# EDGAR Filing Document

**Accession Number:** 0000766351
**File Stem:** 0001104659-26-024624
**Filing Date:** 2026-3
**Character Count:** 500221
**Document Hash:** a2062c316031f759228718f3c1577ddc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-024624.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001104659-26-024624

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04279
- **FILM NUMBER:** 26730268

**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 Macquarie Growth Fund (Series ID: S000045238)

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

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

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000140837 | SFT Macquarie 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'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4279

**Securian Funds Trust**

(Exact name of registrant as specified in charter)

400 Robert Street North

St. Paul, Minnesota 55101-2098

(Address of principal executive offices) (Zip code)

Paul J. Thibodeaux, Esq.

400 Robert Street North

St. Paul, Minnesota 55101-2098

(Name and address of agent for service)

Registrant's telephone number, including area code:

(651) 665-3500

Date of fiscal year end: December 31, 2025

Date of reporting period: December 31, 2025

**ITEM 1. REPORT TO STOCKHOLDERS**.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a copy of the registrant's report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

**TABLE OF CONTENTS**

---

| |
|:---|
|  [SFT Balanced Stabilization Fund](#classnameb629f9ad-17b4-4d73-a2b3-4203d856ef06)<br> **[Class 2](#classnameb629f9ad-17b4-4d73-a2b3-4203d856ef06)**  |
|  [SFT Core Bond Fund](#classname958e29ba-20f6-4464-92c0-5fe837f9b61e)<br> **[Class 1](#classname958e29ba-20f6-4464-92c0-5fe837f9b61e)**  |
|  [SFT Core Bond Fund](#classname19da2685-f6ef-48ee-b05d-957a8d52b945)<br> **[Class 2](#classname19da2685-f6ef-48ee-b05d-957a8d52b945)**  |
|  [SFT Equity Stabilization Fund](#classnamec026ea3b-dbcb-42e7-aff5-16738b47a164)<br> **[Class 2](#classnamec026ea3b-dbcb-42e7-aff5-16738b47a164)**  |
|  [SFT Government Money Market Fund](#classnamed1500cbd-cb78-4df4-8a80-062041be0235)<br> **[Class 2](#classnamed1500cbd-cb78-4df4-8a80-062041be0235)**  |
|  [SFT Index 400 Mid-Cap Fund](#classname3b58a781-2ccd-46f4-b46d-13087f8d1adc)<br> **[Class 1](#classname3b58a781-2ccd-46f4-b46d-13087f8d1adc)**  |
|  [SFT Index 400 Mid-Cap Fund](#classnamea08d5993-e112-443e-823f-9005295a33c6)<br> **[Class 2](#classnamea08d5993-e112-443e-823f-9005295a33c6)**  |
|  [SFT Index 500 Fund](#classnameac63839a-ca63-43be-af62-1347c6e30458)<br> **[Class 1](#classnameac63839a-ca63-43be-af62-1347c6e30458)**  |
|  [SFT Index 500 Fund](#classnameff33aba7-0d3c-4770-8a92-9be1402898ed)<br> **[Class 2](#classnameff33aba7-0d3c-4770-8a92-9be1402898ed)**  |
|  [SFT Macquarie Growth Fund](#classname48611b5c-b7dd-4d6c-a413-74e322673bcd)<br> **[Class 2](#classname48611b5c-b7dd-4d6c-a413-74e322673bcd)**  |
|  [SFT Macquarie Small Cap Growth Fund](#classname2003e64f-05c8-4382-bb15-618452372257)<br> **[Class 2](#classname2003e64f-05c8-4382-bb15-618452372257)**  |
|  [SFT Real Estate Securities Fund](#classname60d58641-0802-4cfd-94e8-5e7d317ffa16)<br> **[Class 1](#classname60d58641-0802-4cfd-94e8-5e7d317ffa16)**  |
|  [SFT Real Estate Securities Fund](#classnamedfc17102-6b26-4dc1-a1c1-0c473c106cc3)<br> **[Class 2](#classnamedfc17102-6b26-4dc1-a1c1-0c473c106cc3)**  |
|  [SFT T. Rowe Price Value Fund](#classnameed439dd7-bc8f-4c01-8fa2-1fe8514fa1be)<br> **[Class 2](#classnameed439dd7-bc8f-4c01-8fa2-1fe8514fa1be)**  |
|  [SFT Wellington Core Equity Fund](#classnameed294c9b-6dd3-4cd5-97aa-edb2e04d2aab)<br> **[Class 1](#classnameed294c9b-6dd3-4cd5-97aa-edb2e04d2aab)**  |
|  [SFT Wellington Core Equity Fund](#classname1e41cf15-5a72-442c-8a20-e1c728a5cdc7)<br> **[Class 2](#classname1e41cf15-5a72-442c-8a20-e1c728a5cdc7)**  |

---

Annual Shareholder Report

# SFT Balanced Stabilization Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Balanced Stabilization Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Balanced Stabilization Fund (Class 2) | $93 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
United States (US) equity markets generally saw very strong returns over the trailing twelve-month period ending December 31, 2025. The S&P 500<sup>®</sup> notched multiple new record highs during the year, and ultimately delivered a 17.86% return for 2025. Similar to 2024, this performance was driven by Artificial Intelligence (AI) enthusiasm, continued demand for the so-called "Magnificent Seven" technology stocks, and growth stocks in general. The Federal Reserve (Fed) enacted monetary policy that was supportive of risk assets, as it enacted three -25 basis point (bp) cuts to its policy rate across the last four months of the year. The market did experience one major bout of volatility in 2025, namely the reaction to the White House's tariff announcement in April. Over the course of two trading days (04/03/25 and 04/04/25), the S&P 500<sup>®</sup> lost -10.51%. In response to this extremely negative market reaction, the White House paused its tariff plan and, in response, the S&P 500<sup>®</sup> gained +9.52% on 04/09/25.

Fund performance over the period was primarily driven by equity positioning and the use of options relative to its blended benchmark, consisting of 60% the S&P 500<sup>®</sup> Index and 40% the Bloomberg U.S. Aggregate Bond Index. An overweight to equities during the second half of 2025 was a meaningful contributor, as rising equity markets allowed the Fund to outperform the equity portion of the blended benchmark. Earlier in the year, upside tail hedges in the form of call options purchased between April and June also added value as markets moved higher, while VIX call options purchased in September benefited from periods of increased volatility during the last quarter of 2025.

Conversely, items that detracted from performance included an underweight to equities during the latter part of April through June, relative to the blended benchmark, which resulted in underperformance as equity markets continued to advance during that period. In addition, fixed income allocation decisions weighed on returns versus the fixed income portion of the blended benchmark, as the Fund maintained higher exposure to lower yielding and more conservative securities that lagged higher yielding segments of the bond market. Finally, the cost of option based tail hedges reduced performance during periods of market stability, as the premiums paid for this protection did not ultimately pay off.

# SFT Balanced Stabilization Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SFT Balanced Stabilization Fund** | **S&P 500<sup>®</sup> /Bloomberg U.S. Aggregate Bond Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10877 | $10831 | $10207 |
| **12/31/2017** | $12828 | $12370 | $10423 |
| **12/31/2018** | $12456 | $12079 | $10622 |
| **12/31/2019** | $15048 | $14758 | $10865 |
| **12/31/2020** | $16654 | $16932 | $11013 |
| **12/31/2021** | $18895 | $19617 | $11787 |
| **12/31/2022** | $16510 | $16520 | $12548 |
| **12/31/2023** | $19064 | $19439 | $12969 |
| **12/31/2024** | $21643 | $22364 | $13343 |
| **12/31/2025** | $23956 | $25428 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| SFT Balanced Stabilization Fund | 10.69% | 7.54% | 9.13% |
| S&P 500<sup>®</sup> /Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference\*</sup> | 13.70% | 8.47% | 9.78% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Blended Benchmark Index is comprised of 60% of the S&P 500<sup>®</sup> Index and 40 percent of the Bloomberg U.S. Aggregate Bond Index. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $589934626 |
| # of Portfolio Holdings | 170 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $3266669 |

---

# SFT Balanced Stabilization Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| SFT Index 500 Fund | 51.6% |
| iShares Core S&P 500 ETF | 8.3% |
| SPDR S&P 500 ETF Trust | 4.0% |
| U.S. Treasury Bonds, 4.000%, 11/15/42 | 0.9% |
| Vanguard S&P 500 ETF | 0.7% |
| U.S. Treasury Notes, 3.875%, 12/31/27 | 0.6% |
| Intercontinental Exchange, Inc., 4.350%, 06/15/29 | 0.5% |
| M&T Bank Corp., 4.553%, 08/16/28 (SOFRRATE + 1.780%) | 0.5% |
| KeyBank NA, 4.390%, 12/14/27 | 0.5% |
| Entergy Texas, Inc., 3.450%, 12/01/27 | 0.5% |
| Total | 68.1% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Investment Companies | 65.8% |
| Financial | 10.2% |
| Consumer, Non-cyclical | 5.7% |
| Utilities | 3.5% |
| Industrials | 2.4% |
| Communications | 2.3% |
| Information Technology | 2.1% |
| Energy | 1.8% |
| Consumer Cyclical | 1.8% |
| Other | 2.6% |
| Other Assets and Liabilities, Net | 1.8% |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Balanced Stabilization Fund

# Class 2
Annual Shareholder Report

# SFT Core Bond Fund

# Class 1
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Core Bond Fund (Class 1) | $56 | 0.54% |

---

## How did the Fund perform last year and what affected its performance?
The SFT Core Bond Fund outperformed its index, the Bloomberg U.S. Aggregate Bond Index, over the 12 month period ending December 31, 2025. Relative performance for the year was supported by the overweight to agency Mortgage Backed Securities, which was one of the top-performing fixed income sectors over the year as interest rate volatility moderated and nominal spreads tightened meaningfully. Lower rates in the second half of the year increased prepayment speeds, which hurt higher-coupon bonds but supported returns given the Fund's focus on lower- and belly-coupon securities. Meanwhile, the Asset Backed Securities overweight for the full year positively contributed to returns with a further boost from favorable issue selection to high performing Collateralized Loan Obligations and non-traditional collateral types.

Offsetting the overweight to securitized sectors was an underweight to corporate credit. Although this underweight insulated portfolio returns during the selloff in April, the position resulted in a small headwind for the full year period as spreads continued to grind tighter. Corporate issue selection was modestly positive, with full year performance benefitting from additions made amid early year volatility that were subsequently trimmed to capture gains. Finally, the Fund's overweight duration position and emphasis on front-end yields produced a sizeable tailwind for the year as rates generally moved lower and the yield curve steepened meaningfully.

# SFT Core Bond Fund

# Class 1

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **Bloomberg U.S. Aggregate Bond Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10463 | $10265 | $10207 |
| **12/31/2017** | $10981 | $10628 | $10423 |
| **12/31/2018** | $10916 | $10629 | $10622 |
| **12/31/2019** | $11918 | $11556 | $10865 |
| **12/31/2020** | $12770 | $12423 | $11013 |
| **12/31/2021** | $12733 | $12232 | $11787 |
| **12/31/2022** | $10959 | $10641 | $12548 |
| **12/31/2023** | $11615 | $11229 | $12969 |
| **12/31/2024** | $11729 | $11369 | $13343 |
| **12/31/2025** | $12629 | $12199 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 7.67% | (0.22%) | 2.36% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $424990885 |
| # of Portfolio Holdings | 655 |
| Portfolio Turnover Rate | 360% |
| Total Advisory Fees Paid | $1700347 |

---

# SFT Core Bond Fund

# Class 1

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.625%, 12/31/30 | 10.8% |
| U.S. Treasury Bonds, 4.625%, 11/15/55 | 4.4% |
| U.S. Treasury Notes, 3.875%, 12/31/32 | 2.8% |
| U.S. Treasury Bonds, 4.625%, 11/15/45 | 2.6% |
| U.S. Treasury Notes, 3.500%, 12/15/28 | 2.4% |
| U.S. Treasury Notes, 3.500%, 11/30/30 | 2.4% |
| U.S. Treasury Notes, 3.375%, 12/31/27 | 2.3% |
| U.S. Treasury Notes, 4.000%, 11/15/35 | 2.1% |
| Federal National Mortgage Association, 2.000%, 11/01/51 | 1.6% |
| Government National Mortgage Association, TBA, 5.000%, 01/15/55 | 1.2% |
| Total | 32.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury | 29.8% |
| Corporate Obligations | 15.7% |
| Federal National Mortgage Association | 11.7% |
| Other Mortgage-Backed Securities | 10.5% |
| Federal Home Loan Mortgage Corporation | 10.2% |
| Asset-Backed Securities | 9.6% |
| Investment Companies | 8.0% |
| Government National Mortgage Association | 7.1% |
| Uniform Mortgage-Backed Security | 5.6% |
| Other | 3.0% |
| Other Assets and Liabilities, Net | (11.2%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Core Bond Fund

# Class 1
Annual Shareholder Report

# SFT Core Bond Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Core Bond Fund (Class 2) | $82 | 0.79% |

---

## How did the Fund perform last year and what affected its performance?
The SFT Core Bond Fund outperformed its index, the Bloomberg U.S. Aggregate Bond Index, over the 12 month period ending December 31, 2025. Relative performance for the year was supported by the overweight to agency Mortgage Backed Securities, which was one of the top-performing fixed income sectors over the year as interest rate volatility moderated and nominal spreads tightened meaningfully. Lower rates in the second half of the year increased prepayment speeds, which hurt higher-coupon bonds but supported returns given the Fund's focus on lower- and belly-coupon securities. Meanwhile, the Asset Backed Securities overweight for the full year positively contributed to returns with a further boost from favorable issue selection to high performing Collateralized Loan Obligations and non-traditional collateral types.

Offsetting the overweight to securitized sectors was an underweight to corporate credit. Although this underweight insulated portfolio returns during the selloff in April, the position resulted in a small headwind for the full year period as spreads continued to grind tighter. Corporate issue selection was modestly positive, with full year performance benefitting from additions made amid early year volatility that were subsequently trimmed to capture gains. Finally, the Fund's overweight duration position and emphasis on front-end yields produced a sizeable tailwind for the year as rates generally moved lower and the yield curve steepened meaningfully.

# SFT Core Bond Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **Bloomberg U.S. Aggregate Bond Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10437 | $10265 | $10207 |
| **12/31/2017** | $10926 | $10628 | $10423 |
| **12/31/2018** | $10834 | $10629 | $10622 |
| **12/31/2019** | $11799 | $11556 | $10865 |
| **12/31/2020** | $12611 | $12423 | $11013 |
| **12/31/2021** | $12543 | $12232 | $11787 |
| **12/31/2022** | $10767 | $10641 | $12548 |
| **12/31/2023** | $11382 | $11229 | $12969 |
| **12/31/2024** | $11466 | $11369 | $13343 |
| **12/31/2025** | $12315 | $12199 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 7.40% | (0.47%) | 2.10% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $424990885 |
| # of Portfolio Holdings | 655 |
| Portfolio Turnover Rate | 360% |
| Total Advisory Fees Paid | $1700347 |

---

# SFT Core Bond Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.625%, 12/31/30 | 10.8% |
| U.S. Treasury Bonds, 4.625%, 11/15/55 | 4.4% |
| U.S. Treasury Notes, 3.875%, 12/31/32 | 2.8% |
| U.S. Treasury Bonds, 4.625%, 11/15/45 | 2.6% |
| U.S. Treasury Notes, 3.500%, 12/15/28 | 2.4% |
| U.S. Treasury Notes, 3.500%, 11/30/30 | 2.4% |
| U.S. Treasury Notes, 3.375%, 12/31/27 | 2.3% |
| U.S. Treasury Notes, 4.000%, 11/15/35 | 2.1% |
| Federal National Mortgage Association, 2.000%, 11/01/51 | 1.6% |
| Government National Mortgage Association, TBA, 5.000%, 01/15/55 | 1.2% |
| Total | 32.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury | 29.8% |
| Corporate Obligations | 15.7% |
| Federal National Mortgage Association | 11.7% |
| Other Mortgage-Backed Securities | 10.5% |
| Federal Home Loan Mortgage Corporation | 10.2% |
| Asset-Backed Securities | 9.6% |
| Investment Companies | 8.0% |
| Government National Mortgage Association | 7.1% |
| Uniform Mortgage-Backed Security | 5.6% |
| Other | 3.0% |
| Other Assets and Liabilities, Net | (11.2%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Core Bond Fund

# Class 2
Annual Shareholder Report

# SFT Equity Stabilization Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Equity Stabilization Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Equity Stabilization Fund (Class 2) | $96 | 0.92% |

---

## How did the Fund perform last year and what affected its performance?
United States (US) equity markets generally saw very strong returns over the trailing twelve-month period ending December 31, 2025. The S&P 500<sup>®</sup> notched multiple new record highs during the year, and ultimately delivered a 17.86% return for 2025. Similar to 2024, this performance was driven by Artificial Intelligence (AI) enthusiasm, continued demand for the so-called "Magnificent Seven" technology stocks, and growth stocks in general. The Federal Reserve (Fed) enacted monetary policy that was supportive of risk assets, as it enacted three -25 basis point (bp) cuts to its policy rate across the last four months of the year. The market did experience one major bout of volatility in 2025, namely the reaction to the White House's tariff announcement in April. Over the course of two trading days (04/03/25 and 04/04/25), the S&P 500 lost -10.51%. In response to this extremely negative market reaction, the White House paused its tariff plan and, in response, the S&P 500<sup>®</sup> gained +9.52% on 04/09/25.

Fund performance benefited from the Fund's domestic equity ETFs, which outperformed their counterparts in the blended benchmark. The benchmark is comprised of 60% S&P 500<sup>®</sup> Low Volatility Index, 20% S&P 500<sup>®</sup> BMI International Developed Low Volatility Index, and 20% Bloomberg U.S. 3-Month Treasury Bellwether Index. Standout contributors included the iShares MSCI Germany ETF and the iShares MSCI Emerging Markets Min Vol Factor ETF. The Fund's higher exposure to equities relative to the blended benchmark during the second half of 2025 also contributed to results, as equity markets outperformed fixed income.

Conversely, performance was detracted by an underweight to equities from late April through June relative to the blended benchmark. This positioning led to underperformance as equity markets continued to advance during that period. Performance was also negatively impacted by the cost of option-based tail hedges. During periods of market stability, the premiums paid for this protection did not pay off and reduced overall returns.

# SFT Equity Stabilization Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SFT Equity Stabilization Fund** | **SP500LV / BMI Low Volatility / BUS 3mth Treasury** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10416 | $10715 | $10207 |
| **12/31/2017** | $12117 | $12321 | $10423 |
| **12/31/2018** | $11520 | $12213 | $10622 |
| **12/31/2019** | $13441 | $14820 | $10865 |
| **12/31/2020** | $12722 | $14530 | $11013 |
| **12/31/2021** | $14272 | $16925 | $11787 |
| **12/31/2022** | $12886 | $16147 | $12548 |
| **12/31/2023** | $13894 | $16712 | $12969 |
| **12/31/2024** | $15268 | $18424 | $13343 |
| **12/31/2025** | $16515 | $20072 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| SFT Equity Stabilization Fund | 8.16% | 5.36% | 5.14% |
| SP500LV / BMI Low Volatility / BUS 3mth Treasury<sup>Footnote Reference\*</sup> | 8.95% | 6.68% | 7.22% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Blended Benchmark Index is comprised of 60% of the S&P 500<sup>®</sup> Low Volatility Index, 20% S&P 500<sup>®</sup> BMI International Developed Low Volatility Index and 20% Bloomberg U.S. 3-Month Treasury Bellwether Index. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $248849909 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $1483725 |

---

# SFT Equity Stabilization Fund

# Class 2

## What did the Fund invest in?

### Top Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| iShares MSCI USA Minimum Volatility Factor ETF | 32.9% |
| iShares MSCI EAFE Minimum Volatility Factor ETF | 26.7% |
| iShares Core High Dividend ETF | 18.1% |
| iShares MSCI Emerging Markets Minimum Volatility Factor ETF | 6.5% |
| iShares Short Duration Bond Active ETF | 5.8% |
| iShares MSCI Germany ETF | 5.1% |
| Total | 95.1% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Investment Companies | 97.0% |
| Other Assets and Liabilities, Net | 3.0% |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Equity Stabilization Fund

# Class 2
Annual Shareholder Report

# SFT Government Money Market Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Government Money Market Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Government Money Market Fund (Class 2) | $66 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
After holding rates steady for much of the 2025 calendar year, the Federal Reserve (the "Fed") followed a similar playbook to 2024 by cutting rates for the last three consecutive Federal Open Market Committee ("FOMC") meetings, for a total of 75 basis points. The Fed Funds Upper Bound moved from 4.50% at the start of the year to 3.75% at the end of the year. The front end of U.S. Treasury curve (1 month to 1 year) was inverted 13 basis points at the start of the year, continuing a pattern that was set in late 2022. By the end of 2025, that inversion was basically unchanged (12 basis points), while the rest of the curve continued to normalize.

The inverted yield curve gave no advantage to move out to longer dated instruments, and the Fund was able to take advantage of the yields on the short end as well as pick up incremental yield in Agency Discount Notes.

During the summer months, however, and out of an abundance of caution, the Fund deliberately avoided Treasury securities with maturities that coincided with the estimated debt-ceiling window. Instead, the Fund shifted a portion of its exposure into Agency securities that were viewed as lower risk (thus lower yielding) during that period. While this decision reduced headline risk, it also negatively impacted performance, as the avoidance of higher-yielding Treasuries limited the Fund's ability to fully capture available front-end yields.

Following the passage of the OBBBA and the resulting increase in the debt ceiling, Treasury market dislocations eased and market conditions returned to normal. This allowed the Fund to move back into its usual mix of Treasuries and Agencies and pick up additional yield, which helped performance.

# SFT Government Money Market Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SFT Government Money Market Fund** | **Bloomberg U.S. 3 Month Treasury Bellwether Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10000 | $10035 | $10207 |
| **12/31/2017** | $10013 | $10122 | $10423 |
| **12/31/2018** | $10131 | $10313 | $10622 |
| **12/31/2019** | $10283 | $10550 | $10865 |
| **12/31/2020** | $10304 | $10621 | $11013 |
| **12/31/2021** | $10304 | $10626 | $11787 |
| **12/31/2022** | $10419 | $10786 | $12548 |
| **12/31/2023** | $10885 | $11342 | $12969 |
| **12/31/2024** | $11387 | $11943 | $13343 |
| **12/31/2025** | $11801 | $12448 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| SFT Government Money Market Fund | 3.63% | 2.75% | 1.67% |
| Bloomberg U.S. 3 Month Treasury Bellwether Index | 4.23% | 3.22% | 2.21% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $233238372 |
| # of Portfolio Holdings | 17 |
| Total Advisory Fees Paid | $568232 |

---

# SFT Government Money Market Fund

# Class 2

## What did the Fund invest in?

### Top Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. Discount Notes, 3.711%, due 03/09/26 | 11.6% |
| Federal Home Loan Bank Discount Notes, 3.542%, due 01/09/26 | 10.7% |
| Federal Home Loan Bank Discount Notes, 3.720%, due 01/16/26 | 10.7% |
| U.S. Treasury Bills, 3.619%, due 02/05/26 | 10.3% |
| Federal Home Loan Bank Discount Notes, 3.799%, due 01/23/26 | 8.6% |
| U.S. Treasury Bills, 3.285%, due 01/06/26 | 6.4% |
| U.S. Treasury Bills, 3.555%, due 02/12/26 | 6.4% |
| Federal Home Loan Bank Discount Notes, 3.651%, due 03/18/26 | 6.4% |
| Federal Home Loan Bank Discount Notes, 3.648%, due 03/20/26 | 4.3% |
| Federal Farm Credit Discount Notes, 3.636%, due 02/04/26 | 3.4% |
| Total | 78.8% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 90.8% |
| Short-Term Securities | 9.5% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to the Fund's Prospectus, financial statements, holdings and proxy voting information, please visit www.securianfunds.com. 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 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 that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Government Money Market Fund

# Class 2
Annual Shareholder Report

# SFT Index 400 Mid-Cap Fund

# Class 1
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Index 400 Mid-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Index 400 Mid-Cap Fund (Class 1) | $33 | 0.32% |

---

## How did the Fund perform last year and what affected its performance?
The SFT Index 400 Mid-Cap Fund is passively managed. The Fund is fully invested and holds all names at published free float adjusted index weights. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 400 Index.

The Fund's Class 1 shares generated a total net return of 7.14 percent over the 12 months ending December 31, 2025; the S&P 400 Index returned 7.50 percent over the same period.

For both the Fund and the index, nine of the eleven industry sectors posted positive returns for 2025. Communication Services, the best-performing sector within the index, closed the year with a 44.14 percent return and a 2.00 percent weight in the index. Utilities, carrying a 3.29 percent weight within the index, was the second best performing sector, posting a 19.89 percent return for 2025. Consumer Discretionary, comprising 11.55 percent of the index market cap, was the worst performing sector for the year, losing -5.67 percent.

# SFT Index 400 Mid-Cap Fund

# Class 1

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **S&P 400 MidCap TR** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $12034 | $12074 | $10207 |
| **12/31/2017** | $13947 | $14035 | $10423 |
| **12/31/2018** | $12363 | $12480 | $10622 |
| **12/31/2019** | $15556 | $15749 | $10865 |
| **12/31/2020** | $17631 | $17900 | $11013 |
| **12/31/2021** | $21916 | $22332 | $11787 |
| **12/31/2022** | $18984 | $19416 | $12548 |
| **12/31/2023** | $22019 | $22607 | $12969 |
| **12/31/2024** | $25009 | $25756 | $13343 |
| **12/31/2025** | $26795 | $27688 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 7.14% | 8.73% | 10.36% |
| S&P 400 MidCap TR | 7.50% | 9.12% | 10.72% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $239697560 |
| # of Portfolio Holdings | 404 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $344211 |

---

# SFT Index 400 Mid-Cap Fund

# Class 1

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Ciena Corp. | 1.0% |
| Coherent Corp. | 0.9% |
| Lumentum Holdings, Inc. | 0.8% |
| Flex Ltd. | 0.7% |
| Twilio, Inc., Class A | 0.7% |
| United Therapeutics Corp. | 0.6% |
| Pure Storage, Inc., Class A | 0.6% |
| Casey's General Stores, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Illumina, Inc. | 0.6% |
| Total | 7.1% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Industrials | 22.9% |
| Financial | 16.3% |
| Information Technology | 13.7% |
| Consumer Discretionary | 11.2% |
| Health Care | 8.7% |
| Real Estate | 6.2% |
| Materials | 5.3% |
| Consumer Staples | 4.2% |
| Energy | 3.8% |
| Other | 7.9% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Index 400 Mid-Cap Fund

# Class 1
Annual Shareholder Report

# SFT Index 400 Mid-Cap Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Index 400 Mid-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Index 400 Mid-Cap Fund (Class 2) | $59 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
The SFT Index 400 Mid-Cap Fund is passively managed. The Fund is fully invested and holds all names at published free float adjusted index weights. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 400 Index.

The Fund's Class 2 shares generated a total net return of 6.87 percent over the 12 months ending December 31, 2025; the S&P 400 Index returned 7.50 percent over the same period.

For both the Fund and the index, nine of the eleven industry sectors posted positive returns for 2025. Communication Services, the best-performing sector within the index, closed the year with a 44.14 percent return and a 2.00 percent weight in the index. Utilities, carrying a 3.29 percent weight within the index, was the second best performing sector, posting a 19.89 percent return for 2025. Consumer Discretionary, comprising 11.55 percent of the index market cap, was the worst performing sector for the year, losing -5.67 percent.

# SFT Index 400 Mid-Cap Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **S&P 400 MidCap TR** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $12004 | $12074 | $10207 |
| **12/31/2017** | $13878 | $14035 | $10423 |
| **12/31/2018** | $12271 | $12480 | $10622 |
| **12/31/2019** | $15401 | $15749 | $10865 |
| **12/31/2020** | $17412 | $17900 | $11013 |
| **12/31/2021** | $21590 | $22332 | $11787 |
| **12/31/2022** | $18654 | $19416 | $12548 |
| **12/31/2023** | $21582 | $22607 | $12969 |
| **12/31/2024** | $24452 | $25756 | $13343 |
| **12/31/2025** | $26133 | $27688 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 6.87% | 8.46% | 10.08% |
| S&P 400 MidCap TR | 7.50% | 9.12% | 10.72% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $239697560 |
| # of Portfolio Holdings | 404 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $344211 |

---

# SFT Index 400 Mid-Cap Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Ciena Corp. | 1.0% |
| Coherent Corp. | 0.9% |
| Lumentum Holdings, Inc. | 0.8% |
| Flex Ltd. | 0.7% |
| Twilio, Inc., Class A | 0.7% |
| United Therapeutics Corp. | 0.6% |
| Pure Storage, Inc., Class A | 0.6% |
| Casey's General Stores, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Illumina, Inc. | 0.6% |
| Total | 7.1% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Industrials | 22.9% |
| Financial | 16.3% |
| Information Technology | 13.7% |
| Consumer Discretionary | 11.2% |
| Health Care | 8.7% |
| Real Estate | 6.2% |
| Materials | 5.3% |
| Consumer Staples | 4.2% |
| Energy | 3.8% |
| Other | 7.9% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Index 400 Mid-Cap Fund

# Class 2
Annual Shareholder Report

# SFT Index 500 Fund

# Class 1
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Index 500 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Index 500 Fund (Class 1) | $18 | 0.17% |

---

## How did the Fund perform last year and what affected its performance?
The SFT Index 500 Fund is passively managed. The Fund is fully invested and holds all names at published float adjusted index weights. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500<sup>®</sup> Index.

The Fund's Class 1 shares generated a total net return of 17.64 percent over the 12 months ending December 31, 2025; the S&P 500<sup>®</sup> Index returned 17.88 percent over the same period.

For both the Fund and index, ten of the eleven industry sectors posted positive annual returns for 2025. The so-called "Magnificent Seven" technology names, representing a 31.85 percent weight in the index, ended the year up 24.90 percent and contributed nearly 8 percent to the 17.88 percent index return for the year. The Real Estate sector was the lone sector that ended the year with a negative return, -0.35 percent. Communication Services, which has two of the Magnificent Seven names, was the best-performing sector for the year, returning 32.41 percent.

# SFT Index 500 Fund

# Class 1

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **S&P 500<sup>®</sup> Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $11172 | $11196 | $10207 |
| **12/31/2017** | $13578 | $13640 | $10423 |
| **12/31/2018** | $12958 | $13042 | $10622 |
| **12/31/2019** | $17001 | $17149 | $10865 |
| **12/31/2020** | $20096 | $20304 | $11013 |
| **12/31/2021** | $25793 | $26132 | $11787 |
| **12/31/2022** | $21080 | $21399 | $12548 |
| **12/31/2023** | $26566 | $27025 | $12969 |
| **12/31/2024** | $33142 | $33786 | $13343 |
| **12/31/2025** | $38990 | $39827 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 17.64% | 14.17% | 14.58% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1610662668 |
| # of Portfolio Holdings | 504 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $2012837 |

---

# SFT Index 500 Fund

# Class 1

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.6% |
| Total | 38.9% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 34.0% |
| Financial | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.0% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Other | 5.0% |
| Other Assets and Liabilities, Net | -% |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Index 500 Fund

# Class 1
Annual Shareholder Report

# SFT Index 500 Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Index 500 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Index 500 Fund (Class 2) | $46 | 0.42% |

---

## How did the Fund perform last year and what affected its performance?
The SFT Index 500 Fund is passively managed. The Fund is fully invested and holds all names at published float adjusted index weights. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500<sup>®</sup> Index.

The Fund's Class 2 shares generated a total net return of 17.29 percent over the 12 months ending December 31, 2025; the S&P 500<sup>®</sup> Index returned 17.88 percent over the same period.

For both the Fund and index, ten of the eleven industry sectors posted positive annual returns for 2025. The so-called "Magnificent Seven" technology names, representing a 31.85 percent weight in the index, ended the year up 24.90 percent and contributed nearly 8 percent to the 17.88 percent index return for the year. The Real Estate sector was the lone sector that ended the year with a negative return, -0.35 percent. Communication Services, which has two of the Magnificent Seven names, was the best-performing sector for the year, returning 32.41 percent.

# SFT Index 500 Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **S&P 500<sup>®</sup> Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $11144 | $11196 | $10207 |
| **12/31/2017** | $13510 | $13640 | $10423 |
| **12/31/2018** | $12861 | $13042 | $10622 |
| **12/31/2019** | $16833 | $17149 | $10865 |
| **12/31/2020** | $19847 | $20304 | $11013 |
| **12/31/2021** | $25410 | $26132 | $11787 |
| **12/31/2022** | $20716 | $21399 | $12548 |
| **12/31/2023** | $26042 | $27025 | $12969 |
| **12/31/2024** | $32407 | $33786 | $13343 |
| **12/31/2025** | $38010 | $39827 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 17.29% | 13.88% | 14.29% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1610662668 |
| # of Portfolio Holdings | 504 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $2012837 |

---

# SFT Index 500 Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.6% |
| Total | 38.9% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 34.0% |
| Financial | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.0% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Other | 5.0% |
| Other Assets and Liabilities, Net | -% |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Index 500 Fund

# Class 2
Annual Shareholder Report

# SFT Macquarie Growth Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Macquarie Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Macquarie Growth Fund (Class 2) | $100 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
Equity markets delivered strong absolute returns in 2025, but the environment proved difficult for fundamentally driven quality growth strategies. Market leadership was extremely narrow, with gains concentrated in a small number of mega cap technology and semiconductor companies benefiting from heavy Artificial Intelligence (AI) related capital spending and accelerating earnings. Broader economic conditions were generally supportive, yet returns were increasingly influenced by index concentration, momentum, and thematic trading rather than fundamentals. Only about one quarter of stocks outperformed the Russell 1000 Growth Index, and factors such as momentum and beta dominated performance, while earnings quality lagged sharply. Elevated risk tolerance, heavy retail participation, and persistent passive flows reinforced this dynamic, making exposure to the small group of market leaders the primary driver of relative performance outcomes across the growth universe.

The Fund posted positive results but underperformed its benchmark, driven by a mix of external and internal pressures. Externally, the concentrated AI driven market backdrop and limited breadth challenged the Fund's quality first approach, as many high quality companies with solid fundamentals but slower near term growth trajectories experienced valuation pressure. Internally, stock selection in health care, industrials, and information technology detracted the most. Health care holdings, particularly in managed care, lagged due to regulatory uncertainty and a normalization of growth trends. Industrials experienced margin pressure despite supportive long term themes, while in information technology the Fund's limited exposure to the highest beta areas of semiconductors and infrastructure software weighed on relative returns. At the stock level, UnitedHealth Group, the underweight in Broadcom, and the position in Salesforce were the largest detractors. Offsetting these headwinds, the biggest contributors included the Fund's underweight to Apple and strong results from Taiwan Semiconductor Manufacturing and VeriSign.

# SFT Macquarie Growth Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SFT Macquarie Growth Fund** | **Russell 1000<sup>®</sup> Growth Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10091 | $10708 | $10207 |
| **12/31/2017** | $13039 | $13943 | $10423 |
| **12/31/2018** | $13327 | $13732 | $10622 |
| **12/31/2019** | $18189 | $18729 | $10865 |
| **12/31/2020** | $23772 | $25938 | $11013 |
| **12/31/2021** | $30972 | $33096 | $11787 |
| **12/31/2022** | $22562 | $23453 | $12548 |
| **12/31/2023** | $31126 | $33462 | $12969 |
| **12/31/2024** | $38581 | $44623 | $13343 |
| **12/31/2025** | $41946 | $52906 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| SFT Macquarie Growth Fund | 8.72% | 12.03% | 15.42% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $640913110 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $4058313 |

---

# SFT Macquarie Growth Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.1% |
| Microsoft Corp. | 13.8% |
| Apple, Inc. | 8.6% |
| Amazon.com, Inc. | 6.2% |
| Alphabet, Inc., Class A | 5.6% |
| Visa, Inc., Class A | 4.7% |
| Intercontinental Exchange, Inc. | 3.1% |
| Danaher Corp. | 2.8% |
| Intuit, Inc. | 2.8% |
| Broadcom, Inc. | 2.7% |
| Total | 64.4% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 50.1% |
| Financial | 13.9% |
| Health Care | 9.1% |
| Consumer Discretionary | 8.5% |
| Communication Services | 7.6% |
| Industrials | 6.6% |
| Materials | 1.7% |
| Real Estate | 1.3% |
| Consumer Staples | 0.9% |
| Other | 0.4% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Macquarie Growth Fund

# Class 2
Annual Shareholder Report

# SFT Macquarie Small Cap Growth Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Macquarie Small Cap Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Macquarie Small Cap Growth Fund (Class 2) | $142 | 1.33% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equity markets delivered strong earnings growth and broad double digit returns in 2025, supported by declining interest rates and sustained strength in profits. The artificial intelligence (AI) theme again dominated performance, but leadership shifted from the well known mega cap names toward groups such as semiconductor capital equipment, power generation, optical components, and storage. Market leadership changed throughout the year as small cap growth took the lead in the second half, while value segments outperformed in the fourth quarter. This created an environment of strong but volatile returns, with speculative areas such as biotechnology, quantum computing, and AI power generation plays driving some of the largest moves.

The SFT Macquarie Small Cap Growth Fund outperformed its benchmark the Russell 2000<sup>®</sup> Growth Index, driven largely by strong stock selection across technology, communication services, consumer staples, financials, and healthcare. Companies tied directly to AI infrastructure spending, including Lumentum, Advanced Energy Industries, MACOM Technology Solutions, and Rambus, were standout contributors, along with IMAX in communication services and OSI Systems in technology. Healthcare strength was broad, supported by strong results in biotechnology and pharmaceuticals, with names such as Travere Therapeutics and Alphatec Holdings contributing meaningfully. Against these positive drivers, performance was held back by laggards in real estate, materials, and consumer discretionary, as well as certain industrial holdings that did not keep pace despite supportive themes in aerospace, defense, and data center construction

# SFT Macquarie Small Cap Growth Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SFT Macquarie Small Cap Growth Fund** | **Russell 2000<sup>®</sup> Growth Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $12110 | $11132 | $10207 |
| **12/31/2017** | $15173 | $13599 | $10423 |
| **12/31/2018** | $14577 | $12334 | $10622 |
| **12/31/2019** | $18025 | $15847 | $10865 |
| **12/31/2020** | $24561 | $21335 | $11013 |
| **12/31/2021** | $25685 | $21939 | $11787 |
| **12/31/2022** | $18782 | $16157 | $12548 |
| **12/31/2023** | $21184 | $19171 | $12969 |
| **12/31/2024** | $24175 | $22077 | $13343 |
| **12/31/2025** | $27350 | $24949 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| SFT Macquarie Small Cap Growth Fund | 13.13% | 2.17% | 10.58% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $165821738 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $1339715 |

---

# SFT Macquarie Small Cap Growth Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| OSI Systems, Inc. | 3.0% |
| IMAX Corp. | 2.7% |
| Tarsus Pharmaceuticals, Inc. | 2.5% |
| Lumentum Holdings, Inc. | 2.2% |
| Mirum Pharmaceuticals, Inc. | 2.1% |
| Advanced Energy Industries, Inc. | 2.1% |
| Travere Therapeutics, Inc. | 2.0% |
| Encompass Health Corp. | 1.9% |
| Axsome Therapeutics, Inc. | 1.8% |
| Everus Construction Group, Inc. | 1.8% |
| Total | 22.1% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Health Care | 26.3% |
| Industrials | 23.7% |
| Information Technology | 23.5% |
| Consumer Discretionary | 8.6% |
| Financial | 8.2% |
| Consumer Staples | 3.2% |
| Communication Services | 2.7% |
| Energy | 1.9% |
| Investment Companies | 1.2% |
| Other | 0.9% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Macquarie Small Cap Growth Fund

# Class 2
Annual Shareholder Report

# SFT Real Estate Securities Fund

# Class 1
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Real Estate Securities Fund (Class 1) | $101 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
The portfolio had a modestly positive total return for the year and outperformed its benchmark, the FTSE NAREIT All Equity REITs Index. Factors that contributed positively to relative performance included stock selection and an overweight in health care, led by large gain from an overweight position in Welltower. Senior housing operating fundamentals remained strong, evidenced by analyst upgrades in the period. An underweight in apartments also aided performance. While supply is broadly turning more supportive, the magnitude and duration of challenges within the Sunbelt region remain to be seen. Stock selection in telecommunications was beneficial as well, due largely to the timing of a position in American Tower. The company's shares rose over the first half of the year, buoyed early on strong earnings results, with positive leasing activity. American Tower shares were pressured later in the year as the tower landlord disclosed a letter from a tenant claiming it should be excused from future lease payments, prompting the company to file a preemptive lawsuit to ensure payment.

Factors that detracted from relative performance included an underweight and stock selection in the industrial sector. An underweight position in bellwether Prologis hindered performance; the stock rallied in response to the late-period earnings. An overweight in single-family homes for rent also hindered performance, as the sector lagged amid a step down in interest rates during the year, which increased the affordability of home ownership. Within residential markets, the Fund's preference for single-family homes reflects the view that the sector's fundamentals are more resilient than those in apartments. An underweight in regional malls further detracted; the sector performed well amid resilient consumer spending

# SFT Real Estate Securities Fund

# Class 1

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **FTSE NAREIT All Equity REITs Total Return Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10466 | $10863 | $10207 |
| **12/31/2017** | $11056 | $11805 | $10423 |
| **12/31/2018** | $10485 | $11328 | $10622 |
| **12/31/2019** | $13092 | $14575 | $10865 |
| **12/31/2020** | $12754 | $13828 | $11013 |
| **12/31/2021** | $18417 | $19539 | $11787 |
| **12/31/2022** | $13611 | $14664 | $12548 |
| **12/31/2023** | $15275 | $16330 | $12969 |
| **12/31/2024** | $16255 | $17133 | $13343 |
| **12/31/2025** | $16648 | $17522 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 2.42% | 5.47% | 5.23% |
| FTSE NAREIT All Equity REITs Total Return Index | 2.27% | 4.85% | 5.77% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $114142691 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $815003 |

---

# SFT Real Estate Securities Fund

# Class 1

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Welltower, Inc. | 12.3% |
| Digital Realty Trust, Inc. | 7.4% |
| Equinix, Inc. | 5.2% |
| Crown Castle, Inc. | 4.9% |
| Prologis, Inc. | 4.8% |
| Extra Space Storage, Inc. | 4.7% |
| American Tower Corp. | 4.7% |
| SBA Communications Corp. | 4.4% |
| Iron Mountain, Inc. | 3.8% |
| Agree Realty Corp. | 3.5% |
| Total | 55.7% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Real Estate | 96.9% |
| Consumer Discretionary | 1.4% |
| Investment Companies | 0.8% |
| Health Care | 0.7% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Real Estate Securities Fund

# Class 1
Annual Shareholder Report

# SFT Real Estate Securities Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Real Estate Securities Fund (Class 2) | $125 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
The portfolio had a modestly positive total return for the year and outperformed its benchmark, the FTSE NAREIT All Equity REITs Index. Factors that contributed positively to relative performance included stock selection and an overweight in health care, led by large gain from an overweight position in Welltower. Senior housing operating fundamentals remained strong, evidenced by analyst upgrades in the period. An underweight in apartments also aided performance. While supply is broadly turning more supportive, the magnitude and duration of challenges within the Sunbelt region remain to be seen. Stock selection in telecommunications was beneficial as well, due largely to the timing of a position in American Tower. The company's shares rose over the first half of the year, buoyed early on strong earnings results, with positive leasing activity. American Tower shares were pressured later in the year as the tower landlord disclosed a letter from a tenant claiming it should be excused from future lease payments, prompting the company to file a preemptive lawsuit to ensure payment.

Factors that detracted from relative performance included an underweight and stock selection in the industrial sector. An underweight position in bellwether Prologis hindered performance; the stock rallied in response to the late-period earnings. An overweight in single-family homes for rent also hindered performance, as the sector lagged amid a step down in interest rates during the year, which increased the affordability of home ownership. Within residential markets, the Fund's preference for single-family homes reflects the view that the sector's fundamentals are more resilient than those in apartments. An underweight in regional malls further detracted; the sector performed well amid resilient consumer spending

# SFT Real Estate Securities Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **FTSE NAREIT All Equity REITs Total Return Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10440 | $10863 | $10207 |
| **12/31/2017** | $11001 | $11805 | $10423 |
| **12/31/2018** | $10406 | $11328 | $10622 |
| **12/31/2019** | $12962 | $14575 | $10865 |
| **12/31/2020** | $12595 | $13828 | $11013 |
| **12/31/2021** | $18143 | $19539 | $11787 |
| **12/31/2022** | $13374 | $14664 | $12548 |
| **12/31/2023** | $14972 | $16330 | $12969 |
| **12/31/2024** | $15893 | $17133 | $13343 |
| **12/31/2025** | $16236 | $17522 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 2.16% | 5.21% | 4.97% |
| FTSE NAREIT All Equity REITs Total Return Index | 2.27% | 4.85% | 5.77% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $114142691 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $815003 |

---

# SFT Real Estate Securities Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Welltower, Inc. | 12.3% |
| Digital Realty Trust, Inc. | 7.4% |
| Equinix, Inc. | 5.2% |
| Crown Castle, Inc. | 4.9% |
| Prologis, Inc. | 4.8% |
| Extra Space Storage, Inc. | 4.7% |
| American Tower Corp. | 4.7% |
| SBA Communications Corp. | 4.4% |
| Iron Mountain, Inc. | 3.8% |
| Agree Realty Corp. | 3.5% |
| Total | 55.7% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Real Estate | 96.9% |
| Consumer Discretionary | 1.4% |
| Investment Companies | 0.8% |
| Health Care | 0.7% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Real Estate Securities Fund

# Class 2
Annual Shareholder Report

# SFT T. Rowe Price Value Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT T. Rowe Price Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT T. Rowe Price Value Fund (Class 2) | $107 | 1.01% |

---

## How did the Fund perform last year and what affected its performance?
The SFT T. Rowe Price Value Fund trailed its benchmark, the Russell 1000 Value Index, over the 12 month period ending December 31, 2025. Market conditions in 2025 were shaped by early year volatility tied to tariff actions by President Trump, followed by a strong rebound as trade negotiations improved, corporate earnings remained healthy, artificial intelligence (AI) related companies gained investor favor, and Congress passed stimulative tax legislation. The Federal Reserve also supported markets by cutting short term interest rates three times late in the year.

Security selection was the primary driver of the fund's underperformance. Weakness in holdings such as Revvity, pressured by declining preclinical demand and China related headwinds, and International Paper, hurt by soft global packaging demand and cost driven margin compression, detracted from results. Underweight exposure to Micron Technology further weighed on performance as the stock delivered outsized gains on strong AI driven memory demand. Conversely, the Fund benefited from positive stock selection and underweighting in real estate, highlighted by strong performance from Welltower, and from favorable selection in the energy sector, particularly TechnipFMC, which advanced on robust subsea order growth.

Throughout the year, the portfolio maintained its long term value oriented approach, emphasizing undervalued stocks with income generation as a secondary objective. Notable positioning shifts included increased exposure to information technology and communication services, along with reduced allocations to consumer staples.

# SFT T. Rowe Price Value Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SFT T. Rowe Price Value Fund** | **Russell 1000 Value Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $11065 | $11734 | $10207 |
| **12/31/2017** | $13124 | $13337 | $10423 |
| **12/31/2018** | $11838 | $12235 | $10622 |
| **12/31/2019** | $14899 | $15482 | $10865 |
| **12/31/2020** | $16398 | $15915 | $11013 |
| **12/31/2021** | $21224 | $19919 | $11787 |
| **12/31/2022** | $18748 | $18418 | $12548 |
| **12/31/2023** | $20951 | $20529 | $12969 |
| **12/31/2024** | $24015 | $23478 | $13343 |
| **12/31/2025** | $26848 | $27213 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| SFT T. Rowe Price Value Fund | 11.80% | 10.36% | 10.38% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $201094870 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $1130966 |

---

# SFT T. Rowe Price Value Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.7% |
| Berkshire Hathaway, Inc., Class B | 3.1% |
| Keysight Technologies, Inc. | 2.6% |
| Deere & Co. | 2.4% |
| Alphabet, Inc., Class A | 2.4% |
| Alphabet, Inc., Class C | 2.0% |
| AMETEK, Inc. | 1.9% |
| ConocoPhillips | 1.8% |
| Westinghouse Air Brake Technologies Corp. | 1.8% |
| Parker-Hannifin Corp. | 1.7% |
| Total | 23.4% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Financial | 21.7% |
| Industrials | 15.9% |
| Information Technology | 12.5% |
| Health Care | 11.9% |
| Energy | 7.7% |
| Consumer Discretionary | 7.2% |
| Communication Services | 6.9% |
| Consumer Staples | 5.1% |
| Materials | 4.1% |
| Other | 7.3% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT T. Rowe Price Value Fund

# Class 2
Annual Shareholder Report

# SFT Wellington Core Equity Fund

# Class 1
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Wellington Core Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Wellington Core Equity Fund (Class 1) | $84 | 0.78% |

---

## How did the Fund perform last year and what affected its performance?
US equities advanced over the twelve months ending December 31, 2025, supported by easing inflation, strong corporate earnings, improved trade sentiment, and above trend GDP growth. Early year volatility driven by tariff escalations, artificial intelligence (AI) related valuation concerns, Federal Reserve uncertainty, and a prolonged government shutdown gradually faded as trade tensions eased and economic data strengthened. Market leadership shifted at times as pressure on richly valued technology companies led to rotations into value and cyclical sectors, yet a concentrated group of mega cap technology firms continued to account for an outsized portion of full year index gains. Corporate earnings were a key tailwind, with most S&P 500<sup>®</sup> companies exceeding expectations and posting robust year-over-year profit growth.

