# EDGAR Filing Document

**Accession Number:** 0000766351
**File Stem:** 0001104659-25-084665
**Filing Date:** 2025-8
**Character Count:** 467279
**Document Hash:** f5cf8957761126856b54deecfbce8614
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-084665.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001104659-25-084665

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04279
- **FILM NUMBER:** 251272260

**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: June 30, 2025

**ITEM 1. REPORT TO STOCKHOLDERS**.

(a) 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](#classname32af6f36-2a93-4c0f-a3ea-783995d6774f)<br> **[Class 2](#classname32af6f36-2a93-4c0f-a3ea-783995d6774f)**  |
|  [SFT Core Bond Fund](#classname44d63ccc-c47d-4b5f-a1ad-644ea6448123)<br> **[Class 1](#classname44d63ccc-c47d-4b5f-a1ad-644ea6448123)**  |
|  [SFT Core Bond Fund](#classname0659f64c-3eeb-476e-856d-582d6e60fd7d)<br> **[Class 2](#classname0659f64c-3eeb-476e-856d-582d6e60fd7d)**  |
|  [SFT Equity Stabilization Fund](#classnameaedbef77-4385-4e61-b2e9-bcbf9746df96)<br> **[Class 2](#classnameaedbef77-4385-4e61-b2e9-bcbf9746df96)**  |
|  [SFT Government Money Market Fund](#classname15dc7e2b-9ab6-426c-b8bf-878916e1d006)<br> **[Class 2](#classname15dc7e2b-9ab6-426c-b8bf-878916e1d006)**  |
|  [SFT Index 400 Mid-Cap Fund](#classnamef4e320c8-6a42-449b-a9d3-d734348ba546)<br> **[Class 1](#classnamef4e320c8-6a42-449b-a9d3-d734348ba546)**  |
|  [SFT Index 400 Mid-Cap Fund](#classname0ea403a6-5326-411a-9fbd-9f7322c0a3b8)<br> **[Class 2](#classname0ea403a6-5326-411a-9fbd-9f7322c0a3b8)**  |
|  [SFT Index 500 Fund](#classname61e75bad-ed43-41a6-9bcc-94f33004b4f1)<br> **[Class 1](#classname61e75bad-ed43-41a6-9bcc-94f33004b4f1)**  |
|  [SFT Index 500 Fund](#classnamed4b4f122-3cfb-4446-a6a9-db943da90345)<br> **[Class 2](#classnamed4b4f122-3cfb-4446-a6a9-db943da90345)**  |
|  [SFT Macquarie Growth Fund](#classnamea32ce5f9-f616-4db1-b5f2-72ae95f9a5ca)<br> **[Class 2](#classnamea32ce5f9-f616-4db1-b5f2-72ae95f9a5ca)**  |
|  [SFT Macquarie Small Cap Growth Fund](#classname86fc4298-b298-48a5-b041-5a55f83508a0)<br> **[Class 2](#classname86fc4298-b298-48a5-b041-5a55f83508a0)**  |
|  [SFT Real Estate Securities Fund](#classname20f54e92-8f68-49ce-9c76-39dae4c83b82)<br> **[Class 1](#classname20f54e92-8f68-49ce-9c76-39dae4c83b82)**  |
|  [SFT Real Estate Securities Fund](#classnamed885b3b5-9a55-4975-9ae9-0db6630a9c6c)<br> **[Class 2](#classnamed885b3b5-9a55-4975-9ae9-0db6630a9c6c)**  |
|  [SFT T. Rowe Price Value Fund](#classname6aa32bad-aace-4686-bf6c-651610a7778c)<br> **[Class 2](#classname6aa32bad-aace-4686-bf6c-651610a7778c)**  |
|  [SFT Wellington Core Equity Fund](#classnameee158c1c-5e60-4423-899e-a88e89f47fad)<br> **[Class 1](#classnameee158c1c-5e60-4423-899e-a88e89f47fad)**  |
|  [SFT Wellington Core Equity Fund](#classnamee158b64c-43fc-44cf-b778-67f2def05695)<br> **[Class 2](#classnamee158b64c-43fc-44cf-b778-67f2def05695)**  |

---

Semi-Annual Shareholder Report

# SFT Balanced Stabilization Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Balanced Stabilization Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $44 | 0.88% |

---

## Key Fund Statistics
* Total Net Assets$591,526,209

* # of Portfolio Holdings180

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid$1,611,841

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| SFT Index 500 Fund | 52.5% |
| SPDR S&P 500 ETF Trust | 3.6% |
| iShares Core S&P 500 ETF | 1.4% |
| U.S. Treasury Bonds, 4.000%, 11/15/42 | 0.9% |
| Vanguard S&P 500 ETF | 0.6% |
| U.S. Treasury Notes, 3.875%, 12/31/27 | 0.6% |
| M&T Bank Corp., 4.553%, 08/16/28 (1 day USD SOFR Index + 1.780%) | 0.5% |
| KeyBank NA, 4.390%, 12/14/27 | 0.5% |
| Intercontinental Exchange, Inc., 4.350%, 06/15/29 | 0.5% |
| Entergy Texas, Inc., 3.450%, 12/01/27 | 0.5% |
| Total | 61.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Investment Companies | 64.1% |
| Financial | 10.5% |
| Consumer, Non-cyclical | 6.3% |
| Utilities | 3.5% |
| Industrials | 2.5% |
| Communications | 2.5% |
| Information Technology | 2.1% |
| Consumer Cyclical | 1.8% |
| Energy | 1.7% |
| Other | 2.6% |
| Other Assets and Liabilities, Net | 2.4% |
| Total | 100.0% |

---

# SFT Balanced Stabilization Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Core Bond Fund

# Class 1
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Core Bond Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $27 | 0.53% |

---

## Key Fund Statistics
* Total Net Assets$424,288,201

* # of Portfolio Holdings651

* Portfolio Turnover Rate190%

* Total Advisory Fees Paid$838,858

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%, 06/30/30 | 10.3% |
| U.S. Treasury Notes, 3.875%, 06/15/28 | 5.3% |
| U.S. Treasury Bonds, 4.750%, 05/15/55 | 4.0% |
| U.S. Treasury Bonds, 5.000%, 05/15/45 | 3.2% |
| U.S. Treasury Notes, 4.000%, 06/30/32 | 3.1% |
| Uniform Mortgage-Backed Security, TBA, 3.500%, 07/15/54 | 1.9% |
| Federal National Mortgage Association, 2.000%, 11/01/51 | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.000%, 07/15/54 | 1.3% |
| Government National Mortgage Association, TBA, 5.000%, 07/15/54 | 1.2% |
| U.S. Treasury Inflation-Indexed Notes, 2.125%, 01/15/35 | 1.2% |
| Total | 33.2% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury | 29.1% |
| Corporate Obligations | 17.3% |
| Other Mortgage-Backed Securities | 11.2% |
| Federal National Mortgage Association | 11.0% |
| Federal Home Loan Mortgage Corporation | 9.6% |
| Investment Companies | 8.8% |
| Asset-Backed Securities | 8.7% |
| Uniform Mortgage-Backed Security | 8.6% |
| Government National Mortgage Association | 6.3% |
| Other | 2.4% |
| Other Assets and Liabilities, Net | (13.0%) |
| Total | 100.0% |

---

# SFT Core Bond Fund

# Class 1

## 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
Semi-Annual Shareholder Report

# SFT Core Bond Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Core Bond Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $39 | 0.78% |

---

## Key Fund Statistics
* Total Net Assets$424,288,201

* # of Portfolio Holdings651

* Portfolio Turnover Rate190%

* Total Advisory Fees Paid$838,858

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%, 06/30/30 | 10.3% |
| U.S. Treasury Notes, 3.875%, 06/15/28 | 5.3% |
| U.S. Treasury Bonds, 4.750%, 05/15/55 | 4.0% |
| U.S. Treasury Bonds, 5.000%, 05/15/45 | 3.2% |
| U.S. Treasury Notes, 4.000%, 06/30/32 | 3.1% |
| Uniform Mortgage-Backed Security, TBA, 3.500%, 07/15/54 | 1.9% |
| Federal National Mortgage Association, 2.000%, 11/01/51 | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.000%, 07/15/54 | 1.3% |
| Government National Mortgage Association, TBA, 5.000%, 07/15/54 | 1.2% |
| U.S. Treasury Inflation-Indexed Notes, 2.125%, 01/15/35 | 1.2% |
| Total | 33.2% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury | 29.1% |
| Corporate Obligations | 17.3% |
| Other Mortgage-Backed Securities | 11.2% |
| Federal National Mortgage Association | 11.0% |
| Federal Home Loan Mortgage Corporation | 9.6% |
| Investment Companies | 8.8% |
| Asset-Backed Securities | 8.7% |
| Uniform Mortgage-Backed Security | 8.6% |
| Government National Mortgage Association | 6.3% |
| Other | 2.4% |
| Other Assets and Liabilities, Net | (13.0%) |
| Total | 100.0% |

---

# SFT Core Bond Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Equity Stabilization Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Equity Stabilization Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $46 | 0.91% |

---

## Key Fund Statistics
* Total Net Assets$270,616,139

* # of Portfolio Holdings8

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid$758,419

## What did the Fund invest in?

## Top Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| iShares MSCI USA Min Vol Factor ETF | 30.6% |
| iShares MSCI EAFE Min Vol Factor ETF | 24.4% |
| iShares Core High Dividend ETF | 16.4% |
| iShares Short Duration Bond Active ETF | 6.0% |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 5.6% |
| iShares MSCI Germany ETF | 4.6% |
| Total | 87.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Investment Companies | 97.0% |
| Purchased Options | 0.1% |
| Other Assets and Liabilities, Net | 2.9% |
| Total | 100.0% |

---

# SFT Equity Stabilization Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Government Money Market Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Government Money Market Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $33 | 0.65% |

---

## Key Fund Statistics
* Total Net Assets$225,759,226

* # of Portfolio Holdings13

* Total Advisory Fees Paid$280,948

## What did the Fund invest in?

## Top Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. Discount Notes, 4.229%, due 07/28/25 | 13.2% |
| Federal Home Loan Bank Discount Notes, 3.933%, due 07/10/25 | 12.8% |
| U.S. Treasury Bills, 0.000%, due 07/01/25 | 11.1% |
| Federal Home Loan Bank Discount Notes, 4.274%, due 08/07/25 | 11.0% |
| Federal Home Loan Bank Discount Notes, 3.737%, due 07/07/25 | 8.9% |
| Federal Home Loan Bank Discount Notes, 4.104%, due 07/16/25 | 8.8% |
| U.S. Treasury Bills, 4.270%, due 07/24/25 | 6.6% |
| Federal Farm Credit Discount Notes, 4.294%, due 08/14/25 | 6.6% |
| Federal Home Loan Bank Discount Notes, 4.236%, due 07/30/25 | 4.4% |
| Federal Home Loan Bank Discount Notes, 4.309%, due 08/27/25 | 3.8% |
| Total | 87.2% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 92.2% |
| Short-Term Securities | 8.0% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

# SFT Government Money Market Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Index 400 Mid-Cap Fund

# Class 1
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Index 400 Mid-Cap Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $15 | 0.31% |

---

## Key Fund Statistics
* Total Net Assets$227,547,186

* # of Portfolio Holdings404

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$164,800

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Interactive Brokers Group, Inc., Class A | 0.8% |
| EMCOR Group, Inc. | 0.8% |
| Guidewire Software, Inc. | 0.7% |
| RB Global, Inc. | 0.7% |
| Casey's General Stores, Inc. | 0.6% |
| Flex Ltd. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Comfort Systems USA, Inc. | 0.6% |
| Pure Storage, Inc., Class A | 0.6% |
| U.S. Foods Holding Corp. | 0.6% |
| Total | 6.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Industrials | 22.2% |
| Financial | 17.8% |
| Consumer Discretionary | 12.9% |
| Information Technology | 11.3% |
| Health Care | 8.3% |
| Real Estate | 6.7% |
| Materials | 5.3% |
| Consumer Staples | 5.2% |
| Energy | 3.6% |
| Other | 6.7% |
| Other Assets and Liabilities, Net | -% |
| Total | 100.0% |

---

# SFT Index 400 Mid-Cap Fund

# Class 1

## 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
Semi-Annual Shareholder Report

# SFT Index 400 Mid-Cap Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Index 400 Mid-Cap Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $28 | 0.56% |

---

## Key Fund Statistics
* Total Net Assets$227,547,186

* # of Portfolio Holdings404

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$164,800

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Interactive Brokers Group, Inc., Class A | 0.8% |
| EMCOR Group, Inc. | 0.8% |
| Guidewire Software, Inc. | 0.7% |
| RB Global, Inc. | 0.7% |
| Casey's General Stores, Inc. | 0.6% |
| Flex Ltd. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Comfort Systems USA, Inc. | 0.6% |
| Pure Storage, Inc., Class A | 0.6% |
| U.S. Foods Holding Corp. | 0.6% |
| Total | 6.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Industrials | 22.2% |
| Financial | 17.8% |
| Consumer Discretionary | 12.9% |
| Information Technology | 11.3% |
| Health Care | 8.3% |
| Real Estate | 6.7% |
| Materials | 5.3% |
| Consumer Staples | 5.2% |
| Energy | 3.6% |
| Other | 6.7% |
| Other Assets and Liabilities, Net | -% |
| Total | 100.0% |

---

# SFT Index 400 Mid-Cap Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Index 500 Fund

# Class 1
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Index 500 Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $9 | 0.18% |

---

## Key Fund Statistics
* Total Net Assets$1,507,411,432

* # of Portfolio Holdings505

* Portfolio Turnover Rate1%

* Total Advisory Fees Paid$959,981

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 5.6% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.6% |
| Tesla, Inc. | 1.6% |
| Alphabet, Inc., Class C | 1.5% |
| Total | 35.3% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 32.0% |
| Financial | 13.6% |
| Consumer Discretionary | 10.0% |
| Communication Services | 9.5% |
| Health Care | 9.0% |
| Industrials | 8.3% |
| Consumer Staples | 5.3% |
| Investment Companies | 3.3% |
| Energy | 2.9% |
| Other | 6.1% |
| Other Assets and Liabilities, Net | -% |
| Total | 100.0% |

---

# SFT Index 500 Fund

# Class 1

## 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
Semi-Annual Shareholder Report

# SFT Index 500 Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Index 500 Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $22 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets$1,507,411,432

* # of Portfolio Holdings505

* Portfolio Turnover Rate1%

* Total Advisory Fees Paid$959,981

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 5.6% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.6% |
| Tesla, Inc. | 1.6% |
| Alphabet, Inc., Class C | 1.5% |
| Total | 35.3% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 32.0% |
| Financial | 13.6% |
| Consumer Discretionary | 10.0% |
| Communication Services | 9.5% |
| Health Care | 9.0% |
| Industrials | 8.3% |
| Consumer Staples | 5.3% |
| Investment Companies | 3.3% |
| Energy | 2.9% |
| Other | 6.1% |
| Other Assets and Liabilities, Net | -% |
| Total | 100.0% |

---

# SFT Index 500 Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Macquarie Growth Fund (formerly, the SFT Delaware Ivy℠ Growth Fund)

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Macquarie Growth Fund (formerly, the SFT Delaware Ivy℠ Growth Fund) for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $48 | 0.96% |

---

## Key Fund Statistics
* Total Net Assets$642,502,682

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$1,965,621

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 15.5% |
| NVIDIA Corp. | 12.5% |
| Apple, Inc. | 6.7% |
| Amazon.com, Inc. | 6.6% |
| Visa, Inc., Class A | 4.8% |
| Intercontinental Exchange, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.5% |
| Intuit, Inc. | 2.9% |
| Mastercard, Inc., Class A | 2.7% |
| Waste Connections, Inc. | 2.5% |
| Total | 61.2% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Financial | 15.0% |
| Health Care | 9.9% |
| Consumer Discretionary | 9.7% |
| Industrials | 7.8% |
| Real Estate | 3.8% |
| Communication Services | 3.5% |
| Consumer Staples | 2.0% |
| Investment Companies | 0.5% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

# SFT Macquarie Growth Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Macquarie Small Cap Growth Fund (formerly, the SFT Delaware Ivy℠ Small Cap Growth Fund)

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Macquarie Small Cap Growth Fund (formerly, the SFT Delaware Ivy℠ Small Cap Growth Fund) for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $67 | 1.32% |

---

## Key Fund Statistics
* Total Net Assets$158,973,073

* # of Portfolio Holdings87

* Portfolio Turnover Rate36%

* Total Advisory Fees Paid$637,989

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| OSI Systems, Inc. | 2.8% |
| Universal Technical Institute, Inc. | 2.5% |
| iShares Russell 2000 Growth ETF | 2.3% |
| IMAX Corp. | 2.1% |
| American Superconductor Corp. | 2.1% |
| Encompass Health Corp. | 2.0% |
| Construction Partners, Inc., Class A | 2.0% |
| Tarsus Pharmaceuticals, Inc. | 2.0% |
| Lumentum Holdings, Inc. | 1.9% |
| Ollie's Bargain Outlet Holdings, Inc. | 1.9% |
| Total | 21.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Industrials | 23.7% |
| Information Technology | 22.8% |
| Health Care | 22.3% |
| Consumer Discretionary | 11.9% |
| Financial | 7.8% |
| Investment Companies | 4.4% |
| Consumer Staples | 3.4% |
| Communication Services | 2.1% |
| Energy | 1.0% |
| Other | 0.9% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

# SFT Macquarie Small Cap Growth Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Real Estate Securities Fund

# Class 1
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Real Estate Securities Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $49 | 0.98% |

---

## Key Fund Statistics
* Total Net Assets$116,772,787

* # of Portfolio Holdings38

* Portfolio Turnover Rate11%

* Total Advisory Fees Paid$403,729

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Welltower, Inc. | 10.6% |
| Digital Realty Trust, Inc. | 7.1% |
| Prologis, Inc. | 6.0% |
| American Tower Corp. | 5.7% |
| SBA Communications Corp. | 5.6% |
| Crown Castle, Inc. | 5.5% |
| Sun Communities, Inc. | 4.2% |
| Equinix, Inc. | 4.0% |
| Invitation Homes, Inc. | 4.0% |
| Extra Space Storage, Inc. | 3.9% |
| Total | 56.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Real Estate | 96.6% |
| Consumer Discretionary | 2.2% |
| Investment Companies | 0.9% |
| Health Care | 0.2% |
| Other Assets and Liabilities, Net | 0.1% |
| Total | 100.0% |

---

# SFT Real Estate Securities Fund

# Class 1

## 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
Semi-Annual Shareholder Report

# SFT Real Estate Securities Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Real Estate Securities Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $62 | 1.23% |

---

## Key Fund Statistics
* Total Net Assets$116,772,787

* # of Portfolio Holdings38

* Portfolio Turnover Rate11%

* Total Advisory Fees Paid$403,729

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Welltower, Inc. | 10.6% |
| Digital Realty Trust, Inc. | 7.1% |
| Prologis, Inc. | 6.0% |
| American Tower Corp. | 5.7% |
| SBA Communications Corp. | 5.6% |
| Crown Castle, Inc. | 5.5% |
| Sun Communities, Inc. | 4.2% |
| Equinix, Inc. | 4.0% |
| Invitation Homes, Inc. | 4.0% |
| Extra Space Storage, Inc. | 3.9% |
| Total | 56.6% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Real Estate | 96.6% |
| Consumer Discretionary | 2.2% |
| Investment Companies | 0.9% |
| Health Care | 0.2% |
| Other Assets and Liabilities, Net | 0.1% |
| Total | 100.0% |

---

# SFT Real Estate Securities Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT T. Rowe Price Value Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT T. Rowe Price Value Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $51 | 0.99% |

---

## Key Fund Statistics
* Total Net Assets$197,938,156

* # of Portfolio Holdings102

* Portfolio Turnover Rate32%

* Total Advisory Fees Paid$554,771

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.9% |
| Berkshire Hathaway, Inc., Class B | 3.3% |
| Keysight Technologies, Inc. | 2.1% |
| Deere & Co. | 1.9% |
| Charles Schwab Corp. | 1.9% |
| Amazon.com, Inc. | 1.9% |
| Allstate Corp. | 1.8% |
| Westinghouse Air Brake Technologies Corp. | 1.8% |
| Texas Instruments, Inc. | 1.7% |
| AMETEK, Inc. | 1.7% |
| Total | 22.0% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Financial | 24.0% |
| Industrials | 16.1% |
| Health Care | 12.2% |
| Energy | 8.0% |
| Information Technology | 7.7% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 6.8% |
| Materials | 6.1% |
| Communication Services | 4.7% |
| Other | 7.0% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

# SFT T. Rowe Price Value Fund

# Class 2

## 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
Semi-Annual Shareholder Report

# SFT Wellington Core Equity Fund

# Class 1
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Wellington Core Equity Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $40 | 0.79% |

---

## Key Fund Statistics
* Total Net Assets$131,773,996

* # of Portfolio Holdings66

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$346,818

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 7.9% |
| NVIDIA Corp. | 7.4% |
| Apple, Inc. | 6.5% |
| Amazon.com, Inc. | 5.1% |
| Alphabet, Inc., Class A | 4.2% |
| Broadcom, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 3.1% |
| JPMorgan Chase & Co. | 2.5% |
| Mastercard, Inc., Class A | 2.5% |
| Eli Lilly & Co. | 2.1% |
| Total | 44.8% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 30.9% |
| Financial | 13.5% |
| Communication Services | 10.3% |
| Consumer Discretionary | 9.9% |
| Industrials | 9.6% |
| Health Care | 8.0% |
| Consumer Staples | 6.8% |
| Materials | 2.9% |
| Energy | 2.7% |
| Other | 5.2% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

# SFT Wellington Core Equity Fund

# Class 1

## 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
Semi-Annual Shareholder Report

# SFT Wellington Core Equity Fund

# Class 2
June 30, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about SFT Wellington Core Equity Fund for the period of January 1, 2025 to June 30, 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 six month period?
**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) | $52 | 1.03% |

---

## Key Fund Statistics
* Total Net Assets$131,773,996

* # of Portfolio Holdings66

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$346,818

## What did the Fund invest in?

## Ten Largest Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 7.9% |
| NVIDIA Corp. | 7.4% |
| Apple, Inc. | 6.5% |
| Amazon.com, Inc. | 5.1% |
| Alphabet, Inc., Class A | 4.2% |
| Broadcom, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 3.1% |
| JPMorgan Chase & Co. | 2.5% |
| Mastercard, Inc., Class A | 2.5% |
| Eli Lilly & Co. | 2.1% |
| Total | 44.8% |

---

### Sector Diversification (% of net assets)

---

| | |
|:---|:---|
| Information Technology | 30.9% |
| Financial | 13.5% |
| Communication Services | 10.3% |
| Consumer Discretionary | 9.9% |
| Industrials | 9.6% |
| Health Care | 8.0% |
| Consumer Staples | 6.8% |
| Materials | 2.9% |
| Energy | 2.7% |
| Other | 5.2% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

# SFT Wellington Core Equity Fund

# Class 2

## 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) 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.**

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

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

Not applicable.

**ITEM 6. 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 unaudited semi-annual 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**

June 30, 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 (formerly SFT Delaware Ivy<sup>SM</sup> Growth Fund)

SFT Macquarie Small Cap Growth Fund (formerly SFT Delaware Ivy<sup>SM</sup> 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. |
| ***Investments In Securities*** | ***Investments In Securities*** |
| [SFT Balanced Stabilization Fund](#SFTBalancedStabilizationFund-2) | 1 |
| [SFT Core Bond Fund](#SFTCoreBondFund-2) | 7 |
| [SFT Equity Stabilization Fund](#SFTEquityStabilizationFund-2) | 22 |
| [SFT Government Money Market Fund](#SFTGovernmentMoneyMarketFund-2) | 23 |
| [SFT Index 400 Mid-Cap Fund](#SFTIndex400Mid-CapFund-2) | 24 |
| [SFT Index 500 Fund](#SFTIndex500Fund-2) | 31 |
| [SFT Macquarie Growth Fund (formerly SFT Delaware Ivy<sup>SM</sup> Growth Fund)](#SFTMacquarieGrowthFundformerlyknowasSFTDelawareIvySMGrowthFund-2) | 38 |
| [SFT Macquarie Small Cap Growth Fund (formerly SFT Delaware Ivy<sup>SM</sup> Small Cap Growth Fund)](#SFTMacquarieSmallCapGrowthFundformerlyknowasSFTDelawareIvySMSmallCapGrowthFund-2) | 40 |
| [SFT Real Estate Securities Fund](#SFTRealEstateSecuritiesFund-2) | 42 |
| [SFT T. Rowe Price Value Fund](#SFTTRowePriceValueFund-2) | 43 |
| [SFT Wellington Core Equity Fund](#SFTWellingtonCoreEquityFund-2) | 46 |
| ***Financial Statements*** | ***Financial Statements*** |
| [Statements of Assets and Liabilities](#StatementsofAssetsandLiabilities-2) | 48 |
| [Statements of Operations](#StatementsofOperations-2) | 50 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-2) | 52 |
| [Financial Highlights](#FinancialHighlights-2) | 57 |
| [Notes to Financial Statements](#NotestoFinancialStatements-2) | 68 |
| [***Proxy Voting and Quarterly Holdings Information***](#ProxyVotingandQuarterlyHoldingsInformation-2) | 85 |
| [***Statement Regarding Basis for Approval of Advisory Contracts***](#StatementRegardingBasisforApprovalofAdvisoryContracts-2) | 86 |
| [***Trustees and Executive Officers***](#TrusteesandExecutiveOfficers-2) | 91 |

---

------

SFT Balanced Stabilization Fund

Investments in Securities

**June 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Long-Term Debt Securities (33.5%)** | **Long-Term Debt Securities (33.5%)** | **Long-Term Debt Securities (33.5%)** |
| **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 | $41525 | $37568 |
| 3.500%, 10/01/44 | 42199 | 39359 |
| 3.500%, 11/01/44 | 41434 | 38624 |
| 3.500%, 12/01/44 | 45399 | 42300 |
|  |  | 157851 |
| Federal National Mortgage Association (0.1%) | Federal National Mortgage Association (0.1%) | Federal National Mortgage Association (0.1%) |
| 3.000%, 04/01/43 | 63538 | 57412 |
| 3.000%, 05/01/43 | 20589 | 18613 |
| 3.000%, 06/01/43 | 95828 | 86497 |
| 3.500%, 08/01/42 | 42115 | 39537 |
| 3.500%, 02/01/43 | 51267 | 48193 |
|  |  | 250252 |
| 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 | 5050877 |
| 4.000%, 11/15/52 | 1200000 | 1051125 |
| U.S. Treasury Notes, <br>3.875%, 12/31/27 | 3350000 | 3364002 |
|  |  | 9466004 |
| **Total government obligations <br>(cost: $10,452,518)** |  | **9874107** |
| **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 | 1422615 |
| **Total other mortgage-backed securities <br>(cost: $1,541,895)** |  | **1422615** |
| **Corporate Obligations (31.6%)** | **Corporate Obligations (31.6%)** | **Corporate Obligations (31.6%)** |
| **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 | 204625 |
| Yara International ASA, <br>3.148%, 06/04/30 (b) | 1000000 | 925609 |
|  |  | 1130234 |
| Mining (0.5%) | Mining (0.5%) | Mining (0.5%) |
| Anglo American Capital PLC, <br>2.625%, 09/10/30 (b) | 2000000 | 1808003 |
| FMG Resources August <br>2006 Pty. Ltd., <br>6.125%, 04/15/32 (b) | 1000000 | 1016949 |
|  |  | 2824952 |
| **Communications (2.5%)** | **Communications (2.5%)** | **Communications (2.5%)** |
| Media (0.8%) | Media (0.8%) | Media (0.8%) |
| 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 | 1471304 |
| 6.834%, 10/23/55 | 1000000 | 1024834 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 2.887%, 11/01/51 | 1319000 | 803476 |
| 2.937%, 11/01/56 | 327000 | 192116 |
| 4.200%, 08/15/34 (c) | 500000 | 472608 |
| Walt Disney Co., <br>4.950%, 10/15/45 | 1000000 | 920383 |
|  |  | 4884721 |
| Software (0.6%) | Software (0.6%) | Software (0.6%) |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 3.875%, 08/22/37 | 1000000 | 905239 |
| 4.050%, 08/22/47 | 1000000 | 826087 |
| Netflix, Inc., 4.875%, 04/15/28 | 2000000 | 2039864 |
|  |  | 3771190 |
| Telecommunication (1.1%) | Telecommunication (1.1%) | Telecommunication (1.1%) |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 2.550%, 12/01/33 | 943000 | 789539 |
| 3.550%, 09/15/55 | 1405000 | 949900 |
| 3.800%, 12/01/57 | 75000 | 52569 |
| 4.500%, 05/15/35 | 1000000 | 953180 |
| T-Mobile USA, Inc., <br>2.700%, 03/15/32 | 1000000 | 881520 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 2.650%, 11/20/40 | 1000000 | 704712 |
| 2.987%, 10/30/56 | 1194000 | 720000 |
| 3.000%, 11/20/60 | 2000000 | 1180361 |
|  |  | 6231781 |
| **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 | 2012177 |
| Automobile Components (0.2%) | Automobile Components (0.2%) | Automobile Components (0.2%) |
| Aptiv Swiss Holdings Ltd., <br>5.150%, 09/13/34 | 1000000 | 965461 |
| 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) | 626856 | 602392 |
| American Airlines <br>Pass-Through Trust, <br>Series 2015-2, Class A, <br>4.000%, 03/22/29 | 573618 | 551886 |
| Delta Air Lines, Inc./SkyMiles <br>IP Ltd., 4.750%, 10/20/28 (b) | 2000000 | 2004393 |
| United Airlines Pass-Through <br>Trust | United Airlines Pass-Through <br>Trust | United Airlines Pass-Through <br>Trust |
| Series 2013-1, Class A, <br>4.300%, 02/15/27 | 119614 | 119469 |
| Series 2018-1, Class AA, <br>3.500%, 09/01/31 | 827232 | 779225 |
|  |  | 4057365 |
| 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 | 1488052 |
| 5.625%, 04/15/53 | 2250000 | 2166679 |
|  |  | 3654731 |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
| Entertainment (0.0%) | Entertainment (0.0%) | Entertainment (0.0%) |
| Warnermedia Holdings, Inc., <br>5.141%, 03/15/52 | $196000 | $121030 |
| **Consumer, Non-cyclical (6.3%)** | **Consumer, Non-cyclical (6.3%)** | **Consumer, Non-cyclical (6.3%)** |
| Agricultural Operations (0.4%) | Agricultural Operations (0.4%) | Agricultural Operations (0.4%) |
| Cargill, Inc.<br>3.125%, 05/25/51 (b) | 1000000 | 657360 |
| 4.375%, 04/22/52 (b) | 2150000 | 1757137 |
|  |  | 2414497 |
| Beverages (0.3%) | Beverages (0.3%) | Beverages (0.3%) |
| Constellation Brands, Inc., <br>5.250%, 11/15/48 | 2050000 | 1885837 |
| Biotechnology (1.0%) | Biotechnology (1.0%) | Biotechnology (1.0%) |
| Amgen, Inc., <br>4.050%, 08/18/29 | 2000000 | 1976633 |
| Bio-Rad Laboratories, Inc., <br>3.700%, 03/15/32 | 2000000 | 1842946 |
| Gilead Sciences, Inc., <br>4.600%, 09/01/35 | 2000000 | 1943264 |
|  |  | 5762843 |
| Commercial Services (0.7%) | Commercial Services (0.7%) | Commercial Services (0.7%) |
| Ashtead Capital, Inc., <br>5.500%, 08/11/32 (b) | 2000000 | 2026359 |
| Global Payments, Inc.<br>4.800%, 04/01/26 | 750000 | 749522 |
| 5.300%, 08/15/29 | 1500000 | 1527331 |
|  |  | 4303212 |
| Food Products (0.6%) | Food Products (0.6%) | Food Products (0.6%) |
| General Mills, Inc., <br>3.000%, 02/01/51 | 1002000 | 639362 |
| Kroger Co., <br>5.150%, 08/01/43 | 1100000 | 1017909 |
| Mars, Inc., <br>3.950%, 04/01/49 (b) | 1000000 | 785186 |
| Tyson Foods, Inc., <br>5.150%, 08/15/44 | 1000000 | 910301 |
|  |  | 3352758 |
| Health Care Equipment & Supplies (0.3%) | Health Care Equipment & Supplies (0.3%) | Health Care Equipment & Supplies (0.3%) |
| Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
| 3.875%, 09/15/25 | 750000 | 748835 |
| 4.750%, 11/30/36 | 1000000 | 995601 |
|  |  | 1744436 |
| Health Care Providers & Services (1.0%) | Health Care Providers & Services (1.0%) | Health Care Providers & Services (1.0%) |
| Centene Corp., <br>2.625%, 08/01/31 | 2000000 | 1712512 |
| Elevance Health, Inc., <br>4.375%, 12/01/47 | 1000000 | 818426 |
| HCA, Inc., <br>6.000%, 04/01/54 | 1500000 | 1469750 |
| Novant Health, Inc., <br>2.637%, 11/01/36 | 1000000 | 783754 |
| UnitedHealth Group, Inc., <br>3.750%, 07/15/25 (c) | 1000000 | 999666 |
|  |  | 5784108 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Household Products (0.1%) | Household Products (0.1%) | Household Products (0.1%) |
| Kimberly-Clark Corp., <br>3.900%, 05/04/47 | $1000000 | $786909 |
| Personal Care (0.1%) | Personal Care (0.1%) | Personal Care (0.1%) |
| Estee Lauder Cos., Inc., <br>4.150%, 03/15/47 | 1000000 | 777089 |
| Pharmaceuticals (1.8%) | Pharmaceuticals (1.8%) | Pharmaceuticals (1.8%) |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 4.400%, 11/06/42 | 1000000 | 880033 |
| 4.450%, 05/14/46 | 1000000 | 862022 |
| Becton Dickinson & Co., <br>4.298%, 08/22/32 | 2000000 | 1940830 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 3.875%, 08/15/25 | 229000 | 228777 |
| 5.200%, 02/22/34 | 1000000 | 1024339 |
| Cardinal Health, Inc., <br>3.750%, 09/15/25 | 1000000 | 998287 |
| CVS Pass-Through Trust, <br>6.943%, 01/10/30 | 86805 | 89596 |
| Mead Johnson Nutrition Co., <br>5.900%, 11/01/39 | 1000000 | 1038264 |
| Takeda Pharmaceutical Co. <br>Ltd., 5.000%, 11/26/28 | 2000000 | 2037353 |
| Viatris, Inc., <br>4.000%, 06/22/50 | 2000000 | 1333549 |
|  |  | 10433050 |
| **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** |
| Oil & Gas (0.8%) | Oil & Gas (0.8%) | Oil & Gas (0.8%) |
| APA Corp., <br>6.100%, 02/15/35 (b) | 1000000 | 981004 |
| Baker Hughes Holdings LLC/<br>Baker Hughes Co-Obligor, <br>Inc., 3.337%, 12/15/27 | 1000000 | 979960 |
| BP Capital Markets America, <br>Inc., 4.234%, 11/06/28 | 1000000 | 1000283 |
| Coterra Energy, Inc., <br>3.900%, 05/15/27 | 1000000 | 987335 |
| Phillips 66, 4.650%, 11/15/34 | 1000000 | 954522 |
|  |  | 4903104 |
| Pipelines (0.9%) | Pipelines (0.9%) | Pipelines (0.9%) |
| Energy Transfer LP, <br>4.900%, 03/15/35 | 1000000 | 956795 |
| Enterprise Products <br>Operating LLC, Series J, <br>5.750%, 03/01/35 | 250000 | 262860 |
| Kinder Morgan, Inc., <br>5.300%, 12/01/34 | 750000 | 748286 |
| MPLX LP, 4.950%, 09/01/32 | 2000000 | 1980580 |
| Whistler Pipeline LLC, <br>5.950%, 09/30/34 (b) | 1000000 | 1012850 |
| Williams Cos., Inc., <br>3.750%, 06/15/27 | 500000 | 494111 |
|  |  | 5455482 |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Financial (10.5%)** | **Financial (10.5%)** | **Financial (10.5%)** |
| Banks (6.8%) | Banks (6.8%) | Banks (6.8%) |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| Series L, 4.183%, 11/25/27 | $1000000 | $996010 |
| 4.244%, 04/24/38 <br>(3-Month USD TERM <br>SOFR + 2.076%) (d) | 1000000 | 910438 |
| 4.948%, 07/22/28 <br>(SOFRRATE + 2.040%) (d) | 1500000 | 1517128 |
| Bank of New York <br>Mellon Corp. | Bank of New York <br>Mellon Corp. | Bank of New York <br>Mellon Corp. |
| 3.442%, 02/07/28 <br>(3-Month USD TERM <br>SOFR + 1.331%) (d) | 1000000 | 988736 |
| Series J, 4.967%, 04/26/34 <br>(SOFRRATE + 1.606%) (d) | 1500000 | 1504704 |
| 5.834%, 10/25/33 <br>(SOFRRATE + 2.074%) (d) | 1000000 | 1060632 |
| Capital One NA, Series BKNT, <br>4.250%, 03/13/26 | 500000 | 498962 |
| Citigroup, Inc.<br>3.980%, 03/20/30 <br>(3-Month USD TERM <br>SOFR + 1.600%) (d) | 1000000 | 980021 |
| 4.650%, 07/23/48 | 1250000 | 1081832 |
| 4.750%, 05/18/46 | 1200000 | 1030623 |
| Comerica Bank, <br>5.332%, 08/25/33 <br>(SOFRRATE + 2.610%) (d) | 2000000 | 1937452 |
| Fifth Third Bancorp, <br>6.361%, 10/27/28 <br>(SOFRRATE + 2.192%) (d) | 1000000 | 1042705 |
| Fifth Third Bank NA, <br>3.950%, 07/28/25 | 1000000 | 999482 |
| First Republic Bank<br>4.375%, 08/01/46 (e) | 575000 | 719 |
| 4.625%, 02/13/47 (e) | 1379000 | 1724 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| 3.850%, 01/26/27 | 1000000 | 993259 |
| 4.482%, 08/23/28 <br>(SOFRRATE + 1.725%) (d) | 2000000 | 2002233 |
| 5.150%, 05/22/45 (f) | 1000000 | 899784 |
| JPMorgan Chase & Co.<br>3.328%, 04/22/52 <br>(SOFRRATE + 1.580%) (d) | 2000000 | 1402262 |
| 3.897%, 01/23/49 <br>(3-Month USD TERM <br>SOFR + 1.482%) (d) | 1000000 | 790350 |
| KeyBank NA, <br>4.390%, 12/14/27 | 3000000 | 3003295 |
| M&T Bank Corp., <br>4.553%, 08/16/28 <br>(SOFRRATE + 1.780%) (d) | 3000000 | 3006893 |
| Morgan Stanley<br>2.802%, 01/25/52 <br>(SOFRRATE + 1.430%) (d) | 2000000 | 1237487 |
| 6.342%, 10/18/33 <br>(SOFRRATE + 2.560%) (d) | 1000000 | 1085945 |
| PNC Bank NA, <br>4.050%, 07/26/28 | 1000000 | 992066 |
| State Street Corp., <br>6.123%, 11/21/34 <br>(SOFRRATE + 1.958%) (d) | 1500000 | 1602757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Synchrony Bank, <br>5.400%, 08/22/25 | $| 1000000 | $| 999499 |
| Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
| 5.867%, 06/08/34 <br>(SOFRRATE + 2.361%) (d) |  | 1000000 |  | 1044567 |
| 6.123%, 10/28/33 <br>(SOFRRATE + 2.300%) (d) |  | 2000000 |  | 2125541 |
| U.S. Bancorp, <br>5.850%, 10/21/33 <br>(SOFRRATE + 2.090%) (d) |  | 1000000 |  | 1052131 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.068%, 04/30/41 <br>(SOFRRATE + 2.530%) (d) |  | 1600000 |  | 1209076 |
| 4.750%, 12/07/46 |  | 2300000 |  | 1972136 |
|  |  |  |  | 39970449 |
| Financial Services (1.5%) | Financial Services (1.5%) | Financial Services (1.5%) | Financial Services (1.5%) | Financial Services (1.5%) |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| 3.300%, 05/03/27 |  | 1000000 |  | 984473 |
| 4.050%, 12/03/42 |  | 2000000 |  | 1694449 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 4.100%, 02/09/27 |  | 1000000 |  | 995248 |
| 5.468%, 02/01/29 <br>(SOFRRATE + 2.080%) (d) |  | 1500000 |  | 1535522 |
| Eaton Vance Corp., <br>3.500%, 04/06/27 |  | 1000000 |  | 986511 |
| Intercontinental Exchange, <br>Inc., 4.350%, 06/15/29 |  | 3000000 |  | 3002175 |
|  |  |  |  | 9198378 |
| Insurance (1.6%) | Insurance (1.6%) | Insurance (1.6%) | Insurance (1.6%) | Insurance (1.6%) |
| American Financial Group, <br>Inc., 4.500%, 06/15/47 |  | 1000000 |  | 809860 |
| Arch Capital Finance LLC, <br>4.011%, 12/15/26 |  | 1000000 |  | 994712 |
| Marsh & McLennan Cos., <br>Inc., 4.350%, 01/30/47 |  | 1000000 |  | 845320 |
| Metropolitan Life Global <br>Funding I, <br>1.550%, 01/07/31 (b) |  | 3000000 |  | 2572398 |
| Old Republic International <br>Corp., 5.750%, 03/28/34 |  | 1500000 |  | 1543058 |
| Principal Life Global <br>Funding II, <br>1.500%, 08/27/30 (b) |  | 3000000 |  | 2580670 |
|  |  |  |  | 9346018 |
| Real Estate Investment Trust — Health Care (0.2%) | Real Estate Investment Trust — Health Care (0.2%) | Real Estate Investment Trust — Health Care (0.2%) | Real Estate Investment Trust — Health Care (0.2%) | Real Estate Investment Trust — Health Care (0.2%) |
| Alexandria Real Estate <br>Equities, Inc., <br>4.500%, 07/30/29 |  | 500000 |  | 498931 |
| DOC Dr. LLC, <br>4.300%, 03/15/27 |  | 1000000 |  | 997213 |
|  |  |  |  | 1496144 |
| Specialized REITs (0.4%) | Specialized REITs (0.4%) | Specialized REITs (0.4%) | Specialized REITs (0.4%) | Specialized REITs (0.4%) |
| American Tower Corp., <br>3.375%, 10/15/26 |  | 1000000 |  | 987080 |
| Crown Castle, Inc., <br>4.750%, 05/15/47 |  | 1000000 |  | 853823 |
| Goodman U.S. Finance <br>Four LLC, <br>4.500%, 10/15/37 (b) |  | 500000 |  | 455223 |
|  |  |  |  | 2296126 |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Industrials (2.5%)** | **Industrials (2.5%)** | **Industrials (2.5%)** |
| Aerospace & Defense (0.4%) | Aerospace & Defense (0.4%) | Aerospace & Defense (0.4%) |
| RTX Corp. | RTX Corp. | RTX Corp. |
| 4.050%, 05/04/47 | $1000000 | $798397 |
| 4.125%, 11/16/28 | 1500000 | 1493790 |
|  |  | 2292187 |
| Aerospace & Defense (0.1%) | Aerospace & Defense (0.1%) | Aerospace & Defense (0.1%) |
| Lockheed Martin Corp., <br>1.850%, 06/15/30 | 1000000 | 889400 |
| Building Products (0.1%) | Building Products (0.1%) | Building Products (0.1%) |
| CRH America Finance, Inc., <br>4.400%, 05/09/47 (b) | 1000000 | 826077 |
| Electrical Equipment (0.5%) | Electrical Equipment (0.5%) | Electrical Equipment (0.5%) |
| Flex Ltd., 4.875%, 06/15/29 | 1000000 | 1006296 |
| Jabil, Inc., 3.600%, 01/15/30 | 2000000 | 1911496 |
|  |  | 2917792 |
| Miscellaneous Manufacturing (0.2%) | Miscellaneous Manufacturing (0.2%) | Miscellaneous Manufacturing (0.2%) |
| Carlisle Cos., Inc., <br>3.750%, 12/01/27 | 1000000 | 985690 |
| Packaging & Containers (0.4%) | Packaging & Containers (0.4%) | Packaging & Containers (0.4%) |
| Amcor Finance USA, Inc., <br>4.500%, 05/15/28 | 1000000 | 999861 |
| Sealed Air Corp., <br>6.875%, 07/15/33 (b) | 1000000 | 1077750 |
|  |  | 2077611 |
| Transportation (0.6%) | Transportation (0.6%) | Transportation (0.6%) |
| Canadian Pacific Railway Co., <br>4.300%, 05/15/43 | 250000 | 214353 |
| FedEx Corp., <br>4.400%, 01/15/47 (b) | 1000000 | 786697 |
| Union Pacific Corp., <br>5.375%, 06/01/33 | 2500000 | 2571714 |
|  |  | 3572764 |
| Trucking & Leasing (0.2%) | Trucking & Leasing (0.2%) | Trucking & Leasing (0.2%) |
| GATX Corp., <br>4.550%, 11/07/28 | 1000000 | 1001156 |
| **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 | 884438 |
| Dell International <br>LLC/EMC Corp., <br>6.200%, 07/15/30 | 2000000 | 2139717 |
| Leidos, Inc., 4.375%, 05/15/30 | 2000000 | 1970438 |
|  |  | 4994593 |
| Semiconductor Equipment (0.8%) | Semiconductor Equipment (0.8%) | Semiconductor Equipment (0.8%) |
| Broadcom, Inc., <br>3.419%, 04/15/33 (b) | 2000000 | 1813571 |
| Micron Technology, Inc., <br>2.703%, 04/15/32 | 2000000 | 1739912 |
| QUALCOMM, Inc., <br>4.650%, 05/20/35 | 1000000 | 989424 |
|  |  | 4542907 |

