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 811-10027

STATE FARM MUTUAL FUND TRUST

(Exact name of registrant as specified in charter)

One State Farm Plaza Bloomington, IL	61710-0001
(Address of principal executive offices)	(Zip code)

Michael L. Tipsord	Alan Goldberg
One State Farm Plaza	K&L Gates LLP
Bloomington, Illinois 61710-0001	Three First National Plaza
	70 West Madison St., Suite 3100
	Chicago, Illinois 60602

(Names and addresses of agents for service)

Registrant’s telephone number, including area code: 1-800-447-4930

Date of fiscal year end: 12/31/2009

Date of reporting period: 06/30/2009

ITEM 1. REPORTS TO STOCKHOLDERS.

Table of Contents
Message to Shareholders	1	Financial Highlights	118
Portfolio Summary	3	Master Investment Portfolio
Expense Example	9	Schedule of Investments
Board Approval of Investment Advisory and Sub-Advisory Agreements	18	S&P 500 Index Master Portfolio	150
		LifePath Retirement Master Portfolio	158
Schedule of Investments		LifePath 2010 Master Portfolio	159
State Farm Equity Fund	21	LifePath 2020 Master Portfolio	160
State Farm Small/Mid Cap Equity Fund	23	LifePath 2030 Master Portfolio	161
State Farm International Equity Fund	26	LifePath 2040 Master Portfolio	162
State Farm Small Cap Index Fund	29	LifePath 2050 Master Portfolio	163
State Farm International Index Fund	50	Active Stock Master Portfolio	164
State Farm Equity and Bond Fund	62	CoreAlpha Bond Master Portfolio	170
State Farm Bond Fund	63	Portfolio Allocations	180
State Farm Tax Advantaged Bond Fund	71	Financial Statements
State Farm Money Market Fund	78	Statements of Assets and Liabilities	181
Financial Statements		Statements of Operations	185
Statements of Assets and Liabilities	80	Statements of Changes in Net Assets	189
Statements of Operations	84	Notes to Financial Statements	194
Statements of Changes in Net Assets	86	Board Review and Approval of Investment Advisory Contracts	213
Notes to Financial Statements	92

Service is only a phone call away

Contact your local Registered State Farm Agent or call our Securities Products Department toll free, at 1-800-447-4930.

Fund prices are available to you 24 hours a day, 7 days a week.

Securities Products Response Center Representatives are available 8 a.m.–6 p.m. Central Time Monday through Friday (except holidays)

1-800-447-4930

Visit our website www.statefarm.com^®

This report and material must be accompanied or preceded by a prospectus for the State Farm Mutual Fund Trust (the “Trust”).

The Trust offers Class A, Class B, Legacy Class A, Legacy Class B, Class R-1, Class R-2, Class R-3, and/or Institutional shares for sixteen separate funds through three prospectuses, one for Class A, Class B, Legacy Class A and Legacy Class B shares, one for Class R shares, and another for Institutional shares.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, are available without charge upon request at 1-800-447-4930 and at “http://www.sec.gov.”

The Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at “http://www.sec.gov”. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds make the information on Form N-Q available to shareholders upon request without charge at 1-800-447-4930.

Any website referenced in this report is an inactive textual reference only, and information contained in or otherwise accessible through that website does not form a part of, and is not incorporated by reference into, this report.

Distributor: State Farm VP Management Corp.

State Farm LifePath Funds are target-date portfolios that provide a diversified exposure to stocks, bonds, and/or cash for those investors who have a specific date in mind (in this case years 2010, 2020, 2030, 2040, or 2050) for retirement or another goal. The target date is the approximate date when investors plan to start withdrawing assets. The investment objectives of each Fund are adjusted over time to become more conservative as the target date approaches. The principal value of the Fund(s) is not guaranteed at any time, including at the target date.

Message to Shareholders of State Farm Mutual Fund Trust

Dear Shareholders,

Thank you for investing with State Farm Mutual Funds^® . Enclosed is the Semi-Annual Report for the 6-month period ended June 30, 2009 for the State Farm Mutual Fund Trust. Included are financial statements and a complete list of the portfolio holdings to help you further understand the Funds you own. We encourage your review and consideration of this entire report.