The Fund trailed its benchmark, the S&P 500<sup>®</sup> Index, over the twelve month period ending December 31, 2025, with security selection driving most of the relative shortfall. Weak stock selection in information technology, particularly not owning Micron Technology and maintaining an underweight in Oracle, along with positioning in consumer discretionary and health care, detracted from results. Offsetting factors included stronger selection within industrials, where overweights in GE Vernova and RTX added value, as well as favorable outcomes in financials and real estate supported by positions such as JPMorgan Chase and Welltower and by not owning Fiserv or Equinix. Sector allocation modestly weighed on performance as well, with an overweight to consumer staples and an underweight to communication services detracting, though this was partially offset by positive contributions from the Fund's underweight to health care and overweight to real estate.

# SFT Wellington Core Equity Fund

# Class 1

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **S&P 500<sup>®</sup> Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10509 | $11196 | $10207 |
| **12/31/2017** | $12760 | $13640 | $10423 |
| **12/31/2018** | $12494 | $13042 | $10622 |
| **12/31/2019** | $16750 | $17149 | $10865 |
| **12/31/2020** | $19807 | $20304 | $11013 |
| **12/31/2021** | $24598 | $26132 | $11787 |
| **12/31/2022** | $19861 | $21399 | $12548 |
| **12/31/2023** | $24038 | $27025 | $12969 |
| **12/31/2024** | $30128 | $33786 | $13343 |
| **12/31/2025** | $34398 | $39827 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 14.17% | 11.67% | 13.15% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $136002498 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $721812 |

---

# SFT Wellington Core Equity Fund

# Class 1

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Apple, Inc. | 7.9% |
| Microsoft Corp. | 7.2% |
| Alphabet, Inc., Class A | 6.4% |
| Amazon.com, Inc. | 5.0% |
| Broadcom, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 2.7% |
| JPMorgan Chase & Co. | 2.4% |
| Eli Lilly & Co. | 2.4% |
| Mastercard, Inc., Class A | 2.2% |
| Total | 48.0% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 32.3% |
| Financial | 13.2% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.9% |
| Industrials | 9.5% |
| Health Care | 9.1% |
| Consumer Staples | 5.6% |
| Energy | 2.7% |
| Utilities | 2.4% |
| Other | 4.2% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Wellington Core Equity Fund

# Class 1
Annual Shareholder Report

# SFT Wellington Core Equity Fund

# Class 2
December 31, 2025

## Fund Overview
This Annual shareholder report contains important information about SFT Wellington Core Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.securianfunds.com. You can also request this information by contacting us at 800-643-5728.

## What were the Fund costs for the last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SFT Wellington Core Equity Fund (Class 2) | $110 | 1.03% |

---

## How did the Fund perform last year and what affected its performance?
US equities advanced over the twelve months ending December 31, 2025, supported by easing inflation, strong corporate earnings, improved trade sentiment, and above trend GDP growth. Early year volatility driven by tariff escalations, artificial intelligence (AI) related valuation concerns, Federal Reserve uncertainty, and a prolonged government shutdown gradually faded as trade tensions eased and economic data strengthened. Market leadership shifted at times as pressure on richly valued technology companies led to rotations into value and cyclical sectors, yet a concentrated group of mega cap technology firms continued to account for an outsized portion of full year index gains. Corporate earnings were a key tailwind, with most S&P 500<sup>®</sup> companies exceeding expectations and posting robust year-over-year profit growth.

The Fund trailed its benchmark, the S&P 500<sup>®</sup> Index, over the twelve month period ending December 31, 2025, with security selection driving most of the relative shortfall. Weak stock selection in information technology, particularly not owning Micron Technology and maintaining an underweight in Oracle, along with positioning in consumer discretionary and health care, detracted from results. Offsetting factors included stronger selection within industrials, where overweights in GE Vernova and RTX added value, as well as favorable outcomes in financials and real estate supported by positions such as JPMorgan Chase and Welltower and by not owning Fiserv or Equinix. Sector allocation modestly weighed on performance as well, with an overweight to consumer staples and an underweight to communication services detracting, though this was partially offset by positive contributions from the Fund's underweight to health care and overweight to real estate.

# SFT Wellington Core Equity Fund

# Class 2

## Fund Performance

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](tm2533319d1_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **S&P 500<sup>®</sup> Index** | **Consumer Price Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10483 | $11196 | $10207 |
| **12/31/2017** | $12697 | $13640 | $10423 |
| **12/31/2018** | $12401 | $13042 | $10622 |
| **12/31/2019** | $16583 | $17149 | $10865 |
| **12/31/2020** | $19561 | $20304 | $11013 |
| **12/31/2021** | $24232 | $26132 | $11787 |
| **12/31/2022** | $19516 | $21399 | $12548 |
| **12/31/2023** | $23562 | $27025 | $12969 |
| **12/31/2024** | $29457 | $33786 | $13343 |
| **12/31/2025** | $33549 | $39827 | $13701 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 13.89% | 11.39% | 12.87% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Consumer Price Index | 2.68% | 4.46% | 3.20% |

---

**The results shown are past performance and are not an indication of future performance. Current performance may be lower or higher.** The investment returns and principal value of an investment will fluctuate so that shares upon redemption may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $136002498 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $721812 |

---

# SFT Wellington Core Equity Fund

# Class 2

## What did the Fund invest in?

### Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Apple, Inc. | 7.9% |
| Microsoft Corp. | 7.2% |
| Alphabet, Inc., Class A | 6.4% |
| Amazon.com, Inc. | 5.0% |
| Broadcom, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 2.7% |
| JPMorgan Chase & Co. | 2.4% |
| Eli Lilly & Co. | 2.4% |
| Mastercard, Inc., Class A | 2.2% |
| Total | 48.0% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 32.3% |
| Financial | 13.2% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.9% |
| Industrials | 9.5% |
| Health Care | 9.1% |
| Consumer Staples | 5.6% |
| Energy | 2.7% |
| Utilities | 2.4% |
| Other | 4.2% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

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

Phone: 800-643-5728&nbsp;&nbsp;&nbsp;&nbsp; Email: policyservices@securian.com

# SFT Wellington Core Equity Fund

# Class 2
(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**ITEM 2. CODE OF ETHICS.**

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

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

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

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

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Fees</u>

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

---

| | |
|:---|:---|
| 2025 | 2024 |
| $364266 | $375146 |

---

(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit-Related Fees</u>

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

---

| | |
|:---|:---|
| 2025 | 2024 |
| $– $|  |

---

(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Fees</u>

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

---

| |
|:---|
| 2025 |
| $– $|

---

(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>All Other Fees</u>

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

---

| | |
|:---|:---|
| 2025 | 2024 |
| $3500 | $3152 |

---

(e)(1) The registrant's audit committee have adopted policies and procedures that ensure all services performed by the registrant's principal accountant do not impair the independence of the principal accountant. Pursuant to these policies and procedures, the audit committee is responsible for pre-approving certain non-audit services rendered by the principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant. In accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the Trust. Although the audit committee is not required to pre-approve all services rendered by the principal accountant to the registrant's investment adviser and other entities under common control, the audit committee receives a report from tits principal accountant on an annual basis disclosing the aggregate fees for all services provided to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant. The audit committee's pre-approval process is illustrated as follows:

![](tm2533319d1_ncsrimg001.jpg)

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

(f) There were no hours expended by the principal accountant's engagement to audit the registrant's financial statements for the more recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for each of the last two fiscal years are reported in paragraphs (b)-(d) of this Item 4, above.

(h) The registrant's audit committee has determined that the non-audit services rendered by the principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant, were not required to be pre-approved by the audit committee because they did not relate directly to the operations and financial reporting of the registrant and were compatible with maintaining the respective independence of the principal accountant during the relevant time period.

(i) Not applicable.

(j) Not applicable.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable.

**ITEM 6. INVESTMENTS.**

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

(b) Not applicable.

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

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

**SECURIAN FUNDS TRUST**

Offered in Minnesota Life

Insurance Company and

Securian Life Insurance

Company variable products

**Shareholder report**

December 31, 2025

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

SFT Wellington Core Equity Fund

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | Page No. |
| ***Report of Independent Registered Public Accounting Firm*** | 1 |
| ***Investments In Securities*** | ***Investments In Securities*** |
| SFT Balanced Stabilization Fund | 2 |
| SFT Core Bond Fund | 8 |
| SFT Equity Stabilization Fund | 23 |
| SFT Government Money Market Fund | 25 |
| SFT Index 400 Mid-Cap Fund | 26 |
| SFT Index 500 Fund | 33 |
| SFT Macquarie Growth Fund | 40 |
| SFT Macquarie Small Cap Growth Fund | 42 |
| SFT Real Estate Securities Fund | 44 |
| SFT T. Rowe Price Value Fund | 46 |
| SFT Wellington Core Equity Fund | 49 |
| ***Financial Statements*** | ***Financial Statements*** |
| Statements of Assets and Liabilities | 52 |
| Statements of Operations | 54 |
| Statements of Changes in Net Assets | 56 |
| Financial Highlights | 61 |
| Notes to Financial Statements | 72 |
| ***Proxy Voting and Quarterly Holdings Information*** | 89 |
| ***Trustees and Executive Officers*** | 90 |

---

------

![](j25333192_ck001.jpg)

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Securian Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of SFT Balanced Stabilization Fund, SFT Core Bond Fund, SFT 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 (collectively, the Funds), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](j25333192_ck002.jpg)

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

Columbus, Ohio

February 26, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

------

SFT Balanced Stabilization Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Long-Term Debt Securities (32.4%)** | **Long-Term Debt Securities (32.4%)** | **Long-Term Debt Securities (32.4%)** |
| **Government Obligations (1.7%)** | **Government Obligations (1.7%)** | **Government Obligations (1.7%)** |
| U.S. Government Agencies and Obligations (1.7%) | U.S. Government Agencies and Obligations (1.7%) | U.S. Government Agencies and Obligations (1.7%) |
| Federal Home Loan Mortgage Corporation (0.0%) | Federal Home Loan Mortgage Corporation (0.0%) | Federal Home Loan Mortgage Corporation (0.0%) |
| 3.000%, 09/01/43 | $39589 | $36716 |
| 3.500%, 10/01/44 | 40009 | 38146 |
| 3.500%, 11/01/44 | 39358 | 37517 |
| 3.500%, 12/01/44 | 42996 | 40976 |
|  |  | 153355 |
| Federal National Mortgage Association (0.1%) | Federal National Mortgage Association (0.1%) | Federal National Mortgage Association (0.1%) |
| 3.000%, 04/01/43 | 60123 | 55700 |
| 3.000%, 05/01/43 | 19498 | 18068 |
| 3.000%, 06/01/43 | 90477 | 83778 |
| 3.500%, 08/01/42 | 39601 | 37927 |
| 3.500%, 02/01/43 | 47726 | 45994 |
|  |  | 241467 |
| U.S. Treasury (1.6%) | U.S. Treasury (1.6%) | U.S. Treasury (1.6%) |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.000%, 11/15/42 | 5530000 | 5086952 |
| 4.000%, 11/15/52 | 1200000 | 1045125 |
| U.S. Treasury Notes, <br>3.875%, 12/31/27 | 3350000 | 3375518 |
|  |  | 9507595 |
| **Total government obligations <br>(cost: $10,431,556)** |  | **9902417** |
| **Other Mortgage-Backed Securities (0.2%)** | **Other Mortgage-Backed Securities (0.2%)** | **Other Mortgage-Backed Securities (0.2%)** |
| Commercial Mortgage-Backed Securities (0.2%) | Commercial Mortgage-Backed Securities (0.2%) | Commercial Mortgage-Backed Securities (0.2%) |
| Bank, Series 2019-BN18, <br>Class A4, 3.584%, 05/15/62 | 1500000 | 1444495 |
| **Total other mortgage-backed securities <br>(cost: $1,541,612)** |  | **1444495** |
| **Corporate Obligations (30.5%)** | **Corporate Obligations (30.5%)** | **Corporate Obligations (30.5%)** |
| **Basic Materials (0.7%)** | **Basic Materials (0.7%)** | **Basic Materials (0.7%)** |
| Chemicals (0.2%) | Chemicals (0.2%) | Chemicals (0.2%) |
| Mosaic Co., 5.450%, 11/15/33 | 200000 | 205786 |
| Yara International ASA, <br>3.148%, 06/04/30 (b) | 1000000 | 941819 |
|  |  | 1147605 |
| Mining (0.5%) | Mining (0.5%) | Mining (0.5%) |
| Anglo American Capital PLC, <br>2.625%, 09/10/30 (b) | 2000000 | 1845362 |
| Fortescue Treasury Pty. Ltd., <br>6.125%, 04/15/32 (b) | 1000000 | 1040956 |
|  |  | 2886318 |
| **Communications (2.3%)** | **Communications (2.3%)** | **Communications (2.3%)** |
| Media (0.7%) | Media (0.7%) | Media (0.7%) |
| Charter Communications <br>Operating LLC/Charter <br>Communications Operating <br>Capital | Charter Communications <br>Operating LLC/Charter <br>Communications Operating <br>Capital | Charter Communications <br>Operating LLC/Charter <br>Communications Operating <br>Capital |
| 3.750%, 02/15/28 | 1500000 | 1479138 |
| 6.834%, 10/23/55 | 1000000 | 963809 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 2.887%, 11/01/51 | 1319000 | 776172 |
| 2.937%, 11/01/56 | 327000 | 184487 |
| 4.200%, 08/15/34 (c) | 500000 | 478291 |
| Walt Disney Co.,<br>4.950%, 10/15/45 | 500000 | 471321 |
|  |  | 4353218 |
| Software (0.5%) | Software (0.5%) | Software (0.5%) |
| Amazon.com, Inc.,<br>3.875%, 08/22/37 | 1000000 | 919181 |
| Netflix, Inc., 4.875%, 04/15/28 | 2000000 | 2043298 |
|  |  | 2962479 |
| Telecommunication (1.1%) | Telecommunication (1.1%) | Telecommunication (1.1%) |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 2.550%, 12/01/33 | 943000 | 806256 |
| 3.550%, 09/15/55 | 1405000 | 939359 |
| 3.800%, 12/01/57 | 75000 | 51790 |
| 4.500%, 05/15/35 | 1000000 | 962363 |
| T-Mobile USA, Inc., <br>2.700%, 03/15/32 | 1000000 | 900209 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 2.650%, 11/20/40 | 1000000 | 715710 |
| 2.987%, 10/30/56 | 1194000 | 713743 |
| 3.000%, 11/20/60 | 2000000 | 1170038 |
|  |  | 6259468 |
| **Consumer Cyclical (1.8%)** | **Consumer Cyclical (1.8%)** | **Consumer Cyclical (1.8%)** |
| Auto Manufacturers (0.3%) | Auto Manufacturers (0.3%) | Auto Manufacturers (0.3%) |
| General Motors Financial <br>Co., Inc., 5.000%, 04/09/27 | 2000000 | 2021664 |
| Automobile Components (0.2%) | Automobile Components (0.2%) | Automobile Components (0.2%) |
| Aptiv Swiss Holdings Ltd., <br>5.150%, 09/13/34 | 1000000 | 1010719 |
| Passenger Airlines (0.7%) | Passenger Airlines (0.7%) | Passenger Airlines (0.7%) |
| Air Canada Pass-Through <br>Trust, Series 2015-2, <br>Class A, 4.125%, <br>06/15/29 (b) | 600420 | 590583 |
| American Airlines <br>Pass-Through Trust, <br>Series 2015-2, Class A, <br>4.000%, 03/22/29 | 549917 | 540210 |
| Delta Air Lines, Inc./SkyMiles <br>IP Ltd., 4.750%, 10/20/28 (b) | 2000000 | 2012350 |
| United Airlines Pass-Through <br>Trust, <br>Series 2018-1, Class AA, <br>3.500%, 09/01/31 | 791125 | 764550 |
|  |  | 3907693 |
| Retail (0.6%) | Retail (0.6%) | Retail (0.6%) |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 3.700%, 04/15/46 | 2000000 | 1518256 |
| 5.625%, 04/15/53 | 2250000 | 2187633 |
|  |  | 3705889 |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Consumer, Non-cyclical (5.7%)** | **Consumer, Non-cyclical (5.7%)** | **Consumer, Non-cyclical (5.7%)** |
| Agricultural Operations (0.4%) | Agricultural Operations (0.4%) | Agricultural Operations (0.4%) |
| Cargill, Inc.<br>3.125%, 05/25/51 (b) | $1000000 | $669207 |
| 4.375%, 04/22/52 (b) | 2150000 | 1790078 |
|  |  | 2459285 |
| Beverages (0.3%) | Beverages (0.3%) | Beverages (0.3%) |
| Constellation Brands, Inc., <br>5.250%, 11/15/48 | 2050000 | 1903068 |
| Biotechnology (1.0%) | Biotechnology (1.0%) | Biotechnology (1.0%) |
| Amgen, Inc., <br>4.050%, 08/18/29 | 2000000 | 1999523 |
| Bio-Rad Laboratories, Inc., <br>3.700%, 03/15/32 | 2000000 | 1890640 |
| Gilead Sciences, Inc., <br>4.600%, 09/01/35 | 2000000 | 1980633 |
|  |  | 5870796 |
| Commercial Services (0.8%) | Commercial Services (0.8%) | Commercial Services (0.8%) |
| Ashtead Capital, Inc., <br>5.500%, 08/11/32 (b) | 2000000 | 2067710 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 4.800%, 04/01/26 | 750000 | 750153 |
| 5.300%, 08/15/29 | 1500000 | 1535393 |
|  |  | 4353256 |
| Food Products (0.6%) | Food Products (0.6%) | Food Products (0.6%) |
| General Mills, Inc., <br>3.000%, 02/01/51 | 1002000 | 650384 |
| Kroger Co., <br>5.150%, 08/01/43 | 1100000 | 1034457 |
| Mars, Inc., <br>3.950%, 04/01/49 (b) | 1000000 | 791260 |
| Tyson Foods, Inc., <br>5.150%, 08/15/44 | 1000000 | 939510 |
|  |  | 3415611 |
| Health Care Equipment & Supplies (0.2%) | Health Care Equipment & Supplies (0.2%) | Health Care Equipment & Supplies (0.2%) |
| Abbott Laboratories, <br>4.750%, 11/30/36 | 1000000 | 1008237 |
| Health Care Providers & Services (0.8%) | Health Care Providers & Services (0.8%) | Health Care Providers & Services (0.8%) |
| Centene Corp., <br>2.625%, 08/01/31 | 2000000 | 1720288 |
| Elevance Health, Inc., <br>4.375%, 12/01/47 | 1000000 | 832436 |
| HCA, Inc., <br>6.000%, 04/01/54 | 1500000 | 1496357 |
| Novant Health, Inc., <br>2.637%, 11/01/36 | 1000000 | 802548 |
|  |  | 4851629 |
| Household Products (0.1%) | Household Products (0.1%) | Household Products (0.1%) |
| Kimberly-Clark Corp., <br>3.900%, 05/04/47 | 1000000 | 787862 |
| Personal Care (0.1%) | Personal Care (0.1%) | Personal Care (0.1%) |
| Estee Lauder Cos., Inc., <br>4.150%, 03/15/47 | 1000000 | 806289 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Pharmaceuticals (1.4%) | Pharmaceuticals (1.4%) | Pharmaceuticals (1.4%) |
| AbbVie, Inc.<br>4.400%, 11/06/42 | $1000000 | $892065 |
| 4.450%, 05/14/46 | 1000000 | 871445 |
| Becton Dickinson & Co., <br>4.298%, 08/22/32 | 2000000 | 1970726 |
| Bristol-Myers Squibb Co., <br>5.200%, 02/22/34 | 1000000 | 1041929 |
| CVS Pass-Through Trust, <br>6.943%, 01/10/30 | 78595 | 81580 |
| Takeda Pharmaceutical Co. <br>Ltd., 5.000%, 11/26/28 | 2000000 | 2047406 |
| Viatris, Inc., <br>4.000%, 06/22/50 | 2000000 | 1337701 |
|  |  | 8242852 |
| **Energy (1.8%)** | **Energy (1.8%)** | **Energy (1.8%)** |
| Oil & Gas (0.9%) | Oil & Gas (0.9%) | Oil & Gas (0.9%) |
| APA Corp., <br>6.100%, 02/15/35 | 1000000 | 1029651 |
| Baker Hughes Holdings LLC/<br>Baker Hughes Co-Obligor, <br>Inc., 3.337%, 12/15/27 | 1000000 | 988944 |
| BP Capital Markets America, <br>Inc., 4.234%, 11/06/28 | 1000000 | 1006836 |
| Coterra Energy, Inc., <br>3.900%, 05/15/27 | 1000000 | 996331 |
| Phillips 66, 4.650%, 11/15/34 | 1000000 | 981550 |
|  |  | 5003312 |
| Pipelines (0.9%) | Pipelines (0.9%) | Pipelines (0.9%) |
| Energy Transfer LP, <br>4.900%, 03/15/35 | 1000000 | 977828 |
| Enterprise Products <br>Operating LLC, Series J, <br>5.750%, 03/01/35 | 250000 | 263554 |
| Kinder Morgan, Inc., <br>5.300%, 12/01/34 | 750000 | 765847 |
| MPLX LP, 4.950%, 09/01/32 | 2000000 | 2016311 |
| Whistler Pipeline LLC, <br>5.950%, 09/30/34 (b) | 1000000 | 1036112 |
| Williams Cos., Inc., <br>3.750%, 06/15/27 | 500000 | 498143 |
|  |  | 5557795 |
| **Financial (10.2%)** | **Financial (10.2%)** | **Financial (10.2%)** |
| Banks (6.5%) | Banks (6.5%) | Banks (6.5%) |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| Series L, 4.183%, 11/25/27 | 1000000 | 1002473 |
| 4.244%, 04/24/38 <br>(3-Month USD TERM <br>SOFR + 2.076%) (d) | 1000000 | 934929 |
| 4.948%, 07/22/28 <br>(SOFRRATE + 2.040%) (d) | 1500000 | 1521429 |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
| 3.442%, 02/07/28 <br>(3-Month USD TERM <br>SOFR + 1.331%) (d) | 1000000 | 995268 |
| Series J, 4.967%, 04/26/34 <br>(SOFRRATE + 1.606%) (d) | 1500000 | 1532009 |
| 5.834%, 10/25/33 <br>(SOFRRATE + 2.074%) (d) | 1000000 | 1079677 |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Capital One NA, Series BKNT, <br>4.250%, 03/13/26 | $500000 | $500144 |
| Citigroup, Inc.<br>3.980%, 03/20/30 <br>(3-Month USD TERM <br>SOFR + 1.600%) (d) | 1000000 | 991500 |
| 4.650%, 07/23/48 | 1250000 | 1106965 |
| 4.750%, 05/18/46 | 1200000 | 1056115 |
| Comerica Bank, <br>5.332%, 08/25/33 <br>(SOFRRATE + 2.610%) (d) | 2000000 | 2015838 |
| Fifth Third Bancorp, <br>6.361%, 10/27/28 <br>(SOFRRATE + 2.192%) (d) | 1000000 | 1040478 |
| First Republic Bank<br>Series BKNT, <br>4.375%, 08/01/46 (e) | 575000 | 57 |
| Series BKNT, <br>4.625%, 02/13/47 (e) | 1379000 | 138 |
| Goldman Sachs Group, Inc.<br>3.850%, 01/26/27 | 1000000 | 999207 |
| 4.482%, 08/23/28 <br>(SOFRRATE + 1.725%) (d) | 2000000 | 2014306 |
| 5.150%, 05/22/45 | 1000000 | 941886 |
| JPMorgan Chase & Co.<br>3.328%, 04/22/52 <br>(SOFRRATE + 1.580%) (d) | 2000000 | 1422787 |
| 3.897%, 01/23/49 <br>(3-Month USD TERM <br>SOFR + 1.482%) (d) | 1000000 | 798847 |
| KeyBank NA, <br>Series BKNT, <br>4.390%, 12/14/27 | 3000000 | 3014716 |
| M&T Bank Corp., <br>4.553%, 08/16/28 <br>(SOFRRATE + 1.780%) (d) | 3000000 | 3016354 |
| Morgan Stanley<br>2.802%, 01/25/52 <br>(SOFRRATE + 1.430%) (d) | 2000000 | 1277184 |
| 6.342%, 10/18/33 <br>(SOFRRATE + 2.560%) (d) | 1000000 | 1097262 |
| PNC Bank NA, <br>Series BKNT, <br>4.050%, 07/26/28 | 1000000 | 1001783 |
| State Street Corp., <br>6.123%, 11/21/34 <br>(SOFRRATE + 1.958%) (d) | 1500000 | 1623614 |
| Truist Financial Corp.<br>5.867%, 06/08/34 <br>(SOFRRATE + 2.361%) (d) | 1000000 | 1065741 |
| 6.123%, 10/28/33 <br>(SOFRRATE + 2.300%) (d) | 2000000 | 2163944 |
| U.S. Bancorp, <br>5.850%, 10/21/33 <br>(SOFRRATE + 2.090%) (d) | 1000000 | 1072442 |
| Wells Fargo & Co.<br>3.068%, 04/30/41 <br>(SOFRRATE + 2.530%) (d) | 1600000 | 1244353 |
| 4.750%, 12/07/46 | 2300000 | 2028221 |
|  |  | 38559667 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Financial Services (1.4%) | Financial Services (1.4%) | Financial Services (1.4%) |
| American Express Co.<br>3.300%, 05/03/27 | $1000000 | $993262 |
| 4.050%, 12/03/42 | 1000000 | 864223 |
| Capital One Financial Corp.<br>4.100%, 02/09/27 | 1000000 | 1000760 |
| 5.468%, 02/01/29 <br>(SOFRRATE + 2.080%) (d) | 1500000 | 1540601 |
| Eaton Vance Corp., <br>3.500%, 04/06/27 | 1000000 | 995294 |
| Intercontinental Exchange, <br>Inc., 4.350%, 06/15/29 | 3000000 | 3027354 |
|  |  | 8421494 |
| Insurance (1.6%) | Insurance (1.6%) | Insurance (1.6%) |
| American Financial Group, <br>Inc., 4.500%, 06/15/47 | 1000000 | 841385 |
| Arch Capital Finance LLC, <br>4.011%, 12/15/26 (c) | 1000000 | 999955 |
| Marsh & McLennan Cos., <br>Inc., 4.350%, 01/30/47 | 500000 | 425182 |
| Metropolitan Life Global <br>Funding I, <br>1.550%, 01/07/31 (b) | 3000000 | 2632700 |
| Old Republic International <br>Corp., 5.750%, 03/28/34 | 1500000 | 1560826 |
| Principal Life Global <br>Funding II, <br>1.500%, 08/27/30 (b) | 3000000 | 2639947 |
|  |  | 9099995 |
| Real Estate Investment Trust — Health Care (0.3%) | Real Estate Investment Trust — Health Care (0.3%) | Real Estate Investment Trust — Health Care (0.3%) |
| Alexandria Real Estate <br>Equities, Inc., <br>4.500%, 07/30/29 | 500000 | 500572 |
| DOC Dr. LLC, <br>4.300%, 03/15/27 | 1000000 | 1001518 |
|  |  | 1502090 |
| Specialized REITs (0.4%) | Specialized REITs (0.4%) | Specialized REITs (0.4%) |
| American Tower Corp., <br>3.375%, 10/15/26 | 1000000 | 994735 |
| Crown Castle, Inc., <br>4.750%, 05/15/47 | 1000000 | 870854 |
| Goodman U.S. Finance <br>Four LLC, <br>4.500%, 10/15/37 (b) | 500000 | 466625 |
|  |  | 2332214 |
| **Industrials (2.4%)** | **Industrials (2.4%)** | **Industrials (2.4%)** |
| Aerospace & Defense (0.5%) | Aerospace & Defense (0.5%) | Aerospace & Defense (0.5%) |
| Lockheed Martin Corp., <br>1.850%, 06/15/30 | 1000000 | 907307 |
| RTX Corp.<br>4.050%, 05/04/47 | 500000 | 404867 |
| 4.125%, 11/16/28 | 1500000 | 1505528 |
|  |  | 2817702 |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Building Products (0.3%) | Building Products (0.3%) | Building Products (0.3%) |
| Carlisle Cos., Inc., <br>3.750%, 12/01/27 | $1000000 | $994801 |
| CRH America Finance, Inc., <br>4.400%, 05/09/47 (b) | 1000000 | 845459 |
|  |  | 1840260 |
| Electrical Equipment (0.5%) | Electrical Equipment (0.5%) | Electrical Equipment (0.5%) |
| Flex Ltd., 4.875%, 06/15/29 | 1000000 | 1014329 |
| Jabil, Inc., 3.600%, 01/15/30 | 2000000 | 1941397 |
|  |  | 2955726 |
| Packaging & Containers (0.3%) | Packaging & Containers (0.3%) | Packaging & Containers (0.3%) |
| Amcor Finance USA, Inc., <br>4.500%, 05/15/28 | 1000000 | 1006021 |
| Sealed Air Corp., <br>6.875%, 07/15/33 (b) | 1000000 | 1053214 |
|  |  | 2059235 |
| Transportation (0.6%) | Transportation (0.6%) | Transportation (0.6%) |
| Canadian Pacific Railway Co., <br>4.300%, 05/15/43 | 250000 | 217145 |
| FedEx Corp., <br>4.400%, 01/15/47 | 1000000 | 816512 |
| Union Pacific Corp., <br>5.375%, 06/01/33 | 2500000 | 2591231 |
|  |  | 3624888 |
| Trucking & Leasing (0.2%) | Trucking & Leasing (0.2%) | Trucking & Leasing (0.2%) |
| GATX Corp., <br>4.550%, 11/07/28 | 1000000 | 1008618 |
| **Information Technology (2.1%)** | **Information Technology (2.1%)** | **Information Technology (2.1%)** |
| Computers (0.9%) | Computers (0.9%) | Computers (0.9%) |
| Apple, Inc., <br>4.375%, 05/13/45 (c) | 1000000 | 894242 |
| Dell International <br>LLC/EMC Corp., <br>6.200%, 07/15/30 | 2000000 | 2137688 |
| Leidos, Inc., 4.375%, 05/15/30 | 2000000 | 1999842 |
|  |  | 5031772 |
| Semiconductor Equipment (0.8%) | Semiconductor Equipment (0.8%) | Semiconductor Equipment (0.8%) |
| Broadcom, Inc., <br>3.419%, 04/15/33 | 2000000 | 1856066 |
| Micron Technology, Inc., <br>2.703%, 04/15/32 | 2000000 | 1796382 |
| QUALCOMM, Inc., <br>4.650%, 05/20/35 | 1000000 | 1005923 |
|  |  | 4658371 |
| Software (0.4%) | Software (0.4%) | Software (0.4%) |
| Oracle Corp., <br>3.800%, 11/15/37 | 1000000 | 809033 |
| VMware LLC, <br>1.400%, 08/15/26 | 1800000 | 1773474 |
|  |  | 2582507 |

---

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal** | **Value(a)** |
| **Utilities (3.5%)** | **Utilities (3.5%)** | **Utilities (3.5%)** |
| Electric Utilities (3.0%) | Electric Utilities (3.0%) | Electric Utilities (3.0%) |
| Alabama Power Co., <br>3.125%, 07/15/51 | $2000000 | $1328130 |
| Ameren Illinois Co., <br>3.700%, 12/01/47 | 1000000 | 765613 |
| Arizona Public Service Co., <br>4.350%, 11/15/45 | 1000000 | 835327 |
| CenterPoint Energy Houston <br>Electric LLC, Series AJ, <br>4.850%, 10/01/52 | 3150000 | 2827318 |
| Duke Energy Corp., <br>4.500%, 08/15/32 | 1000000 | 998182 |
| Duke Energy Florida LLC, <br>5.950%, 11/15/52 | 1000000 | 1036198 |
| Duke Energy Progress LLC, <br>3.600%, 09/15/47 | 1000000 | 746124 |
| Entergy Texas, Inc., <br>3.450%, 12/01/27 | 3000000 | 2963265 |
| Northern States Power Co., <br>3.750%, 12/01/47 | 1000000 | 720901 |
| Oglethorpe Power Corp., <br>4.250%, 04/01/46 | 800000 | 630002 |
| Oklahoma Gas & Electric Co., <br>4.150%, 04/01/47 | 500000 | 405358 |
| Union Electric Co., <br>5.250%, 01/15/54 | 1500000 | 1403961 |
| Wisconsin Power & Light Co., <br>3.950%, 09/01/32 | 3000000 | 2893896 |
|  |  | 17554275 |
| Gas Utilities (0.4%) | Gas Utilities (0.4%) | Gas Utilities (0.4%) |
| Atmos Energy Corp., <br>4.125%, 03/15/49 | 750000 | 600711 |
| National Fuel Gas Co., <br>4.750%, 09/01/28 | 1000000 | 1011237 |
| Washington Gas Light Co., <br>Series K, 3.796%, 09/15/46 | 1000000 | 777754 |
|  |  | 2389702 |
| Water Utilities (0.1%) | Water Utilities (0.1%) | Water Utilities (0.1%) |
| American Water Capital Corp., <br>3.750%, 09/01/47 | 1000000 | 771219 |
| **Total corporate obligations <br>(cost: $184,884,757)** |  | **179724780** |
| **Total long-term debt securities <br>(cost: $196,857,925)** |  | **191071692** |
| **Mutual Funds (64.6%)** | **Mutual Funds (64.6%)** | **Mutual Funds (64.6%)** |
| **Investment Companies (64.6%)** | **Investment Companies (64.6%)** | **Investment Companies (64.6%)** |
| iShares Core S&P 500 <br>ETF (c) (h) | 71340 | 48863620 |
| SFT Index 500 Fund <br>Class 1 (h) (i) (j) | 9974083 | 304436755 |
| SPDR S&P 500 ETF Trust (c) (h) | 34500 | 23526240 |
| Vanguard S&P 500 ETF (h) | 6700 | 4201771 |
| **Total mutual funds <br>(cost: $133,938,346)** |  | **381028386** |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Short-Term Securities (1.2%)** | **Short-Term Securities (1.2%)** | **Short-Term Securities (1.2%)** |
| **Investment Companies (1.2%)** | **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 7228210 | $7228210 |
| **Total short-term securities <br>(cost: $7,228,210)** |  | **7228210** |
| **Total investments excluding <br>purchased options (98.2%) <br>(cost: $338,024,481)** |  | **579328288** |
| **Total purchased options <br>outstanding (0.0%) <br>(cost: $790,514)** |  | **147140** |
| **Total investments in securities <br>(cost: $338,814,995) (k)** |  | **579475428** |
| **Cash and other assets in excess <br>of liabilities (1.8%)** |  | **10459198** |
| **Total net assets (100.0%)** |  | $**589934626** |

---

**Investments in Securities Legend**

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

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

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

(d) Variable rate security.

(e) In default.

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

(i) Affiliated security.

(j) Non-income producing security

(k) At December 31, 2025, the cost of investments for federal income tax purposes was $337,326,269. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $250166065 |
| Gross unrealized depreciation | (8887868) |
| **Net unrealized appreciation** | $**241278197** |

---

**Holdings of Open Futures Contracts**

On December 31, 2025, securities with an aggregate fair value of $33,618,030 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Position<br>Type** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)(a)** |
| 2 Year U.S. Treasury Note | March 2026 | 25 | Long | $5222910 | $5219726 | $(3184) |
| 5 Year U.S. Treasury Note | March 2026 | 215 | Long | 23588372 | 23500508 | (87864) |
| 10 Year U.S. Ultra | March 2026 | 110 | Long | 12740518 | 12651719 | (88799) |
| 3-Month SOFR | March 2026 | 60 | Long | 14466556 | 14472750 | 6194 |
| Ultra U.S. Treasury Bond | March 2026 | 20 | Long | 2403490 | 2360000 | (43490) |
| S&P 500 E-Mini Index Future | March 2026 | 195 | Long | 67820654 | 67201875 | (618779) |
|  |  |  |  |  | $**125406578** | $**(835922)** |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| CBOE Volatility Index | $24 | January 2026 | 2200 | $220000 | $92400 |

---

**Put Options Purchased:**

The Fund had the following put options purchased open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $6590 | January 2026 | 46 | $4600 | $54740 |

---

**Call Options Written:**

The Fund had the following call options written open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| CBOE Volatility Index | $45 | January 2026 | 2200 | $220000 | $(28600) |