---

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal** | **Value(a)** |
| Software (0.4%) | Software (0.4%) | Software (0.4%) |
| Oracle Corp., <br>3.800%, 11/15/37 | $1000000 | $856361 |
| VMware LLC, <br>1.400%, 08/15/26 | 1800000 | 1740856 |
|  |  | 2597217 |
| **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 | 1336664 |
| Ameren Illinois Co., <br>3.700%, 12/01/47 | 1000000 | 752956 |
| Arizona Public Service Co., <br>4.350%, 11/15/45 | 1000000 | 819793 |
| CenterPoint Energy Houston <br>Electric LLC, Series AJ, <br>4.850%, 10/01/52 | 3150000 | 2817676 |
| Duke Energy Corp., <br>4.500%, 08/15/32 | 1000000 | 977914 |
| Duke Energy Florida LLC, <br>5.950%, 11/15/52 | 1000000 | 1029110 |
| Duke Energy Progress LLC, <br>3.600%, 09/15/47 | 1000000 | 733491 |
| Entergy Texas, Inc., <br>3.450%, 12/01/27 | 3000000 | 2921900 |
| Northern States Power Co., <br>3.750%, 12/01/47 | 1000000 | 720380 |
| Oglethorpe Power Corp., <br>4.250%, 04/01/46 | 800000 | 621028 |
| Oklahoma Gas & Electric Co., <br>4.150%, 04/01/47 | 1000000 | 795580 |
| Union Electric Co., <br>5.250%, 01/15/54 | 1500000 | 1386685 |
| Wisconsin Power & Light Co., <br>3.950%, 09/01/32 | 3000000 | 2835970 |
|  |  | 17749147 |
| Gas Utilities (0.4%) | Gas Utilities (0.4%) | Gas Utilities (0.4%) |
| Atmos Energy Corp., <br>4.125%, 03/15/49 | 750000 | 596247 |
| National Fuel Gas Co., <br>4.750%, 09/01/28 | 1000000 | 999122 |
| Washington Gas Light Co., <br>Series K, 3.796%, 09/15/46 | 1000000 | 752287 |
|  |  | 2347656 |
| Water Utilities (0.1%) | Water Utilities (0.1%) | Water Utilities (0.1%) |
| American Water Capital Corp., <br>3.750%, 09/01/47 | 1000000 | 760813 |
| **Total corporate obligations <br>(cost: $194,767,704)** |  | **187119092** |
| **Total long-term debt securities <br>(cost: $206,762,117)** |  | **198415814** |
| **Mutual Funds (58.1%)** | **Mutual Funds (58.1%)** | **Mutual Funds (58.1%)** |
| **Investment Companies (58.1%)** | **Investment Companies (58.1%)** | **Investment Companies (58.1%)** |
| iShares Core S&P 500 <br>ETF (c) (g) | 12940 | 8034446 |
| SFT Index 500 Fund <br>Class 1 (g) (h) (i) | 11295068 | 310823375 |
| SPDR S&P 500 ETF Trust (c) (g) | 34500 | 21315825 |
| Vanguard S&P 500 ETF (g) | 6700 | 3805801 |
| **Total mutual funds <br>(cost: $103,555,136)** |  | **343979447** |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Short-Term Securities (5.9%)** | **Short-Term Securities (5.9%)** | **Short-Term Securities (5.9%)** |
| **Investment Companies (5.9%)** | **Investment Companies (5.9%)** | **Investment Companies (5.9%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>4.270% | 34659380 | $34659380 |
| **Total short-term securities <br>(cost: $34,659,380)** |  | **34659380** |
| **Total investments excluding <br>purchased options (97.5%) <br>(cost: $344,976,633)** |  | **577054641** |
| **Total purchased options <br>outstanding (0.1%) <br>(cost: $466,064)** |  | **367000** |
| **Total investments in securities <br>(cost: $345,442,697) (j)** |  | **577421641** |
| **Cash and other assets in excess <br>of liabilities (2.4%)** |  | **14104568** |
| **Total net assets (100.0%)** |  | $**591526209** |

---

**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.

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

(g) 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.

(h) Affiliated Security.

(i) Non-income producing security.

(j) At June 30, 2025, the cost of investments for federal income tax purposes was $346,170,587. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $242520970 |
| Gross unrealized depreciation | (10468571) |
| **Net unrealized appreciation** | $**232052399** |

---

**Holdings of Open Futures Contracts**

On June 30, 2025, securities with an aggregate fair value of $31,620,693 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)** |
| 5 Year U.S. Treasury Note | September 2025 | 75 | Long | $8059752 | $8175000 | $115248 |
| 10 Year U.S. Ultra | September 2025 | 110 | Long | 12207706 | 12569219 | 361513 |
| S&P 500 E-Mini Index Future | September 2025 | 132 | Long | 40898166 | 41274750 | 376584 |
|  |  |  |  |  | $**62018969** | $**853345** |

---

See accompanying notes to financial statements.

------

SFT Balanced Stabilization Fund

Investments in Securities – continued

**Put Options Purchased:**

The Fund had the following put options purchased open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $5960 | July 2025 | 100 | $10000 | $367000 |

---

**Put Options Written:**

The Fund had the following put options written open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $5340 | July 2025 | 100 | $10000 | $(52000) |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities

**June 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Long-Term Debt Securities (104.2%)** | **Long-Term Debt Securities (104.2%)** | **Long-Term Debt Securities (104.2%)** |
| **Government Obligations (64.7%)** | **Government Obligations (64.7%)** | **Government Obligations (64.7%)** |
| Other Government Obligations (0.1%) | Other Government Obligations (0.1%) | Other Government Obligations (0.1%) |
| Provincial or Local Government Obligation (0.1%) | Provincial or Local Government Obligation (0.1%) | Provincial or Local Government Obligation (0.1%) |
| Texas A&M University, <br>Series D, <br>4.000%, 05/15/31 | $325000 | $320724 |
| U.S. Government Agencies and Obligations (64.6%) | U.S. Government Agencies and Obligations (64.6%) | U.S. Government Agencies and Obligations (64.6%) |
| Export-Import Bank of the United States (0.0%) | Export-Import Bank of the United States (0.0%) | Export-Import Bank of the United States (0.0%) |
| Export-Import Bank of the <br>U.S., 2.578%, 12/10/25 | 5238 | 5206 |
| Federal Home Loan Mortgage Corporation (9.6%) | Federal Home Loan Mortgage Corporation (9.6%) | Federal Home Loan Mortgage Corporation (9.6%) |
| 2.000%, 07/01/41 | 1403624 | 1197266 |
| 2.000%, 11/01/51 | 4517749 | 3586829 |
| 2.000%, 03/01/52 | 2535120 | 2011801 |
| 2.500%, 01/01/52 | 1640618 | 1367459 |
| 2.500%, 03/01/52 | 6897353 | 5739849 |
| 3.000%, 08/01/42 | 231060 | 209455 |
| 3.000%, 12/01/42 | 80768 | 73132 |
| 3.000%, 01/01/43 | 114024 | 103031 |
| 3.000%, 02/01/43 | 261774 | 236918 |
| 3.000%, 04/01/43 | 409641 | 369891 |
| 3.000%, 02/01/52 | 2906175 | 2536442 |
| 3.500%, 05/01/32 | 52827 | 51749 |
| 3.500%, 03/01/42 | 284438 | 267322 |
| 3.500%, 08/01/42 | 238651 | 224291 |
| 3.500%, 11/01/52 | 4695280 | 4236152 |
| 4.000%, 09/01/40 | 236118 | 228242 |
| 4.000%, 11/01/40 | 417076 | 401696 |
| 4.000%, 02/01/41 | 103479 | 100017 |
| 4.000%, 03/01/41 | 104613 | 101081 |
| 4.000%, 08/01/52 | 5848005 | 5447253 |
| 4.000%, 09/01/52 | 3085159 | 2874271 |
| 4.000%, 11/01/52 | 3205921 | 2994536 |
| 4.000%, 02/01/53 | 520637 | 484296 |
| 4.500%, 09/01/40 | 31055 | 30978 |
| 4.500%, 01/01/41 | 154135 | 153374 |
| 4.500%, 02/01/41 | 94037 | 93485 |
| 4.500%, 03/01/41 | 205572 | 203900 |
| 4.500%, 04/01/41 | 197161 | 195457 |
| 4.500%, 09/01/52 | 593193 | 568361 |
| 4.500%, 11/01/52 | 3868195 | 3706543 |
| 5.000%, 05/01/29 | 4946 | 4966 |
| 5.000%, 04/01/35 | 33218 | 33727 |
| 5.000%, 08/01/35 | 16199 | 16427 |
| 5.000%, 11/01/35 | 34132 | 34683 |
| 5.000%, 11/01/39 | 180071 | 182317 |
| 5.000%, 04/01/40 | 57438 | 58154 |
| 5.000%, 08/01/40 | 39051 | 39538 |
| 5.500%, 05/01/34 | 216755 | 220201 |
| 5.500%, 10/01/34 | 57296 | 58867 |
| 5.500%, 07/01/35 | 90218 | 92899 |
| 5.500%, 10/01/35 | 91850 | 94608 |
| 5.500%, 12/01/38 | 48054 | 49128 |
| 6.000%, 11/01/33 | 102054 | 104789 |
| 6.500%, 09/01/32 | 10759 | 11109 |
| 6.500%, 11/01/32 | 9351 | 9681 |
| 6.500%, 06/01/36 | 59390 | 62806 |
| 7.000%, 12/01/37 | 20563 | 21671 |
|  |  | 40890648 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Federal National Mortgage Association (11.0%) | Federal National Mortgage Association (11.0%) | Federal National Mortgage Association (11.0%) |
| 2.000%, 04/01/51 | $2545532 | $2018915 |
| 2.000%, 11/01/51 | 11460801 | 9096226 |
| 2.000%, 02/01/52 | 1017124 | 805424 |
| 2.000%, 03/01/52 | 2931492 | 2323263 |
| 2.500%, 12/01/51 | 2198773 | 1845881 |
| 2.500%, 02/01/52 | 504646 | 418940 |
| 2.500%, 03/01/52 | 2332074 | 1939771 |
| 2.500%, 04/01/52 | 3941599 | 3289653 |
| 3.000%, 09/01/42 | 55406 | 50167 |
| 3.000%, 01/01/46 | 47860 | 42600 |
| 3.000%, 01/01/52 | 2111348 | 1830113 |
| 3.000%, 04/01/52 | 5124752 | 4436400 |
| 3.000%, 05/01/52 | 2184630 | 1892714 |
| 3.000%, 06/01/52 | 394723 | 345071 |
| 3.500%, 12/01/32 | 47972 | 46980 |
| 3.500%, 11/01/40 | 199459 | 187665 |
| 3.500%, 01/01/41 | 215147 | 202448 |
| 3.500%, 02/01/41 | 252418 | 237557 |
| 3.500%, 04/01/41 | 119309 | 112217 |
| 3.500%, 11/01/41 | 765302 | 719410 |
| 3.500%, 12/01/41 | 152638 | 143454 |
| 3.500%, 05/01/42 | 77681 | 73039 |
| 3.500%, 01/01/43 | 164281 | 153793 |
| 3.500%, 02/01/43 | 205068 | 192772 |
| 3.500%, 05/01/43 | 661407 | 615116 |
| 4.000%, 12/01/40 | 27529 | 26472 |
| 4.000%, 04/01/41 | 431472 | 416728 |
| 4.000%, 09/01/41 | 110270 | 106524 |
| 4.000%, 11/01/41 | 71126 | 68628 |
| 4.000%, 06/01/42 | 211780 | 204321 |
| 4.000%, 09/01/43 | 134543 | 128110 |
| 4.500%, 05/01/35 | 58424 | 58136 |
| 4.500%, 07/01/35 | 142141 | 141234 |
| 4.500%, 09/01/37 | 51832 | 51549 |
| 4.500%, 06/01/39 | 67650 | 66921 |
| 4.500%, 04/01/41 | 503664 | 501411 |
| 4.500%, 07/01/41 | 376148 | 373182 |
| 4.500%, 07/01/47 | 146175 | 142099 |
| 4.500%, 08/01/52 | 5099234 | 4885592 |
| 4.500%, 04/01/53 | 860216 | 824403 |
| 5.000%, 11/01/33 | 62756 | 63489 |
| 5.000%, 03/01/34 | 47924 | 48853 |
| 5.000%, 05/01/34 | 10772 | 10897 |
| 5.000%, 12/01/34 | 59014 | 59405 |
| 5.000%, 07/01/35 | 54606 | 55314 |
| 5.000%, 08/01/35 | 24008 | 24335 |
| 5.000%, 03/01/38 | 22440 | 22783 |
| 5.000%, 04/01/38 | 47839 | 48172 |
| 5.000%, 06/01/39 | 42586 | 43117 |
| 5.000%, 12/01/39 | 139989 | 141763 |
| 5.000%, 06/01/40 | 18536 | 18767 |
| 5.000%, 04/01/41 | 174991 | 177174 |
| 5.000%, 11/01/53 | 1956251 | 1921465 |
| 5.500%, 04/01/33 | 225263 | 228372 |
| 5.500%, 05/01/33 | 2507 | 2556 |
| 5.500%, 12/01/33 | 22353 | 22824 |
| 5.500%, 01/01/34 | 42699 | 43640 |
| 5.500%, 02/01/34 | 40056 | 41054 |
| 5.500%, 03/01/34 | 52371 | 52684 |
| 5.500%, 04/01/34 | 39119 | 39629 |
| 5.500%, 05/01/34 | 1177 | 1192 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| 5.500%, 09/01/34 | $| 53586 | $| 55075 |
| 5.500%, 10/01/34 |  | 18022 |  | 18526 |
| 5.500%, 01/01/35 |  | 29501 |  | 30332 |
| 5.500%, 02/01/35 |  | 69379 |  | 71205 |
| 5.500%, 04/01/35 |  | 65212 |  | 66952 |
| 5.500%, 06/01/35 |  | 3093 |  | 3160 |
| 5.500%, 08/01/35 |  | 43532 |  | 44133 |
| 5.500%, 10/01/35 |  | 88357 |  | 90874 |
| 5.500%, 11/01/35 |  | 20202 |  | 20842 |
| 5.500%, 09/01/36 |  | 38693 |  | 39775 |
| 5.500%, 12/01/39 |  | 25563 |  | 26197 |
| 5.500%, 09/01/53 |  | 931236 |  | 932583 |
| 6.000%, 09/01/32 |  | 4410 |  | 4618 |
| 6.000%, 10/01/32 |  | 121824 |  | 124764 |
| 6.000%, 11/01/32 |  | 162193 |  | 170220 |
| 6.000%, 03/01/33 |  | 98513 |  | 100841 |
| 6.000%, 12/01/33 |  | 47103 |  | 48505 |
| 6.000%, 08/01/34 |  | 9132 |  | 9398 |
| 6.000%, 09/01/34 |  | 9544 |  | 9973 |
| 6.000%, 11/01/34 |  | 4878 |  | 4958 |
| 6.000%, 12/01/34 |  | 35011 |  | 36540 |
| 6.000%, 11/01/36 |  | 4672 |  | 4884 |
| 6.000%, 01/01/37 |  | 64240 |  | 67369 |
| 6.000%, 08/01/37 |  | 32639 |  | 34125 |
| 6.000%, 10/01/38 |  | 46790 |  | 49070 |
| 6.500%, 12/01/31 |  | 10181 |  | 10512 |
| 6.500%, 02/01/32 |  | 71220 |  | 73539 |
| 6.500%, 04/01/32 |  | 36584 |  | 38227 |
| 6.500%, 05/01/32 |  | 9144 |  | 9441 |
| 6.500%, 07/01/32 |  | 45900 |  | 47394 |
| 6.500%, 08/01/32 |  | 36740 |  | 37936 |
| 6.500%, 09/01/32 |  | 23674 |  | 24445 |
| 6.500%, 10/01/32 |  | 28059 |  | 28972 |
| 6.500%, 09/01/34 |  | 1810 |  | 1869 |
| 6.500%, 11/01/34 |  | 2088 |  | 2202 |
| 6.500%, 03/01/35 |  | 25277 |  | 26401 |
| 6.500%, 09/01/37 |  | 40199 |  | 42386 |
| 6.500%, 11/01/37 |  | 17475 |  | 18464 |
| 7.000%, 07/01/31 |  | 19053 |  | 20080 |
| 7.000%, 09/01/31 |  | 59217 |  | 62410 |
| 7.000%, 11/01/31 |  | 39573 |  | 41707 |
| 7.000%, 02/01/32 |  | 23411 |  | 24674 |
| 7.000%, 03/01/32 |  | 3189 |  | 3361 |
| 7.000%, 07/01/32 |  | 15177 |  | 15995 |
| 7.500%, 04/01/31 |  | 9473 |  | 9474 |
| 7.500%, 05/01/31 |  | 3036 |  | 3034 |
|  |  |  |  | 46689826 |
| Government National Mortgage Association (6.3%) | Government National Mortgage Association (6.3%) | Government National Mortgage Association (6.3%) | Government National Mortgage Association (6.3%) | Government National Mortgage Association (6.3%) |
| 1.000%, 12/20/42 |  | 33037 |  | 27962 |
| 3.000%, 11/16/44 |  | 512364 |  | 461792 |
| 3.000%, 03/15/45 |  | 343846 |  | 306454 |
| 3.000%, 04/15/45 |  | 711022 |  | 633632 |
| 3.000%, 05/15/45 |  | 30107 |  | 26830 |
| 3.250%, 04/20/33 |  | 53573 |  | 51609 |
| 3.250%, 03/20/35 |  | 507915 |  | 486131 |
| 3.250%, 11/20/35 |  | 296181 |  | 282599 |
| 3.250%, 01/20/36 |  | 528698 |  | 504909 |
| 3.500%, 11/15/40 |  | 42397 |  | 39631 |
| 3.500%, 04/20/46 |  | 177607 |  | 162439 |
| 3.500%, 01/20/49 |  | 475000 |  | 425827 |
| 3.750%, 03/20/46 |  | 546303 |  | 506610 |
| 4.000%, 07/20/31 |  | 120075 |  | 119184 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| 4.000%, 04/20/39 | $| 125283 | $| 118115 |
| 4.000%, 12/20/40 |  | 290535 |  | 276382 |
| 4.000%, 01/15/41 |  | 15347 |  | 14638 |
| 4.000%, 02/15/41 |  | 122765 |  | 116266 |
| 4.000%, 10/15/41 |  | 81800 |  | 77871 |
| 4.000%, 12/20/44 |  | 36311 |  | 34495 |
| 4.000%, 07/15/54, TBA (b) |  | 2650000 |  | 2463361 |
| 4.000%, 11/20/54 |  | 2288981 |  | 2129047 |
| 4.500%, 06/15/40 |  | 84716 |  | 82937 |
| 4.500%, 10/20/52 |  | 2088757 |  | 2016806 |
| 4.500%, 07/15/54, TBA (b) |  | 2200000 |  | 2105278 |
| 4.500%, 10/20/54 |  | 2204429 |  | 2110759 |
| 4.500%, 11/20/54 |  | 1204443 |  | 1153264 |
| 5.000%, 05/15/33 |  | 20420 |  | 20570 |
| 5.000%, 12/15/39 |  | 33030 |  | 33172 |
| 5.000%, 01/15/40 |  | 283421 |  | 284561 |
| 5.000%, 07/15/40 |  | 67250 |  | 67545 |
| 5.000%, 07/15/54, TBA (b) |  | 5100000 |  | 5008966 |
| 5.452%, 06/20/54 <br>(30 day USD SOFR <br>Average + 1.150%) (c) |  | 875614 |  | 873377 |
| 5.500%, 07/15/38 |  | 82235 |  | 85211 |
| 5.500%, 10/15/38 |  | 96840 |  | 100002 |
| 5.500%, 07/15/54, TBA (b) |  | 3325000 |  | 3328347 |
|  |  |  |  | 26536579 |
| U.S. Treasury (29.1%) | U.S. Treasury (29.1%) | U.S. Treasury (29.1%) | U.S. Treasury (29.1%) | U.S. Treasury (29.1%) |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.750%, 02/15/45 |  | 1645000 |  | 1638060 |
| 4.750%, 05/15/55 |  | 16885000 |  | 16813766 |
| 5.000%, 05/15/45 |  | 13155000 |  | 13531151 |
| U.S. Treasury <br>Inflation-Indexed Notes, <br>2.125%, 01/15/35 |  | 4883802 |  | 4968417 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.750%, 06/30/27 |  | 2025000 |  | 2026028 |
| 3.875%, 06/15/28 |  | 22505000 |  | 22621042 |
| 3.875%, 06/30/30 |  | 43435000 |  | 43594488 |
| 4.000%, 05/31/30 |  | 2869000 |  | 2896345 |
| 4.000%, 06/30/32 |  | 13070000 |  | 13080211 |
| 4.250%, 05/15/35 |  | 2345000 |  | 2349397 |
|  |  |  |  | 123518905 |
| Uniform Mortgage-Backed Security (8.6%) | Uniform Mortgage-Backed Security (8.6%) | Uniform Mortgage-Backed Security (8.6%) | Uniform Mortgage-Backed Security (8.6%) | Uniform Mortgage-Backed Security (8.6%) |
| 2.000%, 07/15/54, TBA (b) |  | 2725000 |  | 2156260 |
| 2.500%, 07/14/55, TBA (b) |  | 4900000 |  | 4063630 |
| 3.000%, 07/15/54, TBA (b) |  | 5300000 |  | 4582991 |
| 3.500%, 07/15/54, TBA (b) |  | 8825000 |  | 7947660 |
| 4.000%, 07/15/54, TBA (b) |  | 4550000 |  | 4229698 |
| 4.500%, 07/15/54, TBA (b) |  | 4750000 |  | 4542032 |
| 5.000%, 07/15/54, TBA (b) |  | 5750000 |  | 5634653 |
| 5.500%, 07/15/54, TBA (b) |  | 3300000 |  | 3299396 |
|  |  |  |  | 36456320 |
| **Total government obligations <br>(cost: $277,776,585)** |  |  |  | **274418208** |
| **Asset-Backed Securities (8.7%)** | **Asset-Backed Securities (8.7%)** | **Asset-Backed Securities (8.7%)** | **Asset-Backed Securities (8.7%)** | **Asset-Backed Securities (8.7%)** |
| AGL CLO 12 Ltd., <br>Series 2021-12A, Class B, <br>6.131%, 07/20/34 <br>(3-Month USD TERM <br>SOFR + 1.862%) (c) (d) |  | 875000 |  | 877404 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Allegro CLO X Ltd., <br>Series 2019-1A, Class ARR, <br>5.400%, 04/20/32 <br>(3-Month USD TERM <br>SOFR + 1.130%) (c) (d) | $830521 | $830807 |
| AMMC CLO 28 Ltd., <br>Series 2024-28A, Class A1A, <br>5.820%, 07/20/37 <br>(3-Month USD TERM <br>SOFR + 1.550%) (c) (d) | 1000000 | 1002590 |
| Apidos CLO XII Ltd., <br>Series 2013-12A, Class ARR, <br>5.336%, 04/15/31 <br>(3-Month USD TERM <br>SOFR + 1.080%) (c) (d) | 740435 | 740232 |
| Arbour CLO VII DAC, <br>Series 7A, Class B1R, <br>4.025%, 12/15/38 <br>(3-Month EUR <br>EURIBOR + 2.050%) (c) (d) | 1350000 | 1586982 |
| ARES XXVII CLO Ltd., <br>Series 2013-2A, Class BR3, <br>5.933%, 10/28/34 <br>(3-Month USD TERM <br>SOFR + 1.650%) (c) (d) | 1080000 | 1081734 |
| Bain Capital Credit CLO Ltd., <br>Series 2021-6A, Class A1R, <br>5.360%, 10/21/34 <br>(3-Month USD TERM <br>SOFR + 1.090%) (c) (d) | 1200000 | 1198704 |
| Barings CLO Ltd., <br>Series 2018-4A, Class A1R, <br>5.406%, 10/15/30 <br>(3-Month USD TERM <br>SOFR + 1.150%) (c) (d) | 869997 | 870009 |
| Bear Stearns Asset-Backed <br>Securities Trust, <br>Series 2004-HE1, Class M1, <br>5.409%, 02/25/34 <br>(1-Month USD TERM <br>SOFR + 1.089%) (c) | 273319 | 277164 |
| BlueMountain CLO Ltd., <br>Series 2018-3A, Class BR, <br>6.132%, 10/25/30 <br>(3-Month USD TERM <br>SOFR + 1.850%) (c) (d) | 1200000 | 1203300 |
| Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
| Series 2002-3, Class 2A1, <br>5.074%, 08/25/32 <br>(1-Month USD TERM <br>SOFR + 0.754%) (c) | 80096 | 79060 |
| Series 2003-2, Class 2A2, <br>4.994%, 02/25/33 <br>(1-Month USD TERM <br>SOFR + 0.674%) (c) | 76105 | 75876 |
| CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
| Series 2014-4RA, Class A1A2, <br>5.270%, 01/17/35 <br>(3-Month USD TERM <br>SOFR + 0.990%) (c) (d) | 1070000 | 1063164 |
| Series 2022-3A, Class A, <br>5.682%, 04/21/35 <br>(3-Month USD TERM <br>SOFR + 1.410%) (c) (d) | 1250000 | 1253049 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Cologix Data Centers <br>U.S. Issuer LLC, <br>Series 2021-1A, Class A2, <br>3.300%, 12/26/51 (d) | $1035000 | $1001450 |
| Commonbond Student <br>Loan Trust<br>Series 2017-AGS, Class C, <br>5.280%, 05/25/41 (d) | 18377 | 17551 |
| Series 2018-AGS, Class A1, <br>3.210%, 02/25/44 (d) | 402835 | 378927 |
| Series 2018-AGS, Class A2, <br>4.934%, 02/25/44 <br>(1-Month USD TERM <br>SOFR + 0.614%) (c) (d) | 71469 | 70597 |
| Series 2019-AGS, Class A1, <br>2.540%, 01/25/47 (d) | 850290 | 778005 |
| Series 2021-AGS, Class A, <br>1.200%, 03/25/52 (d) | 359610 | 310794 |
| Consolidated Communications <br>LLC/Fidium Fiber Finance <br>Holdco LLC, Series 2025-1A, <br>Class A2, <br>6.000%, 05/20/55 (d) | 385000 | 396946 |
| Dryden 45 Senior Loan Fund, <br>Series 2016-45A, Class BRR, <br>5.906%, 10/15/30 <br>(3-Month USD TERM <br>SOFR + 1.650%) (c) (d) | 1100000 | 1099970 |
| FIGRE Trust, Series 2025-HE3, <br>Class A, <br>5.560%, 05/25/55 (c) (d) | 1518996 | 1529089 |
| FRTKL Group, Inc., <br>Series 2021-SFR1, Class G, <br>4.105%, 09/17/38 (d) | 1250000 | 1169920 |
| Home Partners of America <br>Trust, Series 2021-1, Class A, <br>1.698%, 09/17/41 (d) | 1527012 | 1354781 |
| HPS Loan Management Ltd., <br>Series 2021-16A, Class A1, <br>5.681%, 01/23/35 <br>(3-Month USD TERM <br>SOFR + 1.402%) (c) (d) | 1150000 | 1152990 |
| Navient Private Education <br>Refi Loan Trust<br>Series 2020-HA, Class A, <br>1.310%, 01/15/69 (d) | 379110 | 356196 |
| Series 2021-BA, Class A, <br>0.940%, 07/15/69 (d) | 975688 | 886903 |
| Series 2021-FA, Class A, <br>1.110%, 02/18/70 (d) | 993258 | 879418 |
| Series 2022-A, Class A, <br>2.230%, 07/15/70 (d) | 1140750 | 1044166 |
| Octagon Investment <br>Partners 46 Ltd., <br>Series 2020-2A, Class BR, <br>6.168%, 07/15/36 <br>(3-Month USD TERM <br>SOFR + 1.912%) (c) (d) | 1125000 | 1126929 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Series 2021-SFR7, Class D, <br>2.341%, 08/17/40 (d) | 1525000 | 1401037 |
| Series 2021-SFR8, Class F, <br>3.181%, 10/17/38 (d) | 2000000 | 1942315 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Rad CLO 4 Ltd., Series 2019-4A, <br>Class AR, 5.512%, 04/25/32 <br>(3-Month USD TERM <br>SOFR + 1.230%) (c) (d) | $| 641552 | $| 641985 |
| Regatta 32 Funding Ltd., <br>Series 2025-4A, Class A1, <br>5.628%, 07/25/38 <br>(3-Month USD TERM <br>SOFR + 1.340%) (c) (d) |  | 1100000 |  | 1103663 |
| Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
| Series 2019-2A, Class AR2, <br>5.452%, 08/20/32 <br>(3-Month USD TERM <br>SOFR + 1.130%) (c) (d) |  | 1020378 |  | 1021072 |
| Series 2021-2A, Class B, <br>6.281%, 07/20/34 <br>(3-Month USD TERM <br>SOFR + 2.012%) (c) (d) |  | 450000 |  | 451977 |
| Santander Consumer Auto <br>Receivables Trust, <br>Series 2021-AA, Class D, <br>1.570%, 01/15/27 (d) |  | 1500000 |  | 1488674 |
| Saxon Asset Securities Trust, <br>Series 2004-1, Class A, <br>1.540%, 03/25/35 <br>(1-Month USD TERM <br>SOFR + 0.654%) (c) |  | 168199 |  | 147637 |
| SoFi Professional Loan <br>Program LLC, <br>Series 2021-B, Class AFX, <br>1.140%, 02/15/47 (d) |  | 1333587 |  | 1161027 |
| Symphony CLO XX Ltd., <br>Series 2018-20A, Class AR2, <br>5.361%, 01/16/32 <br>(3-Month USD TERM <br>SOFR + 1.100%) (c) (d) |  | 359108 |  | 359334 |
| TIAA CLO IV Ltd., <br>Series 2018-1A, Class A1AR, <br>5.410%, 01/20/32 <br>(3-Month USD TERM <br>SOFR + 1.140%) (c) (d) |  | 749108 |  | 749482 |
| Tricon American Homes Trust, <br>Series 2020-SFR2, <br>Class B, 1.832%, 11/17/39 (d) |  | 975000 |  | 910018 |
| **Total asset-backed securities <br>(cost: $37,476,427)** |  |  |  | **37072928** |
| **Other Mortgage-Backed Securities (11.2%)** | **Other Mortgage-Backed Securities (11.2%)** | **Other Mortgage-Backed Securities (11.2%)** | **Other Mortgage-Backed Securities (11.2%)** | **Other Mortgage-Backed Securities (11.2%)** |
| Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (8.1%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (8.1%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (8.1%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (8.1%) | Collateralized Mortgage Obligations/Mortgage <br>Revenue Bonds (8.1%) |
| Agate Bay Mortgage Trust, <br>Series 2015-1, Class B2, <br>3.627%, 01/25/45 (c) (d) |  | 42828 |  | 41739 |
| Bear Stearns Mortgage <br>Securities, Inc., <br>Series 1996-6, Class B2, <br>8.000%, 11/25/29 |  | 14130 |  | 8225 |
| CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
| Series 2021-R3, Class A1, <br>1.951%, 06/25/57 (c) (d) |  | 1536664 |  | 1391661 |
| Series 2023-R3, Class A1A, <br>4.500%, 01/25/63 (c) (d) |  | 1389762 |  | 1382347 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Citigroup Mortgage Loan <br>Trust, Inc. | Citigroup Mortgage Loan <br>Trust, Inc. | Citigroup Mortgage Loan <br>Trust, Inc. |
| Series 2018-RP1, Class A1, <br>3.000%, 09/25/64 (c) (d) | $49400 | $48468 |
| Series 2021-INV1, Class <br>A7A, 2.500%, 05/25/51 (c) (d) | 1573835 | 1411293 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| Series 2013-6, Class B4, <br>3.424%, 08/25/43 (c) (d) | 509589 | 460868 |
| Series 2017-HL1, Class A12, <br>3.500%, 06/25/47 (c) (d) | 726271 | 660658 |
| FARM 21-1 Mortgage Trust, <br>Series 2021-1, Class A, <br>2.180%, 01/25/51 (c) (d) | 1357870 | 1100324 |
| 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) | 177997 | 177063 |
| Series 2021-3, Class TT, <br>2.000%, 03/25/61 | 873639 | 786154 |
| Federal Home Loan Mortgage <br>Corp. STACR Debt Notes, <br>Series 2017-DNA2, <br>Class M2R, 5.370%, 10/25/29 <br>(30 day USD SOFR <br>Average + 1.064%) (c) | 208900 | 208035 |
| Federal Home Loan Mortgage <br>Corp. Whole Loan <br>Securities Trust | Federal Home Loan Mortgage <br>Corp. Whole Loan <br>Securities Trust | Federal Home Loan Mortgage <br>Corp. Whole Loan <br>Securities Trust |
| Series 2015-SC01, Class 1A, <br>3.500%, 05/25/45 | 149930 | 135365 |
| Series 2016-SC02, Class 1A, <br>3.000%, 10/25/46 | 38378 | 33075 |
| Federal National Mortgage <br>Association Connecticut <br>Avenue Securities Trust, <br>Series 2016-C05, Class 2M2, <br>8.870%, 01/25/29 <br>(30 day USD SOFR <br>Average + 4.564%) (c) | 344183 | 352476 |
| Federal National Mortgage <br>Association REMICS, <br>Series 2004-33, Class AL, <br>4.500%, 05/25/34 | 537000 | 531838 |
| Flagstar Mortgage Trust | Flagstar Mortgage Trust | Flagstar Mortgage Trust |
| Series 2021-5INV, Class A5, <br>2.500%, 07/25/51 (c) (d) | 1943409 | 1733969 |
| Series 2021-6INV, Class A6, <br>2.500%, 08/25/51 (c) (d) | 1741982 | 1562001 |
| GCAT Trust, Series 2024-INV4, <br>Class A2, 5.500%, <br>12/25/54 (c) (d) | 733436 | 728938 |
| GS Mortgage-Backed <br>Securities Trust, <br>Series 2014-EB1A, Class B4, <br>6.755%, 07/25/44 (c) (d) | 2110021 | 2063372 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| Series 2014-2, Class B1, <br>3.403%, 06/25/29 (c) (d) | 85169 | 81722 |
| Series 2015-6, Class B4, <br>3.504%, 10/25/45 (c) (d) | 1375000 | 937524 |
| Series 2016-3, Class B3, <br>3.307%, 10/25/46 (c) (d) | 125436 | 120496 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Series 2017-2, Class B4, <br>3.643%, 05/25/47 (c) (d) | $2410431 | $2218463 |
| Series 2021-13, Class A4, <br>2.500%, 04/25/52 (c) (d) | 3042535 | 2718045 |
| Series 2021-4, Class A5, <br>2.500%, 08/25/51 (c) (d) | 2400000 | 1627956 |
| Luminent Mortgage Trust, <br>Series 2005-1, Class A1, <br>4.954%, 11/25/35 <br>(1-Month USD TERM <br>SOFR + 0.634%) (c) | 1096214 | 1055722 |
| Mellon Residential Funding <br>Corp. Mortgage <br>Pass-Through Trust, <br>Series 1998-2, Class B1, <br>6.750%, 06/25/28 | 737 | 730 |
| OBX Trust, <br>Series 2022-NQM2, Class A1, <br>2.979%, 01/25/62 (c) (d) | 1791334 | 1698851 |
| PMT Loan Trust, <br>Series 2024-INV1, Class A3, <br>5.500%, 10/25/59 (c) (d) | 1273356 | 1264719 |
| PRKCM Trust, <br>Series 2021-AFC2, Class A1, <br>2.071%, 11/25/56 (c) (d) | 927583 | 821241 |
| Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
| Series 2013-8, Class B4, <br>3.481%, 06/25/43 (c) | 441116 | 343199 |
| Series 2015-1, Class B2, <br>3.937%, 01/25/45 (c) (d) | 86561 | 83295 |
| Series 2015-3, Class B1, <br>3.726%, 07/25/45 (c) (d) | 126144 | 123429 |
| Series 2015-4, Class B2, <br>3.102%, 11/25/30 (c) (d) | 20585 | 19503 |
| Series 2017-1, Class B3, <br>3.603%, 02/25/47 (c) (d) | 839201 | 694697 |
| Shellpoint Co-Originator Trust, <br>Series 2017-1, Class B4, <br>3.597%, 04/25/47 (c) (d) | 1118928 | 851781 |
| Starwood Mortgage <br>Residential Trust | Starwood Mortgage <br>Residential Trust | Starwood Mortgage <br>Residential Trust |
| Series 2021-3, Class A1, <br>1.127%, 06/25/56 (c) (d) | 633927 | 555004 |
| Series 2021-6, Class A1, <br>1.920%, 11/25/66 (c) (d) | 1122512 | 993825 |
| Structured Asset Mortgage <br>Investments, Inc. | Structured Asset Mortgage <br>Investments, Inc. | Structured Asset Mortgage <br>Investments, Inc. |
| Series 1998-2, Class B, <br>6.750%, 05/02/30 (c) | 5571 | 63 |
| Series 1998-2, Class C, <br>6.750%, 05/02/30 (c) | 3606 | 237 |
| Towd Point Mortgage Trust, <br>Series 2018-4, Class A1, <br>3.000%, 06/25/58 (c) (d) | 1362829 | 1289572 |
| Vista Point Securitization Trust, <br>Series 2024-CES3, Class A1, <br>5.679%, 01/25/55 (d) | 1426835 | 1428324 |
| WinWater Mortgage Loan Trust, <br>Series 2015-4, Class B3, <br>3.700%, 06/20/45 (c) (d) | 1028748 | 965665 |
|  |  | 34711932 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| 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>4.325%, 08/15/46 (c) (d) | $1350000 | $1209478 |
| BX Trust <br>Series 2022-PSB, <br>Class D, 9.005%, 08/15/39 <br>(1-Month USD TERM <br>SOFR + 4.693%) (c) (d) | 581000 | 581000 |
| Series 2023-LIFE, <br>Class A, 5.045%, 02/15/28 (d) | 900000 | 885580 |
| CRSNT Trust, <br>Series 2021-MOON, <br>Class A, 5.255%, 04/15/36 <br>(1-Month USD TERM <br>SOFR + 0.934%) (c) (d) | 1070000 | 1056625 |
| Hudson Yards Mortgage Trust<br>Series 2025-SPRL, Class A, <br>5.649%, 01/13/40 (c) (d) | 430000 | 443197 |
| Series 2025-SPRL, Class B, <br>5.950%, 01/13/40 (c) (d) | 430000 | 442747 |
| JPMCC Commercial <br>Mortgage Securities Trust, <br>Series 2017-JP5, Class A5, <br>3.723%, 03/15/50 | 1000000 | 984181 |
| UBS Commercial <br>Mortgage Trust<br>Series 2017-C1, Class AS, <br>3.724%, 06/15/50 | 2750000 | 2666954 |
| Series 2017-C6, Class A5, <br>3.580%, 12/15/50 | 3500000 | 3400568 |
| Series 2017-C7, Class AS, <br>4.061%, 12/15/50 (c) | 1505000 | 1451787 |
|  |  | 13122117 |
| **Total other mortgage-backed securities <br>(cost: $51,839,508)** |  | **47834049** |
| **Corporate Obligations (17.3%)** | **Corporate Obligations (17.3%)** | **Corporate Obligations (17.3%)** |
| **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 (d) | 1205000 | 1064299 |
| **Communications (1.1%)** | **Communications (1.1%)** | **Communications (1.1%)** |
| Internet & Telecom (0.0%) | Internet & Telecom (0.0%) | Internet & Telecom (0.0%) |
| Snap, Inc., 6.875%, 03/01/33 (d) | 130000 | 133337 |
| 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 |
| 2.800%, 04/01/31 | 1130000 | 1007224 |
| 4.800%, 03/01/50 | 315000 | 252529 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 5.750%, 01/15/30 (d) | 172000 | 85191 |
| 6.500%, 02/01/29 (d) | 529000 | 430128 |
| 11.750%, 01/31/29 (d) | 320000 | 304493 |
| DISH Network Corp., <br>11.750%, 11/15/27 (d) | 40000 | 41231 |
| Time Warner Cable LLC, <br>5.500%, 09/01/41 | 375000 | 341201 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| VZ Secured Financing BV, <br>5.000%, 01/15/32 (d) | $| 535000 | $ | 475798 |
|  |  |  |  | 2937795 |
| Software (0.1%) | Software (0.1%) | Software (0.1%) | Software (0.1%) | Software (0.1%) |
| Getty Images, Inc., <br>11.250%, 02/21/30 (d) |  | 16832 |  | 16706 |
| Uber Technologies, Inc., <br>4.800%, 09/15/34 |  | 445000 |  | 436893 |
|  |  |  |  | 453599 |
| Telecommunication (0.3%) | Telecommunication (0.3%) | Telecommunication (0.3%) | Telecommunication (0.3%) | Telecommunication (0.3%) |
| Altice Financing SA | Altice Financing SA | Altice Financing SA | Altice Financing SA | Altice Financing SA |
| 5.000%, 01/15/28 (d) |  | 34000 |  | 25603 |
| 5.750%, 08/15/29 (d) |  | 66000 |  | 48387 |
| 9.625%, 07/15/27 (d) |  | 50000 |  | 43000 |
| Crown Castle Towers LLC, <br>4.241%, 07/15/48 (d) |  | 625000 |  | 613712 |
| EchoStar Corp., <br>10.750%, 11/30/29 |  | 22000 |  | 22629 |
| Sprint Spectrum Co. LLC/<br>Sprint Spectrum Co. II LLC/<br>Sprint Spectrum Co. III LLC, <br>5.152%, 09/20/29 (d) |  | 275000 |  | 276864 |
| Zayo Group Holdings, Inc., <br>4.000%, 03/01/27 (d) |  | 70000 |  | 65643 |
|  |  |  |  | 1095838 |
| **Consumer Cyclical (1.1%)** | **Consumer Cyclical (1.1%)** | **Consumer Cyclical (1.1%)** | **Consumer Cyclical (1.1%)** | **Consumer Cyclical (1.1%)** |
| Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) | Auto Manufacturers (0.2%) |
| Volkswagen Group of America <br>Finance LLC<br>5.650%, 03/25/32 (d) |  | 700000 |  | 711404 |
| 5.800%, 03/27/35 (d) |  | 100000 |  | 100758 |
| Volkswagen International <br>Finance NV, 7.875%, 09/06/32 <br>(9 year EUR <br>Swap + 4.783%) (c) |  | 100000 |  | 132625 |
|  |  |  |  | 944787 |
| Entertainment (0.2%) | Entertainment (0.2%) | Entertainment (0.2%) | Entertainment (0.2%) | Entertainment (0.2%) |
| Great Canadian Gaming <br>Corp./Raptor LLC, <br>8.750%, 11/15/29 (d) |  | 70000 |  | 68567 |
| Voyager Parent LLC, <br>9.250%, 07/01/32 (d) |  | 93000 |  | 96704 |
| Warnermedia Holdings, Inc.<br>4.279%, 03/15/32 |  | 108000 |  | 80325 |
| 5.050%, 03/15/42 |  | 1000000 |  | 589400 |
|  |  |  |  | 834996 |
| 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 |  | 438348 |
| 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 |  | 606759 |  | 567976 |
| Retail (0.5%) | Retail (0.5%) | Retail (0.5%) | Retail (0.5%) | Retail (0.5%) |
| BCPE Flavor Debt <br>Merger Sub LLC & BCPE <br>Flavor Issuer, Inc., <br>9.500%, 07/01/32 (d) |  | 65000 |  | 66410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Ferrellgas LP/Ferrellgas <br>Finance Corp.<br>5.375%, 04/01/26 (d) | $| 340000 | $| 336697 |
| 5.875%, 04/01/29 (d) |  | 362000 |  | 335105 |
| McDonald's Corp., <br>4.950%, 03/03/35 |  | 645000 |  | 643841 |
| Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| 5.250%, 05/01/28 (d) |  | 396000 |  | 318713 |
| 7.875%, 05/01/29 (d) |  | 106000 |  | 69430 |
| Papa John's International, <br>Inc., 3.875%, 09/15/29 (d) |  | 225000 |  | 218142 |
|  |  |  |  | 1988338 |
| **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
| Entertainment (0.0%) | Entertainment (0.0%) | Entertainment (0.0%) | Entertainment (0.0%) | Entertainment (0.0%) |
| Warnermedia Holdings, Inc., <br>5.141%, 03/15/52 (b) |  | 158000 |  | 97565 |
| **Consumer, Non-cyclical (3.2%)** | **Consumer, Non-cyclical (3.2%)** | **Consumer, Non-cyclical (3.2%)** | **Consumer, Non-cyclical (3.2%)** | **Consumer, Non-cyclical (3.2%)** |
| Agricultural Products (0.3%) | Agricultural Products (0.3%) | Agricultural Products (0.3%) | Agricultural Products (0.3%) | Agricultural Products (0.3%) |
| Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
| 3.875%, 07/26/29 (d) |  | 30000 |  | 29079 |
| 6.125%, 07/27/27 (d) |  | 470000 |  | 485046 |
| Japan Tobacco, Inc., <br>5.250%, 06/15/30 (d) |  | 635000 |  | 653310 |
|  |  |  |  | 1167435 |
| Beverages (0.3%) | Beverages (0.3%) | Beverages (0.3%) | Beverages (0.3%) | Beverages (0.3%) |
| Constellation Brands, Inc., <br>2.250%, 08/01/31 |  | 755000 |  | 653978 |
| Diageo Investment Corp., <br>5.625%, 04/15/35 |  | 635000 |  | 664367 |
|  |  |  |  | 1318345 |
| Biotechnology (0.0%) | Biotechnology (0.0%) | Biotechnology (0.0%) | Biotechnology (0.0%) | Biotechnology (0.0%) |
| Amgen, Inc., 5.650%, 03/02/53 |  | 110000 |  | 107642 |
| Commercial Services (0.0%) | Commercial Services (0.0%) | Commercial Services (0.0%) | Commercial Services (0.0%) | Commercial Services (0.0%) |
| Grand Canyon University, <br>5.125%, 10/01/28 |  | 70000 |  | 67310 |
| Upbound Group, Inc., <br>6.375%, 02/15/29 (d) |  | 75000 |  | 73757 |
|  |  |  |  | 141067 |
| Food Products (0.3%) | Food Products (0.3%) | Food Products (0.3%) | Food Products (0.3%) | Food Products (0.3%) |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 3.500%, 03/01/32 |  | 1320000 |  | 1188130 |
| 6.875%, 05/15/34 |  | 165000 |  | 180593 |
|  |  |  |  | 1368723 |
| Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 2.500%, 03/01/31 |  | 220000 |  | 189340 |
| 3.000%, 10/15/30 |  | 757000 |  | 675209 |
| CommonSpirit Health, <br>4.350%, 11/01/42 |  | 405000 |  | 339026 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 5.200%, 02/15/35 |  | 195000 |  | 197034 |
| 5.375%, 06/15/34 |  | 275000 |  | 281222 |
| Fortrea Holdings, Inc., <br>7.500%, 07/01/30 (d) |  | 50000 |  | 45259 |
| HAH Group Holding Co. LLC, <br>9.750%, 10/01/31 (d) |  | 45000 |  | 44614 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Humana, Inc., <br>5.550%, 05/01/35 | $| 645000 | $| 648526 |
| IQVIA, Inc., <br>5.700%, 05/15/28 |  | 825000 |  | 845588 |
| Kedrion SpA, <br>6.500%, 09/01/29 (d) |  | 305000 |  | 291824 |
| ModivCare, Inc., <br>5.000%, 10/01/29 (d) |  | 413700 |  | 109630 |
| Molina Healthcare, Inc., <br>6.250%, 01/15/33 (d) |  | 40000 |  | 40654 |
| Sinai Health System, <br>3.034%, 01/20/36 |  | 975000 |  | 919032 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 5.150%, 07/15/34 |  | 425000 |  | 429470 |
| 5.625%, 07/15/54 |  | 425000 |  | 412650 |
|  |  |  |  | 5469078 |
| Household Products (0.0%) | Household Products (0.0%) | Household Products (0.0%) | Household Products (0.0%) | Household Products (0.0%) |
| Spectrum Brands, Inc., <br>3.875%, 03/15/31 (d) |  | 61000 |  | 48916 |
| Personal Care (0.0%) | Personal Care (0.0%) | Personal Care (0.0%) | Personal Care (0.0%) | Personal Care (0.0%) |
| Opal Bidco SAS, <br>6.500%, 03/31/32 (d) |  | 20000 |  | 20415 |
| Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) |
| 1261229 BC Ltd., <br>10.000%, 04/15/32 (d) |  | 130000 |  | 131170 |
| Bayer U.S. Finance II LLC<br>4.375%, 12/15/28 (d) |  | 1180000 |  | 1168808 |
| 4.400%, 07/15/44 (d) |  | 1000000 |  | 779439 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 4.780%, 03/25/38 |  | 90000 |  | 82586 |
| 5.050%, 03/25/48 |  | 925000 |  | 799909 |
| 5.875%, 06/01/53 |  | 233000 |  | 223023 |
| 7.000%, 03/10/55 (5 year <br>CMT + 2.886%) (c) |  | 305000 |  | 314528 |
| Grifols SA, 7.500%, 05/01/30 |  | 328000 |  | 402644 |
| Teva Pharmaceutical Finance <br>Netherlands III BV, <br>6.000%, 12/01/32 |  | 176000 |  | 179730 |
|  |  |  |  | 4081837 |
| **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** |
| Oil & Gas (0.1%) | Oil & Gas (0.1%) | Oil & Gas (0.1%) | Oil & Gas (0.1%) | Oil & Gas (0.1%) |
| Ecopetrol SA, 8.875%, 01/13/33 |  | 40000 |  | 41246 |
| KazMunayGas National <br>Co. JSC, 5.375%, 04/24/30 |  | 300000 |  | 301986 |
| Transocean Titan Financing <br>Ltd., 8.375%, 02/01/28 (d) |  | 25333 |  | 25820 |
| Transocean, Inc., <br>8.750%, 02/15/30 (d) |  | 36000 |  | 37020 |
|  |  |  |  | 406072 |
| Pipelines (1.2%) | Pipelines (1.2%) | Pipelines (1.2%) | Pipelines (1.2%) | Pipelines (1.2%) |
| Energy Transfer LP, <br>6.850%, 02/15/40 |  | 1850000 |  | 1956437 |
| Galaxy Pipeline Assets Bidco <br>Ltd., 2.160%, 03/31/34 (d) |  | 184288 |  | 163340 |
| Global Partners LP/GLP <br>Finance Corp., <br>8.250%, 01/15/32 (d) |  | 20000 |  | 21028 |
| NGPL PipeCo LLC, <br>3.250%, 07/15/31 (d) |  | 1000000 |  | 890688 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Tennessee Gas Pipeline Co. <br>LLC, 8.375%, 06/15/32 | $| 1500000 | $| 1746862 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 7.000%, 01/15/30 (d) |  | 67000 |  | 67697 |
| 9.000%, 09/30/29 (5 year <br>CMT + 5.440%) (c) (d) |  | 153000 |  | 148864 |
| 9.875%, 02/01/32 (d) |  | 181000 |  | 195481 |
| Venture Global Plaquemines <br>LNG LLC, 6.750%, 01/15/36 |  | 19000 |  | 19000 |
|  |  |  |  | 5209397 |
| **Financial (7.3%)** | **Financial (7.3%)** | **Financial (7.3%)** | **Financial (7.3%)** | **Financial (7.3%)** |
| Banks (5.0%) | Banks (5.0%) | Banks (5.0%) | Banks (5.0%) | Banks (5.0%) |
| Bank of America Corp.<br>1.922%, 10/24/31 <br>(SOFRRATE + 1.370%) (c) |  | 710000 |  | 619136 |
| 2.592%, 04/29/31 <br>(SOFRRATE + 2.150%) (c) |  | 590000 |  | 539264 |
| 2.884%, 10/22/30 <br>(3-Month USD TERM <br>SOFR + 1.452%) (c) |  | 2410000 |  | 2255452 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 2.520%, 11/03/32 <br>(SOFRRATE + 1.177%) (c) |  | 215000 |  | 187957 |
| 5.333%, 03/27/36 <br>(SOFRRATE + 1.465%) (c) |  | 635000 |  | 640346 |
| 5.449%, 06/11/35 <br>(SOFRRATE + 1.447%) (c) |  | 175000 |  | 178799 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| 1.431%, 03/09/27 <br>(SOFRRATE + 0.798%) (c) |  | 555000 |  | 542992 |
| 2.383%, 07/21/32 <br>(SOFRRATE + 1.248%) (c) |  | 600000 |  | 523861 |
| 5.016%, 10/23/35 <br>(SOFRRATE + 1.420%) (c) |  | 415000 |  | 409831 |
| 5.536%, 01/28/36 <br>(SOFRRATE + 1.380%) (c) |  | 90000 |  | 92311 |
| HSBC Holdings PLC, <br>2.357%, 08/18/31 <br>(SOFRRATE + 1.947%) (c) |  | 1155000 |  | 1025353 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 1.040%, 02/04/27 <br>(3-Month USD TERM <br>SOFR + 0.695%) (c) |  | 2500000 |  | 2448411 |
| 1.470%, 09/22/27 <br>(SOFRRATE + 0.765%) (c) |  | 910000 |  | 877895 |
| 2.545%, 11/08/32 <br>(SOFRRATE + 1.180%) (c) |  | 145000 |  | 127627 |
| 2.580%, 04/22/32 <br>(3-Month USD TERM <br>SOFR + 1.250%) (c) |  | 275000 |  | 245500 |
| 4.946%, 10/22/35 <br>(SOFRRATE + 1.340%) (c) |  | 330000 |  | 326932 |
| 5.502%, 01/24/36 <br>(SOFRRATE + 1.315%) (c) |  | 210000 |  | 216150 |
| Morgan Stanley<br>1.928%, 04/28/32 <br>(SOFRRATE + 1.020%) (c) |  | 769000 |  | 657263 |
| 2.511%, 10/20/32 <br>(SOFRRATE + 1.200%) (c) |  | 125000 |  | 109430 |
| 2.943%, 01/21/33 <br>(SOFRRATE + 1.290%) (c) |  | 20000 |  | 17851 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| 5.587%, 01/18/36 <br>(SOFRRATE + 1.418%) (c) | $| 550000 | $| 564674 |
| 5.831%, 04/19/35 <br>(SOFRRATE + 1.580%) (c) |  | 10000 |  | 10477 |
| PNC Financial Services <br>Group, Inc.<br>5.676%, 01/22/35 <br>(SOFRRATE + 1.902%) (c) |  | 10000 |  | 10389 |
| 6.875%, 10/20/34 <br>(SOFRRATE + 2.284%) (c) |  | 175000 |  | 195679 |
| Santander U.K. Group <br>Holdings PLC, <br>2.469%, 01/11/28 <br>(SOFRRATE + 1.220%) (c) |  | 1775000 |  | 1718421 |
| U.S. Bancorp<br>3.000%, 07/30/29 |  | 765000 |  | 724140 |
| Series J, 5.300%, 04/15/27 <br>(3-Month USD TERM <br>SOFR + 3.176%) (c) |  | 800000 |  | 799699 |
| 5.836%, 06/12/34 <br>(SOFRRATE + 2.260%) (c) |  | 40000 |  | 42024 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 2.393%, 06/02/28 <br>(SOFRRATE + 2.100%) (c) |  | 3390000 |  | 3267086 |
| 2.879%, 10/30/30 <br>(3-Month USD TERM <br>SOFR + 1.432%) (c) |  | 490000 |  | 457930 |
| 3.000%, 10/23/26 |  | 1100000 |  | 1081090 |
| 4.897%, 07/25/33 <br>(SOFRRATE + 2.100%) (c) |  | 170000 |  | 170026 |
|  |  |  |  | 21083996 |
| Financial Services (0.8%) | Financial Services (0.8%) | Financial Services (0.8%) | Financial Services (0.8%) | Financial Services (0.8%) |
| Air Lease Corp., <br>3.250%, 10/01/29 |  | 1500000 |  | 1428268 |
| American Express Co., <br>5.667%, 04/25/36 <br>(SOFRRATE + 1.790%) (c) |  | 425000 |  | 440175 |
| Avolon Holdings Funding <br>Ltd., 2.528%, 11/18/27 (d) |  | 1500000 |  | 1425564 |
| GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
| 8.000%, 02/15/27 (d) |  | 90000 |  | 92785 |
| 8.000%, 06/15/28 (d) |  | 126000 |  | 133380 |
| Visa, Inc., 3.875%, 05/15/44 |  | 130000 |  | 152174 |
|  |  |  |  | 3672346 |
| 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 |  | 408218 |
| 7.000%, 10/15/64 <br>(10 year CMT + <br>3.864%) (c) (d) |  | 235000 |  | 232890 |
| Metropolitan Life Global <br>Funding I, <br>5.150%, 03/28/33 (d) |  | 290000 |  | 294402 |
| Teachers Insurance & Annuity <br>Association of America, <br>4.270%, 05/15/47 (d) |  | 2125000 |  | 1726651 |
|  |  |  |  | 2662161 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Investment Companies (0.1%) | Investment Companies (0.1%) | Investment Companies (0.1%) |
| Icahn Enterprises LP/Icahn <br>Enterprises Finance Corp. | Icahn Enterprises LP/Icahn <br>Enterprises Finance Corp. | Icahn Enterprises LP/Icahn <br>Enterprises Finance Corp. |
| 9.000%, 06/15/30 | $211000 | $197693 |
| 9.750%, 01/15/29 | 140000 | 136001 |
|  |  | 333694 |
| 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 | 352363 |
| 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 | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| 3.250%, 01/15/30 | 542000 | 443412 |
| 3.950%, 11/01/27 | 5000 | 4793 |
| 4.650%, 04/01/29 | 2000 | 1797 |
| 5.950%, 02/15/28 | 15000 | 14625 |
|  |  | 464627 |
| Residential REITs (0.1%) | Residential REITs (0.1%) | Residential REITs (0.1%) |
| American Homes 4 Rent LP, <br>5.500%, 02/01/34 | 220000 | 223707 |
| Retail REITs (0.0%) | Retail REITs (0.0%) | Retail REITs (0.0%) |
| Realty Income Corp., <br>3.375%, 06/20/31 | 145000 | 169730 |
| Specialized REITs (0.5%) | Specialized REITs (0.5%) | Specialized REITs (0.5%) |
| American Assets Trust LP, <br>6.150%, 10/01/34 | 250000 | 249821 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 2.900%, 01/15/30 | 430000 | 400597 |
| 4.900%, 03/15/30 | 435000 | 440538 |
| GLP Capital LP/GLP <br>Financing II, Inc., <br>5.300%, 01/15/29 | 310000 | 313424 |
| VICI Properties LP/VICI <br>Note Co., Inc., <br>3.875%, 02/15/29 (d) | 665000 | 643181 |
|  |  | 2047561 |
| Storage REITs (0.0%) | Storage REITs (0.0%) | Storage REITs (0.0%) |
| Extra Space Storage LP, <br>2.400%, 10/15/31 | 70000 | 60813 |
| **Industrials (0.4%)** | **Industrials (0.4%)** | **Industrials (0.4%)** |
| Aerospace & Defense (0.0%) | Aerospace & Defense (0.0%) | Aerospace & Defense (0.0%) |
| Lockheed Martin Corp., <br>4.500%, 05/15/36 | 110000 | 105784 |
| Construction & Engineering (0.0%) | Construction & Engineering (0.0%) | Construction & Engineering (0.0%) |
| Artera Services LLC, <br>8.500%, 02/15/31 (d) | 65000 | 54135 |
| Machinery — Diversified (0.0%) | Machinery — Diversified (0.0%) | Machinery — Diversified (0.0%) |
| Oregon Tool Lux LP, <br>7.875%, 10/15/29 (d) (e) | 68024 | 39538 |
| Packaging & Containers (0.4%) | Packaging & Containers (0.4%) | Packaging & Containers (0.4%) |
| Amcor Flexibles North <br>America, Inc., <br>5.100%, 03/17/30 (d) | 280000 | 284676 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| Ardagh Packaging Finance <br>PLC/Ardagh Holdings <br>USA, Inc. | Ardagh Packaging Finance <br>PLC/Ardagh Holdings <br>USA, Inc. | Ardagh Packaging Finance <br>PLC/Ardagh Holdings <br>USA, Inc. | Ardagh Packaging Finance <br>PLC/Ardagh Holdings <br>USA, Inc. | Ardagh Packaging Finance <br>PLC/Ardagh Holdings <br>USA, Inc. |
| 4.125%, 08/15/26 (d) | $| 65000 | $| 61026 |
| 5.250%, 08/15/27 (d) |  | 446000 |  | 198885 |
| Berry Global, Inc., <br>5.500%, 04/15/28 |  | 1000000 |  | 1025515 |
|  |  |  |  | 1570102 |
| **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** |
| Computers (0.1%) | Computers (0.1%) | Computers (0.1%) | Computers (0.1%) | Computers (0.1%) |
| Dell International LLC/EMC <br>Corp., 5.000%, 04/01/30 (b) |  | 425000 |  | 431715 |
| Office Automation & Equipment (0.0%) | Office Automation & Equipment (0.0%) | Office Automation & Equipment (0.0%) | Office Automation & Equipment (0.0%) | Office Automation & Equipment (0.0%) |
| Xerox Corp., <br>10.250%, 10/15/30 (d) |  | 125000 |  | 130908 |
| Semiconductor Equipment (0.2%) | Semiconductor Equipment (0.2%) | Semiconductor Equipment (0.2%) | Semiconductor Equipment (0.2%) | Semiconductor Equipment (0.2%) |
| Foundry JV Holdco LLC, <br>5.500%, 01/25/31 (d) |  | 75000 |  | 76908 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 3.050%, 08/12/51 |  | 224000 |  | 133167 |
| 3.734%, 12/08/47 |  | 450000 |  | 318114 |
| 5.600%, 02/21/54 |  | 160000 |  | 147121 |
| 5.700%, 02/10/53 |  | 95000 |  | 88538 |
|  |  |  |  | 763848 |
| Software (0.3%) | Software (0.3%) | Software (0.3%) | Software (0.3%) | Software (0.3%) |
| Fiserv Funding ULC, <br>4.000%, 06/15/36 |  | 260000 |  | 304290 |
| Helios Software Holdings, <br>Inc./ION Corporate <br>Solutions Finance SARL, <br>8.750%, 05/01/29 (d) |  | 69000 |  | 70976 |
| Open Text Corp., <br>6.900%, 12/01/27 (d) |  | 85000 |  | 87995 |
| Oracle Corp., <br>4.800%, 08/03/28 |  | 330000 |  | 335378 |
| Paychex, Inc., <br>5.350%, 04/15/32 |  | 425000 |  | 436262 |
|  |  |  |  | 1234901 |
| **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** |
| Electric Utilities (1.2%) | Electric Utilities (1.2%) | Electric Utilities (1.2%) | Electric Utilities (1.2%) | Electric Utilities (1.2%) |
| Duke Energy Carolinas LLC, <br>4.250%, 12/15/41 |  | 1280000 |  | 1096228 |
| Entergy Mississippi LLC, <br>3.250%, 12/01/27 |  | 500000 |  | 487708 |
| Florida Power & Light Co., <br>5.700%, 03/15/55 |  | 915000 |  | 926880 |
| Niagara Mohawk Power <br>Corp., 4.278%, 10/01/34 (d) |  | 490000 |  | 455199 |
| Oncor Electric Delivery Co. <br>LLC, 5.350%, 04/01/35 (d) |  | 635000 |  | 646971 |
| Scottish Hydro Electric <br>Transmission PLC, <br>3.375%, 09/04/32 |  | 185000 |  | 216238 |
| TenneT Holding BV, <br>4.750%, 10/28/42 |  | 150000 |  | 190675 |
| Trans-Allegheny Interstate <br>Line Co., 5.000%, 01/15/31 (d) |  | 1060000 |  | 1078200 |
|  |  |  |  | 5098099 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Gas Utilities (0.7%) | Gas Utilities (0.7%) | Gas Utilities (0.7%) |
| AmeriGas Partners LP/<br>AmeriGas Finance Corp., <br>9.375%, 06/01/28 (d) | $106000 | $109059 |
| Piedmont Natural Gas Co., <br>Inc., 3.350%, 06/01/50 | 1410000 | 941552 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| 3.875%, 11/15/25 | 1105000 | 1100483 |
| 4.400%, 05/30/47 | 775000 | 630527 |
| Venture Global Plaquemines <br>LNG LLC<br>7.500%, 05/01/33 (d) | 15000 | 16062 |
| 7.750%, 05/01/35 (d) | 45000 | 48712 |
|  |  | 2846395 |
| Water (0.1%) | Water (0.1%) | Water (0.1%) |
| Severn Trent Utilities Finance <br>PLC, 4.000%, 03/05/34 | 180000 | 215916 |
| United Utilities Water Finance <br>PLC, 3.750%, 05/23/34 | 175000 | 205436 |
|  |  | 421352 |
| **Total corporate obligations <br>(cost: $75,030,623)** |  | **73663580** |
| **Bank Loans (1.6%)** | **Bank Loans (1.6%)** | **Bank Loans (1.6%)** |
| 1011778 B.C. Unlimited <br>Liability Co., 2024 Term <br>Loan B6, 6.077%, 09/20/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 51997 | 51683 |
| 8th Avenue Food & <br>Provisions, Inc., <br>2018 1st Lien Term Loan, <br>10.250%, 10/01/25 <br>(3-Month USD TERM <br>SOFR + 2.750%) (c) (d) | 9503 | 9492 |
| ABG Intermediate Holdings 2 <br>LLC, 2024 1st Lien Term <br>Loan B, 6.577%, 12/21/28 <br>(1-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 45459 | 45373 |
| Advantage Sales & Marketing, <br>Inc., 2024 Term Loan, <br>8.789%, 10/28/27 <br>(3-Month USD TERM <br>SOFR + 4.500%) (c) (d) | 51557 | 42870 |
| AI Aqua Merger Sub, Inc., <br>2024 1st Lien Term Loan B, <br>7.324%, 07/31/28 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 23985 | 23934 |
| Albion Financing 3 SARL, <br>2025 USD Term Loan B, <br>7.322%, 08/16/29 <br>(3-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 9207 | 9207 |
| Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| 2025 Term Loan B, 0.000%, <br>09/30/31 (b) (c) (d) (f) | 91494 | 91304 |
| Term Loan B, 0.000%, <br>09/30/31 (b) (c) (d) (f) | 91494 | 91380 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Amspec Parent LLC, 2024 <br>Delayed Draw Term Loan, <br>0.000%, 12/22/31 (c) (d) (f) | $2603 | $2606 |
| AmWINS Group, Inc., 2025 <br>Term Loan B, <br>6.577%, 01/30/32 <br>(1-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 52072 | 52085 |
| Antylia Scientific, Term Loan, <br>8.318%, 05/27/32 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 40001 | 38867 |
| Arches Buyer, Inc., 2021 Term <br>Loan B, 7.677%, 12/06/27 <br>(1-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 37076 | 36577 |
| Artera Services LLC, 2024 Term <br>Loan, 8.796%, 02/15/31 <br>(3-Month USD TERM <br>SOFR + 4.500%) (c) (d) | 49159 | 40999 |
| Asurion LLC, 2021 Second <br>Lien Term Loan B4, <br>9.691%, 01/20/29 <br>(1-Month USD TERM <br>SOFR + 5.250%) (c) (d) | 34789 | 32211 |
| Avolon TLB Borrower 1 U.S. <br>LLC, 2023 Term Loan B6, <br>6.071%, 06/24/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 224568 | 224726 |
| Balcan Innovations, Inc., Term <br>Loan B, 9.030%, 10/18/31 <br>(3-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 37096 | 33758 |
| Barracuda Networks, <br>Inc., 2022 Term Loan, <br>8.780%, 08/15/29 <br>(3-Month USD TERM <br>SOFR + 4.500%) (c) (d) | 27953 | 23038 |
| Bausch & Lomb Corp., 2023 <br>Incremental Term Loan, <br>8.327%, 09/29/28 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 56177 | 56060 |
| BCPE Empire Holdings, Inc., <br>2025 Term Loan B, <br>7.577%, 12/11/30 <br>(1-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 38113 | 37859 |
| BCPE North Star U.S. <br>HoldCo 2, Inc., Term Loan, <br>8.441%, 06/09/28 <br>(1-Month USD TERM <br>SOFR + 4.000%, <br>3-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 57250 | 56415 |
| Belron Finance 2019 LLC, <br>2024 USD Term Loan B, <br>7.049%, 10/16/31 <br>(3-Month USD TERM <br>SOFR + 2.750%) (c) (d) | 32070 | 32181 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Blackhawk Network Holdings, <br>Inc., 2025 Term Loan B, <br>8.327%, 03/12/29 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | $49239 | $49476 |
| Boost Newco Borrower LLC, <br>2025 USD Term Loan B, <br>6.296%, 01/31/31 <br>(3-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 51658 | 51684 |
| Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 2024 Term Loan B10, <br>6.077%, 01/31/31 <br>(1-Month USD TERM <br>SOFR + 1.750%) (b) (c) (d) | 107688 | 107629 |
| 2024 Term Loan B5, <br>6.077%, 02/15/32 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 80223 | 80179 |
| Cast & Crew Payroll LLC, <br>2021 Incremental Term Loan, <br>8.077%, 12/29/28 <br>(1-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 21128 | 19913 |
| Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. |
| 2025 New Money FLFO <br>Term Loan, 9.330%, 04/29/30 <br>(3-Month USD TERM <br>SOFR + 5.000%) (c) (d) | 3937 | 3937 |
| 2025 USD FLSO Term <br>Loan B1, 8.580%, 05/31/30 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 26275 | 14018 |
| CCRR Parent, Inc. | CCRR Parent, Inc. | CCRR Parent, Inc. |
| Term Loan B, <br>8.697%, 03/06/28 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 18567 | 7520 |
| U.S. Acquisition Facility, <br>8.683%, 03/06/28 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 49922 | 19969 |
| Celsius Holdings, Inc., Term <br>Loan, 7.492%, 04/01/32 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 43736 | 43927 |
| Charter Communications <br>Operating LLC<br>2023 Term Loan B4, 0.000%, <br>12/07/30 (b) (c) (d) (f) | 60785 | 60747 |
| 2024 Term Loan B5, <br>6.548%, 12/15/31 <br>(3-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 93864 | 93998 |
| Chemours Co., 2023 USD <br>Term Loan B, <br>7.327%, 08/18/28 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 47415 | 47297 |
| Cleanova Midco Ltd., 2025 <br>Term Loan B, <br>11.250%, 06/14/32 <br>(3-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 26875 | 25935 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Cloud Software Group, Inc., <br>2024 1st Lien Term Loan B, <br>7.796%, 03/29/29 <br>(3-Month USD TERM <br>SOFR + 3.500%) (c) (d) | $40440 | $40453 |
| Cornerstone Generation LLC, <br>Term Loan B, 0.000%, <br>10/28/31 (b) (c) (d) (f) | 22404 | 22516 |
| Cotiviti Corp., 2025 2nd <br>Amendment Term Loan, <br>7.074%, 03/26/32 <br>(1-Month USD TERM <br>SOFR + 2.750%) (c) (d) | 28982 | 28837 |
| Dave & Buster's, Inc., 2024 <br>1st Lien Term Loan B, <br>7.563%, 11/01/31 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 56764 | 54014 |
| Deerfield Dakota Holding LLC, <br>2020 USD Term Loan B, <br>8.046%, 04/09/27 <br>(3-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 76115 | 73831 |
| Delivery Hero SE, 2024 USD <br>Term Loan B, <br>9.300%, 12/12/29 <br>(3-Month USD TERM <br>SOFR + 5.000%) (c) (d) | 87363 | 87581 |
| DK Crown Holdings, Inc., <br>2025 Term Loan B, <br>6.066%, 03/04/32 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 29625 | 29523 |
| DTI Holdco, Inc., <br>2025 Term Loan B, <br>8.327%, 04/26/29 (c) (d) | 27569 | 27207 |
| EagleView Technology Corp., <br>2025 Term Loan, <br>10.802%, 08/14/28 <br>(3-Month USD TERM <br>SOFR + 6.500%) (c) (d) | 161049 | 156419 |
| ECI Macola Max Holding LLC, <br>2024 Term Loan, <br>7.546%, 05/09/30 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 28233 | 28356 |
| Edgewater Generation LLC, <br>2025 Repriced Term Loan, <br>7.327%, 08/01/30 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 22059 | 22128 |
| EFS Cogen Holdings I LLC, <br>2020 Term Loan B, <br>7.796%, 10/03/31 <br>(3-Month USD TERM <br>SOFR + 3.500%) (c) (d) | 43173 | 43270 |
| Element Materials Technology <br>Group U.S. Holdings, Inc., <br>2022 USD Term Loan, <br>0.000%, 07/06/29 (b) (c) (d) (f) | 30651 | 30708 |
| Flutter Financing BV, <br>2025 Term Loan B, <br>6.296%, 06/04/32 <br>(3-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 62255 | 62255 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Frontier Communications <br>Corp., 2025 Term Loan B, <br>6.792%, 07/01/31 <br>(6-Month USD TERM <br>SOFR + 2.500%) (c) (d) | $24595 | $24533 |
| Gainwell Acquisition Corp., <br>Term Loan B, <br>8.396%, 10/01/27 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 110061 | 105383 |
| GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. |
| Delayed Draw Term Loan, <br>0.000%, 06/04/32 (b) (c) (d) (f) | 4475 | 4386 |
| Term Loan, <br>0.000%, 06/04/32 (b) (c) (d) (f) | 26211 | 25745 |
| Genesys Cloud Services <br>Holdings II LLC, <br>2025 USD Term Loan B, <br>6.827%, 01/30/32 <br>(1-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 29740 | 29718 |
| Grifols Worldwide Operations <br>USA, Inc., 2019 USD Term <br>Loan B, 6.483%, 11/15/27 <br>(3-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 65363 | 65130 |
| Guggenheim Partners LLC, <br>2024 Term Loan B, <br>6.796%, 11/26/31 <br>(3-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 24862 | 24948 |
| GVC Holdings Ltd., 2024 <br>USD Term Loan B3, <br>7.016%, 10/31/29 <br>(6-Month USD TERM <br>SOFR + 2.750%) (c) (d) | 29508 | 29603 |
| HDI Aerospace Intermediate <br>Holding III Corp., <br>Term Loan B, <br>0.000%, 02/11/32 (b) (c) (d) (f) | 50000 | 50000 |
| Healthpeak Properties, Inc.<br>2024 Term Loan A3, <br>5.146%, 03/01/29 <br>(3-Month USD TERM <br>SOFR + 0.850%) (c) (d) | 280012 | 271612 |
| Term Loan A1, <br>5.267%, 08/20/27 <br>(1-Month USD TERM <br>SOFR + 0.840%) (c) (d) | 138742 | 136314 |
| Term Loan A2, <br>5.267%, 02/22/27 <br>(1-Month USD TERM <br>SOFR + 0.840%) (c) (d) | 138742 | 136314 |
| Heartland Dental LLC, <br>2024 Term Loan, <br>8.827%, 04/28/28 <br>(1-Month USD <br>TERM SOFR + 4.500%) (c) (d) | 26556 | 26551 |
| Hilton Domestic Operating <br>Co., Inc., 2023 Term Loan B4, <br>6.069%, 11/08/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 226949 | 227530 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Invitation Homes Operating <br>Partnership LP, 2024 Term <br>Loan, 5.261%, 09/09/28 <br>(1-Month USD TERM <br>SOFR + 0.850%) (c) (d) | $397356 | $389408 |
| IQVIA, Inc., 2025 Repriced <br>Term Loan B, <br>6.046%, 01/02/31 <br>(3-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 78280 | 78525 |
| Jane Street Group LLC, <br>2024 Term Loan B1, <br>6.333%, 12/15/31 <br>(3-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 63767 | 63679 |
| Jazz Financing Lux SARL, <br>2024 1st Lien Term Loan B, <br>6.577%, 05/05/28 <br>(1-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 49421 | 49591 |
| Kestrel Acquisition LLC, <br>2024 Term Loan B, <br>7.796%, 11/06/31 <br>(3-Month USD TERM <br>SOFR + 2.500%, <br>3-Month USD TERM <br>SOFR + 3.500%) (c) (d) | 25968 | 25916 |
| KFC Holding Co., 2021 Term <br>Loan B, 6.179%, 03/15/28 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) | 58056 | 58274 |
| KUEHG Corp., 2024 Term <br>Loan, 7.546%, 06/12/30 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 16407 | 16392 |
| Magnite, Inc., 2025 Repriced <br>Term Loan B, <br>7.327%, 02/06/31 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 60906 | 61058 |
| McAfee LLC, 2024 USD 1st <br>Lien Term Loan B, <br>7.316%, 03/01/29 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) | 10903 | 10521 |
| MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
| 2023 Term Loan, <br>8.577%, 05/03/28 <br>(1-Month USD TERM <br>SOFR + 4.250%) (b) (c) (d) | 46592 | 43471 |
| 2024 Term Loan B4, <br>8.577%, 12/31/31 <br>(1-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 72582 | 62929 |
| Modena Buyer LLC, <br>Term Loan, 8.780%, 07/01/31 <br>(3-Month USD TERM <br>SOFR + 4.500%) (c) (d) | 16339 | 15740 |
| Modivcare, Inc. | Modivcare, Inc. | Modivcare, Inc. |
| 2024 Term Loan B, <br>9.046%, 07/01/31 <br>(3-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 189840 | 133837 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| 2025 Incremental Term Loan, <br>11.708%, 01/09/26 <br>(3-Month USD TERM <br>SOFR + 7.500%) (c) (d) | $73690 | $56005 |
| Naked Juice LLC | Naked Juice LLC | Naked Juice LLC |
| 2025 FLFO Term Loan, <br>9.796%, 01/24/29 <br>(3-Month USD TERM <br>SOFR + 5.500%) (c) (d) | 226592 | 224326 |
| 2025 FLTO Term Loan, <br>12.500%, 01/24/30 <br>(3-Month USD TERM <br>SOFR + 5.000%) (c) (d) | 245993 | 110697 |
| 2nd Lien Term Loan, <br>10.396%, 01/24/30 <br>(3-Month USD TERM <br>SOFR + 6.000%) (c) (d) | 38193 | 8784 |
| NEP Group, Inc., 2023 Term <br>Loan B, 7.844%, 08/19/26 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 30786 | 27977 |
| Opal Bidco SAS, USD Term <br>Loan B, 7.575%, 04/28/32 <br>(3-Month USD TERM <br>SOFR + 3.250%) (b) (c) (d) | 41561 | 41675 |
| Oregon Tool, Inc., 2025 2nd <br>Lien Term Loan, <br>8.586%, 10/15/29 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 71385 | 57643 |
| Peer Holding III BV, 2025 <br>USD Term Loan B5B, <br>0.000%, 07/01/31 (b) (c) (d) (f) | 98917 | 99349 |
| Pelican Products, Inc., <br>2021 Term Loan, <br>8.807%, 12/29/28 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 59509 | 52070 |
| Peraton Corp., Term Loan B, <br>8.177%, 02/01/28 <br>(1-Month USD TERM <br>SOFR + 3.750%) (c) (d) | 73183 | 64297 |
| Potomac Energy Center LLC<br>2025 Term Loan, <br>0.000%, 03/14/32 (b) (c) (d) (f) | 27058 | 26991 |
| Term Loan, 10.557%, 11/12/26 <br>(3-Month USD TERM <br>SOFR + 6.000%) (c) (d) | 27959 | 27959 |
| PUG LLC, 2024 Extended Term <br>Loan B, 9.077%, 03/15/30 <br>(1-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 24375 | 23553 |
| Red Ventures LLC, 2024 Term <br>Loan B, 7.077%, 03/04/30 <br>(1-Month USD TERM <br>SOFR + 2.750%) (b) (c) (d) | 50618 | 42709 |
| Renaissance Holdings Corp., <br>2024 1st Lien Term Loan, <br>8.280%, 04/05/30 <br>(3-Month USD TERM <br>SOFR + 4.000%) (b) (c) (d) | 89558 | 81082 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Research Now Group, Inc., <br>2024 First Lien First Out Term <br>Loan, 9.586%, 07/15/28 <br>(3-Month USD TERM <br>SOFR + 5.000%) (c) (d) | $15293 | $15216 |
| Ryan LLC, Term Loan, <br>7.827%, 11/14/30 <br>(1-Month USD TERM <br>SOFR + 3.500%) (c) (d) | 28079 | 28114 |
| Sabre GLBL, Inc., 2024 <br>Term Loan B1, <br>10.427%, 11/15/29 <br>(1-Month USD TERM <br>SOFR + 6.000%) (c) (d) | 56238 | 55676 |
| Showtime Acquisition LLC, <br>2024 1st Lien Term Loan, <br>9.074%, 08/13/31 <br>(3-Month USD TERM <br>SOFR + 4.750%) (c) (d) | 72410 | 72953 |
| South Field LLC | South Field LLC | South Field LLC |
| 2025 Term Loan B, <br>7.546%, 08/29/31 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 27147 | 27249 |
| 2025 Term Loan C, <br>7.546%, 08/29/31 <br>(3-Month USD TERM <br>SOFR + 3.250%) (c) (d) | 1746 | 1752 |
| Star Parent, Inc., Term Loan B, <br>8.296%, 09/27/30 <br>(3-Month USD TERM <br>SOFR + 4.000%) (c) (d) | 17911 | 17712 |
| Station Casinos LLC, <br>2024 Term Loan B, <br>6.327%, 03/14/31 <br>(1-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 22660 | 22685 |
| TCP Sunbelt Acquisition Co., <br>2024 Term Loan B, <br>8.580%, 10/24/31 <br>(3-Month USD TERM <br>SOFR + 4.250%) (c) (d) | 44887 | 44887 |
| Telenet Financing USD LLC, <br>2020 USD Term Loan AR, <br>6.426%, 04/30/28 <br>(1-Month USD TERM <br>SOFR + 2.000%) (c) (d) | 34447 | 33689 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 2023 Term Loan J, <br>6.796%, 02/28/31 <br>(3-Month USD TERM <br>SOFR + 2.500%) (c) (d) | 37198 | 37240 |
| 2024 Term Loan I, <br>7.046%, 08/24/28 <br>(3-Month USD TERM <br>SOFR + 2.750%) (c) (d) | 21654 | 21718 |
| TripAdvisor, Inc., Term Loan, <br>7.077%, 07/08/31 <br>(1-Month USD TERM <br>SOFR + 2.750%) (c) (d) | 41257 | 40741 |
| Triton Water Holdings, Inc., <br>2025 Term Loan B, <br>6.546%, 03/31/28 <br>(3-Month USD TERM <br>SOFR + 2.250%) (c) (d) | 11358 | 11394 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** | **Value(a)** | **Value(a)** |
| TruGreen LP, 2020 Term <br>Loan, 8.427%, 11/02/27 <br>(1-Month USD TERM <br>SOFR + 4.000%) (c) (d) | $| 242386 | $| 228449 |
| Twitter, Inc. | Twitter, Inc. | Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
| 2025 Fixed Term Loan, <br>9.500%, 10/26/29 (c) (d) |  | 43692 |  | 42447 |
| Term Loan, <br>10.927%, 10/26/29 <br>(1-Month USD TERM <br>SOFR + 6.500%) (c) (d) |  | 52528 |  | 51281 |
| UFC Holdings LLC, 2024 Term <br>Loan B, 6.572%, 11/21/31 <br>(3-Month USD TERM <br>SOFR + 2.250%) (c) (d) |  | 26309 |  | 26395 |
| United Natural Foods, Inc., <br>2024 Term Loan, <br>9.077%, 05/01/31 <br>(1-Month USD TERM <br>SOFR + 4.750%) (c) (d) |  | 57327 |  | 57757 |
| Virgin Media Bristol LLC, <br>USD Term Loan N, <br>6.926%, 01/31/28 <br>(1-Month USD TERM <br>SOFR + 2.500%) (c) (d) |  | 95714 |  | 94278 |
| Vistra Operations Co. LLC, <br>1st Lien Term Loan B3, <br>6.077%, 12/20/30 <br>(1-Month USD TERM <br>SOFR + 1.750%) (c) (d) |  | 100913 |  | 101110 |
| Voyager Parent LLC, <br>Term Loan B, <br>0.000%, 05/09/32 (b) (c) (d) (f) |  | 81462 |  | 80502 |
| WEC U.S. Holdings Ltd., <br>2024 Term Loan, <br>6.574%, 01/27/31 <br>(1-Month USD TERM <br>SOFR + 2.250%) (b) (c) (d) |  | 40955 |  | 40952 |
| Xerox Holdings Corp., 2023 <br>Term Loan B, <br>8.217%, 11/17/29 <br>(6-Month USD TERM <br>SOFR + 4.000%) (c) (d) |  | 44664 |  | 42933 |
| Zayo Group Holdings, Inc., <br>USD Term Loan, <br>7.441%, 03/09/27 <br>(1-Month USD TERM <br>SOFR + 3.000%) (c) (d) |  | 112804 |  | 107248 |
| **Total bank loans <br>(cost: $7,049,799)** |  |  |  | **6782555** |
| **Foreign Bonds (0.6%)** | **Foreign Bonds (0.6%)** | **Foreign Bonds (0.6%)** | **Foreign Bonds (0.6%)** | **Foreign Bonds (0.6%)** |
| Brazil Government <br>International Bonds, <br>6.125%, 03/15/34 |  | 200000 |  | 198574 |
| Costa Rica Government <br>International Bonds, <br>6.550%, 04/03/34 |  | 200000 |  | 208556 |
| Hungary Government <br>International Bonds, <br>2.125%, 09/22/31 |  | 250000 |  | 207711 |
| Israel Government <br>International Bonds, <br>5.375%, 02/19/30 |  | 275000 |  | 280198 |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| Mexico Government <br>International Bonds<br>2.659%, 05/24/31 | $313000 | $270651 |
| 4.875%, 05/19/33 | 287000 | 270701 |
| Panama Government <br>International Bonds, <br>2.252%, 09/29/32 | 250000 | 190419 |
| Paraguay Government <br>International Bonds, <br>3.849%, 06/28/33 | 200000 | 181274 |
| Republic of South Africa <br>Government International <br>Bonds | Republic of South Africa <br>Government International <br>Bonds | Republic of South Africa <br>Government International <br>Bonds |
| 4.850%, 09/30/29 | 200000 | 192736 |
| 5.875%, 06/22/30 | 200000 | 199124 |
| Romania Government <br>International Bonds, <br>3.625%, 03/27/32 | 300000 | 257201 |
| **Total foreign bonds <br>(cost: $2,422,757)** |  | **2457145** |

---

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal** | **Value(a)** |
| **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 | $225366 |
| **Total long-term debt securities <br>(cost: $451,814,044)** |  | **442453831** |
| **Short-Term Securities (8.8%)** | **Short-Term Securities (8.8%)** | **Short-Term Securities (8.8%)** |
| **Investment Companies (8.8%)** | **Investment Companies (8.8%)** | **Investment Companies (8.8%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>4.270% | 37152847 | 37152847 |
| **Total short-term securities <br>(cost: $37,152,847)** |  | **37152847** |
| **Total investments in securities <br>(cost: $488,966,891) (g)** |  | **479606678** |
| **Liabilities in excess of cash <br>and other assets (-13.0%)** |  | **(55318477)** |
| **Total net assets (100.0%)** |  | $**424288201** |

---

**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 June 30, 2025 the total cost of investments issued on a when-issued or forward commitment basis was $56,859,099.