Market Review

The market environment of the 6-month period of January 1, 2009 through June 30, 2009 was quite volatile.

With indicators pointing to a deepening economic recession, U.S. equity markets declined, with large cap stocks (as measured by the S&P 500^® Index¹) and small cap stocks (as measured by the Russell 2000^® Index²) falling - -18.18% and -21.92%, respectively, during the 2-month period ended February 28, 2009. During this time period, stresses in the financial sector prompted regulators in the U.S. to take actions intended to boost capital levels and increase liquidity in an effort to stabilize the credit markets. The Federal Reserve responded to the financial crisis by maintaining an easing of monetary policy with the Fed Funds Rate remaining at a target range of 0% to 0.25% as of the end of June 2009.

U.S. equity markets staged a broad rebound over the 4-month period of March 1, 2009 through June 30, 2009, as investors reacted positively to actual earnings results that exceeded analyst expectations and to increasing optimism that government intervention would help stabilize the U.S. financial system. The S&P 500 Index produced a positive total return of 26.08% for the final four months of the reporting period, which led to a positive total return of 3.16% for the S&P 500 Index over the entire 6-month period ended June 30, 2009.

International equity markets, as represented by the MSCI All Country World Index (ACWI) ex-U.S. Index³, also struggled during the first two months of the reporting period ended February 28, 2009 declining -17.35%. International equity markets also rebounded, with the MSCI ACWI ex-U.S. Index posting a positive total return of 37.84% for the final four months of the reporting period, which led to a positive total return of 13.92% for the MSCI ACWI ex-U.S. Index over the entire 6-month period ended June 30, 2009.

Within the bond markets, U.S. Treasuries prices declined as yields increased across all maturities during the 6-month period ended June 30, 2009. The yield on 10-year U.S. Treasuries rose 107 basis points from 2.46% on January 2, 2009 to 3.53% on June 30, 2009. Short-term yields rose less dramatically with 3-month U.S. Treasury yields rising 11 basis points from 0.08% on January 2, 2009, to 0.19% on June 30, 2009⁴. In the municipal bond market, yields fell across the maturity spectrum and bonds posted positive total returns during the 6-month reporting period ended June 30, 2009. Among major fixed-income indices, the Barclays Capital U.S. Aggregate Bond Index⁵ and the Barclays

¹ Source: Standard & Poor’s. The S&P 500^® Index is a capitalization-weighted measure of common stocks of 500 large U.S. companies. It is not possible to invest directly in an index. Past performance does not guarantee future results.

² Source: Bloomberg. The Russell 2000^® Index tracks the common stock performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total capitalization of the Russell 3000 Index. The stocks of small companies are more volatile than the stocks of larger, more established companies. It is not possible to invest directly in an index. Past performance does not guarantee future results.

³ Source: Bloomberg. The MSCI^® All Country World Index (ex-U.S.) (MSCI ACWI ex-U.S. Index) is a free float adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the United States. As of June 30, 2009, the MSCI AWCI ex-U.S. Index consisted of 44 developed and emerging market country indices. It is not possible to invest directly in an index. Past performance does not guarantee future results.

⁴ Source: The U.S. Department of Treasury. A 10-year U.S. Treasury Bond is a debt obligation issued by the U.S. Treasury that has a term of more than one year, but not more than 10 years. A 3-month U.S. Treasury Bill is a debt obligation issued by the U.S. Treasury that has a term of 92 days or less. U.S. Treasury securities are backed by the full faith and credit of the U.S. government and are guaranteed only as to the prompt payment of principal and interest, and are subject to market risks if sold prior to maturity. Bonds have historically been less volatile than stocks, but are sensitive to changes in interest rates. Past performance does not guarantee future results.

⁵ Source: Barclays Capital Inc. The Barclays Capital U.S. Aggregate Bond Index represents debt securities in the U.S. investment grade fixed rate taxable bond market, including government and corporate debt securities, mortgage pass-through debt securities and asset-backed debt securities with maturities greater than one year. It is not possible to invest directly in an index. Past performance does not guarantee future results.

