2      |  |

### SFT Index 400 Mid-Cap Fund (Series ID: S000024506)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000072678 | Class 1      |  |
| C000072679 | Class 2      |  |

### SFT Index 500 Fund (Series ID: S000024507)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000072680 | Class 1      |  |
| C000072681 | Class 2      |  |

### SFT Real Estate Securities Fund (Series ID: S000024510)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000072686 | Class 2      |  |
| C000072687 | Class 1      |  |

### SFT Balanced Stabilization Fund (Series ID: S000040621)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000125912 | SFT Balanced Stabilization Fund |  |

### SFT Nomura Growth Fund (Series ID: S000045238)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000140836 | SFT Nomura Growth Fund |  |

### SFT Nomura Small Cap Growth Fund (Series ID: S000045239)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000140837 | SFT Nomura Small Cap Growth Fund |  |

### SFT Wellington Core Equity Fund (Series ID: S000045240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000140838 | Class 1      |  |
| C000140839 | Class 2      |  |

### SFT T. Rowe Price Value Fund (Series ID: S000045241)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000140840 | SFT T. Rowe Price Value Fund |  |

### SFT Equity Stabilization Fund (Series ID: S000051601)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000162345 | SFT Equity Stabilization Fund |  |

?xml version='1.0' encoding='ASCII'? 485BPOS

**1933 Act File No. 002-96990**

**1940 Act File No. 811-04279** 

------

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT** 

**UNDER**

**THE SECURITIES ACT OF 1933**

☒

Pre-Effective Amendment No. ___

☐

Post-Effective Amendment No. 80

☒

**And/or** 

**REGISTRATION STATEMENT** 

**UNDER**

**THE INVESTMENT COMPANY ACT OF 1940**

☒

**Amendment No. 78**

------

**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)** 

**(651) 665-3500** 

**(Registrant's Telephone Number, including Area Code)**

------

***Copy to:***

**Alan P. Goldberg**

**Stradley Ronon Stevens & Young, LLP**

**191 North Wacker Drive, Suite 1601**

**Chicago, Illinois 60606** 

**(Name and Address of Agent for Service)**

------

It is proposed that this filing will become effective (check appropriate box)

☐

immediately upon filing pursuant to paragraph (b)

☒

on May 1, 2026 pursuant to paragraph (b)

☐

60 days after filing pursuant to paragraph (a)(1)

☐

on (date) pursuant to paragraph (a)(1)

☐

75 days after filing pursuant to paragraph (a)(2)

☐

on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

![](g43272g2img57cc17a01.jpg)

***Securian Funds Trust*** 

*Prospectus dated May 1, 2026*

<sup>▲</sup>

SFT Balanced Stabilization Fund

<sup>▲</sup>

SFT Core Bond Fund – Class 1 and Class 2

<sup>▲</sup>

SFT Equity Stabilization Fund

<sup>▲</sup>

SFT Government Money Market Fund

<sup>▲</sup>

SFT Index 400 Mid-Cap Fund – Class 1 and Class 2

<sup>▲</sup>

SFT Index 500 Fund – Class 1 and Class 2

<sup>▲</sup>

SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

<sup>▲</sup>

SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

<sup>▲</sup>

SFT Real Estate Securities Fund – Class 1 and Class 2

<sup>▲</sup>

SFT T. Rowe Price Value Fund

<sup>▲</sup>

SFT Wellington Core Equity Fund – Class 1 and Class 2

As with all mutual funds, the Securities and Exchange Commission has not determined that the information in this prospectus is accurate or complete, nor has it approved the Trust's securities. It is a criminal offense to state otherwise.

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| Page No. | Page No. |
| ***[Summary Information](#xx_716f55dc-9c2c-4ef9-8310-86bdf1969926_1)*** | 1 |
| [Summary: SFT Balanced Stabilization Fund](#xx_716f55dc-9c2c-4ef9-8310-86bdf1969926_1) | 1 |
| [Summary: SFT Core Bond Fund](#xx_c9f6b1ec-3a9c-43a9-b54f-ab27931d3826_1) | 8 |
| [Summary: SFT Equity Stabilization Fund](#xx_017b8e48-1a78-4c68-9e0d-60c7a76aafd4_1) | 15 |
| [Summary: SFT Government Money Market Fund](#xx_be93ebe3-e293-4c1d-8e8f-214c8523d129_1) | 22 |
| [Summary: SFT Index 400 Mid-Cap Fund](#xx_fd4f7f5c-6ffe-4ee5-ae26-0b0caf81698d_1) | 27 |
| [Summary: SFT Index 500 Fund](#xx_2190b00e-88c4-425f-b6ce-156bc065a59f_1) | 31 |
| [Summary: SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)](#xx_3618fbb8-a995-464a-9cd3-90f3e452bc80_1) | 35 |
| [Summary: SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth](#xx_bf274ee2-5a61-4407-b501-253eeed90f17_1)<br> [Fund)](#xx_bf274ee2-5a61-4407-b501-253eeed90f17_1)<br>| 41 |
| [Summary: SFT Real Estate Securities Fund](#xx_2e57007b-44e1-4e25-ace0-eef12c46b02d_1) | 46 |
| [Summary: SFT T. Rowe Price Value Fund](#xx_11cfc80e-ffb9-4da1-bd76-dc3b5feeeaf8_1) | 52 |
| [Summary: SFT Wellington Core Equity Fund](#xx_d7cf5458-3e0f-488d-ac46-25d8f897711a_1) | 56 |
| [Important Additional Summary Information](#xx_d7cf5458-3e0f-488d-ac46-25d8f897711a_5) | 60 |
| ***[Detailed Fund Information](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_1)*** | 61 |
| [SFT Balanced Stabilization Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_1) | 61 |
| [SFT Core Bond Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_3) | 63 |
| [SFT Equity Stabilization Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_5) | 65 |
| [SFT Government Money Market Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_7) | 67 |
| [SFT Index 400 Mid-Cap Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_10) | 70 |
| [SFT Index 500 Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_11) | 71 |
| [SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_12) | 72 |
| [SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_14) [Small Cap Growth Fund)](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_14) | 74 |
| [SFT Real Estate Securities Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_16) | 76 |
| [SFT T. Rowe Price Value Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_19) | 79 |
| [SFT Wellington Core Equity Fund](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_21) | 81 |
| [Investment Practices Common to the Funds](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_23) | 83 |
| [Defining Risks](#xx_ac84cb43-e5b9-4a22-82ae-bdd5d3fd9162_23) | 83 |
| ***[Management of the Funds](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_1)*** | 98 |
| [Securian Asset Management, Inc.](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_1) | 98 |
| [Cohen & Steers Capital Management, Inc.](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_1) | 98 |
| [Nomura Investments Fund Advisers](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_1) | 98 |
| [Metropolitan West Asset Management, LLC](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_2) | 99 |
| [T. Rowe Price Associates, Inc.](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_2) | 99 |
| [Wellington Management Company LLP](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_2) | 99 |
| [Advisory Fees](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_2) | 99 |
| [Portfolio Managers](#xx_df63521d-b5e8-46e3-b24a-39994dd5cd9f_4) | 101 |
| ***[Distribution Arrangements](#xx_05f0c58e-8c98-434d-935a-3479bdac9156_1)*** | 105 |
| [Distribution Fees](#xx_05f0c58e-8c98-434d-935a-3479bdac9156_1) | 105 |
| [Payments to Insurance Companies](#xx_05f0c58e-8c98-434d-935a-3479bdac9156_1) | 105 |
| ***[Shareholder Information](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_1)*** | 107 |
| [Determination of Net Asset Value](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_1) | 107 |
| [Buying Shares](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_1) | 107 |
| [Selling Shares](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_2) | 108 |
| [Exchanging Shares](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_2) | 108 |
| [Excessive Trading](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_2) | 108 |
| [Distributions](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_3) | 109 |
| [Taxes](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_4) | 110 |
| [Mixed and Shared Funding](#xx_0c2294cf-4e3e-4e19-b34f-abfb7ea4a783_4) | 110 |
| ***[Financial Highlights](#xx_1f9b64cc-a3cd-444b-84ab-b8442e8c8288_1)*** | 112 |
| ***[Service Providers](#xx_93654a9a-56d9-468e-b2b8-60c4856f1c6b_1)*** | 128 |
| ***[Additional Information About the Trust](#xx_0d93a740-74a6-49a0-aed7-1719dd131b32_2)*** | 132 |

---

*Table of Contents* **i**

------

***Summary Information***

Summary: SFT Balanced Stabilization Fund

**SFT Balanced Stabilization Fund: Investment Objective**

The Fund seeks to maximize risk-adjusted total return relative to its blended benchmark index, comprised of 60% Standard & Poor's S&P 500<sup>®</sup> Composite Stock Price Index (the S&P 500<sup>®</sup>) and 40% Bloomberg U.S. Aggregate Bond Index (the Benchmark Index).

**SFT Balanced Stabilization Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Acquired Fund Fees and Expenses (1) | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund's total annual fund operating expenses do not correlate to the ratios of the expenses to average net assets shown in the Financial Highlights table because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights.

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1201 |

---

*Summary Information* **1**

------

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10.3% of the average value of its portfolio.

**SFT Balanced Stabilization Fund: Principal Investment Strategies**

The Fund seeks to achieve its investment objective by investing directly in underlying securities and other investment companies while using hedging techniques to manage portfolio risk and volatility. The Fund will achieve its equity exposure by investing primarily in Class 1 shares of the SFT Index 500 Fund, an affiliated fund in Securian Funds Trust that seeks investment results that correspond generally to the price and yield performance of the common stocks included in the S&P 500<sup>®</sup>. The companies included in the S&P 500<sup>®</sup> are generally considered "large companies" (i.e., companies with market capitalizations generally above $10 billion). The Fund may also gain equity exposure by investing in exchange traded funds (ETFs). The Fund's fixed income allocation will be achieved by purchasing individual fixed income securities that are primarily investment-grade bonds and have other characteristics similar to the fixed income securities included in the Bloomberg U.S. Aggregate Bond Index.

The Fund will invest in derivative instruments, primarily S&P 500<sup>®</sup> futures contracts, to manage the Fund's overall volatility. In periods when the Fund's investment adviser expects higher volatility in the equity market, as measured by the S&P 500<sup>®</sup>, the Fund will seek to reduce the overall volatility of its portfolio by either selling S&P 500<sup>®</sup> futures contracts (taking short positions in such contracts) or reducing its long positions in S&P 500<sup>®</sup> futures contracts. During periods of lower expected volatility in the equity market, the Fund will seek to increase its equity exposure by purchasing S&P 500<sup>®</sup> futures contracts (increasing its long positions or reducing its short positions in such contracts). The Fund may also invest in long and short positions in fixed income exchange traded funds or notes, interest rate swaps, total return swaps and treasury and interest rate futures to achieve its fixed income exposure and manage overall volatility. Under normal market conditions, this hedging process will seek to target, over an extended period of years, an average annualized volatility in the daily total returns of the Fund of approximately 10%. A 10% annualized volatility means that a majority of the time, annual returns should be within plus or minus 10% of expected returns. There can be no assurance that investment decisions made in seeking to manage Fund volatility will achieve the desired results, and the volatility of the Fund's returns in any one year or any longer period may be higher or lower than 10%.

To achieve its equity exposure and further manage the Fund's overall volatility, the Fund may invest long or short in options on ETFs, options on equity indexes or equity index futures, volatility index (VIX) futures contracts and options on VIX futures.

The use of futures contracts and other derivatives to change the Fund's equity allocation and manage the Fund's overall volatility has the effect of introducing leverage into the Fund's portfolio. Leverage is introduced because the initial amount required to purchase a futures contract is small in relation to the nominal value of such contract.

Over time, the Fund targets approximately 60% equity exposure and 40% fixed income exposure in its portfolio. As market conditions change, however, and to manage overall Fund volatility under certain market conditions, the equity and fixed income exposures may change, with a minimum equity allocation of 10% and a maximum equity allocation of 90% of the Fund's total market value. Under normal market conditions the Fund may keep approximately 15% of the Fund's total assets in cash or cash equivalents.

In selecting investments, the Fund's investment adviser considers factors such as, but not limited to, the Fund's current and anticipated asset allocation positions, security pricing, industry outlook, current and anticipated interest rates and other market and economic conditions, general levels of debt prices and issuer operations. The Fund may also engage in frequent or short-term trading of securities and derivative instruments.

**2** *Summary Information*

------

**SFT Balanced Stabilization Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Market Risk** – the risk that Fund investments are subject to adverse trends in capital markets. This is a principal risk of both the SFT Index 500 Fund, in which the Fund invests, and of an investment in the Fund.

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Securities Volatility Risk** – the risk that the value of securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations can be dramatic over the short as well as long term, and different markets and different types of securities can react differently to these developments. Issuer, political, or economic developments can affect the volatility of a single issuer, issuers within an industry or economic sector or geographic region, or the markets as a whole. Changes in the financial condition of a single issuer can impact the volatility of the markets as a whole. Terrorism, war, and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

<sup>▲</sup> **Allocation Risk** – the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated.

<sup>▲</sup> **Hedging Risk** – the risk that the Fund's use of derivatives for hedging purposes, although designed to help manage volatility and offset negative movements in the securities in which the Fund invests, will not always be successful. Hedging can cause the Fund to lose money and can reduce the opportunity for gain.

<sup>▲</sup> **Managed Volatility Strategy Risk** – the risk that the Fund's investment adviser may be unsuccessful in managing volatility and the Fund may experience a high level of volatility in its returns. The securities used in the strategy are subject to price volatility, and the strategy may not result in less volatile returns for the Fund relative to the market as a whole and they could be more volatile. While the management of volatility seeks competitive returns with more consistent volatility, the management of volatility does not ensure that the strategy will deliver competitive returns. Even if successful, the strategy may also result in returns increasing to a lesser degree than the market, or decreasing when the values of certain securities used in the strategy are stable or rising. The strategy may expose the Fund to losses (some of which may be sudden) to which it would not have otherwise been exposed if it invested only in equity and fixed income securities. Additionally, the derivatives used to hedge the value of securities are not identical to the securities held, and as a result, the investment in derivatives may decline in value at the same time as underlying investments.

<sup>▲</sup> **Portfolio Risk** – the risk that Fund performance may not meet or exceed that of the market as a whole. This is a principal risk of both the SFT Index 500 Fund, in which the Fund invests, and of an investment in the Fund.

*Summary Information* **3**

------

<sup>▲</sup> **Index Performance Risk** – the risk that, in connection with the Fund's investment in the SFT Index 500 Fund, the Fund's ability to replicate the performance of the S&P 500<sup>®</sup> through such investment may be affected by, among other things, changes in securities markets, the manner in which Standard & Poor's Rating Services calculates the S&P 500<sup>®</sup>, the amount and timing of cash flows into and out of the SFT Index 500 Fund, commissions, settlement fees, and other expenses. The Fund's performance may also be adversely affected if a particular stock in the S&P 500<sup>®</sup> (or stocks within an industry heavily weighted by the S&P 500<sup>®</sup>) performs poorly. This is a principal risk of the SFT Index 500 Fund, in which the Fund invests, and an indirect risk of an investment in the Fund.

<sup>▲</sup> **Large Company Risk** – the risk that a portfolio of large capitalization company securities may underperform the market as a whole. This is a principal risk of the SFT Index 500 Fund, in which the Fund invests, and an indirect risk of an investment in the Fund.

<sup>▲</sup> **Interest Rate Risk** – the risk that the value of a debt security or fixed income obligation will decline due to an increase in market interest rates. Long-term debt securities, mortgage-backed securities and fixed income obligations are generally more sensitive to interest rate changes. The negative impact on a debt security or fixed income obligation from resulting rate increases could be swift and significant, including falling market values and reduced liquidity. Substantial redemptions from the Fund and other fixed income funds may worsen the impact. Other types of securities also may be adversely affected from an increase in interest rates. In addition, interest rates may decline further resulting in lower yields which make the Fund less attractive to investors who are seeking higher rates of returns. Also a lower yield may not be sufficient to cover the expenses of the Fund.

<sup>▲</sup> **Liquidity Risk** – the risk that the Fund's ability to sell particular securities at an advantageous price or in a timely manner will be impaired due to low trading volume, lack of a market maker, or legal restrictions. The recent increase in capital requirements and potential for increased regulation may negatively impact market liquidity going forward. In the event certain securities experience low trading volumes, the prices of such securities may display abrupt or erratic movements. In addition, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to sell at a favorable price at the time when the investment adviser believes it is desirable to do so. Investment in securities that are less actively traded (or over time experience decreased trading volume) may restrict the Fund's ability to take advantage of other market opportunities.

<sup>▲</sup> **Short Position Risk** – the risk that, in taking a short position in a transaction involving a derivative instrument, the Fund may suffer a loss because the risk assumed in such instrument significantly exceeds the amount of the initial investment, or because the Fund is unable to close out its short position or a counterparty to the transaction fails to perform as promised.

<sup>▲</sup> **Derivatives Risk** – the risk that the Fund's investment in S&P 500<sup>®</sup> futures contracts, interest rate swaps, total return swaps, treasury and interest rate futures, options on ETFs, options on index futures, and VIX futures may involve a small investment relative to the amount of risk assumed. The successful use of these derivative instruments may depend on the investment adviser's ability to predict market movements. Risks include delivery failure, default by the other party (or the exchange) or the inability to close out a position because the trading market becomes illiquid. If the investment adviser is not successful in using derivatives, the Fund's performance may be worse than if the investment adviser did not use derivatives at all.

<sup>▲</sup> **Leveraging Risk** – the risk that certain transactions of the Fund, such as transactions in derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged.

<sup>▲</sup> **Exchange Traded Funds Risk** – the risk that ETFs may be subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a

**4** *Summary Information*

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discount to its NAV per share, an active secondary trading market may not develop or be maintained, and trading may be halted by, or the ETF may be delisted from, the exchange in which they trade, which may impact the Fund's ability to sell its shares. The lack of liquidity in a particular ETF could result in it being more volatile than the ETF's underlying portfolio of securities. ETFs are also subject to the risks of the underlying securities or sectors the ETF is designed to track and there are brokerage commissions paid in connection with buying or selling ETF shares. In addition, ETFs have management fees and other expenses. The Fund will bear its pro rata portion of these expenses and therefore the Fund's expenses may be higher than if it invested directly in securities.

<sup>▲</sup> **Income Risk** – the risk that the Fund may experience a decline in its income due to falling interest rates, earnings declines or income decline within a security.

<sup>▲</sup> **Exchange Traded Notes Risk** – the risk that exchange traded notes (ETNs) which are unsecured debt obligations of banks or other financial institutions, may lose some or all of its investment if the issuer of the ETN files bankruptcy and defaults on its obligations or takes other actions that impact the value of the ETN. An ETN's return is linked to a market index or other benchmark minus applicable fees. Like ETFs, ETNs are traded on exchanges, provide market exposure and are subject to market risk. Unlike ETFs, however, ETNs do not buy or hold assets to replicate or approximate the underlying index, and are subject to the credit risk of the issuer. The value of an ETN may drop, despite no change in the underlying index, due to a downgrade in the issuer's credit rating.

<sup>▲</sup> **Investment Company Risk** – the risk that, to the extent the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company's operating expenses, including investment advisory and administrative fees, which will reduce the Fund's return on such investment relative to investment alternatives that do not include such expenses.

<sup>▲</sup> **Company Risk** – the risk that individual securities may be more volatile or perform differently from the overall market. This may be the result of changes in specific factors such as profitability or investor perceptions, or a result of increased volatility in a company's income or share price because of the amount of leverage on the company's balance sheet.

<sup>▲</sup> **Credit Risk** – the risk that the Fund may lose some or all of its investment, including both principal and interest, because an issuer of a debt security, an asset-backed or mortgage-backed security (or an underlying obligor) or other fixed income obligation will not make payments on the security or obligation when due, as well as the risk that the credit quality of a security may be lowered, resulting in a lower price, greater volatility and reduced liquidity for such security.

<sup>▲</sup> **Acquired Fund Risk** – the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by another investment company, such as the SFT Index 500 Fund, in which the Fund invests (an "Acquired Fund") and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Fund to achieve its investment objectives.

**SFT Balanced Stabilization Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the Fund's benchmark index and its component broad based indices. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. As such, Securian Asset Management, Inc. (Securian AM) and the Trust, on behalf of the Fund, entered into an Expense Limitation Agreement for the period dated May 1, 2013, through April 30, 2021. This agreement limited the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund

*Summary Information* **5**

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fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with 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. The expiration of the Expense Limitation Agreement impacted expenses which negatively impacted performance. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns**

![](g43272g2dynmgdvol_18.jpg)

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| |
|:---|
| **Best Quarter** |
| 4Q '23 \| 10.01% |
| **Worst Quarter** |
| 4Q '18 \| -7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| Balanced Stabilization Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.13<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 60% S&P 500<sup>®</sup> Index/40% Bloomberg U.S. Aggregate Bond <br> Index (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.78<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses <br> or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index (reflects no <br> deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30<br> %<br>| &nbsp;&nbsp; -0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>|

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**6** *Summary Information*

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**SFT Balanced Stabilization Fund: Management**

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

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager,<br> Securian AM<br>| June 1, 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| December 1, 2017 |

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For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

*Summary Information* **7**

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Summary: SFT Core Bond Fund

**SFT Core Bond Fund: Investment Objective**

The Fund seeks as high a level of a long-term total rate of return as is consistent with prudent investment risk. The Fund also seeks preservation of capital as a secondary objective.

**SFT Core Bond Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell Class 1 or Class 2 shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Class 1** | **Class 2** |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>|
| Acquired Fund Fees and Expenses (1) | &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund's total annual fund operating expenses do not correlate to the ratios of the expenses to average net assets shown in the Financial Highlights table because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights.

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $689 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $990 |

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**8** *Summary Information*

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 359.6% of the average value of its portfolio.

**SFT Core Bond Fund: Principal Investment Strategies**

The Fund invests primarily in a variety of debt securities. It is the Fund's policy to invest, under normal circumstances, at least 80% of the value of its net assets (including any borrowings for investment purposes) in investment grade bonds (for this purpose, "bonds" includes any debt security). Up to 20% of the Fund's nets assets may be invested in securities rated below investment grade (commonly known as "junk bonds") or unrated securities determined to be of comparable quality. These debt securities include, among other things, corporate and mortgage-backed securities, debt securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities (including the Government National Mortgage Association, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Association), asset-backed securities and other debt obligations of U.S. banks or savings and loan associations. The Fund may invest in debt securities issued by domestic companies in a variety of industries. The Fund may also invest in securities whose disposition is restricted under the federal securities laws. Examples may include certain bonds that are only available to institutional buyers.

The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporates and governments. The Fund may invest up to 25% of its net assets in foreign securities which amount may include up to 15% of its net assets in non-U.S. dollar denominated foreign securities, and up to 10% of its net assets in emerging market securities.

The Fund may also invest in non-government securities, which may include but are not limited to securities issued by non-government entities secured by obligations of residential mortgage borrowers. Non-government securities also may include asset-backed securities (which may include but are not limited to interests in auto, rail cars, shipping containers, credit card, manufactured housing, collateralized debt obligations that in turn include collateralized bond obligations and collateralized loan obligations and/or other consumer loans), bank loans, U.S. and non-U.S. money market securities, municipal securities, commercial mortgage-backed securities (which represent interests in commercial mortgage loans and receivables), derivatives, including credit default swaps and other swaps, futures, options and currency forward contracts, defaulted debt securities, private placements and restricted securities. Investments by the Fund may be long-term, intermediate-term or short-term debt securities and may have interest rates that are fixed, variable or floating.

Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques.

In selecting securities, the Fund's investment sub-adviser focuses on areas of the bond market that it believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the sub-adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market.

**SFT Core Bond Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Market Risk** – Markets can be volatile, and stock prices change daily, sometimes rapidly or unpredictably. As a result, the Fund's holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock

*Summary Information* **9**

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markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. At times, the Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Additionally, global economies and financial markets are becoming increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by the Fund. In addition, certain events, such as natural disasters, terrorist attacks, war, the imposition of tariffs, trade wars, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

<sup>▲</sup> **Interest Rate Risk** – the risk that the value of a debt security or fixed income obligation will decline due to an increase in market interest rates. Long-term debt securities, mortgage-backed securities and fixed income obligations are generally more sensitive to interest rate changes. The negative impact on a debt security or fixed income obligation from resulting rate increases could be swift and significant, including falling market values and reduced liquidity. Substantial redemptions from the Fund and other fixed income funds may worsen the impact. Other types of securities also may be adversely affected from an increase in interest rates. In addition, interest rates may decline further resulting in lower yields which make the Fund less attractive to investors who are seeking higher rates of returns. Also a lower yield may not be sufficient to cover the expenses of the Fund.

<sup>▲</sup> **Credit Risk** – the risk that an issuer of bonds may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

***Lower-rated securities.*** Securities rated below investment grade, sometimes called "junk bonds," generally have more credit risk than higher-rated securities. Issuers of lower-rated or high yield, fixed-income securities are not as strong financially as those issuing higher credit quality debt securities. These issuers are generally considered predominantly speculative by the applicable rating agencies as these issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due.

The prices of high yield debt securities fluctuate more than those of higher-credit-quality. Prices are especially sensitive to developments affecting the issuer's business and to changes in the ratings assigned by rating agencies. In addition, the entire high yield securities market can experience sudden and sharp price swings due to changes in economic conditions, stock market activity, large sustained sales by major investors, a high-profile default, or other factors. High yield debt securities generally are more illiquid (harder to sell) and harder to value than higher-quality securities. Many of these securities do not trade frequently, and when they do their prices may be significantly higher or lower than expected.

<sup>▲</sup> **Government Securities Risk** – the risk a fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk, and credit risk. Securities such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to a fund. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed

**10** *Summary Information*

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by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk and interest rate risk than interest-paying securities of similar maturities.

<sup>▲</sup> **Foreign Investments and Emerging Markets Risk** – The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly domestic exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards, lack of information and political, economic, financial or social instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on fund performance relative to a more geographically diversified fund.

The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation.

Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. Settlement of trades in these markets can take longer than in other markets and the Fund may not receive its proceeds from the sale of certain securities for an extended period (possibly several weeks or even longer).

The risks of foreign investments are heightened when investing in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less developed and are less stable than those of more developed countries. They are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

<sup>▲</sup> **Hedging Risk** – the risk that the Fund's use of derivatives for hedging purposes, although designed to help manage volatility and offset negative movements in the securities in which the Fund invests, will not always be successful. Hedging can cause the Fund to lose money and can reduce the opportunity for gain.

<sup>▲</sup> **Income Risk** – the risk that the Fund may experience a decline in its income due to falling interest rates, earnings declines or income decline within a security.

<sup>▲</sup> **Liquidity Risk** – the risk that the Fund's ability to sell particular securities at an advantageous price or in a timely manner will be impaired due to low trading volume, lack of a market maker, or legal restrictions. The recent increase in capital requirements and potential for increased regulation may negatively impact market liquidity going forward. In the event certain securities experience low trading volumes, the prices of such securities may display abrupt or erratic movements. In addition, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to sell at a favorable price at the time when the investment adviser believes it is desirable to do so. Investment in securities that are less actively traded (or over time experience decreased trading volume) may restrict the Fund's ability to take advantage of other market opportunities.

*Summary Information* **11**

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<sup>▲</sup> **Portfolio Turnover Risk** – High portfolio turnover may adversely affect the Fund's performance and increase transaction costs, which could increase the Fund's expenses. High portfolio turnover may also result in the distribution of higher capital gains when compared to a fund with less active trading policies, which could have an adverse tax impact if the Fund's shares are held in a taxable account.

<sup>▲</sup> **Short-Term Trading Risk** – the risk that the Fund may trade securities frequently and hold securities for one year or less, which will increase the Fund's transaction costs.

<sup>▲</sup> **Prepayment Risk** – the risk that falling interest rates could cause prepayments of securities to occur more quickly than expected, causing the Fund to reinvest the proceeds in other securities with generally lower interest rates.

<sup>▲</sup> **Extension Risk** – the risk that rising interest rates could cause property owners to prepay their mortgages more slowly than expected, resulting in slower than anticipated prepayments of mortgage-backed securities. This risk is greater for residential mortgage-backed securities.

<sup>▲</sup> **Mortgage-Related and Other Asset-Backed Securities Risk** – the risk that mortgage-related and other asset-backed securities represent interests in "pools" of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if a Fund holds mortgage-related securities, it may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause an investing Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. A Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

<sup>▲</sup> **Non-Government Securities Risk** – the risk that payments on a non-government security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. government. These securities may include but are not limited to securities issued by non-government entities which can include instruments secured by obligations of residential mortgage borrowers. Non-agency securities also may include asset-backed securities (which represent interests in auto, consumer and/or credit card loans) and commercial mortgage-backed securities (which represent interests in commercial mortgage loans).

<sup>▲</sup> **Leveraging Risk** – the risk that certain transactions of the Fund, such as transactions in derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged.

**12** *Summary Information*

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<sup>▲</sup> **Management Risk** – the risk that the Fund's performance is primarily dependent on the investment adviser's or investment sub-adviser's skill in evaluating and managing the Fund's holdings. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

<sup>▲</sup> **Active Management Risk** – The Fund is subject to the risk that the investment sub-adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

**SFT Core Bond Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future and reflects the performance of Securian Asset Management, Inc. (Securian AM).

**Calendar Year Total Returns for Class 2 Shares (a)**

![](g43272g2img6ea36fc32.jpg)

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| |
|:---|
| **Best Quarter** |
| 4Q '23 \| 7.37% |
| **Worst Quarter** |
| 3Q '22 \| -6.03% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The performance shown in the bar chart above is for Class 2 shares and reflects a 0.25% 12b-1 distribution fee that is not charged to Class 1 shares. The returns for Class 1 shares would be substantially similar to the returns shown in the bar chart, but for the 12b-1 fee associated with Class 2 shares.

*Summary Information* **13**

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**Average Annual Total Return**

**(for periods ending December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| Core Bond Fund — Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; 7.67<br> %<br>| &nbsp;&nbsp; -0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>|
| Core Bond Fund — Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; 7.40<br> %<br>| &nbsp;&nbsp; -0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index (reflects no <br> deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30<br> %<br>| &nbsp;&nbsp; -0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>|

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**SFT Core Bond Fund: Management**

The Fund is advised by Securian Asset Management, Inc. and sub-advised by Metropolitan West Asset Management, LLC (MetWest). The following individual serves as the Fund's primary portfolio manager:

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| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jerry Cudzil<br> Group Managing Director and Generalist Portfolio <br> Manager, <br> MetWest<br>| September 6, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruben Hovhannisyan, CFA<br> Group Managing Director and Generalist Portfolio <br> Manager, <br> MetWest<br>| September 6, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bryan T. Whalen, CFA <br> Group Managing Director, Chief Investment Officer and <br> Generalist Portfolio Manager, <br> MetWest<br>| August 1, 2022 |

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For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

**14** *Summary Information*

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Summary: SFT Equity Stabilization Fund

**SFT Equity Stabilization Fund: Investment Objective**

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

**SFT Equity Stabilization Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Acquired Fund Fees and Expenses (1) | &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund's total annual fund operating expenses do not correlate to the ratios of the expenses to average net assets shown in the Financial Highlights table because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights.

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1329 |

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*Summary Information* **15**

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5.2% of the average value of its portfolio.

**SFT Equity Stabilization Fund: Principal Investment Strategies**

The Fund seeks to achieve its investment objective by investing in other funds or directly in underlying securities while using hedging techniques to manage portfolio risk and volatility. Under normal circumstances, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) 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 may invest in equity securities issued by, that invest in, or that derive their value from companies of any size or market capitalization. On average, the Fund aims to invest approximately 30% of its assets in ETFs or other securities that directly invest some of their assets in foreign securities, primarily from issuers in developed countries. The Fund also invests a portion of its assets in cash or cash equivalent debt instruments. The fund may at times invest significantly in certain sectors.

As market conditions change, the Fund's effective equity exposure will change in an effort to manage overall Fund volatility, with a minimum effective equity exposure of 10% and a maximum effective equity exposure of 100% of the Fund's total asset value. For the purposes of this Fund, "effective equity exposure" means the Fund's equity investments plus any increase or reduction in exposure to equity markets due to the Fund's investments in S&P 500<sup>®</sup> futures contracts or other derivatives. The Fund seeks to manage its effective equity exposure and its overall volatility by investing primarily in S&P 500<sup>®</sup> futures contracts and other derivative instruments. In periods when the Fund's investment adviser expects higher volatility in the equity market, as measured by the S&P 500<sup>®</sup>, the Fund seeks to reduce its effective equity exposure and the overall volatility of its portfolio by either selling S&P 500<sup>®</sup> futures contracts (taking short positions in such contracts) or reducing its long positions in S&P 500<sup>®</sup> futures contracts. In periods when the Fund's investment adviser expects lower volatility in the equity market, the Fund seeks to increase its effective equity exposure by purchasing S&P 500<sup>®</sup> futures contracts (taking long positions in such contracts) or reducing its short positions in S&P 500<sup>®</sup> futures contracts. Under normal market conditions, this hedging process will seek to target, over an extended period of years, an average annualized volatility in the returns of the Fund of approximately 10%. A 10% annualized volatility means that a majority of the time, annual returns should be within plus or minus 10% of expected returns. There can be no assurance that investment decisions made in seeking to manage Fund volatility will achieve the desired results, and the volatility of the Fund's returns in any one year, or any longer period, may be higher or lower than 10%.

To achieve its equity exposure and further manage the Fund's overall volatility, the Fund may invest long or short in options on ETFs, options on equity indexes or equity index futures, volatility index (VIX) futures, and options on VIX futures.

The use of futures contracts and other derivatives to change the Fund's equity allocation and manage the Fund's overall volatility has the effect of introducing leverage into the Fund's portfolio. Leverage is introduced because the initial amount required to purchase a futures contract is small in relation to the nominal value of the contract. Despite any use of leverage, under normal circumstances the Fund's effective equity exposure is not expected to exceed 100% of the Fund's total asset value.

In selecting investments, the Fund's investment adviser considers factors such as, but not limited to, the Fund's current and anticipated asset allocation positions, security pricing, industry outlook, current and anticipated interest rates, other market and economic conditions, and issuer operations. The Fund may also engage in frequent or short-term trading of securities and derivative instruments.

**16** *Summary Information*

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**SFT Equity Stabilization Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Market Risk** – the risk that Fund investments are subject to adverse trends in capital markets. This is a principal risk of an investment in the Fund and in the ETFs in which the Fund may invest.

<sup>▲</sup> **Passive Investment Risk** – the risk that, because they are not actively managed, the ETFs in which the Fund may invest may be affected by a general decline in market segments relating to their respective benchmark indices. An ETF typically invests in securities included in, or representative of, its benchmark index regardless of their investment merits and does not attempt to take defensive positions in declining markets. This is a principal risk of the ETFs in which the Fund invests, and an indirect risk of an investment in the Fund.

<sup>▲</sup> **Securities Volatility Risk** – the risk that the value of securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations can be dramatic over the short as well as long term, and different markets and different types of securities can react differently to these developments. Issuer, political, or economic developments can affect the volatility of a single issuer, issuers within an industry or economic sector or geographic region, or the markets as a whole. Changes in the financial condition of a single issuer can impact the volatility of the markets as a whole. Terrorism, war, and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

<sup>▲</sup> **Allocation Risk** – the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated.

<sup>▲</sup> **Hedging Risk** – the risk that the Fund's use of derivatives for hedging purposes, although designed to help manage volatility and offset negative movements in the securities in which the Fund invests, will not always be successful. Hedging can cause the Fund to lose money and can reduce the opportunity for gain. Among other things, these negative effects can occur if the market moves in a direction that the Fund's investment adviser does not expect or the Fund cannot close out its position in a hedging instrument.

<sup>▲</sup> **Managed Volatility Strategy Risk** – the risk that the Fund's investment adviser may be unsuccessful in managing volatility and the Fund may experience a high level of volatility in its returns. The securities used in the strategy are subject to price volatility, and the strategy may not result in less volatile returns for the Fund relative to the market as a whole and they could be more volatile. While the management of volatility seeks competitive returns with more consistent volatility, the management of volatility does not ensure that the strategy will deliver competitive returns. Even if successful, the strategy may also result in returns increasing to a lesser degree than the market, or decreasing when the values of certain securities used in the strategy are stable or rising. The strategy may expose the Fund to losses (some of which may be sudden) to which it would not have otherwise been exposed if it invested only in underlying securities. Additionally, the

*Summary Information* **17**

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derivatives used to hedge the value of securities are not identical to the securities held, and as a result, the investment in derivatives may decline in value at the same time as underlying investments.

<sup>▲</sup> **Portfolio Risk** – the risk that Fund performance may not meet or exceed that of the market as a whole. The performance of the Fund will depend on the Fund's investment adviser's or sub-adviser's judgment of economic and market policies, trends in investment yields and monetary policy.

<sup>▲</sup> **Foreign Securities Risk** – the risk that investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments – the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices – government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; availability of information – foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets – the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. These risks can increase the potential for losses in the Fund and affect its share price. This is a principal risk of certain ETFs in which the Fund may invest, and an indirect risk of an investment in the Fund.

<sup>▲</sup> **Short-Term Trading Risk** – the risk that the Fund may trade securities frequently and hold securities for one year or less, which will increase the Fund's transaction costs.

<sup>▲</sup> **Acquired Fund Risk** – the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by another investment company, such as an ETF, in which the Fund invests (an "Acquired Fund") and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Fund to achieve its investment objectives.

<sup>▲</sup> **Derivatives Risk** – the risk that the Fund's investment in S&P 500<sup>®</sup> futures contracts and other derivatives may involve a small investment relative to the amount of risk assumed. The successful use of these derivative instruments may depend on the investment adviser's ability to predict market movements. Risks include delivery failure, default by the other party (or the exchange) or the inability to close out a position because the trading market becomes illiquid. If the investment adviser is not successful in using derivatives, the Fund's performance may be worse than if the investment adviser did not use derivatives at all.

<sup>▲</sup> **Leveraging Risk** – the risk that certain transactions of the Fund, such as transactions in derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged.

<sup>▲</sup> **Exchange Traded Funds Risk** – the risk that ETFs in which the Fund may invest may be subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its NAV per share, an active secondary trading market may not develop or be maintained, and trading may be halted by, or the ETF may be delisted from, the exchange in which they trade, which may impact the Fund's ability to sell its shares. The lack of liquidity in a particular ETF could result in it being more volatile than the ETF's underlying portfolio of securities. ETFs are also subject to the risks of the underlying securities or sectors the ETF is designed to track. In addition, there are brokerage commissions paid in connection with buying or selling ETF shares and ETFs have management fees and other expenses. This is a principal risk of the ETFs in which the Fund invests, and an indirect risk of an investment in the Fund.

<sup>▲</sup> **Liquidity Risk** – the risk that the Fund's ability to sell particular securities at an advantageous price or in a timely manner will be impaired due to low trading volume, lack of a market maker, or legal restrictions. The recent increase in capital requirements and potential for increased regulation may negatively impact market

**18** *Summary Information*

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liquidity going forward. In the event certain securities experience low trading volumes, the prices of such securities may display abrupt or erratic movements. In addition, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to sell at a favorable price at the time when the investment adviser believes it is desirable to do so. Investment in securities that are less actively traded (or over time experience decreased trading volume) may restrict the Fund's ability to take advantage of other market opportunities.

<sup>▲</sup> **Short Position Risk** – the risk that, in taking a short position in a transaction involving a derivative instrument, the Fund may suffer a loss because the risk assumed in such instrument significantly exceeds the amount of the initial investment, or because the Fund is unable to close out its short position or a counterparty to the transaction fails to perform as promised.

<sup>▲</sup> **Concentration Risk** – the risk that to the extent that the Fund's portfolio or the portfolio of a fund or an ETF in which the Fund invests, reflects concentration in the securities of issuers in a particular region, market, industry, group of industries, country, group of countries, sector or asset class, the Fund or a fund or an ETF in which the Fund invests may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that region, market, industry, group of industries, country, group of countries, sector or asset class. This is a principal risk of the funds and ETFs in which the Fund invests, and an indirect risk of an investment in the Fund.

<sup>▲</sup> **Company Risk** – the risk that individual securities may be more volatile or perform differently from the overall market. This may be the result of changes in specific factors such as profitability or investor perceptions, or a result of increased volatility in a company's income or share price because of the amount of leverage on the company's balance sheet.

<sup>▲</sup> **Investment Company Risk** – the risk that, to the extent the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company's operating expenses, including investment advisory and administrative fees, which will reduce the Fund's return on such investment relative to investment alternatives that do not include such expenses.

<sup>▲</sup> **Credit Risk** – the risk that the Fund may lose some or all of its investment, including both principal and interest, because an issuer of a security or fixed income obligation will not make payments on the security or obligation when due, as well as the risk that the credit quality of a security may be lowered, resulting in a lower price, greater volatility and reduced liquidity for such security.

**SFT Equity Stabilization Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the Fund's benchmark index and its component broad based indices. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. As such, Securian Asset Management, Inc. (Securian AM) and the Trust, on behalf of the Fund, entered into an Expense Limitation Agreement for the period, November 15, 2018 through April 30, 2021. This agreement limited 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 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. The expiration of the Expense Limitation Agreement impacted expenses which negatively impacted performance. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

*Summary Information* **19**

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**Calendar Year Total Returns**

![](g43272g2mgdvolequ_18.jpg)

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| |
|:---|
| **Best Quarter** |
| 3Q '24 \| 7.97% |
| **Worst Quarter** |
| 1Q '20 \| -9.48% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| Equity Stabilization Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 60% S&P 500<sup>®</sup> Low Volatility Index/20% S&P 500<sup>®</sup> BMI <br> International Developed Low Volatility Index/ 20% <br> Bloomberg U.S. 3 Month Treasury Bellwether Index <br> (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Low Volatility Index (reflects no deduction for <br> fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.92<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> BMI International Developed Low Volatility <br> Index (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. 3-Month Treasury Bellwether Index <br> (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>|

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**20** *Summary Information*

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**SFT Equity Stabilization Fund: Management**

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

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| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager,<br> Securian AM<br>| June 1, 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| December 1, 2017 |

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For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

*Summary Information* **21**

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Summary: SFT Government Money Market Fund

**SFT Government Money Market Fund: Investment Objective**

The Fund seeks maximum current income to the extent consistent with liquidity and the preservation of capital.

**SFT Government Money Market Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Acquired Fund Fees and Expenses (1) | &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| **Fee Waiver and/or Expense Reimbursement (2)** | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense** <br> **Reimbursement**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund's total annual fund operating expenses do not correlate to the ratios of the expenses to average net assets shown in the Financial Highlights table because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securian Asset Management, Inc. (Securian AM), the Fund's investment adviser, has contractually agreed to two arrangements that may impact fund fees and expenses. First, Securian AM has agreed to waive its "management fees" or absorb "other expenses" to ensure the Fund's total operating expenses after the waiver and/or expense absorption, excluding "acquired fund fees and expenses," will not exceed 0.70% of the average net assets of the Fund. Second, Securian AM has agreed to waive, reimburse, or pay Fund expenses so that the Fund's daily net investment income does not fall below zero. Both agreements are effective through April 30, 2027, and renew annually for a full year unless terminated by Securian AM upon at least 30 days' notice prior to the end of the contract term. Securian AM cannot terminate either agreement prior to the end of the contractual term. Both agreements are described in greater detail in the "Detailed Fund Information" section of the Fund's prospectus.

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

**22** *Summary Information*

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The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $822 |

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**SFT Government Money Market Fund: Principal Investment Strategies**

The Fund intends to maintain a one dollar ($1.00) net asset value per share, although there is no assurance it will be successful in doing so.

U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the "full faith and credit" of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury, while still others are supported only by the credit of the issuer or instrumentality. The Fund invests only in U.S. dollar-denominated securities that mature in 397 calendar days or less from the date of purchase (with certain exceptions permitted by applicable regulations). The dollar-weighted average portfolio maturity of the Fund may not exceed 60 days and the dollar-weighted average life to maturity of the Fund may not exceed 120 days.

The Fund's investments are subject to the applicable rules of the SEC governing the type, quality, maturity and diversification of securities held by government money market funds.

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). In addition, under normal circumstances, the Fund invests at least 80% of its net assets in government securities and/or repurchase agreements that are collateralized by government securities. For this purpose, a "government security" is a security issued or guaranteed as to principal and interest by:

<sup>▲</sup> the U.S. government; or

<sup>▲</sup> a person controlled or supervised by, and acting as an instrumentality of, the U.S. government pursuant to authority granted by the U.S. Congress.

The Fund may also invest a portion of its assets in shares of other government money market funds. The Fund may at times invest significantly in certain sectors.

**SFT Government Money Market Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

**SFT Government Money Market Fund:**

<sup>▲</sup> **Government Securities Risk** – the risk a fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk, and credit risk. Securities such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Notwithstanding that these

*Summary Information* **23**

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securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to a fund. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk and interest rate risk than interest-paying securities of similar maturities.

<sup>▲</sup> **Investment Company Risk** – the risk that, to the extent the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company's operating expenses, including investment advisory and administrative fees, which will reduce the Fund's return on such investment relative to investment alternatives that do not include such expenses.

<sup>▲</sup> **Income Risk** – the risk that the Fund may experience a decline in its income due to falling interest rates, earnings declines or income decline within a security.

<sup>▲</sup> **Interest Rate Risk** – the risk that the value of a debt security or fixed income obligation will decline due to an increase in market interest rates. The negative impact on a debt security or fixed income obligation from resulting rate increases could be swift and significant, including falling market values and reduced liquidity. Substantial redemptions from the Fund and other fixed income funds may worsen the impact. Other types of securities also may be adversely affected from an increase in interest rates. In addition, interest rates may decline further resulting in lower yields which make the Fund less attractive to investors who are seeking higher rates of returns. Also a lower yield may not be sufficient to cover the expenses of the Fund.

<sup>▲</sup> **Inflation Risk** – the risk that inflation will erode the purchasing power of the value of securities held by the Fund or the value of the Fund's dividends.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

<sup>▲</sup> **Repurchase Agreement Risk** – the risk that if the seller of a repurchase agreement defaults on its obligation to repurchase securities from the Fund, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.

<sup>▲</sup> **Stable Price Risk** – the risk that the SFT Government Money Market Fund will not be able to maintain a stable share price of $1.00. There may be situations where the Fund's share price could fall below $1.00, which would reduce the value of an investor's account.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect the sponsor will provide financial support to the Fund at any time, including during the periods of market stress.

**24** *Summary Information*

------

**SFT Government Money Market Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future It is expected that the Fund's future total returns will be lower than historical returns due to the Fund's conversion to a government money market fund.

**Calendar Year Total Returns**

![](g43272g2govmm_19.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Best Quarter** |
| 4Q '23 \| 1.20% | 4Q '23 \| 1.20% |
| **Worst Quarter** | **Worst Quarter** |
| 1Q '16 thru 2Q '17, and 2Q '20 thru | 1Q '22 \| 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>|

---

**Management**

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

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles D. Officer<br> Portfolio Manager and Investment Analyst,<br> Securian AM<br>| May 1, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Joseph W. Scanlan<br> Portfolio Manager and Investment Analyst,<br> Securian AM<br>| May 1, 2025 |

---

*Summary Information* **25**

------

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

**26** *Summary Information*

------

Summary: SFT Index 400 Mid-Cap Fund

**SFT Index 400 Mid-Cap Fund: Investment Objective**

The Fund seeks investment results generally corresponding to the aggregate price and dividend performance of the publicly traded common stocks that comprise the Standard & Poor's MidCap 400<sup>®</sup> Index (the S&P 400<sup>®</sup>).

**SFT Index 400 Mid-Cap Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell Class 1 or Class 2 shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class 1** | **Class 2** |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|

---

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $406 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $714 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18.0% of the average value of its portfolio.

*Summary Information* **27**

------

**SFT Index 400 Mid-Cap Fund: Principal Investment Strategies**

The Fund invests its assets in all of the common stocks included in the S&P 400<sup>®</sup>. The companies included in the S&P 400<sup>®</sup> are all mid-cap companies. The S&P 400<sup>®</sup> consists of approximately 400 domestic stocks chosen for market size, liquidity and industry group representation. The weight of each stock in the index is determined by multiplying the stock price by the number of shares of that stock available for public trading. As of March 31, 2026, the market capitalizations of companies included in the S&P 400<sup>®</sup> ranged from $28.0 Billion to $0.7 Billion . Securian Asset Management, Inc. (Securian AM) uses computer modeling to replicate the index. Rebalancing generally occurs quarterly.

The Fund attempts to achieve a correlation with the S&P 400<sup>®</sup> of 100% without considering Fund expenses. However, the Fund is not required to hold a minimum or maximum number of common stocks included in the S&P 400<sup>®</sup>, and due to changing economic conditions or markets, may invest in less than all of the common stocks included in the S&P 400<sup>®</sup>. Under normal conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks included in the S&P 400<sup>®</sup>. The Fund may at times invest significantly in certain sectors. As of December 31, 2025, the S&P 400<sup>®</sup> was concentrated in the Industrials sector. The components of the S&P 400<sup>®</sup>, and the degree to which these components represent certain industries or sectors, may change over time.

**SFT Index 400 Mid-Cap Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Market Risk** – the risk that equity securities are subject to adverse trends in equity markets.

<sup>▲</sup> **Mid Size Company Risk** – the risk that securities of mid capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies' limited product lines, limited markets and financial resources and dependence upon a relatively small management group.

<sup>▲</sup> **Sector Risk** – the risk that the securities of companies within specific industries or sectors of the economy can periodically perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a company.

<sup>▲</sup> **Index Performance Risk** – the risk that the Fund's ability to replicate the performance of the S&P 400<sup>®</sup> may be affected by, among other things, changes in securities markets, the manner in which Standard & Poor's Rating Services calculates the S&P 400<sup>®</sup>, the amount and timing of cash flows into and out of the Fund, commissions, settlement fees, and other expenses. The Fund's performance may also be adversely affected if a particular stock in the S&P 400<sup>®</sup> (or stocks within an industry heavily weighted by the S&P 400<sup>®</sup>) performs poorly.

<sup>▲</sup> **Concentration Risk** – the risk that the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than an investment portfolio that does not concentrate its investments in a single industry. The Fund is subject to concentration risk if the Fund invests more than 25% of its total assets in a particular industry.

<sup>▲</sup> **Portfolio Risk** – the risk that Fund performance may not meet or exceed that of the market as a whole.

**28** *Summary Information*

------

**SFT Index 400 Mid-Cap Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns for Class 2 Shares (a)**

![](g43272g2img8e2b33023.jpg)

---

| |
|:---|
| **Best Quarter** |
| 4Q '20 \| 24.20% |
| **Worst Quarter** |
| 1Q '20 \| -29.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The performance shown in the bar chart above is for Class 2 shares and reflects a 0.25% 12b-1 distribution fee that is not charged to Class 1 shares. The returns for Class 1 shares would be substantially similar to the returns shown in the bar chart, but for the 12b-1 fee associated with Class 2 shares.

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| Index 400 Mid-Cap Fund — Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; 7.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.36<br> %<br>|
| Index 400 Mid-Cap Fund — Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; 6.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.08<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.72<br> %<br>|

---

*Summary Information* **29**

------

**SFT Index 400 Mid-Cap Fund: Management**

The Fund is advised by Securian AM. The following individual serves as the Fund's primary portfolio manager:

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager,<br> Securian AM<br>| June 10, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 10, 2024 |

---

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

**30** *Summary Information*

------

Summary: SFT Index 500 Fund

**SFT Index 500 Fund: Investment Objective**

The Fund seeks investment results that correspond generally to the price and yield performance of the common stocks included in the Standard & Poor's 500<sup>®</sup> Composite Stock Price Index (the S&P 500<sup>®</sup>).

**SFT Index 500 Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell Class 1 or Class 2 shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class 1** | **Class 2** |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|

---

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $217 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $530 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 4.4% of the average value of its portfolio.

*Summary Information* **31**

------

**SFT Index 500 Fund: Principal Investment Strategies**

The Fund invests its assets in all of the common stocks included in the S&P 500<sup>®</sup>. The S&P 500<sup>®</sup> consists of approximately 500 large cap common stocks which together represent approximately 75% of the value of the total U.S. stock market. The weight of each stock in the index is determined by multiplying the stock price by the number of shares of that stock available for public trading. As of March 31, 2026, the market capitalizations of companies included in the S&P 500<sup>®</sup> ranged from $4,237.9 Billion to $2.8 Billion . Securian Asset Management, Inc. (Securian AM) uses computer modeling to replicate the index and round off security weightings. Rebalancing generally occurs quarterly.

The Fund attempts to achieve a correlation with the S&P 500<sup>®</sup> of 100% without considering Fund expenses. However, the Fund is not required to hold a minimum or maximum number of common stocks included in the S&P 500<sup>®</sup>, and due to changing economic or markets, may invest in less than all of the common stocks included in the S&P 500<sup>®</sup>. Under normal conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks included in the S&P 500<sup>®</sup>. The Fund may at times invest significantly in certain sectors. As of December 31, 2025, the S&P 500<sup>®</sup> was concentrated in the Information Technology sector. The components of the S&P 500<sup>®</sup>, and the degree to which these components represent certain industries or sectors, may change over time.

**SFT Index 500 Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Large Company Risk** – the risk that a portfolio of large capitalization company securities may underperform the market as a whole.

<sup>▲</sup> **Market Risk** – the risk that equity securities are subject to adverse trends in equity markets.

<sup>▲</sup> **Sector Risk** – the risk that the securities of companies within specific industries or sectors of the economy can periodically perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a company.

<sup>▲</sup> **Index Performance Risk** – the risk that the Fund's ability to replicate the performance of the S&P 500<sup>®</sup> may be affected by, among other things, changes in securities markets, the manner in which Standard & Poor's Rating Services calculates the S&P 500<sup>®</sup>, the amount and timing of cash flows into and out of the Fund, commissions, settlement fees, and other expenses. The Fund's performance may also be adversely affected if a particular stock in the S&P 500<sup>®</sup> (or stocks within an industry heavily weighted by the S&P 500<sup>®</sup>) performs poorly.

<sup>▲</sup> **Concentration Risk** – the risk that the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than an investment portfolio that does not concentrate its investments in a single industry. The Fund is subject to concentration risk if the Fund invests more than 25% of its total assets in a particular industry.

<sup>▲</sup> **Portfolio Risk** – the risk that Fund performance may not meet or exceed that of the market as a whole.

**32** *Summary Information*

------

**SFT Index 500 Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns for Class 2 Shares (a)**

![](g43272g2img602de0684.jpg)

---

| |
|:---|
| **Best Quarter** |
| 2Q '20 \| 20.42% |
| **Worst Quarter** |
| 1Q '20 \| -19.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The performance shown in the bar chart above is for Class 2 shares and reflects a 0.25% 12b-1 distribution fee that is not charged to Class 1 shares. The returns for Class 1 shares would be substantially similar to the returns shown in the bar chart, but for the 12b-1 fee associated with Class 2 shares.

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| Index 500 Fund — Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; 17.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.58<br> %<br>|
| Index 500 Fund — Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; 17.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses <br> or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>|

---

*Summary Information* **33**

------

**SFT Index 500 Fund: Management**

The Fund is advised by Securian AM. The following individual serves as the Fund's primary portfolio manager:

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager,<br> Securian AM<br>| June 10, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 10, 2024 |

---

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

**34** *Summary Information*

------

Summary: SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

**SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund): Investment Objective**

The Fund seeks to provide growth of capital.

**SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund): Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|

---

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1178 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25.8% of the average value of its portfolio.

*Summary Information* **35**

------

**SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund): Principal Investment Strategies**

The Fund seeks to achieve its objective by investing primarily in a portfolio of common stocks issued by large capitalization, growth-oriented companies that Nomura Investments Fund Advisers (NIFA), the Fund's investment sub-adviser, believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors' expectations. Under normal circumstances, the Fund invests at least 80% of its net assets in large capitalization companies, which typically are companies with market capitalizations of at least $10 billion at the time of acquisition. Growth- oriented companies are those whose earnings NIFA believes are likely to grow faster than the economy. The Fund is non-diversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

In selecting securities for the Fund, NIFA begins its investment process by screening large-capitalization companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. NIFA uses a bottom-up (researching individual issuers) strategy in selecting securities for the Fund. NIFA seeks to invest for the Fund in companies that it believes possess a structural competitive advantage or durable market leadership position. NIFA looks for companies which serve large, addressable markets with a demonstrated ability to sustain unit growth and high profitability. NIFA also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.

A competitively advantaged business model can be defined by such factors as: brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; ESG characteristics; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors. NIFA's process for selecting stocks is based primarily on fundamental research, but does utilize quantitative analysis during the screening process.

From a quantitative standpoint, NIFA concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. NIFA's fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long-term. The Fund typically holds a limited number of stocks (generally 35 to 50).

Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

In general, NIFA may sell a security when, in NIFA's opinion, a company experiences deterioration in its growth and/or profitability characteristics, or a fundamental breakdown of its sustainable competitive advantages. NIFA also may sell a security if it believes that the security no longer presents sufficient appreciation potential; this may be caused by, or be an effect of, changes in the industry or sector of the issuer, loss by the company of its competitive position, poor execution by management, the threat of technological disruption and/or poor use of resources. NIFA also may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

As of December 31, 2025, the Fund was concentrated in the Information Technology sector.

**36** *Summary Information*

------

**SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund): Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Market Risk** – Markets can be volatile, and stock prices change daily, sometimes rapidly or unpredictably. As a result, the Fund's holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. At times, the Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Additionally, global economies and financial markets are becoming increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by the Fund. In addition, certain events, such as natural disasters, terrorist attacks, war, the imposition of tariffs, trade wars, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

<sup>▲</sup> **Growth Stock Risk** – Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general.

<sup>▲</sup> **Large Company Risk** – Large capitalization companies may go in and out of favor based on market and economic conditions. Large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Although the securities of larger companies may be less volatile than those of companies with smaller market capitalizations, returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies.

<sup>▲</sup> **Holdings Risk** – The Fund typically holds a limited number of stocks (generally 40 to 60) and the Fund's portfolio manager also tends to invest a significant portion of the Fund's total assets in a limited number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's net asset value (NAV) than it would if the Fund invested in a larger number of securities or if the Fund's portfolio manager invested a greater portion of the Fund's total assets in a larger number of stocks.

<sup>▲</sup> **Company Risk** – A company may be more volatile or perform worse than the overall market due to specific factors, such as adverse changes to its business or investor perceptions about the company.

<sup>▲</sup> **Non-Diversification Risk** – A Fund that is a "non-diversified" mutual fund and, as such, its investments are not required to meet certain diversification requirements under federal law. Compared with "diversified" funds, a non-diversified fund may invest a greater percentage of its assets in the securities of an issuer. Thus, a non-diversified Fund may hold fewer securities than other funds. A decline in the value of those investments would cause a non-diversified fund's overall value to decline to a greater degree than if the Fund held more diversified holdings.

<sup>▲</sup> **Sector Risk** – At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual

*Summary Information* **37**

------

sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

<sup>▲</sup> **Concentration Risk** – the risk that the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than an investment portfolio that does not concentrate its investments in a single industry. The Fund is subject to concentration risk if the Fund invests more than 25% of its total assets in a particular industry.

<sup>▲</sup> **Information Technology Sector Risk** – Investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

<sup>▲</sup> **Liquidity Risk** – Liquidity generally is related to the market trading volume for a particular security. Securities that have relatively less liquidity may trade at a discount from comparable, more liquid investments, and may be subject to wider fluctuations in market value. Such securities may be more difficult to dispose of at their recorded values and are subject to increased spreads and volatility. Also, the Fund may not be able to dispose of illiquid, or relatively less liquid, securities when that would be beneficial at a favorable time or price. Certain investments that generally were liquid when the Fund purchased them may become relatively less liquid, or even deemed illiquid, sometimes abruptly.

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Management Risk** – the risk that the Fund's performance is primarily dependent on the investment adviser's or investment sub-adviser's skill in evaluating and managing the Fund's holdings. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

<sup>▲</sup> **ESG Investing Risk** – The Fund's investment sub-adviser may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when selecting investments for the Fund. The Fund's ESG criteria may cause the Fund to forgo opportunities to buy certain securities, or forgo opportunities to gain exposure to certain industries, sectors, regions and countries. In addition, the Fund may be required to sell a security when it might otherwise be disadvantageous for it to do so.

**SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund): Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. Effective May 1, 2021, the Fund changed its classification from "diversified" to "non-diversified." The returns prior to May 1, 2021 do not reflect this change and accordingly, the performance

**38** *Summary Information*

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shown in the bar chart and table prior to that date may not be indicative of future returns. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns**

![](g43272g2ivygrth_7.jpg)

---

| |
|:---|
| **Best Quarter** |
| 2Q '20 \| 25.27% |
| **Worst Quarter** |
| 2Q '22 \| -19.63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp; SFT Nomura Growth Fund (formerly SFT Macquarie <br> Growth Fund)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.42<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Growth Index (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.13<br> %<br>|

---

**SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund): Management**

The Fund is advised by Securian Asset Management, Inc. and sub-advised by NIFA. The following individuals serve as the Fund's primary portfolio managers:

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bradley M. Klapmeyer, CFA <br> Senior Vice President, NIFA<br>| August 1, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brad Angermeier, CFA<br> Portfolio Manager, NIFA<br>| October 1, 2021 |

---

*Summary Information* **39**

------

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

**40** *Summary Information*

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Summary: SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

**SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund): Investment Objective**

The Fund seeks to provide growth of capital.

**SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund): Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| Acquired Fund Fees and Expenses (1) | &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund's total annual fund operating expenses do not correlate to the ratios of the expenses to average net assets shown in the Financial Highlights table because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights.

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1613 |

---

*Summary Information* **41**

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78.3% of the average value of its portfolio.

**SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund): Principal Investment Strategies**

The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in common stocks of small capitalization companies. For the purposes of this Fund, small capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2000 Growth Index over the last 13 months at the time of acquisition. As of December 31, 2025, this range of market capitalizations was between approximately $13.7 million and $26.0 billion. The Fund emphasizes smaller companies positioned in new or emerging industries where Nomura Investments Fund Advisers (NIFA), the Fund's investment sub-adviser, believes there is opportunity for higher growth than in established companies or industries. The Fund's investments in equity securities may include common stocks that are offered in initial public offerings (IPOs).

NIFA utilizes a bottom-up (researching individual issuers) stock picking process that considers quality of management and superior financial characteristics (e.g., return on assets, return on equity, operating margin) in its search for companies, thereby focusing on what it believes are higher-quality companies with sustainable growth prospects. NIFA seeks companies that it believes exhibit successful and scalable business models by having one or more of the following characteristics: serving markets that are growing at rates substantially in excess of the average industry and/or the general economy; a company that is a leader in its industry and that possesses an identifiable competitive advantage; that features strong and effective management; that demonstrates a strong commitment to shareholders; that is serving a large and/or fast-growing market opportunity; that is experiencing upward margin momentum, a growth in earnings, growth in revenue and sales and/or positive cash flows; that is increasing market share and/or creating increasing barriers to entry, either through technological advancement, marketing, distribution or some other innovative means; or that emphasizes organic growth. NIFA believes that such companies generally have a replicable business model that allows for sustained growth.

Generally, in determining whether to sell a security, NIFA uses the same type of analysis that it uses in buying securities. For example, NIFA may sell a security if it believes that the stock no longer offers significant growth potential, which may be due to a change in the business or management of the company or a change in the industry or sector of the company. NIFA also may sell a security to reduce the Fund's holding in that security, if its analysis reveals evidence of a meaningful deterioration in operating trends, if it anticipates a decrease in the company's ability to grow, if it loses confidence in the management of the company and/or the company's founder departs, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

As of December 31, 2025, the Fund had a focused investment in the Information Technology, Health Care and Industrials sectors. As of December 31, 2025, the Fund was concentrated in the Health Care sector.

**SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund): Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Market Risk** – Markets can be volatile, and stock prices change daily, sometimes rapidly or unpredictably. As a result, the Fund's holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock

**42** *Summary Information*

------

markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. At times, the Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Additionally, global economies and financial markets are becoming increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by the Fund. In addition, certain events, such as natural disasters, terrorist attacks, war, the imposition of tariffs, trade wars, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

<sup>▲</sup> **Small Company Risk** – Securities of small capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies' small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small capitalization companies at the desired time.

<sup>▲</sup> **Growth Stock Risk** – Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general.

<sup>▲</sup> **Sector Risk** – At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

<sup>▲</sup> **Concentration Risk** – the risk that the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than an investment portfolio that does not concentrate its investments in a single industry. The Fund is subject to concentration risk if the Fund invests more than 25% of its total assets in a particular industry.

<sup>▲</sup> **Information Technology Sector Risk** – Investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

<sup>▲</sup> **Health Care Sector Risk** – Investment risks associated with investing in securities in the health care sector, in addition to other risks, include heavy dependence on patent protection, with profitability affected by the expiration of patents; expenses and losses from extensive litigation based on product liability and similar claims; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting; the potentially long and costly process for obtaining new product approval by the U.S. Food and Drug Administration (FDA); the difficulty health care-providers may have obtaining staff to deliver services; susceptibility to product obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel.

*Summary Information* **43**

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<sup>▲</sup> **Liquidity Risk** – Liquidity generally is related to the market trading volume for a particular security. Securities that have relatively less liquidity may trade at a discount from comparable, more liquid investments, and may be subject to wider fluctuations in market value. Such securities may be more difficult to dispose of at their recorded values and are subject to increased spreads and volatility. Also, the Fund may not be able to dispose of illiquid, or relatively less liquid, securities when that would be beneficial at a favorable time or price. Certain investments that generally were liquid when the Fund purchased them may become relatively less liquid, or even deemed illiquid, sometimes abruptly.

<sup>▲</sup> **Company Risk** – A company may be more volatile or perform worse than the overall market due to specific factors, such as adverse changes to its business or investor perceptions about the company.

<sup>▲</sup> **Initial Public Offering (IPO) Risk** – Any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, the Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on the Fund's performance, this may not be able to be replicated in the future. The relative performance impact of IPOs also is likely to decline as the Fund grows.

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Management Risk** – the risk that the Fund's performance is primarily dependent on the investment adviser's or investment sub-adviser's skill in evaluating and managing the Fund's holdings. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

**SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund): Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

**44** *Summary Information*

------

**Calendar Year Total Returns**

![](g43272g2ivysmcpgrwth_18.jpg)

---

| |
|:---|
| **Best Quarter** |
| 2Q '20 \| 26.61% |
| **Worst Quarter** |
| 1Q '20 \| -21.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp; SFT Nomura Small Cap Growth Fund (formerly SFT <br> Macquarie Small Cap Growth Fund)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.58<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Growth Index (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.57<br> %<br>|

---

**SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund): Management**

The Fund is advised by Securian Asset Management, Inc. and sub-advised by NIFA. The following individuals serve as the Fund's primary portfolio managers:

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Joshua Brown<br> Senior Vice President, NIFA<br>| January 17, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timothy J. Miller, CFA <br> Senior Vice President, NIFA<br>| October 1, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenneth G. McQuade, CFA <br> Senior Vice President, NIFA<br>| October 1, 2016 |

---

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

*Summary Information* **45**

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Summary: SFT Real Estate Securities Fund

**SFT Real Estate Securities Fund: Investment Objective**

The Fund seeks above average income and long-term growth of capital.

**SFT Real Estate Securities Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell Class 1 or Class 2 shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class 1** | **Class 2** |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|

---

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1225 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1500 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29.4% of the average value of its portfolio.

**46** *Summary Information*

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**SFT Real Estate Securities Fund: Principal Investment Strategies**

Under normal circumstances, at least 80% of the Fund's net assets (including any borrowings for investment purposes) will be invested in common stocks and other equity securities issued by real estate companies

A real estate company is one that (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or (ii) has at least 50% of its assets invested in such real estate.

Real Estate Investment Trusts (REITs) are companies that own interest in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. The Fund may invest without limit in shares of REITs. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment in their respective countries similar to that of U.S. REITs. The Fund retains the ability to invest in real estate companies of any market capitalization.

The Fund may invest in securities of foreign issuers which meet the same criteria for investment as domestic companies, including such investment in such companies in the form of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and European Depository Receipts (EDRs), but in no event may such investments exceed more than 20% of its total assets.

In selecting securities, Cohen & Steers Capital Management, Inc. (Cohen & Steers), the Fund's sub-adviser, adheres to a bottom-up, relative value investment process. To guide the portfolio construction process, Cohen & Steers utilizes a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-net asset value (NAV), cash flow multiple/growth ratios and a dividend discount model. Analysts incorporate both quantitative and qualitative analysis in their NAV, cash flow, growth and dividend discount model estimates. Cohen & Steers' research process includes an evaluation of the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength and corporate structure. Judgments with respect to risk control, geographic and property sector diversification, liquidity and other factors are considered along with the models' output and drive the portfolio managers' investment decisions. The Fund will not seek to achieve specific environmental, social or governance (ESG) outcomes through its portfolio of investments, nor will it pursue an overall impact or sustainable investment strategy. However, the sub-adviser will incorporate consideration of relevant ESG factors into its investment decision-making. For example, although the sub-adviser does not generally exclude investments based on ESG factors alone, when considering an investment opportunity with material exposure to carbon emissions regulation, this risk may be considered as one factor in the sub-adviser's holistic review process.

**SFT Real Estate Securities Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Market Risk** – Markets can be volatile, and stock prices change daily, sometimes rapidly or unpredictably. As a result, the Fund's holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. At times, the Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Additionally, global economies and

*Summary Information* **47**

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financial markets are becoming increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by the Fund. In addition, certain events, such as natural disasters, terrorist attacks, war, the imposition of tariffs, trade wars, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

<sup>▲</sup> **Real Estate Risk** – the risk that the value of the Fund's investments may decrease due to a variety of factors related to the construction, development, ownership, financing, repair or servicing or other events affecting the value of real estate, buildings or other real estate fixtures.

<sup>▲</sup> **REIT/REOC-Related Risk** – the risk that the value of the Fund's equity securities issued by REITs and REOCs will be adversely affected by changes in the value of the underlying property or, for REITs, by the loss of the REIT's favorable tax status or changes in laws and/or rules related to REIT tax status.

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Foreign Securities Risk** – the risk that investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments – the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices – government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; availability of information – foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets – the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies. The risks of foreign investments typically are greater in less developed countries or emerging market countries. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. These risks can increase the potential for losses in the Fund and affect its share price.

<sup>▲</sup> **Company Risk** – the risk that individual securities may be more volatile or perform differently from the overall market. This may be the result of changes in specific factors such as profitability or investor perceptions, or a result of increased volatility in a company's income or share price because of the amount of leverage on the company's balance sheet.

<sup>▲</sup> **Small Company Risk** – Securities of small capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies' small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small capitalization companies at the desired time.

<sup>▲</sup> **Investment Company Risk** – the risk that, to the extent the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company's operating expenses, including investment advisory and administrative fees, which will reduce the Fund's return on such investment relative to investment alternatives that do not include such expenses.

**48** *Summary Information*

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<sup>▲</sup> **Management Risk** – the risk that the Fund's performance is primarily dependent on the investment adviser's or investment sub-adviser's skill in evaluating and managing the Fund's holdings. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

<sup>▲</sup> **Concentration Risk** – the risk that the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than an investment portfolio that does not concentrate its investments in a single industry. The Fund concentrates its investments in the real estate and real estate related industry.

<sup>▲</sup> **Real Estate Securities Concentration Risk** –the risk that investments in securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. Because the Fund concentrates its investments in the real estate industry, it will be subject to greater risk of loss than if it were diversified across different industries.

<sup>▲</sup> **Limited Universe Risk** – the risk that an investment in the Fund may present greater volatility, due to the limited number of issuers of real estate and real estate-related securities, than an investment in portfolio of securities selected from a greater number of issuers.

<sup>▲</sup> **Liquidity Risk** – the risk that the Fund's ability to sell particular securities at an advantageous price or in a timely manner will be impaired due to low trading volume, lack of a market maker, or legal restrictions. The recent increase in capital requirements and potential for increased regulation may negatively impact market liquidity going forward. In the event certain securities experience low trading volumes, the prices of such securities may display abrupt or erratic movements. In addition, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to sell at a favorable price at the time when the investment adviser believes it is desirable to do so. Investment in securities that are less actively traded (or over time experience decreased trading volume) may restrict the Fund's ability to take advantage of other market opportunities.

<sup>▲</sup> **Income Risk** – the risk that the Fund may experience a decline in its income due to falling interest rates, earnings declines or income decline within a security.

<sup>▲</sup> **Interest Rate Risk** – the risk that the value of a debt security or fixed income obligation, and in some cases equity securities such as equity REITS, will decline due to an increase in market interest rates. Long-term debt securities, mortgage-backed securities and fixed income obligations are generally more sensitive to interest rate changes. The negative impact on a debt security or fixed income obligation from resulting rate increases could be swift and significant, including falling market values and reduced liquidity. Substantial redemptions from the Fund and other fixed income funds may worsen the impact. Other types of securities also may be adversely affected from an increase in interest rates. In addition, interest rates may decline further resulting in lower yields which make the Fund less attractive to investors who are seeking higher rates of returns. Also a lower yield may not be sufficient to cover the expenses of the Fund.

<sup>▲</sup> **Portfolio Risk** – the risk that Fund performance may not meet or exceed that of the market as a whole.

*Summary Information* **49**

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<sup>▲</sup> **Investment Strategy Risk** – the risk that, if the portfolio managers' investment decisions and strategy does not perform as expected, the Fund could underperform its peers or lose money. The Fund's performance depends on the portfolio managers' judgement about a variety of factors, such as markets, interest rates and/or the attractiveness, relative value, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The portfolio managers' investment models may not adequately take into account certain factors, may perform differently than anticipated and may result in the Fund having a lower return than if the portfolio managers used another model or investment strategy. There is no guarantee that the strategy used by the Fund will allow the Fund to achieve its investment objective.

<sup>▲</sup> **ESG Investing Risk** – The Fund's investment sub-adviser may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when selecting investments for the Fund. The Fund's ESG criteria may cause the Fund to forgo opportunities to buy certain securities, or forgo opportunities to gain exposure to certain industries, sectors, regions and countries. In addition, the Fund may be required to sell a security when it might otherwise be disadvantageous for it to do so.

**SFT Real Estate Securities Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future. It also reflects the performance of Securian Asset Management, Inc. (Securian AM).

**Calendar Year Total Returns for Class 2 Shares (a)**

![](g43272g2imgc564c8c85.jpg)

---

| |
|:---|
| **Best Quarter** |
| 4Q '23 \| 16.52% |
| **Worst Quarter** |
| 1Q '20 \| -21.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The performance shown in the bar chart above is for Class 2 shares and reflects a 0.25% 12b-1 distribution fee that is not charged to Class 1 shares. The returns for Class 1 shares would be substantially similar to the returns shown in the bar chart, but for the 12b-1 fee associated with Class 2 shares.

**50** *Summary Information*

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**Average Annual Total Return**

**(for periods ending December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| Real Estate Securities Fund — Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.23<br> %<br>|
| Real Estate Securities Fund — Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.97<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE NAREIT All Equity REITs Index (1) (reflects no <br> deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.77<br> %<br>|

---

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

**SFT Real Estate Securities Fund: Management**

The Fund is advised by Securian Asset Management, Inc. and sub-advised by Cohen & Steers. The following individual serves as the Fund's primary portfolio manager:

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jon Cheigh<br> Chief Investment Officer, President and Portfolio Manager<br> Cohen & Steers<br>| August 1, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jason A. Yablon<br> Executive Vice President and Portfolio Manager<br> Cohen & Steers<br>| August 1, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mathew Kirschner, CFA<br> Senior Vice President and Portfolio Manager<br> Cohen & Steers<br>| August 1, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ji Zhang<br> Senior Vice President and Portfolio Manager<br> Cohen & Steers<br>| January 1, 2024 |

---

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

*Summary Information* **51**

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Summary: SFT T. Rowe Price Value Fund

**SFT T. Rowe Price Value Fund: Investment Objective**

The Fund seeks to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective.

**SFT T. Rowe Price Value Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|

---

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1236 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 58.4% of the average value of its portfolio.

**52** *Summary Information*

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**SFT T. Rowe Price Value Fund: Principal Investment Strategies**

At least 65% of the Fund's total assets are normally invested in common stocks the Fund's investment sub-adviser, T. Rowe Price Associates, Inc. (T. Rowe Price), regards as undervalued. Holdings are expected to consist primarily of large-cap stocks, but may also include stocks of mid-cap and small-cap companies.

In taking a value added approach to investment selection, T. Rowe Price's in-house research team seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments, T. Rowe Price generally looks for one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Low price/earnings, price/book value, price/sales, or price/cash flow ratios relative to the broader equity market, a company's peers, or a company's own historical norm;

&nbsp;&nbsp;&nbsp;&nbsp;• Low stock price relative to a company's underlying asset values or intrinsic value;

&nbsp;&nbsp;&nbsp;&nbsp;• Companies that may benefit from restructuring activity; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• A sound balance sheet and other positive financial characteristics.

While most assets will typically be invested in U.S. common stocks, the Fund may invest in foreign stocks in keeping with the Fund's objectives. The Fund may at times invest significantly in certain sectors.

**SFT T. Rowe Price Value Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Value Investing Risk** – The Fund's value approach to investing could cause it to underperform other stock funds that employ a different investment style. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may be appropriately priced at a low level. Value stocks may fail to appreciate for long periods and may never reach what the adviser or sub-adviser believes are their full market values.

<sup>▲</sup> **Large-Cap Stocks Risk** – Securities issued by large-cap companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

<sup>▲</sup> **Market Conditions Risk** – The value of the Fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the Fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the Fund's holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock

*Summary Information* **53**

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markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Sector Risk** – At times, the Fund may have a significant portion of its assets invested in securities of issuers conducting business in a broadly related group of industries within the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Investments in the financials sector are susceptible to adverse developments relating to regulatory changes, interest rate movements, the availability of capital and cost to borrow, and the rate of debt defaults.

<sup>▲</sup> **Management Risk** – the risk that the Fund's performance is primarily dependent on the investment adviser's or investment sub-adviser's skill in evaluating and managing the Fund's holdings. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

**SFT T. Rowe Price Value Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns**

![](g43272g2trpvalue_18.jpg)

---

| |
|:---|
| **Best Quarter** |
| 4Q '20 \| 18.50% |
| **Worst Quarter** |
| 1Q '20 \| -25.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**54** *Summary Information*

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**Average Annual Total Return**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.38<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value Index (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.53<br> %<br>|

---

**SFT T. Rowe Price Value Fund: Management**

The Fund is advised by Securian Asset Management, Inc. and sub-advised by T. Rowe Price. The following individual serves as the Fund's primary portfolio manager:

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan S. Hedrick, CFA <br> Vice President and Portfolio Manager,<br> &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price<br>| January 1, 2023 |

---

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Summary Information" on page 60 of this prospectus.

*Summary Information* **55**

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Summary: SFT Wellington Core Equity Fund

**SFT Wellington Core Equity Fund: Investment Objective**

The Fund seeks growth of capital.

**SFT Wellington Core Equity Fund: Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell Class 1 and Class 2 shares of the Fund. **The table does not reflect charges assessed in connection with the variable life policies or variable annuity contracts, or qualified plans, that invest in the Fund. If these charges were included, the expenses shown in the table below would be higher.**

**Shareholder Fees** 

(fees paid directly from your investment)

Not Applicable<br>

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class 1** | **Class 2** |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|

---

**Expense Example.** This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other Funds.

The example assumes an investment of $10,000 in the Fund for the time periods indicated and then a redemption of all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect the other fees and expenses related to a variable life insurance policy, variable annuity contract or qualified plan that invests in the Fund. If these other fees and expenses were included, the expenses shown in the example below would be higher. Although actual costs may be higher or lower, based on these assumptions, costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $966 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1259 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 35.5% of the average value of its portfolio.

**56** *Summary Information*

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**SFT Wellington Core Equity Fund: Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its assets in common stocks. The Fund invests in a diversified portfolio of common stocks of issuers located primarily in the United States, and to a lesser extent, securities of non-US companies. Wellington Management Company LLP (Wellington Management), The Fund's sub-adviser's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. The investment process is aided by a proprietary screening process that narrows the investment universe to companies that are consistent with the investment philosophy. The investment team spends most of its time conducting fundamental research on companies elevated by the screening process. Research emphasizes the sustainability of a business' competitive advantages, revenue and margin drivers, and cash-generation capacity. Other important considerations include capital allocation discipline, off-financial-statement factors, management track record, and analysis of products and competition. The Fund's portfolio is broadly diversified by industry and company. The Fund invests in a broad range of market capitalizations, but tends to focus on highly liquid, large capitalization companies with market capitalizations similar to those of the S&P 500<sup>®</sup> Index. The Fund generally will be fully invested in equity and equity-related securities. The Fund may invest up to 20% of its net assets in securities of foreign issuers and non-dollar securities. Although derivative instruments are not a significant component of the investment process, the Fund may make use of derivative securities (including futures contracts, options on futures contracts, and over-the-counter derivatives) for the purpose of equitizing cash and/or obtaining efficient investment exposure. The Fund may at times invest significantly in certain sectors. As of December 31, 2025, the Fund was concentrated in the Information Technology sector.

**SFT Wellington Core Equity Fund: Principal Risks** 

An investment in the Fund may result in the loss of money, and may be subject to various risks, which may be even greater during periods of market disruption or volatility, including the following types of principal risks:

<sup>▲</sup> **Market Risk** – the risk that equity and debt securities are subject to adverse trends in equity and debt markets. Securities held by a Fund are subject to price movements due to changes in general economic conditions, the level of prevailing interest rates, investor perceptions of the market and defaults or volatility in securities not held by a Fund but that impact general market trends and conditions. In addition, prices are affected by the outlook for overall corporate profitability. Market prices of equity securities are generally more volatile than debt securities. This may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. In addition, market risk may affect a portfolio of equity securities of micro, small, mid, large and very large capitalization companies and/or equity securities believed by a Fund's investment adviser or sub-adviser to be undervalued or exhibit above average sustainable earnings growth potential. As a result, a portfolio of such equity securities may underperform the market as a whole.

<sup>▲</sup> **Management Risk** – the risk that the Fund's performance is primarily dependent on the investment adviser's or investment sub-adviser's skill in evaluating and managing the Fund's holdings. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

<sup>▲</sup> **Active Management Risk** – the risk that the Fund's investment adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock

*Summary Information* **57**

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markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Investment Strategy Risk** – the risk that, if the portfolio managers' investment decisions and strategy does not perform as expected, the Fund could underperform its peers or lose money. The Fund's performance depends on the portfolio managers' judgement about a variety of factors, such as markets, interest rates and/or the attractiveness, relative value, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The portfolio managers' investment models may not adequately take into account certain factors, may perform differently than anticipated and may result in the Fund having a lower return than if the portfolio managers used another model or investment strategy. There is no guarantee that the strategy used by the Fund will allow the Fund to achieve its investment objective.

<sup>▲</sup> **Sector Risk** – At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

<sup>▲</sup> **Concentration Risk** – the risk that the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than an investment portfolio that does not concentrate its investments in a single industry. The Fund is subject to concentration risk if the Fund invests more than 25% of its total assets in a particular industry.

<sup>▲</sup> **Currency Risk** – the risk that changes in foreign currency exchange rates will increase or decrease the value of foreign securities or the amount of income or gain received on such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund. Attempts by the Fund to minimize the effects of currency fluctuations through the use of foreign currency hedging transactions may not be successful or the Fund's hedging transactions may cause the Fund to be unable to take advantage of a favorable change in the value of foreign currencies.

<sup>▲</sup> **Foreign Securities Risk** – the risk that investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments – the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices – government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; availability of information – foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets – the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies.

**SFT Wellington Core Equity Fund: Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the return of a broad based index. The chart and table do not reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans which invest in the Fund. If such charges and expenses were included, the returns shown below would be lower. The past performance of the Fund does not necessarily indicate how the Fund will perform in the future.

**58** *Summary Information*

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**Calendar Year Total Returns for Class 2 Shares (a)**

![](g43272g2img7edcf2e96.jpg)

---

| |
|:---|
| **Best Quarter** |
| 2Q '20 \| 19.22% |
| **Worst Quarter** |
| 1Q '20 \| -19.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The performance shown in the bar chart above is for Class 2 shares and reflects a 0.25% 12b-1 distribution fee that is not charged to Class 1 shares. The returns for Class 1 shares would be substantially similar to the returns shown in the bar chart, but for the 12b-1 fee associated with Class 2 shares.

**Average Annual Total Return**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| SFT Wellington Core Equity Fund — Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; 14.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> %<br>|
| SFT Wellington Core Equity Fund — Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; 13.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.87<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses <br> or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>|

---

**SFT Wellington Core Equity Fund: Management**

The Fund is advised by Securian Asset Management, Inc. and sub-advised by Wellington Management. The following individuals serve as the Fund's primary portfolio managers:

---

| | |
|:---|:---|
| **Name and Title** | **Primary Manager Since** |
| &nbsp;&nbsp;&nbsp;&nbsp; David A. Siegle, CFA<br> Managing Director and Equity Portfolio Manager, <br> Wellington Management<br>| November 20, 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas W. McLane, CFA<br> Senior Managing Director and Equity Portfolio Manager, <br> Wellington Management<br>| November 20, 2017 |

---

For a summary of other important additional information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please see "Important Additional Summary Information" below.

*Summary Information* **59**

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Important Additional Summary Information

**Purchase and Sale of Fund Shares** 

Fund shares are sold only to participating life insurance company separate accounts and qualified plans (financial intermediaries) and are not offered directly to the public. Purchases and sales of Fund shares may be effected only through a participating life insurance company or qualified plan. Please refer to the appropriate separate account prospectus or plan documents for detail.

**Taxes** 

For additional information concerning the tax consequences to purchasers of variable annuity contracts and variable life insurance policies issued by Minnesota Life Insurance Company (Minnesota Life) or other participating life insurance companies, please see the appropriate prospectus for those contracts.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

When you purchase Fund shares through a life insurance company in connection with its variable annuity contracts or variable life insurance policies, or through another financial intermediary such as a broker-dealer that sells variable annuity contracts or variable life insurance policies, the Fund or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the life insurance company or broker-dealer to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

**60** *Summary Information*

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***Detailed Fund Information***

This section provides important additional details about each Fund's investment objective, principal investment strategies and related risks.

A Fund's fundamental investment policies cannot be changed without the approval of a majority of the Fund's outstanding voting shares. Except for the SFT Balanced Stabilization Fund, the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Growth Fund), SFT Equity Stabilization Fund, the SFT T. Rowe Price Value Fund and the SFT Wellington Core Equity Fund, each Fund's investment objective is a fundamental investment policy. Other investment restrictions that are fundamental are listed in the Statement of Additional Information. An investment policy is not fundamental unless this prospectus or the Statement of Additional Information says that it is. The Trust's Board of Trustees can change non-fundamental investment policies without shareholder approval, although significant changes will be described in amendments to this prospectus.

A description of the Trust's policies and procedures with respect to the disclosure of each Fund's holdings of securities is available in the Statement of Additional Information.

SFT Balanced Stabilization Fund

The Fund seeks to maximize risk-adjusted total return relative to its blended benchmark index, comprised of 60% Standard & Poor's S&P 500<sup>®</sup> Composite Stock Price Index (the S&P 500<sup>®</sup>) and 40% Bloomberg U.S. Aggregate Bond Index (the Benchmark Index). This objective may be changed without shareholder approval.

The Fund's Benchmark Index is a blend of 60% S&P 500<sup>®</sup> and 40% Bloomberg U.S. Aggregate Bond Index, but the Fund's investment positions may be overweight or underweight versus the Benchmark Index in all sectors and asset classes. In connection with the Fund's investments in fixed income securities, the Fund may hold securities in all sectors contained in the Bloomberg U.S. Aggregate Bond Index, but in addition may invest in positions not included in the Bloomberg U.S. Aggregate Bond Index.

**Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing directly in underlying securities and other investment companies while using hedging techniques to manage portfolio risk and volatility. The Fund will achieve its equity exposure by investing primarily in Class 1 shares of the SFT Index 500 Fund, an affiliated fund in Securian Funds Trust that seeks investment results that correspond generally to the price and yield performance of the common stocks included in the S&P 500<sup>®</sup>. The Fund may also gain equity exposure by investing in exchange traded funds (ETFs). The Fund's fixed income allocation will be achieved by purchasing individual fixed income securities that are primarily investment-grade corporate bonds and have other characteristics similar to the fixed income securities included in the Bloomberg U.S. Aggregate Bond Index. The Fund may invest in other investment companies, securities and financial instruments to the extent permitted under the Investment Company Act of 1940, as amended (the 1940 Act), or any exemptive relief therefrom. The fund may at times invest significantly in certain sectors.

The Fund's investments will be utilized, in part, to seek to limit the Fund's overall volatility. Volatility is a measure of the magnitude of up and down fluctuations in the value of a security over time, and refers to the amount of uncertainty or risk about the size of changes in a security's value. A higher volatility means that a security's value can potentially vary over a larger range of values. This means that the price of the security can change dramatically over a short time period in either direction. A lower volatility means that a security's value does not fluctuate dramatically, but changes in value at a slower pace over a period of time. The Fund's use of certain investments in seeking to manage volatility will be consistent with the Fund's target asset allocation guidelines described below.

In seeking to manage the Fund's overall volatility, the Fund will invest in derivative instruments, primarily S&P 500<sup>®</sup> futures contracts. For example, in periods when the Fund's investment adviser expects higher volatility in the equity market, as measured by the S&P 500<sup>®</sup>, the Fund will seek to reduce the overall volatility of its portfolio by

*Detailed Fund Information* **61**

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either selling S&P 500<sup>®</sup> futures contracts (taking short positions in such contracts) or reducing its long positions in S&P 500<sup>®</sup> futures contracts. During periods of lower expected volatility in the equity market, the Fund will seek to increase its equity exposure by purchasing S&P 500<sup>®</sup> futures contracts (increasing its long positions or reducing its short positions in such contracts). The Fund may also invest in long and short positions in fixed income exchange traded funds and notes, interest rate swaps, and treasury and interest rate futures to achieve its fixed income exposure and manage overall volatility. Under normal market conditions, this hedging process will seek to target, over an extended period of years, an average annualized volatility in the daily total returns of the Fund of approximately 10%. A 10% annualized volatility means that a majority of the time, annualized returns should be within plus or minus 10% of expected returns. For this purpose, the Fund's annualized volatility equals the annualized standard deviation of the Fund's daily total returns. Standard deviation is a measure of the variation or dispersion from the average daily return. There can be no assurance that investment decisions made in seeking to manage Fund volatility will achieve the desired results, and the volatility of the Fund's returns in any one year or any longer period may be higher or lower than 10%.

To achieve its equity exposure and further manage the Fund's overall volatility, the Fund may invest long or short in options on ETFs, options on equity indexes or equity index futures, volatility index (VIX) futures contracts and options on VIX futures.

The use of futures contracts and other derivatives to change the Fund's equity allocation and manage the Fund's overall volatility has the effect of introducing leverage into the Fund's portfolio. Leverage is introduced because the initial amount required to purchase a futures contract is small in relation to the nominal value of such contract.

Over time, the Fund targets approximately 60% equity exposure and 40% fixed income exposure in its portfolio. As market conditions change, however, and to manage overall Fund volatility under certain market conditions, the equity and fixed income exposures may change, with a minimum equity allocation of 10% and a maximum equity allocation of 90% of the Fund's total market value. Under normal market conditions the Fund may keep approximately 15% of the Fund's total assets in cash or cash equivalents.

In selecting investments, the Fund's investment adviser considers factors such as, but not limited to, the Fund's current and anticipated asset allocation positions, security pricing, industry outlook, current and anticipated interest rates and other market and economic conditions, general levels of debt prices and issuer operations. The Fund may also engage in frequent or short-term trading of securities and derivative instruments.

The market for bonds and other debt securities is generally liquid, but individual debt securities purchased by the Fund may be subject to the risk of reduced liquidity due to changes in quality ratings or changes in general market conditions which adversely affect particular debt securities or the broader bond market as a whole. The Fund's investment adviser continuously monitors the liquidity of portfolio investments and may determine that, because of a reduction in liquidity subsequent to purchase, securities which originally were determined to be liquid have become illiquid.

**Other Non-Principal Investment Strategies.** To achieve its equity exposure and further manage the Fund's overall volatility, the Fund may also invest long or short in any of the following: equity index ETFs or notes, options on equities, and total return swaps.

In order to achieve its fixed income exposure and further manage the Fund's overall volatility, the Fund may also invest in other fixed income investments, including U.S Treasuries, commercial mortgage backed securities (CMBS), mortgage backed securities (MBS) and collateralized mortgage obligations (CMO). The Fund may also invest in other securities described in the Statement of Additional Information, including but not limited to exchange traded notes, longer-term corporate debt securities, U.S. government obligations, mortgage-related securities guaranteed by the U.S. government, collateralized mortgage obligations and other fixed income securities.

In addition, the Fund may invest lesser portions of its assets in other securities and financial instruments described in the Statement of Additional Information.

**62** *Detailed Fund Information*

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**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Market Risk\*\*

<sup>▲</sup> Risk of Stock Investing\*\*

<sup>▲</sup> Securities Volatility Risk

<sup>▲</sup> Active Management Risk

<sup>▲</sup> Allocation Risk

<sup>▲</sup> Hedging Risk

<sup>▲</sup> Managed Volatility Strategy Risk

<sup>▲</sup> Portfolio Risk\*\*

<sup>▲</sup> Index Performance Risk\*

<sup>▲</sup> Large Company Risk\*

<sup>▲</sup> Interest Rate Risk

<sup>▲</sup> Liquidity Risk

<sup>▲</sup> Short Position Risk

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Leveraging Risk

<sup>▲</sup> Exchange Traded Funds Risk

<sup>▲</sup> Income Risk

<sup>▲</sup> Exchange Traded Notes Risk

<sup>▲</sup> Investment Company Risk

<sup>▲</sup> Company Risk

<sup>▲</sup> Credit Risk

<sup>▲</sup> Acquired Fund Risk

\*

This is a principal risk of the SFT Index 500 Fund, in which the Fund invests, and an indirect risk of an investment in the Fund.

\*\*

This is a principal risk of both the SFT Index 500 Fund, in which the Fund invests, and of an investment in the Fund.

**Other Non-Principal Risks.** In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Short Sale Risk

<sup>▲</sup> Inflation Risk

<sup>▲</sup> Call Risk

<sup>▲</sup> Pre-payment Risk

<sup>▲</sup> Non-Government Securities Risk

<sup>▲</sup> Extension Risk

<sup>▲</sup> Sector Risk\*\*

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

SFT Core Bond Fund

The Fund seeks as high a level of a long-term total rate of return as is consistent with prudent investment risk. The Fund also seeks preservation of capital as a secondary objective.

**Principal Investment Strategies.** The Fund invests primarily in a variety of debt securities. It is the Fund's policy to invest, under normal circumstances, at least 80% of the value of its net assets (including any borrowings for investment purposes) in investment grade bonds (for this purpose, "bonds" includes any debt security). Up to 20% of the Fund's nets assets may be invested in securities rated below investment grade (commonly known as "junk bonds") or unrated securities determined to be of comparable quality. These debt securities include, among other things, corporate and mortgage-backed securities, debt securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities (including the Government National Mortgage Association, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Association), asset-backed securities and other debt obligations of U.S. banks or savings and loan associations. The Fund may invest in debt securities issued by domestic companies in a variety of industries. The Fund may also invest in securities whose disposition is restricted under the federal securities laws. Examples may include certain bonds that are only available to institutional buyers. The Fund may at times invest significantly in certain sectors.

The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporates and governments. The Fund may invest up to 25% of its net assets in foreign securities, which amount may include up to 15% of net assets in non-U.S. dollar denominated foreign securities, and up to 10% of net assets in emerging markets securities.

*Detailed Fund Information* **63**

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The Fund may also invest in non-government securities, which may include but are not limited to securities issued by non-government entities secured by obligations of residential mortgage borrowers. Non-government securities also may include asset-backed securities (which may include but are not limited to interests in auto, rail cars, shipping containers, credit card, manufactured housing, collateralized debt obligations that in turn include collateralized bond obligations and collateralized loan obligations and/or other consumer loans), bank loans, U.S. and non-U.S. money market securities, municipal securities, commercial mortgage-backed securities (which represent interests in commercial mortgage loans and receivables), derivatives including credit default swaps and other swaps, futures, options and currency forward contracts, defaulted debt securities, private placements and restricted securities. Investments by the Fund may be long-term, intermediate-term or short-term debt securities and may have interest rates that are fixed, variable or floating.

Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques.

In selecting securities, the Fund's investment sub-adviser focuses on areas of the bond market that it believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the sub-adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market.

**Other Non-Principal Investment Strategies.** To help manage the average duration of its portfolio of fixed income securities, or to attempt to hedge against the effects of interest rate changes on current or intended investments in fixed rate securities, the Fund may invest in exchange traded U.S. Treasury futures contracts, which are a type of derivative instrument. Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock or bond) or a market index. The Fund will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns.

The Fund may also invest a portion of its assets in collateralized mortgage obligations ("CMOs"). CMOs are debt obligations issued by both government agencies and private special-purpose entities that are collateralized by residential or commercial mortgage loans. Unlike traditional mortgage loan pools, CMOs allocate the priority of the distribution of principal and level of interest from the underlying mortgage loans among various series. Each series differs from another in terms of the priority right to receive cash payments from the underlying mortgage loans. Each series may be further divided into classes in which the principal and interest payments payable to classes in the same series may be allocated. For instance, a certain class in a series may have right of priority over another class to receive principal and interest payments. Moreover, a certain class in a series may be entitled to receive only interest payments while another class in the same series may be only entitled to receive principal payments. As a result, the timing and the type of payments received by a CMO security holder may differ from the payments received by a security holder in a traditional mortgage loan pool.

The Fund may invest in stripped mortgage-backed securities, which also represent ownership interests in a pool of mortgages. However, the stripped mortgage-backed securities are separated into interest and principal components. The interest component only allows the interest holder to receive the interest portion of cash payments, while the principal component only allows the interest holder to receive the principal portion of cash payments. The Fund may also invest in illiquid securities, which may not exceed, at the time of purchase, 15% of the Fund's net assets.

In addition, the Fund may invest lesser portions of its assets in other security types described in the Statement of Additional Information.

**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Market Risk

<sup>▲</sup> Interest Rate Risk

<sup>▲</sup> Credit Risk

<sup>▲</sup> Government Securities Risk

<sup>▲</sup> Foreign Investments and Emerging Markets Risk

<sup>▲</sup> Hedging Risk

<sup>▲</sup> Income Risk

**64** *Detailed Fund Information*

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<sup>▲</sup> Liquidity Risk

<sup>▲</sup> Portfolio Turnover Risk

<sup>▲</sup> Short-Term Trading Risk

<sup>▲</sup> Prepayment Risk

<sup>▲</sup> Extension Risk

<sup>▲</sup> Mortgage-Related and Other Asset-Backed Securities Risk

<sup>▲</sup> Non-Government Securities Risk

<sup>▲</sup> Leveraging Risk

<sup>▲</sup> Management Risk

<sup>▲</sup> Active Management Risk

**Other Non-Principal Risks.** In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Call Risk

<sup>▲</sup> Restricted Securities Risk

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Currency Risk

<sup>▲</sup> Foreign Investments and Emerging Markets Risk

<sup>▲</sup> Diversification Risk

<sup>▲</sup> Inflation Risk

<sup>▲</sup> Portfolio Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

SFT Equity Stabilization Fund

The Fund seeks to maximize risk-adjusted total return relative to its blended benchmark index, comprised of 60% S&P 500<sup>®</sup> Low Volatility Index, 20% S&P<sup>®</sup> BMI International Developed Low Volatility Index and 20% Bloomberg U.S. 3 Month Treasury Bellwether Index (the Benchmark Index). This objective is not fundamental and may be changed without shareholder approval upon 60 days' prior written notice to shareholders.

The Fund's investment positions may be overweight or underweight versus the Benchmark Index in all sectors and asset classes.

**Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing in other funds or directly in underlying securities while using hedging techniques to manage portfolio risk and volatility. Under normal circumstances, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) 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 may invest in equity securities issued by, that invest in, or that derive their value from companies of any size or market capitalization. On average, the Fund aims to invest approximately 30% of its assets in ETFs or other securities that directly invest some of their assets in foreign securities, primarily from issuers in developed countries. The Fund also invests a portion of its assets in cash or cash equivalent debt instruments. The fund may at times invest significantly in certain sectors.

The Fund's investments are utilized, in part, to seek to limit the Fund's overall volatility. Volatility is a measure of the magnitude of up and down fluctuations in the value of a security over time, and refers to the amount of uncertainty or risk about the size of changes in a security's value. A higher volatility means that a security's value can potentially vary over a larger range of values. This means that the price of the security can change dramatically over a short time period in either direction. Lower volatility means that a security's value changes at a slower pace over a period of time but does not fluctuate dramatically. The Fund's use of certain investments in seeking to manage volatility will be consistent with the Fund's effective equity exposure guidelines described below.

As market conditions change, the Fund's effective equity exposure will change in an effort to manage overall Fund volatility, with a minimum effective equity exposure of 10% and a maximum effective equity exposure of 100% of the Fund's total asset value. For the purposes of this Fund, "effective equity exposure" means the Fund's equity investments plus any increase or reduction in exposure to equity markets due to the Fund's investments in S&P 500<sup>®</sup> futures contracts or other derivatives. The Fund seeks to manage its effective equity exposure and its overall

*Detailed Fund Information* **65**

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volatility by investing primarily in S&P 500<sup>®</sup> futures contracts and other derivative instruments. In periods when the Fund's investment adviser expects higher volatility in the equity market, as measured by the S&P 500<sup>®</sup>, the Fund seeks to reduce its effective equity exposure and the overall volatility of its portfolio by either selling S&P 500<sup>®</sup> futures contracts (taking short positions in such contracts) or reducing its long positions in S&P 500<sup>®</sup> futures contracts. In periods when the Fund's investment adviser expects lower volatility in the equity market, the Fund seeks to increase its effective equity exposure by purchasing S&P 500<sup>®</sup> futures contracts (taking long positions in such contracts) or reducing its short positions in S&P 500<sup>®</sup> futures contracts. Under normal market conditions, this hedging process will seek to target, over an extended period of years, an average annualized volatility in the returns of the Fund of approximately 10%. A 10% annualized volatility means that a majority of the time, annual returns should be within plus or minus 10% of expected returns. There can be no assurance that investment decisions made in seeking to manage Fund volatility will achieve the desired results, and the volatility of the Fund's returns in any one year, or any longer period, may be higher or lower than 10%.

To achieve its equity exposure and further manage the Fund's overall volatility, the Fund may invest long or short in options on ETFs, options on equity indexes or equity index futures, volatility index (VIX) futures, and options on VIX futures.

The use of futures contracts and other derivatives to change the Fund's equity allocation and manage the Fund's overall volatility has the effect of introducing leverage into the Fund's portfolio. Leverage is introduced because the initial amount required to purchase a futures contract is small in relation to the nominal value of the contract. Despite any use of leverage, under normal circumstances the Fund's effective equity exposure is not expected to exceed 100% of the Fund's total asset value.

In selecting investments, the Fund's investment adviser considers factors such as, but not limited to, the Fund's current and anticipated asset allocation positions, security pricing, industry outlook, current and anticipated interest rates, other market and economic conditions, and issuer operations. The Fund may also engage in frequent or short-term trading of securities and derivative instruments.

*Additional information about investments in ETFs.* Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including ETFs. However, registered investment companies are permitted to invest in other investment companies ("underlying investment companies") beyond the limits set forth in Section 12(d)(1) subject to certain terms and conditions issued to certain ETFs. Included among the conditions is a requirement that such ETFs enter into an agreement with a fund that is consistent with relevant terms of the Section 12(d)(1) exemptive order that the underlying investment company has obtained from the SEC permitting such investments. The Fund has entered into agreements with certain ETFs that permit the Funds to invest in the ETFs to an unlimited extent. Any ETF investment not subject to such exemptive orders will comply with Section 12(d)(1) of the 1940 Act.

The Fund's investors indirectly bear the expenses of the ETFs in which the Fund invests. The Fund's indirect expenses of investing in ETFs are the Fund's portion of the cumulative expenses incurred by the ETFs based on the Fund's average invested balance in each ETF, the number of days invested, and each ETF's net annual fund operating expenses for the period during which the Fund was invested in the ETF.

The ETFs in which the Fund invests may change from time to time and at any time, based on the investment adviser's judgment.

**Other Non-Principal Investment Strategies.** To achieve its equity exposure and further manage the Fund's overall volatility, the Fund may also invest long or short in any of the following: options on equities, total return swaps, and over the counter ("OTC") equity and interest rate options.

In addition, certain ETFs in which the Fund invests may invest in foreign securities, including investments in securities from developing markets countries.

**66** *Detailed Fund Information*

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The Fund may also invest in other securities and financial instruments described in the Statement of Additional Information, including but not limited to exchange traded notes, longer-term corporate debt securities, U.S. government obligations, mortgage-related securities guaranteed by the U.S. government, collateralized mortgage obligations and other fixed income securities.

**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Risk of Stock Investing

<sup>▲</sup> Market Risk

<sup>▲</sup> Passive Investment Risk

<sup>▲</sup> Securities Volatility Risk

<sup>▲</sup> Active Management Risk

<sup>▲</sup> Allocation Risk

<sup>▲</sup> Hedging Risk

<sup>▲</sup> Managed Volatility Strategy Risk

<sup>▲</sup> Portfolio Risk

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Short-Term Trading Risk

<sup>▲</sup> Acquired Fund Risk

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Leveraging Risk

<sup>▲</sup> Exchange Traded Funds Risk

<sup>▲</sup> Liquidity Risk

<sup>▲</sup> Short Position Risk

<sup>▲</sup> Concentration Risk

<sup>▲</sup> Company Risk

<sup>▲</sup> Investment Company Risk

<sup>▲</sup> Credit Risk

**Other Non-Principal Risks.** In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Short Sale Risk

<sup>▲</sup> Developing Markets Countries Risk

<sup>▲</sup> Exchange Traded Notes Risk

<sup>▲</sup> Sector Risk

<sup>▲</sup> Interest Rate Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional Risk information is provided in the Statement of Additional Information.

In an attempt to respond to adverse market, economic, political or other conditions, the Fund may also invest for temporary defensive purposes in cash and various short-term cash equivalent items without limit. When investing for temporary defensive purposes, the Fund may not always achieve its investment objective. See "Investment Objective and Policies — Defensive Purposes" in the Statement of Additional Information for further details.

SFT Government Money Market Fund

The Fund seeks maximum current income to the extent consistent with liquidity and the preservation of capital.

**Principal Investment Strategies.** 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). In addition, under normal circumstances, the Fund invests at least 80% of its net assets in government securities and/or repurchase agreements that are collateralized by government securities. For this purpose, a "government security" is a security issued or guaranteed as to principal and interest by:

<sup>▲</sup> the U.S. government; or

<sup>▲</sup> a person controlled or supervised by, and acting as an instrumentality of, the U.S. government pursuant to authority granted by the U.S. Congress.

The Fund may also invest a portion of its assets in shares of other government money market funds. The Fund may at times invest significantly in certain sectors.

*Detailed Fund Information* **67**

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The Fund's investment adviser, Securian AM, selects the Fund's investments by analyzing a variety of factors, such as:

<sup>▲</sup> current U.S. economic activity and the economic outlook;

<sup>▲</sup> current U.S. short-term interest rates;

<sup>▲</sup> the Federal Reserve's policies regarding short-term interest rates; and

<sup>▲</sup> the potential effects of foreign economic activity on U.S. short-term interest rates.

The Fund invests only in U.S. dollar-denominated securities that mature in 397 calendar days or less from the date of purchase (with certain exceptions permitted by applicable regulations). The dollar-weighted average portfolio maturity of the Fund may not exceed 60 days and the dollar-weighted average life to maturity of the Fund may not exceed 120 days. Securian AM generally shortens the Fund's dollar-weighted average portfolio maturity when it expects interest rates to rise, and extends the Fund's dollar-weighted average portfolio maturity when it expects interest rates to fall.

The Fund's investments are subject to applicable rules of the SEC governing the type, quality, maturity and diversification of securities held by government money market funds.

Certain securities issued by U.S. government agencies and instrumentalities in which the Fund may invest are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Banks (FHLB). These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in other government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association (Ginnie Mae). Finally, the Fund may invest in securities issued by U.S. government agencies and instrumentalities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities, including securities issued by the Federal Farm Credit Banks.

Repurchase agreements are transactions in which the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed-upon time and price. The repurchase price exceeds the initial sale price, reflecting the Fund's return on the transaction. This return is unrelated to the interest rate on the underlying security. The Fund will enter into repurchase agreements only with banks and other recognized financial institutions, such as securities dealers, deemed credit worthy by Securian AM. A repurchase agreement must also be collateralized fully, which means that the collateral must consist entirely of government securities and cash. Repurchase agreements are subject to credit and other risks. For instance, if the initial seller of the securities is unable to repurchase the securities as promised, the Fund may experience a loss when trying to sell the securities to another buyer. Also, if the seller becomes insolvent, a bankruptcy court may determine that the securities do not belong to the Fund and order that the securities be used to pay off the seller's debts.

The Fund is required to hold securities that are sufficiently liquid to meet reasonably foreseeable shareholder redemptions. In addition to this general liquidity requirement, the Fund must hold at least 25% of its total assets in "daily liquid assets" and at least 50% of its total assets in "weekly liquid assets." (measured at the time of acquisition). Daily liquid assets are limited to cash, direct obligations of the U.S. government, and other securities payable within one business day. Weekly liquid securities are limited to cash, direct obligations of the U.S. government, direct discount obligations of federal government agencies and government-sponsored enterprises with a remaining maturity date of 60 days or less from the date of purchase, and other securities that mature within 5 business days, and amounts receivable and due unconditionally within 5 business days on pending sales of securities.

**68** *Detailed Fund Information*

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As a government money market fund, the Fund is not required to impose liquidity fees that apply to other types of money market funds. While the Board of Trustees may choose to rely on the ability to impose discretionary liquidity fees in the future, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with advance notice of the change.

**Other Non-Principal Investment Strategies.** The Fund may also invest lesser portions of its assets, which in the aggregate may not exceed one-half of one percent of the Fund's total assets, in commercial paper and other short-term fixed income securities that are 'eligible securities' qualified for purchase by money market funds; illiquid securities; and securities whose disposition is restricted under the federal securities laws but which have been determined by Securian AM to be liquid under liquidity guidelines adopted by the Trust's Board of Trustees.

To the extent the Fund invests in shares of another money market fund, it will indirectly absorb its pro rata share of such fund's operating expenses, including investment advisory and administrative fees, which will reduce the Fund's return on such investment relative to investment alternatives that do not include such expenses. Investments in restricted securities present greater risks inasmuch as such securities may only be resold subject to statutory or regulatory restrictions, or if the Fund bears the cost of registering such securities. The Fund may, therefore, be unable to dispose of such securities as quickly as, or at prices as favorable as, those for comparable but unrestricted securities.

**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Government Securities Risk

<sup>▲</sup> Investment Company Risk

<sup>▲</sup> Income Risk

<sup>▲</sup> Interest Rate Risk

<sup>▲</sup> Inflation Risk

<sup>▲</sup> Active Management Risk

<sup>▲</sup> Repurchase Agreement Risk

<sup>▲</sup> Stable Price Risk

**Other Non-Principal Risks.** In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Credit Risk

<sup>▲</sup> Liquidity Risk

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Non-Government Securities Risk

<sup>▲</sup> Restricted Securities Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

The Trust, Securian AM and Securian Financial Services, Inc. (Securian Financial) have entered into a Net Investment Income Maintenance Agreement. Under such agreement, Securian AM agrees to waive, reimburse or pay 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 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%. The agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term.

*Detailed Fund Information* **69**

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Securian AM and the Trust have 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 generally accepted accounting principles, 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, 2027. The agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement.

Please see the Statement of Additional Information for more detail regarding the Net Investment Income Maintenance Agreement and Expense Limitation Agreement.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect the sponsor will provide financial support to the Fund at any time, including during the periods of market stress.

SFT Index 400 Mid-Cap Fund

The Fund seeks investment results generally corresponding to the aggregate price and dividend performance of the publicly traded common stocks that comprise the Standard & Poor's MidCap 400<sup>®</sup> Index (the S&P 400<sup>®</sup>).

**Principal Investment Strategies.** Under normal conditions, the Fund invests its assets in all of the common stocks included in the S&P 400<sup>®</sup>. The companies included in the S&P 400<sup>®</sup> are all mid-cap companies. Some of these companies are domiciled outside the United States, but their shares trade on U.S. exchanges and are denominated in U.S. dollars. The S&P 400<sup>®</sup> provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500<sup>®</sup>, is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment. As of March 31, 2026, the market capitalizations of companies included in the S&P 400<sup>®</sup> ranged from $28.0 Billion to $0.7 Billion . The Fund attempts to achieve a correlation of 100% without considering Fund expenses. However, the Fund is not required to hold a minimum or maximum number of common stocks included in the S&P 400<sup>®</sup>, and due to changing economic or markets, may invest in less than all of the common stocks included in the S&P 400<sup>®</sup>. The float adjustment affects each company's weight in the index through adjustments for stocks where a significant portion of shares outstanding is not available to investors. The fund may at times invest significantly in certain sectors.

Securian AM utilizes a computer program to confirm the Fund's S&P 400<sup>®</sup> replication.

Under normal conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks included in the S&P 400<sup>®</sup>. The 80% investment policy is not fundamental, which means it may be changed without the vote of a majority of the Fund's outstanding shares, but the shareholders will be notified in writing at least 60 days prior to any change of this policy.

S&P<sup>®</sup> designates the stocks included in the S&P 400<sup>®</sup>. From time to time, S&P<sup>®</sup> may add or delete stocks from the S&P 400<sup>®</sup>. Inclusion of a stock in the S&P 400<sup>®</sup> does not imply an opinion by S&P<sup>®</sup> as to its investment merit. "Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," "S&P 400<sup>®</sup>" and "Standard & Poor's MidCap 400<sup>®</sup>," are trademarks of S&P Global, Inc. and have been licensed for use by the Fund. The Fund is not sponsored, endorsed, sold or promoted by S&P<sup>®</sup> and S&P<sup>®</sup> makes no representation regarding the advisability of investing in the Fund. Please see the Statement of Additional Information which sets forth certain additional disclaimers and limitations on behalf of S&P<sup>®</sup>.

**70** *Detailed Fund Information*

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**Other Non-Principal Investment Strategies**. To help stay fully invested and to reduce transaction costs, the Fund may invest in exchange traded S&P 400<sup>®</sup> stock index futures contracts, which are a type of derivative instrument, or shares of other investment companies that also track the performance of the S&P 400<sup>®</sup>, each of which have economic characteristics similar to an investment in the S&P 400<sup>®</sup>. Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock or bond) or a market index (such as the S&P 400<sup>®</sup>). The Fund will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns.

In addition, the Fund may invest lesser portions of its assets in other security types described in the Statement of Additional Information. To generate additional income, the Fund may execute trades in advance of a stock entering or exiting the S&P 400<sup>®</sup> or in advance of announced share adjustments.