(c) Variable rate security.

(d) 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.

(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 June 30, 2025.

(g) At June 30, 2025 the cost of investments for federal income tax purposes was $489,207,482. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $4850190 |
| Gross unrealized depreciation | (14213554) |
| **Net unrealized depreciation** | $**(9363364)** |

---

On June 30, 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** |
| 07/11/25 | 1694000  | EUR | 1840929  | USD | $– | $(148748) | GSI |
| 07/11/25 | 168974  | EUR | 192979  | USD | – | (5489) | GSI |
| 07/11/25 | 192925  | EUR | 220333  | USD | – | (6267) | GSI |
| 07/11/25 | 185377  | EUR | 211168  | USD | – | (6566) | GSI |
| 07/11/25 | 428420  | EUR | 488023  | USD | – | (15175) | GSI |
| 07/11/25 | 80177  | USD | 71498  | EUR | 3801 | – | GSI |
| 07/11/25 | 208395  | USD | 182878  | EUR | 6403 | – | GSI |
| 07/11/25 | 257351  | EUR | 293405  | USD | – | (8864) | GSI |
| 07/11/25 | 134005  | EUR | 150272  | USD | – | (7123) | GSI |
| 07/11/25 | 349311  | USD | 300455  | EUR | 3586 | – | GSI |
| 07/11/25 | 8324  | EUR | 9641  | USD | – | (135) | GSI |
|  |  |  |  |  | $**13790** | $**(198367)** |  |

---

See accompanying notes to financial statements.

------

SFT Core Bond Fund

Investments in Securities – continued

**Currency Legend**

EUR Euro

USD United States Dollar

**Counterparty Legend**

GSI Goldman Sachs International

**Holdings of Open Futures Contracts**

On June 30, 2025, $850,000 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 | September 2025 | 433 | Long | $89728341 | $90074149 | $345808 |
| 5 Year U.S. Treasury Note | September 2025 | 6 | Long | 648385 | 654000 | 5615 |
| 10 Year U.S. Ultra | September 2025 | 6 | Long | 674636 | 685594 | 10958 |
| German Euro BOBL | September 2025 | 1 | Short | (138595) | (138139) | 456 |
| German Euro Bund | September 2025 | 6 | Short | (922003) | (916659) | 5344 |
| German Euro BUXL | September 2025 | 2 | Short | (282050) | (278766) | 3284 |
| German Euro Schatz | September 2025 | 3 | Short | (378228) | (377686) | 542 |
| U.S. Long Bond | September 2025 | 3 | Long | 340687 | 346406 | 5719 |
| U.S. Ultra Bond | September 2025 | 50 | Long | 5911959 | 5956250 | 44291 |
|  |  |  |  |  | $**96005149** | $**422017** |

---

---

| | |
|:---|:---|
| **Country Diversification** | **%** |
| United States | 104.8% |
| Cayman Islands | 4.2% |
| United Kingdom | 1.1% |
| Ireland | 0.8% |
| Germany | 0.7% |
| Netherlands | 0.2% |
| Japan | 0.2% |
| Mexico | 0.1% |
| Italy | 0.1% |
| Spain | 0.1% |
| Israel | 0.1% |
| South Africa | 0.1% |
| Kazakhstan | 0.1% |
| Romania | 0.1% |
| Canada | 0.1% |
| Costa Rica | 0.1% |
| Hungary | 0.1% |
| Brazil | 0.0% |
| Panama | 0.0% |
| Paraguay | 0.0% |
| United Arab Emirates | 0.0% |
| Luxembourg | 0.0% |
| Colombia | 0.0% |
| Belgium | 0.0% |
| France | 0.0% |
| Liabilities in excess of cash and other assets | -13.0% |
|  | 100.0% |

---

See accompanying notes to financial statements.

------

SFT Equity Stabilization Fund

Investments in Securities

**June 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Mutual Funds (87.6%)** | **Mutual Funds (87.6%)** | **Mutual Funds (87.6%)** |
| **Investment Companies (87.6%)** | **Investment Companies (87.6%)** | **Investment Companies (87.6%)** |
| iShares Core High <br>Dividend ETF (b) | 379802 | $44501400 |
| iShares MSCI EAFE <br>Minimum Volatility <br>Factor ETF (b) | 784269 | 65925652 |
| iShares MSCI Emerging <br>Markets Minimum <br>Volatility Factor ETF (b) | 242456 | 15226237 |
| iShares MSCI <br>Germany ETF (b) | 296791 | 12557227 |
| iShares MSCI USA <br>Minimum Volatility <br>Factor ETF (b) (c) | 881287 | 82726411 |
| iShares Short Duration <br>Bond Active ETF (b) | 318620 | 16281482 |
| **Total mutual funds <br>(cost: $166,673,012)** |  | **237218409** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Short-Term Securities (9.4%)** | **Short-Term Securities (9.4%)** | **Short-Term Securities (9.4%)** |
| **Investment Companies (9.4%)** | **Investment Companies (9.4%)** | **Investment Companies (9.4%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>4.270% | 25457674 | $25457674 |
| **Total investments excluding <br>purchased options <br>(cost: $192,130,686)** |  | **262676083** |
| **Total purchased options <br>outstanding (0.1%) <br>(cost: $209,729)** |  | **165150** |
| **Total investments in securities <br>(cost: $192,340,415) (d)** |  | **262841233** |
| **Cash and other assets in excess <br>of liabilities (2.9%)** |  | **7774906** |
| **Total net assets (100.0%)** |  | $**270616139** |

---

**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 Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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

(d) At June 30, 2025, the cost of investments for federal income tax purposes was $195,338,620. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $68683993 |
| Gross unrealized depreciation | – |
| **Net unrealized appreciation** | $**68683993** |

---

**Holdings of Open Futures Contracts**

On June 30, 2025, securities with an aggregate fair value of $16,521,120 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 | September 2025 | 159 | Long | $48512533 | $49717313 | $1204780 |

---

**Put Options Purchased:**

The Fund had the following put options purchased open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $5960 | July 2025 | 45 | $4500 | $165150 |

---

**Put Options Written:**

The Fund had the following put options written open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value(a)** |
| S&P 500 Index | $5340 | July 2025 | 45 | $4500 | $(23400) |

---

See accompanying notes to financial statements.

------

SFT Government Money Market Fund

Investments in Securities

**June 30, 2025**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value(a)** |
| **Short-Term Securities (100.2%)** | **Short-Term Securities (100.2%)** | **Short-Term Securities (100.2%)** |
| **U.S. Government Obligations (92.2%)** | **U.S. Government Obligations (92.2%)** | **U.S. Government Obligations (92.2%)** |
| Discount Notes (92.2%) | Discount Notes (92.2%) | Discount Notes (92.2%) |
| Federal Farm Credit <br>Discount Notes, <br>4.294%, 08/14/25 (b) | $15000000 | $14922450 |
| Federal Home Loan Bank <br>Discount Notes<br>3.737%, 07/07/25 (b) | 20000000 | 19985933 |
| 3.933%, 07/10/25 (b) | 28900000 | 28869474 |
| 4.104%, 07/16/25 (b) | 20000000 | 19964767 |
| 4.128%, 07/18/25 (b) | 8000000 | 7984058 |
| 4.236%, 07/30/25 (b) | 10000000 | 9965957 |
| 4.272%, 08/08/25 (b) | 3000000 | 2986621 |
| 4.274%, 08/07/25 (b) | 25000000 | 24891313 |
| 4.309%, 08/27/25 (b) | 8700000 | 8641870 |
| Federal Home Loan <br>Mortgage Corp. <br>Discount Notes, <br>4.229%, 07/28/25 (b) | 30000000 | 29904825 |
| U.S. Treasury Bills<br>0.000%, 07/01/25 | 25000000 | 25000000 |
| 4.050%, 07/24/25 | 15000000 | 14960890 |
| **Total U.S. government obligations <br>(cost: $208,078,158)** |  | **208078158** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value(a)** |
| **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>4.270% | 18109044 | $18109044 |
| **Total short-term securities <br>(cost: $226,187,202)** |  | **226187202** |
| **Total investments in securities <br>(cost: $226,187,202) (c)** |  | **226187202** |
| **Liabilities in excess of cash <br>and other assets (-0.2%)** |  | **(395000)** |
| **Total net assets (100.0%)** |  | $**225792202** |

---

**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 June 30, 2025.

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (97.3%)** | **Common Stocks (97.3%)** | **Common Stocks (97.3%)** |
| **Communication Services (1.2%)** | **Communication Services (1.2%)** | **Communication Services (1.2%)** |
| Diversified Telecommunication Services (0.4%) | Diversified Telecommunication Services (0.4%) | Diversified Telecommunication Services (0.4%) |
| Frontier Communications <br>Parent, Inc. (b) | 16961 | $617381 |
| Iridium Communications, Inc. | 8166 | 246368 |
|  |  | 863749 |
| Entertainment (0.1%) | Entertainment (0.1%) | Entertainment (0.1%) |
| Warner Music Group Corp. <br>Class A | 11011 | 299940 |
| Interactive Media & Services (0.1%) | Interactive Media & Services (0.1%) | Interactive Media & Services (0.1%) |
| ZoomInfo Technologies, <br>Inc. (b) | 19788 | 200254 |
| Media (0.6%) | Media (0.6%) | Media (0.6%) |
| EchoStar Corp. Class A (b) | 10219 | 283066 |
| New York Times Co. Class A | 12335 | 690513 |
| Nexstar Media Group, Inc. | 2204 | 381182 |
|  |  | 1354761 |
| **Consumer Discretionary (12.9%)** | **Consumer Discretionary (12.9%)** | **Consumer Discretionary (12.9%)** |
| Automobile Components (0.8%) | Automobile Components (0.8%) | Automobile Components (0.8%) |
| Autoliv, Inc. | 5377 | 601686 |
| Gentex Corp. | 17093 | 375875 |
| Goodyear Tire & <br>Rubber Co. (b) | 21758 | 225631 |
| Lear Corp. | 4008 | 380680 |
| Visteon Corp. (b) | 2097 | 195650 |
|  |  | 1779522 |
| Automobiles (0.2%) | Automobiles (0.2%) | Automobiles (0.2%) |
| Harley-Davidson, Inc. | 8326 | 196494 |
| Thor Industries, Inc. | 4014 | 356483 |
|  |  | 552977 |
| Broadline Retail (0.4%) | Broadline Retail (0.4%) | Broadline Retail (0.4%) |
| Macy's, Inc. | 21215 | 247367 |
| Ollie's Bargain Outlet <br>Holdings, Inc. (b) | 4637 | 611064 |
|  |  | 858431 |
| Diversified Consumer Services (1.5%) | Diversified Consumer Services (1.5%) | Diversified Consumer Services (1.5%) |
| Duolingo, Inc. (b) | 3044 | 1248101 |
| Graham Holdings Co. <br>Class B | 277 | 262089 |
| Grand Canyon <br>Education, Inc. (b) | 2125 | 401625 |
| H&R Block, Inc. | 10165 | 557957 |
| Service Corp. International | 10833 | 881806 |
|  |  | 3351578 |
| Hotels, Restaurants & Leisure (3.3%) | Hotels, Restaurants & Leisure (3.3%) | Hotels, Restaurants & Leisure (3.3%) |
| Aramark | 19958 | 835642 |
| Boyd Gaming Corp. | 4649 | 363691 |
| Cava Group, Inc. (b) | 6188 | 521215 |
| Choice Hotels <br>International, Inc. | 1662 | 210875 |
| Churchill Downs, Inc. | 5456 | 551056 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Hilton Grand Vacations, <br>Inc. (b) | 4397 | $| 182607 |
| Hyatt Hotels Corp. Class A | 3197 |  | 446461 |
| Light & Wonder, Inc. (b) | 6426 |  | 618567 |
| Marriott Vacations <br>Worldwide Corp. | 2372 |  | 171519 |
| Planet Fitness, Inc. <br>Class A (b) | 6363 |  | 693885 |
| Texas Roadhouse, Inc. | 5043 |  | 945109 |
| Travel & Leisure Co. | 5057 |  | 260992 |
| Vail Resorts, Inc. | 2826 |  | 444049 |
| Wendy's Co. | 12284 |  | 140283 |
| Wingstop, Inc. | 2108 |  | 709848 |
| Wyndham Hotels & <br>Resorts, Inc. | 5780 |  | 469394 |
|  |  |  | 7565193 |
| Household Durables (1.7%) | Household Durables (1.7%) | Household Durables (1.7%) | Household Durables (1.7%) |
| KB Home | 5462 |  | 289322 |
| Somnigroup International, Inc. | 15659 |  | 1065595 |
| Taylor Morrison <br>Home Corp. (b) | 7643 |  | 469433 |
| Toll Brothers, Inc. | 7533 |  | 859741 |
| TopBuild Corp. (b) | 2217 |  | 717732 |
| Whirlpool Corp. | 4257 |  | 431745 |
|  |  |  | 3833568 |
| Leisure Products (0.5%) | Leisure Products (0.5%) | Leisure Products (0.5%) | Leisure Products (0.5%) |
| Brunswick Corp. | 4988 |  | 275537 |
| Mattel, Inc. (b) | 24590 |  | 484915 |
| Polaris, Inc. | 3963 |  | 161096 |
| YETI Holdings, Inc. (b) | 6306 |  | 198765 |
|  |  |  | 1120313 |
| Specialty Retail (3.6%) | Specialty Retail (3.6%) | Specialty Retail (3.6%) | Specialty Retail (3.6%) |
| Abercrombie & Fitch Co. <br>Class A (b) | 3628 |  | 300580 |
| AutoNation, Inc. (b) | 1859 |  | 369290 |
| Bath & Body Works, Inc. | 16221 |  | 485981 |
| Burlington Stores, Inc. (b) | 4861 |  | 1130863 |
| Chewy, Inc. Class A (b) | 16743 |  | 713587 |
| Dick's Sporting Goods, Inc. | 4273 |  | 845242 |
| Five Below, Inc. (b) | 4158 |  | 545446 |
| Floor & Decor Holdings, Inc. <br>Class A (b) | 8106 |  | 615732 |
| GameStop Corp. Class A (b) | 30998 |  | 756041 |
| Gap, Inc. | 16898 |  | 368545 |
| Lithia Motors, Inc. | 1979 |  | 668546 |
| Murphy USA, Inc. | 1450 |  | 589860 |
| Penske Automotive <br>Group, Inc. | 1447 |  | 248609 |
| RH (b) | 1209 |  | 228513 |
| Valvoline, Inc. (b) | 9642 |  | 365143 |
|  |  |  | 8231978 |
| Textiles, Apparel & Luxury Goods (0.9%) | Textiles, Apparel & Luxury Goods (0.9%) | Textiles, Apparel & Luxury Goods (0.9%) | Textiles, Apparel & Luxury Goods (0.9%) |
| Capri Holdings Ltd. (b) | 8912 |  | 157742 |
| Columbia Sportswear Co. | 2321 |  | 141767 |
| Crocs, Inc. (b) | 4257 |  | 431149 |
| PVH Corp. | 3654 |  | 250664 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Skechers USA, Inc.<br> Class A (b) | 9848 | $| 621409 |
| Under Armour, Inc. <br>Class A (b) | 14380 |  | 98215 |
| Under Armour, Inc. <br>Class C (b) | 9701 |  | 62960 |
| VF Corp. | 25149 |  | 295501 |
|  |  |  | 2059407 |
| **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** |
| Beverages (0.5%) | Beverages (0.5%) | Beverages (0.5%) | Beverages (0.5%) |
| Boston Beer Co., Inc. <br>Class A (b) | 685 |  | 130705 |
| Celsius Holdings, Inc. (b) | 11904 |  | 552226 |
| Coca-Cola Consolidated, Inc. | 4464 |  | 498406 |
|  |  |  | 1181337 |
| Consumer Staples Distribution & Retail (3.3%) | Consumer Staples Distribution & Retail (3.3%) | Consumer Staples Distribution & Retail (3.3%) | Consumer Staples Distribution & Retail (3.3%) |
| Albertsons Cos., Inc. <br>Class A | 30692 |  | 660185 |
| BJ's Wholesale Club <br>Holdings, Inc. (b) | 10023 |  | 1080780 |
| Casey's General Stores, Inc. | 2885 |  | 1472129 |
| Maplebear, Inc. (b) | 12509 |  | 565907 |
| Performance Food <br>Group Co. (b) | 11878 |  | 1038969 |
| Sprouts Farmers <br>Market, Inc. (b) | 7453 |  | 1227062 |
| U.S. Foods Holding <br>Corp. (b) | 17618 |  | 1356762 |
|  |  |  | 7401794 |
| Food Products (0.9%) | Food Products (0.9%) | Food Products (0.9%) | Food Products (0.9%) |
| Darling Ingredients, Inc. (b) | 12023 |  | 456153 |
| Flowers Foods, Inc. | 14953 |  | 238949 |
| Ingredion, Inc. | 4925 |  | 667928 |
| Lancaster Colony Corp. | 1497 |  | 258637 |
| Pilgrim's Pride Corp. | 3009 |  | 135345 |
| Post Holdings, Inc. (b) | 3375 |  | 367976 |
|  |  |  | 2124988 |
| Personal Care Products (0.5%) | Personal Care Products (0.5%) | Personal Care Products (0.5%) | Personal Care Products (0.5%) |
| BellRing Brands, Inc. (b) | 9670 |  | 560183 |
| Coty, Inc. Class A (b) | 27815 |  | 129340 |
| elf Beauty, Inc. (b) | 4327 |  | 538452 |
|  |  |  | 1227975 |
| **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** | **Energy (3.6%)** |
| Energy Equipment & Services (0.5%) | Energy Equipment & Services (0.5%) | Energy Equipment & Services (0.5%) | Energy Equipment & Services (0.5%) |
| ChampionX Corp. | 14579 |  | 362142 |
| NOV, Inc. | 28614 |  | 355672 |
| Valaris Ltd. (b) | 4946 |  | 208276 |
| Weatherford International <br>PLC | 5492 |  | 276303 |
|  |  |  | 1202393 |
| Oil, Gas & Consumable Fuels (3.1%) | Oil, Gas & Consumable Fuels (3.1%) | Oil, Gas & Consumable Fuels (3.1%) | Oil, Gas & Consumable Fuels (3.1%) |
| Antero Midstream Corp. | 25546 |  | 484097 |
| Antero Resources Corp. (b) | 22215 |  | 894820 |
| Chord Energy Corp. | 4398 |  | 425946 |
| Civitas Resources, Inc. | 6486 |  | 178495 |
| CNX Resources Corp. (b) | 11021 |  | 371187 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| DT Midstream, Inc. | 7695 | $| 845757 |
| HF Sinclair Corp. | 12196 |  | 501012 |
| Matador Resources Co. | 8772 |  | 418600 |
| Murphy Oil Corp. | 10216 |  | 229860 |
| Ovintiv, Inc. | 19786 |  | 752857 |
| PBF Energy, Inc. Class A | 7397 |  | 160293 |
| Permian Resources Corp. | 48483 |  | 660339 |
| Range Resources Corp. | 18142 |  | 737835 |
| Viper Energy, Inc. | 9973 |  | 380271 |
|  |  |  | 7041369 |
| **Financial (17.8%)** | **Financial (17.8%)** | **Financial (17.8%)** | **Financial (17.8%)** |
| Banks (6.4%) | Banks (6.4%) | Banks (6.4%) | Banks (6.4%) |
| Associated Banc-Corp. | 12350 |  | 301216 |
| Bank OZK | 7976 |  | 375351 |
| Cadence Bank | 14193 |  | 453892 |
| Columbia Banking <br>System, Inc. | 16008 |  | 374267 |
| Comerica, Inc. | 9942 |  | 593040 |
| Commerce Bancshares, Inc. | 9162 |  | 569601 |
| Cullen/Frost Bankers, Inc. | 4848 |  | 623162 |
| East West Bancorp, Inc. | 10480 |  | 1058270 |
| First Financial Bankshares, <br>Inc. | 9723 |  | 349834 |
| First Horizon Corp. | 38628 |  | 818914 |
| Flagstar Financial, Inc. | 23015 |  | 243959 |
| FNB Corp. | 27312 |  | 398209 |
| Glacier Bancorp, Inc. | 9015 |  | 388366 |
| Hancock Whitney Corp. | 6506 |  | 373444 |
| Home BancShares, Inc. | 13976 |  | 397757 |
| International Bancshares <br>Corp. | 4019 |  | 267505 |
| Old National Bancorp | 24791 |  | 529040 |
| Pinnacle Financial Partners, <br>Inc. | 5885 |  | 649763 |
| Prosperity Bancshares, Inc. | 7201 |  | 505798 |
| SouthState Corp. | 7434 |  | 684151 |
| Synovus Financial Corp. | 10586 |  | 547825 |
| Texas Capital Bancshares, <br>Inc. (b) | 3492 |  | 277265 |
| UMB Financial Corp. | 5435 |  | 571545 |
| United Bankshares, Inc. | 10742 |  | 391331 |
| Valley National Bancorp | 36272 |  | 323909 |
| Webster Financial Corp. | 12811 |  | 699481 |
| Western Alliance Bancorp | 8245 |  | 642945 |
| Wintrust Financial Corp. | 5098 |  | 632050 |
| Zions Bancorp NA | 11166 |  | 579962 |
|  |  |  | 14621852 |
| Capital Markets (3.7%) | Capital Markets (3.7%) | Capital Markets (3.7%) | Capital Markets (3.7%) |
| Affiliated Managers <br>Group, Inc. | 2218 |  | 436436 |
| Carlyle Group, Inc. | 16226 |  | 834016 |
| Evercore, Inc. Class A | 2752 |  | 743095 |
| Federated Hermes, Inc. | 5746 |  | 254663 |
| Hamilton Lane, Inc. Class A | 3292 |  | 467859 |
| Houlihan Lokey, Inc. | 4151 |  | 746973 |
| Interactive Brokers Group, <br>Inc. Class A | 33191 |  | 1839113 |
| Janus Henderson <br>Group PLC | 9515 |  | 369563 |
| Jefferies Financial <br>Group, Inc. | 12372 |  | 676625 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Morningstar, Inc. | 2080 | $| 652974 |
| SEI Investments Co. | 7205 |  | 647441 |
| Stifel Financial Corp. | 7837 |  | 813324 |
|  |  |  | 8482082 |
| Consumer Finance (0.8%) | Consumer Finance (0.8%) | Consumer Finance (0.8%) | Consumer Finance (0.8%) |
| Ally Financial, Inc. | 21053 |  | 820014 |
| FirstCash Holdings, Inc. | 2932 |  | 396231 |
| SLM Corp. | 15951 |  | 523033 |
|  |  |  | 1739278 |
| Financial Services (1.9%) | Financial Services (1.9%) | Financial Services (1.9%) | Financial Services (1.9%) |
| Equitable Holdings, Inc. | 23143 |  | 1298322 |
| Essent Group Ltd. | 7722 |  | 468957 |
| Euronet Worldwide, Inc. (b) | 3121 |  | 316407 |
| MGIC Investment Corp. | 18082 |  | 503403 |
| Shift4 Payments, Inc. <br>Class A (b) | 5090 |  | 504470 |
| Voya Financial, Inc. | 7273 |  | 516383 |
| Western Union Co. | 25171 |  | 211940 |
| WEX, Inc. (b) | 2657 |  | 390287 |
|  |  |  | 4210169 |
| Insurance (4.4%) | Insurance (4.4%) | Insurance (4.4%) | Insurance (4.4%) |
| American Financial <br>Group, Inc. | 5456 |  | 688602 |
| Brighthouse Financial, <br>Inc. (b) | 4287 |  | 230512 |
| CNO Financial Group, Inc. | 7550 |  | 291279 |
| Fidelity National Financial, <br>Inc. | 19869 |  | 1113856 |
| First American Financial <br>Corp. | 7786 |  | 477983 |
| Hanover Insurance Group, <br>Inc. | 2728 |  | 463405 |
| Kemper Corp. | 4551 |  | 293722 |
| Kinsale Capital Group, Inc. | 1720 |  | 832308 |
| Old Republic International <br>Corp. | 17317 |  | 665666 |
| Primerica, Inc. | 2523 |  | 690469 |
| Reinsurance Group of <br>America, Inc. | 5079 |  | 1007470 |
| RenaissanceRe Holdings <br>Ltd. | 3741 |  | 908689 |
| RLI Corp. | 6334 |  | 457441 |
| Ryan Specialty Holdings, Inc. | 8197 |  | 557314 |
| Selective Insurance <br>Group, Inc. | 4595 |  | 398157 |
| Unum Group | 12216 |  | 986564 |
|  |  |  | 10063437 |
| Mortgage REITs (0.6%) | Mortgage REITs (0.6%) | Mortgage REITs (0.6%) | Mortgage REITs (0.6%) |
| Annaly Capital <br>Management, Inc. | 46081 |  | 867244 |
| Starwood Property Trust, Inc. | 24558 |  | 492879 |
|  |  |  | 1360123 |
| **Health Care (8.3%)** | **Health Care (8.3%)** | **Health Care (8.3%)** | **Health Care (8.3%)** |
| Biotechnology (2.2%) | Biotechnology (2.2%) | Biotechnology (2.2%) | Biotechnology (2.2%) |
| BioMarin Pharmaceutical, <br>Inc. (b) | 14604 |  | 802782 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Cytokinetics, Inc. (b) | 9095 | $| 300499 |
| Exelixis, Inc. (b) | 20768 |  | 915350 |
| Halozyme Therapeutics, <br>Inc. (b) | 9384 |  | 488156 |
| Neurocrine Biosciences, <br>Inc. (b) | 7554 |  | 949462 |
| Roivant Sciences Ltd. (b) | 31974 |  | 360347 |
| Sarepta Therapeutics, <br>Inc. (b) | 7484 |  | 127976 |
| United Therapeutics <br>Corp. (b) | 3438 |  | 987909 |
|  |  |  | 4932481 |
| Health Care Equipment & Supplies (1.4%) | Health Care Equipment & Supplies (1.4%) | Health Care Equipment & Supplies (1.4%) | Health Care Equipment & Supplies (1.4%) |
| Dentsply Sirona, Inc. | 15177 |  | 241011 |
| Envista Holdings Corp. (b) | 12907 |  | 252203 |
| Globus Medical, Inc. <br>Class A (b) | 8598 |  | 507454 |
| Haemonetics Corp. (b) | 3795 |  | 283145 |
| Lantheus Holdings, Inc. (b) | 5256 |  | 430256 |
| LivaNova PLC (b) | 4063 |  | 182916 |
| Masimo Corp. (b) | 3433 |  | 577499 |
| Penumbra, Inc. (b) | 3001 |  | 770147 |
|  |  |  | 3244631 |
| Health Care Providers & Services (2.5%) | Health Care Providers & Services (2.5%) | Health Care Providers & Services (2.5%) | Health Care Providers & Services (2.5%) |
| Acadia Healthcare Co., <br>Inc. (b) | 6921 |  | 157038 |
| Amedisys, Inc. (b) | 2464 |  | 242433 |
| Chemed Corp. | 1171 |  | 570195 |
| Encompass Health Corp. | 7716 |  | 946213 |
| Ensign Group, Inc. | 4301 |  | 663472 |
| HealthEquity, Inc. (b) | 6601 |  | 691521 |
| Hims & Hers Health, Inc. (b) | 14931 |  | 744310 |
| Option Care Health, Inc. (b) | 12470 |  | 405026 |
| Tenet Healthcare Corp. (b) | 7074 |  | 1245024 |
|  |  |  | 5665232 |
| Health Care Technology (0.3%) | Health Care Technology (0.3%) | Health Care Technology (0.3%) | Health Care Technology (0.3%) |
| Doximity, Inc. Class A (b) | 10139 |  | 621926 |
| Life Sciences Tools & Services (1.6%) | Life Sciences Tools & Services (1.6%) | Life Sciences Tools & Services (1.6%) | Life Sciences Tools & Services (1.6%) |
| Avantor, Inc. (b) | 51895 |  | 698507 |
| Bio-Rad Laboratories, Inc. <br>Class A (b) | 1389 |  | 335193 |
| Bruker Corp. | 8366 |  | 344679 |
| Illumina, Inc. (b) | 11989 |  | 1143870 |
| Medpace Holdings, Inc. (b) | 1795 |  | 563379 |
| Repligen Corp. (b) | 3937 |  | 489684 |
| Sotera Health Co. (b) | 11673 |  | 129804 |
|  |  |  | 3705116 |
| Pharmaceuticals (0.3%) | Pharmaceuticals (0.3%) | Pharmaceuticals (0.3%) | Pharmaceuticals (0.3%) |
| Jazz Pharmaceuticals <br>PLC (b) | 4694 |  | 498127 |
| Perrigo Co. PLC | 10469 |  | 279732 |
|  |  |  | 777859 |
| **Industrials (22.2%)** | **Industrials (22.2%)** | **Industrials (22.2%)** | **Industrials (22.2%)** |
| Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) |
| ATI, Inc. (b) | 10733 |  | 926687 |
| BWX Technologies, Inc. | 6913 |  | 995887 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Curtiss-Wright Corp. | 2944 | $| 1438291 |
| Hexcel Corp. | 6123 |  | 345888 |
| Woodward, Inc. | 4510 |  | 1105356 |
|  |  |  | 4812109 |
| Air Freight & Logistics (0.2%) | Air Freight & Logistics (0.2%) | Air Freight & Logistics (0.2%) | Air Freight & Logistics (0.2%) |
| GXO Logistics, Inc. (b) | 8713 |  | 424323 |
| Building Products (2.2%) | Building Products (2.2%) | Building Products (2.2%) | Building Products (2.2%) |
| AAON, Inc. | 5100 |  | 376125 |
| Advanced Drainage <br>Systems, Inc. | 5334 |  | 612663 |
| Carlisle Cos., Inc. | 3287 |  | 1227366 |
| Fortune Brands Innovations, <br>Inc. | 9158 |  | 471454 |
| Owens Corning | 6485 |  | 891817 |
| Simpson Manufacturing Co., <br>Inc. | 3162 |  | 491090 |
| Trex Co., Inc. (b) | 8099 |  | 440424 |
| UFP Industries, Inc. | 4590 |  | 456062 |
|  |  |  | 4967001 |
| Commercial Services & Supplies (1.7%) | Commercial Services & Supplies (1.7%) | Commercial Services & Supplies (1.7%) | Commercial Services & Supplies (1.7%) |
| Brink's Co. | 3198 |  | 285550 |
| Clean Harbors, Inc. (b) | 3901 |  | 901833 |
| MSA Safety, Inc. | 2960 |  | 495889 |
| RB Global, Inc. | 14041 |  | 1491014 |
| Tetra Tech, Inc. | 20067 |  | 721609 |
|  |  |  | 3895895 |
| Construction & Engineering (3.2%) | Construction & Engineering (3.2%) | Construction & Engineering (3.2%) | Construction & Engineering (3.2%) |
| AECOM | 10035 |  | 1132550 |
| API Group Corp. (b) | 18553 |  | 947131 |
| Comfort Systems USA, Inc. | 2682 |  | 1438115 |
| EMCOR Group, Inc. | 3409 |  | 1823440 |
| Fluor Corp. (b) | 12540 |  | 642926 |
| MasTec, Inc. (b) | 4719 |  | 804259 |
| Valmont Industries, Inc. | 1511 |  | 493447 |
|  |  |  | 7281868 |
| Electrical Equipment (1.5%) | Electrical Equipment (1.5%) | Electrical Equipment (1.5%) | Electrical Equipment (1.5%) |
| Acuity, Inc. | 2311 |  | 689464 |
| EnerSys | 2976 |  | 255252 |
| NEXTracker, Inc. <br>Class A (b) | 10858 |  | 590349 |
| nVent Electric PLC | 12459 |  | 912622 |
| Regal Rexnord Corp. | 5006 |  | 725670 |
| Sensata Technologies <br>Holding PLC | 11140 |  | 335425 |
|  |  |  | 3508782 |
| Ground Transportation (1.5%) | Ground Transportation (1.5%) | Ground Transportation (1.5%) | Ground Transportation (1.5%) |
| Avis Budget Group, Inc. (b) | 1259 |  | 212834 |
| Knight-Swift Transportation <br>Holdings, Inc. | 12341 |  | 545843 |
| Landstar System, Inc. | 2644 |  | 367569 |
| Ryder System, Inc. | 3197 |  | 508323 |
| Saia, Inc. (b) | 2067 |  | 566337 |
| XPO, Inc. (b) | 9004 |  | 1137115 |
|  |  |  | 3338021 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Machinery (5.1%) | Machinery (5.1%) | Machinery (5.1%) |
| AGCO Corp. | 4683 | $483098 |
| Chart Industries, Inc. (b) | 3422 | 563432 |
| CNH Industrial NV | 66606 | 863214 |
| Crane Co. | 3777 | 717214 |
| Donaldson Co., Inc. | 9052 | 627756 |
| Esab Corp. | 4295 | 517762 |
| Flowserve Corp. | 9931 | 519888 |
| Graco, Inc. | 12664 | 1088724 |
| ITT, Inc. | 5994 | 940039 |
| Lincoln Electric Holdings, Inc. | 4266 | 884427 |
| Middleby Corp. (b) | 4066 | 585504 |
| Mueller Industries, Inc. | 8426 | 669614 |
| Oshkosh Corp. | 4918 | 558390 |
| RBC Bearings, Inc. (b) | 2461 | 946993 |
| Terex Corp. | 4949 | 231069 |
| Timken Co. | 4823 | 349909 |
| Toro Co. | 7542 | 533069 |
| Watts Water Technologies, <br>Inc. Class A | 2119 | 521041 |
|  |  | 11601143 |
| Marine Transportation (0.2%) | Marine Transportation (0.2%) | Marine Transportation (0.2%) |
| Kirby Corp. (b) | 4239 | 480745 |
| Passenger Airlines (0.5%) | Passenger Airlines (0.5%) | Passenger Airlines (0.5%) |
| Alaska Air Group, Inc. (b) | 9244 | 457393 |
| American Airlines Group, <br>Inc. (b) | 50225 | 563525 |
|  |  | 1020918 |
| Professional Services (2.2%) | Professional Services (2.2%) | Professional Services (2.2%) |
| CACI International, Inc. <br>Class A (b) | 1731 | 825168 |
| Concentrix Corp. | 3490 | 184464 |
| ExlService Holdings, Inc. (b) | 12390 | 542558 |
| Exponent, Inc. | 3806 | 284346 |
| FTI Consulting, Inc. (b) | 2564 | 414086 |
| Genpact Ltd. | 12166 | 535426 |
| Insperity, Inc. | 2669 | 160460 |
| KBR, Inc. | 9880 | 473647 |
| ManpowerGroup, Inc. | 3448 | 139299 |
| Maximus, Inc. | 4198 | 294700 |
| Parsons Corp. (b) | 3532 | 253492 |
| Paylocity Holding Corp. (b) | 3255 | 589773 |
| Science Applications <br>International Corp. | 3592 | 404495 |
|  |  | 5101914 |
| Trading Companies & Distributors (1.8%) | Trading Companies & Distributors (1.8%) | Trading Companies & Distributors (1.8%) |
| Applied Industrial <br>Technologies, Inc. | 2879 | 669223 |
| Core & Main, Inc. <br>Class A (b) | 14344 | 865660 |
| GATX Corp. | 2698 | 414305 |
| MSC Industrial Direct Co., <br>Inc. Class A | 3381 | 287453 |
| Watsco, Inc. | 2706 | 1195024 |
| WESCO International, Inc. | 3371 | 624309 |
|  |  | 4055974 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Information Technology (11.3%)** | **Information Technology (11.3%)** | **Information Technology (11.3%)** |
| Communications Equipment (0.6%) | Communications Equipment (0.6%) | Communications Equipment (0.6%) |
| Ciena Corp. (b) | 10793 | $877795 |
| Lumentum Holdings, Inc. (b) | 5255 | 499540 |
|  |  | 1377335 |
| Electronic Equipment, Instruments & <br>Components (3.2%) | Electronic Equipment, Instruments & <br>Components (3.2%) | Electronic Equipment, Instruments & <br>Components (3.2%) |
| Arrow Electronics, Inc. (b) | 3975 | 506534 |
| Avnet, Inc. | 6372 | 338226 |
| Belden, Inc. | 2944 | 340915 |
| Cognex Corp. | 12766 | 404938 |
| Coherent Corp. (b) | 11837 | 1055979 |
| Crane NXT Co. | 3689 | 198837 |
| Fabrinet (b) | 2711 | 798877 |
| Flex Ltd. (b) | 29096 | 1452472 |
| IPG Photonics Corp. (b) | 1927 | 132289 |
| Littelfuse, Inc. | 1876 | 425345 |
| Novanta, Inc. (b) | 2732 | 352237 |
| TD SYNNEX Corp. | 5724 | 776747 |
| Vontier Corp. | 11254 | 415273 |
|  |  | 7198669 |
| IT Services (0.9%) | IT Services (0.9%) | IT Services (0.9%) |
| ASGN, Inc. (b) | 3241 | 161823 |
| Kyndryl Holdings, Inc. (b) | 17672 | 741517 |
| Okta, Inc. (b) | 12730 | 1272618 |
|  |  | 2175958 |
| Semiconductors & Semiconductor Equipment (2.5%) | Semiconductors & Semiconductor Equipment (2.5%) | Semiconductors & Semiconductor Equipment (2.5%) |
| Allegro MicroSystems, Inc. (b) | 9875 | 337626 |
| Amkor Technology, Inc. | 8576 | 180010 |
| Cirrus Logic, Inc. (b) | 4017 | 418792 |
| Entegris, Inc. | 11533 | 930137 |
| Lattice Semiconductor <br>Corp. (b) | 10430 | 510966 |
| MACOM Technology <br>Solutions Holdings, Inc. (b) | 4517 | 647241 |
| MKS, Inc. | 5087 | 505444 |
| Onto Innovation, Inc. (b) | 3730 | 376469 |
| Power Integrations, Inc. | 4198 | 234668 |
| Rambus, Inc. (b) | 8180 | 523684 |
| Silicon Laboratories, Inc. (b) | 2498 | 368105 |
| Synaptics, Inc. (b) | 2847 | 184543 |
| Universal Display Corp. | 3381 | 522229 |
|  |  | 5739914 |
| Software (3.5%) | Software (3.5%) | Software (3.5%) |
| Appfolio, Inc. Class A (b) | 1789 | 411971 |
| Bill Holdings, Inc. (b) | 7218 | 333905 |
| Blackbaud, Inc. (b) | 2863 | 183833 |
| Commvault Systems, Inc. (b) | 3405 | 593594 |
| Docusign, Inc. (b) | 15344 | 1195144 |
| Dolby Laboratories, Inc. <br>Class A | 4648 | 345161 |
| Dropbox, Inc. Class A (b) | 14942 | 427341 |
| Dynatrace, Inc. (b) | 22735 | 1255199 |
| Guidewire Software, Inc. (b) | 6421 | 1511824 |
| Manhattan Associates, <br>Inc. (b) | 4617 | 911719 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Pegasystems, Inc. | 6788 | $| 367434 |
| Qualys, Inc. (b) | 2809 |  | 401322 |
|  |  |  | 7938447 |
| 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) | 23668 |  | 1362804 |
| **Materials (5.3%)** | **Materials (5.3%)** | **Materials (5.3%)** | **Materials (5.3%)** |
| Chemicals (1.4%) | Chemicals (1.4%) | Chemicals (1.4%) | Chemicals (1.4%) |
| Ashland, Inc. | 3479 |  | 174924 |
| Avient Corp. | 6906 |  | 223133 |
| Axalta Coating Systems <br>Ltd. (b) | 16644 |  | 494160 |
| Cabot Corp. | 4044 |  | 303300 |
| NewMarket Corp. | 628 |  | 433860 |
| Olin Corp. | 8714 |  | 175064 |
| RPM International, Inc. | 9729 |  | 1068634 |
| Scotts Miracle-Gro Co. | 3219 |  | 212325 |
| Westlake Corp. | 2503 |  | 190053 |
|  |  |  | 3275453 |
| Construction Materials (0.4%) | Construction Materials (0.4%) | Construction Materials (0.4%) | Construction Materials (0.4%) |
| Eagle Materials, Inc. | 2514 |  | 508104 |
| Knife River Corp. (b) | 4279 |  | 349338 |
|  |  |  | 857442 |
| Containers & Packaging (1.3%) | Containers & Packaging (1.3%) | Containers & Packaging (1.3%) | Containers & Packaging (1.3%) |
| AptarGroup, Inc. | 5030 |  | 786843 |
| Crown Holdings, Inc. | 8734 |  | 899427 |
| Graphic Packaging <br>Holding Co. | 22980 |  | 484188 |
| Greif, Inc. Class A | 1925 |  | 125106 |
| Silgan Holdings, Inc. | 6135 |  | 332394 |
| Sonoco Products Co. | 7428 |  | 323564 |
|  |  |  | 2951522 |
| Metals & Mining (2.0%) | Metals & Mining (2.0%) | Metals & Mining (2.0%) | Metals & Mining (2.0%) |
| Alcoa Corp. | 19715 |  | 581790 |
| Carpenter Technology Corp. | 3768 |  | 1041400 |
| Cleveland-Cliffs, Inc. (b) | 36917 |  | 280569 |
| Commercial Metals Co. | 8511 |  | 416273 |
| Reliance, Inc. | 4005 |  | 1257169 |
| Royal Gold, Inc. | 5071 |  | 901827 |
|  |  |  | 4479028 |
| Paper & Forest Products (0.2%) | Paper & Forest Products (0.2%) | Paper & Forest Products (0.2%) | Paper & Forest Products (0.2%) |
| Louisiana-Pacific Corp. | 4725 |  | 406303 |
| **Real Estate (6.7%)** | **Real Estate (6.7%)** | **Real Estate (6.7%)** | **Real Estate (6.7%)** |
| Diversified REITs (0.5%) | Diversified REITs (0.5%) | Diversified REITs (0.5%) | Diversified REITs (0.5%) |
| WP Carey, Inc. | 16676 |  | 1040249 |
| Health Care REITs (0.7%) | Health Care REITs (0.7%) | Health Care REITs (0.7%) | Health Care REITs (0.7%) |
| Healthcare Realty Trust, Inc. | 26763 |  | 424461 |
| Omega Healthcare Investors, <br>Inc. | 22039 |  | 807729 |
| Sabra Health Care REIT, Inc. | 18120 |  | 334133 |
|  |  |  | 1566323 |
| Hotels & Resort REITs (0.1%) | Hotels & Resort REITs (0.1%) | Hotels & Resort REITs (0.1%) | Hotels & Resort REITs (0.1%) |
| Park Hotels & Resorts, Inc. | 15222 |  | 155721 |

---

See accompanying notes to financial statements.