1

Message to Shareholders of State Farm Mutual Fund Trust (continued)

Capital Municipal Bond Index⁶ posted total returns of 1.90% and 6.43%, respectively, over the 6-month period ended June 30, 2009.

Look for a detailed discussion of factors that impacted the performance of the Funds during the time frame of January 1, 2009 through December 31, 2009 in the State Farm Mutual Fund Trust Annual Report.

Electronic Delivery

As a State Farm Mutual Funds shareholder, we wish to remind you that you can elect to have future Annual Reports, Semi-Annual Reports, and Prospectuses delivered electronically to your statefarm.com^® Secure Mailbox rather than receiving large, bulky paper reports through the mail. This is a great way to help reduce internal fund costs related to printing and mailing these materials. Please consider signing up for electronic delivery today by going on statefarm.com or contacting the State Farm Securities Response Center at 1-800-447-4930 for assistance.

Automatic Investment Plan (AIP)⁷

State Farm Mutual Funds allow you to make regular investments in a Fund with an Automatic Investment Plan through an electronic transfer of funds from your bank/credit union account. If you wish to begin an Automatic Investment Plan, the minimum amount required for both initial and subsequent investments is $50. Please consider signing up today for AIP by going on statefarm.com or by contacting the State Farm Securities Response Center at 1-800-447-4930 for assistance.

State Farm Investment Management Corp. remains committed to a disciplined, long-term approach to managing investment risk and providing competitive investment products that can help you, our valued shareholder, with your investment goals.⁸

The past several months have remained challenging even for the most experienced investors. However, we believe that remaining focused on your long-term goals and maintaining an appropriate asset allocation⁹ mix are important elements in pursuing investment success.

On behalf of the entire State Farm Mutual Funds team, thank you for your continued business and allowing us to help serve your investment needs.

Sincerely,

Colleen Van Dyke

Vice President

State Farm Investment Management Corp.

⁶ Source: Barclays Capital Inc. The Barclays Capital Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market and is made up of investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in an index. Past performance does not guarantee future results.

⁷ An automatic investment plan does not assure a profit and does not protect against loss in declining markets. An automatic investment plan involves continuous investment in securities regardless of fluctuating prices. You should consider your financial ability to continue purchases through periods of high or low price levels.

⁸ It is important to note that there is market risk involved when investing in mutual funds, including possible loss of principal.

⁹ Asset allocation cannot guarantee a profit or protect against a loss in a declining market.

2

Portfolio Summary

State Farm Equity Fund

Fund Composition*

(unaudited)

* Illustrated by Sector and based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Small/Mid Cap Equity Fund

Fund Composition*

(unaudited)

* Illustrated by Sector and based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm International Equity Fund

Fund Composition*

(unaudited)

* Based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 14 other countries, each of which represents less than 2% of net assets.

3

Portfolio Summary (continued)

State Farm S&P 500 Index Fund

S&P 500 Index Master Portfolio Composition*

(unaudited)

* Illustrated by Sector and based on total net assets in the Master Portfolio as of June 30, 2009. Please refer to the Schedule of Investments for the Master Portfolio for details concerning Fund holdings and the Portfolio Allocation for the Master Portfolio, both found later in this report.

State Farm Small Cap Index Fund

Fund Composition*

(unaudited)

* Illustrated by Sector and based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm International Index Fund

Fund Composition*

(unaudited)

* Based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 10 other countries, each of which represents less than 2% of net assets.

4

Portfolio Summary (continued)

State Farm Equity and Bond Fund

Fund Composition*

(unaudited)

* Illustrated by Type of Security and based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Bond Fund

Fund Composition*

(unaudited)

* Illustrated by Type of Security and based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Tax Advantaged Bond Fund

Fund Composition*

(unaudited)

* Illustrated by Credit Quality. Ratings by Moody’s Investor Services, Inc. (“Moody’s”). Percentages are based on total investments as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes Advanced Refund Bonds.

*** Fifteen securities were not rated by Moody’s. Four securities, representing 4.04% of total investments, were rated AAA by S&P. One security, representing 0.90% of total investments, was rated AA+ by S&P. Five securities, representing 3.57% of total investments, were rated AA by S&P. Five securities, representing 3.60% of total investments, were rated AA- by S&P.