---

**Put Options Written:**

The Fund had the following put options written open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $5925 | January 2026 | 46 | $4600 | $(6440) |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Long-Term Debt Securities (103.2%)** | **Long-Term Debt Securities (103.2%)** | **Long-Term Debt Securities (103.2%)** |
| **Government Obligations (64.7%)** | **Government Obligations (64.7%)** | **Government Obligations (64.7%)** |
| Other Government Obligations (0.3%) | Other Government Obligations (0.3%) | Other Government Obligations (0.3%) |
| Provincial or Local Government Obligations (0.3%) | Provincial or Local Government Obligations (0.3%) | Provincial or Local Government Obligations (0.3%) |
| Medina Valley Independent <br>School District, GO, <br>(PSF-GTD), <br>4.750%, 02/15/50 | $155000 | $157780 |
| New York City Transitional <br>Finance Authority Future <br>Tax Secured Revenue<br>Series E, 5.000%, 11/01/53 | 465000 | 477816 |
| Series F-1, 5.000%, 02/01/51 | 415000 | 424418 |
| New York State Thruway <br>Authority<br>Series B, 5.000%, 03/15/59 | 105000 | 108024 |
| Series C, 5.000%, 03/15/53 | 395000 | 405162 |
|  |  | 1573200 |
| U.S. Government Agencies and Obligations (64.4%) | U.S. Government Agencies and Obligations (64.4%) | U.S. Government Agencies and Obligations (64.4%) |
| Federal Home Loan Mortgage Corporation (10.2%) | Federal Home Loan Mortgage Corporation (10.2%) | Federal Home Loan Mortgage Corporation (10.2%) |
| 2.000%, 07/01/41 | 1338131 | 1166606 |
| 2.000%, 11/01/51 | 4353923 | 3540543 |
| 2.000%, 03/01/52 | 2446963 | 1987517 |
| 2.500%, 01/01/52 | 1500465 | 1279995 |
| 2.500%, 03/01/52 | 6553094 | 5588203 |
| 3.000%, 08/01/42 | 219586 | 203619 |
| 3.000%, 12/01/42 | 76378 | 70803 |
| 3.000%, 01/01/43 | 109057 | 101034 |
| 3.000%, 02/01/43 | 246503 | 228461 |
| 3.000%, 04/01/43 | 390116 | 361296 |
| 3.000%, 02/01/52 | 2746759 | 2456269 |
| 3.500%, 05/01/32 | 48286 | 47567 |
| 3.500%, 03/01/42 | 267542 | 257726 |
| 3.500%, 08/01/42 | 222722 | 214550 |
| 3.500%, 11/01/52 | 4531775 | 4207859 |
| 4.000%, 09/01/40 | 211926 | 208639 |
| 4.000%, 11/01/40 | 391152 | 382504 |
| 4.000%, 02/01/41 | 94536 | 92909 |
| 4.000%, 03/01/41 | 101469 | 99551 |
| 4.000%, 08/01/52 | 6061873 | 5792959 |
| 4.000%, 09/01/52 | 2594495 | 2479396 |
| 4.000%, 11/01/52 | 3023258 | 2893878 |
| 4.000%, 02/01/53 | 492879 | 470316 |
| 4.500%, 09/01/40 | 29555 | 29818 |
| 4.500%, 01/01/41 | 135358 | 136399 |
| 4.500%, 02/01/41 | 91526 | 92193 |
| 4.500%, 03/01/41 | 198957 | 200303 |
| 4.500%, 04/01/41 | 174973 | 175756 |
| 4.500%, 09/01/52 | 563969 | 553836 |
| 4.500%, 10/01/52 | 928681 | 911324 |
| 4.500%, 11/01/52 | 3703642 | 3634044 |
| 4.500%, 10/01/53 | 1203649 | 1181271 |
| 5.000%, 05/01/29 | 3963 | 3994 |
| 5.000%, 04/01/35 | 31923 | 32788 |
| 5.000%, 08/01/35 | 14481 | 14880 |
| 5.000%, 11/01/35 | 32894 | 33831 |
| 5.000%, 11/01/39 | 174194 | 179326 |
| 5.000%, 04/01/40 | 55780 | 57425 |
| 5.000%, 08/01/40 | 36558 | 37636 |
| 5.000%, 05/01/55 | 1297382 | 1295622 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| 5.500%, 05/01/34 | $| 188288 | $| 191822 |
| 5.500%, 10/01/34 |  | 54397 |  | 56510 |
| 5.500%, 07/01/35 |  | 75816 |  | 79088 |
| 5.500%, 10/01/35 |  | 81517 |  | 85106 |
| 5.500%, 12/01/38 |  | 46493 |  | 48342 |
| 6.000%, 11/01/33 |  | 93292 |  | 96123 |
| 6.500%, 09/01/32 |  | 9991 |  | 10367 |
| 6.500%, 11/01/32 |  | 8761 |  | 9092 |
| 6.500%, 06/01/36 |  | 56367 |  | 59872 |
| 7.000%, 12/01/37 |  | 19390 |  | 20362 |
|  |  |  |  | 43359330 |
| Federal National Mortgage Association (11.7%) | Federal National Mortgage Association (11.7%) | Federal National Mortgage Association (11.7%) | Federal National Mortgage Association (11.7%) | Federal National Mortgage Association (11.7%) |
| 2.000%, 04/01/51 |  | 2452020 |  | 2001613 |
| 2.000%, 11/01/51 |  | 11094537 |  | 9021888 |
| 2.000%, 02/01/52 |  | 988817 |  | 803001 |
| 2.000%, 03/01/52 |  | 2803793 |  | 2274635 |
| 2.500%, 12/01/51 |  | 2145790 |  | 1821865 |
| 2.500%, 02/01/52 |  | 490276 |  | 416931 |
| 2.500%, 03/01/52 |  | 2244580 |  | 1907092 |
| 2.500%, 04/01/52 |  | 3780878 |  | 3232424 |
| 3.000%, 09/01/42 |  | 51541 |  | 47779 |
| 3.000%, 01/01/46 |  | 47087 |  | 42945 |
| 3.000%, 01/01/52 |  | 2057236 |  | 1825907 |
| 3.000%, 04/01/52 |  | 4849811 |  | 4304807 |
| 3.000%, 05/01/52 |  | 2102526 |  | 1867363 |
| 3.000%, 06/01/52 |  | 373470 |  | 332310 |
| 3.500%, 12/01/32 |  | 42753 |  | 42081 |
| 3.500%, 11/01/40 |  | 186200 |  | 179753 |
| 3.500%, 01/01/41 |  | 204929 |  | 197956 |
| 3.500%, 02/01/41 |  | 232717 |  | 224855 |
| 3.500%, 04/01/41 |  | 110591 |  | 106670 |
| 3.500%, 11/01/41 |  | 710918 |  | 685421 |
| 3.500%, 12/01/41 |  | 143535 |  | 138298 |
| 3.500%, 05/01/42 |  | 73579 |  | 70971 |
| 3.500%, 01/01/43 |  | 155654 |  | 149404 |
| 3.500%, 02/01/43 |  | 190902 |  | 183977 |
| 3.500%, 05/01/43 |  | 625675 |  | 594043 |
| 4.000%, 12/01/40 |  | 25967 |  | 25344 |
| 4.000%, 04/01/41 |  | 414274 |  | 406082 |
| 4.000%, 09/01/41 |  | 98662 |  | 96720 |
| 4.000%, 11/01/41 |  | 68061 |  | 66652 |
| 4.000%, 06/01/42 |  | 201086 |  | 196920 |
| 4.000%, 09/01/43 |  | 122788 |  | 119331 |
| 4.000%, 06/01/52 |  | 1082056 |  | 1034054 |
| 4.500%, 05/01/35 |  | 54555 |  | 55037 |
| 4.500%, 07/01/35 |  | 129401 |  | 129191 |
| 4.500%, 09/01/37 |  | 46912 |  | 46867 |
| 4.500%, 06/01/39 |  | 56939 |  | 57309 |
| 4.500%, 04/01/41 |  | 462144 |  | 465722 |
| 4.500%, 07/01/41 |  | 343126 |  | 345450 |
| 4.500%, 07/01/47 |  | 136153 |  | 135529 |
| 4.500%, 08/01/52 |  | 4859802 |  | 4769981 |
| 4.500%, 04/01/53 |  | 826736 |  | 811624 |
| 5.000%, 11/01/33 |  | 52911 |  | 53755 |
| 5.000%, 03/01/34 |  | 39834 |  | 40935 |
| 5.000%, 05/01/34 |  | 9852 |  | 10023 |
| 5.000%, 12/01/34 |  | 53144 |  | 53685 |
| 5.000%, 07/01/35 |  | 49633 |  | 50429 |
| 5.000%, 08/01/35 |  | 22624 |  | 23233 |
| 5.000%, 03/01/38 |  | 21239 |  | 21850 |
| 5.000%, 04/01/38 |  | 46354 |  | 47469 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| 5.000%, 06/01/39 | $41115 | $42288 |
| 5.000%, 12/01/39 | 131168 | 135032 |
| 5.000%, 06/01/40 | 17125 | 17630 |
| 5.000%, 04/01/41 | 160544 | 165277 |
| 5.000%, 05/01/53 | 2010791 | 2018016 |
| 5.000%, 11/01/53 | 1852852 | 1856262 |
| 5.500%, 04/01/33 | 194928 | 198336 |
| 5.500%, 05/01/33 | 2311 | 2364 |
| 5.500%, 12/01/33 | 18687 | 19158 |
| 5.500%, 01/01/34 | 38100 | 39096 |
| 5.500%, 02/01/34 | 38058 | 38619 |
| 5.500%, 03/01/34 | 42114 | 42724 |
| 5.500%, 04/01/34 | 34807 | 35390 |
| 5.500%, 05/01/34 | 1101 | 1117 |
| 5.500%, 09/01/34 | 51259 | 53126 |
| 5.500%, 10/01/34 | 16815 | 17254 |
| 5.500%, 01/01/35 | 27045 | 28167 |
| 5.500%, 02/01/35 | 63215 | 64227 |
| 5.500%, 04/01/35 | 60944 | 63427 |
| 5.500%, 06/01/35 | 2754 | 2854 |
| 5.500%, 08/01/35 | 39075 | 39750 |
| 5.500%, 10/01/35 | 84016 | 87541 |
| 5.500%, 11/01/35 | 18446 | 19292 |
| 5.500%, 09/01/36 | 35494 | 36506 |
| 5.500%, 12/01/39 | 23826 | 24840 |
| 5.500%, 07/01/53 | 1200657 | 1221996 |
| 5.500%, 09/01/53 | 853831 | 868415 |
| 6.000%, 09/01/32 | 3535 | 3698 |
| 6.000%, 10/01/32 | 112795 | 115750 |
| 6.000%, 11/01/32 | 139949 | 146922 |
| 6.000%, 03/01/33 | 91745 | 94195 |
| 6.000%, 12/01/33 | 43644 | 45152 |
| 6.000%, 08/01/34 | 8752 | 9109 |
| 6.000%, 09/01/34 | 8311 | 8748 |
| 6.000%, 11/01/34 | 4593 | 4713 |
| 6.000%, 12/01/34 | 32158 | 33522 |
| 6.000%, 11/01/36 | 4503 | 4750 |
| 6.000%, 01/01/37 | 62002 | 65593 |
| 6.000%, 08/01/37 | 31602 | 33335 |
| 6.000%, 10/01/38 | 43335 | 45845 |
| 6.500%, 12/01/31 | 9477 | 9833 |
| 6.500%, 02/01/32 | 61951 | 64281 |
| 6.500%, 04/01/32 | 31314 | 32843 |
| 6.500%, 05/01/32 | 6183 | 6415 |
| 6.500%, 07/01/32 | 37072 | 38466 |
| 6.500%, 08/01/32 | 31848 | 33046 |
| 6.500%, 09/01/32 | 20719 | 21498 |
| 6.500%, 10/01/32 | 24980 | 25920 |
| 6.500%, 09/01/34 | 1609 | 1692 |
| 6.500%, 11/01/34 | 1988 | 2105 |
| 6.500%, 03/01/35 | 22979 | 24075 |
| 6.500%, 09/01/37 | 39093 | 41407 |
| 6.500%, 11/01/37 | 16997 | 18040 |
| 7.000%, 07/01/31 | 16945 | 17795 |
| 7.000%, 09/01/31 | 50590 | 53125 |
| 7.000%, 11/01/31 | 35897 | 37696 |
| 7.000%, 02/01/32 | 21484 | 22562 |
| 7.000%, 03/01/32 | 2587 | 2717 |
| 7.000%, 07/01/32 | 12724 | 13362 |
| 7.500%, 04/01/31 | 8793 | 8920 |
| 7.500%, 05/01/31 | 2825 | 2861 |
|  |  | 49765876 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Government National Mortgage Association (7.1%) | Government National Mortgage Association (7.1%) | Government National Mortgage Association (7.1%) |
| 3.000%, 03/15/45 | $336103 | $304480 |
| 3.000%, 04/15/45 | 574786 | 520702 |
| 3.000%, 05/15/45 | 29565 | 26783 |
| 3.250%, 04/20/33 | 48204 | 46743 |
| 3.250%, 03/20/35 | 488164 | 470168 |
| 3.250%, 11/20/35 | 272291 | 261420 |
| 3.250%, 01/20/36 | 490084 | 470893 |
| 3.500%, 11/15/40 | 41129 | 38558 |
| 3.500%, 04/20/46 | 174808 | 160477 |
| 3.750%, 03/20/46 | 537349 | 503310 |
| 4.000%, 07/20/31 | 103120 | 102879 |
| 4.000%, 04/20/39 | 96963 | 92947 |
| 4.000%, 12/20/40 | 267618 | 258807 |
| 4.000%, 01/15/41 | 14563 | 14142 |
| 4.000%, 02/15/41 | 115588 | 111423 |
| 4.000%, 10/15/41 | 79192 | 76777 |
| 4.000%, 12/20/44 | 34342 | 33210 |
| 4.000%, 10/20/52 | 1272616 | 1210935 |
| 4.000%, 12/20/52 | 1577161 | 1502671 |
| 4.500%, 06/15/40 | 79110 | 79145 |
| 4.500%, 10/20/52 | 1976913 | 1942729 |
| 4.500%, 10/20/54 | 2116444 | 2066738 |
| 4.500%, 11/20/54 | 1161709 | 1134425 |
| 5.000%, 05/15/33 | 18175 | 18432 |
| 5.000%, 12/15/39 | 31679 | 32331 |
| 5.000%, 01/15/40 | 256673 | 261847 |
| 5.000%, 07/15/40 | 63990 | 65241 |
| 5.500%, 07/15/38 | 79369 | 82965 |
| 5.500%, 10/15/38 | 91195 | 95004 |
| 5.500%, 06/20/53 | 1102335 | 1120157 |
| 1.000%, 12/20/42 | 30333 | 26000 |
| 3.000%, 11/16/44 | 520098 | 476646 |
| 3.500%, 01/20/49 | 475000 | 433155 |
| 3.500%, 01/15/55, TBA (b) | 5275000 | 4806079 |
| 4.000%, 01/15/55, TBA (b) | 2250000 | 2125717 |
| 4.500%, 01/22/56, TBA (b) | 2200000 | 2145775 |
| 5.000%, 01/15/55, TBA (b) | 5100000 | 5091764 |
| 5.500%, 01/15/55, TBA (b) | 2125000 | 2146389 |
|  |  | 30357864 |
| U.S. Treasury (29.8%) | U.S. Treasury (29.8%) | U.S. Treasury (29.8%) |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.625%, 11/15/45 | 11300000 | 11082828 |
| 4.625%, 11/15/55 | 19266000 | 18642865 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.375%, 12/31/27 | 9730000 | 9712516 |
| 3.500%, 12/15/28 | 10130000 | 10122086 |
| 3.500%, 11/30/30 | 10153000 | 10060195 |
| 3.625%, 12/31/30 | 46230000 | 46056638 |
| 3.875%, 12/31/32 | 11995000 | 11961264 |
| 4.000%, 11/15/35 | 8946000 | 8836971 |
|  |  | 126475363 |
| Uniform Mortgage-Backed Security (5.6%) | Uniform Mortgage-Backed Security (5.6%) | Uniform Mortgage-Backed Security (5.6%) |
| Uniform Mortgage-Backed Security, | Uniform Mortgage-Backed Security, | Uniform Mortgage-Backed Security, |
| 2.000%, 01/15/55, TBA (b) | 2725000 | 2205860 |
| 2.500%, 01/15/55, TBA (b) | 4900000 | 4151219 |
| 3.000%, 01/14/56, TBA (b) | 4575000 | 4054598 |
| 3.500%, 01/14/56, TBA (b) | 1225000 | 1134637 |
| 3.500%, 02/15/56, TBA (b) | 3300000 | 3046259 |
| 4.000%, 01/14/56, TBA (b) | 2275000 | 2160614 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| 4.500%, 01/15/55, TBA (b) | $| 2625000 | $| 2565557 |
| 5.000%, 01/15/55, TBA (b) |  | 2150000 |  | 2146397 |
| 5.500%, 01/15/55, TBA (b) |  | 2125000 |  | 2156037 |
|  |  |  |  | 23621178 |
| **Total government obligations<br> (cost: $278,118,927)** |  |  |  | **275152811** |
| **Asset-Backed Securities (9.6%)** | **Asset-Backed Securities (9.6%)** | **Asset-Backed Securities (9.6%)** | **Asset-Backed Securities (9.6%)** | **Asset-Backed Securities (9.6%)** |
| Aligned Data Centers <br>Issuer LLC, <br>Series 2021-1A, Class A2, <br>1.937%, 08/15/46 (c) |  | 630000 |  | 618715 |
| Allegro CLO X Ltd., <br>Series 2019-1A, Class ARR, <br>5.014%, 04/20/32 <br>(3-Month USD TERM <br>SOFR + 1.130%) (c) (d) |  | 427141 |  | 427023 |
| AMMC CLO 28 Ltd., <br>Series 2024-28A, Class A1A, <br>5.434%, 07/20/37 <br>(3-Month USD TERM <br>SOFR + 1.550%) (c) (d) |  | 1000000 |  | 1001240 |
| Arbour CLO VII DAC, <br>Series 7A, Class B1R, <br>4.150%, 12/15/38 <br>(3-Month EUR <br>EURIBOR + 2.050%) (c) (d) |  | 1350000 |  | 1585305 |
| ARES XXVII CLO Ltd., <br>Series 2013-2A, <br>Class BR3, 5.509%, 10/28/34 <br>(3-Month USD TERM <br>SOFR + 1.650%) (c) (d) |  | 1080000 |  | 1080714 |
| Bain Capital Credit CLO Ltd., <br>Series 2021-6A, Class A1R, <br>4.960%, 10/21/34 <br>(3-Month USD TERM <br>SOFR + 1.090%) (c) (d) |  | 1200000 |  | 1199669 |
| Bear Stearns Asset-Backed <br>Securities Trust, <br>Series 2004-HE1, Class M1, <br>4.821%, 02/25/34 <br>(1-Month USD TERM <br>SOFR + 1.089%) (d) |  | 253651 |  | 260569 |
| BlueMountain CLO Ltd., <br>Series 2018-3A, <br>Class BR, 5.708%, 10/25/30 <br>(3-Month USD TERM <br>SOFR + 1.850%) (c) (d) |  | 1200000 |  | 1201956 |
| Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
| Series 2002-3, <br>Class 2A1, 4.486%, 08/25/32 <br>(1-Month USD TERM <br>SOFR + 0.754%) (d) |  | 72011 |  | 71592 |
| Series 2003-2, Class 2A2, <br>4.406%, 02/25/33 <br>(1-Month USD TERM <br>SOFR + 0.674%) (d) |  | 68008 |  | 67767 |
| CIFC Funding Ltd.<br>Series 2014-4RA, Class A1A2,<br> 4.872%, 01/17/35 <br>(3-Month USD TERM <br>SOFR + 0.990%) (c) (d) |  | 1070000 |  | 1070750 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Series 2022-3A, Class A, <br>5.280%, 04/21/35 <br>(3-Month USD TERM <br>SOFR + 1.410%) (c) (d) | $1250000 | $1251660 |
| Cologix Data Centers U.S. <br>Issuer LLC, <br>Series 2021-1A, Class A2, <br>3.300%, 12/26/51 (c) | 1035000 | 1017238 |
| Commonbond Student <br>Loan Trust<br>Series 2017-AGS, Class C, <br>5.280%, 05/25/41 (c) | 18377 | 16995 |
| Series 2018-AGS, Class A1, <br>3.210%, 02/25/44 (c) | 358613 | 341727 |
| Series 2018-AGS, Class A2, <br>4.346%, 02/25/44 <br>(1-Month USD TERM <br>SOFR + 0.614%) (c) (d) | 58587 | 57984 |
| Series 2019-AGS, Class A1, <br>2.540%, 01/25/47 (c) | 781707 | 718482 |
| Series 2021-AGS, Class A, <br>1.200%, 03/25/52 (c) | 330015 | 282321 |
| Consolidated Communications <br>LLC/Fidium Fiber Finance <br>Holdco LLC, Series 2025-1A, <br>Class A2, <br>6.000%, 05/20/55 (c) | 385000 | 394042 |
| Contego CLO IV DAC, <br>Series 4A, Class B1RR, <br>4.047%, 10/23/39 <br>(3-Month EUR <br>EURIBOR + 2.050%) (c) (d) | 1000000 | 1174451 |
| Dryden 45 Senior Loan Fund, <br>Series 2016-45A, Class BRR, <br>5.555%, 10/15/30 <br>(3-Month USD TERM <br>SOFR + 1.650%) (c) (d) | 1100000 | 1101964 |
| FIGRE Trust<br>Series 2025-HE3, Class A, <br>5.560%, 05/25/55 (c) (d) | 1369728 | 1384787 |
| Series 2025-HE7, Class A, <br>5.150%, 11/25/55 (c) (d) | 1028070 | 1031300 |
| FirstKey Homes Trust, <br>Series 2021-SFR1, Class F2, <br>3.452%, 08/17/38 (c) | 1050000 | 1036771 |
| Flexential Issuer LLC, <br>Series 2021-1A, Class A2, <br>3.250%, 11/27/51 (c) | 203429 | 200485 |
| FRTKL Group, Inc., <br>Series 2021-SFR1, Class G, 4.<br>105%, 09/17/38 (c) | 1250000 | 1221583 |
| Home Partners of America <br>Trust, Series 2021-1, Class A, <br>1.698%, 09/17/41 (c) | 1469680 | 1339419 |
| ICG U.S. CLO Ltd., <br>Series 2016-1A, Class A2R3, <br>5.443%, 04/29/34 <br>(3-Month USD TERM <br>SOFR + 1.600%) (c) (d) | 1100000 | 1100055 |
| Navient Private Education <br>Refi Loan Trust<br>Series 2020-HA, Class A, <br>1.310%, 01/15/69 (c) | 320822 | 303684 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Series 2021-BA, Class A, <br>0.940%, 07/15/69 (c) | $865396 | $793073 |
| Series 2021-FA, Class A, <br>1.110%, 02/18/70 (c) | 901648 | 804253 |
| Series 2022-A, Class A, <br>2.230%, 07/15/70 (c) | 1045321 | 958162 |
| Neuberger Berman Loan <br>Advisers Lasalle Street <br>Lending CLO I Ltd., <br>Series 2023-1A, Class BR, <br>5.590%, 10/25/36 <br>(3-Month USD TERM <br>SOFR + 1.700%) (c) (d) | 1200000 | 1201145 |
| Oxford Finance Funding <br>Trust LLC, Series 2025-1A, <br>Class A2, <br>5.413%, 02/15/35 (c) | 730000 | 732522 |
| Park Avenue Institutional <br>Advisers CLO Ltd., <br>Series 2017-1A, Class A2R2, <br>5.403%, 02/14/34 <br>(3-Month USD TERM <br>SOFR + 1.550%) (c) (d) | 1000000 | 999700 |
| Penta CLO 21 DAC, <br>Series 2025-21A, Class B, <br>02/16/39 (3-Month EUR <br>EURIBOR + 1.900%) (b) (c) (d) | 1000000 | 1174451 |
| Progress Residential Trust<br>Series 2021-SFR7, Class D, <br>2.341%, 08/17/40 (c) | 1525000 | 1432325 |
| Series 2021-SFR8, Class F, <br>3.181%, 10/17/38 (c) | 2000000 | 1969656 |
| Regatta 32 Funding Ltd., <br>Series 2025-4A, Class A1, <br>5.442%, 07/25/38 <br>(3-Month USD TERM <br>SOFR + 1.340%) (c) (d) | 1100000 | 1103250 |
| Rockford Tower CLO Ltd.<br>Series 2019-2A, Class AR2, <br>5.019%, 08/20/32 <br>(3-Month USD TERM <br>SOFR + 1.130%) (c) (d) | 746218 | 746381 |
| Series 2021-2A, Class BR, <br>5.584%, 07/20/34 <br>(3-Month USD TERM <br>SOFR + 1.700%) (c) (d) | 1070000 | 1070656 |
| Series 2022-1A, Class BR, <br>5.584%, 07/20/35 <br>(3-Month USD TERM <br>SOFR + 1.700%) (c) (d) | 1100000 | 1100965 |
| Saxon Asset Securities Trust, <br>Series 2004-1, Class A, <br>1.432%, 03/25/35 <br>(1-Month USD TERM <br>SOFR + 0.654%) (d) | 154523 | 138201 |
| SoFi Professional Loan <br>Program LLC, <br>Series 2021-B, Class AFX, <br>1.140%, 02/15/47 (c) | 1215454 | 1065344 |
| Symphony CLO XX Ltd., <br>Series 2018-20A, Class AR2, <br>4.994%, 01/16/32 <br>(3-Month USD TERM <br>SOFR + 1.100%) (c) (d) | 260561 | 260704 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| TIAA CLO IV Ltd., <br>Series 2018-1A, Class A1AR, <br>5.024%, 01/20/32 <br>(3-Month USD TERM <br>SOFR + 1.140%) (c) (d) | $| 373498 | $| 373433 |
| Tricon American Homes Trust, <br>Series 2020-SFR2, Class B, <br>1.832%, 11/17/39 (c) |  | 975000 |  | 926873 |
| Vista Point Securitization <br>Trust, Series 2024-CES3, <br>Class A1, <br>5.679%, 01/25/55 (c) (d) |  | 1243799 |  | 1250154 |
| **Total asset-backed securities <br>(cost: $40,830,528)** |  |  |  | **40661496** |
| **Other Mortgage-Backed Securities (10.5%)** | **Other Mortgage-Backed Securities (10.5%)** | **Other Mortgage-Backed Securities (10.5%)** | **Other Mortgage-Backed Securities (10.5%)** | **Other Mortgage-Backed Securities (10.5%)** |
| Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (7.4%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (7.4%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (7.4%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (7.4%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (7.4%) |
| Agate Bay Mortgage Trust, <br>Series 2015-1, Class B2, <br>3.615%, 01/25/45 (c) (d) |  | 31712 |  | 31204 |
| Bear Stearns Mortgage <br>Securities, Inc., Series 1996-6, <br>Class B2, 8.000%, 11/25/29 |  | 7935 |  | 2762 |
| CIM Trust<br>Series 2021-R3, Class A1, <br>1.951%, 06/25/57 (c) (d) |  | 1385272 |  | 1271546 |
| Series 2023-R3, Class A1A, <br>4.500%, 01/25/63 (c) (d) |  | 1309396 |  | 1292416 |
| Citigroup Mortgage Loan <br>Trust, Inc.<br>Series 2018-RP1, Class A1, <br>3.000%, 09/25/64 (c) (d) |  | 39304 |  | 38805 |
| Series 2021-INV1, Class <br>A7A, 2.500%, 05/25/51 (c) (d) |  | 1520892 |  | 1372760 |
| Cross Mortgage Trust, <br>Series 2025-H10, Class A1, <br>4.968%, 01/25/71 (c) (d) |  | 680000 |  | 679964 |
| CSMC Trust<br>Series 2013-6, Class B4, <br>3.444%, 08/25/43 (c) (d) |  | 382367 |  | 337550 |
| Series 2017-HL1, Class A12, <br>3.500%, 06/25/47 (c) (d) |  | 687915 |  | 631624 |
| FARM Mortgage Trust, <br>Series 2021-1, Class A, <br>2.180%, 01/25/51 (c) (d) |  | 1314638 |  | 1067523 |
| Federal Home Loan Mortgage <br>Corp. Seasoned Credit Risk <br>Transfer Trust<br>Series 2017-2, Class M1, <br>4.000%, 08/25/56 (c) (d) |  | 4998 |  | 4980 |
| Series 2021-3, Class TT, <br>2.000%, 03/25/61 |  | 773689 |  | 708505 |
| Federal Home Loan Mortgage <br>Corp. STACR Debt Notes, <br>Series 2017-DNA2, <br>Class M2R, 4.939%, <br>10/25/29 (30 day USD <br>SOFR Average + 1.064%) (d) |  | 183463 |  | 182857 |
| Federal Home Loan <br>Mortgage Corp. Whole Loan <br>Securities Trust<br>Series 2015-SC01, Class 1A, <br>3.500%, 05/25/45 |  | 135290 |  | 123373 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Series 2016-SC02, Class 1A, <br>3.000%, 10/25/46 | $36602 | $31885 |
| Federal National Mortgage <br>Association Connecticut <br>Avenue Securities Trust, <br>Series 2016-C05, Class 2M2, <br>8.439%, 01/25/29 <br>(30 day USD SOFR <br>Average + 4.564%) (d) | 259957 | 263372 |
| Federal National Mortgage <br>Association REMICS, <br>Series 2004-33, Class AL, <br>4.500%, 05/25/34 | 537000 | 540150 |
| Flagstar Mortgage Trust<br>Series 2021-5INV, Class A5, <br>2.500%, 07/25/51 (c) (d) | 1828828 | 1654890 |
| Series 2021-6INV, Class A6, <br>2.500%, 08/25/51 (c) (d) | 1658716 | 1498259 |
| GS Mortgage-Backed <br>Securities Trust, <br>Series 2014-EB1A, Class B4, <br>6.537%, 07/25/44 (c) (d) | 2110021 | 2080912 |
| JP Morgan Mortgage Trust<br>Series 2014-2, Class B1, <br>3.370%, 06/25/29 (c) (d) | 85169 | 83188 |
| Series 2015-6, Class B4, <br>3.513%, 10/25/45 (c) (d) | 1375000 | 1044175 |
| Series 2016-3, Class B3, <br>3.306%, 10/25/46 (c) (d) | 108406 | 105126 |
| Series 2017-2, Class B4, <br>3.652%, 05/25/47 (c) (d) | 2264876 | 2102957 |
| Series 2021-13, Class A4, <br>2.500%, 04/25/52 (c) (d) | 2841715 | 2569067 |
| Series 2021-4, Class A5, <br>2.500%, 08/25/51 (c) (d) | 2400000 | 1684449 |
| Luminent Mortgage Trust, <br>Series 2005-1, Class A1, <br>4.366%, 11/25/35 <br>(1-Month USD TERM <br>SOFR + 0.634%) (d) | 1015554 | 989674 |
| Mellon Residential Funding <br>Corp. Mortgage <br>Pass-Through Trust, <br>Series 1998-2, Class B1, <br>6.750%, 06/25/28 | 196 | 195 |
| OBX Trust, <br>Series 2022-NQM2, Class A1, <br>2.990%, 01/25/62 (c) (d) | 1699219 | 1636194 |
| PMT Loan Trust, <br>Series 2024-INV1, Class A3, <br>5.500%, 10/25/59 (c) (d) | 1161593 | 1171893 |
| PRKCM Trust, <br>Series 2021-AFC2, Class A1, <br>2.071%, 11/25/56 (c) (d) | 886271 | 794591 |
| Sequoia Mortgage Trust<br>Series 2013-8, Class B4, <br>3.481%, 06/25/43 (d) | 441116 | 350633 |
| Series 2015-1, Class B2, <br>3.937%, 01/25/45 (c) (d) | 82312 | 80605 |
| Series 2015-3, Class B1, <br>3.726%, 07/25/45 (c) (d) | 106714 | 105227 |
| Series 2015-4, Class B2, <br>3.090%, 11/25/30 (c) (d) | 20585 | 19798 |
| Series 2017-1, Class B3, <br>3.605%, 02/25/47 (c) (d) | 783724 | 651485 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Shellpoint Co-Originator Trust, <br>Series 2017-1, Class B4, <br>3.575%, 04/25/47 (c) (d) | $| 1058763 | $| 752178 |
| Starwood Mortgage <br>Residential Trust<br>Series 2021-3, Class A1, <br>1.127%, 06/25/56 (c) (d) |  | 588680 |  | 522553 |
| Series 2021-6, Class A1, <br>1.920%, 11/25/66 (c) (d) |  | 1050527 |  | 933609 |
| Structured Asset Mortgage <br>Investments, Inc.<br>Series 1998-2, Class B, <br>6.750%, 05/02/30 (d) |  | 5571 |  | 72 |
| Series 1998-2, Class C, <br>6.750%, 05/02/30 (d) |  | 3606 |  | 255 |
| Towd Point Mortgage Trust, <br>Series 2018-4, Class A1, <br>3.000%, 06/25/58 (c) (d) |  | 1263293 |  | 1204835 |
| WinWater Mortgage Loan Trust, <br>Series 2015-4, Class B3, <br>3.699%, 06/20/45 (c) (d) |  | 993138 |  | 938816 |
|  |  |  |  | 31556912 |
| Commercial Mortgage-Backed Securities (3.1%) | Commercial Mortgage-Backed Securities (3.1%) | Commercial Mortgage-Backed Securities (3.1%) | Commercial Mortgage-Backed Securities (3.1%) | Commercial Mortgage-Backed Securities (3.1%) |
| BAMLL Commercial <br>Mortgage Securities Trust, <br>Series 2014-520M, Class A, <br>4.185%, 08/15/46 (c) (d) |  | 1350000 |  | 1220253 |
| BX Commercial <br>Mortgage Trust, <br>Series 2025-JDI, Class C, <br>5.500%, 11/15/42 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) |  | 635000 |  | 636379 |
| BX Trust, <br>Series 2023-LIFE, Class A, <br>5.045%, 02/15/28 (c) |  | 900000 |  | 892595 |
| CRSNT Trust, <br>Series 2021-MOON, <br>Class A, 4.695%, 04/15/36 <br>(1-Month USD TERM <br>SOFR + 0.934%) (c) (d) |  | 1070000 |  | 1062844 |
| Hudson Yards Mortgage Trust<br>Series 2025-SPRL, Class A, <br>5.467%, 01/13/40 (c) (d) |  | 430000 |  | 446113 |
| Series 2025-SPRL, Class B, <br>5.758%, 01/13/40 (c) (d) |  | 430000 |  | 445201 |
| JP Morgan Chase Commercial <br>Mortgage Securities Trust, <br>Series 2017-JP5, Class A5, <br>3.723%, 03/15/50 |  | 1000000 |  | 994170 |
| UBS Commercial <br>Mortgage Trust<br>Series 2017-C1, Class AS, <br>3.724%, 06/15/50 |  | 2750000 |  | 2698305 |
| Series 2017-C6, Class A5, <br>3.580%, 12/15/50 |  | 3500000 |  | 3442952 |
| Series 2017-C7, Class AS, <br>4.061%, 12/15/50 (d) |  | 1505000 |  | 1473749 |
|  |  |  |  | 13312561 |
| **Total other mortgage-backed securities <br>(cost: $48,281,055)** |  |  |  | **44869473** |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Corporate Obligations (15.7%)** | **Corporate Obligations (15.7%)** | **Corporate Obligations (15.7%)** |
| **Basic Materials (0.3%)** | **Basic Materials (0.3%)** | **Basic Materials (0.3%)** |
| Chemicals (0.3%) | Chemicals (0.3%) | Chemicals (0.3%) |
| International Flavors & <br>Fragrances, Inc., <br>2.300%, 11/01/30 (c) | $1205000 | $1088541 |
| **Communications (1.5%)** | **Communications (1.5%)** | **Communications (1.5%)** |
| Internet & Telecom (0.4%) | Internet & Telecom (0.4%) | Internet & Telecom (0.4%) |
| Getty Images, Inc., <br>10.500%, 11/15/30 (c) | 70000 | 70578 |
| ION Platform Finance <br>U.S., Inc./ION Platform <br>Finance SARL, <br>8.750%, 05/01/29 (c) | 200000 | 202622 |
| Meta Platforms, Inc.<br>4.875%, 11/15/35 | 375000 | 375128 |
| 5.625%, 11/15/55 | 1185000 | 1139599 |
|  |  | 1787927 |
| Media (0.8%) | Media (0.8%) | Media (0.8%) |
| CCO Holdings LLC/CCO <br>Holdings Capital Corp., <br>4.250%, 01/15/34 (c) | 37000 | 31460 |
| Charter Communications <br>Operating LLC/Charter <br>Communications Operating <br>Capital<br>2.800%, 04/01/31 | 1130000 | 1017759 |
| 3.500%, 03/01/42 | 280000 | 194852 |
| 4.800%, 03/01/50 | 315000 | 237461 |
| CSC Holdings LLC<br>5.750%, 01/15/30 (c) | 112000 | 41402 |
| 6.500%, 02/01/29 (c) | 547000 | 362369 |
| 11.750%, 01/31/29 (c) | 405000 | 300997 |
| Scripps Escrow II, Inc., <br>3.875%, 01/15/29 (c) | 25000 | 23003 |
| Time Warner Cable LLC, <br>5.500%, 09/01/41 | 145000 | 127574 |
| Virgin Media Vendor <br>Financing Notes III DAC, <br>4.875%, 07/15/28 | 295000 | 386293 |
| VZ Secured Financing BV, <br>5.000%, 01/15/32 (c) | 535000 | 486045 |
|  |  | 3209215 |
| Software (0.0%) | Software (0.0%) | Software (0.0%) |
| Alphabet, Inc., <br>3.500%, 11/06/38 | 165000 | 187315 |
| Telecommunication (0.3%) | Telecommunication (0.3%) | Telecommunication (0.3%) |
| Altice Financing SA, <br>9.625%, 07/15/27 (c) | 172000 | 132440 |
| Altice France SA<br>6.500%, 04/15/32 (c) | 11197 | 10734 |
| 9.500%, 11/01/29 (c) | 8351 | 8592 |
| Crown Castle Towers LLC, <br>4.241%, 07/15/48 (c) | 625000 | 623125 |
| Sprint Spectrum Co. LLC/<br>Sprint Spectrum Co. II LLC/<br>Sprint Spectrum Co. III LLC, <br>5.152%, 09/20/29 (c) | 225000 | 226956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Zayo Group Holdings, Inc., <br>9.250%, 03/09/30 (c) | $| 45031 | $ | 42780 |
|  |  |  |  | 1044627 |
| **Consumer Cyclical (0.8%)** | **Consumer Cyclical (0.8%)** | **Consumer Cyclical (0.8%)** | **Consumer Cyclical (0.8%)** | **Consumer Cyclical (0.8%)** |
| Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) |
| Volkswagen Group of <br>America Finance LLC<br>5.650%, 03/25/32 (c) |  | 700000 |  | 727443 |
| 5.800%, 03/27/35 (c) |  | 100000 |  | 103675 |
| Volkswagen International <br>Finance NV, <br>7.875%, 09/06/32 (9 year <br>EUR Swap + 4.783%) (d) |  | 100000 |  | 135353 |
|  |  |  |  | 966471 |
| Entertainment (0.1%) | Entertainment (0.1%) | Entertainment (0.1%) | Entertainment (0.1%) | Entertainment (0.1%) |
| Flutter Treasury DAC, <br>6.125%, 06/04/31 |  | 110000 |  | 148989 |
| Great Canadian Gaming <br>Corp./Raptor LLC, <br>8.750%, 11/15/29 (c) |  | 46000 |  | 46467 |
| Ontario Gaming GTA LP/OTG <br>Co-Issuer, Inc., <br>8.000%, 08/01/30 (c) |  | 24000 |  | 22757 |
| Voyager Parent LLC, <br>9.250%, 07/01/32 (c) |  | 48000 |  | 50930 |
| Warnermedia Holdings, Inc.<br>5.050%, 03/15/42 |  | 10000 |  | 7060 |
| 5.141%, 03/15/52 |  | 122000 |  | 80380 |
|  |  |  |  | 356583 |
| Lodging-Hotel (0.1%) | Lodging-Hotel (0.1%) | Lodging-Hotel (0.1%) | Lodging-Hotel (0.1%) | Lodging-Hotel (0.1%) |
| Las Vegas Sands Corp., <br>6.000%, 06/14/30 |  | 425000 |  | 445823 |
| Passenger Airlines (0.1%) | Passenger Airlines (0.1%) | Passenger Airlines (0.1%) | Passenger Airlines (0.1%) | Passenger Airlines (0.1%) |
| JetBlue Pass-Through Trust, <br>Series 2020-1, Class A, <br>4.000%, 05/15/34 |  | 578621 |  | 551311 |
| Retail (0.3%) | Retail (0.3%) | Retail (0.3%) | Retail (0.3%) | Retail (0.3%) |
| BCPE Flavor Debt Merger <br>Sub LLC & BCPE Flavor <br>Issuer, Inc., <br>9.500%, 07/01/32 (c) |  | 65000 |  | 62117 |
| Ferrellgas LP/Ferrellgas <br>Finance Corp.<br>5.875%, 04/01/29 (c) |  | 281000 |  | 270014 |
| 9.250%, 01/15/31 (c) |  | 140000 |  | 144191 |
| Michaels Cos., Inc.<br>5.250%, 05/01/28 (c) |  | 396000 |  | 380698 |
| 7.875%, 05/01/29 (c) |  | 106000 |  | 97859 |
| Papa John's International, <br>Inc., 3.875%, 09/15/29 (c) |  | 225000 |  | 213401 |
| Suburban Propane Partners <br>LP/Suburban Energy <br>Finance Corp., <br>6.500%, 12/15/35 (c) |  | 135000 |  | 135048 |
|  |  |  |  | 1303328 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Consumer, Non-cyclical (3.1%)** | **Consumer, Non-cyclical (3.1%)** | **Consumer, Non-cyclical (3.1%)** |
| Agricultural Products (0.3%) | Agricultural Products (0.3%) | Agricultural Products (0.3%) |
| Imperial Brands Finance PLC<br>3.875%, 07/26/29 (c) | $30000 | $29432 |
| 6.125%, 07/27/27 (c) | 470000 | 483834 |
| Japan Tobacco, Inc., <br>5.250%, 06/15/30 (c) | 635000 | 659615 |
|  |  | 1172881 |
| Beverages (0.3%) | Beverages (0.3%) | Beverages (0.3%) |
| Constellation Brands, Inc., <br>2.250%, 08/01/31 | 755000 | 670543 |
| Diageo Investment Corp., <br>5.625%, 04/15/35 | 635000 | 672984 |
|  |  | 1343527 |
| Biotechnology (0.0%) | Biotechnology (0.0%) | Biotechnology (0.0%) |
| Amgen, Inc., 5.650%, 03/02/53 | 110000 | 108175 |
| Commercial Services (0.0%) | Commercial Services (0.0%) | Commercial Services (0.0%) |
| Grand Canyon University, <br>5.125%, 10/01/28 | 70000 | 69447 |
| Upbound Group, Inc., <br>6.375%, 02/15/29 (c) | 75000 | 74057 |
| VT Topco, Inc., <br>8.500%, 08/15/30 (c) | 60000 | 62659 |
|  |  | 206163 |
| Food Products (0.3%) | Food Products (0.3%) | Food Products (0.3%) |
| Pilgrim's Pride Corp.<br>3.500%, 03/01/32 | 1320000 | 1221614 |
| 6.875%, 05/15/34 | 165000 | 182992 |
|  |  | 1404606 |
| Health Care Equipment & Supplies (0.1%) | Health Care Equipment & Supplies (0.1%) | Health Care Equipment & Supplies (0.1%) |
| Sartorius Finance BV, <br>4.875%, 09/14/35 | 200000 | 248225 |
| Health Care Providers & Services (1.4%) | Health Care Providers & Services (1.4%) | Health Care Providers & Services (1.4%) |
| Centene Corp.<br>2.500%, 03/01/31 | 220000 | 189933 |
| 3.000%, 10/15/30 | 757000 | 677165 |
| Cigna Group, 5.250%, 01/15/36 | 640000 | 653007 |
| CommonSpirit Health, <br>4.350%, 11/01/42 | 405000 | 351639 |
| Elevance Health, Inc.<br>5.000%, 01/15/36 | 445000 | 443225 |
| 5.375%, 06/15/34 | 275000 | 284634 |
| Humana, Inc., <br>5.550%, 05/01/35 | 645000 | 659998 |
| IQVIA, Inc., 5.700%, 05/15/28 | 825000 | 851235 |
| Kedrion SpA, <br>6.500%, 09/01/29 (c) | 305000 | 299366 |
| Molina Healthcare, Inc., <br>6.250%, 01/15/33 (c) | 40000 | 40779 |
| Sinai Health System, <br>3.034%, 01/20/36 | 935000 | 882448 |
| UnitedHealth Group, Inc., <br>5.625%, 07/15/54 | 425000 | 418352 |
|  |  | 5751781 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Household Products (0.0%) | Household Products (0.0%) | Household Products (0.0%) |
| Spectrum Brands, Inc., <br>3.875%, 03/15/31 (c) | $61000 | $49820 |
| Pharmaceuticals (0.7%) | Pharmaceuticals (0.7%) | Pharmaceuticals (0.7%) |
| 1261229 BC Ltd., <br>10.000%, 04/15/32 (c) | 165000 | 171650 |
| Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
| 4.375%, 12/15/28 (c) | 1180000 | 1181386 |
| 4.400%, 07/15/44 (c) | 1000000 | 809576 |
| CVS Health Corp.<br>4.780%, 03/25/38 | 90000 | 85216 |
| 7.000%, 03/10/55 <br>(5 year CMT + 2.886%) (d) | 240000 | 251771 |
| Grifols SA, 7.500%, 05/01/30 | 328000 | 404599 |
|  |  | 2904198 |
| **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |
| Oil & Gas (0.2%) | Oil & Gas (0.2%) | Oil & Gas (0.2%) |
| Ecopetrol SA<br>8.375%, 01/19/36 | 100000 | 102862 |
| 8.875%, 01/13/33 | 40000 | 42571 |
| KazMunayGas National Co. <br>JSC, 5.375%, 04/24/30 | 300000 | 306368 |
| Sunoco LP, <br>7.875%, 09/18/30 <br>(5 year CMT + 4.230%) (c) (d) | 250000 | 256819 |
| Transocean International Ltd., <br>8.750%, 02/15/30 (c) | 33750 | 35239 |
|  |  | 743859 |
| Pipelines (1.2%) | Pipelines (1.2%) | Pipelines (1.2%) |
| Energy Transfer LP, <br>6.850%, 02/15/40 | 1850000 | 1986045 |
| Global Partners LP/GLP <br>Finance Corp., <br>8.250%, 01/15/32 (c) | 20000 | 21065 |
| NGPL PipeCo LLC, <br>3.250%, 07/15/31 (c) | 1000000 | 921016 |
| Tennessee Gas Pipeline Co. <br>LLC, 8.375%, 06/15/32 | 1500000 | 1770058 |
| Venture Global LNG, Inc.<br>9.000%, 09/30/29 <br>(5 year CMT + 5.440%) (c) (d) | 313000 | 247186 |
| 9.875%, 02/01/32 (c) | 165000 | 170457 |
| Venture Global Plaquemines <br>LNG LLC<br>6.125%, 12/15/30 (c) | 97000 | 98811 |
| 6.500%, 01/15/34 (c) | 16000 | 16388 |
| 6.500%, 06/15/34 (c) | 8000 | 8179 |
| 6.750%, 01/15/36 (c) | 91000 | 93210 |
|  |  | 5332415 |
| **Financial (5.4%)** | **Financial (5.4%)** | **Financial (5.4%)** |
| Banks (3.5%) | Banks (3.5%) | Banks (3.5%) |
| Bank of America Corp., <br>2.884%, 10/22/30 <br>(3-Month USD TERM <br>SOFR + 1.452%) (d) | 2410000 | 2294310 |
| Citigroup, Inc.<br>2.520%, 11/03/32 <br>(SOFRRATE + 1.177%) (d) | 285000 | 255637 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| 5.333%, 03/27/36 <br>(SOFRRATE + 1.465%) (d) | $| 135000 | $| 138373 |
| Goldman Sachs Group, Inc.<br>1.431%, 03/09/27 <br>(SOFRRATE + 0.798%) (d) |  | 555000 |  | 552172 |
| 2.383%, 07/21/32 <br>(SOFRRATE + 1.248%) (d) |  | 600000 |  | 537948 |
| 5.536%, 01/28/36 <br>(SOFRRATE + 1.380%) (d) |  | 55000 |  | 57222 |
| HSBC Holdings PLC, <br>2.357%, 08/18/31 <br>(SOFRRATE + 1.947%) (d) |  | 95000 |  | 86500 |
| JPMorgan Chase & Co.<br>1.040%, 02/04/27 <br>(3-Month USD TERM <br>SOFR + 0.695%) (d) |  | 2500000 |  | 2493104 |
| 1.470%, 09/22/27 <br>(SOFRRATE + 0.765%) (d) |  | 910000 |  | 893445 |
| 2.580%, 04/22/32 <br>(3-Month USD TERM <br>SOFR + 1.250%) (d) |  | 195000 |  | 178396 |
| 4.946%, 10/22/35 <br>(SOFRRATE + 1.340%) (d) |  | 250000 |  | 253015 |
| 5.502%, 01/24/36 <br>(SOFRRATE + 1.315%) (d) |  | 175000 |  | 183280 |
| Morgan Stanley<br>1.928%, 04/28/32 <br>(SOFRRATE + 1.020%) (d) |  | 219000 |  | 192512 |
| 2.511%, 10/20/32 <br>(SOFRRATE + 1.200%) (d) |  | 125000 |  | 112237 |
| Morgan Stanley Private <br>Bank NA<br>4.204%, 11/17/28 <br>(SOFRRATE + 0.780%) (d) |  | 250000 |  | 250829 |
| 4.465%, 11/19/31 <br>(SOFRRATE + 1.020%) (d) |  | 130000 |  | 130407 |
| 4.734%, 07/18/31 <br>(SOFRRATE + 1.080%) (d) |  | 590000 |  | 598571 |
| PNC Financial Services <br>Group, Inc., <br>6.875%, 10/20/34 <br>(SOFRRATE + 2.284%) (d) |  | 5000 |  | 5666 |
| Santander U.K. Group <br>Holdings PLC, <br>2.469%, 01/11/28 <br>(SOFRRATE + 1.220%) (d) |  | 1775000 |  | 1744419 |
| U.S. Bancorp<br>3.000%, 07/30/29 |  | 765000 |  | 737054 |
| Series J, 5.300%, 04/15/27 <br>(3-Month USD TERM <br>SOFR + 3.176%) (d) |  | 800000 |  | 801806 |
| Wells Fargo & Co.<br>2.393%, 06/02/28 <br>(SOFRRATE + 2.100%) (d) |  | 1380000 |  | 1348541 |
| 3.000%, 10/23/26 |  | 1100000 |  | 1092032 |
|  |  |  |  | 14937476 |
| Financial Services (0.4%) | Financial Services (0.4%) | Financial Services (0.4%) | Financial Services (0.4%) | Financial Services (0.4%) |
| Air Lease Corp., <br>3.250%, 10/01/29 |  | 620000 |  | 592348 |
| American Express Co., <br>5.667%, 04/25/36 <br>(SOFRRATE + 1.790%) (d) |  | 425000 |  | 449893 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Avolon Holdings Funding Ltd., <br>2.528%, 11/18/27 (c) | $| 659000 | $| 638999 |
| Jane Street Group/JSG <br>Finance, Inc., <br>6.125%, 11/01/32 (c) |  | 143000 |  | 145523 |
|  |  |  |  | 1826763 |
| Insurance (0.6%) | Insurance (0.6%) | Insurance (0.6%) | Insurance (0.6%) | Insurance (0.6%) |
| Farmers Insurance Exchange<br>4.747%, 11/01/57 <br>(3-Month USD LIBOR + <br>3.231%) (c) (d) |  | 500000 |  | 426732 |
| 7.000%, 10/15/64 <br>(10 year CMT + <br>3.864%) (c) (d) |  | 235000 |  | 241115 |
| Metropolitan Life Global <br>Funding I, <br>5.150%, 03/28/33 (c) |  | 290000 |  | 298861 |
| Teachers Insurance & Annuity <br>Association of America, <br>4.270%, 05/15/47 (c) |  | 2125000 |  | 1749945 |
|  |  |  |  | 2716653 |
| Investment Companies (0.1%) | Investment Companies (0.1%) | Investment Companies (0.1%) | Investment Companies (0.1%) | Investment Companies (0.1%) |
| Icahn Enterprises LP/Icahn <br>Enterprises Finance Corp.<br>9.000%, 06/15/30 |  | 211000 |  | 201690 |
| 9.750%, 01/15/29 |  | 140000 |  | 139572 |
|  |  |  |  | 341262 |
| Real Estate Investment Trust — Health Care (0.1%) | Real Estate Investment Trust — Health Care (0.1%) | Real Estate Investment Trust — Health Care (0.1%) | Real Estate Investment Trust — Health Care (0.1%) | Real Estate Investment Trust — Health Care (0.1%) |
| Healthcare Realty Holdings LP, <br>3.100%, 02/15/30 |  | 380000 |  | 361242 |
| Real Estate Investment Trust — Office Property (0.1%) | Real Estate Investment Trust — Office Property (0.1%) | Real Estate Investment Trust — Office Property (0.1%) | Real Estate Investment Trust — Office Property (0.1%) | Real Estate Investment Trust — Office Property (0.1%) |
| Hudson Pacific Properties LP<br>3.250%, 01/15/30 |  | 497000 |  | 419608 |
| 3.950%, 11/01/27 |  | 10000 |  | 9531 |
| 4.650%, 04/01/29 |  | 2000 |  | 1849 |
| 5.950%, 02/15/28 |  | 15000 |  | 14775 |
|  |  |  |  | 445763 |
| Residential REITs (0.1%) | Residential REITs (0.1%) | Residential REITs (0.1%) | Residential REITs (0.1%) | Residential REITs (0.1%) |
| American Homes 4 Rent LP, <br>5.500%, 02/01/34 |  | 210000 |  | 217176 |
| Specialized REITs (0.5%) | Specialized REITs (0.5%) | Specialized REITs (0.5%) | Specialized REITs (0.5%) | Specialized REITs (0.5%) |
| American Assets Trust LP, <br>6.150%, 10/01/34 |  | 110000 |  | 111757 |
| American Tower Corp.<br>2.900%, 01/15/30 |  | 430000 |  | 408567 |
| 4.900%, 03/15/30 |  | 435000 |  | 444622 |
| GLP Capital LP/GLP <br>Financing II, Inc., <br>5.300%, 01/15/29 |  | 310000 |  | 315693 |
| VICI Properties LP/VICI <br>Note Co., Inc., <br>3.875%, 02/15/29 (c) |  | 665000 |  | 652420 |
|  |  |  |  | 1933059 |
| Storage REITs (0.0%) | Storage REITs (0.0%) | Storage REITs (0.0%) | Storage REITs (0.0%) | Storage REITs (0.0%) |
| Extra Space Storage LP, <br>2.400%, 10/15/31 |  | 70000 |  | 62288 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Industrials (0.4%)** | **Industrials (0.4%)** | **Industrials (0.4%)** |
| Machinery — Diversified (0.0%) | Machinery — Diversified (0.0%) | Machinery — Diversified (0.0%) |
| Oregon Tool Lux LP, <br>7.875%, 10/15/29 (c) (e) | $68024 | $14968 |
| Miscellaneous Manufacture (0.0%) | Miscellaneous Manufacture (0.0%) | Miscellaneous Manufacture (0.0%) |
| Dyno Nobel Ltd., <br>5.400%, 11/08/32 | 130000 | 84612 |
| Packaging & Containers (0.2%) | Packaging & Containers (0.2%) | Packaging & Containers (0.2%) |
| Amcor Flexibles North <br>America, Inc., <br>5.100%, 03/17/30 | 280000 | 287659 |
| Amcor U.K. Finance PLC, <br>3.750%, 02/20/33 | 125000 | 145271 |
| Ardagh Group SA<br>9.500%, 12/01/30 (c) | 60000 | 65077 |
| 12.000%, 12/01/30 (c) | 65000 | 59394 |
|  |  | 557401 |
| Transportation (0.0%) | Transportation (0.0%) | Transportation (0.0%) |
| Pacific National Finance <br>Pty. Ltd., <br>3.700%, 09/24/29 | 120000 | 73603 |
| Trucking & Leasing (0.1%) | Trucking & Leasing (0.1%) | Trucking & Leasing (0.1%) |
| SMBC Aviation Capital <br>Finance DAC, <br>5.100%, 04/01/30 (c) | 440000 | 450450 |
| SMBC Aviation Capital <br>Finance DAC, <br>5.300%, 04/03/29 (c) | 440000 | 452446 |
|  |  | 902896 |
| **Information Technology (0.7%)** | **Information Technology (0.7%)** | **Information Technology (0.7%)** |
| Semiconductor Equipment (0.1%) | Semiconductor Equipment (0.1%) | Semiconductor Equipment (0.1%) |
| Foundry JV Holdco LLC, <br>5.500%, 01/25/31 (c) | 75000 | 77507 |
| Intel Corp., 3.734%, 12/08/47 | 360000 | 257138 |
|  |  | 334645 |
| Software (0.6%) | Software (0.6%) | Software (0.6%) |
| Fiserv, Inc.<br>5.250%, 08/11/35 | 490000 | 489804 |
| 5.450%, 03/15/34 | 225000 | 228451 |
| 5.625%, 08/21/33 | 290000 | 299481 |
| Open Text Corp., <br>6.900%, 12/01/27 (c) | 85000 | 88427 |
| Oracle Corp.<br>2.875%, 03/25/31 | 330000 | 296318 |
| 3.600%, 04/01/50 | 650000 | 406517 |
| 5.875%, 09/26/45 | 370000 | 335037 |
| Paychex, Inc., <br>5.350%, 04/15/32 | 425000 | 440649 |
|  |  | 2584684 |
| **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |
| Electric Utilities (1.7%) | Electric Utilities (1.7%) | Electric Utilities (1.7%) |
| Alliant Energy Corp., <br>5.750%, 04/01/56 <br>(5 year CMT + 2.077%) (d) | 345000 | 344371 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| American Electric Power <br>Co., Inc.<br>Series C, 5.800%, 03/15/56 <br>(5 year CMT + 2.128%) (d) | $| 185000 | $| 183661 |
| Series D, 6.050%, 03/15/56 <br>(5 year CMT + 1.940%) (d) |  | 760000 |  | 746723 |
| CenterPoint Energy, Inc., <br>5.950%, 04/01/56 <br>(5 year CMT + 2.223%) (d) |  | 350000 |  | 352378 |
| Dominion Energy, Inc., <br>6.200%, 02/15/56 <br>(5 year CMT + 2.006%) (d) |  | 465000 |  | 466269 |
| Electricite de France SA<br>2.000%, 12/09/49 |  | 200000 |  | 138208 |
| 4.750%, 06/17/44 |  | 500000 |  | 582715 |
| 7.375%, 06/17/35 <br>(5 year. U.K. Government <br>Bond + 3.775%) (d) |  | 100000 |  | 137852 |
| Entergy Corp., <br>6.100%, 06/15/56 <br>(5 year CMT + 2.013%) (d) |  | 515000 |  | 515171 |
| Entergy Mississippi LLC, <br>3.250%, 12/01/27 |  | 500000 |  | 491571 |
| Niagara Mohawk Power Corp., <br>4.278%, 10/01/34 (c) |  | 490000 |  | 463266 |
| Oncor Electric Delivery Co. LLC, <br>5.350%, 04/01/35 (c) |  | 635000 |  | 656310 |
| Southern Co., <br>Series 21-A, <br>3.750%, 09/15/51 <br>(5 year CMT + 2.915%) (d) |  | 860000 |  | 847528 |
| Tennet Netherlands BV, <br>4.750%, 10/28/42 |  | 150000 |  | 188622 |
| Trans-Allegheny Interstate <br>Line Co., <br>5.000%, 01/15/31 (c) |  | 1060000 |  | 1090134 |
| WEC Energy Group, Inc., <br>5.625%, 05/15/56 <br>(5 year CMT + 1.905%) (d) |  | 275000 |  | 277188 |
|  |  |  |  | 7481967 |
| Gas Utilities (0.2%) | Gas Utilities (0.2%) | Gas Utilities (0.2%) | Gas Utilities (0.2%) | Gas Utilities (0.2%) |
| AmeriGas Partners LP/<br>AmeriGas Finance Corp., <br>9.375%, 06/01/28 (c) |  | 101000 |  | 104712 |
| Southern Co. Gas Capital <br>Corp., <br>4.400%, 05/30/47 |  | 775000 |  | 647748 |
|  |  |  |  | 752460 |
| Water (0.2%) | Water (0.2%) | Water (0.2%) | Water (0.2%) | Water (0.2%) |
| Severn Trent Utilities <br>Finance PLC, <br>4.000%, 03/05/34 |  | 180000 |  | 215970 |
| Suez SACA, 2.875%, 05/24/34 |  | 300000 |  | 326358 |
| Yorkshire Water Finance PLC, <br>6.375%, 11/18/34 |  | 205000 |  | 285062 |
|  |  |  |  | 827390 |
| **Total corporate obligations <br>(cost: $66,486,070)** |  |  |  | **66663099** |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Bank Loans (1.5%)** | **Bank Loans (1.5%)** | **Bank Loans (1.5%)** |
| 1011778 B.C. Unlimited <br>Liability Co., 2024 Term <br>Loan B6, 5.466%, 09/20/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | $49523 | $49539 |
| ABG Intermediate Holdings 2 <br>LLC, 2024 1st Lien Term <br>Loan B, 5.966%, 12/21/28 <br>(1-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 45230 | 45279 |
| Action Environmental Group, <br>Inc., 2023 Term Loan B, <br>6.922%, 10/24/30 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 29703 | 29722 |
| Advantage Sales & <br>Marketing, Inc., 2024 <br>Term Loan, <br>8.446%, 10/28/27 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 51247 | 42586 |
| AI Aqua Merger Sub, Inc., <br>2024 1st Lien Term Loan B, <br>6.854%, 07/31/28 <br>(1-Month USD TERM <br>SOFR + 3.000%, <br>3-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 23915 | 23961 |
| Alpha Generation LLC,<br> Term Loan B, <br>5.716%, 09/30/31 <br>(1-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 90804 | 91043 |
| AmWINS Group, Inc., <br>2025 Term Loan B, <br>5.966%, 01/30/32 <br>(1-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 51811 | 51953 |
| Antylia Scientific, Term Loan, <br>7.985%, 05/27/32 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 40001 | 39601 |
| Asurion LLC, 2021 Second <br>Lien Term Loan B4, <br>9.081%, 01/20/29 <br>(1-Month USD TERM <br>SOFR + 5.250%) (c) (d) | 34789 | 34102 |
| Avolon TLB Borrower 1 U.S. <br>LLC, 2023 Term Loan B6, <br>5.484%, 06/24/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 223443 | 224793 |
| Balcan Innovations, Inc., <br>Term Loan B, <br>8.590%, 10/18/31 <br>(3-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 36911 | 28790 |
| Barracuda Networks, Inc., <br>2022 Term Loan, <br>8.340%, 08/15/29 <br>(3-Month USD TERM <br>SOFR + 4.500%) (c) (d) | 27810 | 22399 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Bausch & Lomb Corp., <br>2023 Incremental Term Loan, <br>7.716%, 09/29/28 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | $55891 | $55891 |
| BCPE North Star U.S. <br>HoldCo 2, Inc., Term Loan, <br>7.831%, 06/09/28 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 56806 | 56533 |
| Blackhawk Network Holdings, <br>Inc., 2025 Term Loan B, <br>7.672%, 03/12/29 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 48992 | 49184 |
| Boost Newco Borrower LLC, <br>2025 USD Term Loan B2, <br>5.672%, 01/31/31 <br>(3-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 51399 | 51425 |
| BradyPlus Holdings LLC, <br>2025 Term Loan B, <br>7.172%, 12/13/32 <br>(3-Month USD TERM <br>SOFR + 3.500%) (c) (d) | 140571 | 138990 |
| C&S Wholesale Grocers, Inc., <br>Term Loan B, <br>8.672%, 09/20/30 <br>(3-Month USD TERM <br>SOFR + 5.000%) (c) (d) | 94886 | 92514 |
| Calpine Corp.<br>2024 Term Loan B10, <br>5.466%, 01/31/31 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 107688 | 107675 |
| 2024 Term Loan B5, <br>5.466%, 02/15/32 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 80223 | 80208 |
| Cast & Crew Payroll LLC, <br>2021 Incremental Term Loan, <br>7.466%, 12/29/28 <br>(1-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 21019 | 12236 |
| CCRR Parent, Inc.<br>Term Loan B, <br>8.334%, 03/06/28 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 18470 | 5541 |
| U.S. Acquisition Facility, <br>8.172%, 03/06/28 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 49666 | 14900 |
| Celsius Holdings, Inc., <br>2025 Term Loan B, <br>6.172%, 04/01/32 <br>(3-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 33932 | 34101 |
| Charter Communications <br>Operating LLC, 2024 <br>Term Loan B5, <br>6.235%, 12/15/31 <br>(3-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 93393 | 93412 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Cleanova U.S. Holdings LLC, <br>2025 Term Loan B, <br>8.483%, 06/14/32 <br>(3-Month USD TERM <br>SOFR + 4.750%) (c) (d) | $26808 | $26674 |
| Cornerstone Generation LLC, <br>Term Loan B, <br>7.093%, 08/11/32 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 22404 | 22558 |
| Dave & Buster's, Inc., <br>2024 1st Lien Term Loan B, <br>7.125%, 11/01/31 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 56478 | 50142 |
| Delivery Hero SE, 2024 <br>USD Term Loan B, <br>8.843%, 12/12/29 <br>(3-Month USD TERM <br>SOFR + 5.000%) (b) (c) (d) | 113616 | 113616 |
| DK Crown Holdings, Inc., <br>2025 Term Loan B, <br>5.534%, 03/04/32 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 29477 | 29477 |
| DTI Holdco, Inc., <br>2025 Term Loan B, <br>7.716%, 04/26/29 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 24961 | 23245 |
| EOC Borrower LLC, <br>Term Loan A, <br>7.466%, 03/24/28 <br>(1-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 22175 | 22175 |
| Flutter Financing BV, <br>2024 Term Loan B, <br>5.422%, 11/30/30 <br>(3-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 61941 | 61670 |
| Frontier Communications <br>Corp., 2025 Term Loan B, <br>6.236%, 07/01/31 <br>(1-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 24471 | 24471 |
| GC Ferry Acquisition I, Inc.<br>Delayed Draw Term Loan, <br>0.000%, 08/16/32 (c) (d) (f) | 4475 | 4464 |
| Term Loan, <br>7.172%, 08/16/32 <br>(3-Month USD TERM <br>SOFR + 3.500%) (c) (d) | 26211 | 26146 |
| Genesys Cloud Services <br>Holdings II LLC, 2025 <br>USD Term Loan B, <br>6.216%, 01/30/32 <br>(1-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 29591 | 29509 |
| Guggenheim Partners LLC, <br>2024 Term Loan B, <br>6.172%, 11/26/31 <br>(3-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 24800 | 24877 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| GVC Holdings Gibraltar Ltd., <br>2025 Term Loan B6 (2029), <br>5.922%, 10/31/29 <br>(3-Month USD TERM <br>SOFR + 2.250%) (c) (d) | $29434 | $29228 |
| HDI Aerospace Intermediate <br>Holding III Corp., <br>Term Loan B, <br>7.687%, 02/11/32 <br>(3-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 49750 | 49874 |
| Healthpeak Properties, Inc.<br>2024 Term Loan A3, <br>4.510%, 03/01/29 <br>(3-Month USD TERM <br>SOFR + 0.850%) (c) (d) | 280012 | 276512 |
| Term Loan A1, <br>4.556%, 08/20/27 <br>(1-Month USD TERM <br>SOFR + 0.840%) (c) (d) | 138742 | 137008 |
| Term Loan A2, <br>4.556%, 02/22/27 <br>(1-Month USD TERM <br>SOFR + 0.840%) (c) (d) | 138742 | 137008 |
| Heartland Dental LLC, <br>2025 Term Loan, <br>7.466%, 08/25/32 <br>(1-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 73616 | 73869 |
| Hilton Domestic Operating <br>Co., Inc., 2023 Term Loan B4, <br>5.477%, 11/08/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 226949 | 228062 |
| Invitation Homes Operating <br>Partnership LP, 2024 Term <br>Loan, 4.700%, 09/09/28 <br>(1-Month USD TERM <br>SOFR + 0.850%) (c) (d) | 397356 | 396362 |
| IQVIA, Inc., 2025 Incremental <br>Term Loan B5, <br>5.422%, 01/02/31 <br>(3-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 77887 | 78276 |
| Jane Street Group LLC, <br>2024 Term Loan B1, <br>5.822%, 12/15/31 <br>(3-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 63433 | 63096 |
| Jazz Financing Lux SARL, <br>2024 1st Lien Term Loan B2, <br>5.966%, 05/05/28 <br>(1-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 49023 | 49207 |
| KFC Holding Co., <br>2021 Term Loan B, <br>5.599%, 03/15/28 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 57905 | 58020 |
| KUEHG Corp., <br>2025 Term Loan, <br>0.000%, 06/12/30 (b) (c) (d) (f) | 23673 | 22927 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| LSF12 Crown U.S. <br>Commercial Bidco LLC, <br>2025 Term Loan B, <br>7.373%, 12/02/31 <br>(1-Month USD TERM <br>SOFR + 3.500%) (c) (d) | $21587 | $21713 |
| Magnite, Inc., 2025 Repriced <br>Term Loan B, <br>6.716%, 02/06/31 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 60600 | 60297 |
| MajorDrive Holdings IV LLC, <br>Term Loan B, <br>7.934%, 06/01/28 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 15354 | 13934 |
| McAfee LLC, 2024 USD 1st <br>Lien Term Loan B, <br>6.716%, 03/01/29 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 10821 | 9960 |
| MH Sub I LLC<br>2023 Term Loan, <br>7.922%, 05/03/28 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 46272 | 42910 |
| 2024 Term Loan B4, <br>7.966%, 12/31/31 <br>(1-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 72217 | 61656 |
| ModivCare Buyer LLC, <br>Super Senior Term Loan, <br>0.000%, 12/29/30 (b) (c) (d) (f) | 75000 | 74250 |
| Modivcare, Inc.<br>2024 Term Loan B, <br>10.572%, 07/01/31 <br>(3-Month USD TERM <br>SOFR + 6.750%) (c) (d) (g) | 196071 | 99343 |
| 2025 DIP Delayed Draw <br>Term Loan, <br>10.818%, 02/22/26 <br>(1-Month USD TERM <br>SOFR + 7.000%) (c) (d) | 19879 | 19283 |
| 2025 DIP Term Loan, <br>10.730%, 02/22/26 <br>(1-Month USD TERM <br>SOFR + 7.000%) (c) (d) | 37311 | 36192 |
| 2025 Incremental Term Loan, <br>13.417%, 01/12/26 <br>(3-Month USD TERM <br>SOFR + 11.500%) (c) (d) (g) | 76677 | 28370 |
| Naked Juice LLC<br>2025 FLFO Term Loan, <br>9.172%, 01/24/29 <br>(3-Month USD TERM <br>SOFR + 5.500%) (c) (d) | 250965 | 248142 |
| 2025 FLSO Term Loan, <br>7.022%, 01/24/29 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 46614 | 30532 |
| Opal Bidco SAS, USD Term <br>Loan B4, 6.686%, 04/28/32 <br>(3-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 36012 | 36207 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Oregon Tool, Inc., 2025 2nd <br>Lien Term Loan, <br>8.140%, 10/15/29 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | $71027 | $51139 |
| Peer Holding III BV<br>2025 USD Term Loan B, <br>5.922%, 09/29/32 <br>(3-Month USD TERM <br>SOFR + 1.250%) (c) (d) | 76854 | 76950 |
| 2025 USD Term Loan B5B, <br>6.172%, 07/01/31 <br>(3-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 98173 | 98459 |
| Pelican Products, Inc., <br>2021 Term Loan, <br>8.184%, 12/29/28 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 84882 | 76075 |
| Peraton Corp., Term Loan B, <br>7.690%, 02/01/28 <br>(3-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 72988 | 67620 |
| Plano HoldCo, Inc., <br>Term Loan B, <br>7.172%, 10/02/31 <br>(3-Month USD TERM <br>SOFR + 3.500%) (c) (d) | 14888 | 14404 |
| Planview Parent, Inc., <br>2024 1st Lien Term Loan, <br>0.000%, 12/17/27 (b) (c) (d) (f) | 25551 | 24433 |
| Potomac Energy Center LLC, <br>2025 Term Loan, <br>6.840%, 08/05/32 <br>(3-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 25702 | 25895 |
| Primo Brands Corp., <br>2025 Term Loan B, <br>5.922%, 03/31/28 <br>(3-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 11273 | 11295 |
| Project Alpha Intermediate <br>Holding, Inc., 2024 <br>1st Lien Term Loan B, <br>6.922%, 10/26/30 <br>(3-Month USD TERM <br>SOFR + 3.250%) (b) (c) (d) | 95018 | 94791 |
| PUG LLC, 2024 Extended <br>Term Loan B, <br>8.466%, 03/15/30 <br>(1-Month USD TERM <br>SOFR + 4.750%) (b) (c) (d) | 32403 | 32065 |
| QuidelOrtho Corp., <br>Term Loan, <br>7.716%, 08/20/32 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 66276 | 66111 |
| Raising Cane's Restaurants <br>LLC, 2025 Term Loan B, <br>5.843%, 11/03/32 <br>(1-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 51755 | 51819 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Red Ventures LLC, 2024 <br>Term Loan B, <br>6.466%, 03/04/30 <br>(1-Month USD TERM <br>SOFR + 2.750%) (c) (d) | $50226 | $48155 |
| Renaissance Holding Corp., <br>2024 1st Lien Term Loan, <br>7.716%, 04/05/30 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 118519 | 103408 |
| Research Now Group, Inc., <br>2024 First Lien First Out <br>Term Loan, 9.140%, 07/15/28 <br>(3-Month USD TERM <br>SOFR + 5.000%) (c) (d) | 11556 | 11441 |
| Sabre GLBL, Inc.<br>2021 Term Loan B1, <br>0.000%, 12/17/27 (b) (c) (d) (f) | 7236 | 7055 |
| 2021 Term Loan B2, <br>0.000%, 12/17/27 (b) (c) (d) (f) | 4846 | 4724 |
| 2024 Term Loan B1, <br>9.816%, 11/15/29 <br>(1-Month USD TERM <br>SOFR + 6.000%) (c) (d) | 20042 | 17838 |
| Showtime Acquisition LLC, <br>2024 1st Lien Term Loan, <br>8.628%, 08/16/31 <br>(3-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 46775 | 46307 |
| SkyMiles IP Ltd., 2025 <br>Repriced Term Loan B, <br>5.384%, 10/20/28 <br>(3-Month USD TERM <br>SOFR + 1.500%) (c) (d) | 78157 | 78621 |
| SonarSource Financing LLC, <br>Term Loan, 8.172%, 12/19/30 <br>(3-Month USD TERM <br>SOFR + 4.500%) (c) (d) | 50456 | 49826 |
| South Field LLC<br>2025 1st Lien Term Loan B, <br>6.672%, 08/29/31 <br>(3-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 27183 | 27353 |
| 2025 1st Lien Term Loan C, <br>6.672%, 08/29/31 <br>(3-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 1638 | 1648 |
| Star Parent, Inc., Term Loan B, <br>7.672%, 09/27/30 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 17821 | 17835 |
| Station Casinos LLC, <br>2024 Term Loan B, <br>5.716%, 03/14/31 <br>(1-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 22545 | 22606 |
| Surf Holdings LLC, 2025 <br>Incremental Term Loan, <br>7.331%, 03/05/27 <br>(1-Month USD TERM <br>SOFR + 3.500%) (c) (d) | 20463 | 20461 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Tacala LLC, 2025 Repriced <br>Term Loan B, <br>6.716%, 01/31/31 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | $82047 | $82560 |
| TCP Sunbelt Acquisition Co., <br>2024 Term Loan B, <br>8.072%, 10/24/31 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 44550 | 44884 |
| TransDigm, Inc.<br>2023 Term Loan J, <br>6.216%, 02/28/31 <br>(1-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 37011 | 37136 |
| 2025 Term Loan K, <br>5.966%, 03/22/30 <br>(1-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 21599 | 21656 |
| 2025 Term Loan M, <br>6.216%, 08/19/32 <br>(1-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 73349 | 73645 |
| TripAdvisor, Inc., Term Loan, <br>6.466%, 07/08/31 <br>(1-Month USD TERM <br>SOFR + 2.750%) (c) (d) | 41049 | 39458 |
| TTF Holdings LLC, <br>2024 Term Loan, <br>7.794%, 07/18/31 <br>(6-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 85142 | 68327 |
| United Natural Foods, Inc., <br>2024 Term Loan, <br>8.466%, 05/01/31 <br>(1-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 55697 | 55888 |
| Vistra Operations Co. LLC, <br>1st Lien Term Loan B3, <br>5.466%, 12/20/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 100400 | 100852 |
| Voyager Parent LLC, <br>Term Loan B, <br>8.422%, 07/01/32 <br>(3-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 81258 | 81202 |
| WEC U.S. Holdings Ltd., <br>2024 Term Loan, <br>5.873%, 01/27/31 <br>(1-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 40749 | 40812 |
| X Corp.<br>2025 Fixed Term Loan, <br>9.500%, 10/26/29 (c) (d) | 43692 | 43483 |
| Term Loan, <br>10.448%, 10/26/29 <br>(3-Month USD TERM <br>SOFR + 6.500%) (c) (d) | 52259 | 51279 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Xerox Holdings Corp., <br>2023 Term Loan B, <br>7.672%, 11/19/29 <br>(1-Month USD TERM <br>SOFR + 4.000%, 3-Month <br>USD TERM SOFR + 4.000%, <br>6-Month USD TERM <br>SOFR + 4.000%) (c) (d) | $| 134376 | $| 114387 |
| Zayo Group Holdings, Inc., <br>2025 USD Term Loan, <br>6.831%, 03/11/30 <br>(1-Month USD TERM <br>SOFR + 3.500%) (c) (d) |  | 34215 |  | 32388 |
| Ziggo Financing Partnership, <br>2025 Term Loan B, <br>7.027%, 01/15/33 <br>(6-Month USD TERM <br>SOFR + 3.250%) (c) (d) |  | 51713 |  | 51118 |
| **Total Bank Loans <br>(cost: $6,636,516)** |  |  |  | **6405049** |
| **Foreign Bonds (1.1%)** | **Foreign Bonds (1.1%)** | **Foreign Bonds (1.1%)** | **Foreign Bonds (1.1%)** | **Foreign Bonds (1.1%)** |
| Brazil Government <br>International Bonds, <br>6.125%, 03/15/34 |  | 200000 |  | 201879 |
| Guatemala Government <br>Bonds, 6.250%, 08/15/36 |  | 369000 |  | 385605 |
| Hungary Government <br>International Bonds, <br>2.125%, 09/22/31 |  | 250000 |  | 215323 |
| Mexico Government <br>International Bonds<br>4.875%, 05/19/33 |  | 287000 |  | 275520 |
| 5.625%, 09/22/35 |  | 278000 |  | 274108 |
| New South Wales Treasury <br>Corp.<br>4.750%, 02/20/37 |  | 1105000 |  | 692311 |
| 5.250%, 02/24/38 |  | 585000 |  | 379055 |
| Queensland Treasury Corp.<br>5.000%, 07/21/37 |  | 1105000 |  | 700040 |
| 5.250%, 08/13/38 |  | 870000 |  | 557748 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares/<br>Principal** | **Shares/<br>Principal** | **Value(a)** |
| Republic of South Africa <br>Government International <br>Bonds<br>4.850%, 09/30/29 | $| 200000 | $200138 |
| 5.875%, 06/22/30 |  | 200000 | 206951 |
| Romania Government <br>International Bonds, <br>6.625%, 05/16/36 |  | 380000 | 395997 |
| Treasury Corp. of Victoria, <br>2.000%, 11/20/37 |  | 550000 | 251166 |
| **Total Foreign Bonds <br>(cost: $4,753,192)** |  |  | **4735841** |
| **Convertible Foreign Bond (0.1%)** | **Convertible Foreign Bond (0.1%)** | **Convertible Foreign Bond (0.1%)** | **Convertible Foreign Bond (0.1%)** |
| Davide Campari-Milano NV, <br>2.375%, 01/17/29 |  | 200000 | 228777 |
| **Total long-term debt securities <br>(cost: $445,325,886)** |  |  | **438716546** |
| **Common Stocks (0.0%)** | **Common Stocks (0.0%)** | **Common Stocks (0.0%)** | **Common Stocks (0.0%)** |
| **Materials (0.0%)** | **Materials (0.0%)** | **Materials (0.0%)** | **Materials (0.0%)** |
| Containers & Packaging (0.0%) | Containers & Packaging (0.0%) | Containers & Packaging (0.0%) | Containers & Packaging (0.0%) |
| Yeoman Capital SA (e) (g) (h) |  | 17718 | 132885 |
| **Total common stocks <br>(cost: $407,823)** |  |  | **132885** |
| **Short-Term Securities (8.0%)** | **Short-Term Securities (8.0%)** | **Short-Term Securities (8.0%)** | **Short-Term Securities (8.0%)** |
| **Investment Companies (8.0%)** | **Investment Companies (8.0%)** | **Investment Companies (8.0%)** | **Investment Companies (8.0%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% |  | 33926778 | 33926778 |
| **Total short-term securities <br>(cost: $33,926,778)** |  |  | **33926778** |
| **Total investments in securities <br>(cost: $479,660,487) (i)** |  |  | **472776209** |
| **Liabilities in excess of cash <br>and other assets (-11.2%)** |  |  | **(47785324)** |
| **Total net assets (100.0%)** |  |  | $**424990885** |