------

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Industrial REITs (1.0%) | Industrial REITs (1.0%) | Industrial REITs (1.0%) |
| EastGroup Properties, Inc. | 4045 | $676000 |
| First Industrial Realty <br>Trust, Inc. | 10005 | 481541 |
| Rexford Industrial Realty, Inc. | 17982 | 639620 |
| STAG Industrial, Inc. | 14169 | 514051 |
|  |  | 2311212 |
| Office REITs (0.6%) | Office REITs (0.6%) | Office REITs (0.6%) |
| COPT Defense Properties | 8502 | 234485 |
| Cousins Properties, Inc. | 12787 | 383993 |
| Kilroy Realty Corp. | 8031 | 275544 |
| Vornado Realty Trust | 12717 | 486298 |
|  |  | 1380320 |
| Real Estate Management & Development (0.4%) | Real Estate Management & Development (0.4%) | Real Estate Management & Development (0.4%) |
| Jones Lang LaSalle, Inc. (b) | 3587 | 917483 |
| Residential REITs (0.9%) | Residential REITs (0.9%) | Residential REITs (0.9%) |
| American Homes 4 Rent <br>Class A | 24201 | 872930 |
| Equity LifeStyle Properties, Inc. | 14510 | 894832 |
| Independence Realty Trust, Inc. | 17773 | 314404 |
|  |  | 2082166 |
| Retail REITs (1.0%) | Retail REITs (1.0%) | Retail REITs (1.0%) |
| Agree Realty Corp. | 8362 | 610928 |
| Brixmor Property Group, Inc. | 23235 | 605040 |
| Kite Realty Group Trust | 16740 | 379161 |
| NNN REIT, Inc. | 14313 | 618035 |
|  |  | 2213164 |
| Specialized REITs (1.5%) | Specialized REITs (1.5%) | Specialized REITs (1.5%) |
| CubeSmart | 17360 | 737800 |
| EPR Properties | 5725 | 333538 |
| Gaming & Leisure Properties, Inc. | 20930 | 977012 |
| Lamar Advertising Co. Class A | 6647 | 806680 |
| National Storage Affiliates Trust | 5302 | 169611 |
| PotlatchDeltic Corp. | 5418 | 207889 |
| Rayonier, Inc. | 10603 | 235175 |
|  |  | 3467705 |
| **Utilities (2.8%)** | **Utilities (2.8%)** | **Utilities (2.8%)** |
| Electric Utilities (1.0%) | Electric Utilities (1.0%) | Electric Utilities (1.0%) |
| ALLETE, Inc. | 4361 | 279409 |
| IDACORP, Inc. | 4127 | 476462 |
| OGE Energy Corp. | 15332 | 680434 |
| Portland General Electric Co. | 8304 | 337392 |
| TXNM Energy, Inc. | 7056 | 397394 |
|  |  | 2171091 |
| Gas Utilities (1.1%) | Gas Utilities (1.1%) | Gas Utilities (1.1%) |
| National Fuel Gas Co. | 6806 | 576536 |
| New Jersey Resources Corp. | 7616 | 341349 |
| ONE Gas, Inc. | 4564 | 327969 |

---

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal** | **Value(a)** |
| Southwest Gas <br>Holdings, Inc. | 4555 | $338846 |
| Spire, Inc. | 4431 | 323419 |
| UGI Corp. | 16330 | 594739 |
|  |  | 2502858 |
| Independent Power And Renewable <br>Electricity Producers (0.2%) | Independent Power And Renewable <br>Electricity Producers (0.2%) | Independent Power And Renewable <br>Electricity Producers (0.2%) |
| Ormat Technologies, Inc. | 4354 | 364691 |
| Multi-Utilities (0.2%) | Multi-Utilities (0.2%) | Multi-Utilities (0.2%) |
| Black Hills Corp. | 5522 | 309784 |
| Northwestern Energy <br>Group, Inc. | 4635 | 237776 |
|  |  | 547560 |
| Water Utilities (0.3%) | Water Utilities (0.3%) | Water Utilities (0.3%) |
| Essential Utilities, Inc. | 19641 | 729467 |
| **Total common stocks <br>(cost: $156,812,497)** |  | **221377291** |
| **Mutual Funds (0.2%)** | **Mutual Funds (0.2%)** | **Mutual Funds (0.2%)** |
| **Investment Companies (0.2%)** | **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |
| SPDR Portfolio S&P 400 <br>Mid Cap ETF (c) | 8000 | 435040 |
| **Total mutual funds <br>(cost: $425,274)** |  | **435040** |
| **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>4.270% | 4722387 | 4722387 |
| **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>current rate 3.750%, <br>04/15/26 (d) | $1000000 | 997373 |
| **Total short-term securities <br>(cost: $5,720,448)** |  | **5719760** |
| **Total investments in securities <br>(cost: $162,958,219) (e)** |  | **227532091** |
| **Cash and other assets in excess <br>of liabilities (0.0%)** |  | **15095** |
| **Total net assets (100.0%)** |  | $**227547186** |

---

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 Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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

(e) At June 30, 2025 the cost of investments for federal income tax purposes was $163,124,086. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $79026863 |
| Gross unrealized depreciation | (14537156) |
| **Net unrealized appreciation** | $**64489707** |

---

**Holdings of Open Futures Contracts**

On June 30, 2025, securities with an aggregate fair value of $997,373 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 Mid 400<sup>®</sup> E-Mini Index Future | September 2025 | 18 | Long | $5544198 | $5625900 | $81702 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (96.7%)** | **Common Stocks (96.7%)** | **Common Stocks (96.7%)** |
| **Communication Services (9.5%)** | **Communication Services (9.5%)** | **Communication Services (9.5%)** |
| Diversified Telecommunication Services (0.7%) | Diversified Telecommunication Services (0.7%) | Diversified Telecommunication Services (0.7%) |
| AT&T, Inc. | 199779 | $5781604 |
| Verizon Communications, Inc. | 117053 | 5064884 |
|  |  | 10846488 |
| Entertainment (1.7%) | Entertainment (1.7%) | Entertainment (1.7%) |
| Electronic Arts, Inc. | 6335 | 1011699 |
| Live Nation Entertainment, <br>Inc. (b) | 4309 | 651866 |
| Netflix, Inc. (b) | 11845 | 15861995 |
| Take-Two Interactive <br>Software, Inc. (b) | 4698 | 1140909 |
| TKO Group Holdings, Inc. | 1785 | 324781 |
| Walt Disney Co. | 49912 | 6189587 |
| Warner Bros Discovery, <br>Inc. (b) | 62508 | 716342 |
|  |  | 25897179 |
| Interactive Media & Services (6.4%) | Interactive Media & Services (6.4%) | Interactive Media & Services (6.4%) |
| Alphabet, Inc. Class A | 161512 | 28463260 |
| Alphabet, Inc. Class C | 130345 | 23121900 |
| Match Group, Inc. | 6808 | 210299 |
| Meta Platforms, Inc. Class A | 60280 | 44492065 |
|  |  | 96287524 |
| Media (0.5%) | Media (0.5%) | Media (0.5%) |
| Charter Communications, Inc. <br>Class A (b) | 2617 | 1069856 |
| Comcast Corp. Class A | 103400 | 3690346 |
| Fox Corp. Class A | 5903 | 330804 |
| Fox Corp. Class B | 3651 | 188501 |
| Interpublic Group of Cos., Inc. | 10214 | 250039 |
| News Corp. Class A | 10468 | 311109 |
| News Corp. Class B | 3093 | 106121 |
| Omnicom Group, Inc. | 5340 | 384159 |
| Paramount Global Class B | 16707 | 215520 |
|  |  | 6546455 |
| Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) |
| T-Mobile U.S., Inc. | 13278 | 3163616 |
| **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** |
| Automobile Components (0.0%) | Automobile Components (0.0%) | Automobile Components (0.0%) |
| Aptiv PLC (b) | 6045 | 412390 |
| Automobiles (1.8%) | Automobiles (1.8%) | Automobiles (1.8%) |
| Ford Motor Co. | 108438 | 1176552 |
| General Motors Co. | 26693 | 1313563 |
| Tesla, Inc. (b) | 77802 | 24714583 |
|  |  | 27204698 |
| Broadline Retail (3.9%) | Broadline Retail (3.9%) | Broadline Retail (3.9%) |
| Amazon.com, Inc. (b) | 262331 | 57552798 |
| eBay, Inc. | 12799 | 953013 |
|  |  | 58505811 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Distributors (0.1%) | Distributors (0.1%) | Distributors (0.1%) |
| Genuine Parts Co. | 3840 | $465830 |
| LKQ Corp. | 7092 | 262475 |
| Pool Corp. | 1070 | 311884 |
|  |  | 1040189 |
| Hotels, Restaurants & Leisure (2.0%) | Hotels, Restaurants & Leisure (2.0%) | Hotels, Restaurants & Leisure (2.0%) |
| Airbnb, Inc. Class A (b) | 11886 | 1572993 |
| Booking Holdings, Inc. | 903 | 5227684 |
| Caesars Entertainment, <br>Inc. (b) | 5734 | 162788 |
| Carnival Corp. (b) | 29150 | 819698 |
| Chipotle Mexican Grill, <br>Inc. (b) | 37408 | 2100459 |
| Darden Restaurants, Inc. | 3238 | 705787 |
| Domino's Pizza, Inc. | 970 | 437082 |
| DoorDash, Inc. Class A (b) | 9519 | 2346529 |
| Expedia Group, Inc. | 3306 | 557656 |
| Hilton Worldwide Holdings, <br>Inc. | 6562 | 1747723 |
| Las Vegas Sands Corp. | 9415 | 409647 |
| Marriott International, Inc. <br>Class A | 6336 | 1731059 |
| McDonald's Corp. | 19843 | 5797529 |
| MGM Resorts International (b) | 5742 | 197467 |
| Norwegian Cruise Line <br>Holdings Ltd. (b) | 12405 | 251573 |
| Royal Caribbean Cruises <br>Ltd. | 6956 | 2178202 |
| Starbucks Corp. | 31452 | 2881947 |
| Wynn Resorts Ltd. | 2422 | 226869 |
| Yum! Brands, Inc. | 7627 | 1130169 |
|  |  | 30482861 |
| Household Durables (0.3%) | Household Durables (0.3%) | Household Durables (0.3%) |
| DR Horton, Inc. | 7675 | 989461 |
| Garmin Ltd. | 4229 | 882677 |
| Lennar Corp. Class A | 6365 | 704033 |
| Mohawk Industries, Inc. (b) | 1413 | 148139 |
| NVR, Inc. (b) | 87 | 642552 |
| PulteGroup, Inc. | 5542 | 584459 |
|  |  | 3951321 |
| Leisure Products (0.0%) | Leisure Products (0.0%) | Leisure Products (0.0%) |
| Hasbro, Inc. | 3657 | 269960 |
| Specialty Retail (1.6%) | Specialty Retail (1.6%) | Specialty Retail (1.6%) |
| AutoZone, Inc. (b) | 465 | 1726187 |
| Best Buy Co., Inc. | 5254 | 352701 |
| CarMax, Inc. (b) | 4191 | 281677 |
| Home Depot, Inc. | 27606 | 10121464 |
| Lowe's Cos., Inc. | 15535 | 3446751 |
| O'Reilly Automotive, Inc. (b) | 23733 | 2139055 |
| Ross Stores, Inc. | 9035 | 1152685 |
| TJX Cos., Inc. | 30998 | 3827943 |
| Tractor Supply Co. | 14691 | 775244 |
| Ulta Beauty, Inc. (b) | 1278 | 597874 |
| Williams-Sonoma, Inc. | 3386 | 553171 |
|  |  | 24974752 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) |
| Deckers Outdoor Corp. (b) | 4192 | $432070 |
| Lululemon Athletica, Inc. (b) | 3069 | 729133 |
| NIKE, Inc. Class B | 32707 | 2323505 |
| Ralph Lauren Corp. | 1133 | 310759 |
| Tapestry, Inc. | 5732 | 503327 |
|  |  | 4298794 |
| **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** |
| Beverages (1.1%) | Beverages (1.1%) | Beverages (1.1%) |
| Brown-Forman Corp. Class B | 4962 | 133527 |
| Coca-Cola Co. | 107547 | 7608950 |
| Constellation Brands, Inc. <br>Class A | 4203 | 683744 |
| Keurig Dr. Pepper, Inc. | 37709 | 1246660 |
| Molson Coors Beverage Co. <br>Class B | 4750 | 228428 |
| Monster Beverage Corp. (b) | 19495 | 1221167 |
| PepsiCo, Inc. | 37976 | 5014351 |
|  |  | 16136827 |
| Consumer Staples Distribution & Retail (1.9%) | Consumer Staples Distribution & Retail (1.9%) | Consumer Staples Distribution & Retail (1.9%) |
| Costco Wholesale Corp. | 12318 | 12194081 |
| Dollar General Corp. | 6043 | 691198 |
| Dollar Tree, Inc. (b) | 5428 | 537589 |
| Kroger Co. | 17007 | 1219912 |
| Sysco Corp. | 13446 | 1018400 |
| Target Corp. | 12587 | 1241708 |
| Walgreens Boots Alliance, Inc. | 19860 | 227993 |
| Walmart, Inc. | 119954 | 11729102 |
|  |  | 28859983 |
| Food Products (0.5%) | Food Products (0.5%) | Food Products (0.5%) |
| Archer-Daniels-Midland Co. | 13250 | 699335 |
| Bunge Global SA | 3679 | 295350 |
| Campbell's Co. | 5389 | 165173 |
| Conagra Brands, Inc. | 13216 | 270531 |
| General Mills, Inc. | 15163 | 785595 |
| Hershey Co. | 4057 | 673259 |
| Hormel Foods Corp. | 8057 | 243724 |
| J.M. Smucker Co. | 2915 | 286253 |
| Kellanova | 7420 | 590113 |
| Kraft Heinz Co. | 23987 | 619344 |
| Lamb Weston Holdings, Inc. | 3841 | 199156 |
| McCormick & Co., Inc. | 6992 | 530133 |
| Mondelez International, Inc. <br>Class A | 35949 | 2424401 |
| Tyson Foods, Inc. Class A | 7924 | 443269 |
|  |  | 8225636 |
| Household Products (1.0%) | Household Products (1.0%) | Household Products (1.0%) |
| Church & Dwight Co., Inc. | 6810 | 654509 |
| Clorox Co. | 3422 | 410880 |
| Colgate-Palmolive Co. | 22470 | 2042523 |
| Kimberly-Clark Corp. | 9184 | 1184001 |
| Procter & Gamble Co. | 65094 | 10370776 |
|  |  | 14662689 |
| Personal Care Products (0.1%) | Personal Care Products (0.1%) | Personal Care Products (0.1%) |
| Estee Lauder Cos., Inc. <br>Class A | 6484 | 523907 |
| Kenvue, Inc. | 53304 | 1115653 |
|  |  | 1639560 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Tobacco (0.7%) | Tobacco (0.7%) | Tobacco (0.7%) |
| Altria Group, Inc. | 46767 | $2741949 |
| Philip Morris International, <br>Inc. | 43215 | 7870748 |
|  |  | 10612697 |
| **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** |
| Energy Equipment & Services (0.2%) | Energy Equipment & Services (0.2%) | Energy Equipment & Services (0.2%) |
| Baker Hughes Co. | 27415 | 1051091 |
| Halliburton Co. | 23869 | 486450 |
| Schlumberger NV | 37763 | 1276390 |
|  |  | 2813931 |
| Oil, Gas & Consumable Fuels (2.7%) | Oil, Gas & Consumable Fuels (2.7%) | Oil, Gas & Consumable Fuels (2.7%) |
| APA Corp. | 10018 | 183229 |
| Chevron Corp. | 45093 | 6456867 |
| ConocoPhillips | 35049 | 3145297 |
| Coterra Energy, Inc. | 21191 | 537827 |
| Devon Energy Corp. | 17827 | 567077 |
| Diamondback Energy, Inc. | 5174 | 710908 |
| EOG Resources, Inc. | 15153 | 1812450 |
| EQT Corp. | 16521 | 963505 |
| Expand Energy Corp. | 6012 | 703043 |
| Exxon Mobil Corp. | 119663 | 12899671 |
| Hess Corp. | 7653 | 1060247 |
| Kinder Morgan, Inc. | 53673 | 1577986 |
| Marathon Petroleum Corp. | 8529 | 1416752 |
| Occidental Petroleum Corp. | 19672 | 826421 |
| ONEOK, Inc. | 17342 | 1415627 |
| Phillips 66 | 11312 | 1349522 |
| Targa Resources Corp. | 6038 | 1051095 |
| Texas Pacific Land Corp. | 531 | 560943 |
| Valero Energy Corp. | 8666 | 1164884 |
| Williams Cos., Inc. | 33900 | 2129259 |
|  |  | 40532610 |
| **Financial (13.6%)** | **Financial (13.6%)** | **Financial (13.6%)** |
| Banks (3.5%) | Banks (3.5%) | Banks (3.5%) |
| Bank of America Corp. | 181930 | 8608927 |
| Citigroup, Inc. | 51855 | 4413897 |
| Citizens Financial Group, Inc. | 12004 | 537179 |
| Fifth Third Bancorp | 18447 | 758725 |
| Huntington Bancshares, Inc. | 40447 | 677892 |
| JPMorgan Chase & Co. | 77159 | 22369166 |
| KeyCorp | 27385 | 477047 |
| M&T Bank Corp. | 4456 | 864419 |
| PNC Financial Services <br>Group, Inc. | 10963 | 2043722 |
| Regions Financial Corp. | 24957 | 586989 |
| Truist Financial Corp. | 36337 | 1562128 |
| U.S. Bancorp | 43195 | 1954574 |
| Wells Fargo & Co. | 90349 | 7238762 |
|  |  | 52093427 |
| Capital Markets (3.3%) | Capital Markets (3.3%) | Capital Markets (3.3%) |
| Ameriprise Financial, Inc. | 2655 | 1417053 |
| Bank of New York Mellon <br>Corp. | 19772 | 1801427 |
| Blackrock, Inc. | 4043 | 4242118 |
| Blackstone, Inc. | 20166 | 3016430 |
| Cboe Global Markets, Inc. | 2854 | 665581 |
| Charles Schwab Corp. | 47419 | 4326510 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| CME Group, Inc. | 9978 | $| 2750136 |
| Coinbase Global, Inc. Class A (b) | 5827 |  | 2042305 |
| FactSet Research Systems, <br>Inc. | 1121 |  | 501401 |
| Franklin Resources, Inc. | 8583 |  | 204705 |
| Goldman Sachs Group, Inc. | 8519 |  | 6029322 |
| Intercontinental Exchange, <br>Inc. | 15909 |  | 2918824 |
| Invesco Ltd. | 12404 |  | 195611 |
| KKR & Co., Inc. | 18793 |  | 2500033 |
| MarketAxess Holdings, Inc. | 1069 |  | 238751 |
| Moody's Corp. | 4286 |  | 2149815 |
| Morgan Stanley | 34262 |  | 4826145 |
| MSCI, Inc. | 2215 |  | 1277479 |
| Nasdaq, Inc. | 11458 |  | 1024574 |
| Northern Trust Corp. | 5360 |  | 679595 |
| Raymond James Financial, <br>Inc. | 5006 |  | 767770 |
| S&P Global, Inc. | 8722 |  | 4599023 |
| State Street Corp. | 7887 |  | 838704 |
| T. Rowe Price Group, Inc. | 6064 |  | 585176 |
|  |  |  | 49598488 |
| Consumer Finance (0.6%) | Consumer Finance (0.6%) | Consumer Finance (0.6%) | Consumer Finance (0.6%) |
| American Express Co. | 15368 |  | 4902085 |
| Capital One Financial Corp. | 17758 |  | 3778192 |
| Synchrony Financial | 10568 |  | 705308 |
|  |  |  | 9385585 |
| Financial Services (4.2%) | Financial Services (4.2%) | Financial Services (4.2%) | Financial Services (4.2%) |
| Berkshire Hathaway, Inc. <br>Class B (b) | 50912 |  | 24731522 |
| Corpay, Inc. (b) | 1994 |  | 661649 |
| Fidelity National Information <br>Services, Inc. | 14566 |  | 1185818 |
| Fiserv, Inc. (b) | 15393 |  | 2653907 |
| Global Payments, Inc. | 6756 |  | 540750 |
| Jack Henry & Associates, Inc. | 1988 |  | 358178 |
| Mastercard, Inc. Class A | 22551 |  | 12672309 |
| PayPal Holdings, Inc. (b) | 27001 |  | 2006715 |
| Visa, Inc. Class A | 47504 |  | 16866295 |
| Apollo Global Management, <br>Inc. | 12534 |  | 1778199 |
|  |  |  | 63455342 |
| Insurance (2.0%) | Insurance (2.0%) | Insurance (2.0%) | Insurance (2.0%) |
| Aflac, Inc. | 13509 |  | 1424659 |
| Allstate Corp. | 7337 |  | 1477011 |
| American International <br>Group, Inc. | 16001 |  | 1369526 |
| Aon PLC Class A | 5988 |  | 2136279 |
| Arch Capital Group Ltd. | 10280 |  | 935994 |
| Arthur J Gallagher & Co. | 7143 |  | 2286617 |
| Assurant, Inc. | 1355 |  | 267599 |
| Brown & Brown, Inc. | 7793 |  | 864010 |
| Chubb Ltd. | 10319 |  | 2989621 |
| Cincinnati Financial Corp. | 4277 |  | 636931 |
| Erie Indemnity Co. Class A | 702 |  | 243447 |
| Everest Group Ltd. | 1152 |  | 391507 |
| Globe Life, Inc. | 2254 |  | 280150 |
| Hartford Insurance Group, <br>Inc. | 7863 |  | 997579 |
| Loews Corp. | 4750 |  | 435385 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Marsh & McLennan Cos., Inc. | 13699 | $| 2995149 |
| MetLife, Inc. | 15655 |  | 1258975 |
| Principal Financial Group, Inc. | 5698 |  | 452592 |
| Progressive Corp. | 16321 |  | 4355422 |
| Prudential Financial, Inc. | 9802 |  | 1053127 |
| Travelers Cos., Inc. | 6278 |  | 1679616 |
| W.R. Berkley Corp. | 8313 |  | 610756 |
| Willis Towers Watson PLC | 2721 |  | 833986 |
|  |  |  | 29975938 |
| **Health Care (9.0%)** | **Health Care (9.0%)** | **Health Care (9.0%)** | **Health Care (9.0%)** |
| Biotechnology (1.5%) | Biotechnology (1.5%) | Biotechnology (1.5%) | Biotechnology (1.5%) |
| AbbVie, Inc. | 49042 |  | 9103176 |
| Amgen, Inc. | 14975 |  | 4181170 |
| Biogen, Inc. (b) | 4045 |  | 508011 |
| Gilead Sciences, Inc. | 34508 |  | 3825902 |
| Incyte Corp. (b) | 4447 |  | 302841 |
| Moderna, Inc. (b) | 9376 |  | 258684 |
| Regeneron Pharmaceuticals, <br>Inc. | 2888 |  | 1516200 |
| Vertex Pharmaceuticals, <br>Inc. (b) | 7111 |  | 3165817 |
|  |  |  | 22861801 |
| Health Care Equipment & Supplies (2.2%) | Health Care Equipment & Supplies (2.2%) | Health Care Equipment & Supplies (2.2%) | Health Care Equipment & Supplies (2.2%) |
| Abbott Laboratories | 48305 |  | 6569963 |
| Align Technology, Inc. (b) | 1832 |  | 346853 |
| Baxter International, Inc. | 14247 |  | 431399 |
| Becton Dickinson & Co. | 7950 |  | 1369387 |
| Boston Scientific Corp. (b) | 41075 |  | 4411866 |
| Cooper Cos., Inc. (b) | 5464 |  | 388818 |
| Dexcom, Inc. (b) | 10818 |  | 944303 |
| Edwards Lifesciences <br>Corp. (b) | 16231 |  | 1269427 |
| GE HealthCare Technologies, <br>Inc. | 12662 |  | 937874 |
| Hologic, Inc. (b) | 6113 |  | 398323 |
| IDEXX Laboratories, Inc. (b) | 2268 |  | 1216419 |
| Insulet Corp. (b) | 2003 |  | 629303 |
| Intuitive Surgical, Inc. (b) | 9976 |  | 5421058 |
| Medtronic PLC | 35608 |  | 3103949 |
| ResMed, Inc. | 4067 |  | 1049286 |
| Solventum Corp. (b) | 3817 |  | 289481 |
| STERIS PLC | 2675 |  | 642589 |
| Stryker Corp. | 9609 |  | 3801609 |
| Zimmer Biomet Holdings, Inc. | 5484 |  | 500196 |
|  |  |  | 33722103 |
| Health Care Providers & Services (1.7%) | Health Care Providers & Services (1.7%) | Health Care Providers & Services (1.7%) | Health Care Providers & Services (1.7%) |
| Cardinal Health, Inc. | 6565 |  | 1102920 |
| Cencora, Inc. | 4779 |  | 1432983 |
| Centene Corp. (b) | 13731 |  | 745319 |
| Cigna Group | 7417 |  | 2451912 |
| CVS Health Corp. | 35122 |  | 2422716 |
| DaVita, Inc. (b) | 1099 |  | 156552 |
| Elevance Health, Inc. | 6273 |  | 2439946 |
| HCA Healthcare, Inc. | 4809 |  | 1842328 |
| Henry Schein, Inc. (b) | 3367 |  | 245959 |
| Humana, Inc. | 3390 |  | 828787 |
| Labcorp Holdings, Inc. | 2344 |  | 615323 |
| McKesson Corp. | 3474 |  | 2545678 |
| Molina Healthcare, Inc. (b) | 1540 |  | 458766 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Quest Diagnostics, Inc. | 3063 | $| 550207 |
| UnitedHealth Group, Inc. | 25186 |  | 7857276 |
| Universal Health Services, <br>Inc. Class B | 1599 |  | 289659 |
|  |  |  | 25986331 |
| Life Sciences Tools & Services (0.8%) | Life Sciences Tools & Services (0.8%) | Life Sciences Tools & Services (0.8%) | Life Sciences Tools & Services (0.8%) |
| Agilent Technologies, Inc. | 7899 |  | 932161 |
| Bio-Techne Corp. | 4303 |  | 221389 |
| Charles River Laboratories <br>International, Inc. (b) | 1310 |  | 198766 |
| Danaher Corp. | 17621 |  | 3480852 |
| IQVIA Holdings, Inc. (b) | 4532 |  | 714198 |
| Mettler-Toledo International, <br>Inc. (b) | 597 |  | 701308 |
| Revvity, Inc. | 3258 |  | 315114 |
| Thermo Fisher Scientific, Inc. | 10481 |  | 4249626 |
| Waters Corp. (b) | 1644 |  | 573822 |
| West Pharmaceutical <br>Services, Inc. | 2027 |  | 443508 |
|  |  |  | 11830744 |
| Pharmaceuticals (2.8%) | Pharmaceuticals (2.8%) | Pharmaceuticals (2.8%) | Pharmaceuticals (2.8%) |
| Bristol-Myers Squibb Co. | 56502 |  | 2615478 |
| Eli Lilly & Co. | 21840 |  | 17024935 |
| Johnson & Johnson | 66802 |  | 10204005 |
| Merck & Co., Inc. | 69716 |  | 5518719 |
| Pfizer, Inc. | 157849 |  | 3826260 |
| Viatris, Inc. | 32586 |  | 290993 |
| Zoetis, Inc. | 12299 |  | 1918029 |
|  |  |  | 41398419 |
| **Industrials (8.3%)** | **Industrials (8.3%)** | **Industrials (8.3%)** | **Industrials (8.3%)** |
| Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) |
| Axon Enterprise, Inc. (b) | 2040 |  | 1688997 |
| Boeing Co. (b) | 20934 |  | 4386301 |
| General Dynamics Corp. | 7026 |  | 2049203 |
| General Electric Co. | 29607 |  | 7620546 |
| Howmet Aerospace, Inc. | 11214 |  | 2087262 |
| Huntington Ingalls Industries, <br>Inc. | 1089 |  | 262950 |
| L3Harris Technologies, Inc. | 5214 |  | 1307880 |
| Lockheed Martin Corp. | 5801 |  | 2686675 |
| Northrop Grumman Corp. | 3768 |  | 1883924 |
| RTX Corp. | 37091 |  | 5416028 |
| Textron, Inc. | 4975 |  | 399443 |
| TransDigm Group, Inc. | 1553 |  | 2361554 |
|  |  |  | 32150763 |
| Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) |
| CH Robinson Worldwide, Inc. | 3250 |  | 311837 |
| Expeditors International of <br>Washington, Inc. | 3723 |  | 425353 |
| FedEx Corp. | 6135 |  | 1394547 |
| United Parcel Service, Inc. <br>Class B | 20371 |  | 2056249 |
|  |  |  | 4187986 |
| Building Products (0.5%) | Building Products (0.5%) | Building Products (0.5%) | Building Products (0.5%) |
| A.O. Smith Corp. | 3176 |  | 208250 |
| Allegion PLC | 2363 |  | 340556 |
| Builders FirstSource, Inc. (b) | 3068 |  | 358005 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Carrier Global Corp. | 22136 | $| 1620134 |
| Johnson Controls <br>International PLC | 18178 |  | 1919960 |
| Lennox International, Inc. | 900 |  | 515916 |
| Masco Corp. | 5844 |  | 376120 |
| Trane Technologies PLC | 6211 |  | 2716753 |
|  |  |  | 8055694 |
| Commercial Services & Supplies (0.5%) | Commercial Services & Supplies (0.5%) | Commercial Services & Supplies (0.5%) | Commercial Services & Supplies (0.5%) |
| Cintas Corp. | 9498 |  | 2116819 |
| Copart, Inc. (b) | 24408 |  | 1197700 |
| Republic Services, Inc. | 5616 |  | 1384962 |
| Rollins, Inc. | 7761 |  | 437876 |
| Veralto Corp. | 6809 |  | 687368 |
| Waste Management, Inc. | 10113 |  | 2314057 |
|  |  |  | 8138782 |
| Construction & Engineering (0.1%) | Construction & Engineering (0.1%) | Construction & Engineering (0.1%) | Construction & Engineering (0.1%) |
| Quanta Services, Inc. | 4087 |  | 1545213 |
| Electrical Equipment (0.9%) | Electrical Equipment (0.9%) | Electrical Equipment (0.9%) | Electrical Equipment (0.9%) |
| AMETEK, Inc. | 6404 |  | 1158868 |
| Eaton Corp. PLC | 10843 |  | 3870842 |
| Emerson Electric Co. | 15614 |  | 2081815 |
| GE Vernova, Inc. | 7640 |  | 4042706 |
| Generac Holdings, Inc. (b) | 1618 |  | 231714 |
| Hubbell, Inc. | 1510 |  | 616699 |
| Rockwell Automation, Inc. | 3094 |  | 1027734 |
|  |  |  | 13030378 |
| Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) |
| Ralliant Corp. (b) | 1 |  | 32 |
|  |  |  | 32 |
| Ground Transportation (0.9%) | Ground Transportation (0.9%) | Ground Transportation (0.9%) | Ground Transportation (0.9%) |
| CSX Corp. | 52156 |  | 1701850 |
| JB Hunt Transport Services, <br>Inc. | 2171 |  | 311756 |
| Norfolk Southern Corp. | 6270 |  | 1604932 |
| Old Dominion Freight Line, <br>Inc. | 5102 |  | 828054 |
| Uber Technologies, Inc. (b) | 58059 |  | 5416905 |
| Union Pacific Corp. | 16588 |  | 3816567 |
|  |  |  | 13680064 |
| Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) |
| 3M Co. | 14932 |  | 2273248 |
| Honeywell International, Inc. | 17843 |  | 4155278 |
|  |  |  | 6428526 |
| Machinery (1.5%) | Machinery (1.5%) | Machinery (1.5%) | Machinery (1.5%) |
| Caterpillar, Inc. | 13058 |  | 5069246 |
| Cummins, Inc. | 3807 |  | 1246792 |
| Deere & Co. | 7014 |  | 3566549 |
| Dover Corp. | 3780 |  | 692609 |
| Fortive Corp. | 9347 |  | 487259 |
| IDEX Corp. | 2049 |  | 359743 |
| Illinois Tool Works, Inc. | 7395 |  | 1828414 |
| Ingersoll Rand, Inc. | 11155 |  | 927873 |
| Nordson Corp. | 1510 |  | 323699 |
| Otis Worldwide Corp. | 10879 |  | 1077239 |
| PACCAR, Inc. | 14520 |  | 1380271 |
| Parker-Hannifin Corp. | 3566 |  | 2490744 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Pentair PLC | 4483 | $| 460225 |
| Snap-on, Inc. | 1455 |  | 452767 |
| Stanley Black & Decker, Inc. | 4295 |  | 290986 |
| Westinghouse Air Brake <br>Technologies Corp. | 4695 |  | 982898 |
| Xylem, Inc. | 6727 |  | 870205 |
|  |  |  | 22507519 |
| Passenger Airlines (0.2%) | Passenger Airlines (0.2%) | Passenger Airlines (0.2%) | Passenger Airlines (0.2%) |
| Delta Air Lines, Inc. | 18128 |  | 891535 |
| Southwest Airlines Co. | 15821 |  | 513233 |
| United Airlines Holdings, <br>Inc. (b) | 9006 |  | 717148 |
|  |  |  | 2121916 |
| Professional Services (0.6%) | Professional Services (0.6%) | Professional Services (0.6%) | Professional Services (0.6%) |
| Automatic Data Processing, <br>Inc. | 11266 |  | 3474434 |
| Broadridge Financial <br>Solutions, Inc. | 3240 |  | 787417 |
| Dayforce, Inc. (b) | 4402 |  | 243827 |
| Equifax, Inc. | 3433 |  | 890417 |
| Jacobs Solutions, Inc. | 3321 |  | 436545 |
| Leidos Holdings, Inc. | 3547 |  | 559575 |
| Paychex, Inc. | 8873 |  | 1290667 |
| Paycom Software, Inc. | 1353 |  | 313084 |
| Verisk Analytics, Inc. | 3865 |  | 1203948 |
|  |  |  | 9199914 |
| Trading Companies & Distributors (0.3%) | Trading Companies & Distributors (0.3%) | Trading Companies & Distributors (0.3%) | Trading Companies & Distributors (0.3%) |
| Fastenal Co. | 31754 |  | 1333668 |
| United Rentals, Inc. | 1875 |  | 1412625 |
| WW Grainger, Inc. | 1227 |  | 1276375 |
|  |  |  | 4022668 |
| **Information Technology (32.0%)** | **Information Technology (32.0%)** | **Information Technology (32.0%)** | **Information Technology (32.0%)** |
| Communications Equipment (0.9%) | Communications Equipment (0.9%) | Communications Equipment (0.9%) | Communications Equipment (0.9%) |
| Arista Networks, Inc. (b) | 28503 |  | 2916142 |
| Cisco Systems, Inc. | 110453 |  | 7663229 |
| F5, Inc. (b) | 1621 |  | 477093 |
| Juniper Networks, Inc. | 9167 |  | 366038 |
| Motorola Solutions, Inc. | 4628 |  | 1945889 |
|  |  |  | 13368391 |
| Electronic Equipment, Instruments & Components (0.6%) | Electronic Equipment, Instruments & Components (0.6%) | Electronic Equipment, Instruments & Components (0.6%) | Electronic Equipment, Instruments & Components (0.6%) |
| Amphenol Corp. Class A | 33534 |  | 3311482 |
| CDW Corp. | 3627 |  | 647746 |
| Corning, Inc. | 21346 |  | 1122586 |
| Jabil, Inc. | 2998 |  | 653864 |
| Keysight Technologies, Inc. (b) | 4759 |  | 779810 |
| TE Connectivity PLC | 8161 |  | 1376516 |
| Teledyne Technologies, Inc. (b) | 1368 |  | 700840 |
| Trimble, Inc. (b) | 6624 |  | 503291 |
| Zebra Technologies Corp. <br>Class A (b) | 1410 |  | 434788 |
|  |  |  | 9530923 |
| IT Services (1.1%) | IT Services (1.1%) | IT Services (1.1%) | IT Services (1.1%) |
| Accenture PLC Class A | 17419 |  | 5206365 |
| Akamai Technologies, Inc. (b) | 4014 |  | 320157 |
| Cognizant Technology <br>Solutions Corp. Class A | 13595 |  | 1060818 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| EPAM Systems, Inc. (b) | 1589 | $| 280967 |
| Gartner, Inc. (b) | 2111 |  | 853308 |
| GoDaddy, Inc. Class A (b) | 3910 |  | 704035 |
| International Business <br>Machines Corp. | 25804 |  | 7606503 |
| VeriSign, Inc. | 2263 |  | 653554 |
|  |  |  | 16685707 |
| Semiconductors & Semiconductor Equipment (12.3%) | Semiconductors & Semiconductor Equipment (12.3%) | Semiconductors & Semiconductor Equipment (12.3%) | Semiconductors & Semiconductor Equipment (12.3%) |
| Advanced Micro Devices, <br>Inc. (b) | 45016 |  | 6387770 |
| Analog Devices, Inc. | 13737 |  | 3269681 |
| Applied Materials, Inc. | 22503 |  | 4119624 |
| Broadcom, Inc. | 130545 |  | 35984729 |
| Enphase Energy, Inc. (b) | 3629 |  | 143890 |
| First Solar, Inc. (b) | 2906 |  | 481059 |
| Intel Corp. | 121107 |  | 2712797 |
| KLA Corp. | 3680 |  | 3296323 |
| Lam Research Corp. | 35443 |  | 3450022 |
| Microchip Technology, Inc. | 14891 |  | 1047880 |
| Micron Technology, Inc. | 31028 |  | 3824201 |
| Monolithic Power Systems, <br>Inc. | 1329 |  | 972004 |
| NVIDIA Corp. | 677099 |  | 106974871 |
| NXP Semiconductors NV | 7037 |  | 1537514 |
| ON Semiconductor Corp. (b) | 11568 |  | 606279 |
| QUALCOMM, Inc. | 30462 |  | 4851378 |
| Skyworks Solutions, Inc. | 4168 |  | 310599 |
| Teradyne, Inc. | 4416 |  | 397087 |
| Texas Instruments, Inc. | 25206 |  | 5233270 |
|  |  |  | 185600978 |
| Software (11.1%) | Software (11.1%) | Software (11.1%) | Software (11.1%) |
| Adobe, Inc. (b) | 11833 |  | 4577951 |
| ANSYS, Inc. (b) | 2421 |  | 850304 |
| Autodesk, Inc. (b) | 5953 |  | 1842870 |
| Cadence Design Systems, <br>Inc. (b) | 7594 |  | 2340091 |
| Crowdstrike Holdings, Inc. <br>Class A (b) | 6920 |  | 3524425 |
| Fair Isaac Corp. (b) | 690 |  | 1261293 |
| Fortinet, Inc. (b) | 17614 |  | 1862152 |
| Gen Digital, Inc. | 15153 |  | 445498 |
| Intuit, Inc. | 7751 |  | 6104920 |
| Microsoft Corp. | 206358 |  | 102644533 |
| Oracle Corp. | 45157 |  | 9872675 |
| Palantir Technologies, Inc. <br>Class A (b) | 59057 |  | 8050650 |
| Palo Alto Networks, Inc. (b) | 18333 |  | 3751665 |
| PTC, Inc. (b) | 3267 |  | 563035 |
| Roper Technologies, Inc. | 3055 |  | 1731696 |
| Salesforce, Inc. | 26639 |  | 7264189 |
| ServiceNow, Inc. (b) | 5747 |  | 5908376 |
| Synopsys, Inc. (b) | 4280 |  | 2194271 |
| Tyler Technologies, Inc. (b) | 1185 |  | 702515 |
| Workday, Inc. Class A (b) | 6025 |  | 1446000 |
|  |  |  | 166939109 |
| Technology Hardware Storage & Peripherals (6.0%) | Technology Hardware Storage & Peripherals (6.0%) | Technology Hardware Storage & Peripherals (6.0%) | Technology Hardware Storage & Peripherals (6.0%) |
| Apple, Inc. (c) | 414680 |  | 85079896 |
| Dell Technologies, Inc. <br>Class C | 8317 |  | 1019664 |
| Hewlett Packard Enterprise Co. | 36470 |  | 745811 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| HP, Inc. | 26173 | $| 640192 |
| NetApp, Inc. | 5604 |  | 597106 |
| Seagate Technology <br>Holdings PLC | 5812 |  | 838846 |
| Super Micro Computer, <br>Inc. (b) | 14250 |  | 698392 |
| Western Digital Corp. | 9631 |  | 616288 |
|  |  |  | 90236195 |
| **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** |
| Chemicals (1.2%) | Chemicals (1.2%) | Chemicals (1.2%) | Chemicals (1.2%) |
| Air Products & Chemicals, Inc. | 6160 |  | 1737490 |
| Albemarle Corp. | 3192 |  | 200043 |
| CF Industries Holdings, Inc. | 4498 |  | 413816 |
| Corteva, Inc. | 18882 |  | 1407275 |
| Dow, Inc. | 19625 |  | 519670 |
| DuPont de Nemours, Inc. | 11575 |  | 793929 |
| Eastman Chemical Co. | 3185 |  | 237792 |
| Ecolab, Inc. | 6978 |  | 1880152 |
| International Flavors & <br>Fragrances, Inc. | 7047 |  | 518307 |
| Linde PLC | 13069 |  | 6131713 |
| LyondellBasell Industries NV <br>Class A | 7063 |  | 408665 |
| Mosaic Co. | 8795 |  | 320842 |
| PPG Industries, Inc. | 6302 |  | 716853 |
| Sherwin-Williams Co. | 6416 |  | 2202998 |
|  |  |  | 17489545 |
| Construction Materials (0.1%) | Construction Materials (0.1%) | Construction Materials (0.1%) | Construction Materials (0.1%) |
| Martin Marietta Materials, Inc. | 1693 |  | 929389 |
| Vulcan Materials Co. | 3647 |  | 951211 |
|  |  |  | 1880600 |
| Containers & Packaging (0.2%) | Containers & Packaging (0.2%) | Containers & Packaging (0.2%) | Containers & Packaging (0.2%) |
| Amcor PLC | 63619 |  | 584659 |
| Avery Dennison Corp. | 2130 |  | 373751 |
| Ball Corp. | 7702 |  | 432005 |
| International Paper Co. | 14599 |  | 683671 |
| Packaging Corp. of America | 2482 |  | 467733 |
| Smurfit WestRock PLC | 13690 |  | 590723 |
|  |  |  | 3132542 |
| Metals & Mining (0.3%) | Metals & Mining (0.3%) | Metals & Mining (0.3%) | Metals & Mining (0.3%) |
| Freeport-McMoRan, Inc. | 39791 |  | 1724940 |
| Newmont Corp. | 30901 |  | 1800292 |
| Nucor Corp. | 6382 |  | 826724 |
| Steel Dynamics, Inc. | 3740 |  | 478758 |
|  |  |  | 4830714 |
| **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** |
| 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. | 4208 |  | 305627 |
| Healthpeak Properties, Inc. | 19270 |  | 337418 |
| Ventas, Inc. | 12529 |  | 791206 |
| Welltower, Inc. | 17248 |  | 2651535 |
|  |  |  | 4085786 |
| Hotels & Resort REITs (0.0%) | Hotels & Resort REITs (0.0%) | Hotels & Resort REITs (0.0%) | Hotels & Resort REITs (0.0%) |
| Host Hotels & Resorts, Inc. | 19255 |  | 295757 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Industrial REITs (0.2%) | Industrial REITs (0.2%) | Industrial REITs (0.2%) |
| Prologis, Inc. | 25664 | $2697800 |
| Office REITs (0.0%) | Office REITs (0.0%) | Office REITs (0.0%) |
| BXP, Inc. | 4022 | 271364 |
| Real Estate Management & Development (0.1%) | Real Estate Management & Development (0.1%) | Real Estate Management & Development (0.1%) |
| CBRE Group, Inc. Class A (b) | 8084 | 1132730 |
| CoStar Group, Inc. (b) | 11669 | 938188 |
|  |  | 2070918 |
| Residential REITs (0.2%) | Residential REITs (0.2%) | Residential REITs (0.2%) |
| AvalonBay Communities, Inc. | 3934 | 800569 |
| Camden Property Trust | 2934 | 330633 |
| Equity Residential | 9462 | 638590 |
| Essex Property Trust, Inc. | 1810 | 512954 |
| Invitation Homes, Inc. | 15775 | 517420 |
| Mid-America Apartment <br>Communities, Inc. | 3236 | 478960 |
| UDR, Inc. | 8336 | 340359 |
|  |  | 3619485 |
| Retail REITs (0.3%) | Retail REITs (0.3%) | Retail REITs (0.3%) |
| Federal Realty Investment <br>Trust | 2085 | 198054 |
| Kimco Realty Corp. | 18714 | 393368 |
| Realty Income Corp. | 25073 | 1444456 |
| Regency Centers Corp. | 4535 | 323028 |
| Simon Property Group, Inc. | 8492 | 1365174 |
|  |  | 3724080 |
| Specialized REITs (0.9%) | Specialized REITs (0.9%) | Specialized REITs (0.9%) |
| American Tower Corp. | 12939 | 2859778 |
| Crown Castle, Inc. | 12033 | 1236150 |
| Digital Realty Trust, Inc. | 8762 | 1527479 |
| Equinix, Inc. | 2716 | 2160496 |
| Extra Space Storage, Inc. | 5869 | 865325 |
| Iron Mountain, Inc. | 8133 | 834202 |
| Public Storage | 4435 | 1301318 |
| SBA Communications Corp. | 2934 | 689021 |
| VICI Properties, Inc. | 29338 | 956419 |
| Weyerhaeuser Co. | 20090 | 516112 |
|  |  | 12946300 |
| **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** |
| Electric Utilities (1.5%) | Electric Utilities (1.5%) | Electric Utilities (1.5%) |
| Alliant Energy Corp. | 7073 | 427704 |
| American Electric Power Co., <br>Inc. | 14764 | 1531913 |
| Constellation Energy Corp. | 8662 | 2795747 |
| Duke Energy Corp. | 21487 | 2535466 |
| Edison International | 10619 | 547940 |
| Entergy Corp. | 12392 | 1030023 |
| Evergy, Inc. | 6350 | 437705 |
| Eversource Energy | 10156 | 646125 |
| Exelon Corp. | 28028 | 1216976 |
| FirstEnergy Corp. | 14202 | 571773 |
| NextEra Energy, Inc. | 57156 | 3967770 |
| NRG Energy, Inc. | 5428 | 871628 |
| PG&E Corp. | 61016 | 850563 |
| Pinnacle West Capital Corp. | 3315 | 296593 |
| PPL Corp. | 20442 | 692779 |