5

Portfolio Summary (continued)

State Farm Money Market Fund

Fund Composition*

(unaudited)

* Illustrated by Type of Security and based on total net assets as of June 30, 2009. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm LifePath Income Fund

LifePath Retirement Master Portfolio Composition*

(unaudited)

* Illustrated by Security Type and based on total net assets in the Master Portfolio as of June 30, 2009. Please refer to the Schedule of Investments for the Master Portfolio for details concerning Fund holdings and the Portfolio Allocation for the Master Portfolio, both found later in this report.

State Farm LifePath 2010 Fund

LifePath 2010 Master Portfolio Composition*

(unaudited)

* Illustrated by Security Type and based on total investments in the Master Portfolio as of June 30, 2009. Please refer to the Schedule of Investments for the Master Portfolio for details concerning Fund holdings and the Portfolio Allocation for the Master Portfolio, both found later in this report.

6

Portfolio Summary (continued)

State Farm LifePath 2020 Fund

LifePath 2020 Master Portfolio Composition*

(unaudited)

* Illustrated by Security Type and based on total net assets in the Master Portfolio as of June 30, 2009. Please refer to the Schedule of Investments for the Master Portfolio for details concerning Fund holdings and the Portfolio Allocation for the Master Portfolio, both found later in this report.

State Farm LifePath 2030 Fund

LifePath 2030 Master Portfolio Composition*

(unaudited)

* Illustrated by Security Type and based on total net assets in the Master Portfolio as of June 30, 2009. Please refer to the Schedule of Investments for the Master Portfolio for details concerning Fund holdings and the Portfolio Allocation for the Master Portfolio, both found later in this report.

State Farm LifePath 2040 Fund

LifePath 2040 Master Portfolio Composition*

(unaudited)

* Illustrated by Security Type and based on total net assets in the Master Portfolio as of June 30, 2009. Please refer to the Schedule of Investments for the Master Portfolio for details concerning Fund holdings and the Portfolio Allocation for the Master Portfolio, both found later in this report.

7

Portfolio Summary (continued)

State Farm LifePath 2050 Fund

LifePath 2050 Master Portfolio Composition*

(unaudited)

* Illustrated by Security Type and based on total net assets in the Master Portfolio as of June 30, 2009. Please refer to the Schedule of Investments for the Master Portfolio for details concerning Fund holdings and the Portfolio Allocation for the Master Portfolio, both found later in this report.

8

Expense Example (unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and certain redemptions; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; shareholder servicing fees; and other Fund expenses. The Example in the following table for each Fund below is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as stated in the table for each Fund.

Actual Expenses

The Actual information in the table under each Fund name below provides information about actual account values and actual expenses for each Class of shares. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value for a Fund Class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual information line under the heading entitled “Expenses Paid During Period” for the applicable Fund Class to estimate the expenses you paid on your account for that Fund Class during the period. If your account has multiple Fund positions, add up the results calculated for each Fund position by Class within your account to estimate the expenses you paid on your total account value. A potential $25 low balance fee is not included in the expenses shown in the table. This fee may be charged to an account holding Class A, Class B, Legacy Class A, Legacy Class B or Institutional shares (other than a SEP IRA, SIMPLE IRA, Archer Medical Savings Account, Tax Sheltered Account under §403(b)(7) of the Internal Revenue Code or an account held under other employer-sponsored qualified retirement plans) if the balance of the account falls below $1,000 at the close of business on the second business day in November, unless the account was opened on or after January 1 within the same year. You should consider any low balance fee you incurred when estimating the total ongoing expenses paid over the period and the impact of this fee on your ending account value. This additional fee has the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The Hypothetical information in the table under each Fund name below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio by Class and an assumed rate of return of 5% per year before expenses, which is not the actual return of the Class indicated. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A potential $25 low balance fee is not included in the expenses shown in the table. This fee may be charged to an account holding Class A, Class B, Legacy Class A, Legacy Class B or Institutional shares (other than a SEP IRA, SIMPLE IRA, Archer Medical Savings Account, Tax Sheltered Account under §403(b)(7) of the Internal Revenue Code or an account held under other employer-sponsored qualified retirement plans) if the balance of the account falls below $1,000 at the close of business on the second business day in November, unless the account was opened on or after January 1 within the same year. You should consider any low balance fee that you incurred when estimating the total ongoing expenses paid over the period and the impact of this fee on your ending account value. This additional fee has the effect of reducing investment returns.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) applicable to Class A, Class B, Legacy Class A, and Legacy Class B shares. Therefore, the Hypothetical information in the table under each Fund name is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