**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Risk of Stock Investing

<sup>▲</sup> Market Risk

<sup>▲</sup> Mid Size Company Risk

<sup>▲</sup> Sector Risk

<sup>▲</sup> Index Performance Risk

<sup>▲</sup> Concentration Risk

<sup>▲</sup> Portfolio Risk

**Other Non-Principal Risks.** In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Inflation Risk

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Company Risk

<sup>▲</sup> Non-Government Securities Risk

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Diversification Risk

<sup>▲</sup> Investment Company Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

SFT Index 500 Fund

The Fund seeks investment results that correspond generally to the price and yield performance of the common stocks included in the Standard & Poor's 500<sup>®</sup> Composite Stock Price Index (the S&P 500<sup>®</sup>). The S&P 500<sup>®</sup> is a broad, unmanaged index of approximately 500 large cap common stocks which together represent about 75% of the total U.S. stock market. It is a float-adjusted market-weighted index, with the weight of each stock in the index determined by multiplying the stock price by the number of shares of that stock available for public trading.

**Principal Investment Strategies.** Under normal conditions, the Fund invests its assets in all of the common stocks included in the S&P 500<sup>®</sup>. Some of these companies are domiciled outside the United States, but their shares trade on U.S. exchanges and are denominated in U.S. dollars. As of March 31, 2026, the market capitalizations of companies included in the S&P 500<sup>®</sup> ranged from $4,237.9 Billion to $2.8 Billion . The Fund attempts to achieve a correlation of 100% without considering Fund expenses. However, the Fund is not required to hold a minimum or maximum number of common stocks included in the S&P 500<sup>®</sup>, and due to changing economic or markets, may invest in less than all of the common stocks included in the S&P 500<sup>®</sup>. The float adjustment affects each company's weight in the index through adjustments for stocks where a significant portion of shares outstanding is not available to investors. The fund may at times invest significantly in certain sectors.

Securian AM utilizes a computer program to confirm the Fund's S&P 500<sup>®</sup> replication and to round off security weightings.

*Detailed Fund Information* **71**

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Under normal conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks included in the S&P 500<sup>®</sup>. The 80% investment policy is not fundamental, which means it may be changed without the vote of a majority of the Fund's outstanding shares, but the shareholders will be notified in writing at least 60 days prior to any change of this policy.

Standard & Poor's Rating Services (S&P<sup>®</sup>), a division of S&P Global, Inc., designates the stocks included in the S&P 500<sup>®</sup>. From time to time, S&P<sup>®</sup> may add or delete stocks from the S&P 500<sup>®</sup>. Inclusion of a stock in the S&P 500<sup>®</sup> does not imply an opinion by S&P<sup>®</sup> as to its investment merit. "Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," "S&P 500<sup>®</sup>," "Standard & Poor's 500<sup>®</sup>," and "500<sup>®</sup>" are trademarks of S&P Global, Inc. and have been licensed for use by the Fund. The Fund is not sponsored, endorsed, sold or promoted by S&P<sup>®</sup> and S&P<sup>®</sup> makes no representation regarding the advisability of investing in the Fund. Please see the Statement of Additional Information which sets forth certain additional disclaimers and limitations on behalf of S&P<sup>®</sup>.

**Other Non-Principal Investment Strategies.** To help stay fully invested and to reduce transaction costs, the Fund may invest in exchange traded S&P 500<sup>®</sup> stock index futures contracts, which are a type of derivative instrument, or shares of other investment companies that also track the performance of the S&P 500<sup>®</sup>, each of which have economic characteristics similar to an investment in the S&P 500<sup>®</sup>. Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock or bond) or a market index (such as the S&P 500<sup>®</sup>). The Fund will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns.

In addition, the Fund may invest lesser portions of its assets in other security types described in the Statement of Additional Information. To generate additional income, the Fund may execute trades in advance of a stock entering or exiting the S&P 500<sup>®</sup> or in advance of announced share adjustments.

**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Risks of Stock Investing

<sup>▲</sup> Large Company Risk

<sup>▲</sup> Market Risk

<sup>▲</sup> Sector Risk

<sup>▲</sup> Index Performance Risk

<sup>▲</sup> Concentration Risk

<sup>▲</sup> Portfolio Risk

**Other Non-Principal Risks.** In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Inflation Risk

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Company Risk

<sup>▲</sup> Non-Government Securities Risk

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Diversification Risk

<sup>▲</sup> Investment Company Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

The Fund seeks to provide growth of capital.

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing primarily in a portfolio of common stocks issued by growth-oriented large capitalization (and, to a lesser extent, mid capitalization) US (and, to a lesser extent, foreign) companies that NIFA believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors' expectations. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in large capitalization companies, which typically are companies with market capitalizations of at least

**72** *Detailed Fund Information*

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$10 billion at the time of acquisition (80% policy). The Fund is non-diversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers. There is no guarantee, however, that the Fund will achieve its objective. The fund may at times invest significantly in certain sectors.

In selecting securities for the Fund, NIFA begins its investment process by screening large-capitalization companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. NIFA uses a bottom-up (researching individual issuers) strategy in selecting securities for the Fund. NIFA seeks to invest for the Fund in companies that it believes possess a structural competitive advantage or durable market leadership position. NIFA looks for companies which serve large addressable markets with a demonstrated ability to sustain unit growth and high profitability. NIFA also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.

A competitively advantaged business model can be defined by such factors as: brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers and competitors. NIFA's process for selecting stocks is based primarily on fundamental research but does utilize quantitative analysis during the screening process.

From a quantitative standpoint, NIFA concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. NIFA's fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above average levels of profitability and the ability to sustain growth over the long term. The Fund typically holds a limited number of stocks (generally 35 to 50).

**Other Non-Principal Investment Strategies.** The Fund invests primarily in common stocks but also may own, to a lesser extent, debt securities, typically of investment grade and of any maturity. Additionally, the Fund may invest up to 25% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

When NIFA believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which NIFA believes are of comparable high quality. Subject to the Fund's investment policies and restrictions, the Fund may utilize derivative instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

**Principal Risks.** An investment in the Fund is subject to various risks, including the following:

<sup>▲</sup> Market Risk

<sup>▲</sup> Growth Stock Risk

<sup>▲</sup> Large Company Risk

<sup>▲</sup> Holdings Risk

<sup>▲</sup> Company Risk

<sup>▲</sup> Non-Diversification Risk

<sup>▲</sup> Sector Risk

<sup>▲</sup> Concentration Risk

<sup>▲</sup> Information Technology Sector Risk

<sup>▲</sup> Liquidity Risk

<sup>▲</sup> Risk of Stock Investing

<sup>▲</sup> Management Risk

*Detailed Fund Information* **73**

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<sup>▲</sup> Active Management Risk

<sup>▲</sup> ESG Investing Risk

**Non-Principal Risks.** In addition to the Principal Risks identified above, an investment in the Fund may be subject to other, non-principal risks, including the following:

<sup>▲</sup> Mid Size Company Risk

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Redemption Risk

<sup>▲</sup> Derivatives Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional information is provided in the Statement of Additional Information.

SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

The Fund seeks to provide growth of capital.

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small-capitalization companies. The Fund invests primarily in common stocks of small-capitalization companies (80% policy) that are relatively new or unseasoned companies in their early stages of development, or smaller companies positioned in new or emerging industries where NIFA believes there is an opportunity for higher growth than in established companies or industries. For the purposes of this Fund, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2000 Growth Index over the last 13 months at the time of acquisition. As of December 31, 2025, this range of market capitalizations was between approximately $13.7 million and $26 billion. Equity securities of a company whose capitalization exceeds the small-capitalization range after purchase will not be sold solely because of the company's increased capitalization. The Fund's investments in equity securities may include common stocks that are offered in IPOs. There is no guarantee, however, that the Fund will achieve its objective. The Fund may at times invest significantly in certain sectors.

The emphasis on portfolio risk diversification is an important contributor to the ability to effectively manage risk, as a desired goal is to have a portfolio of securities that tend not to react in high correlation to one another under any economic or market condition. This emphasis is intended to result in a higher degree of diversification, reduced portfolio volatility, and a smoother more consistent pattern of portfolio returns over the long term.

NIFA begins its investment process by screening the small-capitalization universe for companies with accelerating revenue growth and improving returns on invested capital. Following this initial screening, NIFA utilizes a bottom-up (researching individual issuers) stock-picking process that considers quality of management and superior financial characteristics (*e.g.*, return on assets, return on equity, operating margin) in its search for companies, thereby focusing on what it believes are higher-quality companies with sustainable growth prospects. NIFA seeks companies that it believes exhibit successful and scalable business models by having one or more of the following characteristics: serving markets that are growing at rates substantially in excess of the average industry and/or the general economy; a company that is a leader in its industry and that possesses an identifiable competitive advantage; that features strong and effective management; that demonstrates a strong commitment to shareholders; that is serving a large and/or fast-growing market opportunity; that is experiencing upward margin momentum, a growth in earnings, growth in revenue and sales and/or positive cash flows; that is increasing market share and/or creating increasing barriers to entry, either through technological advancement, marketing, distribution or some other innovative means; or that emphasizes organic growth. NIFA believes that such companies generally have a replicable business model that allows for sustained growth.

**74** *Detailed Fund Information*

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The Fund's portfolio tends to be allocated across a spectrum of growth companies comprised of four major categories: aggressive growth (often young companies that are early entrants to new industries or market opportunities); accelerating growth (companies growing somewhat quickly but less aggressively and delivering solid margin expansion); consistent growth (companies that are growing still more slowly but remain stable, reliable competitors in attractive industries), and out of favor growth (companies whose valuations have been reduced but that NIFA believes continue to possess potential growth prospects). The focus on holding an investment is intermediate to long-term.

From time to time, the Fund also may invest a lesser portion of its assets in securities of mid and large capitalization companies (that is, companies with market capitalizations larger than that defined above) that, in NIFA's opinion, are being fundamentally changed or revitalized, have a position that is considered strong relative to the market as a whole or otherwise offer unusual opportunities for above-average growth.

**Other Non-Principal Investment Strategies.** The Fund may invest up to 25% of its total assets in foreign securities. Investing in foreign securities may present additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies even if the Fund is not invested directly in such markets.

The Fund may invest in ETFs to gain industry exposure not otherwise available through direct investments in small capitalization securities. The Fund also may use a variety of derivative instruments for various purposes. The Fund may, at any given time, use total return swaps, futures contracts on domestic equity indexes and options, both written and purchased, in an attempt to hedge various market risks and/or individual securities or to gain or increase exposure to various equity sectors and markets or to enhance income.

When NIFA believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which NIFA believes are of comparable high quality. The Fund also may invest in more established companies, such as those with longer operating histories than many small capitalization companies. Additionally, it may increase the number of issuers in which it invests and thereby limit the Fund's position size in any particular security. Subject to the Fund's investment policies and restrictions, the Fund may utilize derivative instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

**Principal Risks.** An investment in the Fund is subject to various risks, including the following:

<sup>▲</sup> Market Risk

<sup>▲</sup> Small Company Risk

<sup>▲</sup> Growth Stock Risk

<sup>▲</sup> Sector Risk

<sup>▲</sup> Concentration Risk

<sup>▲</sup> Information Technology Sector Risk

<sup>▲</sup> Health Care Sector Risk

<sup>▲</sup> Liquidity Risk

<sup>▲</sup> Company Risk

<sup>▲</sup> Initial Public Offering (IPO) Risk

<sup>▲</sup> Risk of Stock Investing

<sup>▲</sup> Management Risk

<sup>▲</sup> Active Management Risk

*Detailed Fund Information* **75**

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**Non-Principal Risks.** In addition to the Principal Risks identified above, an investment in the Fund may be subject to other, non-principal risks, including the following:

<sup>▲</sup> Large Company Risk

<sup>▲</sup> Mid Size Company Risk

<sup>▲</sup> Foreign Exposure Risk

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Investment Company Securities Risk

<sup>▲</sup> Redemption Risk

<sup>▲</sup> Derivatives Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

SFT Real Estate Securities Fund

The Fund seeks above average income and long-term growth of capital.

**Principal Investment Strategies.** Under normal circumstances, at least 80% of the Fund's net assets (including any borrowings for investment purposes) will be invested in common stocks and other equity securities issued by real estate companies. The 80% investment policy is not fundamental, which means it may be changed without the vote of a majority of the Fund's outstanding shares, but the shareholders will be notified in writing at least 60 days prior to any change of this policy.

The Fund's sub-adviser, Cohen & Steers Capital Management, Inc. (Cohen & Steers), adheres to a bottom-up, relative value investment process. To guide the portfolio construction process, Cohen & Steers utilizes a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-net asset value (NAV), cash flow multiple/growth ratios and a dividend discount model. Analysts incorporate both quantitative and qualitative analysis in their NAV, cash flow, growth and dividend discount model estimates. Cohen & Steers' research process includes an evaluation of the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength and corporate structure. Judgments with respect to risk control, geographic and property sector diversification, liquidity and other factors are considered along with the models' output and drive the portfolio managers' investment decisions. The Fund will not seek to achieve specific environmental, social or governance (ESG) outcomes through its portfolio of investments, nor will it pursue an overall impact or sustainable investment strategy. However, the sub-adviser will incorporate consideration of relevant ESG factors into its investment decision-making. For example, although the sub-adviser does not generally exclude investments based on ESG factors alone, when considering an investment opportunity with material exposure to carbon emissions regulation, this risk may be considered as one factor in the sub-adviser's holistic review process.

Real estate equity securities include common stocks, preferred stocks and other equity securities issued by real estate companies, including real estate investment trusts (REITs) and similar REIT-like entities. A real estate company is one that (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or (ii) has at least 50% of its assets invested in such real estate. REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. The Fund may invest without limit in shares of REITs. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment in their respective countries similar to that of U.S. REITs. The Fund retains the ability to invest in real estate companies of any market capitalization.

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The Fund may invest in securities of foreign issuers which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs), but in no event may such investments exceed more than 20% of its total assets. The Fund may at times invest significantly in certain sectors.

The following are the Fund's principal investment strategies.

**Real Estate Companies** 

For purposes of the Fund's investment policies, a real estate company is one that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or

&nbsp;&nbsp;&nbsp;&nbsp;• has at least 50% of its assets invested in such real estate.

Under normal market conditions, the Fund will invest at least 80%, and normally substantially all, of its total assets in a portfolio of equity securities issued by real estate companies (including REITs and REIT-like entities).

The *equity securities* in which the Fund invests can consist of:

&nbsp;&nbsp;&nbsp;&nbsp;• common stocks;

&nbsp;&nbsp;&nbsp;&nbsp;• rights or warrants to purchase common stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities convertible into common stocks where the conversion feature represents, in the sub-adviser's view, a significant element of the securities' value;

&nbsp;&nbsp;&nbsp;&nbsp;• preferred stocks;

&nbsp;&nbsp;&nbsp;&nbsp;• private investments in public equity (PIPEs); and

&nbsp;&nbsp;&nbsp;&nbsp;• real estate private placements.

**Real Estate Investment Trusts** 

REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. The Fund may invest without limit in shares of REITs. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). As a result, U.S. REITs tend to pay relatively higher dividends than other types of companies. Dividends paid by U.S. REITs generally will not be eligible for the dividends-received deduction, and are generally not considered "qualified dividend income" (QDI) eligible for reduced rates of taxation for U.S. federal income tax purposes but may be considered to be "qualified REIT dividends" eligible for a 20% deduction for non-corporate taxpayers. Between 2018 and 2025, "qualified REIT dividends" are treated as eligible for a 20% deduction by non-corporate taxpayers. Qualified REIT dividends are dividends received from REITs that are neither capital gain dividends nor are eligible for treatment as qualified dividend income, and with respect to which the REIT shareholder meets certain other requirements. The Fund is permitted to pass through qualified REIT dividends to its shareholders, provided the shareholders meet certain holding period and other requirements with respect to their shares.

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REITs can generally be classified as equity REITs or mortgage REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. The Fund invests primarily in equity REITs.

**Foreign (Non-U.S.) Securities and Depositary Receipts** 

The Fund may invest up to 20% of its total assets in securities of non-U.S. real estate companies, including investments in such companies in the form of ADRs, GDRs and EDRs. Generally, ADRs in registered form are dollar-denominated securities designed for use in the U.S. securities markets, which represent and may be converted into an underlying foreign security. GDRs, in bearer form, are designed for use outside the United States. EDRs, in bearer form, are designed for use in the European securities markets. The Fund may invest in foreign issuers in both developed and emerging markets.

**Preferred Stocks** 

The Fund may invest in preferred stocks. Preferred stocks are securities that pay dividends at a specified rate and have a preference over common stocks in the payment of dividends and the liquidation of assets. This means that a company must pay dividends on its preferred stock prior to paying dividends on its common stock. In addition, in the event a company is liquidated, preferred shareholders must be fully repaid on their investments before common shareholders can receive any money from the company. Preferred shareholders, however, usually have no right to vote for a company's directors or on other corporate matters. Preferred stocks pay a fixed stream of income to investors, and this income stream is a primary source of the long-term investment return on preferred stocks. As a result, the market value of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks. In this respect, preferred stocks share many investment characteristics with debt securities.

**Investment Restrictions** 

Except as otherwise stated, all percentage restrictions referenced in this Prospectus or the SAI for the Fund are measured at the time of investment. If a percentage restriction is adhered to at the time a transaction is effected, a later increase or decrease in such percentage resulting from market movements will not be considered a violation of the restriction.

**Other Non-Principal Investment Strategies.** The Fund may also invest in ETFs that replicate a REIT or real estate stock index or a basket of REITs or real estate stocks. Enhanced or inverse return ETFs present greater opportunities for investment gains but also present correspondingly greater risk of loss. For instance, if the Fund invests in a leveraged ETF that attempts to double the return of an index, the ETF's value would increase or decrease approximately twice the percentage of the underlying index. If the Fund invests in a leveraged ETF that attempts to provide the inverse return of an index, the ETF's value would increase or decrease approximately the opposite percentage of the underlying index. Leveraged ETFs are complex, carry substantial risks, and are generally used to increase or decrease the Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index.

In addition, the Fund may invest lesser portions of its assets in securities issued by companies outside of the real estate industry as described in the Statement of Additional Information.

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**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Market Risk

<sup>▲</sup> Real Estate Risk

<sup>▲</sup> REIT/REOC-Related Risk

<sup>▲</sup> Risk of Stock Investing

<sup>▲</sup> Foreign Securities Risk

<sup>▲</sup> Company Risk

<sup>▲</sup> Small Company Risk

<sup>▲</sup> Investment Company Risk

<sup>▲</sup> Management Risk

<sup>▲</sup> Active Management Risk

<sup>▲</sup> Concentration Risk

<sup>▲</sup> Real Estate Securities Concentration Risk

<sup>▲</sup> Limited Universe Risk

<sup>▲</sup> Liquidity Risk

<sup>▲</sup> Income Risk

<sup>▲</sup> Interest Rate Risk

<sup>▲</sup> Portfolio Risk

<sup>▲</sup> Investment Strategy Risk

<sup>▲</sup> ESG Investing Risk

**Other Non-Principal Risks**. In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Exchange Traded Funds Risk

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Credit Risk

<sup>▲</sup> Non-Government Securities Risk

<sup>▲</sup> Diversification Risk

<sup>▲</sup> Sector Risk

<sup>▲</sup> Initial Public Offering (IPO) Risk

<sup>▲</sup> Short-Term Trading Risk

<sup>▲</sup> Large Company Risk

<sup>▲</sup> Large Company Risk

<sup>▲</sup> Mid Size Company Risk

<sup>▲</sup> Small and Micro-Cap Company Risk

<sup>▲</sup> Inflation Risk

<sup>▲</sup> Currency Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

SFT T. Rowe Price Value Fund

The Fund seeks to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective.

**Principal Investment Strategies.** At least 65% of the Fund's total assets are normally invested in common stocks that the portfolio manager regards as undervalued. The Fund may purchase stocks issued by companies of any size, but typically focuses its investments on large-cap stocks. The Fund may at times invest significantly in certain sectors.

Generally, careful selection of stocks having value characteristics can, over time, limit the downside risk of a value-oriented portfolio compared with the broad market.

In addition, stocks whose prices are below a company's intrinsic value may offer the potential for substantial capital appreciation.

Value investors seek to invest in companies whose stock prices are low in relation to their real worth or future prospects. By identifying companies whose stocks are currently out of favor or undervalued, value investors attempt to realize significant appreciation as other investors recognize the stock's intrinsic value and the price rises accordingly.

Some of the principal measures used to identify such stocks are:

***Price/earnings ratio.*** Dividing a stock's price by its earnings per share generates a price/earnings or P/E ratio. A stock with a P/E ratio that is significantly below that of its peers, the market as a whole, or its own historical norm may represent an attractive opportunity.

*Detailed Fund Information* **79**

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***Price/book value ratio****.* Dividing a stock's price by its book value per share indicates how a stock is priced relative to the accounting (i.e., book) value of the company's assets. A ratio below the market, that of its competitors, or its own historical norm could indicate a stock that is undervalued.

***Price/sales ratio****.* Dividing the market value of equity, or current market capitalization (number of shares outstanding multiplied by share price), of a company by the company's total annual sales generates a price/sales or P/S ratio. It is a tool used to evaluate a stock or compare a company against similar companies, wherein a lower P/S ratio is considered better. The price/sales ratio is a measurement often used in valuing companies for acquisition.

***Dividend yield****.* A stock's dividend yield is found by dividing its annual dividend by its share price. A yield significantly above a stock's own historical norm or that of its peers may suggest an investment opportunity.

A stock selling at $10 with an annual dividend of $0.50 has a 5% yield.

***Price/cash flow****.* Dividing a stock's price by the company's cash flow per share, rather than by its earnings or book value, provides a more useful measure of value in some cases. A ratio below that of the market or a company's peers suggests the market may be incorrectly valuing the company's cash flow for reasons that could be temporary.

***Undervalued assets****.* This analysis compares a company's stock price with its underlying asset values, its projected value in the private (as opposed to public) market, or its expected value if the company or parts of it were sold or liquidated.

***Restructuring opportunities.*** Many well-established companies experience business challenges that can lead to a temporary decline in their financial performance. These challenges can include a poorly integrated acquisition, difficulties in product manufacturing or distribution, a downturn in a major end market, or an increase in industry capacity that negatively affects pricing. The shares of such companies frequently trade at depressed valuations. These companies can become successful investments if their management is sufficiently skilled and motivated to properly restructure the organization, their financial flexibility is adequate, the underlying value of the business has not been impaired, or their business environment improves or remains healthy.

While most assets will typically be invested in U.S. common stocks, the Fund may invest in foreign stocks in keeping with its objective(s).

T. Rowe Price may consider environmental, social, and governance (ESG) factors into its investment research process for certain investments. For certain types of investments, including, but not limited to, cash, currency positions, and particular types of derivatives, an ESG analysis may not be relevant or possible due to a lack of data. Where ESG considerations are integrated into the investment research process, T. Rowe Price focuses on the ESG factors it considers most likely to have a material impact on the performance of the holdings in the Fund's portfolio. T. Rowe Price may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions for the Fund.

The Fund may sell assets for a variety of reasons, including in response to a change in the original investment considerations or to limit losses, adjust the characteristics of the overall portfolio, or redeploy assets into different opportunities.

The Fund invests in the following types of securities or assets:

***Common and Preferred Stocks***. Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a company's stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, the Fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.

**80** *Detailed Fund Information*

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***Convertible Securities and Warrants.*** The Fund may invest in debt instruments or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the issuer, which could in effect force conversion before the holder would otherwise choose. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock. Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or more years). Warrants have no voting rights, pay no dividends, and can be highly volatile. In some cases, the redemption value of a warrant could be zero.

***Foreign Securities.*** Investments in foreign securities could include non-U.S. dollar-denominated securities traded outside the U.S. and U.S. dollar-denominated securities of foreign issuers traded in the U.S. The Fund may purchase American Depositary Receipts and Global Depositary Receipts, which are certificates evidencing ownership of shares of a foreign issuer. American Depositary Receipts and Global Depositary Receipts trade on established markets and are alternatives to directly purchasing the underlying foreign securities in their local markets and currencies. Such investments are subject to many of the same risks associated with investing directly in foreign securities. For purposes of the Fund's investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, a depositary receipt representing ownership of common stock will be treated as common stock.

**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Value Investing Risk

<sup>▲</sup> Large-Cap Stocks Risk

<sup>▲</sup> Market Conditions Risk

<sup>▲</sup> Risk of Stock Investing

<sup>▲</sup> Sector Risk

<sup>▲</sup> Management Risk

<sup>▲</sup> Active Management Risk

**Other Non-Principal Risks**. In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Investment Company Risk

<sup>▲</sup> Portfolio Turnover Risk

<sup>▲</sup> Foreign Securities Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

SFT Wellington Core Equity Fund

The Fund seeks growth of capital.

**Principal Investment Strategies.** Under normal circumstances, the Fund invests at least 80% of its assets in common stocks. The Fund invests in a diversified portfolio of common stocks of issuers located primarily in the United States, and to a lesser extent, securities of non-US companies. Wellington Management Company LLP (Wellington Management), The Fund's sub-adviser's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. The investment process is aided by a proprietary screening process that narrows the investment universe to companies that are consistent with the investment philosophy. The investment team spends most of its time conducting fundamental research on companies elevated by the screening process. Research emphasizes the sustainability of a business' competitive advantages, revenue and

*Detailed Fund Information* **81**

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margin drivers, and cash-generation capacity. Other important considerations include capital allocation discipline, off-financial-statement factors, management track record, and analysis of products and competition. The Fund's portfolio is broadly diversified by industry and company. The Fund invests in a broad range of market capitalizations, but tends to focus on highly liquid, large capitalization companies with market capitalizations similar to those of the S&P 500<sup>®</sup> Index. The Fund generally will be fully invested in equity and equity-related securities. The Fund may invest up to 20% of its net assets in securities of foreign issuers and non-dollar securities. Although derivative instruments are not a significant component of the investment process, the Fund may make use of derivative securities (including futures contracts, options on futures contracts, and over-the-counter derivatives) for the purpose of equitizing cash and/or obtaining efficient investment exposure. The Fund may at times invest significantly in certain sectors. As of December 31, 2025, the Fund was concentrated in the Information Technology sector.

Fundamental analysis of a company involves the assessment of such factors as its business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures or indicators of value. Wellington Management identifies candidates for fundamental research with an internally-developed quantitative analytical approach. This quantitative approach evaluates each security, favoring those with attractive valuation, momentum, balance sheet and situations and events factors. Valuation factors capture cheapness. Momentum factors focus on stocks with favorable earnings and stock price momentum to assess the appropriate time for purchase. Balance sheet factors analyze the quality of earnings and capital. Situations and events factors exploit opportunities arising from idiosyncratic events or transient situations. As part of its fundamental analysis, Wellington Management may also consider certain environmental, social and/or governance (ESG) factors during its assessment. Wellington Management may also consider the research provided by its Global Industry Analysts (GIAs), who provide in-depth company analysis by sector coverage, in addition to other resources and tools.

As of December 31, 2025, the market capitalization of companies included in the S&P 500<sup>®</sup> Index ranged from approximately $5.818 billion and $4.532 trillion. The market capitalization range of the index changes over time.

**Other Non-Principal Investment Strategies.** The Fund may use derivatives for hedging purposes, to gain exposure to certain issuers or market sectors, and/or to equitize cash. The derivatives in which the Fund may invest include exchange and over-the-counter traded transactions including, but not limited to, futures, options and similar derivative instruments or combinations thereof.

**Principal Risks.** An investment in the Fund is subject to the following principal risks:

<sup>▲</sup> Market Risk

<sup>▲</sup> Management Risk

<sup>▲</sup> Active Management Risk

<sup>▲</sup> Risk of Stock Investing

<sup>▲</sup> Investment Strategy Risk

<sup>▲</sup> Sector Risk

<sup>▲</sup> Concentration Risk

<sup>▲</sup> Currency Risk

<sup>▲</sup> Foreign Securities Risk

**Other Non-Principal Risks**. In addition to the principal risks identified above, an investment in the Fund may also be subject to the following risks:

<sup>▲</sup> Investment Company Risk

<sup>▲</sup> Mid Size Company Risk

<sup>▲</sup> Exchange Traded Funds Risk

<sup>▲</sup> Small Company Risk

<sup>▲</sup> Derivatives Risk

<sup>▲</sup> Exchange Traded Notes Risk

<sup>▲</sup> Restricted Securities Risk

A detailed description of these risks is set forth in "Defining Risks" below. Additional risk information is provided in the Statement of Additional Information.

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Investment Practices Common to the Funds

In an attempt to respond to adverse market, economic, political or other conditions, each of the Funds may also invest for temporary defensive purposes in cash and various short-term cash equivalent items without limit. When investing for temporary defensive purposes, such actions could be inconsistent with a Fund's investment strategy and may result in a Fund not achieving its investment objective. See "Investment Objective and Policies — Defensive Purposes" in the Statement of Additional Information for further details.

Defining Risks

Investment in each Fund involves risks. A Fund's yield and price are not guaranteed, and the value of an investment in a Fund (except the SFT Government Money Market Fund) will go up or down.

The Funds and their service providers may be exposed to operational and information security risks from cyber-attacks. Cyber-attacks include, among other things, stealing or corrupting data, attacks on websites, the unauthorized release of confidential information, or other types of information security breaches. Cyber-attacks affecting the Funds or their investment adviser, sub-advisers, custodians, intermediaries or other third-party service providers may adversely impact the Funds. For example, cyber-attacks may interfere with the processing of shareholder transactions, impact the Funds' ability to calculate NAVs, cause the release of confidential business information, impede trading, subject the Funds to regulatory fines, financial losses and/or cause reputational damage, among other things. The Funds may also incur expenses related to cyber security risk mitigation. The securities in which the Funds may invest may also be subject to cyber-security risk, which could result in material adverse consequences for issuers and may cause the value of the Funds' investment in such securities to lose value.

The value of an investment in a particular Fund may be affected by the risks of investing in that Fund as identified for each Fund in "Detailed Fund Information" above. The following glossary describes those identified risks associated with investing in the Funds.

<sup>▲</sup> **Acquired Fund Risk** – the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by another investment company, such as the SFT Index 500 Fund, in which the Fund invests (an "Acquired Fund") and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Fund to achieve its investment objectives.

<sup>▲</sup> **Active Management Risk** – the risk that the investment adviser's or investment sub-adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the securities selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform other funds with similar objectives and investment strategies.

<sup>▲</sup> **Allocation Risk** – the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated.

<sup>▲</sup> **Banking and Financial Companies Risk** – To the extent the Fund has significant investments in financial companies, it is more susceptible to adverse developments affecting such companies and may perform poorly during a downturn in the banking industry. Banks can be adversely affected by, among other things, regulatory changes, interest rate movements, the availability of capital and the cost to borrow, and the rate of debt defaults. Banks and other financial services institutions are often subject to extensive governmental regulation and intervention, and the potential for additional regulation could reduce profit margins and adversely affect the scope of their activities, increase the amount of capital they must maintain, and limit the amounts and types of loans and other financial commitments they can make. In addition, companies in the financials sector may also be adversely affected by decreases in the availability of money or asset valuations, credit rating downgrades, increased competition, and adverse conditions in other related markets.

*Detailed Fund Information* **83**

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<sup>▲</sup> **Call Risk** – the risk that securities with high interest rates (or other attributes that increase debt cost) will be prepaid by the issuer prior to maturity, particularly during periods of falling interest rates. In general, an issuer will call its debt securities if they can be refinanced by issuing new securities with a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its securities. As a result, the Fund would have to reinvest the proceeds in other securities with generally lower interest rates, resulting in a decline in the Fund's income.

<sup>▲</sup> **Cash Position Risk** – the risk that, to the extent a Fund holds a large position in cash/cash equivalents (including money market Funds) a Fund may lose opportunities to participate in market appreciation and may have lower returns than if a Fund made other investments. In such circumstances, a Fund may not achieve its investment goal.

<sup>▲</sup> **Company Risk** – the risk that individual securities may be more volatile or perform differently than the overall market. This may be a result of specific factors such as changes in corporate profitability due to the success or failure of specific products or management strategies, or it may be due to changes in investor perceptions regarding a company. In addition, the volatility of a company's income or share price may be greater because of the amount of leverage on the company's balance sheet.

<sup>▲</sup> **Concentration Risk** – the risk that the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than an investment portfolio that does not concentrate its investments in a single industry. The Fund is subject to concentration risk if the Fund invests more than 25% of its total assets in a particular industry.

<sup>▲</sup> **Convertible Security Risk** – A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. Convertible securities are subject to both stock market risk associated with equity securities and the credit and interest rate risks associated with fixed income securities. Credit risk is the risk that the issuer or obligor will not make timely payments of principal or interest or that its credit may be downgraded or perceived to be less creditworthy. Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities. As the market price of the equity security underlying a convertible security falls, the convertible security tends to trade on the basis of its yield and other fixed income characteristics. As the market price of the equity security underlying a convertible security rises, the convertible security tends to trade on the basis of its equity conversion features.

<sup>▲</sup> **Credit Risk** – the risk that an issuer of a debt security, asset-backed or mortgage-backed security (or an underlying obligor) or other fixed income obligation will not make payments on the security or obligation when due, or that the other party to a contract will default on its obligation. There is also the risk that an issuer could suffer adverse changes in financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security and in shares of the Fund. Also, a change in the quality rating of a debt security or other fixed income obligation can affect the security's or obligation's liquidity and make it more difficult to sell. The Fund may attempt to minimize credit risk by investing in debt securities and other fixed income obligations considered at least investment grade at the time of purchase. However, all of these securities and obligations, especially those in the lower investment grade rating categories, have credit risk. In adverse economic or other circumstances, issuers of these lower rated securities and obligations are more likely to have difficulty making principal and interest payments than issuers of

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higher rated securities and obligations. If the Fund purchases unrated securities and obligations, it will depend on its investment adviser's or sub-adviser's analysis of credit risk more heavily than usual.

***Debt securities ratings.*** The use of credit ratings in evaluating debt securities can involve certain risks, including the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by a rating agency. Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are accurate.

***Lower-rated securities.*** Securities rated below the top four ratings (below Aaa to Baa3 for Moody's and AAA to BBB- for Standard & Poor's), sometimes called "junk bonds," generally have more credit risk than higher-rated securities, and have greater potential to become distressed or to default.

Issuers of high yield, fixed-income securities are not as strong financially as those issuing securities with higher credit ratings. These issuers are generally considered predominately speculative by the applicable rating agencies as these issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. If an issuer stops making interest and/or principal payments, payments on the securities may never resume. These securities may be worthless and the Fund could lose its entire investment.

The prices of high yield, fixed-income securities fluctuate more than higher-quality securities. Prices are especially sensitive to developments affecting the issuer's business and to changes in the ratings assigned by rating agencies. Prices of corporate high yield securities are often closely linked with the issuer's stock prices and typically rise and fall in response to factors that affect stock prices. In addition, the entire high yield securities market can experience sudden and sharp price swings due to changes in economic conditions, stock market activity, large sustained sales by major investors, a high-profile default, or other factors.

The prices of high-yield sovereign debt of emerging market countries fluctuate more than higher-quality securities. An emerging market country may be unwilling or unable to repay the principal and/or interest on its sovereign debt because of insufficient foreign reserves, the relative size of the debt service burden to the economy as a whole, the government's policy towards supranational agencies such as the International Monetary Fund, or the political constraints to which the government may be subject. If an emerging market country defaults (or threatens to default) on its sovereign debt obligations, the indebtedness may be restructured. Restructuring may include obtaining additional credit to finance outstanding obligations, reduction and rescheduling of payments of interest and principal, or negotiation of new or amended credit agreements. In the event of a default on sovereign debt, the Fund may have limited legal recourse against the defaulting government. In certain cases, remedies must be pursued in the courts of the defaulting country itself, which may further limit the Fund's ability to obtain recourse.

High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when they do their prices may be significantly higher or lower than expected. At times, it may be difficult to sell these securities promptly at an acceptable price, which may limit the Fund's ability to sell securities in response to specific economic events or to meet redemption requests.

Substantial declines in the prices of high yield debt securities can dramatically increase the yield of such bonds. The decline in market prices may reflect an expectation that the issuer(s) may be at greater risk of defaulting on the obligation to pay interest and principal when due. Therefore, substantial increases in yield may reflect a greater risk by the Fund of losing some or part of its investment rather than any increase in income that the debt security or securities may pay to the Fund on its investment.

***Unrated Debt Securities.*** Unrated or short-term rated debt securities determined by the Fund's investment adviser or sub-adviser to be of comparable quality to rated securities which the Fund may purchase may pay a

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higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers.

<sup>▲</sup> **Currency Risk** – the risk that changes in foreign currency exchange rates will increase or decrease the value of foreign securities or the amount of income or gain received on such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund. Attempts by the Fund to minimize the effects of currency fluctuations through the use of foreign currency hedging transactions may not be successful or the Fund's hedging transactions may cause the Fund to be unable to take advantage of a favorable change in the value of foreign currencies.

<sup>▲</sup> **Currency Hedging Risk** – When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative is intended to be substantially offset by gains on the hedged investment, and vice versa. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the reference asset, and there can be no assurance that the Fund's hedging transactions will be effective.

Foreign currency forward contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions in a geographic region in which the Fund invests. In addition, the Fund's exposure to the currencies may not be fully hedged at all times. At certain times, the Fund may use an alternative ("optimized") hedging strategy and will hedge a smaller number of currencies to reduce hedging costs. Furthermore, it is possible that a degree of currency exposure may remain even at the time a hedging transaction is implemented. As a result, the Fund may not be able to structure its hedging transactions as anticipated or its hedging transactions may not successfully reduce the currency risk in the Fund's portfolio.

The effectiveness of the Fund's currency hedging strategy will in general be affected by the volatility of the U.S. dollar relative to the currencies to be hedged, measured on an aggregate basis. Increased volatility in the U.S. dollar relative to the currencies to be hedged will generally reduce the effectiveness of the Fund's currency hedging strategy. In addition, volatility in one or more of the currencies may offset stability in another currency and reduce the overall effectiveness of the hedges. The effectiveness of the Fund's currency hedging strategy may also be affected by interest rates. Significant differences between U.S. dollar interest rates and foreign currency interest rates may impact the effectiveness of the Fund's currency hedging strategy.

<sup>▲</sup> **Currency Management Strategies Risk** – the risk that currency management strategies may substantially change the Fund's exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Fund's sub-adviser expects. In addition, currency management strategies, to the extent that they reduce the Fund's exposure to currency risks, may also reduce the Fund's ability to benefit from favorable changes in currency exchange rates. Using currency management strategies for purposes other than hedging further increases the Fund's exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.

<sup>▲</sup> **Derivatives Risk** – the risk associated with investing in a financial contract whose value depends on, or is derived from, the value of an underlying currency, security, reference rate, or index. A Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. A Fund may also invest in derivatives such as exchange traded futures contracts solely to help stay fully invested and to reduce transaction costs, or to manage volatility in its portfolio. Derivatives may also be used for leverage, in which case their use would likely accentuate a particular risk related to the derivative. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other

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traditional investments. Derivatives involve costs, and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as enable gains) in an amount that significantly exceeds the Fund's initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the manager's ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the portfolio manager is not successful in using such derivative instruments, the Fund's performance may be worse than if the manager did not use such derivative instruments at all. To the extent that the Fund uses such instruments for hedging purposes, there is the risk of imperfect correlation between movements in the value of the derivative instrument and the value of underlying investment or other asset being hedged. There is also the risk, especially under extreme market conditions, that an instrument, which usually would operate as a hedge, provides no hedging benefits at all.

Use of these instruments could also result in a loss if the exchange on which the instruments are traded or a counterparty to the transaction (with respect to OTC instruments, including swap agreements and forward currency contracts) does not perform as promised, including because of such exchange or counterparty's bankruptcy or insolvency. This risk may be heightened during volatile market conditions. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. In addition, the presence of speculators in a particular market could lead to price distortions. To the extent that the Fund is unable to close out a position because of market illiquidity, the Fund may not be able to prevent further losses of value in its derivatives holdings and the Fund's liquidity may be impaired to the extent that it has a substantial portion of its otherwise liquid assets marked as segregated to cover its obligations under such derivative instruments. The Fund may also be required to take or make delivery of an underlying instrument that the manager would otherwise have attempted to avoid. Some derivatives can be particularly sensitive to changes in interest rates or other market prices. While a Fund may intend to use derivative strategies on a regular basis, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the portfolio manager elects not to do so due to availability, cost or other factors.

Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. It is expected that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.

<sup>▲</sup> **Developing Market Countries Risk** – the risk that the Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.

<sup>▲</sup> **Diversification Risk** – the risk that, as a result of investing more than 5% of its total assets in the securities of a single issuer, the Fund's performance may be more susceptible to a single economic, regulatory, technological or market liquidity occurrence than a more diversified investment portfolio. A Fund (other than SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)) may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of a single issuer. With respect to the other 25% of its total assets, however, a Fund is subject to diversification risk if it invests more than 5% of its total assets

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in the securities of a single issuer. As a non-diversified investment company, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) may particularly be subject to diversification risk since the Fund may invest more than 5% of their total assets in the securities of a single issuer with respect to 100% of the Fund's total investment portfolios.

<sup>▲</sup> **ESG Investing Risk** – The Fund's investment sub-adviser may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when selecting investments for the Fund. The Fund's ESG criteria may cause the Fund to forgo opportunities to buy certain securities, or forgo opportunities to gain exposure to certain industries, sectors, regions and countries. In addition, the Fund may be required to sell a security when it might otherwise be disadvantageous for it to do so.

<sup>▲</sup> **Euro and European Risks** – Twenty-one nations in Europe use a common currency known as the Euro. (These 21 countries are referred to as the "Euro-zone.") There have been recent developments which raise the possibility of one or more countries leaving the Euro-zone. The "break-up" of the Euro-zone (or even the threat of this occurring) could have a substantial adverse impact on the Euro-zone countries, the rest of Europe, and the global economy, as well as entities (such as banks, investment companies and other financial institutions) which have exposure to Euro-zone countries. Recently, a number of nations in Europe (both within and outside of the Euro-zone) have been downgraded or given "negative outlooks" by the rating agencies, which enhances the credit risk of purchasing securities issued by such countries.

<sup>▲</sup> **Exchange Traded Funds Risk** – the risk that ETFs may be subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its NAV per share, an active secondary trading market may not develop or be maintained, and trading may be halted by, or the ETF may be delisted from, the exchange in which they trade, which may impact the Fund's ability to sell its shares. The lack of liquidity in a particular ETF could result in it being more volatile than the ETF's underlying portfolio of securities. ETFs are also subject to the risks of the underlying securities or sectors the ETF is designed to track and there are brokerage commissions paid in connection with buying or selling ETF shares. In addition, ETFs have management fees and other expenses. The Fund will bear its pro rata portion of these expenses and therefore the Fund's expenses may be higher than if it invested directly in securities.

<sup>▲</sup> **Exchange Traded Notes Risk** – the risk that exchange traded notes (ETNs) which are unsecured debt obligations of banks or other financial institutions, may lose some or all of its investment if the issuer of the ETN files bankruptcy and defaults on its obligations or takes other actions that impact the value of the ETN. An ETN's return is linked to a market index or other benchmark minus applicable fees. Like ETFs, ETNs are traded on exchanges, provide market exposure and are subject to market risk. Unlike ETFs, however, ETNs do not buy or hold assets to replicate or approximate the underlying index, and are subject to the credit risk of the issuer. The value of an ETN may drop, despite no change in the underlying index, due to a downgrade in the issuer's credit rating.

<sup>▲</sup> **Extension Risk** – the risk that rising interest rates could cause property owners to prepay their mortgages more slowly than expected, resulting in slower than anticipated prepayments of mortgage-backed securities. This risk is greater for residential mortgage-backed securities.

<sup>▲</sup> **Focus Risk** – the risk that the greater the Fund's exposure to any single type of investment – including investment in a given industry, sector, region, country, currency, issuer, or type of security – the greater the losses the Fund may experience upon any single economic, business, political, regulatory, or other occurrence. As a result, there may be more fluctuation in the price of the Fund's shares.

<sup>▲</sup> **Foreign Governmental and Supranational Debt Securities Risk** – Foreign government and sovereign debt securities, including supranational debt securities, are subject to risks in addition to those relating to debt

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securities generally. Governmental issuers of foreign debt securities may be unwilling to pay interest and repay principal, or otherwise meet obligations, when due and may require that the conditions for payment be renegotiated. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-U.S. reserves, the availability of sufficient non-U.S. exchange on the date a payment is due, the relative size of the debt service burden to the issuing country's economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which the sovereign debtor may be subject. Governmental debtors also will be dependent on expected disbursements from foreign governments or multinational agencies and the country's access to, or balance of, trade. Some governmental debtors have in the past been able to reschedule or restructure their debt payments without the approval of debt holders or declare moratoria on payments, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which the Fund may collect in whole or in part on debt subject to default by a government.

<sup>▲</sup> **Foreign Investments and Emerging Markets Risk** – The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly domestic exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards, lack of information and political, economic, financial or social instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on fund performance relative to a more geographically diversified fund.

The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation.

Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. Settlement of trades in these markets can take longer than in other markets and the Fund may not receive its proceeds from the sale of certain securities for an extended period (possibly several weeks or even longer).

The risks of foreign investments are heightened when investing in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less developed and are less stable than those of more developed countries. They are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

<sup>▲</sup> **Foreign Securities Risk** – the risk that investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments – the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices – government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; availability of information – foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets – the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies. The risks of foreign investments typically are greater in less developed countries or

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emerging market countries. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. These risks can increase the potential for losses in the Fund and affect its share price. Certain corporations with substantial U.S. and global operations have transferred or may transfer their domicile to a foreign jurisdiction from the U.S., which may increase the impact of this risk.

<sup>▲</sup> **Government Securities Risk** – the risk a fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk, and credit risk. Securities such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to a fund. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk and interest rate risk than interest-paying securities of similar maturities.

<sup>▲</sup> **Growth Stock Risk** – Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general.

<sup>▲</sup> **Health Care Sector Risk** – Investment risks associated with investing in securities in the health care sector, in addition to other risks, include heavy dependence on patent protection, with profitability affected by the expiration of patents; expenses and losses from extensive litigation based on product liability and similar claims; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting; the potentially long and costly process for obtaining new product approval by the U.S. Food and Drug Administration (FDA); the difficulty health care-providers may have obtaining staff to deliver services; susceptibility to product obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel.

<sup>▲</sup> **Hedging Risk** – the risk that the Fund's use of derivatives for hedging purposes, although designed to help manage volatility and offset negative movements in the securities in which the Fund invests, will not always be successful. Hedging can cause the Fund to lose money and can reduce the opportunity for gain.

<sup>▲</sup> **Holdings Risk** – the risk a fund may hold a limited number of stocks (e.g. 40 to 60) and a fund's portfolio manager may tend to invest a significant portion of a fund's total assets in a limited number of stocks. As a result, the appreciation or depreciation of any one security held by a fund may have a greater impact on a fund's net asset value (NAV) than it would if a fund invested in a larger number of securities or if a fund's portfolio manager invested a greater portion of a fund's total assets in a larger number of stocks.

<sup>▲</sup> **Income Risk** – the risk that the Fund may experience a decline in its income due to falling interest rates, earnings declines or income decline within a security.

<sup>▲</sup> **Index Performance Risk** – the risk that the Fund's ability to replicate the performance of a particular securities index may be affected by, among other things, changes in securities markets, the manner in which the index's sponsor calculates the applicable securities index, the amount and timing of cash flows into and

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out of the Fund, commissions, settlement fees and other expenses. A Fund's performance may also be adversely affected if a particular stock in an index (or stocks within an industry heavily weighted by an index) performs poorly.

<sup>▲</sup> **Inflation Risk** – the risk that inflation will erode the purchasing power of the value of securities held by the Fund or the value of the Fund's dividends. Fixed-rate debt and preferred equity securities may be more susceptible to this risk than floating-rate debt securities or common equity securities, whose value and dividends may increase in the future.

<sup>▲</sup> **Inflation-Indexed Securities Risk** – the risk that inflation-indexed securities have a tendency to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates lowered by the anticipated effect of inflation. In general, the price of an inflation-indexed security can decrease when real interest rates increase, and can increase when real interest rates decrease. Interest payments on inflation-indexed securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable.

<sup>▲</sup> **Information Technology Sector Risk** – Investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

<sup>▲</sup> **Initial Public Offering (IPO) Risk** – Investments in IPOs can have a significant positive impact on the Fund's performance; however any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, the Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the Fund may not be able to buy the shares at the commencement of the offering, and the general availability and performance of IPOs are dependent on market psychology and economic conditions. To the extent that IPOs have had a significant impact on the Fund's performance, this may not be able to be replicated in the future. The relative performance impact of IPOs is also likely to decline as the Fund grows.

<sup>▲</sup> **Interest Rate Risk** – the risk that the value of a mortgage-backed security, debt security or fixed income obligation will decline due to an increase in market interest rates. Long-term debt securities, mortgage-backed securities and fixed income obligations are generally more sensitive to interest rate changes. The negative impact on a mortgage-backed security, debt security or fixed income obligation from resulting rate increases could be swift and significant, including falling market values and reduced liquidity. Substantial redemptions from the Fund and other fixed income funds may worsen the impact. Other types of securities also may be adversely affected from an increase in interest rates. In addition, interest rates may decline further resulting in lower yields which make the Fund less attractive to investors who are seeking higher rates of returns. Also a lower yield may not be sufficient to cover the expenses of the Fund Interest rates are currently at or near historic lows.

<sup>▲</sup> **Investment Company Risk** – the risk that, to the extent the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company's operating expenses, including investment advisory and administrative fees, which will reduce the Fund's return on such investment relative to investment alternatives that do not include such expenses.

<sup>▲</sup> **Investment Strategy Risk** – the risk that, if the portfolio managers' investment decisions and strategy does not perform as expected, the Fund could underperform its peers or lose money. The Fund's performance depends on the portfolio managers' judgement about a variety of factors, such as markets, interest rates

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and/or the attractiveness, relative value, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The portfolio managers' investment models may not adequately take into account certain factors, may perform differently than anticipated and may result in the Fund having a lower return than if the portfolio managers used another model or investment strategy. There is no guarantee that the strategy used by the Fund will allow the Fund to achieve its investment objective.

<sup>▲</sup> **Investment Style Risk** – the risk that different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. For example, the SFT T. Rowe Price Value Fund, a fund with a value approach to investing, could underperform other stock funds that employ a different investment style. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

<sup>▲</sup> **Large-Cap Stocks Risk** – Securities issued by large-cap companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

<sup>▲</sup> **Large Company Risk** – the risk that a portfolio of large capitalization company securities may underperform the market as a whole.

<sup>▲</sup> **Leveraging Risk** – the risk that certain Fund transactions, such as transactions in derivative instruments or leveraged ETFs, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged.

<sup>▲</sup> **Limited Universe Risk** – the risk that an investment in the Fund may present greater volatility, due to the limited number of issuers of real estate and real estate-related securities, than an investment in portfolio of securities selected from a greater number of issuers.

<sup>▲</sup> **Liquidity Risk** – the risk that the Fund's ability to sell particular securities at an advantageous price or in a timely manner will be impaired due to low trading volume, lack of a market maker, or legal restrictions. The recent increase in capital requirements and potential for increased regulation may negatively impact market liquidity going forward. In the event certain securities experience low trading volumes, the prices of such securities may display abrupt or erratic movements. In addition, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to sell at a favorable price at the time when the investment adviser believes it is desirable to do so. Investment in securities that are less actively traded (or over time experience decreased trading volume) may restrict the Fund's ability to take advantage of other market opportunities.

<sup>▲</sup> **Managed Volatility Strategy Risk** – the risk that the Fund's investment adviser may be unsuccessful in managing volatility and the Fund may experience a high level of volatility in its returns. The securities used in the strategy are subject to price volatility, and the strategy may not result in less volatile returns for the Fund relative to the market as a whole and they could be more volatile. While the management of volatility seeks competitive returns with more consistent volatility, the management of volatility does not ensure that the strategy will deliver competitive returns. Even if successful, the strategy may also result in returns increasing to a lesser degree than the market, or decreasing when the values of certain securities used in the strategy are stable or rising. The strategy may expose the Fund to losses (some of which may be sudden) to which it would not have otherwise been exposed if it invested only in equity and fixed income securities. Additionally, the derivatives used to hedge the value of securities are not identical to the securities held, and as a result, the investment in derivatives may decline in value at the same time as underlying investments.

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<sup>▲</sup> **Management Risk** – the risk that the Fund's performance is primarily dependent on the investment adviser's or investment sub-adviser's skill in evaluating and managing the Fund's holdings. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

<sup>▲</sup> **Market Risk** – the risk that equity and debt securities are subject to adverse trends in equity and debt markets. Securities held by a Fund are subject to price movements due to changes in general economic conditions, the level of prevailing interest rates, investor perceptions of the market and defaults or volatility in securities not held by a Fund but that impact general market trends and conditions. In addition, prices are affected by the outlook for overall corporate profitability. Market prices of equity securities are generally more volatile than debt securities. This may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. In addition, market risk may affect a portfolio of equity securities of micro, small, mid, large and very large capitalization companies and/or equity securities believed by a Fund's investment adviser or sub-adviser to be undervalued or exhibit above average sustainable earnings growth potential. As a result, a portfolio of such equity securities may underperform the market as a whole.

<sup>▲</sup> **Market Conditions Risk** – The value of the Fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the Fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the Fund's holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

<sup>▲</sup> **Mid Size Company Risk** – the risk that securities of mid capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies' limited product lines, limited markets and financial resources and dependence upon a relatively small management group.

<sup>▲</sup> **Mortgage-Related and Other Asset-Backed Securities Risk** – the risk that mortgage-related and other asset-backed securities represent interests in "pools" of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if a Fund holds mortgage-related securities, it may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause an investing Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. A Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by

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the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

<sup>▲</sup> **Non-Diversification Risk** – A Fund that is a "non-diversified" mutual fund and, as such, its investments are not required to meet certain diversification requirements under federal law. Compared with "diversified" funds, a non-diversified fund may invest a greater percentage of its assets in the securities of an issuer. Thus, a non-diversified Fund may hold fewer securities than other funds. A decline in the value of those investments would cause a non-diversified fund's overall value to decline to a greater degree than if the Fund held more diversified holdings.

<sup>▲</sup> **Non-Government Securities Risk** – the risk that payments on a non-government security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. government. These securities may include but are not limited to securities issued by non-government entities which can include instruments secured by obligations of residential mortgage borrowers. Non-agency securities also may include asset-backed securities (which represent interests in auto, consumer and/or credit card loans) and commercial mortgage-backed securities (which represent interests in commercial mortgage loans).

Non-agency securities can present valuation and liquidity issues and be subject to precipitous downgrades (or even default) during time periods characterized by recessionary market pressures such as falling home prices, rising unemployment, bank failures and/or other negative market stresses. The risk of non-payment by the issuer of any non-agency security increases when markets are stressed.

<sup>▲</sup> **Operational Risk** – the risk Funds are exposed to from a number of factors, including, but not limited to, human error, systems or personnel changes, processing and communication errors, labor force disruptions (e.g., unplanned remote working arrangements and facility and other infrastructure closings), errors of service providers or other third-parties, failed or inadequate processes, technology or systems. Various operational events or circumstances are outside the control of the Funds, the investment adviser, sub-advisers and other third-parties. The Funds, investment adviser and sub-advisers seek to reduce operational risks through controls and procedures; however, these measures cannot address every possible risk and may be inadequate to address significant operational risks.

<sup>▲</sup> **Passive Investment Risk** – the risk that, because they are not actively managed, the ETFs in which the Fund may invest may be affected by a general decline in market segments relating to their respective benchmark indices. An ETF typically invests in securities included in, or representative of, its benchmark index regardless of their investment merits and does not attempt to take defensive positions in declining markets. This is a principal risk of the ETFs in which the Fund invests, and an indirect risk of an investment in the Fund.

<sup>▲</sup> **Portfolio Risk** – the risk that Fund performance may not meet or exceed that of the market as a whole. The performance of the Fund will depend on the Fund's investment adviser's or sub-adviser's judgment of economic and market policies, trends in investment yields and monetary policy.

<sup>▲</sup> **Portfolio Turnover Risk** – High portfolio turnover may adversely affect the Fund's performance and increase transaction costs, which could increase the Fund's expenses. High portfolio turnover may also result in the distribution of higher capital gains when compared to a fund with less active trading policies, which could have an adverse tax impact if the Fund's shares are held in a taxable account.

<sup>▲</sup> **Preferred Stock Risk** – Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required

**94** *Detailed Fund Information*

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payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

<sup>▲</sup> **Prepayment Risk** – the risk that falling interest rates could cause prepayments of mortgage-related securities to occur more quickly than expected. This occurs because, as interest rates fall, more property owners refinance the mortgages underlying these securities. The Fund must reinvest the prepayments at a time when interest rates on new mortgage investments are falling, reducing the income of the Fund. In addition, when interest rates fall, prices on mortgage-related securities may not rise as much as for other types of comparable debt securities because investors may anticipate an increase in mortgage prepayments.

<sup>▲</sup> **Real Estate Risk** – the risk that the value of the Fund's investments may decrease due to fluctuations in rental income, overbuilding and increased competition, casualty and condemnation losses, environmental costs and liabilities, extended vacancies of property, lack of available mortgage or other financing, government regulation and limitations, increases in property taxes, cash flow dependency, declines in real estate value, physical depreciation of buildings, inability to obtain project financing, increased operating costs and changes in general or local economic conditions.

<sup>▲</sup> **Real Estate Securities Concentration Risk** –the risk that investments in securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. Because the Fund concentrates its investments in the real estate industry, it will be subject to greater risk of loss than if it were diversified across different industries.

<sup>▲</sup> **Redemption Risk** – A Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance.

<sup>▲</sup> **Regional Risk** – the risk that adverse conditions in a certain region or country can adversely affect securities of issuers in other countries whose economies appear to be unrelated. To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, the Fund will generally have more exposure to the specific regional or country economic risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund's assets are invested, the Fund may experience substantial illiquidity or reduction in the value of the Fund's investments.

<sup>▲</sup> **REIT/REOC-Related Risk** – the risk that the value of the Fund's equity REIT and REOC securities will be adversely affected by changes in the value of the underlying property or business operations of the REIT or REOC. In addition, the value of equity REITs or mortgage REITs could be adversely affected if the REIT fails to qualify for tax-free pass through income under the Internal Revenue Code of 1986 (as amended), or maintain its exemption from registration under the Investment Company Act of 1940. In addition, REITs may be limited in their ability to maintain sufficient short-term liquidity in the event of an unforeseen or sudden decline in asset values and/or income because REITs are required to limit the amount of cash retained from business activities in order to maintain their REIT status under the Internal Revenue Code. REITs are also at risk of any adverse changes in laws and/or rules related to REIT tax status.

<sup>▲</sup> **Repurchase Agreement Risk** – the risk that if the seller of a repurchase agreement defaults on its obligation to repurchase securities from the Fund, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.

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<sup>▲</sup> **Restricted Securities Risk** – the risk that, in connection with investments in securities whose disposition is restricted under the federal securities laws, such securities may only be resold subject to statutory or regulatory restrictions, or if the Fund bears the costs of registering such securities. The Fund may therefore be unable to dispose of such securities as quickly as, or at prices as favorable as those for, comparable but unrestricted securities.

<sup>▲</sup> **Risk of Stock Investing** – the risk that stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the Fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.

<sup>▲</sup> **Sector Risk** – the risk that the securities of companies within specific industries or sectors of the economy can periodically perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a company.

<sup>▲</sup> **Securities Lending Risk** – the risk that the Fund may experience a delay in the recovery of loaned securities, or even the loss of rights in the collateral deposited by the borrower if the borrower should fail financially. To reduce these risks, the Fund enters into loan arrangements only with institutions that the Fund's investment adviser or sub-adviser has determined are creditworthy. In addition, the investment of the cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk and other risks that are present in the market, and, as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. This could result in losses incurred by the Fund.

<sup>▲</sup> **Securities Volatility Risk** – the risk that the value of securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations can be dramatic over the short as well as long term, and different markets and different types of securities can react differently to these developments. Issuer, political, or economic developments can affect the volatility of a single issuer, issuers within an industry or economic sector or geographic region, or the markets as a whole. Changes in the financial condition of a single issuer can impact the volatility of the markets as a whole. Terrorism, war, and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

<sup>▲</sup> **Short Position Risk** – the risk that, in taking a short position in a transaction involving a derivative instrument, the Fund may suffer a loss because the risk assumed in such instrument significantly exceeds the amount of the initial investment, or because the Fund is unable to close out its short position or a counterparty to the transaction fails to perform as promised.

<sup>▲</sup> **Short Sale Risk** – the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.

<sup>▲</sup> **Short-Term Trading Risk** – the risk that a Fund may trade securities frequently and hold securities in its portfolio for one year or less. Frequent purchases and sales of securities will increase the Fund's transaction costs. Factors that can lead to short-term trading include market volatility, a significant positive or negative development concerning a security, an attempt to maintain a Fund's market capitalization target, and the need to sell a security to meet redemption activity.

<sup>▲</sup> **Small Company Risk** – Securities of small capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies' small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency

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and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small capitalization companies at the desired time.

<sup>▲</sup> **Stable Price Risk** – the risk that the SFT Government Money Market Fund will not be able to maintain a stable share price of $1.00. There may be situations where the Fund's share price could fall below $1.00, which would reduce the value of an investor's account.

<sup>▲</sup> **Value Investing Risk** – The Fund's value approach to investing could cause it to underperform other stock funds that employ a different investment style. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may be appropriately priced at a low level. Value stocks may fail to appreciate for long periods and may never reach what the adviser or sub-adviser believes are their full market values.

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***Management of the Funds***

Securian Asset Management, Inc.

The investment adviser of each of the Funds is Securian Asset Management, Inc. (Securian AM), 400 Robert Street North, St. Paul, Minnesota 55101, which has managed the Trust's and its predecessor's assets since May 1, 1997. On May 1, 2012, the Trust adopted and amended the registration statement of Advantus Series Fund, Inc. ("Advantus Series Fund") pursuant to a Plan of Reorganization. In connection with this, each Portfolio of Advantus Series Fund was reorganized into a separate Fund of the Trust effective May 1, 2012. Prior to May 1, 2018, Securian AM was known as Advantus Capital Management, Inc.

Since its inception in 1994, Securian AM has also managed investment portfolios for various private accounts, including the accounts of certain Securian Financial Group, Inc. (SFG) affiliates, and has provided investment sub-advisory services for various unaffiliated mutual funds. Securian AM manages the Trust's investments and furnishes all necessary office facilities, equipment and personnel for servicing the Trust's investments. Both Securian AM and Minnesota Life Insurance Company (Minnesota Life) are wholly-owned subsidiaries of SFG, which is a second-tier subsidiary of a mutual insurance holding company called Minnesota Mutual Companies, Inc. Personnel of Securian AM also manage Minnesota Life's investment portfolio. In addition, SFG serves as administrative services agent to the Trust.

The Trust and Securian AM have obtained an exemptive order from the SEC allowing them to use a "manager of managers" strategy related to the management of the Trust. The shareholders of each Fund have approved the use of the exemptive order. Under the manager of managers strategy, Securian AM may select new non-affiliated sub-advisers upon the approval of the Trust's Board of Trustees but without shareholder approval. Securian AM may also change the terms of any investment sub-advisory agreement or continue to employ a non-affiliated sub-adviser after termination of an investment sub-advisory agreement. Investors will be notified of any sub-adviser changes.

Securian AM is responsible for overseeing sub-advisers and for recommending their hiring, termination and replacement. Securian AM retains ultimate responsibility for the investment performance of each Fund employing a sub-adviser. Investors in the Trust (purchasers of variable life insurance policies and variable annuity contracts issued by Minnesota Life, or other insurance companies to which the Trust has sold its shares) are, in effect, electing to have Securian AM either manage the investment of a Fund's assets or select one or more sub-advisers to achieve the Fund's investment objective(s).

Cohen & Steers Capital Management, Inc.

The investment sub-adviser of the SFT Real Estate Securities Fund is Cohen & Steers Capital Management, Inc. (Cohen & Steers), 1166 Avenue of the Americas, 30<sup>th</sup> Floor, New York, New York 10036. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Cohen & Steers is a wholly owned subsidiary of Cohen & Steers, Inc. (CNS), a publicly traded company whose common stock is listed on the New York Stock Exchange. As of December 31, 2025, CNS managed approximately $90.5 billion in assets. Cohen & Steers provides investment advice and generally conducts the investment management program for the SFT Real Estate Securities Fund.

Nomura Investments Fund Advisers

The investment sub-adviser of the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and the SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund) is Nomura Investments Fund Advisers (NIFA), 100 Independence, 610 Market Street, Philadelphia, PA 19106- 2354. NIFA is a series of

**98** *Management of the Funds*

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Nomura Investment Management Business Trust (NIMBT), which is a Delaware statutory trust. Nomura Asset Management is part of the Investment Management Division of Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes NIMBT and its NIFA series. As of December 2025, NIFA managed approximately $163 billion in assets for institutional and individual clients. NIFA provides investment advice and generally conducts the investment management program for the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and the SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund). NIFA is responsible for day-to-day portfolio management of its portion of the Funds. NIMBT is a U.S. registered investment adviser.

Metropolitan West Asset Management, LLC

The investment sub-adviser to the SFT Core Bond Fund is Metropolitan West Asset Management, LLC (MetWest), 515 South Flower Street, Los Angeles, California 90071. MetWest is a wholly-owned subsidiary of TCW Asset Management Company LLC, which is a wholly-owned subsidiary of The TCW Group, Inc. ("TCW"). MetWest, together with TCW and its other subsidiaries, provide a variety of investment management and investment advisory services and had approximately $206.2 billion in assets under management as of December 31, 2025. MetWest provides investment advice and generally conducts the investment management program for the SFT Core Bond Fund.

T. Rowe Price Associates, Inc.

The investment sub-adviser of the SFT T. Rowe Price Value Fund is T. Rowe Price Associates, Inc. (T. Rowe Price), 1307 Point Street, Baltimore, Maryland 21231. T. Rowe Price and its affiliates managed over $1.78 trillion in assets as of December 31, 2025. T. Rowe Price provides investment advice and generally conducts the investment management program for the SFT T. Rowe Price Value Fund.

Wellington Management Company LLP

The investment sub-adviser of the SFT Wellington Core Equity Fund is Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership, with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. Wellington Management and its investment advisory affiliates managed approximately $1.330 trillion in assets as of December 31, 2025. Wellington Management provides investment advice and generally conducts the investment management program for the SFT Wellington Core Equity Fund.

Advisory Fees

The Trust pays Securian AM monthly fees calculated on an annual basis for each Fund. Securian AM uses a portion of the applicable fees to pay sub-advisers. The advisory fee paid to Securian AM by each Fund during 2025, as a percentage of average daily net assets, was as follows:

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| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp; **Aggregate Fee** <br> **Paid During 2025**<br>|
| SFT Balanced Stabilization Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| SFT Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| SFT Equity Stabilization Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| SFT Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| SFT Index 400 Mid-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| SFT Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie <br> Small Cap Growth Fund)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| SFT Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| SFT Wellington Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|

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A discussion regarding the most recent approval of both the Investment Advisory Agreement and the Investment Sub-Advisory Agreements with each sub-adviser by the Trust's Board of Trustees, on February 26, 2026, will be available in the Semiannual Report to Shareholders for the period ending June 30, 2026. Each respective Investment Sub-Advisory Agreement were re-approved by the Trust's Board of Trustees, on February 26, 2026.

**SFT Government Money Market Fund Expense Waivers.** 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 (the Fund), 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 Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the Expense Waiver) on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. As of December 31, 2025, Securian AM and Securian Financial have collectively waived $6,959,755 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $0 was eligible for recovery by Securian AM and Securian Financial as of such date. If Securian AM and/or Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. There is no guarantee that the Fund will maintain a positive yield. There is no guarantee that the Fund will maintain a positive yield. The Agreement shall continue in effect following April 30, 2027, provided such continuance is specifically approved by a majority of the Trust's independent Trustees. The agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days notice prior to the end of the a contract term.

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**SFT Government Money Market Fund Expense Limitation Agreement.** Securian AM and the Trust, on behalf of the SFT Government Money Market Fund (the Fund), have entered into a written agreement, dated November 1, 2017, 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 generally accepted accounting principles, 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, 2027. The agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. As of December 31, 2025, Securian AM has waived a cumulative total of $297,984 pursuant to the agreement, of which $1,915 was eligible for recovery by Securian AM as of such date. 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.

Portfolio Managers

The following persons serve as the primary portfolio managers for the Funds (the Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Trust):

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Portfolio Manager and Title** | **Primary Portfolio**<br> **Manager Since**<br>| **Business Experience During**<br> **Past Five Years**<br>|
| &nbsp;&nbsp;&nbsp; SFT Balanced <br> Stabilization<br>| Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 1, 2017 | Vice President and Portfolio Manager <br> since June 2018, previously Portfolio <br> Manager since December 2017, <br> Associate Portfolio Manager June <br> 2017-December 2017, and Quantitative <br> Research Analyst 2013-2017, Securian <br> AM<br>|
|  | Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| December 1, 2017 | Vice President and Portfolio Manager <br> since December 2017, previously Vice <br> President and Senior Quantitative <br> Analyst since November 2007, Securian <br> AM<br>|
| SFT Core Bond | Jerry Cudzil<br> Group Managing Director and <br> Generalist Portfolio Manager, MetWest<br>| September 6, 2023 | Generalist Portfolio Manager with <br> MetWest since 2023, previously Head of <br> Credit Trading with MetWest since 2012<br>|
|  | Ruben Hovhannizyan, CFA<br> Managing Director and Generalist <br> Portfolio Manager, MetWest<br>| September 6, 2023 | Generalist Portfolio Manager with <br> MetWest since 2023, previously Senior <br> Portfolio Analyst working alongside the <br> Generalist Portfolio Managers since <br> 2009<br>|

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*Management of the Funds* **101**

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Portfolio Manager and Title** | **Primary Portfolio**<br> **Manager Since**<br>| **Business Experience During**<br> **Past Five Years**<br>|
|  | Bryan T. Whalen, CFA <br> Group Managing Director, Chief <br> Investment Officer and Generalist <br> Portfolio Manager, MetWest<br>| August 1, 2022 | Chief Investment Officer and Generalist <br> Portfolio Manager with MetWest since <br> 2023, previously Generalist Portfolio <br> Mnager and Co-Chief Investment Officer <br> of MetWest since 2021, and prior to that, <br> Co-Head of the Securitized Products <br> division with MetWest since 2004<br>|
| &nbsp;&nbsp;&nbsp; SFT Equity <br> Stabilization<br>| Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 1, 2017 | Vice President and Portfolio Manager <br> since June 2018, previously Portfolio <br> Manager since December 2017, <br> Associate Portfolio Manager June <br> 2017-December 2017, and Quantitative <br> Research Analyst 2013-2017, Securian <br> AM<br>|
|  | Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| December 1, 2017 | Vice President and Portfolio Manager <br> since December 2017, previously Vice <br> President and Senior Quantitative <br> Analyst since November 2007, Securian <br> AM<br>|
| &nbsp;&nbsp;&nbsp; SFT Government <br> Money Market<br>| Charles D. Officer<br> Portfolio Manager and Investment <br> Analyst, Securian AM<br>| May 1, 2025 | Portfolio Manager since May, 2025, <br> Securian AM<br>|
|  | Joseph W. Scanlan<br> Portfolio Manager and Investment <br> Analyst, Securian AM<br>| May 1, 2025 | Portfolio Manager since May, 2025, <br> Securian AM<br>|
| &nbsp;&nbsp;&nbsp; SFT Index 400 <br> Mid-Cap<br>| Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 10, 2024 | Vice President and Portfolio Manager <br> since June 2018, previously Portfolio <br> Manager since December 2017, <br> Associate Portfolio Manager June <br> 2017-December 2017, and Quantitative <br> Research Analyst 2013-2017, Securian <br> AM<br>|
|  | Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 10, 2024 | Vice President and Portfolio Manager <br> since December 2017, previously Vice <br> President and Senior Quantitative <br> Analyst since November 2007, Securian <br> AM<br>|
| SFT Index 500 | Jeremy P. Gogos, CFA, Ph.D.<br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 10, 2024 | Vice President and Portfolio Manager <br> since June 2018, previously Portfolio <br> Manager since December 2017, <br> Associate Portfolio Manager June <br> 2017-December 2017, and Quantitative <br> Research Analyst 2013-2017, Securian <br> AM<br>|

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**102** *Management of the Funds*

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Portfolio Manager and Title** | **Primary Portfolio**<br> **Manager Since**<br>| **Business Experience During**<br> **Past Five Years**<br>|
|  | Merlin L. Erickson <br> Vice President and Portfolio Manager, <br> Securian AM<br>| June 10, 2024 | Vice President and Portfolio Manager <br> since December 2017, previously Vice <br> President and Senior Quantitative <br> Analyst since November 2007, Securian <br> AM<br>|
| &nbsp;&nbsp;&nbsp; SFT Nomura <br> Growth <br> (formerly SFT <br> Macquarie <br> Growth)<br>| Bradley M. Klapmeyer, CFA<br> Senior Portfolio Manager, NIFA<br>| August 1, 2016 | Senior Portfolio Manager of the large <br> cap growth product suite since 2016; <br> Portfolio Manager of the former <br> Waddell & Reed Advisors Tax-Managed <br> Equity Fund and Ivy Tax-Managed Equity <br> Fund from 2014 to 2018; joined the Large <br> Cap Growth team as Assistant Portfolio <br> Manager in 2011<br>|
|  | Brad Angermeier, CFA<br> Senior Portfolio Manager, NIFA<br>| October 1, 2021 | Senior Portfolio Manager of the large <br> cap growth product suite since 2021, <br> comprising mutual funds and <br> institutional fund accounts; Equity <br> Investment Analyst from 2017 to 2021; <br> Equity Research Analyst at Kornitzer <br> Capital Management from 2013 to 2017<br>|
| &nbsp;&nbsp;&nbsp; SFT Nomura <br> Small Cap <br> Growth <br> (formerly SFT <br> Macquarie <br>Small Cap <br> Growth)<br>| Joshua Brown<br> Senior Portfolio Manager, NIFA<br>| January 17, 2024 | Senior Portfolio Manager of the small <br> cap growth product suite since <br> January 17, 2024, comprising <br> institutional accounts, Delaware Ivy <br> Small Cap Growth Fund, and Delaware <br> Ivy VIP Small Cap Growth Fund<br>|
|  | Timothy J. Miller, CFA<br> Senior Portfolio Manager, NIFA<br>| October 1, 2016 | Senior Portfolio Manager of the small <br> cap growth product suite since October <br> 2016, comprising institutional accounts, <br> Delaware Ivy Small Cap Growth Fund, <br> and Delaware Ivy VIP Small Cap Growth <br> Fund; Portfolio Manager, Delaware Ivy <br> VIP Small Cap Growth Fund since April <br> 2010<br>|
|  | Kenneth G. McQuade, CFA<br> Senior Portfolio Manager, NIFA<br>| October 1, 2016 | Senior Portfolio Manager of the small <br> cap growth product suite since October <br> 2016, comprising institutional accounts, <br> Delaware Ivy Small Cap Growth Fund, <br> and Delaware Ivy VIP Small Cap Growth <br> Fund; Portfolio Manager, Delaware Ivy <br> VIP Small Cap Growth Fund since March <br> 2006<br>|

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*Management of the Funds* **103**

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Portfolio Manager and Title** | **Primary Portfolio**<br> **Manager Since**<br>| **Business Experience During**<br> **Past Five Years**<br>|
| &nbsp;&nbsp;&nbsp; SFT Real Estate <br> Securities<br>| Jon Cheigh<br> Chief Investment Officer, Executive Vice <br> President and Portfolio Manager, <br> Cohen & Steers<br>| August 1, 2022 | President since 2025, Chief Investment <br> Officer since 2019 and Head of the <br> Global Real Estate Investment Team <br> since 2012 at Cohen & Steers. <br> Previously, Executive Vice President, <br> Senior Vice President and Portfolio <br> Manager since 2007.<br>|
|  | Jason A. Yablon<br> Executive Vice President and Portfolio <br> Manager, Cohen & Steers<br>| August 1, 2022 | Executive Vice President and Head of<br> the U.S. Real Estate Investment Team at <br> Cohen & Steers since 2022, previously <br> Senior Vice President and Portfolio <br> Manager with Cohen & Steers since <br> 2014<br>|
|  | Mathew Kirschner, CFA<br> Senior Vice President and <br> Portfolio Manager, Cohen & Steers<br>| August 1, 2022 | Senior Vice President and a Member of <br> the US Real Estate Investment Team <br> since 2019, previously Vice President <br> with Cohen & Steers since 2010<br>|
|  | Ji Zhang, CFA<br> Senior Vice President and<br> Portfolio Manager, Cohen & Steers<br>| January 1, 2024 | Senior Vice President since 2023, <br> previously Vice President and Portfolio <br> Manager with Cohen & Steers.<br>|
| &nbsp;&nbsp;&nbsp; SFT T. Rowe <br> Price Value<br>| Ryan S. Hedrick, CFA<br> Vice President and Portfolio Manager,<br> T. Rowe Price<br>| January 1, 2023 | Portfolio Manager since January 1, <br> 2023, previously Associate Portfolio <br> Manager and Equity Research Analyst <br> with T. Rowe Price since 2013<br>|
| &nbsp;&nbsp;&nbsp; SFT Wellington <br> Core Equity<br>| David A. Siegle, CFA<br> Managing Director and Equity Portfolio <br> Manager, Wellington Management<br>| November 20, 2017 | Equity Portfolio Manager since 2023, <br> Wellington Management; previously <br> Equity Research Analyst since 2007, <br> Wellington Management<br>|
|  | Douglas W. McLane, CFA<br> Senior Managing Director and Equity <br> Portfolio Manager, Wellington <br> Management<br>| November 20, 2017 | Equity Portfolio Manager since 2018, <br> Wellington Management; previously <br> Equity Research Analyst since 2011, <br> Wellington Management<br>|

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**104** *Management of the Funds*

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***Distribution Arrangements***

Fund shares are sold only to participating life insurance company separate accounts and qualified plans (financial intermediaries) and are not offered directly to the public. Fund shares are currently offered only to certain separate accounts of Minnesota Life in connection with its variable life insurance policies and variable annuity contracts, and to certain other separate accounts of life insurance company affiliates of Minnesota Life. It is possible that the Trust may offer Fund shares to other financial intermediaries in the future. Purchases and sales of Fund shares may be effected only through a participating life insurance company or qualified plan. Securian Financial serves as the underwriter of the Trust's shares.

The Trust has issued a separate series of its common stock for each Fund. Each Fund currently offers its shares in two classes (Class 1 and Class 2), except that SFT Balanced Stabilization Fund, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Equity Stabilization Fund, SFT Government Money Market Fund, and SFT T. Rowe Price Value Fund each offers shares in only one class. Different expenses apply to Class 1 and Class 2 shares.

Distribution Fees

The Trust has adopted a Rule 12b-1 Distribution Plan which covers all of its Class 2 shares and its SFT Balanced Stabilization Fund, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Equity Stabilization Fund, SFT Government Money Market Fund, and SFT T. Rowe Price Value Fund (Covered Funds). Each Covered Fund pays distribution fees equal to .25% per annum of the average daily net assets of the Fund. These fees are paid out of the Covered Fund's assets on an on-going basis, which affects the Covered Fund's share price, and, over time, increases the cost of an investment in the Covered Fund. These distribution fees may also cost the purchaser of a variable life insurance policy or variable annuity contract which is invested in the Covered Fund more over time than other types of sales charges that may be paid in connection with the variable policy or contract. The fees are paid to 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 administrative or other non-distribution services as provided for in the Distribution Plan.

Payments to Insurance Companies

Minnesota Life, or another life insurance company issuing variable life insurance policies or variable annuity contracts that invest in the Trust's Funds, may receive all the Rule 12b-1 distribution fees discussed above. In addition to those payments, Securian AM may make other payments to insurance companies that are intended to compensate such companies for costs of various administrative support services they perform in connection with variable life insurance policies and variable annuity contracts that invest in the Trust's Funds. These services may indirectly benefit the Trust and the fees paid by Securian AM are in addition to any fees that may be paid by the Trust for these or other types of services. Securian AM currently makes such payments to Minnesota Life in amounts based on a percentage of the average daily net asset value of shares of certain Funds held in connection with certain Minnesota Life variable life insurance policies and variable annuity contracts. Payments in connection with such policies and contracts are equal to .10% per annum for Class 1 and Class 2 shares of the SFT Real Estate Securities Fund, and .05% per annum for Class 1 and Class 2 shares of the SFT Core Bond, SFT Index 400 Mid-Cap and SFT Index 500 Funds, except for a payment equal to .10% per annum for Class 1 shares of the SFT Index 500 Fund held in connection with a designated policy. In the case of shares of the SFT Balanced Stabilization and SFT Equity Stabilization Funds held in connection with such policies and contracts, an Expense Limitation Agreement was in place during the period May 1, 2013 through April 30, 2021, during which payments ranged from .10% to .20% depending on the level of net assets attributable to such shares and the level of Management

*Distribution Arrangements* **105**

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Fee Waivers and other expense reimbursements made by Securian AM in connection with such Funds. For the period May 1, 2021 and forward, the payments for the SFT Balanced Stabilization Fund and SFT Equity Stabilization Fund will equal .20% per annum. In the case of shares of SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT T. Rowe Price Value Fund, and SFT Wellington Core Equity Fund (both Class 1 and Class 2 shares), held in connection with such policies and contracts, payments equal .20% per annum. The amount of any payments described in this paragraph is determined by Securian AM, and all such amounts are paid out of Securian AM's available assets and not by the Trust. As a result, the total expense ratio of any Fund will not be affected by any such payments.

**106** *Distribution Arrangements*

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***Shareholder Information***

Determination of Net Asset Value

Net asset value (NAV) for one Fund share is equal to the Fund's total investments less any liabilities divided by the number of Fund shares. To determine NAV, a Fund (other than SFT Government Money Market Fund) generally values its investments based on market quotations. Debt securities may be valued based on calculations furnished to the Fund by a pricing service or by brokers who make a market in such securities. A Fund may hold securities that are listed on foreign stock exchanges. These foreign securities may trade on weekends or other days when the Fund typically does not calculate NAV. As a result, the NAV of such Fund shares may change on days when an investor will not be able to purchase or sell Fund shares. NAV is generally calculated as of the close of normal trading on the New York Stock Exchange (NYSE), typically 3:00 p.m. Central time. NAV is not calculated on: (a) days in which changes in a Fund's investment portfolio do not materially change the Fund's NAV, (b) days on which no Fund shares are purchased or sold, and (c) customary national business holidays on which the NYSE is closed for trading.

If market quotations are not available for certain Fund investments, Securian AM, in its capacity as the Board designated Valuation Designee (as defined under Rule 2a-5 of the 1940 Act), performs fair value determinations pursuant to the requirements of Rule 2a-5 and in accordance with Board-approved valuation policies and procedures of the Trust. A Fund's investments may also be valued at fair value if Securian AM determines, in its capacity as the Valuation Designee, 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 share price is calculated. Other circumstances in which fair value pricing may be utilized include, but are not limited to: (i) when significant events occur which may affect the securities of a single issuer, such as mergers, bankruptcies or defaults; (ii) when events occur such as markets closing early or not opening, or security trading halts; or (iii) when pricing certain restricted or non-public securities. Despite best efforts, due to the subjective nature of fair value pricing there is an inherent risk that the fair value of an investment may be higher or lower than the value the Fund would have received based on market quotations. Fair value pricing may in some cases reduce the ability of frequent traders to take advantage of arbitrage opportunities resulting from potentially "stale" prices of portfolio holdings. However, fair value pricing cannot eliminate the possibility of frequent trading (see "Excessive Trading" below).

Securities in SFT Government Money Market Fund's investment portfolio are valued on an amortized cost basis. This involves valuing an instrument at its cost and thereafter assuming a constant amortization of any discount or premium until the instrument's maturity, rather than looking at actual changes in the market value of the instrument.

Buying Shares

Fund shares may be sold only to participating life insurance company separate accounts and qualified plans (financial intermediaries) and are not offered directly to the public. Fund shares are currently offered only to certain of Minnesota Life's separate accounts in connection with its variable life insurance policies and variable annuity contracts, and to certain other separate accounts of life insurance company affiliates of Minnesota Life. It is possible that the Trust may offer Fund shares to other financial intermediaries in the future. In all cases, Fund shares are held in an omnibus account owned by the participating financial intermediary. Please refer to the appropriate separate account prospectus or plan documents for details. Securian Financial serves as the underwriter of the Trust's shares.

Eligible investors may purchase Fund shares on any day the NYSE is open for business. The price for Fund shares is equal to the Fund's NAV. The price for shares of the SFT Government Money Market Fund will normally be $1.00. However, there is no assurance that the SFT Government Money Market Fund will maintain the $1.00 NAV.

*Shareholder Information* **107**

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A purchase order will be priced at the next NAV calculated after the purchase order is received by the Trust. If a purchase order is received after the close of normal trading on the NYSE, the order will be priced at the NAV calculated on the next day the NYSE is open for trading.

Selling Shares

Fund shares will be sold on any day the NYSE is open for business, at the NAV next calculated after a sale order is received by the Trust. The amount an investor receives may be more or less than the original purchase price for the applicable shares. The Trust does not impose a redemption fee in connection with such transactions. Redemptions, like purchases, may be effected only through a participating life insurance company or qualified plan. Please refer to the appropriate separate account prospectus or plan documents for details. Typically, payments for redeemed shares generally occur within five to seven days of receipt of a proper notice of redemption. The Funds have historically met redemption requests out of Fund holdings of cash or cash equivalents or sales of portfolio securities.

Exchanging Shares

Owners of variable life insurance policies and variable annuity contracts (contract owners) who invest in the Trust may exchange shares. Shares of the Trust are currently only offered to insurance company separate accounts as underlying investments for variable life insurance policies and variable annuity contracts (variable products). For purposes of the Trust's policy, exchanges are treated as a sale and a purchase. Such exchanges are subject to the terms and any specific limitations described in the accompanying variable product prospectus and, in the case of the Trust, to the additional trading limitations described below. Contract owners should reference their variable product prospectus, or contact their participating insurance company directly, for details concerning these transactions.

Excessive Trading

The Board of Trustees of the Trust has adopted the following as the Trust's policies and procedures with respect to frequent purchases and redemptions of Trust shares by shareholders: The Trust and its Funds are not intended for market timing or excessive trading, nor will the Trust knowingly accommodate such trading activity. It is also the policy of the Trust to discourage frequent purchases and redemptions of Fund shares when the Trust becomes aware of such activity, and, in such circumstances, to take steps to attempt to minimize the effect of excessive trading activity in affected Fund. Frequent trading into and out of a Fund can disrupt the efficient management of the Fund and its investment strategies, dilute the value of Fund shares held by long-term shareholders, and increase portfolio expenses (including brokerage or other trading costs) for all shareholders, including long-term shareholders who do not generate these expenses. A Fund holding material amounts of thinly-traded securities may also be more susceptible to market timing risks. Fair value pricing of such securities may, in some cases, reduce the risk of frequent or excessive trading in a Fund, but it cannot eliminate the possibility of such trading.

The Trust and its agents reserve the right to reject, for any reason and without prior notice, any purchase request (including exchange purchases if permitted by the insurance company or qualified plan) by any investor or group of investors indefinitely if they believe that any combination of trading activity, including trading done in multiple accounts under common ownership or control, is attributable to market timing or is otherwise excessive or potentially disruptive to a Fund. In addition to refusing purchase and exchange orders, the Trust reserves the right to instruct its participating financial intermediaries to restrict the availability to their contract owners or plan participants of purchases and exchanges through telephone requests, facsimile transmissions, automated telephone services, express mail or delivery services, internet services or any other electronic transfer service if, in the judgment of the Trust, a contract owner's or plan participant's trading has been or may be disruptive to a Fund. The Trust watches for and attempts to detect unusual trading activity by monitoring aggregate trades in Fund shares placed in the omnibus accounts. When such activity is detected, the Trust will contact participating life insurance

**108** *Shareholder Information*

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companies and qualified plans for the purpose of asking them to investigate the trading activities of their contract owners and participants, respectively, to discourage such contract owners or participants from engaging in further abusive trading, and, where appropriate, to impose restrictions on excessive trading as described above.

Although the Trust itself attempts to monitor aggregate trades in the omnibus accounts for unusual activity, the Trust relies primarily on financial intermediaries to take steps reasonably designed to detect and prevent excessive trading in the Trust. In accordance with regulations under the 1940 Act, the Trust has entered into a shareholder information agreement with each of its financial intermediaries. Pursuant to such agreements, financial intermediaries are required, among other things, to provide to the Trust, upon request, the Taxpayer Identification Numbers of contract owners or plan participants who trade Trust shares through an omnibus account with the intermediary, as well as the amounts and dates of such transactions. Financial intermediaries are also required to implement instructions from the Trust to restrict or prohibit further purchases or exchanges of Trust shares by a contract owner or plan participant who has been identified by the Trust as being in violation of the Trust's policies prohibiting excessive trading.

The Trust will generally refuse purchase or exchange orders from a financial intermediary only in situations where such intermediary has failed to cooperate reasonably in detecting and preventing excessive trading. In addition, the Trust will generally ask a financial intermediary to impose the restrictions described above only if excessive trading by a contract owner or participant continues after the financial intermediary has requested that such trading activity cease. The Trust reserves the right to determine in any circumstance whether excessive trading has occurred, but it will not exercise discretion to do nothing in response to significant evidence of excessive trading activity. It is also the policy of the Trust to impose the restrictions, policies and procedures described above on a uniform basis, but there may sometimes be differences in application for the reasons described in the following paragraph.

Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions, there can be no assurance that the Trust's efforts will identify all trades or trading practices that may be considered abusive. In addition, the Trust's ability to monitor trades that are placed by individual contract owners and plan participants through the omnibus accounts of financial intermediaries is severely limited because the Trust does not have direct access to the underlying account information for such contract owners and plan participants. There may also be legal and technological limitations on the ability of financial intermediaries to impose restrictions on the trading practices of their contract owners and plan participants. As a result, the Trust's ability to monitor and discourage abusive trading practices in omnibus accounts owned by life insurance companies and qualified plans, or to do so on a uniform basis, may be limited. In such circumstances, the Trust and its long-term shareholders may suffer some or all of the adverse consequences of excessive trading described above.

Distributions

It is expected that the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund each will be treated as a disregarded entity for federal income tax purposes. The Trust intends that the Funds other than the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund will qualify as partnerships for federal income tax purposes. Funds treated as partnerships or disregarded entities are not required to distribute taxable income, and such Funds other than SFT Government Money Market Fund will not distribute taxable income. SFT Government Money Market Fund will make such distributions of taxable income as are necessary to maintain a one dollar ($1.00) net asset value per share. Each partner or owner of a disregarded entity, which would be Minnesota Life and Securian Life Insurance Company (Securian Life) through their respective separate accounts, is required to report its respective share of ordinary income, dividends, interest, and short or long term capital gains.

*Shareholder Information* **109**

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Taxes

**General.** Each Fund is treated as a separate entity for federal income tax purposes. It is expected that the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund each will be treated as a disregarded entity for federal income tax purposes. The Trust intends that the Funds other than the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund will qualify as partnerships for federal income tax purposes. Funds treated as disregarded entities or partnerships for federal income tax purposes are not subject to income tax and any income, gains, deductions or losses of the Funds will pass through the Fund and be taken into account by their owners or partners, which would be Minnesota Life and/or Securian Life through their respective separate accounts.

A description of the tax treatment of each Fund as a RIC, partnership or disregarded entity is available in the Statement of Additional Information.

Shares of the Funds must be purchased through separate accounts used to fund variable insurance contracts. As a result, it is anticipated that any distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. Withdrawals from such contracts may be subject to ordinary income tax and, if made before age 59 ½, a 10% penalty tax. Investors should ask their own tax advisors for more information on their tax situation, including possible state or local taxes. For information concerning the tax consequences to purchasers of variable annuity contracts and variable life insurance policies issued by Minnesota Life, please see the accompanying prospectus for those contracts.

**Special Fund Diversification Requirements.** To enable a variable annuity contract or variable life insurance policy based on an insurance company separate account to qualify for favorable tax treatment under the Code, the underlying investments must follow special diversification requirements that limit the percentage of assets that can be invested in securities of particular issuers. Each Fund's investment program is managed to meet those requirements, in addition to other diversification requirements under the Code and the Investment Company Act of 1940.

Failure by the Fund to meet those special requirements could cause earnings on a contract or policy owner's interest in an insurance company separate account, including earnings attributable to the separate account's investment in the Fund, to be taxable as income immediately. Those diversification requirements might also limit, to some degree, the Fund's investment decisions in a way that could reduce its performance.

Mixed and Shared Funding

The Trust serves as the underlying investment medium for amounts invested in life insurance company separate accounts funding both variable life insurance policies and variable annuity contracts (mixed funding), and as the investment medium for such policies and contracts issued by both Minnesota Life and other affiliated and unaffiliated life insurance companies (shared funding). Shared funding also occurs when the Trust is used by both a life insurance company to fund its policies or contracts and a participating qualified plan to fund plan benefits. It is possible that there may be circumstances where it is disadvantageous for either: (i) the owners of variable life insurance policies and variable annuity contracts to invest in the Trust at the same time, or (ii) the owners of such policies and contracts issued by different life insurance companies to invest in the Trust at the same time or (iii) participating qualified plans to invest in shares of the Trust at the same time as one or more life insurance companies. Neither the Trust nor Minnesota Life currently foresees any disadvantage, but if the Trust determines that there is any such disadvantage due to a material conflict of interest between such policy owners and contract owners, or between different life insurance companies, or between participating qualified plans and one or more life insurance companies, or for any other reason, the Trust's Board of Trustees will notify the life insurance companies and participating qualified plans of such conflict of interest or other applicable event. In that event, the life insurance companies or participating qualified plans may be required to sell Trust shares with respect to certain groups of policy owners or contract owners, or certain participants in participating qualified plans, in order to

**110** *Shareholder Information*

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resolve any conflict. The life insurance companies and participating qualified plans will bear the entire cost of resolving any material conflict of interest.

*Shareholder Information* **111**

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***Financial Highlights*** 

The following tables describe the performance of each Fund for the fiscal periods indicated. "Total return" shows how much an investment in the Fund would have increased (or decreased) during each period, assuming an investor had reinvested all dividends and distributions. The tables do not, however, reflect the charges and other expenses associated with the variable life insurance policies and variable annuity contracts, or qualified plans, which invest in the Funds. If such charges and expenses were included, the total return shown below for each Fund would be lower. These figures have been derived from the Trust's financial statements, which have been audited by KPMG LLP, the Trust's independent registered public accounting firm, whose report, along with the Trust's financial statements, are included in the Trust's annual report, which is available upon request.

SFT Balanced Stabilization Fund, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Equity Stabilization Fund, SFT Government Money Market Fund, and SFT T. Rowe Price Value Fund each issue a single class of shares. SFT Core Bond Fund, SFT Index 400 Mid-Cap Fund, SFT Index 500 Fund, SFT Real Estate Securities Fund and SFT Wellington Core Equity Fund each offer two classes of shares. With respect to each such Fund, both classes of shares are invested in the same portfolio of securities and have substantially similar annual returns, differing only to the extent that the classes do not have the same expenses. For Funds that offer two classes of shares, the Financial Highlights shown for Class 2 reflects a 0.25% 12b-1 distribution fee that is not charged to Class 1 shares. Because Class 1 is not subject to this 12b-1 fee, the returns for Class 1 of each such Fund are somewhat greater than the returns for Class 2.

Per share data for a share of capital stock and selected information for each period are as follows for each Fund:

SFT Balanced Stabilization Fund

**Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $24.296 | $21.401 | $18.534 | $21.210 | $18.697 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .257 | .241 | .282 | .136 | .019 |
| Net realized and unrealized gain (loss) on investments | 2.340 | 2.654 | 2.585 | (2.812) | 2.494 |
| Total from investment operations | 2.597 | 2.895 | 2.867 | (2.676) | 2.513 |
| Net asset value, end of period | $26.893 | $24.296 | $21.401 | $18.534 | $21.210 |
| Total return (b) | 10.69% | 13.53% | 15.47% | (12.62)% | 13.46% |
| Net assets, end of period (in thousands) | $589935 | $618140 | $652629 | $625412 | $729543 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses before waiver (c) | .88% | .87% | .87% | .86% | .85% |
| Expenses net of waiver (c)(d) | .88% | .87% | .87% | .86% | .84% |
| Net investment income | 1.03% | 1.04% | 1.43% | .71% | .10% |
| Portfolio turnover rate (excluding short-term securities) | 10.3% | 0.6% | 4.1% | 12.0% | 5.8% |

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

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

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

(d) Ratio is net of fees waived by Securian AM.

**112** *Financial Highlights*

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SFT Core Bond Fund

**Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $2.530 | $2.505 | $2.364 | $2.747 | $2.755 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .104 | .103 | .098 | .065 | .056 |
| Net realized and unrealized gain (loss) on investments | .090 | (.078) | .043 | (.448) | (.064) |
| Total from investment operations | .194 | .025 | .141 | (.383) | (.008) |
| Net asset value, end of period | $2.724 | $2.530 | $2.505 | $2.364 | $2.747 |
| Total return (b) | 7.67% | 0.99% | 5.98% | (13.93)% | (.29)% |
| Net assets, end of period (in thousands) | $13059 | $10469 | $9271 | $7303 | $7751 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .54% | .53% | .51% | .50% | .49% |
| Net investment income | 3.96% | 4.07% | 4.09% | 2.62% | 2.03% |
| Portfolio turnover rate (excluding short-term securities) | 359.6% | 326.0% | 209.9% | 139.2% | 67.3% |

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

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

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

*Financial Highlights* **113**

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SFT Core Bond Fund

**Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $2.431 | $2.413 | $2.282 | $2.659 | $2.673 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .094 | .093 | .089 | .057 | .047 |
| Net realized and unrealized gain (loss) on investments | .086 | (.075) | .042 | (.434) | (.061) |
| Total from investment operations | .180 | .018 | .131 | (.377) | (.014) |
| Net asset value, end of period | $2.611 | $2.431 | $2.413 | $2.282 | $2.659 |
| Total return (b) | 7.40% | 0.73% | 5.72% | (14.17)% | (.54)% |
| Net assets, end of period (in thousands) | $411932 | $414376 | $439572 | $431655 | $522580 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .79% | .78% | .76% | .75% | .74% |
| Net investment income | 3.72% | 3.83% | 3.83% | 2.38% | 1.78% |
| Portfolio turnover rate (excluding short-term securities) | 359.6% | 326.0% | 209.9% | 139.2% | 67.3% |

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

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

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

**114** *Financial Highlights*

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SFT Equity Stabilization Fund

**Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $15.366 | $13.984 | $12.969 | $14.363 | $12.804 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .277 | .290 | .268 | .169 | .154 |
| Net realized and unrealized gain (loss) on investments | .978 | 1.092 | .747 | (1.563) | 1.405 |
| Total from investment operations | 1.255 | 1.382 | 1.015 | (1.394) | 1.559 |
| Net asset value, end of period | $16.621 | $15.366 | $13.984 | $12.969 | $14.363 |
| Total return (b) | 8.16% | 9.89% | 7.82% | (9.71)% | 12.18% |
| Net assets, end of period (in thousands) | $248850 | $279607 | $313368 | $328345 | $372333 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses before waiver (c) | .92% | .90% | .90% | .88% | .87% |
| Expenses net of waiver (c)(d) | .92% | .90% | .90% | .88% | .85% |
| Net investment income | 1.72% | 1.93% | 2.01% | 1.28% | 1.13% |
| Portfolio turnover rate (excluding short-term securities) | 5.2% | 0.0% | 0.6% | 12.3% | 3.4% |

---

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

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

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

(d) Ratio is net of fees waived by Securian AM.

*Financial Highlights* **115**

------

SFT Government Money Market Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .036 | .045 | .044 | .011 | .000 |
| Net realized and unrealized gain (loss) on investments | .000 | .000 | .000 | .000 | .000 |
| Total from investment operations | .036 | .045 | .044 | .011 | .000 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | (.036) | (.045) | (.044) | (.011) | .000 |
| Net asset value, end of period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total return (b) | 3.63% | 4.61% | 4.47% | 1.12% | 0.00% |
| Net assets, end of period (in thousands) | $233238 | $225600 | $229469 | $222482 | $197078 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses before waiver (c) | .65% | .67% | .64% | .64% | .66% |
| Expenses net of waiver (c)(d) | .65% | .67% | .64% | .48% | .04% |
| Net investment income | 3.57% | 4.51% | 4.38% | 1.16% | 0.00% |

---

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

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

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

(d) Ratio is net of fees waived by Securian AM and Securian Financial.

**116** *Financial Highlights*

------

SFT Index 400 Mid-Cap Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $8.885 | $7.823 | $6.745 | $7.786 | $6.264 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .110 | .107 | .100 | .084 | .068 |
| Net realized and unrealized gain (loss) on investments | .525 | .955 | .978 | (1.125) | 1.454 |
| Total from investment operations | .635 | 1.062 | 1.078 | (1.041) | 1.522 |
| Net asset value, end of period | $9.520 | $8.885 | $7.823 | $6.745 | $7.786 |
| Total return (b) | 7.14% | 13.58% | 15.99% | (13.38)% | 24.30% |
| Net assets, end of period (in thousands) | $53343 | $44206 | $35875 | $28379 | $25327 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .32% | .31% | .31% | .30% | .28% |
| Net investment income | 1.23% | 1.26% | 1.40% | 1.22% | .93% |
| Portfolio turnover rate (excluding short-term securities) | 18.0% | 16.0% | 20.7% | 15.0% | 15.3% |

---

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

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

(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.

*Financial Highlights* **117**

------

SFT Index 400 Mid-Cap Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $8.537 | $7.535 | $6.513 | $7.538 | $6.079 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .084 | .082 | .079 | .063 | .050 |
| Net realized and unrealized gain (loss) on investments | .503 | .920 | .943 | (1.088) | 1.409 |
| Total from investment operations | .587 | 1.002 | 1.022 | (1.025) | 1.459 |
| Net asset value, end of period | $9.124 | $8.537 | $7.535 | $6.513 | $7.538 |
| Total return (b) | 6.87% | 13.30% | 15.70% | (13.60)% | 23.99% |
| Net assets, end of period (in thousands) | $186355 | $185275 | $183879 | $169289 | $207828 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .57% | .56% | .56% | .55% | .53% |
| Net investment income | .97% | 1.00% | 1.14% | .94% | .71% |
| Portfolio turnover rate (excluding short-term securities) | 18.0% | 16.0% | 20.7% | 15.0% | 15.3% |

---

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

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

(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.

**118** *Financial Highlights*

------

SFT Index 500 Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $25.945 | $20.797 | $16.502 | $20.191 | $15.732 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .318 | .308 | .283 | .251 | .215 |
| Net realized and unrealized gain (loss) on investments | 4.260 | 4.840 | 4.012 | (3.940) | 4.244 |
| Total from investment operations | 4.578 | 5.148 | 4.295 | (3.689) | 4.459 |
| Net asset value, end of period | $30.523 | $25.945 | $20.797 | $16.502 | $20.191 |
| Total return (b) | 17.64% | 24.75% | 26.03% | (18.27)% | 28.35% |
| Net assets, end of period (in thousands) | $615686 | $558748 | $439577 | $322375 | $365210 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .17% | .18% | .19% | .19% | .19% |
| Net investment income | 1.16% | 1.30% | 1.52% | 1.44% | 1.19% |
| Portfolio turnover rate (excluding short-term securities) | 4.4% | 3.2% | 2.5% | 2.1% | 2.3% |

---

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

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

(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.

*Financial Highlights* **119**

------

SFT Index 500 Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $24.930 | $20.034 | $15.936 | $19.547 | $15.268 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .240 | .240 | .227 | .200 | .164 |
| Net realized and unrealized gain (loss) on investments | 4.070 | 4.656 | 3.871 | (3.811) | 4.115 |
| Total from investment operations | 4.310 | 4.896 | 4.098 | (3.611) | 4.279 |
| Net asset value, end of period | $29.240 | $24.930 | $20.034 | $15.936 | $19.547 |
| Total return (b) | 17.29% | 24.44% | 25.71% | (18.47)% | 28.03% |
| Net assets, end of period (in thousands) | $994977 | $908022 | $791371 | $665209 | $862746 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .42% | .43% | .44% | .44% | .44% |
| Net investment income | .91% | 1.05% | 1.27% | 1.18% | .94% |
| Portfolio turnover rate (excluding short-term securities) | 4.4% | 3.2% | 2.5% | 2.1% | 2.3% |

---

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

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

(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.

**120** *Financial Highlights*

------

SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $46.342 | $37.387 | $27.100 | $37.202 | $28.554 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | (.150) | (.133) | (.090) | (.082) | (.124) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 4.192 | 9.088 | 10.377 | (10.020) | 8.772 |
| Total from investment operations | 4.042 | 8.955 | 10.287 | (10.102) | 8.648 |
| Net asset value, end of period | $50.384 | $46.342 | $37.387 | $27.100 | $37.202 |
| Total return (b) | 8.72% | 23.95% | 37.96% | (27.15)% | 30.29% |
| Net assets, end of period (in thousands) | $640913 | $648359 | $593256 | $478459 | $705437 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .96% | .95% | .97% | .96% | .96% |
| Net investment income (loss) | (.32)% | (.31)% | (.28)% | (.27)% | (.38)% |
| Portfolio turnover rate (excluding short-term securities) | 25.8% | 8.5% | 9.1% | 8.5% | 14.4% |

---

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

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

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

*Financial Highlights* **121**

------

SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $25.177 | $22.062 | $19.561 | $26.750 | $25.579 |
| Income from investment operations: |  |  |  |  |  |
| Net investment loss (a) | (.276) | (.232) | (.168) | (.179) | (.233) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.582 | 3.347 | 2.669 | (7.010) | 1.404 |
| Total from investment operations | 3.306 | 3.115 | 2.501 | (7.189) | 1.171 |
| Net asset value, end of period | $28.483 | $25.177 | $22.062 | $19.561 | $26.750 |
| Total return (b) | 13.13% | 14.12% | 12.79% | (26.87)% | 4.58% |
| Net assets, end of period (in thousands) | $165822 | $159094 | $150358 | $141138 | $204666 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | 1.33% | 1.31% | 1.32% | 1.27% | 1.23% |
| Net investment loss | (1.06)% | (.96)% | (.80)% | (.82)% | (.84)% |
| Portfolio turnover rate (excluding short-term securities) | 78.3% | 77.4% | 65.1% | 61.8% | 47.1% |

---

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

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

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

**122** *Financial Highlights*

------

SFT Real Estate Securities Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 1 Shares<br> Year Ended December 31, | Class 1 Shares<br> Year Ended December 31, | Class 1 Shares<br> Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $7.029 | $6.605 | $5.885 | $7.964 | $5.515 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .140 | .128 | .132 | .114 | .061 |
| Net realized and unrealized gain (loss) on investments | .030 | .296 | .588 | (2.193) | 2.388 |
| Total from investment operations | .170 | .424 | .720 | (2.079) | 2.449 |
| Net asset value, end of period | $7.199 | $7.029 | $6.605 | $5.885 | $7.964 |
| Total return (b) | 2.42% | 6.42% | 12.22% | (26.10)% | 44.41% |
| Net assets, end of period (in thousands) | $17907 | $15882 | $14785 | $11211 | $13201 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | 1.00% | .96% | .97% | .90% | .87% |
| Net investment income | 1.94% | 1.87% | 2.18% | 1.71% | .91% |
| Portfolio turnover rate (excluding short-term securities) | 29.4% | 27.2% | 33.4% | 78.7% | 59.7% |

---

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

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

(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.

*Financial Highlights* **123**

------

SFT Real Estate Securities Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year Ended December 31, | Class 2 Shares<br> Year Ended December 31, | Class 2 Shares<br> Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $6.753 | $6.361 | $5.683 | $7.709 | $5.352 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .116 | .105 | .110 | .091 | .055 |
| Net realized and unrealized gain (loss) on investments | .030 | .287 | .568 | (2.117) | 2.302 |
| Total from investment operations | .146 | .392 | .678 | (2.026) | 2.357 |
| Net asset value, end of period | $6.899 | $6.753 | $6.361 | $5.683 | $7.709 |
| Total return (b) | 2.16% | 6.15% | 11.94% | (26.29)% | 44.05% |
| Net assets, end of period (in thousands) | $96236 | $100111 | $109166 | $104547 | $160607 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | 1.24% | 1.21% | 1.22% | 1.15% | 1.12% |
| Net investment income | 1.67% | 1.60% | 1.88% | 1.40% | .85% |
| Portfolio turnover rate (excluding short-term securities) | 29.4% | 27.2% | 33.4% | 78.7% | 59.7% |

---

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

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

(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.

**124** *Financial Highlights*

------

SFT T. Rowe Price Value Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year Ended December 31, | Class 2 Shares<br> Year Ended December 31, | Class 2 Shares<br> Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $25.497 | $22.243 | $19.905 | $22.533 | $17.411 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .210 | .213 | .228 | .180 | .082 |
| Net realized and unrealized gain (loss) on investments | 2.797 | 3.041 | 2.110 | (2.808) | 5.040 |
| Total from investment operations | 3.007 | 3.254 | 2.338 | (2.628) | 5.122 |
| Net asset value, end of period | $28.504 | $25.497 | $22.243 | $19.905 | $22.533 |
| Total return (b) | 11.80% | 14.63% | 11.75% | (11.67)% | 29.43% |
| Net assets, end of period (in thousands) | $201095 | $195310 | $194341 | $185109 | $239333 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | 1.01% | .99% | 1.04% | 1.07% | 1.05% |
| Net investment income | .78% | .86% | 1.12% | .88% | .40% |
| Portfolio turnover rate (excluding short-term securities) | 58.4% | 56.1% | 61.8% | 186.4% | 100.1% |

---

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

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

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

*Financial Highlights* **125**

------

SFT Wellington Core Equity Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, | Class 1 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $33.926 | $27.068 | $22.365 | $27.698 | $22.304 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .091 | .119 | .155 | .152 | .105 |
| Net realized and unrealized gain (loss) on investments | 4.718 | 6.739 | 4.548 | (5.485) | 5.289 |
| Total from investment operations | 4.809 | 6.858 | 4.703 | (5.333) | 5.394 |
| Net asset value, end of period | $38.735 | $33.926 | $27.068 | $22.365 | $27.698 |
| Total return (b) | 14.17% | 25.34% | 21.03% | (19.26)% | 24.18% |
| Net assets, end of period (in thousands) | $9743 | $7500 | $5539 | $3843 | $3020 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | .78% | .78% | .85% | .87% | .84% |
| Net investment income | .25% | .38% | .63% | .65% | .42% |
| Portfolio turnover rate (excluding short-term securities) | 35.5% | 32.2% | 23.1% | 14.0% | 14.4% |

---

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

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

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

**126** *Financial Highlights*

------

SFT Wellington Core Equity Fund

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, | Class 2 Shares<br> Year ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $33.033 | $26.421 | $21.885 | $27.173 | $21.936 |
| Income from investment operations: |  |  |  |  |  |
| Net investment income (a) | .004 | .040 | .094 | .088 | .042 |
| Net realized and unrealized gain (loss) on investments | 4.584 | 6.572 | 4.442 | (5.376) | 5.195 |
| Total from investment operations | 4.588 | 6.612 | 4.536 | (5.288) | 5.237 |
| Net asset value, end of period | $37.621 | $33.033 | $26.421 | $21.885 | $27.173 |
| Total return (b) | 13.89% | 25.02% | 20.73% | (19.46)% | 23.87% |
| Net assets, end of period (in thousands) | $126260 | $124169 | $113517 | $104921 | $141740 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses (c) | 1.03% | 1.03% | 1.10% | 1.12% | 1.08% |
| Net investment income | .01% | .13% | .40% | .38% | .17% |
| Portfolio turnover rate (excluding short-term securities) | 35.5% | 32.2% | 23.1% | 14.0% | 14.4% |

---

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

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

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

*Financial Highlights* **127**

------

***Service Providers***

**Investment Adviser** 

Securian Asset Management, Inc.

400 Robert Street North

St. Paul, MN 55101

(800) 665-6005

**Investment Sub-Advisers** 

*SFT Core Bond Fund* 

Metropolitan West Asset Management, LLC

515 South Flower Street

Los Angeles, CA 90071

(213) 244-0000

*SFT Nomura Growth Fund and SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Growth Fund and SFT Macquarie Small Cap Growth Fund)* 

Nomura Investments Fund Advisers

100 Independence

610 Market Street

Philadelphia, PA 19106-2354

(800) 523-1918

*SFT Real Estate Securities Fund* 

Cohen & Steers Capital Management, Inc.

1166 Avenue of Americans, 30th Floor

New York, NY 10036

(800) 330-7348

*SFT T. Rowe Price Value Fund* 

T. Rowe Price Associates, Inc.

1307 Point Street

Baltimore, MD 21231

(800) 638-7890

*SFT Wellington Core Equity Fund* 

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

(617) 951-5000

**Administrative Services Agent** 

Securian Financial Group, Inc.

(800) 820-4205

**Underwriter** 

Securian Financial Services, Inc.

400 Robert Street North

St. Paul, MN 55101-2098

(800) 820-4205

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Independent Registered Public Accounting Firm** 

KPMG LLP

**General Counsel** 

Stradley Ronon Stevens & Young, LLP

**128** *Service Providers*

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**130** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**131**

------

***Additional Information About the Trust***

The Trust's annual and semiannual reports include information about securities holdings and other financial information for each Fund. In the Trust's annual report you will also find a discussion of recent market conditions, economic trends and investment strategies that affected the Funds during the latest fiscal year.

A Statement of Additional Information (SAI) provides further information about the Trust and the Funds. The current SAI is on file with the Securities and Exchange Commission and is incorporated by reference (is legally part of this prospectus).

**How to Obtain Additional Information.** The SAI and the Trust's annual and semiannual reports are available without charge at SecurianFunds.com/prospectus or upon request. You may obtain additional information or make any inquiries:

By Telephone – Call 1-800-643-5728

By Mail – Write to Minnesota Life Insurance Company, 400 Robert Street North, St. Paul, Minnesota 55101-2098

Information about the Trust (including the SAI and annual and semiannual reports) is available on the EDGAR Database on the Commission's Internet site at http://www.sec.gov and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Investment Company Act No. 811-04279

![](g43272g2img57cc17a01.jpg)©2012, 2018, 2019 Minnesota Life Insurance Company. All rights reserved.

**132** *Additional Information About the Trust*

------

**STATEMENT OF ADDITIONAL INFORMATION** 

**SECURIAN FUNDS TRUST**

• SFT Balanced Stabilization Fund

• SFT Core Bond Fund — Class 1 and Class 2

• SFT Equity Stabilization Fund

• SFT Government Money Market Fund

• SFT Index 400 Mid-Cap Fund — Class 1 and Class 2

• SFT Index 500 Fund — Class 1 and Class 2

• SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

• SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

• SFT Real Estate Securities Fund — Class 1 and Class 2

• SFT T. Rowe Price Value Fund

• SFT Wellington Core Equity Fund — Class 1 and Class 2

May 1, 2026

This Statement of Additional Information is not a prospectus. This Statement of Additional Information relates to the separate Prospectus dated May 1, 2026, and should be read in conjunction therewith.