---

See accompanying notes to financial statements.

------

SFT Index 500 Fund

Investments in Securities – continued

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value(a)** | **Value(a)** |
| Southern Co. | 30514 | $| 2802101 |
| Xcel Energy, Inc. | 16013 |  | 1090485 |
|  |  |  | 22313291 |
| Gas Utilities (0.0%) | Gas Utilities (0.0%) | Gas Utilities (0.0%) | Gas Utilities (0.0%) |
| Atmos Energy Corp. | 4395 |  | 677313 |
| 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. | 19687 |  | 207107 |
| Vistra Corp. | 9420 |  | 1825690 |
|  |  |  | 2032797 |
| Multi-Utilities (0.6%) | Multi-Utilities (0.6%) | Multi-Utilities (0.6%) | Multi-Utilities (0.6%) |
| Ameren Corp. | 7465 |  | 716939 |
| CenterPoint Energy, Inc. | 18045 |  | 662973 |
| CMS Energy Corp. | 8268 |  | 572807 |
| Consolidated Edison, Inc. | 10003 |  | 1003801 |
| Dominion Energy, Inc. | 23676 |  | 1338168 |
| DTE Energy Co. | 5738 |  | 760055 |
| NiSource, Inc. | 13012 |  | 524904 |
| Public Service Enterprise <br>Group, Inc. | 13795 |  | 1161263 |
| Sempra | 18106 |  | 1371892 |
| WEC Energy Group, Inc. | 8796 |  | 916543 |
|  |  |  | 9029345 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Water Utilities (0.1%) | Water Utilities (0.1%) | Water Utilities (0.1%) |
| American Water Works Co., <br>Inc. | 5396 | $750638 |
| **Total common stocks <br>(cost: $392,956,528)** |  | **1456953182** |
| **Short-Term Securities (3.3%)** | **Short-Term Securities (3.3%)** | **Short-Term Securities (3.3%)** |
| **Investment Companies (3.3%)** | **Investment Companies (3.3%)** | **Investment Companies (3.3%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>4.270% | 50006464 | 50006464 |
| **Total short-term securities <br>(cost: $50,006,464)** |  | **50006464** |
| **Total investments in securities <br>(cost: $442,962,992) (d)** |  | **1506959646** |
| **Cash and other assets in excess <br>of liabilities (0.0%)** |  | **451786** |
| **Total net assets (100.0%)** |  | $**1507411432** |

---

**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 June 30, 2025, the cost of investments for federal income tax purposes was $445,871,226. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1078942702 |
| Gross unrealized depreciation | (16690079) |
| **Net unrealized appreciation** | $**1062252623** |

---

**Holdings of Open Futures Contracts**

On June 30, 2025, securities with an aggregate fair value of $28,723,800 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 | September 2025 | 155 | Long | $47302359 | $48466562 | $1164203 |

---

See accompanying notes to financial statements.

------

SFT Macquarie Growth Fund (formerly know as SFT Delaware Ivy<sup>SM</sup> Growth Fund)

Investments in Securities

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| **Communication Services (3.5%)** | **Communication Services (3.5%)** | **Communication Services (3.5%)** |
| Interactive Media & Services (3.5%) | Interactive Media & Services (3.5%) | Interactive Media & Services (3.5%) |
| Alphabet, Inc. Class A | 129152 | $22760457 |
| **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** |
| Automobiles (1.4%) | Automobiles (1.4%) | Automobiles (1.4%) |
| Ferrari NV | 18473 | 9065440 |
| Broadline Retail (6.6%) | Broadline Retail (6.6%) | Broadline Retail (6.6%) |
| Amazon.com, Inc. (b) | 194183 | 42601809 |
| Hotels, Restaurants & Leisure (1.7%) | Hotels, Restaurants & Leisure (1.7%) | Hotels, Restaurants & Leisure (1.7%) |
| Booking Holdings, Inc. | 1834 | 10617466 |
| **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** |
| Beverages (2.0%) | Beverages (2.0%) | Beverages (2.0%) |
| Coca-Cola Co. | 179664 | 12711228 |
| **Financial (15.0%)** | **Financial (15.0%)** | **Financial (15.0%)** |
| Capital Markets (7.5%) | Capital Markets (7.5%) | Capital Markets (7.5%) |
| Intercontinental Exchange, Inc. | 124318 | 22808623 |
| MSCI, Inc. | 26224 | 15124430 |
| S&P Global, Inc. | 19794 | 10437178 |
|  |  | 48370231 |
| Financial Services (7.5%) | Financial Services (7.5%) | Financial Services (7.5%) |
| Mastercard, Inc. Class A | 30842 | 17331353 |
| Visa, Inc. Class A | 87270 | 30985214 |
|  |  | 48316567 |
| **Health Care (9.9%)** | **Health Care (9.9%)** | **Health Care (9.9%)** |
| Health Care Equipment & Supplies (3.6%) | Health Care Equipment & Supplies (3.6%) | Health Care Equipment & Supplies (3.6%) |
| Cooper Cos., Inc. (b) | 99035 | 7047331 |
| IDEXX Laboratories, Inc. (b) | 10246 | 5495340 |
| Intuitive Surgical, Inc. (b) | 19801 | 10760061 |
|  |  | 23302732 |
| Health Care Providers & Services (2.2%) | Health Care Providers & Services (2.2%) | Health Care Providers & Services (2.2%) |
| UnitedHealth Group, Inc. | 43927 | 13703906 |
| Health Care Technology (1.7%) | Health Care Technology (1.7%) | Health Care Technology (1.7%) |
| Veeva Systems, Inc. Class A (b) | 38530 | 11095869 |
| Life Sciences Tools & Services (2.4%) | Life Sciences Tools & Services (2.4%) | Life Sciences Tools & Services (2.4%) |
| Danaher Corp. | 78933 | 15592425 |
| **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** |
| Commercial Services & Supplies (2.5%) | Commercial Services & Supplies (2.5%) | Commercial Services & Supplies (2.5%) |
| Waste Connections, Inc. | 86133 | 16082754 |
| Ground Transportation (1.0%) | Ground Transportation (1.0%) | Ground Transportation (1.0%) |
| Old Dominion Freight Line, Inc. | 41087 | 6668420 |
| Professional Services (4.3%) | Professional Services (4.3%) | Professional Services (4.3%) |
| Broadridge Financial <br>Solutions, Inc. | 37448 | 9100987 |
| Equifax, Inc. | 46497 | 12059927 |
| Verisk Analytics, Inc. | 19713 | 6140600 |
|  |  | 27301514 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Information Technology (47.6%)** | **Information Technology (47.6%)** | **Information Technology (47.6%)** |
| Communications Equipment (0.7%) | Communications Equipment (0.7%) | Communications Equipment (0.7%) |
| Motorola Solutions, Inc. | 10351 | $4352182 |
| Electronic Equipment, Instruments & Components (1.0%) | Electronic Equipment, Instruments & Components (1.0%) | Electronic Equipment, Instruments & Components (1.0%) |
| CDW Corp. | 36102 | 6447456 |
| IT Services (1.0%) | IT Services (1.0%) | IT Services (1.0%) |
| VeriSign, Inc. | 22128 | 6390566 |
| Semiconductors & Semiconductor Equipment (15.9%) | Semiconductors & Semiconductor Equipment (15.9%) | Semiconductors & Semiconductor Equipment (15.9%) |
| Broadcom, Inc. | 38046 | 10487380 |
| NVIDIA Corp. | 507924 | 80246913 |
| Taiwan Semiconductor <br>Manufacturing Co. Ltd. ADR | 49038 | 11106616 |
|  |  | 101840909 |
| Software (22.3%) | Software (22.3%) | Software (22.3%) |
| Autodesk, Inc. (b) | 25189 | 7797759 |
| Intuit, Inc. | 23506 | 18514031 |
| Microsoft Corp. | 200177 | 99570041 |
| Salesforce, Inc. | 42165 | 11497974 |
| Synopsys, Inc. (b) | 12106 | 6206504 |
|  |  | 143586309 |
| Technology Hardware Storage & Peripherals (6.7%) | Technology Hardware Storage & Peripherals (6.7%) | Technology Hardware Storage & Peripherals (6.7%) |
| Apple, Inc. | 209907 | 43066619 |
| **Real Estate (3.8%)** | **Real Estate (3.8%)** | **Real Estate (3.8%)** |
| Real Estate Management & Development (1.6%) | Real Estate Management & Development (1.6%) | Real Estate Management & Development (1.6%) |
| CoStar Group, Inc. (b) | 127655 | 10263462 |
| Specialized REITs (2.2%) | Specialized REITs (2.2%) | Specialized REITs (2.2%) |
| Equinix, Inc. | 17742 | 14113229 |
| **Total common stocks <br>(cost: $336,852,408)** |  | **638251550** |
| **Short-Term Securities (0.5%)** | **Short-Term Securities (0.5%)** | **Short-Term Securities (0.5%)** |
| **Investment Companies (0.5%)** | **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>4.270% | 2894280 | 2894280 |
| **Total short-term securities <br>(cost: $2,894,280)** |  | **2894280** |
| **Total investments in securities<br>(cost: $339,746,688) (c)** |  | **641145830** |
| **Cash and other assets in excess <br>of liabilities (0.2%)** |  | **1356852** |
| **Total net assets (100.0%)** |  | $**642502682** |

---

See accompanying notes to financial statements.

------

SFT Macquarie Growth Fund (formerly know as SFT Delaware Ivy<sup>SM</sup> Growth Fund)<sup>

</sup>Investments in Securities – continued

**Investments in Securities Legend**

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

(b) Non-income producing security.

(c) At June 30, 2025 the cost of investments for federal income tax purposes was $340,163,612. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $307602601 |
| Gross unrealized depreciation | (6620383) |
| **Net unrealized appreciation** | $**300982218** |

---

See accompanying notes to financial statements.

------

SFT Macquarie Small Cap Growth Fund (formerly know as SFT Delaware Ivy<sup>SM</sup> Small Cap Growth Fund)<sup>

</sup>Investments in Securities

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (95.9%)** | **Common Stocks (95.9%)** | **Common Stocks (95.9%)** |
| **Communication Services (2.1%)** | **Communication Services (2.1%)** | **Communication Services (2.1%)** |
| Entertainment (2.1%) | Entertainment (2.1%) | Entertainment (2.1%) |
| IMAX Corp. (b) | 119901 | $3352432 |
| **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** |
| Automobile Components (2.2%) | Automobile Components (2.2%) | Automobile Components (2.2%) |
| Dorman Products, Inc. (b) | 17125 | 2100724 |
| Modine Manufacturing Co. (b) | 14051 | 1384023 |
|  |  | 3484747 |
| Broadline Retail (1.9%) | Broadline Retail (1.9%) | Broadline Retail (1.9%) |
| Ollie's Bargain Outlet <br>Holdings, Inc. (b) | 23060 | 3038847 |
| Diversified Consumer Services (3.3%) | Diversified Consumer Services (3.3%) | Diversified Consumer Services (3.3%) |
| OneSpaWorld Holdings Ltd. | 57085 | 1163963 |
| Universal Technical <br>Institute, Inc. (b) | 119141 | 4037689 |
|  |  | 5201652 |
| Hotels, Restaurants & Leisure (4.5%) | Hotels, Restaurants & Leisure (4.5%) | Hotels, Restaurants & Leisure (4.5%) |
| Brinker International, Inc. (b) | 11146 | 2009958 |
| Cheesecake Factory, Inc. | 11610 | 727483 |
| Genius Sports Ltd. (b) | 120045 | 1248468 |
| Life Time Group Holdings, Inc. (b) | 48919 | 1483713 |
| Sportradar Group AG Class A (b) | 61703 | 1732620 |
|  |  | 7202242 |
| **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** |
| Consumer Staples Distribution & Retail (1.9%) | Consumer Staples Distribution & Retail (1.9%) | Consumer Staples Distribution & Retail (1.9%) |
| Chefs' Warehouse, Inc. (b) | 37499 | 2392811 |
| PriceSmart, Inc. | 6031 | 633496 |
|  |  | 3026307 |
| Food Products (1.5%) | Food Products (1.5%) | Food Products (1.5%) |
| Vital Farms, Inc. (b) | 63926 | 2462430 |
| **Energy (1.0%)** | **Energy (1.0%)** | **Energy (1.0%)** |
| Oil, Gas & Consumable Fuels (1.0%) | Oil, Gas & Consumable Fuels (1.0%) | Oil, Gas & Consumable Fuels (1.0%) |
| Gulfport Energy Corp. (b) | 8140 | 1637524 |
| **Financial (7.8%)** | **Financial (7.8%)** | **Financial (7.8%)** |
| Banks (1.3%) | Banks (1.3%) | Banks (1.3%) |
| Seacoast Banking Corp. of Florida | 11879 | 328098 |
| Western Alliance Bancorp | 23460 | 1829411 |
|  |  | 2157509 |
| Capital Markets (3.5%) | Capital Markets (3.5%) | Capital Markets (3.5%) |
| Hamilton Lane, Inc. Class A | 11259 | 1600129 |
| Houlihan Lokey, Inc. | 12544 | 2257293 |
| WisdomTree, Inc. | 151298 | 1741440 |
|  |  | 5598862 |
| Financial Services (0.5%) | Financial Services (0.5%) | Financial Services (0.5%) |
| Remitly Global, Inc. (b) | 39007 | 732161 |
| Insurance (2.5%) | Insurance (2.5%) | Insurance (2.5%) |
| Goosehead Insurance, Inc. Class A | 9141 | 964467 |
| Palomar Holdings, Inc. (b) | 19230 | 2966227 |
|  |  | 3930694 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Health Care (22.3%)** | **Health Care (22.3%)** | **Health Care (22.3%)** |
| Biotechnology (8.8%) | Biotechnology (8.8%) | Biotechnology (8.8%) |
| ADMA Biologics, Inc. (b) | 119740 | $2180465 |
| CareDx, Inc. (b) | 49022 | 957890 |
| Caris Life Sciences, Inc. (b) | 12115 | 323713 |
| Catalyst Pharmaceuticals, Inc. (b) | 83222 | 1805917 |
| Halozyme Therapeutics, Inc. (b) | 20527 | 1067815 |
| Insmed, Inc. (b) | 11094 | 1116500 |
| Mirum Pharmaceuticals, Inc. (b) | 41176 | 2095447 |
| Travere Therapeutics, Inc. (b) | 56076 | 829925 |
| Veracyte, Inc. (b) | 44440 | 1201213 |
| Vericel Corp. (b) | 57611 | 2451348 |
|  |  | 14030233 |
| Health Care Equipment & Supplies (3.6%) | Health Care Equipment & Supplies (3.6%) | Health Care Equipment & Supplies (3.6%) |
| Alphatec Holdings, Inc. (b) | 69786 | 774624 |
| Integer Holdings Corp. (b) | 24341 | 2993213 |
| PROCEPT BioRobotics Corp. (b) | 13068 | 752717 |
| TransMedics Group, Inc. (b) | 8635 | 1157176 |
|  |  | 5677730 |
| Health Care Providers & Services (5.2%) | Health Care Providers & Services (5.2%) | Health Care Providers & Services (5.2%) |
| Encompass Health Corp. | 25689 | 3150242 |
| GeneDx Holdings Corp. (b) | 28621 | 2642005 |
| Guardant Health, Inc. (b) | 4705 | 244848 |
| HealthEquity, Inc. (b) | 14278 | 1495763 |
| Hims & Hers Health, Inc. (b) | 12830 | 639576 |
|  |  | 8172434 |
| Pharmaceuticals (4.7%) | Pharmaceuticals (4.7%) | Pharmaceuticals (4.7%) |
| ANI Pharmaceuticals, Inc. (b) | 36827 | 2402962 |
| Axsome Therapeutics, Inc. (b) | 15490 | 1617001 |
| Harmony Biosciences <br>Holdings, Inc. (b) | 12027 | 380053 |
| Tarsus Pharmaceuticals, Inc. (b) | 76659 | 3105456 |
|  |  | 7505472 |
| **Industrials (23.7%)** | **Industrials (23.7%)** | **Industrials (23.7%)** |
| Aerospace & Defense (5.8%) | Aerospace & Defense (5.8%) | Aerospace & Defense (5.8%) |
| AAR Corp. (b) | 30081 | 2069272 |
| AeroVironment, Inc. (b) | 4626 | 1318179 |
| ATI, Inc. (b) | 30923 | 2669892 |
| Leonardo DRS, Inc. | 49672 | 2308754 |
| Mercury Systems, Inc. (b) | 14802 | 797236 |
|  |  | 9163333 |
| Commercial Services & Supplies (2.8%) | Commercial Services & Supplies (2.8%) | Commercial Services & Supplies (2.8%) |
| ACV Auctions, Inc. <br>Class A (b) | 155436 | 2521172 |
| Clean Harbors, Inc. (b) | 8200 | 1895676 |
|  |  | 4416848 |
| Construction & Engineering (3.6%) | Construction & Engineering (3.6%) | Construction & Engineering (3.6%) |
| Construction Partners, Inc. <br>Class A (b) | 29256 | 3109327 |
| Everus Construction <br>Group, Inc. (b) | 40743 | 2588403 |
|  |  | 5697730 |

---

See accompanying notes to financial statements.

------

SFT Macquarie Small Cap Growth Fund (formerly know as SFT Delaware Ivy<sup>SM</sup> Small Cap Growth Fund)<sup>

</sup>Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Electrical Equipment (2.1%) | Electrical Equipment (2.1%) | Electrical Equipment (2.1%) |
| American Superconductor <br>Corp. (b) | 90609 | $3324444 |
| Machinery (3.1%) | Machinery (3.1%) | Machinery (3.1%) |
| Chart Industries, Inc. (b) | 13668 | 2250436 |
| Federal Signal Corp. | 8493 | 903825 |
| Flowserve Corp. | 35449 | 1855755 |
|  |  | 5010016 |
| Marine Transportation (0.8%) | Marine Transportation (0.8%) | Marine Transportation (0.8%) |
| Kirby Corp. (b) | 11261 | 1277110 |
| Passenger Airlines (0.6%) | Passenger Airlines (0.6%) | Passenger Airlines (0.6%) |
| SkyWest, Inc. (b) | 8994 | 926112 |
| Professional Services (3.9%) | Professional Services (3.9%) | Professional Services (3.9%) |
| CBIZ, Inc. (b) | 40971 | 2938031 |
| ExlService Holdings, Inc. (b) | 32019 | 1402112 |
| Huron Consulting Group, Inc. (b) | 13402 | 1843311 |
|  |  | 6183454 |
| Trading Companies & Distributors (1.0%) | Trading Companies & Distributors (1.0%) | Trading Companies & Distributors (1.0%) |
| FTAI Aviation Ltd. | 14667 | 1687292 |
| **Information Technology (22.8%)** | **Information Technology (22.8%)** | **Information Technology (22.8%)** |
| Communications Equipment (1.9%) | Communications Equipment (1.9%) | Communications Equipment (1.9%) |
| Lumentum Holdings, Inc. (b) | 32270 | 3067586 |
| Electronic Equipment, Instruments & Components (5.9%) | Electronic Equipment, Instruments & Components (5.9%) | Electronic Equipment, Instruments & Components (5.9%) |
| Advanced Energy <br>Industries, Inc. | 15986 | 2118145 |
| Itron, Inc. (b) | 20769 | 2733823 |
| OSI Systems, Inc. (b) | 19988 | 4494502 |
|  |  | 9346470 |
| Semiconductors & Semiconductor Equipment (4.6%) | Semiconductors & Semiconductor Equipment (4.6%) | Semiconductors & Semiconductor Equipment (4.6%) |
| MACOM Technology <br>Solutions Holdings, Inc. (b) | 16729 | 2397098 |
| Rambus, Inc. (b) | 10922 | 699227 |
| Silicon Laboratories, Inc. (b) | 19347 | 2850974 |
| Synaptics, Inc. (b) | 20848 | 1351367 |
|  |  | 7298666 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Software (10.4%) | Software (10.4%) | Software (10.4%) |
| Agilysys, Inc. (b) | 14202 | $1628117 |
| AvePoint, Inc. (b) | 149387 | 2884663 |
| Clearwater Analytics <br>Holdings, Inc. Class A (b) | 104637 | 2294689 |
| CyberArk Software Ltd. (b) | 1989 | 809284 |
| Descartes Systems Group, <br>Inc. (b) | 17096 | 1737723 |
| Intapp, Inc. (b) | 21261 | 1097493 |
| Rubrik, Inc. Class A (b) | 17386 | 1557612 |
| SailPoint, Inc. (b) | 69801 | 1595651 |
| SoundHound AI, Inc. Class A (b) | 53352 | 572467 |
| Vertex, Inc. Class A (b) | 43632 | 1541737 |
| Workiva, Inc. (b) | 12042 | 824275 |
|  |  | 16543711 |
| **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) | 17557 | 1433354 |
| **Total common stocks <br>(cost: $127,090,089)** |  | **152587402** |
| **Mutual Funds (2.3%)** | **Mutual Funds (2.3%)** | **Mutual Funds (2.3%)** |
| **Investment Companies (2.3%)** | **Investment Companies (2.3%)** | **Investment Companies (2.3%)** |
| iShares Russell 2000 <br>Growth ETF (c) | 12706 | 3632137 |
| **Total mutual funds <br>(cost: $3,334,057)** |  | **3632137** |
| **Short-Term Securities (2.1%)** | **Short-Term Securities (2.1%)** | **Short-Term Securities (2.1%)** |
| **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>4.270% | 3285888 | 3285888 |
| **Total short-term securities <br>(cost: $3,285,888)** |  | **3285888** |
| **Total investments in securities <br>(cost: $133,710,034) (d)** |  | **159505427** |
| **Liabilities in excess of cash <br>and other assets (-0.3%)** |  | **(532354)** |
| **Total net assets (100.0%)** |  | $**158973073** |

---

**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 Securities and Exchange Commission's ("SEC") website at www.sec.gov.

(d) At June 30, 2025 the cost of investments for federal income tax purposes was $134,198,619. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $29667211 |
| Gross unrealized depreciation | (4360403) |
| **Net unrealized appreciation** | $**25306808** |

---

See accompanying notes to financial statements.

------

SFT Real Estate Securities Fund

Investments in Securities

**June 30, 2025 (Unaudited)**

(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%)** |
| **Consumer Discretionary (2.2%)** | **Consumer Discretionary (2.2%)** | **Consumer Discretionary (2.2%)** |
| Hotels, Restaurants & Leisure (2.2%) | Hotels, Restaurants & Leisure (2.2%) | Hotels, Restaurants & Leisure (2.2%) |
| Boyd Gaming Corp. | 15460 | $1209436 |
| Caesars Entertainment, <br>Inc. (b) | 46745 | 1327090 |
|  |  | 2536526 |
| **Health Care (0.2%)** | **Health Care (0.2%)** | **Health Care (0.2%)** |
| PACS Group, Inc. (b) | 22294 | 288039 |
| **Real Estate (96.6%)** | **Real Estate (96.6%)** | **Real Estate (96.6%)** |
| Health Care REITs (14.5%) | Health Care REITs (14.5%) | Health Care REITs (14.5%) |
| CareTrust REIT, Inc. | 24154 | 739113 |
| Healthcare Realty Trust, Inc. | 186178 | 2952783 |
| Omega Healthcare Investors, Inc. | 22748 | 833714 |
| Welltower, Inc. | 80895 | 12435988 |
|  |  | 16961598 |
| Hotels & Resort REITs (2.2%) | Hotels & Resort REITs (2.2%) | Hotels & Resort REITs (2.2%) |
| Host Hotels & Resorts, Inc. | 165608 | 2543739 |
| Industrial REITs (7.8%) | Industrial REITs (7.8%) | Industrial REITs (7.8%) |
| Americold Realty Trust, Inc. | 66776 | 1110485 |
| EastGroup Properties, Inc. | 3211 | 536622 |
| Lineage, Inc. | 10690 | 465229 |
| Prologis, Inc. | 66434 | 6983542 |
|  |  | 9095878 |
| Office REITs (4.1%) | Office REITs (4.1%) | Office REITs (4.1%) |
| BXP, Inc. | 15416 | 1040118 |
| Highwoods Properties, Inc. | 59604 | 1853088 |
| Hudson Pacific Properties, Inc. (b) | 317423 | 869739 |
| Kilroy Realty Corp. | 29625 | 1016434 |
|  |  | 4779379 |
| Residential REITs (15.3%) | Residential REITs (15.3%) | Residential REITs (15.3%) |
| American Homes 4 Rent Class A | 47034 | 1696516 |
| Essex Property Trust, Inc. | 12872 | 3647925 |
| Invitation Homes, Inc. | 140676 | 4614173 |
| Sun Communities, Inc. | 38845 | 4913504 |
| UDR, Inc. | 72693 | 2968055 |
|  |  | 17840173 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Retail REITs (9.9%) | Retail REITs (9.9%) | Retail REITs (9.9%) |
| Agree Realty Corp. | 25230 | $1843304 |
| Kimco Realty Corp. | 109971 | 2311590 |
| Kite Realty Group Trust | 51230 | 1160359 |
| Realty Income Corp. | 36632 | 2110370 |
| Simon Property Group, Inc. | 25577 | 4111759 |
|  |  | 11537382 |
| Specialized REITs (42.8%) | Specialized REITs (42.8%) | Specialized REITs (42.8%) |
| American Tower Corp. | 30353 | 6708620 |
| Crown Castle, Inc. | 62841 | 6455656 |
| Digital Realty Trust, Inc. | 47361 | 8256443 |
| Equinix, Inc. | 5931 | 4717933 |
| Extra Space Storage, Inc. | 31120 | 4588333 |
| Iron Mountain, Inc. | 32513 | 3334858 |
| Lamar Advertising Co. Class A | 6823 | 828039 |
| Public Storage | 10596 | 3109078 |
| SBA Communications Corp. | 27814 | 6531840 |
| VICI Properties, Inc. | 50138 | 1634499 |
| Weyerhaeuser Co. | 150990 | 3878933 |
|  |  | 50044232 |
| **Total common stocks <br>(cost: $111,227,860)** |  | **115626946** |
| **Short-Term Securities (0.9%)** | **Short-Term Securities (0.9%)** | **Short-Term Securities (0.9%)** |
| **Investment Companies (0.9%)** | **Investment Companies (0.9%)** | **Investment Companies (0.9%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>4.270% | 996569 | 996569 |
| **Total short-term securities <br>(cost: $996,569)** |  | **996569** |
| **Total investments in securities <br>(cost: $112,224,429) (c)** |  | **116623515** |
| **Cash and other assets in excess <br>of liabilities (0.1%)** |  | **149272** |
| **Total net assets (100.0%)** |  | $**116772787** |

---

**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 June 30, 2025, the cost of investments for federal income tax purposes was $112,301,179. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $13644537 |
| Gross unrealized depreciation | (9322201) |
| **Net unrealized appreciation** | $**4322336** |

---

See accompanying notes to financial statements.

------

SFT T. Rowe Price Value Fund

Investments in Securities

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| **Communication Services (4.7%)** | **Communication Services (4.7%)** | **Communication Services (4.7%)** |
| Interactive Media & Services (3.1%) | Interactive Media & Services (3.1%) | Interactive Media & Services (3.1%) |
| Alphabet, Inc. Class A | 13673 | $2409593 |
| Alphabet, Inc. Class C | 12700 | 2252853 |
| Meta Platforms, Inc. Class A | 700 | 516663 |
| Pinterest, Inc. Class A (b) | 29971 | 1074760 |
|  |  | 6253869 |
| Media (0.7%) | Media (0.7%) | Media (0.7%) |
| Comcast Corp. Class A | 39721 | 1417643 |
| Wireless Telecommunication Services (0.9%) | Wireless Telecommunication Services (0.9%) | Wireless Telecommunication Services (0.9%) |
| T-Mobile U.S., Inc. | 7213 | 1718569 |
| **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** |
| Broadline Retail (1.9%) | Broadline Retail (1.9%) | Broadline Retail (1.9%) |
| Amazon.com, Inc. (b) | 16700 | 3663813 |
| Hotels, Restaurants & Leisure (1.4%) | Hotels, Restaurants & Leisure (1.4%) | Hotels, Restaurants & Leisure (1.4%) |
| McDonald's Corp. | 9314 | 2721271 |
| Specialty Retail (3.9%) | Specialty Retail (3.9%) | Specialty Retail (3.9%) |
| AutoZone, Inc. (b) | 717 | 2661669 |
| Home Depot, Inc. | 7111 | 2607177 |
| Ross Stores, Inc. | 11499 | 1467042 |
| Tractor Supply Co. | 20315 | 1072023 |
|  |  | 7807911 |
| **Consumer Staples (6.8%)** | **Consumer Staples (6.8%)** | **Consumer Staples (6.8%)** |
| Consumer Staples Distribution & Retail (1.4%) | Consumer Staples Distribution & Retail (1.4%) | Consumer Staples Distribution & Retail (1.4%) |
| Dollar Tree, Inc. (b) | 12800 | 1267712 |
| Walmart, Inc. | 14400 | 1408032 |
|  |  | 2675744 |
| Food Products (1.3%) | Food Products (1.3%) | Food Products (1.3%) |
| Mondelez International, Inc. <br>Class A | 37903 | 2556178 |
| Household Products (2.4%) | Household Products (2.4%) | Household Products (2.4%) |
| Colgate-Palmolive Co. | 18802 | 1709102 |
| Procter & Gamble Co. | 19642 | 3129363 |
|  |  | 4838465 |
| Personal Care Products (1.7%) | Personal Care Products (1.7%) | Personal Care Products (1.7%) |
| Kenvue, Inc. | 158681 | 3321194 |
| **Energy (8.0%)** | **Energy (8.0%)** | **Energy (8.0%)** |
| Energy Equipment & Services (1.7%) | Energy Equipment & Services (1.7%) | Energy Equipment & Services (1.7%) |
| Schlumberger NV | 63910 | 2160158 |
| TechnipFMC PLC | 38263 | 1317778 |
|  |  | 3477936 |
| Oil, Gas & Consumable Fuels (6.3%) | Oil, Gas & Consumable Fuels (6.3%) | Oil, Gas & Consumable Fuels (6.3%) |
| Chevron Corp. | 16233 | 2324403 |
| ConocoPhillips | 30893 | 2772338 |
| Diamondback Energy, Inc. | 5323 | 731380 |
| Exxon Mobil Corp. | 12221 | 1317424 |
| Phillips 66 | 8204 | 978737 |
| Range Resources Corp. | 63071 | 2565098 |
| Valero Energy Corp. | 12700 | 1707134 |
|  |  | 12396514 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Financial (24.0%)** | **Financial (24.0%)** | **Financial (24.0%)** |
| Banks (6.6%) | Banks (6.6%) | Banks (6.6%) |
| Bank of America Corp. | 55496 | $2626071 |
| Citigroup, Inc. | 14477 | 1232282 |
| JPMorgan Chase & Co. | 26332 | 7633910 |
| KeyCorp. | 89924 | 1566476 |
|  |  | 13058739 |
| Capital Markets (4.8%) | Capital Markets (4.8%) | Capital Markets (4.8%) |
| Charles Schwab Corp. | 40591 | 3703523 |
| CME Group, Inc. | 3833 | 1056451 |
| Goldman Sachs Group, Inc. | 1893 | 1339771 |
| Intercontinental Exchange, Inc. | 18485 | 3391443 |
|  |  | 9491188 |
| Consumer Finance (1.6%) | Consumer Finance (1.6%) | Consumer Finance (1.6%) |
| American Express Co. | 7785 | 2483259 |
| Capital One Financial Corp. | 3800 | 808488 |
|  |  | 3291747 |
| Financial Services (6.3%) | Financial Services (6.3%) | Financial Services (6.3%) |
| Berkshire Hathaway, Inc. <br>Class B (b) | 13406 | 6512233 |
| Corebridge Financial, Inc. | 47763 | 1695586 |
| Corpay, Inc. (b) | 3622 | 1201852 |
| Fiserv, Inc. (b) | 11676 | 2013059 |
| Visa, Inc. Class A | 2831 | 1005147 |
|  |  | 12427877 |
| Insurance (4.2%) | Insurance (4.2%) | Insurance (4.2%) |
| Allstate Corp. | 17762 | 3575668 |
| Chubb Ltd. | 4220 | 1222618 |
| MetLife, Inc. | 6161 | 495468 |
| Progressive Corp. | 1107 | 295414 |
| Travelers Cos., Inc. | 10101 | 2702422 |
|  |  | 8291590 |
| Mortgage REITs (0.5%) | Mortgage REITs (0.5%) | Mortgage REITs (0.5%) |
| Annaly Capital <br>Management, Inc. | 54436 | 1024486 |
| **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** |
| Biotechnology (1.2%) | Biotechnology (1.2%) | Biotechnology (1.2%) |
| Gilead Sciences, Inc. | 22250 | 2466858 |
| Health Care Equipment & Supplies (2.2%) | Health Care Equipment & Supplies (2.2%) | Health Care Equipment & Supplies (2.2%) |
| Abbott Laboratories | 8100 | 1101681 |
| Alcon AG | 18909 | 1669287 |
| Becton Dickinson & Co. | 9341 | 1608987 |
|  |  | 4379955 |
| Health Care Providers & Services (6.5%) | Health Care Providers & Services (6.5%) | Health Care Providers & Services (6.5%) |
| Cencora, Inc. | 9404 | 2819789 |
| Cigna Group | 5400 | 1785132 |
| Elevance Health, Inc. | 6354 | 2471452 |
| Quest Diagnostics, Inc. | 6185 | 1111012 |
| Tenet Healthcare Corp. (b) | 13079 | 2301904 |
| UnitedHealth Group, Inc. | 7320 | 2283620 |
|  |  | 12772909 |

---

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. | 3689 | $728725 |
| Revvity, Inc. | 19138 | 1851027 |
|  |  | 2579752 |
| Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) |
| AstraZeneca PLC ADR | 27425 | 1916459 |
| **Industrials (16.1%)** | **Industrials (16.1%)** | **Industrials (16.1%)** |
| Aerospace & Defense (2.8%) | Aerospace & Defense (2.8%) | Aerospace & Defense (2.8%) |
| General Electric Co. | 10133 | 2608133 |
| L3Harris Technologies, Inc. | 6343 | 1591078 |
| Northrop Grumman Corp. | 2638 | 1318947 |
|  |  | 5518158 |
| Building Products (0.4%) | Building Products (0.4%) | Building Products (0.4%) |
| Owens Corning | 6095 | 838184 |
| Commercial Services & Supplies (1.0%) | Commercial Services & Supplies (1.0%) | Commercial Services & Supplies (1.0%) |
| Republic Services, Inc. | 7816 | 1927504 |
| Electrical Equipment (2.1%) | Electrical Equipment (2.1%) | Electrical Equipment (2.1%) |
| AMETEK, Inc. | 18990 | 3436430 |
| Rockwell Automation, Inc. | 1927 | 640092 |
|  |  | 4076522 |
| Ground Transportation (3.6%) | Ground Transportation (3.6%) | Ground Transportation (3.6%) |
| Norfolk Southern Corp. | 11789 | 3017630 |
| Old Dominion Freight Line, Inc. | 9991 | 1621539 |
| Union Pacific Corp. | 10547 | 2426654 |
|  |  | 7065823 |
| Machinery (5.1%) | Machinery (5.1%) | Machinery (5.1%) |
| Deere & Co. | 7427 | 3776555 |
| Parker-Hannifin Corp. | 4121 | 2878395 |
| Westinghouse Air Brake <br>Technologies Corp. | 16827 | 3522733 |
|  |  | 10177683 |
| Professional Services (0.5%) | Professional Services (0.5%) | Professional Services (0.5%) |
| Equifax, Inc. | 3860 | 1001168 |
| Trading Companies & Distributors (0.6%) | Trading Companies & Distributors (0.6%) | Trading Companies & Distributors (0.6%) |
| Ferguson Enterprises, Inc. | 5301 | 1154293 |
| **Information Technology (7.7%)** | **Information Technology (7.7%)** | **Information Technology (7.7%)** |
| Electronic Equipment, Instruments & Components (2.6%) | Electronic Equipment, Instruments & Components (2.6%) | Electronic Equipment, Instruments & Components (2.6%) |
| Keysight Technologies, Inc. (b) | 25685 | 4208744 |
| TE Connectivity PLC | 6170 | 1040694 |
|  |  | 5249438 |
| IT Services (0.3%) | IT Services (0.3%) | IT Services (0.3%) |
| Accenture PLC Class A | 1800 | 538002 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Semiconductors & Semiconductor Equipment (3.9%) | Semiconductors & Semiconductor Equipment (3.9%) | Semiconductors & Semiconductor Equipment (3.9%) |
| Analog Devices, Inc. | 8570 | $2039831 |
| Intel Corp. | 35842 | 802861 |
| KLA Corp. | 1682 | 1506635 |
| Texas Instruments, Inc. | 16595 | 3445454 |
|  |  | 7794781 |
| Software (0.9%) | Software (0.9%) | Software (0.9%) |
| Microsoft Corp. | 3490 | 1735961 |
| **Materials (6.1%)** | **Materials (6.1%)** | **Materials (6.1%)** |
| Chemicals (3.6%) | Chemicals (3.6%) | Chemicals (3.6%) |
| Linde PLC | 5720 | 2683709 |
| PPG Industries, Inc. | 8965 | 1019769 |
| Sherwin-Williams Co. | 9604 | 3297629 |
|  |  | 7001107 |
| Containers & Packaging (1.8%) | Containers & Packaging (1.8%) | Containers & Packaging (1.8%) |
| Ball Corp. | 22300 | 1250807 |
| International Paper Co. | 50560 | 2367725 |
|  |  | 3618532 |
| Metals & Mining (0.7%) | Metals & Mining (0.7%) | Metals & Mining (0.7%) |
| Franco-Nevada Corp. | 1715 | 281123 |
| Freeport-McMoRan, Inc. | 26200 | 1135770 |
|  |  | 1416893 |
| **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** |
| Health Care REITs (0.6%) | Health Care REITs (0.6%) | Health Care REITs (0.6%) |
| Welltower, Inc. | 8300 | 1275959 |
| Residential REITs (0.6%) | Residential REITs (0.6%) | Residential REITs (0.6%) |
| Essex Property Trust, Inc. | 4167 | 1180928 |
| Specialized REITs (1.5%) | Specialized REITs (1.5%) | Specialized REITs (1.5%) |
| Public Storage | 6496 | 1906056 |
| VICI Properties, Inc. | 30574 | 996713 |
|  |  | 2902769 |
| **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
| Electric Utilities (1.7%) | Electric Utilities (1.7%) | Electric Utilities (1.7%) |
| Southern Co. | 7600 | 697908 |
| Xcel Energy, Inc. | 40951 | 2788763 |
|  |  | 3486671 |
| Gas Utilities (0.6%) | Gas Utilities (0.6%) | Gas Utilities (0.6%) |
| Atmos Energy Corp. | 7464 | 1150277 |
| Multi-Utilities (1.2%) | Multi-Utilities (1.2%) | Multi-Utilities (1.2%) |
| Ameren Corp. | 24160 | 2320327 |
| Water Utilities (0.5%) | Water Utilities (0.5%) | Water Utilities (0.5%) |
| American Water Works Co., Inc. | 7010 | 975161 |
| **Total common stocks <br>(cost: $170,077,063)** |  | **196956808** |

---

See accompanying notes to financial statements.