State Farm Equity Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,018.69	1.20	%	$6.01
Class B Shares	$1,000.00	$1,011.63	1.90	%	$9.48
Legacy Class A Shares	$1,000.00	$1,018.06	1.20	%	$6.00
Legacy Class B Shares	$1,000.00	$1,015.87	1.60	%	$8.00
Institutional Shares	$1,000.00	$1,016.32	0.95	%	$4.75
Class R-1 Shares	$1,000.00	$1,014.02	1.52	%	$7.59
Class R-2 Shares	$1,000.00	$1,016.39	1.32	%	$6.60
Class R-3 Shares	$1,000.00	$1,016.32	1.02	%	$5.10

9

State Farm Equity Fund (Continued)
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,018.84	1.20	%	$6.01
Class B Shares	$1,000.00	$1,015.37	1.90	%	$9.49
Legacy Class A Shares	$1,000.00	$1,018.84	1.20	%	$6.01
Legacy Class B Shares	$1,000.00	$1,016.86	1.60	%	$8.00
Institutional Shares	$1,000.00	$1,020.08	0.95	%	$4.76
Class R-1 Shares	$1,000.00	$1,017.26	1.52	%	$7.60
Class R-2 Shares	$1,000.00	$1,018.25	1.32	%	$6.61
Class R-3 Shares	$1,000.00	$1,019.74	1.02	%	$5.11
State Farm Small/Mid Cap Equity Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,047.95	1.40	%	$7.11
Class B Shares	$1,000.00	$1,043.63	2.00	%	$10.13
Legacy Class A Shares	$1,000.00	$1,047.04	1.40	%	$7.11
Legacy Class B Shares	$1,000.00	$1,043.48	1.80	%	$9.12
Institutional Shares	$1,000.00	$1,047.54	1.15	%	$5.84
Class R-1 Shares	$1,000.00	$1,045.61	1.72	%	$8.72
Class R-2 Shares	$1,000.00	$1,045.14	1.52	%	$7.71
Class R-3 Shares	$1,000.00	$1,046.08	1.22	%	$6.19
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,017.85	1.40	%	$7.00
Class B Shares	$1,000.00	$1,014.88	2.00	%	$9.99
Legacy Class A Shares	$1,000.00	$1,017.85	1.40	%	$7.00
Legacy Class B Shares	$1,000.00	$1,015.87	1.80	%	$9.00
Institutional Shares	$1,000.00	$1,019.09	1.15	%	$5.76
Class R-1 Shares	$1,000.00	$1,016.27	1.72	%	$8.60
Class R-2 Shares	$1,000.00	$1,017.26	1.52	%	$7.60
Class R-3 Shares	$1,000.00	$1,018.74	1.22	%	$6.11
State Farm International Equity Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,098.94	1.50	%	$7.81
Class B Shares	$1,000.00	$1,096.48	2.10	%	$10.92
Legacy Class A Shares	$1,000.00	$1,099.85	1.50	%	$7.81
Legacy Class B Shares	$1,000.00	$1,097.56	1.90	%	$9.88
Institutional Shares	$1,000.00	$1,101.67	1.25	%	$6.51
Class R-1 Shares	$1,000.00	$1,097.71	1.82	%	$9.47
Class R-2 Shares	$1,000.00	$1,098.94	1.62	%	$8.43
Class R-3 Shares	$1,000.00	$1,101.67	1.32	%	$6.88