The audited Annual Report, dated December 31, 2025, and the unaudited Semiannual Report, dated June 30, 2025, of Securian Funds Trust, which either accompany this Statement of Additional Information or have previously been provided to the investor to whom this Statement of Additional Information is being sent, are incorporated herein by reference.

A copy of the Prospectus, Annual Report and Semiannual Report may be obtained by telephone from Minnesota Life Insurance Company ("Minnesota Life") and Securian Life Insurance Company ("Securian Life") at (800) 643-5728 or by writing to Minnesota Life at 400 Robert Street North, St. Paul, Minnesota 55101-2098. Copies are also available at SecurianFunds.com/prospectus.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information and History](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_1) | 5 |
| [Investment Objectives and Policies](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_3) | 7 |
| [Fund Names and Investment Policies](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_3) | 7 |
| [Debt and Money Market Securities — Non-Money Market Funds](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_4) | 8 |
| [Bank Obligations](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_6) | 10 |
| [Floating Interest Rate Investments](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_7) | 11 |
| [Low Rated and Unrated Debt Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_7) | 11 |
| [Municipal Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_8) | 12 |
| [Convertible Securities and Preferred Stock](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_9) | 13 |
| [Money Market Securities — SFT Government Money Market Fund](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_9) | 13 |
| [U.S. Government Obligations](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_10) | 14 |
| [U.S. Treasury Inflation-Protection Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_10) | 14 |
| [Obligations of Non-Domestic Banks](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_11) | 15 |
| [Variable Amount Master Demand Notes](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_11) | 15 |
| [Mortgage-Related Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_11) | 15 |
| [U.S. Government Mortgage-Related Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_12) | 16 |
| [Non-Governmental Mortgage-Related Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_13) | 17 |
| [Collateralized Mortgage Obligations](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_13) | 17 |
| [Structured Investments](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_15) | 19 |
| [Stripped Mortgage-Backed Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_16) | 20 |
| [Asset-Backed and Stripped Asset-Backed Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_17) | 21 |
| [Direct Investments in Mortgages — Whole Loans](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_18) | 22 |
| [Zero Coupon Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_18) | 22 |
| [Pay-in-Kind and Delayed Interest Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_19) | 23 |
| [Derivative Instruments](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_19) | 23 |
| [Futures Contracts and Options on Futures Contracts](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_20) | 24 |
| [Options](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_23) | 27 |
| [Swap Agreements](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_26) | 30 |
| [Foreign Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_31) | 35 |
| [Foreign Currency Transactions](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_34) | 38 |
| [Loans of Fund Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_35) | 39 |
| [Restricted Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_36) | 40 |
| [Illiquid Investments](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_36) | 40 |
| [When-Issued Securities and Forward Commitments](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_37) | 41 |
| [Mortgage Dollar Rolls](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_38) | 42 |
| [Real Estate Investment Trust Securities](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_38) | 42 |
| [Repurchase Agreements](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_39) | 43 |
| [Reverse Repurchase Agreements](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_39) | 43 |
| [Warrants](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_40) | 44 |
| [Securities of Other Investment Companies](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_40) | 44 |
| [Short Sales](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_41) | 45 |
| [Defensive Purposes](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_41) | 45 |
| [Investment Restrictions](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_42) | 46 |
| [Fundamental Restrictions](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_42) | 46 |
| [Non-Fundamental Restrictions](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_43) | 47 |
| [Additional Restrictions](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_44) | 48 |
| [Portfolio Turnover](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_45) | 49 |
| [Trustees and Executive Officers](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_46) | 50 |

---

------

---

| | |
|:---|:---|
| [Investment Advisory and Other Services](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_53) | 57 |
| [General](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_53) | 57 |
| [Control and Management of Securian AM and Securian Financial](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_54) | 58 |
| [The Trust's Investment Advisory Agreement with Securian AM](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_54) | 58 |
| [The Trust's Investment Advisory Fees](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_56) | 60 |
| [SFT Balanced Stabilization Fund Expense Limitation Agreement](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_57) | 61 |
| [SFT Equity Stabilization Fund Expense Limitation Agreement](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_58) | 62 |
| [SFT Government Money Market Fund Net Investment Income Maintenance Agreement](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_58) | 62 |
| [SFT Government Money Market Fund Expense Limitation Agreement](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_59) | 63 |
| [Investment Sub-Advisory Agreements](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_59) | 63 |
| [Basis of Annual Approval of Advisory and Sub-Advisory Agreements](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_65) | 69 |
| [Information Regarding Trust Portfolio Managers — Securian AM](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_65) | 69 |
| [Information Regarding Portfolio Managers — Cohen & Steers](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_67) | 71 |
| [Information Regarding Portfolio Managers — NIFA](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_70) | 74 |
| [Information Regarding Portfolio Managers — MetWest](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_71) | 75 |
| [Information Regarding Portfolio Manager — T. Rowe Price](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_75) | 79 |
| [Information Regarding Portfolio Managers — Wellington Management](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_79) | 83 |
| [Disclosure of Fund Holdings](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_81) | 85 |
| [Administrative Services](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_83) | 87 |
| [Code of Ethics](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_84) | 88 |
| [Proxy Voting Policies](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_85) | 89 |
| [Distribution Agreement](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_85) | 89 |
| [Payment of Certain Distribution Expenses of the Trust](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_86) | 90 |
| [Custodian](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_88) | 92 |
| [Independent Registered Public Accounting Firm](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_88) | 92 |
| [Legal Counsel](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_88) | 92 |
| [Fund Transactions and Allocation of Brokerage](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_88) | 92 |
| [Investment Adviser: Securian AM](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_88) | 92 |
| [Sub-Adviser: Cohen & Steers](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_90) | 94 |
| [Sub-Adviser: NIFA](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_91) | 95 |
| [Sub-Adviser: MetWest](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_93) | 97 |
| [Sub-Adviser: T. Rowe Price](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_94) | 98 |
| [Sub-Adviser: Wellington Management](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_94) | 98 |
| [Purchase and Redemption of Shares](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_95) | 99 |
| [Trust Shares and Voting Rights](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_95) | 99 |
| [Principal Shareholders](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_96) | 100 |
| [Net Asset Value](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_97) | 101 |
| [Taxes](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_99) | 103 |
| [The Standard & Poor's License](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_101) | 105 |
| [Financial Statements](#xx_c1b068b5-c934-4d46-9f18-f467b6f1f069_101) | 105 |
| [Appendix A — Mortgage-Related Securities](#xx_f74daa8d-4498-43ab-9f87-63ee050a3029_1) | A-1 |
| [Underlying Mortgages](#xx_f74daa8d-4498-43ab-9f87-63ee050a3029_1) | A-1 |
| [Liquidity and Marketability](#xx_f74daa8d-4498-43ab-9f87-63ee050a3029_1) | A-1 |
| [Average Life](#xx_f74daa8d-4498-43ab-9f87-63ee050a3029_1) | A-1 |
| [Yield Calculations](#xx_f74daa8d-4498-43ab-9f87-63ee050a3029_2) | A-2 |
| [Appendix B — Bond and Commercial Paper Ratings](#xx_c1a9e80d-01f5-4a93-b986-24a4f4ebc665_1) | B-1 |
| [Bond Ratings](#xx_c1a9e80d-01f5-4a93-b986-24a4f4ebc665_1) | B-1 |
| [Commercial Paper Ratings](#xx_c1a9e80d-01f5-4a93-b986-24a4f4ebc665_2) | B-2 |
| [Appendix C — Futures Contracts](#xx_d46dcfbd-e01c-4b99-b005-027dfd60a2c9_1) | C-1 |
| [Example of Futures Contract Sale](#xx_d46dcfbd-e01c-4b99-b005-027dfd60a2c9_1) | C-1 |
| [Example of Futures Contract Purchase](#xx_d46dcfbd-e01c-4b99-b005-027dfd60a2c9_1) | C-1 |
| [Tax Treatment](#xx_d46dcfbd-e01c-4b99-b005-027dfd60a2c9_2) | C-2 |
| [Appendix D — Securian Asset Management, Inc.](#xx_0fca15ff-4ae8-4ddf-bb68-8e69aef6523f_1) | D-1 |
| [Appendix E — Nomura Asset Management International Global Proxy Voting](#xx_bffd2f55-f9f9-4cd8-97d6-8f20b6ae9719_1)<br> [Policies and Procedures (December 2025)](#xx_bffd2f55-f9f9-4cd8-97d6-8f20b6ae9719_1)<br>| E-1 |
| [Appendix F — T. Rowe Price Associates, Inc. and Certain of Its Investment](#xx_43758729-4554-4f62-9366-653c28b59b86_1)<br> [Adviser Affiliates](#xx_43758729-4554-4f62-9366-653c28b59b86_1)<br>| F-1 |
| [Proxy Voting Policies and Procedures](#xx_43758729-4554-4f62-9366-653c28b59b86_1) | F-1 |

---

------

---

| | |
|:---|:---|
| [Appendix G — Wellington Management Global Proxy Policy and Procedure](#xx_0ce864fd-ea68-4dc8-a52a-09462afd0ab3_1) | G-1 |
| [Appendix H — Cohen & Steers Capital Management, Inc. Proxy Voting Policy](#xx_db31b752-b2b9-45f9-852b-5cda37181d73_1) | H-1 |
| [Appendix I — Metropolitan West Asset Management, LLC Proxy Voting Policy](#xx_b95f3e88-2ba7-4b8e-9c86-98a30fb95d56_1) | I-1 |

---

------

**General Information and History**

Securian Funds Trust (the "Trust") is a Delaware statutory trust, each of whose Funds operates as a no-load, diversified, open-end management investment company, except that the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) operates as a non-diversified, open-end management investment company. The Trust was organized on July 8, 2011. On May 1, 2012, the Trust adopted and amended the registration statement of Advantus Series Fund, Inc. (the "Series Fund"), as filed with the Securities and Exchange Commission (the "SEC"), pursuant to an Agreement and Plan of Reorganization (the "Reorganization Agreement") approved by both the Board of Directors of the Series Fund and the Board of Trustees of the Trust (the "Board") on July 28, 2011, and approved by a majority of the shareholders of each Portfolio of the Series Fund on October 21, 2011. Pursuant to the Plan of Reorganization, each Portfolio of the Series Fund was reorganized into a separate Fund of the Trust effective as of May 1, 2012. The successor Funds of the Trust have the same investment adviser, investment objectives, principal investment strategies and risks as the corresponding predecessor Portfolios of the Series Fund. Expenses of each successor Fund did not increase as a result of the Reorganization.

Subsequent to the reorganization, the SFT Balanced Stabilization Fund and SFT Equity Stabilization Fund commenced operations on May 1, 2013 and November 18, 2015, respectively.

Also subsequent to the reorganization, the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT T. Rowe Price Value Fund and SFT Wellington Core Equity Fund (the "New Funds") commenced business on May 1, 2014. Each of the New Funds is a "Replacement Portfolio" for two or more "Existing Portfolios." The Existing Portfolios are unaffiliated investment companies previously available as investment options in certain variable annuity contracts and variable life insurance policies ("Contracts") issued by Minnesota Life Insurance Company ("Minnesota Life") and its affiliate, Securian Life Insurance Company ("Securian Life"). On May 1, 2014, assets attributable to Existing Portfolios held under the Contracts were moved to Replacement Portfolios (i.e., the New Funds) pursuant to a so-called "substitution order" issued by the SEC on April 24, 2014 (the "SEC Order"). [Rel. No. IC-31028; 812-14203]

For the substitutions involving the SFT Nomura Growth (formerly SFT Macquarie Growth), SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth), SFT T. Rowe Price Value and SFT Wellington Core Equity Funds the Existing Portfolios transferred portfolio securities to the Replacement Portfolios (rather than or in addition to cash), and such securities were used to purchase shares in the Replacement Portfolios (i.e., SFT Nomura Growth (formerly SFT Macquarie Growth), SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth), SFT T. Rowe Price Value and SFT Wellington Core Equity Funds).

Absent exemptive relief provided in the SEC Order, such "in kind" transactions would be prohibited by Section 17(a) of the Investment Company Act of 1940 (the "1940 Act"). As a condition to receiving the SEC Order, the Section 17 Applicants (Securian Funds Trust, Minnesota Life, Securian Life and the Separate Accounts as defined in the SEC Order Application dated August 22, 2013, as amended on March 27, 2014 [812-14203]) have represented that any in-kind transactions will take place only if such transactions are consistent with the investment policies of both the applicable Existing and Replacement Portfolios and in compliance with the conditions of Rule 17a-7 under the 1940 Act, excluding the cash consideration requirement.

At a Board of Trustees meeting held January 30, 2014, the Trust's then current Rule 17a-7 Procedures were modified to authorize the "in kind" transactions described above without the receipt of cash consideration. At the same meeting the Board approved a resolution to the effect that the transactions described above (and in the SEC Exemptive Order Application) were consistent with the policies of the Trust.

------

On November 29, 2018, a special meeting of shareholders was held to consider the reorganization of the SFT Mortgage Securities Fund into the SFT Core Bond Fund. At the meeting, shareholders of the SFT Mortgage Securities Fund approved an Agreement and Plan of Reorganization, pursuant to which all of the assets of the SFT Mortgage Securities Fund were transferred to the SFT Core Bond Fund in exchange for shares of the SFT Core Bond Fund, and in complete liquidation of the SFT Mortgage Securities Fund. The reorganization closed on November 30, 2018.

On May 1, 2021, SFT Dynamic Managed Volatility Fund changed its name to SFT Balanced Stabilization Fund, and SFT Managed Volatility Equity Fund changed its name to SFT Equity Stabilization Fund.

On August 1, 2021, SFT Ivy<sup>sm</sup> Growth Fund changed its name to SFT Delaware Ivy<sup>sm</sup> Growth Fund, SFT Ivy<sup>sm</sup> Small Cap Growth Fund changed its name to SFT Delaware Ivy<sup>sm</sup> Small Cap Growth Fund.

On October 31, 2024, SFT Delaware Ivy<sup>sm</sup> Growth Fund changed its name to SFT Macquarie Growth Fund, SFT Delaware Ivy<sup>sm</sup> Small Cap Growth Fund changed its name to SFT Macquarie Small Cap Growth, effective as of December 31, 2024.

On December 1, 2025, SFT Macquarie Growth Fund changed its name to SFT Nomura Growth Fund, SFT Macquarie Small Cap Growth Fund changed its name to SFT Nomura Small Cap Growth Fund, effective as of May 1, 2026.

The Trust is a series trust, which means that it has several different Funds. The Funds in the Trust are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Balanced Stabilization Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Core Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Equity Stabilization Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Government Money Market Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Index 400 Mid-Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Index 500 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Real Estate Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT T. Rowe Price Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFT Wellington Core Equity Fund

Each Fund currently offers its shares in two classes (Class 1 and Class 2), except that the SFT Balanced Stabilization Fund, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Equity Stabilization Fund, SFT Government Money Market Fund and SFT T. Rowe Price Value Fund each offers shares in only one class. Class 2 shares and the SFT Balanced Stabilization Fund, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Equity Stabilization Fund, SFT Government Money Market Fund and SFT T. Rowe Price Value Fund are subject to a 12b-1 distribution fee. Class 1 shares are NOT subject to a 12b-1 distribution fee.

The investment adviser of the Trust is Securian Asset Management, Inc. ("Securian AM" or the "Adviser"). Prior to May 1, 2018, Securian AM was known as Advantus Capital Management, Inc. Securian AM has entered into separate investment sub-advisory agreements with: Cohen & Steers Capital Management, Inc.

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("Cohen & Steers") pursuant to which Cohen & Steers serves as investment sub-adviser to the Trust's SFT Real Estate Securities Fund; Nomura Investments Fund Advisers ("NIFA") pursuant to which NIFA serves as investment sub-adviser to the Trust's SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund); Metropolitan West Asset Management, LLC ("MetWest") pursuant to which MetWest serves as investment sub-adviser to the Trust's SFT Core Bond Fund; T. Rowe Price Associates, Inc. ("T. Rowe Price") pursuant to which T. Rowe Price serves as investment sub-adviser to the Trust's SFT T. Rowe Price Value Fund; and Wellington Management Company LLP ("Wellington Management") pursuant to which Wellington Management serves as an investment sub-adviser to the Trust's SFT Wellington Core Equity Fund.

Currently, the shares of the Trust are sold only to Minnesota Life, a Minnesota corporation, and to separate accounts of Securian Life, an indirect wholly-owned subsidiary of Minnesota Life domiciled in the State of Minnesota. The separate accounts, which will be the owners of the shares of the Trust, will invest in the shares of each Fund in accordance with instructions received from the owners of the variable annuity contracts and variable life insurance policies (the "Contracts"). Shares of the Trust may in the future also be offered to separate accounts of other participating life insurance companies or to participating qualified plans. Minnesota Life and its subsidiary, Securian Life, through their separate accounts which fund the Contracts, owned 100% of the shares outstanding of each Fund of the Trust as of December 31, 2025. As a result, Minnesota Life is a controlling person of the Trust and through its ownership of shares of the Trust, may elect all the trustees of the Trust and approve other Trust actions. Minnesota Life's address is 400 Robert Street North, St. Paul, Minnesota 55101-2098.

**Investment Objectives and Policies**

The investment objectives and principal investment policies of each of the Funds are set forth in the text of the Trust's Prospectus under "Detailed Fund Information." This section contains detailed descriptions of the investment policies of the Funds as identified in the Trust's Prospectus.

As permitted by Rule 2a-7 under the 1940 Act, the SFT Goverment Money Market Fund seeks to maintain a stable price of $1.00 per share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent. Rule 2a-7 imposes requirements as to the diversification of the Fund, quality of portfolio securities, maturity of the Fund and of individual securities, and liquidity of the Fund. The discussion of investments in this SAI is qualified by Rule 2a-7 limitations with respect to the SFT Government Money Market Fund.

**Fund Names and Investment Policies** 

The SFT Core Bond, SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth), SFT Equity Stabilization, SFT Index 500, SFT Index 400 Mid-Cap, SFT Real Estate Securities and SFT Wellington Core Equity Funds of the Trust have names that suggest a focus on a particular type of investment or index. In accordance with Rule 35d-1 under the 1940 Act, each of those Funds has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets in investments of the type suggested by its name. For this policy, "assets" means net assets plus the amount of any borrowings for investment purposes. In addition, in appropriate circumstances, synthetic investments may be included in the 80% basket if they have economic characteristics similar to the other investments included in the basket. A Fund's policy to invest at least 80% of its assets in such a manner is not a "fundamental" one, which means that it may be changed without the vote of a majority of the Fund's outstanding shares as defined in the 1940 Act. The names of these Funds may be changed at any time by a vote of the Board. However, Rule 35d-1 also requires that shareholders be given written notice at least 60 days prior to any change by a Fund of its 80% investment policy.

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**Debt and Money Market Securities — Non-Money Market Funds** 

Each Fund (other than the SFT Government Money Market Fund) may invest in long, intermediate and short-term debt securities from various industry classifications and money market instruments. Such instruments may include the following:

• Corporate obligations which at the time of purchase are rated within the four highest grades (Baa3 or BBB- or higher) assigned by Standard & Poor's Corporation ("S&P"), Moody's Ratings ("Moody's") or any other independent nationally-recognized rating agency, or, if not rated, are of equivalent investment quality as determined by the Fund's investment adviser or sub-adviser, as the case may be. To the extent that a Fund invests in securities rated BBB or Baa by S&P or Moody's, respectively, or in securities of equivalent quality, it will be investing in securities which have speculative elements. In addition, the SFT Core Bond Fund may invest up to 20% of its net assets in debt securities rated below BBB or Baa by S&P or Moody's, respectively. The SFT T. Rowe Price Value Fund may also invest up to 10% of its total assets in debt securities rated below BBB or Baa by S&P or Moody's, respectively (convertible securities are not included within this limit). See "Low Rated and Unrated Debt Securities" below. For a description of the ratings used by Moody's and S&P, see Appendix B ("Bond and Commercial Paper Ratings") below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations of, or guaranteed by, the U.S. government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt obligations of banks.

The SFT Core Bond Fund, SFT Real Estate Securities Fund and SFT T. Rowe Price Value Fund may each purchase U.S. dollar denominated debt securities of foreign governments and companies which are publicly traded in the United States and rated within the four highest grades assigned by S&P or Moody's, (Baa3 or BBB- or higher) or rated at a comparable level by another independent nationally-recognized rating agency, or, if not rated, are of equivalent investment quality as determined by the Fund's investment adviser or sub-adviser. The SFT Real Estate Securities Fund may also purchase similarly rated securities of Canadian issuers which are not U.S. dollar denominated or publicly traded in the U.S. See "Foreign Securities" below.

The SFT T. Rowe Price Value Fund may also purchase debt securities of foreign companies and debt securities issued or guaranteed by foreign governments or any of their agencies, instrumentalities or political subdivisions, or by supranational organizations. Such organizations are entities designated or supported by a government or government entity to promote economic development, and include, among others, the Asian Development Bank, the European Economic Community and the World Bank. These organizations do not have taxing authority and are dependent upon their members for payments of interest and principal. Each supranational entity's lending activities are limited to a percentage of its total capital (including "callable capital" contributed by members at the entity's call), reserves and net income. Securities issued by supranational organizations may be denominated in U.S. dollars or in foreign currencies. Securities issued or guaranteed by supranational organizations are considered by the SEC to be securities in the same industry. The SFT Equity Stabilization Fund may purchase short-term debt securities and money market instruments consistent with its principal investment strategy. In addition, the SFT Equity Stabilization Fund may purchase other, longer-term corporate obligations or obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities as a non-principal investment strategy.

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In addition to the instruments described above, which will generally be long-term, but may be purchased by the Funds within one year of the date of a security's maturity, the Funds may also purchase other high quality securities including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations (including certificates of deposit and bankers acceptances) of U.S. banks, savings and loan associations, savings banks which have total assets (as of the date of their most recent annual financial statements at the time of investment) of not less than $2,000,000,000; U.S. dollar denominated obligations of Canadian chartered banks, London branches of U.S. banks and U.S. branches or agencies of foreign banks which meet the above-stated asset size; and obligations of any U.S. banks, savings and loan associations and savings banks, regardless of the amount of their total assets, provided that the amount of the obligations purchased does not exceed $100,000 for any one U.S. bank, savings and loan association or savings bank and the payment of the principal is insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations of the International Bank for Reconstruction and Development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper issued by U.S. corporations or affiliated foreign corporations and rated (or guaranteed by a company whose commercial paper is rated) at the date of investment Prime-1 by Moody's or A-1 by S&P, or rated at a comparable level by another independent nationally-recognized rating agency, or, if not rated, issued by a corporation having an outstanding debt issue rated Aa or better by Moody's or AA or better by S&P, or rated at a comparable level by another independent nationally-recognized rating agency.

The Funds may also invest in securities which are unrated if the Fund's investment adviser or sub-adviser, as the case may be, determines that such securities are of equivalent investment quality to the rated securities described above. In the case of "split-rated" securities, which result when nationally-recognized rating agencies rate the security at different rating levels (e.g., BBB by S&P and Ba by Moody's), it is the Fund's general policy to classify such securities at the higher rating level where, in the judgment of the Fund's investment adviser or sub-adviser, such classification reasonably reflects the security's quality and risk.

The market value of debt securities generally varies in response to changes in interest rates and the financial condition of each issuer. During periods of declining interest rates, the value of debt securities generally increases. Conversely, during periods of rising interest rates, the value of such securities generally declines. These changes in market value will be reflected in each Fund's net asset value.

The Funds may, however, acquire debt securities which, after acquisition, are down-graded by the rating agencies to a rating which is lower than the applicable minimum rating described above. In such an event it is the Funds' general policy to dispose of such down-graded securities except when, in the judgment of the Funds' investment adviser or sub-adviser, it is to the Funds' advantage to continue to hold such securities. In no event, however, will any Fund hold in excess of 5% of its net assets in securities which have been down-graded subsequent to purchase where such down-graded securities are not otherwise eligible for purchase by the Fund. This 5% is in addition to securities which the Fund may otherwise purchase under its usual investment policies.

The reliance on credit ratings in evaluating securities can involve certain risks. For example, ratings assigned by the rating agencies are based upon an analysis at the time of the rating of the obligor's ability to pay interest and repay principal, typically relying to a large extent on historical data. They do not purport to reflect the risk of fluctuations in market value of the debt securities and are not absolute standards of quality and only express the rating agency's current opinion of an obligor's overall financial capacity to pay its financial obligations. The credit rating is not a statement of fact or a recommendation to purchase, sell or hold a debt obligation. Also, credit quality can change suddenly and unexpectedly, and credit ratings may not reflect the issuer's current financial condition or events since the security was last rated. Additionally, rating agencies may have a financial interest in generating business from the arranger or issuer of the security that normally pays for that rating, and a low rating might affect future business. While rating agencies have policies and procedures to address this potential conflict of interest, there is a risk that these policies will fail to prevent a conflict of interest from

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impacting the rating. Additionally, the SEC adopted requirements for credit rating agencies to enhance governance, protect against conflicts of interest, and increase transparency to improve the quality of credit ratings and increase credit rating agency accountability, however it is uncertain how such requirements or additional regulation might impact the ratings agency business and the investment manager's investment process.

Adjustable Rate Securities ("ARS")

The SFT T. Rowe Price Value Fund may invest in adjustable rate securities. These are debt securities with interest rates that are adjusted periodically pursuant to a pre-set formula and interval. The interest rates on ARS are readjusted periodically to an amount above the chosen interest rate index. These readjustments occur at intervals ranging from one to sixty months. Movements in the relevant index on which adjustments are based, as well as the applicable spread relating to the ARS, will affect the interest paid on ARS and, therefore, the current income earned by the Funds by investing in ARS. The degree of volatility in the market value of the securities held by the Fund and of the net asset value of the Fund's shares will be a function primarily of the length of the adjustment period and the degree of volatility in the applicable indices. It will also be a function of the maximum increase or decrease of the interest rate adjustment on any one adjustment date, in any one year, and over the life of the securities. These maximum increases and decreases are typically referred to as "caps" and "floors," respectively.

During periods when short-term interest rates move within the caps and floors of an ARS, the fluctuation in market value of the ARS is expected to be relatively limited, since the interest rates on the ARS generally adjust to market rates within a short period of time. In periods of substantial short-term volatility in interest rates, the value of an ARS may fluctuate more substantially because its the cap and floor may not permit the interest rates to adjust to the full extent of the movements in the market rates during any one adjustment period. In the event of dramatic increases in interest rates, the lifetime caps on the ARS may prevent the securities from adjusting to prevailing rates over the term of the security. In this case, the market value of the ARS may be substantially reduced.

**Bank Obligations** 

Bank obligations, or instruments secured by bank obligations, include fixed, floating or variable rate certificates of deposit ("CDs"), letters of credit, time deposits, bank notes and bankers' acceptances. CDs are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Time deposits are non-negotiable deposits that are held in a banking institution for a specified time at a stated interest rate. Bankers' acceptances are negotiable drafts or bills of exchange normally drawn by an importer or exporter to pay for specific merchandise. When a bank "accepts" a bankers' acceptance, the bank, in effect, unconditionally agrees to pay the face value of the instrument upon maturity.

The SFT T. Rowe Price Value Fund may invest in obligations of U.S. banks, foreign branches of U.S. banks, foreign branches of foreign banks, and U.S. branches of foreign banks that have a federal or state charter to do business in the U.S. and are subject to U.S. regulatory authorities. The Fund may invest in dollar-denominated certificates of deposit and bankers' acceptances of foreign and domestic banks having total assets in excess of $1 billion, certificates of deposit of federally insured savings and loan associations having total assets in excess of $1 billion, or cash and time deposits with banks in the currency of any major nation.

Exchange-Traded Notes ("ETNs")

ETNs are also generally unsecured bank obligations. More specifically, ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed-income securities and trade on a major exchange similar to shares of ETFs. However, this type of debt security differs from other types of bonds and notes because ETN returns are based upon the performance of a market index minus

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applicable fees, no period coupon payments are distributed, and no principal protections exist. The purpose of ETNs is to create a type of security that combines the aspects of both bonds and ETFs. The Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. If the Fund must sell some or all of its ETN holdings and the secondary market is weak, it may have to sell such holdings at a discount. If the Fund holds its investment in an ETN until maturity, the issuer will give the Fund a cash amount that would be equal to principal amount (subject to the day's index factor). The value of an ETN also may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities or securities markets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced commodity or security. ETNs are also subject to counterparty risk and fixed income risk.

**Floating Interest Rate Investments** 

The SFT Core Bond Fund and SFT T. Rowe Price Value Fund may each invest in floating interest rate investments. A floating interest rate investment is a debt security, the rate of interest on which is usually established as the sum of a base lending rate plus a specified margin. The base lending rates generally are Secured Overnight Financing Rate (SOFR), the Prime Rate of a designated U.S. bank, the CD Rate, or another base lending rate used by lenders loaning money to companies, so-called commercial lenders. The interest rate on Prime Rate-based loans and securities floats daily as the Prime Rate changes, while the interest rate on SOFR-based and CD-based loans and securities is reset periodically, typically at regular intervals ranging between 30 days and one year. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities, and the rate is published daily. Certain floating interest rate investments may permit the borrower to select an interest rate reset period of up to one year. Investments with longer interest rate reset periods or fixed interest rates may fluctuate more in price as a result of changes in interest rates. Some floating interest rate investments may have the additional feature of converting into a fixed rate instrument after certain periods of time or under certain circumstances.

**Low Rated and Unrated Debt Securities** 

The SFT Balanced Stabilization Fund and the SFT Core Bond Fund may each invest up to 20% of their respective net assets in corporate bonds and mortgage-related securities, including convertible securities, which, at the time of acquisition, are rated below "investment grade" (i.e. below BBB- or Baa3 by S&P or Moody's, respectively), or rated at a comparable level by another independent nationally-recognized rating agency, or, if not rated, are of equivalent investment quality as determined by the Fund's investment adviser or sub-adviser, as the case may be. The SFT T. Rowe Price Value Fund may invest up to 10% of its total assets in corporate bonds and mortgage-related securities, which, at the time of acquisition, are rated below investment grade. The 10% limit for the SFT T. Rowe Price Value Fund does not include convertible securities. Each of these Funds may also hold an additional 5% of its net assets in securities rated below "investment grade" (i.e. below Baa3 or BBB-) where such securities were investment grade at the time of purchase but subsequently down-graded to a rating not otherwise eligible for purchase by the Fund (see "Debt and Money Market Securities — Non-Money Market Funds" above). Debt securities rated below the four highest categories (below Baa3 by Moody's or BBB- by S&P) are not considered investment grade obligations and are commonly called "junk bonds." These securities are predominately speculative and present more credit risk than investment grade obligations. Bonds rated below BBB are also regarded as predominately speculative with respect to the issuer's continuing ability to meet principal and interest payments.

The Funds may also invest in unrated debt securities, which are debt securities not yet rated by an independent rating organization. Unrated debt, while not necessarily of lower quality than rated securities, may not have as broad a market. Because of the size and perceived demand for the issue, among other factors, certain issuers may decide not to pay the cost of getting a rating for their bonds. The creditworthiness of the issuer, as well as

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any financial institution or other party responsible for payments on the security, will be analyzed by Securian AM to determine whether to purchase unrated debt securities and if it is of comparable quality to rated securities.

Low rated and unrated debt securities generally involve greater volatility of price and risk of principal and income, including the possibility of default by, or bankruptcy of, the issuers of the securities. In addition, the markets in which low rated and unrated debt securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets for particular securities may diminish the Funds ability to sell the securities at fair value either to meet redemption requests or to respond to changes in the economy or in the financial markets and could adversely affect and cause fluctuations in the daily net asset value of the Funds' shares.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of low rated debt securities, especially in a thinly traded market. Analysis of the creditworthiness of issuers of low rated debt securities may be more complex than for issuers of higher rated securities, and the ability of the Funds to achieve their respective investment objective may, to the extent of investment in low rated debt securities, be more dependent upon such creditworthiness analysis than would be the case if the Funds were investing in higher rated securities.

Low rated debt securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of low rated debt securities have been found to be less sensitive to interest rate changes than higher rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in low rated debt securities prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If the issuer of low rated debt securities defaults, the Funds may incur additional expenses to seek recovery. The low rated bond market is relatively new, and many of the outstanding low rated bonds have not endured a major business recession.

**Municipal Securities** 

The SFT Core Bond Fund and SFT T. Rowe Price Value Fund may each invest in municipal securities. Municipal securities are issued by state and local governments, their agencies and authorities, as well as by the District of Columbia and U.S. territories and possessions, to borrow money for various public or private projects. The issuer pays a fixed, floating or variable rate of interest, and must repay the amount borrowed (the "principal") at maturity.

Municipal securities are issued to raise money for a variety of public or private purposes, including financing state or local governments, financing specific projects or financing public facilities. These debt obligations are issued by the state governments, as well as their political subdivisions (such as cities, towns, and counties) and their agencies and authorities. Municipal securities generally are classified as general or revenue obligations. General obligations are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are bonds whose interest is payable only from the revenues derived from a particular facility or class of facilities, or a specific excise tax or other revenue source.

The value of municipal securities may be highly sensitive to events affecting the fiscal stability of the municipalities, agencies, authorities and other instrumentalities that issue securities. In particular, economic, legislative, regulatory or political developments affecting the ability of the issuers to pay interest or repay principal may significantly affect the value of the Fund's investments. These developments can include or arise from, for example, insolvency of an issuer, uncertainties related to the tax status of municipal securities, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, or changes in the credit ratings assigned to municipal issuers.

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**Convertible Securities and Preferred Stock** 

Certain Funds may invest in debt or preferred stock convertible into or exchangeable for equity securities, as well as non-convertible preferred stock. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than non-convertible securities. Convertible securities generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree. The total return and yield of lower quality (high yield/high risk) convertible securities can be expected to fluctuate more than the total return and yield of higher quality, shorter-term bonds, but not as much as common stocks. The SFT Real Estate Securities Fund will limit its purchase of convertible securities and preferred stocks to those that, at the time of purchase, are rated at least B or B2 by S&P or Moody's, respectively, or rated at a comparable level by another independent nationally-recognized rating agency, or if not rated, are of equivalent investment quality as determined by the Fund's investment adviser. The SFT Balanced Stabilization Fund, SFT Core Bond Fund and SFT Equity Stabilization Fund will each limit its purchase of convertible securities, and preferred stocks in the case of the SFT Core Bond Fund, to those that, at the time of purchase, are rated at least BB or Ba by S&P or Moody's, respectively, or rated at a comparable level by another independent nationally-recognized rating agency, or if not rated, are of equivalent investment quality as determined by the Fund's investment adviser. As an operating policy, none of these Funds will purchase a non-investment grade convertible security or preferred stock if immediately after such purchase such Fund would have more than 10% of its total assets invested in such securities. See "Low Rated and Unrated Debt Securities," above.

**Money Market Securities — SFT Government Money Market Fund** 

Subject to the limitations under Rule 2a-7 (the "Rule") of the 1940 Act (as described in "Investment Restrictions - Additional Restrictions" below), the SFT Government Money Market Fund will invest 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). In addition, under normal circumstances the Fund invests at least 80% of its net assets in government securities and/or repurchase agreements collateralized by government securities. For this purpose, a "government security" is a security issued or guaranteed as to principal and interest by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. government; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person controlled or supervised by, and acting as an instrumentality of, the U.S. government pursuant to authority granted by the U.S. Congress.

The Fund may also invest a portion of its assets in shares of other money market funds. For purposes of the Fund's policy to invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully, the Fund includes investments in other government money market funds.

U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the "full faith and credit" of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury, while still others are supported only by the credit of the issuer or instrumentality. The Fund invests only in U.S. dollar-denominated securities that mature in 397 calendar days or less from the date of purchase (with certain exceptions permitted by applicable regulation). The dollar-weighted average portfolio maturity of the Fund may not exceed 60 days and the dollar-weighted average life to maturity of the Fund may not exceed 120 days.

The Fund's investments are subject to applicable rules of the SEC governing the type, quality, maturity and diversification of securities held by government money market funds.

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By limiting the maturity of its investments as described above, the Fund seeks to lessen the changes in the value of its assets caused by market factors. The Fund intends to maintain a constant net asset value of $1.00 per share, but there can be no assurance it will be able to do so.

A low or negative interest rate environment could, and a prolonged low or negative interest rate environment will, impact the Fund's ability to provide a positive yield to its shareholders, pay expenses out of the current income, and/or achieve its investment objective, including maintaining a stable net asset value of $1.00 per share. For more information, see "Net Asset Value."

**U.S. Government Obligations** 

Each of the Funds may invest in obligations of the U.S. government. These obligations are bills, certificates of indebtedness, notes and bonds issued or guaranteed as to principal or interest by the U.S. or by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. government established under the authority granted by Congress. Bills, notes and bonds issued by the U.S. Treasury are direct obligations of the U.S. government and differ in their interest rates, maturities and times of issuance. Securities issued or guaranteed by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. government established under authority granted by Congress include but are not limited to, the Government National Mortgage Association ("GNMA"), the Export-Import Bank, the Student Loan Marketing Association, the U.S. Postal Service, the Tennessee Valley Authority, the Bank for Cooperatives, the Farmers Home Administration, the Federal Home Loan Bank, the Federal Financing Bank, the Federal Intermediate Credit Banks, the Federal Land Banks, the Farm Credit Banks and the Federal National Mortgage Association. Some obligations of U.S. government agencies, authorities and other instrumentalities are supported by the full faith and credit of the U.S. Treasury, such as securities of the Government National Mortgage Association and the Student Loan Marketing Association; others by the right of the issuer to borrow from the U.S. Treasury, such as securities of the Federal Financing Bank and the U.S. Postal Service; and others only by the credit of the issuing agency, authority or other instrumentality, such as securities of the Federal Home Loan Bank and the Federal National Mortgage Association ("FNMA").

The U.S. government and its agencies and instrumentalities do not guarantee the market value of their securities. As such, the value of such securities will fluctuate. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.

**U.S. Treasury Inflation-Protection Securities** 

One type of U.S. government obligation is U.S. Treasury inflation-protection securities. The SFT Core Bond Fund and SFT T. Rowe Price Value Fund may each invest in U.S. Treasury inflation-protection securities which are marketable book-entry securities issued by the United States Department of Treasury with a nominal return linked to the inflation rate in consumer prices. The index used to measure inflation is the non-seasonably adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers.

The principal value of an inflation-protection security is adjusted for inflation, and every six months the security pays interest, which is an amount equal to a fixed percentage of the inflation-adjusted value of the principal. The final payment of principal of the security will not be less than the original par amount of the security at issuance. Some inflation-protection securities may be stripped into principal and interest components.

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**Obligations of Non-Domestic Banks** 

The Funds may invest in U.S. dollar denominated obligations of Canadian chartered banks, London branches of U.S. banks, and U.S. branches and agencies of foreign banks. These investments may involve somewhat greater opportunity for income than the other money market instruments in which the Funds invest, but may also involve investment risks in addition to any risks associated with direct obligations of domestic banks. These additional risks include future political and economic developments, the possible imposition of withholding taxes on interest income payable on such obligations, the possible seizure or nationalization of foreign deposits, the possible establishment of exchange controls or the adoption of other governmental restrictions, as well as market and other factors which may affect the market for or the liquidity of such obligations. Generally, Canadian chartered banks, London branches of U.S. banks, and U.S. branches and agencies of foreign banks are subject to fewer U.S. regulatory restrictions than those applicable to domestic banks, and London branches of U.S. banks may be subject to less stringent reserve requirements than domestic branches. Canadian chartered banks, U.S. branches and agencies of foreign banks, and London branches of U.S. banks may provide less public information than, and may not be subject to the same accounting, auditing and financial recordkeeping standards as, domestic banks. A Fund will not invest more than 25% of its total assets in obligations of Canadian chartered banks, London branches of U.S. banks, and U.S. branches and agencies of foreign banks.

**Variable Amount Master Demand Notes** 

The SFT T. Rowe Price Value Fund may invest in variable amount master demand notes. These instruments are short-term, unsecured promissory notes issued by corporations to finance short-term credit needs. They allow the investment of fluctuating amounts by the Fund at varying market rates of interest pursuant to direct arrangements between the Fund, as lender, and the borrower. Variable amount master demand notes permit a series of short-term borrowings under a single note. The lender has the right to increase the amount under the note at any time up to the full amount provided by the note agreement. Both the lender and the borrower have the right to reduce the amount of outstanding indebtedness at any time. Because variable amount master demand notes are direct lending arrangements between the lender and borrower, it is not generally contemplated that such instruments will be traded and there is no secondary market for the notes. Typically, agreements relating to such notes provide that the lender shall not sell or otherwise transfer the note without the borrower's consent. Thus, variable amount master demand notes are illiquid assets. Such notes provide that the interest rate on the amount outstanding varies on a daily basis depending upon a stated short-term interest rate barometer. The Fund's investment adviser will monitor the creditworthiness of the borrower throughout the term of the variable amount master demand note.

**Mortgage-Related Securities** 

The SFT Balanced Stabilization Fund, SFT Core Bond Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund may each invest in mortgage-related securities (including securities which represent interests in pools of mortgage loans) issued by government (some of which may be U.S. government agency issued or guaranteed securities as described herein) and non-government entities such as banks, mortgage lenders or other financial institutions. These securities may include both collateralized mortgage obligations and stripped mortgage-backed securities. Mortgage loans are originated and formed into pools by various organizations, including the GNMA, the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC") and various private organizations including commercial banks and other mortgage lenders. Payments on mortgage-related securities generally consist of both principal and interest, with occasional repayments of principal due to refinancings, foreclosures or certain other events. Some mortgage-related securities, such as collateralized mortgage obligations, make payments of both principal and interest at a variety of intervals. Certain mortgage-related securities, such as GNMA securities, entitle the holder to receive such payments, regardless of whether or not the mortgagor makes loan payments; certain mortgage-related securities, such as FNMA securities, guarantee the timely payment of interest and principal; certain mortgage-related securities, such as FHLMC securities, guarantee the timely payment of interest and

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ultimate collection of principal; and certain mortgage-related securities contain no such guarantees but may offer higher rates of return. No mortgage-related securities guarantee the Fund's yield or the price of its shares.

Each Fund expects its investments in mortgage-related securities to be primarily in high-grade mortgage-related securities either: (a) issued by GNMA, FNMA or FHLMC or other U.S. government owned or sponsored corporations or (b) rated A or better by S&P or Moody's, or rated at a comparable level by another independent publicly-recognized rating agency, or, if not rated, are of equivalent investment quality as determined by the Fund's investment adviser or sub-adviser, as the case may be. The Funds may invest in mortgage-related securities rated BBB or Baa by S&P or Moody's, respectively, or rated at a comparable level by another independent publicly-recognized rating agency, or, if not rated, are of equivalent investment quality as determined by each Fund's investment adviser or sub-adviser, as the case may be, when deemed by the Fund's investment adviser or sub-adviser to be consistent with the Fund's respective objective. To the extent that a Fund invests in securities rated BBB or Baa by S&P or Moody's, respectively, it will be investing in securities which have speculative elements. (Each of these Funds may also invest a portion of its assets in securities rated below BBB or Baa by S&P or Moody's, respectively, or rated at a comparable level by another independent nationally-recognized rating agency, or, if not rated, are of equivalent investment quality as determined by the Fund's investment adviser or sub-adviser. See "Low Rated and Unrated Debt Securities" and "Convertible Securities," above, for more information.) For further information about the characteristics and risks of mortgage-related securities, and for a description of the ratings used by Moody's and S&P, see Appendix A and B ("Mortgage-Related Securities" and "Bond and Commercial Paper Ratings") below.

In some cases, these instruments may be secured by obligations of Alt A and sub-prime residential mortgage borrowers, which exposes the Fund to a greater risk that the security's issuer will not make payments on the security when due. Loans to sub-prime or Alt A borrowers have a higher risk of default than loans to prime borrowers. Loans to Alt A borrowers are underwritten using standards that are more liberal than those for prime borrowers, such as high loan-to-value ratios and less documentation of borrower income or assets. Sub-prime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Securities backed by obligations of sub-prime and Alt A mortgage borrowers are subject to the risk of precipitous ratings downgrades, and even default. They are also more likely to present valuation problems and are more likely to become less liquid, or even illiquid, than securities backed only by obligations of prime mortgage borrowers. The purchase of securities with exposure to risks associated with sub-prime or Alt A mortgage lending is not a principal investment strategy.

**U.S. Government Mortgage-Related Securities** 

A governmental guarantor (i.e., backed by the full faith and credit of the U.S. government) of mortgage-related securities is GNMA. GNMA is a wholly-owned U.S. government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of FHA-insured or VA-guaranteed mortgages.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. government) include FNMA and FHLMC. FNMA is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases residential mortgages from a list of approved seller/servicers which include state and federally-chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. government.

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Although the U.S. government has provided support for U.S. government mortgage-related securities in the past, there can be no assurance that it will do so in the future. The U.S. government has also made available additional guarantees for limited periods to stabilize or restore a market in the wake of an economic, political or natural crisis. Such guarantees, and the economic opportunities they present, are likely to be temporary and cannot be relied upon by the Funds.

**Non-Governmental Mortgage-Related Securities** 

In some cases, these instruments may be secured by obligations of Alt A and sub-prime residential mortgage borrowers, which exposes the Fund to a greater risk that the security's issuer will not make payments on the security when due. Loans to sub-prime or Alt A borrowers have a higher risk of default than loans to prime borrowers. Loans to Alt A borrowers are underwritten using standards that are more liberal than those for prime borrowers, such as high loan-to-value ratios and less documentation of borrower income or assets. Sub-prime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Securities backed by obligations of sub-prime and Alt A mortgage borrowers are subject to the risk of precipitous ratings downgrades, and even default. They are also more likely to present valuation problems and are more likely to become less liquid, or even illiquid, than securities backed only by obligations of prime mortgage borrowers. The purchase of securities with exposure to risks associated with sub-prime or Alt A mortgage lending is not a principal investment strategy.

**Collateralized Mortgage Obligations** 

The SFT Balanced Stabilization Fund, SFT Core Bond Fund and SFT Equity Stabilization Fund may each invest in collateralized mortgage obligations ("CMOs"), in which several different series of bonds or certificates secured by pools of mortgage-backed securities or mortgage loans, are issued. The series differ from each other

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in terms of the priority rights which each has to receive cash flows with the CMO from the underlying collateral. Each CMO series may also be issued in multiple classes. Each class of a CMO series, often referred to as a "tranche," is usually issued at a specific coupon rate and has a stated maturity. The underlying security for the CMO may consist of mortgage-backed securities issued or guaranteed by U.S. government agencies or whole loans. CMOs backed by U.S. government agency securities retain the credit quality of such agency securities and therefore present minimal credit risk. CMOs backed by whole loans typically carry various forms of credit enhancements to protect against credit losses and provide investment grade ratings. Unlike traditional mortgage pass-through securities, which simply pass through interest and principal on a pro rata basis as received, CMOs allocate the principal and interest from the underlying mortgages among the several classes or branches of the CMO in many ways. All residential, and some commercial, mortgage-related securities are subject to prepayment risk. A CMO does not eliminate that risk, but, by establishing an order of priority among the various tranches for the receipt and timing of principal payments, it can reallocate that risk among the tranches. Therefore, the stream of payments received by a CMO bondholder may differ dramatically from that received by an investor holding a traditional pass-through security backed by the same collateral.

In the traditional form of CMO, interest is paid currently on all tranches but principal payments are applied sequentially to retire each tranche in order of stated maturity. Traditional sequential payment CMOs have evolved into numerous more flexible forms of CMO structures which can vary frequency of payments, maturities, prepayment risk and performance characteristics. The differences between these new types of CMOs relate primarily to the manner in which each varies the amount and timing of principal and interest received by each tranche from the underlying collateral. Under all but the sequential payment structures, specific tranches of CMOs have priority rights over other tranches with respect to the amount and timing of cash flow from the underlying mortgages.

The primary risk associated with any mortgage security is the uncertainty of the timing of cash flows; specifically, uncertainty about the possibility of either the receipt of unanticipated principal in falling interest rate environments (prepayment or call risk) or the failure to receive anticipated principal in rising interest rate environments (extension risk). In a CMO, that uncertainty may be allocated to a greater or lesser degree to specific tranches depending on the relative cash flow priorities of those tranches. By establishing priority rights to receive and reallocate payments of prepaid principal, the higher priority tranches are able to offer better call protection and extension protection relative to the lower priority classes in the same CMO. For example, when insufficient principal is received to make scheduled principal payments on all tranches, the higher priority tranches receive their scheduled premium payments first and thus bear less extension risk than lower priority tranches. Conversely, when principal is received in excess of scheduled principal payments on all tranches (call risk), the lower priority tranches are required to receive such excess principal until they are retired and thus bear greater prepayment risk than the higher priority tranches. Therefore, depending on the type of CMO purchased, an investment may be subject to a greater or lesser risk of prepayment, and experience a greater or lesser volatility in average life, yield, duration and price, than other types of mortgage-related securities. A CMO tranche may also have a coupon rate which resets periodically at a specified increment over an index. These floating rate CMOs are typically issued with lifetime caps on the level to which the floating coupon rate is allowed to rise. The Fund may invest in such securities, usually subject to a cap, provided such securities satisfy the same requirements regarding cash flow priority applicable to the Fund's purchase of CMOs generally. CMOs are typically traded over the counter ("OTC") rather than on centralized exchanges. Because CMOs of the type purchased by the Fund tend to have relatively more predictable yields and are relatively less volatile, they are also generally more liquid than CMOs with greater prepayment risk and more volatile performance profiles.

The SFT Core Bond Fund and SFT T. Rowe Price Value Fund may each also purchase CMOs known as "accrual" or "Z" bonds. An accrual or Z bond holder is not entitled to receive cash payments until one or more other classes of the CMO have been paid in full from payments on the mortgage loans underlying the CMO. During the period in which cash payments are not being made on the Z tranche, interest accrues on the Z tranche at a stated rate, and this accrued interest is added to the amount of principal which is due to the holder

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of the Z tranche. After the other classes have been paid in full, cash payments are made on the Z tranche until its principal (including previously accrued interest which was added to principal, as described above) and accrued interest at the stated rate have been paid in full. Generally, the date upon which cash payments begin to be made on a Z tranche depends on the rate at which the mortgage loans underlying the CMO are prepaid, with a faster prepayment rate resulting in an earlier commencement of cash payments on the Z tranche. Like a zero coupon bond, during its accrual period the Z tranche of a CMO has the advantage of eliminating the risk of reinvesting interest payments at lower rates during a period of declining market interest rates. At the same time, however, and also like a zero coupon bond, the market value of a Z tranche can be expected to fluctuate more widely with changes in market interest rates than would the market value of a tranche which pays interest currently. Changes in market interest rates also can be expected to influence prepayment rates on the mortgage loans underlying the CMO of which a Z tranche is a part. As noted above, such changes in prepayment rates will affect the date at which cash payments begin to be made on a Z tranche, and therefore also will influence its market value. As an operating policy, the SFT Core Bond Fund will not purchase a Z bond if the respective Fund's aggregate investment in Z bonds which are then still in their accrual periods would exceed 20% of the Fund's total assets (Z bonds which have begun to receive cash payments are not included for purposes of this 20% limitation).

The SFT Core Bond Fund and SFT T. Rowe Price Value Fund may each also invest in inverse or reverse floating CMOs. Inverse or reverse floating CMOs constitute a tranche of a CMO with a coupon rate that moves in the reverse direction to an applicable index. Accordingly, the coupon rate will increase as interest rates decrease. The Fund would be adversely affected, however, by the purchase of such CMOs in the event of an increase in interest rates since the coupon rate will decrease as interest rates increase, and, like other mortgage-related securities, the value will decrease as interest rates increase. Inverse or reverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs, and usually carry a lower cash flow priority. As an operating policy, the SFT Core Bond Fund will treat inverse floating rate CMOs as illiquid and, therefore, will limit its investments in such securities, together with all other illiquid securities, to 15% of such Fund's net assets.

In some cases, these instruments may be secured by obligations of Alt A and sub-prime residential mortgage borrowers, which exposes the Fund to a greater risk that the security's issuer will not make payments on the security when due. Loans to sub-prime or Alt A borrowers have a higher risk of default than loans to prime borrowers. Loans to Alt A borrowers are underwritten using standards that are more liberal than those for prime borrowers, such as high loan-to-value ratios and less documentation of borrower income or assets. Sub-prime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Securities backed by obligations of sub-prime and Alt A mortgage borrowers are subject to the risk of precipitous ratings downgrades, and even default. They are also more likely to present valuation problems and are more likely to become less liquid, or even illiquid, than securities backed only by obligations of prime mortgage borrowers. The purchase of securities with exposure to risks associated with sub-prime or Alt A mortgage lending is not a principal investment strategy.

**Structured Investments** 

The SFT Balanced Stabilization Fund, SFT Core Bond Fund and SFT T. Rowe Price Value Fund may each invest in structured investments where the underlying instruments in such structured investments are mortgage-related securities, asset-backed securities or other debt securities in which the Funds may otherwise invest.

Structured investments are entities organized and operated solely for the purpose of restructuring the investment characteristics of various securities. These entities typically are organized by investment banking firms that receive fees in connection with establishing each entity and arranging for the placement of its securities. This

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type of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments and the issuance by that entity of one or more classes of securities (structured investments) backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured investments to create securities with different investment characteristics such as varying maturities, payment priorities or interest rate provisions; the extent of the payments made with respect to structured investments is dependent on the extent of the cash flow on the underlying instruments. Because structured investments of the type in which the Funds anticipate investing typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments.

The SFT Balanced Stabilization Fund, SFT Core Bond Fund and SFT T. Rowe Price Value Fund are each permitted to invest in a class of structured investments that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured investments typically have higher yields and present greater risks than unsubordinated structured investments. Although the Fund's purchase of subordinated structured investments would have a similar economic effect to that of borrowing against the underlying instruments, the purchase will not be deemed to be leverage for purposes of the limitations placed on the extent of the Fund's assets that may be used for borrowing activities.

Certain issuers of structured investments may be deemed to be "investment companies" as defined in the 1940 Act. As a result, the Funds' investment in these structured investments may be limited by the restrictions contained in the 1940 Act. Structured investments typically are sold in private placement transactions to institutional investors such as the Funds, and there generally is no active trading market for structured investments. To the extent such investments are illiquid, they will be subject to the Funds' restrictions on investments in illiquid securities.

In some cases, these instruments may be secured by obligations of Alt A and sub-prime residential mortgage borrowers, which exposes the Funds to a greater risk that the security's issuer will not make payments on the security when due. Loans to sub-prime or Alt A borrowers have a higher risk of default than loans to prime borrowers. Loans to Alt A borrowers are underwritten using standards that are more liberal than those for prime borrowers, such as high loan-to-value ratios and less documentation of borrower income or assets. Sub-prime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Securities backed by obligations of sub-prime and Alt A mortgage borrowers are subject to the risk of precipitous ratings downgrades, and even default. They are also more likely to present valuation problems and are more likely to become less liquid, or even illiquid, than securities backed only by obligations of prime mortgage borrowers. The purchase of securities with exposure to risks associated with sub-prime or Alt A mortgage lending is not a principal investment strategy.

**Stripped Mortgage-Backed Securities** 

The SFT Balanced Stabilization Fund, SFT Core Bond Fund and SFT T. Rowe Price Value Fund may each invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent undivided ownership interests in a pool of mortgages, the cash flow of which has been separated into its interest and principal components. Interest only securities ("IOs") receive the interest portion of the cash flow while principal only securities ("POs") receive the principal portion. Stripped mortgage-backed securities may be issued by U.S. government agencies or by private issuers. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates, unlike other mortgage-backed securities (which tend to move in the opposite direction compared to interest rates). Under the Internal Revenue Code of 1986, as amended (the "Code"), POs may generate taxable income from the current accrual of original issue discount, without a corresponding distribution of cash to the Fund.

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The cash flows and yields on standard IO and PO classes are extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. For example, a rapid or slow rate of principal payments may have a material adverse effect on the performance and prices of IOs or POs, respectively. If the underlying mortgage assets experience greater than anticipated prepayments of principal, an investor may fail to recoup fully its initial investment in an IO class of a stripped mortgage-backed security, even if the IO class is rated AAA or Aaa or is derived from a full faith and credit obligation (i.e., a GNMA). Conversely, if the underlying mortgage assets experience slower than anticipated prepayments of principal, the price on a PO class will be affected more severely than would be the case with a traditional mortgage-backed security, but unlike IOs, an investor will eventually recoup fully its initial investment provided no default of the guarantor occurs. As an operating policy, the Funds will limit its investments in IOs and POs to 15% of the Fund's net assets.

**Asset-Backed and Stripped Asset-Backed Securities** 

The SFT Balanced Stabilization Fund, SFT Core Bond Fund, and SFT T. Rowe Price Value Fund may each invest in asset-backed securities rated within the four highest grades assigned by Moody's or S&P (Baa3 or BBB- or higher), or rated at a comparable level by another independent nationally-recognized rating agency, or, if not rated, are of equivalent investment quality as determined by the Fund's investment adviser or sub-adviser. Asset-backed securities usually represent interests in pools of consumer loans (typically trade, credit card or automobile receivables). The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, the quality of the servicing of the receivables, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities may depend on the rate of principal payments received on the underlying assets which in turn may be affected by a variety of economic and other factors. As a result, the yield on any asset-backed security may be difficult to predict with precision and actual yield to maturity may be more or less than the anticipated yield to maturity. Some asset-backed transactions are structured with a "revolving period" during which the principal balance of the asset-backed security is maintained at a fixed level, followed by a period of rapid repayment. This structure is intended to insulate holders of the asset-backed security from prepayment risk to a significant extent. Asset-backed securities may be classified as pass-through certificates or collateralized obligations.

Pass-through certificates are asset-backed securities which represent an undivided fractional ownership interest in an underlying pool of assets. Pass-through certificates usually provide for payments of principal and interest received to be passed through to their holders, usually after deduction for certain costs and expenses incurred in administering the pool. Because pass-through certificates represent an ownership interest in the underlying assets, the holders thereof bear directly the risk of any defaults by the obligors on the underlying assets not covered by any credit support.

Asset-backed securities issued in the form of debt instruments, also known as collateralized obligations, are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. The assets collateralizing such asset-backed securities are pledged to a trustee or custodian for the benefit of the holders thereof. Such issuers generally hold no assets other than those underlying the asset-backed securities and any credit support provided. As a result, although payments on such asset-backed securities are obligations of the issuers, in the event of defaults on the underlying assets not covered by any credit support, the issuing entities are unlikely to have sufficient assets to satisfy their obligations on the related asset-backed securities.

To lessen the effect of failures by obligors on underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two classes: liquidity protection and protection against ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that scheduled payments on the underlying

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pool are made in a timely fashion. Protection against ultimate default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies or letters of credit obtained from third parties, through various means of structuring the transaction or through a combination of such approaches.

The SFT Balanced Stabilization Fund, SFT Core Bond Fund and SFT T. Rowe Price Value Fund may also invest in stripped asset-backed securities. Asset-backed securities may be stripped to create interest-only and principal-only securities in the same manner as mortgage-backed securities. See "Stripped Mortgage-Backed Securities," above. The value of asset-backed IOs also tends to move in the same direction as changes in interest rates, unlike other asset-backed (or mortgage-backed) securities, which tend to move in the opposite direction compared to interest rates. As with stripped mortgage-backed securities, the cash flows and yields on asset-backed IOs and POs are also extremely sensitive to the rate of principal payments on the related underlying assets. See "Stripped Mortgage-Backed Securities," above. As an operating policy, each of these Funds will limit its investments in IOs and POs to 15% of the Fund's net assets.

Certain asset backed securities are issued as the debt of a "bankruptcy remote" special purpose entity organized by sponsors solely for the purpose of owning such assets and issuing such debt. Although these issuers are currently viewed as bankruptcy remote, they are subject to the risk of changes in case law or other laws governing the formation of these entities. If these laws change, there is a risk these assets could be deemed to be available to creditors upon the bankruptcy of a sponsor.

**Direct Investments in Mortgages — Whole Loans** 

The SFT Core Bond Fund may invest up to 10% of the value of its net assets directly in mortgages securing residential or commercial real estate (i.e., the Fund becomes the mortgagee). Such investments are not "mortgage-related securities" as described above. They are normally available from lending institutions which group together a number of mortgages for resale (usually from 10 to 50 mortgages) and which act as servicing agent for the purchaser with respect to, among other things, the receipt of principal and interest payments. (Such investments are also referred to as "whole loans".) The vendor of such mortgages receives a fee from the Fund for acting as servicing agent. The vendor does not provide any insurance or guarantees covering the repayment of principal or interest on the mortgages. Unlike pass-through securities, whole loans constitute direct investment in mortgages inasmuch as the Fund, rather than a financial intermediary, becomes the mortgagee with respect to such loans purchased by the Fund. At present, such investments are considered to be illiquid by the Fund's investment adviser or sub-adviser. A Fund will invest in such mortgages only if its investment adviser has determined through an examination of the mortgage loans and their originators (which may include an examination of such factors as percentage of family income dedicated to loan service and the relationship between loan value and market value) that the purchase of the mortgages should not represent a significant risk of loss to the Fund.

**Zero Coupon Securities** 

The Funds may invest in zero coupon securities. When held to maturity, the entire return on zero coupon securities, which consists of the amortization of discount, comes from the difference between their purchase price and their maturity value.

Zero coupon securities, like other investments in debt securities, are subject to certain risks, including credit and market risks. Credit risk is the function of the ability of an issuer of a security to maintain timely interest payments and to pay the principal of a security upon maturity.

Market risk is the risk of the price fluctuation of a security due primarily to market interest rates prevailing generally in the economy. Market risk may also include elements which take into account the underlying credit rating of an issuer, the maturity length of a security, a security's yield, and general economic and interest rate

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conditions. Zero coupon securities do not make any periodic payments of interest prior to maturity and the stripping of the securities causes the zero coupon securities to be offered at a discount from their face amounts. The market value of the zero coupon securities will fluctuate, perhaps markedly, and changes in interest rates and other factors and may be subject to greater fluctuations in response to changing interest rates than would a fund of securities consisting of debt obligations of comparable coupon bearing maturities. The amount of fluctuation increases with longer maturities.

Because they do not pay interest, zero coupon securities tend to be subject to greater fluctuation of market value in response to changes in interest rates than interest-paying securities of similar maturities.

When held to maturity, the return on zero coupon securities consists entirely of the difference between the maturity value and the purchase price of securities held in the Fund. While this difference allows investors to measure initial investment return, it also must be considered in light of changing economic conditions.

**Pay-in-Kind and Delayed Interest Securities** 

The SFT Core Bond Fund and SFT T. Rowe Price Value Fund may also invest in pay-in-kind securities and delayed interest securities. Pay-in-kind securities pay interest through the issuance to the holders of additional securities. Delayed interest securities are securities that remain zero coupon securities until a predetermined date at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. Because interest on pay-in-kind and delayed interest securities is not paid on a current basis, the values of securities of this type are subject to greater fluctuations than the values of securities that distribute income regularly and they may be more speculative than such securities. Accordingly, the values of these securities may be highly volatile as interest rates rise or fall. In addition, the Fund's investments in pay-in-kind and delayed interest securities will result in special tax consequences.

**Derivative Instruments** 

Derivative instruments are those financial instruments whose values are dependent upon the performance of one or more underlying assets, such as securities, interest rates, currencies, commodities or related indices. Derivatives may be used for "hedging," which means that they may help manage risks relating to interest rates, currency fluctuations and other market factors. They also may be used when the manager seeks to increase liquidity, implement a tax or cash management strategy, invest in a particular bond or segment of the market in a more efficient or less expensive way, modify the effective duration of the Fund's portfolio investments and/or to enhance total return. However derivatives are used, their successful use is not assured and will depend upon the manager's ability to predict relevant market movements.

The Funds may use derivative transactions without limit for purposes of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific risk exposure of a portfolio security or its denominated currency and must also be directly related to such security or currency. The Funds' use of derivatives transactions for purposes other than direct hedging may be limited from time to time by policies adopted by the Board or the Fund's investment manager.

FUTURE DEVELOPMENTS IN DERIVATIVES. A Fund may take advantage of opportunities in the area of derivative investments that are not presently contemplated for use by the Fund or that are not currently available but which may be developed in the future, to the extent such opportunities are consistent with the Fund's investment goals and are legally permissible for the Fund.

It is possible that regulatory or other developments in the derivatives market, including changes in government regulation could adversely impact a Fund's ability to invest in certain derivatives successfully use derivative instruments.

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**Futures Contracts and Options on Futures Contracts** 

GENERALLY. The Funds may enter into a variety of futures contracts, including, without limitation, interest rate and other bond futures contracts, index futures contracts, exchange traded fund ("ETF") futures contracts, foreign currency futures contracts and currency index futures, and may also purchase and sell put and call options on futures contracts. The purchase of futures contracts or call options on futures contracts can serve as a long hedge, and the sale of futures contracts or the purchase of put options on a futures contract can serve as a short hedge. Writing call options on futures contracts can serve as a limited short hedge, using a strategy similar to that used for writing call options on securities or indexes. Similarly, writing put options on futures contracts can serve as a limited long hedge.

In addition, futures contract strategies can be used to manage the average duration of a Fund's fixed-income portfolio. If Securian AM or a sub-adviser wishes to shorten the average duration of a Fund's fixed-income portfolio, the Fund may sell a debt futures contract or a call option thereon, or purchase a put option on that futures contract. If Securian AM or a sub-adviser wishes to lengthen the average duration of a Fund's fixed-income portfolio, the Fund may buy a debt futures contract or a call option thereon, or sell a put option thereon.

A Fund may not enter into short positions in futures contracts or options on futures contracts except for bona fide hedging or other risk management purposes (which may also have the effect of either lengthening or shortening the average duration of its portfolio of fixed income and other debt securities). Subject to the additional limitations described under "Regulatory Matters" below, futures contracts and options on futures contracts can also be purchased and sold to attempt to enhance income or yield.

FUTURES CONTRACTS. A futures contract is a bilateral agreement providing for the purchase and sale of a specified type and amount of a financial instrument or foreign currency, or for the making and acceptance of a cash settlement, at a stated time in the future for a fixed price. By its terms, a futures contract provides for a specified settlement date on which, in the case of the majority of interest rate and foreign currency futures contracts, the fixed income securities or currency underlying the contract are delivered by the seller and paid for by the purchaser, or on which, in the case of stock index futures contracts and certain interest rate and foreign currency futures contracts, the difference between the price at which the contract was entered into and the contract's closing value is settled between the purchaser and the seller in cash. Futures contracts differ from options in that they are bilateral agreements, with both the purchaser and the seller equally obligated to complete the transaction. Futures contracts call for settlement only on the expiration date, and cannot be "exercised" at any other time during their term.

Purchases or sales of stock index futures contracts are used to attempt to protect current or intended stock investments from broad fluctuations in stock prices. Interest rate and foreign currency futures contracts are purchased or sold to attempt to hedge against the effects of interest or exchange rate changes on a Fund's current or intended investments in fixed income or foreign securities. In the event that an anticipated decrease in the value of a Fund's securities occurs as a result of a general stock market decline, a general increase in interest rates, or a decline in the dollar value of foreign currencies in which portfolio securities are denominated, the adverse effects of such changes may be offset, in whole or in part, by gains on the sale of futures contracts. Conversely, the increased cost of a Fund's securities to be acquired, caused by a general rise in the stock market, a general decline in interest rates, or a rise in the dollar value of foreign currencies, may be offset, in whole or in part, by gains on futures contracts purchased by such Fund.

The underlying items to which futures contracts may relate include foreign currencies, currency indices, interest rates, bond indices, and debt securities, including corporate debt securities, non-U.S. government debt securities and U.S. government debt obligations. In most cases the contractual obligation under a futures contract may be offset, or closed out before the settlement date so that the parties do not have to make or take delivery. Closing out a short position is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument and the same delivery month. If the price of the initial sale of the futures contract

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exceeds the price of the offsetting purchase, the seller is paid the difference and realizes a gain. Conversely, if the price of the offsetting purchase exceeds the price of the initial sale, the trader realizes a loss. Similarly, the closing out of a long position is effected by the purchaser entering into a futures contract sale. If the offsetting sale price exceeds the purchase price, the purchaser realizes a gain and, if the purchase price exceeds the offsetting sale price, the purchaser realizes a loss.

The purchase or sale of a futures contract differs from the purchase or sale of a security in that no purchase price is paid or received. Instead, an amount of cash or cash equivalents, which varies but may be as low as 5% or less of the value of the contract, must be deposited with the broker as "initial margin." Initial margin on futures contracts does not represent a borrowing, but rather is in the nature of a performance bond or good-faith deposit that is returned to the Fund at the termination of the transaction if all contractual obligations have been satisfied. Subsequent payments to and from the broker, referred to as "variation margin," are made on a daily basis as the value of the index or instrument underlying the futures contract fluctuates, making positions in the futures contracts more or less valuable, a process known as "marking to the market." Variation margin does not involve borrowing, but rather represents a daily settlement of the Fund's obligations to or from a futures broker. Daily variation margin calls could be substantial in the event of adverse price movements. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.

U.S. futures contracts may be purchased or sold only on an exchange, known as a "contract market," designated by the Commodity Futures Trading Commission ("CFTC") for the trading of such contract, and only through a registered futures commission merchant which is a member of such contract market. A commission must be paid on each completed purchase and sale transaction. The contract market clearing house guarantees the performance of each party to a futures contract by in effect taking the opposite side of such contract. At any time prior to the expiration of a futures contract, a trader may elect to close out its position by taking an opposite position on the contract market on which the position was entered into, subject to the availability of a secondary market, which will operate to terminate the initial position. At that time, a final determination of variation margin is made and any loss experienced by the trader is required to be paid to the contract market clearing house while any profit due to the trader must be delivered to it. However, there can be no assurance that a liquid secondary market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract. Futures contracts may also be traded on foreign exchanges.

Under certain circumstances, futures contracts exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions.

If a Fund were unable to liquidate a futures contract due to the absence of a liquid secondary market or the imposition of price limits, it could incur substantial losses. The Fund would continue to be subject to market risk with respect to the position. In addition, the Fund would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the futures contract or to maintain cash or liquid assets in an account.

VOLATILITY INDEX ("VIX") FUTURES CONTRACTS. In seeking to manage portfolio risk and volatility, the SFT Balanced Stabilization Fund and SFT Equity Stabilization Fund may invest in long or short Chicago Board Options Exchange S&P 500<sup>®</sup> Volatility Index futures contracts (also known as volatility futures). The VIX is a measure of the expected or implied volatility (i.e., movement up or down) of the S&P 500<sup>®</sup> over the next thirty days. The Fund may attempt to manage its exposure to volatility in the S&P 500<sup>®</sup> through the use of VIX futures contracts. However, the implied volatility of the S&P 500<sup>®</sup> as measured by VIX may not track the realized volatility of the S&P 500<sup>®</sup>. Additionally, the realized volatility of the equity holdings in the Fund may not track the realized volatility of the S&P 500<sup>®</sup>. These tracking differences may cause the hedge to be less

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effective than desired. In addition, the term structure of volatility futures (i.e., the term of the contract) influences the cost of holding hedge positions over time. As the cost of long-term contracts increases versus the cost of short-term contracts, the cost of maintaining a long position in volatility futures becomes more expensive.

OPTIONS ON FUTURES CONTRACTS. An option on a futures contract provides the holder with the right to enter into a "long" position in the underlying futures contract, in the case of a call option, or a "short" position in the underlying futures contract, in the case of a put option, at a fixed exercise price up to a stated expiration date or, in the case of certain options, on such date. Upon exercise of the option by the holder, the contract market clearing house establishes a corresponding short position for the writer of the option, in the case of a call option, or a corresponding long position, in the case of a put option. In the event that an option is exercised, the parties will be subject to all the risks associated with the trading of futures contracts, such as payment of variation margin deposits. In addition, the writer of an option on a futures contract, unlike the holder, is subject to initial and variation margin requirements on the option position.

A position in an option on a futures contract may be terminated by the purchaser or the seller prior to expiration by affecting a closing purchase or sale transaction, subject to the availability of a liquid secondary market, which is the purchase or sale of an option of the same series (i.e., the same exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the trader's profit or loss on the transaction.

Options on futures contracts that are written or purchased by the Funds on United States exchanges are traded on the same contract market as the underlying futures contract and, like futures contracts, are subject to regulation by the CFTC and the performance guarantee of the exchange clearing house. In addition, options on futures contracts may be traded on foreign exchanges.

RISKS OF FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS. The use of futures contracts and options on futures contracts will expose the Funds to additional investment risks and transactions costs. Risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that interest rates, securities prices or currency markets will not move in the direction that the Fund's investment adviser or sub-adviser anticipates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an imperfect correlation between the price of the instrument and movements in the prices of any securities or currencies being hedged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leverage risk, which is the risk that adverse price movements in an instrument can result in a loss substantially greater than a Fund's initial investment in that instrument; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that the counterparty to an instrument will fail to perform its obligations.

REGULATORY MATTERS. As an open-end investment company registered with the SEC, the Trust and its Funds are subject to the federal securities laws, including the 1940 Act, related rules, and various SEC and SEC staff positions.

The investment adviser, on behalf of each of the Funds that invests in futures contracts, options on future contracts, and swaps, has filed a notice of eligibility for exclusion from the definition of the term "commodity pool operator" with the National Futures Association. On February 9, 2012, the Commodities Futures Trading Commission adopted final rules that require registered investment companies claiming exclusion from the term "commodity pool operator" under CFTC Rule 4.5 to use commodity futures, commodity options contracts or swaps solely for bona fide hedging purposes within the meaning and intent of Rules 1.3(z)(1) and 151.5, unless, with respect to such positions that do not come within the meaning and intent of Rules 1.3(z)(1) and 151.5, the

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aggregate initial margin and premiums required to establish such positions do not exceed five percent of the liquidation value of the registered investment company's portfolio, as determined at the time the most recent position was established, or the aggregate net notional value of commodity futures, commodity option contracts, or swap positions does not exceed 100 percent of the liquidation value of the pool's portfolio, determined at the time the most recent position was established, with Rule 4.5 specifying the method of calculation. If an investment adviser to a registered investment company can represent that the registered investment company's operations comply with the stated requirements of CFTC Rule 4.5, the investment adviser may rely upon a notice of exclusion from the definition of "commodity pool operator," though such notice must be affirmed annually. If an investment adviser to a registered investment company cannot rely on a notice of exclusion, because it cannot meet the requirements for exclusion, the investment adviser will have to register with the CFTC and undertake the reporting obligations and pay the expenses incurred in connection therewith. In each case, the Funds and the investment adviser will comply with Rule 4.5.

The above limitation on the Funds' investments in futures contracts, commodity options and swaps, and the Trust's policies regarding futures contracts, options and swaps discussed elsewhere in this Statement of Additional Information, may be changed as regulatory agencies permit. With respect to positions in commodity futures, commodity options, and swaps contracts which do not come within the meaning and intent of bona fide hedging in the CFTC rules, the aggregate initial margin and premiums required to establish such positions will not exceed 5% of the liquidation value of a Fund's portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; and, provided further, that in the case of an option that is in-the-money at the time of purchase, the in-the-money amount as defined by CFTC Rule 190.01(x) may be excluded in computing such 5%, or the aggregate net notional value of such commodity futures, commodity options contracts, or swaps positions will not exceed 100 percent of the liquidation value of the Fund's portfolio, after taking into account unrealized profits and unrealized losses on any such positions it has entered into, in either case determined at the time the most recent position was established.

For examples of futures contracts and their tax treatment, see Appendix C to this Statement of Additional Information.

**Options** 

Each Fund (other than 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. Each Fund other than the SFT T. Rowe Price Value Fund will limit the total market value of securities against which it may write call or put options to 20% of its total assets. The SFT T. Rowe Price Value Fund will limit the total market value of securities against which it may write call or put options to 25% of its total assets. In addition, no Fund will commit more than 5% of its total assets to premiums when purchasing put or call options.

A put option gives the purchaser the right to sell a security, currency or other instrument to the writer of the option at a stated price during the term of the option. A call option gives the purchaser the right to purchase a security, currency or other instrument from the writer of the option at a stated price during the term of the option. Thus, if a Fund writes a call option on a security, it becomes obligated during the term of the option to deliver the security underlying the option upon payment of the exercise price. If a Fund writes a put option, it becomes obligated during the term of the option to purchase the security underlying the option at the exercise price if the option is exercised. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options that the Funds may purchase or write may be traded on a national securities exchange and in the OTC market.

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Funds may use put and call options for a variety of purposes. For example, if a portfolio manager wishes to hedge a security a Fund owns against a decline in price, the manager may purchase a put option on the underlying security; i.e., purchase the right to sell the security to a third party at a stated price. If the underlying security then declines in price, the manager can exercise the put option, thus limiting the amount of loss resulting from the decline in price. Similarly, if the manager intends to purchase a security at some date in the future, the manager may purchase a call option on the security today in order to hedge against an increase in its price before the intended purchase date. Put and call options also can be used for speculative purposes. For example, if a portfolio manager believes that the price of stocks generally is going to rise, the manager may purchase a call option on a stock index, the components of which are unrelated to the stocks held or intended to be purchased. Finally, a portfolio manager may write options on securities owned in order to realize additional income. Funds receive premiums from writing call or put options, which they retain whether or not the options are exercised.

By writing a call option, a Fund might lose the potential for gain on the underlying security while the option is open, and by writing a put option a Fund might become obligated to purchase the underlying security for more than its current market price upon exercise. If a Fund purchases a put or call option, any loss to the Fund is limited to the premium paid for, and transaction costs paid in connection with, the option.

The Funds may buy both put and call exchange traded options, as well as both put and call OTC options. Like exchange traded options, OTC options give the holder the right to buy, in the case of OTC call options, or sell, in the case of OTC put options, an underlying security from or to the writer at a stated exercise price. OTC options, however, differ from exchange traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including because of the dealer's bankruptcy or insolvency. While a Fund uses only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying instruments and in a wider range of expiration dates and exercise prices than exchange traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Fund may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When the Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which the Fund originally wrote the option. The Fund may suffer a loss if it is not able to exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

The Trust understands that the staff of the SEC has taken the position that purchased OTC options are considered illiquid securities and that the assets segregated to cover a Fund's obligation under an OTC option on securities it has written are considered illiquid. Pending a change in the staff's position, the Trust will treat OTC options and "covering" assets as illiquid and subject to each Fund's limitation on illiquid securities.

OPTIONS ON SECURITIES. An option on a security provides the purchaser, or "holder," with the right, but not the obligation, to purchase, in the case of a "call" option, or sell, in the case of a "put" option, the security or securities underlying the option, for a fixed exercise price up to a stated expiration date or, in the case of certain options, on such date. The holder pays a nonrefundable purchase price for the option, known as the "premium." The maximum amount of risk the purchaser of the option assumes is equal to the premium plus related transaction costs, although this entire amount may be lost. The risk of the seller, or "writer," however, is potentially unlimited, unless the option is "covered." A call option written by a Fund is "covered" if the Fund

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owns the underlying security covered by the call or has an absolute and immediate right to acquire that security without additional cash consideration (or for additional cash consideration held in a segregated account by its custodian) upon conversion or exchange of other securities held in its portfolio. A call option is also covered if the Fund holds a call on the same security and in the same principal amount as the call written where the exercise price of the call held (a) is equal to or less than the exercise price of the call written or (b) is greater than the exercise price of the call written if the difference is maintained by the Fund in cash and liquid securities in a segregated account with its custodian. A put option written by a Fund is "covered" if the Fund maintains cash and liquid securities with a value equal to the exercise price in a segregated account with its custodian, or else holds a put on the same security and in the same principal amount as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written. If the writer's obligation is not so covered, it is subject to the risk of the full change in value of the underlying security from the time the option is written until exercise.

Upon exercise of the option, the holder is required to pay the purchase price of the underlying security, in the case of a call option, or to deliver the security in return for the purchase price in the case of a put option. Conversely, the writer is required to deliver the security, in the case of a call option, or to purchase the security, in the case of a put option. Options on securities which have been purchased or written may be closed out prior to exercise or expiration by entering into an offsetting transaction on the exchange on which the initial position was established, subject to the availability of a liquid secondary market.

Options on securities and options on indexes of securities, discussed below, are traded on national securities exchanges, such as the Chicago Board Options Exchange and the New York Stock Exchange, which are regulated by the SEC. The Options Clearing Corporation guarantees the performance of each party to an exchange-traded option, by in effect taking the opposite side of each such option. A holder or writer may engage in transactions in exchange-traded options on securities and options on indexes of securities only through a registered broker-dealer which is a member of the exchange on which the option is traded.

In addition, options on securities and options on indexes of securities may be traded on exchanges located outside the United States and OTC through financial institutions dealing in such options as well as the underlying instruments. While exchange-traded options have a continuous liquid market, OTC options may not.

OPTIONS ON STOCK INDEXES. In contrast to an option on a security, an option on a stock index provides the holder with the right to make or receive a cash settlement upon exercise of the option, rather than the right to purchase or sell a security. The amount of this settlement is equal to (a) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a call) or is below (in the case of a put) the closing value of the underlying index on the date of exercise, multiplied by (b) a fixed "index multiplier." The purchaser of the option receives this cash settlement amount if the closing level of the stock index on the day of exercise is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. The writer of the option is obligated, in return for the premium received, to make delivery of this amount if the option is exercised. As in the case of options on securities, the writer or holder may liquidate positions in stock index options prior to exercise or expiration by entering into closing transactions on the exchange on which such positions were established, subject to the availability of a liquid secondary market.

A Fund will cover all options on stock indexes by owning securities whose price changes, in the opinion of the Fund's adviser or sub-adviser, are expected to be similar to those of the index, or in such other manner as may be in accordance with the rules of the exchange on which the option is traded and applicable laws and regulations. Nevertheless, where a Fund covers a call option on a stock index through ownership of securities, such securities may not match the composition of the index. In that event, the Fund will not be fully covered and could be subject to risk of loss in the event of adverse changes in the value of the index. The Funds will secure put options on stock indexes by segregating assets equal to the option's exercise price, or in such other manner as may be in accordance with the rules of the exchange on which the option is traded and applicable laws and regulations.

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The index underlying a stock option index may be a "broad-based" index, such as the S&P 500<sup>®</sup> Index or the New York Stock Exchange Composite Index, the changes in value of which ordinarily will reflect movements in the stock market in general. In contrast, certain options may be based upon narrower market indexes, such as the Standard & Poor's 100<sup>®</sup> Index, or on indexes of securities of particular industry groups, such as those of oil and gas or technology companies. A stock index assigns relative values to the stocks included in the index and the index fluctuates with changes in the market values of the stocks so included.

RISKS OF OPTIONS. The Funds' options investments involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Fund may have difficulty effecting closing transactions in particular options. Therefore, the Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. The Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when the Fund cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund that is being hedged. In addition, the Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the investment manager is not successful in using options in managing the Fund's investments, the Fund's performance will be worse than if the investment manager did not employ such strategies.

**Swap Agreements** 

Each Fund (other than the SFT Government Money Market Fund) may enter into swaps, caps, floors and collars to preserve a return or a spread on a particular investment or portion of its portfolio, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date or to attempt to enhance yield. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index. Commonly used swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap;" interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified level, or "floor;" and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

Swap agreements, including caps, floors and collars, can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the overall volatility of a Fund's investments and its share price and yield

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because these agreements may affect the Fund's exposure to long- or short-term interest rates (in the United States or abroad), foreign currency values, mortgage-backed security values, corporate borrowing rates or other factors such as security prices or inflation rates.

Swap agreements will tend to shift a Fund's investment exposure from one type of investment to another. For example, if a Fund agrees to exchange payments in U.S. dollars for payments in foreign currency, the swap agreement would tend to decrease the Fund's exposure to U.S. interest rates and increase its exposure to foreign currency and interest rates. Caps, floors and collars have an effect similar to buying or writing options. Whether the Fund's use of swap agreements will be successful in furthering its investment objective will depend on the ability of the Fund's investment adviser or sub-adviser to predict correctly whether certain types of investments are likely to produce greater returns than other investments.

The creditworthiness of firms with which a Fund enters into swaps, caps, floors or collars will be monitored by Securian AM or the sub-adviser. If a firm's creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses. If a default occurs by the other party to such transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction.

The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations which the parties to a swap agreement have agreed to exchange. Most swap agreements entered into by the Fund would calculate the obligations of the parties to the agreement on a "net basis." Consequently, the Fund's obligations (or rights) under a swap agreement will generally be equal to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The Fund's obligations under a swap agreement will be accrued daily (offset against amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of cash or liquid securities to avoid any potential leveraging of the Fund's securities.

Securian AM and the Funds believe that such obligations do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to a Fund's borrowing restrictions

*Options on Swap Agreements ("swaptions").* Generally, the Funds may purchase and write (sell) both put and call options on swap agreements, commonly known as swaptions. The Funds may buy options on interest rate swaps to help hedge the Fund's risk of potentially rising interest rates. A swaption is an OTC option (see the discussion on OTC options) that gives the buyer of the option the right, but not the obligation, to enter into a previously negotiated swap agreement, or to extend, terminate, or otherwise modify the terms of an existing swap agreement, in exchange for the payment of a premium to the writer (seller) of the option. The writer (seller) of a swaption receives premium payments from the buyer and, in exchange, becomes obligated to enter into or modify an underlying swap agreement upon the exercise of the option by the buyer. The Fund generally assumes a greater risk when it writes (sells) a swaption than when it purchases a swaption. When the Fund purchases a swaption, it risks losing the amount of premium it has paid, should it elect not to exercise the option, plus any related transaction costs. When the Fund writes (sells) a swaption, however, the Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer, which may result in losses to the Fund in excess of the premium it received. Swaptions also involve other risks associated with both OTC options and swap agreements, such as counterparty risk (the risk that the counterparty defaults on its obligation), market risk, credit risk, and interest rate risk. With respect to the Fund's purchase of options on interest rate swaps, depending on the movement of interest rates between the time of purchase and expiration of the swaption, the value of the underlying interest rate swap and therefore the value of the swaption will change.

*Credit Default Swaps.* Each Fund (other than the SFT Balanced Stabilization Fund and SFT Government Money Market Fund) may also enter into credit default swap agreements. The credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Fund. The protection "buyer" in a credit default contract is generally obligated to pay the protection "seller" an upfront or a periodic

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stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer the Fund will segregate or "earmark" cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund's exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller (which are not contractually required to cash settle), the Fund will segregate or "earmark" cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or "earmarking" will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit the extent of potential leveraging of the Fund. Such segregation or "earmarking" will not limit the Fund's exposure to loss. In the alternative, with respect to credit default swaps subject to a contractual requirement to "cash settle," the Fund is permitted to segregate liquid assets in an amount equal only to the Fund's daily mark-to-market (net) obligations, if any, rather than the full notional value of such swaps.

Whether a Fund's use of swap agreements will be successful in furthering its investment objective will depend on the ability of the adviser correctly to predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two-party contracts and may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty to a swap agreement. Certain positions adopted by the Internal Revenue Service may limit the Fund's ability to use swap agreements in a desired tax strategy.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments have imposed comprehensive regulatory requirements on swaps and swap market participants. The Dodd-Frank Act and it implementing rules require: (1) registration and regulation of swap dealers and major swap participants; (2) central clearing and execution of standardized swaps; (3) margin requirements on swap transactions; (4) regulation and monitoring of swap transactions through position limits and large trader reporting requirements; and (5) record keeping and centralized and public reporting requirements, on an anonymous basis. In recent years, the swap market has grown substantially and as a result, the swap market has become relatively liquid. Certain swap transactions involve more recent innovations for which standardized documentation has not yet been fully developed and generally will not be centrally cleared or traded on an exchange and, accordingly, they are less liquid than traditional swap transactions.

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*Interest rate swaps.* An interest rate swap is an agreement between two parties to exchange payments based on the changes in an interest rate or rates. Typically, one interest rate is fixed while the other interest rate changes with changes in a designated interest rate benchmark (for example, the prime rate, commercial paper rate, or other benchmarks). Each party's payment obligation under an interest rate swap is determined by reference to a specified "notional" amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. Accordingly, barring swap counterparty default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that the Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.

By swapping fixed interest rate payments for floating payments, an interest rate swap can be used to increase or decrease the Fund's exposure to various interest rates, including to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. An interest rate swap transaction is affected by changes in interest rates, which, in turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.

*Inflation index swaps.* An inflation index swap is a contract between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. Each party's payment obligation under the swap is determined by reference to a specified "notional" amount of money. Typically, an inflation index swap has payment obligations netted and exchanged upon maturity. The value of an inflation index swap is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the time the swap is entered into, the swap will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap is entered into, the swap will decrease in value.

*Total return swaps.* A total return swap (also sometimes referred to as a synthetic equity swap or "contract for difference") is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount.

*Options on swap agreements.* Generally, the Fund may purchase options on credit default swaps and options on interest rate swaps, commonly known as swaptions. For example, the Fund may buy options on interest rate swaps to help hedge the Fund's risk of potentially rising interest rates or options on credit default swaps to help hedge the Fund's risk of a credit rating decline in one or more of the debt securities held by the Fund. An option generally is an OTC option (see the discussion on OTC options) that gives the buyer of the option the right, but not the obligation, to enter into a previously negotiated swap agreement, or to extend, terminate, or otherwise modify the terms of an existing swap agreement, in exchange for the payment of a premium to the writer (seller) of the option. The writer (seller) of an option receives premium payments from the buyer and, in exchange, becomes obligated to enter into or modify an underlying swap agreement upon the exercise of the option by the buyer. A pay fixed option on an interest rate swap gives the buyer the right to establish a position in an interest rate swap where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay the floating-rate cash flows). In general, most options on interest rate swaps are "European" exercise, which means that they can only be exercised at the end of the option term. Depending on

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the movement of interest rates between the time of purchase and expiration, the value of the underlying interest rate swap and therefore also the value of the option on the interest rate swap will change. When the Fund purchases an option on a swap, it risks losing the amount of premium it has paid, should it elect not to exercise the option, plus any related transaction costs. Such options also involve other risks associated with both OTC options and swap agreements, such as counterparty risk (the risk that the counterparty defaults on its obligation), market risk, credit risk, and interest rate risk. With respect to the Fund's purchase of options on interest rate swaps, depending on the movement of interest rates between the time of purchase and expiration of the swaptions, the value of the underlying interest rate swap and therefore the value of the swaptions will change.

There can be no assurance that a liquid secondary market will exist for any particular option on a swap agreement, or at any particular time, and the Fund may have difficulty affecting closing transactions in particular options on swap agreements. Therefore, the Fund may have to exercise the options that it purchases in order to realize any profit and take delivery of the underlying swap agreement. The Fund could then incur transaction costs upon the sale or closing out of the underlying swap agreement. In the event that the options on a swap is exercised, the counterparty for such option would be the same counterparty with whom the Fund entered into the underlying swap.

For more information about these risks and the mechanics of options and swap agreements, see the discussion of OTC options and swap agreements, including the descriptions of various types of swaps the Fund may enter into.

*Risks of swaps.* The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the investment manager correctly to predict which types of investments are likely to produce greater returns. If the investment manager, in using swap agreements, is incorrect in its forecasts of market values, interest rates, currency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to the Fund for swap transactions that are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund's risk of loss is limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

Because swap agreements are two-party contracts and may have terms of greater than seven days, they may be illiquid and, therefore, subject to the Fund's limitation on investments in illiquid securities. If a swap transaction is particularly large or if the relevant market is illiquid, the Fund may not be able to establish or liquidate a position at an advantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually wide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. However, the swap markets have grown substantially in recent years, with a large number of financial institutions acting both as principals and agents, utilizing standardized swap documentation. As a result, the swap markets have become increasingly liquid. Some swap agreements entail complex terms and may require a greater degree of subjectivity in their valuation.

Swap agreements currently are not automatically traded on exchanges and are not subject to government regulation. As a result, swap participants are not as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange

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or clearinghouse. As a result, the Fund is subject to the risk that a counterparty will be unable or will refuse to perform under such agreement, including because of the counterparty's bankruptcy or insolvency. No limitations on daily price movements or speculative position limits apply to swap transactions. Counterparties may, however, limit the size or duration of a swap agreement with the Fund as a consequence of credit considerations. The Fund risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default, insolvency or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Fund's rights as a creditor. If the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses. The Fund's investment manager will only approve a swap agreement counterparty for the Fund if the investment manager deems the counterparty to be creditworthy. However, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.

The enactment in Dodd-Frank Act resulted in comprehensive change in how OTC derivatives are regulated, including the manner in which OTC derivatives are customized, derivatives documentation is negotiated, and trades are reported, executed and cleared. Specifically, the CFTC has adopted rules to require certain standardized swaps, previously settled OTC, be settled by means of a central clearinghouse, which is intended to reduce the risk of default by the counterparty. Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of mutual funds using derivatives instruments could limit a Fund's ability to pursue its investment strategies. The extent and impact of the new regulations or proposed regulations are not yet fully known and may not be for some time.

Certain Internal Revenue Service positions may limit the Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences.

*Combined Transactions.* The Funds may enter into multiple transactions, including multiple swaps transactions, multiple futures transactions, multiple options transactions, multiple currency transactions, and any combination of swaps, futures, forward transactions and options as part of a single or combined strategy (a "Combined Transaction") when, in the opinion of the manager, it is in the best interests of the Fund to do so. A Combined Transaction will usually contain elements of risk that are present in each on its component transactions.

Although Combined Transactions are normally entered into based on the manager's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

**Foreign Securities** 

The SFT Core Bond Fund may invest up to 25% of its total assets in foreign securities. In addition, the SFT Balanced Stabilization Fund may invest up to 10% of its net assets, and the SFT Real Estate Securities Fund may invest up to 20% of its net assets, in U.S. dollar denominated securities of foreign governments and foreign companies that are traded in the U.S. Such securities are typically publicly traded but may in some cases be issued as private placements (each Fund will treat private placement securities as illiquid securities which, when aggregated with all other illiquid securities, may not exceed 15% of the Fund's net assets). The SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), and SFT T. Rowe Price Value Fund may each invest up to 25% of their total assets in foreign securities. The SFT Wellington Core Equity Fund may invest in foreign issuers consistent with the Fund's investment objective.

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The SFT Index 400 Mid-Cap and SFT Index 500 Funds may invest in securities of foreign issuers to the extent such securities are included in the S&P 400<sup>®</sup> Mid-Cap Index and S&P 500<sup>®</sup> Index, respectively. The SFT Index 400 Mid-Cap and SFT Index 500 Funds may also invest in securities of non-U.S. domiciled issuers that trade in U.S. dollars on U.S. exchanges to the extent such securities are included in the S&P 400<sup>®</sup> Mid-Cap Index and S&P 500<sup>®</sup> Index, respectively.

The SFT Equity Stabilization Fund may invest in certain ETFs that invest in foreign securities. On average, the Fund will aim to invest approximately 30% of its assets in ETFs that directly invest in foreign securities.

Investing in securities of foreign issuers may result in greater risk than that incurred in investing in securities of domestic issuers. There is the possibility of expropriation, nationalization or confiscatory taxation, taxation of income earned in foreign nations or other taxes imposed with respect to investments in foreign nations; foreign exchange controls (which may include suspension of the ability to transfer currency from a given country), default in foreign government securities, political or social instability or diplomatic developments which could affect investments in securities of issuers in those nations. In addition, in many countries there is less publicly available information about issuers than is available in reports about companies in the U.S. Foreign companies are not generally subject to uniform accounting, auditing and financial reporting standards, and auditing practices and requirements may not be comparable to those applicable to U.S. companies. Further, the Fund may encounter difficulties or be unable to pursue legal remedies and obtain judgments in foreign courts. Commission rates in foreign countries, which are sometimes fixed rather than subject to negotiation as in the U.S., are likely to be higher. Further, the settlement period of securities transactions in foreign markets may be longer than in domestic markets. In many foreign countries there is less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S. The foreign securities markets of many of the countries in which the Fund may invest may also be smaller, less liquid, and subject to greater price volatility than those in the U.S. Also, some countries may withhold portions of interest, dividends and gains at the source. The Fund may also be unfavorably affected by fluctuations in the relative rates of exchange between the currencies of different nations (i.e., when the currency being exchanged has decreased in value relative to the currency being purchased). There are further risk considerations, including possible losses through the holding of securities in domestic and foreign custodial banks and depositories.

An American Depositary Receipt ("ADR") is a negotiable certificate, usually issued by a U.S. bank, representing ownership of a specific number of shares in a non-U.S. corporation. ADRs are quoted and traded in U.S. dollars in the U.S. securities market. An ADR is sponsored if the original issuing company has selected a single U.S. bank to serve as its U.S. depositary and transfer agent. This relationship requires a deposit agreement which defines the rights and duties of both the issuer and depositary. Companies that sponsor ADRs must also provide their ADR investors with English translations of company information made public in their own domiciled country. Sponsored ADR investors also generally have the same voting rights as ordinary shareholders, barring any unusual circumstances. ADRs which meet these requirements can be listed on U.S. stock exchanges. Unsponsored ADRs are created at the initiative of a broker or bank reacting to demand for a specific foreign stock. The broker or bank purchases the underlying shares and deposits them in a depositary. Unsponsored shares issued after 1983 are not eligible for U.S. stock exchange listings. Furthermore, they do not generally include voting rights.

In addition, the SFT Real Estate Securities Fund and SFT T. Rowe Price Value Fund may each invest in European Depositary Receipts, which are receipts evidencing an arrangement with a European bank similar to that for ADRs and which are designed for use in the European securities markets.

EMERGING/DEVELOPING MARKETS. Investments in companies domiciled in developing countries may be subject to potentially higher risks than investments in developed countries. These risks include (i) less social, political and economic stability; (ii) the small current size of the markets for such securities and the currently low or nonexistent volume of trading, which result in a lack of liquidity and in greater price volatility; (iii) certain national policies which may restrict the Fund's investment opportunities, including restrictions on

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investment in issuers or industries deemed sensitive to national interests; (iv) foreign taxation; (v) the absence of developed legal structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vi) the absence, until recently in many developing countries, of a capital market structure or market-oriented economy; and (vii) the possibility that recent favorable economic developments in some developing countries may be slowed or reversed by unanticipated political or social events in such countries.

In addition, many of the countries in which the SFT Core Bond Fund may invest have experienced substantial, and during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain countries. Moreover, the economies of some developing countries may differ unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position.

Investments in developing countries may involve risks of nationalization, expropriation and confiscatory taxation. For example, the Communist governments of a number of Eastern European countries expropriated large amounts of private property in the past, in many cases without adequate compensation, and there can be no assurance that such expropriation will not occur in the future. In the event of expropriation, the Fund could lose a substantial portion of any investments it has made in the affected countries. Further, no accounting standards exist in certain developing countries. Finally, even though the currencies of some developing countries, such as certain Eastern European countries, may be convertible into U.S. dollars, the conversion rates may be artificial to the actual market values and may be adverse to the Fund's shareholders.

FOREIGN BONDS. The SFT Core Bond Fund's investments in debt instruments include U.S. and foreign government and corporate securities. These debt instruments may include Samurai bonds, Yankee bonds, Eurobonds and Global Bonds in order to gain exposure to investment capital in other countries in a certain currency. A Samurai bond is a yen-denominated bond issued in Tokyo by a non-Japanese company. Eurobonds are generally issued in bearer form, carry a fixed or floating rate of interest, and typically amortize principal through a bullet payment with semiannual interest payments in the currency in which the bond was issued. Yankee bonds are foreign bonds denominated in U.S. dollars and registered with the SEC for sale in the U.S. A Global Bond is a certificate representing the total debt of an issue. Such bonds are created to control the primary market distribution of an issue in compliance with selling restrictions in certain jurisdictions or because definitive bond certificates are not available. A Global Bond is also known as a Global Certificate.

CURRENCY. If the SFT Core Bond Fund holds securities denominated in foreign currencies, changes in foreign currency exchange rates will affect the value of what the Fund owns and its share price. In addition, changes in foreign currency exchange rates will affect the Fund's income and distributions to shareholders. Some countries in which the Fund may invest also may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain currencies may not be internationally traded. To the extent that the managers intend to hedge currency risk, the Fund's management endeavors to buy and sell foreign currencies on as favorable a basis as practicable. Some price spread in currency exchange (to cover service charges) may be incurred, particularly when the Fund changes investments from one country to another or when proceeds of the sale of shares in U.S. dollars are used for the purchase of securities in foreign countries. Some countries may adopt policies that would prevent the Fund from transferring cash out of the country or withhold portions of interest and dividends at the source.

The Fund may be affected either unfavorably or favorably by fluctuations in the relative rates of exchange between the currencies of different nations, by exchange control regulations and by indigenous economic and political developments. Some countries in which the Fund may invest may also have fixed or managed currencies that are not free-floating against the U.S. dollar. Further, certain currencies may not be internationally traded.

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Certain currencies have experienced a steady devaluation relative to the U.S. dollar. Any devaluations in the currencies in which the Fund's portfolio securities are denominated may have a detrimental impact on the Fund. Where the exchange rate for a currency declines materially after the Fund's income has been accrued and translated into U.S. dollars, the Fund may need to redeem portfolio securities to make required distributions. Similarly, if an exchange rate declines between the time the Portfolio incurs expenses in U.S. dollars and the time such expenses are paid, the Fund will have to convert a greater amount of the currency into U.S. dollars in order to pay the expenses.

The exercise of this flexible policy may include decisions to buy securities with substantial risk characteristics and other decisions such as changing the emphasis on investments from one nation to another and from one type of security to another. Some of these decisions may later prove profitable and others may not. No assurance can be given that profits, if any, will exceed losses.

**Foreign Currency Transactions** 

For the purpose of hedging, efficient portfolio management, and/or enhancement of returns, the Funds may, from time to time, enter into currency forward contracts, including currency forwards and cross currency forwards, in addition to the use of other derivative instruments described herein (each of which may result in net short currency exposure). For hedging purposes, such transactions may be effected on non-U.S. dollar denominated instruments owned by the Fund, sold by the Fund but not yet delivered, or committed or anticipated to be purchased by the Fund. The Funds are not limited in their use of forward contracts in connection with direct hedging.

Forward foreign currency contracts and cross currency forward contracts. A currency forward contract is an obligation to purchase or sell a specific currency for another at an agreed exchange rate (price) at a future date, which is individually negotiated and privately traded by currency traders and their customers in the interbank market. A cross currency forward contract is a forward contract to sell a specific foreign currency in exchange for another foreign currency and may be used when the Fund believes that the price of one of those foreign currencies will experience a substantial movement against the other foreign currency. A currency forward contract will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, similar to when the Fund sells a security denominated in one currency and purchases a security denominated in another currency. The Fund may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting forward contract. A Fund may enter into forward contracts that do not provide for physical settlement of the two currencies but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract.

For example, the Fund may enter into a forward contract when it owns a security that is denominated in a foreign currency and desires to "lock in" the U.S. dollar value of the security. Thus, for example, when the Fund believes that a foreign currency may suffer a substantial decline against the U.S. dollar, it may enter into a forward contract to sell an amount of that foreign currency approximating the value of some or all of the Fund's portfolio securities denominated in such foreign currency. Similarly, when the Fund is about to purchase a security that is denominated in a foreign currency and the Fund believes that the U.S. dollar may suffer a substantial decline against a foreign currency, it may enter into a forward contract to buy that foreign currency for a fixed dollar amount. The Fund may also purchase and sell forward contracts to generate income or to help gain exposure to a particular currency when the manager anticipates that the foreign currency will appreciate or depreciate in value.

In addition, when the Fund's manager believes that a foreign currency may experience a substantial movement against another foreign currency the Fund may enter into a forward contract to buy or sell, as appropriate, an

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amount of the foreign currency either: a) approximating the value of some or all of its portfolio securities denominated in such foreign currency (this investment practice generally is referred to as "cross-hedging"); b) necessary to derive a level of additional income or return that the Fund's manager seeks to achieve for the Fund; (c) to increase liquidity; or (d) to gain exposure to a currency in a more efficient or less expensive way. The Funds may also engage in "proxy hedging." Proxy hedging is often used when the currency to which the Fund is exposed is difficult to hedge or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward contract to buy or sell a currency whose changes in value are generally considered to be linked closely to a currency or currencies in which some or all of the Fund's securities are or are expected to be denominated.

Risks. The successful use of these transactions will usually depend on the manager's ability to accurately forecast currency exchange rate movements. Should exchange rates move in an unexpected manner, the Fund may not achieve the anticipated benefits of the transaction, or it may realize losses. In addition, these techniques could result in a loss if the exchange on which the instruments are traded or a counterparty to the transaction does not perform as promised, including because of the exchange or counterparty's bankruptcy or insolvency. While a Fund uses only counterparties that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Moreover, investors should bear in mind that the Fund is not obligated to actively engage in hedging or other currency transactions. For example, the Fund may not have attempted to hedge its exposure to a particular foreign currency at a time when doing so might have avoided a loss.

Although the CFTC does not currently regulate these contracts, it may in the future assert such regulatory authority. In such event, the Fund's ability to utilize forward contracts in the manner set forth above may be restricted. Forward contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not engaged in such contracts. Moreover, there may be an imperfect correlation between the Fund's portfolio holdings of securities denominated in a particular currency and forward contracts entered into by the Fund. This imperfect correlation may cause the Fund to sustain losses that will prevent the Fund from achieving a complete hedge or expose the Fund to risk of foreign exchange loss.

**Loans of Fund Securities** 

For the purpose of realizing additional income, the Funds may make secured loans of Fund securities amounting to not more than one-third of their respective total assets (which, for purposes of this limitation, will include the value of collateral received in return for securities loaned). Collateral received in connection with securities lending shall not be considered Fund assets, however, for purposes of compliance with any requirement described in the Trust's prospectus that a Fund invest a specified minimum percentage of its assets in certain types of securities (e.g., securities of small companies). Securities loans are made to broker-dealers or financial institutions pursuant to agreements requiring that the loans be continuously secured by collateral at least equal at all times to the value of the securities lent. The collateral received from the borrower will consist of cash, letters of credit or securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. Cash collateral will be invested in securities consistent with the Fund's investment objectives, policies and restrictions and with other securities lending guidelines established by the Board. While the securities are being lent, the Fund will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities, as well as interest on the investment of the collateral or a fee from the borrower. Although the Fund does not expect to pay commissions or other front-end fees (including finders fees) in connection with loans of securities (but in some cases may do so), a portion of the additional income realized will be shared with the Fund's custodian for arranging and administering such loans. The Fund has a right to call each loan and obtain the securities on five business days' notice. The Fund will not have the right to vote securities while they are being lent, but it will call a loan in anticipation of any important vote.

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The risks in lending portfolio securities, as with other extensions of secured credit, consist of possible delay in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. Loans will only be made to firms deemed by the Fund's investment adviser or sub-adviser, as the case may be, to be of good standing and to have sufficient financial responsibility, and will not be made unless, in the judgment of the Fund's investment adviser or sub-adviser, the consideration to be earned from such loans would justify the risk. The creditworthiness of entities to which the Fund makes loans of portfolio securities is monitored by the Fund's investment adviser or sub-adviser throughout the term of each loan. In addition, the investment of the cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk and other risks that are present in the market, and, as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. This could result in losses incurred by the Fund.

**Restricted Securities** 

"Restricted securities" are securities which were originally sold in private placement transactions and which have not been registered under the Securities Act of 1933 (the "1933 Act"). Restricted securities include securities that may qualify for resale only to certain "qualified institutional buyers" pursuant to Rule 144A under the 1933 Act and commercial paper issued pursuant to the private placement exemption of Section 4(2) of the 1933 Act. Restricted securities may be resold only subject to statutory restrictions. Because of these restrictions, the Fund may not be able to dispose of a block of restricted securities for a substantial period of time or at prices as favorable as those prevailing in the open market should like securities of an unrestricted class of the same issuer be freely traded. The Fund also may be required to bear the expenses of registration of such restricted securities.

At the present time, it is not possible to predict with accuracy how the markets for certain restricted securities will develop. Investing in restricted securities could have the effect of increasing the level of the Fund's illiquidity. Each Fund may invest in restricted securities without limitation, provided however, to the extent certain restricted securities are considered "illiquid investments" pursuant to Rule 22e-4 under the 1940 Act, the Funds are subject to a 15% limit on illiquid investments (5% limit on illiquid securities for the SFT Government Money Market Fund). This limit on illiquid investments is described further below in the section entitled "Illiquid Investments".

**Illiquid Investments** 

For each Fund other than the SFT Government Money Market Fund, the Funds are subject to a 15% limit on illiquid investments in accordance with Rule 22e-4 under the 1940 Act. An illiquid investment is defined in Rule 22e-4 under the 1940 Act as an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments include repurchase agreements and time deposits with notice/termination dates of more than seven days, certain variable rate demand notes that cannot be called within seven days, certain insurance funding agreements, certain unlisted over-the-counter derivative instruments, and securities and other financial instruments that, using information obtained after reasonable inquiry and taking into account relevant market, trading and investment-specific considerations, are determined to be illiquid.

For the SFT Government Money Market Fund, Rule 2a-7 under the 1940 Act provides that a money market fund may not acquire any "illiquid security" if, immediately after the acquisition, the money market fund would have invested more than 5% of its total assets in illiquid securities. 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.

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**When-Issued Securities and Forward Commitments** 

The SFT Balanced Stabilization Fund, SFT Core Bond Fund, SFT Equity Stabilization Fund, SFT Index 400 Mid-Cap Fund, SFT Index 500 Fund, SFT Real Estate Securities Fund, and SFT T. Rowe Price Value Fund may each purchase securities offered on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities takes place at a later date. Normally, the settlement date occurs within two months after the transaction, but delayed settlements beyond two months may be negotiated. During the period between a commitment to purchase by the Fund and settlement, no payment is made for the securities purchased by the Fund and, thus, no interest accrues to the Fund from the transaction.

The use of when-issued transactions and forward commitments enables the Fund to hedge against anticipated changes in interest rates and prices. For instance, in periods of rising interest rates and falling prices, the Fund might sell securities in its portfolio on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, the Fund might sell a security in its portfolio and purchase the same or a similar security on a when-issued or forward commitment basis, thereby fixing the purchase price to be paid on the settlement date at an amount below that to which the Fund anticipates the market price of such security to rise and, in the meantime, obtaining the benefit of investing the proceeds of the sale of its portfolio security at currently higher cash yields. Of course, the success of this strategy depends upon the ability of the Fund's investment adviser or sub-adviser to correctly anticipate increases and decreases in interest rates and prices of securities. If the Fund's investment adviser or sub-adviser anticipates a rise in interest rates and a decline in prices and, accordingly, the Fund sells securities on a forward commitment basis in order to hedge against falling prices, but in fact interest rates decline and prices rise, the Fund will have lost the opportunity to profit from the price increase. If the investment adviser or sub-adviser anticipates a decline in interest rates and a rise in prices, and, accordingly, the Fund sells a security in its portfolio and purchases the same or a similar security on a when-issued or forward commitment basis in order to enjoy currently high cash yields, but in fact interest rates increase and prices fall, the Fund will have lost the opportunity to profit from investment of the proceeds of the sale of the security at the increased interest rates. The likely effect of this hedging strategy, whether the Fund's investment adviser or sub-adviser is correct or incorrect in its prediction of interest rate and price movements, is to reduce the chances of large capital gains or losses and thereby reduce the likelihood of wide variations in the Fund's net asset value.

When-issued securities and forward commitments may be sold prior to the settlement date, but, except for mortgage dollar roll transactions (as discussed below), the Fund enters into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. The Fund may hold a when-issued security or forward commitment until the settlement date, even if the Fund will incur a loss upon settlement. To facilitate transactions in when-issued securities and forward commitments, the Fund's custodian bank maintains, in a separate account of the Fund, liquid assets, such as cash, short-term securities and other liquid securities (marked to the market daily), having a value equal to, or greater than, any commitments to purchase securities on a when-issued or forward commitment basis and, with respect to forward commitments to sell portfolio securities of the Fund, the portfolio securities themselves (see the more detailed description of the regulatory requirements for segregating assets in connection with such forward commitments that appears above under "Futures Contracts and Options on Futures Contracts — Regulatory Matters"). If the Fund, however, chooses to dispose of the right to acquire a when-issued security prior to its acquisition or dispose of its right to deliver or receive against a forward commitment, it can incur a gain or loss. (At the time the Fund makes the commitment to purchase or sell a security on a when-issued or forward commitment basis, it records the transaction and reflects the value of the security purchased or, if a sale, the proceeds to be received, in determining its net asset value.)

The Fund may also enter into such transactions to generate incremental income. In some instances, the third-party seller of when-issued or forward commitment securities may determine prior to the settlement date that it will be unable or unwilling to meet its existing transaction commitments without borrowing securities. If

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advantageous from a yield perspective, the Fund may, in that event, agree to resell its purchase commitment to the third-party seller at the current market price on the date of sale and concurrently enter into another purchase commitment for such securities at a later date. As an inducement for the Fund to "roll over" its purchase commitment, the Fund may receive a negotiated fee. These transactions, referred to as "mortgage dollar rolls," are entered into without the intention of actually acquiring securities. For a description of mortgage dollar rolls and the Funds that may invest in such transactions, see "Mortgage Dollar Rolls" below.

The purchase of securities on a when-issued or forward commitment basis exposes the Fund to risk because the securities may decrease in value prior to their delivery. Purchasing securities on a when-issued or forward commitment basis involves the additional risk that the return available in the market when the delivery takes place will be higher than that obtained in the transaction itself. The Fund's purchase of securities on a when-issued or forward commitment basis while remaining substantially fully invested increases the amount of the Fund's assets that are subject to market risk to an amount that is greater than the Fund's net asset value, which could result in increased volatility of the price of the Fund's shares. No more than 30% of the value of such Fund's total assets will be committed to when-issued or forward commitment transactions, and of such 30%, no more than two-thirds (i.e., 20% of its total assets) may be invested in mortgage dollar rolls.

**Mortgage Dollar Rolls** 

In connection with its ability to purchase securities on a when-issued or forward commitment basis, the SFT Balanced Stabilization Fund, SFT Core Bond Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund may each enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. In a mortgage dollar roll, the Fund gives up the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase plus any fee income received. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls. The Fund will hold and maintain in a segregated account until the settlement date cash or liquid securities in an amount equal to the forward purchase price. The benefits derived from the use of mortgage dollar rolls may depend upon the ability of the Fund's investment adviser or sub-adviser, as the case may be, to predict correctly mortgage prepayments and interest rates. There is no assurance that mortgage dollar rolls can be successfully employed. In addition, the use of mortgage dollar rolls by the Fund while remaining substantially fully invested increases the amount of the Fund's assets that are subject to market risk to an amount that is greater than the Fund's net asset value, which could result in increased volatility of the price of the Fund's shares.

For financial reporting and tax purposes, mortgage dollar rolls are considered as two separate transactions: one involving the sale of a security and a separate transaction involving a purchase. The Funds do not currently intend to enter into mortgage dollar rolls that are accounted for as a "financing" rather than as a separate sale and purchase transactions.