------

SFT T. Rowe Price Value Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Short-Term Securities (0.3%)** | **Short-Term Securities (0.3%)** | **Short-Term Securities (0.3%)** |
| **Investment Companies (0.3%)** | **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, current rate <br>4.270% | 429204 | $429204 |
| T. Rowe Price Government <br>Reserve Fund, current <br>rate 4.370% | 172402 | 172402 |
| **Total short-term securities <br>(cost: $601,606)** |  | **601606** |
| **Total investments in securities <br>(cost: $170,678,669) (c)** |  | **197558414** |
| **Cash and other assets in excess <br>of liabilities (0.2%)** |  | **379742** |
| **Total net assets (100.0%)** |  | $**197938156** |

---

**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 June 30, 2025, the cost of investments for federal income tax purposes was $170,962,948. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $32678376 |
| Gross unrealized depreciation | (6082910) |
| **Net unrealized appreciation** | $**26595466** |

---

---

| | |
|:---|:---|
| **Country Diversification** | **%** |
| United States | 97.3% |
| United Kingdom | 1.6% |
| Switzerland | 0.5% |
| Ireland | 0.3% |
| Canada | 0.1% |
| Liabilities in excess of cash and other assets | 0.2% |
|  | 100.0% |

---

See accompanying notes to financial statements.

------

SFT Wellington Core Equity Fund

Investments in Securities

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |
| **Communication Services (10.3%)** | **Communication Services (10.3%)** | **Communication Services (10.3%)** |
| Entertainment (1.9%) | Entertainment (1.9%) | Entertainment (1.9%) |
| Netflix, Inc. (b) | 1859 | $2489442 |
| Interactive Media & Services (7.3%) | Interactive Media & Services (7.3%) | Interactive Media & Services (7.3%) |
| Alphabet, Inc. Class A | 31290 | 5514237 |
| Meta Platforms, Inc. Class A | 5611 | 4141423 |
|  |  | 9655660 |
| Wireless Telecommunication Services (1.1%) | Wireless Telecommunication Services (1.1%) | Wireless Telecommunication Services (1.1%) |
| T-Mobile U.S., Inc. | 6280 | 1496273 |
| **Consumer Discretionary (9.9%)** | **Consumer Discretionary (9.9%)** | **Consumer Discretionary (9.9%)** |
| Automobiles (0.5%) | Automobiles (0.5%) | Automobiles (0.5%) |
| Tesla, Inc. (b) | 2105 | 668674 |
| Broadline Retail (5.1%) | Broadline Retail (5.1%) | Broadline Retail (5.1%) |
| Amazon.com, Inc. (b) | 30588 | 6710701 |
| Distributors (0.8%) | Distributors (0.8%) | Distributors (0.8%) |
| Pool Corp. | 3654 | 1065068 |
| Hotels, Restaurants & Leisure (1.2%) | Hotels, Restaurants & Leisure (1.2%) | Hotels, Restaurants & Leisure (1.2%) |
| Marriott International, Inc. Class A | 5471 | 1494732 |
| Household Durables (0.5%) | Household Durables (0.5%) | Household Durables (0.5%) |
| Lennar Corp. Class A | 6252 | 691534 |
| Specialty Retail (1.8%) | Specialty Retail (1.8%) | Specialty Retail (1.8%) |
| AutoZone, Inc. (b) | 363 | 1347540 |
| TJX Cos., Inc. | 8457 | 1044355 |
|  |  | 2391895 |
| **Consumer Staples (6.8%)** | **Consumer Staples (6.8%)** | **Consumer Staples (6.8%)** |
| Beverages (0.8%) | Beverages (0.8%) | Beverages (0.8%) |
| Monster Beverage Corp. (b) | 16859 | 1056048 |
| Consumer Staples Distribution & Retail (2.6%) | Consumer Staples Distribution & Retail (2.6%) | Consumer Staples Distribution & Retail (2.6%) |
| BJ's Wholesale Club <br>Holdings, Inc. (b) | 10442 | 1125961 |
| Walmart, Inc. | 24416 | 2387397 |
|  |  | 3513358 |
| Food Products (0.8%) | Food Products (0.8%) | Food Products (0.8%) |
| McCormick & Co., Inc. | 13737 | 1041539 |
| Household Products (1.3%) | Household Products (1.3%) | Household Products (1.3%) |
| Procter & Gamble Co. | 10572 | 1684331 |
| Tobacco (1.3%) | Tobacco (1.3%) | Tobacco (1.3%) |
| Philip Morris International, Inc. | 9485 | 1727503 |
| **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%) |
| ConocoPhillips | 11674 | 1047625 |
| Expand Energy Corp. | 5488 | 641767 |
| Exxon Mobil Corp. | 17412 | 1877013 |
|  |  | 3566405 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Financial (13.5%)** | **Financial (13.5%)** | **Financial (13.5%)** |
| Banks (5.5%) | Banks (5.5%) | Banks (5.5%) |
| Bank of America Corp. | 36948 | $1748379 |
| JPMorgan Chase & Co. | 11516 | 3338604 |
| Wells Fargo & Co. | 26617 | 2132554 |
|  |  | 7219537 |
| Capital Markets (2.0%) | Capital Markets (2.0%) | Capital Markets (2.0%) |
| Goldman Sachs Group, Inc. | 499 | 353167 |
| KKR & Co., Inc. | 6568 | 873741 |
| Nasdaq, Inc. | 16045 | 1434744 |
|  |  | 2661652 |
| Consumer Finance (1.2%) | Consumer Finance (1.2%) | Consumer Finance (1.2%) |
| American Express Co. | 4857 | 1549286 |
| Financial Services (2.5%) | Financial Services (2.5%) | Financial Services (2.5%) |
| Mastercard, Inc. Class A | 5818 | 3269367 |
| Insurance (2.3%) | Insurance (2.3%) | Insurance (2.3%) |
| Arch Capital Group Ltd. | 5566 | 506784 |
| Chubb Ltd. | 3664 | 1061534 |
| Progressive Corp. | 5562 | 1484276 |
|  |  | 3052594 |
| **Health Care (8.0%)** | **Health Care (8.0%)** | **Health Care (8.0%)** |
| Biotechnology (2.1%) | Biotechnology (2.1%) | Biotechnology (2.1%) |
| Gilead Sciences, Inc. | 12984 | 1439536 |
| Vertex Pharmaceuticals, Inc. (b) | 3173 | 1412619 |
|  |  | 2852155 |
| Health Care Equipment & Supplies (2.9%) | Health Care Equipment & Supplies (2.9%) | Health Care Equipment & Supplies (2.9%) |
| Abbott Laboratories | 15043 | 2045999 |
| Boston Scientific Corp. (b) | 16218 | 1741975 |
|  |  | 3787974 |
| Health Care Providers & Services (0.9%) | Health Care Providers & Services (0.9%) | Health Care Providers & Services (0.9%) |
| Cencora, Inc. | 4095 | 1227886 |
| Pharmaceuticals (2.1%) | Pharmaceuticals (2.1%) | Pharmaceuticals (2.1%) |
| Eli Lilly & Co. | 3493 | 2722898 |
| **Industrials (9.6%)** | **Industrials (9.6%)** | **Industrials (9.6%)** |
| Aerospace & Defense (2.6%) | Aerospace & Defense (2.6%) | Aerospace & Defense (2.6%) |
| General Electric Co. | 6289 | 1618726 |
| RTX Corp. | 12303 | 1796484 |
|  |  | 3415210 |
| Building Products (1.4%) | Building Products (1.4%) | Building Products (1.4%) |
| Builders FirstSource, Inc. (b) | 5898 | 688237 |
| Trane Technologies PLC | 2619 | 1145577 |
|  |  | 1833814 |
| Commercial Services & Supplies (0.9%) | Commercial Services & Supplies (0.9%) | Commercial Services & Supplies (0.9%) |
| Republic Services, Inc. | 4579 | 1129227 |

---

See accompanying notes to financial statements.

------

SFT Wellington Core Equity Fund

Investments in Securities – continued

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| Electrical Equipment (2.6%) | Electrical Equipment (2.6%) | Electrical Equipment (2.6%) |
| AMETEK, Inc. | 6074 | $1099151 |
| Emerson Electric Co. | 7764 | 1035174 |
| GE Vernova, Inc. | 2451 | 1296947 |
|  |  | 3431272 |
| Machinery (2.1%) | Machinery (2.1%) | Machinery (2.1%) |
| Ingersoll Rand, Inc. | 17025 | 1416140 |
| Parker-Hannifin Corp. | 1981 | 1383669 |
|  |  | 2799809 |
| **Information Technology (30.9%)** | **Information Technology (30.9%)** | **Information Technology (30.9%)** |
| Communications Equipment (1.0%) | Communications Equipment (1.0%) | Communications Equipment (1.0%) |
| Motorola Solutions, Inc. | 3090 | 1299221 |
| Semiconductors & Semiconductor Equipment (13.0%) | Semiconductors & Semiconductor Equipment (13.0%) | Semiconductors & Semiconductor Equipment (13.0%) |
| Broadcom, Inc. | 16687 | 4599772 |
| KLA Corp. | 1879 | 1683095 |
| NVIDIA Corp. | 62108 | 9812443 |
| Texas Instruments, Inc. | 4728 | 981627 |
|  |  | 17076937 |
| Software (10.4%) | Software (10.4%) | Software (10.4%) |
| Microsoft Corp. | 21003 | 10447103 |
| Roper Technologies, Inc. | 2574 | 1459046 |
| Salesforce, Inc. | 4332 | 1181293 |
| Workday, Inc. Class A (b) | 2787 | 668880 |
|  |  | 13756322 |
| Technology Hardware Storage & Peripherals (6.5%) | Technology Hardware Storage & Peripherals (6.5%) | Technology Hardware Storage & Peripherals (6.5%) |
| Apple, Inc. | 42012 | 8619602 |
| **Materials (2.9%)** | **Materials (2.9%)** | **Materials (2.9%)** |
| Chemicals (2.9%) | Chemicals (2.9%) | Chemicals (2.9%) |
| Linde PLC | 3346 | 1569876 |
| RPM International, Inc. | 8263 | 907608 |
| Sherwin-Williams Co. | 3859 | 1325026 |
|  |  | 3802510 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value(a)** |
| **Real Estate (2.6%)** | **Real Estate (2.6%)** | **Real Estate (2.6%)** |
| Health Care REITs (1.1%) | Health Care REITs (1.1%) | Health Care REITs (1.1%) |
| Welltower, Inc. | 9167 | $1409243 |
| Specialized REITs (1.5%) | Specialized REITs (1.5%) | Specialized REITs (1.5%) |
| American Tower Corp. | 6002 | 1326562 |
| Iron Mountain, Inc. | 6441 | 660653 |
|  |  | 1987215 |
| **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** |
| Gas Utilities (1.2%) | Gas Utilities (1.2%) | Gas Utilities (1.2%) |
| Atmos Energy Corp. | 9777 | 1506734 |
| Multi-Utilities (1.0%) | Multi-Utilities (1.0%) | Multi-Utilities (1.0%) |
| WEC Energy Group, Inc. | 13141 | 1369292 |
| **Total common stocks <br>(cost: $78,189,221)** |  | **131032920** |
| **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>4.270% | 529086 | 529086 |
| **Total short-term securities <br>(cost: $529,086)** |  | **529086** |
| **Total investments in securities <br>(cost: $78,718,307) (c)** |  | **131562006** |
| **Cash and other assets in excess <br>of liabilities (0.2%)** |  | **211990** |
| **Total net assets (100.0%)** |  | $**131773996** |

---

**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 June 30, 2025, the cost of investments for federal income tax purposes was $78,731,627. The aggregate unrealized appreciation and depreciation of investments based on this cost were:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $54002710 |
| Gross unrealized depreciation | (1172331) |
| **Net unrealized appreciation** | $**52830379** |

---

See accompanying notes to financial statements.

------

Securian Funds Trust

Statements of Assets and Liabilities

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $266598266 | $479606678 | $262841233 | $226187202 | $227532091 | $1506959646 |
| Affiliated issuers (Note 8) | 310823375 | – | – | – | – | – |
| Cash on demand deposit | 9032431 | 70300 | 7725000 | – | – | – |
| Due from broker<sup>1,2</sup> | – | 170000 | 500000 | – | – | – |
| Foreign currency on deposit<sup>3</sup> | – | 69488 | – | – | – | – |
| Receivable: | Receivable: | Receivable: | Receivable: | Receivable: | Receivable: | Receivable: |
| Fund shares sold | – | – | – | – | 852 | 45485 |
| Investment securities sold (including paydowns) | 3529937 | 1604587 | – | – | – | 151035 |
| Investment securities sold on a when-issued or forward – <br>commitment basis (Note 2) | – | 198702 | – | – | – | – |
| Investment securities sold on a TBA basis (Note 2) | – | 3403714 | – | – | – | – |
| Dividends and accrued interest | 2333274 | 2212896 | 144042 | 105054 | 235912 | 884797 |
| Refundable foreign income taxes withheld | – | – | – | – | – | 232548 |
| Variation margin on futures contracts | 261292 | 97159 | – | – | – | – |
| Unrealized appreciation on forward foreign currency contracts | – | 13790 | – | – | – | – |
| Prepaid expenses | 5630 | 8076 | 7320 | 6926 | 6856 | 12271 |
| Total assets | 592584205 | 487455390 | 271217595 | 226299182 | 227775711 | 1508285782 |
| **Liabilities** |  |  |  |  |  |  |
| Payable: | Payable: | Payable: | Payable: | Payable: | Payable: | Payable: |
| Fund shares repurchased | 393123 | 358988 | 88101 | 348280 | 78941 | 399306 |
| Investment securities purchased | 144192 | 5401774 | – | – | – | – |
| Investment securities purchased on a when-issued or forward – <br>commitment basis (Note 2) | – | 4695902 | – | – | – | – |
| Investment securities purchased on a TBA basis (Note 2) | – | 52163197 | – | – | – | – |
| Adviser | 389281 | 230301 | 183997 | 103417 | 71139 | 354699 |
| Variation margin on futures contracts | – | – | 261452 | – | 1391 | – |
| Accrued expenses | 79400 | 118660 | 44506 | 55283 | 77054 | 120345 |
| Unrealized depreciation on forward foreign currency contracts | – | 198367 | – | – | – | – |
| Options written at value<sup>4</sup> | 52000 | – | 23400 | – | – | – |
| Total liabilities | 1057996 | 63167189 | 601456 | 506980 | 228525 | 874350 |
| Net assets applicable to outstanding capital stock | $591526209 | $424288201 | $270616139 | $225792202 | $227547186 | $1507411432 |
| 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\*\* | $186569272 | $330915923 | $146087067 | $225790137 | $(80263361) | $(240362638) |
| Total distributable earnings | 404956937 | 93372278 | 124529072 | 2065 | 307810547 | 1747774070 |
| Net assets | $591526209 | $424288201 | $270616139 | $225792202 | $227547186 | $1507411432 |
| 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 | $10556480 | $N/A | $N/A | $46607779 | $572490263 |
| Class 2 | 591526209 | 413731721 | 270616139 | 225792202 | 180939407 | 934921169 |
| 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 | 2.641 | N/A | N/A | 8.889 | 27.519 |
| Class 2 | 24.844 | 2.534 | 16.165 | 1.000 | 8.530 | 26.409 |
| \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost |
| Unaffiliated issuers | $256606953 | $488966891 | $192340415 | $226187202 | $162958219 | $442962992 |
| Affiliated issuers | 88835744 | – | – | – | – | – |
| \*\* 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 | 3997454 | N/A | N/A | 5243541 | 20803830 |
| Class 2 | 23810092 | 163285493 | 16740727 | 225792202 | 21212263 | 35401056 |
| <sup>1</sup> Collateral for To Be Announced securities | $– | $680000 | $– | $– | $– | $– |
| <sup>2</sup> Cash collateral for open futures contracts | $– | $850000 | $500000 | $– | $– | $– |
| <sup>3</sup> Foreign currency on deposit (cost) | $– | $68587 | $– | $– | $– | $– |
| <sup>4</sup> Premiums received | $75826 | $– | $34122 | $– | $– | $– |

---

See accompanying notes to financial statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Macquarie<br>Growth<br>Fund<sup>(a)</sup>** | **SFT<br>Macquarie<br>Small Cap<br>Growth<br>Fund<sup>(a)</sup>** | **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 | $641145830 | $159505427 | $116623515 | $197558414 | $131562006 |
| Affiliated issuers (Note 8) | – | – | – | – | – |
| Cash on demand deposit | – | – | – | 148352 | – |
| Due from broker<sup>1,2</sup> | – | – | – | – | – |
| Foreign currency on deposit<sup>3</sup> | – | – | – | – | – |
| Receivable: | Receivable: | Receivable: | Receivable: | Receivable: | Receivable: |
| Fund shares sold | – | – | 9251 | – | – |
| Investment securities sold (including paydowns) | 29818909 | 152767 | 9995 | 313919 | 717295 |
| 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 | 226126 | 23472 | 323512 | 176790 | 41706 |
| Refundable foreign income taxes withheld | 7720 | – | – | 15180 | 1635 |
| Variation margin on futures contracts | – | – | – | – | – |
| Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – |
| Prepaid expenses | 8914 | 6498 | 6133 | 6780 | 6223 |
| Total assets | 671207499 | 159688164 | 116972406 | 198219435 | 132328865 |
| **Liabilities** |  |  |  |  |  |
| Payable: | Payable: | Payable: | Payable: | Payable: | Payable: |
| Fund shares repurchased | 312357 | 65710 | 34889 | 94143 | 22178 |
| Investment securities purchased | 27873516 | 462964 | 29395 | 625 | 392088 |
| Investment securities purchased on a when-issued or forward – <br>commitment basis (Note 2) | – | – | – | – | – |
| Investment securities purchased on a TBA basis (Note 2) | – | – | – | – | – |
| Adviser | 466807 | 147561 | 94749 | 138671 | 89977 |
| Variation margin on futures contracts | – | – | – | – | – |
| Accrued expenses | 52137 | 38856 | 40586 | 47840 | 50626 |
| Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – |
| Options written at value<sup>4</sup> | – | – | – | – | – |
| Total liabilities | 28704817 | 715091 | 199619 | 281279 | 554869 |
| Net assets applicable to outstanding capital stock | $642502682 | $158973073 | $116772787 | $197938156 | $131773996 |
| 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\*\* | $(214303942) | $(7079023) | $(31564909) | $(9337031) | $(22335479) |
| Total distributable earnings | 856806624 | 166052096 | 148337696 | 207275187 | 154109475 |
| Net assets | $642502682 | $158973073 | $116772787 | $197938156 | $131773996 |
| 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 | $17167857 | $N/A | $8881849 |
| Class 2 | 642502682 | 158973073 | 99604930 | 197938156 | 122892147 |
| 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 | 7.276 | N/A | 35.587 |
| Class 2 | 47.979 | 26.134 | 6.982 | 27.066 | 34.607 |
| \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost | \* Identified cost |
| Unaffiliated issuers | $339746688 | $133710034 | $112224429 | $170678669 | $78718307 |
| 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 | 2359411 | N/A | 249581 |
| Class 2 | 13391205 | 6083027 | 14266037 | 7313171 | 3551070 |
| <sup>1</sup> Collateral for To Be Announced securities | $– | $– | $– | $– | $– |
| <sup>2</sup> Cash collateral for open futures contracts | $– | $– | $– | $– | $– |
| <sup>3</sup> Foreign currency on deposit (cost) | $– | $– | $– | $– | $– |
| <sup>4</sup> Premiums received | $– | $– | $– | $– | $– |

---

<sup>(a)</sup> See Note 1 of accompanying notes to the financial statements regarding former names of the funds.

------

Securian Funds Trust

Statements of Operations

**Six months ended June 30, 2025**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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> | $5204684 | $9386428 | $– | $4392365 | $36572 | $– |
| Dividends<sup>1</sup> | 522294 | 361156 | 3776506 | 454097 | 1850318 | 10345019 |
| Foreign tax withholding | – | (403) | – | – | (4211) | (2161) |
| Total investment income | 5726978 | 9747181 | 3776506 | 4846462 | 1882679 | 10342858 |
| Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): |
| Investment advisory fee | 1611841 | 838858 | 758419 | 280948 | 164800 | 959981 |
| Rule 12b-1 fees | 732655 | 511269 | 344736 | 280948 | 220233 | 1098206 |
| Audit and accounting services | 136713 | 181112 | 66980 | 74434 | 81149 | 154892 |
| Administrative services fee | 21387 | 25845 | 21387 | 29827 | 20349 | 20349 |
| Legal fees | 18051 | 18051 | 18051 | 18051 | 18051 | 18051 |
| Custodian fees | 7282 | 10302 | 7191 | 5502 | 8572 | 12269 |
| Printing and shareholder reports | 6202 | 6192 | 6189 | 6237 | 6200 | 6191 |
| Trustee's fees | 19736 | 19736 | 19736 | 19736 | 19736 | 19736 |
| S&P licensing fee | 4711 | – | 4711 | – | 13885 | 36201 |
| Insurance | 7191 | 7191 | 7191 | 7191 | 7191 | 7191 |
| Other | 2279 | 7188 | 5502 | 4610 | 4511 | 17304 |
| Total expenses | 2568048 | 1625744 | 1260093 | 727484 | 564677 | 2350371 |
| Net investment income (loss) | 3158930 | 8121437 | 2516413 | 4118978 | 1318002 | 7992487 |
| 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 | 5710370 | (2688998) | 9453883 | – | 3076015 | 32091349 |
| Affiliated issuers (Note 8) | 29432749 | – | – | – | – | – |
| Written options contracts | 348539 | – | 201026 | – | – | – |
| Foreign forward currency contracts | – | 12626 | – | – | – | – |
| Foreign currency transactions | – | 13436 | – | – | – | – |
| Other | – | 7959 | – | – | 709 | 7606 |
| Futures contracts | (16311799) | 745199 | (12913976) | – | (409262) | (1917607) |
| 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 | 1614622 | 11324761 | 11940310 | – | (4402509) | 42330592 |
| Affiliated issuers (Note 8) | (13478757) | – | – | – | – | – |
| Written options contracts | 45670 | – | 20589 | – | – | – |
| Translation of assets and liabilities in foreign currency | – | (22632) | – | – | – | – |
| Foreign forward currency contracts | – | (272824) | – | – | – | – |
| Futures contracts | 2043724 | 414561 | 2827285 | – | 256536 | 2652291 |
| Net gains (losses) on investments | 9405118 | 9534088 | 11529117 | – | (1478511) | 75164231 |
| Net increase (decrease) in net assets resulting <br>from operations | $12564048 | $17655525 | $14045530 | $4118978 | $(160509) | $83156718 |

---

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

See accompanying notes to financial statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Macquarie<br>Growth<br>Fund<sup>(a)</sup>** | **SFT<br>Macquarie<br>Small Cap <br>Growth<br>Fund<sup>(a)</sup>** | **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> | $– | $– | $– | $12431 | $– |
| Dividends<sup>1</sup> | 2248198 | 188189 | 2355511 | 1857690 | 723200 |
| Foreign tax withholding | (77937) | – | – | (7899) | (7136) |
| Total investment income | 2170261 | 188189 | 2355511 | 1862222 | 716064 |
| Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): | Expenses (Note 4): |
| Investment advisory fee | 1965621 | 637989 | 403729 | 554771 | 346818 |
| Rule 12b-1 fees | 765287 | 187644 | 123578 | 243321 | 147904 |
| Audit and accounting services | 93455 | 62173 | 66534 | 63808 | 64638 |
| Administrative services fee | 20349 | 20349 | 20349 | 20349 | 20349 |
| Legal fees | 18051 | 18051 | 18051 | 18051 | 18051 |
| Custodian fees | 6323 | 9809 | 6374 | 11282 | 7554 |
| Printing and shareholder reports | 6538 | 6538 | 6191 | 6189 | 6193 |
| Trustee's fees | 19736 | 19736 | 19736 | 19736 | 19736 |
| S&P licensing fee | – | – | – | – | – |
| Insurance | 7191 | 7191 | 7191 | 7191 | 7191 |
| Other | 28066 | 22659 | 14776 | 23155 | 3519 |
| Total expenses | 2930617 | 992139 | 686509 | 967853 | 641953 |
| Net investment income (loss) | (760356) | (803950) | 1669002 | 894369 | 74111 |
| 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 | 53940207 | 9805613 | 1451233 | 6939904 | 5371222 |
| Affiliated issuers (Note 8) | – | – | – | – | – |
| Written options contracts | – | – | – | – | – |
| Foreign forward currency contracts | – | – | – | – | – |
| Foreign currency transactions | 8 | – | – | (647) | – |
| Other | – | 6 | – | 7284 | 14210 |
| 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 | (31813885) | (3346226) | 774510 | 3936022 | 522062 |
| Affiliated issuers (Note 8) | – | – | – | – | – |
| Written options contracts | – | – | – | – | – |
| Translation of assets and liabilities in foreign currency | 706 | – | – | 1284 | – |
| Foreign forward currency contracts | – | – | – | – | – |
| Futures contracts | – | – | – | – | – |
| Net gains (losses) on investments | 22127036 | 6459393 | 2225743 | 10883847 | 5907494 |
| Net increase (decrease) in net assets resulting <br>from operations | $21366680 | $5655443 | $3894745 | $11778216 | $5981605 |

---

<sup>(a)</sup> See Note 1 of accompanying notes to the financial statements regarding former names of the funds.

------

Securian Funds Trust

Statements of Changes in Net Assets

**Six months ended June 30, 2025 and year ended December 31, 2024**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $3158930 | $6722691 | $8121437 | $16752271 | $2516413 | $5902713 |
| Net realized gains (losses) on investments | 19179859 | 30112825 | (1909778) | (897057) | (3259067) | 16276647 |
| Net change in unrealized appreciation or <br>depreciation of investments | (9774741) | 45505375 | 11443866 | (12492164) | 14788184 | 7517152 |
| Net increase (decrease) in net assets <br>resulting from operations | 12564048 | 82340891 | 17655525 | 3363050 | 14045530 | 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 | – | – | 364651 | 3350842 | – | – |
| Class 2 | 5789703 | 7616910 | 4779640 | 10366113 | 2244370 | 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 | – | – | (727960) | (2230849) | – | – |
| Class 2 | (44967968) | (124445926) | (22628147) | (38848179) | (25280941) | (66934385) |
| Increase (decrease) in net assets from <br>capital stock transactions | (39178265) | (116829016) | (18211816) | (27362073) | (23036571) | (63457752) |
| Total increase (decrease) in net assets | (26614217) | (34488125) | (556291) | (23999023) | (8991041) | (33761240) |
| Net assets at beginning of period | 618140426 | 652628551 | 424844492 | 448843515 | 279607180 | 313368420 |
| Net assets at end of period | $591526209 | $618140426 | $424288201 | $424844492 | $270616139 | $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 | – | – | 141447 | 1332260 | – | – |
| Class 2 | 244266 | 319781 | 1925760 | 4328201 | 140919 | 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 | – | – | (281804) | (894956) | – | – |
| Class 2 | (1876229) | (5372903) | (9125856) | (16016835) | (1596421) | (4449225) |
| Net change from capital transactions | (1631963) | (5053122) | (7340453) | (11251330) | (1455502) | (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 | $4118978 | $10239151 | $1318002 | $2383522 |
| Net realized gains (losses) on investments | – | – | 2667462 | 18252618 |
| Net change in unrealized appreciation or <br>depreciation of investments | – | – | (4145973) | 7729324 |
| Net increase (decrease) in net assets <br>resulting from operations | 4118978 | 10239151 | (160509) | 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 | (4118978) | (10239151) | – | – |
| Decrease in net assets from distributions | (4118978) | (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 | – | – | 3063119 | 5213587 |
| Class 2 | 16342302 | 39964738 | 2683536 | 1820439 |
| Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested | Value of distributions reinvested |
| Class 2 | 4118978 | 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 | – | – | (745417) | (1929024) |
| Class 2 | (20269084) | (54073181) | (6774173) | (23744215) |
| Increase (decrease) in net assets from <br>capital stock transactions | 192196 | (3869292) | (1772935) | (18639213) |
| Total increase (decrease) in net assets | 192196 | (3869292) | (1933444) | 9726251 |
| Net assets at beginning of period | 225600006 | 229469298 | 229480630 | 219754379 |
| Net assets at end of period | $225792202 | $225600006 | $227547186 | $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 | – | – | 354227 | 620783 |
| Class 2 | 16342302 | 39964738 | 328470 | 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 | 4118978 | 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 | – | – | (85917) | (231460) |
| Class 2 | (20269084) | (54073181) | (818252) | (2922753) |
| Net change from capital transactions | 192196 | (3869292) | (221472) | (2310844) |

---

------

Securian Funds Trust

Statements of Changes in Net Assets – continued

**Six months ended June 30, 2025 and year ended December 31, 2024**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SFT<br>Index 500<br>Fund** | **SFT<br>Index 500<br>Fund** | **SFT<br>Macquarie<br>Growth<br>Fund<sup>(a)</sup>** | **SFT<br>Macquarie<br>Growth<br>Fund<sup>(a)</sup>** | **SFT<br>Macquarie<br>Small Cap <br>Growth<br>Fund<sup>(a)</sup>** | **SFT<br>Macquarie<br>Small Cap <br>Growth<br>Fund<sup>(a)</sup>** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Operations: | Operations: | Operations: | Operations: | Operations: | Operations: | Operations: |
| Net investment income | $7992487 | $15556874 | $(760356) | $(1984623) | $(803950) | $(1518175) |
| Net realized gains (losses) on investments | 30181348 | 87183259 | 53940215 | 73996260 | 9805619 | 9494318 |
| Net change in unrealized appreciation or <br>depreciation of investments | 44982883 | 189245497 | (31813179) | 62667436 | (3346226) | 12679416 |
| Net increase (decrease) in net assets <br>resulting from operations | 83156718 | 291985630 | 21366680 | 134679073 | 5655443 | 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 | 28496860 | 55815056 | – | – | – | – |
| Class 2 | 9950250 | 13593572 | 1126325 | 676682 | 658683 | 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 | (45699601) | (43658447) | – | – | – | – |
| Class 2 | (35262849) | (81913731) | (28348829) | (80253105) | (6434730) | (13395167) |
| Increase (decrease) in net assets from <br>capital stock transactions | (42515340) | (56163550) | (27222504) | (79576423) | (5776047) | (11920264) |
| Total increase (decrease) in net assets | 40641378 | 235822080 | (5855824) | 55102650 | (120604) | 8735295 |
| Net assets at beginning of period | 1466770054 | 1230947974 | 648358506 | 593255856 | 159093677 | 150358382 |
| Net assets at end of period | $1507411432 | $1466770054 | $642502682 | $648358506 | $158973073 | $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 | 1109820 | 2299042 | – | – | – | – |
| Class 2 | 406921 | 576099 | 26403 | 15674 | 29099 | 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 | (1842261) | (1899331) | – | – | – | – |
| Class 2 | (1429073) | (3655155) | (626052) | (1892933) | (265119) | (556291) |
| Net change from capital transactions | (1754593) | (2679345) | (599649) | (1877259) | (236020) | (496268) |

---

<sup>(a)</sup> See Note 1 of accompanying notes to the financial statements regarding former names of the funds.

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 | $1669002 | $1971012 | $894369 | $1734731 |
| Net realized gains (losses) on investments | 1451233 | 4145200 | 6946541 | 22089508 |
| Net change in unrealized appreciation or <br>depreciation of investments | 774510 | 1383194 | 3937306 | 3714776 |
| Net increase (decrease) in net assets <br>resulting from operations | 3894745 | 7499406 | 11778216 | 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 | 985188 | 2767604 | – | – |
| Class 2 | 708803 | 1658964 | 1243993 | 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 | (280572) | (2581448) | – | – |
| Class 2 | (4527993) | (17302650) | (10394276) | (27473402) |
| Increase (decrease) in net assets from <br>capital stock transactions | (3114574) | (15457530) | (9150283) | (26569963) |
| Total increase (decrease) in net assets | 780171 | (7958124) | 2627933 | 969052 |
| Net assets at beginning of period | 115992616 | 123950740 | 195310223 | 194341171 |
| Net assets at end of period | $116772787 | $115992616 | $197938156 | $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 | 138966 | 401260 | – | – |
| Class 2 | 104371 | 266982 | 47201 | 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 | (39103) | (380236) | – | – |
| Class 2 | (663681) | (2602171) | (394168) | (1113588) |
| Net change from capital transactions | (459447) | (2314165) | (346967) | (1077002) |

---

<sup>(a)</sup> See Note 1 of accompanying notes to the financial statements regarding former names of the funds.

------

Securian Funds Trust

Statements of Changes in Net Assets – continued

**Six months ended June 30, 2025 and year ended December 31, 2024**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **SFT<br>Wellington<br>Core Equity<br>Fund** | **SFT<br>Wellington<br>Core Equity<br>Fund** |
| | **2025** | **2024** |
| Operations: | Operations: | Operations: |
| Net investment income | $74111 | $187235 |
| Net realized gains (losses) on investments | 5385432 | 19418829 |
| Net change in unrealized appreciation or <br>depreciation of investments | 522062 | 8834386 |
| Net increase (decrease) in net assets <br>resulting from operations | 5981605 | 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 | 1077484 | 1187685 |
| Class 2 | 512636 | 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 | (130315) | (657253) |
| Class 2 | (7336802) | (17429175) |
| Increase (decrease) in net assets from <br>capital stock transactions | (5876997) | (15826575) |
| Total increase (decrease) in net assets | 104608 | 12613875 |
| Net assets at beginning of period | 131669388 | 119055513 |
| Net assets at end of period | $131773996 | $131669388 |
| Capital share transactions: | Capital share transactions: | Capital share transactions: |
| Proceeds from sales | Proceeds from sales | Proceeds from sales |
| Class 1 | 32334 | 37657 |
| Class 2 | 15937 | 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 | (3835) | (21203) |
| Class 2 | (223861) | (572196) |
| Net change from capital transactions | (179425) | (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** | **Class 2 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $24.296 | $21.401 | $18.534 | $21.210 | $18.697 | $16.892 |
| Income from investment operations: | 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) | .128 | .241 | .282 | .136 | .019 | .082 |
| Net realized and unrealized gain(loss) <br>on investments | .420 | 2.654 | 2.585 | (2.812) | 2.494 | 1.723 |
| Total from investment operations | .548 | 2.895 | 2.867 | (2.676) | 2.513 | 1.805 |
| Net asset value, end of period | $24.844 | $24.296 | $21.401 | $18.534 | $21.210 | $18.697 |
| Total return (b) | 2.25% | 13.53% | 15.47% | (12.62)% | 13.46% | 10.67% |
| Net assets, end of period (in thousands) | $591526 | $618140 | $652629 | $625412 | $729543 | $678188 |
| 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: | Ratios to average net assets: |
| Expenses before waiver (c) | .88<br> %(d) | .87% | .87% | .86% | .85% | .86% |
| Expenses (c) | .88<br> %(d) | .87% | .87% | .86% | .84<br> %(e) | .80<br> %(e) |
| Net investment income | 1.08<br> %(d) | 1.04% | 1.43% | .71% | .10% | .48% |
| Portfolio turnover rate (excluding <br>short-term securities) | 3.2<br> %(f) | 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. For periods less than one year, total return presented has not been annualized.

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

(d) Adjusted to an annual basis.

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

(f) Not Annualized.

------

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** | **Class 1 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $2.530 | $2.505 | $2.364 | $2.747 | $2.755 | $2.571 |
| Income from investment operations: | 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) | .053 | .103 | .098 | .065 | .056 | .067 |
| Net realized and unrealized gain(loss) <br>on investments | .058 | (.078) | .043 | (.448) | (.064) | .117 |
| Total from investment operations | .111 | .025 | .141 | (.383) | (.008) | .184 |
| Net asset value, end of period | $2.641 | $2.530 | $2.505 | $2.364 | $2.747 | $2.755 |
| Total return (b) | 4.37% | 0.99% | 5.98% | (13.93)% | (0.29)% | 7.15% |
| Net assets, end of period (in thousands) | $10556 | $10469 | $9271 | $7303 | $7751 | $5530 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .53<br> %(d) | .53% | .51% | .50% | .49% | .48% |
| Net investment income | 4.12<br> %(d) | 4.07% | 4.09% | 2.62% | 2.03% | 2.52% |
| Portfolio turnover rate (excluding <br>short-term securities) | 189.8<br> %(e) | 326.0% | 209.9% | 139.2% | 67.3% | 93.0% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Six months<br>ended<br>June 30, <br>2025** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
|  | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $2.431 | $2.413 | $2.282 | $2.659 | $2.673 | $2.501 |
| Income from investment operations: | 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) | .047 | .093 | .089 | .057 | .047 | .059 |
| Net realized and unrealized gain(loss) <br>on investments | .056 | (.075) | .042 | (.434) | (.061) | .113 |
| Total from investment operations | .103 | .018 | .131 | (.377) | (.014) | .172 |
| Net asset value, end of period | $2.534 | $2.431 | $2.413 | $2.282 | $2.659 | $2.673 |
| Total return (b) | 4.24% | 0.73% | 5.72% | (14.17)% | (0.54)% | 6.88% |
| Net assets, end of period (in thousands) | $413732 | $414376 | $439572 | $431655 | $522580 | $491483 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .78<br> %(d) | .78% | .76% | .75% | .74% | .73% |
| Net investment income | 3.87<br> %(d) | 3.83% | 3.83% | 2.38% | 1.78% | 2.28% |
| Portfolio turnover rate (excluding <br>short-term securities) | 189.8<br> %(e) | 326.0% | 209.9% | 139.2% | 67.3% | 93.0% |

---

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

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

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

------

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** | **Class 2 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $15.366 | $13.984 | $12.969 | $14.363 | $12.804 | $13.527 |
| Income from investment operations: | 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) | .143 | .290 | .268 | .169 | .154 | .173 |
| Net realized and unrealized gain(loss) <br>on investments | .656 | 1.092 | .747 | (1.563) | 1.405 | (.896) |
| Total from investment operations | .799 | 1.382 | 1.015 | (1.394) | 1.559 | (.723) |
| Net asset value, end of period | $16.165 | $15.366 | $13.984 | $12.969 | $14.363 | $12.804 |
| Total return (b) | 5.20% | 9.89% | 7.82% | (9.71)% | 12.18% | (5.35)% |
| Net assets, end of period (in thousands) | $270616 | $279607 | $313368 | $328345 | $372333 | $355582 |
| 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: | Ratios to average net assets: |
| Expenses before waiver (c) | .91<br> %(d) | .90% | .90% | .88% | .87% | .88% |
| Expenses (c) | .91<br> %(d) | .90% | .90% | .88% | .85<br> %(e) | .80<br> %(e) |
| Net investment income | 1.82<br> %(d) | 1.93% | 2.01% | 1.28% | 1.13% | 1.38% |
| Portfolio turnover rate (excluding <br>short-term securities) | 3.1<br> %(f) | –% | 0.6% | 12.3% | 3.4% | 20.1% |

---

(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. For periods less than one year, total return presented has not been annualized.

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

(d) Adjusted to an annual basis.

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

(f) Not Annualized.

------

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** | **Class 2 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $1.000 | $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: | Income from investment operations: |
| Net investment income (a) | .018 | .045 | .044 | .011 | – | .002 |
| Net realized and unrealized gain <br>on investments | – | – | – | – | – | – |
| Total from investment operations | .018 | .045 | .044 | .011 | – | .002 |
| Less distributions: | Less distributions: | Less distributions: | Less distributions: | Less distributions: | Less distributions: | Less distributions: |
| Distributions from net investment <br>income | (.018) | (.045) | (.044) | (.011) | – | (.002) |
| Net asset value, end of period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total return (b) | 1.83% | 4.61% | 4.47% | 1.12% | –% | 0.21% |
| Net assets, end of period (in thousands) | $225792 | $225600 | $229469 | $222482 | $197078 | $196877 |
| 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: | Ratios to average net assets: |
| Expenses before waiver | .65<br> %(c) | .67% | .64% | .64% | .66% | .68% |
| Expenses (d) | .65<br> %(c) | .67<br> %(e) | .64% | .48<br> %(e) | .04<br> %(e) | .29<br> %(e) |
| Net investment income | 3.67<br> %(c) | 4.51% | 4.38% | 1.16% | –% | .20% |

---

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

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

(c) Adjusted to an annual basis.