---

**Investments in Securities Legend**

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

(b) Security is issued on a when-issued or forward commitment basis. As of December 31, 2025 the total cost of investments issued on a when-issued or forward commitment basis was $46,342,220.

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

(d) Variable rate security.

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

(f) Unsettled security, coupon rate undetermined at December 31, 2025.

(g) This security has been determined to be illiquid pursuant to the procedures of the Fund's Liquidity Risk Management Program.

(h) Non-income producing security.

(i) At December 31, 2025 the cost of investments for federal income tax purposes was $479,693,334. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $4053017 |
| Gross unrealized depreciation | (11072021) |
| **Net unrealized depreciation** | $**(7019004)** |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

**Foreign Forward Currency Contracts**

On December 31, 2025, SFT Core Bond Fund had entered into forward foreign currency contracts that obligate the Fund to deliver currencies at specified future dates. Unrealized appreciation and depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br>Date** | **Currency to be<br>delivered – SELL** | **Currency to be<br>delivered – SELL** | **Currency to be<br>received – BUY** | **Currency to be<br>received – BUY** | **Unrealized<br>Appreciation(a)** | **Unrealized<br>Depreciation(a)** | **Counterparty** |
| 01/09/26 | 163341 | EUR | 189242 | USD | $– | $(2629) | BOA  |
| 01/09/26 | 503357 | GBP | 678374 | USD | 1338 | – | CITI  |
| 01/09/26 | 171253 | USD | 147345 | EUR | 1829 | – | CITI  |
| 01/09/26 | 124658 | EUR | 144890 | USD | – | (1541) | CITI  |
| 01/09/26 | 1000000 | EUR | 1155090 | USD | – | (19576) | CITI  |
| 01/09/26 | 104434 | GBP | 139611 | USD | – | (857) | CITI  |
| 01/09/26 | 4266574 | AUD | 2822202 | USD | – | (23047) | GSI  |
| 01/09/26 | 3356028 | EUR | 3960914 | USD | 18700 | – | GSI  |
| 01/09/26 | 107039 | EUR | 124781 | USD | – | (955) | GSI  |
| 01/09/26 | 108552 | EUR | 126016 | USD | – | (1496) | GSI  |
| 01/09/26 | 215694 | USD | 186450 | EUR | 3323 | – | GSI  |
| 01/09/26 | 309924 | EUR | 357958 | USD | – | (6099) | GSI  |
| 01/09/26 | 111623 | GBP | 146467 | USD | – | (3670) | GSI  |
| 01/09/26 | 64639 | USD | 55365 | EUR | 396 | – | GSI  |
| 01/09/26 | 1000000 | EUR | 1163484 | USD | – | (11183) | GSI  |
| 01/16/26 | 1165066 | USD | 1000000 | EUR | 9986 | – | GSI  |
|  |  |  |  |  | $**35572**  | $**(71053)**  |  |

---

**Currency Legend**

AUD Australian Dollar

EUR Euro

GBP British Pound

USD United States Dollar

**Counterparty Legend**

BOA Bank of America

CITI Citibank

GSI Goldman Sachs International

**Holdings of Open Futures Contracts**

On December 31, 2025, $1,062,430 in cash has been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Position<br>Type** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)(a)** |
| 2 Year U.S. Treasury Note | March 2026 | 335 | Long | $69889145 | $69944336 | $55191 |
| 3 Year Australian Bond | March 2026 | 3 | Short | (210337) | (210049) | 288 |
| 5 Year U.S. Treasury Note | March 2026 | 5 | Long | 546508 | 546524 | 16 |
| 10 Year Australian Bond | March 2026 | 44 | Short | (3213788) | (3212415) | 1373 |
| 10 Year U.S. Ultra | March 2026 | 7 | Long | 805955 | 805109 | (846) |
| 30 Year Euro BUXL | March 2026 | 4 | Short | (524857) | (517322) | 7535 |
| German Euro BOBL | March 2026 | 1 | Short | (136986) | (136424) | 562 |
| German Euro Bund | March 2026 | 11 | Short | (1659811) | (1648071) | 11740 |
| German Euro Schatz | March 2026 | 3 | Short | (376712) | (376259) | 453 |
| Long Gilt | March 2026 | 3 | Short | (366180) | (368691) | (2511) |
| U.S. Long Bond | March 2026 | 3 | Long | 348433 | 346781 | (1652) |
| Ultra U.S. Treasury Bond | March 2026 | 74 | Long | 8870547 | 8732000 | (138547) |
|  |  |  |  |  | $**73905519** | $**(66398)** |

---

See accompanying notes to financial statements.

------

SFT Equity Stabilization Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Mutual Funds (95.1%)** | **Mutual Funds (95.1%)** | **Mutual Funds (95.1%)** |
| **Investment Companies (95.1%)** | **Investment Companies (95.1%)** | **Investment Companies (95.1%)** |
| iShares Core High <br>Dividend ETF (b) | 370802 | $45093231 |
| iShares MSCI EAFE <br>Minimum Volatility <br>Factor ETF (b) | 768769 | 66306326 |
| iShares MSCI Emerging <br>Markets Minimum <br>Volatility Factor ETF (b) | 253206 | 16215312 |
| iShares MSCI <br>Germany ETF (b) | 296791 | 12613618 |
| iShares MSCI USA <br>Minimum Volatility <br>Factor ETF (b) (c) | 870287 | 81946224 |
| iShares Short Duration <br>Bond Active ETF (b) | 283620 | 14492982 |
| **Total mutual funds <br>(cost: $164,695,680)** |  | **236667693** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Short-Term Securities (1.9%)** | **Short-Term Securities (1.9%)** | **Short-Term Securities (1.9%)** |
| **Investment Companies (1.9%)** | **Investment Companies (1.9%)** | **Investment Companies (1.9%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 4773302 | $4773302 |
| **Total investments excluding <br>purchased options <br>(cost: $169,468,982)** |  | **241440995** |
| **Total purchased options <br>outstanding (0.0%) <br>(cost: $342,430)** |  | **63700** |
| **Total investments in securities <br>(cost: $169,811,412) (d)** |  | **241504695** |
| **Cash and other assets in excess <br>of liabilities (3.0%)** |  | **7345214** |
| **Total net assets (100.0%)** |  | $**248849909** |

---

**Investments in Securities Legend**

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

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

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

(d) At December 31, 2025, the cost of investments for federal income tax purposes was $171,393,166. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $70110609 |
| Gross unrealized depreciation | – |
| **Net unrealized appreciation** | $**70110609** |

---

**Holdings of Open Futures Contracts**

On December 31, 2025, securities with an aggregate fair value of $16,572,160 and cash collateral of $500,000 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Position<br>Type** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)(a)** |
| S&P 500 E-Mini Index Future | March 2026 | 75 | Long | $25832645 | $25846875 | $14230 |

---

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| CBOE Volatility Index | $24 | January 2026 | 950 | $95000 | $39900 |

---

**Put Options Purchased:**

The Fund had the following put options purchased open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $6590 | January 2026 | 20 | $2000 | $23800 |

---

See accompanying notes to financial statements.

------

SFT Equity Stabilization Fund

Investments in Securities – continued

**Call Options Written:**

The Fund had the following call options written open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| CBOE Volatility Index | $45 | January 2026 | 950 | $95000 | $(12350) |

---

**Put Options Written:**

The Fund had the following put options written open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $5925 | January 2026 | 20 | $2000 | $(2800) |

---

See accompanying notes to financial statements.

------

SFT Government Money Market Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Short-Term Securities (100.3%)** | **Short-Term Securities (100.3%)** | **Short-Term Securities (100.3%)** |
| **U.S. Government Obligations (90.8%)** | **U.S. Government Obligations (90.8%)** | **U.S. Government Obligations (90.8%)** |
| Discount Notes (90.8%) | Discount Notes (90.8%) | Discount Notes (90.8%) |
| Federal Farm Credit <br>Discount Notes<br>3.636%, 02/04/26 (b) | $8000000 | $7972649 |
| 3.705%, 01/22/26 (b) | 4000000 | 3991238 |
| Federal Home Loan Bank <br>Discount Notes<br>1.925%, 01/02/26 (b) | 3275000 | 3274658 |
| 3.542%, 01/09/26 (b) | 25000000 | 24978556 |
| 3.648%, 03/20/26 (b) | 10000000 | 9922758 |
| 3.651%, 03/18/26 (b) | 15000000 | 14886950 |
| 3.718%, 03/11/26 (b) | 2000000 | 1986047 |
| 3.721%, 01/16/26 (b) | 25000000 | 24960000 |
| 3.762%, 01/21/26 (b) | 5000000 | 4989389 |
| 3.799%, 01/23/26 (b) | 20000000 | 19953067 |
| Federal Home Loan <br>Mortgage Corp. <br>Discount Notes, <br>3.711%, 03/09/26 (b) | 27350000 | 27164973 |
| U.S. Treasury Bills<br>3.285%, 01/06/26 | 15000000 | 14992031 |
| 3.295%, 01/06/26 | 7000000 | 6996271 |
| 3.555%, 02/12/26 | 15000000 | 14938400 |
| 3.597%, 02/17/26 | 7000000 | 6967547 |
| 3.619%, 02/05/26 | 24000000 | 23915988 |
| **Total U.S. government obligations <br>(cost: $211,890,522)** |  | **211890522** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **Investment Companies (9.5%)** | **Investment Companies (9.5%)** | **Investment Companies (9.5%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 22067723 | $22067723 |
| **Total short-term securities <br>(cost: $233,958,245)** |  | **233958245** |
| **Total investments in securities <br>(cost: $233,958,245) (c)** |  | **233958245** |
| **Liabilities in excess of cash <br>and other assets (-0.3%)** |  | **(719873)** |
| **Total net assets (100.0%)** |  | $**233238372** |

---

**Investments in Securities Legend**

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

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

(c) Also represents the cost of securities for federal income tax purposes at December 31, 2025.