**Real Estate Investment Trust Securities** 

The SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Index 400 Mid-Cap Fund, SFT Index 500 Fund, SFT Real Estate Securities Fund, SFT T. Rowe Price Value Fund and SFT Wellington Core Equity Fund may each invest in real estate investment trust securities ("REIT"). A REIT is a corporation or a business trust that would otherwise be taxed as a corporation, which meets certain requirements of the Code. The Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level federal income tax and making the REIT a pass-through vehicle for federal income tax purposes. In order to qualify as a REIT, a

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company must derive at least 75% of its gross income from real estate sources (rents, mortgage interest, and gains from sale of real estate assets), 75% of its assets must be in real estate, mortgages or REIT stock, and must distribute to shareholders annually 90% or more of its otherwise taxable income.

REITs are sometimes informally characterized as equity REITs, mortgage REITs and hybrid REITS. An equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings and derives its income primarily from rental income. A mortgage REIT invests primarily in mortgages on real estate, and derives primarily from interest payments received on credit it has granted. A hybrid REIT combines the characteristics of equity REITs and mortgage REITs. It is anticipated, although not required, that under normal circumstances, a majority of the Fund's investments in REITS will consist of equity REITs.

**Repurchase Agreements** 

Each of the Funds may enter into repurchase agreements. Repurchase agreements are agreements by which the Fund purchases a security and obtains a simultaneous commitment from the seller (a member bank of the Federal Reserve System or, if permitted by law or regulation and if the Board has evaluated its creditworthiness through adoption of standards of review or otherwise, a securities dealer) to repurchase the security at an agreed upon price and date. The creditworthiness of entities with whom the Fund enters into repurchase agreements is monitored by the Fund's investment adviser or sub-adviser throughout the term of the repurchase agreement. The resale price is in excess of the purchase price and reflects an agreed upon market rate unrelated to the coupon rate on the purchased security. Such transactions afford the Fund the opportunity to earn a return on temporarily available cash. The Fund's custodian, or a duly appointed subcustodian, holds the securities underlying any repurchase agreement in a segregated account or such securities may be part of the Federal Reserve Book Entry System. The market value of the collateral underlying the repurchase agreement is determined on each business day. If at any time the market value of the collateral falls below the repurchase price of the repurchase agreement (including any accrued interest), the Fund promptly receives additional collateral, so that the total collateral is in an amount at least equal to the repurchase price plus accrued interest. While the underlying security may be a bill, certificate of indebtedness, note or bond issued by an agency, authority or instrumentality of the United States Government, the obligation of the seller is not guaranteed by the United States Government. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights. The SFT Government Money Market Fund may only enter into repurchase agreements if they are fully collateralized by cash or government securities.

**Reverse Repurchase Agreements** 

The SFT T. Rowe Price Value Fund may also enter into reverse repurchase agreements. Reverse repurchase agreements are the counterparts of repurchase agreements, by which the Fund sells a security and agrees to repurchase the security from the buyer at an agreed upon price and future date. Because certain of the incidents of ownership of the security are retained by the Fund, reverse repurchase agreements may be considered a form of borrowing by the Fund from the buyer, collateralized by the security. The Fund uses the proceeds of a reverse repurchase agreement to purchase other money market securities either maturing, or under an agreement to resell, at a date simultaneous with or prior to the expiration of the reverse repurchase agreement. The Fund utilizes reverse repurchase agreements when the interest income to be earned from investment of the proceeds of the reverse repurchase transaction exceeds the interest expense of the transaction.

The use of reverse repurchase agreements by the Fund allows it to leverage its portfolio. While leveraging offers the potential for increased yield, it magnifies the risks associated with the Fund's investments and reduces the stability of the Fund's net asset value per share. To limit this risk, the Fund will not enter into a reverse repurchase agreement if all such transactions, together with any money borrowed, exceed 5% of the

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Fund's net assets. In addition, when entering into reverse repurchase agreements, the Fund will deposit and maintain in a segregated account with its custodian liquid assets, such as cash or cash equivalents and other appropriate short-term securities and high grade debt obligations, in an amount equal to the repurchase price (which shall include the interest expense of the transaction).

**Warrants** 

The SFT Core Bond Fund, SFT Real Estate Securities Fund and SFT T. Rowe Price Value Fund may each invest in warrants. Warrants are instruments that allow investors to purchase underlying shares at a specified price (exercise price) at a given future date. The market price of a warrant is determined by market participants by the addition of two distinct components: (1) the price of the underlying shares less the warrant's exercise price, and (2) the warrant's premium that is attributed to volatility and leveraging power. Warrants are pure speculation in that they have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The prices of warrants do not necessarily move parallel to the prices of the underlying securities.

It is not expected that the SFT Core Bond Fund will invest in common stocks or equity securities other than warrants, but it may retain for reasonable periods of time up to 5% of their respective total assets in common stocks acquired upon conversion of debt securities or preferred stocks or upon exercise of warrants.

**Securities of Other Investment Companies** 

As permitted by the 1940 Act, and except as otherwise described below, a Fund may invest in securities issued by other investment companies, so that, as determined immediately after a securities purchase is made: (a) not more than 5% of the value of a Fund's total assets will be invested in the securities of any one investment company; (b) not more than 10% of the value of a Fund's total assets will be invested in the securities of investment companies as a group; and (c) not more than 3% of the outstanding voting stock of any one investment company will be owned by a Fund. A Fund may invest in securities of another investment company without regard to the foregoing limitations, provided the Fund complies with the SEC's regulations for fund of fund arrangements. A Fund (the "acquiring fund") may invest in securities of other investment companies (the "acquired funds") without regard to the foregoing limitations where the acquiring fund and the acquired funds are all part of the same "group of investment companies" as defined in the 1940 Act. The SFT Balanced Stabilization Fund will invest in shares of the SFT Index 500 Fund, securities and financial instruments to the extent permitted under the 1940 Act. The SFT Equity Stabilization Fund will invest in shares of certain ETFs in excess of the foregoing limitations to the extent permitted by the SEC.

The SEC adopted rule 12d1-4 under the 1940 Act ("Rule 12d1-4") to create a regulatory framework that allows acquiring funds to invest in the securities of acquired funds in excess of the limitations described above subject to certain limitations and conditions. Rule 12d1-4 also provides that prior to acquiring securities of acquired fund that exceed the limitations described above, an acquiring fund must enter into a fund of funds agreement with the acquired fund as outlined in Rule 12d1-4. A Fund investment in another investment company may also be limited by other diversification requirements under the 1940 Act and the Internal Revenue Code. The SFT Government Money Market Fund may invest a portion of its assets in shares of other money market funds, but only if such funds qualify as 'government' money market funds under applicable rules of the SEC.

As a shareholder of another investment company, a Fund would bear, along with other shareholders, its pro rata portion of that company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Investment companies in which a Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by the Fund and, therefore, will be borne indirectly by shareholders.

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*Exchange Traded Funds.* The Funds may invest in investment companies in the form of various ETFs, subject to the Fund's investment objectives, policies and strategies as described in the Prospectus. ETFs are baskets of securities that, like stocks, trade on exchanges such as the American Stock Exchange and the New York Stock Exchange. ETFs are priced continuously and trade throughout the day. ETFs may track a securities index, a particular market sector, or a particular segment of a securities index or market sector.

ETFs can experience many of the same risks associated with individual stocks. ETFs are subject to market risk where the market as a whole, or that specific sector, may decline. ETFs that invest in volatile stock sectors, such as foreign issuers, smaller companies, or technology, are subject to the additional risks to which those sectors are subject. ETFs may trade at a discount to the aggregate value of the underlying securities. The underlying securities in an ETF may not follow the price movements of an entire industry, sector or index. Trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted. Although expense ratios for ETFs are generally low, frequent trading of ETFs by a Fund can generate brokerage expenses.

*Closed-End Investment Companies.* To encourage indirect foreign investment in their capital markets, some countries, including South Korea, Chile and India, have permitted the creation of closed-end investment companies. Pursuant to the restrictions stated above, shares of certain closed-end investment companies may at times be acquired only at market prices representing premiums to their net asset values. If a Fund acquires shares of closed-end investment companies, shareholders would bear both their proportionate share of expenses of the Fund (including management and advisory fees) and, indirectly, the expenses of such closed-end investment company.

**Short Sales** 

The Funds will not make short sales of securities, except that each Fund may sell securities "short against the box"; provided that each Fund will not at the time of any short sales aggregate in total sales price more than 10% of its total assets. Whereas a short sale is the sale of a security the Fund does not own, a short sale is "against the box" if, at all times during which the short position is open, the Fund owns at least an equal amount of the securities sold short or other securities convertible into or exchangeable without further consideration for securities of the same issue as the securities sold short. Short sales against the box are typically used by sophisticated investors to defer recognition of capital gains or losses. The Funds have no present intention to sell securities short in this fashion. Each Fund may also make short sales as permitted under the Investment Company Act of 1940, as amended, and as interpreted or modified from time to time by any regulatory authority having jurisdiction, including entering into short positions in foreign currency, futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments, consistent with the Fund's investment objectives and policies or other risk or volatility management purposes.

**Defensive Purposes** 

Each Fund other than the SFT Government Money Market Fund may invest up to 20% of its respective net assets in cash or cash items. In addition, for temporary or defensive purposes, a Fund may invest in cash or cash items without limitation. The "cash items" in which a Fund may invest for temporary or defensive purposes, include short-term obligations such as rated commercial paper and variable amount master demand notes; United States dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the United States Government or its agencies or instrumentalities; repurchase agreements collateralized by eligible investments of a Fund; securities of other mutual funds which invest primarily in debt obligations with remaining maturities of 13 months or less (which investments also are subject to the advisory fee); unaffiliated or affiliated money market funds and investment companies (to the extent allowed by the 1940 Act or exemptions granted thereunder and the Fund's fundamental investment policies and restrictions); and other similar high-quality short-term United States dollar-denominated obligations.

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**Investment Restrictions**

The Trust has adopted the following restrictions relating to the investment of the assets of the Funds.

Each Fund is subject to certain "fundamental" investment restrictions which may not be changed without the affirmative vote of a majority of the outstanding voting securities of each Fund affected by the change. With respect to the submission of a change in an investment restriction to the holders of the Trust's outstanding voting securities, such matter shall be deemed to have been effectively acted upon with respect to a particular Fund if a majority of the outstanding voting securities of such Fund vote for the approval of such matter, notwithstanding (1) that such matter has not been approved by the holders of a majority of the outstanding voting securities of any other Fund affected by such matter, and (2) that such matter has not been approved by the vote of a majority of the outstanding voting securities of the Trust. For this purpose and under the Investment Company Act of 1940 (the "1940 Act"), a majority of the outstanding voting shares of each Fund means the lesser of (i) 67% of the voting shares represented at a meeting which more than 50% of the outstanding voting shares are represented or (ii) more than 50% of the outstanding voting shares. An investment restriction which is not fundamental may be changed by a vote of the Board without further shareholder approval. Except as otherwise noted, each of the investment restrictions below is fundamental.

**Fundamental Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds will not borrow money or issue senior securities except as permitted under the Investment Company Act of 1940, as amended, and as interpreted or modified from time to time by any regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Funds will not concentrate their investments in a particular industry, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the SFT Government Money Market Fund, this limitation does not apply to investments in domestic banks;<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under normal market conditions, the SFT Real Estate Securities Fund will concentrate its investments in the real estate or real estate related industry. The SFT Real Estate Fund will not concentrate its investments in any other particular industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The SFT Index 500 Fund may concentrate its investments in a particular industry if the S&P 500<sup>®</sup> Index is so concentrated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The SFT Index 400 Mid-Cap Fund may concentrate its investments in a particular industry if the S&P 400<sup>®</sup> Mid-Cap Index is so concentrated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The SFT Equity Stabilization Fund may indirectly concentrate its investments in a particular industry if one or more ETFs in which the Fund invests is/are so concentrated.

For purposes of this limitation, the U.S. government, and state or municipal governments and their political subdivisions, are not considered members of any industry. Whether a Fund is concentrating in an industry shall be determined in accordance with the Investment Company Act of 1940, as amended, and as interpreted or modified from time to time by any regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Funds will not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments, but this shall not prevent the Funds from investing in securities or other instruments backed by real estate investments therein or in securities of companies that deal in real estate or mortgages.

<sup>1</sup> Despite the Fund's ability, pursuant to this provision, to concentrate its investments in domestic banks, the Fund will invest its assets in accordance with SEC rules governing 'government' money market funds which limit the Fund's investment in assets other than cash, government securities and/or certain repurchase agreements to no more than 0.5% of its assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Funds will not purchase physical commodities or contracts relating to physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Funds may not make loans except as permitted under the Investment Company Act of 1940, as amended, and as interpreted or modified from time to time by any regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Funds may not act as an underwriter of securities, except to the extent the Fund may be deemed to be an underwriter in connection with the disposition of Fund securities.

**Current 1940 Act Limitations on Borrowing Money and Senior Securities, Industry Concentration, and Making Loans** 

The following is a summary of current 1940 Act limitations relating to the Trust's fundamental investment restrictions number 1, number 2 and number 5, above:

*Borrowing Money and Senior Securities.* A 'senior security' is any bond, debenture, note or similar obligation constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends. Under the 1940 Act a Fund may generally not issue a senior security, except that a Fund may borrow from a bank; provided that immediately after such borrowing there is an asset coverage of at least 300 percent for all such borrowings by such Fund. 'Asset coverage' means generally the ratio which the value of the total assets of a Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such Fund.

*Industry Concentration.* Under the 1940 Act as interpreted by the SEC, concentrating investments in a particular industry means investing more than 25 percent of a Fund's assets in such industry.

*Making Loans.* Under the 1940 Act, a Fund may not lend money or property to any person if (i) the investment policies of such Fund as disclosed in its registration statement do not permit such a loan; or (ii) such person controls or is under common control with such Fund. Consistent with this limitation, the Funds may make loans of Fund portfolio securities as disclosed on page 39 above under the caption "Loans of Fund Securities."

**Non-Fundamental Restrictions** 

The Trust has adopted a number of non-fundamental policies which appear below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds will not acquire any new securities while borrowings, including borrowings through reverse repurchase agreements, exceed 5% of total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Funds will use futures contracts and options on futures contracts only (a) for "bona fide hedging purposes" (as defined in regulations of the CFTC) or (b) for other purposes so long as the aggregate initial margins and premiums required in connection with non-hedging positions do not exceed 5% of the liquidation value of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Funds may mortgage, pledge or hypothecate their assets only to secure permitted borrowings. Collateral arrangements with respect to futures contracts, options thereon and certain options transactions are not considered pledges for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Funds may not make short sales of securities, except that this policy does not prevent a Fund from making short sales "against the box" or as otherwise permitted under the Investment Company Act of 1940, as amended, and as interpreted or modified from time to time by any regulatory authority having jurisdictions, including entering into short positions in foreign currency, futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments,

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consistent with the Fund's investment objectives and policies or other risk or volatility management purposes (which may also have the effect of either lengthening or shortening the average duration of its portfolio of fixed income and other debt securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Funds may not purchase securities on margin, but it may obtain such short-term credits as may be necessary for the clearance of securities transactions and it may make margin deposits in connection with futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Funds will not invest more than 15% of their net assets in illiquid securities.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The total market value of securities against which a Fund may write call or put options will not exceed 20% of the Funds' total assets. In addition, a Fund will not commit more than 5% of its total assets to premiums when purchasing put or call options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The SFT Index 500 Fund may not invest in shares of other investment companies in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the Investment Company Act of 1940.

If a percentage restriction described above or in the Trust's Prospectus is adhered to at the time of an investment, a later increase or decrease in the investment's percentage of the value of a Fund's total assets resulting from a change in such values or assets will not constitute a violation of the percentage restriction. For purposes of determining an industry "classification" for a particular security and calculating industry concentration percentages, the Trust will generally use the Standard Industry Classification ("SIC") Code assigned to such security by Bloomberg LP. However, the Trust's investment adviser may, in its discretion, override such SIC Code for a specific security when the adviser determines, based on the characteristics of such security and its issuer, that a different industry classification is more appropriate.

**Additional Restrictions** 

The SFT Government Money Market Fund is subject to the investment restrictions of SEC Rule 2a-7 (the "Rule") under the Investment Company Act of 1940, as amended. The Fund's investments are subject to the Rule's requirements governing the type, quality, maturity and diversification of securities held by a 'government money market fund', as defined in the Rule.

Pursuant to the Rule's requirements for government money market funds, the Fund will invest 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). For this purpose, a "government security" is a security issued or guaranteed as to principal and interest by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. government; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person controlled or supervised by, and acting as an instrumentality of, the U.S. government pursuant to authority granted by the U.S. Congress.

U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the "full faith and credit" of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury, while still others are supported only by the credit of the issuer or instrumentality.

The Fund may also invest a portion of its assets in shares of other money market funds, but only if such funds qualify as 'government' money market funds under applicable rules of the SEC.

The Fund invests only in U.S. dollar-denominated securities that mature in 397 calendar days or less from the date of purchase. The dollar-weighted average portfolio maturity of the Fund may not exceed 60 days and the dollar-weighted average life to maturity of the Fund may not exceed 120 days.

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In addition, the Funds are subject to and will comply with all other applicable restrictions in the Investment Company Act of 1940, the Internal Revenue Code, as amended, and regulations adopted thereunder.

**Portfolio Turnover**

Portfolio turnover is the ratio of the lesser of annual purchases or sales of portfolio securities to the average monthly value of portfolio securities, not including short-term securities. A 100% portfolio turnover rate would occur, for example, if the lesser of the value of purchases or sales of portfolio securities for a particular year were equal to the average monthly value of the portfolio securities owned during such year.

Each Fund has a different expected annual rate of portfolio turnover. A high rate of turnover in a Fund generally involves correspondingly greater brokerage commission expenses, which must be borne directly by the Fund. Turnover rates may vary greatly from year to year and within a particular year and may also be affected by cash requirements for redemptions of each Fund's shares and by requirements which enable the Trust to receive favorable tax treatment. The portfolio turnover rates associated with each Fund will, of course, be affected by the level of purchases and redemptions of shares of each Fund. However, because rate of portfolio turnover is not a limiting factor, particular holdings may be sold at any time, if in the opinion of Securian AM or a Fund's sub-adviser such a sale is advisable.

The SFT Government Money Market Fund, consistent with its investment objective, will attempt to maximize yield through trading. This may involve selling instruments and purchasing different instruments to take advantage of disparities of yields in different investment opportunities available to the Fund. Since the Fund's assets will be invested in securities with short maturities and the Fund will manage its assets as described above, the Fund's holdings of money market instruments will turn over several times a year. However, this does not generally increase the Fund's brokerage costs, since brokerage commissions as such are not usually paid in connection with the purchase or sale of the instruments in which the Fund invests since such securities will be purchased on a net basis.

For each of the last three calendar years, the portfolio turnover rates for the various Funds were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Portfolio Turnover Rate** | **Portfolio Turnover Rate** | **Portfolio Turnover Rate** |
| **Fund** | **2025** | **2024** | **2023** |
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; 10.3% | &nbsp;&nbsp; 0.6% | &nbsp;&nbsp; 4.1% |
| SFT Core Bond Fund | 359.6 | 326.0 | 209.9 |
| SFT Equity Stabilization Fund | 5.2 | 0.0 | 0.6 |
| SFT Government Money Market Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| SFT Index 400 Mid-Cap Fund | 18.0 | 16.0 | 20.7 |
| SFT Index 500 Fund | 4.4 | 3.2 | 2.5 |
| SFT Nomura Growth Fund (Formerly SFT Macquarie Growth <br> Fund)<br>| 25.8 | 8.5 | 9.1 |
| SFT Nomura Small Growth Fund (Formerly SFT Macquarie <br> Small Cap Growth Fund)<br>| 78.3 | 77.4 | 65.1 |
| SFT Real Estate Securities Fund | 29.4 | 27.2 | 33.4 |
| SFT T. Rowe Price Value Fund | 58.4 | 56.1 | 61.8 |
| SFT Wellington Core Equity Fund | 35.5 | 32.2 | 23.1 |

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On December 1, 2025, a new sub-adviser to the SFT Nomura Growth (formerly SFT Macquarie Growth) and SFT Normura Small Cap Growth (formerly Macquarie Small Cap Growth) Funds was appointed. This change in sub-adviser may result in a higher portfolio turnover rate as compared to the prior fiscal year. It is not anticipated that the increased portfolio turnover rate will continue long term.

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The Fund generally maintains significant exposure to agency MBS TBAs and U.S. Treasuries, selling TBAs nearing settlement each month and purchasing new ones with later settlement dates. It also typically rolls its Treasury holdings to stay in the most liquid bonds, leading to a high portfolio turnover rate over the past two years.

**Trustees and Executive Officers**

Trustee Duties and Responsibilities. The duties and responsibilities of the Trust's trustees flow principally from Delaware law (as the Trust is organized as a Delaware statutory trust) and from the Investment Company Act of 1940, as amended (the "Investment Company Act"), as the Trust is registered pursuant to the Investment Company Act as an open-end management investment company. Under such laws, the Trust's trustees have myriad duties and responsibilities, including without limitation: the election of Trust officers; the appointment and oversight of key Trust service providers, including the Trust's investment adviser (and, if applicable, sub-advisers), principal underwriter, administrators, custodians, auditors and legal counsel; the annual review and reapproval of the Trust's investment advisory and underwriting agreements, as well as other agreements with Trust affiliates and the Trust's Rule 12b-1 plan of distribution; and oversight over the management of the Trust (including risk oversight), as conducted primarily by the Trust's investment adviser, Securian AM.

Embedded within the foregoing is the Board of Trustees' ongoing role in overseeing the management of investment (including counterparty), compliance, operational, enterprise and other risks to which the Trust is exposed. There are four regularly scheduled Board of Trustees meetings and three regularly scheduled Audit Committee meetings held each year. Over the course of each year, the Board of Trustees and Audit Committee endeavor to receive reports on the key risks affecting the Trust and the programs, functions, and systems designed to manage such risks. Moreover, as more fully set forth below, the Trust's Board has been constituted with persons of diverse backgrounds but with a collective ability to understand the Trust's risk environment and to oversee the risk management function.

At each regularly scheduled meeting of the Board, the investment performance of each Fund is reviewed against peer and market data. In addition, each portfolio manager meets in person with the Board at least annually to discuss in detail the manner in which the Fund is managed, the makeup of the Fund, the environment in which the Fund operates and the risks to which the Fund is subject. In addition, the Board meets with representatives of Cohen & Steers, NIFA, MetWest, T. Rowe Price, and Wellington Management, the sub-advisers to the Funds.

A foundational responsibility of the Trust's Chief Compliance Officer ("CCO") is the identification of various key risks to which the Trust is subject and the development and implementation of policies and procedures reasonably designed to mitigate such risks. The CCO reports directly to the Board, and meets with the Board (in both open and executive session) at each quarterly board meeting. The Board approved the Trust's and Securian AM's compliance programs (as well as the compliance programs of the Trust's distributor and administrator), reviews with the CCO regarding the ongoing implementation and administration of the compliance function, and oversees the CCO's annual review and evaluation of the compliance program. The CCO also attends each meeting of the Trust's Audit Committee at which compliance issues within the Audit Committee's purview are reviewed and addressed. There is an executive session with the CCO at each such meeting.

At each semi-annual meeting of the Trust's Audit Committee, the Audit Committee meets with the Chief Internal Auditor of Minnesota Mutual Companies, Inc. ("MMC") and its affiliates. The Chief Internal Auditor reports to the Audit Committee of MMC, the ultimate parent company of Securian AM, and is charged with conducting both planned and special (unplanned) audits of various important accounting and operational areas of Securian AM and its affiliates (including many key roles and functions impacting the Fund). The Trust's Audit Committee receives a presentation from the Chief Internal Auditor of all audits that relate to the Funds, and such individual meets in executive session with the Audit Committee at regularly scheduled meetings.

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**BOARD AND COMMITTEE STRUCTURE** 

Currently, the Trust's Board is comprised of four persons. One of such trustees is an "interested person" (within the meaning of the Investment Company Act) of the Trust. The other three trustees are considered independent (an "Independent Trustee") because he or she is not an interested person of the Trust, has never served as an employee or officer of Securian AM or of companies affiliated with Securian AM, including Minnesota Life, and does not have a financial interest in Securian AM, Minnesota Life or their other affiliates. The Board has four regularly scheduled meetings per year.

There are two committees of the Board — an Audit Committee and a Governance Committee. Each such committee is comprised of the three Independent Trustees. Each Audit Committee meeting is chaired by the Audit Committee Chair, and the chair position rotates among the three committee members every two years. The Audit Committee currently has two regularly scheduled meetings per year, and the Governance Committee (which *inter alia* is responsible for trustee nominations and trustee and facilitating board self-assessments) has one regularly scheduled meeting per year and is chaired by the Governance Committee Chair. The Board and each committee also meet (in person or telephonically) from time to time on an *ad hoc* basis if matters requiring Board or committee input arise and require action between regularly scheduled meetings. The Audit Committee met two times, and the Governance Committee met two times, during the fiscal year ended December 31, 2025.

The Audit Committee, which has adopted and operates in accordance with a separate Audit Committee Charter, has as its purposes (a) to oversee the accounting and financial reporting processes of the Trust and each of its Funds and its internal control over financial reporting and, as the Committee deems appropriate, to inquire into the internal control over financial reporting of certain third-party service providers; (b) to oversee, or, as appropriate, assist Board oversight of, the quality and integrity of the Trust's financial statements and the independent audit thereof; (c) to oversee, or, as appropriate, assist Board oversight of, the Trust's compliance with legal and regulatory requirements that relate to the Trust's accounting and financial reporting, internal control over financial reporting and independent audits; (d) to approve prior to appointment the engagement of the Trust's independent auditors and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Trust's independent auditors; (e) to act as a liaison between the Trust's independent auditors and the full Board; and (f) to assist the Board in its oversight of the internal audit functions of Securian AM, Minnesota Life and its affiliates as such functions relate to the Trust (as described above).

The Governance Committee, which operates in accordance with a separate Governance Committee Charter approved by the Board, selects and recommends to the Board individuals for nomination as Independent Trustees, annually reviews the independence of the Independent Trustees, reviews the composition of the Board, the Board's committee structure and each Committee's Charter, develops proposals regarding trustee education, reviews trustee compensation and expenses, and at least annually facilitates board self-assessment of the adequacy, effectiveness and adherence to industry "best practices" of the Trust's governance structures and practices. The names of potential Independent Trustee candidates are drawn from a number of sources, including recommendations from management of Securian AM. Inasmuch as the Trust 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.

**TRUSTEE SELECTION AND QUALIFICATIONS** 

The Trust's Board has adopted and adheres to Guidelines Regarding the Responsibilities, Structure and Standards of the Board of Trustees of the Trust (the "Trustee Guidelines"). The Guidelines provide that the Trust's Board shall be comprised in such a manner that (i) there are at least three Independent Trustees and (ii) the ratio of Independent Trustees to total trustees complies with the requirements of the Investment

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Company Act and industry best practices, as determined and applied to the Trust's from time to time by the Governance Committee of the Board.

The selection and nomination of new Independent Trustees (when vacancies occur) is solely within the discretion of the then existing Independent Trustees. The Guidelines further provide that Independent Trustees should be selected from a diverse group of experiences and backgrounds, and such selections should seek to ensure the Board's ability to perform its duties under the Investment Company Act and Delaware law, and also promote and preserve the reputation and diversity of the Board. New Board members should have an excellent standing in the community and a style consistent with the Board environment.

The Guidelines further provide that each Independent Trustee nominee should be literate in business and financial matters as they may relate to investment companies. The Guidelines further provide that the Governance Committee may appoint from among its members a Lead Independent Trustee. Additionally, if practicable, the Board should endeavor to have among its Independent Trustees at least one person that has the credentials to enable him or her to be designated as the "Audit Committee Financial Expert".

**CURRENT TRUSTEES AND EXECUTIVE OFFICERS** 

Set forth in the following table are the names and certain biographical information on each current Trust trustee and certain Trust officers. Only executive officers and other officers who perform policy-making functions with the Trust are listed. None of the trustees is a director or trustee of any public company (a company required to file reports under the Securities Exchange Act of 1934) or of any registered investment companies other than the Trust. Each trustee oversees all twelve Funds in the Trust and serves for an indefinite term, until his or her resignation, death or removal.

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| | | | |
|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup> **and Age** | **Position with Trust and**<br> **Length of Time Served**<sup>2</sup> <br>| **Principal Occupation(s)** <br> **During Past 5 Years**<br>| **Other Directorships Held** <br> **During Past 5 Years by** <br> **Trustee**<br>|
| **Independent Trustees** |  |  |  |
| Julie K. Getchell<br> Age 71<br>| &nbsp;&nbsp; Trustee since<br> October 21, 2011; <br> Lead Independent <br> Trustee since <br> October 31, 2024<br>| &nbsp;&nbsp; Retired; held various <br> senior financial <br> positions at Cargill <br> and its investment <br> affiliates from 2005 <br> to 2012; served as <br> Chief Financial <br> Officer and later as <br> Chief Operating <br> Officer of Insight <br> Investment, Inc. from <br> 1991 to 2000; <br> Chartered Financial <br> Analyst; Certified <br> Public Accountant <br> (inactive)<br>|  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup> **and Age** | **Position with Trust and**<br> **Length of Time Served**<sup>2</sup><br>| **Principal Occupation(s)** <br> **During Past 5 Years**<br>| **Other Directorships Held** <br> **During Past 5 Years by** <br> **Trustee**<br>|
| Brian E. Gustafson<br> Age 58<br>| &nbsp;&nbsp; Trustee since <br> October 27, 2022; <br> Audit Committee <br> Chair since <br> October 31, 2024<br>| &nbsp;&nbsp; Director, Investments <br> Olympus Ventures <br> LLC since January <br> 2025, Managing <br> Director, Investments, <br> Tonkawa, from 2001 <br> to 2024; Chartered <br> Financial Analyst<br>|  |
| Wan-Chong Kung<br> Age 66<br>| &nbsp;&nbsp; Trustee since <br> October 27, 2022; <br> Governance <br> Committee Chair <br> since October 31, <br> 2024<br>| &nbsp;&nbsp; Retired; Portfolio <br> Manager, Nuveen <br> Asset Management, <br> LLC, from 2011-2019<br>| &nbsp;&nbsp; Federal Home Loan <br> Bank of Des Moines, <br> 2022-present; Trust <br> for Advised <br> Portfolios, <br> 2020-present<br>|
| **Interested Trustee** |  |  |  |
| Suzette L. Huovinen<br> Age 51<br>| &nbsp;&nbsp; Trustee since<br> July 24, 2025, <br> President <br> since October 28, <br> 2023<br>| &nbsp;&nbsp; Director, President, <br> and CEO, Securian <br> AM, since January <br> 2023; Senior Vice <br> President, Securian <br> Financial Group, Inc. <br> since 2019; Senior <br> Vice President, <br> Minnesota Life <br> Insurance Company, <br> since 2019; Senior <br> Vice President, <br> Securian Life <br> Insurance Company, <br> since 2019; President <br> and CEO, Canadian <br> Premier Life <br> Insurance Company, <br> from 2019 to 2022; <br> President and CEO, <br> Canadian Premier <br> General Insurance <br> Company, from 2019 <br> to 2022; Vice <br> President, Chief <br> Actuary and Chief <br> Risk Officer, Securian <br> Financial Group, Inc., <br> from 2015 to 2019<br>|  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup> **and Age** | **Position with Trust and**<br> **Length of Time Served**<sup>2</sup><br>| **Principal Occupation(s)** <br> **During Past 5 Years**<br>| **Other Directorships Held** <br> **During Past 5 Years by** <br> **Trustee**<br>|
| **Other Executive Officers**<sup>3</sup> |  |  |  |
| Kevin L. Ligtenberg<br> Age 53<br>| &nbsp;&nbsp; Vice President and <br> Treasurer since<br> August 1, 2021<br>| &nbsp;&nbsp; Vice President, <br> Director of <br> Investment <br> Operations, Securian <br> Asset Management, <br> Inc. since August <br> 2021; Director of <br> Investment <br> Operations, Securian <br> Asset Management, <br> Inc. from May 2021 <br> to July 2021; <br> Manager of <br> Investment <br> Operations, Securian <br> Asset Management, <br> Inc. from March 2013 <br> to May 2021<br>|  |
| Christopher B. Owens<br> Age 49<br>| &nbsp;&nbsp; Vice President since<br> January 30, 2020<br>| &nbsp;&nbsp; Vice President <br> Individual Solutions <br> Distribution, Securian <br> Financial Group, Inc. <br> since April 2024; <br> Second Vice <br> President – Retail <br> Life and Annuity <br> Sales, Securian <br> Financial Group, Inc. <br> since June 2018; <br> National Sales Vice <br> President – Retail <br> Life and Annuity <br> Sales, Securian <br> Financial Group, Inc. <br> from October 2011 to <br> June 2018<br>|  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup> **and Age** | **Position with Trust and**<br> **Length of Time Served**<sup>2</sup><br>| **Principal Occupation(s)** <br> **During Past 5 Years**<br>| **Other Directorships Held** <br> **During Past 5 Years by** <br> **Trustee**<br>|
| Paul Jason Thibodeaux<br> Age 47<br>| &nbsp;&nbsp; Secretary since<br> March 31, 2021<br>| &nbsp;&nbsp; Director, Law – <br> Securities and <br> Individual Solutions, <br> Securian Financial <br> Group, Inc., since <br> August 2024; Senior <br> Vice President, Chief <br> Compliance Officer, <br> Securian Asset <br> Management, Inc. <br> from August, 2023 to <br> August 2024; Vice <br> President, Assistant <br> General Counsel, <br> Securian Asset <br> Management, Inc. <br> from June, 2022 to <br> August, 2023; Senior <br> Investment Counsel, <br> Securian Asset <br> Management, Inc. <br> from January, 2018 to <br> May 2022; Attorney, <br> Gray Plant Mooty <br> from 2014 to 2018<br>|  |

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

(3) Although not a corporate officer of the Trust, Jessica L. Parrucci, born in 1982 has served as the Trust's Chief Compliance Officer since August, 2024.

Each of the current members of the Trust's Board was nominated by the Trust's Governance Committee pursuant to the Guidelines. In addition to having an excellent reputation in the community, each is literate in business and financial matters as they relate to investment companies but in different ways that contribute to the Board's diversity and strength.

Ms. Getchell's professional experience with financial and investment matters, including as the Chief Financial Officer of several financial firms and with some of the largest asset management firms in the United States, enables her to provide valuable insight and experience regarding both internal and external issues facing mutual funds and their managers. Her experiences also allow her to serve as the Trust's designated Audit Committee Financial Expert.

Mr. Gustafson's professional experience with financial, investment, and governance matters, including as a managing director and an institutional portfolio manager for a closely-held investment enterprise, enables him to provide valuable expertise regarding the financial performance of the Trust's portfolios, as well as the governance and oversight functions of the Trust.

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Ms. Kung's professional experience with financial and investment matters, including as a portfolio manager for bond mutual funds and institutional total return accounts for several leading investment firms, enables her to provide valuable expertise regarding the investment management and mutual fund industries, respectively, and the financial performance of the Trust's investment portfolios.

Ms. Huovinen's investment management experience, including in her roles as President, CEO, and Director of Securian AM, since January 2023, and President of Securian Funds Trust, since October 2023, has given her intimate familiarity with the Trust, its Funds, and their operations and enables her to provide valuable perspective on investment management and fund administration.

Share Ownership. The Trustees beneficially owned shares in Securian Funds Trust in the following dollar ranges as of December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **Equity Securities in the** <br> **Fund**<br>| **Aggregate Dollar**<br> **Range of Equity**<br> **Securities in**<br> **Each Fund\***<br>|
| **Independent Trustees** |  |  |
| Julie K. Getchell |  | $10001-$50000 |
| SFT Nomura Growth (formerly SFT Macquarie Growth) | $10001-$50000 |  |
| SFT Nomura Small Cap Growth (formerly SFT Macquarie Small <br> Cap Growth)<br>| $1-$10000 |  |
| All Other Funds | $10001-$50000 |  |
| Brian E. Gustafson |  | $10001-$50000 |
| SFT Core Bond | $10001-$50000 |  |
| SFT Index 500 | $10001-$50000 |  |
| SFT Nomura Small Cap Growth (formerly SFT Macquarie Small <br> Cap Growth)<br>| $1-$10000 |  |
| All Other Funds |  |  |
| Suzette L. Huovinen |  | $10001-$50000 |
| SFT Index 500 | $1-$10000 |  |
| SFT Nomura Growth (formerly SFT Macquarie Growth | $1-$10000 |  |
| SFT Nomura Small Cap Growth (formerly SFT Macquarie Small <br> Cap Growth<br>| $1-$10000 |  |
| SFT Wellington Core Equity | $1-$10000 |  |
| All Other Funds | $10001-$50000 |  |

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\* The Trust's shares are currently sold only to separate accounts of Minnesota Life and certain other life insurance companies. Trustees who own Contracts issued by those companies are the beneficial owners of the shares of the Trust attributable to such Contracts.

*Compensation and Fees.* No compensation is paid by the Trust to any of its officers or trustees who is currently affiliated with Securian AM. The Trust does, however, pay compensation to its Chief Compliance Officer, who

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is not a corporate officer of the Trust but is affiliated with Securian AM. Trustees who are not currently affiliated with Securian AM receive compensation in connection with the Trust as follows:

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| | |
|:---|:---|
| Annual Retainer | &nbsp;&nbsp; $80000 |
| Fee per in-person or 2+ hour telephonic board meeting | &nbsp;&nbsp; 5000 |
| Fee per in-person or 2+ hour telephonic committee meeting | &nbsp;&nbsp; 3,000<br> \*<br>|
| Fee per telephonic board or committee meeting if less than 2 hours in duration | &nbsp;&nbsp; 1500 |

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\* No separate fee will be paid for committee meetings of 30 minutes or less that are adjacent to an in-person board meeting.

*Based on the current schedule of four in-person Board meetings (which, for this purpose, is deemed to include, the Executive Session of Independent Trustees dedicated to the Annual 15(c) Review), two in-person Audit Committee meetings, and one in-person Governance Committee meeting, this fee schedule would translate into annual compensation of $114,000 for an Independent Trustee participating in all such meetings.* 

During the fiscal year ended December 31, 2025, each Trustee was compensated by Securian Funds Trust in accordance with the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate**<br> **Compensation**<br> **from**<br> **Securian** <br> **Funds Trust**<br>| **Pension or**<br> **Retirement**<br> **Benefits**<br> **Accrued as**<br> **Part of**<br> **Securian**<br> **Funds**<br> **Trust**<br> **Expenses**<br>| **Estimated**<br> **Annual**<br> **Benefits Upon**<br> **Retirement**<br>| **Total**<br> **Compensation**<br> **from Securian**<br> **Funds Trust**<br> **and other**<br> **Funds in**<br> **Same**<br> **Complex**<br> **Paid to**<br> **Trustees**<br>|
| **Independent Trustees** |  |  |  |  |
| Julie K. Getchell | &nbsp;&nbsp; $104000 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Brian Gustafson | &nbsp;&nbsp; $104000 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Wan-Chong Kung | &nbsp;&nbsp; $96000 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| **Interested Trustees** |  |  |  |  |
| Suzette L. Huovinen<sup>(1)</sup> | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |

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(1) David M. Kuplic served as an independent trustee until July 24, 2025, and received $67,500 in aggregate compensation from Securian Funds Trust for his Board service. Effective July 24, 2025, Mr. Kuplic retired from his position on the Board of the Securian Funds Trust.

**Investment Advisory and Other Services**

**General** 

Securian AM, or its predecessor, Advantus Capital Management, Inc., has been the investment adviser and manager of the Trust and SFT Core Bond Fund, SFT Government Money Market Fund, SFT Index 500 Fund, SFT Index 400 Mid-Cap Fund and SFT Real Estate Securities Fund since May 1, 1997, the SFT Balanced Stabilization Fund since May 1, 2013, the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT T. Rowe Price Value Fund and SFT Wellington Core Equity Fund Since May 1, 2014, and the SFT Equity Stabilization Fund since November 18, 2015. Securian Financial Services, Inc. ("Securian Financial") acts as the Trust's underwriter. Both Securian AM and Securian Financial act as such pursuant to written agreements that will be periodically considered for approval by the trustees or shareholders of the Trust. The address of both Securian AM and Securian Financial is 400 Robert Street North, St. Paul, Minnesota 55101.

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The Trust and Securian AM have obtained an exemptive order from the SEC allowing them, upon approval of Fund shareholders, to use a "manager of managers" strategy related to the management of the Trust. The shareholders of each Fund have approved the use of the exemptive order. Under the manager of managers strategy, Securian AM may select new Fund sub-advisers upon the approval of the Trust's Board but without shareholder approval. Securian AM may also change the terms of any investment sub-advisory agreement or continue to employ an investment sub-adviser after termination of an investment sub-advisory agreement. Investors will be notified of any sub-adviser changes.

Securian AM is responsible for overseeing sub-advisers and for recommending their hiring, termination and replacement. Securian AM retains ultimate responsibility for the investment performance of each Fund employing a sub-adviser. Investors in the Trust (purchasers of variable life insurance policies and variable annuity contracts issued by Minnesota Life, or other insurance companies to which the Trust has sold its shares) are, in effect, electing to have Securian AM either manage the investment of a Fund's assets or select one or more sub-advisers to achieve the Fund's investment objective.

Pursuant to separate investment sub-advisory agreements, the SFT Core Bond, SFT Nomura Growth (formerly SFT Macquarie Growth), SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth), SFT Real Estate Securities, SFT T. Rowe Price Value and SFT Wellington Core Equity Funds are managed by the following investment sub-advisers:

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| | |
|:---|:---|
| **Fund** | **Investment Sub-Adviser** |
| SFT Core Bond | Metropolitan West Asset Management, LLC |
| SFT Nomura Growth (formerly SFT Macquarie <br> Growth)<br>| Nomura Investments Fund Advisers |
| SFT Nomura Small Cap Growth (formerly SFT <br> Macquarie Small Cap Growth)<br>| Nomura Investments Fund Advisers |
| SFT Real Estate Securities | Cohen & Steers Capital Management, Inc. |
| SFT T. Rowe Price Value | T. Rowe Price Associates, Inc. |
| SFT Wellington Core Equity | Wellington Management Company LLP |

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In each case, the investment sub-adviser has been retained to provide investment advice and, in general, to conduct the management investment program for the respective Fund, subject to the general control of the Board.

**Control and Management of Securian AM and Securian Financial** 

Securian AM was incorporated in Minnesota in June 1994, and is an affiliate of Minnesota Life. Effective October 1, 1998, The Minnesota Mutual Life Insurance Company reorganized by forming a mutual insurance holding company named "Minnesota Mutual Companies, Inc." The Minnesota Mutual Life Insurance Company continued its corporate existence following conversion to a Minnesota stock life insurance company named "Minnesota Life Insurance Company". All of the shares of the voting stock of Minnesota Life are owned by a second tier intermediate stock holding company named "Securian Financial Group, Inc.", which in turn is a wholly-owned subsidiary of a first tier intermediate stock holding company named "Securian Holding Company", which in turn is a wholly-owned subsidiary of the ultimate parent, Minnesota Mutual Companies, Inc. Securian AM and Securian Financial are also wholly-owned subsidiaries of Securian Financial Group, Inc.

Suzette L. Huovinen is Director, President, and Chair of the Board of Securian AM. Michael T. Steinert, is Senior Vice President, Chief Operating Officer, Treasurer, and Director of Securian AM.

**The Trust's Investment Advisory Agreement with Securian AM** 

Securian AM acts as investment adviser and manager of the SFT Core Bond Fund, SFT Government Money Market Fund, SFT Index 500 Fund, SFT Index 400 Mid-Cap Fund and SFT Real Estate Securities Fund under

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an Investment Advisory Agreement dated May 1, 2012; and, with respect to the SFT Balanced Stabilization Fund, an amendment to such Agreement effective May 1, 2013; and, with respect to the SFT Nomura Growth (formerly SFT Macquarie Growth), SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth), SFT T. Rowe Price Value and SFT Wellington Core Equity Funds, an amendment to such Agreement effective May 1, 2014; and, with respect to the SFT Equity Stabilization Fund, an amendment to such Agreement effective November 18, 2015. At a special meeting of shareholders held October 21, 2011, a Reorganization Agreement was approved pursuant to which each portfolio of Advantus Series Fund was reorganized into a separate Fund of the Trust effective May 1, 2012. The effect of shareholders approving the Reorganization was that they also approved a new Investment Advisory Agreement with Securian AM (which was substantially identical to the prior Investment Advisory Agreement). The Investment Advisory Agreement was approved by the initial shareholder of the SFT Balanced Stabilization Fund on January 31, 2013, by the initial shareholder of each of the SFT Nomura Growth (formerly SFT Macquarie Growth), SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth), SFT T. Rowe Price Value and SFT Wellington Core Equity Funds on April 22, 2014, and by the initial shareholder of the SFT Equity Stabilization Fund on October 8, 2015. The Investment Advisory Agreement was last approved by the Board (including a majority of the trustees who are not parties to the contract, or interested persons of any such party) on February 26, 2026. Prior to May 1, 1997, the Advantus Series Fund obtained advisory services from MIMLIC Asset Management Company, formerly the parent company of Securian AM. Securian AM commenced its business in June 1994.

The Investment Advisory Agreement will terminate automatically in the event of assignment. In addition, the Investment Advisory Agreement is terminable at any time, without penalty, by the Board or by vote of a majority of the Trust's outstanding voting securities on 60 days' written notice to Securian AM, and by Securian AM on 60 days' written notice to the Trust. Unless sooner terminated, the Investment Advisory Agreement shall continue in effect for more than two years after its execution only so long as such continuance is specifically approved at least annually either by the Board or by a vote of a majority of the outstanding voting securities, provided that in either event such continuance is also approved by the vote of a majority of the trustees who are not interested persons of any party to the Investment Advisory Agreement, cast in person at a meeting called for the purpose of voting on such approval. The required shareholder approval of any continuance of the Investment Advisory Agreement shall be effective with respect to any Fund if a majority of the outstanding voting securities of the class of capital stock of that Fund votes to approve such continuance, notwithstanding that such continuance may not have been approved by a majority of the outstanding voting securities of the Trust.

The Investment Advisory Agreement may be amended by the parties only if such amendment is specifically approved by the vote of a majority of the outstanding voting securities of the Trust and by the vote of a majority of the trustees of the Trust who are not interested persons of any party to the Investment Advisory Agreement cast in person at a meeting called for the purpose of voting on such approval. The required shareholder approval shall be effective with respect to any Fund if a majority of the outstanding voting securities of that Fund vote to approve the amendment, notwithstanding that the amendment may not have been approved by a majority of the outstanding voting securities of the Trust.

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**The Trust's Investment Advisory Fees** 

Pursuant to the investment advisory agreement, each Fund pays Securian AM an advisory fee equal on an annual basis to a percentage of the Fund's average daily net assets as set forth in the following table, effective May 1, 2026:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee**<br> **(as a percentage of average daily net assets)**<br>|
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; 0.55% of assets to $750 million; and<br> 0.50% of assets exceeding $750 million<br>|
| SFT Core Bond Fund | &nbsp;&nbsp; 0.40% of assets to $750 million; and<br> 0.35% of assets exceeding $750 million<br>|
| SFT Equity Stabilization Fund | &nbsp;&nbsp; 0.55% of assets to $750 million; and<br> 0.50% of assets exceeding $750 million<br>|
| SFT Government Money Market Fund | &nbsp;&nbsp; 0.25% of assets to $750 million; and<br> 0.20% of assets exceeding $750 million<br>|
| SFT Index 400 Mid-Cap Fund | &nbsp;&nbsp; 0.15% of assets to $1 billion; and<br> 0.10% of assets exceeding $1 billion<br>|
| SFT Index 500 Fund | &nbsp;&nbsp; 0.15% of assets to $1 billion; and<br> 0.10% of assets exceeding $1 billion<br>|
| SFT Nomura Growth Fund (formerly SFT <br> Macquarie Growth Fund)<br>| &nbsp;&nbsp; 0.67% of assets to $300 million; and<br> 0.625% of next $200 million of assets; and<br> 0.60% of next $500 million of assets; and<br> 0.50% of assets exceeding $1 billion<br>|
| SFT Nomura Small Cap Growth Fund <br> (formerly Macquarie Small Cap Growth <br> Fund)<br>| &nbsp;&nbsp; 0.85% of assets to $300 million; and<br> 0.80% of next $200 million of assets; and<br> 0.75% of next $500 million of assets; and<br> 0.70% of assets exceeding $1 billion<br>|
| SFT Real Estate Securities Fund | &nbsp;&nbsp; 0.70% of assets to $300 million; and<br> 0.675% of next $200 million of assets; and<br> 0.65% of next $500 million of assets; and<br> 0.60% of assets exceeding $1 billion<br>|
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp; 0.57% of assets to $300 million; and<br> 0.55% of next $200 million of assets; and<br> 0.525% of next $500 million of assets; and<br> 0.50% of assets exceeding $1 billion<br>|
| SFT Wellington Core Equity Fund | &nbsp;&nbsp; 0.55% of assets to $300 million; and<br> 0.525% of next $200 million of assets; and<br> 0.50% of next $500 million of assets; and<br> 0.45% of assets exceeding $1 billion<br>|

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The fees paid to Securian AM by the Funds during the fiscal years ended December 31, 2025, 2024 and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Advisory Fees Paid** | **Advisory Fees Paid** | **Advisory Fees Paid** |
| **Fund** | **2025** | **2024** | **2023** |
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; $3266669 | &nbsp;&nbsp; $3547659 | &nbsp;&nbsp; $3500045 |
| SFT Core Bond Fund | &nbsp;&nbsp; 1700347 | &nbsp;&nbsp; 1748462 | &nbsp;&nbsp; 1756859 |
| SFT Nomura Growth Fund (formerly SFT <br> Macquarie Growth Fund)<br>| &nbsp;&nbsp; 4058313 | &nbsp;&nbsp; 4057709 | &nbsp;&nbsp; 3544630 |
| SFT Nomura Small Growth Fund (formerly SFT <br> Macquarie Small Cap Growth Fund)<br>| &nbsp;&nbsp; 1339715 | &nbsp;&nbsp; 1343672 | &nbsp;&nbsp; 1250192 |
| SFT Equity Stabilization Fund | &nbsp;&nbsp; 1483725 | &nbsp;&nbsp; 1678932 | &nbsp;&nbsp; 1759561 |
| SFT Government Money Market Fund<sup>(a)(b)</sup> | &nbsp;&nbsp; 568232 | &nbsp;&nbsp; 567611 | &nbsp;&nbsp; 562859 |
| SFT Index 400 Mid-Cap Fund | &nbsp;&nbsp; 344211 | &nbsp;&nbsp; 340630 | &nbsp;&nbsp; 307016 |
| SFT Index 500 Fund | &nbsp;&nbsp; 2012837 | &nbsp;&nbsp; 1864855 | &nbsp;&nbsp; 1603891 |
| SFT Real Estate Securities Fund | &nbsp;&nbsp; 815003 | &nbsp;&nbsp; 842746 | &nbsp;&nbsp; 816356 |
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp; 1130966 | &nbsp;&nbsp; 1151442 | &nbsp;&nbsp; 1134088 |
| SFT Wellington Core Equity Fund | &nbsp;&nbsp; 721812 | &nbsp;&nbsp; 708008 | &nbsp;&nbsp; 672056 |

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(a) Effective May 1, 2012, Securian AM, Securian Financial and the Trust entered into a net investment income maintenance agreement to ensure that the Fund's net investment income does not fall below zero. See "SFT Government Money Market Fund Net Investment Income Maintenance Agreement" below.

(b) Effective November 1, 2017, Securian AM and the Trust entered into an expense limitation agreement with respect to the Fund. See "SFT Government Money Market Fund Expense Limitation Agreement" below.

Under the Investment Advisory Agreement, the Adviser furnishes the Trust office space and all necessary office facilities, equipment and personnel for servicing the investments of the Trust. The Trust pays all its costs and expenses which are not assumed by the Adviser. These Trust expenses include, by way of example, but not by way of limitation, all expenses incurred in the operation of the Trust including, among others, interest, taxes, brokerage fees and commissions, fees of the trustees who are not employees of the Adviser or any of its affiliates, compensation paid to the CCO, expenses of trustees' and shareholders' meetings, including the cost of printing and mailing proxies, expenses of insurance premiums for fidelity and other coverage, association membership dues, charges of custodians, auditing and legal expenses. The Trust will also pay the fees and bear the expense of registering and maintaining the registration of the Trust and its shares with the SEC and registering or qualifying its shares under state or other securities laws and the expense of preparing and mailing prospectuses and reports to shareholders. Securian Financial shall bear all advertising and promotional expenses in connection with the distribution of the Trust's shares, including paying for the printing of Prospectuses and Statements of Additional Information for new shareholders and the costs of sales literature.

Each Fund will bear all expenses that may be incurred with respect to its individual operation, including but not limited to transaction expenses, advisory fees, Rule 12b-1 fees, brokerage, interest, taxes, license fees, certain fund accounting expenses and the charges of the custodian. The Trust will pay all other expenses not attributable to a specific Fund, but some of such expenses will be allocated equally among the Funds, and others will be allocated on the basis of "time and effort," unless otherwise allocated by the Board.

**SFT Balanced Stabilization Fund Expense Limitation Agreement**

Securian AM and the Trust, on behalf of the SFT Balanced Stabilization Fund (the Fund), entered into an Expense Limitation Agreement for the period dated May 1, 2013, through April 30, 2021. This agreement limited 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 generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary

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course of the Fund's business), to 0.80% of the Fund's average daily net assets. The Trust did not renew the agreement. Consequently, the expense limitation ended on April 30, 2021.

Under the agreement's terms, 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.

**SFT Equity Stabilization Fund Expense Limitation Agreement**

Securian AM and the Trust, on behalf of the SFT Equity Stabilization Fund (the Fund), entered into an Expense Limitation Agreement for the period dated November 18, 2015, through April 30, 2021. This agreement limited 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 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. The Trust did not renew the agreement. Consequently, the expense limitation ended on April 30, 2021.

Under the agreement's terms, 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.

**SFT Government Money Market Fund Net Investment Income Maintenance Agreement**

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 (the Fund), 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 Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Agreement to recover the full amount waived, reimbursed or paid (the Expense Waiver) on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. As of December 31, 2025, Securian AM and Securian

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Financial have collectively waived $6,959,755 pursuant to the Agreement, including expenses waived under the prior agreement with Advantus Series Fund, Inc., of which $0 was eligible for recovery by Securian AM and Securian Financial as of such date. If Securian AM and/or Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. There is no guarantee that the Fund will maintain a positive yield. There is no guarantee that the Fund will maintain a positive yield. The Agreement shall continue in effect following April 30, 2027, provided such continuance is specifically approved by a majority of the Trust's independent Trustees. The agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days notice prior to the end of the a contract term.

**SFT Government Money Market Fund Expense Limitation Agreement**

Securian AM and the Trust, on behalf of the SFT Government Money Market Fund (the Fund), have entered into a written agreement, dated November 1, 2017, 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 generally accepted accounting principles, 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, 2027. The agreement renews annually for a full year each year thereafter unless terminated by Securian AM upon at least 30 days' notice prior to the end of a contract term. The Fund is authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. As of December 31, 2025, Securian AM has waived a cumulative total of $297,984 pursuant to the agreement, of which $1,915 was eligible for recovery by Securian AM as of such date. 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.

**Investment Sub-Advisory Agreements** 

**Cohen & Steers Capital Management, Inc. ("Cohen & Steers").** Cohen & Steers, a registered investment adviser, located at 1166 Avenue of the Americas, 30<sup>th</sup> Floor, New York, New York 10036, is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Cohen & Steers is a wholly-owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose common stock is listed on the NYSE under the symbol "CNS." As of December 31, 2025, Cohen & Steers managed $90.5 billion in assets. Cohen & Steers was formed in 1986 and its current clients include pension plans of leading corporations, endowment funds and investment companies, including each of the open-end and closed-end Cohen & Steers funds.

Cohen & Steers acts as investment sub-adviser to the SFT Real Estate Securities Fund under an Investment Sub-Advisory Agreement with Securian AM dated August 1, 2022. The Cohen & Steers Sub-Advisory Agreement was last approved by the Board (including a majority of the Trustees who are not parties to the contract or interested persons of any such party) on February 26, 2026

From the advisory fees received from SFT Real Estate Securities Fund, Securian AM pays Cohen & Steers a sub-advisory fee equal on an annual basis to the following percentage of the Fund's average daily net assets:

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| | |
|:---|:---|
| **Assets** | **Annual Fee** |
| First $100 million | 0.38% (38 bps) |
| Over $100 million | 0.25% (25 bps) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **2025** | **2024** | **2023** |
| $421092 | $430859 | $421583 |

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**Nomura Investments Fund Advisers ("NIFA").** NIFA is a series of Nomura Investment Management Business Trust ("NIMBT"), which is a Delaware statutory trust. Nomura Asset Management is part of the Investment Management Division of Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes NIMBT and its NIFA series. The address of NIFA is 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354.

NIFA serves as investment sub-adviser to the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund) pursuant to an investment sub-advisory agreement with Securian AM (the "NIFA Agreement"), which was approved by the Board on October 30, 2025 and became effective on December 1, 2025. Prior to May 1, 2018, Waddell & Reed Investment Management Company ("WRIMCO"), an affiliate of Ivy Investment Management Company ("IICO"), was the sub-adviser for the SFT Delaware Ivy<sup>sm</sup> Growth Fund and SFT Delaware Ivy<sup>sm</sup> Small Cap Growth Fund and prior to May 3, 2021, IICO was the sub-adviser for the SFT Delaware Ivy<sup>sm</sup> Growth Fund and SFT Delaware Ivy<sup>sm</sup> Small Cap Growth Fund. Prior to December 1, 2025, Delaware Investments Fund Advisers (DIFA) was the sub-adviser for SFT Macquarie Growth Fund and SFT Macquarie Small Cap Growth Fund.

The NIFA Agreement will terminate automatically upon the termination of the Investment Advisory Agreement or in the event of the "assignment" (as defined in the 1940 Act) of the NIFA Agreement. In addition, the NIFA Agreement is terminable at any time, without prejudice or penalty, on 60 day's prior written notice by: (i) the Trust pursuant to (A) action by the Board, or (B) the vote of the majority of the outstanding voting securities of a Fund, or (ii) either NIFA or Securian AM upon 60 days' prior written notice to the other. Unless sooner terminated, the NIFA Agreement shall continue year after year thereafter, provided each continuance is specifically approved at least annually by (i) the vote of a majority of the Board or (ii) a vote of a "majority" (as defined in the 1940 Act) of a Fund's outstanding voting securities, provided that in either even the continuance is also approved by a majority of the Trustees who are neither (A) parties to the NIFA Agreement not (B) "interested persons" (as defined in the 1940 Act) of any party to the NIFA Agreement, by vote cast in person (to the extent required by the 1940 Act) at a meeting called for the purpose of voting on such approval. The NIFA Agreement was last approved by the Board (including a majority of the Trustees who are not parties to the contract or interested persons of any such party) in February 26, 2026.

From the advisory fees received from SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), Securian AM pays NIFA a sub-advisory fee equal on an annual basis to the following percentages of each Fund's average daily net assets:

SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

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| | |
|:---|:---|
| **Assets** | **Annual Fee** |
| 0 to $25 million | 0.55% (55 bps) |
| Greater than $25 million to $50 million | 0.45% (45 bps) |
| Over $50 million | 0.33% (33 bps) |

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SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

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| | |
|:---|:---|
| **Assets** | **Annual Fee** |
| 0 to $25 million | 0.82% (82 bps) |
| Greater than $25 million to $50 million | 0.72% (72 bps) |
| Greater than $50 million to $75 million | 0.55% (55 bps) |
| Over $75 million | 0.40% (40 bps) |

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The sub-advisory fees paid to NIFA by Securian AM from November, 2025 to December, 2025 for the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and SFT Nomura Small Cap Growth Fund (SFT Macquarie Small Cap Growth Fund) were $559,591 and $224,034, respectively.

The sub-advisory fees paid to DIFA or NIFA by Securian AM during the fiscal years ended December 31, 2025, 2024 and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SFT Nomura Growth** <br> **Fund (formerly** <br> **SFT Macquarie** <br> **Growth Fund)**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Investment <br> Fund Advisers (DIFA)<br>| $1614365 | $2174241 | $1892751 |
| Nomura Investments Fund Advisers (NIFA) | $559591 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SFT Nomura Small** <br> **Cap Fund (formerly** <br> **SFT Macquarie** <br> **Small Cap Growth**<br> **Fund)**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Investment <br> Fund Advisers (DIFA)<br>| $628982 | $854950 | $810899 |
| Nomura Investments Fund Advisers (NIFA) | $224034 | N/A | N/A |

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**Metropolitan West Asset Management, LLC ("MetWest").** MetWest, a registered investment adviser, located at 515 South Flower Street, Los Angeles, CA, 90071 is a leading global asset management firm with a broad range of products across fixed income, equities, emerging markets and alternative investments. MetWest is a wholly-owned subsidiary of TCW Group, Inc. ("TCW"). MetWest, together with TCW and its other subsidiaries, provide a variety of investment management and investment advisory services and had approximately $206.2 billion in assets under management as of December 31, 2025.

MetWest acts as investment sub-adviser to the SFT Core Bond Fund under an Investment Sub-Advisory Agreement with Securian AM dated August 1, 2022. The MetWest Sub-Advisory Agreement was last approved by the Board (including a majority of the Trustees who are not parties to the contract or interested persons of any such party) on February 26, 2026

From the advisory fees received from SFT Core Bond Fund, Securian AM pays MetWest a sub-advisory fee equal on an annual basis to the following percentage of the Fund's average daily net assets:

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| | |
|:---|:---|
| **Assets** | **Annual Fee** |
| First $500 million | 0.18% (18 bps) |
| Over $500 million | 0.10% (10 bps) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **2025** | **2024** | **2023** |
| $765146 | $786670 | $790680 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**T. Rowe Price Associates, Inc. ("T. Rowe Price").** T. Rowe Price Group, Inc. ("Group") is a publicly owned company and owns 100% of the stock of T. Rowe Price Associates, Inc., which in turn owns 100% of T. Rowe Price International Ltd., which in turn owns 100% each of T. Rowe Price Hong Kong Limited, T. Rowe Price Japan, Inc., and T. Rowe Price Singapore Private Ltd. Group was formed in 2000 as a holding company for the T. Rowe Price-affiliate companies. T. Rowe Price and its affiliates manage numerous other investment companies and accounts. One of such publicly registered investment companies — T. Rowe Price Value Fund, Inc. — has investment policies and strategies generally similar to those of the Trust's SFT T. Rowe Price Value Fund.

T. Rowe Price serves as investment sub-adviser to the SFT T. Rowe Price Value Fund pursuant to an investment sub-advisory agreement with Securian AM, which was approved by the Board on April 22, 2014 and became effective on May 1, 2014 (the "T. Rowe Price Agreement").

The T. Rowe Price Agreement will terminate automatically upon the termination of the Investment Advisory Agreement and in the event of its assignment. In addition, the T. Rowe Price Agreement is terminable at any time, without penalty, by the Board, by Securian AM or by vote of a majority of the T. Rowe Price Value Fund's outstanding voting securities on 60 days' written notice to T. Rowe Price and by T. Rowe Price on 60 days' written notice to Securian AM. Unless sooner terminated, the T. Rowe Price Agreement shall continue in effect from year to year if approved at least annually either by the Board or by vote of a majority of the outstanding voting securities of the SFT T. Rowe Price Value Fund, provided that in either event such continuance is also approved by the vote of a majority of the Trustees who are not interested persons of any party to the T. Rowe Price Agreement, cast in person at a meeting called for the purpose of voting on such approval. The T. Rowe Price Agreement was last approved by the Board (including a majority of the Trustees who are not parties to the contract or interested persons of any such party) on February 26, 2026.

From the advisory fee received from SFT T. Rowe Price Value Fund, Securian AM pays T. Rowe Price a sub-advisory fee equal on an annual basis to the following percentages of the Fund's average daily net assets:

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| | |
|:---|:---|
| **Assets** | **Annual Fee** |
| All Assets of the Fund | &nbsp;&nbsp; 47.5 bps on first $50 million<br> 42.5 bps on next $50 million<br> 37.5 bps reset at $100 million\*<br> 32.5 bps reset at $200 million\*<br> 30 bps reset at $500 million\*<br> 27.5 bps above $500 million<br> 27.5 bps reset at $1 billion\*<br> 25 bps reset at $1.5 billion\*<br>|

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\* The Sub-Adviser will provide the Adviser a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat 0.375% fee schedule once assets reach $100 million. The credit will apply at asset levels between approximately $82.3 million and $100 million. To accommodate circumstances where the Fund's assets fall beneath $100 million, and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) reach $100 million, when the flat fee would be triggered, or (b) fall below a threshold of approximately $82.3 million, which would trigger the application of the tiered fee schedule.

The credit is determined by prorating the difference between the tiered fee schedule and the flat 0.375% fee schedule over the difference between $100 million and the current portfolio size for billing purposes. The credit would approach $75,000 annually when the Fund's assets were close to $100 million and fall to zero at approximately $82.3 million.

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The transitional credit is determined as follows:

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| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $82,352,941 | $75000 |
| $17647059 | $75000 |

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To accommodate circumstances where the Fund's assets fall beneath $200 million, and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original 0.375% fee schedule. The credit will apply at asset levels between $173.3 million and $200 million. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) reach $200 million, when the 0.325% fee would be triggered, or (b) fall below a threshold of $173.3 million, which would trigger the application of the 0.375% fee schedule.

The credit is determined by prorating the difference between the 0.375% fee schedule and the 0.325% fee schedule over the difference between $200 million and the current portfolio size for billing purposes. The credit would approach $100,000 annually when the Fund's assets were close to $200 million and fall to zero at $173.3 million.

The transitional credit is determined as follows:

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| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $173,333,333 | $100000 |
| $26666667 | $100000 |

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To accommodate circumstances where the Fund's assets fall beneath $500 million, and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original 0.325% fee schedule. The credit will apply at asset levels between approximately $461.5 million and $500 million. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) reach $500 million, when the 0.30% fee would be triggered, or (b) fall below a threshold of approximately $461.5 million, which would trigger the application of the 0.325% fee schedule.

The credit is determined by prorating the difference between the 0.325% fee schedule and the 0.30% fee schedule over the difference between $500 million and the current portfolio size for billing purposes. The credit would approach $125,000 annually when the Fund's assets were close to $500 million and fall to zero at $461.5 million.

The transitional credit is determined as follows:

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| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $461,538,462 | $125000 |
| $38461538 | $125000 |

---

To accommodate circumstances where the Fund's assets fall beneath $1 billion, and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original 0.30% tiered fee schedule. The credit will apply at asset levels between approximately $954.5 million and $1 billion. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) reach $1 billion, when the 0.275% fee would be triggered, or (b) fall below a threshold of approximately $954.5 million, which would trigger the application of the 0.30% tiered fee schedule.

The credit is determined by prorating the difference between the tiered fee schedule and the 0.275% fee schedule over the difference between $1 billion and the current portfolio size for billing purposes. The credit would approach $125,000 annually when the Fund's assets were close to $1 billion and fall to zero at $954.5 million.

------

The transitional credit is determined as follows:

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| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $954,545,455 | $125000 |
| $45454545 | $125000 |

---

To accommodate circumstances where the Fund's assets fall beneath $1.5 billion, and to prevent a decline in the Fund's assets from causing an increase in the absolute dollar fee, the Sub-Adviser will provide a transitional credit to cushion the impact of reverting to the original 0.275% fee schedule. The credit will apply at asset levels between approximately $1.364 billion and $1.5 billion. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) reach $1.5 billion, when the 0.25% fee would be triggered, or (b) fall below a threshold of approximately $1.364 billion, which would trigger the application of the 0.275% fee schedule.

The credit is determined by prorating the difference between the tiered fee schedule and the 0.25% fee schedule over the difference between $1.5 billion and the current portfolio size for billing purposes. The credit would approach $375,000 annually when the Fund's assets were close to $1.5 billion and fall to zero at $1.364 billion.

The transitional credit is determined as follows:

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| | |
|:---|:---|
| Current Portfolio Size for Billing Purposes - $1,363,636,364 | $375000 |
| $136363636 | $375000 |

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The sub-advisory fees paid to T. Rowe Price by Securian AM during the fiscal years ended December 31, 2025, 2024 and 2023 were as follows:

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| | | |
|:---|:---|:---|
| **2025** | **2024** | **2023** |
| $651421 | $657679 | $650000 |

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**Wellington Management Company LLP ("Wellington Management").** Wellington Management is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

Wellington Management serves as investment sub-adviser to the SFT Wellington Core Equity Fund pursuant to an investment sub-advisory agreement with Securian AM, which was approved by the Board on July 27, 2017 and became effective on November 20, 2017 (the "Wellington Agreement"). Prior to November 20, 2017, FIAM LLC served as investment sub-adviser to the Fund.

The Wellington Agreement will terminate automatically upon the termination of the Investment Advisory Agreement and in the event of its assignment. In addition, the Wellington Agreement is terminable at any time, without penalty, by the Board, by Securian AM or by vote of a majority of the SFT Wellington Core Equity Fund's outstanding voting securities on 60 days' written notice to Wellington Management and by Wellington Management on 60 days' written notice to Securian AM. Unless sooner terminated, the Wellington Agreement shall continue in effect from year to year if approved at least annually either by the Board or by a vote of a majority of the outstanding voting securities of the SFT Wellington Core Equity Fund, provided that in either event such continuance is also approved by the vote of a majority of the Trustees who are not interested persons of any party to the Wellington Agreement, cast in person at a meeting called for the purpose of voting on such approval. The Wellington Agreement was last approved by the Board (including a majority of the Trustees who are not parties to the contract or interested persons of any such party) on February 26, 2026.

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From the advisory fee received from SFT Wellington Core Equity Fund, Securian AM pays Wellington Management a sub-advisory fee equal on an annual basis to the following percentages of the Fund's average daily net assets:

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| | |
|:---|:---|
| **Assets** | **Annual Fee** |
| First $50 million | 0.31% (31 bps) |
| Over $50 million | 0.27% (27 bps) |

---

The sub-advisory fees paid to Wellington Management by Securian AM during the fiscal years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
| **2025** | **2024** | **2023** |
| $374792 | $368076 | $336392 |

---

**Basis of Annual Approval of Advisory and Sub-Advisory Agreements** 

A discussion regarding the basis of the approval by the Board of the Trust on February 26, 2026, of the Investment Advisory Agreement with Securian AM and the Cohen & Steers Agreement, NIFA Agreement, Metropolitan West Agreement, T. Rowe Price Agreement, and Wellington Agreement, will be available in the Semiannual Report to Shareholders for the period ending June 30, 2026.

**Information Regarding Trust Portfolio Managers — Securian AM** 

Other Accounts Managed. For each of the Funds (except the SFT Core Bond Fund, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Real Estate Securities Fund, SFT T. Rowe Price Value Fund and SFT Wellington Core Equity Fund), the table below lists the number of other accounts managed by each Securian AM portfolio manager within each of the following categories and the total assets in the accounts managed within each category as of December 31, 2025: (i) registered investment companies ("RICs"), (ii) other pooled investment vehicles, and (iii) other accounts. Except as noted below, none of the accounts identified in any category pays an advisory fee based on the performance of the account.

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| | | | |
|:---|:---|:---|:---|
| **PORTFOLIO MANAGER** | **TYPE OF ACCOUNT** | **NUMBER**<br> **OF**<br> **ACCOUNTS**<br>| **TOTAL ASSETS**<br> **(in millions)**<br>|
| Charles D. Officer | RICs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $234 |
|  | Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | Other Accounts | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 22973 |
| Joseph W. Scanlan | RICs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 234 |
|  | Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | Other Accounts | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 22973 |
| Jeremy P. Gogos, Ph.D. | RICs | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3097 |
|  | Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | Other Accounts | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1654 |
| Merlin L. Erickson | RICs | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3097 |
|  | Pooled Investment Vehicles | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | Other Accounts | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1539 |

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CONFLICTS OF INTEREST. In the judgment of the Trust's investment adviser, no material conflicts of interest are likely to arise in connection with a portfolio manager's management of a Fund on the one hand and the management of any account identified above on the other. All portfolio managers must manage assets in their personal accounts in accordance with Securian AM's and the Trust's code of ethics. The Fund and all other accounts managed by a portfolio manager in a similar style are managed subject to substantially similar investment restrictions and guidelines, and therefore no conflict of interest is likely to arise due to material differences in investment strategy. Securian AM has adopted policies and procedures designed to ensure that

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investment opportunities are allocated fairly between a Fund and other accounts managed by the same portfolio manager, including accounts of Securian AM or its affiliates. In addition, Securian AM believes that material conflicts due to differences in compensation paid to portfolio managers (see below) are also unlikely to arise. Account performance is a factor in determining a portfolio manager's compensation, but no portfolio manager's compensation structure favors one account over another on the basis of performance.

PORTFOLIO MANAGERS' OWNERSHIP OF TRUST SECURITIES. The Trust's shares are currently sold only to separate accounts of Minnesota Life and certain other life insurance companies. Investments in the Funds can only be made beneficially through ownership of certain variable life and variable annuity contracts issued by such companies in which one or more Funds are offered as investment options.

As of December 31, 2025, Merlin Erickson, of the SFT Balanced Stablization/Equity Stablization Funds, SFT Index 400 Mid-Cap/ SFT Index 500 Funds portfolio manager beneficially owned shares of Templeton Developing Markets VIP Fund, worth $10, 0001-50,000.

As of December 31, 2025, Jeremy P. Gogos, of the SFT Balanced Stablization/Equity Stablization Funds, SFT Index 400 Mid-Cap/ SFT Index 500 Funds portfolio manager beneficially owned shares of Templeton Developing Markets VIP Fund, SFT Government Money Market Fund, and SFT Index 400 Mid-Cap Fund, all worth $10, 0001-50,000.

PORTFOLIO MANAGER COMPENSATION. Securian AM's compensation program is designed to attract, retain and motivate top-quality investment professionals. All Portfolio managers receive a base salary and are eligible for an annual bonus. Portfolio managers have the option to participate in a non-qualified deferred compensation plan. Certain portfolio managers are eligible to participate in a profit-sharing plan based on the profitability of the assets they manage. Portfolio managers also are eligible for the standard retirement benefits, group insurance, medical and welfare benefits, and profit-sharing based on Securian Financial Group's financial results. These benefits are generally available to all employees of Securian AM and Securian Financial Group.

Portfolio manager's compensation is reviewed annually, and the level of compensation is based on individual performance, level of experience and responsibility, assets managed, competitive compensation surveys, and compensation guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. A brief description of each component of the portfolio manager's compensation follows:

Base Salary — Base salary is designed to provide a measure of stability and is targeted to be competitive with peers.

Annual Bonus — Annual bonuses are structured to align the interest of the portfolio manager with those of Securian AM and the Fund's shareholders. The incentive plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance. Bonuses generally are split between cash (60% - 75%) and a long-term incentive (25% - 40%). The long-term incentive has a four-year vesting schedule and is intended to retain key associates. The available bonus pool for portfolio managers and other bonus eligible associates is determined based on Securian AM's financial results. The Chief Investment Officer and/or other officers have discretion in allocating the bonus pool

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to the portfolio managers and other eligible employees in accordance with the bonus plan guidelines. The following factors are generally used in determining portfolio manager's bonuses under the plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Performance. Based on pre-tax performance versus a benchmark index, peer group or both. In the case of a Fund, the Fund's benchmark index is described in the Trust's prospectus. For peer group performance, the portfolio manager's percentile ranking is determined based on the performance of managers of the same investment style at other firms. Benchmark and peer group comparisons are typically over one-year, three-year, or both performance periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-quantitative. The more qualitative contributions of the portfolio manager to Securian AM's business and investment management team, including professional knowledge, complexity of assets managed, management responsibilities, productivity, and responsiveness to client needs are evaluated in determining the amount of the bonus award.

Deferred Compensation — the portfolio manager has the option to defer all or part of their cash and vested long-term incentives into a non-qualified deferred compensation plan. All elections must be made six months prior to the end of the performance measurement period.

Profit Share — Certain portfolio managers are paid a percentage of profits generated on the assets they directly manage. Profits generated from managing the Securian Fund Trust assets are included in the profit share.

**Information Regarding Portfolio Managers — Cohen & Steers** 

This section reflects information about the portfolio managers as of December 31, 2025.

The following table shows the number of other accounts managed by the portfolio managers and the total assets in the accounts managed within each category:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Number of**<br> **Other**<br> **Registered**<br> **Investment**<br> **Companies**<br>| **Assets of**<br> **Other**<br> **Registered**<br> **Investment**<br> **Accountss**<br> **Managed**<br> **($MM)**<br>| **Number of**<br> **Other Pooled**<br> **Investment**<br> **Vehicles**<br> **Managed (1)**<br>| **Assets of**<br> **Other Pooled**<br> **Investment**<br> **Vehicles**<br> **Managed**<br> **($MM) (1)**<br>| **Number of**<br> **Other Accounts**<br> **Managed (1)**<br>| **Assets of Other**<br> **Accounts**<br> **Managed**<br> **($MM) (1)**<br>|
| John Cheigh | 8 | $19455 | 29 | $4159 | 21 | $5050 |
| Jason Yablon | 17 | $32612 | 59 | $16869 | 54 | $11073<sup>(1)</sup> |
| Mathew Kirschner | 8 | $28048 | 31 | $12848 | 32 | $5216<sup>(1)</sup> |
| Ji Zhang | 10 | $26471 | 46 | $13972 | 43 | $8457<sup>(1)</sup> |

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(1) Two "Other Accounts", with total assets of $219 million as of December 31, 2025, are subject to performance based fees.

**Compensation** 

Compensation of portfolio managers and other investment professionals is comprised of: (1) a base salary, (2) an annual cash bonus and (3) long-term stock-based compensation consisting generally of restricted stock units of Cohen & Steers, Inc. ("CNS"), the parent company of Cohen & Steers. All employees, including the portfolio managers and other investment professionals, also receive certain retirement, insurance and other benefits. Compensation is reviewed on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are effective the January following the fiscal year-end of CNS. Compensation for the portfolio managers is determined by evaluating four primary components, in order of emphasis: (1) investment performance, (2) leadership and collaboration, (3) team level revenue changes and (4) the firm's financial results. The investment performance evaluation is based on the team's excess returns versus a representative benchmark and, where available, on the percentile rankings relative to an institutional peer group and percentile rankings relative to a retail peer group. The performance metrics are on a pre-tax and pre-expense basis and are

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reviewed for both the one- and three-year periods, with a greater weight given to the three-year period. The benchmark and peers which most represent the investment strategy are used in evaluating performance. For portfolio managers responsible for multiple funds and other accounts, performance is evaluated on an aggregate basis. Leadership and collaboration are evaluated through a qualitative assessment. The qualitative factors considered for evaluating leadership include, among others, process and innovation, team development, thought leadership, client service and cross team cooperation. A final factor is based on portfolio managers' ownership level in the funds they manage.

On an annual basis, the performance metrics and leadership factors are aggregated to produce a quantitative assessment of the portfolio manager and investment team. This assessment is considered alongside calendar year over year changes in a strategy's advisory fees earned, the operating performance of Cohen & Steers and CNS, and market factors to determine appropriate levels for salaries, bonuses and stock-based compensation. Base compensation for portfolio managers are fixed and vary in line with the portfolio manager's seniority and position with the firm. Cash bonuses and stock based compensation may fluctuate significantly from year-to-year, based on this framework.

Cohen & Steers has a negligible number of accounts with performance-based fees, and although portfolio managers do not directly receive a portion of these fees, performance based fees may contribute to the overall profitability of Cohen & Steers.

**Conflict of Interest** 

Although the potential for conflicts of interest exist when an investment adviser and portfolio managers manage other accounts that invest in securities in which the Fund may invest or that may pursue a strategy similar to one of the Fund's strategies, Cohen & Steers has procedures in place that are designed to ensure that all accounts are treated fairly and that the Fund is not disadvantaged. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and the other accounts or vehicles he advises. In addition, due to differences in the investment strategies or restrictions among the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may provide more revenue to Cohen & Steers. While this may appear to create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities, Cohen & Steers strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. In this regard, in the absence of specific account-related impediments (such as client-imposed restrictions or lack of available cash), for equity strategies it is the general policy of Cohen & Steers to allocate investment ideas pro rata to all accounts with the same primary investment objective, except where an allocation would not produce a meaningful position size. Cohen & Steers generally attempts to allocate orders for the same fixed income security on a pro rata basis among participating eligible accounts. Purchases and sales of fixed income securities, including new issues (and other limited investment opportunities) may differ from a pro-rata allocation based on the investment objective, guideline restrictions, the benchmark and characteristics of the particular account. When determining which accounts will participate in a block trade, Cohen & Steers also takes into consideration factors that may include duration, sector and/or issuer weights relative to benchmark, cash flows/liquidity needs, style, maturity and credit quality. In addition, if the allocation process results in a very small allocation, or if there are minimum security requirements that are not achieved at our targeted position size, these amounts can be reallocated to other clients. To reach desired outcomes with regards to portfolio characteristics, certain portfolios may hold different securities with substantially similar investment characteristics to achieve that end, such that comparable risk positioning, in accordance with guidelines and mandates, is realized over time. In addition, the Fund, as a registered investment company, is subject to different regulations than certain of the other accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as other accounts.

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Certain of the portfolio managers may from time to time manage one or more accounts in which Cohen & Steers and its affiliated companies holds a substantial interest (the "CNS Accounts"). Certain securities held and traded in the CNS Accounts also may be held and traded in one or more client accounts. It is the policy of Cohen & Steers however not to put the interests of the CNS Accounts ahead of the interests of client accounts. Cohen & Steers may aggregate orders of client accounts with those of the CNS Accounts; however, under no circumstances will preferential treatment be given to the CNS Accounts. For all orders involving the CNS Accounts, purchases or sales will be allocated prior to trade placement, and orders that are only partially filled will be allocated across all accounts in proportion to the shares each account, including the CNS Accounts, was designated to receive prior to trading. As a result, it is expected that the CNS Accounts will receive the same average price as other accounts included in the aggregated order. Shares will not be allocated or re-allocated to the CNS Accounts after trade execution or after the average price is known. In the event so few shares of an order are executed that a pro-rata allocation is not practical, a rotational system of allocation may be used; however, the CNS Accounts will never be part of that rotation or receive shares of a partially filled order other than on a pro-rata basis.

Because certain CNS Accounts are managed with a cash management objective, it is possible that a security will be sold out of the CNS Accounts but continue to be held for one or more client accounts. In situations when this occurs, such security will remain in a client account only if Cohen & Steers, acting in its reasonable judgment and consistent with its fiduciary duties, believes this is appropriate for, and consistent with the objectives and profile of, the client account.

Certain accounts managed by Cohen & Steers may compensate Cohen & Steers using performance-based fees. Orders for these accounts will be aggregated, to the extent possible, with any other account managed by Cohen & Steers, regardless of the method of compensation. In the event such orders are aggregated, allocation of partially-filled orders will be made on a pro-rata basis in accordance with pre-trade indications. An account's fee structure is not considered when making allocation decisions.

Certain of the portfolio managers may from time to time manage portfolios used in a unified managed account programs or other model portfolio arrangements (collectively, "Model Portfolios") offered by various sponsors and/or other non-Cohen & Steers investment advisors. In connection with these Model Portfolios, portfolio managers provide investment recommendations in the form of model portfolios to a third party, who is responsible for executing trades for participating client accounts. Cohen & Steers maintains procedures designed to deliver portfolios on a fair and equitable basis. Trades for Cohen & Steers discretionary managed accounts, including the Fund, are worked contemporaneously with the delivery of updated model information. The Model Portfolios may achieve a security weighting ahead of or after the weighting achieved in our Fund.

Finally, the structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus compensation.

Cohen & Steers adopted certain compliance procedures that are designed to address the above conflicts as well as other types of conflicts of interests. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**Ownership of Trust Shares** 

The Trust's shares are currently sold only to separate accounts of Minnesota Life and certain other life insurance companies. Investments in the Funds can only be made beneficially through ownership of certain variable life and variable annuity contracts issued by such companies in which one or more Funds are offered as investment options. As of December 31, 2025, the portfolio managers of SFT Real Estate Securities Fund do not own any shares in such Fund or in any other Fund of the Trust.

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**Information Regarding Portfolio Managers — NIFA** 

This section reflects information about the portfolio manager as of December 31, 2025.

The following table shows the number of other accounts managed by the portfolio manager and the total assets in the accounts within each category:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Number**<br> **of Other**<br> **Registered**<br> **Investment**<br> **Companies**<br> **Managed**<br>| **Assets of Other**<br> **Registered**<br> **Investment**<br> **Companies Managed**<br>| **Number of**<br> **Other**<br> **Pooled**<br> **Investment**<br> **Vehicles**<br> **Managed**<br>| **Assets of Other**<br> **Pooled Investment**<br> **Vehicles Managed**<br>| **Number**<br> **of Other**<br> **Accounts**<br> **Managed**<br>| **Assets of Other**<br> **Accounts Managed**<br>|
| Bradley M. Klapmeyer\* | 6 | $9498822293 | 1 | $222170107 | 3 | $24001505 |
| Brad Angermeier\* | 6 | $94988222930 | 1 | $222170107 | 3 | $24001505 |
| Timothy J. Miller\*\* | 3 | $1421563653 | 1 | $43826519 | 5 | $130150596 |
| Kenneth G. McQuade\*\* | 3 | $1421563653 | 1 | $43826519 | 5 | $130150596 |
| Joshua Brown\*\* | 3 | $1421563653 | 1 | $43826519 | 5 | $130150596 |

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\*

Portfolio manager for SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)

\*\*

Portfolio manager for SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)

**Compensation** 

Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms. Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products the portfolio managers manage. A percentage of these revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant products and the investment management team) creates the "bonus pool" for the products. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributors generally having the largest share. The pool is allotted based on subjective factors and objective factors. The primary objective factor is the 1-, 3-, and 5-year performance of the funds managed relative to the performance of the appropriate Morningstar, Inc. peer groups and the performance of institutional composites relative to the appropriate indices. Three- and five-year performance is weighted more heavily and there is no objective award for a fund whose performance falls below the 50th percentile for a given time period. Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

Portfolio managers participate in retention programs, including a notional fund unit plan (the "NFU Plan") and a restricted Stock unit (the "RSU Plan"), for alignment of interest purposes.

Nomura Notional Fund Unit (NFU)— A portion of a portfolio manager's discretionary bonus may be notionally aligned with the performance of certain funds pursuant to the terms and vesting conditions of the Nomura Notional Fund Unit Award Agreement. In general, the award will vest in equal tranches over a period of 3 years with longer vesting periods as necessary to comply with regulatory requirements.

Nomura Restricted Stock Unit (RSU) — A portion of a portfolio manager's discretionary bonus may be granted in RSUs pursuant to the terms and vesting conditions of the Nomura Global Restricted Stock Unit Award Agreement, which is used to deliver remuneration in the form of Nomura equity. In general, vesting and delivery of shares will be in equal tranches over a period of 3 years with longer vesting periods as necessary to comply with regulatory requirements.

**Other Compensation** 

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Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

**Conflict of Interest** 

Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Fund and the investment action for such other fund or account and the Fund may differ. For example, an account or fund may be selling a security, while another account or fund, or the Fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund or account, or the Fund. Additionally, the management of multiple other funds or accounts and the Fund may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Fund. A portfolio manager may discover an investment opportunity that may be suitable for more than one fund or account. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. NIFA and its affiliates have established proprietary accounts and initial seed accounts, and also manage accounts for affiliated entities. A portfolio manager also may have invested in certain funds or accounts managed by NIFA or its affiliates. Accordingly, portfolio managers have an incentive to favor these accounts or funds over other client accounts or funds. NIFA has adopted procedures designed to allocate investments fairly across multiple funds and accounts including, unless prohibited by applicable law, proprietary and affiliated accounts.

Some of the accounts managed by the portfolio managers may have a performance-based fee. This compensation structure presents a potential conflict of interest because portfolio managers have an incentive to manage these accounts so as to enhance their performance, to the possible detriment of other accounts for which the investment manager does not receive a performance-based fee.

A portfolio manager's management of personal accounts also may present certain conflicts of interest. While NIFA's code of ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

When NIFA and its affiliates establish proprietary accounts, provide the initial seed capital in connection with the creation of a new investment product or style, and manage affiliate accounts, these accounts may not exhibit the same performance results as a similarly managed fund for a variety of reasons, including regulatory restrictions on the type and amount of securities in which the proprietary capital invests, differential credit and financing terms, and the use of hedging transactions that differ from those used to implement investment strategies for advisory clients.

**Ownership of Trust Shares** 

The Trust's shares are currently sold only to separate accounts of Minnesota Life and certain other life insurance companies. Investments in the Funds can only be made beneficially through ownership of certain variable life and variable annuity contracts issued by such companies in which one or more Funds are offered as investment options. As of December 31, 2025, the portfolio managers of the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth Fund) do not own any shares in such Funds or in any other Fund of the Trust.

**Information Regarding Portfolio Managers — MetWest** 

This section reflects information about the portfolio managers as of December 31, 2025.

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The following table shows the number of other accounts managed by the portfolio managers and the total assets in the accounts managed within each category:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** <br> **MANAGER**<br>| **TYPE OF** <br> **ACCOUNT**<br>| **NUMBER**<br> **OF**<br> **ACCOUNTS**<br>| **TOTAL ASSETS**<br> **(in millions)**<br>| **NUMBER OF** <br> **ACCOUNTS** <br> **MANAGED FOR** <br> **WHICH** <br> **ADVISORY FEE IS** <br> **PERFORMANCE** <br> **BASED**<br>| **TOTAL ASSETS**<br> **(in millions)**<br>|
| Jerry Cudzil | RICs | &nbsp;&nbsp; 22 | &nbsp;&nbsp; $69432.7 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; Other Pooled <br> Investment <br> Vehicles<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; $17365 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4003.7 |
|  | Other Accounts | &nbsp;&nbsp; 163 | &nbsp;&nbsp; $57344.6 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3079.8 |
| Ruben <br> Hovhannisyan, <br> CFA<br>| RICs | &nbsp;&nbsp; 23 | &nbsp;&nbsp; $69255.5 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; Other Pooled <br> Investment <br> Vehicles<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; $9408 | &nbsp;&nbsp; 1 | 186.7 |
|  | Other Accounts | &nbsp;&nbsp; 144 | &nbsp;&nbsp; $46405.2 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3079.8 |
| Bryan T. Whalen, <br> CFA<br>| RICs | &nbsp;&nbsp; 23 | &nbsp;&nbsp; $70820.8 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; Other Pooled <br> Investment <br> Vehicles<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; $12288.6 | &nbsp;&nbsp; 3 | 445.9 |
|  | Other Accounts | &nbsp;&nbsp; 194 | &nbsp;&nbsp; $71072.10 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7088.8 |

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The team consists of three investment professionals: Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager, Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager and Bryan T. Whalen, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process along with Merrs. Cudzil, and Hovhannisyan Generalist Portfolio Managers, Mr. Whalen serves as Chief Investment Officer, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012 and December 2007, respectively.

MetWest is a wholly-owned subsidiary of TCW Asset Management Company LLC, which is a wholly-owned subsidiary of The TCW Group, Inc. ("TCW"). MetWest, together with TCW and its other subsidiaries, provide a variety of investment management and investment advisory services and had approximately $206.2 billion in assets under management as of December 31, 2025.

**Conflicts of Interest** 

TCW's approach to handling conflicts of interest is multi-layered starting with its policies and procedures, the maintenance of a conflicts of interest matrix, reporting and pre-clearance of personal trading and oversight by various committees. On an annual basis TCW reviews its conflicts of interests across its products and businesses, and may update and add specific conflicts of interests pertaining to new products, regulatory priorities, market events, etc. TCW has policies and controls to avoid and/or mitigate conflicts of interest across its businesses. The policies and procedures in TCW's Code of Ethics (the "Code") serve to address or mitigate both conflicts of interest and the appearance of any conflict of interest. The Code contains several restrictions and procedures designed to eliminate conflicts of interest relating to personal investment transactions, including (i) reporting account openings, changes, or closings (including accounts in which an Access Person has a "beneficial interest"), (ii) pre-clearance of non-exempt personal investment transactions (make a personal trade

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request for Securities) and (iii) the completion of timely required reporting (Initial Holdings Report, Quarterly Transactions Report, Annual Holdings Report and Annual Certificate of Compliance).

In addition, the Code addresses potential conflicts of interest through its policies on insider trading, anti-corruption, an employee's outside business activities, political activities and contributions, confidentiality and whistleblower provisions.

Conflicts of interest may also arise in the management of accounts and investment vehicles. These conflicts may raise questions that would allow TCW to allocate investment opportunities in a way that favors certain accounts or investment vehicles over other accounts or investment vehicles, or incentivize a TCW portfolio manager to receive greater compensation with regard to the management of certain account or investment vehicles. TCW may give advice or take action with certain accounts or investment vehicles that could differ from the advice given or action taken on other accounts or investment vehicles.

When an investment opportunity is suitable for more than one account or investment vehicle, such investments will be allocated in a manner that is fair and equitable under the circumstances to all TCW clients. As such, TCW has adopted policies and procedures around portfolio management and trading and brokerage to address most of these potential conflicts. In addition, TCW has created various committees to review trading and brokerage, the allocation of investment opportunities, performance dispersion, allocation dispersion, cross trades, performance fees and address other issues generally associated with side-by-side management in order to ensure that all of TCW's clients are treated on a fair and equitable basis.

The respective Equity and Fixed Income Trading and Allocation Committees review trading activities on behalf of client accounts, including the allocation of investment opportunities and address any issues with regard to side-by-side management in order to ensure that all of TCW's clients are treated on a fair and equitable basis. Further, the Portfolio Analytics Committee reviews TCW's investment strategies, evaluates various analytics to facilitate risk assessment, changes to performance composites and benchmarks and monitors the implementation and maintenance of the Global Investment Performance Standards or GIPS<sup>®</sup> compliance.

**Compensation**

The overall objective of the Advisor's compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, bonus and equity incentive participation in the Advisor's parent company ("equity incentives"). Bonus and equity incentives generally represent most of the portfolio managers' compensation.

*Salary.* Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager's compensation.

Discretionary Bonus/Guaranteed Minimums. Discretionary bonuses are paid by the applicable TCW Advisor. Also, pursuant to contractual arrangements, some portfolio managers may receive minimum bonuses.

*Equity Incentives.* Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW's key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of the Advisor's parent company.

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*Other Plans and Compensation Vehicles.* Portfolio managers may also elect to participate in the applicable TCW Advisor's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis.

**Fee Sharing** 

Fee sharing for investment professionals is based on revenues generated by accounts in the investment strategy area for which the investment professionals are responsible. In most cases, revenues are allocated to a pool and fee sharing compensation is allocated among members of the investment team after the deduction of certain expenses (including compensation over a threshold level) related to the strategy group. The allocations are based on the investment professionals' contribution to TCW and its clients, including qualitative and quantitative contributions.

In general, the same fee sharing percentage is used to compensate a portfolio manager for investment services related to a Fund as that used to compensate portfolio managers for other client accounts in the same strategy managed by TCW or an affiliate of TCW (collectively, the "TCW Group"). In some cases, the fee sharing pool includes revenues related to more than one product, in which case each participant in the pool is entitled to fee sharing derived from his or her contributions to all the included products.

Investment professionals are not directly compensated for generating performance fees. In some cases, the overall fee sharing pool is subject to fluctuation based on the relative pre-tax performance of the investment strategy composite returns, net of fees and expenses, to that of the benchmark. The measurement of performance relative to the benchmark can be based on single year or multiple year metrics, or a combination thereof. The benchmark used is the one associated with the Fund managed by the portfolio manager as disclosed in the prospectus. Benchmarks vary from strategy to strategy but, within a given strategy, the same benchmark applies to all accounts, including the Funds.

Discretionary Bonus/Guaranteed Minimums. Discretionary bonuses may be paid out of an investment team's fee sharing pool, as determined by the supervisor(s) in the department. In other cases where portfolio managers do not receive fee sharing or where it is determined that the combination of salary and fee sharing does not adequately compensate the portfolio manager, discretionary bonuses may be paid by the applicable TCW entity. Also, pursuant to contractual arrangements, some portfolio managers received minimum bonuses.

Equity Incentives. TCW Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW Group's key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of TCW's parent company. The plans include the Fixed Income Retention Plan, Restricted Unit Plan and 2013 Equity Unit Incentive Plan.

Under the Fixed Income Retention Plan, certain portfolio managers in the fixed income area were awarded cash and/or partnership units in TCW's parent company, either on a contractually-determined basis or on a discretionary basis. Awards under this plan were made in 2010 that vest over time.

Under the Restricted Unit Plan, certain portfolio managers in the fixed income and equity areas may be awarded partnership units in TCW's parent company. Awards under this plan have vested over time, subject to satisfaction of performance criteria.

Under the 2013 Equity Unit Incentive Plan, certain portfolio managers in the fixed income and equity areas may be awarded options to acquire partnership units in TCW's parent company with a strike price equal to the fair market value of the option at the date of grant. The options granted under this plan are subject to vesting and other conditions.

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Other Plans and Compensation Vehicles. Portfolio managers may also elect to participate in the applicable TCW Group's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis.

**Portfolio Transactions Disclosure** 

In connection with its duties to arrange for the purchase and sale of securities held in the portfolio by placing purchase and sale orders for the Fund, MetWest shall select such broker-dealer ("brokers") as shall, in MetWest's judgment, implement the policy to achieve "best execution", i.e., placing trades in ways that are intended to capture the maximum value of the investment ideas, giving due regard to all of the circumstances in which the trade is placed. In making such selection, MetWest is authorized to consider the reliability, integrity and financial condition of the broker.

MetWest is also authorized to consider whether the broker provides brokerage and/or research services to the Fund and/or other accounts of MetWest. The commissions paid to brokers may be higher than another broker would have charged if a good faith determination is made by MetWest that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or MetWest's overall responsibilities as to the accounts as to which it exercises investment discretion and that MetWest shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. The research that MetWest may receive for the Fund's brokerage commissions, whether or not useful to the Fund, may be useful to MetWest in managing the accounts of MetWest's other advisory clients. In the over-the-counter market, securities are generally traded on a "net" basis with dealers acting as principal for their own accounts without a stated commission although the price of the security usually includes a profit to the dealer. Money market instruments usually trade on a "net" basis as well. On occasion, certain money market instruments may be purchased by the Fund directly from an issuer in which case no commissions or discounts are paid. In underwritten offerings, securities are purchased at a fixed price that includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. There may be occasions where MetWest believes that it would be in the best interest of the Fund to participate in a cross transaction between the Fund and an account managed by MetWest or an affiliate of MetWest. Any such cross transaction would be effected in compliance with the pricing and other requirements of applicable SEC rules (such as Rule 17a-7 under the 1940 Act) and any other applicable contractual restriction or regulatory requirements, as well as policies and procedures adopted by the Trust.

**Ownership of Trust Shares** 

The Trust's shares are currently sold only to separate accounts of Minnesota Life and certain other life insurance companies. Investments in the Funds can only be made beneficially through ownership of certain variable life and variable annuity contracts issued by such companies in which one or more Funds are offered as investment options. As of December 31, 2025, the portfolio managers of the SFT Core Bond Fund does not own any shares in such Fund or in any other Fund of the Trust.

**Information Regarding Portfolio Manager — T. Rowe Price** 

This section reflects information about the portfolio manager as of December 31, 2025.

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The following table shows the number of other accounts managed by the portfolio manager and the total assets in the accounts within each category:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled Investment**<br> **Vehicles** | **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **Number of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **Number of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>|
| Ryan S. Hedrick | 2 | $34954156947 | 6 | $41559560725 | 1 | $6074745 |

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**Compensation** 

The compensation structure for the T. Rowe Price funds' portfolio managers consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and T. Rowe Price Australia, T. Rowe Price Hong Kong, T. Rowe Price Singapore, T. Rowe Price Japan, T. Rowe Price International, and T. Rowe Price Investment Management, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund's prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee and is the same as the selection presented to the directors of the T. Rowe Price funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered.

Compensation is viewed with a long-term time horizon. The more consistent a portfolio manager's performance over time, the higher the compensation opportunity. The increase or decrease in a fund's assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund's expense ratio is usually taken into account. Contribution to T. Rowe Price's overall investment process is an important consideration as well. Leveraging ideas and investment insights across applicable investment platforms; working effectively with and mentoring others; and other contributions to our clients, the firm, or our culture are important components of T. Rowe Price's long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, can participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group, and certain vice presidents of T. Rowe Price Group receive supplemental medical/hospital reimbursement benefits.

This compensation structure is used when evaluating the performance of all portfolios managed.

**Conflict of Interest** 

Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, exchange-traded funds, business development companies, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, private funds, and common trust funds. T. Rowe Price also provides

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nondiscretionary advice to institutional investors in the form of delivery of model portfolios. Like other investment professionals with multiple clients, a fund's portfolio manager(s) may face certain potential conflicts of interest in connection with managing both a fund and other accounts at the same time. T. Rowe Price and the T. Rowe Price funds have adopted various compliance policies and procedures that seek to address and mitigate certain of the potential conflicts that T. Rowe Price and its investment personnel may face in this regard.

Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that they believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. Investments made by a fund and the results achieved by a fund at any given time are not expected to be the same as those made by other funds for which T. Rowe Price acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a fund. This may be attributable to a wide variety of factors, including, but not limited to, large shareholder purchases or redemptions or specific investment restrictions.

The T. Rowe Price funds generally may not purchase shares of stock issued by T. Rowe Price Group, Inc. However, a T. Rowe Price Index Fund is permitted to make such purchases to the extent T. Rowe Price Group, Inc., is represented in the benchmark index the fund is designed to track. T. Rowe Price may execute securities transactions with, and the T. Rowe Price funds and other accounts managed by T. Rowe Price may invest in the securities of the fund's service providers. In addition, other T. Rowe Price accounts may use the same service providers as the T. Rowe Price funds for the same or different services.

T. Rowe Price and its affiliates furnish investment management and advisory services to numerous clients in addition to the T. Rowe Price funds, and T. Rowe Price or its affiliates may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts that have performance or higher fees paid to T. Rowe Price), which may be the same as or different from those made to a T. Rowe Price fund. The management of funds or other accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest by creating an incentive to favor accounts that pay higher fees, including performance fee accounts.

The same portfolio manager(s) could serve as portfolio manager to one or more T. Rowe Price mutual funds or ETFs. That portfolio manager may determine to have one T. Rowe Price mutual fund or ETF (Investing Fund) invest in another Price mutual fund or ETF (Underlying Fund) and may have incentives, such as to support an investment strategy or cash flow needs. Moreover, a situation could occur where the best interests of the Investing Fund could be averse to the best interests of an Underlying Fund or vice versa. For example, conflicts could arise in voting proxies or purchasing or redeeming shares of the Underlying Fund in a manner beneficial to the Investing Fund but potentially detrimental to the Underlying Fund (or vice versa). The T. Rowe Price funds may be either an Investing Fund or Underlying Fund. T. Rowe Price and the portfolio managers have a fiduciary duty to the T. Rowe Price funds to act in the T. Rowe Price funds' best interests. Under the oversight of the Board and pursuant to applicable policies and procedures, T. Rowe Price will carefully analyze any such situation and take all steps it believes necessary to minimize and, where possible, eliminate potential conflicts. The Investing Fund's or Underlying Fund's activities may be limited or restricted because of laws and regulations applicable to T. Rowe Price, the T. Rowe Price fund, or applicable policies and procedures. For example, if a portfolio manager comes into possession of material, non-public information about an Investing Fund or Underlying Fund, the portfolio manager could potentially be restricted from transacting in either fund, which may adversely affect the T. Rowe Price fund.

T. Rowe Price, its affiliates, and significant shareholders and any officer, director, shareholder, or employee may or may not have an interest in the securities whose purchase and sale T. Rowe Price recommends to the T. Rowe Price funds. In certain circumstances, a T. Rowe Price employee, officer, or director may serve on the board of a T. Rowe Price fund's portfolio company. In addition, T. Rowe Price may refrain from rendering any

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advice or services concerning securities of companies of which any of T. Rowe Price's (or its affiliates' or significant shareholders') officers, directors, or employees are directors or officers, or companies in which T. Rowe Price or any of its affiliates or significant shareholders or the officers, directors, and employees of any of them has any substantial interest or possesses material nonpublic information.

Additional potential conflicts may be inherent in our use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer's capital structure, including circumstances in which one or more clients may own private securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer. For example, a client may acquire a loan, loan participation, or loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities (or other assets, instruments, or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, is involved in a merger or acquisition or a going private transaction, decisions over the terms of any workout or transaction will raise conflicts of interests. While it is appropriate for different clients to hold investments in different parts of the same issuer's capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, as the securities they hold will likely have different voting rights, dividend or repayment priorities, or other features that could be in conflict with one another. Clients should be aware that conflicts will not necessarily be resolved in favor of their interests.

In some cases, T. Rowe Price or its affiliates may refrain from taking certain actions or making certain investments on behalf of clients in order to avoid or to mitigate certain conflicts of interest or to prevent adverse regulatory actions or other implications for T. Rowe Price or its affiliates or may sell investments for certain clients, in such case potentially disadvantaging the clients on whose behalf the actions are not taken, investments not made, or investments sold. In other cases, T. Rowe Price or its affiliates may take actions in order to mitigate legal risks to T. Rowe Price or its affiliates, even if disadvantageous to a client.

Conflicts such as those described above may also occur between clients, on the one hand, and T. Rowe Price or its affiliates, on the other. These conflicts will not always be resolved in the favor of the client. In addition, conflicts may exist between different clients of T. Rowe Price or its affiliates. T. Rowe Price and one or more of its affiliates may operate autonomously from each other and may take actions that are adverse to other clients managed by an affiliate. In some cases, T. Rowe Price or its affiliates will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect T. Rowe Price or its affiliates' clients. Additional potential conflicts may be inherent in our use of multiple strategies. Regulatory requirements may prohibit T. Rowe Price or its affiliates from investing in certain companies on behalf of some of their clients, including the T. Rowe Price funds, while at the same time not prohibiting T. Rowe Price or its affiliates from making those same investments on behalf of other clients that are not subject to such requirements. T. Rowe Price's or its affiliates' ability to negotiate certain rights or remedies or to take other actions on behalf of the T. Rowe Price funds with respect to an investment also may be limited in situations in which an affiliate of the T. Rowe Price funds (or certain other interested persons) have a direct or indirect interest in the same issuer. When permitted by applicable law, other clients of T. Rowe Price or its affiliates, on the one hand, and one or more T. Rowe Price funds, on the other hand, may invest in or extend credit to different classes of securities or different parts of the capital structure of a single issuer. T. Rowe Price or its affiliates may pursue rights; provide advice or engage in other activities; or refrain from pursuing rights, providing advice, or engaging in other activities, on behalf of themselves or one or more clients other than the T. Rowe Price funds with respect to an issuer in which a T. Rowe Price fund has invested, and such actions (or refraining from action) may have a material adverse effect on such T. Rowe Price fund. In addition, as a result of regulatory requirements or otherwise, in situations in which T. Rowe Price clients (including the T. Rowe Price funds) hold positions in multiple parts of the capital structure of an issuer, T. Rowe Price or its affiliates may not pursue certain actions that may otherwise be available. T. Rowe Price and its affiliates address these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, T. Rowe Price may

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determine to rely on one or more information barriers between different advisers, business units, or portfolio management teams or to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of a client. In these situations, investment personnel are mindful of potentially conflicting interests of our clients with investments in different parts of an issuer's capital structure and seek to take appropriate measures to ensure that the interests of all clients are fairly represented. As a result of the various conflicts and related issues described in this paragraph, a T. Rowe Price fund could sustain losses during periods in which T. Rowe Price or its affiliates and other clients of T. Rowe Price or its affiliates achieve profits generally or with respect to particular holdings or could achieve lower profits or higher losses than would have been the case had the conflicts described above not existed.

**Ownership of Trust Shares** 

The Trust's shares are currently sold only to separate accounts of Minnesota Life and certain other life insurance companies. Investments in the Funds can only be made beneficially through ownership of certain variable life and variable annuity contracts issued by such companies in which one or more Funds are offered as investment options. As of December 31, 2025, the portfolio manager of the SFT T. Rowe Price Value Fund does not own any shares in such Fund or in any other Fund of the Trust.

**Information Regarding Portfolio Managers — Wellington Management** 

This section reflects information about the portfolio manager as of December 31, 2025.

The following table shows the number of other accounts managed by the portfolio manager and the total assets in the accounts within each category:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name Team Member** | **Type of Accounts** | **Total # of**<br> **Accounts**<br> **Managed**<br>| **Total Assets**<br> **(millions)**<br>| **# of accounts**<br> **Managed with**<br> **Advisory Fee**<br> **Based on**<br> **Performance**<br>| **Total Assets**<br> **with Advisory**<br> **Fee Based on**<br> **Performance**<br> **(millions)**<br>|
| David A. Siegle | Registered Investment <br> Companies<br>| 10 | $25688 | 0 | $0 |
|  | Other Pooled Investment <br> Vehicles<br>| 9 | $1904 | 0 | $0 |
|  | Other Accounts | 13 | $4619 | 2 | $502.2 |
| Douglas W. McLane | Registered Investment <br> Companies<br>| 11 | $25700 | 0 | $0 |
|  | Other Pooled Investment <br> Vehicles<br>| 12 | $2540 | 3 | $604.4 |
|  | Other Accounts | 13 | $4619 | 2 | $502.2 |

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**Compensation** 

Wellington Management receives a fee based on the assets under management of the Fund as set forth in the Subadvisory Agreement between Wellington Management and Securian AM on behalf of the Fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Fund. The following information is as of December 31, 2025.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Fund ("Portfolio Managers") includes a base salary and incentive components. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount

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that is determined by the managing partners of Wellington Management Group LLP. The base salary for the other Portfolio Manager is determined by the Portfolio Manager's experience and performance in his role as Portfolio Manager. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of a Portfolio Manager's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Fund managed by the Portfolio Manager and generally each other account managed by such Portfolio Manager. Each Portfolio Manager's incentive payment relating to the Fund is linked to the gross pre-tax performance of the portion of the Fund managed by the Portfolio Manager compared to the benchmark index and/or peer group identified below over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Portfolio Managers, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Portfolio Managers may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Mr. McLane is a Partner.

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| | |
|:---|:---|
| **Fund** | **Benchmark Index and/or** <br> **Peer Group for Incentive Period**<br>|
| SFT Wellington Core Equity Fund | S&P 500 Index |

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**Conflict of Interest** 

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. The Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Fund ("Investment Professionals") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Fund. The Investment Professionals make investment decisions for each account, including the SFT Wellington Core Equity Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Investment Professionals may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the SFT Wellington Core Equity Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the SFT Wellington Core Equity Fund.

The Investment Professionals or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the SFT Wellington Core Equity Fund, or make investment decisions that are similar to those made for the SFT Wellington Core Equity Fund, both of which have the potential to adversely impact the SFT Wellington Core Equity Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, the Investment Professionals may purchase the same security for the SFT Wellington Core Equity Fund and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of the SFT Wellington Core Equity Fund's holdings. In

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addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Fund. Messrs. McLane and Siegle also manage accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Investment Professionals are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by a given Investment Professional. Finally, the Investment Professionals may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

**Ownership of Trust Shares** 

The Trust's shares are currently sold only to separate accounts of Minnesota Life and certain other life insurance companies. Investments in the Funds can only be made beneficially through ownership of certain variable life and variable annuity contracts issued by such companies in which one or more Funds are offered as investment options. As of December 31, 2025, the portfolio managers of the SFT Wellington Core Equity Fund do not own any shares in such Fund or in any other Fund of the Trust.

**Disclosure of Fund Holdings** 

The Board has adopted policies and procedures on the Trust's behalf to govern the disclosure of portfolio holdings and any ongoing arrangements to make available information about portfolio holdings for the Funds (the "Disclosure Policies"). The Disclosure Policies are intended to ensure compliance with the applicable restrictions of the federal securities laws, including the 1940 Act. It is the policy of the Trust to prevent the selective disclosure of non-public information concerning the Funds, except in accordance with the Disclosure Policies. The Trust does not receive any compensation in return for the disclosure of information about a Fund's securities or for any ongoing arrangements to make available information about a Fund's securities.

The Board considered the circumstances under which a Fund's portfolio holdings may be disclosed to different categories of persons under the Disclosure Policies. The Board also considered actual and potential material conflicts that could arise in such circumstances between the interests of the Trust's shareholders, on the one hand, and those of Securian AM and its affiliates, on the other hand. After giving due consideration to these matters and after the exercise of its fiduciary duties, the Board determined that the Funds have a legitimate business purpose for disclosing portfolio holdings to the persons described in each of the circumstances set forth in the Disclosure Policies. The Board of Trustees exercises continuing oversight of the disclosure of the portfolio holdings by (i) reviewing, at least quarterly, the potential and actual material conflicts that could arise between the Trust's shareholders and those of its service providers and for any waivers and exceptions made to the Disclosure Policies during the preceding quarter and determining if they were made in the best interests of Trust shareholders, (ii) reviewing, at least quarterly, any violation(s) of the Disclosure Policies during the

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preceding quarter, and (iii) reviewing these procedures from time to time for their continued appropriateness and amending or ratifying the Disclosure Policies as the Board deems necessary. In addition, the Board oversees the implementation and enforcement of the Disclosure Policies by the Chief Compliance Officer and considers reports and recommendations by the Chief Compliance Officer concerning any material compliance matters (as defined in Rule 38a-1 under the 1940 Act) that may arise in connection with the Disclosure Policies.

The Board reserves the right to amend the Disclosure Policies at any time and from time to time without prior notice in their sole discretion.