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

(e) Ratio is net of fees waived by the adviser 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** | **Class 1 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $8.885 | $7.823 | $6.745 | $7.786 | $6.264 | $5.527 |
| Income from investment operations: | 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) | .060 | .107 | .100 | .084 | .068 | .065 |
| Net realized and unrealized gain(loss) <br>on investments | (.056) | .955 | .978 | (1.125) | 1.454 | .672 |
| Total from investment operations | .004 | 1.062 | 1.078 | (1.041) | 1.522 | .737 |
| Net asset value, end of period | $8.889 | $8.885 | $7.823 | $6.745 | $7.786 | $6.264 |
| Total return (b) | 0.04% | 13.58% | 15.99% | (13.38)% | 24.30% | 13.34% |
| Net assets, end of period (in thousands) | $46608 | $44206 | $35875 | $28379 | $25327 | $15838 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .31<br> %(d) | .31% | .31% | .30% | .28% | .31% |
| Net investment income | 1.41<br> %(d) | 1.26% | 1.40% | 1.22% | .93% | 1.27% |
| Portfolio turnover rate (excluding <br>short-term securities) | 5.3<br> %(e) | 16.0% | 20.7% | 15.0% | 15.3% | 14.4% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Six months<br>ended<br>June 30, <br>2025** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
|  | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $8.537 | $7.535 | $6.513 | $7.538 | $6.079 | $5.377 |
| Income from investment operations: | 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) | .047 | .082 | .079 | .063 | .050 | .050 |
| Net realized and unrealized gain(loss) <br>on investments | (.054) | .920 | .943 | (1.088) | 1.409 | .652 |
| Total from investment operations | (.007) | 1.002 | 1.022 | (1.025) | 1.459 | .702 |
| Net asset value, end of period | $8.530 | $8.537 | $7.535 | $6.513 | $7.538 | $6.079 |
| Total return (b) | (0.09)% | 13.30% | 15.70% | (13.60)% | 23.99% | 13.06% |
| Net assets, end of period (in thousands) | $180939 | $185275 | $183879 | $169289 | $207828 | $188333 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .56<br> %(d) | .56% | .56% | .55% | .53% | .56% |
| Net investment income | 1.15<br> %(d) | 1.00% | 1.14% | .94% | .71% | 1.02% |
| Portfolio turnover rate (excluding <br>short-term securities) | 5.3<br> %(e) | 16.0% | 20.7% | 15.0% | 15.3% | 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. For periods less than one year, total return presented has not been annualized.

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

------

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** | **Class 1 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $25.945 | $20.797 | $16.502 | $20.191 | $15.732 | $13.309 |
| Income from investment operations: | 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) | .162 | .308 | .283 | .251 | .215 | .217 |
| Net realized and unrealized gain(loss) <br>on investments | 1.412 | 4.840 | 4.012 | (3.940) | 4.244 | 2.206 |
| Total from investment operations | 1.574 | 5.148 | 4.295 | (3.689) | 4.459 | 2.423 |
| Net asset value, end of period | $27.519 | $25.945 | $20.797 | $16.502 | $20.191 | $15.732 |
| Total return (b) | 6.07% | 24.75% | 26.03% | (18.27)% | 28.35% | 18.20% |
| Net assets, end of period (in thousands) | $572490 | $558748 | $439577 | $322375 | $365210 | $272088 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .18<br> %(d) | .18% | .19% | .19% | .19% | .20% |
| Net investment income | 1.27<br> %(d) | 1.30% | 1.52% | 1.44% | 1.19% | 1.62% |
| Portfolio turnover rate (excluding <br>short-term securities) | 0.9<br> %(e) | 3.2% | 2.5% | 2.1% | 2.3% | 3.3% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Six months<br>ended<br>June 30, <br>2025** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
|  | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $24.930 | $20.034 | $15.936 | $19.547 | $15.268 | $12.949 |
| Income from investment operations: | 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) | .126 | .240 | .227 | .200 | .164 | .179 |
| Net realized and unrealized gain(loss) <br>on investments | 1.353 | 4.656 | 3.871 | (3.811) | 4.115 | 2.140 |
| Total from investment operations | 1.479 | 4.896 | 4.098 | (3.611) | 4.279 | 2.319 |
| Net asset value, end of period | $26.409 | $24.930 | $20.034 | $15.936 | $19.547 | $15.268 |
| Total return (b) | 5.93% | 24.44% | 25.71% | (18.47)% | 28.03% | 17.91% |
| Net assets, end of period (in thousands) | $934921 | $908022 | $791371 | $665209 | $862746 | $731356 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .43<br> %(d) | .43% | .44% | .44% | .44% | .45% |
| Net investment income | 1.03<br> %(d) | 1.05% | 1.27% | 1.18% | .94% | 1.38% |
| Portfolio turnover rate (excluding <br>short-term securities) | 0.9<br> %(e) | 3.2% | 2.5% | 2.1% | 2.3% | 3.3% |

---

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

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

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

------

Securian Funds Trust

Financial Highlights – continued

***SFT Macquarie Growth Fund<sup>(f)</sup>***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $46.342 | $37.387 | $27.100 | $37.202 | $28.554 | $21.848 |
| Income from investment operations: | 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) | (.056) | (.133) | (.090) | (.082) | (.124) | (.038) |
| Net realized and unrealized gain(loss) <br>on investments | 1.693 | 9.088 | 10.377 | (10.020) | 8.772 | 6.744 |
| Total from investment operations | 1.637 | 8.955 | 10.287 | (10.102) | 8.648 | 6.706 |
| Net asset value, end of period | $47.979 | $46.342 | $37.387 | $27.100 | $37.202 | $28.554 |
| Total return (b) | 3.52% | 23.95% | 37.96% | (27.15)% | 30.29% | 30.69% |
| Net assets, end of period (in thousands) | $642503 | $648359 | $593256 | $478459 | $705437 | $606247 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .96<br> %(d) | .95% | .97% | .96% | .96% | .97% |
| Net investment loss | (.25)%(d) | (.31)% | (.28)% | (.27)% | (.38)% | (.16)% |
| Portfolio turnover rate (excluding <br>short-term securities) | 14.4<br> %(e) | 8.5% | 9.1% | 8.5% | 14.4% | 28.9% |

---

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

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

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

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

------

Securian Funds Trust

Financial Highlights – continued

***SFT Macquarie Small Cap Growth Fund<sup>(f)</sup>***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months<br>ended<br>June 30, <br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $25.177 | $22.062 | $19.561 | $26.750 | $25.579 | $18.772 |
| Income from investment operations: | 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) | (.130) | (.232) | (.168) | (.179) | (.233) | (.161) |
| Net realized and unrealized gain(loss) <br>on investments | 1.087 | 3.347 | 2.669 | (7.010) | 1.404 | 6.968 |
| Total from investment operations | .957 | 3.115 | 2.501 | (7.189) | 1.171 | 6.807 |
| Net asset value, end of period | $26.134 | $25.177 | $22.062 | $19.561 | $26.750 | $25.579 |
| Total return (b) | 3.80% | 14.12% | 12.79% | (26.87)% | 4.58% | 36.26% |
| Net assets, end of period (in thousands) | $158973 | $159094 | $150358 | $141138 | $204666 | $211834 |
| 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: | Ratios to average net assets: |
| Expenses (c) | 1.32<br> %(d) | 1.31% | 1.32% | 1.27% | 1.23% | 1.24% |
| Net investment loss | (1.07)%(d) | (.96)% | (.80)% | (.82)% | (.84)% | (.83)% |
| Portfolio turnover rate (excluding <br>short-term securities) | 35.8<br> %(e) | 77.4% | 65.1% | 61.8% | 47.1% | 53.6% |

---

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

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

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

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

------

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** | **Class 1 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months <br>ended <br>June 30,**<br>**2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $7.029 | $6.605 | $5.885 | $7.964 | $5.515 | $5.661 |
| Income from investment operations: | 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) | .111 | .128 | .132 | .114 | .061 | .087 |
| Net realized and unrealized gain(loss) <br>on investments | .136 | .296 | .588 | (2.193) | 2.388 | (.233) |
| Total from investment operations | .247 | .424 | .720 | (2.079) | 2.449 | (.146) |
| Net asset value, end of period | $7.276 | $7.029 | $6.605 | $5.885 | $7.964 | $5.515 |
| Total return (b) | 3.52% | 6.42% | 12.22% | (26.10)% | 44.41% | (2.59)% |
| Net assets, end of period (in thousands) | $17168 | $15882 | $14785 | $11211 | $13201 | $6461 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .98<br> %(d) | .96% | .97% | .90% | .87% | .91% |
| Net investment income | 3.14<br> %(d) | 1.87% | 2.18% | 1.71% | .91% | 1.69% |
| Portfolio turnover rate (excluding <br>short-term securities) | 10.5<br> %(e) | 27.2% | 33.4% | 78.7% | 59.7% | 74.9% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Six months <br>ended <br>June 30,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
|  | **2025** |  |  |  |  |  |
|  | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $6.753 | $6.361 | $5.683 | $7.709 | $5.352 | $5.508 |
| Income from investment operations: | 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) | .097 | .105 | .110 | .091 | .055 | .073 |
| Net realized and unrealized gain(loss) <br>on investments | .132 | .287 | .568 | (2.117) | 2.302 | (.229) |
| Total from investment operations | .229 | .392 | .678 | (2.026) | 2.357 | (.156) |
| Net asset value, end of period | $6.982 | $6.753 | $6.361 | $5.683 | $7.709 | $5.352 |
| Total return (b) | 3.40% | 6.15% | 11.94% | (26.29)% | 44.05% | (2.83)% |
| Net assets, end of period (in thousands) | $99605 | $100111 | $109166 | $104547 | $160607 | $119460 |
| 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: | Ratios to average net assets: |
| Expenses (c) | 1.23<br> %(d) | 1.21% | 1.22% | 1.15% | 1.12% | 1.16% |
| Net investment income | 2.85<br> %(d) | 1.60% | 1.88% | 1.40% | .85% | 1.46% |
| Portfolio turnover rate (excluding <br>short-term securities) | 10.5<br> %(e) | 27.2% | 33.4% | 78.7% | 59.7% | 74.9% |

---

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

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

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

------

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** | **Class 2 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months <br>ended <br>June 30,**<br>**2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $25.497 | $22.243 | $19.905 | $22.533 | $17.411 | $15.818 |
| Income from investment operations: | 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) | .120 | .213 | .228 | .180 | .082 | .147 |
| Net realized and unrealized gain(loss) <br>on investments | 1.449 | 3.041 | 2.110 | (2.808) | 5.040 | 1.446 |
| Total from investment operations | 1.569 | 3.254 | 2.338 | (2.628) | 5.122 | 1.593 |
| Net asset value, end of period | $27.066 | $25.497 | $22.243 | $19.905 | $22.533 | $17.411 |
| Total return (b) | 6.16% | 14.63% | 11.75% | (11.67)% | 29.43% | 10.06% |
| Net assets, end of period (in thousands) | $197938 | $195310 | $194341 | $185109 | $239333 | $206350 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .99<br> %(d) | .99% | 1.04% | 1.07% | 1.05% | 1.06% |
| Net investment income | .92<br> %(d) | .86% | 1.12% | .88% | .40% | 1.01% |
| Portfolio turnover rate (excluding <br>short-term securities) | 32.4<br> %(e) | 56.1% | 61.8% | 186.4% | 100.1% | 113.2% |

---

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

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

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

------

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** | **Class 1 Shares** |
| | | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
| | **Six months <br>ended <br>June 30,**<br>**2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $33.926 | $27.068 | $22.365 | $27.698 | $22.304 | $18.861 |
| Income from investment operations: | 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) | .058 | .119 | .155 | .152 | .105 | .116 |
| Net realized and unrealized gain(loss) <br>on investments | 1.603 | 6.739 | 4.548 | (5.485) | 5.289 | 3.327 |
| Total from investment operations | 1.661 | 6.858 | 4.703 | (5.333) | 5.394 | 3.443 |
| Net asset value, end of period | $35.587 | $33.926 | $27.068 | $22.365 | $27.698 | $22.304 |
| Total return (b) | 4.90% | 25.34% | 21.03% | (19.26)% | 24.18% | 18.25% |
| Net assets, end of period (in thousands) | $8882 | $7500 | $5539 | $3843 | $3020 | $1729 |
| 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: | Ratios to average net assets: |
| Expenses (c) | .79<br> %(d) | .78% | .85% | .87% | .84% | .86% |
| Net investment income | .35<br> %(d) | .38% | .63% | .65% | .42% | .61% |
| Portfolio turnover rate (excluding <br>short-term securities) | 16.7<br> %(e) | 32.2% | 23.1% | 14.0% | 14.4% | 23.0% |
|  | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
|  | **Six months <br>ended <br>June 30,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** | **<br>Year ended December 31,** |
|  | **2025** |  |  |  |  |  |
|  | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $33.033 | $26.421 | $21.885 | $27.173 | $21.936 | $18.596 |
| Income from investment operations: | 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) | .017 | .040 | .094 | .088 | .042 | .068 |
| Net realized and unrealized gain(loss) <br>on investments | 1.557 | 6.572 | 4.442 | (5.376) | 5.195 | 3.272 |
| Total from investment operations | 1.574 | 6.612 | 4.536 | (5.288) | 5.237 | 3.340 |
| Net asset value, end of period | $34.607 | $33.033 | $26.421 | $21.885 | $27.173 | $21.936 |
| Total return (b) | 4.77% | 25.02% | 20.73% | (19.46)% | 23.87% | 17.96% |
| Net assets, end of period (in thousands) | $122892 | $124169 | $113517 | $104921 | $141740 | $128567 |
| 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: | Ratios to average net assets: |
| Expenses (c) | 1.03<br> %(d) | 1.03% | 1.10% | 1.12% | 1.08% | 1.11% |
| Net investment income | .10<br> %(d) | .13% | .40% | .38% | .17% | .37% |
| Portfolio turnover rate (excluding <br>short-term securities) | 16.7<br> %(e) | 32.2% | 23.1% | 14.0% | 14.4% | 23.0% |

---

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

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

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

(d) Adjusted to an annual basis.

(e) Not Annualized.

------

Securian Funds Trust

Notes to Financial Statements

**June 30, 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 (formerly SFT Delaware Ivy<sup>SM</sup> Growth Fund)<sup>(1)</sup> | NA | 🗸 |
| SFT Macquarie Small Cap Growth Fund (formerly SFT Delaware Ivy<sup>SM</sup> <br>Small Cap Growth Fund)<sup>(1)</sup> | NA | 🗸 |
| SFT Real Estate Securities Fund | 🗸 | 🗸 |
| SFT T. Rowe Price Value Fund | NA | 🗸 |
| SFT Wellington Core Equity Fund | 🗸 | 🗸 |

---

(1) Effective as of December 31, 2024, the names of the SFT Delaware Ivy<sup>SM</sup> Growth Fund and SFT Delaware Ivy<sup>SM</sup> Small Cap Growth Fund were changed to SFT Macquarie Growth Fund and the SFT Macquarie Small Cap Growth 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

------

Securian Funds Trust

Notes to Financial Statements – continued

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

exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the 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 June 30, 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

------

Securian Funds Trust

Notes to Financial Statements – continued

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

have only one shareholder and would be treated as a disregarded entity for federal income tax purposes. A disregarded entity is disregarded for federal income tax purposes as an entity separate from its owner, and the owner is treated as directly owning the assets of the disregarded entity and considers for federal income tax purposes the income, gains, deductions, and losses relating to those assets.

The FASB ASC 740, "Income Taxes" (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Funds have evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Funds' financial statements for the six months ended June 30, 2025. The Funds' federal and state income returns for which the applicable statutes of limitations have not expired (2021, 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 June 30, 2025, the SFT Core Bond Fund entered into outstanding, when-issued or forward commitments, including TBA securities, at a fair value of $53,256,684.

*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 six months ended June 30, 2025, the Funds engaged in the following cross-trades, which resulted in the following net realized gains (losses):

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

---

------

Securian Funds Trust

Notes to Financial Statements – continued

**(3) Investment Security Transactions**

The cost of purchases and proceeds from sales of investment securities, other than temporary investments in short-term securities, for the six months ended June 30, 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 | $18172763 | $91821382 | $– | $5975273 |
| SFT Core Bond Fund | 39429787 | 26460257 | 737441149 | 772046590 |
| SFT Equity Stabilization Fund | 7676655 | 34139200 | – | – |
| SFT Index 400 Mid-Cap Fund | 14232094 | 11522500 | – | – |
| SFT Index 500 Fund | 12031278 | 40429682 | – | – |
| SFT Macquarie Growth Fund | 89326660 | 117365736 | – | – |
| SFT Macquarie Small Cap Growth Fund | 53737953 | 61394324 | – | – |
| SFT Real Estate Securities Fund | 12182206 | 13793518 | – | – |
| SFT T. Rowe Price Value Fund | 63936379 | 72430211 | – | – |
| SFT Wellington Core Equity Fund | 21386044 | 27373767 | – | – |

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\* 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:

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| | |
|:---|:---|
| **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.

------

Securian Funds Trust

Notes to Financial Statements – continued

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

Securian AM has entered into a sub-advisory agreement with Delaware Investments Fund Advisers ("DIFA"), a series of Macquarie Investment Management Business Trust, as sub-adviser to SFT Macquarie Growth Fund and the SFT Macquarie Small Cap Growth Fund, under which Securian AM pays DIFA 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.

*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.

------

Securian Funds Trust

Notes to Financial Statements – continued

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

*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 June 30, 2025, the amounts waived and eligible for recovery under the Income Maintenance Agreements are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Expiring June 30,** | **Expiring June 30,** | **Expiring June 30,** |
|<br>**Fund** | **Income <br>Maintenance<br>Agreement**<br>**Date** | **Advisory <br>Fees Waived <br>for the <br>six months <br>ended**<br>**June 30, 2025\*** | **12b-1 Fees <br>Waived <br>for the<br>six months <br>ended**<br>**June 30, 2025\*** | **Excess Expense<br>Waived <br>for the<br>six months<br>ended**<br>**June 30, 2025\*** | **Total <br>eligible for <br>recovery <br>as of**<br>**June 30, 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 Balanced Stabilization Fund, SFT Equity Stabilization Fund and SFT Government Money Market Fund Expense Waivers*

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

------

Securian Funds Trust

Notes to Financial Statements – continued

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

The SFT Government Money Market Expense Limitation Agreement runs through April 30, 2026 and renew annually for a full year unless terminated by Securian AM upon at least 30 days' notice prior to the end of the contract term. 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 June 30, 2025, the amounts waived and eligible for recovery under the Expense Limitation Agreements are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Expiring June 30,** | **Expiring June 30,** | **Expiring June 30,** |
|<br>**Fund** | **Expense <br>Limitation<br>Agreement**<br>**Date** | **Expense**<br>**Limit** | **Advisory Fees <br>Waived for the<br>six months <br>ended**<br>**June 30, 2025\*** | **Total eligible <br>for recovery <br>as of**<br>**June 30, 2025** | **2026** | **2027** | **2028** |
| SFT Government Money <br>Market 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 June 30, 2025, the SFT Balanced Stabilization Fund held 1 illiquid securities with a fair value of $889,784, which represents 0.2% of the Fund's of net assets.

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 June 30, 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 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

------

Securian Funds Trust

Notes to Financial Statements – continued

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

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 six months ended June 30, 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement at<br>June 30, 2025 using** | **Fair Value Measurement at<br>June 30, 2025 using** | **Fair Value Measurement at<br>June 30, 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 | $– | $9874107 | $– | $9874107 |
| Other Mortgage-Backed Securities | – | 1422615 | – | 1422615 |
| Corporate Obligations | – | 187119092 | – | 187119092 |
| Purchased Options | 367000 | – | – | 367000 |
| Investment Companies | 378638827 | – | – | 378638827 |
| Total Investments | 379005827 | 198415814 | – | 577421641 |
| Other Financial Instruments\*<br>Futures Contracts | 853345 | – | – | 853345 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Written options | (52000) | – | – | (52000) |
| **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 | – | 274418208 | – | 274418208 |
| Asset-Backed Securities | – | 37072928 | – | 37072928 |
| Other Mortgage-Backed Securities | – | 47834049 | – | 47834049 |
| Corporate Obligations | – | 73663580 | – | 73663580 |
| Bank Loans | – | 6782555 | – | 6782555 |
| Foreign Bonds | – | 2457145 | – | 2457145 |
| Convertible Foreign Bond | – | 225366 | – | 225366 |
| Investment Companies | 37152847 | – | – | 37152847 |
| Total Investments | 37152847 | 442453831 | – | 479606678 |
| Other Financial Instruments\*<br>Forward Foreign Currency Contracts | – | 13790 | – | 13790 |
| Futures Contracts | 422017 | – | – | 422017 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Forward Foreign Currency Contracts | – | (198367) | – | (198367) |
| **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 | 262676083 | – | – | 262676083 |
| Purchased Options | 165150 | – | – | 165150 |
| Total Investments | 262841233 | – | – | 262841233 |
| Other Financial Instruments\*<br>Futures Contracts | 1204780 | – | – | 1204780 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Other Financial Instruments\*<br>Written Options | (23400) | – | – | (23400) |

---

------

Securian Funds Trust

Notes to Financial Statements – continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement at<br>June 30, 2025 using** | **Fair Value Measurement at<br>June 30, 2025 using** | **Fair Value Measurement at<br>June 30, 2025 using** | |
|<br>**Fund** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **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 | $– | $208078158 | $– | $208078158 |
| Investment Companies | 18109044 | – | – | 18109044 |
| Total Investments | 18109044 | 208078158 | – | 226187202 |
| **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 | 221377291 | – | – | 221377291 |
| Investment Companies | 5157427 | – | – | 5157427 |
| U.S. Government Agencies and <br>Obligations | – | 997373 | – | 997373 |
| Total Investments | 226534718 | 997373 | – | 227532091 |
| Other Financial Instruments\*<br>Futures Contracts | 81702 | – | – | 81702 |
| **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 | 1456953182 | – | – | 1456953182 |
| Investment Companies | 50006464 | – | – | 50006464 |
| Total Investments | 1506959646 | – | – | 1506959646 |
| Other Financial Instruments\*<br>Futures Contracts | 1164203 | – | – | 1164203 |
| **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 | 638251550 | – | – | 638251550 |
| Investment Companies | 2894280 | – | – | 2894280 |
| Total Investments | 641145830 | – | – | 641145830 |
| **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 | 152587402 | – | – | 152587402 |
| Investment Companies | 6918025 | – | – | 6918025 |
| Total Investments | 159505427 | – | – | 159505427 |
| **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 | 115626946 | – | – | 115626946 |
| Investment Companies | 996569 | – | – | 996569 |
| Total Investments | 116623515 | – | – | 116623515 |
| **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 | 196956808 | – | – | 196956808 |
| Investment Companies | 601606 | – | – | 601606 |
| Total Investments | 197558414 | – | – | 197558414 |
| **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 | 131032920 | – | – | 131032920 |
| Investment Companies | 529086 | – | – | 529086 |
| Total Investments | 131562006 | – | – | 131562006 |

---

\* 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.

------

Securian Funds Trust

Notes to Financial Statements – continued

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

**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 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 six months ended June 30, 2025.

------

Securian Funds Trust

Notes to Financial Statements – continued

**(7) Derivative Instruments Reporting**

The Trust provides, when applicable, disclosures of the location, by line item, of fair value amounts in the Statement of Assets and Liabilities and the location, by line item, of amounts of gains and losses reported in the Statement of Operations. The derivative instruments outstanding as of period end are disclosed in the Investments in Securities. The following tables represent the average monthly volume of the Fund's derivative transactions during the six months ended June 30, 2025:

---

| | |
|:---|:---|
| | **Average<br>Notional Amount** |
| **SFT Balanced Stabilization Fund** | **SFT Balanced Stabilization Fund** |
| Futures contracts | $104431929 |
| Purchased options contracts | 448635 |
| Written options contracts | (37524) |
| **SFT Core Bond Fund** | **SFT Core Bond Fund** |
| Futures contracts | $114288595 |
| Forward foreign currency contracts | 3468132 |
| **SFT Equity Stabilization Fund** | **SFT Equity Stabilization Fund** |
| Futures contracts | $48531489 |
| Purchased options contracts | 191653 |
| Written options contracts | (42327) |
| **SFT Index 400 Mid-Cap Fund** | **SFT Index 400 Mid-Cap Fund** |
| Futures contracts | $5972213 |
| **SFT Index 500 Fund** | **SFT Index 500 Fund** |
| Futures contracts | $49872458 |

---

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.

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 June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in securities, at fair value (purchased options) | $367000 | $– | $– |
| Variation margin on futures contracts\* | 376584 | 476761 | – |
| Total | $743584 | $476761 | $– |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Written options contracts | $(52000) | $– | $– |

---

------

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 period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 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 | $(16061589) | $(250210) | $– |
| Purchased options contracts | 2923858 | – | – |
| Written options contracts | 348539 | – | – |
| Total | $(12789192) | $(250210) | $– |
| **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 | $1284414 | $759310 | $– |
| Purchased options contracts | (130669) | – | – |
| Written options contracts | 45670 | – | – |
| Total | $1199415 | $759310 | $– |
| **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 June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Variation margin on futures contracts\* | $– | $422017 | $– |
| Unrealized appreciation on forward foreign currency contracts | – | – | 13790 |
| Total | $– | $422017 | $13790 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on forward foreign currency contracts | $– | $– | $(198367) |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 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 | $– | $745199 | $– |
| Forward foreign currency contracts | – | – | 12626 |
| Total | $– | $745199 | $12626 |
| **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 | $– | $414561 | $– |
| Forward foreign currency contracts | – | – | (272824) |
| Total | $– | $414561 | $(272824) |
| **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 June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in securities, at fair value (purchased options) | $165150 | $– | $– |
| Variation margin on futures contracts\* |  | 1204780 |  |
| Total | $1369930 | $– | $– |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Written options contracts | $(23400) | $– | $– |

---

------

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 period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 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 | $(12913976) | $– | $– |
| Purchased options contracts | (855820) | – | – |
| Written options contracts | 201026 | – | – |
| Total | $(13568770) | $– | $– |
| **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 | $2827285 | $– | $– |
| Purchased options contracts | (58871) | – | – |
| Written options contracts | 20589 | – | – |
| Total | $2789003 | $– | $– |
| **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 June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Variation margin on futures contracts\* | $81702 | $– | $– |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 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 | $(409262) | $– | $– |
| **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 | $256536 | $– | $– |
| **SFT Index 500 Fund** | **SFT Index 500 Fund** | **SFT Index 500 Fund** | **SFT Index 500 Fund** |
| **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** | **Fair Value of Derivative Instruments on the Statement of Assets and Liabilities<br>as of June 30, 2025** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Variation margin on futures contracts\* | $1164203 | $– | $– |
| **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 2025** | **The Effect of Derivative Instruments on the Statement of Operations<br>for the period ended June 30, 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 | $(1917607) | $– | $– |
| **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 | $2652291 | $– | $– |

---

\* 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

------

Securian Funds Trust

Notes to Financial Statements – continued

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

annexes. Because exchange traded derivatives are purchased through regulated exchanges and positions are settled regularly, the Funds have minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments.

For the six months ended June 30, 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** |
| Goldman Sachs International | $13790 | $(13790) | $– | $– |
| **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** |
| Goldman Sachs International | $198367 | $(13790) | $680000 | $(864577) |

---

**(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 adviser, 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 June 30, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **As of June 30, 2025** | **As of June 30, 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 | $(40000000) | $(13478757) | $29432749 | $310823375 | 11295068 |

---

**(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.

------

Securian Funds Trust

Notes to Financial Statements – continued

**(10) Segment Reporting**

The Funds adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07) as of January 1, 2024. Adoption of ASU 2023-07 impacted the financial statement disclosures in this note only, and did not affect the Funds' financial position or the results of their operations. 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**

Nomura Holding America Inc. has announced its intention to acquire Macquarie Management Holdings, Inc., the parent company of Macquarie Investment Management Business Trust ("MIBMT") (the "Nomura-Macquarie Transaction"). Delaware Investment Funds Adviser ("DIFA") is a series of MIMBT, and the sub-adviser to the SFT Macquarie Growth Fund (formerly the SFT Delaware Ivy<sup>SM</sup> Growth Fund) and the SFT Macquarie Small Cap Growth Fund (formerly the SFT Delaware Ivy<sup>SM</sup> Small Cap Growth Fund), respectively. Subject to regulatory approvals, the Nomura-Macquarie Transaction is expected to close during the fourth (4th) quarter of 2025. The day-to-day portfolio management of the SFT Macquarie Growth Fund (formerly the SFT Delaware Ivy<sup>SM</sup> Growth Fund) and the SFT Macquarie Small Cap Growth Fund (formerly the SFT Delaware Ivy<sup>SM</sup> Small Cap Growth Fund) is not expected to change following the closing of the Nomura-Macquarie Transaction. However, the Nomura-Macquarie Transaction will constitute a change of control in DIFA.

------

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

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Securian Funds Trust

Statement Regarding Basis for Approval of Advisory Contracts

(unaudited)

Each year, the Board of Trustees (the "Board") of Securian Funds Trust (the "Trust," and each series thereof, a "Fund," and together, the "Funds") votes on the renewal of the Trust's investment advisory agreement (the "Investment Advisory Agreement") with Securian Asset Management, Inc. ("Securian AM"), the Trust's investment adviser. The Board most recently unanimously approved the continuation of the Investment Advisory Agreement on February 27, 2025. At this meeting, the Board also approved the continuation of the investment sub-advisory agreements (each an "Investment Sub-Advisory Agreement," and together with the Investment Advisory Agreement, the "Advisory Contracts") between Securian AM and Delaware Investments Fund Advisers ("DIFA") (for SFT Macquarie Growth Fund), between Securian AM and DIFA (for SFT Macquarie Small Cap Growth Fund), between Securian AM and Wellington Management Company LLC ("Wellington") (for SFT Wellington Core Equity Fund), between Securian AM and Cohen & Steers Capital Management, Inc. ("Cohen & Steers") (for SFT Real Estate Securities Fund), between Securian AM and Metropolitan West Asset Management, LLC ("MetWest") (for SFT Core Bond Fund), and between T. Rowe Price Associates, Inc. ("T. Rowe Price") (for SFT T. Rowe Price Value Fund). Collectively, the Funds managed by the sub-advisers are referred to as the "Sub-Advised Funds" and the sub-advisers listed above are referred to collectively herein as the "Sub-Advisers."

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

In preparing for the Board's meeting on February 27, 2025, the members of the Board who are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees") met in executive session on February 14, 2025 to review the responses to various information requests made to Securian AM and the Sub-Advisers. The Board also reviewed a memorandum from independent legal counsel outlining their legal duties and responsibilities in connection with this annual review.

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

***Investment Advisory Agreement***

**Investment Performance**

The Board reviewed the January 2025 report (the "Broadridge Report") prepared by Broadridge Financial Solutions, Inc. ("Broadridge") containing comparisons of each Fund's total return performance, and Board reports comparing each Fund's investment performance for the most recently completed calendar quarter and one, three, five and, where applicable, ten-year periods ended December 31, 2024, with peer funds independently selected by Broadridge and with one or more benchmark indices.

The Board noted that on a net basis each of SFT S&P 400 Mid-Cap Index Fund and SFT S&P 500 Index Fund slightly underperformed or equaled their respective benchmarks and Broadridge peers during all reporting periods. They also noted that on a net basis the SFT Government Money Market Fund slightly underperformed its Broadridge peers and benchmark for all relevant periods. The Board then observed that the SFT Balanced Stabilization Fund and the SFT Equity Stabilization Fund performed consistently with their objectives and were competitive with their peers. The Board reviewed attribution analyses and portfolio positioning on all Funds, particularly the Funds with more recent underperformance. After considering all this information, the Board concluded that the overall performance for each Fund was acceptable.

------

Securian Funds Trust

Statement Regarding Basis for Approval of Advisory Contracts – continued

(unaudited)

**Nature, Extent and Quality of Services Provided by Securian AM**

The Board considered the nature, extent and quality of the services that Securian AM provides to the Funds. The Board considered Securian AM's investment teams and their capabilities, including ensuring that the Funds pursue their investment objectives. The Board also noted that Securian AM provides the Trust with office space, administrative and other services (exclusive of, and in addition to, any such services provided by other Trust services providers) and executive and other personnel as are necessary for its operations. The Board further took into account that Securian AM pays all of the compensation of officers and employees of the Trust (except that each Fund pays an equitable share of the compensation expense of the Trust's Chief Compliance Officer). The Board considered the experience, capability and integrity of Securian AM's investment management and other personnel, the role of Securian AM's senior management, and the extent of its involvement with the Funds, and Securian AM's willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained.

The Board also considered (a) the financial position of Securian AM; (b) the quality of Securian AM's regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by Securian AM to the Funds; and (d) Securian AM's supervision of the Funds' third-party service providers.

With respect to the Sub-Advised Funds, the Board noted the responsibilities that Securian AM has, including the selection and oversight of the Funds' Sub-Advisers; maintaining a comprehensive compliance and administration program; and implementing Sub-Advised Fund policies.

Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by Securian AM to the Funds.

**Management Fee and Other Expenses**

The Board reviewed Broadridge report containing comparisons of each Fund's investment management, non-management and total expenses with industry peers that were independently selected by Broadridge, and analyzed factors that contributed to the expenses for certain Funds, including the small size of certain Funds in comparison to their industry peers. The Board reviewed whether current fee levels appropriately capture and share economies of scale (if any) with Fund investors, and the Board noted that all of the Funds have breakpoints in their fee structures that provide the opportunity for sharing economies of scale with Fund investors as such Funds' assets grow.

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

The Board reviewed Board reports on Securian AM's profitability in managing each Fund, as well as the methodology by which Securian AM calculated such profitability, and did not view Securian AM's profitability from any Fund as excessive.

The Board also considered that Securian AM and its affiliates benefit from certain soft-dollar arrangements. The Board noted that Securian AM's profitability would be somewhat lower if it had to pay for these benefits out of

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Securian Funds Trust

Statement Regarding Basis for Approval of Advisory Contracts – continued

(unaudited)

its own assets. The Board also noted that Securian Financial Services, Inc. (the Trust's distributor), an affiliate of Securian AM, receives 12b-1 fees from the Funds. The Board also noted that Minnesota Life Insurance Company, an affiliate of Securian AM, benefits by performing certain legal, compliance and other administrative services for the Trust, in return for a reimbursement of costs it incurs in connection with its provision of such services. The Board also recognized that Securian AM and its affiliates derive reputational and other benefits from their association with the Funds and Trust.

Based on this information, the Board concluded that the advisory fee payable by each Fund to Securian AM is fair and reasonable in light of the nature, extent and quality of services provided by Securian AM.

***Investment Sub-Advisory Agreements***

At the February 27, 2025 meeting, the Board also unanimously approved the continuation of the Investment Sub-Advisory Agreements. In addition to the Board's review of the Sub-Advised Funds' investment performance and expense ratios, the Board also requested and evaluated other information, including a report on each Sub-Adviser's organization and current staffing, a report on brokerage allocation practices and related soft dollar arrangements, assurances that each Sub-Advised Fund is managed in accordance with its stated investment objectives, policies and limitations, assurances that all disclosures relating to the Sub-Adviser reflected in the Trust's registration statement are complete and accurate, and assurance that the sub-adviser operates in full compliance with applicable laws, regulations and exemptive orders. The Board also reviewed a summary of each Sub-Adviser's code of ethics and compliance program. The Board noted that Securian AM is unaffiliated with each Sub-Adviser and took into account Securian AM's position that the Investment Sub-Advisory Agreements were negotiated on an "arm's-length" basis.

The Board also reviewed the allocation of duties and responsibilities with respect to each Sub-Advised Fund between Securian AM and each Fund's Sub-Adviser. The Board noted that Securian AM is responsible for the selection, monitoring and oversight of each Sub-Adviser, the fulfillment or oversight of substantially all of each Sub-Advised Fund's legal and regulatory requirements, the preparation for and facilitation of all Board, Audit Committee of the Board and Governance Committee of the Board meetings, and many other requirements.

**Investment Performance**

The Board reviewed the Broadridge Report containing comparisons of each Sub-Advised Fund's total return performance and Board reports comparing each Sub-Advised Fund's investment performance for the most recently completed calendar quarter and one, three, five and, where applicable, ten-year periods ended December 31, 2024 with peer funds independently selected by Broadridge and with one or more benchmark indices.

With respect to the Sub-Advised Funds, the Board noted that SFT Macquarie Growth Fund underperformed its benchmark and Broadridge peers for all relevant periods on a gross and net basis. They noted that the SFT Macquarie Small Cap Growth Fund underperformed its benchmark on a net basis for the 1-, 3- and 5-year periods, but outperformed its benchmark on a net basis for the 10-year period. They noted that the SFT Macquarie Small Cap Growth Fund outperformed its benchmark on a gross basis for the 1-, 5- and 10-year periods. They further noted that the SFT Macquarie Small Cap Growth Fund underperformed or equaled its Broadridge peers for all reporting periods on a net basis, but outperformed its Broadridge peers on a gross basis for the 1-, 3- and 10-year periods. The Board observed that the SFT Real Estate Securities Fund outperformed its benchmark for all reporting periods on a gross basis and outperformed its benchmark on a net basis for the 1-, 5- and 10-year periods. They noted that the SFT Real Estate Securities Fund outperformed its Broadridge peers on a gross basis for all reporting periods, and outperformed its Broadridge peers on a net basis for the 5- and 10-year periods. The Board noted that the SFT Core Bond Fund outperformed its benchmark on a

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Securian Funds Trust

Statement Regarding Basis for Approval of Advisory Contracts – continued

(unaudited)

gross basis for all reporting periods, and outperformed its benchmark on a net basis for 10-year period. They noted that the SFT Core Bond Fund underperformed its Broadridge peers for all reporting periods on a net basis, and outperformed its Broadridge peers for all reporting periods on a gross basis. The Board then observed that SFT Wellington Core Equity Fund either equaled or outperformed its benchmark on a gross and net basis for the 1-year period, but underperformed its benchmark on a gross and net basis for the 3-, 5- and 10-year periods. They noted that the SFT Wellington Core Equity Fund outperformed its Broadridge peers on a gross basis for all reporting periods, and outperformed its Broadridge peers on a net for the 1-year period. Finally, the Board noted that SFT T. Rowe Price Value Fund outperformed its benchmark on a gross and net basis for the 1-, 5- and 10-year periods, but underperformed its benchmark on a gross and net basis for the 3-year period. They noted that the SFT T. Rowe Price Value Fund outperformed its Broadridge peers on a gross basis for the 1-, 5- and 10-year periods, and outperformed its Broadridge peers on a net basis for the 5-year period. The Board reviewed attribution analyses and portfolio positioning on all Sub-Advised Funds, particularly the Funds with more recent underperformance. After considering all this information, the Board concluded that the Sub-Advised Funds' overall performance was acceptable.

**Nature, Extent and Quality of Services Provided by the Sub-Advisers**

The Board considered each Sub-Adviser's investment management process, including (a) the experience, capability and integrity of the Sub-Adviser's management, investment professionals and other personnel; (b) the financial position of the Sub-Adviser; (c) the quality of the Sub-Adviser's regulatory and legal compliance policies, procedures and systems; (d) the Sub-Adviser's brokerage and trading practices; and (e) Securian AM's evaluation of the nature, quality and extent of services performed by each Sub-Adviser.

The Board specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Adviser that are responsible for the day-to-day management of each Sub-Advised Fund's portfolio. The Board also considered, with respect to each Sub-Adviser, its specific investment approach and level of expertise within its particular asset class and strategy. The Board considered whether each Sub-Adviser operated within its respective Fund's investment objective and style, and considered each Sub-Adviser's record of compliance with applicable investment restrictions. The Board also considered each Sub-Adviser's performance record with respect to the relevant benchmark(s).

The Board concluded that the nature, extent and quality of the services provided by each Sub-Adviser to its respective Sub-Advised Fund is satisfactory.

**Management Fee and Other Expenses of the Sub-Advisers**

The Board considered the fee paid to each Sub-Adviser by Securian AM for providing services to the respective Sub-Advised Fund. The Board considered management's representation that Securian AM negotiated competitive fee structures for each Fund, and noted that the sub-advisory fees are paid by Securian AM out of the investment advisory fees it receives and not the Funds. The Board also considered individual reports and data prepared with regard to each Sub- Advised Fund, including comparative information regarding fees. The Board noted that each Sub-Adviser's fees were generally similar to, or less than, the fees charged by each Sub-Adviser to other comparable funds and accounts.

The Board considered each Sub-Adviser's fee schedule, the anticipated effect of asset growth on each Fund's expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Board noted that certain of the Sub-Advisory Agreements' fee schedules contain breakpoints that present potential economies of scale that could potentially be passed along to the Sub-Advised Funds' shareholders as assets of the Sub-Advised Funds grow.

------

Securian Funds Trust

Statement Regarding Basis for Approval of Advisory Contracts – continued

(unaudited)

The Board considered the allocation of Fund brokerage to brokers affiliated with a Sub-Adviser, and benefits to the Sub-Advisers from the use of "soft dollar" commissions (if applicable) to pay for research and brokerage services. The Board also considered any other ancillary benefits that accrue to a Sub-Adviser or any affiliate by virtue of the Sub-Adviser's relationship with the Fund, and concluded that such benefits, if any, were reasonable.

The Board concluded that the fees charged by each Sub-Adviser were justified and reasonable in connection with the services provided for managing each respective Sub-Advised Fund.

The Board did not consider the profitability of the Sub-Advisers to be a material factor based on representations from Securian AM that it negotiates sub-advisory fees with the Sub-Advisers on an arm's- length basis and reports regarding any relationships between the Sub-Advisers and Securian AM.

***Conclusion***

Based on the foregoing factors, the Board concluded that approving the continuation of the Advisory Contracts was in the best interest of the Funds and their shareholders.

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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.

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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 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 |

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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 Directorships<br>Held During Past<br>5 Years by Trustee** |
| **Interested Trustee** | | | | |
| David M. Kuplic<br>Year of birth: 1957<sup>(3)</sup> | Trustee | Trustee since 2016 | Retired; President, Securian Funds Trust from 2011 to 2023; Senior Vice President, Minnesota Life Insurance Company from June 2007 to June 2021; President and CEO, Securian AM from November 2017 to June 2021; Senior Vice President, Securian Financial Group, Inc. from June 2007 to June 2021; Senior Vice President, Securian Life Insurance Company from June 2007 to June 2021; President and Director, Marketview Properties, LLC (entity holding real estate assets) from January 2010 to June 2021 |  |

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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>** | | | |
| Suzette L. Huovinen<br>Year of birth: 1975 | President and Principal Executive Officer | Since 2023 | 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 |
| 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 |

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

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

(3) Mr. Kuplic retired as a Trustee effective as of July 24, 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.

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(This page has been left blank intentionally.)

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

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

![](j25101372_za001.jpg)

**Securian Financial Services, Inc.**

www.securian.com

Member FINRA

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

1.888.237.1838 F38897 Rev 2-2025

------

**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©2024 Securian Funds Trust All rights reserved.

F38897 Rev 2-2025

**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.**

Not applicable.

**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.**

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

**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) 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) 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.](tm2510137d1_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.](tm2510137d1_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.](tm2510137d1_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: August 25, 2025

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: August 25, 2025

## Ex-99.Code

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;

&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 2024

## 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;(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;(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;(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;(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;(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;(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: August 25, 2025 | 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;(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;(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;(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;(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;(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;(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: August 25, 2025 | 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 June 30, 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.

---

| |
|:---|
| Executed this 25 day of August, 2025 |
| 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) |

---

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.