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** |
| **Communication Services (1.9%)** | **Communication Services (1.9%)** | **Communication Services (1.9%)** |
| Diversified Telecommunication Services (0.3%) | Diversified Telecommunication Services (0.3%) | Diversified Telecommunication Services (0.3%) |
| Frontier Communications <br>Parent, Inc. (b) | 18244 | $694549 |
| Entertainment (0.1%) | Entertainment (0.1%) | Entertainment (0.1%) |
| Warner Music Group Corp. <br>Class A | 10631 | 326053 |
| Interactive Media & Services (0.5%) | Interactive Media & Services (0.5%) | Interactive Media & Services (0.5%) |
| Pinterest, Inc. Class A (b) | 43423 | 1124221 |
| ZoomInfo Technologies, <br>Inc. (b) | 19983 | 203227 |
|  |  | 1327448 |
| Media (1.0%) | Media (1.0%) | Media (1.0%) |
| EchoStar Corp. Class A (b) | 9801 | 1065369 |
| New York Times Co. Class A | 11774 | 817351 |
| Nexstar Media Group, Inc. | 2104 | 427217 |
|  |  | 2309937 |
| **Consumer Discretionary (11.2%)** | **Consumer Discretionary (11.2%)** | **Consumer Discretionary (11.2%)** |
| Automobile Components (1.0%) | Automobile Components (1.0%) | Automobile Components (1.0%) |
| Autoliv, Inc. | 5092 | 604420 |
| BorgWarner, Inc. | 15590 | 702485 |
| Gentex Corp. | 15956 | 371296 |
| Goodyear Tire & <br>Rubber Co. (b) | 20854 | 182681 |
| Lear Corp. | 3736 | 428146 |
| Visteon Corp. | 1897 | 180405 |
|  |  | 2469433 |
| Automobiles (0.2%) | Automobiles (0.2%) | Automobiles (0.2%) |
| Harley-Davidson, Inc. | 8609 | 176398 |
| Thor Industries, Inc. | 3816 | 391789 |
|  |  | 568187 |
| Broadline Retail (0.4%) | Broadline Retail (0.4%) | Broadline Retail (0.4%) |
| Macy's, Inc. | 19568 | 431474 |
| Ollie's Bargain Outlet <br>Holdings, Inc. (b) | 4451 | 487874 |
|  |  | 919348 |
| Diversified Consumer Services (1.0%) | Diversified Consumer Services (1.0%) | Diversified Consumer Services (1.0%) |
| Duolingo, Inc. (b) | 2944 | 516672 |
| Graham Holdings Co. <br>Class B | 248 | 272453 |
| Grand Canyon Education, <br>Inc. (b) | 2025 | 336778 |
| H&R Block, Inc. | 9213 | 401503 |
| Service Corp. International | 10216 | 796541 |
|  |  | 2323947 |
| Hotels, Restaurants & Leisure (2.5%) | Hotels, Restaurants & Leisure (2.5%) | Hotels, Restaurants & Leisure (2.5%) |
| Aramark | 19156 | 706090 |
| Boyd Gaming Corp. | 4213 | 359116 |
| Cava Group, Inc. (b) | 7242 | 425033 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Choice Hotels <br>International, Inc. | 1447 | $| 137841 |
| Churchill Downs, Inc. | 4789 |  | 544893 |
| Hilton Grand Vacations, Inc. (b) | 4363 |  | 195244 |
| Hyatt Hotels Corp. Class A | 2997 |  | 480479 |
| Planet Fitness, Inc. Class A (b) | 6047 |  | 655918 |
| Texas Roadhouse, Inc. | 4843 |  | 803938 |
| Travel & Leisure Co. | 4662 |  | 328811 |
| Vail Resorts, Inc. | 2620 |  | 347936 |
| Wingstop, Inc. | 2008 |  | 478888 |
| Wyndham Hotels & <br>Resorts, Inc. | 5506 |  | 416033 |
|  |  |  | 5880220 |
| Household Durables (1.7%) | Household Durables (1.7%) | Household Durables (1.7%) | Household Durables (1.7%) |
| KB Home | 4719 |  | 266199 |
| Somnigroup International, Inc. | 15297 |  | 1365716 |
| Taylor Morrison Home <br>Corp. (b) | 7122 |  | 419272 |
| Toll Brothers, Inc. | 7024 |  | 949785 |
| TopBuild Corp. (b) | 2034 |  | 848565 |
| Whirlpool Corp. | 4057 |  | 292672 |
|  |  |  | 4142209 |
| Leisure Products (0.5%) | Leisure Products (0.5%) | Leisure Products (0.5%) | Leisure Products (0.5%) |
| Brunswick Corp. | 4688 |  | 348037 |
| Mattel, Inc. (b) | 22650 |  | 449376 |
| Polaris, Inc. | 3887 |  | 245853 |
| YETI Holdings, Inc. (b) | 5670 |  | 250444 |
|  |  |  | 1293710 |
| Specialty Retail (3.3%) | Specialty Retail (3.3%) | Specialty Retail (3.3%) | Specialty Retail (3.3%) |
| Abercrombie & Fitch Co. <br>Class A (b) | 3428 |  | 431482 |
| AutoNation, Inc. (b) | 1994 |  | 411721 |
| Bath & Body Works, Inc. | 15026 |  | 301722 |
| Burlington Stores, Inc. (b) | 4567 |  | 1319178 |
| Chewy, Inc. Class A (b) | 16311 |  | 539079 |
| Dick's Sporting Goods, Inc. | 4818 |  | 953820 |
| Five Below, Inc. (b) | 4054 |  | 763611 |
| Floor & Decor Holdings, Inc. <br>Class A (b) | 7828 |  | 476647 |
| GameStop Corp. Class A (b) | 30031 |  | 603023 |
| Gap, Inc. | 16495 |  | 422272 |
| Lithia Motors, Inc. | 1768 |  | 587559 |
| Murphy USA, Inc. | 1243 |  | 501575 |
| Penske Automotive <br>Group, Inc. | 1347 |  | 213217 |
| RH (b) | 1109 |  | 198677 |
| Valvoline, Inc. (b) | 9258 |  | 269038 |
|  |  |  | 7992621 |
| Textiles, Apparel & Luxury Goods (0.6%) | Textiles, Apparel & Luxury Goods (0.6%) | Textiles, Apparel & Luxury Goods (0.6%) | Textiles, Apparel & Luxury Goods (0.6%) |
| Capri Holdings Ltd. (b) | 8665 |  | 211426 |
| Columbia Sportswear Co. | 1827 |  | 100649 |
| Crocs, Inc. (b) | 3783 |  | 323522 |
| PVH Corp. | 3454 |  | 231487 |
| VF Corp. | 23919 |  | 432456 |
|  |  |  | 1299540 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** |
| Beverages (0.5%) | Beverages (0.5%) | Beverages (0.5%) |
| Boston Beer Co., Inc. <br>Class A (b) | 585 | $114151 |
| Celsius Holdings, Inc. (b) | 11647 | 532734 |
| Coca-Cola Consolidated, Inc. | 4122 | 631902 |
|  |  | 1278787 |
| Consumer Staples Distribution & Retail (2.6%) | Consumer Staples Distribution & Retail (2.6%) | Consumer Staples Distribution & Retail (2.6%) |
| Albertsons Cos., Inc. <br>Class A | 28823 | 494891 |
| BJ's Wholesale Club <br>Holdings, Inc. (b) | 9601 | 864378 |
| Casey's General Stores, Inc. | 2710 | 1497844 |
| Maplebear, Inc. (b) | 13393 | 602417 |
| Performance Food <br>Group Co. (b) | 11423 | 1027156 |
| Sprouts Farmers <br>Market, Inc. (b) | 7095 | 565259 |
| U.S. Foods Holding <br>Corp. (b) | 16247 | 1223724 |
|  |  | 6275669 |
| Food Products (0.8%) | Food Products (0.8%) | Food Products (0.8%) |
| Darling Ingredients, Inc. (b) | 11528 | 415008 |
| Flowers Foods, Inc. | 15390 | 167443 |
| Ingredion, Inc. | 4606 | 507858 |
| Marzetti Co. | 1497 | 246137 |
| Pilgrim's Pride Corp. | 3102 | 120947 |
| Post Holdings, Inc. (b) | 3480 | 344694 |
|  |  | 1802087 |
| Personal Care Products (0.3%) | Personal Care Products (0.3%) | Personal Care Products (0.3%) |
| BellRing Brands, Inc. (b) | 9175 | 245248 |
| Coty, Inc. Class A (b) | 26770 | 82451 |
| elf Beauty, Inc. (b) | 4342 | 330166 |
|  |  | 657865 |
| **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** |
| Energy Equipment & Services (1.0%) | Energy Equipment & Services (1.0%) | Energy Equipment & Services (1.0%) |
| NOV, Inc. | 26582 | 415477 |
| TechnipFMC PLC | 29480 | 1313629 |
| Valaris Ltd. (b) | 4715 | 237636 |
| Weatherford International <br>PLC | 5179 | 405308 |
|  |  | 2372050 |
| Oil, Gas & Consumable Fuels (2.8%) | Oil, Gas & Consumable Fuels (2.8%) | Oil, Gas & Consumable Fuels (2.8%) |
| Antero Midstream Corp. | 24296 | 432226 |
| Antero Resources Corp. (b) | 21358 | 735997 |
| Chord Energy Corp. | 4088 | 378958 |
| Civitas Resources, Inc. | 5595 | 151569 |
| CNX Resources Corp. (b) | 9826 | 361302 |
| DT Midstream, Inc. | 7380 | 883238 |
| HF Sinclair Corp. | 11394 | 525035 |
| Matador Resources Co. | 8513 | 361292 |
| Murphy Oil Corp. | 9778 | 305562 |
| Ovintiv, Inc. | 18457 | 723330 |
| PBF Energy, Inc. Class A | 5948 | 161310 |
| Permian Resources Corp. | 50604 | 709974 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Range Resources Corp. | 17267 | $| 608834 |
| Viper Energy, Inc. Class A | 12274 |  | 474145 |
|  |  |  | 6812772 |
| **Financial (16.3%)** | **Financial (16.3%)** | **Financial (16.3%)** | **Financial (16.3%)** |
| Banks (6.4%) | Banks (6.4%) | Banks (6.4%) | Banks (6.4%) |
| Associated Banc-Corp. | 11915 |  | 306930 |
| Bank OZK | 7694 |  | 354078 |
| Cadence Bank | 13575 |  | 581553 |
| Columbia Banking <br>System, Inc. | 21799 |  | 609282 |
| Comerica, Inc. | 9309 |  | 809231 |
| Commerce Bancshares, Inc. | 9422 |  | 493147 |
| Cullen/Frost Bankers, Inc. | 4674 |  | 591869 |
| East West Bancorp, Inc. | 10027 |  | 1126935 |
| First Financial Bankshares, <br>Inc. | 9487 |  | 283377 |
| First Horizon Corp. | 35884 |  | 857628 |
| Flagstar Bank NA | 21815 |  | 274651 |
| FNB Corp. | 26100 |  | 446310 |
| Glacier Bancorp, Inc. | 9368 |  | 412660 |
| Hancock Whitney Corp. | 6093 |  | 388002 |
| Home BancShares, Inc. | 13320 |  | 370030 |
| International Bancshares <br>Corp. | 3935 |  | 261441 |
| Old National Bancorp | 25346 |  | 565469 |
| Pinnacle Financial Partners, <br>Inc. | 5585 |  | 532865 |
| Prosperity Bancshares, Inc. | 6894 |  | 476444 |
| Southstate Bank Corp. | 7317 |  | 688603 |
| Synovus Financial Corp. | 10116 |  | 506306 |
| Texas Capital Bancshares, <br>Inc. (b) | 3292 |  | 298058 |
| UMB Financial Corp. | 5135 |  | 590730 |
| United Bankshares, Inc. | 10209 |  | 392026 |
| Valley National Bancorp | 34949 |  | 408204 |
| Webster Financial Corp. | 11754 |  | 739797 |
| Western Alliance Bancorp | 7521 |  | 632290 |
| Wintrust Financial Corp. | 4898 |  | 684838 |
| Zions Bancorp NA | 10759 |  | 629832 |
|  |  |  | 15312586 |
| Capital Markets (2.9%) | Capital Markets (2.9%) | Capital Markets (2.9%) | Capital Markets (2.9%) |
| Affiliated Managers Group, Inc. | 2018 |  | 581749 |
| Carlyle Group, Inc. | 18911 |  | 1117829 |
| Evercore, Inc. Class A | 2791 |  | 949638 |
| Federated Hermes, Inc. | 5335 |  | 277793 |
| Hamilton Lane, Inc. Class A | 2930 |  | 393528 |
| Houlihan Lokey, Inc. | 3951 |  | 688225 |
| Janus Henderson Group PLC | 9006 |  | 428415 |
| Jefferies Financial Group, Inc. | 12026 |  | 745251 |
| Morningstar, Inc. | 1732 |  | 376381 |
| SEI Investments Co. | 6781 |  | 556178 |
| Stifel Financial Corp. | 7421 |  | 929258 |
|  |  |  | 7044245 |
| Consumer Finance (0.8%) | Consumer Finance (0.8%) | Consumer Finance (0.8%) | Consumer Finance (0.8%) |
| Ally Financial, Inc. | 20429 |  | 925229 |
| FirstCash Holdings, Inc. | 2832 |  | 451364 |
| SLM Corp. | 14797 |  | 400407 |
|  |  |  | 1777000 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Financial Services (1.6%) | Financial Services (1.6%) | Financial Services (1.6%) |
| Corebridge Financial, Inc. | 19483 | $587802 |
| Equitable Holdings, Inc. | 20881 | 994980 |
| Essent Group Ltd. | 7044 | 457931 |
| Euronet Worldwide, Inc. (b) | 2827 | 215163 |
| MGIC Investment Corp. | 16305 | 476432 |
| Shift4 Payments, Inc. <br>Class A (b) | 4920 | 309812 |
| Voya Financial, Inc. | 6935 | 516588 |
| WEX, Inc. (b) | 2457 | 366044 |
|  |  | 3924752 |
| Insurance (3.9%) | Insurance (3.9%) | Insurance (3.9%) |
| American Financial <br>Group, Inc. | 4984 | 681213 |
| Brighthouse Financial, <br>Inc. (b) | 4141 | 268295 |
| CNO Financial Group, Inc. | 6949 | 295124 |
| Fidelity National Financial, <br>Inc. | 18573 | 1013900 |
| First American Financial <br>Corp. | 7395 | 454349 |
| Hanover Insurance Group, <br>Inc. | 2628 | 480320 |
| Kemper Corp. | 4266 | 172944 |
| Kinsale Capital Group, Inc. | 1658 | 648477 |
| Old Republic International <br>Corp. | 16590 | 757168 |
| Primerica, Inc. | 2323 | 600170 |
| Reinsurance Group of <br>America, Inc. | 4750 | 966435 |
| RenaissanceRe Holdings <br>Ltd. | 3361 | 944979 |
| RLI Corp. | 6661 | 426171 |
| Ryan Specialty Holdings, Inc. | 8195 | 423108 |
| Selective Insurance <br>Group, Inc. | 4402 | 368315 |
| Unum Group | 11219 | 869472 |
|  |  | 9370440 |
| Mortgage REITs (0.7%) | Mortgage REITs (0.7%) | Mortgage REITs (0.7%) |
| Annaly Capital <br>Management, Inc. | 49777 | 1113014 |
| Starwood Property Trust, Inc. | 25309 | 455815 |
|  |  | 1568829 |
| **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** |
| Biotechnology (2.5%) | Biotechnology (2.5%) | Biotechnology (2.5%) |
| BioMarin Pharmaceutical, <br>Inc. (b) | 14000 | 832020 |
| Cytokinetics, Inc. (b) | 8910 | 566141 |
| Exelixis, Inc. (b) | 19539 | 856394 |
| Halozyme Therapeutics, <br>Inc. (b) | 8511 | 572790 |
| Neurocrine Biosciences, <br>Inc. (b) | 7202 | 1021460 |
| Roivant Sciences Ltd. (b) | 31932 | 692925 |
| United Therapeutics <br>Corp. (b) | 3138 | 1528991 |
|  |  | 6070721 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Health Care Equipment & Supplies (1.4%) | Health Care Equipment & Supplies (1.4%) | Health Care Equipment & Supplies (1.4%) |
| Dentsply Sirona, Inc. | 14542 | $166215 |
| Envista Holdings Corp. (b) | 11983 | 260151 |
| Globus Medical, Inc. <br>Class A (b) | 8119 | 708870 |
| Haemonetics Corp. (b) | 3408 | 273151 |
| Lantheus Holdings, Inc. (b) | 4832 | 321570 |
| LivaNova PLC (b) | 3918 | 241074 |
| Masimo Corp. (b) | 3333 | 433490 |
| Penumbra, Inc. (b) | 2901 | 901950 |
|  |  | 3306471 |
| Health Care Providers & Services (2.0%) | Health Care Providers & Services (2.0%) | Health Care Providers & Services (2.0%) |
| Chemed Corp. | 1071 | 458238 |
| Encompass Health Corp. | 7316 | 776520 |
| Ensign Group, Inc. | 4216 | 734427 |
| HealthEquity, Inc. (b) | 6266 | 574028 |
| Hims & Hers Health, Inc. (b) | 15122 | 491011 |
| Option Care Health, Inc. (b) | 11568 | 368557 |
| Tenet Healthcare Corp. (b) | 6405 | 1272802 |
|  |  | 4675583 |
| Health Care Technology (0.2%) | Health Care Technology (0.2%) | Health Care Technology (0.2%) |
| Doximity, Inc. Class A (b) | 9942 | 440232 |
| Life Sciences Tools & Services (1.9%) | Life Sciences Tools & Services (1.9%) | Life Sciences Tools & Services (1.9%) |
| Avantor, Inc. (b) | 49689 | 569436 |
| Bio-Rad Laboratories, Inc. <br>Class A (b) | 1389 | 420853 |
| Bruker Corp. | 8054 | 379424 |
| Illumina, Inc. (b) | 11136 | 1460598 |
| Medpace Holdings, Inc. (b) | 1662 | 933462 |
| Repligen Corp. (b) | 3842 | 629550 |
| Sotera Health Co. (b) | 15114 | 266611 |
|  |  | 4659934 |
| Pharmaceuticals (0.7%) | Pharmaceuticals (0.7%) | Pharmaceuticals (0.7%) |
| Elanco Animal Health, Inc. (b) | 36210 | 819432 |
| Jazz Pharmaceuticals PLC (b) | 4443 | 755310 |
|  |  | 1574742 |
| **Industrials (22.9%)** | **Industrials (22.9%)** | **Industrials (22.9%)** |
| Aerospace & Defense (3.4%) | Aerospace & Defense (3.4%) | Aerospace & Defense (3.4%) |
| AeroVironment, Inc. (b) | 2325 | 562394 |
| ATI, Inc. (b) | 9901 | 1136239 |
| BWX Technologies, Inc. | 6629 | 1145757 |
| Carpenter Technology Corp. | 3668 | 1154833 |
| Curtiss-Wright Corp. | 2688 | 1481814 |
| Hexcel Corp. | 5757 | 425442 |
| Kratos Defense & Security <br>Solutions, Inc. (b) | 12304 | 933997 |
| Woodward, Inc. | 4410 | 1333231 |
|  |  | 8173707 |
| Air Freight & Logistics (0.2%) | Air Freight & Logistics (0.2%) | Air Freight & Logistics (0.2%) |
| GXO Logistics, Inc. (b) | 8328 | 438386 |
| Building Products (1.8%) | Building Products (1.8%) | Building Products (1.8%) |
| AAON, Inc. | 4925 | 375531 |
| Advanced Drainage <br>Systems, Inc. | 5162 | 747612 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Carlisle Cos., Inc. | 3038 | $| 971735 |
| Fortune Brands Innovations, <br>Inc. | 8737 |  | 437025 |
| Owens Corning | 5990 |  | 670341 |
| Simpson Manufacturing Co., <br>Inc. | 3062 |  | 494421 |
| Trex Co., Inc. (b) | 7795 |  | 273449 |
| UFP Industries, Inc. | 4186 |  | 381135 |
|  |  |  | 4351249 |
| Commercial Services & Supplies (1.5%) | Commercial Services & Supplies (1.5%) | Commercial Services & Supplies (1.5%) | Commercial Services & Supplies (1.5%) |
| Brink's Co. | 2998 |  | 349957 |
| Clean Harbors, Inc. (b) | 3676 |  | 861948 |
| MSA Safety, Inc. | 2656 |  | 425332 |
| RB Global, Inc. | 13532 |  | 1392037 |
| Tetra Tech, Inc. | 19051 |  | 638970 |
|  |  |  | 3668244 |
| Construction & Engineering (2.2%) | Construction & Engineering (2.2%) | Construction & Engineering (2.2%) | Construction & Engineering (2.2%) |
| AECOM | 9651 |  | 920030 |
| API Group Corp. (b) | 26976 |  | 1032102 |
| Dycom Industries, Inc. (b) | 2110 |  | 712969 |
| Fluor Corp. (b) | 11746 |  | 465494 |
| MasTec, Inc. (b) | 4492 |  | 976426 |
| Sterling Infrastructure, Inc. (b) | 2280 |  | 698204 |
| Valmont Industries, Inc. | 1436 |  | 577732 |
|  |  |  | 5382957 |
| Electrical Equipment (1.8%) | Electrical Equipment (1.8%) | Electrical Equipment (1.8%) | Electrical Equipment (1.8%) |
| Acuity, Inc. | 2211 |  | 796048 |
| EnerSys | 2706 |  | 397106 |
| Nextpower, Inc. <br>Class A (b) | 10793 |  | 940178 |
| nVent Electric PLC | 11750 |  | 1198148 |
| Regal Rexnord Corp. | 4832 |  | 678026 |
| Sensata Technologies <br>Holding PLC | 10616 |  | 353407 |
|  |  |  | 4362913 |
| Ground Transportation (1.5%) | Ground Transportation (1.5%) | Ground Transportation (1.5%) | Ground Transportation (1.5%) |
| Avis Budget Group, Inc. (b) | 1159 |  | 148723 |
| Knight-Swift Transportation <br>Holdings, Inc. | 11830 |  | 618472 |
| Landstar System, Inc. | 2444 |  | 351203 |
| Ryder System, Inc. | 2943 |  | 563261 |
| Saia, Inc. (b) | 1967 |  | 642265 |
| XPO, Inc. (b) | 8555 |  | 1162710 |
|  |  |  | 3486634 |
| Machinery (5.3%) | Machinery (5.3%) | Machinery (5.3%) | Machinery (5.3%) |
| AGCO Corp. | 4489 |  | 468293 |
| Chart Industries, Inc. (b) | 3209 |  | 661792 |
| CNH Industrial NV | 64493 |  | 594625 |
| Crane Co. | 3563 |  | 657124 |
| Donaldson Co., Inc. | 8441 |  | 748379 |
| Esab Corp. | 4109 |  | 459057 |
| Flowserve Corp. | 9263 |  | 642667 |
| Graco, Inc. | 12082 |  | 990362 |
| ITT, Inc. | 6199 |  | 1075589 |
| Lincoln Electric Holdings, Inc. | 4033 |  | 966468 |
| Middleby Corp. (b) | 3392 |  | 504289 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Mueller Industries, Inc. | 8050 | $| 924140 |
| Oshkosh Corp. | 4593 |  | 577019 |
| RBC Bearings, Inc. (b) | 2294 |  | 1028698 |
| SPX Technologies, Inc. (b) | 3632 |  | 726618 |
| Terex Corp. | 4775 |  | 254890 |
| Timken Co. | 4526 |  | 380772 |
| Toro Co. | 7131 |  | 561352 |
| Watts Water Technologies, <br>Inc. Class A | 2019 |  | 557284 |
|  |  |  | 12779418 |
| Marine Transportation (0.2%) | Marine Transportation (0.2%) | Marine Transportation (0.2%) | Marine Transportation (0.2%) |
| Kirby Corp. (b) | 3940 |  | 434109 |
| Passenger Airlines (0.5%) | Passenger Airlines (0.5%) | Passenger Airlines (0.5%) | Passenger Airlines (0.5%) |
| Alaska Air Group, Inc. (b) | 8389 |  | 421967 |
| American Airlines Group, <br>Inc. (b) | 48105 |  | 737449 |
|  |  |  | 1159416 |
| Professional Services (2.9%) | Professional Services (2.9%) | Professional Services (2.9%) | Professional Services (2.9%) |
| Booz Allen Hamilton <br>Holding Corp. | 8840 |  | 745742 |
| CACI International, Inc. <br>Class A (b) | 1631 |  | 869013 |
| Concentrix Corp. | 3151 |  | 131019 |
| ExlService Holdings, Inc. (b) | 11565 |  | 490819 |
| Exponent, Inc. | 3626 |  | 251862 |
| FTI Consulting, Inc. (b) | 2206 |  | 376851 |
| Genpact Ltd. | 11685 |  | 546624 |
| KBR, Inc. | 9254 |  | 372011 |
| Maximus, Inc. | 4059 |  | 350373 |
| Parsons Corp. (b) | 3799 |  | 234778 |
| Paylocity Holding Corp. (b) | 3155 |  | 481137 |
| Science Applications <br>International Corp. | 3292 |  | 331373 |
| TransUnion | 14152 |  | 1213534 |
| UL Solutions, Inc. Class A | 5484 |  | 432468 |
|  |  |  | 6827604 |
| Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) |
| Applied Industrial <br>Technologies, Inc. | 2779 |  | 713564 |
| Core & Main, Inc. <br>Class A (b) | 13863 |  | 720460 |
| GATX Corp. | 2598 |  | 440621 |
| MSC Industrial Direct Co., <br>Inc. Class A | 3281 |  | 275932 |
| Watsco, Inc. | 2606 |  | 878091 |
| WESCO International, Inc. | 3545 |  | 867249 |
|  |  |  | 3895917 |
| **Information Technology (13.7%)** | **Information Technology (13.7%)** | **Information Technology (13.7%)** | **Information Technology (13.7%)** |
| Communications Equipment (1.8%) | Communications Equipment (1.8%) | Communications Equipment (1.8%) | Communications Equipment (1.8%) |
| Ciena Corp. (b) | 10280 |  | 2404184 |
| Lumentum Holdings, Inc. (b) | 5139 |  | 1894184 |
|  |  |  | 4298368 |
| Electronic Equipment, Instruments & <br>Components (3.6%) | Electronic Equipment, Instruments & <br>Components (3.6%) | Electronic Equipment, Instruments & <br>Components (3.6%) | Electronic Equipment, Instruments & <br>Components (3.6%) |
| Arrow Electronics, Inc. (b) | 3757 |  | 413946 |
| Avnet, Inc. | 5927 |  | 284970 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Belden, Inc. | 2856 | $| 332867 |
| Cognex Corp. | 12214 |  | 439460 |
| Coherent Corp. (b) | 11445 |  | 2112404 |
| Crane NXT Co. | 3517 |  | 165545 |
| Fabrinet (b) | 2611 |  | 1188736 |
| Flex Ltd. (b) | 26949 |  | 1628259 |
| IPG Photonics Corp. (b) | 1840 |  | 131744 |
| Littelfuse, Inc. | 1776 |  | 449186 |
| Novanta, Inc. (b) | 2532 |  | 301283 |
| TD SYNNEX Corp. | 5519 |  | 829119 |
| Vontier Corp. | 10574 |  | 393141 |
|  |  |  | 8670660 |
| IT Services (1.4%) | IT Services (1.4%) | IT Services (1.4%) | IT Services (1.4%) |
| ASGN, Inc. (b) | 3088 |  | 148749 |
| Kyndryl Holdings, Inc. (b) | 16657 |  | 442410 |
| Okta, Inc. (b) | 12207 |  | 1055539 |
| Twilio, Inc. Class A (b) | 11049 |  | 1571610 |
|  |  |  | 3218308 |
| Semiconductors & Semiconductor Equipment (2.7%) | Semiconductors & Semiconductor Equipment (2.7%) | Semiconductors & Semiconductor Equipment (2.7%) | Semiconductors & Semiconductor Equipment (2.7%) |
| Allegro MicroSystems, <br>Inc. (b) | 9027 |  | 238132 |
| Amkor Technology, Inc. | 8270 |  | 326499 |
| Cirrus Logic, Inc. (b) | 3644 |  | 431814 |
| Entegris, Inc. | 11048 |  | 930794 |
| Lattice Semiconductor <br>Corp. (b) | 9968 |  | 733445 |
| MACOM Technology <br>Solutions Holdings, Inc. (b) | 4696 |  | 804331 |
| MKS, Inc. | 4889 |  | 781262 |
| Onto Innovation, Inc. (b) | 3530 |  | 557246 |
| Rambus, Inc. (b) | 7821 |  | 718672 |
| Silicon Laboratories, Inc. (b) | 2398 |  | 313419 |
| Synaptics, Inc. (b) | 2782 |  | 205924 |
| Universal Display Corp. | 3181 |  | 371477 |
|  |  |  | 6413015 |
| Software (3.6%) | Software (3.6%) | Software (3.6%) | Software (3.6%) |
| Appfolio, Inc. Class A (b) | 1689 |  | 392946 |
| Bentley Systems, Inc. <br>Class B | 10853 |  | 414205 |
| Bill Holdings, Inc. (b) | 6496 |  | 354292 |
| Blackbaud, Inc. (b) | 2663 |  | 168621 |
| Commvault Systems, Inc. (b) | 3205 |  | 401779 |
| Docusign, Inc. (b) | 14656 |  | 1002470 |
| Dolby Laboratories, Inc. <br>Class A | 4451 |  | 285843 |
| Dropbox, Inc. Class A (b) | 12711 |  | 353366 |
| Dynatrace, Inc. (b) | 21971 |  | 952223 |
| Guidewire Software, Inc. (b) | 6199 |  | 1246061 |
| Manhattan Associates, <br>Inc. (b) | 4417 |  | 765510 |
| Nutanix, Inc. Class A (b) | 19637 |  | 1015036 |
| Pegasystems, Inc. | 6679 |  | 398870 |
| Qualys, Inc. (b) | 2609 |  | 346736 |
| UiPath, Inc. Class A (b) | 30753 |  | 504042 |
|  |  |  | 8602000 |
| Technology Hardware Storage & Peripherals (0.6%) | Technology Hardware Storage & Peripherals (0.6%) | Technology Hardware Storage & Peripherals (0.6%) | Technology Hardware Storage & Peripherals (0.6%) |
| Pure Storage, Inc. <br>Class A (b) | 22752 |  | 1524611 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Materials (5.3%)** | **Materials (5.3%)** | **Materials (5.3%)** |
| Chemicals (1.3%) | Chemicals (1.3%) | Chemicals (1.3%) |
| Ashland, Inc. | 3279 | $192379 |
| Avient Corp. | 6639 | 207402 |
| Axalta Coating Systems Ltd. (b) | 15547 | 502324 |
| Cabot Corp. | 3856 | 255576 |
| NewMarket Corp. | 584 | 401360 |
| Olin Corp. | 8316 | 173222 |
| RPM International, Inc. | 9344 | 971776 |
| Scotts Miracle-Gro Co. | 3149 | 183744 |
| Westlake Corp. | 2403 | 177678 |
|  |  | 3065461 |
| Construction Materials (0.3%) | Construction Materials (0.3%) | Construction Materials (0.3%) |
| Eagle Materials, Inc. | 2314 | 478258 |
| Knife River Corp. (b) | 4083 | 287239 |
|  |  | 765497 |
| Containers & Packaging (1.0%) | Containers & Packaging (1.0%) | Containers & Packaging (1.0%) |
| AptarGroup, Inc. | 4730 | 576871 |
| Crown Holdings, Inc. | 8309 | 855578 |
| Graphic Packaging <br>Holding Co. | 21507 | 323895 |
| Greif, Inc. Class A | 1825 | 123552 |
| Silgan Holdings, Inc. | 6391 | 258005 |
| Sonoco Products Co. | 7161 | 312506 |
|  |  | 2450407 |
| Metals & Mining (2.5%) | Metals & Mining (2.5%) | Metals & Mining (2.5%) |
| Alcoa Corp. | 18872 | 1002858 |
| Cleveland-Cliffs, Inc. (b) | 41519 | 551372 |
| Commercial Metals Co. | 8087 | 559782 |
| Hecla Mining Co. | 48835 | 937144 |
| MP Materials Corp. (b) | 9809 | 495551 |
| Reliance, Inc. | 3872 | 1118505 |
| Royal Gold, Inc. | 5947 | 1321958 |
|  |  | 5987170 |
| Paper & Forest Products (0.2%) | Paper & Forest Products (0.2%) | Paper & Forest Products (0.2%) |
| Louisiana-Pacific Corp. | 4525 | 365439 |
| **Real Estate (6.2%)** | **Real Estate (6.2%)** | **Real Estate (6.2%)** |
| Diversified REITs (0.4%) | Diversified REITs (0.4%) | Diversified REITs (0.4%) |
| WP Carey, Inc. | 15970 | 1027829 |
| Health Care REITs (0.7%) | Health Care REITs (0.7%) | Health Care REITs (0.7%) |
| Healthcare Realty Trust, Inc. | 25626 | 434361 |
| Omega Healthcare <br>Investors, Inc. | 21537 | 954950 |
| Sabra Health Care REIT, Inc. | 18172 | 344178 |
|  |  | 1733489 |
| Hotels & Resort REITs (0.1%) | Hotels & Resort REITs (0.1%) | Hotels & Resort REITs (0.1%) |
| Park Hotels & Resorts, Inc. | 14568 | 152381 |
| Industrial REITs (1.0%) | Industrial REITs (1.0%) | Industrial REITs (1.0%) |
| EastGroup Properties, Inc. | 3845 | 684948 |
| First Industrial Realty <br>Trust, Inc. | 9648 | 552541 |
| Rexford Industrial Realty, Inc. | 16929 | 655491 |
| STAG Industrial, Inc. | 13609 | 500267 |
|  |  | 2393247 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Office REITs (0.5%) | Office REITs (0.5%) | Office REITs (0.5%) |
| COPT Defense Properties | 8196 | $227849 |
| Cousins Properties, Inc. | 12240 | 315547 |
| Kilroy Realty Corp. | 7912 | 295671 |
| Vornado Realty Trust | 11757 | 391273 |
|  |  | 1230340 |
| Real Estate Management & Development (0.5%) | Real Estate Management & Development (0.5%) | Real Estate Management & Development (0.5%) |
| Jones Lang LaSalle, Inc. (b) | 3440 | 1157457 |
| Residential REITs (0.8%) | Residential REITs (0.8%) | Residential REITs (0.8%) |
| American Homes 4 Rent <br>Class A | 23759 | 762664 |
| Equity LifeStyle Properties, Inc. | 14125 | 856116 |
| Independence Realty Trust, Inc. | 17398 | 304117 |
|  |  | 1922897 |
| Retail REITs (0.9%) | Retail REITs (0.9%) | Retail REITs (0.9%) |
| Agree Realty Corp. | 8362 | 602315 |
| Brixmor Property Group, Inc. | 22307 | 584890 |
| Kite Realty Group Trust | 15778 | 378199 |
| NNN REIT, Inc. | 13799 | 546854 |
|  |  | 2112258 |
| Specialized REITs (1.3%) | Specialized REITs (1.3%) | Specialized REITs (1.3%) |
| CubeSmart | 16618 | 599079 |
| EPR Properties | 5485 | 273701 |
| Gaming & Leisure Properties, Inc. | 20625 | 921731 |
| Lamar Advertising Co. Class A | 6290 | 796188 |
| National Storage Affiliates Trust | 5143 | 145084 |
| PotlatchDeltic Corp. | 5125 | 203873 |
| Rayonier, Inc. | 10821 | 234275 |
|  |  | 3173931 |
| **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |
| Electric Utilities (0.8%) | Electric Utilities (0.8%) | Electric Utilities (0.8%) |
| IDACORP, Inc. | 3927 | 497001 |
| OGE Energy Corp. | 14681 | 626878 |
| Portland General Electric Co. | 8197 | 393374 |
| TXNM Energy, Inc. | 7144 | 420639 |
|  |  | 1937892 |
| Gas Utilities (1.1%) | Gas Utilities (1.1%) | Gas Utilities (1.1%) |
| National Fuel Gas Co. | 6553 | 524633 |
| New Jersey Resources Corp. | 7295 | 336446 |
| ONE Gas, Inc. | 4364 | 337119 |
| Southwest Gas <br>Holdings, Inc. | 4597 | 367852 |
| Spire, Inc. | 4266 | 352798 |
| UGI Corp. | 15663 | 586266 |
|  |  | 2505114 |
| Independent Power And Renewable <br>Electricity Producers (0.7%) | Independent Power And Renewable <br>Electricity Producers (0.7%) | Independent Power And Renewable <br>Electricity Producers (0.7%) |
| Ormat Technologies, Inc. | 4347 | 480213 |
| Talen Energy Corp. (b) | 3364 | 1260962 |
|  |  | 1741175 |

---

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal** | **Value(a)** |
| Multi-Utilities (0.3%) | Multi-Utilities (0.3%) | Multi-Utilities (0.3%) |
| Black Hills Corp. | 5500 | $381810 |
| Northwestern Energy <br>Group, Inc. | 4449 | 287138 |
|  |  | 668948 |
| Water Utilities (0.3%) | Water Utilities (0.3%) | Water Utilities (0.3%) |
| Essential Utilities, Inc. | 20549 | 788260 |
| **Total common stocks <br>(cost: $163,474,177)** |  | **233338675** |
| **Mutual Funds (0.3%)** | **Mutual Funds (0.3%)** | **Mutual Funds (0.3%)** |
| **Investment Companies (0.3%)** | **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |
| State Street SPDR Portfolio<br> S&P 400 Mid Cap ETF (c) (d) | 11200 | 648592 |
| **Total mutual funds <br>(cost: $663,932)** |  | **648592** |
| **Short-Term Securities (2.5%)** | **Short-Term Securities (2.5%)** | **Short-Term Securities (2.5%)** |
| **Investment Companies (2.1%)** | **Investment Companies (2.1%)** | **Investment Companies (2.1%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 5095950 | 5095950 |
| **U.S. Government Agencies and Obligations (0.4%)** | **U.S. Government Agencies and Obligations (0.4%)** | **U.S. Government Agencies and Obligations (0.4%)** |
| U.S. Treasury Notes, <br>3.750%, 04/15/26 (d) | $1000000 | 1000475 |
| **Total short-term securities <br>(cost: $6,095,244)** |  | **6096425** |
| **Total investments in securities <br>(cost: $170,233,353) (e)** |  | **240083692** |
| **Liabilities in excess of cash <br>and other assets (-0.2%)** |  | **(386132)** |
| **Total net assets (100.0%)** |  | $**239697560** |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

**Investments in Securities Legend**

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

(b) Non-income producing security.

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

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

(e) At December 31, 2025 the cost of investments for federal income tax purposes was $170,420,941. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $82101028 |
| Gross unrealized depreciation | (12526234) |
| **Net unrealized appreciation** | $**69574794** |

---

**Holdings of Open Futures Contracts**

On December 31, 2025, securities with an aggregate fair value of $1,145,250 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Position<br>Type** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)(a)** |
| S&P 400 E-Mini Index Future | March 2026 | 17 | Long | $5740797 | $5652840 | $(87957) |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (98.6%)** | **Common Stocks (98.6%)** | **Common Stocks (98.6%)** |
| **Communication Services (10.4%)** | **Communication Services (10.4%)** | **Communication Services (10.4%)** |
| Diversified Telecommunication Services (0.6%) | Diversified Telecommunication Services (0.6%) | Diversified Telecommunication Services (0.6%) |
| AT&T, Inc. | 192776 | $4788556 |
| Verizon Communications, Inc. | 114652 | 4669776 |
|  |  | 9458332 |
| Entertainment (1.3%) | Entertainment (1.3%) | Entertainment (1.3%) |
| Electronic Arts, Inc. | 6103 | 1247026 |
| Live Nation Entertainment, <br>Inc. (b) | 4256 | 606480 |
| Netflix, Inc. (b) | 115221 | 10803121 |
| Take-Two Interactive <br>Software, Inc. (b) | 4666 | 1194636 |
| TKO Group Holdings, Inc. | 1795 | 375155 |
| Walt Disney Co. | 48545 | 5522965 |
| Warner Bros Discovery, <br>Inc. (b) | 67381 | 1941920 |
|  |  | 21691303 |
| Interactive Media & Services (8.0%) | Interactive Media & Services (8.0%) | Interactive Media & Services (8.0%) |
| Alphabet, Inc. Class A | 158203 | 49517539 |
| Alphabet, Inc. Class C | 126443 | 39677813 |
| Match Group, Inc. | 6419 | 207269 |
| Meta Platforms, Inc. Class A | 59221 | 39091190 |
|  |  | 128493811 |
| Media (0.3%) | Media (0.3%) | Media (0.3%) |
| Charter Communications, Inc. <br>Class A (b) | 2392 | 499330 |
| Comcast Corp. Class A | 98827 | 2953939 |
| Fox Corp. Class A | 5665 | 413942 |
| Fox Corp. Class B | 3970 | 257772 |
| News Corp. Class A | 10182 | 265954 |
| News Corp. Class B | 3296 | 97660 |
| Omnicom Group, Inc. | 8673 | 700345 |
| Paramount Skydance Corp. <br>Class B | 8450 | 113230 |
| Trade Desk, Inc. Class A (b) | 11973 | 454495 |
|  |  | 5756667 |
| Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) |
| T-Mobile U.S., Inc. | 13078 | 2655357 |
| **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** |
| Automobile Components (0.0%) | Automobile Components (0.0%) | Automobile Components (0.0%) |
| Aptiv PLC (b) | 5856 | 445583 |
| Automobiles (2.4%) | Automobiles (2.4%) | Automobiles (2.4%) |
| Ford Motor Co. | 106419 | 1396217 |
| General Motors Co. | 25366 | 2062763 |
| Tesla, Inc. (b) | 76408 | 34362206 |
|  |  | 37821186 |
| Broadline Retail (3.9%) | Broadline Retail (3.9%) | Broadline Retail (3.9%) |
| Amazon.com, Inc. (b) | 264526 | 61057891 |
| eBay, Inc. | 12290 | 1070459 |
|  |  | 62128350 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Distributors (0.0%) | Distributors (0.0%) | Distributors (0.0%) |
| Genuine Parts Co. | 3740 | $459870 |
| Pool Corp. | 870 | 199013 |
|  |  | 658883 |
| Hotels, Restaurants & Leisure (1.8%) | Hotels, Restaurants & Leisure (1.8%) | Hotels, Restaurants & Leisure (1.8%) |
| Airbnb, Inc. Class A (b) | 11564 | 1569466 |
| Booking Holdings, Inc. | 877 | 4696624 |
| Carnival Corp. (b) | 29525 | 901694 |
| Chipotle Mexican Grill, <br>Inc. (b) | 35955 | 1330335 |
| Darden Restaurants, Inc. | 3138 | 577455 |
| Domino's Pizza, Inc. | 870 | 362633 |
| DoorDash, Inc. Class A (b) | 10165 | 2302169 |
| Expedia Group, Inc. | 3182 | 901493 |
| Hilton Worldwide Holdings, <br>Inc. | 6320 | 1815420 |
| Las Vegas Sands Corp. | 8273 | 538490 |
| Marriott International, Inc. <br>Class A | 6056 | 1878814 |
| McDonald's Corp. | 19365 | 5918525 |
| MGM Resorts International (b) | 5529 | 201753 |
| Norwegian Cruise Line <br>Holdings Ltd. (b) | 12379 | 276299 |
| Royal Caribbean Cruises Ltd. | 6896 | 1923432 |
| Starbucks Corp. | 30914 | 2603268 |
| Wynn Resorts Ltd. | 2222 | 267373 |
| Yum! Brands, Inc. | 7549 | 1142013 |
|  |  | 29207256 |
| Household Durables (0.2%) | Household Durables (0.2%) | Household Durables (0.2%) |
| DR Horton, Inc. | 7446 | 1072447 |
| Garmin Ltd. | 4392 | 890917 |
| Lennar Corp. Class A | 5866 | 603025 |
| NVR, Inc. (b) | 80 | 583422 |
| PulteGroup, Inc. | 5300 | 621478 |
|  |  | 3771289 |
| Leisure Products (0.0%) | Leisure Products (0.0%) | Leisure Products (0.0%) |
| Hasbro, Inc. | 3557 | 291674 |
| Specialty Retail (1.7%) | Specialty Retail (1.7%) | Specialty Retail (1.7%) |
| AutoZone, Inc. (b) | 452 | 1532958 |
| Best Buy Co., Inc. | 5313 | 355599 |
| Carvana Co. (b) | 3846 | 1623089 |
| Home Depot, Inc. | 27066 | 9313410 |
| Lowe's Cos., Inc. | 15250 | 3677690 |
| O'Reilly Automotive, Inc. (b) | 22952 | 2093452 |
| Ross Stores, Inc. | 8843 | 1592978 |
| TJX Cos., Inc. | 30263 | 4648699 |
| Tractor Supply Co. | 14368 | 718544 |
| Ulta Beauty, Inc. (b) | 1278 | 773203 |
| Williams-Sonoma, Inc. | 3286 | 586847 |
|  |  | 26916469 |
| Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) |
| Deckers Outdoor Corp. (b) | 3963 | 410844 |
| Lululemon Athletica, Inc. (b) | 2869 | 596207 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| NIKE, Inc. Class B | 32339 | $| 2060318 |
| Ralph Lauren Corp. | 1033 |  | 365279 |
| Tapestry, Inc. | 5564 |  | 710912 |
|  |  |  | 4143560 |
| **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** |
| Beverages (1.0%) | Beverages (1.0%) | Beverages (1.0%) | Beverages (1.0%) |
| Brown-Forman Corp. Class B | 4741 |  | 123550 |
| Coca-Cola Co. | 105272 |  | 7359566 |
| Constellation Brands, Inc. <br>Class A | 3806 |  | 525076 |
| Keurig Dr. Pepper, Inc. | 36942 |  | 1034745 |
| Molson Coors Beverage Co. <br>Class B | 4550 |  | 212394 |
| Monster Beverage Corp. (b) | 19394 |  | 1486938 |
| PepsiCo, Inc. | 37180 |  | 5336074 |
|  |  |  | 16078343 |
| Consumer Staples Distribution & Retail (1.7%) | Consumer Staples Distribution & Retail (1.7%) | Consumer Staples Distribution & Retail (1.7%) | Consumer Staples Distribution & Retail (1.7%) |
| Costco Wholesale Corp. | 12051 |  | 10392059 |
| Dollar General Corp. | 5918 |  | 785733 |
| Dollar Tree, Inc. (b) | 5158 |  | 634486 |
| Kroger Co. | 16577 |  | 1035731 |
| Sysco Corp. | 13021 |  | 959517 |
| Target Corp. | 12356 |  | 1207799 |
| Walmart, Inc. | 119238 |  | 13284306 |
|  |  |  | 28299631 |
| Food Products (0.4%) | Food Products (0.4%) | Food Products (0.4%) | Food Products (0.4%) |
| Archer-Daniels-Midland Co. | 13067 |  | 751222 |
| Bunge Global SA | 3680 |  | 327815 |
| Campbell's Co. | 5342 |  | 148882 |
| Conagra Brands, Inc. | 13007 |  | 225151 |
| General Mills, Inc. | 14504 |  | 674436 |
| Hershey Co. | 3984 |  | 725008 |
| Hormel Foods Corp. | 7926 |  | 187846 |
| J.M. Smucker Co. | 2815 |  | 275335 |
| Kraft Heinz Co. | 23173 |  | 561945 |
| Lamb Weston Holdings, Inc. | 3789 |  | 158721 |
| McCormick & Co., Inc. | 6844 |  | 466145 |
| Mondelez International, Inc. <br>Class A | 35087 |  | 1888733 |
| Tyson Foods, Inc. Class A | 7696 |  | 451140 |
|  |  |  | 6842379 |
| Household Products (0.8%) | Household Products (0.8%) | Household Products (0.8%) | Household Products (0.8%) |
| Church & Dwight Co., Inc. | 6529 |  | 547457 |
| Clorox Co. | 3222 |  | 324874 |
| Colgate-Palmolive Co. | 21918 |  | 1731960 |
| Kimberly-Clark Corp. | 9023 |  | 910331 |
| Procter & Gamble Co. | 63540 |  | 9105917 |
|  |  |  | 12620539 |
| Personal Care Products (0.1%) | Personal Care Products (0.1%) | Personal Care Products (0.1%) | Personal Care Products (0.1%) |
| Estee Lauder Cos., Inc. Class A | 6685 |  | 700053 |
| Kenvue, Inc. | 52094 |  | 898622 |
|  |  |  | 1598675 |
| Tobacco (0.6%) | Tobacco (0.6%) | Tobacco (0.6%) | Tobacco (0.6%) |
| Altria Group, Inc. | 45646 |  | 2631948 |
| Philip Morris International, Inc. | 42328 |  | 6789411 |
|  |  |  | 9421359 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
| Energy Equipment & Services (0.2%) | Energy Equipment & Services (0.2%) | Energy Equipment & Services (0.2%) |
| Baker Hughes Co. | 26832 | $1221929 |
| Halliburton Co. | 22885 | 646730 |
| SLB Ltd. | 40622 | 1559073 |
|  |  | 3427732 |
| Oil, Gas & Consumable Fuels (2.6%) | Oil, Gas & Consumable Fuels (2.6%) | Oil, Gas & Consumable Fuels (2.6%) |
| APA Corp. | 9644 | 235892 |
| Chevron Corp. | 51466 | 7843933 |
| ConocoPhillips | 33601 | 3145390 |
| Coterra Energy, Inc. | 20703 | 544903 |
| Devon Energy Corp. | 17057 | 624798 |
| Diamondback Energy, Inc. | 5064 | 761271 |
| EOG Resources, Inc. | 14754 | 1549318 |
| EQT Corp. | 16969 | 909538 |
| Expand Energy Corp. | 6476 | 714691 |
| Exxon Mobil Corp. | 114673 | 13799749 |
| Kinder Morgan, Inc. | 53236 | 1463458 |
| Marathon Petroleum Corp. | 8173 | 1329175 |
| Occidental Petroleum Corp. | 19556 | 804143 |
| ONEOK, Inc. | 17110 | 1257585 |
| Phillips 66 | 10956 | 1413762 |
| Targa Resources Corp. | 5837 | 1076927 |
| Texas Pacific Land Corp. | 1593 | 457541 |
| Valero Energy Corp. | 8293 | 1350017 |
| Williams Cos., Inc. | 33207 | 1996073 |
|  |  | 41278164 |
| **Financial (13.2%)** | **Financial (13.2%)** | **Financial (13.2%)** |
| Banks (3.6%) | Banks (3.6%) | Banks (3.6%) |
| Bank of America Corp. | 182683 | 10047565 |
| Citigroup, Inc. | 48654 | 5677435 |
| Citizens Financial Group, Inc. | 11678 | 682112 |
| Fifth Third Bancorp | 17974 | 841363 |
| Huntington Bancshares, Inc. | 42750 | 741713 |
| JPMorgan Chase & Co. | 74024 | 23852013 |
| KeyCorp | 25260 | 521366 |
| M&T Bank Corp. | 4179 | 841985 |
| PNC Financial Services <br>Group, Inc. | 10663 | 2225688 |
| Regions Financial Corp. | 23843 | 646145 |
| Truist Financial Corp. | 34785 | 1711770 |
| U.S. Bancorp | 42268 | 2255421 |
| Wells Fargo & Co. | 85357 | 7955272 |
|  |  | 57999848 |
| Capital Markets (3.4%) | Capital Markets (3.4%) | Capital Markets (3.4%) |
| Ameriprise Financial, Inc. | 2526 | 1238599 |
| ARES Management Corp. <br>Class A | 5601 | 905290 |
| Bank of New York Mellon <br>Corp. | 18962 | 2201299 |
| Blackrock, Inc. | 3924 | 4200014 |
| Blackstone, Inc. | 20079 | 3094977 |
| Cboe Global Markets, Inc. | 2860 | 717860 |
| Charles Schwab Corp. | 45419 | 4537812 |
| CME Group, Inc. | 9805 | 2677549 |
| Coinbase Global, Inc. <br>Class A (b) | 6147 | 1390083 |
| FactSet Research Systems, <br>Inc. | 1021 | 296284 |
| Franklin Resources, Inc. | 8358 | 199673 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Goldman Sachs Group, Inc. | 8156 | $| 7169124 |
| Interactive Brokers Group, <br>Inc. Class A | 12110 |  | 778794 |
| Intercontinental Exchange, Inc. | 15504 |  | 2511028 |
| Invesco Ltd. | 12102 |  | 317920 |
| KKR & Co., Inc. | 18662 |  | 2379032 |
| Moody's Corp. | 4172 |  | 2131266 |
| Morgan Stanley | 32844 |  | 5830795 |
| MSCI, Inc. | 2043 |  | 1172130 |
| Nasdaq, Inc. | 12265 |  | 1191299 |
| Northern Trust Corp. | 5142 |  | 702346 |
| Raymond James Financial, Inc. | 4780 |  | 767620 |
| Robinhood Markets, Inc. <br>Class A (b) | 21382 |  | 2418304 |
| S&P Global, Inc. | 8430 |  | 4405434 |
| State Street Corp. | 7595 |  | 979831 |
| T. Rowe Price Group, Inc. | 5929 |  | 607011 |
|  |  |  | 54821374 |
| Consumer Finance (0.6%) | Consumer Finance (0.6%) | Consumer Finance (0.6%) | Consumer Finance (0.6%) |
| American Express Co. | 14610 |  | 5404970 |
| Capital One Financial Corp. | 17287 |  | 4189677 |
| Synchrony Financial | 9793 |  | 817030 |
|  |  |  | 10411677 |
| Financial Services (3.8%) | Financial Services (3.8%) | Financial Services (3.8%) | Financial Services (3.8%) |
| Apollo Global Management, <br>Inc. | 12626 |  | 1827740 |
| Berkshire Hathaway, Inc. <br>Class B (b) | 49863 |  | 25063637 |
| Block, Inc. (b) | 14892 |  | 969320 |
| Corpay, Inc. (b) | 1894 |  | 569961 |
| Fidelity National Information <br>Services, Inc. | 14081 |  | 935823 |
| Fiserv, Inc. (b) | 14625 |  | 982361 |
| Global Payments, Inc. | 6437 |  | 498224 |
| Jack Henry & Associates, Inc. | 1888 |  | 344522 |
| Mastercard, Inc. Class A | 22296 |  | 12728341 |
| PayPal Holdings, Inc. | 25442 |  | 1485304 |
| Visa, Inc. Class A | 45890 |  | 16094082 |
|  |  |  | 61499315 |
| Insurance (1.8%) | Insurance (1.8%) | Insurance (1.8%) | Insurance (1.8%) |
| Aflac, Inc. | 12826 |  | 1414323 |
| Allstate Corp. | 7115 |  | 1480987 |
| American International <br>Group, Inc. | 14672 |  | 1255190 |
| Aon PLC Class A | 5844 |  | 2062231 |
| Arch Capital Group Ltd. (b) | 9818 |  | 941742 |
| Arthur J Gallagher & Co. | 6983 |  | 1807131 |
| Assurant, Inc. | 1355 |  | 326352 |
| Brown & Brown, Inc. | 7984 |  | 636325 |
| Chubb Ltd. | 9952 |  | 3106218 |
| Cincinnati Financial Corp. | 4219 |  | 689047 |
| Erie Indemnity Co. Class A | 702 |  | 201228 |
| Everest Group Ltd. | 1152 |  | 390931 |
| Globe Life, Inc. | 2154 |  | 301258 |
| Hartford Insurance Group, <br>Inc. | 7577 |  | 1044111 |
| Loews Corp. | 4573 |  | 481583 |
| Marsh & McLennan Cos., Inc. | 13321 |  | 2471312 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| MetLife, Inc. | 15049 | $| 1187968 |
| Principal Financial Group, Inc. | 5436 |  | 479510 |
| Progressive Corp. | 15945 |  | 3630995 |
| Prudential Financial, Inc. | 9517 |  | 1074279 |
| Travelers Cos., Inc. | 6065 |  | 1759214 |
| W.R. Berkley Corp. | 8163 |  | 572389 |
| Willis Towers Watson PLC | 2604 |  | 855674 |
|  |  |  | 28169998 |
| **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** |
| Biotechnology (1.7%) | Biotechnology (1.7%) | Biotechnology (1.7%) | Biotechnology (1.7%) |
| AbbVie, Inc. | 48058 |  | 10980772 |
| Amgen, Inc. | 14642 |  | 4792473 |
| Biogen, Inc. (b) | 3945 |  | 694281 |
| Gilead Sciences, Inc. | 33736 |  | 4140757 |
| Incyte Corp. (b) | 4403 |  | 434884 |
| Moderna, Inc. (b) | 9454 |  | 278798 |
| Regeneron Pharmaceuticals, <br>Inc. | 2741 |  | 2115696 |
| Vertex Pharmaceuticals, <br>Inc. (b) | 6899 |  | 3127731 |
|  |  |  | 26565392 |
| Health Care Equipment & Supplies (2.0%) | Health Care Equipment & Supplies (2.0%) | Health Care Equipment & Supplies (2.0%) | Health Care Equipment & Supplies (2.0%) |
| Abbott Laboratories | 47283 |  | 5924087 |
| Align Technology, Inc. (b) | 1732 |  | 270452 |
| Baxter International, Inc. | 13978 |  | 267120 |
| Becton Dickinson & Co. | 7793 |  | 1512387 |
| Boston Scientific Corp. (b) | 40310 |  | 3843558 |
| Cooper Cos., Inc. (b) | 5354 |  | 438814 |
| Dexcom, Inc. (b) | 10605 |  | 703854 |
| Edwards Lifesciences <br>Corp. (b) | 15779 |  | 1345160 |
| GE HealthCare Technologies, <br>Inc. | 12386 |  | 1015900 |
| Hologic, Inc. (b) | 6000 |  | 446940 |
| IDEXX Laboratories, Inc. (b) | 2168 |  | 1466717 |
| Insulet Corp. (b) | 1903 |  | 540909 |
| Intuitive Surgical, Inc. (b) | 9640 |  | 5459710 |
| Medtronic PLC | 34876 |  | 3350189 |
| ResMed, Inc. | 3967 |  | 955531 |
| Solventum Corp. (b) | 3960 |  | 313790 |
| STERIS PLC | 2677 |  | 678673 |
| Stryker Corp. | 9359 |  | 3289408 |
| Zimmer Biomet Holdings, Inc. | 5388 |  | 484489 |
|  |  |  | 32307688 |
| Health Care Providers & Services (1.6%) | Health Care Providers & Services (1.6%) | Health Care Providers & Services (1.6%) | Health Care Providers & Services (1.6%) |
| Cardinal Health, Inc. | 6448 |  | 1325064 |
| Cencora, Inc. | 5272 |  | 1780618 |
| Centene Corp. (b) | 12697 |  | 522482 |
| Cigna Group | 7263 |  | 1998996 |
| CVS Health Corp. | 34518 |  | 2739348 |
| DaVita, Inc. (b) | 899 |  | 102135 |
| Elevance Health, Inc. | 6043 |  | 2118374 |
| HCA Healthcare, Inc. | 4344 |  | 2028040 |
| Henry Schein, Inc. (b) | 2692 |  | 203461 |
| Humana, Inc. | 3270 |  | 837545 |
| Labcorp Holdings, Inc. | 2244 |  | 562975 |
| McKesson Corp. | 3356 |  | 2752893 |
| Molina Healthcare, Inc. (b) | 1340 |  | 232544 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Quest Diagnostics, Inc. | 2963 | $| 514169 |
| UnitedHealth Group, Inc. | 24631 |  | 8130939 |
| Universal Health Services, <br>Inc. Class B | 1499 |  | 326812 |
|  |  |  | 26176395 |
| Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) |
| Agilent Technologies, Inc. | 7708 |  | 1048828 |
| Bio-Techne Corp. | 4232 |  | 248884 |
| Charles River Laboratories <br>International, Inc. (b) | 1310 |  | 261319 |
| Danaher Corp. | 17094 |  | 3913158 |
| IQVIA Holdings, Inc. (b) | 4571 |  | 1030349 |
| Mettler-Toledo International, <br>Inc. (b) | 555 |  | 773775 |
| Revvity, Inc. | 3058 |  | 295861 |
| Thermo Fisher Scientific, Inc. | 10216 |  | 5919661 |
| Waters Corp. (b) | 1644 |  | 624441 |
| West Pharmaceutical <br>Services, Inc. | 1927 |  | 530195 |
|  |  |  | 14646471 |
| Pharmaceuticals (3.3%) | Pharmaceuticals (3.3%) | Pharmaceuticals (3.3%) | Pharmaceuticals (3.3%) |
| Bristol-Myers Squibb Co. | 55356 |  | 2985903 |
| Eli Lilly & Co. | 21594 |  | 23206640 |
| Johnson & Johnson | 65513 |  | 13557915 |
| Merck & Co., Inc. | 67491 |  | 7104103 |
| Pfizer, Inc. | 154605 |  | 3849664 |
| Viatris, Inc. | 31318 |  | 389909 |
| Zoetis, Inc. | 11983 |  | 1507701 |
|  |  |  | 52601835 |
| **Industrials (8.0%)** | **Industrials (8.0%)** | **Industrials (8.0%)** | **Industrials (8.0%)** |
| Aerospace & Defense (2.2%) | Aerospace & Defense (2.2%) | Aerospace & Defense (2.2%) | Aerospace & Defense (2.2%) |
| Axon Enterprise, Inc. (b) | 2140 |  | 1215370 |
| Boeing Co. (b) | 21292 |  | 4622919 |
| General Dynamics Corp. | 6894 |  | 2320934 |
| General Electric Co. | 28682 |  | 8834917 |
| Howmet Aerospace, Inc. | 10932 |  | 2241279 |
| Huntington Ingalls Industries, <br>Inc. | 1089 |  | 370336 |
| L3Harris Technologies, Inc. | 5086 |  | 1493097 |
| Lockheed Martin Corp. | 5537 |  | 2678081 |
| Northrop Grumman Corp. | 3648 |  | 2080126 |
| RTX Corp. | 36458 |  | 6686397 |
| Textron, Inc. | 4791 |  | 417632 |
| TransDigm Group, Inc. | 1531 |  | 2036000 |
|  |  |  | 34997088 |
| Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) |
| CH Robinson Worldwide, Inc. | 3156 |  | 507358 |
| Expeditors International of <br>Washington, Inc. | 3644 |  | 542992 |
| FedEx Corp. | 5903 |  | 1705141 |
| United Parcel Service, Inc. <br>Class B | 20094 |  | 1993124 |
|  |  |  | 4748615 |
| Building Products (0.4%) | Building Products (0.4%) | Building Products (0.4%) | Building Products (0.4%) |
| A.O. Smith Corp. | 2986 |  | 199704 |
| Allegion PLC | 2263 |  | 360315 |
| Builders FirstSource, Inc. (b) | 2968 |  | 305377 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Carrier Global Corp. | 21527 | $| 1137487 |
| Johnson Controls <br>International PLC | 16617 |  | 1989886 |
| Lennox International, Inc. | 900 |  | 437022 |
| Masco Corp. | 5647 |  | 358358 |
| Trane Technologies PLC | 6030 |  | 2346876 |
|  |  |  | 7135025 |
| Commercial Services & Supplies (0.4%) | Commercial Services & Supplies (0.4%) | Commercial Services & Supplies (0.4%) | Commercial Services & Supplies (0.4%) |
| Cintas Corp. | 9288 |  | 1746794 |
| Copart, Inc. (b) | 24211 |  | 947861 |
| Republic Services, Inc. | 5471 |  | 1159469 |
| Rollins, Inc. | 7980 |  | 478960 |
| Veralto Corp. | 6707 |  | 669224 |
| Waste Management, Inc. | 10078 |  | 2214237 |
|  |  |  | 7216545 |
| Construction & Engineering (0.2%) | Construction & Engineering (0.2%) | Construction & Engineering (0.2%) | Construction & Engineering (0.2%) |
| Comfort Systems USA, Inc. | 957 |  | 893159 |
| EMCOR Group, Inc. | 1257 |  | 769020 |
| Quanta Services, Inc. | 4055 |  | 1711453 |
|  |  |  | 3373632 |
| Electrical Equipment (0.8%) | Electrical Equipment (0.8%) | Electrical Equipment (0.8%) | Electrical Equipment (0.8%) |
| AMETEK, Inc. | 6259 |  | 1285035 |
| Eaton Corp. PLC | 10561 |  | 3363784 |
| Emerson Electric Co. | 15276 |  | 2027431 |
| GE Vernova, Inc. | 7378 |  | 4822039 |
| Generac Holdings, Inc. (b) | 1518 |  | 207010 |
| Hubbell, Inc. | 1410 |  | 626195 |
| Rockwell Automation, Inc. | 3094 |  | 1203783 |
|  |  |  | 13535277 |
| Ground Transportation (0.8%) | Ground Transportation (0.8%) | Ground Transportation (0.8%) | Ground Transportation (0.8%) |
| CSX Corp. | 50635 |  | 1835519 |
| JB Hunt Transport Services, <br>Inc. | 1971 |  | 383044 |
| Norfolk Southern Corp. | 6101 |  | 1761481 |
| Old Dominion Freight Line, <br>Inc. | 4957 |  | 777257 |
| Uber Technologies, Inc. (b) | 56500 |  | 4616615 |
| Union Pacific Corp. | 16129 |  | 3730960 |
|  |  |  | 13104876 |
| Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) |
| 3M Co. | 14445 |  | 2312644 |
| Honeywell International, Inc. | 17263 |  | 3367839 |
|  |  |  | 5680483 |
| Machinery (1.6%) | Machinery (1.6%) | Machinery (1.6%) | Machinery (1.6%) |
| Caterpillar, Inc. | 12725 |  | 7289771 |
| Cummins, Inc. | 3807 |  | 1943283 |
| Deere & Co. | 6836 |  | 3182637 |
| Dover Corp. | 3680 |  | 718483 |
| Fortive Corp. | 8636 |  | 476794 |
| IDEX Corp. | 1949 |  | 346805 |
| Illinois Tool Works, Inc. | 7178 |  | 1767941 |
| Ingersoll Rand, Inc. | 9776 |  | 774455 |
| Nordson Corp. | 1410 |  | 339006 |
| Otis Worldwide Corp. | 10597 |  | 925648 |
| PACCAR, Inc. | 14281 |  | 1563912 |
| Parker-Hannifin Corp. | 3432 |  | 3016591 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Pentair PLC | 4449 | $| 463319 |
| Snap-on, Inc. | 1455 |  | 501393 |
| Stanley Black & Decker, Inc. | 4195 |  | 311605 |
| Westinghouse Air Brake <br>Technologies Corp. | 4638 |  | 989981 |
| Xylem, Inc. | 6580 |  | 896064 |
|  |  |  | 25507688 |
| Passenger Airlines (0.2%) | Passenger Airlines (0.2%) | Passenger Airlines (0.2%) | Passenger Airlines (0.2%) |
| Delta Air Lines, Inc. | 17637 |  | 1224008 |
| Southwest Airlines Co. | 14062 |  | 581182 |
| United Airlines Holdings, <br>Inc. (b) | 8803 |  | 984352 |
|  |  |  | 2789542 |
| Professional Services (0.5%) | Professional Services (0.5%) | Professional Services (0.5%) | Professional Services (0.5%) |
| Automatic Data Processing, <br>Inc. | 10998 |  | 2829016 |
| Broadridge Financial <br>Solutions, Inc. | 3140 |  | 700754 |
| Dayforce, Inc. (b) | 4320 |  | 298771 |
| Equifax, Inc. | 3328 |  | 722109 |
| Jacobs Solutions, Inc. | 3221 |  | 426654 |
| Leidos Holdings, Inc. | 3447 |  | 621839 |
| Paychex, Inc. | 8807 |  | 987969 |
| Paycom Software, Inc. | 1253 |  | 199678 |
| Verisk Analytics, Inc. | 3765 |  | 842193 |
|  |  |  | 7628983 |
| Trading Companies & Distributors (0.2%) | Trading Companies & Distributors (0.2%) | Trading Companies & Distributors (0.2%) | Trading Companies & Distributors (0.2%) |
| Fastenal Co. | 31217 |  | 1252738 |
| United Rentals, Inc. | 1706 |  | 1380700 |
| WW Grainger, Inc. | 1227 |  | 1238104 |
|  |  |  | 3871542 |
| **Information Technology (34.0%)** | **Information Technology (34.0%)** | **Information Technology (34.0%)** | **Information Technology (34.0%)** |
| Communications Equipment (0.9%) | Communications Equipment (0.9%) | Communications Equipment (0.9%) | Communications Equipment (0.9%) |
| Arista Networks, Inc. (b) | 28078 |  | 3679060 |
| Cisco Systems, Inc. | 107156 |  | 8254227 |
| F5, Inc. (b) | 1521 |  | 388250 |
| Motorola Solutions, Inc. | 4528 |  | 1735673 |
|  |  |  | 14057210 |
| Electronic Equipment, Instruments & Components (0.7%) | Electronic Equipment, Instruments & Components (0.7%) | Electronic Equipment, Instruments & Components (0.7%) | Electronic Equipment, Instruments & Components (0.7%) |
| Amphenol Corp. Class A | 33284 |  | 4498000 |
| CDW Corp. | 3527 |  | 480377 |
| Corning, Inc. | 21215 |  | 1857585 |
| Jabil, Inc. | 2898 |  | 660802 |
| Keysight Technologies, Inc. (b) | 4673 |  | 949507 |
| TE Connectivity PLC | 7999 |  | 1819853 |
| Teledyne Technologies, Inc. (b) | 1268 |  | 647606 |
| Zebra Technologies Corp. <br>Class A (b) | 1310 |  | 318094 |
|  |  |  | 11231824 |
| IT Services (0.9%) | IT Services (0.9%) | IT Services (0.9%) | IT Services (0.9%) |
| Accenture PLC Class A | 16863 |  | 4524343 |
| Akamai Technologies, Inc. (b) | 3823 |  | 333557 |
| Cognizant Technology <br>Solutions Corp. Class A | 13124 |  | 1089292 |
| EPAM Systems, Inc. (b) | 1489 |  | 305066 |
| Gartner, Inc. (b) | 1960 |  | 494469 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| GoDaddy, Inc. Class A (b) | 3674 | $| 455870 |
| International Business <br>Machines Corp. | 25417 |  | 7528770 |
| VeriSign, Inc. | 2236 |  | 543236 |
|  |  |  | 15274603 |
| Semiconductors & Semiconductor Equipment (14.0%) | Semiconductors & Semiconductor Equipment (14.0%) | Semiconductors & Semiconductor Equipment (14.0%) | Semiconductors & Semiconductor Equipment (14.0%) |
| Advanced Micro Devices, <br>Inc. (b) | 44269 |  | 9480649 |
| Analog Devices, Inc. | 13377 |  | 3627842 |
| Applied Materials, Inc. | 21662 |  | 5566917 |
| Broadcom, Inc. | 128410 |  | 44442701 |
| First Solar, Inc. (b) | 2932 |  | 765926 |
| Intel Corp. (b) | 121923 |  | 4498959 |
| KLA Corp. | 3573 |  | 4341481 |
| Lam Research Corp. | 34153 |  | 5846311 |
| Microchip Technology, Inc. | 14695 |  | 936365 |
| Micron Technology, Inc. | 30522 |  | 8711284 |
| Monolithic Power Systems, <br>Inc. | 1329 |  | 1204553 |
| NVIDIA Corp. | 660764 |  | 123232486 |
| NXP Semiconductors NV | 6842 |  | 1485125 |
| ON Semiconductor Corp. (b) | 10941 |  | 592455 |
| Qnity Electronics, Inc. | 5694 |  | 464915 |
| QUALCOMM, Inc. | 29122 |  | 4981318 |
| Skyworks Solutions, Inc. | 3968 |  | 251611 |
| Teradyne, Inc. | 4235 |  | 819727 |
| Texas Instruments, Inc. | 24707 |  | 4286417 |
|  |  |  | 225537042 |
| Software (10.2%) | Software (10.2%) | Software (10.2%) | Software (10.2%) |
| Adobe, Inc. (b) | 11383 |  | 3983936 |
| AppLovin Corp. Class A (b) | 7361 |  | 4959989 |
| Autodesk, Inc. (b) | 5792 |  | 1714490 |
| Cadence Design Systems, <br>Inc. (b) | 7402 |  | 2313717 |
| Crowdstrike Holdings, Inc. <br>Class A (b) | 6824 |  | 3198818 |
| Datadog, Inc. Class A (b) | 8833 |  | 1201200 |
| Fair Isaac Corp. (b) | 645 |  | 1090450 |
| Fortinet, Inc. (b) | 17188 |  | 1364899 |
| Gen Digital, Inc. | 15260 |  | 414919 |
| Intuit, Inc. | 7581 |  | 5021806 |
| Microsoft Corp. | 202101 |  | 97740086 |
| Oracle Corp. | 45736 |  | 8914404 |
| Palantir Technologies, Inc. <br>Class A (b) | 62115 |  | 11040941 |
| Palo Alto Networks, Inc. (b) | 18564 |  | 3419489 |
| PTC, Inc. (b) | 3191 |  | 555904 |
| Roper Technologies, Inc. | 2927 |  | 1302895 |
| Salesforce, Inc. | 25887 |  | 6857725 |
| ServiceNow, Inc. (b) | 28209 |  | 4321337 |
| Synopsys, Inc. (b) | 5029 |  | 2362222 |
| Trimble, Inc. (b) | 6445 |  | 504966 |
| Tyler Technologies, Inc. (b) | 1185 |  | 537931 |
| Workday, Inc. Class A (b) | 5900 |  | 1267202 |
|  |  |  | 164089326 |
| Technology Hardware Storage & Peripherals (7.3%) | Technology Hardware Storage & Peripherals (7.3%) | Technology Hardware Storage & Peripherals (7.3%) | Technology Hardware Storage & Peripherals (7.3%) |
| Apple, Inc. (c) | 401798 |  | 109232804 |
| Dell Technologies, Inc. <br>Class C | 8195 |  | 1031587 |
| Hewlett Packard Enterprise Co. | 35878 |  | 861790 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| HP, Inc. | 25416 | $| 566268 |
| NetApp, Inc. | 5415 |  | 579892 |
| Sandisk Corp. (b) | 3712 |  | 881155 |
| Seagate Technology <br>Holdings PLC | 5900 |  | 1624801 |
| Super Micro Computer, <br>Inc. (b) | 13635 |  | 399096 |
| Western Digital Corp. | 9296 |  | 1601422 |
|  |  |  | 116778815 |
| **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** |
| Chemicals (0.9%) | Chemicals (0.9%) | Chemicals (0.9%) | Chemicals (0.9%) |
| Air Products & Chemicals, Inc. | 6051 |  | 1494718 |
| Albemarle Corp. | 3126 |  | 442141 |
| CF Industries Holdings, Inc. | 4241 |  | 327999 |
| Corteva, Inc. | 18374 |  | 1231609 |
| Dow, Inc. | 19327 |  | 451865 |
| DuPont de Nemours, Inc. | 11392 |  | 457958 |
| Ecolab, Inc. | 6931 |  | 1819526 |
| International Flavors & <br>Fragrances, Inc. | 6932 |  | 467148 |
| Linde PLC | 12697 |  | 5413874 |
| LyondellBasell Industries NV <br>Class A | 6969 |  | 301758 |
| Mosaic Co. | 8630 |  | 207897 |
| PPG Industries, Inc. | 6101 |  | 625109 |
| Sherwin-Williams Co. | 6269 |  | 2031344 |
|  |  |  | 15272946 |
| Construction Materials (0.3%) | Construction Materials (0.3%) | Construction Materials (0.3%) | Construction Materials (0.3%) |
| CRH PLC | 18225 |  | 2274480 |
| Martin Marietta Materials, Inc. | 1693 |  | 1054164 |
| Vulcan Materials Co. | 3547 |  | 1011675 |
|  |  |  | 4340319 |
| Containers & Packaging (0.2%) | Containers & Packaging (0.2%) | Containers & Packaging (0.2%) | Containers & Packaging (0.2%) |
| Amcor PLC | 62768 |  | 523485 |
| Avery Dennison Corp. | 2030 |  | 369217 |
| Ball Corp. | 7287 |  | 385992 |
| International Paper Co. | 14358 |  | 565562 |
| Packaging Corp. of America | 2382 |  | 491240 |
| Smurfit WestRock PLC | 14199 |  | 549075 |
|  |  |  | 2884571 |
| Metals & Mining (0.4%) | Metals & Mining (0.4%) | Metals & Mining (0.4%) | Metals & Mining (0.4%) |
| Freeport-McMoRan, Inc. | 39045 |  | 1983096 |
| Newmont Corp. | 29673 |  | 2962849 |
| Nucor Corp. | 6223 |  | 1015033 |
| Steel Dynamics, Inc. | 3703 |  | 627473 |
|  |  |  | 6588451 |
| **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** |
| Health Care REITs (0.3%) | Health Care REITs (0.3%) | Health Care REITs (0.3%) | Health Care REITs (0.3%) |
| Alexandria Real Estate <br>Equities, Inc. | 4153 |  | 203248 |
| Healthpeak Properties, Inc. | 18897 |  | 303864 |
| Ventas, Inc. | 12772 |  | 988297 |
| Welltower, Inc. | 18589 |  | 3450304 |
|  |  |  | 4945713 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Hotels & Resort REITs (0.0%) | Hotels & Resort REITs (0.0%) | Hotels & Resort REITs (0.0%) |
| Host Hotels & Resorts, Inc. | 17390 | $308325 |
| Industrial REITs (0.2%) | Industrial REITs (0.2%) | Industrial REITs (0.2%) |
| Prologis, Inc. | 25257 | 3224309 |
| Office REITs (0.0%) | Office REITs (0.0%) | Office REITs (0.0%) |
| BXP, Inc. | 3933 | 265399 |
| Real Estate Management & Development (0.1%) | Real Estate Management & Development (0.1%) | Real Estate Management & Development (0.1%) |
| CBRE Group, Inc. Class A (b) | 7970 | 1281496 |
| CoStar Group, Inc. (b) | 11524 | 774874 |
|  |  | 2056370 |
| Residential REITs (0.2%) | Residential REITs (0.2%) | Residential REITs (0.2%) |
| AvalonBay Communities, Inc. | 3834 | 695142 |
| Camden Property Trust | 2834 | 311967 |
| Equity Residential | 9414 | 593458 |
| Essex Property Trust, Inc. | 1710 | 447473 |
| Invitation Homes, Inc. | 15335 | 426160 |
| Mid-America Apartment <br>Communities, Inc. | 3136 | 435622 |
| UDR, Inc. | 8177 | 299932 |
|  |  | 3209754 |
| Retail REITs (0.3%) | Retail REITs (0.3%) | Retail REITs (0.3%) |
| Federal Realty Investment <br>Trust | 2095 | 211176 |
| Kimco Realty Corp. | 18414 | 373252 |
| Realty Income Corp. | 25014 | 1410039 |
| Regency Centers Corp. | 4435 | 306148 |
| Simon Property Group, Inc. | 8877 | 1643221 |
|  |  | 3943836 |
| Specialized REITs (0.7%) | Specialized REITs (0.7%) | Specialized REITs (0.7%) |
| American Tower Corp. | 12729 | 2234830 |
| Crown Castle, Inc. | 11841 | 1052310 |
| Digital Realty Trust, Inc. | 8751 | 1353867 |
| Equinix, Inc. | 2646 | 2027259 |
| Extra Space Storage, Inc. | 5771 | 751500 |
| Iron Mountain, Inc. | 8037 | 666669 |
| Public Storage | 4294 | 1114293 |
| SBA Communications Corp. | 2838 | 548954 |
| VICI Properties, Inc. | 29063 | 817252 |
| Weyerhaeuser Co. | 19601 | 464348 |
|  |  | 11031282 |
| **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** |
| Electric Utilities (1.5%) | Electric Utilities (1.5%) | Electric Utilities (1.5%) |
| Alliant Energy Corp. | 6962 | 452600 |
| American Electric Power Co., <br>Inc. | 14554 | 1678222 |
| Constellation Energy Corp. | 8492 | 2999969 |
| Duke Energy Corp. | 21146 | 2478523 |
| Edison International | 10463 | 627989 |
| Entergy Corp. | 12143 | 1122377 |
| Evergy, Inc. | 6205 | 449800 |
| Eversource Energy | 10187 | 685891 |
| Exelon Corp. | 27471 | 1197461 |
| FirstEnergy Corp. | 14137 | 632913 |
| NextEra Energy, Inc. | 56630 | 4546256 |
| NRG Energy, Inc. | 5211 | 829800 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| PG&E Corp. | 59765 | $| 960424 |
| Pinnacle West Capital Corp. | 3215 |  | 285171 |
| PPL Corp. | 20114 |  | 704392 |
| Southern Co. | 29941 |  | 2610855 |
| Xcel Energy, Inc. | 16085 |  | 1188038 |
|  |  |  | 23450681 |
| Gas Utilities (0.0%) | Gas Utilities (0.0%) | Gas Utilities (0.0%) | Gas Utilities (0.0%) |
| Atmos Energy Corp. | 4305 |  | 721647 |
| Independent Power And Renewable Electricity <br>Producers (0.1%) | Independent Power And Renewable Electricity <br>Producers (0.1%) | Independent Power And Renewable Electricity <br>Producers (0.1%) | Independent Power And Renewable Electricity <br>Producers (0.1%) |
| AES Corp. | 19363 |  | 277665 |
| Vistra Corp. | 8660 |  | 1397118 |
|  |  |  | 1674783 |
| Multi-Utilities (0.6%) | Multi-Utilities (0.6%) | Multi-Utilities (0.6%) | Multi-Utilities (0.6%) |
| Ameren Corp. | 7341 |  | 733072 |
| CenterPoint Energy, Inc. | 17752 |  | 680612 |
| CMS Energy Corp. | 8257 |  | 577412 |
| Consolidated Edison, Inc. | 9814 |  | 974726 |
| Dominion Energy, Inc. | 23219 |  | 1360401 |
| DTE Energy Co. | 5647 |  | 728350 |
| NiSource, Inc. | 12975 |  | 541836 |
| Public Service Enterprise <br>Group, Inc. | 13572 |  | 1089832 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Sempra | 17747 | $1566883 |
| WEC Energy Group, Inc. | 8823 | 930474 |
|  |  | 9183598 |
| Water Utilities (0.0%) | Water Utilities (0.0%) | Water Utilities (0.0%) |
| American Water Works Co., <br>Inc. | 5305 | 692302 |
| **Total common stocks <br>(cost: $430,791,420)** |  | **1588558937** |
| **Short-Term Securities (1.4%)** | **Short-Term Securities (1.4%)** | **Short-Term Securities (1.4%)** |
| **Investment Companies (1.4%)** | **Investment Companies (1.4%)** | **Investment Companies (1.4%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 21758076 | 21758076 |
| **Total short-term securities <br>(cost: $21,758,076)** |  | **21758076** |
| **Total investments in securities <br>(cost: $452,549,496) (d)** |  | **1610317013** |
| **Cash and other assets in excess <br>of liabilities (0.0%)** |  | **345655** |
| **Total net assets (100.0%)** |  | $**1610662668** |