The Trust files complete portfolio holdings schedules for each Fund as required in public filings made with the SEC on a quarterly basis. In its capacity as investment adviser to the Trust, Securian AM personnel that deal directly with the management, processing, settlement, review, control, auditing, reporting or valuation of portfolio trades have full daily access to portfolio holdings. Such persons are subject to duties of confidentiality and trade prohibitions pursuant to the Securian AM Code of Ethics. Below is a list that describes the circumstances in which portfolio holdings are disclosed to selected third parties in advance of their inclusion in the quarterly filings made with the SEC. Certain affiliated and unaffiliated entities that receive nonpublic portfolio holdings information are subject to a duty not to disclose or trade on such information if such duty is a contractual duty or is an independent obligation otherwise imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure on a Delay. The Trust and Securian AM may publicly disclose all calendar quarter-end portfolio holdings of all Funds after a 60 day delay. Disclosure to consultant databases, ratings agencies and other third parties will be subject to the delay requirement unless permitted pursuant to another approved method of portfolio holdings disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated Service Providers. Certain personnel of affiliated service providers that deal directly with internal audit, accounting, financial reporting, legal and other administrative services have full daily access to portfolio holdings. Such personnel include employees of the Trust's administrative services agent, Securian Financial Group, and the Trust's underwriter, Securian Financial. The frequency of disclosure varies and may be as frequent as daily, with no lag.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unaffiliated Service Providers — Daily. Certain personnel employed by unaffiliated third party service providers have daily access to portfolio holdings information. Such personnel include (i) employees of the Trust's accountant, State Street Bank and Trust Company ("State Street"), that are involved in the daily accounting and investment administration services of the Trust and other services provided to the Trust, (ii) employees of the Trust's custodian, State Street, (iii) employees of other unaffiliated service providers, Bloomberg LP, Interactive Data, Pricing and Reference Data, Inc. (IDC), Standard & Poor's Securities Evaluations, Inc., Lipper, Inc., Eagle Investment Systems, Brown Brothers Harriman & Co., Moody's Analytics Knowledge Services, FactSet Research Systems Inc., Glass, Lewis & Co., Markit WSO Corporation, MSCI, Inc., and Syntel Inc., that are involved with other operational functions for the Fund, including, but not limited to services such as maintenance of computer systems used by Securian AM or other service providers on behalf of the Trust and security pricing. The frequency of disclosure varies and may be as frequent as daily, with no lag. These parties are subject to contractual duties of confidentiality regarding portfolio holdings information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unaffiliated Service Providers — As Needed. Personnel of certain other unaffiliated third party service providers have access to Trust portfolio holdings information only as needed to provide services to the Trust. These service providers include (i) the Trust's independent registered public accounting firm, KPMG LLP, (ii) the Trust's general counsel and the independent legal counsel to the Trust's independent trustees, Stradley Ronon Stevens & Young, LLP, (iii) the Trust's financial printer and EDGAR filing agents, Donnelley Financial Solutions and Toppan Merrill Corporation, in connection with the printing of the Trust's annual and semiannual reports to shareholders and the filing of the Trust's reports on Form N-CSR, Form N-PORT and other reports with the SEC, and (iv) other attorneys in connection with evaluation of a potential investment or a collection of investments or in connection with seeking other legal advice which may be on behalf of the Trust, Securian AM or other

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service providers provided there is a duty of confidentiality established either by contract or by law. The frequency of disclosure varies and is provided on an as needed basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure to Sub-Adviser — Certain personnel employed by a sub-adviser to a Fund have daily access to portfolio holdings information as needed to conduct their sub-advisory services. This portfolio holdings information is subject to the portfolio holding policies of the sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Select Broker/Dealers Related to Trading. Portfolio managers, analysts and traders may discuss portfolio holdings with various broker/dealers for purposes of trade settlement, analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of certain portfolio holdings, as well as for the purpose of assisting portfolio managers in the trading of such securities. The frequency of disclosure to select broker/dealers for trading and research purposes varies and may be as frequent as daily, with no delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of Individual Fund Holdings. Certain spokespersons of Securian AM or the Trust may disclose or confirm the ownership of any individual holding position in materials prepared for Trust shareholders, media interviews, due diligence meetings with management, shareholders, consultants and other interested parties; provided that (i) aggregate client position size is not disclosed, (ii) the discloser has made a good faith judgment that such disclosure does not effectively result in the disclosure of the complete portfolio holdings of any Fund (which can be disclosed only in accordance with the Disclosure Policies), and (iii) the information does not constitute material nonpublic information.

DISCLOSURE AS REQUIRED BY LAW. A Fund's portfolio holdings (whether partial portfolio holdings or complete portfolio holdings) and other investment positions held in a Fund shall be disclosed to any person as required by applicable laws, rules, and regulations. Examples of required disclosure include, but are not limited to, disclosure of portfolio holdings (i) in a filing or submission with the SEC or another regulatory body or on the Trust's website, (ii) in connection with seeking recovery on defaulted bonds in a federal bankruptcy case, (iii) in connection with a lawsuit, or (iv) as required by court order. Disclosure of portfolio holdings or other investment positions as required by applicable laws, rules and regulations must be authorized by the Chief Compliance Officer, or an authorized designee.

WAIVERS OF DISCLOSURE POLICIES. The Chief Compliance Officer oversees the Disclosure Policies on a day-to-day basis. The Chief Compliance Officer, or an authorized designee, makes decisions regarding any waiver or exception of a Disclosure Policy based on the best interests of Trust shareholders, including an analysis of any actual or potential conflicts of interest. The Chief Compliance Officer also considers whether the advance disclosure is supported by a legitimate business purpose and whether the information is subject to an independent duty or agreement not to disclose or trade on the nonpublic information. All waivers and exceptions will be disclosed to the Board at its next regularly scheduled quarterly meeting. The frequency with which complete portfolio holdings may be disclosed to a recipient pursuant to a waiver, and the length of the delay between the date of the information and the date on which the information is disclosed to the recipient, is determined based on the facts and circumstances, including, without limitation, the nature of the portfolio holdings information to be disclosed, the risk of harm to a Fund and its shareholders, and the legitimate business purposes served by the disclosure.

**Administrative Services** 

The Trust has entered into an agreement with Securian Financial Group, Inc. ("SFG") and Securian AM, dated October 29, 2015, under which SFG provides accounting oversight, financial reporting, legal and other administrative services and Securian AM provides certain securities pricing services to the Trust. Under the agreement, each Fund reimburses SFG and Securian AM quarterly for the actual costs incurred by each in performing such services, as determined in accordance with their customary cost accounting procedures consistently applied. Additional accounting and administrative services are performed by State Street (see below). Also under the agreement, SFG oversees State Street's performance of these services. During each of

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the last three calendar years the amounts paid by each Fund under the agreement for these services were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; $41373 | &nbsp;&nbsp; $41055 |
| SFT Core Bond Fund | &nbsp;&nbsp; 51999 | &nbsp;&nbsp; 54172 | &nbsp;&nbsp; 47355 |
| SFT Equity Stabilization Fund | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 41473 | &nbsp;&nbsp; 41055 |
| SFT Government Money Market Fund | &nbsp;&nbsp; 60001 | &nbsp;&nbsp; 58320 | &nbsp;&nbsp; 61006 |
| SFT Index 400 Mid-Cap Fund | &nbsp;&nbsp; 41001 | &nbsp;&nbsp; 39674 | &nbsp;&nbsp; 36854 |
| SFT Index 500 Fund | &nbsp;&nbsp; 41001 | &nbsp;&nbsp; 39674 | &nbsp;&nbsp; 36854 |
| SFT Nomura Growth Fund (formerly SFT Macquarie Growth <br> Fund)<br>| &nbsp;&nbsp; 41001 | &nbsp;&nbsp; 38674 | &nbsp;&nbsp; 36854 |
| SFT Nomura Small Growth Fund (formerly SFT Macquarie <br> Small Cap Growth Fund)<br>| &nbsp;&nbsp; 41001 | &nbsp;&nbsp; 38674 | &nbsp;&nbsp; 36854 |
| SFT Real Estate Securities Fund | &nbsp;&nbsp; 41001 | &nbsp;&nbsp; 39674 | &nbsp;&nbsp; 36854 |
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp; 41001 | &nbsp;&nbsp; 38674 | &nbsp;&nbsp; 36854 |
| SFT Wellington Core Equity Fund | &nbsp;&nbsp; 41001 | &nbsp;&nbsp; 38674 | &nbsp;&nbsp; 36854 |

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The Trust has also entered into separate agreements with State Street pursuant to which State Street provides daily accounting and investment administration services, Form N-CEN, N-MFP and N-PORT reporting, 18f-4 derivative exposure and liquidity related services for the Trust's Funds. Under these agreements, each dated May 1, 2012, and subsequently amended, each Fund pays annual accounting and administration fees equal to a specified percentage of the Fund's net assets, ranging from .01% to .04% depending on the Fund and its level of net assets, as well as various fixed fees and charges for other services provided under the agreements. During the last three calendar years, the amounts paid by the Fund or the predecessor entity of each Fund to State Street for these services were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; 286197 | &nbsp;&nbsp; $223302 | &nbsp;&nbsp; $190501 |
| SFT Core Bond Fund | &nbsp;&nbsp; 386274 | &nbsp;&nbsp; 314832 | &nbsp;&nbsp; 251727 |
| SFT Equity Stabilization Fund | &nbsp;&nbsp; 143796 | &nbsp;&nbsp; 94887 | &nbsp;&nbsp; 88069 |
| SFT Government Money Market Fund | &nbsp;&nbsp; 157579 | &nbsp;&nbsp; 119772 | &nbsp;&nbsp; 96849 |
| SFT Index 400 Mid-Cap Fund | &nbsp;&nbsp; 162225 | &nbsp;&nbsp; 116646 | &nbsp;&nbsp; 86505 |
| SFT Index 500 Fund | &nbsp;&nbsp; 318216 | &nbsp;&nbsp; 260214 | &nbsp;&nbsp; 199860 |
| SFT Nomura Growth Fund (formerly SFT Macquarie <br> Growth Fund)<br>| &nbsp;&nbsp; 199452 | &nbsp;&nbsp; 142771 | &nbsp;&nbsp; 131413 |
| SFT Nomura Small Growth Fund (formerly SFT <br> Macquarie Small Cap Growth Fund)<br>| &nbsp;&nbsp; 138921 | &nbsp;&nbsp; 79057 | &nbsp;&nbsp; 76275 |
| SFT Real Estate Securities Fund | &nbsp;&nbsp; 143057 | &nbsp;&nbsp; 84179 | &nbsp;&nbsp; 83911 |
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp; 146756 | &nbsp;&nbsp; 82635 | &nbsp;&nbsp; 76275 |
| SFT Wellington Core Equity Fund | &nbsp;&nbsp; 138937 | &nbsp;&nbsp; 83687 | &nbsp;&nbsp; 84515 |

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**Code of Ethics** 

Securian AM, Securian Financial and the Trust, together with the sub-advisers for the SFT Core Bond Fund, SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund), SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), SFT Real Estate Securities Fund, SFT T. Rowe Price Value Fund and SFT Wellington Core Equity Fund has each adopted a Code of Ethics in accordance with the Investment Company Act of 1940 and the rules and regulations thereunder. The private investment activities of personnel covered by the Code of Ethics are restricted in accordance with the Code's provisions, but, subject to such provisions, personnel may invest in securities including securities that may be purchased or held by the Trust.

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**Proxy Voting Policies** 

The Trust and its Funds, excluding the SFT Core Bond Fund. SFT Nomura Growth (formerly SFT Macquarie Growth), SFT Nomura Small Cap (formerly SFT Macquarie Small Cap Growth), SFT Real Estate Securities Fund, SFT T. Rowe Price Value and SFT Wellington Core Equity Funds, have delegated all proxy voting responsibilities to Securian AM. Securian AM has adopted policies and procedures relating to the voting of proxies (the "Proxy Voting Policies") that are designed to ensure that proxies are voted in the best interests of the Funds in accordance with Securian AM's fiduciary duties and legal and regulatory requirements. Securian AM has retained Glass Lewis & Co ("Glass Lewis") as a proxy adviser. Securian AM will, in most cases follow proxy voting guidelines developed by Glass Lewis & Co. (the "Guidelines"). However, these Guidelines are just that — guidelines; they are not strict rules that must be obeyed in all cases. Securian AM's Proxy Voting Policies allow it to vote shares contrary to the typical vote indicated by the Guidelines if such a vote is in a Fund's best interests. Securian AM has an Investment Policy Committee, responsible for overseeing the Proxy Voting Policies, approving proxy voting policies and making voting decisions on ballots that give rise to a conflict of interest. All conflicts of interest will be resolved in the interests of the Funds. A summary of Securian AM's Proxy Voting Policies is attached as Appendix D.

In the case of the SFT Real Estate Securities Fund, all proxy voting responsibilities have been delegated to the Fund's investment sub-adviser, Cohen & Steers. Cohen & Steers' proxy voting policy is attached as Appendix H. In the case of the SFT Nomura Growth (formerly SFT Macquarie Growth) and SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth) Funds, all proxy voting responsibilities have been delegated to such Fund's investment sub-adviser, NIFA. A summary of NIFA's proxy voting policies is attached as Appendix E. In the case of the SFT T. Rowe Price Value Fund, all proxy voting responsibilities have been delegated to the Fund's investment sub-adviser, T. Rowe Price. A summary of the T. Rowe Price's proxy voting policies is attached as Appendix F. In the case of the SFT Wellington Core Equity Fund, all proxy voting responsibilities have been delegated to the Fund's investment sub-adviser, Wellington Management. A summary of the Wellington Management proxy voting policies is attached as Appendix G. In the case of the SFT Core Bond Fund, all proxy voting responsibilities have been delegated to the Fund's investment sub-adviser, MetWest. MetWest's proxy voting policy is attached as Appendix I.

Information regarding how the Trust (or its predecessor, Advantus Series Fund) voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request by calling, toll-free, 1-800-643-5728 or (2) on the SEC's web site at http://www.sec.gov. The Trust will 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.

**Distribution Agreement** 

Securian Financial acts as the underwriter of the Trust's shares, pursuant to a written agreement. The Board, including a majority of the trustees who are not parties to the agreement, or interested persons of any such party, last approved the Trust's Underwriting and Distribution Agreement dated July 30, 2015 with Securian Financial (the "Distribution Agreement") on February 26, 2026. Under the Distribution Agreement, Securian Financial does not receive any compensation for its services as principal underwriter for the Trust, except for certain fees paid pursuant to the Trust's Rule 12b-1 Plan of Distribution. See "Payment of Certain Distribution Expenses of the Trust," below.

The Distribution Agreement may be terminated by the Trust or Securian Financial at any time by the giving of 60 days' written notice, and terminates automatically in the event of its assignment. Unless sooner terminated, the Distribution Agreement shall continue in effect for more than two years after its execution only so long as such continuance is specifically approved at least annually by either the Board or by a vote of a majority of the outstanding voting securities, provided that in either event such continuance is also approved by the vote of a majority of the trustees who are not parties to the Distribution Agreement, or interested persons of such parties, cast in person at a meeting called for the purpose of voting on such approval.

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In the Distribution Agreement, Securian Financial undertakes to indemnify the Trust against all costs of litigation and other legal proceedings, and against any liability incurred by or imposed upon the Trust in any way arising out of or in connection with the sale or distribution of the Trust's shares, except to the extent that such liability is the result of information which was obtainable by Securian Financial only from persons affiliated with the Trust but not with Securian Financial.

**Payment of Certain Distribution Expenses of the Trust** 

The Trust has adopted a Plan of Distribution (the "Plan") relating to the payment of certain distribution and/or shareholder servicing expenses pursuant to Rule 12b-1 under the Investment Company Act. Under the Plan, Class 2 shares and the SFT Balanced Stabilization, SFT Nomura Growth (formerly SFT Macquarie Growth), SFT Nomura Small Cap Growth (formerly SFT Macquarie Small Cap Growth), SFT Equity Stabilization, SFT Government Money Market and SFT T. Rowe Price Value Funds (Class 1 shares are not part of the Plan), pay a fee to Securian Financial, or to life insurance companies ("Insurance Companies") whose variable insurance contracts ("Variable Contracts") offer shares of the Trust, which, on an annual basis, is equal to .25% of each Fund's average daily net assets, and is to be used to pay certain expenses incurred in connection with servicing shareholder accounts and to promote the distribution of the Trust's shares.

The distribution fees may be used by Securian Financial for the purpose of financing any activity, which is primarily intended to result in the sale of shares of the Trust or Variable Contracts offering such shares. Distribution-related payments made under the Plan may be used for, among other things, the printing of prospectuses and reports used for sales purposes, preparing and distributing sales literature and related expenses, advertisements, education of Variable Contract owners or dealers and their representatives, trail commissions, and other distribution-related expenses, including a prorated portion of the overhead expenses of the Distributor or the Insurance Companies which are attributable to the distribution of the Variable Contracts. Payments under the Plan may also be used to pay Insurance Companies, dealers or others for non-distribution services, including, among other things, responding to inquiries from owners of Variable Contracts regarding the Trust, printing and mailing Trust prospectuses and other shareholder communications to existing Variable Contract owners, direct communications with Variable Contract owners regarding Trust operations and Fund composition and performance, furnishing personal services or such other enhanced services as the Trust or a Variable Contract owner may require, or maintaining customer accounts and records.

In addition, the Plan contains, among other things, provisions complying with the requirements of Rule 12b-1 discussed below. In particular, the Plan provides that (1) with respect to each Fund/Class, the Plan has been adopted prior to any public offering of the voting securities of the Fund/Class or prior to the sale of such securities to persons who are not affiliated persons of the Trust, affiliated persons of such persons, promoters of the Trust, or affiliated persons of such promoters, or, if not so adopted, the Plan must have been approved by a vote of at least a majority of the outstanding voting securities of each such Fund/Class (Class 1 shares are not part of the Plan), and by a majority vote of both the full Board of Trustees of the Trust and those trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any agreements relating to it (the Independent Trustees), (2) the Plan will continue in effect from one year to another so long as its continuance is specifically approved annually by a majority vote of both the full Board of Trustees and the Independent Trustees, (3) the Plan may be terminated at any time, without penalty, by vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Trust or of a particular Fund/Class, (4) the Plan may not be amended to increase materially the amount of the fees payable thereunder unless the amendment is approved by a vote of a majority of the outstanding voting securities of the Trust, or of a particular Fund/Class, and all material amendments must be approved by a majority vote of both the full Board of Trustees and the Independent Trustees, (5) while the Plan is in effect, the selection and nomination of any new Independent Trustees is committed to the discretion of the Independent Trustees then in office, and (6) the Trust's underwriter, the Insurance Companies or others will prepare and furnish to the Board, and the Board will review, at least quarterly, written reports which set forth the amounts expended under the Plan and the purposes for which those expenditures were made.

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Rule 12b-1(b) provides that any payments made by an investment company in connection with the distribution of its shares may only be made pursuant to a written plan describing all material aspects of the proposed financing of distribution and also requires that all agreements with any person relating to implementation of the plan must be in writing. In addition, Rule 12b-1(b)(2) requires that such plan, together with any related agreements, be approved by a vote of the Board and of the trustees who are not interested persons of the investment company and have no direct or indirect financial interest in the operation of the plan or in any agreements related to the plan, cast in person at a meeting called for the purpose of voting on such plan or agreements. Rule 12b-1(b)(3) requires that the plan or agreement provide, in substance: (1) that it shall continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually in the manner described in paragraph (b)(2) of Rule 12b-1; (2) that any person authorized to direct the disposition of monies paid or payable by the investment company pursuant to the plan or any related agreement shall provide to the investment company's Board of Trustees, and the trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made; and (3) in the case of a plan, that it may be terminated at any time by vote of a majority of the members of the Board of Trustees of the investment company who are not interested persons of the investment company and have no direct or indirect financial interest in the operation of the plan or in any agreements related to the plan or by vote of a majority of the outstanding voting securities of the investment company. Rule 12b-1(b)(4) requires that such plans may not be amended to increase materially the amount to be spent for distribution without shareholder approval and that all material amendments of the plan must be approved in the manner described in paragraph (b)(2) of Rule 12b-1. Rule 12b-1(c) provides that the investment company may rely upon Rule 12b-1(b) only if selection and nomination of the investment company's disinterested Trustees are committed to the discretion of such disinterested Trustees. Rule 12b-1(e) provides that the investment company may implement or continue a plan pursuant to Rule 12b-1(b) only if the trustees who vote to approve such implementation or continuation conclude, in the exercise of reasonable business judgment and in light of their fiduciary duties under state law, and under Sections 36(a) and (b) of the Investment Company Act, that there is a reasonable likelihood that the plan will benefit the investment company and its shareholders. At the Board of Trustees meetings held February 26, 2026, the Board so concluded.

During the fiscal year ended December 31, 2025, each Fund or each class of a Fund covered by the Plan of Distribution paid the following amount to Securian Financial in accordance with the Plan:

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| | |
|:---|:---|
| **Fund/Class** | **Amount Paid** |
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; $1484849 |
| SFT Core Bond Fund – Class 2 shares | &nbsp;&nbsp; 1035409 |
| SFT Equity Stabilization Fund | &nbsp;&nbsp; 674420 |
| SFT Government Money Market Fund<sup>(a)</sup> | &nbsp;&nbsp; 568232 |
| SFT Index 400 Mid-Cap Fund – Class 2 shares | &nbsp;&nbsp; 455079 |
| SFT Index 500 Fund – Class 2 shares | &nbsp;&nbsp; 2328957 |
| SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) | &nbsp;&nbsp; 1582630 |
| SFT Nomura Small Growth Fund (formerly SFT Macquarie Small Cap Growth <br> Fund)<br>| &nbsp;&nbsp; 394034 |
| SFT Real Estate Securities Fund – Class 2 shares | &nbsp;&nbsp; 247846 |
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp; 496038 |
| SFT Wellington Core Equity Fund – Class 2 shares | &nbsp;&nbsp; 306541 |

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(a) Effective May 1, 2012, Securian Financial Services, Inc. agreed to waive, reimburse or pay the SFT Government Money Market Fund's Rule 12b-1 distribution expenses so that the Fund's daily net investment income does not fall below zero (see "SFT Government Money Market Fund Net Investment Income Maintenance Agreement" above). A similar agreement with Securian Financial was previously approved by Advantus Series Fund, Inc., the Trust's predecessor, covering the Money Market Portfolio of the Series Fund, effective October 29, 2009. The SFT Government Money Market Fund did not waive any 12b-1 fees for the year ending December 31, 2025.

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In accordance with the Plan of Distribution, Securian Financial has entered into separate Trust Shareholder Services Agreements with Minnesota Life, dated May 1, 2012 and Securian Life, dated May 1, 2012 (Securian Life is an affiliate of Minnesota Life). Each of these Agreements provides that Minnesota Life or Securian Life will provide to the Trust, on behalf of Securian Financial, distribution and non-distribution related services, of the type described above. Securian Financial agrees to pay Minnesota Life or Securian Life an amount equal, on an annual basis, to 0.25% of the average combined daily net assets of all the designated Funds of the Trust which are attributable to the Contracts issued by Minnesota Life or Securian Life, respectively, and are a part of the Plan of Distribution. These Agreements were last approved by a vote of the Board, including a majority of the Independent Trustees, on February 26, 2026.

The Plan of Distribution could be construed as a "compensation plan" because Securian Financial is paid a fixed fee and is given discretion concerning what expenses are payable under the Plan of Distribution. Under a compensation plan, the fee to the distributor is not directly tied to distribution expenses actually incurred by the distributor, thereby permitting the distributor to receive a profit if amounts received exceed expenses. Securian Financial may spend more or less for the distribution and promotion of the Trust's shares than it receives as distribution fees pursuant to the Plan of Distribution for the Funds covered by the Plan. However, to the extent fees received exceed expenses, including indirect expense such as overhead, Securian Financial could be said to have received a profit.

**Custodian** 

Pursuant to a custodian agreement approved by the Board, State Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, Missouri, 64105, is the custodian for each Fund of the Trust.

**Independent Registered Public Accounting Firm** 

KPMG LLP, 191 West Nationwide Boulevard, Suite 500, Columbus, Ohio 43215, acts as the Trust's independent registered public accounting firm and provides audit services to the Trust, including audits of the Trust's annual financial statements.

**Legal Counsel** 

The firm of Stradley Ronon Stevens & Young, LLP serves as the Trust's general counsel.

**Fund Transactions and Allocation of Brokerage**

**Investment Adviser: Securian AM** 

The Adviser selects and (where applicable) negotiates commissions with the brokers who execute the transactions for the Funds of the Trust, except for a Fund which has entered into a sub-advisory agreement. There is generally no stated commission in the case of fixed income securities, which are traded in the OTC markets, but the price paid by the Trust usually includes an undisclosed dealer commission or mark-up. In underwritten offerings, the price paid by the Trust includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by the Trust of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. The Adviser considers the full range and quality of a broker's services in placing brokerage, including the value of research services provided (as defined in the Securities Exchange Act of 1934), execution capability, commission rate, financial responsibility and responsiveness. The Trust may pay higher than the lowest commission rates (on equity securities) or higher than the lowest price (on fixed income securities) available. Research services considered by the Adviser include advice, both directly and in writing, as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of

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securities or purchasers or sellers of securities, as well as analyses and reports concerning issues, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts. By allocating brokerage business in order to obtain research services for the Adviser, the Trust enables the Adviser to supplement its own investment research activities and allows the Adviser to obtain the views and information of individuals and research staffs of many different securities research firms prior to making investment decisions for the Trust. To the extent such commissions are directed to these other brokers who furnish research services to the Adviser, the Adviser receives a benefit, not capable of evaluation in dollar amounts, without providing any direct monetary benefit to the Trust from these commissions.

There is no formula for the allocation by the Advisers of the Trust's brokerage business to any broker-dealers for brokerage and research services. However, the Adviser will authorize the Trust to pay an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged only if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the accounts as to which it exercises investment discretion.

To the extent research services are used by the Adviser in rendering investment advice to the Trust, such services would tend to reduce the Adviser's expenses. However, the Adviser does not believe that an exact dollar amount can be assigned to these services. Research services received by the Adviser from brokers or dealers executing transactions for the Trust will be available also for the benefit of other portfolios managed by the Adviser, and conversely, research services received by the Adviser in respect of transactions for such other portfolios will be available for the benefit of the Trust.

During the fiscal years ended December 31, 2025, 2024 and 2023, brokerage commissions paid by the Funds were:

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| | | | |
|:---|:---|:---|:---|
|  | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** |
| **Fund** | **2025** | **2024** | **2023** |
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; $48265 | &nbsp;&nbsp; $49112 | &nbsp;&nbsp; $75748 |
| SFT Core Bond Fund | &nbsp;&nbsp; 3285 | &nbsp;&nbsp; 9015 | &nbsp;&nbsp; 10504 |
| SFT Equity Stabilization Fund | &nbsp;&nbsp; 20485 | &nbsp;&nbsp; 27744 | &nbsp;&nbsp; 42368 |
| SFT Government Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SFT Index 400 Mid-Cap Fund | &nbsp;&nbsp; 17065 | &nbsp;&nbsp; 19889 | &nbsp;&nbsp; 15266 |
| SFT Index 500 Fund | &nbsp;&nbsp; 16770 | &nbsp;&nbsp; 19424 | &nbsp;&nbsp; 9572 |
| SFT Nomura Growth Fund (formerly SFT Macquarie <br> Growth Fund)<br>| &nbsp;&nbsp; 39911 | &nbsp;&nbsp; 17167 | &nbsp;&nbsp; 18154 |
| SFT Nomura Small Growth Fund (formerly SFT <br> Macquarie Small Cap Growth Fund)<br>| &nbsp;&nbsp; 109123 | &nbsp;&nbsp; 118211 | &nbsp;&nbsp; 92373 |
| SFT Real Estate Securities Fund | &nbsp;&nbsp; 30265 | &nbsp;&nbsp; 34420 | &nbsp;&nbsp; 32576 |
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp; 51164 | &nbsp;&nbsp; 52843 | &nbsp;&nbsp; 48948 |
| SFT Wellington Core Equity Fund | &nbsp;&nbsp; 16397 | &nbsp;&nbsp; 16397 | &nbsp;&nbsp; 14545 |

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Most transactions in money market instruments will be purchases from issuers of or dealers in money market instruments acting as principal. There usually will be no brokerage commissions paid by the Trust for such purchases since securities will be purchased on a net price basis. Trading does, however, involve transaction costs. Transactions with dealers serving as primary market makers reflect the spread between the bid and asked prices of securities. Purchases of underwritten issues may be made which will reflect a fee paid to the underwriter.

The Trust will not execute portfolio transactions through any affiliate, except as described below. The Adviser believes that most research services obtained by it generally benefit one or more of the investment companies which it manages and also benefits accounts which it manages. Normally research services obtained through

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managed funds and managed accounts investing in common stocks would primarily benefit such funds and accounts; similarly, services obtained from transactions in fixed income securities would be of greater benefit to the managed funds and managed accounts investing in debt securities.

Consistent with achieving best execution, the Trust may participate in so-called "directed brokerage" (or "Commission recapture") programs, under which brokers (or dealers) used by the Trust remit a portion of brokerage commissions (or credits on fixed income transactions) to the particular Fund from which they were generated. Subject to oversight by the Trust's Board, either the Adviser or the sub-adviser, if any, is responsible for the selection of brokers or dealers and for ensuring that a Fund receives best price and execution in connection with its portfolio brokerage transactions. Participation in such programs may increase Fund returns.

In addition to providing investment management services to the Trust, Securian AM provides investment advisory services for insurance companies, including Minnesota Life and its affiliated life insurance companies and certain associated separate accounts. It also provides investment advisory services to qualified pension and profit sharing plans, corporations, partnerships, investment companies and various private accounts. Frequently, investments deemed advisable for the Trust are also deemed advisable for one or more of such accounts, so that Securian AM may decide to purchase or sell the same security at or about the same time for both the Trust and one of those accounts. In such circumstances, orders for a purchase or sale of the same security for one or more of those accounts may be combined with an order for the Trust, in which event the transactions will be averaged as to price and normally allocated as nearly as practicable in proportion to the amounts desired to be purchased or sold for each account. While in some instances combined orders could adversely affect the price or volume of a security, it is believed that the Trust's participation in such transactions on balance will produce better net results for the Trust.

The Trust's acquisition during the fiscal year ended December 31, 2025, of securities of its regular brokers or dealers or of the parent of those brokers or dealers that derive more than 15 percent of gross revenue from securities-related activities is presented below:

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| | |
|:---|:---|
| **Name of Issuer** | **Value of Securities Owned in the Funds at End of Fiscal Year** |
| BofA Securities, Inc. | &nbsp;&nbsp; 19188486 |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 14122116 |
| Citigroup Global Markets Inc. | &nbsp;&nbsp; 12526939 |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 11158580 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 8583132 |
| UBS Securities LLC | &nbsp;&nbsp; 7615006 |
| RBC Capital Markets, LLC | &nbsp;&nbsp; 1028698 |
| Jefferies LLC | &nbsp;&nbsp; 745251 |

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**Sub-Adviser: Cohen & Steers** 

Transactions on U.S. and, as applicable, non-U.S. stock exchanges involve the payment by the Fund of negotiated brokerage commissions. Generally, commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities traded on U.S. exchanges. Fixed-income securities are purchased and sold (including certain preferred securities) through principal transactions, meaning the securities are normally purchased on a net basis directly from the issuer or a primary market-maker acting as principal for the securities. The Fund generally does not pay a stated brokerage commission on these transactions, although the purchase price for such securities usually includes an undisclosed compensation. Purchases of securities from underwriters typically include a commission or concession paid by the issuer to the underwriter, and purchases from dealers serving as market-makers typically include a dealer's mark-up (i.e., a spread between the bid and asked prices). There is generally no stated commission in the case of equity securities traded in the over-the-counter market but the price paid by the Fund usually includes an undisclosed dealer commission or mark-up. In certain instances, the Fund may make purchases of underwritten or agency placed issues at prices that reflect underwriting or placement fees. Cohen & Steers will only cause the Fund to engage in these

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transactions if they deem such participation to be in the best interests of the Fund. In certain circumstances, regulatory restrictions may prevent the Fund from purchasing securities in an offering in which an affiliate serves as placement agent of the issuer, and the Fund's inability to participate could be deemed to be to the detriment of the Fund.

In selecting a broker to execute each particular transaction, Cohen & Steers generally will take the following into consideration (if and as relevant to the transaction): the best net price available; the reliability, integrity and financial condition of the broker; the size and difficulty in executing the order; and the value of the expected contribution of the broker to the investment performance of the Fund on a continuing basis. Accordingly, the cost of the brokerage commissions to the Fund in any transaction may be greater than that available from other brokers if the difference is reasonably justified by other aspects of the portfolio execution and other services offered, including research services. Research services include research reports and analyzed market data services.

In transactions to buy and sell fixed-income securities, the selection of the broker-dealer is determined by the availability of the desired security and its offering price, as well as the broker-dealer's general execution and operational and financial capabilities in the type of transaction involved. Cohen & Steers will seek to obtain prompt execution of orders at the most favorable prices or yields and may consider other factors as appropriate.

Cohen & Steers shall not be deemed to have acted unlawfully or to have breached any duty solely by reason of its having caused the Fund to pay a broker an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker would have charged solely for execution services for that transaction if Cohen & Steers determines in good faith that the commission was reasonable in relation to the value of the research service provided.

Research and investment information may be provided by brokers at no cost to Cohen & Steers, and available for the benefit of other accounts advised by Cohen & Steers, and their affiliates, and not all of the information will be used in connection with the Fund. While this information may be useful in varying degrees and may tend to reduce Cohen & Steers' expenses, it is not possible to estimate its value, and in the opinion of Cohen & Steers, it does not reduce Cohen & Steers' expenses in a determinable amount.

Cohen & Steers may take into account payments made by brokers effecting transactions for the Fund to other persons on behalf of the Fund for services provided to it for which it would be obligated to pay (such as custodial and professional fees).

Pursuant to its internal procedures, Cohen & Steers regularly evaluates the brokerage and research services provided by each broker-dealer that it uses.

**Sub-Adviser: NIFA** 

Since certain clients have similar investment objectives and programs, NIFA generally will place a combined order for two or more accounts or funds engaged in the purchase or sale of the same security if it is believed that joint execution is in the best interest of each participant, will result in best execution and not systematically advantage or custody any single client or group of clients over time. Transactions involving commingled orders are allocated in a manner deemed equitable to each account. When a combined order is executed in a series of transactions at different prices, each account participating in the order will be allocated an average price obtained from the executing broker. To ensure the equitable distribution of investment opportunities among clients of the firm, NIFA has adopted written trade allocation guidelines for its trading desks. Because a pro rata allocation does not always accommodate all facts and circumstances (such as initial public offerings), the guidelines provide for adjustments to allocation amounts in certain cases. For example, adjustments may be made: (1) to eliminate de minimis positions; (2) to give priority to accounts with specialized investment policies and objectives; (3) to reallocate in light of a participating portfolio's characteristics, such as available cash,

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industry or issuer concentration, duration, and credit exposure; and (4) to adjust trade allocation due to issuer or other required minimum piece sizes. Also, with private placement transactions, conditions imposed by the issuer or client limit availability of allocations to client accounts. Although the joint execution of orders and/or other allocation of orders could, in some cases, adversely affect the price or volume of the security that a particular account obtains, it is the opinion of NIFA that the advantages of combined orders and/or other allocation outweigh the possible disadvantages of separate transactions. At times, we place trades for certain accounts that are in direct conflict with the investment strategies and trades of other accounts. This occurs for instance, when NIFA places conflicting buy and sell orders in the same security. Clients should be aware that this conflict of interest can cause the market prices of the securities held by the other accounts to be adversely affected.

NIFA selects brokers, dealers, and banks to execute transactions for the purchase or sale of equity securities based upon a judgment of their professional capability to provide the service. The primary consideration is to seek brokers or dealers that provide "best execution." A determination of "best execution" encompasses many factors, including, but not necessarily limited to, the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order and other factors affecting the overall benefit obtained by the account in the transaction.

With respect to fixed income securities, NIFA generally makes its purchases in the primary or secondary markets where another party may act as principal for the securities on a net basis. Accordingly, no commission is paid by the client, although the price usually includes undisclosed compensation such as a bid/ask spread to the market-maker. Transactions effected through broker-dealers serving as primary market-makers reflect the spread between the bid and asked prices. In certain circumstances, NIFA purchases securities available from underwriters at prices that include underwriting fees.

NIFA uses investment research in its investment process. In order to pay for some of the investment research that is obtained from third-party sources, NIFA employs the use of soft dollars. Soft dollars are an arrangement in which a portion of each commission is used to pay for eligible services or research in addition to certain aspects of trade execution that are permissible under the safe harbor. NIFA utilizes CSAs to facilitate the payments to such providers. With a CSA, one combined commission rate is paid to an executing broker. A portion of the client commission is directed to the broker for its execution services while the other portion is a separately identified charge that is paid to a pool of "credits" and is used to obtain research products or services for the benefit of NIFA's investment decision making process. NIFA utilizes a global execution only commission rate card that is structured by market and by channel. This applies to all investment teams. Additionally, NIFA matches and settles trades using CTM and the DTCC process allowing for the bifurcation of the commissions amounts into an Ex-Only rate and a CSA rate. After accumulating credits within the pool, NIFA will subsequently direct that those credits be used to pay certain parties in return for eligible research products or services. Management believes that all soft dollar credits from equity trades are limited to those permissible under the safe harbor provisions of Section 28(e) of the Securities Exchange Act of 1934.

The types of research and services received by NIFA may include advice, either directly or through publications or writings, as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities. In addition, the research or services received may include analyses and reports concerning issuers, securities, or industries; information on economic factors and trends; assistance in determining portfolio strategy; providing execution and clearance services and analysis information; and providing portfolio performance evaluation and technical market analysis. The research received by NIFA may also be proprietary research provided by the broker-dealer executing the trade or third-party research obtained by the broker-dealer executing the trade. NIFA generally uses these services, and other research services, in connection with its investment decision-making process with respect to one or more funds and accounts, rather than using them exclusively with respect to the fund or account generating the brokerage business

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Before any product or service that qualifies as research may be paid for with commissions, it must be determined that the product or service will, in fact, be used to perform bona fide research as part of the investment decision making process. In cases where a product or service may have a "mixed-use," meaning that a portion of the product is used to do bona fide research as part of the investment decision-making process and part of it is used for a non-research purpose, an allocation must be made by the Equity Department to evaluate the research and non-research uses of the product or services. The allocation is reviewed by the Legal and Compliance Departments. The cost of this "mixed-use" product or service must be paid using both hard dollars and commissions, the hard dollars being paid by NIFA for the non-research portion and commissions for the research portion.

NIFA is unable to specifically quantify the impact that the research obtained on a "soft dollar" basis would have on the Funds' advisory fees. NIFA believes that the use of hard dollars to obtain the research and information would potentially increase the cost of providing services to the Funds. However, NIFA believes that the use of such research, and obtaining such research on a "soft dollar" basis, is in the best interests of the Funds.

**Sub-Adviser: MetWest**

The MetWest brokerage policy is governed by the TCW Trading and Brokerage Policy (Trading Policy). The Trading Policy is intended to provide guidance on the implementation of trading, brokerage and related activities for TCW and its affiliates, including MetWest. The Trading Policy is designed to facilitate the following goals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• achieving best execution when trading,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• execution of trades on behalf of clients of TCW and its affiliated, including MetWest, in a timely, fair, and cost-effective manner,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fairness to advisory clients of TCW and its affiliates, including MetWet, both in priority of order execution and in the allocation of the price obtained in execution of trades,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with client trading-related mandates and investment restrictions, management objectives, and the fiduciary obligations imposed upon TCW and its affiliates, including MetWest, by applicable law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addressing potential or actual conflicts of interest in the trading process,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting transactions with affiliates in a manner that is in the best interests of the client or fund and in compliance with all regulatory and legal requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• correction of trade errors fairly and equitably and on a timely basis,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appropriate oversight by the TCW's Trading Review Committees,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accurately recording trade orders and client account positions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable rules of the SEC, ERISA, CFTC, and any other applicable regulatory regimes.

The general policy of MetWest to seek overall best execution in consideration of the prevailing circumstances. Best execution is not easily quantifiable, or definable, because it encompasses many potential factors such as: (i) price; (ii) commission; (iii) speed of execution; (iv) confidentiality/transparency; (v) market depth; (vi) market volatility; (vii) capital commitment; relationship with broker (including: responsiveness, accuracy, reputation, timeliness, credit strength); (ix) services offered by the broker; (x) access to company information; and (xi) recent order flow, to name a few. Some or all of these factors may play a role in determining what is considered best execution in any given transaction. Generally, best execution means seeking to achieve the best overall terms for a transaction available under the circumstances by employing an efficient trading process, and does not necessarily result in the lowest available price or commission for any particular transaction.

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Fixed income securities (including, but not limited to, investment grade fixed income, high yield fixed income, emerging markets fixed income and mortgage-backed securities) and bank loans, generally are purchased from the issuer, or a primary market-maker acting as principal, on a net basis without a stated commission but at prices generally reflecting a dealer spread. When executing such fixed income trades for clients of MetWest, portfolio managers and/or traders are to seek to obtain the best execution for the client, considering such factors as price (including the applicable dealer spread), size of order, timing, difficulty of execution, number and reliability of available counterparties, and likelihood of settlement for the security. For High Yield securities and bank loans, portfolio managers and/or traders consider those same factors, but in addition, take into account the liquidity of the security and overall market technicals. Achieving best execution for trades in less liquid securities and bank loans is a function not only of the best price but also the ability to provide or establish adequate liquidity in a given security.

In addition to the general factors that may impact best execution for any security, best execution for fixed income securities is complicated by the unique profile of each individual CUSIP. Accordingly, the approach to best execution for fixed income securities typically depends on an assessment of a number of factors that may include broker activity in the security and comparable securities, market conditions for comparable securities, the overall liquidity of the security, taking into consideration potential variance of that liquidity in the future, the security's sector, type, structure, tenor/maturity, priority, amortization, coupon, covenants, collateral if any, trading restrictions if any, issue size, and other characteristics, and the issuer's creditworthiness and stability. Fixed income securities may be traded as individual securities or as portfolios. For less liquid fixed income securities, traders may also need to consider potential market or price impact, particularly if the order size is significant relative to the market or a limited number of brokers are making markets in the security.

**Sub-Adviser: T. Rowe Price** 

T. Rowe Price seeks best execution on all trades consistent with fiduciary and regulatory requirements. T. Rowe Price has adopted a brokerage allocation policy embodying the concepts of Section 28(e). Section 28(e) permits an investment adviser to cause an account to pay a higher commission to a broker-dealer that provides research services than the commission another broker-dealer would charge, provided the adviser determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided. An adviser may make such a determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. Therefore, research may not necessarily benefit all accounts paying commissions to such broker-dealers. Broker-dealers may provide proprietary research to T. Rowe Price in connection with brokerage relationships, including fixed income relationships.

**Sub-Adviser: Wellington Management** 

Wellington Management seeks best available price and most favorable execution ("Best Execution") of the orders placed by our Portfolio Managers. We define Best Execution as a process, not a result: it is the process of executing portfolio transactions at prices and, if applicable, commissions that provide the most favorable total cost or proceeds reasonably obtainable under the circumstances (taking into account all relevant factors). Trading practices, regulatory requirements, liquidity, public availability of transaction information and commission structures vary considerably from one market to another. Best Execution incorporates many such factors, as well as the Portfolio Manager's investment intentions, and involves an evaluation of the trading process and execution results over extended periods. We regularly monitor our trade executions to assess our effectiveness in seeking Best Execution and use third-party analysis where applicable. We can never know with certainty that we have achieved Best Execution on any given trade, but we believe that over time we do achieve Best Execution.

Wellington Management will select brokers, dealers, futures commission merchants and other counterparties to effect all transactions for the Fund, including without limitation, with respect to transactions in securities,

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derivatives, foreign currency exchange, commodities and/or any other investments in accordance with Wellington Management's Policy and Procedures on Order Execution as amended from time to time. Wellington Management will place all orders with brokers, dealers, counterparties or issuers, and will negotiate brokerage commissions, spreads and other financial and non-financial terms, as applicable. Wellington Management will act in good faith and with reasonable skill and care in the selection, use and monitoring of Brokers and shall seek Best Execution of the Fund's trades, considering all relevant circumstances. Subject to the foregoing, Wellington Management will seek to execute transactions for the Fund in accordance with the Wellington Management's trading policies, as disclosed by Wellington Management to the Fund from time to time. Wellington Management executes orders with broker/dealers that provide research services to us when the trader handling the order believes that the broker/ dealer can provide Best Execution. In instances where the trader believes that more than one broker/dealer can provide Best Execution (which is often the case), the trader may consider the research services provided by a broker/ dealer as a deciding factor in choosing a particular broker/dealer to execute the order.

On occasions when Wellington Management deems the purchase or sale of a security to be in the best interest of the Fund as well as other customers, Wellington Management, to the extent permitted by applicable law and as provided in its Policies and Procedures regarding Allocation of Trades, may, but is not required to, aggregate the securities to be so sold or purchased in order to seek to obtain the best execution or lower brokerage commissions, if any, to the extent permitted by applicable law and regulations, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by Wellington Management in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other customers.

**Purchase and Redemption of Shares**

Shares of the Trust are currently offered continuously at prices equal to the respective net asset values of the Funds only to Minnesota Life, and to certain of its life insurance affiliates, in connection with its variable life insurance policies and variable annuity contracts. Securian Financial serves as the Trust's underwriter. It is possible that at some later date the Trust may offer its shares to other investors and it reserves the right to do so.

Shares of the Trust are sold and redeemed at their net asset value next computed after a purchase or redemption order is received by the Trust. Depending upon the net asset values at that time, the amount paid upon redemption may be more or less than the cost of the shares redeemed. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption. The right to redeem shares or to receive payment with respect to any redemption may only be suspended for any period during which: (a) trading on the New York Stock Exchange is restricted as determined by the SEC or such exchange is closed for other than weekends and holidays; (b) an emergency exists, as determined by the SEC, as a result of which disposal of Fund securities or determination of the net asset value of a Fund is not reasonably practicable; and (c) the SEC by order permits postponement for the protection of shareholders.

**Trust Shares and Voting Rights**

The Trust is a Delaware statutory trust organized on July 8, 2011. The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest of series and classes of shares. The shares are offered on a continuous basis. Pursuant to such authority, the Board has established thirteen series, each previously named and defined collectively as the "Funds."

All shares of all Funds have equal voting rights, except that only shares of a particular Fund are entitled to vote certain matters pertaining only to that Fund. Pursuant to the Investment Company Act and the rules and

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regulations thereunder, certain matters approved by a vote of all Trust shareholders may not be binding on a Fund whose shareholders have not approved such matter.

Each class of shares has exclusive voting rights on any matter submitted to shareholders that relates solely to the arrangements pertaining to that class of shares. Further, each class of shares has separate voting rights on any other matter submitted to shareholders in which the interests of a class of shareholders differ from the interests of the holders of any other class of shares and to the extent required by the Amended and Restated Agreement and Declaration of Trust and bylaws of Securian Funds Trust, the Delaware Statutory Trust Act, and the 1940 Act.

Each issued and outstanding share is entitled to one vote and to participate equally in dividends and distributions declared by the respective Fund/Class and in net assets of such Fund/Class upon liquidation or dissolution remaining after satisfaction of outstanding liabilities. The shares of each Fund/Class, when issued, are fully paid and non-assessable, have no preemptive, conversion, or similar rights, and are freely transferable. Trust shares do not have cumulative voting rights, which means that the holders of more than half of the Trust shares voting for election of trustees can elect all of the trustees if they so choose. In such event, the holders of the remaining shares would not be able to elect any trustees.

Under the terms of the Declaration of Trust, the Trust is not required to hold annual shareholder meetings. Shareholder meetings for the purpose of electing trustees will be held when required by law, when or at such time as less than a majority of trustees holding office have been elected by shareholders, or at such other time as the trustees then in office deem it appropriate to call a shareholders' meeting for the election of trustees. At meetings of shareholders, each share is entitled to one vote for each share owned. Shares have non-cumulative voting rights, which means that the holders of more than 50% of the votes applicable to shares voting for the election of trustees can elect all of the trustees to be elected at a meeting. The rights of shareholders cannot be modified other than by a vote of the majority of the outstanding shares.

The Declaration of Trust provides that a trustee will not be liable for errors of judgment or mistakes of fact or law, but nothing in the Declaration of Trust protects a trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties involved in the conduct of his or her office.

Because of the pass-through voting structure of variable insurance contracts, the owners of the variable annuity contracts and variable life insurance policies ("Contract owners") who invest in the Trust are entitled to provide voting instructions to Minnesota Life and any other insurance company with regard to Trust shares held in insurance company separate account(s) on behalf of such Contract owners. Minnesota Life is required by law to request voting instructions from Contract owners with respect to such shares and must vote shares in accordance with the instructions received. In addition, with respect to shares for which no voting instructions are received, Minnesota Life must vote such shares in proportion to the shares for which voting instructions are received. As a result, a small number of voting Contract owners may be able to control the Trust.

**Principal Shareholders**

The officers and trustees of the Trust cannot directly own shares of the Funds, but may own shares indirectly by purchasing a variable life insurance policy or variable annuity contract through Minnesota Life or another participating life insurance company. As a result, such officers and trustees as a group own less than 1% of the outstanding shares of each Fund.

No shareholder owns 5% or more of the outstanding shares of any Fund except as set forth below. As of March 31, 2026, all of the outstanding shares of each Fund were owned by Minnesota Life Insurance Company

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and its life insurance affiliates, 400 Robert Street North, St. Paul, Minnesota 55101-2098, in the following amounts:

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| | |
|:---|:---|
| **Fund Name** | **Shares Outstanding** |
| SFT Balanced Stabilization Fund | &nbsp;&nbsp; 21163378 |
| SFT Core Bond Fund Class 1 | &nbsp;&nbsp; 4835597 |
| SFT Core Bond Fund Class 2 | &nbsp;&nbsp; 155440714 |
| SFT Equity Stabilization Fund | &nbsp;&nbsp; 14249575 |
| SFT Government Money Market Fund | &nbsp;&nbsp; 226856354 |
| SFT Index 400 Mid-Cap Fund Class 1 | &nbsp;&nbsp; 5648471 |
| SFT Index 400 Mid-Cap Fund Class 2 | &nbsp;&nbsp; 19933139 |
| SFT Index 500 Fund Class 1 | &nbsp;&nbsp; 33291556 |
| SFT Index 500 Fund Class 2 | &nbsp;&nbsp; 20650417 |
| SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) | &nbsp;&nbsp; 12358122 |
| SFT Nomura Small Growth Fund (formerly SFT Macquarie Small Cap <br> Growth Fund)<br>| &nbsp;&nbsp; 5694648 |
| SFT Real Estate Securities Fund Class 1 | &nbsp;&nbsp; 2530853 |
| SFT Real Estate Securities Fund Class 2 | &nbsp;&nbsp; 13550043 |
| SFT T. Rowe Price Value Fund | &nbsp;&nbsp; 6802883 |
| SFT Wellington Core Equity Fund Class 1 | &nbsp;&nbsp; 259418 |
| SFT Wellington Core Equity Fund Class 2 | &nbsp;&nbsp; 3283816 |

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**Net Asset Value**

The net asset value of the shares of the Funds is computed once daily, and, in the case of SFT Government Money Market Fund, after the declaration of the daily dividend, as of the primary closing time for business on the New York Stock Exchange (as of the date hereof the primary close of trading is 3:00 p.m. (Central Time), but this time may be changed) on each day, Monday through Friday, except (i) days on which changes in the value of such Trust's portfolio securities will not materially affect the current net asset value of such Trust's shares, (ii) days during which no such Trust's shares are tendered for redemption and no order to purchase or sell such Trust's shares is received by such Fund and (iii) customary national business holidays on which the New York Stock Exchange is closed for trading (as of the date hereof, New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day). The net asset value per share of each Fund is computed by adding the sum of the value of the securities held by that Fund plus any cash or other assets that it holds, subtracting all of its liabilities, and dividing the result by the total number of shares outstanding in that Fund at that time. Expenses, including the investment advisory fee payable to Securian AM, are accrued daily. Net asset value per share is computed separately by Class for each Fund offered in two classes. Because different expenses are applicable to Class 1 and Class 2 shares, the net asset value per share of Class 1 shares of a Fund generally will not be the same as the net asset value per share of Class 2 of the same Fund.

Securities, except securities held by the SFT Government Money Market Fund, including put and call options, which are traded OTC and on a national exchange will be valued according to the broadest and most representative market. A security which is only listed or traded on an exchange, or for which an exchange is the most representative market, is valued at its last sale price (prior to the time as of which assets are valued) on the exchange where it is principally traded. Lacking any sales on the exchange where it is principally traded on the date of valuation, prior to the time as of which assets are valued, the security generally is valued at the last bid price on that exchange. Futures contracts will be valued in a like manner, except that open futures contracts sales will be valued using the closing settlement price or in the absence of such a price, the most recent quoted bid price. All other securities for which OTC market quotations are readily available are valued on the basis of the last current bid price. If market quotations are not available for certain Fund Investments, Securian AM, in its capacity as the Board designated Valuation Designee (as defined under Rule 2a-5 of the 1940 Act), performs

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fair value determinations pursuant to the requirements of Rule 2a-5 and in accordance with Board-approved valuation policies and procedures of the Trust. A Fund's investments may also be valued at fair value if Securian AM determines, in its capacity as the Valuation Designee 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 share price is calculated. Despite best efforts, there is an inherent risk that the fair value of an investment may be higher or lower than the value the Fund would have received if it had sold the investment Under the provisions of the Trust's valuation policies and procedures, State Street values the assets of the Trust utilizing certain information sources as approved from time to time by the Board. State Street may use certain pricing services provided by third party vendors in connection with the valuation of the Trust's holdings, for example, debt securities may be valued on the basis of valuations furnished by a pricing service which utilizes electronic data processing techniques to determine valuations for normal institutional-size trading units of debt securities, without regard to sale or bid prices, when such valuations are believed to more accurately reflect the fair market value of such securities. Short-term investments in debt securities are valued daily at market.

All instruments held by the SFT Government Money Market Fund are valued on an amortized cost basis. This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which the value of an instrument in the Fund, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the instrument. During periods of declining interest rates, the daily yield on shares of the Fund computed by dividing the annualized daily income of the Fund by the net asset value computed as described above may tend to be higher than a like computation made by a portfolio with identical investments utilizing a method of valuation based upon market prices and estimates of market prices for all of its securities.

The SFT Government Money Market Fund values its portfolio securities at amortized cost in accordance with Rule 2a-7 under the Investment Company Act. Pursuant to Rule 2a-7, the Board has determined, in good faith based upon a full consideration of all material factors, that it is in the best interests of the Fund and its shareholders to maintain a stable net asset value per share for such Portfolio of a constant $1.00 per share by virtue of the amortized cost method of valuation. The Fund will continue to use this method only so long as the Board believes that it fairly reflects the market-based net asset value per share. In accordance with Rule 2a-7, the Board has undertaken, as a particular responsibility within the overall duty of care owed to the Fund's shareholders, to establish procedures reasonably designed, taking into account current market conditions and the Fund's investment objective, to stabilize the Fund's net asset value per share at a single value. These procedures include the periodic determination of any deviation of current net asset value per-share calculated using available market quotations from the Fund's amortized cost price per-share, the periodic review by the Board of the amount of any such deviation and the method used to calculate any such deviation, the maintenance of records of such determinations and the Board's review thereof, the prompt consideration by the Board if any such deviation exceeds 1/2 of 1%, and the taking of such remedial action by the Board as it deems appropriate where it believes the extent of any such deviation may result in material dilution or other unfair results to investors or existing shareholders. Such remedial action may include reverse share splits, redemptions in kind, selling portfolio instruments prior to maturity to realize capital gains or losses, shortening the average portfolio maturity, withholding dividends or utilizing a net asset value per share as determined by using available market quotations.

In the event of a negative interest rate environment, the net income of the SFT Government Money Market Fund may fall below zero (i.e., become negative). If the SFT Government Money Market Fund has negative gross yield as a result of negative interest rates, then the Board may consider enacting certain measures to seek to maintain a stable net asset value per share at $1.00, such as the implementation of a "reverse distribution mechanism," subject to applicable law and the provisions of the Fund's organizational documents. Alternatively, the Fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per

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share and establish a fluctuating net asset value per share rounded to four decimal places by using available market quotations or equivalents.

A fund that implements share cancellation would continue to maintain a stable $1.00 share price by use of the amortized cost method of valuation and/or penny rounding method but the value of an investor's investment would decline if the fund reduced the number of shares held by the investor. There is no assurance such measures will result in a stable net asset value per share of $1.00. After a cancellation of shares, the basis of canceled shares would be added to the basis of shareholders' remaining Fund shares, and any shareholders disposing of shares at that time may recognize a capital loss unless the "wash sale" rules apply. Dividends, including dividends reinvested in additional shares of the Fund, will nonetheless be fully taxable, even if the number of shares in shareholders' accounts has been reduced through share cancellation. Due to a lack of guidance regarding share cancellation, however, the tax consequences of such cancellation of shares to the Fund and its shareholders is unclear and may differ from that just described. If the Fund were to float its net asset value, it would no longer maintain a stable $1.00 share price and instead have a share price that fluctuates. An investor in a fund that floats its net asset value would lose money if the investor sells their shares when they are worth less than what the investor originally paid for them.

SEC Rule 2a-5 under the 1940 Act, established an updated regulatory framework for registered investment company valuation practices.

The Board may, in its discretion, suspend redemptions if, among other things, (i) the SFT Government Money Market Fund, at the end of a business day, has less than 10% of its total assets invested in weekly liquid assets; or if the Fund's price per share as computed for the purpose of distribution, redemption, and repurchase, rounded to the nearest 1%, has deviated from its stable price per share, or if the Board, including a majority of independent trustees, determines that such deviation is likely to occur; and (ii) the Board, including a majority of the independent trustees, has irrevocably approved the liquidation of the Fund.

**Taxes**

**General.** Each Fund is treated as a separate entity for federal income tax purposes. It is expected that the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund each will be treated as a disregarded entity for federal income tax purposes. The Trust intends that the Funds other than the SFT Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT T. Rowe Price Value Fund will qualify as partnerships for federal income tax purposes. Funds treated as disregarded entities or partnerships for federal income tax purposes are not required to distribute taxable income. Funds other than the SFT Government Money Market Fund will not distribute taxable income. The SFT Government Money Market Fund will distribute taxable income as necessary to maintain a one dollar ($1.00) per share net asset value.

A Fund that qualifies as a partnership generally is not subject to income tax, subject to the application of certain partnership audit rules, and any income, gains, deductions or losses of the Fund would instead pass through and be taken into account for federal income tax purposes by its partners, which would be Minnesota Life and Securian Life through their respective separate accounts.

A Fund that qualifies as a disregarded entity is disregarded for federal income tax purposes as an entity separate from its owner. The owner is treated as directly owning the assets of the disregarded entity and takes into account for federal income tax purposes the income, gains, deductions and losses related to those assets.

To enable a variable annuity contract or variable life insurance policy based on an insurance company separate account to qualify for favorable tax treatment under the Code, the underlying investments must follow special diversification requirements that limit the percentage of assets that can be invested in securities of particular issuers. Each Fund's investment program is managed to meet those requirements, in addition to other diversification requirements under the Code and the Investment Company Act. Failure by the Fund to meet

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those special requirements could cause earnings on a contract or policy owner's interest in an insurance company separate account, including earnings attributable to the separate account's investment in the Fund, to be taxable to the contract owner as income immediately.

A Fund's investments in options, futures contracts, hedging transactions, forward contracts, swaps and certain other transactions will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be to accelerate income recognized by the Fund, defer the Fund's losses, cause adjustments in the holding periods of the Fund's securities, convert capital gain into ordinary income or convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of income received by the Fund.

Some of a Fund's investments, such as certain option transactions as well as futures contracts, may be "Section 1256 contracts." Gains and losses on Section 1256 contracts are generally treated as 60% long-term capital and 40% short-term capital, although certain foreign currency gains and losses from such contracts may be treated as entirely ordinary in character. Section 1256 contracts held by a Fund at the end of a taxable year are "marked to market" for federal income tax purposes, meaning that unrealized gains or losses are treated as though they were realized (and treated on the 60/40 basis described above).

Certain positions undertaken by a Fund may constitute "straddles" for federal income tax purposes. The straddle rules may affect the character of gains or losses realized by the Fund, and losses realized by a Fund that are part of a straddle may be deferred beyond the point in time that they are realized. The straddle rules, if applicable, could increase the amount of short-term capital gain realized by a Fund, which is taxed as ordinary income. Certain tax elections that a Fund may make with respect to straddles could affect the character and timing of recognition of gains and losses.

If more than 50% of a RIC's total assets at the end of a fiscal year is invested in foreign securities, the RIC may elect to pass through to its shareholders their pro rata share of foreign taxes paid by the RIC. If this election is made, the RIC may report more taxable income than it actually distributes. The shareholders will then be entitled either to deduct their share of these taxes in computing their taxable income or to claim a foreign tax credit for these taxes against their U.S. federal income tax (subject to limitations for certain shareholders). Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Funds due to certain limitations that may apply. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass through of foreign tax credits to shareholders. Any of the Funds taxed as a partnership for federal income tax purposes also may pass-through foreign taxes it pays to partners for such partners to either deduct their share of these taxes in computing their taxable income or to claim a foreign tax credit for these taxes against their U.S. federal income tax.

Under the new partnership audit rules, which are generally applicable to tax years beginning after December 31, 2017, the IRS may collect any taxes resulting from audit adjustments to the Funds' income tax returns (including any applicable penalties and interest) directly from a Fund. In that case, current investors would bear some or all of the tax liability resulting from such audit adjustment, even if they did not own interests in the Fund during the tax year under audit. The Funds may have the ability to shift any such tax liability to the investors in accordance with their interests in the Funds during the year under audit, but there can be no assurance that the Funds will be able to do so under all circumstances. For taxable years not subject to the new audit rules, items of Fund income, gain, loss, deduction and credit will be determined at the Fund level in a unified audit. NO REPRESENTATION OR WARRANTY OF ANY KIND IS MADE WITH RESPECT TO THE TAXATION, DEDUCTIBILITY OR CAPITALIZATION OF ANY ITEM BY THE FUNDS OR INVESTORS. In addition, the "partnership representative" will have the sole authority to act on the Funds' behalf for purposes of, among other things, federal income tax audits and judicial review of administrative adjustments by the IRS, and any such actions will be binding on the Fund and all of the investors.

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The foregoing is a general summary of applicable provisions of the Code and Treasury Regulations now in effect and as currently interpreted by the courts and the Internal Revenue Service. The Code and these Regulations, as well as current interpretations thereof, may be changed at any time by legislative, judicial or administrative action.

As the sole shareholders of the Trust will be Minnesota Life, Securian Life and their respective separate accounts, this statement does not discuss federal income tax consequences to the shareholder. For tax information with respect to an owner of a contract issued in connection with the separate accounts, see the Prospectus for those contracts.

**The Standard & Poor's License**

Standard & Poor's Dow Jones Indices ("S&P<sup>®</sup>") is a division of the S&P Global, Inc. S&P<sup>®</sup> has trademark rights to the marks "Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," "S&P 500<sup>®</sup>, "S&P 400<sup>®</sup>," "Standard & Poor's 500<sup>®</sup>," "Standard & Poor's MidCap 400<sup>®</sup>," and "500<sup>®</sup>" and has licensed the use of such marks by the Trust, the SFT Index 500 Fund and the SFT Index 400 Mid-Cap Fund.

The SFT Index 500 Fund and the SFT Index 400 Mid-Cap Fund (collectively, the "Funds") are not sponsored, endorsed, sold or promoted by S&P<sup>®</sup>. S&P<sup>®</sup> makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the S&P 500<sup>®</sup> Index or the S&P MidCap 400<sup>®</sup> Index to track general stock market performance. S&P<sup>®</sup>'s only relationship to the Funds is the licensing of certain trademarks and trade names of S&P<sup>®</sup> and of the S&P 500<sup>®</sup> Index and the S&P MidCap 400<sup>®</sup> Index which are determined, composed and calculated by S&P<sup>®</sup> without regard to the Fund. S&P<sup>®</sup> has no obligation to take the needs of the Funds or the owners of the Trust into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index or the S&P MidCap 400<sup>®</sup> Index. S&P<sup>®</sup> is not responsible for and has not participated in the determination of the net asset value or public offering price of the Funds nor is S&P<sup>®</sup> a distributor of the Fund. S&P<sup>®</sup> has no obligation or liability in connection with the administration, marketing or trading of the Funds.

S&P<sup>®</sup> DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500<sup>®</sup> INDEX OR THE S&P MIDCAP 400<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN, NOR DOES S&P<sup>®</sup> HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P<sup>®</sup> MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY THE FUNDS, OWNERS OF THE TRUST, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500<sup>®</sup> INDEX, THE S&P MIDCAP 400<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. S&P<sup>®</sup> MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500<sup>®</sup> INDEX, THE S&P 400<sup>®</sup> MIDCAP INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P<sup>®</sup> HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

**Financial Statements**

The financial statements for the year ended December 31, 2025 for Securian Funds Trust, including the financial highlights for each of the respective periods presented, appearing in the Annual Report to Shareholders for Securian Funds Trust, and the report thereon of its independent registered public accounting firm, KPMG LLP, also appearing therein, are incorporated by reference in this Statement of Additional Information.

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**Appendix A — Mortgage-Related Securities** 

Mortgage-related securities represent an ownership interest in a pool of residential mortgage loans. These securities are designed to provide monthly payments of interest and principal to the investor. The mortgagor's monthly payments to his lending institution are "passed-through" to investors such as the Trust. Most insurers or services provide guarantees of payments, regardless of whether or not the mortgagor actually makes the payment. The guarantees made by issuers or servicers are backed by various forms of credit, insurance and collateral.

**Underlying Mortgages** 

Pools consist of whole mortgage loans or participations in loans. The majority of these loans are made to purchasers of 1-4 family homes. Some of these loans are made to purchasers of mobile homes. The terms and characteristics of the mortgage instruments are generally uniform within a pool but may vary among pools. For example, in addition to fixed-rate fixed-term mortgages, the fund may purchase pools of variable rate mortgages, growing equity mortgages, graduated payment mortgages and other types.

All servicers apply standards for qualification to local lending institutions which originate mortgages for the pools. Servicers also establish credit standards and underwriting criteria for individual mortgages included in the pools. In addition, many mortgages included in pools are insured through private mortgage insurance companies.

**Liquidity and Marketability** 

Since the inception of the mortgage-related pass-through security in 1970, the market for these securities has expanded considerably. The size of the primary issuance market and active participation in the secondary market by securities dealers and many types of investors makes government and government-related pass-through pools highly liquid. The recently introduced private conventional pools of mortgages (pooled by commercial banks, savings and loans institutions and others, with no relationship with government and government-related entities) have also achieved broad market acceptance and consequently an active secondary market has emerged. However, the market for conventional pools is smaller and less liquid than the market for the government and government-related mortgage pools. The Fund may purchase some mortgage-related securities through private placements, in which case only a limited secondary market exists, and the security is considered illiquid.

**Average Life** 

The average life of pass-through pools varies with the maturities of the underlying mortgage instruments. In addition, a pool's term may be shortened by unscheduled or early payments of principal and interest on the underlying mortgages. The occurrence of mortgage prepayments is affected by factors including the level of interest rates, general economic conditions, the location and age of the mortgage and other social and demographic conditions.

As prepayment rates of individual pools vary widely, it is not possible to accurately predict the average life of a particular pool. For pools of fixed-rate 30-year mortgages, common industry practice is to assume that prepayments will result in a 12-year average life. Pools of mortgages with other maturities or different characteristics will have varying assumptions for average life. The assumed average life of pools of mortgages having terms of less than 30 years is less than 12 years, but typically not less than 5 years.

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**Yield Calculations** 

Yields on pass-through securities are typically quoted by investment dealers and vendors based on the maturity of the underlying instruments and the associated average life assumption. In periods of falling interest rates the rate of prepayment tends to increase, thereby shortening the actual average life of a pool of mortgage-related securities. Conversely, in periods of rising rates and the rate of prepayment tends to decrease, thereby lengthening the actual average life of the pool. Historically, actual average life has been consistent with the 12-year assumption referred to above.

Actual prepayment experience may cause the yield to differ from the assumed average life yield. Reinvestment of prepayments may occur at higher or lower interest rates than the original investment, thus affecting the yield of the Funds. The compounding effect from reinvestments of monthly payments received by the Funds will increase the yield to shareholders compared to bonds that pay interest semi-annually.

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**Appendix B — Bond and Commercial Paper Ratings** 

**Bond Ratings** 

Moody's Ratings describes its six highest ratings for corporate bonds and mortgage-related securities as follows:

Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long term risks appear somewhat larger than in Aaa securities.

Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.

Bonds which are rated Baa are considered medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well-assured. Often the protection of interest and principal payments may be very moderate, and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Moody's Ratings also applies numerical modifiers, 1, 2, and 3, in each of these generic rating classifications. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

Standard & Poor's Corporation describes its six highest ratings for corporate bonds and mortgage-related securities as follows:

AAA. Debt rated "AAA" has the highest rating assigned by Standard & Poor's. Capacity to pay interest and repay principal is extremely strong.

AA. Debt rated "AA" has a very strong capacity to pay interest and repay principal and differs from the higher rated issues only in small degree.

A. Debt rated "A" has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

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BBB. Debt rated "BBB" is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories.

BB. Debt rated "BB" has less near-term vulnerability to default than other speculative grade debt. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to inadequate capacity to meet timely interest and principal payments.

B. Debt rated "B" has a greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The "B" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BB" or "BB-" rating.

Standard & Poor's Corporation applies indicators "+", no character, and "-" to the above rating categories. The indicators show relative standing within the major rating categories.

**Commercial Paper Ratings** 

The rating Prime-1 is the highest commercial paper rating assigned by Moody's Ratings. Among the factors considered by Moody's Ratings in assigning the ratings are the following: (1) evaluation of the management of the issuer, (2) economic evaluation of the issuer's industry or industries and an appraisal of speculative-type risks which may be inherent in certain areas; (3) evaluation of the issuer's products in relation to competition and customer acceptance; (4) liquidity; (5) amount and quality of long-term debt; (6) trend of earnings over a period of ten years; (7) financial strength of a parent company and the relationships which exist with the issuer; an (8) recognition by the management of obligations which may be present or may arise as a result of public interest questions and preparations to meet such obligations.

The rating A-1 is the highest rating assigned by Standard & Poor's Corporation to commercial paper which is considered by Standard & Poor's Corporation to have the following characteristics:

Liquidity ratios of the issuer are adequate to meet cash redemptions. Long-term senior debt is rated "A" or better. The issuer has access to at least two additional channels of borrowing. Basic earnings and cash flow have an upward trend with allowance made for unusual circumstances. Typically, the issuer's industry is well established and the issuer has a strong position within the industry. The reliability and quality of management are unquestioned.

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**Appendix C — Futures Contracts** 

**Example of Futures Contract Sale** 

The Trust's Funds would engage in a futures contract sale to maintain the income advantage from continued holding of a long-term security while endeavoring to avoid part or all of the loss in market value that would otherwise accompany a decline in long-term securities prices. Assume that the market value of a certain security in the Fund's portfolio tends to move in concert with the futures market prices of long-term United States Treasury bonds ("Treasury bonds"). The Fund wishes to fix the current market value of this portfolio security until some point in the future. Assume the portfolio security has a market value of $100, and the Fund believes that, because of an anticipated rise in interest rates, the value will decline to $95. The Fund might enter into futures contract sales of Treasury bonds for a price of $98. If the market value of the portfolio security does indeed decline from $100 to $95, the futures market price for the Treasury bonds might also decline from $98 to $93.

In that case, the $5 loss in the market value of the portfolio security would be offset by the $5 gain realized by closing out the futures contract sale. Of course, the futures market price of Treasury bonds might decline to more than $93 or to less than $93 because of the imperfect correlation between cash and futures prices mentioned above.

The Fund could be wrong in its forecast of interest rates and the futures market price could rise above $98. In this case, the market value of the portfolio securities, including the portfolio security being protected, would increase. The benefit of this increase would be reduced by the loss realized on closing out the futures contract sale.

If interest rate levels did not change prior to settlement date, the Fund, in the above example, would incur a loss of $2 if it delivered the portfolio security on the settlement date (which loss might be reduced by an offsetting transaction prior to the settlement date). In each transaction, nominal transaction expenses would also be incurred.

**Example of Futures Contract Purchase** 

The Fund would engage in a futures contract purchase when it is not fully invested in long-term securities but wishes to defer for a time the purchase of long-term securities in light of the availability of advantageous interim investments, e.g., short-term securities whose yields are greater than those available on long-term securities. The Fund's basic motivation would be to maintain for a time the income advantage from investing in the short-term securities; the Fund would be endeavoring at the same time to eliminate the effect of all or part of the increases in market price of the long-term securities that the Fund may purchase.

For example, assume that the market price of a long-term security that the Fund may purchase, currently yielding 10%, tends to move in concert with futures market prices of Treasury bonds. The Fund wishes to fix the current market price (and thus 10% yield) of the long-term security until the time (four months away in this example) when it may purchase the security.

Assuming the long-term security has a market price of $100, and the Fund believes that, because of an anticipated fall in interest rates, the price will have risen to $105 (and the yield will have dropped to about 9-1/2%) in four months, the Fund might enter into futures contracts purchases of Treasury bonds for a price of $98. At the same time, the Fund would assign a pool of investments in short-term securities that are either maturing in four months or earmarked for sale in four months, for purchase of the long-term security at an assumed market price of $100. Assume these short-term securities are yielding 15%. If the market price of the long-term bond does indeed rise from $100 to $105, the futures market price for Treasury bonds might also rise

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from $98 to $103. In that case, the $5 increase in the price that the Fund pays for the long-term security would be offset by the $5 gain realized by closing out the futures contract purchase.

The Fund could be wrong in its forecast of interest rates; long-term interest rates might rise to above 10%, and the futures market price could fall below $98. If short-term rates at the same time fall to 10% or below, it is possible that the Fund would continue with its purchase program for long-term securities. The market prices of available long-term securities would have decreased. The benefit of this price decrease, and thus yield increase, will be reduced by the loss realized on closing out the futures contract purchase.

If, however, short-term rates remained above available long-term rates, it is possible that the Fund would discontinue its purchase program for long-term securities. The yields on short-term securities in the portfolio, including those originally in the pool assigned to the particular long-term security, would remain higher than yields on long-term bonds. The benefit of this continued incremental income will be reduced by the loss realized on closing out the futures contract purchase.

In each transaction, nominal transaction expenses would also be incurred.

**Tax Treatment** 

The treatment of futures contracts for federal income tax purposes is described herein under the section entitled "Taxes."

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**Appendix D — Securian Asset Management, Inc.** 

**Proxy Voting Policy and Procedure** 

**PURPOSE** 

The purpose of this Proxy Voting Policy and Procedure (the "Policy") is to set forth the principles, guidelines and procedures by which Securian Asset Management, Inc. ("Securian AM") votes the proxies for the securities owned by its clients for which Securian AM has responsibility for voting proxies (the "Proxies"). The Policy has been designed to ensure the Proxies are voted in the best interest of the clients in accordance with our fiduciary duties, Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, and the Investment Company Act of 1940, as amended, and the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Rule 206(4)-6 requires investments advisers to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interests of clients, which procedures must include how material conflicts that may arise between an adviser's interests and those of its clients are addressed; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; and (c) describe to clients its proxy voting policies and procedures and, upon request, furnish a copy to its clients

The Policy does not apply to any client that has retained the authority and discretion to vote its own proxies or delegated such authority and discretion to any entity other than Securian AM. Securian AM takes no responsibility for the voting of any proxies on behalf of such clients. For those client portfolios where Securian AM has hired a sub-adviser and where the sub-adviser has accepted the duty and responsibility to vote proxies for client accounts ("Sub-Adviser Proxy Delegation"), Securian AM shall have no responsibility for voting proxies in such client accounts

**POLICY** 

Securian AM will vote Proxies in the best interests of the clients. For client accounts subject to ERISA, Securian AM shall act for the exclusive benefit of plan participants and beneficiaries.

The role of shareholders in corporate governance is typically limited. A majority of decisions regarding operations of the business of a corporation should be left to management's discretion. It is Securian AM's general policy that the shareholder should become involved with these matters when management has failed and the corporation's performance has suffered or to protect the rights of shareholders to take action.

The guiding principle by which Securian AM votes on all matters submitted to security holders is to seek the maximization of the ultimate economic value of the securities held by its clients. This guiding principle involves not only the immediate impact of each proposal but other considerations with respect to the security of the shareholders' investments over the long term. However, Securian AM will vote proxies by taking into account any guidelines furnished by a client ("Client Directed Proxy Guidelines"). In such cases Securian AM will follow the Client Directed Proxy Guidelines in voting Proxies for that client.

It is the general policy of Securian AM to vote on all matters presented to security holders in any Proxy, but Securian AM reserves the right to abstain on any particular vote or otherwise withhold its vote on any matter if in the judgment of Securian AM, the costs associated with voting such Proxy outweigh the benefits to clients or if circumstances make such an abstention or withholding otherwise advisable and in the best interest of clients, in the judgment of Securian AM.

There may be situations in which Securian AM cannot vote Proxies. For example, Securian AM may not be given enough time to process the vote. Securian AM, through no fault of its own, may receive a meeting notice from the company too late. In addition, if Securian AM has outstanding sell orders, the Proxies for those

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**Proxy Voting Policy and Procedure** 

meetings may not be voted in order to facilitate the sale of those securities. Although Securian AM may hold shares on a company's record date, should it sell them prior to the company's meeting date, Securian AM ultimately may decide not to vote those shares.

**procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Adoption of Guidelines and Authority** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Securian AM has retained Glass Lewis & Co. ("Glass Lewis") as a proxy adviser and to provide services in connection with proxy voting. Except as set forth in Section A.2., below, Securian AM will follow the proxy voting guidelines developed by Glass Lewis ("Glass Lewis Guidelines"). A copy of the Glass Lewis Guidelines is attached hereto as Exhibit I. The final authority and responsibility for proxy voting decisions remains with Securian AM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securian AM reserves the right to cast votes contrary to the Glass Lewis Guidelines if it deems it necessary and in the best interest of its clients or if voting contrary to such guidelines would be in furtherance of Client Directed Proxy Guidelines. If Securian AM does not vote Proxies in accordance with the Glass Lewis Guidelines, the Chief Compliance Officer (the "CCO") of Securian AM, or the CCO's designee, will document the rationale for each such vote.

**SECURIAN AM INVESTMENT RISK OVERSIGHT COMMITTEE AND CONFLICTS OF INTEREST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Investment Risk Oversight Committee** 

Pursuant to its charter, the Investment Risk Oversight Committee of Securian AM is responsible for overseeing the Policy, approving the Policy, and making voting decisions on ballots that give rise to a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All conflicts of interest will be resolved in the interests of Securian AM clients. A conflict of interest between the interests of Securian AM and its clients can occur at several levels. Glass Lewis could have a conflict of interest because of relationships it has with a portfolio company. Securian AM could have a conflict of interest because of a business relationship that either it or its affiliates have with a portfolio company. There could also be a conflict of interest because of a personal or business relationship between a Securian AM employee and a portfolio company or its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Since Glass Lewis Guidelines are pre-approved by Securian AM, application of the guidelines by portfolio managers to vote Proxies should in many instances adequately address any potential conflicts of interest. A conflict could occur if the Glass Lewis Guidelines specify that a vote will occur on a case-by-case basis. A conflict could also occur if a portfolio manager wishes to override a Glass Lewis Guideline in a particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If a conflict of interest is identified by the voting portfolio manager, the voting portfolio manager should immediately inform Securian AM compliance of the conflict of interest unless one of the following is present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Glass Lewis Guidelines specify how to vote and the voting portfolio manager is voting in accordance with Glass Lewis Guidelines.

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**Proxy Voting Policy and Procedure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the Glass Lewis Guidelines specify that such issue is case by case and Glass Lewis has made a recommendation on how to vote and the voting portfolio manager is voting in accordance with such recommendation.

In all other instances where a conflict of interest has been identified, the voting portfolio manager will notify the compliance department who will call a meeting of the Investment Risk Oversight Committee for review and direction. In these situations, the voting portfolio manager will not vote the security until directed by the Investment Risk Oversight Committee. The Investment Risk Oversight Committee will decide how to vote the Proxy.

The following are among the Proxy voting options that may be considered by the Investment Risk Oversight Committee: (i) follow the prescribed Glass Lewis Guidelines as applicable, (ii) follow the recommendation of Glass Lewis for case by case votes if Glass Lewis has made such a recommendation, (iii) delegate the decision to a third party, (iv) have the client vote its own Proxy, (v) disclose the conflict to the client, or (vi) defer to the voting recommendation of the client. The Proxy will be handled in the manner authorized by the Investment Risk Oversight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each sub-adviser will identify and resolve conflicts of interest relating to proxies which it votes in accordance with its own internal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The application of Client Directed Proxy Guidelines may, in certain instances, result in Securian AM voting differently for that client than it does for other clients not subject to Client Directed Proxy Guidelines. This does not constitute a conflict of interest.

**REQUESTS FOR PROXY VOTING POLICIES OR PROXY VOTING RECORDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Securian Funds Trust Requests.</u> If a Securian Funds Trust ("SFT") contract holder has requested a copy of the SFT proxy voting policies and procedures or proxy voting record, Securian AM Compliance will work with the appropriate life insurance and/or annuity department to provide a copy to the contract holder within three (3) business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Non-Securian Funds Trust Requests.</u> If any other client requests a copy of the Securian AM Proxy Voting Policy and Procedure or the client's proxy voting record, Securian AM compliance will provide a copy to such person within three (3) business days.

**RECORDKEEPING** 

Securian AM or its designee maintains a record of all proxy voting decisions and votes cast to the extent required by applicable law and regulations. This includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Proxy statements received for clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Records of votes cast on behalf of clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Records of written requests for proxy voting information and written responses from Securian AM to either a written or oral request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Any documents prepared by Securian AM or its agent that were material to making a proxy voting decision or that memorialized the basis for the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. All documents prepared or that Securian AM causes to be prepared, including without limitation all internal process documents, as part of any Form N-PX filing that Securian AM makes or causes to be made.

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**Proxy Voting Policy and Procedure** 

**CERTAIN RESPONSIBILITIES FOR SFT FUNDS** 

Under the Proxy Voting Policy adopted by SFT (the "SFT Proxy Voting Policy") certain additional responsibilities have been delegated to Securian AM. Securian AM will perform such duties in the manner set forth in the SFT Proxy Voting Policy.

<u>Exhibits:</u>

Exhibit I – Glass Lewis Guidelines

Written By: Vicki Bailey

Last Reviewed By: Jason Thibodeaux, Jessica Parrucci, June 2024

Compliance Procedure Effective Date: October 1, 2004

Version: 2024

Business Owner: Investment Risk Oversight Committee, Jeremy Gogos, Merlin Erickson,

Securian AM Operations (for Form N-PX filings)

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**Appendix E — Nomura Asset Management International Global Proxy Voting Policies and Procedures (December 2025)** 

**<u>Introduction</u>** 

These Proxy Voting Policies and Procedures (the "Procedures") are utilized by the following companies within Nomura Asset Management<sup>1</sup>:

- Nomura Investment Management Business Trust ("NIMBT"): NIMBT is a registered investment adviser with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940, as amended, (the "Advisers Act"). NIMBT is headquartered in Philadelphia, PA, USA and consists of the following series of entities: Delaware Management Company, Nomura Investment Management Advisers, Delaware Capital Management, Nomura Investments Fund Advisers, and Nomura Alternative Strategies.

- Nomura Asset Management Australia Pty Limited ("NAMA"): NAMA holds an Australian financial services licence. NAMA is headquartered in Sydney, Australia.

- Nomura Investment Management Europe S.A. ("NIME S.A."): NIME S.A. is authorized and regulated by the Commission de Surveillance du Secteur Financier ("CSSF") in the Grand Duchy of Luxembourg. NIME S.A. has an application pending to become a registered investment adviser with the SEC pursuant to the Advisers Act. NIME S.A. is headquartered in Luxembourg.

- Nomura Investment Management Austria Kapitalanlage AG ("NIMAK"): NIMAK is authorized and regulated by the Financial Markets Authority ("FMA") in Austria and is also a registered investment adviser with the SEC pursuant to the Advisers Act. NIMAK is headquartered in Vienna, Austria.

- NIMBT and its series, NAMA, NIME S.A., and NIMAK are referred to herein as Nomura Asset Management.

Pursuant to the terms of an investment management agreement between Nomura Asset Management and its client or as a result of some other type of specific delegation by the client, Nomura Asset Management is often given the authority and discretion to exercise the securityholder's right to vote on company and shareholder resolutions (referred to herein as "proxy" or "proxies") relating to the underlying securities held in such client portfolios managed by Nomura Asset Management. Also, clients sometimes ask Nomura Asset Management to give voting advice on certain proxies without delegating full responsibility to Nomura Asset Management to vote proxies on behalf of the client. Clients also have the option to retain the responsibility to vote proxies for their portfolio securities and occasionally clients will ask Nomura Asset Management to vote proxies pursuant to a client's proxy voting policy. Additionally, there are instances where Nomura Asset Management may delegate proxy voting responsibility to third-party asset managers who have been retained by Nomura Asset Management to sub-advise portfolio assets via multi-manager funds or otherwise. Such third-party asset managers would vote proxies pursuant to their own proxy voting policies and guidelines under Nomura Asset Management's oversight.

In cases where Nomura Asset Management has been delegated the responsibility to vote or provide advice on proxies, Nomura Asset Management has developed the following Procedures in order to ensure that Nomura Asset Management votes proxies or gives proxy voting advice that Nomura Asset Management believes is in the best interests of its clients. Typically, the investment management agreement between Nomura Asset Management and a client will fully and fairly disclose the terms of Nomura Asset Management's role in proxy voting and such agreement will demonstrate the client's informed consent on such proxy voting authority.

<sup>1</sup> Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which

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include Nomura Capital Management LLC, Nomura Corporate Research and Asset Management Inc., Nomura Investment Management Business Trust (consisting of the Nomura Alternative Strategies, Nomura Investment Management Advisers, Nomura Investments Fund Advisers, Delaware Capital Management, and Delaware Management Company series), Nomura Investment Management Europe S.A., and Nomura Investment Management Austria Kapitalanlage AG. Under certain circumstances, investment advisory services are also provided by Nomura Asset Management U.K. Limited and Nomura Asset Management Australia Pty Limited, which are Nomura Group companies.

**<u>Procedures for Voting Proxies</u>** 

Nomura Asset Management has established a Proxy Voting Committee (the "Committee") that is responsible for overseeing Nomura Asset Management's proxy voting process. The Committee typically consists of the following persons in Nomura Asset Management: (i) at least five portfolio management representatives; (ii) one representative from Fund Administration; (iii) one representative from Data Operations; (iv) one representative from Compliance; (v) one representative from the Legal Department; and (vi) various at-large member(s). The person(s) representing each department on the Committee may change from time to time. The Committee will meet as necessary to help Nomura Asset Management fulfill its duties to vote proxies for clients, but in any event, will meet at least quarterly to discuss various proxy voting issues. The Committee may meet in person, by video conference, and/or telephonically and may also conduct business via email or by other electronic communication.

One of the main responsibilities of the Committee is to review and approve the Procedures on a yearly basis or as otherwise necessary. When reviewing the Procedures, the Committee looks to see if the Procedures are designed to allow Nomura Asset Management to vote proxies in a manner consistent with the goals of voting in the best interests of clients and maximizing the value of the underlying shares being voted on by Nomura Asset Management. The Committee will also review the Procedures to make sure that they comply with any new rules promulgated by the SEC, the Australian Securities & Investments Commission ("ASIC"), the CSSF, the FMA, the FCA, the European Securities and Markets Authority ("ESMA"), or other relevant regulatory bodies or as otherwise necessary under applicable law. After the Procedures are approved by the Committee, Nomura Asset Management will vote proxies or give advice on voting proxies generally in accordance with such Procedures and Nomura Asset Management's Proxy Voting Guidelines (the "Guidelines"). The Guidelines are also reviewed and approved on a yearly basis or as otherwise necessary.

In order to facilitate the actual process of voting proxies, Nomura Asset Management retains the following proxy advisory firms (as of the date of these Procedures) for various services: Institutional Shareholder Services ("ISS"); Glass Lewis & Co., including its Australian subsidiary CGI Glass Lewis (together, "Glass Lewis"); and Ownership Matters ("OM"). ISS, Glass Lewis, OM, and any other proxy advisory firms utilized by Nomura Asset Management are collectively referred to as "Proxy Advisor" within these Procedures. Also, certain clients may request that Nomura Asset Management utilize the client's preferred proxy advisory firm from time to time and as agreed to by the parties.

The Proxy Advisor and/or the client's custodian monitor corporate events in connection with Nomura Asset Management's client accounts. After receiving the proxy statements, Proxy Advisor will review the proxy issues and recommend a vote in accordance with Nomura Asset Management's Guidelines. When the Guidelines state that a proxy issue will be decided on a case-by-case basis, Proxy Advisor's custom research team will look at the relevant facts and circumstances and research the issue to provide Nomura Asset Management with a recommendation as to how the proxy should be voted in accordance with the parameters described in the Guidelines. If the Guidelines do not address a particular proxy issue, Proxy Advisor will similarly look at the relevant facts and circumstances and research the issue to provide a recommendation as to how the proxy should be voted. In limited cases where Proxy Advisor is unable to provide research and a proxy vote recommendation for a portfolio company, Nomura Asset Management will be solely responsible for researching the proxy and voting the proxy.

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Proxy Advisor's proxy voting research recommendations are made available to the applicable portfolio management teams within Nomura Asset Management to review and evaluate prior to the corresponding shareholder meeting. As described further below in the "Proxy Voting Guidelines" section, there will be times when a Nomura Asset Management portfolio management team believes that the best interests of the client will be better served if Nomura Asset Management votes a proxy counter to Proxy Advisor's research recommendation under the Guidelines. In these cases, the portfolio management team will document the rationale for their votes and provide such rationale to the Committee or the Committee's delegates for its records. The Committee and its delegates are responsible for reviewing the rationale for these votes to assure that it provides a reasonable basis for any vote.

After a proxy has been voted, Proxy Advisor will create a record of the vote in order to help Nomura Asset Management comply with its duties listed under "Availability of Proxy Voting Information and Recordkeeping" below. If a client provides Nomura Asset Management with its own instruction on a given proxy vote for their portfolio, Nomura Asset Management will forward the client's instruction to Proxy Advisor who will vote the client's proxy pursuant to the client's instruction.

Nomura Asset Management will attempt to vote every proxy which they or their agents receive when a client has given Nomura Asset Management the authority and direction to vote such proxies. However, there are situations in which Nomura Asset Management may not be able to process a proxy or the cost of processing such proxies would be high and/or exceed the expected benefits to the client. Examples of such situations include, but are not limited to: Nomura Asset Management may not have sufficient time to process a vote because Nomura Asset Management or its agents received a proxy statement in an untimely manner; Nomura Asset Management generally retains voting rights in respect of securities lent or pledged as collateral but may in certain situations be unable to vote a proxy, for example in relation to a security that is on loan pursuant to a securities lending program; or casting a vote on a security could involve additional costs such as hiring a translator or hiring an agent or traveling to the site of the shareholder meeting to vote the proxy in person. Use of a Proxy Advisor and relationships with multiple custodians can help to mitigate a situation where Nomura Asset Management is unable to vote a proxy.

**<u>Company Management Recommendations</u>** 

When conducting a fundamental analysis to determine whether to invest in a particular company, one of the factors Nomura Asset Management may consider is the quality and depth of the company's management. As a result, Nomura Asset Management generally believes that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, Nomura Asset Management's votes are cast in accordance with the recommendations of the company's management. However, Nomura Asset Management may vote against management's position when it runs counter to the Guidelines, and Nomura Asset Management will also vote against management's recommendation when Nomura Asset Management believes such position is not in the best interests of Nomura Asset Management's clients.

Nomura Asset Management's investment teams often engage with companies as part of their regular investment processes. These engagements are typically strategic in nature and provide additional insights into the company's management quality, business drivers, financial strategy, future business prospects, and other factors that the investment team believes are material to the company's business. In connection with these engagements, Nomura Asset Management portfolio management teams retain the ability to discuss upcoming proxy votes with company management.

In those instances where Nomura Asset Management votes against management's recommendation and the proxy result is contrary to Nomura Asset Management's vote, the portfolio management team that manages the security has the ability to escalate the matter with company management and/or reduce the team's holdings in the company or divest from the position in its entirety. Each portfolio management team is responsible for determining whether there is a need to escalate based on the facts and circumstances of the issue.

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**<u>Conflicts of Interest</u>** 

As a matter of policy, the Committee and any other officers, directors, employees and affiliated persons of Nomura Asset Management may not be influenced by outside sources who have interests which conflict with the interests of Nomura Asset Management's clients when voting proxies for such clients. However, in order to ensure that Nomura Asset Management votes proxies in the best interests of the client, Nomura Asset Management has established various systems described below to properly deal with a material conflict of interest.

Most of the proxies which Nomura Asset Management receives on behalf of its clients are voted in accordance with the Guidelines. As stated above, these Procedures (including the Guidelines) are reviewed and approved by the Committee annually and at other necessary times. The custom Guidelines are then utilized by Proxy Advisor going forward to provide recommendations on how to vote client proxies. The Committee approves the Guidelines only after it has determined that the Guidelines are designed to help Nomura Asset Management vote proxies in a manner consistent with the goal of voting in the best interests of its clients. Since the Guidelines are pre-determined by the Committee, application of the Guidelines by Nomura Asset Management's portfolio management teams when voting proxies after reviewing the proxy and research provided by Proxy Advisor should in most instances adequately address any potential conflicts of interest.

If Nomura Asset Management becomes aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or the Committee's delegates for review. If the portfolio management team for such proxy intends to vote in accordance with Proxy Advisor's recommendation pursuant to our Guidelines, then no further action is needed to be taken by the Committee. If the Nomura Asset Management portfolio management team is considering voting a proxy contrary to Proxy Advisor's research recommendation under the Guidelines, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between Nomura Asset Management and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with Proxy Advisor's research recommendation or abstain from voting. Except as permitted by law, Nomura Asset Management will not vote in relation to related party securities on proposals in which Nomura Asset Management has an interest other than as an investor. Generally, Nomura Asset Management will abstain from voting on proposals related to Nomura Group or on entities controlled by Nomura Group.

In connection with its advisory business, Nomura Asset Management may also act as an investment adviser to a "fund of funds" in which a fund ("Nomura Asset Management Fund") may invest in underlying funds affiliated with Nomura Asset Management ("Underlying Affiliated Fund") as part of its investment strategy. If an Underlying Affiliated Fund has a shareholder meeting, Nomura Asset Management will typically seek to vote the Nomura Asset Management Fund's interests in the Underlying Affiliated Fund in the same proportion as the proxy votes cast by all of the other shareholders of the Underlying Affiliated Fund. This is known as "echo voting" and is designed to avoid potential conflicts of interest.

**<u>Oversight of Proxy Advisory Firm</u>** 

The Committee and appropriate Nomura Asset Management personnel are responsible for overseeing Proxy Advisor's proxy voting activities for Nomura Asset Management's clients. Nomura Asset Management will conduct periodic due diligence of Proxy Advisor that will include: (i) Proxy Advisor's conflict of interest procedures and any other pertinent procedures or representations from Proxy Advisor in an attempt to ensure that Proxy Advisor will make research recommendations for voting proxies in an impartial manner and in the best interests of Nomura Asset Management's clients; (ii) the adequacy and quality of Proxy Advisor's staffing, personnel, and technology; (iii) the methodologies, guidelines, sources and factors underlying Proxy Advisor's voting recommendations; (iv) whether Proxy Advisor has an effective process for seeking timely input from issuers, its clients and other third parties and how that input is incorporated into Proxy Advisor's

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methodologies, guidelines and proxy voting recommendations; (v) how Proxy Advisor ensures that it has complete, accurate and up-to-date information about each proxy voting matter and updates its research accordingly; (vi) reviewing whether Proxy Advisor has undergone any recent, material organizational or business changes; and (vii) a review of Proxy Advisor's general compliance with the terms of its agreement with Nomura Asset Management.

**<u>Availability of Proxy Voting Information and Recordkeeping</u>** 

Clients of Nomura Asset Management will be directed to their client service representative to obtain information from Nomura Asset Management on how their securities were voted. At the beginning of a new relationship with a client, Nomura Asset Management will typically provide clients with a concise summary of Nomura Asset Management's proxy voting process and will inform clients that they can obtain a copy of the complete Procedures upon request. Existing clients will also be provided with the above information as agreed with the client.

Where required by applicable law, Nomura Asset Management will also retain records regarding proxy voting on behalf of clients. Nomura Asset Management will typically keep records of the following items: (i) the Procedures; (ii) proxy statements received regarding client securities (via hard copies held by Proxy Advisor or electronic filings from the company's respective regulatory filing system); (iii) records of votes cast on behalf of Nomura Asset Management's clients (via Proxy Advisor); (iv) records of a client's written request for information on how Nomura Asset Management voted proxies for the client, and any Nomura Asset Management written response to an oral or written client request for information on how Nomura Asset Management voted proxies for the client; and (v) any documents prepared by Nomura Asset Management that were material to making a decision as to how to vote or that memorialized the basis for that decision.

**<u>Proxy Voting Guidelines</u>** 

The Proxy Voting Guidelines summarize Nomura Asset Management's positions on various issues and give a general indication as to how Nomura Asset Management will vote proxies on each issue. The Proxy Voting Committee has reviewed the Guidelines and determined that voting proxies pursuant to the Guidelines should be in the best interests of the client and should align with the goal of maximizing the value of the client's investments.

For certain clients, Nomura Asset Management may also need to take into account additional factors outside of the Guidelines that will influence how Nomura Asset Management analyzes and votes proxies. For example, proxy votes made by Nomura Asset Management for a client with specialized investment objectives and strategies may take into account additional research and factors that may lead a portfolio management team to vote a proxy in a different manner. In these situations, Nomura Asset Management may also develop one-off proxy voting guidelines for such client. In addition, the location of a portfolio company may also necessitate Nomura Asset Management having to review additional research and factors in order to account for local laws and standards when voting proxies.

Moreover, the list of Guidelines may not include all potential voting issues. To the extent that the Guidelines do not cover potential voting issues, Nomura Asset Management will vote on such issues in a manner that Nomura Asset Management believes promotes the best interests of the client.

Although Nomura Asset Management will usually vote proxies in accordance with these Guidelines, each Nomura Asset Management portfolio management team reserves the right to vote certain issues counter to the Guidelines if, after a review of the matter, the team believes that a client's best interests would be served by such a vote. In all cases, the Nomura Asset Management portfolio management team responsible for voting proxies on behalf of a client will have the final decision on how to vote proxies, subject to these Procedures. Given Nomura Asset Management's "boutique" structure with different portfolio management teams managing their own investment strategies, there is a possibility that a portfolio holding that is held across multiple Nomura Asset Management investment strategies may have a proxy that is voted differently by each strategy's respective portfolio managers in certain circumstances. In all such cases, Nomura Asset Management's portfolio managers will seek to vote such proxies in a manner that they believe is in the best interests of their clients.

To the extent that management of a portfolio company or another company shareholder would like to engage with Nomura Asset Management on a particular proxy statement, the company or shareholder should reach out to the Nomura Asset Management portfolio management team who holds the applicable company security on behalf of its clients. Nomura Asset Management will consider any additional information provided by the

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company or shareholder regarding an upcoming proxy and analyze such information along with prior research provided by Proxy Advisor before coming to a decision on how to vote an applicable proxy.

Clients may request that their client services representative provide them with a further information in regards to these Procedures / Guidelines and information on how their securities were voted by Nomura Asset Management.

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**Appendix F — T. Rowe Price Associates, Inc. and Certain of Its Investment Adviser Affiliates** 

**Proxy Voting Policies and Procedures** 

**Responsibility to Vote Proxies** 

T. Rowe Price Associates, Inc., and certain of its investment adviser affiliates<sup>1</sup> (collectively, **"T. Rowe Price"**) have adopted these Proxy Voting Policies and Procedures ("**Policies and Procedures**") for the purpose of establishing formal policies and procedures for performing and documenting their fiduciary duty with regard to the voting of client proxies. This document is reviewed at least annually and updated as necessary.

T. Rowe Price recognizes and adheres to the principle that one of the privileges of owning stock in a company is the right to vote in the election of the company's directors and on matters affecting certain important aspects of the company's structure and operations that are submitted to shareholder vote. The U.S.-registered investment companies which T. Rowe Price sponsors and serves as investment adviser (the "**Price Funds**") as well as other investment advisory clients have delegated to T. Rowe Price certain proxy voting powers. As an investment adviser, T. Rowe Price has a fiduciary responsibility to such clients when exercising its voting authority with respect to securities held in their portfolios. T. Rowe Price reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

**Fiduciary Considerations.** It is the policy of T. Rowe Price that decisions with respect to proxy issues will be made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular advisory client or Price Fund. Proxies are voted solely in the interests of the client, Price Fund shareholders or, where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Our intent has always been to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities.

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company's management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company's board of directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management's with respect to the company's day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company's management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and disclosure. In addition to our proxy voting guidelines, we rely on a company's public filings, its board recommendations, its track record, country-specific best practices codes, our research providers and – most importantly – our investment professionals' views in making voting decisions, T. Rowe Price investment personnel do not coordinate with investment personnel of its affiliated investment adviser, TRPIM, with respect to proxy voting decisions.

T. Rowe Price seeks to vote all of its clients' proxies. In certain circumstances, T. Rowe Price may determine that refraining from voting a proxy is in a client's best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

This document is not applicable to T. Rowe Price Investment Management, Inc. ("TRPIM"). TRPIM votes proxies independently from the other T. Rowe Price-related investment advisers and has adopted its own proxy voting policy.

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**Administration of Policies and Procedures** 

**Environmental, Social and Governance Investing Committee.** T. Rowe Price's Environmental, Social and Governance Investing Committee ("**TRPA ESG Investing Committee**" or the **"Committee"**) is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the Committee sets voting guidelines and serves as a resource for T. Rowe Price portfolio management, it does not have proxy voting authority for any Price Fund or advisory client. Rather, voting authority and responsibility is held by the Chairperson of the Price Fund's Investment Advisory Committee or the advisory client's portfolio manager. The Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

**Global Proxy Operations Team.** The Global Proxy Operations team is responsible for administering the proxy voting process as set forth in the Policies and Procedures.

**Governance Team.** Our Governance team is responsible for reviewing the proxy agendas for all upcoming meetings and making company-specific recommendations to our global industry analysts and portfolio managers with regard to the voting decisions in their portfolios.

**Responsible Investment Team**. Our Responsible Investment team oversees the integration of environmental and social factors into our investment processes across asset classes. In formulating vote recommendations for matters of an environmental or social nature, the Governance team frequently consults with the appropriate sector analyst from the Responsible Investment team, as appropriate.

**How Proxies are Reviewed, Processed and Voted** 

In order to facilitate the proxy voting process, T. Rowe Price has retained Institutional Shareholder Services (**"ISS"**) as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect T. Rowe Price's issue-by-issue voting guidelines as approved each year by the TRPA ESG Investing Committee, ISS maintains and implements custom voting policies for the Price Funds and other advisory client accounts.

**Meeting Notification** 

T. Rowe Price utilizes ISS' voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients' holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to T. Rowe Price through ProxyExchange, an ISS application.

**Vote Determination** 

Each day, ISS delivers into T. Rowe Price's customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. The final authority and responsibility for proxy voting decisions remains with T. Rowe Price. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the perspective of our clients.

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Portfolio managers execute their responsibility to vote proxies in different ways. Some have decided to vote their proxies generally in line with the guidelines as set by the TRPA ESG Investing Committee. Others review the customized vote recommendations and approve them before the votes are cast. Portfolio managers have access to current reports summarizing all proxy votes in their client accounts. Portfolio managers who vote their proxies inconsistent with T. Rowe Price guidelines are required to document the rationale for their votes. The Global Proxy Operations team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to our proxy voting guidelines.

**T. Rowe Price Voting Guidelines** 

Specific proxy voting guidelines have been adopted by the TRPA ESG Investing Committee for all regularly occurring categories of management and shareholder proposals. The guidelines include regional voting guidelines as well as the guidelines for investment strategies with objectives other than purely financial returns, such as Impact and Net Zero. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, www.troweprice.com/esg.

**Global Portfolio Companies** 

The TRPA ESG Investing Committee has developed custom international proxy voting guidelines based on our proxy advisor's general global policies, regional codes of corporate governance, and our own views as investors in these markets. We apply a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which span the corporate governance spectrum without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that application of a single set of policies is not appropriate for all markets.

**Fixed Income and Passively Managed Strategies** 

Proxy voting for our fixed income and indexed portfolios is administered by the Global Proxy Operations team using T. Rowe Price's guidelines as set by the TRPA ESG Investing Committee. Indexed strategies generally vote in line with the T. Rowe Price guidelines. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

**Shareblocking** 

Shareblocking is the practice in certain countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. T. Rowe Price's policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the loss of liquidity in the blocked shares.

**Securities on Loan** 

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. T. Rowe Price's policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities in order to cast a vote at an

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upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan and how they may affect proxy voting.

**Monitoring and Resolving Conflicts of Interest** 

The TRPA ESG Investing Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders and other investment advisory clients. While membership on the Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price's voting guidelines are predetermined by the Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, consistent with the terms of the Policies and Procedures, which allow portfolio managers to vote proxies opposite our general voting guidelines, the Committee regularly reviews all such proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager's voting rationale appears reasonable. The Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. Issues raising potential conflicts of interest are referred to designated members of the Committee for immediate resolution prior to the time T. Rowe Price casts its vote.

With respect to personal conflicts of interest, T. Rowe Price's Global Code of Conduct requires all employees to avoid placing themselves in a "compromising position" in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

**Specific Conflict of Interest Situations** 

Voting of T. Rowe Price Group, Inc. common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price voting guidelines and votes inconsistent with the guidelines will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item.

In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. Shares of the Price Funds that are held by other Price Funds will generally be voted in the same proportion as shares for which voting instructions from other shareholders are timely received. If voting instructions from other shareholders are not received, or if a T. Rowe Price Fund is only held by other T. Rowe Price Funds or other accounts for which T. Rowe Price has proxy voting authority, the fund will vote in accordance with its Board's instruction.

For shares of the Price Funds that are series of T. Rowe Price Equity Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price International Series, Inc. (collectively, the "Variable Insurance Portfolios") held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, those shares shall be voted in the same proportion as shares for which voting instructions from contract holders are timely received.

**Limitations on Voting Proxies of Banks** 

T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the **"FRB Relief"**) which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings

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association (each a **"Bank"**), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients' shares of a Bank in excess of 10% of the Bank's total voting stock (**"Excess Shares"**). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as "mirror voting," or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients' shares are Excess Shares on a pro rata basis across all of its clients' portfolios for which T. Rowe Price has the power to vote proxies.<sup>2</sup>

The FRB Relief and the process for voting of Excess Shares described herein apply to the aggregate beneficial ownership of T. Rowe Price and TRPIM.

**Reporting, Record Retention and Oversight** 

The TRPA ESG Investing Committee, and certain personnel under the direction of the Committee, perform the following oversight and assurance functions, among others, over T. Rowe Price's proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with T. Rowe Price's proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the Policies and Procedures to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm's staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

T. Rowe Price will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

T. Rowe Price retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company's management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the T. Rowe Price proxy voting guidelines, Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

TRPA 2025 Proxy Voting Policies and Procedures

Updated: February 2025

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**Appendix G — Wellington Management Global Proxy Policy and Procedure** 

**INTRODUCTION** 

Wellington Management has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best economic interests of clients for whom it exercises proxy-voting discretion.

Wellington Management's Proxy Voting Guidelines (the "Guidelines"), which are contained in a separate document, set forth broad guidelines and positions on common proxy issues that Wellington Management uses in voting on proxies. The Guidelines set out our general expectations on how we vote rather than rigid rules that we apply without considerations of the particular facts and circumstances.

**STATEMENT OF POLICY** 

**Wellington Management:** 

1)

Votes client proxies for which clients have affirmatively delegated proxy-voting authority, in writing, unless we have arranged in advance with a particular client to limit the circumstances in which the client would exercise voting authority, or we determine that it is in the best interest of one or more clients to refrain from voting a given proxy.

2)

Seeks to vote proxies in the best interests of the client for whom it is voting.

3)

Identifies and resolves all material proxy-related conflicts of interest between the firm and its clients in the best interests of the client.

**RESPONSIBILITY AND OVERSIGHT** 

The Proxy Voting Team monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. The Proxy Voting Team also acts as a resource for portfolio managers and investment research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of the Proxy Voting Team. The Investment Stewardship Committee a senior, cross-functional group of experienced professionals, is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, and identification and resolution of conflicts of interest. The Investment Stewardship Committee reviews the Guidelines as well as the Global Proxy Policy and Procedures annually.

**PROCEDURES** 

**Use of Third-Party Voting Agent** 

Wellington Management uses the services of a third-party voting agent to manage the administrative aspects of proxy voting. We view third-party research as an input to our process. Wellington Management complements the research provided by its primary voting agent with research from other firms.

Our primary voting agent processes proxies for client accounts casts votes based on the Guidelines and maintains records of proxies voted. For certain routine issues, as detailed below, votes may be instructed according to standing instructions given to our primary voting agent, which are based on the Guidelines.

We manually review instances where our primary voting agent discloses a material conflict of interest of its own, potentially impacting its research outputs. We perform oversight of our primary voting agent, which

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involves regular service calls and an annual due diligence exercise, as well as regular touchpoints in the normal course of business.d

**Receipt of Proxy** 

If a client requests that Wellington Management votes proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting material to Wellington Management or its voting agent.

**Reconciliation** 

Proxies for public equity securities received by electronic means are matched to the securities eligible to be voted, and a reminder is sent to custodians/trustees that have not forwarded the proxies due. This reconciliation is performed at the ballot level. Although proxies received for private equity securities, as well as those received in non-electronic format for any securities, are voted as received, Wellington Management is not able to reconcile these ballots and does not notify custodians of non-receipt; Wellington Management is only able to reconcile ballots where clients have consented to providing holdings information with its provider for this purpose.

**Proxy Voting Process** 

Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's activities with regards to proxy voting practices.

Routine issues that can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such vote sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

**Material Conflict of Interest Identification and Resolution Processes** 

Further detail on our management of conflicts of interest can be found in our Stewardship Conflicts of Interest Policy, available on our website.

**OTHER CONSIDERATIONS** 

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

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**Securities Lending** 

Clients may elect to participate in securities lending Such lending may impact their ability to have their shares voted. Under certain circumstances, and where practical considerations allow, Wellington Management may determine that the anticipated value of voting could outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies. We do not borrow shares for the sole purpose of exercising voting rights.

**Share Blocking and Re-registration** 

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

**Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs** 

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote, when the proxy materials are not delivered in a timely fashion or when, in Wellington Management's judgment, the costs exceed the expected benefits to clients (included but not limited to instances such as when powers of attorney or consularization are required).

**ADDITIONAL INFORMATION** 

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses voting decisions through its website, including the rationale for votes against management.

Wellington Management provides clients with a copy of its *Global Proxy Policy and Procedures*, including the Guidelines, upon written request. In addition, Wellington Management will make specific client information relating to proxy voting available to a client upon reasonable written request.

Dated 15 September 2023

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**Appendix H — Cohen & Steers Capital Management, Inc. Proxy Voting Policy** 

PROXY VOTING POLICIES AND PROCEDURES FOR COHEN & STEERS CAPITAL MANAGEMENT, INC. (Cohen & Steers)

Cohen & Steers Capital Management, Inc. and its affiliated investment advisers (collectively, "Cohen & Steers," the "Company," or "we") may be granted the authority to vote proxies of securities held in its clients' portfolios. Our objective is to vote proxies in the best interests of our clients. To further this objective, we have adopted this Global Proxy Voting Policy (the "Proxy Voting Policy"). Part I of the Proxy Voting Policy contains the Proxy Voting Procedures and Part II contains the Proxy Voting Guidelines.

**Part I: Proxy Voting Procedures** 

**A. Proxy Committee.** 

The Company's proxy voting committee (the "Proxy Committee") is responsible for overseeing the proxy voting process and for establishing and maintaining the Proxy Voting Policy, which is reviewed and updated annually. The Proxy Committee is comprised of members of the Company's investment team and Legal & Compliance department

The Proxy Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the Proxy Voting Procedures to ensure consistency with the Company's internal policies and applicable rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the Proxy Voting Guidelines and establishing additional voting guidelines as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring that proxies are voted in accordance with the Proxy Voting Guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring there is an appropriate rationale for not voting proxies in accordance with the Proxy Voting Guidelines and that such votes are properly documented.

**B. Proxy Administration Group*.*** 

The proxy administration group is responsible for distributing proxy materials to investment personnel who are in turn responsible for voting proxies in accordance with the Proxy Voting Guidelines. Proxies that are not voted in accordance with the Proxy Voting Guidelines, votes against management, and proxies voted on environmental and social proposals are required to be documented and include a rationale. The proxy administration group is responsible for maintaining this documentation.

**C. Proxy Advisory Firm*.*** 

We have retained an independent proxy advisory firm to assist with the proxy voting process. The proxy advisory firm is responsible for coordinating with clients' custodians to ensure that all proxy materials received by the custodians relating to the clients' portfolio securities are processed in a timely manner. In addition, the proxy advisory firm is responsible for maintaining copies of all proxy materials received by issuers and promptly providing such materials to Cohen & Steers upon request.

From time to time, we may become aware of circumstances in which a company intends to file or has filed additional soliciting materials after we have received the proxy advisory firm's voting recommendation but before the submission deadline. If a company files such additional information sufficiently in advance of the voting deadline to allow us to review the information and the information could reasonably be expected to affect our voting determination, we will seek to obtain such additional materials in connection with our exercise of voting authority.

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The proxy administration group works with the proxy advisory firm and is responsible for ensuring that proxy votes are properly recorded and that necessary information about each proxy vote is maintained.

At least annually, the Company will conduct a review of its ongoing use of the proxy advisory firm. In addition, at least annually, the Company will conduct a review of the adequacy of its own voting policies and procedures to determine that they have been formulated reasonably and implemented effectively, including whether the applicable policies and procedures continue to be reasonably designed to ensure that the votes the Company casts on behalf of its clients are in their best interest.

**D. Conflicts of Interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Investment Advisers Act of 1940 requires that proxy voting procedures adopted and implemented by a U.S. investment adviser include procedures that address material conflicts of interest that may arise between an investment adviser's interests and those of its clients. The following are non-exclusive examples of sources of perceived or potential conflicts of interest relating to Cohen & Steers (including its affiliates): Cohen & Steers has a pecuniary interest in the matter voted upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers has a material financial relationship with the issuer soliciting the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of the board of directors of Cohen & Steers or Cohen & Steers, Inc. is a senior executive of, or a member of the board of directors of, the issuer soliciting the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee of Cohen & Steers is a senior executive of, or a member of the board of directors of, the issuer soliciting the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee of Cohen & Steers is an immediate family member of either a senior executive of, or a member of the board of directors of, the issuer soliciting the vote and such family member could foreseeably receive material non-public information about the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers or a collective investment vehicle sponsored by Cohen & Steers has a direct or indirect material interest in a joint venture in which the issuer soliciting the vote is a joint venture partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer soliciting the vote is a significant shareholder of Cohen & Steers, Inc.; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer soliciting the vote is Cohen & Steers, Inc.

When a potential material conflict of interest is identified, the Proxy Committee, in consultation with the Legal & Compliance Department, will evaluate the facts and circumstances and determine whether an actual conflict exists. If the Proxy Committee determines that a material conflict of interest does exist, it will make a recommendation on how the proxy should be voted.

Depending on the nature of the conflict, the Proxy Committee, in the course of addressing the material conflict, may elect to take one or more of the following actions (or other appropriate action):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• removing certain Cohen & Steers personnel from the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• outsourcing the vote to an independent third party that will vote in accordance with the Proxy Voting Guidelines.

