For the period of January 1, 2025 through November 30, 2025, Securian AM had a sub-advisory agreement with Delaware Investments Fund Advisors (DIFA), a registered investment adviser for the SFT Nomura Growth Fund (formerly the SFT Macquarie Growth Fund) and the SFT Nomura Small Cap Growth Fund (formerly the SFT Macquarie Small Cap Growth Fund), under which Securian AM paid DIFA an annual fee ranging from 0.33% to 0.55% and 0.40% to 0.82%, respectively, based on average daily net assets. On December 1, 2025, Nomura Holding America Inc. (Nomura) completed a transaction whereby Nomura acquired Macquarie Management Holdings, Inc., the ultimate parent company of DIFA (the Transaction). The Transaction constituted a change of control of DIFA. As a result of the change of control, and pursuant to the 1940 Act, the previous investment sub-advisory agreement between DIFA and Securian AM automatically terminated. In anticipation of the Transaction, on October 30, 2025, the Board of Trustees of the Trust voted to approve a new investment sub-advisory agreement between Securian AM and Nomura Investments Fund Advisers (NIFA), a series of Nomura Investment Management Business Trust, which took effect as of the close of the Transaction (the New Sub-Advisory Agreement). The New Sub-Advisory Agreement was effective December 1, 2025, under which Securian AM pays NIFA an annual fee for SFT Nomura Growth Fund and the SFT Nomura 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 AM 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 $9,250 to $20,650.
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 2026, 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.