---

**Investments in Securities Legend**

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

(b) Non-income producing security.

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

(d) At December 31, 2025 the cost of investments for federal income tax purposes was $454,299,151. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1174458580 |
| Gross unrealized depreciation | (18474112) |
| **Net unrealized appreciation** | $**1155984468** |

---

**Holdings of Open Futures Contracts**

On December 31, 2025, securities with an aggregate fair value of $38,060,400 have been pledged to cover margin requirements for the following open futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Position<br>Type** | **Notional<br>Amount** | **Fair<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)(a)** |
| S&P 500 E-Mini Index Future | March 2026 | 58 | Long | $20021644 | $19988250 | $(33394) |

---

See accompanying notes to financial statements.

------

SFT Macquarie Growth Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Communication Services (7.6%)** | **Communication Services (7.6%)** | **Communication Services (7.6%)** |
| Entertainment (1.0%) | Entertainment (1.0%) | Entertainment (1.0%) |
| Netflix, Inc. (b) | 68004 | $6376055 |
| Interactive Media & Services (6.6%) | Interactive Media & Services (6.6%) | Interactive Media & Services (6.6%) |
| Alphabet, Inc. Class A | 115672 | 36205336 |
| Meta Platforms, Inc. Class A | 9001 | 5941470 |
|  |  | 42146806 |
| **Consumer Discretionary (8.5%)** | **Consumer Discretionary (8.5%)** | **Consumer Discretionary (8.5%)** |
| Automobiles (0.6%) | Automobiles (0.6%) | Automobiles (0.6%) |
| Ferrari NV | 10515 | 3885923 |
| Broadline Retail (6.2%) | Broadline Retail (6.2%) | Broadline Retail (6.2%) |
| Amazon.com, Inc. (b) | 171081 | 39488917 |
| Hotels, Restaurants & Leisure (1.7%) | Hotels, Restaurants & Leisure (1.7%) | Hotels, Restaurants & Leisure (1.7%) |
| Booking Holdings, Inc. | 2083 | 11155152 |
| **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** |
| Beverages (0.9%) | Beverages (0.9%) | Beverages (0.9%) |
| Coca-Cola Co. | 84114 | 5880410 |
| **Financial (13.9%)** | **Financial (13.9%)** | **Financial (13.9%)** |
| Capital Markets (6.5%) | Capital Markets (6.5%) | Capital Markets (6.5%) |
| Intercontinental Exchange, Inc. | 122920 | 19908123 |
| MSCI, Inc. | 10836 | 6216939 |
| S&P Global, Inc. | 30024 | 15690242 |
|  |  | 41815304 |
| Financial Services (7.4%) | Financial Services (7.4%) | Financial Services (7.4%) |
| Mastercard, Inc. Class A | 29924 | 17083013 |
| Visa, Inc. Class A | 86574 | 30362368 |
|  |  | 47445381 |
| **Health Care (9.1%)** | **Health Care (9.1%)** | **Health Care (9.1%)** |
| Biotechnology (1.1%) | Biotechnology (1.1%) | Biotechnology (1.1%) |
| Gilead Sciences, Inc. | 54137 | 6644775 |
| Health Care Equipment & Supplies (2.7%) | Health Care Equipment & Supplies (2.7%) | Health Care Equipment & Supplies (2.7%) |
| IDEXX Laboratories, Inc. (b) | 8945 | 6051561 |
| Intuitive Surgical, Inc. (b) | 20261 | 11475020 |
|  |  | 17526581 |
| Health Care Providers & Services (1.0%) | Health Care Providers & Services (1.0%) | Health Care Providers & Services (1.0%) |
| UnitedHealth Group, Inc. | 19690 | 6499866 |
| Health Care Technology (1.5%) | Health Care Technology (1.5%) | Health Care Technology (1.5%) |
| Veeva Systems, Inc. Class A (b) | 41736 | 9316727 |
| Life Sciences Tools & Services (2.8%) | Life Sciences Tools & Services (2.8%) | Life Sciences Tools & Services (2.8%) |
| Danaher Corp. | 78978 | 18079644 |
| **Industrials (6.6%)** | **Industrials (6.6%)** | **Industrials (6.6%)** |
| Commercial Services & Supplies (1.9%) | Commercial Services & Supplies (1.9%) | Commercial Services & Supplies (1.9%) |
| Waste Connections, Inc. | 69327 | 12157183 |
| Ground Transportation (0.1%) | Ground Transportation (0.1%) | Ground Transportation (0.1%) |
| Old Dominion Freight Line, Inc. | 4950 | 776160 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Professional Services (4.6%) | Professional Services (4.6%) | Professional Services (4.6%) |
| Broadridge Financial Solutions, <br>Inc. | 35284 | $7874330 |
| Equifax, Inc. | 48693 | 10565407 |
| Verisk Analytics, Inc. | 48968 | 10953652 |
|  |  | 29393389 |
| **Information Technology (50.1%)** | **Information Technology (50.1%)** | **Information Technology (50.1%)** |
| Communications Equipment (0.5%) | Communications Equipment (0.5%) | Communications Equipment (0.5%) |
| Motorola Solutions, Inc. | 8523 | 3267036 |
| Semiconductors & Semiconductor Equipment (20.1%) | Semiconductors & Semiconductor Equipment (20.1%) | Semiconductors & Semiconductor Equipment (20.1%) |
| Advanced Micro Devices, Inc. (b) | 35446 | 7591115 |
| Broadcom, Inc. | 49495 | 17130220 |
| NVIDIA Corp. | 483815 | 90231497 |
| Taiwan Semiconductor <br>Manufacturing Co. Ltd. ADR | 46275 | 14062510 |
|  |  | 129015342 |
| Software (20.9%) | Software (20.9%) | Software (20.9%) |
| Autodesk, Inc. (b) | 20931 | 6195785 |
| Intuit, Inc. | 27083 | 17940321 |
| Microsoft Corp. | 183228 | 88612725 |
| Salesforce, Inc. | 42973 | 11383978 |
| Synopsys, Inc. (b) | 21230 | 9972156 |
|  |  | 134104965 |
| Technology Hardware Storage & Peripherals (8.6%) | Technology Hardware Storage & Peripherals (8.6%) | Technology Hardware Storage & Peripherals (8.6%) |
| Apple, Inc. | 201572 | 54799364 |
| **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
| Construction Materials (1.7%) | Construction Materials (1.7%) | Construction Materials (1.7%) |
| Vulcan Materials Co. | 38148 | 10880573 |
| **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |
| Real Estate Management & Development (1.3%) | Real Estate Management & Development (1.3%) | Real Estate Management & Development (1.3%) |
| CoStar Group, Inc. (b) | 117847 | 7924032 |
| **Total common stocks <br>(cost: $333,507,536)** |  | **638579585** |
| **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** |
| **Investment Companies (0.4%)** | **Investment Companies (0.4%)** | **Investment Companies (0.4%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 2850141 | 2850141 |
| **Total short-term securities <br>(cost: $2,850,141)** |  | **2850141** |
| **Total investments in securities <br>(cost: $336,357,677) (c)** |  | **641429726** |
| **Liabilities in excess of <br>cash and other assets (-0.1%)** |  | **(516616)** |
| **Total net assets (100.0%)** |  | $**640913110** |

---

See accompanying notes to financial statements.

------

SFT Macquarie Growth Fund

Investments in Securities – continued

**Investments in Securities Legend**

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

(b) Non-income producing security.

(c) At December 31, 2025 the cost of investments for federal income tax purposes was $336,767,507. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $311011399 |
| Gross unrealized depreciation | (6349180) |
| **Net unrealized appreciation** | $**304662219** |

---

See accompanying notes to financial statements.

------

SFT Macquarie Small Cap Growth Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (99.0%)** | **Common Stocks (99.0%)** | **Common Stocks (99.0%)** |
| **Communication Services (2.7%)** | **Communication Services (2.7%)** | **Communication Services (2.7%)** |
| Entertainment (2.7%) | Entertainment (2.7%) | Entertainment (2.7%) |
| IMAX Corp. (b) | 122613 | $4531777 |
| **Consumer Discretionary (8.6%)** | **Consumer Discretionary (8.6%)** | **Consumer Discretionary (8.6%)** |
| Automobile Components (1.5%) | Automobile Components (1.5%) | Automobile Components (1.5%) |
| Dorman Products, Inc. (b) | 20639 | 2542518 |
| Broadline Retail (1.8%) | Broadline Retail (1.8%) | Broadline Retail (1.8%) |
| Ollie's Bargain Outlet <br>Holdings, Inc. (b) | 26465 | 2900829 |
| Diversified Consumer Services (1.4%) | Diversified Consumer Services (1.4%) | Diversified Consumer Services (1.4%) |
| OneSpaWorld Holdings Ltd. | 86769 | 1799589 |
| Universal Technical <br>Institute, Inc. (b) | 18261 | 477160 |
|  |  | 2276749 |
| Hotels, Restaurants & Leisure (1.9%) | Hotels, Restaurants & Leisure (1.9%) | Hotels, Restaurants & Leisure (1.9%) |
| Shake Shack, Inc. Class A (b) | 18511 | 1502538 |
| Sportradar Group AG Class A (b) | 69980 | 1663424 |
|  |  | 3165962 |
| Specialty Retail (2.0%) | Specialty Retail (2.0%) | Specialty Retail (2.0%) |
| Boot Barn Holdings, Inc. (b) | 9957 | 1757112 |
| Group 1 Automotive, Inc. | 4109 | 1616070 |
|  |  | 3373182 |
| **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** |
| Consumer Staples Distribution & Retail (3.2%) | Consumer Staples Distribution & Retail (3.2%) | Consumer Staples Distribution & Retail (3.2%) |
| Chefs' Warehouse, Inc. (b) | 42238 | 2632695 |
| PriceSmart, Inc. | 21284 | 2610908 |
|  |  | 5243603 |
| **Energy (1.9%)** | **Energy (1.9%)** | **Energy (1.9%)** |
| Energy Equipment & Services (0.7%) | Energy Equipment & Services (0.7%) | Energy Equipment & Services (0.7%) |
| Solaris Energy Infrastructure, Inc. | 25901 | 1190669 |
| Oil, Gas & Consumable Fuels (1.2%) | Oil, Gas & Consumable Fuels (1.2%) | Oil, Gas & Consumable Fuels (1.2%) |
| APA Corp. | 77779 | 1902474 |
| **Financial (8.2%)** | **Financial (8.2%)** | **Financial (8.2%)** |
| Banks (2.3%) | Banks (2.3%) | Banks (2.3%) |
| Axos Financial, Inc. (b) | 12170 | 1048567 |
| Seacoast Banking Corp. of Florida | 87605 | 2752549 |
|  |  | 3801116 |
| Capital Markets (3.5%) | Capital Markets (3.5%) | Capital Markets (3.5%) |
| Affiliated Managers Group, Inc. | 3745 | 1079609 |
| Hamilton Lane, Inc. Class A | 4866 | 653552 |
| Houlihan Lokey, Inc. | 10927 | 1903374 |
| WisdomTree, Inc. | 175893 | 2144136 |
|  |  | 5780671 |
| Consumer Finance (1.7%) | Consumer Finance (1.7%) | Consumer Finance (1.7%) |
| FirstCash Holdings, Inc. | 18294 | 2915698 |
| Financial Services (0.7%) | Financial Services (0.7%) | Financial Services (0.7%) |
| Paymentus Holdings, Inc. <br>Class A (b) | 36936 | 1166808 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Health Care (26.3%)** | **Health Care (26.3%)** | **Health Care (26.3%)** |
| Biotechnology (8.3%) | Biotechnology (8.3%) | Biotechnology (8.3%) |
| ADMA Biologics, Inc. (b) | 147103 | $2683159 |
| Catalyst Pharmaceuticals, Inc. (b) | 80703 | 1883608 |
| Mirum Pharmaceuticals, Inc. (b) | 43728 | 3454075 |
| Travere Therapeutics, Inc. (b) | 86131 | 3291065 |
| Vericel Corp. (b) | 65371 | 2354010 |
|  |  | 13665917 |
| Health Care Equipment & Supplies (3.1%) | Health Care Equipment & Supplies (3.1%) | Health Care Equipment & Supplies (3.1%) |
| Alphatec Holdings, Inc. (b) | 92262 | 1941192 |
| Artivion, Inc. (b) | 41178 | 1878129 |
| PROCEPT BioRobotics Corp. (b) | 14828 | 466489 |
| TransMedics Group, Inc. (b) | 7309 | 889140 |
|  |  | 5174950 |
| Health Care Providers & Services (5.7%) | Health Care Providers & Services (5.7%) | Health Care Providers & Services (5.7%) |
| Encompass Health Corp. | 29834 | 3166581 |
| GeneDx Holdings Corp. (b) | 17978 | 2338219 |
| Guardant Health, Inc. (b) | 22074 | 2254638 |
| HealthEquity, Inc. (b) | 18894 | 1730879 |
|  |  | 9490317 |
| Health Care Technology (0.9%) | Health Care Technology (0.9%) | Health Care Technology (0.9%) |
| Phreesia, Inc. (b) | 84289 | 1426170 |
| Life Sciences Tools & Services (2.1%) | Life Sciences Tools & Services (2.1%) | Life Sciences Tools & Services (2.1%) |
| Adaptive Biotechnologies <br>Corp. (b) | 159028 | 2582615 |
| Repligen Corp. (b) | 5661 | 927611 |
|  |  | 3510226 |
| Pharmaceuticals (6.2%) | Pharmaceuticals (6.2%) | Pharmaceuticals (6.2%) |
| ANI Pharmaceuticals, Inc. (b) | 31023 | 2448955 |
| Axsome Therapeutics, Inc. (b) | 16734 | 3056298 |
| LENZ Therapeutics, Inc. (b) | 41312 | 660992 |
| Tarsus Pharmaceuticals, Inc. (b) | 50243 | 4113897 |
|  |  | 10280142 |
| **Industrials (23.7%)** | **Industrials (23.7%)** | **Industrials (23.7%)** |
| Aerospace & Defense (6.4%) | Aerospace & Defense (6.4%) | Aerospace & Defense (6.4%) |
| AAR Corp. (b) | 34426 | 2850129 |
| AeroVironment, Inc. (b) | 3873 | 936840 |
| ATI, Inc. (b) | 24838 | 2850409 |
| Kratos Defense & Security <br>Solutions, Inc. (b) | 7700 | 584507 |
| Leonardo DRS, Inc. | 49879 | 1700375 |
| Loar Holdings, Inc. (b) | 9708 | 660144 |
| Mercury Systems, Inc. (b) | 14406 | 1051782 |
|  |  | 10634186 |
| Building Products (0.9%) | Building Products (0.9%) | Building Products (0.9%) |
| Modine Manufacturing Co. (b) | 11744 | 1567941 |
| Commercial Services & Supplies (0.5%) | Commercial Services & Supplies (0.5%) | Commercial Services & Supplies (0.5%) |
| Clean Harbors, Inc. (b) | 3364 | 788791 |
| Construction & Engineering (4.2%) | Construction & Engineering (4.2%) | Construction & Engineering (4.2%) |
| Construction Partners, Inc. <br>Class A (b) | 22287 | 2419254 |

---

See accompanying notes to financial statements.

------

SFT Macquarie Small Cap Growth Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Everus Construction Group, <br>Inc. (b) | 35009 | $| 2995370 |
| Legence Corp. Class A (b) | 35714 |  | 1537130 |
|  |  |  | 6951754 |
| Electrical Equipment (1.1%) | Electrical Equipment (1.1%) | Electrical Equipment (1.1%) | Electrical Equipment (1.1%) |
| American Superconductor <br>Corp. (b) | 47659 |  | 1371626 |
| Bloom Energy Corp. <br>Class A (b) | 5157 |  | 448092 |
|  |  |  | 1819718 |
| Machinery (4.1%) | Machinery (4.1%) | Machinery (4.1%) | Machinery (4.1%) |
| Federal Signal Corp. | 5299 |  | 575418 |
| Flowserve Corp. | 36237 |  | 2514123 |
| SPX Technologies, Inc. (b) | 11726 |  | 2345904 |
| Standex International Corp. | 6072 |  | 1319324 |
|  |  |  | 6754769 |
| Passenger Airlines (0.8%) | Passenger Airlines (0.8%) | Passenger Airlines (0.8%) | Passenger Airlines (0.8%) |
| SkyWest, Inc. (b) | 12787 |  | 1283943 |
| Professional Services (4.1%) | Professional Services (4.1%) | Professional Services (4.1%) | Professional Services (4.1%) |
| CBIZ, Inc. (b) | 23726 |  | 1196976 |
| ExlService Holdings, Inc. (b) | 45243 |  | 1920113 |
| Huron Consulting Group, Inc. (b) | 14992 |  | 2592267 |
| Willdan Group, Inc. (b) | 11236 |  | 1164724 |
|  |  |  | 6874080 |
| Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) |
| FTAI Aviation Ltd. | 13630 |  | 2683065 |
| **Information Technology (23.5%)** | **Information Technology (23.5%)** | **Information Technology (23.5%)** | **Information Technology (23.5%)** |
| Communications Equipment (2.2%) | Communications Equipment (2.2%) | Communications Equipment (2.2%) | Communications Equipment (2.2%) |
| Lumentum Holdings, Inc. (b) | 9763 |  | 3598544 |
| Electronic Equipment, Instruments & Components (6.6%) | Electronic Equipment, Instruments & Components (6.6%) | Electronic Equipment, Instruments & Components (6.6%) | Electronic Equipment, Instruments & Components (6.6%) |
| Advanced Energy <br>Industries, Inc. | 16270 |  | 3406450 |
| Bel Fuse, Inc. Class B | 3819 |  | 647817 |
| Fabrinet (b) | 1145 |  | 521295 |
| Mirion Technologies, Inc. (b) | 62221 |  | 1457216 |
| OSI Systems, Inc. (b) | 19581 |  | 4994330 |
|  |  |  | 11027108 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Semiconductors & Semiconductor Equipment (6.7%) | Semiconductors & Semiconductor Equipment (6.7%) | Semiconductors & Semiconductor Equipment (6.7%) |
| MACOM Technology <br>Solutions Holdings, Inc. (b) | 12162 | $2083107 |
| MKS, Inc. | 10392 | 1660642 |
| Rambus, Inc. (b) | 16426 | 1509385 |
| Silicon Laboratories, Inc. (b) | 18473 | 2414421 |
| Silicon Motion Technology <br>Corp. ADR | 11090 | 1028043 |
| Synaptics, Inc. (b) | 32435 | 2400839 |
|  |  | 11096437 |
| Software (8.0%) | Software (8.0%) | Software (8.0%) |
| Agilysys, Inc. (b) | 21805 | 2591306 |
| AvePoint, Inc. (b) | 170738 | 2371551 |
| Descartes Systems <br>Group, Inc. (b) | 17297 | 1516255 |
| Q2 Holdings, Inc. (b) | 22785 | 1644166 |
| Rubrik, Inc. Class A (b) | 13021 | 995846 |
| SailPoint, Inc. (b) | 131743 | 2665161 |
| ServiceTitan, Inc. <br>Class A (b) | 14635 | 1558627 |
|  |  | 13342912 |
| **Materials (0.9%)** | **Materials (0.9%)** | **Materials (0.9%)** |
| Construction Materials (0.9%) | Construction Materials (0.9%) | Construction Materials (0.9%) |
| Knife River Corp. (b) | 20629 | 1451250 |
| **Total common stocks <br>(cost: $135,123,306)** |  | **164214276** |
| **Short-Term Securities (1.2%)** | **Short-Term Securities (1.2%)** | **Short-Term Securities (1.2%)** |
| **Investment Companies (1.2%)** | **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 1976642 | 1976642 |
| **Total short-term securities <br>(cost: $1,976,642)** |  | **1976642** |
| **Total investments in securities <br>(cost: $137,099,948) (c)** |  | **166190918** |
| **Liabilities in excess of cash <br>and other assets (-0.2%)** |  | **(369180)** |
| **Total net assets (100.0%)** |  | $**165821738** |

---

**Investments in Securities Legend**

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

(b) Non-income producing security.

(c) At December 31, 2025 the cost of investments for federal income tax purposes was $137,444,338. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $33523206 |
| Gross unrealized depreciation | (4776626) |
| **Net unrealized appreciation** | $**28746580** |

---

See accompanying notes to financial statements.

------

SFT Real Estate Securities Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (98.7%)** | **Common Stocks (98.7%)** | **Common Stocks (98.7%)** |
| **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** |
| Hotels, Restaurants & Leisure (1.4%) | Hotels, Restaurants & Leisure (1.4%) | Hotels, Restaurants & Leisure (1.4%) |
| Boyd Gaming Corp. | 5367 | $457483 |
| Caesars Entertainment, Inc. (b) | 49870 | 1166459 |
|  |  | 1623942 |
| **Health Care (0.7%)** | **Health Care (0.7%)** | **Health Care (0.7%)** |
| Health Care Services (0.7%) | Health Care Services (0.7%) | Health Care Services (0.7%) |
| PACS Group, Inc. (b) | 22294 | 855867 |
| **Real Estate (96.6%)** | **Real Estate (96.6%)** | **Real Estate (96.6%)** |
| Diversified REITs (0.2%) | Diversified REITs (0.2%) | Diversified REITs (0.2%) |
| Essential Properties Realty Trust, Inc. | 8397 | 249055 |
| Health Care REITs (16.8%) | Health Care REITs (16.8%) | Health Care REITs (16.8%) |
| CareTrust REIT, Inc. | 39649 | 1433708 |
| Healthcare Realty Trust, Inc. | 138330 | 2344693 |
| Omega Healthcare Investors, Inc. | 29759 | 1319514 |
| Welltower, Inc. | 75415 | 13997778 |
|  |  | 19095693 |
| Hotels & Resort REITs (2.7%) | Hotels & Resort REITs (2.7%) | Hotels & Resort REITs (2.7%) |
| Host Hotels & Resorts, Inc. | 175663 | 3114505 |
| Industrial REITs (7.0%) | Industrial REITs (7.0%) | Industrial REITs (7.0%) |
| Americold Realty Trust, Inc. | 28606 | 367873 |
| EastGroup Properties, Inc. | 11787 | 2099736 |
| Prologis, Inc. | 43213 | 5516572 |
|  |  | 7984181 |
| Office REITs (4.2%) | Office REITs (4.2%) | Office REITs (4.2%) |
| BXP, Inc. | 31667 | 2136889 |
| Highwoods Properties, Inc. | 52338 | 1351367 |
| Hudson Pacific Properties, Inc. (b) | 16444 | 178089 |
| Kilroy Realty Corp. | 12612 | 471310 |
| SL Green Realty Corp. | 14217 | 652134 |
|  |  | 4789789 |
| Residential REITs (13.8%) | Residential REITs (13.8%) | Residential REITs (13.8%) |
| American Homes 4 Rent Class A | 45290 | 1453809 |
| Equity LifeStyle Properties, Inc. | 14895 | 902786 |
| Equity Residential | 22688 | 1430252 |
| Essex Property Trust, Inc. | 13730 | 3592866 |
| Invitation Homes, Inc. | 116158 | 3228031 |
| Sun Communities, Inc. | 25322 | 3137649 |
| UDR, Inc. | 54568 | 2001554 |
|  |  | 15746947 |
| Retail REITs (10.7%) | Retail REITs (10.7%) | Retail REITs (10.7%) |
| Agree Realty Corp. | 56038 | 4036417 |
| Kimco Realty Corp. | 121132 | 2455346 |
| Kite Realty Group Trust | 77453 | 1856548 |
| Realty Income Corp. | 30719 | 1731630 |
| Simon Property Group, Inc. | 11586 | 2144685 |
|  |  | 12224626 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Specialized REITs (41.2%) | Specialized REITs (41.2%) | Specialized REITs (41.2%) |
| American Tower Corp. | 30353 | $5329076 |
| Crown Castle, Inc. | 62841 | 5584680 |
| Digital Realty Trust, Inc. | 54881 | 8490640 |
| Equinix, Inc. | 7781 | 5961491 |
| Extra Space Storage, Inc. | 41307 | 5378998 |
| Gaming & Leisure Properties, Inc. | 19834 | 886381 |
| Iron Mountain, Inc. | 52780 | 4378101 |
| Lamar Advertising Co. Class A | 4529 | 573281 |
| Outfront Media, Inc. | 34293 | 826461 |
| Public Storage | 7289 | 1891495 |
| SBA Communications Corp. | 25723 | 4975600 |
| Weyerhaeuser Co. | 116287 | 2754839 |
|  |  | 47031043 |
| **Total common stocks <br>(cost: $110,009,801)** |  | **112715648** |
| **Warrant (0.3%)** | **Warrant (0.3%)** | **Warrant (0.3%)** |
| **Real Estate (0.3%)** | **Real Estate (0.3%)** | **Real Estate (0.3%)** |
| Office REITs (0.3%) | Office REITs (0.3%) | Office REITs (0.3%) |
| Hudson Pacific Properties, <br>Inc., Exp.12/31/49 (b) (c) (d) | 28902 | 310986 |
| **Total Warrants <br>(cost: $449,137)** |  | **310986** |
| **Short-Term Securities (0.8%)** | **Short-Term Securities (0.8%)** | **Short-Term Securities (0.8%)** |
| **Investment Companies (0.8%)** | **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 916300 | 916300 |
| **Total short-term securities <br>(cost: $916,300)** |  | **916300** |
| **Total investments in securities <br>(cost: $111,375,238) (e)** |  | **113942934** |
| **Cash and other assets in excess <br>of liabilities (0.2%)** |  | **199757** |
| **Total net assets (100.0%)** |  | $**114142691** |

---

See accompanying notes to financial statements.

------

SFT Real Estate Securities Fund

Investments in Securities – continued

**Investments in Securities Legend**

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

(b) Non-income producing security.

(c) This security has been determined to be illiquid pursuant to the procedures of the Fund's Liquidity Risk Management Program.

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

(e) At December 31, 2025, the cost of investments for federal income tax purposes was $111,973,354. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $13146230 |
| Gross unrealized depreciation | (11176650) |
| **Net unrealized appreciation** | $**1969580** |

---

See accompanying notes to financial statements.

------

SFT T. Rowe Price Value Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Communication Services (6.9%)** | **Communication Services (6.9%)** | **Communication Services (6.9%)** |
| Entertainment (0.8%) | Entertainment (0.8%) | Entertainment (0.8%) |
| Walt Disney Co. | 13400 | $1524518 |
| Interactive Media & Services (5.3%) | Interactive Media & Services (5.3%) | Interactive Media & Services (5.3%) |
| Alphabet, Inc. Class A | 15381 | 4814253 |
| Alphabet, Inc. Class C | 12621 | 3960470 |
| Meta Platforms, Inc. Class A | 1544 | 1019179 |
| Pinterest, Inc. Class A (b) | 34054 | 881658 |
|  |  | 10675560 |
| Wireless Telecommunication Services (0.8%) | Wireless Telecommunication Services (0.8%) | Wireless Telecommunication Services (0.8%) |
| T-Mobile U.S., Inc. | 8432 | 1712033 |
| **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** |
| Broadline Retail (1.3%) | Broadline Retail (1.3%) | Broadline Retail (1.3%) |
| Amazon.com, Inc. (b) | 11230 | 2592109 |
| Hotels, Restaurants & Leisure (2.3%) | Hotels, Restaurants & Leisure (2.3%) | Hotels, Restaurants & Leisure (2.3%) |
| Booking Holdings, Inc. | 296 | 1585177 |
| McDonald's Corp. | 9714 | 2968890 |
|  |  | 4554067 |
| Household Durables (0.4%) | Household Durables (0.4%) | Household Durables (0.4%) |
| Toll Brothers, Inc. | 6100 | 824842 |
| Specialty Retail (3.2%) | Specialty Retail (3.2%) | Specialty Retail (3.2%) |
| AutoZone, Inc. (b) | 770 | 2611455 |
| Home Depot, Inc. | 6976 | 2400441 |
| Lowe's Cos., Inc. | 5300 | 1278148 |
| Tractor Supply Co. | 3567 | 178386 |
|  |  | 6468430 |
| **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |
| Consumer Staples Distribution & Retail (1.4%) | Consumer Staples Distribution & Retail (1.4%) | Consumer Staples Distribution & Retail (1.4%) |
| Dollar Tree, Inc. (b) | 17005 | 2091785 |
| Walmart, Inc. | 6100 | 679601 |
|  |  | 2771386 |
| Food Products (1.4%) | Food Products (1.4%) | Food Products (1.4%) |
| Mondelez International, Inc. <br>Class A | 52003 | 2799321 |
| Household Products (2.3%) | Household Products (2.3%) | Household Products (2.3%) |
| Colgate-Palmolive Co. | 19022 | 1503118 |
| Procter & Gamble Co. | 22021 | 3155830 |
|  |  | 4658948 |
| **Energy (7.7%)** | **Energy (7.7%)** | **Energy (7.7%)** |
| Energy Equipment & Services (1.7%) | Energy Equipment & Services (1.7%) | Energy Equipment & Services (1.7%) |
| SLB Ltd. | 50110 | 1923222 |
| TechnipFMC PLC | 33230 | 1480729 |
|  |  | 3403951 |
| Oil, Gas & Consumable Fuels (6.0%) | Oil, Gas & Consumable Fuels (6.0%) | Oil, Gas & Consumable Fuels (6.0%) |
| Chevron Corp. | 18076 | 2754963 |
| ConocoPhillips | 38993 | 3650135 |
| Exxon Mobil Corp. | 12221 | 1470675 |
| Range Resources Corp. | 61727 | 2176494 |
| Valero Energy Corp. | 13000 | 2116270 |
|  |  | 12168537 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Financial (21.7%)** | **Financial (21.7%)** | **Financial (21.7%)** |
| Banks (7.5%) | Banks (7.5%) | Banks (7.5%) |
| Bank of America Corp. | 61596 | $3387780 |
| Citigroup, Inc. | 17377 | 2027722 |
| Fifth Third Bancorp | 40400 | 1891124 |
| JPMorgan Chase & Co. | 23018 | 7416860 |
| KeyCorp | 15554 | 321035 |
|  |  | 15044521 |
| Capital Markets (5.3%) | Capital Markets (5.3%) | Capital Markets (5.3%) |
| Charles Schwab Corp. | 34149 | 3411826 |
| CME Group, Inc. | 3397 | 927653 |
| Goldman Sachs Group, Inc. | 1847 | 1623513 |
| Intercontinental Exchange, Inc. | 18257 | 2956904 |
| Morgan Stanley | 9400 | 1668782 |
|  |  | 10588678 |
| Consumer Finance (1.8%) | Consumer Finance (1.8%) | Consumer Finance (1.8%) |
| American Express Co. | 7785 | 2880061 |
| Capital One Financial Corp. | 3007 | 728776 |
|  |  | 3608837 |
| Financial Services (3.8%) | Financial Services (3.8%) | Financial Services (3.8%) |
| Berkshire Hathaway, Inc. <br>Class B (b) | 12558 | 6312278 |
| Corebridge Financial, Inc. | 1663 | 50173 |
| Visa, Inc. Class A | 2831 | 992860 |
| Apollo Global Management, Inc. | 2200 | 318472 |
|  |  | 7673783 |
| Insurance (2.8%) | Insurance (2.8%) | Insurance (2.8%) |
| Allstate Corp. | 13571 | 2824804 |
| Chubb Ltd. | 3400 | 1061208 |
| MetLife, Inc. | 6161 | 486349 |
| Progressive Corp. | 1107 | 252086 |
| Travelers Cos., Inc. | 3474 | 1007669 |
|  |  | 5632116 |
| Mortgage REITs (0.5%) | Mortgage REITs (0.5%) | Mortgage REITs (0.5%) |
| Annaly Capital <br>Management, Inc. | 48636 | 1087501 |
| **Health Care (11.9%)** | **Health Care (11.9%)** | **Health Care (11.9%)** |
| Biotechnology (1.6%) | Biotechnology (1.6%) | Biotechnology (1.6%) |
| Gilead Sciences, Inc. | 26150 | 3209651 |
| Health Care Equipment & Supplies (1.2%) | Health Care Equipment & Supplies (1.2%) | Health Care Equipment & Supplies (1.2%) |
| Abbott Laboratories | 14096 | 1766088 |
| Alcon AG | 7909 | 623308 |
|  |  | 2389396 |
| Health Care Providers & Services (6.1%) | Health Care Providers & Services (6.1%) | Health Care Providers & Services (6.1%) |
| Cencora, Inc. | 8911 | 3009690 |
| Cigna Group | 2571 | 707617 |
| Elevance Health, Inc. | 5860 | 2054223 |
| Quest Diagnostics, Inc. | 6134 | 1064433 |
| Tenet Healthcare Corp. (b) | 13240 | 2631053 |
| UnitedHealth Group, Inc. | 8538 | 2818479 |
|  |  | 12285495 |

---

See accompanying notes to financial statements.