**E. Foreign Securities.** 

Proxies relating to foreign securities are subject to the Proxy Voting Policy. In certain foreign jurisdictions, however, the voting of proxies may result in additional restrictions that have an economic impact or cost to the security. For example, certain countries restrict a shareholder's ability to sell shares for a certain period of time

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if the shareholder votes proxies at a meeting (a practice known as "share-blocking"). In other instances, the costs of voting a proxy (i.e. being required to vote in person at the meeting) may outweigh any benefit to the client if the proxy is voted.

In determining whether to vote proxies subject to such restrictions, the investment personnel responsible for the security must engage in a cost-benefit analysis and where the expected costs exceed the expected benefits, Cohen & Steers will generally abstain from voting the proxy.

**F. Shares of Registered Investment Companies.** 

Certain funds advised by Cohen & Steers may be structured as funds of funds and invest their assets primarily in other investment companies ("Funds of Funds"). Funds of Funds hold shares in underlying funds and may be solicited to vote on matters pertaining to these underlying funds. With respect to such matters, in order to comply with Section 12(d)(1)(F) of the Investment Company Act of 1940, Funds of Funds will vote their shares in any underlying fund in the same proportion as the vote of all other shareholders in that underlying fund (sometimes called "echo" or "proportionate" voting); provided, however, that in situations where proportionate voting is administratively impractical (i.e. proxy contests) Fund of Funds will cast a vote or, in certain cases, not cast a vote, so long as the action taken does not have an effect on the outcome of the matter being voted upon different than if the Funds of Funds had proportionately voted. The proportionate voting procedures described above do not apply to non-U.S. underlying funds held by Funds of Funds. Proxies for non-U.S. funds are actively voted in accordance with the procedures set forth herein.

**G. Cohen & Steers Funds.** 

The Board of Directors of the U.S. open-end and closed-end funds managed by Cohen & Steers (the "Cohen & Steers Funds") has delegated to Cohen & Steers the responsibility for voting proxies on behalf of the Cohen & Steers Funds. As such, proxies for portfolio securities held by any Cohen & Steers Fund will be voted in accordance with the Proxy Voting Policy. The

Chief Compliance Officer, or a designee, will make an annual presentation to the Board about these procedures and guidelines, including whether any revisions are recommended and will report to the Board at each regular, quarterly meeting with respect to any conflict of interest that arose in the proxy voting process.

**H. Securities Lending.** 

Some clients may have entered into securities lending arrangements with custodians or other third-party agent lenders. Cohen & Steers will not be able to vote securities that are on loan under these types of arrangements. However, under rare circumstances, for voting issues that may have a significant impact on the investment, we may ask clients to recall securities that are on loan if we believe that the benefit of voting outweighs the costs to the client and lost revenue to the client or fund and the administrative burden of recalling the securities.

**I. Recordkeeping.** 

In accordance with applicable regulations, we maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copies of all proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copies of all proxy materials that we receive for client securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• records of all votes cast by us on behalf of our clients;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copies of all written client requests for information about how we voted proxies on behalf of such client and copies of all responses thereto.

**J. Pre-Solicitation Contact.** 

From time to time, portfolio companies (or proxy solicitors acting on their behalf) may contact investment personnel or others in advance of the publication of proxy solicitation materials to solicit support for certain contemplated proposals. Such contact could result in the recipient receiving material non-public information and result in the imposition of trading restrictions by the Company.

The appropriateness of the contact is determined on a case-by-case basis. Under certain circumstances, it may be appropriate to provide companies with our general approach to certain issues. Promising our vote, however, is prohibited under all circumstances.

**Part II: Proxy Voting Guidelines** 

Set forth below are the Proxy Voting Guidelines followed by Cohen & Steers in exercising voting rights with respect to securities held in its client portfolios. All proxy voting rights that are exercised by Cohen & Steers are subject to these guidelines.

In exercising voting rights, Cohen & Steers shall conduct itself in accordance with the principles set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to exercise a voting right with respect to a security is a valuable right and, therefore, must be viewed as part of the asset itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers shall engage in a careful evaluation of issues that may materially affect the rights of shareholders and the value of the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers shall never base a proxy voting decision solely on the opinion of a third party. Rather, decisions shall be based on a reasonable and good faith determination as to how best to maximize shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consistent with general fiduciary duties, the exercise of voting rights shall always be conducted with reasonable care, prudence and diligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers shall conduct itself in the same manner as if Cohen & Steers were the beneficial owner of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent reasonably possible, Cohen & Steers shall participate in each shareholder voting opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting rights shall not automatically be exercised in favor of management-supported proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers, and its officers and employees, shall never accept any item of value in consideration of a favorable proxy vote.

**A. Board and Director Proposals** 

**1. Election of Directors** 

**a. Voting for Director Nominees in Uncontested Elections CASE BY CASE** 

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Votes on director nominees are made on a case-by-case basis using a "mosaic" approach, where all factors are considered and no single factor is determinative. In evaluating director nominees, Cohen & Steers consider the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the nominee attended less than 75 percent of the board and committee meetings without a valid excuse for the absences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the nominee is an inside or affiliated outside director and sits on the audit, compensation, or nominating committees and/or the full board serves as the audit, compensation, or nominating committees or the company does not have one of these committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the board ignored a significant shareholder proposal that was approved by a majority of the votes cast in the previous year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the board, without shareholder approval, to our knowledge instituted a new poison pill plan, extended an existing plan, or adopted a new plan upon the expiration of an existing plan during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the nominee is the chairman or CEO of a publicly-traded company who serves on more than two (2) public company boards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of nominees other than the chairman or CEO, whether the nominee serves on more than four (4) public company boards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the nominee is an incumbent director, the length of tenure taking into account tenure limits recommended by local corporate governance codes;<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the nominee has a material related party transaction or a material conflict of interest with the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the nominee (or the entire board) in our view has a record of making poor corporate or strategic decisions or has demonstrated an overall lack of good business judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material failures of governance, stewardship, or fiduciary responsibilities at the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material failures of risk oversight including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• -Bribery;

-Large or serial fines from regulatory bodies;

-Significant adverse legal judgments or settlements;

-Hedging of company stock by employees or directors of a company; or

-Significant pledging of company stock in the aggregate by officers and directors of a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the board has oversight of material climate-related risks and opportunities including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• -The transition and physical risks the company faces related to climate change on its operations and investment in terms of the impact on its business and financial condition, including the company's related disclosures;

-How the board identifies, measures and manages such risks; and

-The board's oversight of climate-related risk as a part of governance, strategy, risk management, and metrics and targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actions related to a nominee's service on other boards that raise substantial doubt about such nominee's ability to effectively oversee management and serve the best interests of shareholders at any company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of a nominee that is the chair of the nominating committee (or other directors on a case-by-case basis), whether there is a lack of diversity on the company's board.

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<sup>1</sup> For example, in the UK, independent directors of publicly traded companies with tenure exceeding nine (9) years are reclassified as non-independent unless the company can explain why they remain independent.

**b. Voting for Director Nominees in Contested Elections CASE BY CASE** 

Votes in a contested election of directors are evaluated on a case-by-case basis considering the long-term financial performance of the company relative to its industry management's track record, the qualifications of the nominees and other relevant factors.

**2. Board Composition CASE BY CASE** 

We believe an effective board should reflect a range of skills, experience, tenure and industry expertise, as well as diversity across gender, ethnicity, race and background. We believe such factors are beneficial to the decision-making process by fostering diverse perspectives and can enhance long-term profitability. Accordingly, we encourage companies to continue to evolve diversity and inclusion practices. We may vote against the chair of the nominating committee (or other directors on a case-by-case basis) if we determine that a lack of diversity on the post-election board represents a business risk or is inconsistent with applicable market norms or listing requirements.

**3. Non-Disclosure of Board Nominees AGAINST** 

We generally vote against the election of director nominees if the names of the nominees are not disclosed prior to the meeting. However, we recognize that companies in certain emerging markets may have legitimate reasons for not disclosing nominee names. In such cases, if a company discloses a legitimate reason why such nominee names have not been disclosed, we may vote for the nominees even if nominee names are not disclosed.

**4. Majority Vote Reequirement for Directors (SP)**<sup>2</sup> **FOR** 

We generally vote for proposals asking the board to amend the company's governance documents (charter or bylaws) to provide that director nominees will be elected by the affirmative vote of the majority of votes cast.

**5. Separation of Chairman and CEO (SP)** **FOR** 

We generally vote for proposals to separate the CEO and chairman positions. However, we do recognize, that under certain circumstances, it may be in the company's best interest for the CEO and chairman positions to be held by one person.

**6. Independent Chairman (SP) CASE BY CASE** 

We review on a case-by-case basis, proposals requiring the chairman's position to be filled by an independent director, taking into account the company's current board leadership and governance structure; company performance, and any other factors that may be relevant.

**7. Lead Independent Director (SP) FOR** 

In cases where the CEO and chairman roles are combined or the chairman is not independent, we vote for the appointment of a lead independent director.

**8. Board Independence (SP) FOR** 

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We believe that boards should have a majority of independent directors. Therefore, we vote for proposals that require the board to be comprised of a majority of independent directors.

In general, we consider a director independent if the director satisfies the independence definition set forth in local corporate governance codes and/or the applicable listing standards of the exchange on which the company's stock is listed.

In addition, we generally consider a director independent if the director has no significant financial, familial or other ties with the company that may pose a conflict, and has not been employed by the company in an executive capacity.

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<sup>2</sup> "SP" refers to a shareholder proposal.

**9. Board Size (SP) FOR** 

We generally vote for proposals to limit the size of the board to 15 members or less.

**10. Classified Boards (SP) FOR** 

We generally vote in favor of proposals to declassify a board of directors. In voting on proposals to declassify a board of directors, we evaluate all facts and circumstances, including whether: (i) current management and board have a history of making good corporate and strategic decisions and (ii) the proposal is in the best interests of shareholders.

**11. Tiered Boards (NON-U.S.) FOR** 

We vote in favor of unitary boards as opposed to tiered board structures. We believe that unitary boards offer flexibility while, with a tiered structure, there is a risk of upper tier directors becoming remote from the business, while lower tier directors become deprived of contact with outsiders of wider experience. No director should be excluded from the requirement to submit him/herself for re-election on a regular basis.

**12. Independent Committees (SP) FOR** 

We vote for proposals requesting that a board's audit, compensation and nominating committees consist only of independent directors.

**13. Adoption of a Board with Audit Committee Structure (JAPAN) FO**R

We generally vote for article amendments to adopt a board with an audit committee structure unless the structure obstructs shareholders' ability to submit proposals on income allocation related issues or the company already has a 3-comittee (U.S. style) structure.

**14. Non-Disclosure of Board Compensation AGAINST** 

We generally vote against the election of director nominees at companies if the compensation paid to such directors is not disclosed prior to the meeting. However, we recognizes that companies in certain emerging markets may have legitimate reasons for not disclosing such compensation. In such cases, if a company discloses a legitimate reason why such compensation should not be disclosed, we may vote for the nominees even if compensation is not disclosed.

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**15. Director and Officer Indemnification and Liability Protection FOR** 

We vote in favor of proposals providing indemnification for directors and officers for acts conducted in the normal course of business that is consistent with the laws of the jurisdiction of formation. We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal defense, the director or officer acted in good faith and in the best interests of the company. We vote against proposals that would expand indemnification beyond coverage of legal expenses to coverage of acts, such as gross negligence, that are violations of fiduciary obligations.

**16. Directors' Liability (Non-U.S.) FOR** 

These proposals ask shareholders to give discharge from responsibility for all decisions made during the previous financial year. Depending on the country, this resolution may or may not be legally binding, may not release the board from its legal responsibility, and does not necessarily eliminate the possibility of future shareholder action (although it does make such action more difficult to pursue).

We will generally vote for the discharge of directors, including members of the management board and/or supervisory board, unless the board is not fulfilling its fiduciary duties as evidenced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A lack of oversight or actions by board members that amount to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any legal issues (*e.g.,* civil/criminal) aimed to hold the board liable for past or current actions that constitute a breach of trust, such as price fixing, insider trading, bribery, fraud, or other illegal actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other egregious governance issues where shareholders are likely to bring legal action against the company or its directors.

**17. Directors' Contracts (Non-U.S.) CASE BY CASE** 

Best market practice about the appropriate length of directors' service contracts varies by jurisdiction. As such, we generally vote these proposals on a case-by-case basis taking into account the best interests of the company and its shareholders and local market practice.

**B. Compensation Proposals** 

**1. Votes on Executive Compensation CASE BY CASE** 

"Say-on-Pay" votes are determined on a case-by-case basis taking into account the reasonableness of the company's compensation structure and the adequacy of the disclosure.

We generally vote against circumstances where there are an unacceptable under of problematic pay practices including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Poor linkage between executive pay and company performance and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The presence of objectionable structural features in the compensation plan, such as excessive perquisites, golden parachutes, tax-gross up provisions, and automatic benchmarking of pay in the top half of the peer group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A lack of proportionality in the plan relative to the company's size and peer group.

**2. Additional Disclosure of Executive and Director PAY (SP) FOR** 

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We generally vote for shareholder proposals that seek additional disclosure of executive and director pay information.

**3. Frequency of Shareholder Votes on Executive Compensation ONE YEAR** 

We generally vote for annual shareholder advisory votes to approve executive compensation.

**4. Golden Parachutes AGAINST** 

In general, we vote against golden parachutes because they impede potential takeovers that shareholders should be free to consider. we oppose the use of employment agreements that result in excessive cash payments and generally withhold our vote at the next shareholder meeting for directors who approved golden parachutes.

In the context of an acquisition, merger, consolidation, or proposed sale, we vote on a case-by-case basis on proposals to approve golden parachute payments. Factors that may result to a vote against include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potentially excessive severance payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreements that include excessive excise tax gross-up provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-trigger payments upon a change in control ("CIC"), including cash payments and the acceleration of performance-based equity despite the failure to achieve performance measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-trigger vesting of equity based on a definition of CIC that requires only shareholder approval of the transaction (rather than consummation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent amendments or other changes that may make packages so attractive as to encourage transactions that may not be in the best interests of shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.

**5. Non-Executive Director Remuneration (non-U.S.) CASE BY CASE** 

We generally evaluate these proposals on a case-by-case basis taking into account the remuneration mix and the adequacy of the disclosure. We believe that non-executive directors should be compensated with a mix of cash and equity to align their interests with the interests of shareholders. The details of such remuneration should be fully disclosed and provided with sufficient time for us to consider our vote.

**6. Approval of Annual Bonuses for Directors and Statutory Auditors (JAPAN) FOR** 

We generally support the payment of annual bonuses to directors and statutory auditors except in cases of scandals or extreme under performance.

**7. Equity Compensation Plans CASE BY CASE** 

Votes on proposals related to compensation plans are determined on a case-by-case basis taking into account plan features and equity grant practices, where positive factors may counterbalance negative factors (and vice versa), as evaluated based on three pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Plan Cost:** the total estimated cost of the company's equity plans relative to industry/market cap peers measured by the company's estimated shareholder value transfer (SVT) in relation to peers, considering:

-SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

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-SVT based only on new shares requested plus shares remaining for future grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Plan Features:** 

-Automatic single-triggered award vesting upon CIC;

-Discretionary vesting authority;

-Liberal share recycling on various award types; and

-Minimum vesting period for grants made under the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Grant Practices:** 

-The company's three year burn rate relative to its industry/market cap peers;

-Vesting requirements for most recent CEO equity grants (3-year look-back);

-The estimated duration of the plan based on the sum of shares remaining available and the new shares requested divided by the average annual shares granted in the prior three years;

-The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

-Whether the company maintains a claw-back policy; and

-Whether the company has established post exercise/vesting share-holding requirements.

We generally vote against compensation plan proposals if the combination of factors indicates that the plan overall is not in the interests of shareholders, or if any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Awards may vest in connection with a liberal CIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The plan would permit re-pricing or cash buyout of underwater options without shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The plan is a vehicle for problematic pay practices or a pay-for-performance disconnect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other plan features that are determined to have a significant negative impact on shareholder interests.

**8. Equity Compensation Plans (non-U.S.) CASE BY CASE** 

We evaluate these proposals on a case-by-case basis. Share option plans should be clearly explained and fully disclosed to both shareholders and participants and put to shareholders for approval. Each director's share options should be detailed, including exercise prices, expiration dates and the market price of the shares at the date of exercise. They should take into account appropriate levels of dilution. Options should vest in reference to challenging performance criteria, which are disclosed in advance. Share options should be fully expenses so that shareholders can assess their true cost to the company. The assumptions and methodology behind the expensing calculation should also be disclosed to shareholders.

**9. Long-Term Incentive Plans (non-U.S.) CASE BY CASE** 

A long-term incentive plan refers to any arrangement, other than deferred bonuses and retirement benefit plans, which require one or more conditions in respect of service and/or performance to be satisfied over more than one financial year.

We evaluate these proposals on a case-by-case basis. Cohen & Steers generally votes in favor of plans with robust incentives and challenging performance criteria that are fully disclosed to shareholders in advance and vote against plans that are excessive or contain easily achievable performance metrics or where there is excessive discretion delegated to remuneration committees. Cohen & Steers would expect remuneration

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committees to explain why criteria are considered to be challenging and how they align the interests of shareholders with the interests of the plan participants. We will also vote against proposals that lack sufficient disclosure.

**10. Transferable Stock Options CASE BY CASE** 

We evaluate on a case-by-case basis, proposals to grant transferable stock options or otherwise permit the transfer of outstanding stock options, including cost of proposal and alignment with shareholder interests.

**11. Approval of Cash or Cash-and-Stock Bonus Plans FOR** 

We vote to approve cash or cash-and-stock bonus plans that seek to exempt executive compensation from limits on deductibility imposed by Section 162(m) of the Internal Revenue Code.

**12. Employee Stock Purchase Plans FOR** 

We vote for the approval of employee stock purchase plans, although we generally believe the discounted purchase price should not exceed 15% of the current market price.

**13. 401(k) Employee Benefit Plans FOR** 

We vote for proposals to implement a 401(k) savings plan for employees.

**14. Pension Arrangements (non-U.S.) CASE BY CASE** 

We evaluate these proposals on a case-by-case basis. Pension arrangements should be transparent and cost-neutral to shareholders. We believe it is inappropriate for executives to participate in pension arrangements that are materially different than those offered to other employees (such as continuing to participate in a final salary arrangement when employees have been transferred to a money purchase plan). One-off payments into individual director's pension plans, changes to pension entitlements, and waivers concerning early retirement provisions must be fully disclosed and justified to shareholders.

**15. Stock Ownership Requirements (SP) FOR** 

We support proposals requiring senior executives and directors to hold a minimum amount of stock in a company (often expressed as a percentage of annual compensation), which may include restricted stock or restricted stock units.

**16. Stock Holding Periods (SP) AGAINST** 

We generally vote against proposals requiring executives to hold stock received upon option exercise for a specific period of time.

**17. Recovery of Incentive Compensation (SP) FOR** 

We generally vote for proposals to recover incentive bonuses or other incentive payments made to senior executives if it is later determined that fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the award of incentive compensation.

**C. Capital Structure Changes AND Anti-Takeover Proposals** 

**1. Increase to Authorized Shares FOR** 

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We generally vote for increases in authorized shares, provided that the increase is not greater than three times the number of shares outstanding and reserved for issuance (including shares reserved for stock-related plans and securities convertible into common stock, but not shares reserved for any poison pill plan).

**2. Blank Check Preferred Stock AGAINST** 

We generally vote against proposals authorizing the creation of new classes of preferred stock without specific voting, conversion, distribution and other rights, and proposals to increase the number of authorized blank check preferred shares. We may vote in favor of these proposals if we receive reasonable assurances that (i) the preferred stock was authorized by the board for legitimate capital formation purposes and not for anti-takeover purposes, and (ii) no preferred stock will be issued with voting power that is disproportionate to the economic interests of the preferred stock. These representations should be made either in the proxy statement or in a separate letter from the company to us.

**3. Pre-Emptive Rights AGAINST** 

We generally vote against the issuance of equity shares with pre-emptive rights. However, we may vote for shareholder pre-emptive rights where such pre-emptive rights are necessary taking in to account the best interests of the company's shareholders. In addition, we acknowledge that international local practices may call for shareholder pre-emptive rights when a company seeks authority to issue shares (e.g., UK authority for the issuance of only up to 5% of outstanding shares without pre-emptive rights). While we prefer that companies be permitted to issue shares without pre-emptive rights, in deference to international local practices, we will approve issuance requests with pre-emptive rights.

**4. Dual Class Capitalizations AGAINST** 

Because classes of common stock with unequal voting rights limit the rights of certain shareholders, we vote against adoption of a dual or multiple class capitalization structure. We support the one-share, one-vote principle for voting.

**5. Restructurings/Recapitalizations CASE BY CASE** 

We review proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis. In voting, Cohen & Steers considers the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dilution: how much will the ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change in control: will the transaction result in a change in control of the company?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy: generally, approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses.

**6. Share Repurchase Programs FOR** 

We generally vote in favor of such programs where the repurchase would be in the long-term best interests of shareholders and where we believe that this is a good use of the company's cash.

We will vote against such programs when shareholders' interests could be better served by deployment of the cash for alternative uses, or where the repurchase is a defensive maneuver or an attempt to entrench management.

**7. Targeted Share Placements (SP) CASE BY CASE** 

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We vote these proposals on a case-by-case basis. These proposals ask companies to seek shareholder approval before placing 10% or more of their voting stock with a single investor. The proposals are typically in reaction to the placement of a large block of voting stock in an employee stock option plan, parent capital fund or with a single friendly investor, with the aim of protecting the company against a hostile tender offer.

**8. Shareholder Rights Plans CASE BY CASE** 

We review proposals to ratify shareholder rights plans on a case-by-case basis taking into consideration the length of the plan.

**9. Shareholder Rights Plans (JAPAN) CASE BY CASE** 

We review these proposals on a case-by-case basis examining not only the features of the plan itself but also factors including share price movements, shareholder composition, board composition, and the company's announced plans to improve shareholder value.

**10. Reincorporation Proposals CASE BY CASE** 

Proposals to change a company's jurisdiction of incorporation are examined on a case-by-case basis. When evaluating such proposals, we review management's rationale for the proposal, changes to the charter/bylaws, and differences in the applicable laws governing the companies.

**11. Voting on State Takeover Statutes (SP) CASE BY CASE** 

We review on a case-by-case basis, proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze-out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions and disgorgement provisions). In voting on these shareholder proposals, Cohen & Steers takes into account whether the proposal is in the long-term best interests of the company and whether it would be in the best interests of the company to thwart a shareholder's attempt to control the board of directors.

**D. Mergers and Corporate Restructurings** 

**1. Mergers and Acquisitions CASE BY CASE** 

Votes on mergers and acquisitions are considered on a case-by-case basis, taking into account the anticipated financial and operating benefits, offer price (cost vs. premium), prospects of the combined companies, how the deal was negotiated and changes in corporate governance and their impact on shareholder rights.

We vote against proposals that require a super-majority of shareholders to approve a merger or other significant business combination.

**2. Nonfinancial Effects of a Merger or Acquisition AGAINST** 

Some companies have proposed charter provisions that specify that the board of directors may examine the nonfinancial effects of a merger or acquisition on the company. This provision would allow the board to evaluate the impact a proposed change in control would have on employees, host communities, suppliers and/or others. We generally vote against proposals to adopt such charter provisions. Directors should base their decisions solely on the financial interests of the shareholders.

**3. Spin-offs CASE BY CASE** 

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We evaluate spin-offs on a case-by-case basis taking into account the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

**4. Asset Sales CASE BY CASE** 

We evaluate asset sales on a case-by-case basis taking into account the impact on the balance sheet/working capital, value received for the assets, and potential elimination of diseconomies.

**5. Liquidations CASE BY CASE** 

We evaluate liquidations on a case-by-case basis taking into account management's efforts to pursue other alternatives, appraisal value of assets and the compensation plan for executives managing the liquidation.

**6. Issuance of Debt (non-U.S.) CASE BY CASE** 

We evaluate these proposals on a case-by-case basis. Reasons for increased bank borrowing powers are numerous and varied, including allowing for normal growth of the company, the financing of acquisitions, and allowing increased financial leverage. Management may also attempt to borrow as part of a takeover defense. We generally vote in favor of proposals that will enhance a company's long-term prospects. We vote against any uncapped or poorly-defined increase in bank borrowing powers or borrowing limits, issuances that would result in the company reaching an unacceptable level of financial leverage or a material reduction in shareholder value, or where such borrowing is expressly intended as part of a takeover defense.

**E. Auditor Proposals** 

**1. Ratification of Auditors FOR** 

We generally vote for proposals to ratify auditors, auditor remuneration and/or proposals authorizing the board to fiXaudit fees, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an auditor has a financial interest in or association with the company, and is therefore not independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the proposed auditor and/or fees paid to the audit firm are not disclosed by the company prior to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the auditors are being changed without explanation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees paid for non-audit related services are excessive and/or exceed fees paid for audit services or limits set in local best practice recommendations or law.

Where fees for non-audit services include fees related to significant one-time capital structure events, initial public offerings, bankruptcy emergence, and spinoffs, and the company makes public disclosure of the amount and nature of those fees, then such fees may be excluded from the non-audit fees considered in determining whether non-audit related fees are excessive.

**2. Auditor Rotation CASE BY CASE** 

We evaluate auditor rotation proposals on a case-by-case basis taking into account the following factors: the tenure of the audit firm; establishment and disclosure of a review process whereby the auditor is regularly evaluated for both audit quality and competitive price; length of the rotation period advocated in the proposal; and any significant audit related issues.

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**3. Auditor Indemnification AGAINST** 

We generally vote against auditor indemnification and limitation of liability. However, we recognize there may be situations where indemnification and limitations on liability may be appropriate.

**4. Annual Accounts and Reports (non-U.S.) FOR** 

Annual reports and accounts should be detailed and transparent and should be submitted to shareholders for approval in a timely manner as prescribed by law. They should meet accepted reporting standards such as those prescribed by the International Accounting Standards Board (IASB).

We approve proposals relating to the adoption of annual accounts provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The report has been examined by an independent external accountant and the accuracy of material items in the report is not in doubt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The report complies with legal and regulatory requirements and best practice provisions in local markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company discloses which portion of the remuneration paid to the external accountnt relates to auditing activities and which portion relates to non-auditing advisory assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A report on the implementation of risk management and internal control measures is incorporated, including an in-control statement from company management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A report should include a statement of compliance with relevant codes of best practice for markets where they exist (e.g. for UK companies a statement of compliance with the Corporate Governance Code should be made, together with detailed explanations about any area(s) of non-compliance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A conclusive response is given to all queries from shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other concerns about corporate governance have not been identified.

**5. Appointment of Internal Statutory Auditor (JAPAN) CASE BY CASE** 

We evaluate these proposals on a case-by-case basis taking into account the work history of each nominee. If the nominee is designated as independent but has worked the majority of his or her career for one of the company's major shareholders, lenders, or business partners, we consider the nominee affiliated and will withhold support.

**F. Shareholder Access and Voting Proposals** 

**1. Proxy Access CASE BY CASE** 

We review proxy access proposals on a case-by-case basis taking into account the parameters of proxy access use in light of a company's specific circumstances. we generally support proposals that provide shareholders with a reasonable opportunity to use the right without stipulating overly restrictive or onerous parameters for use and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company or investors seeking to take control of the board.

**2. Bylaw Amendments CASE BY CASE** 

We vote on a case-by-case basis on proposals requesting companies grant shareholders the ability to amend bylaws. Similar to proxy access, we generally supports proposals that provide assurances that this right will not be subject to abuse by short-term investors or investors without a substantial investment in a company.

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**3. Reimbursement of Proxy Solicitation Expenses (SP) AGAINST** 

In the absence of compelling reasons, we will generally not support such proposals.

**4. Shareholder Ability to Call Special Meetings (SP) CASE BY CASE** 

We vote on a case-by-case basis on proposals requesting companies amend their governance documents (bylaws and/or charter) in order to allow shareholders to call special meetings.

**5. Shareholder Ability to Act by Written Consent (SP) AGAINST** 

We generally vote against proposals to allow or facilitate shareholder action by written consent to provide reasonable protection of minority shareholder rights.

**6. Shareholder Ability to Alter the Size of the Board FOR** 

We generally vote for proposals that seek to fiXthe size of the board and vote against proposals that give the board the ability to alter the size of the board without shareholder approval. While we recognize the importance of such proposals, these proposals may be set forth in order to promote the agenda(s) of certain special interest groups and could be disruptive to management of the company.

**7. Cumulative Voting (SP) AGAINST** 

Having the ability to cumulate votes for the election of directors (*i.e.,* to cast more than one vote for a director) generally increases shareholders' rights to effect change in the management of a company. However, we acknowledge that cumulative voting promotes special candidates who may not represent the interests of all, or even a majority, of shareholders. Therefore, when voting on proposals to institute cumulative voting, we evaluate all facts and circumstances surrounding such proposal and generally vote against cumulative voting where the company has good corporate governance practices in place, including majority voting for board elections and de-classified boards.

**8. Supermajority Vote Requirements (SP) FOR** 

We generally supports proposals that seek to lower supermajority voting requirements.

**9. Confidential Voting FOR** 

We vote for proposals requesting that companies adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as such proposals permit management to request that dissident groups honor its confidential voting policy in the case of proxy contests.

**10. Virtual Shareholder Meetings FOR** 

We generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings and companies allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

**11. Date/Location of Meeting (SP) AGAINST** 

We vote against shareholder proposals to change the date or location of the shareholders' meeting.

**12. Adjourn Meeting if Votes are Insufficient AGAINST** 

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We generally votes against open-end requests for adjournment of a shareholder meeting. However, where management specifically states the reason for requesting an adjournment and the requested adjournment is necessary to permit a proposal that would otherwise be supported under this policy to be carried out, the adjournment request will be supported.

**13. Disclosure of Shareholder Proponents (SP) FOR** 

We vote for shareholder proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information.

**G. Environmental and Social Proposals** 

We believe that well-managed companies should be identifying, evaluating and assessing environmental and social issues and, where material to its business, managing exposure to environmental and social risks related to these issues. When considering management or shareholder proposals relating to these issues, because of the diverse nature of environmental and social proposals, we evaluate these proposals on a case-by-case basis. The principles guiding our evaluation of these proposals include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The current level of publicly available disclosure from the company or other publicly available sources, including if the company already discloses similar information through existing reports or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether implementation of a proposal is likely to enhance or protect shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether a proposal can be implemented at a reasonable cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What other companies in the relevant industry have done in response to the issue addressed in the proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

**1. Environmental Proposals CASE BY CASE** 

We acknowledge that environmental considerations can pose significant risks and opportunities. Therefore, we generally vote in favor of proposals requesting a company disclose information that will aid in the determination of material environmental issues impacting the company and, where material to its business, how the company is managing exposure to environmental risks related to these issues, taking into consideration the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The general factors listed above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the issues presented have already been effectively dealt with through governmental regulation or legislation.

In particular in relation to climate-related risk and opportunities material to its business, we expect companies to help their investors understand how they may be impacted by such risk and opportunities, and how these

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factors are considered within strategy in a manner consistent with the company's business model and sector. The principles guiding our evaluation of these proposals are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The general factors listed above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transition and physical risks the company faces related to climate change on its operations and investment in terms of the impact on its business and financial condition, including the company's related disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How the company identifies, measures and manages such risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company's approach to climate-related risk as a part of governance, strategy, risk management, and metrics and targets.

**2. Social Proposals CASE BY CASE** 

We acknowledge that social considerations can pose significant risks and opportunities. Therefore, we generally vote in favor of proposals requesting a company disclose information that will aid in the determination of material social issues impacting the company and, where material to its business, how the company is managing exposure to social risks related to these issues.

We believe board and workforce diversity are beneficial to the decision-making process by fostering diverse perspectives and can enhance long-term profitability. Therefore, we generally vote in favor of proposals that seek to increase board and workforce diversity including, but not limited to, diversity of gender, ethnicity, race and background, where we consider such proposals as aligned with the long-term best interests of shareholders and applicable market norms or listing requirements. We vote all other social proposals on a case-by-case basis, including, but not limited to, proposals related to political and charitable contributions, lobbying, and gender equality and the gender pay gap.

**H. Miscellaneous Proposals** 

**1. Bundled Proposals CASE BY CASE** 

We review on a case-by-case basis bundled or "conditioned" proposals. For items that are conditioned upon each other, we examine the benefits and costs of the bundled items. In instances where the combined effect of the conditioned items is not in shareholders' best interests, we vote against such proposals. If the combined effect is positive, we support such proposals. In the case of bundled director proposals, we will vote for the entire slate only if we would have otherwise voted for each director on an individual basis.

**2. Other Business AGAINST** 

We generally vote against proposals to approve other business where we cannot determine the exact nature of the proposal(s) to be voted.Last reviewed: September 2024

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**Proxy Voting Guideline Summary** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder**<br> **Proposal**<br>|  | **For** | **Against** | &nbsp;&nbsp; **Case** <br> **by Case**<br>|
| **A. Board and Director Proposals** | **A. Board and Director Proposals** | **A. Board and Director Proposals** | **A. Board and Director Proposals** | **A. Board and Director Proposals** |
|  | 1.a. Voting for Director Nominees in Uncontested Elections |  |  | X |
|  | 1.b. Voting for Director Nominees in Contested Elections |  |  | X |
|  | 2. Board Composition |  |  | X |
|  | 3. Non-Disclosure of Board Nominees |  | X |  |
| X | 4. Majority Vote Requirement for Directors | X |  |  |
| X | 5. Separation of Chairman and CEO | X |  |  |
| X | 6. Independent Chairman |  |  | X |
| X | 7. Lead Independent Director | X |  |  |
| X | 8. Board Independence | X |  |  |
| X | 9. Board Size | X |  |  |
| X | 10. Classified Board | X |  |  |
|  | 11. Tiered Boards (non-U.S.) | X |  |  |
| X | 12. Independent Committees |  |  |  |
|  | 13. Adoption of a Board with Audit Committee Structure <br> (JAPAN)<br>| X |  |  |
|  | 14. Non-Disclosure of Board Compensation |  | X |  |
|  | &nbsp;&nbsp; 15. Director and Officer Indemnification and Liability <br> Protection<br>| X |  |  |
|  | 16. Directors' Liability (non-U.S.) | X |  |  |
|  | 17. Directors' Contracts (non-U.S.) |  |  | X |
| **B. Compensation Proposals** | **B. Compensation Proposals** | **B. Compensation Proposals** | **B. Compensation Proposals** | **B. Compensation Proposals** |
|  | 1. Votes on Executive Compensation |  |  | X |
| X | 2. Additional Disclosure on Executive and Director Pay | X |  |  |
|  | 3. Frequency of Shareholder Votes on Executive Compensation | ONE YEAR |  |  |
|  | 4. Golden Parachutes |  | X |  |
|  | 5. Non-Executive Director Remuneration (non-U.S.) |  |  | X |
|  | &nbsp;&nbsp; 6. Approval of Annual Bonuses for Directors and Statutory <br> Auditors (JAPAN)<br>| X |  |  |
|  | 7. Equity Compensation Plans |  |  | X |
|  | 8. Equity Compensation Plans (non-U.S.) |  |  | X |
|  | 9. Long-Term Incentive Plans (non-U.S.) |  |  | X |
|  | 10. Transferable Stock Options |  |  | X |
|  | 11. Approval of Cash or Cash-and-Stock Bonus Plans | X |  |  |
|  | 12. Employee Stock Purchase Plans | X |  |  |
|  | 13. 401(k) Employee Benefit Plans | X |  |  |
|  | 14. Pension Arrangements (non-U.S.) |  |  | X |
| X | 15. Stock Ownership Requirements | X |  |  |
| X | 16. Stock Holding Periods |  | X |  |
| X | 17. Recovery of Incentive Compensation | X |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder**<br> **Proposal**<br>|  | **For** | **Against** | &nbsp;&nbsp; **Case** <br> **by Case**<br>|
| **C. Capital Structure Changes and Anti-Takeover Proposals** | **C. Capital Structure Changes and Anti-Takeover Proposals** | **C. Capital Structure Changes and Anti-Takeover Proposals** | **C. Capital Structure Changes and Anti-Takeover Proposals** | **C. Capital Structure Changes and Anti-Takeover Proposals** |
|  | 1. Increase to Authorized Shares | X |  |  |
|  | 2. Blank Check Preferred Stock |  | X |  |
|  | 3. Pre-Emptive Rights |  | X |  |
|  | 4. Dual Class Capitalizations |  | X |  |
|  | 5. Restructurings/Recapitalizations |  |  | X |
|  | 6. Share Repurchase Programs | X |  |  |
| X | 7. Targeted Share Placements |  |  | X |
|  | 8. Shareholder Rights Plans |  |  | X |
|  | 9. Shareholder Rights Plans (JAPAN) |  |  | X |
|  | 10. Reincorporation Proposals |  |  | X |
| X | 11. Voting on State Takeover Statutes |  |  | X |
| **D. Mergers and Corporate Restructurings** | **D. Mergers and Corporate Restructurings** | **D. Mergers and Corporate Restructurings** | **D. Mergers and Corporate Restructurings** | **D. Mergers and Corporate Restructurings** |
|  | 1. Mergers and Acquisitions |  |  | X |
|  | 2. Nonfinancial Effects of a Merger or Acquisition |  | X |  |
|  | 3. Spin-offs |  |  | X |
|  | 4. Asset Sales |  |  | X |
|  | 5. Liquidations |  |  | X |
|  | 6. Issuance of Debt (non-U.S.) |  |  | X |
| **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** | **E. Auditor Proposals** |
|  | 1. Ratification of Auditors | X |  |  |
|  | 2. Auditor Rotation |  |  | X |
|  | 3. Auditor Indemnification |  | X |  |
|  | 4. Annual Accounts and Reports (non-U.S.) | X |  |  |
|  | 5. Appointment of Internal Statutory Auditor (JAPAN) |  |  | X |
| **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** | **F. Shareholder Access, Meeting and Voting Proposals** |
|  | 1. Proxy Access |  |  | X |
|  | 2. Bylaw Amendments |  |  | X |
| X | 3. Reimbursement of Proxy Solicitation Expenses |  | X |  |
| X | 4. Shareholder Ability to Call Special Meetings |  |  | X |
| X | 5. Shareholder Ability to Act by Written Consent |  | X |  |
|  | 6. Shareholder Ability to Alter the Size of the Board | X |  |  |
| X | 7. Cumulative Voting |  | X |  |
| X | 8. Supermajority Vote Requirements | X |  |  |
|  | 9. Confidential Voting | X |  |  |
|  | 10. Virtual Shareholder Meetings | X |  |  |
| X | 11. Date/Location of Meeting |  | X |  |
|  | 12. Adjourn Meeting if Votes Are Insufficient |  | X |  |
| X | 13. Disclosure of Shareholder Proponents | X |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder**<br> **Proposal**<br>|  | **For** | **Against** | &nbsp;&nbsp; **Case** <br> **by Case**<br>|
| **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** | **G. Environmental and Social Proposals** |
| X | 1. Environmental Proposals |  |  | X |
| X | 2. Social Proposals |  |  | X |
| **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** | **H. Miscellaneous Proposals** |
|  | 1. Bundled Proposals |  |  | X |
|  | 2. Other Business |  | X |  |

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**Appendix I — Metropolitan West Asset Management, LLC Proxy Voting Policy** 

GLOBAL PROXY VOTING POLICY

For a PDF copy of this Global Portfolio Proxy Voting Policy document, please click here. To access our proxy voting records and additional information, please visit: https://www.tcw.com/literature/proxy-voting.

*April 2025* 

TCW, through certain subsidiaries and affiliates acts as investment advisor for a variety of clients, including US-registered investment companies. TCW has the right to vote proxies on behalf of its US registered investment company clients and other clients, and believes that proxy voting rights can be a significant asset of its clients' holdings.

Accordingly, TCW seeks to exercise that right consistent with its fiduciary duties on behalf of its clients. This policy applies to all discretionary accounts over which TCW has proxy voting responsibility or an obligation to provide proxy voting guidance with respect to the holdings it advises on a model or wrap basis.

While the Global Portfolio Proxy Voting Policy Guidelines, and Procedures (the "Policy") outlined here are written to apply internationally, differences in local practice and law make a universal application of these guidelines impractical. As a consequence, it is important to note that TCW maintains the flexibility to vote on proxies on a case by case basis on a facts and circumstances analysis, reflecting the effects on the specific company and unique attributes of the industry and/or geography. In addition, this document serves as a set of general guidelines, not hardcoded rules, which are designed to aid us in voting proxies for TCW and not necessarily in making investment decisions. At TCW, we reserve the right in all cases to vote in contravention of the guidelines outlined in this Policy, where doing so is judged to represent the best interests of its clients in the specific situation.

*Engagement Philosophy* 

As we seek to deliver on our client's financial objectives, engagement is an integral components of TCW's research and investment process. Our data-informed engagement practices achieve several objectives. The information elicited from these practices not only helps to improve our fundamental research, but our engagement and active ownership practices may also have positive impacts on companies or other entities by suggesting best practices that can address critical, financially material issues in areas of sustainability, corporate governance, or executive compensation.

Our approach to engagement and active ownership encompasses a variety of tools tailored to different asset classes. Engagement is a practice applied to all our investments, spanning equity and fixed income, in both private and public markets. Proxy voting, is primarily relevant to public equities. Situations in which we find ourselves as a significant or controlling shareholder, or situations where we are the lead debt holder in a special situation occur primarily within our private business and demand a more tailored approach. We also actively engage with the industry in question to help leverage our expertise and improve industry practices more broadly.

Our portfolio managers, research analysts, and sustainable investment analysts collaborate closely in our ongoing dialogues with companies, investee entities, as well as suppliers, customers, competitors, and the broader industry. Our objective is, wherever feasible, to pursue engagement in an integrated fashion, bringing together investment professionals from sustainability and fundamental research teams, often focused on different parts of the capital structure. This integrated approach to engagement forms the cornerstone of our ownership responsibilities and guides the investment choices we make on behalf of our clients.

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The depth and breadth of TCW's investments provides an important platform by which we engage with companies and other entities. Our primary goal with engagement is to advance best practices in governance, transparency, and the management of identified material risks to ultimately drive long-term value in the investments we make on behalf of our clients.

Engagement is a dynamic and long-term process that evolves over multiple years. Our analysts continually reinforce and monitor our engagement objectives during their regular interactions with companies and other entities. Lack of responsiveness or progress is duly reflected in our assessments of investee entities, potentially leading to further actions as deemed necessary. We maintain a record of our engagements and may provide our clients an overview of both the volume and depth of these engagements upon request. In 2024, TCW was named a signatory to the UK Stewardship Code. Our report is public and available at the following link: https://media.frc.org.uk/documents/2023_UK_Stewardship_Report_FINAL.pdf.

Proxy Voting Procedures

TCW will make every reasonable effort to execute on proxy votes on behalf of its clients prior to the applicable deadlines. However, TCW often relies on third parties, including custodians and clients, for the timely provision of proxy ballots. TCW may be unable to execute on proxy votes if it does not receive requisite materials with sufficient time to review and process them.

Furthermore, TCW may receive ballots for some strategies for which the typical expression of our engagement and stewardship policies may not be possible. For instance, some strategies may only hold securities for a short period of time. For ballots received for securities held in these strategies, TCW may elect not to vote.

Proxy Committee

In order to carry out its fiduciary responsibilities in the voting of proxies for its clients, TCW has established a Proxy Voting Committee (the "Proxy Committee"). The Proxy Committee generally meets quarterly (or at such other frequency as determined by the Proxy Committee), and its duties include establishing and maintaining (the "Policy"), overseeing the internal proxy voting process, and reviewing proxy voting proposals and issues that may not be covered by the Policy. The Proxy Committee also works with TCW's investment teams to evolve TCW's engagement process, proxy voting philosophy, scope of coverage, and execution.

Proxy Voting Services

TCW also uses outside proxy voting services (each an "Outside Service") to help manage the proxy voting process. An Outside Service facilitates TCW's voting according to the Policy (or, if applicable, according to guidelines submitted by TCW's clients) by providing proxy research, an enhanced voting technology solution, and record keeping and reporting system(s). To supplement its own research and analysis in determining how best to vote a particular proxy proposal, TCW may utilize research, analysis or recommendations provided by the Outside Service on a case-by-case basis. TCW does not as a policy solely follow the assessments or recommendations provided by the proxy voting service but uses it to support its own determination and review on a case-by-case basis. Under specified circumstances described below involving potential conflicts of interest, an Outside Service may also be requested to help inform a decision related to certain proxy votes. In those instances, the Proxy Committee shall review and evaluate the voting recommendations of such Outside Service to ensure that recommendations are consistent with TCW's clients' best interests.

Sub-Adviser

Where TCW has retained the services of a Sub-Adviser to provide day-to-day portfolio management for the portfolio, the TCW may delegate proxy voting authority to the Sub-Adviser; provided that the Sub-Adviser either (1) follows the TCW's Proxy Voting Policy and Procedures; or (2) has demonstrated that its proxy voting policies and procedures ("Sub-Adviser's Proxy Voting Policies and Procedures") are in the best interests of the

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TCW's clients and appear to comply with governing regulations. TCW also shall be provided the opportunity to review a Sub-Adviser's Proxy Voting Policy and Procedures as deemed necessary or appropriate by TCW.

Conflicts of Interest

In the event a potential conflict of interest arises in the context of voting proxies for TCW's clients, TCW will cast its votes according to the Policies or any applicable guidelines provided by TCW's clients. In cases where a conflict of interest exists and there is no predetermined vote, the Proxy Committee will vote the proposals in a manner consistent with established conflict of interest procedures.

Proxy Voting Information and Recordkeeping

Upon request, TCW provides proxy voting records to its clients. TCW shall disclose the present policy as well as the results of its implementation (including the way TCW has voted) on its website in accordance with applicable law.

TCW or an Outside Service will keep records of the following items: (i) Proxy Voting Policies and any other proxy voting procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes cast on behalf of clients (if maintained by an Outside Service, that Outside Service will provide copies of those records promptly upon request); (iv) records of written requests for proxy voting information and TCW's response; and (v) any documents prepared by TCW that were material to making a decision on how to vote, or that memorialized the basis for the decision. Additionally, TCW or an Outside Service will maintain any documentation related to an identified material conflict of interest.

TCW or an Outside Service will maintain these records in an easily accessible place for at least seven years from the end of the fiscal year during which the last entry was made on such record. For the most recent two years, TCW or an Outside Service will store such records at its principal office.

International Proxy Voting

While TCW utilizes the Policy for both international and domestic portfolios and clients, there are some differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, the proxies are automatically received and may be voted by mail or electronically.

For proxies of non-U.S. companies, although can be both difficult and costly to vote proxies, TCW will make every reasonable effort to vote such proxies.

Proxy Voting Guidelines

The following guidelines reflect TCW's general position and practice on certain key issues, including sustainability-related issues. As stated previously to preserve the ability of its portfolio managers and investment teams to make the best decisions in each case, the guidelines listed below are intended only to provide context on topical issues. The Policy is reviewed and updated as necessary, but at least annually, by the Proxy Committee.

In making proxy voting decisions, one consideration, among other themes discussed below, is the financial materiality of sustainable factors to a company's business operations and relevance to enterprise value. TCW believes that there are financially material sustainable factors that can affect the performance of investment portfolios (to varying degrees across companies, sectors, regions, asset classes and through time).

Governance

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Election of Directors

TCW believes boards that reflect a wide range of perspectives create shareholder value. The selection and screening process for identifying qualified candidates for a company's board of directors requires the consideration of many critical factors, including their relevant skills and background experience, in addition to diverse voices that comprise the broader Board. We believe that a diversity of skills, abilities, backgrounds, experiences and points of view can foster the development of a more creative, effective and dynamic Board, which, in turn, helps support enterprise value creation. We are mindful that there are many factors that contribute to effective Board decision -making and review multiple aspects of a company's assessment when determining our view.

Independence and Commitment

TCW will typically vote in support of proposals calling for improved independence of board members. To determine appropriate minimum levels of board independence, we tend to evaluate international best practices. We also believe that an independent chair is the preferred structure for board leadership, as this structure can help avoid inherent conflict of self-oversight and can help ensure robust debate and diversity of thought within the boardroom. Consequently, we will tend to support management proposals to separate the chair and CEO or establish a lead director.

TCW considers director attendance and commitment to board activities as important for shareholder value creation. We expect directors to attend a minimum number of board meetings. We may vote against directors who consistency fall below that minimum threshold. Additionally, we want to consider how extended a director is with respect to other Board activities and will take this factor into consideration when assessing relevant.

Compensation

TCW believes executive compensation is an important area in which the board's priorities and effectiveness are revealed. Compensation should be closely aligned with company performance, as it relates to compensation paid by the company's peers, and compensation programs should be designed to promote sustainable shareholder returns while discouraging excessive risk taking. Executive compensation plans help establish the incentive structure that plays a role in strategy, decision-making and risk management for an organization. There is broad variety in compensation design and structure depending on the unique features of companies. We believe the most effective compensation plans attract and retain high caliber executives, foster a culture of performance and accountability, and align management's interests with those of long-term shareholders.

Ownership

TCW believes that a firm's ownership structure should be transparent and provide for the alignment of shareholders' interests. As such, we generally oppose multiple common stock share classes with unequal voting rights but are supportive of capital structure changes such as share issuances which protect minority shareholders' interests by limiting dilution. Likewise, we generally oppose anti-takeover positions such as supermajority provisions, poison pills, undue restrictions on the right to call special meetings, and any other provision that limits or eliminates minority shareholders' rights. We are generally supportive of mergers and restructurings that we believe will be accretive to minority shareholders, but we may oppose those which appear unreasonable from a valuation prospective or entail a questionable strategic and/or financial rationale. Many of our proxy voting requests involve capital structure issues, such as issuance or repurchase of shares, issuance of debt, allocations, and employee stock option plans. In each of these cases, TCW generally votes in favor of management where appropriate, but only if the proposal does not conflict with our criteria for transparency and alignment with shareholders' interests.

Other Corporate Matters

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Other frequent proxy voting themes involve such matters as roles of executives, appointments of accountants and other professional advisors, amendments to corporate documents, and procedures for consent. In these and similar corporate matters, TCW will generally vote in favor of management where appropriate, but again, only if the proposal does not conflict with our criteria for transparency and alignment with shareholders' interests.

**Environmental and Social Issues** 

As outlined in our Sustainable Investment Policy Statement, we understand that the incorporation of material sustainability factors into the investment research process – consistent with existing investment processes – helps achieve our goal to improve risk-adjusted returns over the long-term for our investors. In our view, evaluating those factors which have a financially material impact on a given investment is good risk management and consistent with our deep emphasis on credible bottom-up research.

In the context of proxy voting, TCW will evaluate shareholder resolutions regarding environmental and social issues in the context of the financial materiality of the issue to the company's operations. We believe that all companies face risks associated with environmental and social factors. However, we recognize that these risks manifest themselves differently at each company as a result of their individual operations, workforce, structure and geography, among many other important factors. Accordingly, we evalute the financial implications of a company adopting, or indeed not adopting, any proposed shareholder resolution.

Climate Change

As dedicated long-term investors, we recognize that climate change and efforts to respond to it portend substantial and far-reaching implications for the global economy and therefore capital allocation. Increasingly volatile weather patterns, shifting availability and access to water resources, and rising temperatures and sea levels, among other anticipated impacts, are challenging long held assumptions underpinning the way societies and the global economy function.

In the context of proxy voting, we generally support climate related proposals requesting more transparency and alignment with shareholders' interests, unless this disclosure is seen as duplicative of other efforts by the company. This commitment stems from our belief that addressing these climate-related risks not only aligns with responsible stewardship, but also carries the potential for substantial value creation and risk mitigation and helps inform our views on the direction of flows of global capital and labor.

Corporate Culture Human Capital and Diversity & Inclusion

We believe human capital management is an area of material importance to all companies. Given the importance of this issue, we believe management should provide shareholders with adequate information to be able to assess the management of this important business aspect. This is only possible when there is a consistent and robust disclosure in place. We believe diversity among directors, leaders and employees positively contributes to shareholder value by imbuing a company with a myriad of perspectives that help it to better navigate complex challenges.

We will also generally support shareholder proposals asking for improved workforce diversity disclosure, e.g., EEO-1 reporting and gender pay equity reporting.

Human Rights

How human rights principles are applied across a company's business operations and supply chains is an important part of our research process. Accordingly, we seek to assess companies' exposures to these risks, determine the sectors for which this risk is most material (i.e. highest possibility of supply-chain exposure), and will enhance our engagement with companies and other industry stakeholders, including external data providers

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to gain insights on the relevance of this factor on specific companies and industries. Consequently, we will support proposals requesting enhanced disclosure a company's approach to mitigating the risk of human rights violations in their business operations and supply chains, unless this disclosure is seen as duplicative of other efforts by the company.

Additional Information

A description of TCW's policies and procedures relating to proxy voting and class actions may also be found in the each of TCW's adviser entity's Part 2A of Form ADV., a copy of which is available to clients upon request to the Proxy Specialist.

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**PART C.**

**OTHER INFORMATION** 

**Item 28. Exhibits** 

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| | |
|:---|:---|
| 28 (a)(1) | &nbsp;&nbsp; [<u>Certificate of Trust of Securian Funds Trust, previously filed on May 1, 2012 as Exhibit 28(a)(1) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928a1.htm)<br> [<u>Amendment Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928a1.htm)<br>|
| 28 (a)(2) | &nbsp;&nbsp; [<u>Amended and Restated Agreement and Declaration of Trust of Securian Funds Trust (approved October 23, 2012),</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312513048892/d456018dex9928a2.htm)<br> [<u>previously filed on February 11, 2013 as Exhibit 28(a)(2), to Post-Effective Amendment Number 49 to Form</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312513048892/d456018dex9928a2.htm)<br> [<u>N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312513048892/d456018dex9928a2.htm)<br>|
| 28 (b)(1) | &nbsp;&nbsp; [<u>Bylaws of Securian Funds Trust, previously filed on May 1, 2012 as Exhibit 28(b)(1) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928b1.htm)<br> [<u>Amendment Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928b1.htm)<br>|
| 28 (b)(2) | &nbsp;&nbsp; [<u>Amendment Number One to the Bylaws of Securian Funds Trust dated April 25, 2024, previously filed on</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928b2.htm)<br> [<u>April 26, 2024 as Exhibit 28(b)(2) to Post-Effective Amendment Number 78 to Form N-1A, File Number</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928b2.htm)<br> [<u>002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928b2.htm)<br>|
| 28 (c) | See Exhibits filed under Items 28 (a) and 28 (b) above. |
| 28 (d)(1) | &nbsp;&nbsp; [<u>Investment Advisory Agreement between Securian Funds Trust and Advantus Capital Management, Inc. dated and</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d1.htm)<br> [<u>effective as of May 1, 2012, with Schedule A as amended April 22, 2014, previously filed on April 28, 2014 as</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d1.htm)<br> [<u>Exhibit 28(d)(1) to Post-Effective Amendment Number 53 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d1.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d1.htm)<br>|
| 28 (d)(1)(A) | &nbsp;&nbsp; [<u>Amended Schedule A, dated November 20, 2017, to the Investment Advisory Agreement between Securian Funds</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d1a.htm)<br> [<u>Trust and Advantus Capital Management, Inc., dated and effective May 1, 2012, previously filed on February 27,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d1a.htm)<br> [<u>2018 as Exhibit 28(d)(1)(A) to Post-Effective Amendment Number 66 to Form N-1A, File Number 002-96990, is</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d1a.htm)<br> [<u>hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d1a.htm)<br>|
| 28 (d)(1)(B) | &nbsp;&nbsp; [<u>Investment Advisory Agreement Amendment Number 1 between Securian Funds Trust and Securian Asset</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d1.htm)<br> [<u>Management, Inc. dated and effective May 1, 2019, previously filed on April 29, 2019 as Exhibit 28(d)(1) to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d1.htm)<br> [<u>Post-Effective Amendment Number 69 to Form N-1A, File Number 002-96990, is hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d1.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d1.htm)<br>|
| 28 (d)(1)(C) | &nbsp;&nbsp; [<u>Investment Advisory Agreement Amendment Number 2 between Securian Funds Trust and Securian Asset</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d1c.htm)<br> [<u>Management dated February 1, 2021, and effective May 1, 2021, previously filed on April 29, 2021 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d1c.htm)<br> [<u>28(d)(1)(C) to Post-Effective Amendment Number 73 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d1c.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d1c.htm)<br>|
| 28 (d)(1)(D) | &nbsp;&nbsp; [<u>Investment Advisory Agreement Amendment Number 3 between Securian Funds Trust and Securian Asset</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928d1d.htm)<br> [<u>Management dated May 3, 2023, previously filed on April 26, 2024 as Exhibit 28(d)(1)(D) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928d1d.htm)<br> [<u>Amendment Number 78 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928d1d.htm)<br>|
| 28 (d)(2) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between Securian Asset Management, Inc. and Nomura Investments Fund</u>](d43272dex9928d2.htm)<br> [<u>Advisers, a Series of Nomura Investment Management Business Trust, on behalf of SFT Nomura Growth Fund</u>](d43272dex9928d2.htm)<br> [<u>(formerly SFT Macquarie Growth Fund) and SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie</u>](d43272dex9928d2.htm)<br> [<u>Small Cap Growth Fund) dated November 24, 2025.</u>](d43272dex9928d2.htm)<br>|
| 28 (d)(3) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between Advantus Capital Management, Inc. and T. Rowe Price Associates,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d6.htm)<br> [<u>Inc. on behalf of the SFT T. Rowe Price Value Fund dated May 1, 2014, previously filed on April 28, 2014 as</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d6.htm)<br> [<u>Exhibit 28(d)(6) to Post-Effective Amendment Number 53 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d6.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928d6.htm)<br>|
| 28 (d)(3)(A) | &nbsp;&nbsp; [<u>First Amendment to the Investment Sub-Advisory Agreement between Securian Asset Management, Inc. and T.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d8.htm)<br> [<u>Rowe Price Associates, Inc., on behalf of the SFT T. Rowe Price Value Fund, dated October 1, 2018, previously</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d8.htm)<br> [<u>filed on April 29, 2019 as Exhibit 28(d)(8) to Post-Effective Amendment Number 69 to Form N-1A, File Number</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d8.htm)<br> [<u>002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928d8.htm)<br>|

---

------

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| | |
|:---|:---|
| 28 (d)(3)(B) | &nbsp;&nbsp; [<u>Second Amendment to the Investment Sub-Advisory Agreement between Securian Asset Management, Inc. and T.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d5b.htm)<br> [<u>Rowe Price Associates, Inc., on behalf of the SFT. T. Rowe Price Value Fund, dated July 31, 2020, previously</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d5b.htm)<br> [<u>filed on April 29, 2021 as Exhibit 28(d)(5)(B) to Post-Effective Amendment Number 73 to Form N-1A, File</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d5b.htm)<br> [<u>Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d5b.htm)<br>|
| 28 (d)(4) | &nbsp;&nbsp; [<u>Letter Agreement among T. Rowe Price Associates, Inc., Securian Asset Management, Inc. and the T. Rowe Price</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d6.htm)<br> [<u>Value Fund of Securian Funds Trust, dated July 31, 2020, previously filed on April 29, 2021 as Exhibit 28(d)(6)</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d6.htm)<br> [<u>to Post-Effective Amendment Number 73 to Form N-1A, File Number 002-96990, is hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d6.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312521138596/d89349dex9928d6.htm)<br>|
| 28 (d)(5) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between Advantus Capital Management, Inc. and Wellington Management</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d7.htm)<br> [<u>Company LLP, on behalf of the SFT Wellington Core Equity Fund, dated November 20, 2017, previously filed on</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d7.htm)<br> [<u>February 27, 2018 as Exhibit 28(d)(7) to Post-Effective Amendment Number 66 to Form N-1A, File Number</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d7.htm)<br> [<u>002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928d7.htm)<br>|
| 28 (d)(5)(A) | &nbsp;&nbsp; [<u>First Amendment to Investment Sub-Advisory Agreement between Securian Asset Management, Inc. and</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928d5a.htm)<br> [<u>Wellington Management Company LLP dated May 23, 2023, previously filed on April 26, 2024 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928d5a.htm)<br> [<u>28(d)(5)(A) to Post-Effective Amendment Number 78 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928d5a.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928d5a.htm)<br>|
| 28 (d)(6) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between Securian Asset Management, Inc. and Cohen & Steers Capital</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928d7.htm)<br> [<u>Management, Inc., dated August 1, 2022, Previously filed on June 1, 2022 as Exhibit 28(d)(7) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928d7.htm)<br> [<u>Amendment Number 75 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928d7.htm)<br>|
| 28 (d)(7) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between Securian Asset Management, Inc. and Metropolitan West Asset</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928d8.htm)<br> [<u>Management, LLC, dated August 1, 2022, previously filed on June 1, 2022 as Exhibit 28(d)(8) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928d8.htm)<br> [<u>Amendment Number 75 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928d8.htm)<br>|
| 28 (e) | &nbsp;&nbsp; [<u>Underwriting and Distribution Agreement between Securian Funds Trust and Securian Financial Services, Inc.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928e.htm)<br> [<u>dated July 30, 2015, previously filed on August 31, 2015 as Exhibit 28(e) to Post-Effective Amendment Number</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928e.htm)<br> [<u>57 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928e.htm)<br>|
| 28 (f) | Not applicable. |
| 28 (g) | &nbsp;&nbsp; [<u>Custodian Agreement between Securian Funds Trust and State Street Bank and Trust Company dated May 1,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928g3.htm)<br> [<u>2014, previously filed on April 28, 2014 as Exhibit 28(g)(3) to Post-Effective Amendment Number 53 to Form</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928g3.htm)<br> [<u>N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928g3.htm)<br>|
| 28 (h)(1) | &nbsp;&nbsp; [<u>Administrative Service Agreement dated October 29, 2015, between Securian Funds Trust, Advantus Capital</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h1.htm)<br> [<u>Management, Inc. and Securian Financial Group, previously filed on November 17, 2015 as Exhibit 28(h)(1) to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h1.htm)<br> [<u>Post-Effective Amendment Number 58 to Form N1-A, File Number 002-96990, is hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h1.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h1.htm)<br>|
| 28 (h)(2) | &nbsp;&nbsp; [<u>Participation Agreement among Securian Funds Trust, Advantus Capital Management, Inc. and Minnesota Life</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h2.htm)<br> [<u>Insurance Company dated May 1, 2012, previously filed on May 1, 2012 as Exhibit 28(h)(2) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h2.htm)<br> [<u>Amendment Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h2.htm)<br>|
| 28 (h)(2)(A) | &nbsp;&nbsp; [<u>Amendment #1, dated July 1, 2015, to the Participation Agreement dated May 1, 2014 between Securian Funds</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h2a.htm)<br> [<u>Trust, Advantus Capital Management, Inc. and Minnesota Life Insurance Company, previously filed on August 31,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h2a.htm)<br> [<u>2015 as Exhibit 28(h)(2)(A) to Post-Effective Amendment Number 55 to Form N-1A, File Number 002-96990, is</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h2a.htm)<br> [<u>hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h2a.htm)<br>|
| 28 (h)(3) | &nbsp;&nbsp; [<u>Participation Agreement among Securian Funds Trust, Advantus Capital Management, Inc. and Securian Life</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h3.htm)<br> [<u>Insurance Company dated May 1, 2012, previously filed on May 1, 2012 as Exhibit 28(h)(3) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h3.htm)<br> [<u>Amendment Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h3.htm)<br>|
| 28 (h)(4) | &nbsp;&nbsp; [<u>Investment Accounting Agreement between Securian Funds Trust and State Street Bank and Trust Company dated</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h4.htm)<br> [<u>May 1, 2012, previously filed on May 1, 2012 as Exhibit 28(h)(4) to Post-Effective Amendment Number 47 to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h4.htm)<br> [<u>Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h4.htm)<br>|

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| | |
|:---|:---|
| 28 (h)(4)(A) | &nbsp;&nbsp; [<u>Amended Schedule D, effective May 1, 2014, to the Investment Accounting Agreement between Securian Funds</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h4a.htm)<br> [<u>Trust and State Street Bank and Trust Company dated May 1, 2012, previously filed on April 28, 2014 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h4a.htm)<br> [<u>28(h)(4)(A) to Post-Effective Amendment Number 53 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h4a.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h4a.htm)<br>|
| 28 (h)(4)(B) | &nbsp;&nbsp; [<u>Amendment dated August 25, 2014 to the Investment Accounting Agreement between Securian Funds Trust and</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h4b.htm)<br> [<u>State Street Bank and Trust Company dated May 1, 2012, previously filed on August 31, 2015 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h4b.htm)<br> [<u>28(h)(4)(B) to Post-Effective Amendment Number 55 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h4b.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h4b.htm)<br>|
| 28 (h)(5) | &nbsp;&nbsp; [<u>Administration Agreement between Securian Funds Trust and State Street Bank and Trust Company dated May 1,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h5.htm)<br> [<u>2012, previously filed on May 1, 2012 as Exhibit 28(h)(5) to Post-Effective Amendment Number 47 to Form</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h5.htm)<br> [<u>N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h5.htm)<br>|
| 28 (h)(5)(A) | &nbsp;&nbsp; [<u>Amended Schedule B, effective May 1, 2014, to the Administration Agreement between Securian Funds Trust and</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h5a.htm)<br> [<u>State Street Bank and Trust Company dated May 1, 2012, previously filed on April 28, 2014 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h5a.htm)<br> [<u>28(h)(5)(A) to Post-Effective Amendment Number 53 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h5a.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928h5a.htm)<br>|
| 28 (h)(5)(B) | &nbsp;&nbsp; [<u>Amendment dated August 25, 2014 to the Administration Agreement between Securian Funds Trust and State</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5b.htm)<br> [<u>Street Bank and Trust Company dated May 1, 2012, previously filed on August 31, 2015 as Exhibit 28(h)(5)(B) to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5b.htm)<br> [<u>Post-Effective Amendment Number 57 to Form N-1A, File Number 002-96990, is hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5b.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5b.htm)<br>|
| 28 (h)(5)(C) | &nbsp;&nbsp; [<u>Amendment Number 2 dated July 14, 2015 to the Administration Agreement between Securian Funds Trust and</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5c.htm)<br> [<u>State Street Bank and Trust Company dated May 1, 2012, previously filed on August 31, 2015 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5c.htm)<br> [<u>28(h)(5)(C) to Post-Effective Amendment Number 55 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5c.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h5c.htm)<br>|
| 28 (h)(5)(D) | &nbsp;&nbsp; [<u>Amendment Number 3 dated June 29, 2018 to the Administration Agreement between Securian Funds Trust and</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5d.htm)<br> [<u>State Street Bank and Trust Company dated May 1, 2012, previously filed on April 29, 2019 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5d.htm)<br> [<u>28(h)(5)(D) to Post-Effective Amendment Number 69 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5d.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5d.htm)<br>|
| 28 (h)(5)(E) | &nbsp;&nbsp; [<u>Addendum to Fund Accounting and Administration Fee Schedule dated June 29, 2018 to the Administration</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5e.htm)<br> [<u>Agreement between Securian Funds Trust and State Street Bank and Trust Company dated May 1, 2013,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5e.htm)<br> [<u>previously filed on April 29, 2019 as Exhibit 28(h)(5)(E) to Post-Effective Amendment Number 69 to Form N-1A,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5e.htm)<br> [<u>File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312519123978/d624149dex9928h5e.htm).<br>|
| 28 (h)(5)(F) | &nbsp;&nbsp; [<u>State Street Investment Analytics Master Agreement between Securian Funds Trust and State Street Bank and</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928h5f.htm)<br> [<u>Trust Company, dated May 2, 2022, previously filed on June 1, 2022 as Exhibit 28(h)(5)(F) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928h5f.htm)<br> [<u>Amendment Number 75 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522164945/d344785dex9928h5f.htm)<br>|
| 28 (h)(5)(G) | &nbsp;&nbsp; [<u>Amendment Schedule B1 to the Administration Agreement between Securian Funds Trust and State Street Bank</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5g.htm)<br> [<u>and Trust Company dated March 8, 2024, previously filed on April 26, 2024 as Exhibit 28(h)(5)(G) to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5g.htm)<br> [<u>Post-Effective Amendment Number 78 to Form N-1A, File Number 002-96990, is hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5g.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5g.htm)<br>|
| 28 (h)(5)(H) | &nbsp;&nbsp; [<u>Amendment to Fund Accounting and Fund Administration Fee Schedule to Administration Agreement between</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5h.htm)<br> [<u>Securian Funds Trust and State Street Bank and Trust Company dated June 1, 2024, previously filed on April 26,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5h.htm)<br> [<u>2024 as Exhibit 28(h)(5)(H) to Post-Effective Amendment Number 78 to Form N-1A, File Number 002-96990, is</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5h.htm)<br> [<u>hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312524116224/d710945dex9928h5h.htm)<br>|
| 28 (h)(6) | &nbsp;&nbsp; [<u>Money Market Services Agreement between Securian Funds Trust, on behalf of the SFT Advantus Money Market</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h6.htm)<br> [<u>Fund, and State Street Bank and Trust Company, dated May 1, 2012, previously filed on May 1, 2012 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h6.htm)<br> [<u>28(h) (6) to Post-Effective Amendment Number 47 to Form N-1A, File Number 002-96990, is hereby</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h6.htm)<br> [<u>incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h6.htm)<br>|
| 28 (h)(6)(A) | &nbsp;&nbsp; [<u>Amended Fee Schedule, effective May 1, 2014, to the Money Market Services Agreement between Securian</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h6a.htm)<br> [<u>Funds Trust, on behalf of the SFT Advantus Money Market Fund, and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h6a.htm)<br> [<u>dated May 1, 2012, previously filed on August 31, 2015 as Exhibit 28(h)(6)(A) to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h6a.htm)<br> [<u>Number 55 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928h6a.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (h)(6)(B) | &nbsp;&nbsp; [<u>Amendment, effective April 14, 2016, to the Money Market Services Agreement between Securian Funds Trust,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h6b.htm)<br> [<u>on behalf of the SFT Advantus Money Market Fund, and State Street Bank and Trust Company, dated May 1,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h6b.htm)<br> [<u>2012, previously filed on April 29, 2016 as Exhibit 28 (h)(6)(B) to Post-Effective Amendment Number 61 to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h6b.htm)<br> [<u>Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h6b.htm)<br>|
| 28 (h)(7) | &nbsp;&nbsp; [<u>Rule 22c-2 Shareholder Information Agreement between Securian Funds Trust and Minnesota Life Insurance</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h7.htm)<br> [<u>Company dated May 1, 2012, previously filed on May 1, 2012 as Exhibit 28 (h)(7) to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h7.htm)<br> [<u>Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h7.htm)<br>|
| 28 (h)(8) | &nbsp;&nbsp; [<u>Rule 22c-2 Shareholder Information Agreement between Securian Funds Trust and Securian Life Insurance</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h8.htm)<br> [<u>Company dated May 1, 2012, previously filed on May 1, 2012 as Exhibit 28(h)(8) to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h8.htm)<br> [<u>Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h8.htm)<br>|
| 28 (h)(9) | &nbsp;&nbsp; [<u>Restated Net Investment Income Maintenance Agreement among Advantus Capital Management, Inc., Securian</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h9.htm)<br> [<u>Financial Services, Inc. and Securian Funds Trust dated May 1, 2012, previously filed on May 1, 2012 as Exhibit</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h9.htm)<br> [<u>28(h)(9) to Post-Effective Amendment Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h9.htm)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928h9.htm)<br>|
| 28 (h)(10) | &nbsp;&nbsp; [<u>Expense Limitation Agreement between Advantus Capital Management, Inc. and Securian Funds Trust, on behalf</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312513048892/d456018dex9928h10.htm)<br> [<u>of the SFT Advantus Dynamic Managed Volatility Fund, dated May 1, 2013, previously filed on February 11,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312513048892/d456018dex9928h10.htm)<br> [<u>2013 as Exhibit 28(h)(10) to Post-Effective Amendment Number 49 to Form N1-A, File Number 002-96990, is</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312513048892/d456018dex9928h10.htm)<br> [<u>hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312513048892/d456018dex9928h10.htm)<br>|
| 28 (h)(11) | &nbsp;&nbsp; [<u>Expense Limitation Agreement between Advantus Capital Management, Inc. and Securian Funds Trust, on behalf</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928hii.htm)<br> [<u>of the SFT Advantus Managed Volatility Equity Fund, dated November 18, 2015, previously filed on August 31,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928hii.htm)<br> [<u>2015 as Exhibit 28(h)(11) to Post-Effective Amendment Number 55 to Form N-1A, File Number 002-96990, is</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928hii.htm)<br> [<u>hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928hii.htm)<br>|
| 28 (h)(11)(A) | &nbsp;&nbsp; [<u>Amendment, effective April 28, 2016, to the Expense Limitation Agreement between Advantus Capital</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h11a.htm)<br> [<u>Management, Inc. and Securian Funds Trust, on behalf of the SFT Advantus Managed Volatility Equity Fund,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h11a.htm)<br> [<u>dated November 18, 2015, previously filed on April 29, 2016 as Exhibit 28(h)(11)(A) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h11a.htm)<br> [<u>Amendment Number 61 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h11a.htm)<br>|
| 28 (h)(12) | &nbsp;&nbsp; [<u>Participation Agreement between Securian Funds Trust, iShares Trust, iShares U.S. ETF Trust, iShares U.S. ETF</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h12.htm)<br> [<u>Company, Inc. and iShares Sovereign Screened Global Bond Fund, Inc., dated November 18, 2015, previously</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h12.htm)<br> [<u>filed on November 17, 2015 as Exhibit 28(h)(12) to Post-Effective Amendment Number 58 to Form N1-A, File</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h12.htm)<br> [<u>Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515379181/d91275dex9928h12.htm)<br>|
| 28 (h)(12)(A) | &nbsp;&nbsp; [<u>Amended Schedule A, effective April 1, 2016, to the Participation Agreement between Securian Funds Trust,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h12a.htm)<br> [<u>iShares Trust, iShares U.S. ETF Trust, iShares U.S. ETF Company, Inc. and iShares Sovereign Screened Global</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h12a.htm)<br> [<u>Bond Fund, Inc., dated November 18, 2015, previously filed on April 29, 2016 as Exhibit 28(h)(12)(A) to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h12a.htm)<br> [<u>Post-Effective Amendment Number 61 to Form N-1A, File Number 002-96990, is hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h12a.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312516566325/d109901dex9928h12a.htm)<br>|
| 28 (h)(13) | &nbsp;&nbsp; [<u>Expense Limitation Agreement between Advantus Capital Management, Inc. and Securian Funds Trust, on behalf</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928h13.htm)<br> [<u>of the SFT Advantus Government Money Market Fund, dated November 1, 2017, previously filed on February 27,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928h13.htm)<br> [<u>2018 as Exhibit 28(h)(13) to Post-Effective Amendment Number 66 to Form N-1A, File Number 002-96990, is</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928h13.htm)<br> [<u>hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312518059623/d437661dex9928h13.htm)<br>|
| 28 (h)(14) | &nbsp;&nbsp; [<u>Fund of Funds Investment Agreement between Securian Funds Trust and BlackRock ETF Trust, BlackRock ETF</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522126582/d282330dex9928h14.htm)<br> [<u>Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust, dated January 19, 2022, previously filed on</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522126582/d282330dex9928h14.htm)<br> [<u>April 28, 2022 as Exhibit 28(p)(2) to Post-Effective Amendment Number 74 to Form N-1A, File Number</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522126582/d282330dex9928h14.htm)<br> [<u>002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312522126582/d282330dex9928h14.htm)<br>|
| 28 (i) | [<u>Opinion and Consent of Stradley Ronon Stevens & Young, LLP.</u>](d43272dex9928i.htm) |
| 28 (j) | [<u>Consent of KPMG LLP.</u>](d43272dex9928j.htm) |
| 28 (k) | Not applicable. |
| 28 (l) | &nbsp;&nbsp; [<u>Letter of Investment Intent, previously filed by Registrant's predecessor, Advantus Series Fund, Inc., on</u>](https://www.sec.gov/Archives/edgar/data/766351/0001047469-98-005666.txt)<br> [<u>February 13, 1998, as Exhibit 24(b)(13) to Post-Effective Amendment Number 17 to Form N-1A, File Number</u>](https://www.sec.gov/Archives/edgar/data/766351/0001047469-98-005666.txt)<br> [<u>002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/0001047469-98-005666.txt)<br>|

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| | |
|:---|:---|
| 28 (m)(1) | &nbsp;&nbsp; [<u>Rule 12b-1 Distribution Plan, approved July 30, 2015, previously filed on August 31, 2015 as Exhibit 28(m)(1) to</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928m1.htm)<br> [<u>Post-Effective Amendment Number 57 to Form N-1A, File Number 002-96990, is hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928m1.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312515307904/d91275dex9928m1.htm)<br>|
| 28 (m)(2) | &nbsp;&nbsp; [<u>Fund Shareholder Service Agreement between Minnesota Life Insurance Company and Securian Financial</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928m2.htm)<br> [<u>Services, Inc. dated May 1, 2012, previously filed on May 1, 2012 as Exhibit 28(m)(2) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928m2.htm)<br> [<u>Amendment Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928m2.htm)<br>|
| 28 (m)(3) | &nbsp;&nbsp; [<u>Fund Shareholder Services Agreement between Securian Life Insurance Company and Securian Financial Services,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928m3.htm)<br> [<u>Inc. dated May 1, 2012, previously filed on May 1, 2012 as Exhibit 28(m)(3) to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928m3.htm)<br> [<u>Number 47 to Form N-1A, File Number 002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312512199094/d283577dex9928m3.htm)<br>|
| 28 (n) | &nbsp;&nbsp; [<u>Securian Funds Trust Multiple Class Plan Pursuant to Rule 18f-3 effective May 1, 2014, previously filed on</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928n.htm)<br> [<u>April 28, 2014 as Exhibit 28(n) to Post-Effective Amendment Number 53 to Form N-1A, File Number 002-96990,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928n.htm)<br> [<u>is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312514161694/d602551dex9928n.htm)<br>|
| 28 (o) | Reserved. |
| 28 (p)(1) | &nbsp;&nbsp; [<u>Code of Ethics for Registrant, Securian Asset Management, Inc. and Affiliates dated January 1, 2025, previously</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312525098753/d925747dex9928p1.htm)<br> [<u>filed on April 28, 2025 as Exhibit 28(p)(1) to Post-Effective Amendment Number 79 to Form N-1A, File Number</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312525098753/d925747dex9928p1.htm)<br> [<u>002-96990, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312525098753/d925747dex9928p1.htm)<br>|
| 28 (p)(2) | [<u>Code of Ethics for Nomura Funds by Nomura Asset Management International dated December 2025.</u>](d43272dex9928p2.htm) |
| 28 (p)(3) | &nbsp;&nbsp; [<u>Code of Ethics for T. Rowe Price Group, Inc. and Its Subsidiaries T. Rowe Price Mutual Funds and T. Rowe Price</u>](d43272dex9928p3.htm)<br> [<u>Exchange-Traded Funds dated July 1, 2025.</u>](d43272dex9928p3.htm)<br>|
| 28 (p)(4) | &nbsp;&nbsp; [<u>Code of Ethics for Wellington Management Company LLP dated December 1, 2023, previously filed on April 28,</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312523124534/d441121dex9928p4.htm)<br> [<u>2023 as Exhibit 28(p)(4) to Post-Effective Amendment Number 77 to Form N-1A, File Number 002-96990, is</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312523124534/d441121dex9928p4.htm)<br> [<u>hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/766351/000119312523124534/d441121dex9928p4.htm)<br>|
| 28 (p)(6) | [<u>Code of Ethics for Cohen & Steers Capital Management, Inc. dated December 2025.</u>](d43272dex9928p6.htm) |
| 28 (p)(7) | [<u>Code of Ethics for Metropolitan West Asset Management, LLC dated September 16, 2025.</u>](d43272dex9928p7.htm) |
| 28 (q) | [<u>Power of Attorney to sign Registration Statement executed by Trustees of Registrant.</u>](d43272dex9928q.htm) |
| 101.INS | &nbsp;&nbsp; XBRL Instance Document – the instance document does not appear on the Interactive Data File because its XBRL <br> tags are embedded within the Inline XBRL document<br>|
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

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**Item 29. Persons Controlled by or Under Common Control with the Depositor or Registrant** 

Wholly-owned subsidiary of Minnesota Mutual Companies, Inc.:

Securian Holding Company (Delaware)

Wholly-owned subsidiaries of Securian Holding Company:

Robert Street Property Management, Inc.

Securian Financial Group, Inc. (Delaware)

Wholly-owned subsidiaries of Securian Financial Group, Inc.:

1880 Reinsurance Company (Vermont)

Lowertown Capital, LLC (Delaware)

Minnesota Life Insurance Company

Ochs, Inc.

Securian Asset Management, Inc.

------

Securian Casualty Company

Securian Financial Services, Inc.

Keystone Reinsurance SPC (Cayman Islands)

Securian Reinsurance Company Ltd. (Bermuda)

Securian Ventures, Inc.

Securian Holding Company Canada, Inc. (British Columbia, Canada)

Wholly-owned subsidiaries of Minnesota Life Insurance Company:

Allied Solutions, LLC (Indiana)

Marketview Properties, LLC

Marketview Properties II, LLC

Marketview Properties III, LLC

Marketview Properties IV, LLC

Oakleaf Service Corporation

Securian AAM Holdings, LLC (Delaware)

Securian Life Insurance Company

Majority-owned subsidiary of Allied Solutions, LLC (Indiana):

Allied Dispatch Solutions, LLC (Delaware)

Vero, LLC (Delaware)

Majority-owned subsidiary of Securian AAM Holdings, LLC (Delaware):

Asset Allocation & Management Company, L.L.C. (Delaware)

Wholly-owned subsidiaries of Allied Dispatch Solutions, LLC (Delaware):

Dominion Automobile Association (2004) Limited (Ontario, Canada)

Auto Club of America, Corp. (Oklahoma)

Auto Help Line of America, Inc. (Oklahoma)

Wholly-owned subsidiary of Securian Casualty Company

Securian Specialty Lines, Inc.

Wholly-owned subsidiary of Securian Holding Company Canada, Inc. (British Columbia, Canada):

Securian Canada, Inc. (British Columbia, Canada)

Wholly-owned subsidiaries of Securian Canada, Inc. (British Columbia, Canada):

Armour Group Inc. (Ontario, Canada)

Canadian Premier General Insurance Company (Ontario, Canada)

Canadian Premier Life Insurance Company (British Columbia, Canada))

Wholly-owned subsidiaries of Armour Group, Inc. (Ontario, Candada):

Integrated Warranty Services Inc. (Ontario, Canada)

Premium Services Group Inc. (Ontario, Canada)

VA Insurance Services Inc. (Ontario, Canada)

Vehicle Armour Inc. (Ontario, Canada)

Loan Armour Insurance Solutions, Inc. (Ontario, Canada)

1001149900 Ontario Inc. (Ontario, Canada)

Open-end registered investment company offering shares to separate accounts of Minnesota Life Insurance Company and Securian Life Insurance Company:

Securian Funds Trust

Majority-owned subsidiaries of Securian Financial Group, Inc.:

Empyrean Holding Company, Inc. (Delaware)

Wholly-owned subsidiary of Empyrean Holding Company, Inc. (Delaware):

Empyrean Benefit Solutions, Inc. (Delaware)

Wholly-owned subsidiaries of Empyrean Benefit Solutions, Inc. (Delaware):

Empyrean Insurance Services, Inc. (Texas)

------

Unless indicated otherwise parenthetically, each of the above corporations is a Minnesota corporation.

**Item 30. Indemnification** 

The Trust's Amended and Restated Agreement and Declaration of Trust provides in Article VII, Section 4 thereof that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Trust, except if it is determined in the manner specified in the Amended and Restated Agreement and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in or not opposed to the best interests of the Trust or that such indemnification would relieve any officer or Trustee of any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties or, in a criminal proceeding, such Trustee or officers had reasonable cause to believe their conduct was unlawful. The Trust, at its expense, provides liability insurance for the benefit of its Trustees and officers.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to Trustees, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a Trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser** 

(a) Securian Asset Management, Inc.

Securian Asset Management, Inc. is the investment adviser to the Trust. In addition to the Trust, it manages the investment portfolios of a number of insurance companies, including Minnesota Life and its subsidiary life insurance companies, and certain associated separate accounts.

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| | | |
|:---|:---|:---|
| Directors and Officers <br> Of Investment Adviser<br>| Office with Investment Adviser | Other Business Connections |
| Suzette L. Huovinen | &nbsp;&nbsp; President, Director, Chief Executive Officer and <br> Chair of the Board<br>| &nbsp;&nbsp; Executive Vice President, Minnesota Life <br> Insurance Company; Executive Vice President, <br> Securian Financial Group; Executive Vice <br> President, Securian Life Insurance Company; <br> Executive Vice President, Securian Holding <br> Company; Executive Vice President, Minnesota <br> Mutual Companies, Inc.; President and Director, <br> Marketview Properties, LLC; President and <br> Director, Marketview Properties II, LLC; <br> President and Director, Marketview Properties <br> III, LLC; President and Director, Marketview <br> Properties IV, LLC,<br>|
| Michael T. Steinert | &nbsp;&nbsp; Senior Vice President, Director, Chief Operating <br> Officer and Treasurer<br>| &nbsp;&nbsp; Second Vice President, Minnesota Life Insurance <br> Company; Second Vice President, Securian <br> Financial Group, Inc.; Second Vice President, <br> Securian Life Insurance Company<br>|
| Jennifer L. Wolf | &nbsp;&nbsp; Senior Vice President, Chief Legal Officer and <br> Secretary<br>| &nbsp;&nbsp; Second Vice President, Minnesota Life Insurance <br> Company; Second Vice President, Securian <br> Financial Group, Inc.; Second Vice President, <br> Securian Life Insurance Company; Vice <br> President, Marketview Properties, LLC; Vice <br> President, Marketview Properties II, LLC; Vice <br> President, Marketview Properties III, LLC; Vice <br> President, Marketview Properties IV, LLC<br>|

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| | | |
|:---|:---|:---|
| Directors and Officers <br> Of Investment Adviser<br>| Office with Investment Adviser | Other Business Connections |
| Michael C. Anderson | Vice President |  |
| Neil M. Bizily | Vice President |  |
| Kliton Duri | Vice President |  |
| Merlin L. Erickson | Vice President and Portfolio Manager |  |
| Jeremy P. Gogos Ph.D. | Vice President and Portfolio Manager |  |
| Lena S. Harhaj | Vice President |  |
| Tyler J. Haskovec | Vice President |  |
| Brian J. Hennen | Vice President |  |
| Johnathan Heshelman | &nbsp;&nbsp; Executive Vice President, Chief Investment <br> Officer and Director<br>| &nbsp;&nbsp; Vice President and Chief Investment Officer, <br> Minnesota Life Insurance Company, Vice <br> President and Chief Investment Officer, Securian <br> Financial Group, Vice President and Chief <br> Investment Officer, Securian Life Insurance <br> Company<br>|
| Richard E. Krueger | Vice President |  |
| Danielle S. Lardy | Vice President |  |
| Kevin L. Ligtenberg | Vice President | &nbsp;&nbsp; Vice President and Treasurer, Securian Funds <br> Trust<br>|
| Charles D. Officer | Vice President and Portfolio Manager |  |
| Jessica L. Parrucci | &nbsp;&nbsp; Vice President, Chief Compliance Officer, and <br> Anti-Money Laundering Officer<br>| &nbsp;&nbsp; Chief Compliance Officer, Securian Funds Trust; <br> Vice President, Chief Compliance Officer, and <br> Anti-Money Laundering Officer, Securian <br> Financial Services, Inc.<br>|
| Lynette M. Pineda | Vice President |  |
| Michael S. Samuel | Vice President |  |
| Joseph W. Scanlan | Vice President and Portfolio Manager |  |
| Drew R. Smith | Vice President |  |
| Jon R. Thompson | Vice President |  |
| Jeremy R. Wheeler | Vice President |  |
| Wei Zhou | Vice President |  |
| James W. Ziegler | Vice President |  |

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The principal business address of Securian Asset Management, Inc. is 400 Robert Street North, St. Paul, Minnesota 55101. The principal business address of Lowertown Capital, LLC, Marketview Properties, LLC, Marketview Properties II, LLC, Marketview Properties III, LLC, Marketview Properties IV, LLC, Minnesota Life Insurance Company, Minnesota Mutual Companies, Inc., Securian Financial Group, Inc., Securian Holding Company, Securian Financial Services, Inc., Securian Life Insurance Company, and Securian Trust Company, N.A. is 400 Robert Street North, St. Paul, Minnesota 55101.

31 (b) Cohen & Steers Capital Management, Inc. (Cohen & Steers)

Cohen & Steers Capital Management, Inc. (Cohen & Steers), with principal offices at 1166 Avenue of the Americas, 30th Floor, New York, New York 10036, is a wholly-owned subsidiary of Cohen & Steers Company (CNS). CNS is a publicly traded company, whose stock is listed on the New York Stock Exchange. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. As of December 31, 2025, CNS and its affiliates managed approximately $90.5 billion in assets. As of August 1, 2022, Cohen & Steers is the investment sub-adviser to the SFT Real Estate Securities Fund.

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For additional information about other business activities of Cohen & Steers and its affiliates, please see the Cohen & Steers Form ADV (SEC File 801-27721), incorporated herein by reference, including Schedules A and D, which set forth the officers and directors of Cohen & Steers, and information as to any business, vocation or employment of a substantial nature engaged by those officers and directors during the past two years.

31 (c) Nomura Investments Fund Advisers (NIFA)

NIFA, a series of Nomura Investment Management Business Trust (NIMBT), 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is a subsidiary is a subsidiary of, and subject to the ultimate control of, Nomura Holdings, Inc., a publicly traded Japanese company. NIFA is part of Nomura Asset Management. Nomura Asset Management is part of the

Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. NIFA serves as investment sub-adviser to the SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) and the SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund), and NIFA and its affiliates manage other investment companies and accounts.

For additional information about other business activities of NIFA and its affiliates, please see the NIMBT Form ADV (SEC File 801-32108), incorporated herein by reference, including Schedules A and D, which set forth the officers and directors of NIFA, a series of the NIMBT, and information as to any business, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

31 (d) Metropolitan West Asset Management, LLC (MetWest)

Metropolitan West Asset Management, LLC (MetWest), with principal offices at 515 South Flower Street, Los Angeles, California 90071, is a wholly-owned subsidiary of TCW Asset Management, LLC, which is a wholly-owned subsidiary of The TCW Group, Inc. (TCW). MetWest, together with TCW and its other subsidiaries, provide a variety of investment management and investment advisory services, and collectively managed approximately $206.2 billion in assets, as of December 31, 2025. As of August 1, 2022, MetWest is the investment sub-adviser to the SFT Core Bond Fund.

For additional information about other business activities of MetWest and its affiliates, please see the MetWest Form ADV (SEC File 801-53332), incorporated herein by reference, including Schedules A and D, which set forth the officers and directors of MetWest, and information as to any business, vocation or employment of a substantial nature engaged by those officers and directors during the past two years.

31 (e) T. Rowe Price Associates, Inc. (T. Rowe Price)

T. Rowe Price Group, Inc. is a publicly owned company and was formed in 2000 as a holding company for the T. Rowe Price-affiliate companies. T. Rowe Price Group, Inc. owns 100% of the stock of T. Rowe Price, which in turn owns 100% of T. Rowe Price International Ltd. and T. Rowe Price (Canada), Inc. T. Rowe Price International Ltd. owns 100% each of T. Rowe Price Hong Kong Limited, T. Rowe Price Japan Inc., T. Rowe Price Australia Limited, T. Rowe Price (Luxembourg) Management SÀRL, and T. Rowe Price Singapore Private Ltd. Group. T. Rowe Price serves as the investment sub-adviser to the SFT T. Rowe Price Value Fund, and T. Rowe Price and its affiliates manage numerous other investment companies and accounts.

For additional information about other business activities of T. Rowe Price and its affiliates, please see the T. Rowe Price Form ADV (SEC File 801-856), incorporated herein by reference, including Schedules A and D, which set forth the officers and directors of T. Rowe Price and information as to any business, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

31 (f) Wellington Management Company LLP (Wellington Management)

Wellington Management Company LLP ("Wellington Management") is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of December 31, 2025 Wellington Management and its investment advisory affiliates had investment management authority with respect to approximately $1.330 trillion in assets.

For additional information about other business activities of Wellington Management and its affiliates, please see the Wellington Management Form ADV (SEC File 801-15908), incorporated herein by reference, including Schedules A and D, which set forth

------

the officers and directors of Wellington Management and information as to any business, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

**Item 32. Principal Underwriters** 

(a) Securian Financial Services, Inc. currently acts as a principal underwriter for the following additional investment companies:

Variable Fund D

Variable Annuity Account

Minnesota Life Variable Life Account

Minnesota Life Variable Universal Life Account

Securian Life Variable Universal Life Account

Minnesota Life Individual Variable Universal Life Account

(b) The name and principal business address, positions and offices with Securian Financial Services, Inc., and positions and offices with Registrant of each director and officer of Securian Financial Services, Inc. is as follows:

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| | | | |
|:---|:---|:---|:---|
| Name | Principal Business Address | Position and Offices<br> with Underwriter<br>| Position and Offices<br> with Registrant<br>|
| Kimberly K. Carpenter | &nbsp;&nbsp; Securian Financial Services, Inc.<br> 400 Robert Street North<br> St. Paul, MN 55101<br>| &nbsp;&nbsp; Chief Executive Officer, President <br> and Director<br>|  |
| Kristin M. Ferguson | &nbsp;&nbsp; Securian Financial Services, Inc.<br> 400 Robert Street North<br> St. Paul, MN 55101<br>| &nbsp;&nbsp; Vice President, Chief Financial <br> Officer, Treasurer, FINOP, Principal <br> Operations Officer and Director<br>|  |
| Renee D. Montz | &nbsp;&nbsp; Securian Financial Services, Inc.<br> 400 Robert Street North<br> St. Paul, MN 55101<br>| Director |  |
| Caleb Nicholson | &nbsp;&nbsp; Securian Financial Services, Inc.<br> 400 Robert Street North<br> St. Paul, MN 55101<br>| Secretary |  |
| Jessica Parrucci | &nbsp;&nbsp; Securian Financial Services, Inc.<br> 400 Robert Street North<br> St. Paul, MN 55101<br>| &nbsp;&nbsp; Vice President, Chief Compliance <br> Officer and Anti-Money Laundering <br> Compliance Officer<br>|  |

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**Item 33. Location of Accounts and Records** 

The physical possession of the accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 to 31a-3 promulgated thereunder is maintained by Minnesota Life, 400 Robert Street North, St. Paul, Minnesota 55101-2098; except that the physical possession of certain accounts, books and other documents related to the custody of the Registrant's securities is maintained by State Street Bank and Trust Company, 1 Lincoln Street, Boston, MA 02111, as to the Funds.

**Item 34. Management Services** 

Not applicable.

**Item 35. Undertakings** 

(a) Not applicable.

(b) Not applicable.

(c) The Registrant hereby undertakes to furnish, upon request and without charge to each person to whom a prospectus is delivered, a copy of the Registrant's latest annual report to shareholders containing the information called for by Item 5A.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of St. Paul and the State of Minnesota on the 28th day of April, 2026.

Securian Funds Trust

By /s/ SUZETTE L. HUOVINEN

------

Suzette L. Huovinen, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

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| | | |
|:---|:---|:---|
| /s/ SUZETTE L. HUOVINEN<br>Suzette L. Huovinen<br>| &nbsp;&nbsp;&nbsp;&nbsp; President<br> (principal executive officer)<br>| April 28, 2026 |
| /s/ KEVIN L. LIGTENBERG<br>Kevin L. Ligtenberg<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Treasurer<br> (principal financial and accounting officer)<br>| April 28, 2026 |

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By /s/ SUZETTE L. HUOVINEN

------

Suzette L. Huovinen

Attorney-in-Fact

JULIE K. GETCHELL\* Julie K. Getchell Trustee)))))) <br> BRIAN E. GUSTAFSON\* Brian E. Gustafson Trustee))))) Dated: April 28, 2026 <br> WAN-CHONG KUNG\* Wan-Chong Kung Trustee)))

\*

Registrant's trustee executing power of attorney dated February 26, 2026, a copy of which is filed herewith.

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**SECURIAN FUNDS TRUST**

**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit<br> Item<br> Number<br>| Title of Exhibit |
| 28 (d)(2) | &nbsp;&nbsp; Investment Sub-Advisory Agreement between Securian Asset Management, Inc. and Nomura Investments Fund <br> Advisers, a Series of Nomura Investment Management Business Trust, on behalf of SFT Nomura Growth Fund <br> (formerly SFT Macquarie Growth Fund) and SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small <br> Cap Growth Fund) dated November 24, 2025.<br>|
| 28 (i) | [<u>Opinion and Consent of Stradley Ronon Stevens & Young, LLP.</u>](d43272dex9928i.htm) |
| 28 (j) | [<u>Consent of KPMG LLP.</u>](d43272dex9928j.htm) |
| 28 (p)(2) | [<u>Code of Ethics for Nomura Funds by Nomura Asset Management International dated December 2025.</u>](d43272dex9928p2.htm) |
| 28 (p)(3) | &nbsp;&nbsp; [<u>Code of Ethics for T. Rowe Price Group, Inc. and Its Subsidiaries T. Rowe Price Mutual Funds and T. Rowe Price</u>](d43272dex9928p3.htm)<br> [<u>Exchange-Traded Funds dated July 1, 2025.</u>](d43272dex9928p3.htm)<br>|
| 28 (p)(6) | [<u>Code of Ethics for Cohen & Steers Capital Management, Inc. dated December 2025.</u>](d43272dex9928p6.htm) |
| 28 (p)(7) | [<u>Code of Ethics for Metropolitan West Asset Management, LLC dated September 16, 2025.</u>](d43272dex9928p7.htm) |
| 28 (q) | [<u>Power of Attorney to sign Registration Statement executed by Trustees of Registrant.</u>](d43272dex9928q.htm) |

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## Exhibit 99.28

**Execution Version** 

**INVESTMENT SUB-ADVISORY AGREEMENT** 

**BY AND BETWEEN** 

**NOMURA INVESTMENTS FUND ADVISERS, A SERIES OF** 

**NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST,** 

**AND** 

**SECURIAN ASSET MANAGEMENT, INC.** 

*(Securian Funds Trust – SFT Macquarie Growth Fund and* 

*SFT Macquarie Small Cap Growth Fund)* 

THIS INVESTMENT SUB-ADVISORY AGREEMENT (the "**Agreement**") is made as of December 1, 2025, by and between SECURIAN ASSET MANAGEMENT, INC., a Minnesota corporation (the "**Adviser**"), and NOMURA INVESTMENTS FUND ADVISERS, A SERIES OF NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST, a Delaware statutory trust (the "**Sub-Adviser**").

<u>RECITALS</u> 

WHEREAS, the Adviser and Sub-Adviser are each registered investment advisers with the U.S. Securities and Exchange Commission (the "**SEC**") under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**");

WHEREAS, the Adviser is the investment adviser to Securian Funds Trust (the "**Trust**"), each of whose series or funds operates as an open-end investment management company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), pursuant to an Investment Advisory Agreement by and between the Adviser and the Trust (as the same may be amended from time to time, the "**Investment Advisory Agreement**"); and

WHEREAS, the Adviser desires to retain the Sub-Adviser to furnish certain investment advisory and management services to the Trust's SFT Macquarie Growth Fund and SFT Macquarie Small Cap Growth Fund (each a "**Fund**", and collectively, the "**Funds**"), and the Sub-Adviser desires to furnish such services to the Adviser on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual premises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Sub-Adviser and Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Appointment</u>**. In accordance with and subject to the Investment Advisory Agreement, the Adviser hereby appoints the Sub-Adviser to provide the investment advisory and management services described herein, including the investment and reinvestment of the Funds, subject to the control and direction of the Trust's Board of Trustees (the "**Board**"), for the duration and on the terms set forth herein. The Sub-Adviser accepts such appointment and agrees to furnish the services set forth herein, in consideration of the compensation set forth on the Schedule of Fees (as defined below). The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized herein, have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust

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**Execution Version** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

or the Adviser. Notwithstanding the foregoing, to enable the Sub-Adviser to fully exercise its discretion, the Adviser hereby appoints the Sub-Adviser as agent and attorney-in-fact for the Funds, limited to the power and authority necessary, as determined by the Sub-Adviser, to buy, sell and otherwise deal in securities and contracts for the Funds, subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Duties of Sub-Adviser</u>**. Subject always to the direction and control of the Board, the Sub-Adviser will manage the investments and determine the composition of the assets of the Funds in accordance with each Fund's investment objective, investment policies and limitations set forth in the Trust's registration statement (as the same may be amended from time to time, the "**Registration Statement**"), or as subsequently amended in writing. In fulfilling its obligations to manage the investments and reinvestments of the assets of the Funds, the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Investment Plan</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. obtain and evaluate pertinent economic, statistical, financial and other information affecting the economy
generally and individual companies or industries the securities of which are included in the Fund or are under consideration for inclusion therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. formulate and implement a continuous investment program for the Funds consistent with the investment
objective and related investment policies for such Fund as set forth in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. take such steps as are necessary to implement the aforementioned investment program by purchase and sale of
securities and other instruments, including the placing of orders for such purchases and sales, entering into derivative transactions (if applicable) and by managing all cash in the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. if applicable, purchase, sell, exchange or convert foreign currency in the spot or forward markets in
connection with portfolio trades as agent, at the market rate, as determined by the Sub-Adviser in its sole discretion. Conversion of currencies into and out of the base currency of the Fund in restricted
markets and, unless agreed otherwise by the Sub-Adviser, generally income repatriation transactions will be the responsibility of the Fund's custodian (the "**Custodian** "), not of the Sub-Adviser. To the extent the Custodian performs such transactions, the Sub-Adviser shall not have the ability to control such transactions and will be limited in its ability
to assess the quality of such transactions. In addition, whether a market is considered to be restricted will depend on a number of factors, including, but not limited to, country specific statutory documentation requirements, country specific
structural risks and convertibility issues. Accordingly, the Sub-Adviser shall be entitled to consult with third parties, including, but not limited to, broker-dealers and custodians, and rely upon such
information in making a good faith determination on whether a market is considered restricted.

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**Execution Version** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. if applicable, manage required collateral levels in connection with the investment and reinvestment of the
assets of the Funds. If applicable, the Sub-Adviser will provide instructions to the Custodian to post collateral and to call for collateral from counterparties, as necessary, and will arrange for the
transmission to the Custodian on a daily basis such confirmation, trade tickets, and other identifying information (including, but not limited to, CUSIP, Sedol, or other numbers that identify the securities to be purchased or sold on behalf of the
Funds) as may be reasonably necessary to enable the Custodian to perform its administrative and recordkeeping responsibilities with respect to the Fund. If applicable, the Sub-Adviser will provide reports with
respect to its collateral management activities as requested by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. regularly report to the Board with respect to the implementation of these investment programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. provide reasonable assistance to the Adviser, the Trust, or the Custodian, or each of their respective
delegates regarding the assessment of the fair value of securities held by the Funds for which market quotations are not readily available, or which may be identified by review, from time to time, by either the Trust or the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. notify Adviser of securities in the Funds that are fair valued by the Sub-Adviser pursuant to the Sub-Adviser's valuation policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. review portions of the Registration Statement applicable to the Funds or the Sub-Adviser on an annual basis and provide proposed revisions to Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. provide reasonable input to the Adviser and the Funds with regards to the Adviser and Fund's duties
for certain operational services for the Funds, including, without limitation, the following: (a) the preparation of tax returns; (b) the preparation and submission of reports to the shareholders of the Funds; (c) periodic updates to
those portions of the Prospectus and Statement of Additional Information of the Trust relevant to the Funds; and (d) the preparation of reports to be filed with the SEC and other regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. upon request by the Adviser, the Sub-Adviser shall provide such
information and assistance as may be reasonably required to enable the Adviser to fulfill its obligations under the Trust's Liquidity Risk Management Program, including, without limitation, review of all liquidity determinations.

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**Execution Version** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Investment Objectives, Policies and Restrictions</u>.

In managing the investments of and determining the composition of its portion of the assets of the Fund and in performing its other services and obligations hereunder, the Sub-Adviser shall: (i) be subject to the applicable provisions of the Agreement and Declaration of Trust, the Bylaws, the Registration Statement, the current Prospectus and Statement of Additional Information; (ii) comply with the investment objectives, policies and restrictions of the Fund as set forth in the Registration Statement, as from time to time amended or supplemented; (iii) comply with all policies, guidelines, instructions and procedures approved by the Board or the Adviser with respect to the Fund and furnished to the Sub-Adviser; (iv) comply with all applicable requirements of the Advisers Act, the 1940 Act and the rules and regulations under each thereof, as the same may be amended from time to time; (v) cause the Fund to comply with (x) the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "**Code**"), for qualification as a regulated investment company (if and for so long as the Fund seeks to qualify as a regulated investment company under the Code) and (y) the diversification requirements under Subchapter L, including the requirements of Regulation 1.817-5, of the Code; and (vi) comply with all other applicable law, rules and regulations. In addition, the Sub-Adviser shall maintain compliance procedures in connection with its services for the Fund that the Sub-Adviser reasonably believes are adequate to ensure its compliance with the foregoing.

In no event shall Sub-Adviser cause the Fund to enter into derivative transactions that would cause the Fund to exceed the de minimus test for commodity pool operator registration set forth in Commodity Futures Trading Commission ("**CFTC**") Regulation 4.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Cash Management and Short-Term Investment Funds</u> 

The Adviser shall arrange with the Custodian to have at least one (1) Short-Term Investment Fund ("**STIF**") available to be used as a sweep vehicle for the short-term investment of cash for the Fund. The Sub-Adviser agrees to use this STIF for the short-term investment of cash, subject to the limitations on investments in shares of other investment companies set forth in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Electronic Delivery of Daily Trade File and Daily Holdings</u>.

In connection with the purchase and sale of securities of the Fund, the Sub-Adviser shall deliver to the Fund's accountant (the "**Fund Accountant**"), by no later than 6:00 p.m. Central Time (7:00 p.m. New York time) on each trading day, trading data in a mutually agreeable manner with respect to securities and other instruments purchased or sold on such trading day, if any, using a secure electronic system established by the Fund Accountant. If financial futures contracts are purchased and sold, Sub-Adviser shall deliver a trade file with respect to such futures to the Fund Accountant by no later than 4:00 p.m. Central Time (5:00 p.m. New York time) on

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each trading day. There may be times that the Sub-Adviser will choose to trade while the futures markets are open, but it is too late in the day to meet that deadline, in which case the Sub-Adviser will develop a process with the Fund Accountant to ensure such trades are properly reported in a mutually acceptable manner. Using a secure electronic system established by Adviser, Sub-Adviser will deliver to Adviser by no later than 12:00 p.m. Central Time (1:00 p.m. New York time) on trade date plus one, a complete list of investments held by the Fund on a daily basis. Sub-Adviser agrees to reconcile these holdings with the Custodian on a monthly basis.

Revisions to or cancellations of trades must be provided by Sub-Adviser to the Fund Accountant using a secure electronic system established by the Fund Accountant by no later than 2:00 p.m. Central Time (3:00 p.m. New York time) on trade date plus one. If a revision or cancellation is made after this deadline, Sub-Adviser will promptly notify the Fund Accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Investment in New Securities</u>.

Sub-Adviser shall provide assistance to the Adviser and the Custodian, and any such other parties as the Adviser may reasonably request from time to time, to enable the proper set up of new securities purchased by the Fund on the date of the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Trade Affirmation and Settlement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Sub-Adviser shall affirm and direct the Custodian to settle each
trade made by the Sub-Adviser on behalf of the Fund and shall advise brokers to list Adviser as an Interested Party on all Depository Trust Company ()"**DTC**") confirms, supplying
Adviser's DTC number as 71567. Sub-Adviser shall use its best efforts to affirm all trades by no later than 11:00 a.m. Central Time (12:00 p.m. New York time) on trade date plus one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to portfolio securities to be purchased or sold through DTC, the Sub-Adviser shall arrange for the automatic transmission of the I.D. confirmation of the trade to the Custodian of the Fund. For non-DTC eligible trades, Sub-Adviser will provide hard copy confirmation, if customarily provided, via facsimile or e-mail to Adviser by no later than 11:00 a.m. Central Time on trade date plus one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Sub-Adviser will work directly with Custodian and/or any applicable
broker to resolve any trade-related issues (including, but not limited to re-registration of physical certificates, denominational breakdowns, exchanges, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Sub-Adviser agrees to monitor any failing trades and to use its best
efforts to work proactively to resolve these issues, and seek reimbursement from

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third parties as appropriate. Sub-Adviser agrees to reimburse the Fund for any compensating interest due because of failing trades if due to the fault of Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Corporate and Class</u> <u>Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Sub-Adviser has the obligation to determine the Fund's
participation in voluntary corporate actions, including mergers, acquisitions, tender offers, conversions, exchanges, stock splits, rights offerings, recapitalizations, and any other similar voluntary corporate action, and will work with appropriate
parties to facilitate voluntary corporate action processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Sub-Adviser shall have no responsibility for filing claims on behalf
of the Adviser or the Trust with respect to any class action, bankruptcy proceeding or any other action or proceeding in which the Adviser or the Trust may be entitled to participate as a result of the Fund's security holdings. The Sub-Adviser's responsibility with respect to such matters shall be limited to reasonably cooperating with the Adviser and the Custodian in allowing the Adviser and Custodian to make such filings and to using
its best efforts in sharing applicable information regarding such matters with the Adviser and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Proxy Voting</u>.

Sub-Adviser shall have the sole authority and responsibility for voting all proxies on behalf of the securities held by the Fund in accordance with the Sub-Adviser's proxy voting policies and procedures that are provided by the Sub-Adviser and adopted by the Trust. Notwithstanding the foregoing, Sub-Adviser agrees it shall consult with Adviser, as may be reasonably requested, on proxy voting matters. Subject to applicable SEC rules and guidance, the Sub-Adviser may use recommendations from a third-party in order to make voting decisions and may use a third-party service provider to perform the voting (a "**Third-Party Proxy Voting Service Provider**"). The Custodian or the Adviser, as the case may be, shall cause to be forwarded to the Sub-Adviser or Third-Party Proxy Voting Service Provider all proxy solicitation materials the Fund may receive. The Sub-Adviser acknowledges and agrees it has adopted written proxy voting procedures that comply with the requirements of the Advisers Act. The Sub-Adviser further agrees it shall provide Adviser, the Trust, or the Board, with all proxy voting records relating to the securities held by the Fund and with a written report of the proxies voted during the most recent twelve (12) month period or such other period as the Adviser or Trust may designate, in a format reasonably requested by the Adviser or Trust. Notwithstanding the foregoing, upon reasonable request Sub-Adviser shall provide the Adviser with all proxy voting records relating to the assets held by the Fund. The Sub-Adviser shall also provide an annual certification, in form and substance reasonably acceptable to Adviser and the Trust, attesting to the accuracy and completeness of such proxy voting records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Commission Recapture</u>.

Sub-Adviser understands that Adviser may, on occasion, enter into agreements for commission recapture with certain brokers. Sub-Adviser agrees to follow Adviser's direction regarding commission recapture subject to best execution and applicable laws and regulations including those of self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Broker Selection</u>.

The Sub-Adviser will select brokers, dealers, futures commission merchants and other counterparties to effect all transactions for the Fund, including without limitation, with respect to transactions in securities, derivatives, foreign currency exchange, commodities and/or any other investments. The Sub-Adviser will place all orders with brokers, dealers, counterparties or issuers, and will negotiate brokerage commissions, spreads and other financial and non-financial terms, as applicable. The Sub-Adviser will always seek the best possible price and execution in the circumstances in all transactions. Subject to the foregoing, the Sub-Adviser is directed at all times to seek to execute transactions for the Fund in accordance with its trading policies, as disclosed by the Sub-Adviser to the Fund from time to time, but in all cases subject to policies and practices established by the Fund and described in the Trust's registration statement. Notwithstanding the foregoing, the Sub-Adviser may pay a broker-dealer that provides research and brokerage services a higher spread or commission for a particular transaction than otherwise might have been charged by another broker-dealer to the extent permitted by Section 28(e) of the Securities Exchange Act of 1934 and by the Trust's registration statement, if the Sub-Adviser determines that the higher spread or commission is reasonable in relation to the value of the brokerage and research services that such broker-dealer provides, viewed in terms of either the particular transaction or the Sub-Adviser's overall responsibilities with respect to accounts managed by the Sub-Adviser. The Sub-Adviser may use for the benefit of the Sub-Adviser's other clients, or make available to companies affiliated with the Sub-Adviser or to its directors for the benefit of its clients, any such brokerage and research services that the Sub-Adviser obtains from brokers or dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Books and Records</u>.

The Sub-Adviser will maintain all accounts, books and records with respect to its services for the Fund as are required of an investment adviser of a registered investment company pursuant to the 1940 Act, the Advisers Act, and the rules thereunder. All records pertaining to the Sub-Adviser's management of the Fund shall be the joint property of the Trust and the Sub-Adviser and shall be available for inspection and use, upon reasonable notice and during normal business hours, by the Securities and Exchange Commission, state regulators, Adviser, or any person retained by the Trust. Where applicable, such records shall be maintained by the Sub-Adviser for the period and in the place required by Rule 31a-2 under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Investment Activity and Portfolio Composition Reporting</u>.

The Sub-Adviser shall render such reports to the Adviser and/or to the Board concerning the investment activity and portfolio composition of the Fund in such form and at such intervals as the Adviser or the Board may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <u>Aggregation of Trades and Trade Allocations</u>.

On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other customers, the Sub-Adviser, to the extent permitted by applicable law and as provided in its policies and procedures and as described in the Sub-Adviser's Form ADV Part 2A, may, but is not required to, aggregate the securities to be so sold or purchased in order to obtain the best execution, lower brokerage commissions, or lower costs of execution, if any. The Sub-Adviser also may purchase or sell a particular security for one or more customers in different amounts. On either occasion, and to the extent permitted by applicable law and regulations, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other customers. In no instance, however, will the Fund's assets be purchased from or sold to the Adviser, the Sub-Adviser, the Trust's principal underwriter, or any affiliated person of either the Trust, the Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the SEC and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. <u>Code of Ethics</u>.

Sub-Adviser shall adopt a written code of ethics that complies with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act (the "**Code of Ethics**") and shall maintain and enforce its Code of Ethics for as long as this Agreement remains in effect. If it has not already done so, Sub-Adviser shall provide the Adviser and the Board with a copy of its Code of Ethics, together with evidence of its adoption by the Sub-Adviser. To the extent not covered by the Code of Ethics, the Sub-Adviser shall establish policies and procedures regarding the detection and prevention and the misuse of material, nonpublic information by the Sub-Adviser and its employees, and shall maintain and enforce such policies and procedures for as long as this Agreement remains in effect. On a quarterly basis, or more frequently as may be reasonably required by Adviser or the Board, Sub-Adviser shall certify to Adviser that Sub-Adviser has complied with the requirements of its Code of Ethics. For so long as this Agreement remains in effect, within forty-five (45) days of the end of the last calendar quarter of each year, and as otherwise requested by the Adviser or the Board, the Sub-Adviser shall certify to the Adviser that, during the previous year, there has been no material violation of the Code of Ethics or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the advance written request of the Adviser, the Sub-Adviser shall permit Adviser, its employees or its agents to

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examine the reports required to be made by the Sub-Adviser under the Code of Ethics and all other record relevant to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. <u>Use</u> <u> </u> <u>of</u> <u> </u> <u>Service</u> <u> </u> <u>Providers</u> <u> </u> <u>and</u> <u>Affiliates</u>.

Sub-Adviser may employ, retain or otherwise avail itself of the services or facilities of other persons or organizations for the purpose of providing services in connection with Sub-Adviser's duties under this Agreement. In particular, the Adviser and Funds consent to Sub-Adviser's affiliates within the Nomura Asset Management business division of Nomura Group providing services to the Funds, subject to the supervision of the Sub-Adviser, and sharing information regarding the Funds' accounts on a need-to-know basis. To the extent the Sub- Adviser's affiliates within the Nomura Asset Management business division of Nomura Group provide such services to the Funds, the Sub-Adviser will be responsible for all such services and the conduct of its affiliate with respect to the provision of such services to the same extent as if such services were provided directly by the Sub-Adviser. Notwithstanding the foregoing or anything to the contrary contained herein, (i) any entity or affiliate retained or otherwise utilized by Sub-Adviser pursuant to this subsection 2.o. shall perform its duties in accordance with the terms of this Agreement, (ii) Sub-Adviser shall remain ultimately responsible for the performance of its obligations under this Agreement, and (iii) all investment advice provided to Adviser, the Fund, or the Trust pursuant to this Agreement shall be provided directly by the Sub-Adviser unless otherwise agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Duties of</u> <u>Adviser</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Adviser shall continue to have responsibility for all services to be provided to the Fund pursuant to
its advisory agreement with the Trust other than those delegated to the Sub-Adviser and shall oversee and review the Sub-Adviser's performance of its duties under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon request, Adviser agrees to provide or complete, as the case may be, the following prior to the
commencement of the Sub-Adviser's investment advisory services as specified under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a list of first tier affiliates and second tier affiliates (i.e., affiliates of affiliates) of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a copy of the current applicable compliance procedures for each Fund that are applicable to the sub-advisory services provided to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>CFTC</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Adviser hereby represents and warrants to the Sub-Adviser that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. as of the date of this Agreement, either the Adviser or the Trust (in such capacity, the
" **CPO** "), with respect to the Fund, is excluded from the definition of commodity pool operator pursuant to CFTC Regulation 4.5 and the CPO, on behalf of the Fund, will file the notice if required by CFTC Regulation 4.5(c) and shall
refile such notice annually if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. as of the date of this Agreement, the Adviser is exempt from registration as a commodity trading advisor
with respect to the Fund under CFTC Regulation 4.14(a)(5) or CFTC Regulation 4.14(a)(8), will file notice if required under CFTC Regulation 4.14(a)(8) and shall refile such notice annually if required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. as of the date of this Agreement, the Fund is an "eligible contract participant" within the
meaning of Section 1a(18) of the Commodity Exchange Act, as amended ()"**CEA** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser hereby represents and warrants to the Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. as of the date of this Agreement, the Sub-Adviser is exempt from
registration as a commodity trading advisor under CFTC Regulation 4.14(a)(8) with respect to the Fund, will file the notice if required under CFTC Regulation 4.14(a)(8) and shall refile such notice annually if required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Sub-Adviser will cause the Fund to comply with the trading
restrictions in CFTC Regulation 4.5(c)(2)(iii) unless otherwise agreed with the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Adviser and the Sub-Adviser each further agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Adviser and Sub-Adviser shall each comply with all requirements of
the CEA and then-current CFTC regulations that apply to Adviser and Sub-Adviser, respectively, with respect to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Sub-Adviser shall provide reasonable cooperation to the Adviser and
Adviser shall provide reasonable cooperation to the Sub-Adviser in fulfilling, or causing to be fulfilled, any disclosure or reporting requirements applicable to such party with respect to the Fund under the
CEA and/or then-current CFTC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Pay to Play</u>**. The Adviser and Sub-Adviser each represent that it relies on the relief provided by the SEC No-Action Letter to the Investment Company Institute, dated September 12, 2011 (the "**No-Action Letter**") regarding maintaining a list of "government entities" as required under Rule 204.2(a)(18)(i)(B) of the Advisers Act. Should the Adviser become aware of such information in accordance with the No-Action Letter in the future, the Adviser agrees to provide

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the Sub-Adviser, in a manner and with such frequency as is mutually agreed upon by the parties, with such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Expenses</u>**. During the term of this Agreement, the Sub-Adviser will pay all of its own expenses incurred in connection with its activities under this Agreement. All brokerage and custodial expenses relating to the operation of the Fund shall be borne by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Compensation</u>**. In payment for the investment sub-advisory services to be rendered by the Sub-Adviser in respect of the Fund, the Adviser shall pay to the Sub-Adviser a fee, determined as described on <u>Exhibit A</u> (the "**Schedule of Fees**"), as the same may be amended from time to time in accordance with Section 13 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Duration</u><u> </u><u>and</u> <u>Termination</u><u> </u><u>of</u> <u>Agreement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall be effective as of the date the Agreement is approved by the Board (the
" **Effective Date** "), and shall continue in effect for two (2) years from the Effective Date, unless sooner terminated as provided herein, and shall continue year to year thereafter, provided each continuance is specifically
approved at least annually by (i) the vote of a majority of the Board or (ii) a vote of a "majority" (as defined in the 1940 Act) of the Fund's outstanding voting securities, provided that in either event the continuance
is also approved by a majority of Board who are neither (A) parties to this Agreement not (B) "interested persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person (to the extent required by the
1940 Act) at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is revised or relaxed by a rule, regulation,
interpretation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation, interpretation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be terminated at any time, without prejudice or penalty, on sixty (60) days'
prior written notice by: (i) the Trust pursuant to (A) action by the Board, or (B) the vote of the majority of the outstanding voting securities of the Fund, or (ii) either the Sub-Adviser or the Adviser upon sixty (60) days' prior written notice to the other. This Agreement shall automatically terminate upon any termination of the Investment Advisory Agreement with respect to the Fund, or in the event of
"assignment" (as defined in the 1940 Act) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Limitation of Liability</u>**. Neither the Sub-Adviser nor any of its directors, officers or employees shall be liable to the Adviser, Trust or the Funds for any loss suffered by the Adviser, Trust, or the Funds resulting from its acts or omissions as Sub-Adviser to the Funds, except for losses resulting from willful misfeasance, bad faith, or gross negligence in the performance of, or from the reckless disregard of, the duties of the Sub-Adviser or any of its directors, officers or employees. Notwithstanding the foregoing, if there is a higher standard of care imposed by applicable law or this Agreement, such standard will apply under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Services Non-Exclusive</u>**. The Adviser understands that the Sub-Adviser now acts, or may act in the future, as investment adviser to other managed accounts, including other investment management companies, and the Adviser has no objection to the Sub-Adviser so acting, provided that the Sub-Adviser duly performs all obligations under this Agreement. The Adviser also understands that the Sub-Adviser may give advice and take action with respect to any of its other clients or for its own account which may differ from the timing or nature of action taken by the Sub-Adviser with respect to the Funds. Nothing in this Agreement shall impose upon the Sub-Adviser any obligation to purchase or sell, with respect to the Fund, any security which the Sub-Adviser or its shareholders, directors, officers, employees or affiliates may purchase or sell for its or their own account(s) or for the account of any other client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Other Business Activities of Sub-Adviser</u>**. Except to the extent necessary to perform its obligations hereunder, nothing herein shall be deemed to limit or restrict the right of the Sub-Adviser, or the right of any of its officers, directors or employees who may also be an officer, director or employee of the Trust, or persons otherwise affiliated with the Trust (within the meaning of the 1940 Act) to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other trust, corporation, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Representations</u>**. Sub-Adviser and Adviser each hereby represent and warrant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. it has been duly organized and is validly existing under the laws of the state of its organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. it is duly authorized to execute, deliver, and perform under this Agreement, and has taken all action
necessary to authorize its execution, delivery and performance, including, without limitation, obtaining any necessary government approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the terms of this Agreement do not conflict with any obligation by which it is bound, whether arising by
contract, operation of law, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. this Agreement constitutes a binding obligation, enforceable in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other similar law relating to or affecting creditors' rights or by general equity principles, regardless of whether such
enforceability is considered in a proceeding in equity or at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. it is a registered investment adviser with the SEC under the Advisers Act and will maintain such
registration for as long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. any required regulatory filings required are current and accurately reflect its advisory operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. it is currently in compliance with all applicable federal and state laws, rules, and regulations pertaining
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. neither it, nor any of its Associated Persons (as contemplated by the Advisers Act), are subject to any
statutory disqualification set forth in Section 203(e) and 203(f) of the Advisers Act (or any successor Advisers Act sections or rules), or are they currently the subject of any investigation or proceeding which would result in statutory
disqualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. it will promptly notify the other party to this Agreement of the occurrence of any event that would
disqualify it from serving as an investment adviser to any investment company pursuant to Section 9(a) of the 1940 Act or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. its obligations to advise the other with respect to these representations shall be continuing and ongoing,
and should any representation change for any reason, each warrants to advise the other immediately, together with providing the corresponding pertinent facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Amendments</u>**. This Agreement may be amended by an instrument in writing signed by both parties and only if such amendment is specifically approved by the vote of a majority of the Board who are not interested persons of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval. Any required shareholder approval shall be effective if a majority of the outstanding voting securities of the Fund vote to approve the amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Assignment</u>**. This Agreement may not be assigned by either Sub-Adviser or Adviser without the prior written consent of the other party. For purposes of this Section 14, the term "assign" shall have the meaning ascribed to the term "assignment" in Section 202(a)(1) of the Advisers Act and Rule 202(a)(1)-1 thereunder. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their successors and permitted assigns, provided, in each case any such successor or permitted assignee agrees to be bound by the terms and conditions of this Agreement. The Sub-Adviser shall promptly notify the Adviser of any material change in the Sub-Adviser's organizational structure. The Sub-Adviser shall promptly notify the Trust and the Adviser of any assignment of this Agreement or change in control of the Sub-Adviser, as applicable, and any changes in the key personnel or portfolio manager of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Provision of Certain Information by Sub-Adviser</u>**. The Sub-Adviser will promptly notify the Adviser in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Sub-Adviser fails to be registered as an investment adviser
under the Advisers Act or under the laws of any jurisdiction in which the Sub-Adviser is required to be registered as an investment adviser in order to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to the extent permitted by applicable law, the Sub-Adviser is served
or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, directly involving the affairs of the Funds; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any change in actual control or management of the Sub-Adviser or any
change in the Fund managers of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Standard of Care</u>**. The Sub-Adviser will perform its duties hereunder with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Sub-Adviser acknowledges that it will be acting as a fiduciary for Adviser in the performance of its duties hereunder. The Sub-Adviser shall at no time have custody or physical control of any assets of the Funds.

The Sub-Adviser shall use the same skill and care in providing services to the Funds as it uses in providing services to other fiduciary accounts for which it has investment responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Governing Law</u>**. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the state of Minnesota, or any of the applicable provisions of the 1940 Act. To the extent that the laws of the state of Minnesota, or any of the provisions in this Agreement, conflict with applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Entire Agreement</u>**. This Agreement, including its exhibits, constitutes the entire Agreement between Sub-Adviser and Adviser with respect to the subject matter or services contemplated by this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter or services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Attorneys' Fees</u>**. In the event of any litigation between the parties with respect to the subject matter of this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded by the court, its reasonable attorneys' fees and other costs of preparing for and participating in the litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Captions</u>**. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **<u>Severability</u>**. Each provision of this Agreement is intended to be severable from the others so that if any provision or term is found to be invalid or illegal for any reason whatsoever, such invalidity or illegality shall not affect the validity or legality of the remaining provisions and terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **<u>Contact Information</u>**. Each party agrees to provide to the other, and update as necessary, all specific contact information regarding individual's names, phone numbers, facsimile numbers, e-mail addresses, and similar information for all back-up personnel, and for all personnel who have any individual responsibility for the operation of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **<u>Notices</u>**. Any notice under this Agreement shall be in writing delivered or mailed to the addresses listed below in person or by registered mail or a private mail or delivery service

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**Execution Version** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

providing the sender with notice of receipt or through electronic means (excluding facsimile). Notice shall be deemed given on the date delivered or mailed in accordance with this paragraph.

<u>If to the Trust</u>:

Securian Funds Trust

c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101-2098

Attention: President

<u>If to the Adviser</u>:

Securian Asset Management, Inc.

400 Robert Street North

Saint Paul, Minnesota 55101-2098

Attention: Chief Compliance Officer

Email: <u>securianamcompliance@securianam.com</u>

---

| | |
|:---|:---|
| *With required copy to:*  | Securian Asset Management, Inc. |
|  | 400 Robert Street North<br> Mail Stop A9-1908 |
|  | Saint Paul, Minnesota 55101-2098 <br> Attention: Legal Department |

---

<u>If to the Sub-Adviser</u>:

Nomura Investments Fund Advisers

c/o Nomura Asset Management

100 Independence

610 Market Street

Philadelphia, Pennsylvania 19106

Attention: Alexandra Parson

Email: <u>Alexandra.Parson@nomura.com</u>

with a copy to General Counsel at the same address

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **<u>Confidentiality</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All information of or pertaining to the Trust, the Funds, the Adviser and any of its affiliates, whether
stored on computer disk or as electronic media, to which the Sub-Adviser is given access or otherwise obtains in the course of its provision of the services under this Agreement, including but not limited to
the Funds' holdings and shareholder information (which includes, without limitation, names, addresses, telephone numbers, account numbers, demographic, financial and transactional information), is referred to herein as "**Confidential Information** ".

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**Execution Version** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Sub-Adviser shall hold all Confidential Information in confidence
and shall not disclose any Confidential Information to any person, unless otherwise permitted hereunder and Sub-Adviser shall not use any such Confidential Information for purposes other than in connection
with the services provided under this Agreement. Notwithstanding the foregoing, Sub-Adviser is permitted to disclose Confidential Information as required by applicable law, as required to provide services
under this Agreement, and to Sub-Adviser's affiliates, agents, or accounting, legal, tax or other advisers but only if such person has a need to know such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Sub-Adviser agrees to treat the Funds' holdings as
confidential information in accordance with the Trust's "Policies and Procedures Regarding Disclosure of Fund Holdings" as such Policy may be amended from time to time, and to prohibit its employees from disclosing or trading while
in possession of any such confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If Sub-Adviser becomes legally compelled (by deposition,
interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information, Sub-Adviser may disclose such Confidential Information to the extent
legally required; provided, however, that Sub-Adviser shall (i) first notify the Trust of such legal process, unless such notice is prohibited by statute, rule or court order, (ii) attempt to obtain
the Trust's consent to such disclosure, and (iii) in the event consent is not given, agree to permit a motion to quash, or other similar procedural step, to frustrate the production or publication of information. In making any disclosure
under such legal process, the parties agree to use commercially reasonable efforts to preserve the confidential nature of such information. Nothing herein shall require Sub-Adviser to fail to honor a validly
issued subpoena, court or administrative order, or other legal requirement on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **<u>Compliance</u>**. Upon execution of this Agreement, the Sub-Adviser shall provide the Adviser with the Sub-Adviser's written policies and procedures ("**Compliance Policies**") as required by Rule 206(4)-7 under the Advisers Act. For so long as this Agreement remains in effect, the Sub-Adviser shall promptly submit to the Adviser: (i) any material changes to the Compliance Policies, (ii) notification of the commencement of a regulatory examination of the Sub-Adviser by any relevant regulatory authority related to the Funds or sub-advisory services provided to the Funds (to the extent permitted by applicable law), and any periodic testing of the Compliance Policies, (iii) summary of any formal review of the Sub-Adviser's Compliance Policies, and (iv) notification of any "material compliance matter" (as defined in Rule 38a-1(e)(2) under the 1940 Act) that relates to the services provided by the Sub-Adviser to the Funds and Trust including, but not limited to, any material violation of the Compliance Policies or of the Sub-Adviser's code of ethics and/or related code. For so long as this Agreement remains in effect, the Sub-Adviser shall provide the Adviser with any certifications, information and access to personnel and resources (including those resources that will permit testing of the Compliance Policies by the Adviser) that the Adviser may reasonably request to enable the Funds and Trust to comply with Rule 38a-1 under the 1940 Act. The Sub-Adviser also agrees to provide such other information relating to the

------

**Execution Version** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sub-Adviser's compliance program as may be reasonably requested by a Fund, the Trust, the Board, and the Funds' Chief Compliance Officer, or his or her authorized representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **<u>Use</u><u> </u><u>of</u><u> </u><u>Name</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser agrees not to use the names or any derivatives of
the names "Securian Funds Trust", "Securian Asset Management, Inc." or the names of any such entities' affiliates without first obtaining the applicable entity's express, written consent prior to the use of such
name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Adviser and its affiliates may use certain mutually agreed upon names of, or owned by, the Sub-Adviser (such agreed upon names being hereinafter referred to as the "**Sub-Adviser Names**") only for so long as this Agreement or any extension, renewal,
or amendment hereof remains in effect. At such times as this Agreement shall no longer be in effect, the Adviser and its affiliates shall cease to use the Sub-Adviser Names or any other name indicating that it
is advised by or otherwise connected with the Sub-Adviser and shall promptly change its name accordingly. In particular, parties agree that the use of the name "Macquarie" shall be included within
the definition of Sub-Adviser Names only until May 1, 2026. The parties agree that Adviser and the Funds shall cease use of the name "Macquarie" in connection with the Funds by no later than
May 1, 2026, and that Adviser will work with the Funds to change the Fund names to SFT Nomura Growth Fund and SFT Nomura Small Cap Growth Fund by no later than May 1, 2026. The Adviser acknowledges that it has authority to use the Sub-Adviser Names through permission of the Sub-Adviser, and agrees that the Sub-Adviser reserves to itself and any successor to its
business the right to grant the non-exclusive right to use the aforementioned names or any similar names to any other corporation or entity, including, but not limited to, any investment company of which the Sub- Adviser or any subsidiary or affiliate thereof or any successor to the business of any thereof shall be the investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. **<u>Qualification in Foreign Jurisdictions</u>**. If the Sub-Adviser manages a Fund that contains foreign securities, the Sub-Adviser agrees that it will reasonably assist with identifying and qualifying the Fund under any such jurisdiction's laws to hold and engage in securities transactions in each such jurisdiction. The Adviser and the Custodian shall assist with this process. At the reasonable request of the Adviser or Custodian, the Sub-Adviser will provide information needed to assist with the preparation and filing of tax reclaim documents for any foreign jurisdiction in which such reclaims may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. **<u>No Guarantee as to Investment Performance</u>**. The Adviser and Sub-Adviser understand that the value of investments made for the Funds may go up as well as down and is not guaranteed, and that investment decisions will not always be profitable. Neither the Adviser nor the Sub-Adviser has made or is making any guarantees, including any guarantee as to any specific level of performance of the Funds or the performance of the Funds relative to any standard or index, including other clients of the Sub-Adviser. The Adviser and Sub-Adviser acknowledge that the Funds are designed for the described investment objective and is not intended as a complete investment program and also understand that investment decisions made on behalf of the Funds by Sub-Adviser are subject to various market and business risks.

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**Execution Version** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. **<u>Counterparts; Electronic Execution</u>**. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original copy and which together shall constitute one and the same instrument binding upon all parties hereto, notwithstanding that all of such parties may not have executed the same counterpart. The parties each acknowledge and agree that electronic signature, including without limitation via DocuSign, shall constitute an original signature and shall be fully valid and binding upon such party. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic method of transmission, including without limitation DocuSign, shall be equally as effective as delivery of an original executed counterpart of this Agreement.

IN WITNESS WHEREOF, Sub-Adviser and Adviser have caused this Agreement to be duly executed and delivered by their authorized officers as of the day and year first written above.

---

| | |
|:---|:---|
| **SUB-ADVISER:** | **ADVISER:** |
| NOMURA INVESTMENTS FUND | SECURIAN ASSET MANAGEMENT, INC., |
| ADVISERS, A SERIES OF NOMURA | a Minnesota corporation |
| INVESTMENT MANAGEMENT BUSINESS |  |
| TRUST, a Delaware statutory trust |  |
| ![LOGO](g43272dsp18a.jpg)  | ![LOGO](g43272dsp18a.jpg)  |

---

------

**<u>EXHIBIT A</u>**

*Schedule of Fees* 

The amount of such annual fee, as applied to the average daily value of the net assets of the Fund are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **SFT Macquarie Growth Fund** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Assets** | **Annual Fees** |
| &nbsp;&nbsp; $0 to $25 million | 55 basis points (0.55%) |
| &nbsp;&nbsp; Greater than $25 million to $50 million | 45 basis points (0.45%) |
| &nbsp;&nbsp; Over $50 million | 33 basis points (0.33%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **SFT Macquarie Small Cap Growth Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Assets** | **Annual Fees** |
| &nbsp;&nbsp; $0 to $25 million | 82 basis points (0.82%) |
| &nbsp;&nbsp; Greater than $25 million to $50 million | 72 basis points (0.72%) |
| &nbsp;&nbsp; Greater than $50 million to $75 million | 55 basis points (0.55%) |
| &nbsp;&nbsp; Over $75 million | 40 basis points (0.40%) |

---

------

![LOGO](g43272dsp020.jpg)

Certificate Of Completion Envelope Id: 0697D977-9FB4-478B-A291-007153A3CCEF Status: Completed Subject: Complete with Docusign: Sub-Advisory Agreement—Securian Asset Management & NIFA—SFT Funds Form Date: Form Number: Authentication: Source Envelope: Document Pages: 19 Signatures: 2 Envelope Originator: Certificate Pages: 3 Initials: 1 Jason Thibodeaux AutoNav: Enabled 400 Robert Street North EnvelopeId Stamping: Enabled Saint Paul, MN 55101 Time Zone: (UTC-06:00) Central Time (US & Canada) jason.thibodeaux@securian.com IP Address: 24.206.79.148 Record Tracking Status: Original Holder: Jason Thibodeaux Location: DocuSign 11/24/2025 8:31:11 AM jason.thibodeaux@securian.com Signer Events Signature Timestamp Jason Thibodeaux Sent: 11/24/2025 8:37:24 AM jason.thibodeaux@securian.com Viewed: 11/24/2025 8:37:38 AM Director, Law—Securities & Individual Solutions Signed: 11/24/2025 8:37:46 AM Securian Financial Group, Inc. Signature Adoption: Drawn on Device Security Level: Email, Account Authentication (None) Using IP Address: 24.206.79.148 Electronic Record and Signature Disclosure: Not Offered via Docusign Suzette L. Huovinen Sent: 11/24/2025 8:37:48 AM suzette.huovinen@securian.com Viewed: 11/24/2025 8:50:58 AM SVP, Securian Financial Signed: 11/24/2025 8:53:21 AM Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 24.206.84.213 Electronic Record and Signature Disclosure: Accepted: 11/24/2025 8:50:58 AM ID: 010d0c3b-545c-4993-9dc0-c5053bfdfd14 Susan Natalini Sent: 11/24/2025 8:53:23 AM Susan.Natalini@macquarie.com Viewed: 11/24/2025 10:34:40 AM Managing Director Signed: 11/24/2025 10:34:58 AM Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 24.206.82.28 Electronic Record and Signature Disclosure: Accepted: 11/24/2025 10:34:40 AM ID: 835714f5-7b04-4f8d-81e7-a5c7bdb44e05 In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp

------

![LOGO](g43272dsp021.jpg)

Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp AG Ciavarelli Sent: 11/24/2025 10:35:00 AM ag.ciavarelli@macquarie.com Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Not Offered via Docusign Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 11/24/2025 8:37:24 AM Certified Delivered Security Checked 11/24/2025 10:34:40 AM Signing Complete Security Checked 11/24/2025 10:34:58 AM Completed Security Checked 11/24/2025 10:35:00 AM Payment Events Status Timestamps Electronic Record and Signature Disclosure

------

By consenting to the use of an Electronic Record and Signature, I agree that submitting information via Docusign<sup>®</sup> constitutes my electronic signature for all such transactions. I am legally bound by electronic signatures to the same extent as if I had signed with a hand written signature.

## Exhibit 99.28

Exhibit Number 28(i)

Stradley Ronon Stevens & Young, LLP <br>191 North Wacker Drive, Suite 1601 <br>Chicago, IL 60606 <br>(312) 964-3500

April 28, 2026

Securian Funds Trust <br>400 Robert Street North <br>St. Paul, MN 55101-2908 <br>Ladies and Gentlemen:

We have acted as counsel to Securian Funds Trust, a Delaware Statutory Trust (the "<u>Trust</u>") that is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as an open-end, series management investment company.

This opinion is given in connection with the filing by the Trust of Post-Effective Amendment No. 80 (the "<u>Post-Effective Amendment</u>") to the Trust's registration statement on Form N-1A (File Nos. 002-96990 and 811-04279) (the "<u>Registration Statement</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The Post-Effective Amendment is to be filed with the U. S. Securities and Exchange Commission (the "<u>Commission</u>") on or about April 28, 2026, to register under the Securities Act an unlimited number of shares of beneficial interest (the "<u>Shares</u>") of the series of the Trust listed in Appendix A (the "<u>Funds</u>").

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the 1940 Act.

In connection with giving this opinion, we have examined copies of the Registration Statement, the Amended and Restated Agreement and Declaration of Trust (the "<u>Trust Agreement</u>"), the Bylaws of the Trust (the "<u>Bylaws</u>"), and such other legal and factual matters as we have deemed appropriate. We have not independently established any of the facts on which we have so relied.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity and completeness of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies thereof. We have further assumed the legal capacity of natural persons executing any document, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact.

Additionally, we have assumed the following for purposes of this opinion:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)

The Trust will remain a valid and existing Delaware Statutory Trust under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)

The provisions of the Trust Agreement and the Bylaws relating to the issuance of the Shares of the Funds will not be modified or eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)

The Shares will be issued in accordance with the Trust Agreement and the Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)

The registration of an indefinite number of the Shares of the Funds will remain effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)

The Shares will be sold for the consideration described in the then current summary prospectus, statutory prospectus and statement of additional information of the Funds, and the consideration received by the Trust will be at least equal to the net asset value per share of the Funds' Shares.

The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the Delaware Statutory Trust Act and the provisions of the 1940 Act that are applicable to equity securities issued by registered open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

Based upon and subject to the foregoing, it is our opinion that, with respect to the Funds: (1) the Shares to be issued pursuant to the Registration Statement, when issued and paid for by the purchasers upon the terms described in the Registration Statement, will be validly issued, and (2) under the Delaware Statutory Trust Act, purchasers of Shares will have no obligation to make further payments for their purchase of Shares or contributions to the Trust or its creditors solely by reason of their ownership of the Funds' Shares.

This opinion is rendered solely in connection with the filing of the Registration Statement. We hereby consent to the filing of this opinion with the Commission in connection with the Registration Statement. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement within the meaning of the term "expert" as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

Very truly yours,

/s/ Stradley Ronon Stevens & Young, LLP

------

**Appendix A**

SFT Balanced Stabilization Fund <br>SFT Core Bond Fund – Class 1 and Class 2 <br>SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund) <br>SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund) <br>SFT Equity Stabilization Fund <br>SFT Government Money Market Fund <br>SFT Index 400 Mid-Cap Fund – Class 1 and Class 2 <br>SFT Index 500 Fund – Class 1 and Class 2 <br>SFT Real Estate Securities Fund – Class 1 and Class 2 <br>SFT T. Rowe Price Value Fund <br>SFT Wellington Core Equity Fund – Class 1 and Class 2

------

## Exhibit 99.28

**Exhibit 28(j)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated February 26, 2026, with respect to the financial statements and financial highlights of SFT Balanced Stabilization Fund, SFT Core Bond Fund, SFT Equity Stabilization Fund, SFT Government Money Market Fund, SFT Index 400 Mid-Cap Fund, SFT Index 500 Fund, SFT Macquarie Growth Fund, SFT Macquarie Small Cap Growth Fund, SFT Real Estate Securities Fund, SFT T. Rowe Price Value Fund, and SFT Wellington Core Equity Fund, each a series of Securian Funds Trust, incorporated herein by reference, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" and "FINANCIAL STATEMENTS" in the Statement of Additional Information.

/s/ KPMG LLP

Columbus, Ohio <br>April 27, 2026

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## Exhibit 99.28

## Compliance Policy & Procedures

## Code of Ethics

---

| | |
|:---|:---|
| Document classification: | Nomura Asset Management International Policy & Procedures |
| Owner(s): | NIMBT Compliance |
| Date Approved: | 12/01/2025 |
| Rationale: | This global-level policy and related procedures (the "**CPP**") sets out standards of conduct designed to address potential conflicts of interest that might arise between the fiduciary duty to the Firm's Clients and a Covered Person's personal activities. This CPP also addresses certain requirements of other related CPPs governing the Firm and its affiliates. |
| Transition Period: | Prior to the sale of Macquarie Investment Management Business Trust ("**MIMBT**") to Nomura Holdings Inc., this CPP shall apply exclusively to MIMBT. |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

------

Code of Ethics Policy and Procedures

## **Table of Contents**

---

| | |
|:---|:---|
| **I. INTRODUCTION** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. General Principles | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Your Fiduciary Duty | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Compliance with Applicable Federal Securities Laws | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Obligation to Report Violations of the Code | 4 |
| **II. YOUR OBLIGATIONS AS A COVERED PERSON** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Categories of Covered Persons | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Immediate Family Member of an Employee | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Your Obligations at Time of Hire | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Your Obligations on a Daily Basis | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Your Obligations on a Quarterly Basis | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. Your Obligations on an Annual Basis | 10 |
| **III. FUND PERSON RESPONSIBILITIES** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Fiduciary Duty | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Reporting and Certification Requirements | 10 |
| **IV. REVIEW AND ENFORCEMENT OF THE CODE** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Administration of the Code | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Review of Employee Activity | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Sanctions for Non-Compliance with Code | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Maintenance of Records | 11 |
|  **Glossary to the Code of Ethics** | **12** |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

------

Code of Ethics Policy and Procedures

**I.** **INTRODUCTION** 

**A.** **General Principles**

The Code of Ethics (the "Code") is based on the principle that Nomura Asset Management International Inc. ("Nomura Asset Management International" or the "Firm")<sup>1</sup>, its directors, officers, trustees, and employees (each, a "Covered Person" and collectively, "Covered Persons"), owe a fiduciary duty of undivided loyalty to the Nomura Funds, the Optimum Fund Trust, and the Nomura ETF Trust (collectively, the "Funds") and any other investment advisory client (each, a "Client" and collectively, our "Clients") that the Firm advises.<sup>2</sup> In addition, the Code is based on the principle that the directors, trustees and fund- only personnel associated with the Funds (collectively, "Fund Persons") owe a fiduciary duty of undivided loyalty to their respective Funds. The Trustees of the Nomura Funds (the "Nomura Funds") and the Optimum Funds Trust (the "Optimum Funds"), who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "Independent Trustees") are subject to the Nomura Funds' and Optimum Funds' Code of Ethics for Independent Trustees. The Independent Trustees are not subject to the provisions of this Code.

This Code sets out standards of conduct designed to address potential conflicts of interest that might arise between this fiduciary duty to the Firm's Clients and a Covered Person's personal activities. Specifically, each Covered Person must avoid participating in transactions, activities, and relationships that might interfere (or appear to interfere) with making decisions in the best interests of those Clients.

As a Covered Person, you are responsible for reading the Code and understanding your obligations in order to comply with its provisions. Additionally, your duty to comply with this Code includes the requirement that your personal and business activities be conducted in compliance with all other CPPs governing the Firm and its affiliates. Examples of such CPPs include, but are not limited to, the NHA Compliance Policy Manual – Chapter 7: Gifts, Gratuities and Entertainment, Nomura Asset Management International Insider Trading CPP, and Nomura Asset Management International Political Dealings and Activities ("Pay-to-Play") CPP . If you have any questions regarding the Code and its related CPPs or your resultant obligations and duties, please contact the Compliance Department for assistance.

**B.** **Your Fiduciary Duty**

The Firm is committed to fostering a culture that promotes honesty and high ethical standards. Consequently, all Covered Persons have an obligation to conduct themselves in accordance with the following general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of our Clients ahead of your own interests at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and
the activities of our Clients, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not take inappropriate advantage of your position at the Firm.

<sup>1</sup> For the purposes of this Code, all references to "Nomura Asset Management International" or the "Firm" shall be taken to mean Nomura Asset Management International Inc. and its subsidiaries

<sup>2</sup> Definitions of certain capitalized terms can be found in the Glossary to the Code of Ethics. These definitions are an integral part of the Code and a proper understanding of them is necessary to comply with the Code. It is important that you review and understand all of the definitions contained in the Glossary and refer back to them as necessary to understand your responsibilities under the Code.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Covered Persons are reminded that violations of the Code and/or any associated CPPs may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal procedures may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal.

**C.** **Compliance with Applicable Federal Securities Laws**

As a Covered Person under this Code, it is your duty to conduct all personal and professional activities in a manner that is consistent with any and all Applicable Federal Securities Laws (as defined in the Glossary to this Code ("Glossary").

**D.** **Obligation to Report Violations of the Code**

You have a duty to report violations of the Code. If you become aware of a violation of the Firm's Code committed by another Covered Person, you have an ongoing obligation to report that violation to the Compliance Department. It is the Firm's policy to protect the confidentiality of any such report made in good faith and any Covered Person reporting such a violation will not be subject to retaliation.

**II.** **YOUR OBLIGATIONS AS A COVERED PERSON** 

**A.** **Categories of Covered Persons**

Upon becoming subject to the provisions of this Code, each Covered Person is assigned to one of the following three categories below based on their responsibilities and/or privileges at the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated Person

You will be advised of the category to which you are assigned during your initial training on this Code. It is important to know the category to which you are assigned, as belonging to a certain category may cause you to be subject to additional obligations and/or limitations under the Code. A complete definition for each category is included in the Glossary. You are encouraged to review the definitions for each category carefully, as well as any sections of the Code that may pertain only to Covered Persons assigned to your category.

**B.** **Immediate Family Member of an Employee**

In accordance with federal securities laws, certain restrictions and limitations found within the Code are also applicable to the personal investment activities of any immediate family members that reside in your household ("Immediate Family Members"). As a Covered Person, it is your responsibility to alert your Immediate Family Members of any applicable restrictions or limitations that may impact their personal investment activities to ensure that both you and your Immediate Family Members conduct all personal investment activities in a manner consistent with the Code.

**C.** **Your Obligations at Time of Hire**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial Holdings Report** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

All Access and Investment Persons must submit an initial holdings report within ten (10) calendar days of commencing employment with the Firm or otherwise becoming an Access or Investment Person to disclose the Required Holdings Information for both their own and their Immediate Family Members' personal securities holdings. The information included in the initial holdings report must be current as of a date no more than forty-five (45) calendar days prior to the commencement of employment with the Firm (or becoming subject to the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Use of Approved Brokers** 

All Covered Persons, with limited exceptions, must maintain all personal brokerage accounts with approved brokerage firms ("Approved Brokers"). A list of the Approved Brokers from which the FIrm is currently able to receive such data feeds can be found via the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Disclosure of Outside Business Activities** 

Covered Persons may not engage in full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm without receiving prior written approval from the Compliance Department. Any such service is considered an "Outside Business Activity," even if performed on a volunteer basis. Any existing Outside Business Activities must be disclosed at the time that you become subject to this Code and are subject to review and approval. Similarly, you have an ongoing obligation to disclose any Outside Business Activities that you undertake during your employment with the Firm and receive written approval from the Compliance Department prior to participating in such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Disclosure of Political Contributions** 

In addition to the Code, all Covered Persons and their Immediate Family Members are subject to the NIMBT Political Dealings and Activities ("Pay-to-Play") CPP. Covered Persons are required to disclose all political contributions made during the two-year period prior to the date that they become subject to this Code. This disclosure must also include all political contributions made by your Immediate Family Members during the two-year period. The information provided may be shared in the aggregate in response to requests for proposals or client information requests but will otherwise remain strictly confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Written Acknowledgement of Receipt of Code** 

All Covered Persons are required to certify that they have received this Code within ten (10) calendar days of their hire date. You will also be required to certify your ongoing compliance with this Code on an annual basis and whenever the Code is updated.

**D.** **Your Obligations on a Daily Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Pre-clearance of Personal Securities Transactions** 

Covered Persons and their Immediate Family Members must pre-clear each personal investment transaction and receive approval for the activity prior to executing the transaction, unless the transaction is subject to an exemption from the pre-clearance requirements of the

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Code as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Duration of Approval** 

Approval for a pre-clearance request is valid for the same day only and the trade must be executed on the same day that approval is granted. If a transaction is not executed (or is only partially completed) on the same day that you receive approval, you must repeat the pre- clearance process and receive approval on the day that you do execute (or complete) the transaction. Similarly, if the information in your pre-clearance request changes in any material way, you must resubmit your pre-clearance request prior to executing the transaction.

Note: Approvals for Covered Persons located in Australia and/or Asia only are valid for execution through the 24-hour period following approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Exceptions to the Pre-clearance Requirement** 

You are not required to pre-clear and receive approval for the personal investment transaction types listed below prior to execution, although you are still responsible for complying with the reporting requirements of this Code for these transactions, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Involuntary transactions** 

The acquisition or disposition of a security as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin- off or other similar corporate distribution or reorganization applicable to all holders of a class of securities does not require pre-clearance under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Affiliated Funds and Pooled Vehicles** 

Purchases or sales of affiliated pooled vehicle such as open-end mutual funds, SICAVS, and other managed investment schemes to which the Firm provides advisory services, also referred to as "Affiliated Funds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Purchases or sales of exchange-traded funds ("ETFs")** 

Unaffiliated ETFs, except for single stock ETFs, are exempt from the preapproval requirements, however they are subject to the reporting and holding period requirements of the Code. For Single security or issuer ETFs pre-clearance is required on the underlying security/issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Transactions in Managed Accounts** 

Pre-clearance is not required for transactions made in an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control ("Managed Account").

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Note: Covered Persons and their Immediate Family Members must receive approval from the Compliance Department in order to maintain a Managed Account. **Additionally, you should be aware that Managed Accounts are still subject to the reporting requirements of the Code.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Donated Shares** 

Pre-clearance and approval are not required for any securities that are donated to a charitable organization. However, such transactions are still subject to the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Transactions Excluded from BOTH the Pre-clearance and Approval Requirement and the Reporting Requirement** 

All personal investment transactions by Covered Persons must be reported under the Code with a few limited exceptions. The following types of personal investment transactions are exempt from <u>both</u> the pre-clearance and the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Purchases or sales of unaffiliated pooled vehicles such as open-end mutual funds, SICAVs, UCITS and other managed investment schemes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Purchases or sales of direct obligations of the U.S. Government or any other national government and futures
and options with respect to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Purchases or sales of bank certificates of deposit, bankers' acceptances, commercial paper and other
high quality short- term debt instruments (having a maturity at issuance of less than 366 calendar days and rated in one of the two highest ratings categories by a nationally recognized statistical ratings organization, including repurchase
agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Purchases which are made by reinvesting cash dividends including reinvestments pursuant to an Automatic Investment Plan; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transactions in Section 529 plans.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Trading Restrictions** 

All Covered Persons and their Immediate Family Members are subject to certain trading restrictions on their personal investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **All Covered Persons – Restrictions on Trading in Nomura Securities** 

Covered Persons who wish to trade Nomura Holdings, Inc. ("Nomura") securities directly through the EquatePlus by Computershare system or through a similar plan, must complete all trades during designated staff trading windows. Transactions in Nomura securities must comply with all applicable Nomura policies, including the Nomura Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **All Covered Persons – Seven (7) Calendar Day Blackout Period** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

All Covered Persons and their Immediate Family Members are prohibited from trading a security in their personal brokerage accounts for seven (7) calendar days after the Firm executes a buy or sell transaction in that same security. Depending on the facts and circumstances and at the discretion of the CCO or their designee, personal trades involving covered securities that receive preapproval and are executed within 7 calendar days prior to the Firm executing a buy or sell transaction in that same security may be required to be unwound or subject to disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** De Minimus Exception

Covered Persons will be permitted a de minimis exception when requesting to trade of up to $10,000 USD per day of any security included in the Russell 3000 Index. Other highly capitalized and or widely held securities may also be considered by exception, i.e. ADRs or foreign securities. Please contact Compliance for all exception requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Holding Periods:** 

All Covered Persons are prohibited from engaging in activities that could be considered "market timing" in violation of Rule 22c-1 of the 1940 Act and, therefore, subject to required holding periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Access and Affiliated Persons – 60 Calendar Day General Holding Period

If you are categorized as an Access Person or Affiliated Person under this Standard, you are subject to sixty (60) calendar days holding period for most personal securities transactions. Accordingly, Access and Affiliated Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Investment Persons – 60 Calendar Day General Holding Period

Investment Persons are prohibited from engaging in short term trading in their personal investment accounts that results in a profit. Accordingly, Investment Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** All Covered Persons – 60 Calendar Day Holding Period for Affiliated Mutual Funds

All Covered Persons must hold any newly opened positions in Affiliated Mutual Funds for sixty (60) calendar days before the position may be closed for a profit.

**Note: Investment Persons, Access and Affiliated Persons are permitted to close positions at any time at a loss of 20% or greater. The loss calculation will be based upon Last-In First-Out (LIFO).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Restricted Securities** 

The Firm maintains a list of certain restricted securities that may not be traded by

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Covered Persons (the "Restricted List"). You are generally prohibited from purchasing or selling any security on the Restricted List, except that this prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary and/or automatic transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions made in an approved Managed Account, provided that such transactions do not reflect a prohibited pattern
of conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions for which specific approval has been granted due to unusual or unforeseen circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Initial Public Offerings/Private Placements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Investment Persons, Access and Affiliated Persons

Investment Persons, Access and Affiliated Persons are prohibited from participating in initial public offerings and may only participate in a private placement with prior written permission. Additionally, an employee who purchased privately placed securities prior to becoming subject to this Standard is required to disclose the purchases to the Compliance Department before they can participate in the consideration of an investment in the securities of that issuer or its affiliates for a Client account. In order to avoid a potential conflict of interest, any decision to invest in the issuer in question will be subject to an independent review by additional Investment Persons that do not have a personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Registered Representatives

All Covered Persons holding valid Financial Industry Regulatory Authority (FINRA) registrations are prohibited from participating in initial public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Pre-clearance of Political Contributions** 

All Covered Persons and their Immediate Family Members must submit a pre- clearance request and receive approval prior to making a political contribution. Examples of political contributions that would require pre-clearance and approval include, but are not limited to, donations of cash, stock, service or anything of value to a candidate for public office, a sitting public official, political party or a political action committee, whether at the local, state, and/or federal level. Please review the NIMBT Pay-to-Play CPP for more information on applicable restrictions and reporting obligations for political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Obligation to Report Changes to Personal Information** 

You have an ongoing obligation to report any changes in your personal information that may impact your obligations under this Code. Examples include changes to your personal brokerage accounts (e.g., opening or closing an account), disclosures of new outside business activities for review and approval, and changes to your address, Immediate Family Members, or other personal information.

**E.** **Your Obligations on a Quarterly Basis**

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

<u>Quarterly Report/Certification of Transactions</u>

Within thirty (30) calendar days after each quarter's end, all Covered Persons must report and certify their personal investment activity during the previous quarter. Please note that all Covered Persons are required to complete the quarterly certification each quarter, even if they did not complete any personal investment transactions during the quarter. Additionally, Covered Persons will be asked to review the list of brokerage accounts that they have previously disclosed and certify to its accuracy.

**F.** **Your Obligations on an Annual Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Annual Certification of Holdings** 

All Access and Investment Persons are required to submit an annual report of all personal investment holdings in their personal brokerage accounts and the personal brokerage accounts of their Immediate Family Members. The report must contain information that is current as of a date no more than forty-five (45) calendar days prior to the date the report is submitted and must be submitted no later than forty-five (45) calendar days after year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Annual Code of Ethics Certification** 

At least annually, all Covered Persons must review this Code in its entirety and certify to their understanding and ongoing compliance with the Code.

**III.** **FUND PERSON RESPONSIBILITIES** 

**A.** **Fiduciary Duty**

All Fund Persons have an obligation to conduct themselves in accordance with the general fiduciary principles outlined above. Specifically, you have a duty to place the interests of the applicable Fund ahead of your own interests at all times; you have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and the activities of the applicable Fund, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and you must not take inappropriate advantage of your position.

**B.** **Reporting and Certification Requirements**

Fund Persons are not subject to the holding's disclosure requirements outlined above nor are they required to pre-clear all personal investment transactions prior to executing a transaction. Similarly, Fund Persons are only required to submit and certify quarterly transaction reports for any personal investment transactions where, at the time of the transaction, they knew, or in the ordinary course of fulfilling their official duties should have known, that during the fifteen (15) calendar day period immediately before or after the date of the transaction, such Security was purchased or sold by an applicable Fund or the Firm on behalf of the applicable Fund or was being considered for purchase or sale by an applicable Fund or the Firm on behalf of the applicable Fund.

**IV.** **REVIEW AND ENFORCEMENT OF THE CODE** 

**A.** **Administration of the Code**

The Code shall be administered by the Compliance Department and/or an appropriate management committee that shall include a majority of Compliance and/or Legal Department representatives. Where exceptions are

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

granted to any provision of this Code, the rationale for such exceptions shall be documented.

**B.** **Review of Employee Activity**

Trading activity may be reviewed for patterns of trading that are inconsistent with the tenets of this Code. Excessive or inappropriate trading that interferes with job performance or compromises the duty that the Firm owes to our Clients is not permitted. Patterns of excessive trading or other trading activity that is deemed to be inappropriate may lead to sanctions, including restrictions on future trading and/or other disciplinary action under the Code.

**C.** **Sanctions for Non-Compliance with Code**

Appropriate sanctions for a violation will include the nature and severity of the violation, the presence of any mitigating circumstances, and any previous violations that may have been committed by the Covered Person. Examples of possible sanctions include, but are not limited to, written warnings or reprimands, monetary penalties, trading freezes, suspension, and/or termination of employment.

**D.** **Maintenance of Records**

The Firm will maintain all necessary books and records required to remain compliant with applicable laws and regulations. More information on specific record-keeping requirements and processes may be found in the Firm's record-keeping policies and procedures.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

**Glossary to the Code of Ethics** 

**Access Person** 

The term "Access Person" means an officer or director, or employee of a registered investment adviser, or any other person identified as a "control person" on the Form ADV or the Form BD filed by the adviser with the US Securities and Exchange Commission, as well as any employee, (1) who, in connection with his or her regular functions or duties, generates, participates in, has access to or obtains information regarding that adviser's purchase or sale of a security by or on behalf of an advisory client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whose regular functions or duties relate to the making of any recommendations with respect to such purchases or sales or has access to such recommendations that are non-public; (3) who obtains or has access to information or exercises influence concerning investment recommendations made to an advisory client of that adviser; (4) who has line oversight or management responsibilities over employees described in (1), (2) or (3) above; or (5) who has access to non-public information regarding any advisory clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund for which an adviser serves as investment adviser or any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Firm.

**Affiliated Fund** 

The term "Affiliated Fund" refers to open-end (non-money market) mutual funds and ETFs to which the Firm provides advisory services are considered to be "Affiliated Funds." A list of the Firm's Affiliated Funds can be found on **<u>nomuraassetmanagement.com</u>**.

**Affiliated Person** 

The term "Affiliated Person" means any officer, director, partner, or employee of a Nomura Asset Management International Fund or any subsidiary of the Firm and any other person so designated by the Compliance Department.

**Applicable Federal Securities Laws** 

For the purposes of the Code, the term "Applicable Federal Securities Laws" refers to any and all federal securities laws or regulations that may be applicable, including, but not limited to, the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended (the "1940 Act"), the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Title V of Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, and the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the SEC or Department of the Treasury.

**Approved Broker** 

The term "Approved Broker" refers to a broker-dealer that is included on the Firm's "Approved Broker List." Effective September 1, 2013, all new brokerage accounts opened by a Covered Person, or their Immediate Family Member must be opened with a broker-dealer that can provide the Firm with trade confirmations and other information about employee personal trading activity electronically. This list will be updated from time-to-time to reflect changing business relationships.

**Client** 

The term "Client" refers to the Firm's investment advisory clients, including the registered investment companies, institutional investment clients, personal trusts and estates, guardianships, employee benefit trusts, and other clients that the Firm serves.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

**Compliance Department** 

The term "Compliance Department" refers to the Firm's Compliance Department.

**Covered Person** 

The term "Covered Person" means a person subject to the provisions of this Code. This includes the Firm's employees and their Immediate Family Members, such as spouses and minor children, as well as other persons designated as Covered Persons by the Compliance Department or the Code of Ethics Committee. Such persons may include some or all of the directors, officers, trustees, and employees under the control of the Firm or its affiliated entities.

**Fund Person** 

Any directors, trustees and fund-only personnel associated with the Nomura Funds and/or the Optimum Fund Trust. Fund-only personnel are considered to be those who are not employed by the Firm or otherwise considered a Covered Person but provide services to the Funds.

**Immediate Family Member of an Employee** 

Immediate Family Member of an Employee – means: (1) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son- in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (2) any person sharing the same household with the Employee (which does not include temporary house guests)that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (3) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Investment Person** 

The term "Investment Person" means a portfolio manager who, in connection with his/her regular functions or duties, makes, or participates in the making of, investment decisions affecting an investment company, and any control person who obtains information concerning the recommendation of securities for purchase or sale by a fund or an account. Any staff working in a support role to a portfolio manager, including, but not limited to, analysts and administrative assistants, are also considered to be Investment Persons. All Investment Persons are also considered Access Persons by definition.

**Managed Account** 

The term "Managed Account" refers to an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control. All Covered Persons must request and received approval from the Compliance Department in order to maintain a Managed Account.

**Outside Business Activity** 

The term "Outside Business Activity" means any full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm. A Covered Person who engages in such service, whether or not s/he receives compensation for doing so, will be considered to be participating in an Outside Business Activity and must disclose such service to the Compliance Department and receive approval for same.

**Required Holdings Information** 

Certain information regarding your personal securities holdings is required to be reported. Such reports must include the date and nature of the transaction, identify the security transacted, the price at which the transaction was effected, the

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

broker through which the transaction was effected and the date in which the Access or Investment Person submitted the report.

**RedOak ID: 5001850** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

## Exhibit 99.28

**T. ROWE PRICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**July 1, 2025** 

**Table of Contents** 

---

| | |
|:---|:---|
| **I. INTRODUCTION** | **2** |
| **II. STANDARDS OF BUSINESS CONDUCT** | **3** |
| **III. REPORTING REQUIREMENTS** | **5** |
| A. Initial Disclosure of Existing Accounts | 5 |
| B. New Accounts | 5 |
| C. Transaction Reporting | 5 |
| D. Exceptions to the Reporting Requirements | 6 |
| **IV. PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS** | **6** |
| A. Pre-clearance Requirements for all Associates | 6 |
| B. Pre-clearance Requirements for Access Persons | 7 |
| C. Pre-clearance for Private Placements: | 7 |
| D. Holding Period Requirements | 7 |
| E. Exceptions to the Pre-Clearance Requirement | 8 |
| **V. OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS** | **8** |
| A. Limit Orders | 8 |
| B. Transacting in TRPG Securities | 8 |
| C. Transacting in ETFs | 8 |
| D. Initial Public Offerings ("IPOs") | 9 |
| E. Options and Futures | 9 |
| F. Participation in Investment Clubs | 9 |
| **VI. PERSONAL TRANSACTIONS RESTRICTIONS** | **10** |
| **VII. CERTIFICATION REQUIREMENTS** | **10** |
| A. Initial Holdings | 11 |
| B. Annual Compliance Certification | 11 |
| C. Reporting of One – Half of One Percent Ownership | 12 |
| VIII. ROLES AND RESPONSIBILITIES | 12 |
| **IX. VIOLATIONS AND SANCTIONS** | **13** |
| **X. EXCEPTIONS AND INTERPRETATIONS** | **14** |
| **XI. DEFINED TERMS** | **14** |
|  **Provisions Applicable to Independent Directors** | **18** |
|  **Pre-clearance and Reporting Matrix** | **23** |

---

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**T. ROWE RICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**I.**  **<u>INTRODUCTION</u>** 

This Code of Ethics and Personal Transactions Policy (the "Policy") sets forth the standards of business conduct expected of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● officers, directors and employees of T. Rowe Price Group, Inc. ("TRPG") and certain of its
subsidiaries<sup>1</sup> (collectively, "T. Rowe Price") and their Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● officers, directors and employees of the Price Funds, the SICAVs, or the Cayman Funds (each as defined below);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● contingent workers, agency temporary workers, contractors, consultants, and any other personnel who have been
notified that they are subject to this Policy

(collectively referred to as "Associates") in connection with their personal securities transactions.

The Policy is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reflect the fiduciary duty of the firm to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Address compliance with laws, rules, and regulations applicable to T. Rowe Price's business, including,
but not limited to Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1") and Rule 17j-1 under the Investment
Company Act of 1940 ("Rule 17j-1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prevent regulatory, business and ethical conflicts as they relate to personal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Minimize the potential of a transaction or circumstance occurring that a regulatory agency would view as
inconsistent with T. Rowe Price's role as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Avoid situations in which it might appear that any officer, director, employee or other personnel of T. Rowe
Price or the Price Funds had benefited personally at the expense of a client or fund shareholder or taken inappropriate advantage of their fiduciary position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Detect and prevent the misuse of material, non-public information.

All Associates must comply with the Policy. Certain Associates will be notified by Code Compliance that they have been designated as "Access Persons" and are subject to more restrictive pre-clearance and reporting requirements.

"Access Persons" are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any officer or director of any of the Price Advisers and the Price Funds (except the Independent Directors of
the Price Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any person associated with T. Rowe Price who, in connection with their regular functions or duties:
(i) makes, participates in, obtains or has access to non-public information regarding the purchase or sale of securities by any Price Adviser client; (ii) has access to non-public information regarding the securities holdings of any Price Adviser client; or

<sup>1</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) makes recommendations with respect to the purchases or sales of securities for a Price Adviser client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other person classified as such by Code Compliance.

The Policy has been adopted by T. Rowe Price and its subsidiaries<sup>2</sup>, the Price Funds, T. Rowe Price UK Limited (TRP UK"), the SICAVs, and the Cayman Funds.

The independent directors of TRPG, TRP UK , T. Rowe Price Funds SICAV ("SICAVI"), T. Rowe Price Funds Series II SICAV ("SICAVII"), Select Investments Series III SICAV ("SICAVIII"), T. Rowe Price Funds B SICAV ("SICAVB" and together with the SICAVI, SICAVII, SICAVIII and SICAVB, the "SICAVs"), T. Rowe Price Macro and Absolute Return Strategies Master Fund Ltd and T. Rowe Price Macro and Absolute Return Strategies Offshore Fund Ltd (together the "Cayman Funds") and Price Funds are not subject to all the requirements of the Policy. The requirements of the Policy applicable to independent directors are set forth in <u>Exhibit A.</u>

This Policy and each Associate's adherence to it is meant to satisfy T. Rowe Price's requirements under Rule 204A-1 and Rule 17j-1.

Certain defined terms used in the Policy are set forth in "*Defined Terms."*

**II.**  **<u>STANDARDS</u> <u> </u> <u>OF</u> <u> </u> <u>BUSINESS</u> <u> </u> <u>CONDUCT</u>** 

T. Rowe Price has established a *Code of Conduct* that sets standards expected of all Associates and provides the framework for conducting business in a fair and ethical manner. Consistent with the *Code of Conduct*, T. Rowe Price and each Associate have a fiduciary duty to put client interests first and to always act in the clients' best interests. Associates must comply with applicable legal requirements, securities laws, the Code of Conduct and related policies and procedures.

**Conflicts of Interest** 

The *Code of Conduct* states that conflicts of interest may arise between clients, between clients and T. Rowe Price, between clients and Associates, and among T. Rowe Price's own entities or business divisions. T. Rowe Price takes all reasonable steps to identify and manage conflicts. It is the responsibility of each Associate to disclose all material conflicts and to act in a manner consistent with this Policy. Conflicts or potential conflicts of interest involving an Associate's behavior may arise through, among other activities, an Associate's personal securities transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

*Personal securities transactions.* An Associate's personal securities transactions may present an actual, potential or apparent conflict or other risk that could harm T. Rowe Price, its shareholders or its clients. For T. Rowe Price to identify and manage these conflicts and risks, Associates must disclose their personal brokerage accounts and holdings, disclose and receive approval for any trading accounts subject to this Policy and conduct approved securities transactions in accordance with the requirements of this Policy.

<sup>2</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

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Associates must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Improperly benefit personally by causing a client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Profit, or cause others to profit, based on their knowledge of completed or contemplated client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact on the basis on material, non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engage in personal securities transactions that are in conflict with the interests of clients, the parameters
set by the Policy, or the restrictions imposed by T. Rowe Price restricted lists.

T. Rowe Price maintains lists of issuers for which a Price Adviser or an Associate may be in possession of material, non-public information (the "Restricted Lists"). When an issuer is listed on a Restricted List, personal trading by Access Persons is prohibited.

*Outside business activities.* Associates are expected to put their responsibilities at T. Rowe Price ahead of any other personal business opportunities or second jobs and must avoid any activities, relationships or situations that might conflict with, or appear to conflict with, their duties on behalf of T. Rowe Price. When an Associate is engaged in an approved outside business activity, they must be vigilant about any changes in the arrangement that may present a real or perceived conflict of interest with T. Rowe Price. Refer to the *Global Outside Business Activities Policy* for more information.

*Political contributions and activities.* Associates must obtain prior clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and activities undertaken by Associates must always be lawful and consistent with T. Rowe Price and business unit policies. Associates may not coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S. Furthermore, Associates may not do anything indirectly that, if done directly, would violate T. Rowe Price policies or applicable regulation. Refer to the *Global Political Contributions and Activities Policy* for more information.

*Gifts and business entertainment.* Associates may not offer, give, provide, or accept any gift or business entertainment unless such gift or entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is reasonable and customary under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is not lavish in value, unique in nature, or excessive in frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cannot be construed as a bribe, payoff, or kickback to obtain or retain business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is an appropriate reimbursable business expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Does not violate any applicable law or regulation.

Refer to the *Global Gifts and Business Entertainment Policy* for more information.

Associates must contact Code Compliance for guidance if they believe that a perceived or actual conflict arises under any of the activities described above or otherwise.

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**III.**  **<u>REPORTING</u> <u>REQUIREMENTS</u>** 

Securities accounts are generally defined as accounts that satisfy one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Associate is a direct or Beneficial Owner of the account; **OR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Associate Controls or directs securities trading for another person or entity, even if they are not the
Beneficial Owner of the account;

**AND** invest in, or have the ability to invest in, any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individual equity securities, including ETFs, and derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed income securities and derivatives of these securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reportable Funds.

**A. Initial Disclosure of Existing Accounts** 

All Associates must disclose their securities accounts and the securities accounts of their Family Members (including Fully Discretionary Accounts and any securities accounts holding TRPG securities) maintained with any broker, dealer, investment adviser, bank or other financial institution via myTRPcompliance. Such disclosure must take place within <u>ten calendar days</u> of becoming subject to the Policy, opening or discovering a reportable account.

**B. New Accounts** 

All Associates must obtain prior approval via myTRPcompliance for all new non-T. Rowe Price securities accounts opened while they are associated with the firm. Associates in the U.S. and the U.K. may only open new securities accounts with financial institutions that agree to provide Code Compliance with an automated data feed of the transactions effected in the account (the Approved Broker List). All Associates opening a new securities account with a broker-dealer must inform such firm of their association with a T. Rowe Price-affiliated broker-dealer.

Securities held in securities accounts are generally subject to reporting and <u>may</u> require pre-clearance. Refer to "*Reporting Requirements"* and "*Pre-clearance and Holding Period Requirements"* for details. Code Compliance may, in certain circumstances, grant an exception to the requirements described above. Refer to *"Exceptions and Interpretations"* for more information.

**C. Transaction Reporting** 

All Associates must request broker-dealers, investment advisers, banks, or other financial institutions executing transactions in securities in the Associate's securities accounts to provide: (i) a duplicate trade confirmation with respect to each transaction in a security; and (ii) a copy of all periodic account statements.

<u>If the executing firm provides a trade confirmation directly to Code Compliance via an established</u> <u>automated data feed, no further reporting is needed.</u>

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If the broker is unable to satisfy transaction reporting through an automated data feed or by delivery of a paper copy of trade confirmations and statements, Associates are required to enter transaction details in myTRPcompliance (as prescribed in Rule 17j-1(d)(1)(ii)) within <u>10 calendar days</u> after the transaction occurred.

A transaction in a Reportable Fund, a spousal payroll deduction plan or a stock split or similar acquisition or disposition must be reported within <u>30 calendar days</u> after the end of the calendar quarter in which the transaction occurred

**D. Exceptions to the Reporting Requirements** 

***Robo Adviser Accounts****.* Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by T. Rowe Price (such as non-Price ETFs) do not require approval or reporting to Code Compliance. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Code Compliance

***Fully Discretionary Accounts.*** A Fully Discretionary Account is a securities account for which an Associate has completely relinquished decision-making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Policy) and over which the Associate has no direct or indirect influence or Control. When disclosing Fully Discretionary Accounts, Associates must provide Code Compliance with a copy of the investment management agreement (or equivalent).

**IV.**  **<u>PRE-CLEARANCE</u> <u> </u> <u>AND</u> <u> </u> <u>HOLDING PERIOD</u> <u> </u> <u>REQUIREMENTS</u>** 

All Associates must obtain pre-clearance via myTRPcompliance when transacting in TRPG securities. Associates who have been designated as Access Persons must also obtain pre-clearance for other securities transactions, as described in further detail below.

Associates will receive a response via myTRPcompliance indicating whether the request was approved or denied and must refrain from executing the transaction until such response is obtained.

Pre-clearance approval is valid for <u>the day it is received and the following business day</u> (measured from the first business day in the requesting Associate's time zone). Pre-clearance approval for Private Placements is valid for 90 calendar days.

**A. Pre-clearance Requirements for all Associates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to sell or transfer TRPG securities (TRPG stock ticker: TROW) from their ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to purchase, sell, or gift TRPG securities outside of the ESPP.

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**B. Pre-clearance Requirements for Access Persons** 

Access Persons must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction in any individual stocks, bonds, Private Placements and derivatives of these securities, and Price ETFs for which the Access Person is a Beneficial Owner. Refer to <u>Exhibit B</u> for additional pre-clearance requirements.

**C. Pre-clearance for Private Placements:** 

Access Persons and FINRA -registered representatives must obtain pre-clearance when investing in a Private Placement, including the purchase of limited partnership interests. Along with the Private Placement offering document, the Access Person or FINRA registered representative must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name, location and a brief description of the private issuer/company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The amount of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The desired date of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If applicable, the percentage of the Access Person's ownership in the private issuer/company after
investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The source (name and relationship to Access Person) that introduced the investment opportunity to the Access
Person.

An Access Person or FINRA-registered representative who has invested in a Private Placement and who later anticipates participating in a Price Adviser's investment decision regarding the purchase or sale of securities of the issuer of that Private Placement on behalf of any Price Adviser client, must immediately disclose their investment to the Chairperson of the Ethics Committee, or their designee and to the Chairperson of the appropriate Investments steering committee.

**D. Holding Period Requirements** 

A 60-day holding period applies to securities and transactions requiring pre-clearance. Access Persons are not permitted to: (i) sell shares of an issuer if they have purchased shares of the same issuer for a lesser price during the previous 60 calendar days; or (ii) buy shares to cover a short position when the short position was entered in the previous 60 calendar days, if covering the position for a lesser price. Access Persons must check their compliance with the holding period requirement **before** entering into a transaction.

***Holding Period for Associates in Japan.*** Securities acquired by employees of T. Rowe Price Japan, Inc. are subject to a holding period of six months. Refer to *TRP Japan Compliance Manual* for more information.

***Holding Period for the Price Funds.*** Associates must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Price Fund.

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**E. Exceptions to the Pre-Clearance Requirement** 

***Fully Discretionary Accounts.*** Transactions in securities held in Fully Discretionary Accounts are not subject to the pre- clearance requirement, except transactions involving TRPG securities, short sales and Private Placements.

Refer to <u>Exhibit B</u> for other exceptions to the pre-clearance requirement.

**V.**  **<u>OTHER</u> <u> </u> <u>PROVISIONS</u> <u> </u> <u>RELATING TO</u> <u> </u> <u>PERSONAL</u> <u>TRANSACTIONS</u>** 

**A. Limit Orders** 

While limit orders are permitted, Access Persons must be careful using "good until cancelled" orders, keeping in mind that pre-clearance is valid for the day it is received and the following business day. Use of "day" limit orders are encouraged.

**B. Transacting in TRPG Securities** 

The following chart is a summary of requirements applicable when Associates transact in TRPG securities:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description of Activity** | **Requirement Under the Policy** |
| &nbsp;&nbsp;&nbsp;Executing a transaction to sell or transfer TRPG securities from an Associate's ESPP | • Pre-clearance via myTRPcompliance<br> • Reporting |
| &nbsp;&nbsp;&nbsp;Executing a transaction to purchase, sell, or gift TRPG securities outside of an Associate's ESPP\* | • Pre-clearance via myTRPcompliance<br> • Reporting |
| &nbsp;&nbsp;&nbsp;Giving TRPG securities as a gift (including a gift to a donor advised fund) after holding the stock for at least 60 days | • Pre-clearance via myTRPcompliance<br> • Reporting |
| &nbsp;&nbsp;&nbsp;Applicability of a holding period [not applicable to options or vested shares] | Yes, 60 calendar days |
| &nbsp;&nbsp;&nbsp;Transacting in TRPG during a Blackout Period | **Prohibited** |
| &nbsp;&nbsp;&nbsp;Transacting in options related to TRPG securities (other than stock options granted to Associates) | **Prohibited** |
| &nbsp;&nbsp;&nbsp;Selling TRPG securities short | **Prohibited** |
| &nbsp;&nbsp;&nbsp;Entering into any contract or purchasing any instrument designed to hedge or offset any decrease in the market value of TRPG securities | **Prohibited** |
| &nbsp;&nbsp;&nbsp;Reporting of transactions in TRPG securities to the SEC (applies to Associates subject to Section 16 of the Securities Exchange Act of 1934, as amended) | Transactions must be reported immediately |
| &nbsp;&nbsp;&nbsp;\*Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement. | &nbsp;&nbsp;&nbsp;\*Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement. |

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**C. Transacting in ETFs** 

Following is a summary of requirements applicable when Associates transact in ETFs:

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| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| &nbsp;&nbsp;&nbsp; Pre-clearance (Price ETFs) | Yes | No |
| &nbsp;&nbsp;&nbsp; Pre-clearance (Third-party ETFs) | No | No |

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| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| &nbsp;&nbsp;&nbsp; Post-trade reporting (Price ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Post-trade reporting (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Subject to the 60-Day Rule (Price ETFs) | Yes | No |
| &nbsp;&nbsp;&nbsp; Subject to the 60-Day Rule (Third-party ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to buy/sell in the primary market (Price ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to buy/sell in the primary market (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Able to sell short (Price ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to sell short (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in options (Price ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to transact in options (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in inverse/short and narrow Price ETFs\* | No | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in inverse/short and narrow (Third-party ETFs\*) | No | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in single-stock ETFs | No | No |
| &nbsp;&nbsp;&nbsp; \* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). | &nbsp;&nbsp;&nbsp; \* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). | &nbsp;&nbsp;&nbsp; \* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). |

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**D. Initial Public Offerings ("IPOs")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment Personnel and FINRA-registered representatives are prohibited from purchasing securities in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons other than Investment Personnel and FINRA-registered representatives may purchase securities in
an IPO only after receiving pre-clearance via Code Compliance or myTRPcompliance. The 60-day holding period requirement applies to transactions in securities purchased
in an IPO.

**E. Options and Futures** 

The purchase, sale and exercise of options are generally subject to the same restrictions as applicable to securities (*i.e.,* an option should be treated as if it were the common stock). If a transaction in the underlying instrument does not require pre-clearance (*e.g.,* ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require pre-clearance.

Closing (selling to close or buying to close) or exercising an option (for which the underlying instrument is subject to pre-clearance, *e.g*., stock options) requires pre-clearance. Pre-clearance is not required when an Access Person writes (sells) an option and the option is exercised against such Access Person, without any action on their part. Access Persons should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

**F. Participation in Investment Clubs** 

Associates may form or participate in an investment club. Investment club transactions in TRPG securities are subject to pre-clearance and must be reported along with the Associate's personal transactions activity.

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Access Persons or their Family Members must not form or participate in an investment club without prior written approval from the Chairperson of the Ethics Committee, or their designee. Transactions effected by an investment club in which an Access Person is a member, Beneficial Owner or Controller are subject to the same pre-clearance and reporting requirements as apply to the Access Person's personal trades.

**VI.**  **<u>PERSONAL</u> <u> </u> <u>TRANSACTIONS</u> <u>RESTRICTIONS</u>** 

**Associates must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engage in personal transactions that are excessive or that compromise the firm's fiduciary duty to
clients. Excessive trading in covered accounts is strongly discouraged. In general, anyone requesting and/or trading covered securities more than 20 times (other than TRP funds) in a month across all their covered accounts should expect additional
scrutiny of their activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Code Compliance monitors trading activity and may send notice to your direct manager regarding the number of
trades and associated details during a given period for further review and potential escalation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Wager, bet or gamble in connection with individual securities, securities indices, currency spreads, or other
similar financial indices or instruments including contracts for difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Participate in initial coin offerings.

**Access Persons must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities for which orders have been placed by any Price Adviser to purchase or sell the
security, unless certain size or volume parameters<sup>3</sup> as set forth by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in any security that has been purchased or sold by any Price Adviser client seven calendar days
immediately prior to the date of the Access Person's proposed transaction, unless certain size or volume parameters3 as established by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities issued by broker-dealers, underwriters or SEC-registered investment advisers, unless the entity is traded on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities of issuers on any of the firm's Restricted Lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities for which a change in the rating of an issuer has occurred within seven calendar days
immediately prior to the date of the proposed transaction.

**VII.**  **<u>CERTIFICATION</u> <u>REQUIREMENTS</u>** 

In addition to disclosure of their securities accounts (as described in "*Types of Accounts/Account Opening Requirements"),* Associates are required to, among other things, disclose the holdings in such accounts upon becoming subject to the Policy and periodically thereafter.

<sup>3</sup> Transactions involving no more than US $50,000 or the nearest round lot (even if the amount of the transaction marginally exceeds US $50,000) per security per seven calendar day period in securities of (i) issuers with market capitalizations of US $7.5 billion or more, or (ii) U.S. issuers with an average daily trading volume in excess of 750,000 shares over the preceding 90 trading days in the U.S., **<u>unless</u>** the rating on the security has been changed within the seven calendar days immediately prior to the date of the proposed transaction.

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**A. Initial Holdings** 

<u>All Associates</u> must disclose and certify, via myTRPcompliance, any shares of TRPG securities that they Beneficially Own no later than <u>ten calendar days</u> after they become subject to this Policy.

<u>Access Persons</u> must disclose and certify, via myTRPcompliance, all holdings in the following securities in which they have a Beneficial Interest or Control (the "Initial Holdings Report"**)** no later than <u>ten calendar days</u> after the become subject to the Policy as an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individual equity securities, including any derivatives (*e.g.,* options, futures, etc.) of these
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bonds, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ETFs, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trusts and listed closed end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Private Placements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Products (AUTs, ITMs, ETFs, mutual funds, OEICs, 529 portfolios, SICAVs, trusts) advised by a Price Adviser;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Products sub-advised by a Price Adviser.

The Initial Holdings Report must be current as of a date no more than <u>45 days</u> prior to the date the individual becomes an Access Person, and include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The title, number of shares and principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name of the broker, dealer or bank with whom the Access Person maintains a securities account in which any
securities are for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date the Access Person submits the Initial Holdings Report.

<u>Securities that are not subject to reporting</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open end mutual funds, including money market funds, advised by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● UCITS advised by a third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable insurance products that invest in third-party funds.

Refer to <u>Exhibit B</u> for applicable exemptions from the reporting requirement.

**B. Annual Compliance Certification** 

<u>All Associates</u> must certify annually via myTRPcompliance to, among other things, their securities accounts and transactions and compliance with various firm policies (including the Policy).

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<u>Access Persons</u> must certify annually via myTRPcompliance to, among other things, their personal securities holdings, their securities accounts and transactions and compliance with various firm policies (including the Policy).

**C. Reporting of One – Half of One Percent Ownership** 

An Associate owning more than one half of one percent of the total outstanding shares of a public or private company must immediately disclose such information in writing to Code Compliance via Code_of_Ethics@troweprice.com, providing the name of the company and the total number of such company's shares they Beneficially Own.

Refer to <u>Exhibit B</u> for applicable exceptions from the reporting requirement.

**VIII.**  **<u>ROLES</u> <u> </u> <u>AND</u> <u>RESPONSIBILITIES</u>** 

All Associates must attest to receipt and understanding of the Policy: (i) upon becoming subject to it; (ii) on an annual basis; and (iii) whenever material amendments to the Policy are made. In attesting to the Policy, Associates agree to their understanding of the Policy and agree to comply with the requirements of the Policy. See "*Annual Compliance Certification*."

Associates should contact LegalCompliance_EmployeeTrading@TRowePrice.com regarding the applicability, meaning or administration of the Policy, including requests for an exception, <u>in</u> <u>advance</u> of any contemplated transaction.

Code Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Administers and monitors adherence to the Policy, including reviewing disclosures, providing training and
identifying violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory
requirements.

The Payroll & Stock Transaction Group provides guidance to Associates when they are transacting in TRPG securities.

The Ethics Committee provides oversight of the Policy, including reviewing exceptions and violations. The Ethics Committee also provides a point of escalation for Code Compliance and the Payroll & Stock Transactions Group.

Material changes to the Policy shall be approved by the Board of TRPG, the board of directors of TRP UK and by the board of directors of each Price Fund, including a majority of the Independent Directors of the Price Funds. Approval of any material change to the Policy by the board of directors of the Price Funds shall be obtained within six months after the change is implemented.

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**IX.**  **<u>VIOLATIONS AND</u> <u> </u> <u>SANCTIONS</u>** 

Violations and potential violations of the Policy are typically investigated by Code Compliance or, if necessary, the Ethics Committee. Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A letter of censure or suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disgorgement of profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A fine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A suspension of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disciplinary action, up to and including, termination of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other sanction as may be determined by the Business Unit in consultation with Human Resources and the
Ethics Committee.

When tracking violations, Code Compliance generally utilizes a rolling two-year look-back period in the administration of the sanctions guidelines set forth below. All violations of the Policy shall be reported to the Board of Directors of TRPG, the Board of Directors of any Price Fund and any other applicable board. As noted above, however, these sanctions are not the exclusive remedy for violations of this Policy.

<u>First Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate and manager notification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to complete online remedial training course.

<u>Second Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate and escalated manager notifications, up to and including, applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to meet with applicable Chief Compliance Officer and Senior Compliance Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate fined according to officer or role guidelines.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Associate** | **VP, TRPG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment** <br> **Personnel** | **Portfolio Manager, Management Committee**<br> **Member, Direct Report of Management**<br> **Committee Member** |
| &nbsp;&nbsp;&nbsp;US $250 | US $750 | US $750 | US $1500 |

---

*Subsequent violation(s) may result in disciplinary action, up to and including, termination of employment.*

------

<u>Third Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate and escalated manager notifications, up to and including applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Chief Executive Officer notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate subject to a personal trading prohibition of at least three months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disciplinary action, up to and including, termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate fined according to officer or role guidelines.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Associate** | **VP, TRPG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment** <br> **Personnel** | **Portfolio Manager, Management Committee**<br> **Member, Direct Report of Management**<br> **Committee Member** |
| &nbsp;&nbsp;&nbsp;At least US $500 | At least US $2000 | At least US $2000 | At least US $5000 |

---

<u>More than Three Violations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Along with the notifications and sanctions listed above for a third violation, evaluation of additional
sanctions to be determined by the Business Unit in consultation with Human Resources and the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate subject to an extended personal trading prohibition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disciplinary action, up to and including, termination of employment.

**X.**  **<u>EXCEPTIONS</u> <u> </u> <u>AND</u> <u> </u> <u>INTERPRETATIONS</u>** 

Code Compliance, in conjunction with the Ethics Committee, may grant an exception from any provision of the Policy, including pre-clearance, other trading restrictions, and certain reporting requirements. Exceptions will be considered on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

From time to time, situations may arise with respect to certain provisions of this Policy that require interpretation. Associates may submit a written request for clarification or interpretation to Code Compliance (Code_of_Ethics@TRowePrice.com). Any such request for clarification or interpretation should name the account, the Associate's interest in the account, the persons or firms responsible for its management, and the specific facts of the situation. **Associates may not assume that the Policy (or a specific provision of the Policy) is not applicable to their situation.** Code Compliance will provide a response to each properly submitted request for clarification or interpretation. When in doubt, Associates must not proceed with a transaction or course of action until they receive a response from Code Compliance.

**XI.**  **<u>DEFINED</u> <u>TERMS</u>** 

***AUT*** means Australian unit trusts.

***Beneficial Owner*** means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any

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economic interest or profit derived from ownership of or a transaction in a security. An Associate may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name.

The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control.

An individual is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account for which they are solely a named beneficiary, assuming the individual does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

***Blackout Period*** means the period from the second trading day after quarter end (or such other date as management shall determine) through the end of the first trading day following when TRPG's earnings release is filed with the SEC. Quarterly notifications with respect to the Blackout Period are published on the firm's intranet site.

***Control*** means the power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder thereof Control over the company.

***ESPP*** means the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.

***ETF*** means exchange traded fund.

***Exchange traded fund or ETF*** means an investment fund that is traded on a stock exchange.

***Family Member*** means the Associate's spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, or in-law (including mother, father, sister, brother, daughter or son) sharing the same household as the Associate.

***Independent Director of TRPG, TRP UK, the SICAVs, or the Cayman Funds*** means those directors who are neither officers nor employees of TRPG or any of its subsidiaries.

***Investment Personnel*** means an Access Person who, in connection with their regular functions or duties, makes or participates in making, or is closely associated with personnel who make recommendations regarding the purchase or sale of securities by a Price Adviser client.

The term "Investment Personnel" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individuals who are authorized to make investment decisions or to recommend securities transactions on behalf
of the firm's clients (investment counselors and members of the mutual fund advisory committees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Research and credit analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Traders who assist in the investment process; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Support staff who assist in the investment process.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended. ***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended. ***ITM*** means an investment trust management company.

***OEIC*** means open-ended investment company.

***Price Adviser*** means a subsidiary of T. Rowe Price Group, Inc. that is an investment adviser entity registered with the SEC. For the avoidance of doubt, "Price Adviser" does not include Oak Hill Advisors, L.P. and its subsidiaries.

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds, the family of ETFs advised by a Price Adviser.

***Price Funds*** means any T. Rowe Price-sponsored fund registered under the Investment Company Act, including but not limited to, the T. Rowe Price Mutual Funds and the Price ETFs, and advised by a Price Adviser.

***Price Funds' Independent Directors*** means those directors of the Price Funds who are not deemed to be "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of T. Rowe Price Group, Inc. or the Price Funds.

***Private Placement*** means an offering that is exempt from registration by a regulatory authority and sold through a private offering. For purposes of the Policy, investments made: (i) in a small business sourced through family, friends or any other referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors, through which investors receive an equity stake in the business, are considered Private Placements (*e.g.,* Seedrs, OurCrowd, Crowdcube).

***Reportable Fund*** means any open-end investment company for which any of the Price Advisers serves as an investment adviser. The term Reportable Fund includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Price Funds, including money market funds and the Price ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● UCITs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SICAVs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● OEICs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ITMs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● AUTs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any fund managed by a Price Adviser through a sub-advised relationship, including an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any fund offered through retirement plans (*e.g.,* 401(k) plans) other than the T. Rowe Price U.S.
Retirement Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any fund managed by a Price Adviser that is an investment option offered as part of a variable annuity.

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Code Compliance maintains a list of sub-advised Reportable Funds on the firm's intranet site.

***SEC*** means the U.S. Securities and Exchange Commission.

***SICAV*** means société d'investissement à capital variable.

***T. Rowe Price*** means T. Rowe Price Group, Inc. and its subsidiaries, except Oak Hill Advisors, L.P. and its subsidiaries.

***TRPG Independent Director*** means those directors of TRPG who are neither officers nor employees of TRPG or any of its subsidiaries.

***TRPG*** means T. Rowe Price Group, Inc.

***TRPG securities*** means any security issued by T. Rowe Price Group, Inc.

***UCITs*** means Undertakings for Collective Investments in Transferrable Securities.

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**EXHIBIT A** 

**CODE OF ETHICS AND PERSONAL TRANSACTION POLICY** 

**Provisions Applicable to Independent Directors** 

**I.**  **<u>INTRODUCTION</u>** 

This Exhibit A sets forth the responsibilities of the Independent Directors of TRPG, TRP UK, SICAVs, Cayman Funds and Price Funds under this *<u>Code of Ethics and Personal Transactions</u> <u>Policy</u>.* Defined terms used herein are the same as those used in the Policy.

The Independent Directors are subject to the requirements set forth below.

**II.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRPG OR ITS SUBSIDIARIES, OTHER THAN TRP UK</u>** 

**Pre-clearance.** The personal securities trades of TRPG Independent Directors are **<u>not</u>** subject to pre-clearance requirements, <u>except for transactions in TRPG securities</u> for which they are the Beneficial Owner. Pre-clearance is also required when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transferring TRPG securities to another person, entity, or trust account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Giving or receiving TRPG securities, including donation transactions into donor-advised funds such as T. Rowe
Price Charitable Foundation.

Pre-clearance is <u>not</u> required when moving shares of TRPG securities between securities firms or to/from individual or joint brokerage accounts.

Requests for pre-clearance must be submitted to the Payroll & Stock Transactions Group. Pre-clearance is effective for <u>the day it is received and the following business day</u> (taking into consideration the time zone), unless the Independent Director: (i) is advised to the contrary by the Payroll & Stock Transaction Group prior to the proposed transaction; or (ii) comes into possession of material, non-public information concerning T. Rowe Price. Any trades not executed within the prescribed timeframe must be re-submitted.

TRPG Independent Directors may not initiate transactions in TRPG securities during the Blackout Period.

**Reporting.** TRPG Independent Directors are not required to report their personal securities transactions (other than transactions in TRPG securities). If, however, the Independent Director has obtained information about a Price Adviser's investment research, recommendations, or transactions, they must not transact in the securities of the issuers about which they have information.

Independent Directors are reminded that changes to information reported in the Annual Questionnaire for Independent Directors must be reported to Corporate Funds and Administration

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*(e.g.,* changes in holdings of stock of financial institutions or financial institution holding companies).

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director shall report to Code Compliance any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer other than TRPG or any of its subsidiaries.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Issuers (other than a non-public investment partnership, pool or fund).* If a TRPG Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer, they must report such ownership in
writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-public investment partnerships, pools or funds*. If a TRPG
Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment
partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Code Compliance. For non-public investment partnerships, pools or
funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**III.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRP UK, THE</u> <u>SICAVS AND THE CAYMAN FUNDS</u>** 

**TRPG securities.** The Independent Directors of TRP UK, the SICAVs, or the Cayman Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of TRP UK, the SICAVs, or the Cayman Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds or the funds overseen by TRP UK, SICAVs, or the Cayman Funds.

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director of TRP UK, the SICAVs, or the Cayman Funds shall report to Corporate and Funds Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Issuers (other than a non-public investment partnership, pool or fund).* If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private
issuer, they must report such ownership in writing to Corporate and Funds Administration, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-public investment partnerships, pools or funds*. If an
Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Corporate and Funds Administration. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Corporate and Funds Administration unless and until
such ownership exceeds 4% of the total outstanding shares or units of the entity.

**IV.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF PRICE FUNDS</u>** 

**TRPG securities.** The Independent Directors of the Price Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of the Price Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds.

**Reporting.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Transactions in Publicly Traded Securities.* A Price Funds' Independent Director must report
transactions in publicly-traded securities in which they have Beneficial Ownership.

An Independent Director is not required to report securities transactions in accounts over which they have no direct or indirect influence, such as an account over which they have granted full investment discretion to a financial adviser. The Independent Director should contact Code Compliance to request approval to exempt any such accounts from this reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Transactions in Non-Publicly-Traded Securities*. A Price
Funds' Independent Director is not required to report transactions in securities which are not traded on an exchange, unless the Independent Director knew, or in the ordinary course of fulfilling their official duties as an Independent
Director, should have known that during the <u>15-day period</u> immediately before or after the Independent Director's transaction in such non-publicly-traded security, a Price Adviser purchased, sold or considered purchasing or selling such security for a Price Fund or Price Adviser client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Methods of Reporting.* 

<u>Duplicate Trade Confirmations.</u> A Price Funds' Independent Director may satisfy their obligation to report transactions in securities by arranging for the executing brokers to provide duplicate trade confirmations directly to Code Compliance.

<u>Quarterly Report Requirements</u>. If a Price Funds' Independent Director elects to report their transactions by submitting a quarterly report: (i) the report must be filed with Code Compliance no later than 30 days after the end of the calendar quarter in which the

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transaction was effected; and (ii) the report must be filed for each quarter, regardless of whether there were any reportable transactions.

Among the types of transactions that are commonly <u>not</u> reported through a broker confirmation and may therefore have to be reported directly to T. Rowe Price on a quarterly basis are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Retirement plan account activity that occurs in a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o T. Rowe Price-advised products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Incentive plan account activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exercise of stock options of a corporate employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An inheritance of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A gift of a security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transactions in certain commodity futures contracts (*e.g.,* financial indices).

A Price Funds' Independent Director must include any transactions listed above, if applicable, in their quarterly reports if they are not included in a duplicate broker confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from the Price Funds.* A Price Funds' Independent Director must report to Corporate Funds and Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private or governmental
issuer other than the Price Funds.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Issuers (other than non-public investment partnerships, pools or funds).* If a Price Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer (other than a non-public investment partnership, pool or fund), they must report such ownership immediately in writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares
Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-Public Investment Partnerships, Pools or Funds.* If a Price
Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which they exercise Control or influence, the Independent Director must report such ownership in writing to Code Compliance. For non-public investment partnerships,
pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**Prohibitions.** A Price Funds' Independent Director may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase or sell the shares of a broker-dealer, underwriter or SEC-registered investment adviser unless that entity is traded on an exchange, or the purchase or sale has otherwise been approved by the Price Funds' board; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Knowingly transact with a Price Fund, other than in connection with market transactions effected through
securities exchanges. This prohibition does not preclude the purchase or redemption of shares of any open-end mutual fund or purchase or sale of any shares of a Price ETF that is a client of any Price Adviser.

**Transactions in Price ETFs.** Following is a summary of requirements applicable when Price Funds' Independent Directors transact in Price ETFs:

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| | |
|:---|:---|
|  | **Independent Directors of Price Funds** |
| &nbsp;&nbsp;&nbsp; Obtain pre-clearance for trades in Price ETFs | No |
| &nbsp;&nbsp;&nbsp; Post-report trades in Price ETFs | Yes |
| &nbsp;&nbsp;&nbsp; Subject to the holding period | No |
| &nbsp;&nbsp;&nbsp; Subject to ad hoc trading restrictions | Yes |
| &nbsp;&nbsp;&nbsp; Ability to buy/sell Price ETFs in the primary market | No |
| &nbsp;&nbsp;&nbsp; Ability to sell short Price ETFs | No |
| &nbsp;&nbsp;&nbsp; Ability to transact in options of the Price ETFs | No |

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**V.**  **<u>VIOLATIONS</u>** 

**Violations by Independent Directors of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds.** Upon discovering a material violation of the Policy by an Independent Director of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds, the applicable board of directors will impose such sanctions as it deems appropriate.

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**EXHIBIT B** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**Pre-clearance and Reporting Matrix** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Access Person</u>** <br> **Pre-clearance** |  **<u>Access Person</u>** <br> **Reporting** | **<u>Associate</u>**<br> **Pre-clearance** | **<u>Associate</u>**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reporting**  |
| &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) |
| &nbsp;&nbsp;&nbsp;Equity securities | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Fixed income securities | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Corporate and Municipal Bonds | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Derivative instruments | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Writing an option to purchase or sell a security | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Subsequent sale of stock obtained by means of the exercise of stock options | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Exercise of stock option of corporate employer by Access Person's spouse. | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Restricted stock plan automatic sales for tax purposes by Access Person's spouse | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) |
| &nbsp;&nbsp;&nbsp;T. Rowe Price products (including the AUTs, ITMs, mutual funds, OEICs, 529 portfolios, SICAVs, and trusts | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Exchange listed collective investment vehicles (including closed-end funds) | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Third-party mutual funds, 529 portfolios, OEICs, SICAVs and variable insurance products | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Unit investment trusts | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Donor-advised funds | No | No | No | No |
| &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** |
| &nbsp;&nbsp;&nbsp;Private Placements | Yes<br> (see *Section IV.C*) | Yes | No\* | No\* |
| &nbsp;&nbsp;&nbsp;Capital calls for Private Placement investments | No | Yes | No | No |
| &nbsp;&nbsp;&nbsp;Distributions received from a Private Placement investment | N/A | No | N/A | No |
| &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** |
| &nbsp;&nbsp;&nbsp; Commercial paper and similar instruments (bankers acceptances, bank certificates of deposit, commercial paper and high quality,<br> short-term debt instruments, including repurchase agreements) | No | No | No | No |
| &nbsp;&nbsp;&nbsp;U.S. Government obligations | No | No | No | No |
| &nbsp;&nbsp;&nbsp;National (other than U.S.) government obligations | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Currency | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Securitized or financial instruments used for currency exposure | No | Yes | No | No |
| &nbsp;&nbsp;&nbsp;Cryptocurrency (*e.g.,* Bitcoin, Ethereum) | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Publicly traded cryptocurrency tracker instruments (ETFs) | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Variable rate demand notes | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Access Person</u>** <br> **Pre-clearance** |  **<u>Access Person</u>** <br> **Reporting** | **<u>Associate</u>**<br> **Pre-clearance** | **<u>Associate</u>**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reporting**  |
| &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** |
| &nbsp;&nbsp;&nbsp; Securities acquired through an Automatic Investment Plan<sup>4</sup> (initial investment) | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Securities acquired through an Automatic Investment Plan (subsequent investments) | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Non-systemic investment<sup>5</sup> through an Automatic Investment Plan | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Acquisition of securities through inheritance | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Giving stock (non-TRPG) as a gift | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Pro-rata distributions | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Tender offers | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Merger election (voluntary) | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Mandatory acquisition of additional shares or the disposition of existing corporate holdings through stock splits, reverse stock splits, stock dividends, exercise of rights, exchange or conversion | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes <br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| &nbsp;&nbsp;&nbsp; Purchases, but not sales, by an Access Person's spouse pursuant to an employee-sponsored payroll deduction plan (as long as Code Compliance has been notified that the spouse will be participating in such plan) | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes <br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| &nbsp;&nbsp;&nbsp; Sale or exchange of stock held in an Access Person's spouse's payroll deduction plan | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Sale of partial shares held in an account when the account is transferred to another broker-dealer or to new owner or partial shares sold automatically by the broker-dealer. | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; Transactions effected in a robo-adviser<br> account (investing solely in third party collective investment vehicles) | No | No | No | No |

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<sup>4</sup> A program in which regular, periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<sup>5</sup> A transaction that overrides the preset schedule or allocations of an Automatic Investment Plan.

## Exhibit 99.28

![LOGO](g43272g0203014731488.jpg)

## Code of Ethics
Amended and restated: October 1, 2009

Last updated: December 2025

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Contents

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| | | |
|:---|:---|:---|
|  Overview and Scope | Overview and Scope | 4 |
| I. | Statement of General Fiduciary Principles | 4 |
| II. | Definitions | 6 |
| III. | Personal Securities Transactions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | Preclearance Requests | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. | Preclearance of Private Placement/Private Investment transactions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. | CNSREIT | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. | Transactions Exempt from Preclearance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. | Managed Accounts | 10 |
| IV. | Restrictions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | Trading Limitations | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. | Holding Periods | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. | Excessive Trading | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. | Initial Public Offerings | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. | Cohen & Steers Closed-End Funds | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. | CNSREIT | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. | Cohen & Steers Open-End Funds | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. | Prohibition on Gifts | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. | Investment Clubs | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. | Outside Directorships | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;K. | Restricted List | 16 |
| V. | Reporting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | Initial Holdings Reports | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. | Quarterly Transaction Reports | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. | Annual Holdings Reports | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. | Opening a New Brokerage Account | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. | Compliance Review | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. | Exception | 18 |

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;G. | Annual Certification | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. | Independent Directors | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. | CNSREIT Independent Directors | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. | Confidentiality | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;K. | Disclaimer | 19 |
| VI. | Administration of the Code of Ethics | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | Use of Preferred Brokers | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. | Duplicate Confirms and Statements | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. | Exemptions from the Code | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. | Fund Board of Directors Reporting and Approval | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. | Violations and Sanctions | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. | Acknowledgments | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. | Records | 21 |
|  Appendix A | Appendix A | 22 |

---

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**Overview and Scope** 

The Cohen & Steers Code of Ethics (the "Code") applies to Cohen & Steers, Inc. ("CNS") as well as its current or future subsidiaries and affiliates (together with CNS, "Cohen & Steers") and the Cohen & Steers U.S. registered investment companies. The provisions of this Code shall apply to all Cohen & Steers employees, wherever located though certain non-U.S. countries local laws or customs may impose requirements in addition to the Code. This Code does not apply to directors of Cohen & Steers who are not also Cohen & Steers employees, but sections of this Code do apply to the independent directors of the Cohen & Steers U.S. registered investment companies and Cohen & Steers Income Opportunities REIT, Inc., a public reporting, non-listed corporation qualified as a real estate investment trust for U.S. federal income tax purposes ("CNSREIT").

CNS is a publicly traded company with securities listed on the New York Stock Exchange. Accordingly, any transactions in CNS securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers, Inc.*, as may be modified or amended from time to time (the "CNS Insider Trading Policy"). The CNS Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNS Insider Trading Policy will also be a publicly available exhibit to CNS Annual Reports on Form 10-K filed with the Securities and Exchange Commission ("SEC").

CNSREIT is a corporation registered with the SEC, in accordance with applicable rules and regulations. Accordingly, any transactions in CNSREIT securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers Income Opportunities REIT, Inc.*, as may be modified or amended from time to time (the "CNSREIT Insider Trading Policy"). The CNSREIT Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNSREIT Insider Trading Policy will also be a publicly available exhibit to CNSREIT Annual Reports on Form 10-K filed with the SEC.

The Code is structured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section I contains a statement of general fiduciary principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section II defines certain terms used in the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section III describes the preclearance requirements for personal securities transactions, among other things

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section IV details the limitations and restrictions imposed by the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section V describes the reporting requirements under the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section VI details the administration and procedural requirements of the Code

**I. Statement of General Fiduciary Principles** 

The following general fiduciary principles shall govern personal investment activities and the

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interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The interests of clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All investment opportunities must first be offered to clients before Cohen & Steers or its employees may act on
them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All personal securities transactions must be conducted in a manner that is consistent with the Code (and, if applicable,
the CNS Insider Trading Policy and the CNSREIT Insider Trading Policy) and in a way to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individuals must not take advantage of their own positions at Cohen & Steers to misappropriate investment
opportunities from clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individuals must comply with the applicable federal and state securities laws and regulations<sup>1</sup>.

When making personal investment decisions, all employees must exercise extreme care to avoid violating the prohibitions of this Code. Furthermore, employees should conduct their personal investing in such a manner that will minimize the employee's time and attention that are devoted to personal investments at the expense of time and attention that should be devoted to duties at Cohen & Steers.

It is not possible for this policy to address every situation involving Cohen & Steers employees' personal trading. The Global Chief Compliance Officer of Cohen & Steers Capital Management, Inc. ("GCCO") or his/her designee in consultation with the Cohen & Steers' Executive Committee is charged with oversight and interpretation of this Code in a manner considered fair and equitable, with a view in all cases of placing Cohen & Steers clients' interests first. Technical compliance with the Code will not insulate an employee from scrutiny of, or sanctions for, employee abuses of his or her position, fiduciary duty or securities transactions which may potentially conflict with any client of Cohen & Steers. Failure to comply with the policies and requirements of this Code will be considered a violation and subject to disciplinary action and/or other corrective actions as deemed appropriate which may include termination of employment.

<sup>1</sup> For purposes of this Code, "applicable federal securities laws" is defined as the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "Investment Company Act"), the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act of 1999, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act of 1970 as it applies to funds and investment advisors, any rules adopted thereunder by the SEC or the Department of the Treasury, and any applicable local legislation, including the rules and regulations of the United Kingdom Financial Conduct Authority, the rules and regulations of the Financial Services Agency of Japan and the rules and regulations of the Hong Kong Securities and Futures Commission.

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**II. Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Access Person" means any employee, director, officer, or general partner of Cohen & Steers
Capital Management, Inc., its affiliated investment advisors or CNSREIT.  **<u>All employees are</u> <u>considered Access Persons.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are
automatically made in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act") in determining whether a person is the beneficial owner of a security for the purposes of Section 16 of the Exchange Act
and the rules there under.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Board of Directors" shall mean the directors of the Funds (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "CNSREIT Affiliated Directors and Officers" shall mean affiliated directors and "executive
officers" (as such term is defined in Rule 3b-7 promulgated under the Exchange Act) of CNSREIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "CNSREIT Independent Director" means those members of the CNSREIT board of directors who have been
determined to be independent in accordance with the CNSREIT articles of amendment and restatement (as may be amended and restated from time to time) and applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Code" shall mean this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Covered Account" means any account held by an Access Person and/or their spouse, domestic partner,
dependent household members, immediate family members sharing the same household and any account over which the Access Person has beneficial interest or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Covered Security" shall have the meaning set forth in Section 2(a)(36) of the Investment Company
Act. This definition includes, but is not limited to, any note, stock, treasury stock, security future, cryptocurrency futures, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement,
collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights,
any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or
privilege entered into on a national securities exchange relating to foreign currency, or, in

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general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

Covered Security shall **<u>not</u>** include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the government of the United States or any other sovereign country or supra-national agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
instruments<sup>2</sup>, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by an open-end registered investment company, including
Cohen & Steers open-end investment companies, other than shares of Exchange Traded Funds (including Cohen & Steers Exchange Traded Funds) and Exchange Traded Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any digital or virtual currency (cryptocurrency) held in a device or physical medium for storing cryptocurrency
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "Exchange Traded Fund" or "ETF" is an open-end management company (a) that issues (and redeems) creating units to (and from) authorized participants in exchange for a basket and a cash balancing amount, if any and (b) whose shares are listed on a national securities exchange and traded
at market-determined prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "Exchange Traded Notes" or "ETNs" are senior, unsubordinated debt securities that are linked
to the performance of a market index and trade on a national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "Executive Committee" shall mean the Executive Committee of Cohen & Steers, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Firm Investment Universe" generally will include securities in relevant benchmarks and any security held
in a client account for the past year. Certain exclusions<sup>3</sup> apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Fund" or "Funds" mean the U.S. registered Cohen & Steers open (including the
Cohen & Steers Exchange Traded Funds) and closed-end registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Independent Director" means a director of the Funds who is not an "interested person" of the
Fund within the meaning of Section 2(a)(19) of the Investment Company Act, and who would be required to make a report under Section V of this Code solely by reason of being a director of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Initial Public Offering" means an offering of securities registered under the Securities Act of

<sup>2</sup> High quality short-term debt instrument means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.

<sup>3</sup> Exclusions include securities held in certain accounts and select ETFs (EIPI, IWD, IWM, MBB, PFF, SPY and VOO).

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1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, including the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. "Investment Personnel" refers to any employee who, in connection with his or her regular functions or
duties, makes or participates in making recommendations regarding the purchase or sale of securities on behalf of client accounts. Investment Personnel includes portfolio managers and analysts but does not include traders or portfolio management
assistants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. "Personal Trading System" means the automated personal trading system used by Cohen & Steers for
the administration of this Code, as well as the CNS Insider Trading Policy and the CNSREIT Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. "Portfolio Management Assistants ("PMAs") & Traders" refers to any employee who, in
connection with his or her regular functions or duties, works alongside Investment Personnel to implement investment decisions and/or is responsible for executing securities purchases and sales authorized by Investment Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. "Private Placement/Private Investment" means a security offering that is exempt from registration under
certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions (if you are unsure whether the securities are issued in a private placement you must consult with the Compliance department).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. "Purchase or sale of a Covered Security" includes, among other things, the writing of an option to
purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. "Real Estate Security" means any security of a company that derives at least 50% of its revenues from the
ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or has at least 50% of its assets in such real estate. It also means equity and debt securities of both publicly traded and private
companies, including REITs and pass-through entities, that own real property or loans secured by real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. "Reportable Fund" means any open-end fund for which
Cohen & Steers acts as investment advisor or subadvisor or principal underwriter. See <u>Appendix A</u> for a list of Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. "Reportable Security" means any Covered Security and Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. "Restricted List" means a security or current list of issuers whose securities may not be traded by the
firm, Access Persons and others specified in the Code.

**III. Personal Securities Transactions** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Preclearance Requests** 

Except as specifically exempted in this section, all Access Persons must obtain preclearance approval prior to executing a personal securities transaction, in any Covered Security, including closed-end funds and ETFs in any Covered Account. This also includes the gifting or donating of shares of any Covered Security in any Covered Account. For U.S. employees, preclearance approval for personal securities transactions is valid only for the day the request is submitted and approved. Any preclearance request submitted and approved after the market close must be executed in the after-market trading hours for that same trade date. For non-U.S. employees, preclearance approval for personal securities transactions is valid only for the day of approval plus the following business day. Any personal securities transaction for which preclearance approval has been granted and is not executed in accordance with the above, must be resubmitted for approval on a subsequent business day.

In order to obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading System on the day they intend to trade. A preclearance request may be denied for any reason and the Access Person is not entitled to receive an explanation or reason if their preclearance request is denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Preclearance of Private Placement/Private Investment transactions** 

Access Persons must obtain prior approval from the GCCO or his/her designee before directly or indirectly acquiring Beneficial Ownership in a Private Placement/Private Investment. The GCCO or his/her designee may consult a member of the Executive Committee and other appropriate parties in evaluating the request. To request preclearance approval, Access Persons must submit a Private Placement/Private Investment Approval Request using the Personal Trading System along with sufficient supporting documentation (e.g., subscription documentation, offering memorandum, prospectus, etc.). In most cases the Compliance department expects to notify Access Persons within five (5) business days of submitting their request if it has been approved or denied.

If the request is approved, the Access Person must confirm and certify to the trade on their Quarterly Transaction certification (see Section V). Access Persons must report any capital call or redemption from a Private Placement/Private Investment that has been previously approved to the Compliance department. Subsequent investments must also be submitted for preclearance approval and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **CNSREIT** 

Access Persons who meet the eligibility standards set forth in the CNSREIT prospectus are permitted to buy shares of CNSREIT through their financial advisor, a participating broker-dealer or other financial intermediary that has a selling agreement with Cohen & Steers Securities, LLC. Access Persons must obtain preclearance approval prior to entering into a decision to execute a personal security transaction in CNSREIT. To obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading

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System.

Notwithstanding the provisions of <u>Section III(A.)</u> above, preclearance approval granted during an open window period to an Access Person with respect to a personal transaction in the securities of CNSREIT shall remain in effect for the duration of such open window period. Accordingly, a request for preclearance approval for any single transaction need not be submitted by an Access Person more than once in a single open window period. Access Persons who obtain preclearance approval to execute a personal securities transaction in CNSREIT must take all reasonable steps necessary to complete the transaction by the relevant deadline and otherwise comply with the terms and conditions set forth in the CNSREIT Insider Trading Policy.

Requests to participate in the monthly repurchase plan for CNSREIT must be submitted for preclearance using the Personal Trading System. Access Persons may be subject to repurchase and other trading restrictions in addition to those that apply to shareholders of CNSREIT generally. Such restrictions include closed trading window periods (as further described in <u>Section IV(F)(2)</u> herein), a minimum required 60-day holding period for acquired CNSREIT securities (as further described in <u>Section IV(B)</u> herein), and subordination of repurchase eligibility to other CNSREIT shareholders in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Transactions Exempt from Preclearance** 

Preclearance approval is **<u>not</u>** required for the below list of transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales of a security that is not a Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales that are not volitional (e.g., option assignment, dividend reinvestment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales which are part of an Automatic Investment Plan that has been disclosed to the Compliance department
in advance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trades in an account where trading discretion is delegated to an independent third party (see Managed Accounts below)
except transactions in securities of CNS (the preclearance approval requirements for which are as further described in the CNS Insider Trading Policy and this Code), any of the Cohen & Steers closed-end funds, CNSREIT (the preclearance approval requirements are further described in the CNSREIT Insider Trading Policy and Section III (C) of this Code) or Exchange Traded Funds which must be
submitted for preclearance approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales of Cohen & Steers Real Estate Opportunities Fund, L.P. by Access Persons who have been
identified as an eligible employee (under the securities laws and by Cohen & Steers) and invited by Cohen & Steers to participate in the offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Managed Accounts** 

Transactions in Covered Accounts for which an Access Person does not have direct or

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indirect influence or control (e.g., a professionally managed account over which the Access Person has authorized complete trading discretion to the financial advisor or investment manager) are not subject to the preclearance requirements of the Code. These accounts are referred to as discretionary or managed accounts. However, all transactions in CNS (as further described in the CNS Insider Trading Policy and this Code), any of the Cohen & Steers closed-end funds, Cohen & Steers Active ETFs or CNSREIT must be submitted for preclearance approval before trading in Managed Accounts.

If an Access Person has beneficial interest in an account but does not have direct or indirect influence or control, the Access Person must provide the Compliance department with written confirmation of their lack of trading discretion over the account. For most managed accounts an executed copy of the relevant agreement with the person who does control the account (e.g., trustee or discretionary third-party manager) or a signed letter from the third-party investment manager on company letterhead with the account information will be required.

Upon approval from the GCCO or his/her designee, transactions in such accounts will not require preclearance or be subject to the restrictions as set forth in Section IV below. At least annually, the Compliance department will require Access Persons to certify to the accounts over which the Access Person does not have direct or indirect trading influence or control.

**IV.** **Restrictions** 

Preclearance requests will be denied under the circumstances described below. Please note that the following restrictions are equally applied to the Covered Security and to instruments related to the Covered Security. A related instrument is any security or instrument that gives the right to acquire additional units of the Covered Security including options, rights, warrants, and instruments otherwise convertible into the Covered Security, or any other instrument derived from a Covered security (e.g., OTC options) regardless of issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Trading Limitations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall purchase or sell any Real Estate Security (as defined in Section II) except that an Access
Person may invest in shares of open-end funds, closed-end funds, ETFs, CNSREIT and Cohen & Steers Real Estate Opportunities Fund, L.P., subject to the
applicable preclearance and reporting requirements of this Code and, in the case of CNSREIT securities, the CNSREIT Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall execute any securities transaction on a day during which any client has a pending buy or sell
order in that same security unless preclearance approval was granted prior to the initiation of the order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Investment Personnel are generally prohibited from trading a security in any Covered Account as described in Section
II that is in the investment universe of the

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strategy in which they specialize. Generally, the investment universe includes securities in relevant benchmarks and may also include some out of benchmark securities, and any security held in a client account in the past one (1) year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Traders and PMAs are generally prohibited from trading a security in any Covered Account as described in Section II
that is in the Firm Investment Universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Holding Periods** 

All personal securities transactions by an Access Person in a Covered Account in a Reportable Security **except** CNSREIT are subject to a 30-day holding period. Transactions in CNSREIT by an Access Person in any Covered Account are subject to a 60-day holding period. Option transactions are subject to the 30-day holding period from the date on which you entered the contract and the expiration date should be a minimum of 30 days from when the contract will be entered.

All Access Persons are prohibited from profiting from the purchase and sale or the sale and purchase of the same security (or equivalent) within 30 calendar days (within 60 calendar days for CNSREIT). Any profits realized<sup>4</sup> from the purchase and sale or the sale and purchase of the same security (or equivalent) within the 30-day restriction period, or 60-day restriction period for CNSREIT, **shall be disgorged**. Transactions that would result in a loss are not subject to the minimum holding periods described above.

The holding period is calculated using FIFO method (first-in-first out) and therefore the holding period rule is violated if there is a profit when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The first purchase(s) during the timeframe are followed by a sale at a higher price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The first sale(s) during the timeframe are followed by a purchase at a lower price in the same account.

The price is calculated by looking at the price of the earliest opposite-side transactions during the thirty-day period.

*FIFO Example:* 

*If an employee purchased 100 shares of XYZ on March 1 and 100 more on March 15, on April 1 the employee would be permitted to sell at a profit only the 100 shares purchased on March 1. She/he would have to wait until April 15 to sell the additional 100 shares at a profit.* 

Certain limited exceptions to this holding period are available on a case-by-case basis and

<sup>4</sup> Profits realized from the purchase and sale or the sale and purchase of the same security (or equivalent) within the 30-day holding period refer to any financial gains an Access Person may earn by buying and then selling—or selling and then buying—the same or substantially similar security within a 30 calendar-day window. This includes gains from short-term trades that may raise concerns about market timing, conflicts of interest, or the appearance of impropriety.

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must be approved by the GCCO or his/her designee prior to execution. Exceptions to this policy include, but are not limited to, hardships and extended disability. Non-volitional trades such as automatic investment and withdrawal programs and automatic rebalancing are permitted transactions under this policy.

The 30-day holding period also applies to transactions in Cohen & Steers open-end funds. However, the holding period does not apply to shares acquired through an Automatic Investment Plan and Access Persons will be permitted to fully redeem a Cohen & Steers open-end fund in their 401K account as long as any transaction in the previous thirty (30) days was an automatic pay-period contribution.

Officers and directors of the Cohen & Steers' closed-end funds are subject to additional holding periods as set forth in Section IV(E) below and the Cohen & Steers Inside Information Policy and Procedures.

Officers and directors of the Cohen & Steers' Exchange Traded Funds are subject to the Cohen & Steers Inside Information Policy and Procedures.

CNSREIT Independent Directors and CNSREIT Affiliated Directors and Officers are subject to additional holding periods as set forth in Section IV(F) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Excessive Trading** 

Excessive or inappropriate trading is prohibited. The Compliance department monitors all employees' personal trading and provides reporting to the Executive Committee regarding the volume and nature of employee personal securities transactions. A pattern of excessive trading may lead to disciplinary action under the Code, up to and including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Initial Public Offerings** 

All Access Persons are prohibited from purchasing equity securities in an initial public offering. The purchase of corporate bonds at the time of issuance is allowed subject to submitting and receiving preclearance approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Cohen & Steers Closed-End Funds** 

Additional restrictions regarding the closed-end funds managed by Cohen & Steers, in order to ensure no improper trading takes place, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holding Period: Directors and officers of the Cohen & Steers closed-end Funds are prohibited by the federal securities laws from selling shares of these Funds within six-months of purchasing them or purchasing shares of these
Funds within six-months of selling them, and must advise the Fund Legal department of their transactions in order for forms to be filed promptly with the SEC regarding their transactions in shares of these
Funds. Any violation of this six-month holding period will require disgorgement

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of any profits<sup>5</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blackout Periods: Independent Directors and Access Persons may not purchase or sell shares of the Cohen &
Steers closed-end Funds on certain days prior to board meetings and/or dividend declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For Independent Directors, the blackout period begins on the date of receipt of information pertaining to quarterly
dividend declarations and ends with the public announcement of dividends declared in a formal press release. Independent Directors may be further restricted after the dividend declaration press release through the end of the board meeting in the
event information in their possession related to the upcoming meeting is material and non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For Access Persons, the blackout period customarily begins three (3) weeks prior to the end of the quarter or
when internal dividend discussions become material. The blackout period may but will not always end after the press release announcing dividend declarations for the closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The GCCO or General Counsel may impose additional blackout periods for trading in the closed-end funds as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **CNSREIT** 

Additional restrictions regarding CNSREIT, to ensure no improper trading takes place and, in some cases, to ensure legal liabilities are not otherwise incurred by an Access Person, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Short Swing Profit" Rules: Upon the effectiveness of a filing by CNSREIT of a Form 8-A registration statement with the SEC, CNSREIT Independent Directors, CNSREIT Affiliated Directors and Officers and any other persons deemed to be CNSREIT reporting persons pursuant to Section 16 of the
Exchange Act will become subject to liability under the federal securities laws (including Section 16(b) of the Exchange Act and the rules promulgated thereunder) in connection with "non-exempt" acquisitions and dispositions of CNSREIT securities consummated within a six-month period, from which a profit is derived ("Short Swing
Profit Liability"). Access Persons subject to Short Swing Profit Liability must therefore avoid execution of non-exempt acquisitions and dispositions within a six-month period that may be "matched" with one another, if a profit would be deemed to derive from such transactions, to prevent such liability from arising.

Short Swing Profit Liability incurred by any such person will require disgorgement to CNSREIT of any profits derived from such matching transactions in accordance with applicable rules and regulations.

<sup>5</sup> Pursuant to Section 16 of the Exchange Act, the holding period for the closed-end funds and CNSREIT is calculated using LIFO ("last in-first out") whereas the holding period in Section IV.B above is calculated using FIFO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monthly Trading Blackout Periods: CNSREIT Independent Directors, CNSREIT Affiliated Directors and Officers and all
other Access Persons may not participate in restricted transactions in CNSREIT<sup>6</sup> from the 26<sup>th</sup> calendar day of each month through and including
the day of publication of CNSREIT's monthly net asset value (NAV) in the immediately subsequent month. The monthly trading window will open on the calendar day immediately following the date of such NAV publication.

The GCCO or General Counsel may impose additional or longer blackout periods for trading securities of CNSREIT as necessary or appropriate in either such officer's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Cohen & Steers Open-End Funds** 

All Access Persons are subject to the same frequent trading policies that apply to the shareholders of the Cohen & Steers open-end funds. As such, with respect to those Cohen & Steers open-end funds that do not operate as Exchange Traded Funds, no Access Person or Independent Director may make more than two (2) round trips in a sixty (60) calendar day period. A round trip is defined by a purchase and sale/exchange of shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Prohibition on Gifts** 

No Access Person shall give or receive any gift in violation of the Cohen & Steers Gifts and Entertainment Policy and Procedures which permit gifts valued cumulatively at $100 or less per person per calendar year. Additional restrictions are set forth in the Cohen & Steers Gifts and Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Investment Clubs** 

Employee participation in Investment Clubs is permitted but all Investment Club transactions are subject to the preclearance and reporting requirements in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Outside Directorships** 

No Access Person shall serve on the board of directors of a publicly traded company unless approved in advance by the Executive Committee. This authorization will be provided only if the Executive Committee concludes that service on the board would not be inconsistent with the interests of Cohen & Steers' clients. Access Persons who have received this approval shall not trade for a client or their own account in the securities of the company while in possession of material, non-public information. Outside business activities, other than

<sup>6</sup> Restricted transactions in CNSREIT during a blackout period include the submission of subscription orders and redemption requests, execution of subscriptions or redemptions (other than pursuant to a submission precleared and properly placed during an open trading window period), withdrawals of subscription orders and redemption requests, dividend reinvestment plan ("DRIP") enrollment and de-enrollment decisions, gifts, trust transfers, estate planning and redemptions of operating partnership units.