------

SFT T. Rowe Price Value Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Life Sciences Tools & Services (1.3%) | Life Sciences Tools & Services (1.3%) | Life Sciences Tools & Services (1.3%) |
| Danaher Corp. | 3071 | $703013 |
| Revvity, Inc. | 19745 | 1910329 |
|  |  | 2613342 |
| Pharmaceuticals (1.7%) | Pharmaceuticals (1.7%) | Pharmaceuticals (1.7%) |
| AstraZeneca PLC ADR | 13749 | 1263945 |
| Johnson & Johnson | 8000 | 1655600 |
| Merck & Co., Inc. | 4000 | 421040 |
|  |  | 3340585 |
| **Industrials (15.9%)** | **Industrials (15.9%)** | **Industrials (15.9%)** |
| Aerospace & Defense (1.3%) | Aerospace & Defense (1.3%) | Aerospace & Defense (1.3%) |
| General Electric Co. | 5827 | 1794891 |
| Northrop Grumman Corp. | 1439 | 820532 |
|  |  | 2615423 |
| Building Products (0.3%) | Building Products (0.3%) | Building Products (0.3%) |
| Owens Corning | 6095 | 682091 |
| Commercial Services & Supplies (1.2%) | Commercial Services & Supplies (1.2%) | Commercial Services & Supplies (1.2%) |
| Republic Services, Inc. | 11197 | 2372980 |
| Electrical Equipment (1.9%) | Electrical Equipment (1.9%) | Electrical Equipment (1.9%) |
| AMETEK, Inc. | 18680 | 3835191 |
| Ground Transportation (2.6%) | Ground Transportation (2.6%) | Ground Transportation (2.6%) |
| CSX Corp. | 44959 | 1629764 |
| Norfolk Southern Corp. | 5746 | 1658985 |
| Old Dominion Freight Line, Inc. | 11791 | 1848829 |
|  |  | 5137578 |
| Machinery (7.5%) | Machinery (7.5%) | Machinery (7.5%) |
| Caterpillar, Inc. | 3945 | 2259972 |
| Deere & Co. | 10425 | 4853567 |
| PACCAR, Inc. | 400 | 43804 |
| Parker-Hannifin Corp. | 3884 | 3413881 |
| Pentair PLC | 9700 | 1010158 |
| Westinghouse Air Brake <br>Technologies Corp. | 16541 | 3530677 |
|  |  | 15112059 |
| Professional Services (0.4%) | Professional Services (0.4%) | Professional Services (0.4%) |
| Equifax, Inc. | 4044 | 877467 |
| Trading Companies & Distributors (0.7%) | Trading Companies & Distributors (0.7%) | Trading Companies & Distributors (0.7%) |
| WW Grainger, Inc. | 1277 | 1288557 |
| **Information Technology (12.5%)** | **Information Technology (12.5%)** | **Information Technology (12.5%)** |
| Communications Equipment (2.3%) | Communications Equipment (2.3%) | Communications Equipment (2.3%) |
| Arista Networks, Inc. (b) | 18200 | 2384746 |
| Cisco Systems, Inc. | 30068 | 2316138 |
|  |  | 4700884 |
| Electronic Equipment, Instruments & Components (3.4%) | Electronic Equipment, Instruments & Components (3.4%) | Electronic Equipment, Instruments & Components (3.4%) |
| Keysight Technologies, Inc. (b) | 26160 | 5315450 |
| TE Connectivity PLC | 6170 | 1403737 |
|  |  | 6719187 |
| IT Services (0.6%) | IT Services (0.6%) | IT Services (0.6%) |
| International Business <br>Machines Corp. | 4200 | 1244082 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Semiconductors & Semiconductor Equipment (5.0%) | Semiconductors & Semiconductor Equipment (5.0%) | Semiconductors & Semiconductor Equipment (5.0%) |
| Analog Devices, Inc. | 8362 | $2267775 |
| Intel Corp. (b) | 36729 | 1355300 |
| KLA Corp. | 1189 | 1444730 |
| Lam Research Corp. | 9629 | 1648292 |
| Texas Instruments, Inc. | 19587 | 3398149 |
|  |  | 10114246 |
| Software (1.2%) | Software (1.2%) | Software (1.2%) |
| InterDigital, Inc. | 1800 | 573084 |
| Microsoft Corp. | 1850 | 894697 |
| Salesforce, Inc. | 3600 | 953676 |
|  |  | 2421457 |
| **Materials (4.1%)** | **Materials (4.1%)** | **Materials (4.1%)** |
| Chemicals (1.7%) | Chemicals (1.7%) | Chemicals (1.7%) |
| Linde PLC | 6320 | 2694785 |
| PPG Industries, Inc. | 8083 | 828184 |
|  |  | 3522969 |
| Containers & Packaging (2.2%) | Containers & Packaging (2.2%) | Containers & Packaging (2.2%) |
| Ball Corp. | 26481 | 1402699 |
| International Paper Co. | 75798 | 2985683 |
|  |  | 4388382 |
| Metals & Mining (0.2%) | Metals & Mining (0.2%) | Metals & Mining (0.2%) |
| Franco-Nevada Corp. | 1715 | 355485 |
| **Real Estate (2.9%)** | **Real Estate (2.9%)** | **Real Estate (2.9%)** |
| Health Care REITs (1.0%) | Health Care REITs (1.0%) | Health Care REITs (1.0%) |
| Welltower, Inc. | 11000 | 2041710 |
| Residential REITs (1.1%) | Residential REITs (1.1%) | Residential REITs (1.1%) |
| Equity LifeStyle Properties, Inc. | 16200 | 981882 |
| Essex Property Trust, Inc. | 4299 | 1124963 |
|  |  | 2106845 |
| Specialized REITs (0.8%) | Specialized REITs (0.8%) | Specialized REITs (0.8%) |
| Public Storage | 3096 | 803412 |
| VICI Properties, Inc. | 29327 | 824675 |
|  |  | 1628087 |
| **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
| Electric Utilities (2.6%) | Electric Utilities (2.6%) | Electric Utilities (2.6%) |
| Southern Co. | 35000 | 3052000 |
| Xcel Energy, Inc. | 28908 | 2135145 |
|  |  | 5187145 |
| Gas Utilities (0.4%) | Gas Utilities (0.4%) | Gas Utilities (0.4%) |
| Atmos Energy Corp. | 5264 | 882404 |
| Multi-Utilities (1.0%) | Multi-Utilities (1.0%) | Multi-Utilities (1.0%) |
| Ameren Corp. | 19805 | 1977727 |
| **Total common stocks <br>(cost: $169,468,621)** |  | **200839563** |

---

See accompanying notes to financial statements.

------

SFT T. Rowe Price Value Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** |
| **Investment Companies (0.4%)** | **Investment Companies (0.4%)** | **Investment Companies (0.4%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 775943 | $775943 |
| T. Rowe Price Government <br>Reserve Fund, current <br>rate 3.770% | 167 | 167 |
| **Total short-term securities <br>(cost: $776,110)** |  | **776110** |
| **Total investments in securities <br>(cost: $170,244,731) (c)** |  | **201615673** |
| **Liabilities in excess of cash and <br>other assets (-0.3%)** |  | **(520803)** |
| **Total net assets (100.0%)** |  | $**201094870** |

---

**Investments in Securities Legend**

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

(b) Non-income producing security.

(c) At December 31, 2025, the cost of investments for federal income tax purposes was $170,686,117. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $36957707 |
| Gross unrealized depreciation | (6028151) |
| **Net unrealized appreciation** | $**30929556** |

---

See accompanying notes to financial statements.

------

SFT Wellington Core Equity Fund

Investments in Securities

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Communication Services (11.2%)** | **Communication Services (11.2%)** | **Communication Services (11.2%)** |
| Entertainment (1.2%) | Entertainment (1.2%) | Entertainment (1.2%) |
| Netflix, Inc. (b) | 17570 | $1647363 |
| Interactive Media & Services (9.1%) | Interactive Media & Services (9.1%) | Interactive Media & Services (9.1%) |
| Alphabet, Inc. Class A | 27831 | 8711103 |
| Meta Platforms, Inc. Class A | 5492 | 3625214 |
|  |  | 12336317 |
| Wireless Telecommunication Services (0.9%) | Wireless Telecommunication Services (0.9%) | Wireless Telecommunication Services (0.9%) |
| T-Mobile U.S., Inc. | 6114 | 1241387 |
| **Consumer Discretionary (9.9%)** | **Consumer Discretionary (9.9%)** | **Consumer Discretionary (9.9%)** |
| Automobiles (0.6%) | Automobiles (0.6%) | Automobiles (0.6%) |
| Tesla, Inc. (b) | 1968 | 885049 |
| Broadline Retail (5.0%) | Broadline Retail (5.0%) | Broadline Retail (5.0%) |
| Amazon.com, Inc. (b) | 29193 | 6738328 |
| Distributors (0.7%) | Distributors (0.7%) | Distributors (0.7%) |
| Pool Corp. | 4109 | 939934 |
| Hotels, Restaurants & Leisure (1.5%) | Hotels, Restaurants & Leisure (1.5%) | Hotels, Restaurants & Leisure (1.5%) |
| Chipotle Mexican Grill, Inc. (b) | 14969 | 553853 |
| Marriott International, Inc. <br>Class A | 4837 | 1500631 |
|  |  | 2054484 |
| Specialty Retail (2.1%) | Specialty Retail (2.1%) | Specialty Retail (2.1%) |
| AutoZone, Inc. (b) | 350 | 1187025 |
| Lowe's Cos., Inc. | 5404 | 1303229 |
| TJX Cos., Inc. | 2355 | 361751 |
|  |  | 2852005 |
| **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** |
| Beverages (0.6%) | Beverages (0.6%) | Beverages (0.6%) |
| Monster Beverage Corp. (b) | 9647 | 739635 |
| Consumer Staples Distribution & Retail (2.8%) | Consumer Staples Distribution & Retail (2.8%) | Consumer Staples Distribution & Retail (2.8%) |
| BJ's Wholesale Club <br>Holdings, Inc. (b) | 14772 | 1329923 |
| Walmart, Inc. | 22168 | 2469737 |
|  |  | 3799660 |
| Food Products (0.9%) | Food Products (0.9%) | Food Products (0.9%) |
| McCormick & Co., Inc. | 18684 | 1272567 |
| Tobacco (1.3%) | Tobacco (1.3%) | Tobacco (1.3%) |
| Philip Morris International, Inc. | 11022 | 1767929 |
| **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
| Oil, Gas & Consumable Fuels (2.7%) | Oil, Gas & Consumable Fuels (2.7%) | Oil, Gas & Consumable Fuels (2.7%) |
| Expand Energy Corp. | 5087 | 561401 |
| Exxon Mobil Corp. | 17096 | 2057333 |
| Williams Cos., Inc. | 16488 | 991094 |
|  |  | 3609828 |
| **Financial (13.2%)** | **Financial (13.2%)** | **Financial (13.2%)** |
| Banks (4.1%) | Banks (4.1%) | Banks (4.1%) |
| JPMorgan Chase & Co. | 10276 | 3311133 |
| Wells Fargo & Co. | 24072 | 2243510 |
|  |  | 5554643 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Capital Markets (4.1%) | Capital Markets (4.1%) | Capital Markets (4.1%) |
| Goldman Sachs Group, Inc. | 1947 | $1711413 |
| Intercontinental Exchange, Inc. | 8845 | 1432536 |
| KKR & Co., Inc. | 7301 | 930732 |
| Nasdaq, Inc. | 15034 | 1460252 |
|  |  | 5534933 |
| Consumer Finance (0.9%) | Consumer Finance (0.9%) | Consumer Finance (0.9%) |
| American Express Co. | 3415 | 1263379 |
| Financial Services (2.5%) | Financial Services (2.5%) | Financial Services (2.5%) |
| Klarna Group PLC (b) | 14781 | 427319 |
| Mastercard, Inc. Class A | 5250 | 2997120 |
|  |  | 3424439 |
| Insurance (1.6%) | Insurance (1.6%) | Insurance (1.6%) |
| Arthur J Gallagher & Co. | 4153 | 1074755 |
| Chubb Ltd. | 3533 | 1102720 |
|  |  | 2177475 |
| **Health Care (9.1%)** | **Health Care (9.1%)** | **Health Care (9.1%)** |
| Biotechnology (2.8%) | Biotechnology (2.8%) | Biotechnology (2.8%) |
| Gilead Sciences, Inc. | 12700 | 1558798 |
| United Therapeutics Corp. (b) | 1541 | 750852 |
| Vertex Pharmaceuticals, Inc. (b) | 3286 | 1489741 |
|  |  | 3799391 |
| Health Care Equipment & Supplies (1.3%) | Health Care Equipment & Supplies (1.3%) | Health Care Equipment & Supplies (1.3%) |
| Abbott Laboratories | 14570 | 1825476 |
| Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) |
| Cencora, Inc. | 4009 | 1354040 |
| HCA Healthcare, Inc. | 963 | 449586 |
|  |  | 1803626 |
| Pharmaceuticals (3.7%) | Pharmaceuticals (3.7%) | Pharmaceuticals (3.7%) |
| Eli Lilly & Co. | 3012 | 3236936 |
| Johnson & Johnson | 8578 | 1775217 |
|  |  | 5012153 |
| **Industrials (9.5%)** | **Industrials (9.5%)** | **Industrials (9.5%)** |
| Aerospace & Defense (2.5%) | Aerospace & Defense (2.5%) | Aerospace & Defense (2.5%) |
| General Electric Co. | 5529 | 1703098 |
| RTX Corp. | 8934 | 1638495 |
|  |  | 3341593 |
| Building Products (1.3%) | Building Products (1.3%) | Building Products (1.3%) |
| Builders FirstSource, Inc. (b) | 5754 | 592029 |
| Trane Technologies PLC | 2998 | 1166822 |
|  |  | 1758851 |
| Commercial Services & Supplies (0.7%) | Commercial Services & Supplies (0.7%) | Commercial Services & Supplies (0.7%) |
| Republic Services, Inc. | 4472 | 947751 |
| Electrical Equipment (1.4%) | Electrical Equipment (1.4%) | Electrical Equipment (1.4%) |
| Emerson Electric Co. | 7461 | 990224 |
| GE Vernova, Inc. | 1402 | 916305 |
|  |  | 1906529 |

---

See accompanying notes to financial statements.

------

SFT Wellington Core Equity Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Machinery (2.2%) | Machinery (2.2%) | Machinery (2.2%) |
| Caterpillar, Inc. | 3170 | $1815998 |
| Parker-Hannifin Corp. | 1405 | 1234939 |
|  |  | 3050937 |
| Trading Companies & Distributors (1.4%) | Trading Companies & Distributors (1.4%) | Trading Companies & Distributors (1.4%) |
| Ferguson Enterprises, Inc. | 4569 | 1017197 |
| FTAI Aviation Ltd. | 4451 | 876179 |
|  |  | 1893376 |
| **Information Technology (32.3%)** | **Information Technology (32.3%)** | **Information Technology (32.3%)** |
| Communications Equipment (0.5%) | Communications Equipment (0.5%) | Communications Equipment (0.5%) |
| Motorola Solutions, Inc. | 1787 | 684993 |
| Electronic Equipment, Instruments & Components (0.7%) | Electronic Equipment, Instruments & Components (0.7%) | Electronic Equipment, Instruments & Components (0.7%) |
| Corning, Inc. | 11324 | 991529 |
| Semiconductors & Semiconductor Equipment (12.9%) | Semiconductors & Semiconductor Equipment (12.9%) | Semiconductors & Semiconductor Equipment (12.9%) |
| Broadcom, Inc. | 14032 | 4856475 |
| KLA Corp. | 1266 | 1538291 |
| NVIDIA Corp. | 59619 | 11118944 |
|  |  | 17513710 |
| Software (10.3%) | Software (10.3%) | Software (10.3%) |
| Cadence Design Systems, Inc. (b) | 2896 | 905232 |
| Microsoft Corp. | 20162 | 9750746 |
| Oracle Corp. | 6888 | 1342540 |
| Roper Technologies, Inc. | 154 | 68550 |
| Trimble, Inc. (b) | 11580 | 907293 |
| Tyler Technologies, Inc. (b) | 2162 | 981440 |
|  |  | 13955801 |
| Technology Hardware Storage & Peripherals (7.9%) | Technology Hardware Storage & Peripherals (7.9%) | Technology Hardware Storage & Peripherals (7.9%) |
| Apple, Inc. | 39459 | 10727324 |
| **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** |
| Chemicals (1.8%) | Chemicals (1.8%) | Chemicals (1.8%) |
| Linde PLC | 2863 | 1220755 |
| Sherwin-Williams Co. | 3871 | 1254320 |
|  |  | 2475075 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** |
| Health Care REITs (1.1%) | Health Care REITs (1.1%) | Health Care REITs (1.1%) |
| Welltower, Inc. | 8238 | $1529055 |
| Retail REITs (0.9%) | Retail REITs (0.9%) | Retail REITs (0.9%) |
| Simon Property Group, Inc. | 6527 | 1208213 |
| **Utilities (2.4%)** | **Utilities (2.4%)** | **Utilities (2.4%)** |
| Gas Utilities (0.8%) | Gas Utilities (0.8%) | Gas Utilities (0.8%) |
| Atmos Energy Corp. | 6553 | 1098479 |
| Multi-Utilities (1.6%) | Multi-Utilities (1.6%) | Multi-Utilities (1.6%) |
| Dominion Energy, Inc. | 19236 | 1127037 |
| WEC Energy Group, Inc. | 10277 | 1083813 |
|  |  | 2210850 |
| **Total common stocks <br>(cost: $83,129,726)** |  | **135574067** |
| **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** | **Short-Term Securities (0.4%)** |
| **Investment Companies (0.4%)** | **Investment Companies (0.4%)** | **Investment Companies (0.4%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>3.740% | 578274 | 578274 |
| **Total short-term securities <br>(cost: $578,274)** |  | **578274** |
| **Total investments in securities <br>(cost: $83,708,000) (c)** |  | **136152341** |
| **Liabilities in excess of cash and <br>other assets (-0.1%)** |  | **(149843)** |
| **Total net assets (100.0%)** |  | $**136002498** |

---

**Investments in Securities Legend**

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

(b) Non-income producing security.

(c) At December 31, 2025 the cost of investments for federal income tax purposes was $83,719,249. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $55168636 |
| Gross unrealized depreciation | (2735544) |
| **Net unrealized appreciation** | $**52433092** |

---

See accompanying notes to financial statements.

------

(This page has been left blank intentionally.)

------

Securian Funds Trust

Statements of Assets and Liabilities

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SFT <br>Balanced<br>Stabilization<br>Fund** | **SFT <br>Core Bond<br>Fund** | **SFT<br>Equity<br>Stabilization<br>Fund** | **SFT<br>Government<br>Money<br>Market<br>Fund** | **SFT<br>Index 400<br>Mid-Cap<br>Fund** | **SFT<br>Index 500<br>Fund** |
| **Assets** |  |  |  |  |  |  |
| Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* |
| Unaffiliated issuers | $275038673 | $472776209 | $241504695 | $233958245 | $240083692 | $1610317013 |
| Affiliated issuers (Note 8) | 304436755 | – | – | – | – | – |
| Cash on demand deposit | 10155546 | – | 7293735 | – | 544 | 7043 |
| Due from broker<sup>1</sup> | – | 1062430 | 500000 | – | – | – |
| Foreign currency on deposit<sup>2</sup> | – | 166111 | – | – | – | – |
| Receivable: | Receivable: | Receivable: | Receivable: | Receivable: | Receivable: | Receivable: |
| Fund shares sold | – | 394 | – | – | – | 185362 |
| Investment securities sold (including paydowns) | – | 3614305 | – | – | 202724 | – |
| Investment securities sold on a when-issued or forward <br>commitment basis (Note 2) | – | 174414 | – | – | – | – |
| Investment securities sold on a TBA basis (Note 2) | – | 4959265 | – | – | – | – |
| Dividends and accrued interest | 2092720 | 2150007 | 17874 | 100851 | 257098 | 851407 |
| Refundable foreign income taxes withheld | – | – | – | – | – | – |
| Unrealized appreciation on forward foreign currency contracts | – | 35572 | – | – | – | – |
| Prepaid expenses | 12530 | 19392 | 17090 | 16276 | 16306 | 36573 |
| Total assets | 591736224 | 484958099 | 249333394 | 234075372 | 240560364 | 1611397398 |
| **Liabilities** |  |  |  |  |  |  |
| Due to custodian | – | 119964 | – | – | – | – |
| Payable: | Payable: | Payable: | Payable: | Payable: | Payable: | Payable: |
| Fund shares repurchased | 652912 | 380536 | 9969 | 640325 | 70979 | – |
| Investment securities purchased | – | 12591673 | – | – | 543054 | – |
| Investment securities purchased on a when-issued or forward – <br>commitment basis (Note 2) | – | 1385885 | – | – | – | – |
| Investment securities purchased on a TBA basis (Note 2) | – | 44877028 | – | – | – | – |
| Adviser | 412189 | 242989 | 180089 | 110973 | 79503 | 401368 |
| Variation margin on futures contracts | 561097 | 108619 | 194015 | – | 67605 | 150027 |
| Accrued expenses | 140360 | 189467 | 84262 | 85702 | 101663 | 183335 |
| Unrealized depreciation on forward foreign currency contracts | – | 71053 | – | – | – | – |
| Options written at value<sup>3</sup> | 35040 | – | 15150 | – | – | – |
| Total liabilities | 1801598 | 59967214 | 483485 | 837000 | 862804 | 734730 |
| Net assets applicable to outstanding capital stock | $589934626 | $424990885 | $248849909 | $233238372 | $239697560 | $1610662668 |
| Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: |
| Paid in capital\*\* | $137610428 | $318836898 | $117054666 | $233236307 | $(84000173) | $(298608898) |
| Total distributable earnings | 452324198 | 106153987 | 131795243 | 2065 | 323697733 | 1909271566 |
| Net assets | $589934626 | $424990885 | $248849909 | $233238372 | $239697560 | $1610662668 |
| Net assets by class: | Net assets by class: | Net assets by class: | Net assets by class: | Net assets by class: | Net assets by class: | Net assets by class: |
| Class 1 | $N/A | $13059069 | $N/A | $N/A | $53342926 | $615685669 |
| Class 2 | 589934626 | 411931816 | 248849909 | 233238372 | 186354634 | 994976999 |
| Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: |
| Class 1 | N/A | 2.724 | N/A | N/A | 9.520 | 30.523 |
| Class 2 | 26.893 | 2.611 | 16.621 | 1.000 | 9.124 | 29.240 |
| \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost |
| Unaffiliated issuers | $259622940 | $479660487 | $169811412 | $233958245 | $170233353 | $452549496 |
| Affiliated issuers | 79192055 | – | – | – | – | – |
| \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: |
| Class 1 | N/A | 4793623 | N/A | N/A | 5603409 | 20171350 |
| Class 2 | 21936705 | 157793394 | 14972443 | 233238372 | 20424459 | 34027852 |
| <sup>1</sup> Cash collateral for open futures contracts | $– | $1062430 | $500000 | $– | $– | $– |
| <sup>2</sup> Foreign currency on deposit (cost) | $– | $164537 | $– | $– | $– | $– |
| <sup>3</sup> Premiums received | $240756 | $– | $104233 | $– | $– | $– |

---

See accompanying notes to financial statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Macquarie<br>Growth<br>Fund** | **SFT<br>Macquarie<br>Small Cap<br>Growth<br>Fund** | **SFT<br>Real Estate<br>Securities<br>Fund** | **SFT<br>T. Rowe Price<br>Value<br>Fund** | **SFT<br>Wellington<br>Core Equity<br>Fund** |
| **Assets** |  |  |  |  |  |
| Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* | Investments in securities, at fair value – see accompanying <br>schedule for detailed listing\* |
| Unaffiliated issuers | $641429726 | $166190918 | $113942934 | $201615673 | $136152341 |
| Affiliated issuers (Note 8) | – | – | – | – | – |
| Cash on demand deposit | – | – | – | – | 2114 |
| Due from broker<sup>1</sup> | – | – | – | – | – |
| Foreign currency on deposit<sup>2</sup> | – | – | – | – | – |
| Receivable: | Receivable: | Receivable: | Receivable: | Receivable: | Receivable: |
| Fund shares sold | – | – | 4085 | 16930 | – |
| Investment securities sold (including paydowns) | – | 113487 | – | 27133 | – |
| Investment securities sold on a when-issued or forward <br>commitment basis (Note 2) | – | – | – | – | – |
| Investment securities sold on a TBA basis (Note 2) | – | – | – | – | – |
| Dividends and accrued interest | 122611 | 17144 | 374172 | 192649 | 39204 |
| Refundable foreign income taxes withheld | – | – | – | 11048 | 705 |
| Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – |
| Prepaid expenses | 22925 | 15107 | 14211 | 15895 | 14519 |
| Total assets | 641575262 | 166336656 | 114335402 | 201879328 | 136208883 |
| **Liabilities** |  |  |  |  |  |
| Due to custodian | – | – | – | – | – |
| Payable: | Payable: | Payable: | Payable: | Payable: | Payable: |
| Fund shares repurchased | 63653 | 8678 | 15858 | – | 30058 |
| Investment securities purchased | – | 254189 | – | 536155 | – |
| Investment securities purchased on a when-issued or forward – <br>commitment basis (Note 2) | – | – | – | – | – |
| Investment securities purchased on a TBA basis (Note 2) | – | – | – | – | – |
| Adviser | 493679 | 165257 | 97103 | 149704 | 99327 |
| Variation margin on futures contracts | – | – | – | – | – |
| Accrued expenses | 104820 | 86794 | 79750 | 98599 | 77000 |
| Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – |
| Options written at value<sup>3</sup> | – | – | – | – | – |
| Total liabilities | 662152 | 514918 | 192711 | 784458 | 206385 |
| Net assets applicable to outstanding capital stock | $640913110 | $165821738 | $114142691 | $201094870 | $136002498 |
| Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: | Net Assets Consist of: |
| Paid in capital\*\* | $(247615375) | $(14255724) | $(32838094) | $(16561330) | $(29365368) |
| Total distributable earnings | 888528485 | 180077462 | 146980785 | 217656200 | 165367866 |
| Net assets | $640913110 | $165821738 | $114142691 | $201094870 | $136002498 |
| Net assets by class: | Net assets by class: | Net assets by class: | Net assets by class: | Net assets by class: | Net assets by class: |
| Class 1 | $N/A | $N/A | $17907108 | $N/A | $9742624 |
| Class 2 | 640913110 | 165821738 | 96235583 | 201094870 | 126259874 |
| Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: | Net asset value per share of outstanding capital stock by class: |
| Class 1 | N/A | N/A | 7.199 | N/A | 38.735 |
| Class 2 | 50.384 | 28.483 | 6.899 | 28.504 | 37.621 |
| \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost |
| Unaffiliated issuers | $336357677 | $137099948 | $111375238 | $170244731 | $83708000 |
| Affiliated issuers | – | – | – | – | – |
| \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: | \*\* Shares outstanding by class: |
| Class 1 | N/A | N/A | 2487564 | N/A | 251522 |
| Class 2 | 12720676 | 5821683 | 13949772 | 7054879 | 3356133 |
| <sup>1</sup> Cash collateral for open futures contracts | $– | $– | $– | $– | $– |
| <sup>2</sup> Foreign currency on deposit (cost) | $– | $– | $– | $– | $– |
| <sup>3</sup> Premiums received | $– | $– | $– | $– | $– |

---

------

Securian Funds Trust

Statements of Operations

**Year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Balanced<br>Stabilization<br>Fund** | **SFT<br>Core Bond<br>Fund** | **SFT<br>Equity<br>Stabilization<br>Fund** | **SFT<br>Government<br>Money<br>Market<br>Fund** | **SFT<br>Index 400<br>Mid-Cap<br>Fund** | **SFT<br>Index 500<br>Fund** |
| Income: | Income: | Income: | Income: | Income: | Income: | Income: |
| Interest<sup>1</sup> | $10019234 | $18151103 | $– | $8694200 | $56707 | $– |
| Dividends<sup>1</sup> | 1307679 | 995217 | 7128785 | 898640 | 3486076 | 20147458 |
| Foreign tax withholding | – | (403) | – | – | (8571) | (4303) |
| Total investment income | 11326913 | 19145917 | 7128785 | 9592840 | 3534212 | 20143155 |
| Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): |
| Investment advisory fee | 3266669 | 1700347 | 1483725 | 568232 | 344211 | 2012837 |
| Rule 12b-1 fees | 1484849 | 1035409 | 674420 | 568232 | 455079 | 2328957 |
| Audit and accounting services | 286197 | 386274 | 143796 | 157579 | 162225 | 318216 |
| Administrative services fee | 43000 | 51999 | 43000 | 60001 | 41001 | 41001 |
| Legal fees | 36401 | 36401 | 36401 | 37640 | 36401 | 36401 |
| Custodian fees | 13695 | 17622 | 12855 | 10336 | 17979 | 29141 |
| Printing and shareholder reports | 14048 | 13977 | 13953 | 14296 | 14035 | 13968 |
| Trustee's fees | 35026 | 37100 | 35026 | 35078 | 35026 | 35026 |
| S&P licensing fee | 9501 | – | 9501 | – | 38901 | 84841 |
| Insurance | 14501 | 14501 | 14501 | 14501 | 14501 | 14501 |
| Other | 18880 | 28332 | 24495 | 16856 | 21155 | 51774 |
| Total expenses | 5222767 | 3321962 | 2491673 | 1482751 | 1180514 | 4966663 |
| Net investment income (loss) | 6104146 | 15823955 | 4637112 | 8110089 | 2353698 | 15176492 |
| Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: |
| Investments (Note 3) | Investments (Note 3) | Investments (Note 3) | Investments (Note 3) | Investments (Note 3) | Investments (Note 3) | Investments (Note 3) |
| Unaffiliated issuers | 4253336 | (155831) | 11496557 | 104 | 12619722 | 90946290 |
| Affiliated issuers (Note 8) | 59789060 | – | – | – | – | – |
| Written options contracts | 763013 | – | 396865 | – | – | – |
| Foreign forward currency contracts | – | (151542) | – | – | – | – |
| Foreign currency transactions | – | (7536) | – | – | – | – |
| Other | – | 8888 | – | – | 13971 | 11369 |
| Futures contracts | (8377617) | 1326550 | (10087293) | – | (221549) | 963914 |
| Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: |
| Investments | Investments | Investments | Investments | Investments | Investments | Investments |
| Unaffiliated issuers, net of foreign capital gains tax | 7039042 | 13800696 | 13132775 | – | 873958 | 136101455 |
| Affiliated issuers (Note 8) | (10221688) | – | – | – | – | – |
| Written options contracts | 227560 | – | 98950 | – | – | – |
| Translation of assets and liabilities in foreign currency | – | (10364) | – | – | – | – |
| Foreign forward currency contracts | – | (123728) | – | – | – | – |
| Futures contracts | 354457 | (73854) | 1636735 | – | 86877 | 1454694 |
| Net gains (losses) on investments | 53827163 | 14613279 | 16674589 | 104 | 13372979 | 229477722 |
| Net increase (decrease) in net assets resulting from <br>operations | $59931309 | $30437234 | $21311701 | $8110193 | $15726677 | $244654214 |

---

<sup>1</sup> All income is from unaffiliated issuers.

See accompanying notes to financial statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Macquarie<br>Growth<br>Fund** | **SFT<br>Macquarie<br>Small Cap <br>Growth<br>Fund** | **SFT<br>Real Estate<br>Securities<br>Fund** | **SFT<br>T. Rowe Price<br>Value<br>Fund** | **SFT<br>Wellington<br>Core Equity<br>Fund** |
| Income: | Income: | Income: | Income: | Income: | Income: |
| Interest<sup>1</sup> | $– | $– | $– | $8583 | $– |
| Dividends<sup>1</sup> | 4181438 | 428833 | 3397979 | 3548328 | 1381146 |
| Foreign tax withholding | (115327) | – | – | (15214) | (9393) |
| Total investment income | 4066111 | 428833 | 3397979 | 3541697 | 1371753 |
| Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): |
| Investment advisory fee | 4058313 | 1339715 | 815003 | 1130966 | 721812 |
| Rule 12b-1 fees | 1582630 | 394034 | 247846 | 496038 | 306541 |
| Audit and accounting services | 199452 | 138921 | 143057 | 146756 | 138937 |
| Administrative services fee | 41001 | 41001 | 41001 | 41001 | 41001 |
| Legal fees | 36401 | 36401 | 36401 | 36401 | 36401 |
| Custodian fees | 12080 | 19221 | 12470 | 19557 | 15815 |
| Printing and shareholder reports | 16442 | 16442 | 13973 | 13958 | 13981 |
| Trustee's fees | 35026 | 35026 | 35026 | 35026 | 35026 |
| S&P licensing fee | – | – | – | – | – |
| Insurance | 14501 | 14501 | 14501 | 14501 | 14501 |
| Other | 79852 | 66234 | 45531 | 63715 | 10885 |
| Total expenses | 6075698 | 2101496 | 1404809 | 1997919 | 1334900 |
| Net investment income (loss) | (2009587) | (1672663) | 1993170 | 1543778 | 36853 |
| Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: | Realized gains (losses) on investments and foreign <br>currencies: |
| Investments (Note 3) | Investments (Note 3) | Investments (Note 3) | Investments (Note 3) | Investments (Note 3) | Investments (Note 3) |
| Unaffiliated issuers | 83232840 | 21382864 | 1601544 | 12178983 | 17065291 |
| Affiliated issuers (Note 8) | – | – | – | – | – |
| Written options contracts | – | – | – | – | – |
| Foreign forward currency contracts | – | – | – | – | – |
| Foreign currency transactions | 25 | – | – | (647) | – |
| Other | 5529 | 21257 | – | 8582 | 15148 |
| Futures contracts | – | – | – | – | – |
| Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: | Net change in unrealized appreciation or depreciation on: |
| Investments | Investments | Investments | Investments | Investments | Investments |
| Unaffiliated issuers, net of foreign capital gains tax | (28140978) | (50649) | (1056880) | 8427219 | 122704 |
| Affiliated issuers (Note 8) | – | – | – | – | – |
| Written options contracts | – | – | – | – | – |
| Translation of assets and liabilities in foreign currency | 712 | – | – | 1314 | – |
| Foreign forward currency contracts | – | – | – | – | – |
| Futures contracts | – | – | – | – | – |
| Net gains (losses) on investments | 55098128 | 21353472 | 544664 | 20615451 | 17203143 |
| Net increase (decrease) in net assets resulting from <br>operations | $53088541 | $19680809 | $2537834 | $22159229 | $17239996 |

---

------

Securian Funds Trust

Statements of Changes in Net Assets

**Year ended December 31, 2025 and year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Balanced<br>Stabilization<br>Fund** | **SFT<br>Balanced<br>Stabilization<br>Fund** | **SFT<br>Core Bond<br>Fund** | **SFT<br>Core Bond<br>Fund** | **SFT<br>Equity<br>Stabilization<br>Fund** | **SFT<br>Equity<br>Stabilization<br>Fund** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Operations: | Operations: | Operations: | Operations: | Operations: | Operations: | Operations: |
| Net investment income | $6104146 | $6722691 | $15823955 | $16752271 | $4637112 | $5902713 |
| Net realized gains (losses) on investments | 56427792 | 30112825 | 1020529 | (897057) | 1806129 | 16276647 |
| Net change in unrealized appreciation or <br>depreciation of investments | (2600629) | 45505375 | 13592750 | (12492164) | 14868460 | 7517152 |
| Net increase in net assets resulting <br>from operations | 59931309 | 82340891 | 30437234 | 3363050 | 21311701 | 29696512 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings |
| Class 2 | – | – | – | – | – | – |
| Decrease in net assets from distributions | – | – | – | – | – | – |
| Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | – | – | 3009709 | 3350842 | – | – |
| Class 2 | 10795639 | 7616910 | 9175960 | 10366113 | 3124790 | 3476633 |
| Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested |
| Class 2 | – | – | – | – | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | – | – | (1206987) | (2230849) | – | – |
| Class 2 | (98932748) | (124445926) | (41269523) | (38848179) | (55193762) | (66934385) |
| Increase (decrease) in net assets from <br>capital stock transactions | (88137109) | (116829016) | (30290841) | (27362073) | (52068972) | (63457752) |
| Total increase (decrease) in net assets | (28205800) | (34488125) | 146393 | (23999023) | (30757271) | (33761240) |
| Net assets at beginning of period | 618140426 | 652628551 | 424844492 | 448843515 | 279607180 | 313368420 |
| Net assets at end of period | $589934626 | $618140426 | $424990885 | $424844492 | $248849909 | $279607180 |
| Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | – | – | 1115332 | 1332260 | – | – |
| Class 2 | 432964 | 319781 | 3648605 | 4328201 | 194444 | 235895 |
| Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions |
| Class 2 | – | – | – | – | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | – | – | (459520) | (894956) | – | – |
| Class 2 | (3938314) | (5372903) | (16340800) | (16016835) | (3418230) | (4449225) |
| Net change from capital transactions | (3505350) | (5053122) | (12036383) | (11251330) | (3223786) | (4213330) |

---

See accompanying notes to financial statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SFT<br>Government<br>Money Market<br>Fund** | **SFT<br>Government<br>Money Market<br>Fund** | **SFT<br>Index 400<br>Mid-Cap<br>Fund** | **SFT<br>Index 400<br>Mid-Cap<br>Fund** |
| | **2025** | **2024** | **2025** | **2024** |
| Operations: | Operations: | Operations: | Operations: | Operations: |
| Net investment income | $8110089 | $10239151 | $2353698 | $2383522 |
| Net realized gains (losses) on investments | 104 | – | 12412144 | 18252618 |
| Net change in unrealized appreciation or <br>depreciation of investments | – | – | 960835 | 7729324 |
| Net increase in net assets resulting <br>from operations | 8110193 | 10239151 | 15726677 | 28365464 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings |
| Class 2 | (8110193) | (10239151) | – | – |
| Decrease in net assets from distributions | (8110193) | (10239151) | – | – |
| Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | – | – | 7270005 | 5213587 |
| Class 2 | 34869337 | 39964738 | 4621204 | 1820439 |
| Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested |
| Class 2 | 8110193 | 10239151 | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | – | – | (1647044) | (1929024) |
| Class 2 | (35341164) | (54073181) | (15753912) | (23744215) |
| Increase (decrease) in net assets from <br>capital stock transactions | 7638366 | (3869292) | (5509747) | (18639213) |
| Total increase (decrease) in net assets | 7638366 | (3869292) | 10216930 | 9726251 |
| Net assets at beginning of period | 225600006 | 229469298 | 229480630 | 219754379 |
| Net assets at end of period | $233238372 | $225600006 | $239697560 | $229480630 |
| Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | – | – | 809870 | 620783 |
| Class 2 | 34869337 | 39964738 | 547612 | 222586 |
| Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions |
| Class 2 | 8110193 | 10239151 | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | – | – | (181692) | (231460) |
| Class 2 | (35341164) | (54073181) | (1825198) | (2922753) |
| Net change from capital transactions | 7638366 | (3869292) | (649408) | (2310844) |

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------

Securian Funds Trust

Statements of Changes in Net Assets – continued

**Year ended December 31, 2025 and year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Index 500<br>Fund** | **SFT<br>Index 500<br>Fund** | **SFT<br>Macquarie<br>Growth<br>Fund** | **SFT<br>Macquarie<br>Growth<br>Fund** | **SFT<br>Macquarie<br>Small Cap <br>Growth<br>Fund** | **SFT<br>Macquarie<br>Small Cap <br>Growth<br>Fund** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Operations: | Operations: | Operations: | Operations: | Operations: | Operations: | Operations: |
| Net investment income | $15176492 | $15556874 | $(2009587) | $(1984623) | $(1672663) | $(1518175) |
| Net realized gains on investments | 91921573 | 87183259 | 83238394 | 73996260 | 21404121 | 9494318 |
| Net change in unrealized appreciation or <br>depreciation of investments | 137556149 | 189245497 | (28140266) | 62667436 | (50649) | 12679416 |
| Net increase in net assets resulting <br>from operations | 244654214 | 291985630 | 53088541 | 134679073 | 19680809 | 20655559 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings |
| Class 2 | – | – | – | – | – | – |
| Decrease in net assets from distributions | – | – | – | – | – | – |
| Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | 58699928 | 55815056 | – | – | – | – |
| Class 2 | 14191603 | 13593572 | 1643247 | 676682 | 889232 | 1474903 |
| Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested |
| Class 2 | – | – | – | – | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | (95467651) | (43658447) | – | – | – | – |
| Class 2 | (78185480) | (81913731) | (62177184) | (80253105) | (13841980) | (13395167) |
| Decrease in net assets from capital stock <br>transactions | (100761600) | (56163550) | (60533937) | (79576423) | (12952748) | (11920264) |
| Total increase (decrease) in net assets | 143892614 | 235822080 | (7445396) | 55102650 | 6728061 | 8735295 |
| Net assets at beginning of period | 1466770054 | 1230947974 | 648358506 | 593255856 | 159093677 | 150358382 |
| Net assets at end of period | $1610662668 | $1466770054 | $640913110 | $648358506 | $165821738 | $159093677 |
| Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | 2130599 | 2299042 | – | – | – | – |
| Class 2 | 559502 | 576099 | 36748 | 15674 | 37192 | 60023 |
| Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions |
| Class 2 | – | – | – | – | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | (3495520) | (1899331) | – | – | – | – |
| Class 2 | (2954858) | (3655155) | (1306926) | (1892933) | (534556) | (556291) |
| Net change from capital transactions | (3760277) | (2679345) | (1270178) | (1877259) | (497364) | (496268) |

---

See accompanying notes to financial statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SFT<br>Real Estate<br>Securities<br>Fund** | **SFT<br>Real Estate<br>Securities<br>Fund** | **SFT<br>T. Rowe Price <br>Value<br>Fund** | **SFT<br>T. Rowe Price <br>Value<br>Fund** |
| | **2025** | **2024** | **2025** | **2024** |
| Operations: | Operations: | Operations: | Operations: | Operations: |
| Net investment income | $1993170 | $1971012 | $1543778 | $1734731 |
| Net realized gains on investments | 1601544 | 4145200 | 12186918 | 22089508 |
| Net change in unrealized appreciation or <br>depreciation of investments | (1056880) | 1383194 | 8428533 | 3714776 |
| Net increase in net assets resulting <br>from operations | 2537834 | 7499406 | 22159229 | 27539015 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings | From distributable earnings |
| Class 2 | – | – | – | – |
| Decrease in net assets from distributions | – | – | – | – |
| Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: | Capital stock transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | 2890336 | 2767604 | – | – |
| Class 2 | 2493417 | 1658964 | 3019902 | 903439 |
| Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested |
| Class 2 | – | – | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | (1246206) | (2581448) | – | – |
| Class 2 | (8525306) | (17302650) | (19394484) | (27473402) |
| Decrease in net assets from capital stock <br>transactions | (4387759) | (15457530) | (16374582) | (26569963) |
| Total increase (decrease) in net assets | (1849925) | (7958124) | 5784647 | 969052 |
| Net assets at beginning of period | 115992616 | 123950740 | 195310223 | 194341171 |
| Net assets at end of period | $114142691 | $115992616 | $201094870 | $195310223 |
| Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | 400735 | 401260 | – | – |
| Class 2 | 361408 | 266982 | 111968 | 36586 |
| Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions |
| Class 2 | – | – | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | (172719) | (380236) | – | – |
| Class 2 | (1236983) | (2602171) | (717227) | (1113588) |
| Net change from capital transactions | (647559) | (2314165) | (605259) | (1077002) |

---

------

Securian Funds Trust

Statements of Changes in Net Assets – continued

**Year ended December 31, 2025 and year ended December 31, 2024**

---

| | | |
|:---|:---|:---|
| | **SFT<br>Wellington<br>Core Equity<br>Fund** | **SFT<br>Wellington<br>Core Equity<br>Fund** |
| | **2025** | **2024** |
| Operations: | Operations: | Operations: |
| Net investment income | $36853 | $187235 |
| Net realized gains on investments | 17080439 | 19418829 |
| Net change in unrealized appreciation or <br>depreciation of investments | 122704 | 8834386 |
| Net increase in net assets resulting <br>from operations | 17239996 | 28440450 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| From distributable earnings | From distributable earnings | From distributable earnings |
| Class 2 | – | – |
| Decrease in net assets from distributions | – | – |
| Capital stock transactions: | Capital stock transactions: | Capital stock transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | 1535766 | 1187685 |
| Class 2 | 739685 | 1072168 |
| Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested |
| Class 2 | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | (514117) | (657253) |
| Class 2 | (14668220) | (17429175) |
| Decrease in net assets from capital stock <br>transactions | (12906886) | (15826575) |
| Total increase in net assets | 4333110 | 12613875 |
| Net assets at beginning of period | 131669388 | 119055513 |
| Net assets at end of period | $136002498 | $131669388 |
| Capital share transactions: | Capital share transactions: | Capital share transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | 44663 | 37657 |
| Class 2 | 22049 | 34766 |
| Issued on reinvestment of distributions | Issued on reinvestment of distributions | Issued on reinvestment of distributions |
| Class 2 | – | – |
| Payments for redemption of shares | Payments for redemption of shares | Payments for redemption of shares |
| Class 1 | (14223) | (21203) |
| Class 2 | (424910) | (572196) |
| Net change from capital transactions | (372421) | (520976) |

---

See accompanying notes to financial statements.

------

Securian Funds Trust

Financial Highlights

***SFT Balanced Stabilization Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .257 | .241 | .282 | .136 | .019 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Expenses before waiver (c) | .88% | .87% | .87% | .86% | .85% |
| Expenses (c) | .88% | .87% | .87% | .86% | .84<br> %(d) |
| Net investment income | 1.03% | 1.04% | 1.43% | .71% | .10% |
| Portfolio turnover rate (excluding <br>short-term securities) | 10.3% | 0.6% | 4.1% | 12.0% | 5.8% |

---

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

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

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

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

------

Securian Funds Trust

Financial Highlights – continued

***SFT Core Bond Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .104 | .103 | .098 | .065 | .056 |
| Net realized and unrealized gain(loss) <br>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)% | (0.29)% |
| Net assets, end of period (in thousands) | $13059 | $10469 | $9271 | $7303 | $7751 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>short-term securities) | 359.6% | 326.0% | 209.9% | 139.2% | 67.3% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .094 | .093 | .089 | .057 | .047 |
| Net realized and unrealized gain(loss) <br>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)% | (0.54)% |
| Net assets, end of period (in thousands) | $411932 | $414376 | $439572 | $431655 | $522580 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>short-term securities) | 359.6% | 326.0% | 209.9% | 139.2% | 67.3% |

---

(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.

------

Securian Funds Trust

Financial Highlights – continued

***SFT Equity Stabilization Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .277 | .290 | .268 | .169 | .154 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Expenses before waiver (c) | .92% | .90% | .90% | .88% | .87% |
| Expenses (c) | .92% | .90% | .90% | .88% | .85<br> %(d) |
| Net investment income | 1.72% | 1.93% | 2.01% | 1.28% | 1.13% |
| Portfolio turnover rate (excluding <br>short-term securities) | 5.2% | –% | 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 the advisor and distributor (see Note 4).