Restricted transactions in CNSREIT do not include vesting of CNSREIT shares or operating partnership units, automatic CNSREIT share acquisitions via prior enrollment in the DRIP, automatic receipt of operating partnership distribution units and conversion of operating partnership units into CNSREIT shares. Redemption of operating partnership units converted into CNSREIT shares is a restricted transaction.

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service on a board of a publicly traded company, are addressed in the Cohen & Steers Outside Activities and Related Persons Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Restricted List** 

Occasionally, the GCCO or his/her designee may place a Reportable Security on a Restricted List as deemed necessary. As such, Access Persons are prohibited from effecting any transactions in any security on the Restricted List in any Covered Account over which they have trading discretion.

For Managed Accounts: This prohibition applies to CNS (as further described in the CNS Insider Trading Policy and this Code) or any of the Cohen & Steers closed-end funds, Cohen & Steers open-end funds, Cohen & Steers Active ETFs or CNSREIT when placed on the Restricted List.

**V. Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Holdings Reports** 

Within 10 calendar days of the commencement of employment with Cohen & Steers, each Access Person must provide the Compliance department with a statement of all Reportable Securities and brokerage accounts including any Covered Account(s) as set forth in the Initial Holdings Report. Statements must be current as of a date no more than 45 days prior to becoming an Access Person. The Initial Holdings Report will be provided to the Access Person upon the commencement of employment. More specifically, each Access Person must provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The title and type of security, and as applicable the exchange ticker/symbol or CUSIP number, number of shares, and
principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name of any financial institution, broker dealer or bank with which the Access Person maintains a Covered Account in
which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Transaction Reports** 

Transactions are uploaded to the Personal Trading System on an ongoing basis throughout the quarter. Within 30 days following the end of each calendar quarter, all Access Persons must, review and certify to the accuracy and completeness of their quarterly transactions using the Personal Trading System or through comparable means. If a transaction is inaccurate and/or missing, the Access Person must notify the Compliance department immediately.

Access Persons are required to certify to the following information:

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With respect to transactions during the calendar quarter in any Reportable Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the Reportable Security,:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date of the transaction, the title, and as applicable the exchange ticker/symbol or CUSIP number, interest rate and
maturity date, number of shares, and principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name of the financial institution, broker dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Holdings Reports** 

Annually, all Access Persons must report the following information (which must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The title and type of security, and as applicable the exchange ticker/symbol or CUSIP number, number of shares, and
principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name of any financial institution, broker, dealer or bank with which the Access Person maintains an account or any
Covered Account in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date the Access Person submits the report.

Each Access Person shall submit an Annual Holdings certification through the Personal Trading System or an equivalent format within 45 days after the beginning of each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Opening a New Brokerage Account** 

Access Persons must receive written approval from the Compliance department prior to opening any new Covered Account and must disclose the account(s) immediately to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Compliance Review** 

The GCCO or his/her designee shall be responsible for reviewing the reports made pursuant

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to this section. The GCCO will not approve his/her own preclearance requests nor will he/she be responsible for the review of his/her own reports made pursuant to this section. Such responsibility to review the GCCO's submitted transactions and reports shall be delegated to another member of the Compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Exception** 

An Access Person need not make a report under this section with respect to securities held in any account over which that person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Annual Certification** 

Each Access Person must certify annually within sixty (60) days of year-end that he or she has read and understands the Code and recognizes that he or she is subject to the Code. In addition, each Access Person must certify annually that he or she has complied with all the requirements of the Code and that he or she has disclosed and reported all personal securities transactions and accounts required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Independent Directors** 

An Independent Director shall report transactions in Reportable Securities only if the director knew or, in the ordinary course of fulfilling his or her official duties as a director should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law), such security was purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client.

The "should have known standard" implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting any Fund's investment objectives, or that any knowledge is to be imputed because of prior knowledge of any Fund's portfolio holdings, market considerations, or any Fund's investment policies, objectives and restrictions.

Independent Directors need not provide an Initial or Annual Holdings Report and they are not subject to the restrictions in Section IV other than E and G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **CNSREIT Independent Directors** 

A CNSREIT Independent Director shall report transactions in Reportable Securities only if the director knew or, in the ordinary course of fulfilling his or her official duties as a director should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law), such security was purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client. Generally speaking, Cohen & Steers does not expect to transact in shares of CNSREIT on behalf of any client.

The "should have known standard" implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing

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with tactics to be employed meeting CNSREIT's investment objectives, or that any knowledge is to be imputed because of prior knowledge of CNSREIT's portfolio holdings, market considerations, or CNSREIT's investment policies, objectives and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Confidentiality** 

All reports of securities transactions and any other information filed with the Compliance department pursuant to this Code shall be treated as confidential. In this regard, no Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of Cohen & Steers) any information regarding securities transactions made or being considered by or on behalf of any client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Disclaimer** 

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

**VI. Administration of the Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Use of Preferred Brokers** 

All Access Persons located in the United States (US) must maintain all Covered Accounts at, and execute all transactions in Reportable Securities through, one or more brokers that offer electronic data feeds. Accounts held at electronically feeding brokers provide more accurate account information and require less reconciliation for the Access Person at certification time. The Compliance department maintains a list of such brokers. Any exception to this requirement for US employees will be determined on a case-by-case basis by the GCCO or his/her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Duplicate Confirms and Statements** 

All Access Persons must require their brokers to supply duplicate confirmations of all personal securities transactions on a timely basis to the Compliance department. When possible, the duplicate confirmation requirement will be satisfied by an electronic data feed directly from the brokers to the Personal Trading System.

If under local market practice, brokers are restricted by law from delivering duplicate confirmations to the Compliance department, it is the Access Person's responsibility to provide promptly to the Compliance department with a duplicate confirmation for each trade. If a broker is unwilling to deliver duplicate confirmations for any other reason, the Access Person will not be permitted to maintain an account with that broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exemptions from the Code** 

Under limited circumstances the GCCO, General Counsel or their designees, may approve a request for an exemption from the personal trading restrictions outlined in this Code.

Exemptions may include, but are not limited to, permitting an Access Person to transact in a restricted security in order to reduce or eliminate a potential or actual conflict of interest or in cases of personal hardship. The decision will be based on the specific facts and

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circumstances of the request, including a determination that a hardship exists and that the proposed transaction would not result in a conflict with Cohen & Steers' clients' interests. Other factors that may be considered include: the size and holding period of the Access Person's position in the security, the market capitalization of the issuer, the liquidity of the security, the amount and timing of client trading in the same or a related security and other relevant factors.

Any Access Person seeking an exemption should submit a written request setting forth the circumstances, pertinent facts and reasons why the Access Person believes the exemption should be granted. Access Persons are cautioned that exemptions are exceptions and repetitive requests for exemptions by an Access Person are not likely to be granted.

Records of the approval of exemptions and the reasons for granting the exemptions will be maintained by the Compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Fund Board of Directors Reporting and Approval** 

The Board, as applicable, including a majority of the Independent Directors, must approve this Code and any material changes to it. This approval shall be based on the determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Cohen & Steers shall provide a certification to the Board that Cohen & Steers and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Cohen & Steers shall furnish to the Board, and the Board must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Describes any issues arising under the Code or procedures since the last report to the Board, including, but not
limited to, information about material violations of the Code or procedures or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certifies that the Funds and Cohen & Steers have adopted procedures reasonably necessary to prevent Access
Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Violations and Sanctions** 

Access Persons must report any violations or potential violations of this Code promptly to the GCCO or another member of the Compliance department. This policy forbids any form of intimidation or retaliation against an Access Person for fulfilling this obligation. Retaliation against an Access Person who reports a Code violation is in itself a violation of the Code.

Upon discovering a violation of this Code, Cohen & Steers may impose such sanctions as it deems appropriate, including, but not limited to, Compliance retraining, meeting with the Executive Committee and Compliance, disgorgement of profits, reduction in bonus and/or monetary penalty, personal trading suspension, a letter of censure or possible termination

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of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Acknowledgments** 

Each Access Person must be provided with a copy of this Code and any amendments. In addition, each Access Person must provide the Compliance department with a written (or electronic) acknowledgment of their receipt of the Code and any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Records** 

The Compliance department shall maintain records<sup>7</sup> in the manner and to the extent set forth below, under the conditions described in Rule 31a-2 of the Investment Company Act and Rule 204-2 of the Investment Advisers Act of 1940, or under no-action letters or interpretations under these rules, and shall be available for examination by the SEC or any representatives of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of this Code shall be preserved in an easily accessible place (including for five (5) years after this Code
is no longer in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an
easily accessible place for a period of not less than five (5) years following the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of each report, including annual reports to the Board, and any information provided in lieu of a report, made by
an Access Person pursuant to this Code shall be preserved for a period of not less than five (5) years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any decision, and the reasons supporting the decision, to approve the acquisition of an IPO (if an exception
is made) or Private Placement/Private Investment shall be preserved in an easily accessible place for a period of not less than five (5) years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of all Access Persons who are, or within the past five (5) years have been, required to make reports or are
responsible for reviewing these reports, pursuant to this Code shall be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of all written acknowledgments for each Access Person who is currently, or within the past five years was, an
Access Person of the investment advisor.

<sup>7</sup> For Funds, records shall be maintained at the Funds' principal place of business. For advisors, records shall be maintained at an appropriate office of the investment advisor.

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**Appendix A** 

**Reportable Funds** 

As of December 2025\*

**Cohen & Steers Open-End Funds** 

Cohen & Steers Realty Shares

Cohen & Steers Real Estate Securities Fund

Cohen & Steers Global Infrastructure Fund

Cohen & Steers Global Realty Shares

Cohen & Steers International Realty Fund

Cohen & Steers Institutional Realty Shares

Cohen & Steers Preferred Securities and Income Fund

Cohen & Steers Real Assets Fund

Cohen & Steers Future of Energy Fund

Cohen & Steers Low Duration Preferred and Income Fund

Cohen & Steers Preferred Securities & Income SMA Shares, Inc.

**Cohen & Steers Sub-Advised Funds** 

Goldman Sachs Trust II - Goldman Sachs Multi-Manager Real Assets Strategy Fund

Jackson Real Assets Fund

Northern Multi-Manager Global Listed Infrastructure Fund

Penn Series Real Estate Securities Fund

Russell Investments Multi-Strategy Income Fund

*\* Reportable Funds include any future open-end investment companies advised or sub-advised by Cohen & Steers.*

## Exhibit 99.28

![LOGO](g43272dsp061.jpg)

September 16, 2025

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## **Table of Contents**

---

| | |
|:---|:---|
|  **General Principles** | **1** |
|  **Personal Investment Transactions** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overview | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Transactions/Covered Accounts | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance of Covered Transactions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance Process | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limitations on Pre-Clearance | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Trading Restrictions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibited Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional Restrictions for Certain Investment Personnel | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Securities | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exemptive Relief | 10 |
|  **Reporting** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Investment Reporting | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reporting on Opening, Changing or Closing a Covered Account | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Required Certifications | 11 |
|  **Insider Trading and Market Manipulation Policy** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp; Insider Trading | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What You Should Do If You Have Questions About Inside Information? | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policies and Procedures | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Prohibition | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Prohibition | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations with respect to the Material, Non-Public Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading in the Names of Companies on the Restricted List | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Does TCW Monitor Trading Activities? | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance of Restricted List | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exceptions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal of Issuers from the Restricted List | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What is Material Information? | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What is Non-Public Information? | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Tippee Liability? | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deal-Specific Information | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation in Rapid Fire Capital Infusions | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Should You Do? | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Are The Ramifications For Participating In A Rapid Fire Capital Infusion? | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Creditors' Committees | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information about TCW Products | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; "Big Boy" Letters | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contacts with Public Companies | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value-Added Investors | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expert Networks | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market Manipulation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policies and Procedures | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Background | 21 |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25  |

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|:---|:---|
|  **Gifts & Entertainment: Anti-Corruption Policy** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gifts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment or Similar Expenditures | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gifts, Entertainment, Payments & Preferential Treatment | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts Provided By the ***Firm/Access Persons*** | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment and Hospitality Provided by the ***Firm/Access Persons*** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts and Entertainment Received by ***Firm Personnel*** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corrupt Practices Act (FCPA) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statement of Purpose | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scope | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibited Conduct | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health or Safety Exception | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Third Party Representatives | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Flag Reporting | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mandatory Reporting | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Books and Records | 33 |
|  **Outside Business Activities** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp; General | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obtaining Approval/Reporting | 34 |
|  **Political Activities & Contributions** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp; Introduction | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Rules | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rules Governing Firm Contributions and Solicitation Activities | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rules for Access and Covered Persons | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibility for Personal Contribution Limits | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hires | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation in Public Affairs | 37 |
|  **Lobbying** | **37** |
|  **Other Employee Conduct** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Loans | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disclosure of a Direct or Indirect Interest in a Transaction | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Property or Services | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Use of TCW Stationery | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Giving Advice to Clients | 39 |
|  **Confidentiality** | **39** |
|  **Sanctions** | **39** |
|  **Reporting Illegal or Suspicious Activity - "Whistleblower Policy"** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procedure | 40 |
|  **Glossary** | **41** |
|  **Endnotes** | **45** |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25  |

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**General Principles** 

The TCW Group, Inc. is the parent of several companies that provide investment advisory services. As used in this **Code of Ethics or Code**, the "**Firm**" or "**TCW**" refers to The TCW Group, Inc., **TCW Advisors**, and controlled affiliates.

This **Code** is based on the principle that the officers, directors and employees of the **Firm** owe a fiduciary duty to the **Firm's** clients. In consideration of this you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect the interests of the Firm's clients before looking after your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you know that an investment team is considering a transaction in a security, don't trade
that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never use opportunities provided for the Firm's clients by brokers or others for your personal
benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid actual or apparent conflicts of interest in conducting your personal investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never trade on the basis of client information, or otherwise use client information for personal
benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain the confidentiality of all client financial and other confidential information. Loose lips
sink ships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with all applicable securities laws and Firm policies, including this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicate with clients or prospective clients candidly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise independent judgment when making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treat all clients fairly.

In addition to the above fiduciary requirements, Officers, directors and employees of the Firm are prohibited from violating the laws of the United States, including but not limited to, the applicable federal and state securities laws. These provisions prohibit any manipulative conduct in connection with transactions in Securities in the marketplace:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employing any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact, or omitting to state a material fact necessary in
order to make the statements made not misleading, in connection with the offer, purchase, or sale of Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any action, transaction, practice or course of business that would operate as a fraud or
deceit upon any person.

This **Code of Ethics** applies to all **Access Persons** and their respective **Covered Persons**, as defined herein. New employees are provided copies of the **Code of Ethics** as part of their onboarding process. Since the **Code** and amendments made to it are always available on myTCW, **Access Persons** are deemed to be in receipt of the **Code**. Annually, all **Access Persons** are required to acknowledge that they have received the **Code** and any amendments and understand its contents. As always, if you have any questions, the Administrator of the Code of Ethics and the Compliance Department are available to help.

When in doubt, call the **General Counsel**, the **Chief Compliance Officer**, or any member of the **Compliance** or **Legal Department** before taking action. We are here to help. **The reputation that TCW has built through decades of hard work can be destroyed by a single action. As an Access Person, you are responsible for safeguarding the reputation of TCW**.

**Individuals covered by this Code of Ethics are required to promptly report any violation to the Administrator of the Code of Ethics and/or the Chief Compliance Officer**. Violations of this **Code** constitute grounds for disciplinary actions, including immediate dismissal.

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **1**  |

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**Personal Investment Transactions** 

**Overview** 

The first part of this policy restricts your personal investment activities to avoid actual or apparent conflicts of interest with investment activities on behalf of clients of the **Firm**. The second part addresses reporting requirements for personal investing. You must conduct your personal investment activities in compliance with these rules.

Any questions about this policy should be addressed to the **Administrator of the Code of Ethics** at extension 0467 or <u>ace@tcw.com</u>.

All **Securities** trading by **Access Persons** and **Covered Persons** is monitored and reviewed. If patterns arise or it is determined that trading during the course of normal operations is of such a level as to interfere with the Person's work performance or responsibilities, create any actual or apparent conflict of interest, negatively impact the operations of **TCW** or violate any **Firm** policy, limits may be imposed. The Person may be notified by his/her supervisor, or such other appropriate officer(s) that there is a trading issues, and that trading restrictions and/or other disciplinary action, as appropriate, may be implemented.

Every **Covered Person** should be familiar with the requirements of this policy. Contact the **Administrator of the Code of Ethics** to send each **Covered Person** a copy of this policy.

**Covered Transactions/Covered Accounts** 

This policy covers investment activities ("**Covered Transactions**") (i) by any **Access Person** or **Covered Person in a Covered Account**, or (ii) in any account in which any **Access Person** has a "**beneficial interest**".

An A**ccess Person** has a "**beneficial interest**" in an account if that **Access Person**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has benefits substantially equivalent to owning the **Securities** or the account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can obtain ownership of the **Securities** in the account within 60 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can vote or dispose of the **Securities** in the account.

Any account of an Access Person or Covered Person is a "Covered Account." Covered Accounts include any personal trading account in which you have a beneficial interest. A representative list of such accounts includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage accounts (i.e. individual, joint, trust, custodial); Individual Retirement Accounts (all
types); DRIPs, profit sharing, and any other account/vehicle that have the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k), 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other
investment account that holds reportable securities or provides the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Please note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts require
reporting as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accounts held directly at mutual funds are exempt unless the account holds TCW MetWest or TCW
Registered Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative's brokerage account for which the **Access Person** can effect trades, or an
estate for which the **Access Person** makes investment decisions as executor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This includes accounts for relatives in the same household (residence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investments in private funds.

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **2**  |

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Violations of this policy by a **Covered Person** will be treated as violations by you.

**Pre-clearance of Covered Transactions** 

Generally, all trading by Access Persons and **Covered Persons** requires pre-clearance. Exempt securities are listed in this **Code of Ethics**.

**Pre-clearance Process** 

Pre-clearance is required for any non-exempt security below and any other investment product not listed on the Exempt securities list in the Code of Ethics.

Pre-clearance expires at 1:00 p.m. Los Angeles time (4:00 p.m. New York time) on the next business day after approval has been received. If your order has not been executed by the next business day after approval, it should be canceled and a new pre-clearance obtained. Log on to StarCompliance and file the required preclearance form at <u>https://tcw-ng.starcompliance.com/</u>

**Outside Fiduciary Accounts** and **Non-Discretionary Accounts** require special procedures and qualification. Contact the Administrator of the Code of Ethics.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Types of Non-exempt**<br> **Securities** | **Pre-clearance<br>Required?** | **Reporting<br>Required?** | **Comments** |
| &nbsp;&nbsp;&nbsp;Equities / Stocks (US and Foreign) | Yes | Yes | |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | Yes | Yes | |
| &nbsp;&nbsp;&nbsp;Derivatives - Options, warrants, financial commodities, security-based swaps, any other derivative linked to a specific security or other derivative product. | Yes | Yes | |
| &nbsp;&nbsp;&nbsp; **Exchange Traded Funds (ETFs)**<br> **Exchange Traded Notes (ETNs)** | Yes | Yes | Both TCW and non-TCW ETFs require preclearance |
| &nbsp;&nbsp;&nbsp; Closed-end Mutual Funds<br> Foreign Mutual Funds | Yes | Yes | TCW Strategic Income (TSI) requires preclearance.<br>Foreign mutual funds not classified as open-end mutual funds require preclearance. |
| &nbsp;&nbsp;&nbsp; Unit Investment Trusts (UITs)<br> Foreign Unit Trusts (UCITS) | Yes | Yes | Shares of unit investment trusts that are invested exclusively in mutual funds not advised by the **Firm** are considered **Exempt Securities.** |
| &nbsp;&nbsp;&nbsp;Recurring Deposits used to purchase non-exempt securities | Yes | Yes | Any transaction in non-exempt security that overrides the pre-set schedule of the automatic investments plan of corporate<br> dividends must be pre-cleared and reported. (This excludes dividend reinvestments, which are exempt securities) |
| &nbsp;&nbsp;&nbsp;Options – (Buying or Writing/Selling a Call or Put Option, exercising options with volition) | Yes | Yes | Securities obtained from the exercise or expiration of written call or put options requires update to holdings. |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **3**  |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Private funds, Private placements, private securities | Yes | Yes | Private Investments include, but are not limited to investments in: hedge funds, private equity funds, venture capital funds, other private fund vehicles, privately-held companies, investments in commercial properties, or residential properties (excluding primary residence) where income is earned on the property (e.g. a secondary residence that is used as a rental property or listed as vacation rental) and private placement offerings of various assets.<br>Private Investments also may include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from individuals who are not immediate family of the Access Person; and (iii) loans to or from individuals who are immediate family of the Access Person for the purpose of engaging in business activity. |
| &nbsp;&nbsp;&nbsp;Volitional transactions in non-exempt securities (includes tender offerings) | Yes | Yes | Any transaction that overrides the pre-set schedule of corporate actions must be pre-cleared and reported. |

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**Limitations on Pre-Clearance** 

All pre-clearance requests in StarCompliance will be limited to 65 approved requests per calendar quarter. Once an **Access Person** or **Covered Person** has reached 65 approved pre-clearance requests for the quarter, StarCompliance will automatically deny each subsequent pre-clearance request (i.e. beginning with the 66th pre-clearance request). The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the trading limit.

**Personal Trading Restrictions** 

If you receive two or more personal securities trading violations within a 2-year period, the **Firm** will impose an automatic 90-day trading suspension on your trading. Specifically, a trading suspension will result in automatic denials of all pre-clearance requests for 90 days.

**Prohibited Transactions** 

The following activities are prohibited and pre-clearance will generally not be available.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Prohibited Transaction** | **Exceptions/Limitations** | **Consequences/Comments** |
| &nbsp;&nbsp;&nbsp;Transacting in a **Security** that the **Firm** is trading for its clients | Exception: Permitted once the **Firm's** trading is completed or cancelled | Portfolio managers may accumulate a position in a particular security over a period of time. During such accumulation period, permission for personal trades in that security will generally not be granted. |
| &nbsp;&nbsp;&nbsp;Transacting in a security that the **Access Person** knows is under consideration for trading by the **Firm** for its clients | | |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **4**  |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Acquiring any **Security** in an:<br> **IPO**, any **Digital Currency** in an **ICO**,<br> Or any **Single Stock ETF.** | Exception: Permitted if the **Security** is an **Exempt Security**. See chart below. | Current holders of prohibited securities must contact **Administrator of the Code of Ethics** to seek permission to liquidate. |
| &nbsp;&nbsp;&nbsp;Acquiring an interest in a 3rd party registered investment company advised or sub-advised by the **Firm** | Exception: **TCW** sub-advised **ETFs** are permitted, but, as with all **ETFs**, must still be pre-cleared and reported as stated below. | See Prohibited Third-Party Mutual Fund List under Forms on myTCW. |
| &nbsp;&nbsp;&nbsp;No short-selling any ETF that is TCW advised, sub-advised or otherwise managed by the **Firm**. |  |  |

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**Additional Restrictions for Certain Investment Personnel** 

In addition to the foregoing prohibited transactions, the following are prohibited for the **Investment Personnel** indicated below.

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **5**  |

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**Exempt Securities** 

Pre-clearance is generally not required for **Exempt Securities**. The following table identifies **Exempt Securities** and summarizes any pre-clearance and reporting requirements that apply.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Types of Exempt Securities** | **Pre-clearance<br>Required?** | **Reporting Re-<br>quired?** | **Limitations/Comments** |
| &nbsp;&nbsp;&nbsp;**TPAY, TCW MetWest** or **TCW Open End Mutual Funds** in a **Firm** or Non-**Firm** Account | No | Yes | Compliance with frequent trading rules required.<br>Both TCW Exchange Traded Funds (ETFs) and TCW Strategic Income (TSI) require preclearance. |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **6**  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Types of Exempt Securities** | **Pre-clearance<br>Required?** | **Reporting Re-<br>quired?** | **Limitations/Comments** |
| &nbsp;&nbsp;&nbsp;U.S. and Government Securities (including agency obligations) | No | No |  |
| &nbsp;&nbsp;&nbsp;Investment-grade rated **Securities** issued by any State, Commonwealth or territory of the United States, or any political subdivision or taxing authority thereof | No | Yes |  |
| &nbsp;&nbsp;&nbsp;Certificates of deposit (Bank and Brokered) or time deposits | No | No |  |
| &nbsp;&nbsp;&nbsp;Bankers' Acceptances | No | No |  |
| &nbsp;&nbsp;&nbsp;Investment grade debt instruments with a term of 13 months or less, including commercial paper, fixed-rate notes and repurchase agreements | No | Yes | Ask the Legal Department for clarification if any questions. |
| &nbsp;&nbsp;&nbsp;Shares in money market mutual funds or a fund that appears on the exempt list. | No | No |  |
| &nbsp;&nbsp;&nbsp; Shares in open-end investment companies not advised or sub-advised by the **Firm**.<br>(ETFs, ETNs and closed-end funds are not exempt and require pre-clearance) | No | No\*<br><sup>\*</sup>TCW MetWest and TCW Registered Funds require reporting. | Acquiring an interest in a 3rd party registered investment company advised or sub-advised by TCW is prohibited. See Prohibited Third-Party Mutual Fund List on myTCW. |
| &nbsp;&nbsp;&nbsp;Investments in Collective Investment Trust (CIT) | No | No\*<br>\*TCW CITs require reporting |  |
| &nbsp;&nbsp;&nbsp;Shares of unit investment trusts (UITs) that are invested exclusively in mutual funds not advised by the **Firm**. | No | No |  |
| &nbsp;&nbsp;&nbsp;Municipal bonds traded in the market | No | Yes | No |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **7**  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Types of Exempt Securities** | **Pre-clearance<br>Required?** | **Reporting Re-<br>quired?** | **Limitations/Comments** |
| &nbsp;&nbsp;&nbsp;Trades in **Non-Discretionary Accounts** which you, your spouse, your domestic partner, or your significant other established. | The **Account** must first be certified as Non- Discretionary by Compliance – Contact the **Administrator of the Code of Ethics**. If designated as Non- Discretionary, no pre-clearance of trades required. | The **Account** must first be certified as Non- Discretionary by Compliance – Contact the **Administrator of the Code of Ethics**. If designated as Non- Discretionary, no reporting of trades required. | Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| &nbsp;&nbsp;&nbsp; Dividends reinvested through a Dividend Reinvestment Plan (DRIP)<br>[Note: While automatic transactions within DRIPS and ESOPs do not require pre-clearance, any volitional transactions within DRIPS and ESOPs must be pre-cleared] | No, unless the transaction is not automatic | Yes | If you or a covered person is a recipient of Restricted Stock Units (RSUs), please contact ACE for flagging. |
| &nbsp;&nbsp;&nbsp;**Securities** purchased pursuant to certain Robo Advisory Programs | The Program must first be evaluated by Compliance - Contact the **Administrator of the Code of Ethics**. If designated<br> as Non-Discretionary, no pre-clearance of trades required. | The Program must first be evaluated by Compliance - Contact the **Administrator of the Code of Ethics**. If designated as Non-Discretionary, no reporting of trades required. | Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| &nbsp;&nbsp;&nbsp;Security purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent that such rights were acquired from such issuer. | No | Yes | Sales of such rights that were acquired must be pre-cleared. |
| &nbsp;&nbsp;&nbsp; Securities where the **Firm** acts as an adviser or distributor for the investment, offered in:<br>&nbsp;&nbsp;&nbsp;&nbsp;• A hedge fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;● **Private Placement**; or<br>&nbsp;&nbsp;&nbsp;&nbsp;• Other **Limited Offerings** | No | Yes | **Firm** already must approve in order to invest, which serves as pre-clearance. |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **8**  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Types of Exempt Securities** | **Pre-clearance<br>Required?** | **Reporting Re-<br>quired?** | **Limitations/Comments** |
| &nbsp;&nbsp;&nbsp; Interests in **Firm**-sponsored limited partnerships or other **Firm**-sponsored **private placements**, including those that that are<br>&nbsp;&nbsp;&nbsp;&nbsp;• Estate planning transfers<br>&nbsp;&nbsp;&nbsp;&nbsp;• Court-ordered transfers | No | Yes | **Firm** already must approve in order to invest, which serves as pre-clearance. |
| &nbsp;&nbsp;&nbsp;**Securities** acquired or sold in connection with the involuntary exercise or assignment of an option. | No, unless you voluntarily exercise an option. | Yes, securities received must be reported. | Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to the rule prohibiting such transactions for Investment Personnel. |
| &nbsp;&nbsp;&nbsp;Ownership Interests in Clipper Holding, LP | No | No |  |
| &nbsp;&nbsp;&nbsp;Ownership Interests in TCW Owners, LLC | No | No |  |
| &nbsp;&nbsp;&nbsp;Rule 10b5-1 Plans | Prior approval required to enter plan. Transactions pursuant to an approved plan will not require pre-clearance. | Yes |  |
| &nbsp;&nbsp;&nbsp;Direct Purchase Plans | Prior approval required to enter plan. Transactions pursuant to an approved plan will not require pre-clearance. | Yes |  |
| &nbsp;&nbsp;&nbsp;Direct investments in **Cryptocurrencies** or **Digital Currencies (non-securities such as Bitcoin, Ethereum)**. However, investment products derived from **cryptocurrencies** or **digital currencies** are NOT exempt. | No | No | Bitcoin **ETFs** and other derivative products based on **Cryptocurrencies** or **Digital Currencies** require both preclearance and reporting. |
| &nbsp;&nbsp;&nbsp;Futures and **Non-Financial Commodities** | No | Yes | **Financial Commodities** are not exempt and requires both pre-clearance and reporting. |
| &nbsp;&nbsp;&nbsp;Non-publicly traded funds associated with certain Qualified Accounts [These include state sponsored 529 Plans, Health Savings Accounts (HSA) and Employer Retirement Plans] | No | Yes\*<br>\*TCW MetWest and TCW Registered Funds require reporting. | Non-publicly traded investment fund vehicles offered in certain Qualified accounts are exempt from preclearance and reporting. |
| &nbsp;&nbsp;&nbsp;Acquisition of securities by gift, inheritance, or corporate action. | No | Yes | However, a sale of securities acquired by gift, inheritance, or corporate action requires<br> pre-clearance. |

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **9**  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Types of Exempt Securities** | **Pre-clearance<br>Required?** | **Reporting Re-<br>quired?** | **Limitations/Comments** |
| &nbsp;&nbsp;&nbsp;Insurance products – life insurance, fixed annuities, and variable annuity contracts that invest in third-party funds. | No | No | If these products are structured as investment contracts or otherwise meet the definition of a "security" under the Investment Advisers Act, they may be subject to reporting requirements. |

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**Exemptive Relief** 

To seek approval for a **Code of Ethics** exemption, contact the **Administrator of the Code of Ethics**. The **Administrator of the Code of Ethics** will require a written statement indicating the basis for the requested approval, and coordinate obtaining the approval of the **Approving Officers**. The **Approving Officers** have no obligation to grant any requested approval or exemption.

The **Approving Officers** also may, under appropriate circumstances, grant exemption from **Access Person** status to any person.

**Reporting** 

**Personal Investment Reporting** 

**Access Persons** are required to report all non-exempt security holdings and transactions (including investments in private placements) as part of the certifications listed below.

**TCW** receives automated feeds from many major brokers ("**Linked Brokers**"). If your broker is not a **Linked Broker**, you must ensure that **TCW** receives duplicate broker statements. The **Administrator of the Code of Ethics** can inform you if your broker is a Linked Broker, and set up your account for automated feed. If your broker is not a Linked Broker, the Administrator of the Code of Ethics can assist you with a release letter ("407 letter") to allow **TCW** to receive duplicate statements. Corporate actions such as mergers, purchases and sales, spin-offs, stock splits, stock-on-stock dividends and like activities must also be reported unless made through an account with a **Linked Broker**. In addition, **Access Persons** must timely file all reports for all transactions as provided in the tables below and must promptly report the opening, closing or changing of any **Covered Accounts**.

**Reporting on Opening, Changing or Closing a Covered Account** 

<u>Brokerage Accounts</u>: You must use the StarCompliance, <u>https://tcw-ng.starcompliance.com/</u>, system to enter information about each **Covered Account**:

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|:---|:---|
| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **10**  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Activity**<br>| **Comments**<br>| **Exceptions**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon becoming an **Access Person**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon opening a new **Covered Account** while you are an **Access Person**<br>| Updates must occur within 30 days of the event | &nbsp;&nbsp;&nbsp;&nbsp; You are not required to report or enter information for:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•**<br>**Outside Fiduciary Accounts**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accounts** that can strictly invest only in non-reportable exempt securities.<br>\*Accounts holding TCW MetWest and TCW Registered Funds require reporting<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon closing, or making any change to a **Covered Account** while you are an **Access Person**<br>| Updates must occur within 30 days of the event | N/A |

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<u>Employee Separate Accounts</u>: Employees may not establish a Separately Managed Account for themselves, family members, or friends without the prior written approval of (i) the manager of their investment unit and/or the primary investment strategy in which the account is proposed to be invested (e.g., the Head of Fixed Income, Equities, Emerging Markets, Private Credit or Asset Backed Finance, as the case may be), (ii) the COO, and (iii) the General Counsel. If the Separately Managed Account is intended to create a marketing track record, approval will also be required by the Product Development Committee.

**Other Required Certifications** 

Reports are filed online at <u>https://tcw-ng.starcompliance.com/</u>

If you will not be able to file a report on time, contact the **Administrator of the Code of Ethics** prior to the filing due date.

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Certification**<br>| **When Due**<br>| **Additional Requirements**<br>|
| &nbsp;&nbsp;&nbsp;Initial Holdings Report | Within 10 days after becoming an **Access Person** | Include all securities except non-reportable **Exempt Securities**<br>Include all **Covered Accounts**. Holdings must be current no earlier than 45 days before you became an **Access Person**<br>|
| &nbsp;&nbsp;&nbsp;Quarterly Report of Personal Investment Transactions | By each January 15, April 15, July 15 and<br> October 15 | Must be filed even if there were no transactions during the period.<br>|
| &nbsp;&nbsp;&nbsp;Annual Holdings Report | By January 31 of each year | Same as Initial report, except that holdings must be current as of December 31 of the prior year.<br>|
| &nbsp;&nbsp;&nbsp; Annual Certificate of Compliance<br>| By January 31 of each year<br>|  |

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| &nbsp;&nbsp;&nbsp; Annual Report on Outside Business Activities (Includes, among other activities, Directorships, Officerships, Creditor Committees, Board Observation Rights and Employment)<br>| By January 31 of each year | Must be filed even if there are no outside business activities to report. |
| &nbsp;&nbsp;&nbsp;Quarterly Certification on Personal Devices / Electronic Communications | By each January 15, April 15, July 15 and October 15<br>|  |

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**Insider Trading and Market Manipulation Policy** 

**Insider Trading** 

*Overview* 

Members of the Firm occasionally come into possession of material, non-public information or "**inside information**". Various laws, court decisions, and general ethical standards impose duties with respect to the use of this **inside information**.

The U.S Securities and Exchange Commission (the "**SEC**") and other rules provide that any purchase or sale of a security of an issuer while "having awareness" of **inside informatio**n regarding that issuer or certain related issuers is illegal regardless of whether the information was a motivating factor in making a trade.

Courts may attribute one employee's knowledge of **inside information** to other employees that trade in the affected security, even if no actual communication of this knowledge occurred. Thus, by buying or selling a particular **security** in the normal course of business, **Firm** personnel other than those with actual knowledge of **inside information** could inadvertently subject the **Firm** to liability. However, the securities laws provide firms with an affirmative defense to such charges, and that defense depends upon the establishment and enforcement of policies and procedures reasonably designed to control the flow of **inside information** within the firm.

The risks in this area can be significantly reduced through the use of a combination of trading restrictions and temporary and permanent information barriers ("Information Barrier(s)") designed to confine material non-public information to a given individual, group or department.

See the Reference Table below if you have any questions on this Policy or who to consult in certain situations.

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*What You Should Do If You Have Questions About Inside Information?* 

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **Topic**<br>| **You Should Contact:**<br>|
| &nbsp;&nbsp;&nbsp; If you have a question about:<br>• This Policy in general<br>• Whether information is "material" or "non-public"<br>• If you have a question about whether you have received inside information on a Firm commingled fund (e.g. partnerships, trusts, mutual funds)<br>• Whether you have received material non-public information about a public company<br>• Obtaining deal-specific information (pre-clearance is required)<br>• Sitting on a Creditors' Committee (preapproval is required)<br>• An Information Barrier<br>• Section 13/16 issues<br>| Any SVP or MD in the Legal Department |
| &nbsp;&nbsp;&nbsp; If you wish to serve on a Board of Directors, serve as an alternate on a Board, serve as a Board Observer or sit on a Creditors Committee<br> *(Pre-approval is required)*<br>| Administrator of the Code of Ethics |
| &nbsp;&nbsp;&nbsp; In the event of inadvertent or non-intentional disclosure of material non-public information<br>| Any SVP or MD in the Legal Department |

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**Policies and Procedures** 

*Trading Prohibition* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No **Access Person** of the Firm, either for themselves or on behalf of clients or others, may buy
or sell a **security** (i.e., stock, bonds, convertibles, options, warrants or derivatives tied to a company's securities) while in possession of material, non-public information about the company or
certain related companies1 (except as listed in Deal- Specific Information below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This applies in the case of both publicly traded and private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This means that you may not buy or sell such securities for yourself or anyone, including your
spouse, domestic partner, relative, friend, or client and you may not recommend that anyone else buy or sell a security of a company on the basis of **inside information** regarding that company.

If you believe you have received oral or written material, non-public information, you should not discuss the information with anyone except an SVP or MD member in the Firm's **legal Department** ("the Legal Department") and should contact the **Legal Department** immediately. Do not discuss the information with your supervisor, department head or any other individual who is on your team.

*Communication Prohibition* 

No **Access Person** may communicate material, non-public information about a company to others who have no official need to know, regardless of whether the company is on the Restricted List. This is known as "tipping," which also is a violation of the insider trading laws, even if you as the "tipper" did not personally benefit. Therefore, you should not discuss such information acquired on the job with your spouse, domestic partner or with friends, relatives, clients, or anyone else inside or outside of the **Firm** except on a need-to-know basis relative to your duties at the **Firm**.

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Remember that TCW Funds, Inc., Metropolitan West Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TPAY and TSI)), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by **TAMCO, TIMCO, TABF,** or **MetWest**, respectively (such closed-end investment companies, ETFs and mutual funds, collectively, the **"TCW Registered Funds"**) are publicly traded entities and you may be privy to material non-public information regarding those entities. Communicating such information in violation of the **Firm's** policies is illegal.

The prohibition on sharing material, non-public information extends to affiliates such as the Carlyle and Nippon Life entities. Please refer to the policies and procedures describing the relevant information barrier to these entities.

*Obligations with respect to the Material, Non-Public Information* 

If **Firm** personnel are presented with the opportunity to learn non-public information to assist in the analysis of any security or other instrument prior to signing any confidentiality letter, a definitive agreement pertaining to an investment, or any other agreement relating to the receipt of confidential information, such personnel must obtain the approval of the **Legal Department** prior to entering into any such confidentiality letter or agreement. **Firm** personnel may not knowingly accept any material, non-public information relating to a company prior to the **Administrator of the Code of Ethics** placing such issuer on the **Restricted Securities List**.

If **Firm** personnel obtain information about a company that may be material, non-public information, including, among other things, as a result of a contractual agreement, through an expert or expert network, or by virtue of a Firm representative or observer on a company's board of directors or creditor's committee, you must immediately notify the **Administrator of the Code of Ethics** of the information. If the **Administrator of the Code of Ethics**, in coordination with the **Legal Department**, determines that the information constitutes material, non-public information that might expose the **Firm** or any of its affiliates to liability for "insider trading," the company to which the information relates and, in certain circumstances, related companies will generally be placed on the **Restricted Securities List**.

You may contact the **Administrator of the Code of Ethics** at extension 0467 or ace@tcw.com.

*Trading in the Names of Companies on the Restricted List* 

When a company is placed on the **Restricted Securities List**, no member, employee, or other personnel of the Firm or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may trade in the securities or other instruments of the company, either for their own account or for the account of any TCW Client (as defined below), absent authorization from the **Administrator of the Code of Ethics**.

In addition, no member, employee, or other personnel of the **Firm** or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may recommend trading in such company, or otherwise disclose material, non-public information, to anyone other than the **Administrator of the Code of Ethics**, the Legal Department and personnel of the firm with whom such person is working on a matter to which such material, non-public information relates.

The **Restricted Securities List** must be checked before each Firm trade. If an order is not completed on one day, then the open order should be checked against the **Restricted Securities List** and approval must be obtained every day it is open beyond the approved period that was given (e.g., the waiver you received was for a specific period, such as one day).

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*Does TCW Monitor Trading Activities?* 

Yes, **TCW** monitors trading activities through one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducts reviews of trading in public securities listed on the **Restricted Securities List**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surveys client account transactions that may violate laws against insider trading and, when
necessary, investigates such trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducts monitoring of the **Information Barriers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviews personal securities trading to identify insider trading, other violations of the law or
violations of the Firm's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtains securities holding and transaction reports as required by SEC rules and regulations.

*Maintenance of Restricted List* 

The **Administrator of the Code of Ethics** maintains the **Restricted Securities List**, which is a highly confidential list of companies that includes any company (i) about which the **Firm** or any of its personnel may possess material non-public information and (ii) the **Administrator of the Code of Ethics**, in coordination with the Legal Department, deems appropriate to be added to the **Restricted Securities List** because, for example, trading in such company's securities may involve potential conflicts of interest.

The **Administrator of the Code of Ethics** distributes the **Restricted Securities List** as necessary. The **Administrator of the Code of Ethics** also updates an annotated copy of the list and maintains the history of each item that has been deleted. This annotated **Restricted Securities List** is available to the **General Counsel** and the **Chief Compliance Officer**, as well as any additional persons, which either of them may approve. The identity of companies included on the **Restricted Securities List**, as well as information about those companies, must not be discussed with persons outside the **Firm** without the prior consent of the **Administrator of the Code of Ethics**.

The **Restricted Securities List** restricts issuers (i.e., companies) and not just specific securities issued by the issuer. The list of ticker symbols on the **Restricted Securities List** should not be considered the complete list – the key is that you are restricted as to the company or a derivative that is tied to the company. This is of particular importance to the strategies which may invest in securities listed on foreign exchanges.

*Exceptions* 

The **Administrator of the Code of Ethics**, in coordination with the **Legal Department**, may grant limited exceptions to the policies and procedures discussed herein on a case by case basis. One such exception is as follows:

For a **TCW Registered Fund** that is a passive broad-based index fund designed to track a particular broad-based index, when transacting in securities on such index that the fund is designed to track, personnel are exempt from the requirement to check the **Restricted Securities List** prior to trading in such securities, and transactions in such securities will not be restricted. However, this exception is limited to transactions in securities on the index that the **TCW Registered Fund** is designed to track and personnel must reference the **Restricted Securities List** when trading in securities outside of the index on behalf of **TCW Registered Funds**, and such transactions will generally be restricted.

Documentation of such requested exceptions and approvals shall be maintained by the **Administrator of the Code of Ethics**.

*Removal of Issuers from the Restricted List* 

Issuers are removed from the **Restricted Securities List** by the **Administrator of the Code of Ethics** in his or her discretion, but in any event after receipt of written confirmation from the responsible **Firm** personnel that such

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persons are no longer in possession of non-public information pertaining to such issuer. The **Administrator of the Code of Ethics** may, in his or her discretion, impose "cooling off" periods following such confirmation prior to removing an issuer from the **Restricted Securities List**.

*What is Material Information?* 

Information (whether positive or negative) is material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When there is a substantial likelihood that a reasonable investor would consider it important in
making an investment decision and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When it could reasonably be expected to have an effect on the price of a company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information need not be so important that it would have changed the investor's decision to
buy or sell a **security**.

Some examples of **Material Information are**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings results, changes in previously released earnings estimates, liquidity problems, dividend
changes, defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Projections, major capital investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant labor disputes or supply chain disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant merger, tender offers, secondary offerings, rights offerings, spin-off, joint venture, stock buy backs, stock splits or acquisition proposals or agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product releases, services, contracts, price changes, schedule changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant accounting changes, credit rating changes, write-offs or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major technological discoveries, breakthroughs or failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major contract awards or cancellations, significant regulatory developments (e.g. FDA approvals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other events or circumstances affecting the market for a company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Governmental investigations, major litigation or disposition of significant investigation or
litigation matters; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant management developments or changes.

This list is not exhaustive and no clear or "bright line" definition of what is material exists. Due to this, assessments sometimes require a fact- specific inquiry. If you have questions about whether information is material, direct the questions to the **Legal Department**.

*What is Non-Public Information?* 

Non-public information is information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not been disseminated broadly to investors in the marketplace, such as a press release or
publication in The Wall Street Journal or other generally circulated publication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not become available to the general public through a public filing with the SEC or some other
governmental agency, Bloomberg, or release by Standard & Poor's or Reuters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market as a whole has not had adequate time to respond to the information.

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*What Tippee Liability?* 

**Firm** personnel must be wary of material, non-public information disclosed in breach of a corporate insider's duty of trust or confidence that the corporate insider may owe to his or her corporation and/or such corporation's shareholders. Even when there is no expectation of confidentiality, Firm personnel may become an "insider" upon receiving material, non-public information in circumstances in which a person knows, or should know, that a corporate insider is disclosing information in breach of a duty of trust and confidence that he or she owes the corporation and its shareholders. Whether the disclosure is an improper "tip" depends on whether the corporate insider expects to benefit include, for example, a reputational benefit or an expectation of a "quid pro quo." It is also possible for a person to become an "insider" or "tippee" upon obtaining material, non-public information inadvertently, including information derived from social situations, business gatherings, overheard conversations, and misplaced documents. It should be assumed that a duty of trust or confidence exists whenever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A confidentiality agreement is entered into;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An oral agreement is made or a reasonable expectation exists based on the manner in which the
information was transmitted that you will maintain the information as confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a pattern or practice of sharing confidences so that the recipient knows or reasonably
should know that the provider expects the information to be kept confidential.

There is a presumed duty of trust and confidence when a person receives material non-public information from his or her spouse, parent, child, or sibling.

**Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases** 

Examples of how a person could come into possession of **inside information** include:

Board of Directors Seats or Observation Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most public companies have restrictions on trading by Board members except during trading window
periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone who wishes to serve on a Board of Directors or as a Board Observer must obtain pre-approval in StarCompliance by submitting an Outside Business Activity request. The **Administrator of the Code of Ethics** will then coordinate the approval process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If approval is granted, the **Administrator of the Code of Ethics** will notify the **Legal Department** so that the **Firm** can implement the appropriate safeguards and restrictions, such as placing the issuer on the Firm's restricted securities list (the "**Restricted Securities List** "). Please see the
information Barrier Policy located in the Portfolio Management Policy for further details.

Portfolio Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sitting on Boards of public companies in connection with an equity or fixed income position that they
manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having the intent to control or work with others to attempt to influence or control a company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working with expert network consultants who were recent employees of a company involving a major
transaction.

The **Legal Department** should be consulted in these situations.

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**Deal-Specific Information** 

Employees may receive **inside information** regarding transactions in securities that are not publicly traded for legitimate purposes such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of a direct investment, secondary transaction or participation in a transaction for a
client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of forming a confidential relationship; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving "private" information through on-line services such as FinDox.

This "deal-specific information" may be used by the department to which it was given for the purpose for which it was given. This type of situation typically arises in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mezzanine financings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan participations, bank debt financings (e.g., when the **Firm** chooses to go
"private" when trading in bank loans through the Loan Syndication and Trading Association process),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• venture capital financing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of distressed securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oil and gas investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of substantial blocks of stock from insiders.

Remember that even if the transaction for which the deal-specific information is received involves securities that are not publicly traded, the issuer may have other classes of traded securities and/or the deal-specific information may impact a security-based swap, and the receipt of **inside information** can affect the ability of other product groups at the **Firm** to trade in those securities.

If you are to receive any deal-specific information or potentially material, non-public information on a company (whether domestic or foreign), contact the **Legal Department**, who then will implement the appropriate safeguards and restrictions, such as placing the issuer on the **Restricted Securities List**.

**Participation in Rapid Fire Capital Infusions** 

*Overview* 

From time to time, public companies may seek rapid-fire capital infusions of capital from institutional investors. In the past, these have involved investment banks contacting potential investors, often over the weekends, on a pre-announcement basis.

*What Should You Do?* 

If you work with marketable security strategies and you receive a call to participate in an offering before it is publicly announced, please contact the **Legal Department**, the Firm's general counsel (the "**General Counsel**") or the **Firm's** chief compliance officer (the "**Chief Compliance Officer**"). <u>Do not</u> ask the name of the company that is the subject of the financing or agree to any confidentiality or standstill agreements. Otherwise, you may restrict trading in your and other portfolios and the **Firm**. Your email should include the contact information for the person who contacted you.

*What Are The Ramifications For Participating In A Rapid Fire Capital Infusion?* 

Historically, the **Firm's** marketable securities strategies have not received material non-public information and have relied solely on public information. Some of the ramifications of your participating in a rapid fire capital infusion are:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your accounts will be restricted for the company in question as soon as you learn about the name of
the company, even if you decide not to participate. There is no ability to preview the names because just knowing about the potential transaction is in itself material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A restriction in a name could last for a period of time and that period cannot be predicted in
advance. In many cases, it may be a fairly short period (a week or so).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will need to be available or designate someone in your portfolio management group to be fully
available at night and possibly over the weekend to consider the transaction(s).

If your group decides to participate in the offering, the **Legal Department** will work with your group to implement appropriate Information Barrier procedures with the goal of ensuring that others at the **Firm** who do not have the information will not be frozen in their trading securities of the issuer. The shares of the company at issue will be restricted in accounts managed by your group and possibly others at the **Firm** until after the terms of the financing (or other material non-public information) are publicly announced.

**Creditors' Committees** 

Members of the Firm may be asked to participate on a Creditors' Committee which is given access to **inside informatio**. Since this could affect the **Firm's** ability to trade in **securities** in the company, before agreeing to sit on any Creditors' Committee, contact the **Administrator of the Code of Ethics** who will obtain any necessary approvals and notify the **Legal Department** so that the appropriate safeguards and restrictions, such as placing the issuer on the **Restricted Securities List**, can be made.<sup>2</sup>

**Information about TCW Products** 

Employees could come into possession of **inside information** about the **Firm's** limited partnerships, trusts, ETFs, and mutual funds that is not generally known to their investors or the public. The following could be considered inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plans with respect to dividends, closing down a fund or changes in portfolio management personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A large-scale buying or selling program or a sudden shift in allocation that was not generally known

Disclosing holdings of the **TCW Registered Funds** on a selective basis could also be viewed as an improper disclosure of non-public information and should not be done. The **Firm** currently discloses holdings of the **TCW Registered Funds** to the general public and investors through tcw.com on a monthly basis. This disclosure may occur on or prior to the 15th calendar day following the end of that month (or, if the 15th calendar day is not a business day, the next business day thereafter). Disclosure of these funds' holdings at other times, where a general disclosure has not yet been made through tcw.com, requires special confidentiality procedures and must be pre-cleared with the **Legal Department** (See the Marketing and Communications Policy for further information concerning portfolio holdings disclosure).

In the event of inadvertent or unintentional disclosure of material non-public information, the person making the disclosure should immediately contact the **Legal Department** or **General Counsel**. The **Legal Department** should notify the **Administrator of the Code of Ethics** of this type of inside information so that appropriate restrictions can be put in place.

**"Big Boy" Letters** 

"Big Boy" letters are agreements between investors which address the frequent reality that, as experienced and sophisticated traders, one party to a transaction (usually the seller) has access to non-public information while

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the other does not, and yet both parties still want to proceed with the sale. In practice, such agreements take a variety of forms and terms vary. Most involve a representation by the buyer in a securities transaction that (a) the buyer is a sophisticated investor, (b) the buyer understands that the seller may possess material non-public information that will not be disclosed to the buyer, and (c) the buyer effectively waives any claim it may have under the federal securities laws, including Section 10(b) or Rule 10b-5 of the **Exchange Act**. No Firm personnel may effect a purchase or sale of an issuer's securities in reliance on a so-called "Big Boy" letter when that issuer appears on the **Restricted Securities List**, unless he or she obtains prior approval to do so from the **Legal Department**. The **Legal Department** must review the proposed terms and conditions of any "Big Boy" letter prior to its execution.

**Contacts with Public Companies** 

Contacts with public companies are an important part of the **Firm's** research efforts coupled with publicly available information. Difficult legal issues arise when an employee becomes aware of material, non-public information through a company contact. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results, or if an investor-relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the **Firm** must make a judgment regarding its further trading conduct.

If an issue arises in this area, a research analyst's notes could become subject to scrutiny. Research analyst's notes have become increasingly the target of plaintiffs' attorneys in securities class actions.

The **SEC** has declared publicly that they will take strict action against what they see as "selective disclosures" by corporate insiders to securities analysts, even when the corporate insider was getting no personal benefit and was trying to correct market misinformation. Analysts and portfolio managers who have private discussions with management of a company should be clear about whether they desire to obtain inside information and become restricted or not receive such information.

If an analyst or portfolio manager receives what he or she believes is **inside information** and if you feel you received it in violation of a corporate insider's fiduciary duty or for his or her personal benefit, you should not trade and should discuss the situation with the **Legal Department**.

**Value-Added Investors** 

**TCW** Private Funds may accept investments from so-called "value-added" investors. Although the term value-added investor is not defined in the Investment Advisers Act of 1940, as amended, or elsewhere, it is generally understood to refer to an investor who may provide some benefit to the adviser (such as industry expertise or access to individuals in the investor's network) beyond just the amount of their commitment. Examples of such investors may include, without limitation, executive-level officers or directors of a company or personnel who are affiliated with other investment advisers and/or private funds.

Due to the nature of their position, such investors may possess material nonpublic information. Therefore, employees of the Firm should always remain alert to the possibility that they could inadvertently come into possession of material, non-public information when communicating with such investors. Firm personnel should refrain from discussing potentially sensitive topics (e.g., specific information about the investor's employer) with a known value-added investor.

If there is any question as to whether information received from an investor could be material, non-public information, you are expected discuss it with the **Legal Department** immediately, and otherwise to act in accordance with the procedures in this **Policy**.

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**Expert Networks** 

The **Firm** may, from time to time, execute agreements with companies that provide access to a group of professionals, specialized information or research services ("**Expert Networks**"). In such circumstances, **Expert Networks** are engaged to provide authorized **TCW** employees with information that may be helpful in **TCW** understanding an industry, legislative initiatives, and many other important topical areas. However, **TCW** is mindful of the fact that **Expert Networks** present significant legal, compliance and regulatory risks concerning the receipt and transmission of materially non-public information.

Given this inherent risk, **TCW** requires that, in addition to the requisite approval from our vendor management team, the compliance policies of each **Expert Network** are reviewed and approved by the Firm's compliance department (the "**Compliance Department**") prior to entering into an agreement for services. In the course of the review, the **Compliance Department** may rely on certifications and affirmations made by the **Expert Networks** as to the underlying processes. Furthermore, the Firm requires that each employee who wishes to participate in an **Expert Network** read and confirm their understanding of the **Firm Expert Network** Guidelines, as well as complete an Insider Trading training module to ensure that they understand the Firm policies regarding material non-public information and insider trading. A **TCW** employee that participates in a meeting with an **Expert Network**, regardless of the medium through which the meeting is conducted (i.e. phone, video call, or any other means by which such meeting may occur), should be assigned the task of creating notes during or contemporaneously with the meeting ("Notes"). These Notes should be delivered to the Compliance Department within seven (7) days of the meeting. In conjunction with the appropriate departments, the **Compliance Department** will maintain a log of all **Expert Network** calls.

The **Compliance Department** may chaperone **Expert Network** calls on a sampling basis, or periodically sample and conduct a review of calls by inspecting the Notes, and/or any written or audio recording of the call that may be available. If, based upon this review, the **Compliance Department** determines that material non-public information may have been disclosed during a call, they will immediately notify the **General Counsel** and the **Chief Compliance Officer**. A review to determine if material non-public information was received, and any actions to be taken, will be conducted in accordance with **TCW's** policies and procedures regarding material non-public information. Additionally, the **Compliance Department** will sample personal trading activity by employees in the securities of publicly traded companies in similar industries as those discussed during the calls.

**Market Manipulation** 

*Overview* 

It is essential that no personnel of the Firm engage in any activity the purpose of which is to interfere with the integrity of the marketplace. Among other things, intentionally manipulating the market, as discussed below, is a violation of the federal securities laws and of the Firm's policies and standards of conduct.

*Policies and Procedures* 

Firm personnel may not engage in any deceptive practice intended to manipulate the market in an issuer's publicly traded securities. Examples of such practices are provided below under "Legal Background."

*Legal Background* 

The term "manipulation" generally refers to any intentional or deliberate act or practice in the marketplace that is intended to mislead investors by artificially controlling or affecting the price of a **security** traded in such marketplace. For example, manipulation may involve efforts to stimulate artificially the public demand for a stock

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or to create the false appearance of actual trading activity. Practices that may be intended to mislead investors by artificially affecting market activity and thus may constitute manipulative acts include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio pumping or painting the tape (submitting orders to purchase securities held by a **TCW Registered Fund** or other TCW client (each, a "**TCW Client**") near the close of trading on the last day of a period for which the **TCW Client's** performance will be reported (e.g., quarter-end));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• window dressing (adding or eliminating securities holdings of a **TCW Client** on or around the
date for which the **TCW Client's** holdings will be reported solely in order to make the TCW Client's holdings appear more favorable to the **TCW Client's** investors (e.g., by eliminating a poorly performing holding or
acquiring a **security** that has performed well));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marking the close (executing securities transactions at or near the close with a purpose of inflating
the day's price);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• wash sales (selling a **security** at a loss and purchasing the same or a substantially similar
security soon afterwards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• front running (transacting in a **security** for one's own account while taking advantage of
advance knowledge of a **TCW Client's** pending transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• spreading rumors that can impact the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disseminating false information into the marketplace that could reasonably be expected to cause the
price of a **security** to increase or decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• matched orders (buying a **security** with a low turnover and subsequently placing contemporaneous
buy and sell orders for the **security** for substantially the same number of securities at substantially the same time and at substantially the same price, with the aim of conveying an appearance of renewed interest in the **security**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• runs (also known as pumping and dumping);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corners (obtaining sufficient control of a particular security or other asset in an attempt to
manipulate the market price); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• abusive squeezes (control of a large and dominating **security** position in a market in order
deliberately to increase the price of the **security**).

The rules against market manipulation do not mean that merely trying to acquire or to dispose of stock for investment purposes and incidentally affecting the price is unlawful. It is permissible for trading to have a corollary effect upon the price of a **security** as an ancillary consequence of buying or selling that security, so long as the investor's purpose is not to create an artificial impression about the demand for, or supply of, the security. Further, certain of the practices described above may in certain instances be made in connection with legitimate business purposes and in such instances would not constitute market manipulation. Firm personnel with any questions whether any transaction may constitute market manipulation should contact the **Legal Department** immediately.

The SEC and the federal courts have emphasized that manipulation, in essence, interferes with the free forces of supply and demand, and, thus, the integrity of the market. As the SEC stated in a 1977 case:

Investors and prospective investors… are… entitled to assume that the prices that they pay and receive are determined by the unimpeded interaction of real supply and demand so that those prices are the collective marketplace judgments that they purport to be. Manipulations frustrate these expectations. They substitute fiction for fact… The vice is that the market has been distorted and made into a stage-managed performance.

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The most cited anti-manipulative provisions of the federal securities laws are Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. Section 10(b) makes it unlawful to use or employ, in connection with the purchase or sale of any security, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the SEC may prescribe. The various rules promulgated by the SEC under Section 10(b) define specific activities as manipulative or deceptive acts or practices. Rule 10b-5, however, sometimes referred to as the "anti-manipulation" rule, sets forth the general prohibition on fraudulent, deceptive or manipulative devices. The prohibitions against manipulative and deceptive acts under Section 10(b) and Rule 10b-5 apply to all securities, not just those registered on a national stock exchange. The SEC and the federal courts have established that pure manipulation – that is, merely undertaking acts to raise or lower the price of a security – constitutes a "manipulative or deceptive device" and a "scheme to defraud."

Section 17(a) of the Securities Act of 1933, as amended, is also a general antifraud provision and applies to manipulation in the over-the-counter market. Section 17(a) proscribes material misrepresentations or omissions, any scheme, device or artifice to defraud, or any fraudulent or deceitful transaction, practice or course of business, in the offer or sale of securities.

Section 9(a) of the Exchange Act specifically prohibits various manipulative practices. For example, Section 9(a) (1) prohibits the use of "wash sales" and "matched orders" for the purpose of creating a false or misleading appearance of active trading in any security registered on a national exchange. Section 9(a)(2) prohibits manipulation of prices by any person, acting alone or with others, who for the purpose of inducing others to buy or sell a particular security, effects a series of transactions in the security which creates actual or apparent active trading in the security or causes a rise or decline in the price of the security. Section 9(a)(3) prevents brokers, dealers and others from circulating or disseminating information about a security to the effect that the price of the security will or is likely to rise or fall for the purpose of raising or lowering the price of the security.

Rule 9j-1 under the Exchange Act prohibits fraud, manipulation, or deception in connection with transacting in security-based swaps. Examples of such prohibited conduct may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a credit default swap ()"**CDS**") buyer working with a **CDS** reference entity
(i.e., the issuer or group of issuers of whose default triggers payment on the **CDS**) to create an artificial, technical or temporary failure-to-pay event in order
to trigger a payment on the **CDS**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• causing a **CDS** reference entity to issue a below-market debt instrument in order to
artificially increase the auction settlement price for the **CDS**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• endeavoring to influence the timing of a credit event to either ensure or avoid payment on a **CDS**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restructuring **CDS** reference entities to eliminate or reduce the likelihood of a credit event;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking actions to increase (or decrease) the supply of deliverable obligations with respect to a **CDS**, thereby increasing (or decreasing) the likelihood of a credit event and the cost of **CDS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in wash trades to artificially inflate the price of an equity security in order to benefit
from the manipulated price by way of an existing total return swap ()"**TRS**") position.

Rule 10b-21 under the Exchange Act makes it unlawful to submit an order to sell a security if the person submitting the order deceives a broker-dealer, a participant of a registered clearing agency or a purchaser regarding his or her intention or ability to deliver the security by the settlement date and to then fail to deliver the security by the settlement date. Among other things, Rule 10b-21 targets short sellers who deceive broker-dealers about their source of borrowable shares for purposes of complying with the "locate" requirement of Rule 203(b) (1) of Regulation SHO. Rule 10b-21 also applies to sellers who misrepresent to their broker-dealers that they own the shares being sold.

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**Gifts & Entertainment: Anti-Corruption Policy** 

**Access Persons** may provide reasonable **Gifts** and **Entertainment** for the bona fide purpose of promoting, demonstrating, or explaining **Firm** services, including fostering strong client relationships.

Where possible, or as required in this Policy, you should notify your department head before, or after, providing or accepting any **Gifts** or **Entertainment**, even if no other approval is required and report it to StarCompliance within 30 days of occurrence. As discussed below, **Access Persons** may also be required to obtain approval when giving or receiving certain **Gifts** and **Entertainment**. Unless otherwise specified below, if approvals are required, you must submit your request through StarCompliance for approval by the **Administrator of the Code of Ethics**. **Access Persons** must obtain prior written approval from the **Administrator of the Code of Ethics** where required. The **Administrator of the Code of Ethics** shall elevate the request in the event of high risk or higher value gifts, or as otherwise necessary or appropriate. Notwithstanding the foregoing, in light of the impromptu nature of some **Entertainment**, approval for **Access Persons** providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu **Entertainment** was not feasible, and (2) the provision of such **Entertainment** or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving **Gifts** or **Entertainment**. It is the **Access Person's** responsibility to seek prior approval from the **Administrator of the Code of Ethics** for **Gifts** and **Entertainment** which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where **Gifts** or **Entertainment** may be given or received. Repeated reliance on the impromptu nature of giving or receiving **Gifts** or **Entertainment** may be considered a violation of this Policy and may result in disciplinary action.

**Gifts** 

A "**Gift**" is anything of value given or received without paying its reasonable fair value that personally benefits an individual (e.g. merchandise, cash, gift cards, favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses where **Access Persons** are not present as attendees). This does not include a political contribution. **Entertainment** (as defined below) is not a **Gift**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A **Gift** must only be provided as a courtesy or token of regard or esteem ()"**Token Gift** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any **Token Gifts** should be appropriate under the circumstances, not be excessive in value
(generally, not more than $100) and involve no element of concealment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gifts** of cash or cash equivalents are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gifts** to Foreign Officials or Domestic Officials must be pre-cleared, regardless of value, as described below.

You may not give or accept a **Gift** if you know, or have reason to know, that it is not permitted under the applicable laws.

**Entertainment or Similar Expenditures** 

"**Entertainment**" generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event. This does not include a political contribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business **Entertainment** (including meals, sporting events, theater productions, or comparable
events) may only be provided if (i) a legitimate business purpose exists for such entertainment and (ii) such entertainment is reasonable and not excessive (e.g., 3 days of golf for a 1-day seminar
is excessive and not reasonable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tickets received in relation to (i) an event sponsorship or (ii) received on behalf of a
charitable contribution that Access Persons give or receive to guests are considered entertainment and require reporting to StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may never pay or accept payment of **Entertainment** or similar expenditures if they are not
commensurate with local custom or practice or if you know or have reason to know that they are not permitted under the applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment provided to Foreign Officials or Domestic Officials must be pre-cleared, regardless of value, as described below.

**Access Persons** are required to follow the approval process set forth below, and in this Policy, to obtain the requisite approvals in StarCompliance, if any, before or after giving or receiving **Gifts** or **Entertainment**.

**Gifts, Entertainment, Payments & Preferential Treatment** 

**Gifts** or **Entertainment** may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients' independent business judgment. Further, the U.S. federal government, each state, and many local jurisdictions have Domestic Officials, and in some cases their spouse or children. These laws range from absolutely prohibiting such Gifts and Entertainment to permitting them as long as there is no intent to influence a specific official decision with the Gift or Entertainment. In addition, providing Gifts and Entertainment to Foreign Officials can have implications under applicable foreign gift law as well as the Foreign Corrupt Practices Act (FCPA), as discussed below. Therefore, the **Policy** establishes reasonable limits and procedures relating to giving and receiving **Gifts** and **Entertainment**.

To ensure **TCW** is in compliance with these laws, Access Persons must obtain approval prior to providing any Gift or Entertainment to, at the request of, or for the benefit of, a Foreign Official, Domestic Official, Union Official, or his or her spouse or child, as further described below.

If approval is required, **Access Persons** should request approval through StarCompliance, and wait for a decision before taking any action. **Access Persons** are prohibited from making any unilateral decisions as to whether a gift or entertainment is within the scope of the relevant rules, including whether a gift is personal in nature. The **Administrator of the Code of Ethics** shall review the submission with your department head and the **Approving Officers**, as appropriate. **Access Persons** are required to log non-personal gifts & entertainment given or received regardless of amount in StarCompliance. Refer to the table below which describes the **Gifts & Entertainment** for which a log may be required. If you have any doubt about whether a **Gift** or **Entertainment** requires approval, you should err on the side of caution and seek approval. Notwithstanding the foregoing, in light of the impromptu nature of some **Entertainment**, approval for **Access Persons** providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving **Gifts** or **Entertainment**. It is the **Access Person's** responsibility to seek prior approval from the **Administrator of the Code of Ethics** for **Gifts** and **Entertainment** which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar

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circumstances where **Gifts** or **Entertainment** may be given or received. Repeated reliance on the impromptu nature of giving or receiving **Gifts** or **Entertainment** may be considered a violation of this Policy and may result in disciplinary action.

*Gifts Provided By the* ***Firm/Access Persons*** 

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| &nbsp;&nbsp;&nbsp;**Type of Gift To Be Given** | **Approval Required** |
| &nbsp;&nbsp;&nbsp;Cash **Gifts** (including gift cards) | Prohibited |
| &nbsp;&nbsp;&nbsp; **Token Gifts** (e.g. bottles of wine, fruit baskets, books) under $100 (unless given to a **Foreign Official or Domestic Official**)<br>Gifts that display **TCW's** logo which are of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that are substantially below the $100 limit does not require reporting. | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount.<br>Pre-Approval Required for Foreign Official or Domestic Official. |
| &nbsp;&nbsp;&nbsp;**Gifts** in excess of $100 that seem appropriate under the circumstances | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;Personal Charitable **Gifts** given where the recipient has a known business relationship with or a connection to a client or potential client of the **Firm** | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;**Gifts** to **Foreign Officials** or Domestic Officials (regardless of value) | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;Charitable **Gifts** given on behalf of the **Firm** | Pre-Approval Required. The Charitable **Contribution** request form must be completed before making the **Gift**. |
| &nbsp;&nbsp;&nbsp;Gifts by **TCW Funds Distributors LLC,** a limited-purpose broker-dealer ("TFD") Registered Persons aggregating less than $100 per year | No Approval Required, But Each Individual Must Maintain Their Own Log On StarCompliance Within 30 Days of Occurrence Showing:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Name of recipient(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Date of **Gift**(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Value of **Gift**(s) |
| &nbsp;&nbsp;&nbsp;**Gifts** by TFD Registered Persons in excess of $100 per individual per year that do relate to the business of the recipient's employer | Prohibited with exclusions.<br>Personal Gifts Exclusions: The prohibition does not apply to personal gifts such as:<br>&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts of a de minimis value (e.g. pens, notepads or modest desk ornaments) or to promotional items of nominal value that display the **Firm's** logo (e.g. umbrellas, tote bags, or shirts). In order for a promotional item to fall within this exclusion, it must be substantially below the $100 limit.<br>&nbsp;&nbsp;&nbsp;&nbsp;2. A wedding gift or a congratulatory gift for the birth of a child, provided that these gifts are not "in relation to the business of the employer of the recipient." ACE must be contacted in order to review factors including (1) the nature of any pre-existing personal or family relationship between the person giving the gift and the recipient; and (2) if the **Firm** bears the cost of the gift, either directly or by reimbursing the employee. |

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| &nbsp;&nbsp;&nbsp;**Type of Gift To Be Given** | **Approval Required** |
| &nbsp;&nbsp;&nbsp;**Gifts** to Unions or Union Officers | Pre-Approval Required. The Request Form for Approval for **Gift/Entertainment** must be completed before making the gift. In addition, an **LM-10 Information Report** is required to be completed, approved by an officer and submitted to the **Administrator of the Code of Ethics and to the Legal Department** for each occurrence. |
| &nbsp;&nbsp;&nbsp;**Gifts to officers of TCW Affiliates** | No Approval or Reporting Required if only provided to officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $100/ person.<br>Reporting within 30 days of occurrence is required if the value of the gift is above $100/person to StarCompliance. |
| &nbsp;&nbsp;&nbsp;**Gifts** provided to same recipient exceeding more than $100/person per quarter in one calendar year | Pre-Approval Required |

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*Entertainment and Hospitality Provided by the* ***Firm/Access Persons*** 

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| &nbsp;&nbsp;&nbsp;**Amount** | **Approval Required** |
| &nbsp;&nbsp;&nbsp; Total entertainment value of $250 or less per person and<br> $2,500 or less in aggregate per event<br>**Examples: Tickets to events, meals, transportation and lodging expenses received by the third party.** | No Approval Required<br> Reporting to StarCompliance within 30 days of occurrence is required regardless of amount. |
| &nbsp;&nbsp;&nbsp;Greater than $250 per person or $2,500 or more in aggregate per event | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;On-premise meals at **TCW** offices or at the third party provider's place of business | Pre-Approval is required for Union Officers, Foreign Officials or Domestic Officials.<br>Otherwise, certain **on-premise meals** at **TCW** offices or at the third party provider's place of business are not considered entertainment (and not reportable to StarCompliance) if any one or more of the following factors below:<br>&nbsp;&nbsp;&nbsp;&nbsp;1. The meal is not extravagant (under $250/person, or $2500 aggregate total)<br> &nbsp;&nbsp;&nbsp;&nbsp;2. The meal does not involve alcoholic drinks<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Office snacks, including coffee, soft drinks, bottled water, donuts/pastries, and similar snacks or beverages provided to employees on the business premises.<br> &nbsp;&nbsp;&nbsp;&nbsp;4. A meal is provided by or for an industry-sponsored convention or seminar |
| &nbsp;&nbsp;&nbsp;Attendance and participation at educational or industry sponsored events (for example, tickets for attendance or purchasing a table at an industry conference) | No Approval Required<br>Reporting within 30 days of occurrence to StarCompliance is required regardless of amount. |

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| &nbsp;&nbsp;&nbsp;**Amount** | **Approval Required** |
| &nbsp;&nbsp;&nbsp;If provided to Unions or Union Officers | The Request Form for Approval for Gift/Entertainment must be completed before making the entertainment. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| &nbsp;&nbsp;&nbsp; If provided to a **Foreign Official or Domestic Official**<br> (regardless of value) | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;**Entertainment to officers of TCW Affiliates** | No Approval or Reporting Required if only provided for officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $250/ person.<br>Reporting within 30 days of occurrence is required if the value of the entertainment is above $250/person to StarCompliance. |
| &nbsp;&nbsp;&nbsp;**Entertainment** provided to same recipient exceeding more than $250/person per quarter in one calendar year | Pre-Approval Required |

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Note that officials and employees of public pension plans, school districts or federal, state and local government officials or state-owned entities should also be treated as Domestic Officials subject to the pre-approval requirement, given that many are covered under applicable gift laws as governmental entities. For public pension plans, and in some cases other clients, **Gifts** or **Entertainment** may have to be disclosed by the **Firm** in response to client questionnaires and may reflect unfavorably on the **Firm** in obtaining business. Receipt of **Gifts** may even lead to disqualification. Therefore, discretion and restraint is advised.

*Gifts and Entertainment Received by* ***Firm Personnel*** 

You should not accept **Gifts** that are of excessive value (generally, $100 or more) or inappropriate under the circumstances. **Access Persons** are required to report and seek approval for any gift that they receive worth more than $100 to the **Administrator of the Code of Ethics**.

If a **Gift** has a value over $100 and is not approved as being otherwise appropriate, you should (i) reject the **Gift**, (ii) give the **Gift** to the **Administrator of the Code of Ethics** who will return it to the person giving the **Gift** (you may include a cover note), or (iii) if returning the **Gift** could affect friendly relations between a third party and the **Firm**, give it to the **Administrator of the Code of Ethics**, which will donate it to charity.

If the host of an event is personally present at the event, the event will be considered Entertainment; otherwise, it will be considered a **Gift**. You should not accept any invitation for **Entertainment** that is excessive or inappropriate under the circumstances. There may be some circumstances where it is difficult to reject an invitation or provision of hospitality or **Entertainment**. Where rejecting such an invitation or provision of hospitality could affect friendly relations between a third party and the **Firm**, use your best judgment and promptly report the entertainment or hospitality to the **Administrator of the Code of Ethics**. The **Administrator of the Code of Ethics** shall review such situation with your department head and the **Approving Officers**, as appropriate. No absolute rules exist, so good judgment must be exercised, considering the context, circumstances, and frequency of the **Entertainment** or hospitality. For example, approval might be required for an out-of-town sporting event, but not for a business conference in the same venue.

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In light of the nature of **Gift**-giving and the impromptu nature of some **Entertainment**, approval for **Access Persons** accepting such items may often be after the fact. However, to the extent feasible, any required approvals should be obtained before accepting **Gifts** or **Entertainment**. Where prior approval is not possible with respect to impromptu **Gifts** or **Entertainment**, the **Access Persons** receiving such **Gift** or **Entertainment** must seek approval as soon as is reasonably practicable. If such Gift or Entertainment received is impermissible under U.S. or local laws, then the **Administrator for the Code of Ethics** may require the **Access Persons** to return the **Gifts** or reimburse such **Entertainment** received.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Gift/Entertainment Received** | **Approval Required** |
| &nbsp;&nbsp;&nbsp;Cash **Gifts** (including gift cards) | Prohibited |
| &nbsp;&nbsp;&nbsp;Solicitation by **Access Persons** of **Gifts** from clients, suppliers, brokers, business partners, or potential business partners | Prohibited |
| &nbsp;&nbsp;&nbsp; Appropriate **Gifts** with value of $100 or less\*<br>Promotional gifts of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that display a firm's logo that are substantially below the $100 limit does not require reporting. | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;Tickets(s) to attend an industry conference or seminar paid by a vendor or other third party (note that payment of airfare, accommodations, meals and other expenses paid by such vendor or third party would still require approval, unless exempted per the Speaker Exemption below) | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;**Gifts** believed to have a value in excess of $100, that seem appropriate under the circumstances\* | Pre-approval Required<br>**Gifts above $100 to TCW Funds Distributors LLC Registered Persons are prohibited.** |
| &nbsp;&nbsp;&nbsp;**Gifts** $100 or less given to a wide group of recipients (e.g. closing dinner Gifts, holiday **Gifts**)\* | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;**Gifts** received from the same donor more than twice in a calendar year exceeding more than $100\* | Approval Required |
| &nbsp;&nbsp;&nbsp; Entertainment received of $250 or less per person<br>Examples: Tickets to events, meals, *transportation* and lodging expenses paid for by the third party.<br>*Shared ground transportation (i.e. shuttle, van, etc.) provided by the third party with respect to similar entities is not considered entertainment.* | No Approval Required<br>Reporting within 30 days of occurrence to StarCompliance is required regardless of amount. |
| &nbsp;&nbsp;&nbsp;**Entertainment** provided by same donor exceeding more than $250/person per quarter in one calendar year | Pre-approval Required |
| &nbsp;&nbsp;&nbsp;**Entertainment** over $250 per event\* | Pre-approval Required |

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| &nbsp;&nbsp;&nbsp;**Type of Gift/Entertainment Received** | **Approval Required** |
| &nbsp;&nbsp;&nbsp;Out-of-town accommodations and airfare for business conference or other industry event paid by sponsor as speaker expenses, or on the same basis as other attendees (the "**Speaker Exemption**") | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;Other out-of-town travel expenses, other than on a business trip or industry conference that is customary and usual for business purposes | Pre-approval Required |

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**\*For Investment Personnel only:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All **Gifts** and **Entertainment**, of any value, received from broker/dealers must be
reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All **Gifts** received from broker/dealers with a value in excess of $100/person are prohibited
and should be returned to the broker/dealer or turned over to Compliance for appropriate disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an **Investment Personnel** is granted approval to accept entertainment with a value in excess
of $250 per event from a broker/dealer, that person must personally pay the amount in excess of $250 and must maintain records indicating such payment.

**Foreign Corrupt Practices Act (FCPA)** 

The FCPA permits small payments to low-level **Foreign Officials** (typically in countries with pervasive corruption) to expedite or secure the performance of non-discretionary government action (e.g., processing governmental papers, providing police protection, and providing mail service) under limited circumstances ("**Facilitating Payments**"). Nevertheless, because such payments may be illegal under the local law of the foreign country involved and/or other applicable anti-corruption laws and rules, such as the Bribery Act, this **Policy** prohibits **Firm Personnel** from making such payments, regardless of whether such payments would be permissible under the FCPA and requires pre-approval for any Gifts or Entertainment provided to Foreign Officials.

**Statement of Purpose** 

**TCW** (the "**Firm**") is committed to complying with all applicable anti-corruption laws and rules, including, but not limited to, the U.S Foreign Corrupt Practices Act of 1977, as amended (the "**FCPA**"), the U.S. Travel Act (the "Travel Act"), the U.K. Bribery Act of 2010 (the "Bribery Act") and any laws enacted pursuant to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the "OECD Convention"). The purpose of this Anti-Corruption Policy (the "**Policy**") is to ensure compliance with all applicable anti-corruption laws and rules.

Of course, no policy can anticipate every possible situation that might arise. As such, **Firm Personnel** (defined below) are encouraged to discuss any questions that they may have relating to the Policy with their supervisor, **Firm** contact or the Legal or Compliance Departments. When in doubt, **Firm Personnel** should seek guidance.

**Scope** 

This **Policy** is mandatory and applies to all directors, officers and employees of the **Firm** and any persons engaged to act on behalf of the **Firm**, including agents, representatives, temporary agency personnel, consultants, and

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contract-based personnel, wherever located (collectively referred to as "**Firm Personnel**"). Violations of this **Policy** may result in disciplinary action, up to and including termination of employment and referral to regulatory and criminal authorities.

**Prohibited Conduct** 

**Firm Personnel** shall not, directly or indirectly, make, offer, or authorize any gift, payment or other inducement for the benefit of any person, including a **Foreign Official** or **Domestic Official**, with the intent that the recipient misuse his/her position to aid the **Firm** in obtaining, retaining, or directing business.

"**Foreign Official**" includes government officials, political party leaders, candidates for public office, employees of state-owned enterprises (such as state-owned banks or pension plans), employees of public international organizations (such as the World Bank or the International Monetary Fund), and close relatives or agents of any of the foregoing. Because U.S. regulators have a very broad view of what constitutes a "**Foreign Official**," **Firm Personnel** should err on the side of caution by treating counter-parties as **Foreign Officials** when in doubt.

"**Domestic Official**" means any officer or employee of any government entity, department, agency, or instrumentality (federal, state, or local) in the U.S., candidates for public office, and close relatives or agents of any of the foregoing.

For purposes of this **Policy**, **Foreign Official** and **Domestic Official** also includes individuals who have actual influence in the award of business and any person or entity hired to review or accept bids for a government entity.

All payments, whether large or small, are prohibited if they are, in substance, bribes or kickbacks, including, cash payments, gifts, and the provision of hospitality and entertainment expenses. Personal funds (your own or a third party's) must not be used to accomplish what is otherwise prohibited by this **Policy**.

**Firm Personnel** are also prohibited from requesting, agreeing to accept, or accepting **Gifts** from any third party in exchange for or as a reward for improper or unapproved performance of their job responsibilities.

**Health or Safety Exception** 

**Facilitating Payments** are permitted in rare circumstances when the health or safety of **Firm Personnel** (or anyone else) is at risk. If a payment is made pursuant to this limited exception, **Firm Personnel** must report the payment and circumstances to the Legal Department as soon as possible after the health or safety of the individual(s) is no longer at risk. The payment must also be accurately recorded in the **Firm's** books and records.

**Third Party Representatives** 

Under the FCPA and other anti-bribery laws, the **Firm** may be held responsible for the misconduct of its agents, representatives, business partners, consultants, contractors or any other third party engaged to act on the **Firm's** behalf (collectively "**Third Party Representatives**"). As such, prior to entering into an agreement with any **Third Party Representative** regarding business outside the United States, the **Firm** shall perform anti-corruption related due diligence and obtain from the **Third Party Representative** appropriate assurances of compliance in accordance with this **Policy**. The Legal Department is required to approve all engagements with Third Party Representatives. Any anti-corruption compliance issue that comes to the attention of any **Firm Personnel** must be reported to the **General Counsel** and addressed before proceeding with the relevant transaction or doing business with or through a **Third Party Representative**.

**Firm Personnel** should be alert to the activities of any **Third Party Representative** with whom they interact and promptly report any suspicious activity to the Legal Department. **Firm Personnel** should be especially alert to **Third**

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**Party Representatives** who are located in or interact with individuals in countries with high levels of corruption (the United States Department of Justice and Transparency International maintain internet-accessible lists of countries where corruption is a concern). **Firm Personnel** must consult with the Legal Department whenever encountering a situation involving any anti-corruption issue, including a **Red Flag**, or any other similar situation.

It is important for **Firm Personnel** to identify and report anti-corruption compliance issues in the ordinary course of business. To this end, the following shall apply to all **Firm Personnel**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Familiarize yourself with the examples of **Red Flags** listed in this Policy; Attend
anti-corruption training as applicable so you can identify the types of situations that may raise **Red Flags** or other compliance concerns that are not enumerated in this **Policy**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Be vigilant in detecting **Red Flags**; it is prohibited to "consciously avoid" or
"close your eyes" to a violation or to a **Red Flag**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Look out for **Red Flags** both before and during a relationship with any transaction partner;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If you have information concerning a potential **Red Flag**, contact the **General Counsel** immediately.

No **Firm Personnel** who in good faith provides information regarding a possible **Red Flag** will suffer any retaliation or adverse employment decision as a consequence of such report.

The existence of a **Red Flag** does not necessarily mean that a violation has occurred or will occur. However, once a **Red Flag** arises, **Firm Personnel** must report the **Red Flag** to the Legal Department who will oversee a reasonable inquiry into the circumstances surrounding the **Red Flag**. Upon request, other **Firm Personnel** will cooperate with and assist in the review of the **Red Flag**. The extent of this inquiry will depend on the facts of the particular situation and the degree of risk involved.

**Red Flag Reporting** 

**Firm Personnel** are required to promptly report to the **General Counsel** any situations that raise anti-corruption compliance **Red Flags**. All **Firm Personnel** are expected to be alert to any **Red Flags** or other situations that may indicate any compliance issues. The existence of a **Red Flag** requires additional diligence to address potential problems before a transaction may go forward. **Red Flags** include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for reimbursement of extraordinary, poorly documented, or last minute expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for payment in cash, to a numbered account, or to an account in the name of someone other
than the appropriate counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for payment in a country other than the one in which the transaction is taking place or
counterparty is located, especially if it is a country with limited banking transparency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An unreasonable request (taking into consideration the circumstances of the request, including the
size of payment and the timing of the request) for payment in advance or prior to an award of a contract, license, concession, or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A refusal by a party to certify that it will comply with the requirements and prohibitions of this **Policy**, applicable anti-corruption laws and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A refusal, if asked, to disclose owners, partners, or principals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of shell or holding companies that obscure an entity's ownership without credible
explanation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As measured by local customs or standards, or under circumstances particular to the party's
environment, the party's business seems understaffed, ill equipped, or inconveniently located to undertake its proposed relationship with the **Firm**;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The party, under the circumstances, appears to have insufficient know-how or experience to provide the services the **Firm** needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of engaging a Third Party Representative, the potential Third Party Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o has an employee or a family member of an employee in a government position, particularly if the
family member is or could be in a position to direct business to the **Firm**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is insolvent or has significant financial difficulties that would reasonably be expected to impact
its dealings with the **Firm**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o displays ignorance of or indifference to local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is unable to provide appropriate business references;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o lacks transparency in expenses and accounting records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is the subject of credible rumors or media reports of inappropriate payments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o requests payment that is disproportionate to the services provided.

**Mandatory Reporting** 

**Firm Personnel** and **Third Party Representatives** are required to promptly report to the **General Counsel** or **Chief Compliance Officer** any instance in which they believe that they, or any other **Firm Personnel** or **Third Party Representative** may have violated this Policy. All suspected violations of this **Policy**, including minor violations, should be reported. For example, a failure to obtain pre-approval before giving **Gifts** in excess of $100 should be reported. In addition, **Firm Personnel** and **Third Party Representatives** must alert the **General Counsel** or **Chief Compliance Officer** if anyone solicits improper **Gifts**, payments or other inducements from them, including any request made by **Foreign Official or Domestic Official** for a payment that would be prohibited under this **Policy** or any other actions taken to induce such a payment.

**Firm Personnel** may also report suspected violations of this **Policy** as specified in the **Firm's** Whistleblower Policy.

**Books and Records** 

The **Firm** is required to maintain books and records that accurately reflect the **Firm's** transactions, use of **Firm** assets, and other similar information. The **Firm** is also required to maintain the internal accounting controls necessary to maintain proper control over the **Firm's** actions. The **Firm** should not create any undisclosed or unrecorded accounts for any purpose. False or artificial entries are not to be made in the books and records of the **Firm** for any reason.

**Outside Business Activities** 

**General** 

The **Firm** discourages employees from holding outside employment, including consulting. In addition, an employee may not engage in outside employment that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interferes, competes, or conflicts with the interests of the **Firm** or gives an appearance of a
conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Employment in the securities brokerage industry is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Employees must abstain from negotiating, approving, or voting on any transaction between the

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 **Firm** and any outside organization with which they are affiliated, except in the ordinary course of providing services for the **Firm** and on a fully disclosed basis. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encroaches on normal working time or otherwise impairs performance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implies **Firm** sponsorship or support of an outside organization, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely reflects directly or indirectly on the **Firm**.

A conflict of interest may arise if an employee is engaged in an outside business activity ("**OBA**") or receives any compensation for outside services that may be inconsistent with the **Firm's** business interests. Examples of **OBAs** may include, but are not limited to, the following with any non-TCW entities or organizations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving in any capacity of any non-affiliated company or
institution, including positions in **TCW** investment-related entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting appointment as a fiduciary, including executor, trustee, guardian, conservator or general
partner, except for the employee or immediate family for estate planning and other non-commercial and personal purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honorariums, public speaking appearances or instruction courses at educational institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing investment advice, or any other financial services to, any person, organization or
association, including any that are exclusively charitable, fraternal, religious, civic and are recognized as tax exempt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regardless if compensation is received or not, ANY active role/position you have with an outside
entity or organization.

**Obtaining Approval/Reporting** 

All employees are required to obtain pre-approval before engaging in any **OBA** by submitting an Outside Business Activity request through StarCompliance. The **Administrator of the Code of Ethics** will then coordinate the approval and reporting process.

Each employee that has disclosed an **OBA** must submit an updated request in StarCompliance upon material changes to the activity or role involved. For example, if an employee that serves on a Board were to become an officer such as Treasurer in addition to serving on the Board. Any position involving investment advice may be subject to conditions to prevent conflicts of interest.

All employees are required to complete the Report on Outside Business Activity annually in StarCompliance.

In addition, all employees are required to submit an initial Outside Business Activity request upon their hire through Human Resources, if they have any **OBA**.

**Political Activities & Contributions** 

**Introduction** 

In the U.S., both federal and state laws impose restrictions on certain kinds of political contributions and activities. Federal law prohibits foreign nationals (i.e., non-U.S. entities or individuals who are neither U.S. citizens nor permanent U.S. residents) from making or otherwise having any input into decisions regarding such contributions. Accordingly, the **Firm** has adopted policies and procedures concerning political contributions and activities regarding federal, state, and local candidates, political parties, and political committees.

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This policy applies to the **Firm** and all **Access Persons**, and in some cases to affiliates, consultants, placement agents and solicitors working for the **Firm**. Failure to comply with these rules could result in civil or criminal penalties for the **Firm** and the individuals involved or loss of business for the **Firm**.

These policies are intended to comply with these laws and regulations and to avoid any appearance of impropriety. These policies are not intended to otherwise interfere with an individual's right to participate in the political process. If you have any questions about political contributions or activities, contact the **Administrator of the Code of Ethics**.

**General Rules** 

All persons are prohibited from making, fundraising, or soliciting political contributions where the purpose is to assist the **Firm** in obtaining or retaining business. This includes using **Firm** resources for political activities.

No **Access Person** shall apply pressure, direct or implied, on any other employee (including, in particular, subordinates) that infringes upon an individual's right to decide whether, to whom, in what capacity, or in what amount or extent, to engage in political activities.

All persons are prohibited from doing indirectly or through another person anything prohibited by these policies and procedures or to avoid a required review for approval.

**Rules Governing Firm Contributions and Solicitation Activities** 

Federal and many state election laws prohibit **TCW** from making corporate political contributions. Further, as a registered investment adviser, **TCW** is subject to U.S. Securities and Exchange Commission ("SEC") Rule 206(4)-5, which restricts making or soliciting political contributions to certain state and local restricted recipients or any other attempt to do indirectly what the Rule prohibits from being done directly. In addition, various U.S. states and localities maintain their own pay-to-play laws.

To ensure compliance with these laws, **Firm** employees may not cause **TCW** to make or solicit political contributions, including not only monetary contributions from corporate funds but also use of corporate personnel or facilities, without obtaining prior approval from the Approving Officers. This includes the following activity:

Using **Firm** resources for political activities (e.g., engaging in volunteer campaign activity, such as raising funds for, or other activity benefiting, a candidate campaign, political party or PAC),, including the use of photocopier paper for political flyers, or **Firm**-provided refreshments at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using **Firm** resources for political activities (e.g., engaging in volunteer campaign activity,
such as raising funds for, or other activity benefiting, a candidate campaign, political party or PAC), including the use of photocopier paper for political flyers, or **Firm** -provided refreshments at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directing other employees, including, in particular, subordinates, to participate in federal, state,
and/ or local fundraising or other political activities, except where those employees have voluntarily agreed to participate in such activities. Any **Access Person** who has obtained approval to use the services of an employee (whether or not in
the same reporting line) for political activities must inform the employee that his or her participation is strictly voluntary and that he or she may decline to participate without the risk of retaliation or any adverse job action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using any **TCW** branded resources such as letterhead, email signature blocks, logos or other
identifiers of **TCW**, in connection with soliciting any political contribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using the **Firm's** funds for any political contributions to state or local candidates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any political contribution in the **Firm's** name,

Federal law and **Firm** policy allow an individual to engage in limited personal, volunteer political activities on company premises on behalf of a federal candidate that does not currently hold state or local office if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the individual obtains approval before the activities occur. Contact the **Administrator of the Code of Ethics** to request approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the political activities are isolated and incidental (they may not exceed 1 hour per week or 4 hours
per month),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not prevent the individual from completing normal work or interfere with the
Firm's normal activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not raise the overhead of the **Firm** (for example, result in phone charges,
postage or delivery charges, use of **Firm** materials), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not involve services performed by other employees (including secretaries,
assistants, or other subordinates) unless the other employees voluntarily engage in the political activities.

**TCW** follows the above policy for activities related to state and local elections.

**Rules for Access and Covered Persons** 

*Responsibility for Personal Contribution Limits* 

Federal law and the laws of many states and localities establish contribution limits for individuals. Each **Access Person** is responsible for knowing and remaining within those limits.

*Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity* 

Each **TCW Access Person**, and their **Covered Person(s)** (i.e. spouse, domestic partner and relative or significant other sharing the same house), must submit a Political Contribution Request Form to the Administrator of the Code of Ethics and obtain pre-approval before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making or soliciting any **Contribution** to, or engaging in any other fundraising for a current
holder or candidate for a state, local or federal elected office, or a campaign committee, political party committee, proposition, referendum, initiative, 501(c)4 organization, other political committee (e.g., PAC or Super PAC) or 527 political
organization (example: Republican, Democratic Governors Association) inaugural committee or transition team of a successful candidate. A **Contribution** includes anything of value given or paid to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o influence any election for foreign, federal, state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pay any debt incurred in connection with such election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pay any transition or inaugural expenses incurred by the successful candidate for state or local
office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volunteering their services to a political campaign, political party committee, proposition,
referendum, initiative, political action committee ()"**PAC**") or political organization.

Any solicitation or invitations to fundraisers by an Access Person or Covered Person on behalf of candidates, party committees or political committees that is approved pursuant to the above must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• originate from the individual's home address or personal email address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make clear that the solicitation is not sponsored by the **Firm**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make clear that the contribution is voluntary on the part of the person being solicited,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not take place on the **Firm's** premises, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not direct employees, including, in particular, subordinates, to participate in soliciting and
fundraising (except where those employees have voluntarily agreed to participate in such activities and sought pre-approval to participate).

**Access Persons** are required to affirm after the end of each calendar quarter that they have reported all political contributions and volunteer services they, and each of their spouse, domestic partner and relative or significant other sharing the same house, have provided during the quarter.

**New Hires** 

**TCW** considers all employees to be Covered Associates. New hires may not be made without the prior review of their political contributions and activities by Compliance. Human Resources will gather information on any new hire and provide this to Compliance for review. This information shall include details about the political contributions or activities of the new hire. Legal and Compliance may exempt individuals or categories of employees from this review.

**Participation in Public Affairs** 

The **Firm** encourages its employees to be involved in public affairs and political processes. Normally, participation in public affairs takes place outside of regular business hours. If participation in public affairs requires corporate time, or you wish to accept an appointive federal, state or local office, or you want to run for elective office, contact the **Administrator of the Code of Ethics** in order to request approval.

If you are running for office, you must campaign on your own time. You may not use **Firm** property or resources without proper reimbursement to the **Firm**.

Employees participating in political activities do so as individuals and not as representatives of the **Firm**. You may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use either the **Firm's** name or its address in material you mail or fundraising, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify the **Firm** in any advertisements or literature, except as necessary biographical
information.

**Lobbying** 

The federal government, each state and certain localities have laws requiring registration and reporting by **lobbyists** and in some cases, also by the **lobbyist's** employer. Lobbying activity generally includes attempts to influence the passage or defeat of legislation, but can also include efforts to influence an agency's formal rulemaking, or the agency's decision to enter into a contract or other financial arrangement (such as meetings to procure government contracts with public pension funds, school districts or federal, state and local government officials or entities).

To ensure that **TCW** and its employees are in compliance with these laws, Employees must comply with the

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following:

Employees may not engage in any lobbying activities on behalf of **TCW** without prior written approval from the Administrator of the Code of Ethics. This also includes the retention of any outside **lobbyists** that would be hired to lobby on behalf of **TCW**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, if you plan to communicate with a Domestic Official but are not sure whether your
activities would be considered lobbying, contact the Administrator of the Code of Ethics before engaging in any such activities.

If you are communicating with Domestic Officials solely for the purpose of providing services under an existing contract, you need not obtain pre-approval for those communications.

**Other Employee Conduct** 

**Personal Loans** 

You may not borrow from clients or from **Firm** vendors or service providers, except those who engage in lending in the usual course of their business and then only on terms offered to others in similar circumstances, without special treatment. This prohibition does not preclude borrowing from individuals related to you by blood or marriage.

**Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm** 

Employees must not take for their own advantage a business opportunity that rightfully belongs to the **Firm**. Whenever the **Firm** has been actively soliciting a business opportunity, or the opportunity has been offered to it, or the **Firm's** funds, facilities, or personnel have been used in pursuing the opportunity, that opportunity rightfully belongs to the **Firm** and not to employees who may be in a position to divert the opportunity for their own benefits.

Examples of improperly taking advantage of a corporate opportunity include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling information to which an employee has access because of his/her position,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring any property interest or right when the **Firm** is known to be interested in the
property in question,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving a commission or fee on a transaction that would otherwise accrue to the **Firm**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diverting business or personnel from the **Firm**.

**Disclosure of a Direct or Indirect Interest in a Transaction** 

If you or any family member have any interest in a transaction (whether on behalf of a client or the **Firm**), that interest must be disclosed, in writing, to the **General Counsel** or the **Chief Compliance Officer** to allow assessment of potential conflicts of interest.

You do not need to report any interest that is otherwise reported in accordance with the Personal Investment Transactions Policy.

Example of an interest that should be disclosed: conducting **TCW** business with a vendor or service provider who is related to you or for which your parent, spouse, or child is an officer should be disclosed.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **38**  |

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**Corporate Property or Services** 

You may not purchase or acquire corporate property or use the services of other employees for personal purposes. For example, you may not use inside counsel for personal legal advice absent approval from the **General Counsel** or use of outside counsel for that advice at the **Firm's** expense.

**Use of TCW Stationery** 

You may not use corporate stationery for personal correspondence or other non-job-related purposes.

**Giving Advice to Clients** 

The **Firm** cannot practice law or provide legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid statements that might be interpreted as legal advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid giving clients advice on tax matters, the preparation of tax returns, or investment decisions,
except as appropriate in the performance of a fiduciary or advisory responsibility, or as otherwise required in the ordinary course of your duties.

**Confidentiality** 

Generally, all information relating to past, current, and prospective clients is confidential and is not to be discussed with anyone outside the organization under any circumstance. All employees, including on-site and off-site temporary employees, and consultants will be required to sign and adhere to a Confidentiality Agreement. You should report violations of the Confidentiality Agreement to the **Chief Compliance Officer**.

**Sanctions** 

The **Firm** may impose such sanctions it deems appropriate upon discovering a violation of this **Code**, including, but not limited to, an oral or written reprimand, supplemental training, a reversal of a transaction and disgorgement of profits, demotion, and suspension or termination of employment.

**Reporting Illegal or Suspicious Activity - "Whistleblower Policy"** 

**Policy** 

The **Firm** is committed to compliance with the law and its policies in all of its operations. The **Firm's** employees can provide early identification of significant issues that arise with compliance with policies and the law. The **Firm's** policy is to create an environment in which its employees can report these issues in good faith without fear of reprisal.

The **Firm** requires that all employees report activity that is illegal or does not comply with the **Firm's** policies and procedures ("**Compliance Issues**"), including this **Code**. Reports about **Compliance Issues** will be held confidentially by the **Firm** except as otherwise required to investigate and address the issues raised. The **Firm** expects the exercise of the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is being overlooked, one first step could be to bring the issue to the attention of the party charged with the operation of the policy. If, however, you believe that a policy is not being followed and feel uncomfortable bringing it to the attention of the person involved, you may follow the other procedures set forth in this policy.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **39**  |

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**Procedure** 

In some cases, an employee should be able to resolve issues or concerns with their manager or, if appropriate, other management senior to their manage. However, this may fail or the employee may have legitimate reasons to choose not to notify management. In such cases, the **Firm** has established a system for employees to report **Compliance Issues**.

An employee who has a good faith belief that a **Compliance Issue** may occur or is occurring is required to come forward and report under this policy. "Good faith" means that the employee believes that they are disclosing information that is truthful, but it does not require that a reported concern is correct.

The report should be made to the **General Counsel** or an Associate General Counsel, and may be made in person, in writing, via email at <u>TCWWhistleblower@tcw.com</u> or via the **TCW** whistleblower line at (213) 244-0055. The whistleblower email and line is only directly accessible by the **General Counsel**. Reports may also be made anonymously via the whistleblower line or the whistleblower drop box located in the pantry on the 28th floor of the Los Angeles office and in the Town Hall pantry in the New York office; however, the **Firm** encourages employees to identify themselves when making a report to facilitate follow-up communication. When making a report, employees should state in as much detail as possible the facts that raised a concern.

The **General Counsel** will consult with others. Depending on the nature of the matters covered by the report and other relevant facts and circumstances, the other persons consulted may include other members of the Legal team, the **Chief Compliance Officer** and other members of the Compliance team, outside counsel and/ or independent investigators, as appropriate, about the investigation. If deemed necessary and appropriate, a formal or informal investigation may be conducted by the **General Counsel** and Legal team or an external party.

The **Firm** understands the importance of maintaining confidentiality of the reporting employee. The identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, or self-regulatory organization, or as an essential part of completing the investigation. The employee making the report will be advised if confidentiality cannot be maintained. To the extent practicable, employees will be kept apprised of the **Firm's** response to their reports.

The **Chief Compliance Officer** will follow up to assure that the investigation is completed, that any **Compliance Issue** is addressed, and that no acts of retribution or retaliation occur against the person reporting violations or cooperating in an investigation in good faith.

Each quarter (or more frequently as necessary), the **General Counsel** will provide **TCW's** Board of Directors with an update regarding the status of each report received under this policy during the preceding quarter. Employees may also contact the SEC's Office of the Whistleblower at (202) 551-4790 or via fax at (703) 813-9322, or via the California Office of the Attorney General's whistleblower hotline at (800) 952-5225. The Attorney General refers calls received on its whistleblower hotline to an appropriate governmental authority for review and possible investigation.

Submitting a report that is known to be false is a violation of this Reporting of Illegal or Suspicious Activity Policy.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **40**  |

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**Glossary** 

A &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Access Person(s)** -– Includes all of the **Firm's** directors, officers, and employees, except those who (i) do not devote substantially all working time to the activities of the **Firm**, and (ii) do not have access to information about the day to-day investment activities of the **Firm**. A consultant, temporary employee, or other person may be considered an **Access Person** depending on various factors, including length of service, nature of duties, and access to **Firm** information (such as nonpublic information regarding any clients' purchase or sale of securities, portfolio holdings, securities recommendations, or providing investment advice).

**Accoun**t – A separate account and/or a commingled fund (e.g., limited partnership, trust, mutual fund, REIT, and **CBO/CDO/CLO**).

**Administrator of the Code of Ethics –** Shall be a member of the Compliance Department, as designated by the **Chief Compliance Officer.** 

**Approving Officers** – The following conflicts of interest situations involving a Covered Officer must be approved by (i) the General Counsel or designated Senior Legal Officer and (ii) the Chief Compliance Officer or designated Senior Compliance Officer(s).

B &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Beneficial Interest** – an interest of an **Access Person** in a security or account of another person under which they (i) can obtain benefits substantially equivalent to owning the security, (ii) can obtain ownership of the security immediately or within 60 days, or (iii) can vote or dispose of the security.

C &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CBO** – Collateralized bond obligation.

**CDO** – Collateralized debt obligation. A security backed by a pool of bonds, loans, and other assets.

**Chief Compliance Officer** – The **Chief Compliance Officer of TCW**. For purposes of this policy, the term **Chief Compliance Officer** shall include persons authorized by the **Chief Compliance Officer** to handle certain matters under this **Code of Ethics** policy.

**CLO** – Collateralized loan obligation.

**Code of Ethics** or **Code** – This Code of Ethics.

**Covered Account** – Any account of an Access Person or Covered Person is a "**Covered Account.**" Covered Accounts include any personal trading account in which you have a beneficial interest. A non-exhaustive or a representative list of such accounts include:

– Brokerage accounts (i.e. individual, joint, trust, custodial, corporate, LLC); Individual Retirement Accounts (all types); DRIPs, profit sharing, Investment Clubs, and any other account/vehicle that have the ability to trade any non-exempt investment product.

– 401(k), 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other investment account that holds reportable securities or provides the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Please note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts require
reporting as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accounts held directly at mutual funds are exempt unless the account holds TCW MetWest or TCW
Registered Funds.

– A relative's brokerage account for which the Access Person can effect trades, or an estate for which the Access Person makes investment decisions as executor.

– Direct investments in private funds

**Covered Person** – Spouse, minor child, relative or significant other sharing a house with an **Access Person**, or any other person, when the **Access Person** has a "**beneficial interest**" in the person's accounts or securities.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **41**  |

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**Covered Transaction** – A transaction in a **Covered Account**.

**Cryptocurrencies** – Cryptocurrencies, like Bitcoin and Ethereum, are pieces of computer code that are not managed by any authority (see **Digital Currencies** definition, below). Creation, as well as use, is maintained through a distributed ledger, typically a blockchain, that serves as a public financial database.

D &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Digital Currencies** – Digital currency refers to the electronic form of fiat money issued by governments. Unlike Cryptocurrencies, digital currency does not require encryption, and users are required to use secure and unique passwords in order to protect their digital wallets from hacking or theft.

**Direct Purchase Plan** – An investment service that allows individuals to purchase a security directly from a company or through a transfer agent. Not all companies offer Direct Purchase Plans and the plans often have restrictions on when an individual can purchase.

E &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Entertainment** – Generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event.

**ETF –** Exchange Traded Fund. A fund that tracks an index but can be traded like a stock.

**ETN** – Exchange Traded Note – An unsecured debt security that tracks an underlying index of securities and trade on a major exchange like a stock.

**Ethical Walls or Informational Barriers** – The conscientious use of a combination of trading restrictions and information barriers designed to confine material non-public information to a given individual, group, or department.

**Exchange Act** – Securities Exchange Act of 1934, as amended.

**Exempt Securities** – Those **Securities** described in the subsection **Exempt Securities** in the Personal Investment Transactions Policy.

**Expert Network**s – a business model in which a company connects subject matter experts to firm personnel wishing to gain information concerning a particular industry, market segment or topic. These subject matter experts usually possess specialized knowledge in their area of expertise.

F &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Financial Commodity** – Any futures or option contract that is **not** based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes currencies (both virtual and non-virtual), equity securities, fixed income securities, and indexes of various kinds.

**Firm** or **TCW** – The TCW Group of companies.

**Firm Personnel** – All directors, officers and employees of the **Firm** and any persons engaged to act on behalf of the **Firm**, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located.

**Foreign Official** – Includes (i) government officials, (ii) political party leaders, (iii) candidates for office,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) employees of state-owned enterprises (such as state-owned banks or pension plans), and (v) relatives or agents of a **Foreign Official** if a payment is made to such relative or agent of a **Foreign Official** with the knowledge or intent that it ultimately would benefit the **Foreign Official**.

G &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**General Counsel** – The **General Counsel of TCW**. For purposes of this policy, the term **General Counsel** shall include persons authorized by the **General Counsel** to handle certain matters under this **Code of Ethics** policy.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **42**  |

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**Gift** – Anything of value received without paying its reasonable fair value (e.g., favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses). If something falls within the definition of **Entertainment**, it does not fall within the category of **Gifts**.

I &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Initial Coin Offerings (ICOs)** – An initial coin offering (ICO) is a type of capital-raising activity in the cryptocurrency and blockchain environment. The ICO can be viewed as an initial public offering (**IPO**) that uses **cryptocurrencies** and may be considered securities offerings which may need to be registered with the SEC or fall under an exemption to registration under the **Exchange Act**.

**IPO** – Initial public offering. An offering of securities registered under the **Securities Act**, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the **Exchange Act**.

**Inside information** – Material, non-public information.

**Investment Compliance** – The support group for certain trading areas that, among others, checks proposed trades and open trades against investment restrictions.

**Investment Personnel** – Includes (i) any portfolio manager or securities analyst or securities trader who provides information or advice to a portfolio manager or who helps execute a portfolio manager's decision, and (ii) a member of the **Investment Compliance** Department.

L &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Limited Offering** – An offering that is exempt from registration under the **Securities Act** pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the **Securities Act**. Note that a **CBO** or **CDO** is considered a **Limited Offering** or **Private Placement**.

**Linked Broker** – A broker that provides account information by automatic feed to StarCompliance.

**LM-10 Information Report** – Report required for reporting gifts or entertainment to labor unions or union officials.

**Lobbyist** – A lobbyist is an individual who is compensated to communicate directly with any state, legislative or agency official to influence legislative or administrative action on behalf of his or her employer or client.

M &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Material Information** – Information that a reasonable investor would consider important in making an investment decision. Generally, this is information the disclosure of which could reasonably be expected to have an effect on the price of a company's securities.

**MetWest** – Metropolitan West Asset Management, LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

**MetWest Mutual Funds** – Metropolitan West Funds, each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by **MetWest**.

N &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Non-Discretionary Accounts** – Accounts for which the individual does not directly or indirectly make or influence the investment decisions.

**Non-Financial Commodity** – Any futures contract based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes commodities that may be physically delivered or agricultural commodities. This extends to environmental commodities like carbon offset credits, emission allowances and renewable energy credits (RECs).

O &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Outside Fiduciary Accounts** – Certain fiduciary accounts outside of the **Firm** for which an individual has received the **Firm's** approval to act as fiduciary and that the **Firm** has determined qualify to be treated as **Outside Fiduciary Accounts** under this **Code of Ethics**.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **43**  |

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**P**

**Private Placements** – An offering that is exempt from registration under the **Securities Act** pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the **Securities Act**. Note that a **CBO** or **CDO** is considered a **Limited Offering or Private Placement**.

**R**

**REIT** – Real estate investment trust.

**Registered Person(s)** – Any person having a securities license (e.g., Series 6, 7, 24, etc.) with **TFD**.

**Restricted Securities List** – A list of the securities for which the **Firm** is generally limited firm-wide from engaging in transactions.

**Rule 10b5-1 Plan** – A rule established by the Securities Exchange Commission (**SEC**) that allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own. Rule 10b5-1 allows major holders to sell a predetermined number of shares at a predetermined time.

**S**

**SEC** – Securities and Exchange Commission.

**Securities** – Includes any interest or instrument commonly known as a security, including stocks, bonds, **ETFs**, **ETNs**, shares of mutual funds, and other investment companies (including money market funds and their equivalents), options, options on securities, single stock futures, warrants, **financial commodities**, a derivative linked to a specific security, security-based swaps, or other derivative products and interests in privately placed offerings and limited partnerships, including hedge funds. Includes cryptocurrencies or digital currencies (other than Bitcoin, Ethereum and USDC).

**Securities Act** – Securities Act of 1933, as amended.

**Single Stock ETF** – Exchange Traded Fund allowing for leveraged or inverse trading of a single stock. Single-stock ETFs do not hold a portfolio of stocks; rather, they track just a single stock but employ derivatives contracts to provide leveraged and/or inverse returns.

**T**

**TABF** – TCW Asset Backed Finance Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

**TAMCO** – TCW Asset Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

**TCW** or **Firm** – The TCW Group of companies.

**TCW Advisor** – Includes **TAMCO**, **TIMCO**, **MetWest** and any other U.S. federally registered advisors directly or indirectly controlled by The TCW Group, Inc.

**TCW ETF Trust** – TCW ETF Trust, each of its series, and any other proprietary, registered, exchange-traded funds (ETFs) advised by TIMCO.

**TCW Funds** – TCW Funds, Inc., each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by **TIMCO**.

**TCW Registered Funds** – Collectively, the TCW Funds, MetWest Mutual Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TSI and TABF), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by TAMCO, TIMCO, TPAY, MetWest or any other affiliate, unless otherwise indicated.

**TFD** or **TCW Funds Distributors LLC** – A limited-purpose broker-dealer (formerly, TCW Brokerage Services).

**TIMCO** – TCW Investment Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

**TPAY** - TCW Private Asset Income fund, a registered, closed-end investment company advised by TABF.

**TSI** – TCW Strategic Income Fund, Inc., a registered, closed-end investment company advised by **TIMCO**.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **44**  |

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**Endnotes** 

<sup>1</sup> Certain related companies may include affiliates, economically linked companies, companies in the same sector or industry or any other impacted companies that may be participating in a corporate action.

<sup>2</sup> This may also implicate the TCW and Carlyle Information Barrier, so please contact the General Counsel or the CCO in the event that Carlyle is involved with a Creditors' Committee.

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| ![LOGO](g43272dsp0062.jpg) | <br> PPc6133 9/16/25 **45**  |

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## Exhibit 99.28

**POWER OF ATTORNEY**

**TO SIGN REGISTRATION STATEMENTS**

The undersigned Trustees of Securian Funds Trust (the "Trust"), do each hereby constitute and appoint Suzette L. Huovinen, Paul J. Thibodeaux and Alan P. Goldberg, and each of them, as their true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable the Trust to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with each Trust's Registration Statement on a form prescribed by the SEC pursuant to the 1933 Act (Registration No. 2-96990) and the 1940 Act (Registration No. 811-4279), together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Trustee of the Trust such Registration Statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorney and agents shall do or cause to be done by virtue hereof.

Dated: February 26, 2026

/s/ Julie K. Getchell

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Julie K. Getchell

/s/Brian E. Gustafson

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Brian E. Gustafson

/s/ Suzette L. Huovinen

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Suzette L. Huovinen

/s/ Wan-Chong Kung

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Wan-Chong Kung

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