------

Securian Funds Trust

Financial Highlights – continued

***SFT Government Money Market Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .036 | .045 | .044 | .011 | – |
| Net realized and unrealized gain(loss) <br>on investments | – | – | – | – | – |
| Total from investment operations | .036 | .045 | .044 | .011 | – |
| Less distributions: | Less distributions: | Less distributions: | Less distributions: | Less distributions: | Less distributions: |
| Distributions from net investment income | (.036) | (.045) | (.044) | (.011) | – |
| 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% | –% |
| Net assets, end of period (in thousands) | $233238 | $225600 | $229469 | $222482 | $197078 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Expenses before waiver | .65% | .67% | .64% | .64% | .66% |
| Expenses (c) | .65% | .67<br> %(d) | .64% | .48<br> %(d) | .04<br> %(d) |
| Net investment income | 3.57% | 4.51% | 4.38% | 1.16% | –% |

---

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

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

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

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

------

Securian Funds Trust

Financial Highlights – continued

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .110 | .107 | .100 | .084 | .068 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>short-term securities) | 18.0% | 16.0% | 20.7% | 15.0% | 15.3% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .084 | .082 | .079 | .063 | .050 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>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.

------

Securian Funds Trust

Financial Highlights – continued

***SFT Index 500 Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .318 | .308 | .283 | .251 | .215 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>short-term securities) | 4.4% | 3.2% | 2.5% | 2.1% | 2.3% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .240 | .240 | .227 | .200 | .164 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>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.

------

Securian Funds Trust

Financial Highlights – continued

***SFT Macquarie Growth Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment loss (a) | (.150) | (.133) | (.090) | (.082) | (.124) |
| Net realized and unrealized gain(loss) <br>on investments | 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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Expenses (c) | .96% | .95% | .97% | .96% | .96% |
| Net investment income | (.32)% | (.31)% | (.28)% | (.27)% | (.38)% |
| Portfolio turnover rate (excluding <br>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.

------

Securian Funds Trust

Financial Highlights – continued

***SFT Macquarie Small Cap Growth Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment loss (a) | (.276) | (.232) | (.168) | (.179) | (.233) |
| Net realized and unrealized gain(loss) <br>on investments | 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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Expenses (c) | 1.33% | 1.31% | 1.32% | 1.27% | 1.23% |
| Net investment income | (1.06)% | (.96)% | (.80)% | (.82)% | (.84)% |
| Portfolio turnover rate (excluding <br>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.

------

Securian Funds Trust

Financial Highlights – continued

***SFT Real Estate Securities Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .140 | .128 | .132 | .114 | .061 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>short-term securities) | 29.4% | 27.2% | 33.4% | 78.7% | 59.7% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .116 | .105 | .110 | .091 | .055 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>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.

------

Securian Funds Trust

Financial Highlights – continued

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .210 | .213 | .228 | .180 | .082 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>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.

------

Securian Funds Trust

Financial Highlights – continued

***SFT Wellington Core Equity Fund***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .091 | .119 | .155 | .152 | .105 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Expenses (c) | .78% | .78% | .85% | .87% | .84% |
| Net investment income | .25% | .38% | .63% | .65% | .42% |
| Portfolio turnover rate (excluding <br>short-term securities) | 35.5% | 32.2% | 23.1% | 14.0% | 14.4% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **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: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | .004 | .040 | .094 | .088 | .042 |
| Net realized and unrealized gain(loss) <br>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: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | 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 <br>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.

------

Securian Funds Trust

Notes to Financial Statements

**December 31, 2025**

**(1) Organization**

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Share Class 1** | **Share Class 2** |
| SFT Balanced Stabilization Fund | NA | 🗸 |
| SFT Core Bond Fund | 🗸 | 🗸 |
| SFT Equity Stabilization Fund | NA | 🗸 |
| SFT Government Money Market Fund | NA | 🗸 |
| SFT Index 400 Mid-Cap Fund | 🗸 | 🗸 |
| SFT Index 500 Fund | 🗸 | 🗸 |
| SFT Macquarie Growth Fund | NA | 🗸 |
| SFT Macquarie Small Cap Growth Fund | NA | 🗸 |
| SFT Real Estate Securities Fund | 🗸 | 🗸 |
| SFT T. Rowe Price Value Fund | NA | 🗸 |
| SFT Wellington Core Equity Fund | 🗸 | 🗸 |

---

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

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

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

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

*Use of Estimates*

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

------

Securian Funds Trust

Notes to Financial Statements – continued

**(2) Summary of Significant Accounting Policies**

*Investments in Securities*

Each Fund's net asset value is generally calculated as of the close of normal trading on the New York Stock Exchange (typically 3:00 p.m. Central Time). Investments in securities traded on a U.S. or foreign securities exchange are valued at the last sale price on that exchange prior to the time when assets are valued; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by Securian AM, as the Valuation Designee, in accordance with procedures approved by the Board of Trustees (the "Board") of the Trust and in accordance with provisions of the 1940 act. The Board has delegated the daily oversight of the securities valuation function to Securian AM, which ensures that valuations comply with the valuation policies. The summary of fair valued in good faith securities are presented to the Board at their quarterly meetings.

A Fund's investments will also be valued at fair value in good faith by Securian AM if it determines that an event impacting the value of an investment occurred after the close of the security's primary exchange or market (for example, a foreign exchange or market) and before the time the Fund's net asset value is calculated. If a significant event impacting the value of a security or group of securities occurs, Securian AM is immediately notified and promptly determines whether fair value in good faith pricing is needed in accordance with the Trust's valuation procedures and, if so, approves the pricing methodology to be used.

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

Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses are calculated using the first in, first out basis. Paydowns of securities are recorded as receivables as of the due date, which varies by the issuer. Dividend income is recognized on the ex-dividend date or upon dividend notification for certain foreign securities, and interest income, including amortization of bond premium and accretion of bond discount computed on an effective yield basis, is accrued daily.

*Investment Companies*

The Funds may invest in other investment companies, which may not be traded on an exchange, the Funds may, as a practical expedient, estimate the fair value of an investment company based on the reported net asset value ("NAV") per share or its equivalent if the reported NAV per share or its equivalent of the investment company is calculated in a manner consistent with the measurement principles applied to investment companies, in accordance with ASC 946. If the investment company does not provide a reported NAV per share or its equivalent on a Business Day, Securian AM, as Valuation Designee, shall estimate fair value in good faith and in a manner consistent with the Trust's Valuation Procedures.

*Foreign Currency Translations and Foreign Currency Contracts*

Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars at the closing rate of exchange. Foreign currency amounts related to the purchase or sale of securities, income and expenses are translated at the exchange rate on the transaction date.

------

Securian Funds Trust

Notes to Financial Statements – continued

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

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

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

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.

*Futures Transactions*

To gain exposure to, or for protection from market changes, the Funds (excluding the SFT Government Money Market Fund) may buy and sell financial futures contracts traded on any U.S. or foreign exchange. The Funds may also buy and write put and call options on these futures contracts. Risks of entering into futures contracts and related options include the possibility of an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Upon entering into a futures contract, a Fund is required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value as determined by each relevant clearing agency and is aggregated at a Futures Commission Merchant ("FCM") which is registered with the Commodity Futures Trading Commission or the applicable regulator. Subsequent payments (variation margin) are made or received by a Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. A Fund recognizes a realized gain or loss when the contract is closed or expired. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to a Fund's assets in the segregated account. For a listing of open futures contracts see the Investments in Securities for each Fund.

*Options Transactions*

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

The risk in buying an option is that each Fund pays a premium whether or not the option is exercised. Each Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. Each Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost

------

Securian Funds Trust

Notes to Financial Statements – continued

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

of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the fair value of written options.

*Bank Loans*

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

*Repurchase Agreements*

Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, U.S. Government securities, U.S. Government agencies securities or corporate securities having a value equal to, or in excess of, the value of the repurchase agreement. If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the value of those securities has declined, a Fund may incur a loss upon disposition of the securities. Repurchase agreements are carried at amortized cost. As of December 31, 2025, no Funds were invested in repurchase agreements.

*Federal Taxes*

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

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Securian Funds Trust

Notes to Financial Statements – continued

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

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

The FASB ASC 740, "Income Taxes" (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Funds have evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Funds' financial statements for the year ended December 31, 2025. The Funds' federal and state income returns for which the applicable statutes of limitations have not expired (2022, 2023 and 2024) remain subject to examination by the Internal Revenue Service and states' department of revenue.

Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of temporary book-to-tax differences.

*Distributions to Shareholders*

Distributions to shareholders from net investment income and realized gains (if any) for the SFT Government Money Market Fund are declared daily and reinvested at month-end in additional shares of capital stock.

The Funds are treated either as partnerships and disregarded entities for federal income tax purposes. Funds other than SFT Government Money Market Fund are not required to, and will not, distribute taxable income.

*Securities Purchased on a When-Issued or Forward Commitment Basis*

Delivery and payment for securities which have been purchased or sold by a Fund on a when-issued or forward commitment basis, including To Be Announced ("TBA") securities, can take place a month or more after the transaction date.

During this period, such securities are subject to market fluctuations. As of December 31, 2025, the SFT Core Bond Fund entered into outstanding, when-issued or forward commitments, including TBA securities, at a fair value of $41,485,214.

*Cross-Trades*

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

For the year ended December 31, 2025, the Funds engaged in the following cross-trades, which resulted in the following net realized gains (losses):

---

| | | | |
|:---|:---|:---|:---|
| | **Purchases** | **Sales** | **Net Realized<br>Gains (Losses)** |
| SFT Wellington Core Equity Fund | $– | $197468 | $15047 |

---

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Securian Funds Trust

Notes to Financial Statements – continued

**(3) Investment Security Transactions**

The cost of purchases and proceeds from sales of investment securities, other than temporary investments in short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-U.S. Government** | **Non-U.S. Government** | **U.S. Government\*** | **U.S. Government\*** |
| | **Purchases** | **Sales** | **Purchases** | **Sales** |
| SFT Balanced Stabilization Fund | $58199663 | $141623852 | $– | $5975273 |
| SFT Core Bond Fund | 79984313 | 65088654 | 1369142048 | 1392308343 |
| SFT Equity Stabilization Fund | 12629193 | 43646656 | – | – |
| SFT Index 400 Mid-Cap Fund | 40623542 | 40380157 | – | – |
| SFT Index 500 Fund | 65031216 | 113800463 | – | – |
| SFT Macquarie Growth Fund | 163544025 | 224220606 | – | – |
| SFT Macquarie Small Cap Growth Fund | 122151269 | 136685235 | – | – |
| SFT Real Estate Securities Fund | 34087689 | 35570451 | – | – |
| SFT T. Rowe Price Value Fund | 116063441 | 130404790 | – | – |
| SFT Wellington Core Equity Fund | 46651062 | 59392345 | – | – |

---

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

**(4) Expenses and Related Party Transactions**

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

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

---

| | |
|:---|:---|
| **Fund** | **Annual Fee on Net Assets** |
| SFT Balanced Stabilization Fund  | 0.55% of assets to $750 million; and 0.50% of assets exceeding $750 million |
| SFT Core Bond Fund | 0.40% of assets to $750 million; and 0.35% of assets exceeding $750 million |
| SFT Equity Stabilization Fund  | 0.55% of assets to $750 million; and 0.50% of assets exceeding $750 million |
| SFT Government Money Market Fund  | 0.25% of assets to $750 million; and 0.20% of assets exceeding $750 million |
| SFT Index 400 Mid-Cap Fund  | 0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion |
| SFT Index 500 Fund | 0.15% of net assets to $1 billion; and 0.10% of net assets exceeding $1 billion |
| SFT Macquarie Growth Fund  | 0.67% of assets to $300 million; and 0.625% of next $200 million of assets; and 0.60% of next $500 million of assets; and 0.50% of assets exceeding $1 billion |
| SFT Macquarie Small Cap Growth Fund  | 0.85% of assets to $300 million; and 0.80% of next $200 million of assets; and 0.75% of next $500 million of assets; and 0.70% of assets exceeding $1 billion |
| SFT Real Estate Securities Fund  | 0.70% of assets to $300 million; and 0.675% of next $200 million of assets; and 0.65% of next $500 million of assets; and 0.60% of assets exceeding $1 billion |
| SFT T. Rowe Price Value Fund  | 0.57% of assets to $300 million; and 0.55% of next $200 million of assets; and 0.525% of next $500 million of assets; and 0.50% of assets exceeding $1 billion |
| SFT Wellington Core Equity Fund  | 0.55% of assets to $300 million; and 0.525% of next $200 million of assets; and 0.50% of next $500 million of assets; and 0.45% of assets exceeding $1 billion |

---

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

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Securian Funds Trust

Notes to Financial Statements – continued

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

For the period of January 1, 2025 through November 30, 2025, Securian AM had a sub-advisory agreement with Delaware Investments Fund Advisors (DIFA), a registered investment adviser for the SFT Macquarie Growth Fund and the SFT Macquarie Small Cap Growth Fund, under which Securian AM paid DIFA an annual fee ranging from 0.33% to 0.55% and 0.40% to 0.82%, respectively, based on average daily net assets. On December 1, 2025, Nomura Holding America Inc. (Nomura) completed a transaction whereby Nomura acquired Macquarie Management Holdings, Inc., the ultimate parent company of DIFA (the Transaction). The Transaction constituted a change of control of DIFA. As a result of the change of control, and pursuant to the 1940 Act, the previous investment sub-advisory agreement between DIFA and Securian AM automatically terminated. In anticipation of the Transaction, on October 30, 2025, the Board of Trustees of the Trust voted to approve a new investment sub-advisory agreement between Securian AM and Nomura Investments Fund Advisers (NIFA), a series of Nomura Investment Management Business Trust, which took effect as of the close of the Transaction (the New Sub-Advisory Agreement). The New Sub-Advisory Agreement was effective December 1, 2025, under which Securian AM pays NIFA an annual fee for SFT Macquarie Growth Fund and the SFT Macquarie Small Cap Growth Fund ranging from 0.33% to 0.55% and 0.40% to 0.82%, respectively, based on average daily net assets.

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

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

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

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

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

*Administrative Services Fee*

The Trust has entered into an agreement with Securian Financial Group under which Securian Financial Group provides accounting, legal, security valuations and other administrative services. Each Fund reimburses Securian Financial Group quarterly for the actual costs incurred in performing such services, as determined in accordance with Securian Financial Group's customary cost accounting procedures consistently applied. Total quarterly administrative fees by Fund range from $8,800 to $19,600.

*Accounting Services*

The Trust has entered into an agreement with State Street Bank and Trust Company ("State Street") in which State Street provides daily fund accounting and investment administration services. In 2025, these fees ranged from 0.01% to 0.04% of net assets depending on the size and makeup of the respective Fund. The fees are based upon a calculation of multiple factors including base fees, size of assets, and certain other fees.

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Securian Funds Trust

Notes to Financial Statements – continued

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

*Distribution Fees*

The Trust has adopted a Rule 12b-1 Distribution Plan which covers all of its Class 2 shares (each, a "Covered Fund"). Each Covered Fund pays distribution fees at the annual rate of 0.25% of the average daily net assets of the Covered Fund. These fees are paid out of the Covered Fund's assets, which reduces a Covered Fund's net assets as do other Covered Fund expenses. The fees are paid to Securian Financial Services, Inc. ("Securian Financial"), the Trust's underwriter, to pay for distribution-related expenses and activities in connection with the distribution of the Covered Fund's shares. Securian Financial may also use the fees to pay insurance companies, dealers or others for certain non-distribution services as provided for in the distribution plan.

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

Effective May 1, 2012, the Board approved a Restated Net Investment Income Maintenance Agreement (the "Income Maintenance Agreement") among the Trust (on behalf of SFT Government Money Market Fund), Securian AM and Securian Financial. Under such Income Maintenance Agreement, Securian AM agrees to waive, reimburse, or pay SFT Government Money Market Fund expenses so that the Fund's daily net investment income does not fall below zero. Securian Financial may also waive its Rule 12b-1 fees. Securian AM and Securian Financial each has the option under the Income Maintenance Agreement to recover the full amount waived, reimbursed, or paid (the "Expense Waiver") on any day on which the Fund's net investment income exceeds zero. On any day, however, the Expense Waiver does not constitute an obligation of the Fund unless Securian AM or Securian Financial has expressly exercised its right to recover a specified portion of the Expense Waiver on that day, in which case such specified portion is then due and payable by the Fund. In addition, the right of Securian AM and/or Securian Financial to recover the Expense Waiver is subject to the following limitations: (1) if a repayment of the Expense Waiver by the Fund would cause the Fund's net investment income to fall below zero, such repayment is deferred until a date when repayment would not cause the Fund's net investment income to fall below zero; (2) the right to recover any portion of the Expense Waiver expires three years after the effective date of that portion of the Expense Waiver; and (3) any repayment of the Expense Waiver by the Fund cannot cause the Fund's expense ratio to exceed 1.25%. If Securian AM and Securian Financial exercise their rights to be paid such waived amounts, the Fund's future yield will be negatively affected for an indefinite period. There is no guarantee that the Fund will maintain a positive yield. The Income Maintenance Agreement runs through April 30, 2026 and renews annually for a full year unless terminated by Securian AM upon at least 30 days' notice prior to the end of the contract term.

As of December 31, 2025, the amounts waived and eligible for recovery under the Income Maintenance Agreements are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Expiring December 31,** | **Expiring December 31,** | **Expiring December 31,** |
|<br>**Fund** | **Income<br>Maintenance<br>Agreement**<br>**Date** | **Advisory<br>Fees Waived<br>for the<br>year ended<br>December 31,**<br>**2025\*** | **12b-1 Fees<br>Waived<br>for the<br>year ended<br>December 31,**<br>**2025\*** | **Excess Expense<br>Waived<br>for the<br>year ended<br>December 31,**<br>**2025\*** | **Total<br>eligible for<br>recovery<br>as of<br>December 31,**<br>**2025** | **2026** | **2027** | **2028** |
| SFT Government <br>Money Market <br>Fund | May 1, 2012 | $– | $– | $– | $– | $– | $– | $– |

---

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

*SFT Government Money Market Fund Expense Waiver*

Securian AM and the Trust, on behalf of the SFT Government Money Market Fund, has entered into a separate 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

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Securian Funds Trust

Notes to Financial Statements – continued

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

expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business).

The SFT Government Money Market Expense Limitation Agreement runs through April 30, 2026 and renews annually for a full year unless terminated by Securian AM upon at least 30 days' notice prior to the end of the contract term. The Funds are authorized to reimburse Securian AM for management fees previously waived and/or for the cost of expenses previously paid by Securian AM pursuant to their respective Expense Limitation Agreement, provided that such reimbursement will not cause any Fund to exceed any limits in effect at the time of such reimbursement. A Fund's ability to reimburse Securian AM in this manner only applies to fees waived or reimbursements made by Securian AM within the three fiscal years prior to the date of such reimbursement. To the extent that the Fund makes such reimbursements to Securian AM, the amount of the reimbursements will be reflected in the financial statements in the Funds' shareholder reports and in Other Expenses under Fees and Expenses of the Fund in the Funds' prospectus.

As of December 31, 2025, the amounts waived and eligible for recovery under the Income Maintenance Agreements are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Expiring December 31,** | **Expiring December 31,** | **Expiring December 31,** |
|<br>**Fund** | **Income<br>Maintenance<br>Agreement**<br>**Date** | **Expense**<br>**Limit** | **Advisory Fees<br>Waived for the<br>year ended<br>December 31,**<br>**2025\*** | **Total eligible<br>for recovery<br>as of<br>December 31,**<br>**2025** | **2026** | **2027** | **2028** |
| SFT Government<br>Money Market<br>Fund | November 1, 2017 | 0.70% | $– | $1915 | $– | $1915 | $– |

---

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

**(5) Illiquid Investments**

Non-Money Market Funds—Pursuant to Rule 22e-4 under the 1940 Act, no Fund may acquire an "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. Rule 22e-4 generally defines an illiquid investment as any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the fair value of the investment. At December 31, 2025, the SFT Core Bond Fund and SFT Real Estate Securities Fund held 3 and 1 illiquid securities with a fair value of $260,598 and $310,986 which represents 0.1% and 0.3% of net assets, respectively.

Government Money Market Funds—Money market funds are governed by Rule 2a-7 under the 1940 Act. Per Rule 2a-7, the SFT Government Money Market Fund currently limits investments in "illiquid securities" to 0.5% of total assets at the time of purchase. Rule 2a-7 defines an illiquid security as a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund. At December 31, 2025, the Fund did not hold illiquid securities.

**(6) Fair Value Measurement**

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

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Securian Funds Trust

Notes to Financial Statements – continued

**(6) Fair Value Measurement – (continued)**

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

The following is a summary of the levels used for the year ended December 31, 2025, in valuing the Fund's assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement at<br>December 31, 2025 using** | **Fair Value Measurement at<br>December 31, 2025 using** | **Fair Value Measurement at<br>December 31, 2025 using** | |
|<br>**Fund** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Government Obligations | $– | $9902417 | $– | $9902417 |
| Other Mortgage-Backed Securities | – | 1444495 | – | 1444495 |
| Corporate Obligations | – | 179724780 | – | 179724780 |
| Purchased Options | 147140 | – | – | 147140 |
| Investment Companies | 388256596 | – | – | 388256596 |
| Total Investments | 388403736 | 191071692 | – | 579475428 |
| Other Financial Instruments\*<br>Futures Contracts | 6194 | – | – | 6194 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Futures Contract | (842116) | – | – | (842116) |
| Written Options | (35040) | – | – | (35040) |
| **SFT Core Bond Fund** | **SFT Core Bond Fund** | **SFT Core Bond Fund** | **SFT Core Bond Fund** | **SFT Core Bond Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Government Obligations | – | 275152811 | – | 275152811 |
| Asset-Backed Securities | – | 40661496 | – | 40661496 |
| Other Mortgage-Backed Securities | – | 44869473 | – | 44869473 |
| Corporate Obligations | – | 66663099 | – | 66663099 |
| Bank Loans | – | 6405049 | – | 6405049 |
| Foreign Bonds | – | 4735841 | – | 4735841 |
| Convertible Foreign Bond | – | 228777 | – | 228777 |
| Common Stocks | 132885 | – | – | 132885 |
| Investment Companies | 33926778 | – | – | 33926778 |
| Total Investments | 34059663 | 438716546 | – | 472776209 |
| Other Financial Instruments\*<br>Forward Foreign Currency Contracts | – | 35572 | – | 35572 |
| Futures Contracts | 77158 | – | – | 77158 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Forward Foreign Currency Contracts | – | (71053) | – | (71053) |
| Futures Contracts | (143556) | – | – | (143556) |

---

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Securian Funds Trust

Notes to Financial Statements – continued

**(6) Fair Value Measurement – (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement at<br>December 31, 2025 using** | **Fair Value Measurement at<br>December 31, 2025 using** | **Fair Value Measurement at<br>December 31, 2025 using** | |
|<br>**Fund** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Investment Companies | $241440995 | $– | $– | $241440995 |
| Purchased Options | 63700 | – | – | 63700 |
| Total Investments | 241504695 | – | – | 241504695 |
| Other Financial Instruments\*<br>Futures Contracts | 14230 | – | – | 14230 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Written Options | (15150) | – | – | (15150) |
| **SFT Government Money Market Fund** | **SFT Government Money Market Fund** | **SFT Government Money Market Fund** | **SFT Government Money Market Fund** | **SFT Government Money Market Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| U.S. Government Obligations | – | 211890522 | – | 211890522 |
| Investment Companies | 22067723 | – | – | 22067723 |
| Total Investments | 22067723 | 211890522 | – | 233958245 |
| **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common Stocks | 233338675 | – | – | 233338675 |
| Investment Companies | 5744542 | – | – | 5744542 |
| U.S. Government Agencies and <br>Obligations | – | 1000475 | – | 1000475 |
| Total Investments | 239083217 | 1000475 | – | 240083692 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Futures Contracts | (87957) | – | – | (87957) |
| **SFT Index 500 Fund** | **SFT Index 500 Fund** | **SFT Index 500 Fund** | **SFT Index 500 Fund** | **SFT Index 500 Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common Stocks | 1588558937 | – | – | 1588558937 |
| Investment Companies | 21758076 | – | – | 21758076 |
| Total Investments | 1610317013 | – | – | 1610317013 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Futures Contracts | (33394) | – | – | (33394) |
| **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** | **SFT Macquarie Growth Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common Stocks | 638579585 | – | – | 638579585 |
| Investment Companies | 2850141 | – | – | 2850141 |
| Total Investments | 641429726 | – | – | 641429726 |
| **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** | **SFT Macquarie Small Cap Growth Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common Stocks | 164214276 | – | – | 164214276 |
| Investment Companies | 1976642 | – | – | 1976642 |
| Total Investments | 166190918 | – | – | 166190918 |
| **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** | **SFT Real Estate Securities Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common Stocks | 112715648 | – | – | 112715648 |
| Warrants |  | – | 310986 | 310986 |
| Investment Companies | 916300 | – | – | 916300 |
| Total Investments | 113631948 | 310986 | – | 113942934 |

---

------

Securian Funds Trust

Notes to Financial Statements – continued

**(6) Fair Value Measurement – (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement at<br>December 31, 2025 using** | **Fair Value Measurement at<br>December 31, 2025 using** | **Fair Value Measurement at<br>December 31, 2025 using** | |
|<br>**Fund** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** | **SFT T. Rowe Price Value Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common Stocks | $200839563 | $– | $– | $200839563 |
| Investment Companies | 776110 | – | – | 776110 |
| Total Investments | 201615673 | – | – | 201615673 |
| **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** | **SFT Wellington Core Equity Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common Stocks | 135574067 | – | – | 135574067 |
| Investment Companies | 578274 | – | – | 578274 |
| Total Investments | 136152341 | – | – | 136152341 |

---

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

**Level 2 Measurements:**

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

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

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

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

*Bank Loans* – These securities are generally valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. These quoted prices are based on interest rates, yield curves, option adjusted

------

Securian Funds Trust

Notes to Financial Statements – continued

**(6) Fair Value Measurement – (continued)**

spreads, credit spreads and/or other criteria. To the extent that these inputs are observable, the values of Bank Loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

*Forward Foreign Currency* – These derivatives are traded in the over-the-counter derivatives market and are Principally valued using market price quotations or industry recognized modeling techniques. The significant inputs to the models are observable in the market or can be derived from or corroborated by observable market data. These significant inputs may include interest rates, foreign currency exchange rates, interest rate curves, contractual terms, market prices, and measures of volatility.

The Funds' policy is to recognize transfers between the levels as of the end of the period. There were no transfers of financial assets between Levels 1, 2 and 3 during the year ended December 31, 2025.

**(7) Derivative Instruments Reporting**

The Trust provides, when applicable, disclosures of the location, by line item, of fair value amounts in the Statement of Assets and Liabilities and the location, by line item, of amounts of gains and losses reported in the Statement of Operations. The derivative instruments outstanding as of period end are disclosed in the Investments in Securities. The following tables represent the average monthly volume of the Fund's derivative transactions during the year ended December 31, 2025:

---

| | |
|:---|:---|
| | **Average<br>Notional Amount** |
| **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** |
| Futures contracts | $104429083 |
| Purchased options contracts | 391126 |
| Written options contracts | (72951) |
| **SFT Core Bond Fund** | **SFT Core Bond Fund** |
| Futures contracts | $103165232 |
| Forward foreign currency contracts | 5695249 |
| **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** |
| Futures contracts | $36116249 |
| Purchased options contracts | 172780 |
| Written options contracts | (46258) |
| **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** |
| Futures contracts | $5237224 |
| **SFT Index 500 Fund** | **SFT Index 500 Fund** |
| Futures contracts | $34558542 |

---

Equity derivatives were purchased or sold to manage the SFT Index 400 Mid-Cap and SFT Index 500 Funds' shareholder liquidity and to attempt to replicate intended stock investments to maintain fully invested Funds. Equity index options are utilized by the SFT Balanced Stabilization Fund and the SFT Equity Stabilization Fund to manage the equity exposure while attempting to reduce the volatility and risk of the Funds. Interest rate derivatives were purchased or sold in the SFT Core Bond Fund to both manage the average duration of the fixed income portfolio and to hedge against the effects of interest rate changes on a portfolio's current or intended investments.

------

Securian Funds Trust

Notes to Financial Statements – continued

**(7) Derivative Instruments Reporting – (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Risk Exposure** | **Risk Exposure** | **Risk Exposure** |
| | **Equity<br>Contracts** | **Interest<br>Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** |
| **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** |
| **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in securities, at fair value (purchased options) | $147140 | $– | $– |
| Variation margin on futures contracts\* | – | 6194 | – |
| Total | $147140 | $6194 | $– |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Variation margin on futures contracts\* | $(618779) | $(223337) | $– |
| Written options contracts | (35040) | – | – |
| Total | $(653819) | $(223337) | $– |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** |
| **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** |
| Futures contracts | $(8735310) | $357693 | $– |
| Purchased options contracts | 1805611 | – | – |
| Written options contracts | 763013 | – | – |
| Total | $(6166686) | $357693 | $– |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |
| Futures contracts | $289051 | $65406 | $– |
| Purchased options contracts | (674979) | – | – |
| Written options contracts | 227560 | – | – |
| Total | $(158368) | $65406 | $– |
| **SFT Core Bond Fund** | **SFT Core Bond Fund** | **SFT Core Bond Fund** | **SFT Core Bond Fund** |
| **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Variation margin on futures contracts\* | $– | $77158 | $– |
| Unrealized appreciation on forward foreign currency contracts |  | – | 35572 |
| Total | $– | $77158 | $35572 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Variation margin on futures contracts\* | $– | $(143556) | $– |
| Unrealized depreciation on forward foreign currency contracts | – | – | (71053) |
| Total | $– | $(143556) | $(71053) |

---

------

Securian Funds Trust

Notes to Financial Statements – continued

**(7) Derivative Instruments Reporting – (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Risk Exposure** | **Risk Exposure** | **Risk Exposure** |
| | **Equity<br>Contracts** | **Interest<br>Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** |
| **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** |
| Futures contracts | $– | $1326550 | $– |
| Forward foreign currency contracts | – | – | (151542) |
| Total | $– | $1326550 | $(151542) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |
| Futures contracts | $– | $(73854) | $– |
| Forward foreign currency contracts | – | – | (123728) |
| Total | $– | $(73854) | $(123728) |
| **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** |
| **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in securities, at fair value (purchased options) | $63700 | $– | $– |
| Variation margin on futures contracts\* | 14230 | – | – |
| Total | $77930 | $– | $– |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Written options contracts | $(15150) | $– | $– |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** |
| **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** |
| Futures contracts | $(10087293) | $– | $– |
| Purchased options contracts | (1390735) | – | – |
| Written options contracts | 396865 | – | – |
| Total | $(11081163) | $– | $– |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |
| Futures contracts | $1636735 | $– | $– |
| Purchased options contracts | (293022) | – | – |
| Written options contracts | 98950 | – | – |
| Total | $1442663 | $– | $– |
| **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** |
| **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Variation margin on futures contracts\* | $(87957) | $– | $– |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** |
| **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** |
| Futures contracts | $(221549) | $– | $– |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |
| Futures contracts | $86877 | $– | $– |

---

------

Securian Funds Trust

Notes to Financial Statements – continued

**(7) Derivative Instruments Reporting – (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Risk Exposure** | **Risk Exposure** | **Risk Exposure** |
| | **Equity<br>Contracts** | **Interest<br>Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** |
| **SFT Index 500 Mid-Cap Fund** | **SFT Index 500 Mid-Cap Fund** | **SFT Index 500 Mid-Cap Fund** | **SFT Index 500 Mid-Cap Fund** |
| **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of December 31, 2025** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Variation margin on futures contracts\* | $(33394) | $– | $– |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the year ended December 31, 2025** |
| **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** | **Net Realized Gain (Loss) on Derivatives:** |
| Futures contracts | $963914 | $– | $– |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |
| Futures contracts | $1454694 | $– | $– |

---

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

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

For the year ended December 31, 2025, the SFT Core Bond Fund's derivatives were subject to master netting arrangements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Unrealized<br>appreciation on<br>forward foreign<br>currency<br>contracts<br>Assets** | **Financial<br>Instrument/<br>Derivative<br>Offset** | **Cash<br>collateral<br>pledged/<br>(received)<br>by the<br>fund** | **Net derivative<br>instruments<br>by counterparty<br>at fair value<br>Net Exposure** |
| Citibank | $3167 | $(3167) | $– | $– |
| Goldman Sachs International | 32405 | (32405) | – | – |
| Total | $35572 | $(35572) | $– | $– |
| **Counterparty** | **Unrealized<br>depreciation on<br>forward foreign<br>currency<br>contracts<br>Liabilities** | **Financial<br>Instrument/<br>Derivative<br>Offset** | **Cash<br>collateral<br>pledged/<br>(received)<br>by the<br>fund** | **Net derivative<br>instruments<br>by counterparty<br>at fair value<br>Net Exposure** |
| Bank of America | $2629 | $(2629) | $– | $– |
| Citibank | 21974 | (3167) | – | 18807 |
| Goldman Sachs International | 46450 | (32405) | – | 14045 |
| Total | $71053 | $(38201) | $– | $32852 |

---

------

Securian Funds Trust

Notes to Financial Statements – continued

**(8) Affiliated Ownership**

The SFT Balanced Stabilization Fund invests in underlying securities and other investment companies, of which certain underlying funds (affiliated underlying funds) may be deemed to be under common control with the SFT Balanced Stabilization Fund because they share the same investment advisor, Securian AM, and because they are overseen by the same Board. The SFT Balanced Stabilization Fund achieves its equity exposure by investing primarily in Class 1 Shares of the SFT Index 500 Fund, an affiliated fund in the Trust that seeks investment results that correspond generally to the price and yield performance of the common stocks included in the Standard & Poor's 500<sup>®</sup> Index.

A summary of all transactions with the affiliated SFT Index 500 Fund as of December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Fund/Underlying Fund** |<br>**Beginning Value<br>as of<br>January 1, 2025** |<br>**Sales** |<br>**Change in<br>Unrealized<br>Appreciation/<br>Depreciation** |<br>**Realized<br>gains/<br>losses** | **Ending<br>Value** | **Share<br>Balance** |
| **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** |
| SFT Index 500 Fund Class 1 | $334869383 | $(80000000) | $(10221688) | $59789060 | $304436755 | 9974083 |

---

**(9) Other Risks**

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

**(10) Segment Reporting**

Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (CODM) when assessing segment performance and making decisions about segment resources. The President and Principal Executive Officer of Securian Funds Trust acts as the Funds' CODM. Each Fund manages its operations to a single investment objective, as detailed in its prospectus, through the execution of the Fund's investment strategies. Since inception, each Fund has operated as a single segment. Each Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**(11) Subsequent Events**

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

------

Securian Funds Trust

Other Information

(unaudited)

**Proxy Voting Policies and Procedures**

A description of the policies and procedures that Securian AM uses to vote proxies related to each Fund's portfolio securities is set forth in the Trust's Statement of Additional Information which is available without charge, upon request, by calling, toll-free, 800-643-5728 or on the SEC's website at www.sec.gov. The Trust will provide this document within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

**Proxy Voting Record**

The Trust's proxy voting record for the 12 month period ended June 30 is available by calling, toll-free, 800-643-5728 or on the SEC's website at www.sec.gov no later than August 31 each year. The Trust will also provide this information, within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

**Availability of Quarterly Schedule of Investments**

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

------

Securian Funds Trust

Trustees and Executive Officers

(unaudited)

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

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

The Funds' Statement of Additional Information contains additional information about the Funds' Trustees and is available without charge upon request, by calling, toll free, 800-643-5728.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Name, Address<sup>(1)</sup>and Age** | **Position(s)<br>Held Within<br>the Trust** | **Term of Office and<br>Length of Time<br>Served<sup>(2)</sup>** | **<br>Principal Occupation(s)<br>During the Last 5 Years** | **Other Directorships<br>Held During Past<br>5 Years by Trustee** |
| **Independent Trustees** | | | | |
| Julie K. Getchell<br>Year of birth: 1954 | Trustee | Since 2011 | Retired; held various senior financial positions at Cargill and its investment affiliates from 2005 to 2012; served as Chief Financial Officer and later as Chief Operating Officer of Insight Investment, Inc. from 1991 to 2000; Chartered Financial Analyst; Certified Public Accountant (inactive) |  |
| Brian E. Gustafson<br>Year of birth: 1967 | Trustee | Since 2022 | Director, Private Markets, Olympus Ventures LLC, from January 2025 to present: Managing Director, Investment, Tonkawa, from 2001 to December 2024; Chartered Financial Analyst |  |
| Wan-Chong Kung<br>Year of birth: 1960 | Trustee | Since 2022 | Retired; Portfolio Manager, Nuveen Asset Management, LLC, from 2011-2019 | Federal Home Loan Bank of Des Moines, 2022-present; Trust for Advised Portfolios, 2020-present |

---

------

Securian Funds Trust

Trustees and Executive Officers – continued

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Name, Address<sup>(1)</sup>and Age** | **Position(s)<br>Held Within<br>the Trust** | **Term of Office and<br>Length of Time<br>Served<sup>(2)</sup>** | **<br>Principal Occupation(s)<br>During the Last 5 Years** | **Other Directorships<br>Held During Past<br>5 Years by Trustee** |
| **Interested Trustee** | | | | |
| Suzette L. Huovinen<br>Year of birth: 1975<sup>(3)</sup> | Trustee President and Principal Executive Officer | Trustee since 2025 | Director, President, and CEO, Securian AM, since January 2023; Senior Vice President, Securian Financial Group, Inc. since 2019; Senior Vice President, Minnesota Life Insurance Company, since 2019; Senior Vice President, Securian Life Insurance Company, since 2019; President and CEO, Canadian Premier Life Insurance Company, from 2019 to 2022; President and CEO, Canadian Premier General Insurance Company, from 2019 to 2022; Vice President, Chief Actuary and Chief Risk Officer, Securian Financial Group, Inc., from 2015 to 2019 |  |

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------

Securian Funds Trust

Trustees and Executive Officers – continued

(unaudited)

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| | | | |
|:---|:---|:---|:---|
| **<br>Name, Address<sup>(1)</sup>and Age** | **Position(s) <br>Held Within<br>the Trust** | **Term of Office and <br>Length of Time <br>Served<sup>(2)</sup>** | **<br>Principal Occupation(s)<br>During the Last 5 Years** |
| **Other Executive Officers<sup>(4)</sup>** | | | |
| Kevin L. Ligtenberg<br>Year of birth: 1973 | Vice President and Treasurer | Since 2021 | Vice President, Director of Investment Operations, Securian AM since August 2021; Director of Investment Operations, Securian AM from May 2021 to July 2021; Manager of Investment Operations, Securian AM from March 2013 to May 2021 |
| Christopher B. Owens<br>Year of birth: 1977 | Vice President | Since 2020 | Vice President—Individual Solutions Distribution, Securian Financial Group, Inc. since April 2024; Second Vice President—Retail Life and Annuity Sales, Securian Financial Group, Inc., June 2018 to April 2024; National Sales Vice President—Retail Life and Annuity Sales, Securian Financial Group, Inc., October 2011 to June 2018 |
| Paul Jason Thibodeaux<br>Year of birth: 1979 | Secretary | Since 2021 | Director, Law—Securities & Individual Solutions, Securian Financial Group, Inc. since August 2024: Senior Vice President, Chief Compliance Officer, Securian AM, from August, 2023 to August 2024; Vice President, Assistant General Counsel, Securian AM from June, 2022 to August, 2023; Senior Investment Counsel, Securian AM from January, 2018 to May 2022; Attorney, Gray Plant Mooty from 2014 to 2018 |

---

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

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

(3) Suzette L. Huovinen was elected as a Trustee of the Trust on November 17, 2025.

(4) 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. Mrs. Parrucci is also Vice President, Chief Compliance Officer of Securian AM and Securian Financial Services, Inc.

------

(This page has been left blank intentionally.)

------

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

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

![](j25333192_za003.jpg)

**Securian Financial Services, Inc.**

www.securian.com

Member FINRA

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

800-820-4205

F38897 Rev 2-2026

------

**Minnesota Life Insurance Company**

A Securian Company

**Securian Life Insurance Company**

A New York admitted insurer

400 Robert Street North

St. Paul, MN 55101-2098

PRESORTED STANDARD

U.S. POSTAGE PAID

CAROL STREAM, IL

PERMIT NO. 1480©2025 Securian Funds Trust All rights reserved.

F38897 Rev 2-2026

**Call 1-800-643-5728 to receive your financial documents electronically. It's fast and convenient.**

------

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

Not applicable.

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

The Registrant held a special meeting of the shareholders on November 17, 2025, for the purpose of electing trustees of the Board of Trustees of the Registrant (the "Special Shareholder Meeting"). At the Special Shareholder Meeting, the following nominees were elected as trustees by the affirmative vote of a plurality of votes cast:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nominee** | **Vote** | **Shares Voted** | **Percentage of Voted Shares** | **Position** |
| Julie Getchell | For: | 374886462.512 | 97.036% |  |
|  | Withheld: | 11454579.514 | 2.964% | Independent Trustee |
|  | Total: | 386341042.026 | 100.000% |  |
| Brian Gustafson | For: | 374162341.129 | 96.848% |  |
|  | Withheld: | 12178700.897 | 3.152% | Independent Trustee |
|  | Total: | 386341042.026 | 100.000% |  |
| Wan-Chong Kung | For: | 370576022.565 | 95.920% |  |
|  | Withheld: | 15765019.461 | 4.080% | Independent Trustee |
|  | Total: | 386341042.026 | 100.000% |  |
| Suzette Huovinen | For: | 372997066.333 | 96.547% |  |
|  | Withheld: | 13343975.693 | 3.453% | Interested Trustee |
|  | Total: | 386341042.026 | 100.00% |  |

---

**No other trustees other than those listed above continued after the Special Shareholder Meeting. There were no abstentions or broker non-votes cast. No other business came before the Special Shareholder Meeting.

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

This information is included within the report transmitted to shareholders pursuant to Rule 30e-1 filed under Item 1 of this Form N-CSR.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

The registrant has not made any material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board.

**ITEM 16. CONTROLS AND PROCEDURES.**

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

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

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

Not applicable.

**ITEM 19. EXHIBITS.**

[(a) (1) A copy of the code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2 is filed herewith as Exhibit 99.CODE ETH.](tm2533319d1_ex99-codeeth.htm)

(a) (2) Not applicable.

[(a) (3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940 (17 CFR 270.30a-2) is filed herewith as Exhibit 99.CERT.](tm2533319d1_ex99-cert.htm)

(a) (4) Not applicable.

[(b) A certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith as Exhibit 99.906 CERT.](tm2533319d1_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant): Securian Funds Trust

---

| | |
|:---|:---|
| By | /s/ Suzette L. Huovinen |
|  | Suzette L. Huovinen, President |

---

Date: March 4, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Suzette L. Huovinen |
|  | Suzette L. Huovinen, President (Principal Executive Officer) |
| By | /s/ Kevin L. Ligtenberg |
|  | Kevin L. Ligtenberg, Treasurer (Principal Financial Officer) |

---

Date: March 4, 2026

## Ex-99.Codeeth

EX-99.CODE ETH

Securian Funds Trust

Exhibit 19(a)(1) to Form N-CSR

**SECURIAN FUNDS TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

This Securian Funds Trust code of ethics (the "Code"), which is designed to meet the

requirements of the Sarbanes-Oxley Act of 2002, applies to the Securian Funds Trust Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that Securian Funds Trust files with, or submits
to, the Securities and Exchange Commission ("SEC") and in other public communications made by Securian Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and government rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Actual and Apparent Conflicts of Interest Ethically** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest has the potential to interfere with the interests of, or his or her service to, Securian Funds Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with Securian Funds Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and Securian Funds Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with Securian Funds Trust because of their status as "affiliated persons" of Securian Funds Trust. Securian Funds Trust and the investment adviser, Securian Asset Management, Inc. ("Securian AM") compliance programs and procedures are designed to prevent or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between Securian Funds Trust and Securian AM of which the Covered Officers are also affiliated persons. Conflicts may also arise from, or as a result of , the relationship between Securian Funds Trust and Securian Financial Group, of which certain Covered Officers are also affiliated persons As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for Securian Funds Trust or for Securian AM, Securian Financial Group or both), be involved in establishing policies and implementing the decisions that will have different effects on Securian AM, Securian Financial Group and Securian Funds Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between Securian Funds Trust and Securian AM or Securian Financial Group and is consistent with the performance by the Covered Officers of their duties as officers of Securian Funds Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Securian Funds Trust Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are subject to provisions in the Investment Company Act and Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of Securian Funds Trust.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by Securian Funds Trust whereby the Covered Officer would benefit personally to the detriment of Securian Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause Securian Funds Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer
rather than the benefit of Securian Funds Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for Securian Funds Trust to trade personally
or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should always be reported to the Audit Committee of Securian Funds Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any direct or indirect ownership interest in, financial relationship with, or any consulting or employment relationship with, any
of the Securian Funds Trust service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by Securian Funds Trust for effecting
portfolio transactions.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to Securian Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly or negligently misrepresent, or cause others to misrepresent, facts about Securian Funds
Trust to others, whether within or outside Securian Funds Trust, including to the trustees of Securian Funds Trust and independent auditors,
and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should to the extent appropriate within his or her area of responsibility consult with other officers and employees
of Securian Funds Trust, Securian AM and Securian Financial Group with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents Securian Funds Trust files with, or submits to, the SEC and in other public communications made
by Securian Funds Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming Covered Officer), affirm in writing to the Board that he or
she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any affiliated person of Securian Funds Trust for reports of potential violations
that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Securian AM Chief Compliance Officer ("Securian AM CCO"), the Securian Funds Trust Chief Compliance Officer
("Securian Funds Trust CCO"), and the Audit Committee of the Securian Funds Trust Board promptly if he or she knows of any
violation of this Code. Failure to do so is itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually the following categories of affiliations or other relationships related to conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ service as a director on the board of any public or private company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ family relationship with any other director on the board of a public or private company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any ownership interest in, or any consulting or employment relationship with, any of the Securian Funds Trust service providers (other
than Securian AM or Securian Financial Group, or any affiliated persons thereof)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a direct or indirect financial interest in commissions, transaction charges or spreads paid by Securian Funds Trust for effecting
portfolio transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a material pending legal proceeding that would have a material adverse effect on Securian Funds Trust.

The Securian Funds Trust CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the President of Securian Funds Trust will be considered by the Audit Committee of the Securian Funds Trust Board.

Securian Funds Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the Securian Funds Trust CCO will take appropriate action to investigate any potential violations reported to him or her;<br>

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Securian Funds Trust CCO believe that no violation has occurred, then no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Securian Funds Trust CCO believe is a violation will be reported to the Audit Committee of the Securian Funds
Trust Board;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Audit Committee of the Securian Funds Trust Board concurs that a violation has occurred, it will consider appropriate action,
which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel
of Securian AM or Securian Financial Group; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;· the Audit Committee of the Securian Funds Trust Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by Securian Funds Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies and procedures of Securian Funds Trust, Securian AM - the Funds' adviser, Securian Financial Services, Inc. - principal underwriter, Securian Financial Group, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Securian Funds Trust, Securian AM's and Securian Financial Services code of ethics under Rule17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Code of Ethics for Securian Asset Management, Inc. and Affiliates are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of Securian Funds Trust Board.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Securian Funds Trust Board, appropriate Fund Counsel, appropriate Securian Financial Group associates, and appropriate Securian AM associates.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by Securian Funds Trust and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: January 2022

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

Suzette Huovinen, President of Securian Funds Trust - Principal Executive Officer

Kevin Ligtenberg, Treasurer of Securian Funds Trust - Principal Financial Officer

John Yaggy, Controller – Principal Accounting Officer

Date: January 2025

## Ex-99.Cert

EX-99.CERT

Securian Funds Trust

Exhibit 19(a)(3) to Form N-CSR

**<u>CERTIFICATION</u>**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Suzette L. Huovinen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Securian Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
|  | /s/ Suzette L. Huovinen |
| Date: March 4, 2026 | Suzette L. Huovinen |
|  | President (Principal Executive Officer) |

---

**<u>CERTIFICATION</u>**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Kevin L. Ligtenberg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Securian Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  | /s/ Kevin L. Ligtenberg |
| Date: March 4, 2026 | Kevin L. Ligtenberg |
|  | Vice President and Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

EX-99.906 CERT

Securian Funds Trust

Exhibit 19(b) to Form N-CSR

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the** **Sarbanes-Oxley Act of 2002**

We, Suzette L. Huovinen, President and principal executive officer, and Kevin L. Ligtenberg, Treasurer and principal financial officer, of Securian Funds Trust (the "Trust"), hereby certify as follows with respect to the Report of the Trust on Form N-CSR for the period ended December 31, 2025, (the "Report") filed herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We have reviewed the Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.

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|:---|
| Executed this 4th day of March, 2026 |
| In St. Paul, Minnesota |
| /s/ Suzette L. Huovinen |
| Suzette L. Huovinen |
| President (Principal Executive Officer) |
| **/s/ Kevin L. Ligtenberg** |
| Kevin L. Ligtenberg |
| Vice President and Treasurer |
| (Principal Financial Officer) |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.