10

State Farm International Equity Fund (Continued)
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,017.36	1.50	%	$7.50
Class B Shares	$1,000.00	$1,014.38	2.10	%	$10.49
Legacy Class A Shares	$1,000.00	$1,017.36	1.50	%	$7.50
Legacy Class B Shares	$1,000.00	$1,015.37	1.90	%	$9.49
Institutional Shares	$1,000.00	$1,018.60	1.25	%	$6.26
Class R-1 Shares	$1,000.00	$1,015.77	1.82	%	$9.10
Class R-2 Shares	$1,000.00	$1,016.76	1.62	%	$8.10
Class R-3 Shares	$1,000.00	$1,018.25	1.32	%	$6.61
State Farm S&P 500 Index Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20093		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,029.67	0.80	%	$4.03
Class B Shares	$1,000.00	$1,025.11	1.50	%	$7.53
Legacy Class A Shares	$1,000.00	$1,028.11	0.80	%	$4.02
Legacy Class B Shares	$1,000.00	$1,026.59	1.20	%	$6.03
Institutional Shares	$1,000.00	$1,031.07	0.55	%	$2.77
Class R-1 Shares	$1,000.00	$1,028.15	1.12	%	$5.63
Class R-2 Shares	$1,000.00	$1,029.72	0.92	%	$4.63
Class R-3 Shares	$1,000.00	$1,029.54	0.62	%	$3.12
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,020.83	0.80	%	$4.01
Class B Shares	$1,000.00	$1,017.36	1.50	%	$7.50
Legacy Class A Shares	$1,000.00	$1,020.83	0.80	%	$4.01
Legacy Class B Shares	$1,000.00	$1,018.84	1.20	%	$6.01
Institutional Shares	$1,000.00	$1,022.07	0.55	%	$2.76
Class R-1 Shares	$1,000.00	$1,019.24	1.12	%	$5.61
Class R-2 Shares	$1,000.00	$1,020.23	0.92	%	$4.61
Class R-3 Shares	$1,000.00	$1,021.72	0.62	%	$3.11
State Farm Small Cap Index Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,023.44	0.95	%	$4.77
Class B Shares	$1,000.00	$1,019.58	1.65	%	$8.26
Legacy Class A Shares	$1,000.00	$1,022.34	0.95	%	$4.76
Legacy Class B Shares	$1,000.00	$1,019.97	1.35	%	$6.76
Institutional Shares	$1,000.00	$1,023.38	0.70	%	$3.51
Class R-1 Shares	$1,000.00	$1,022.16	1.27	%	$6.37
Class R-2 Shares	$1,000.00	$1,022.14	1.07	%	$5.36
Class R-3 Shares	$1,000.00	$1,023.35	0.77	%	$3.86

11

State Farm Small Cap Index Fund (Continued)
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,020.08	0.95	%	$4.76
Class B Shares	$1,000.00	$1,016.61	1.65	%	$8.25
Legacy Class A Shares	$1,000.00	$1,020.08	0.95	%	$4.76
Legacy Class B Shares	$1,000.00	$1,018.10	1.35	%	$6.76
Institutional Shares	$1,000.00	$1,021.32	0.70	%	$3.51
Class R-1 Shares	$1,000.00	$1,018.50	1.27	%	$6.36
Class R-2 Shares	$1,000.00	$1,019.49	1.07	%	$5.36
Class R-3 Shares	$1,000.00	$1,020.98	0.77	%	$3.86
State Farm International Index Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,055.76	1.17	%	$5.96
Class B Shares	$1,000.00	$1,052.06	1.87	%	$9.51
Legacy Class A Shares	$1,000.00	$1,055.96	1.17	%	$5.96
Legacy Class B Shares	$1,000.00	$1,053.33	1.57	%	$7.99
Institutional Shares	$1,000.00	$1,057.04	0.92	%	$4.69
Class R-1 Shares	$1,000.00	$1,054.61	1.49	%	$7.59
Class R-2 Shares	$1,000.00	$1,055.89	1.29	%	$6.58
Class R-3 Shares	$1,000.00	$1,055.69	0.99	%	$5.05
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,018.99	1.17	%	$5.86
Class B Shares	$1,000.00	$1,015.52	1.87	%	$9.35
Legacy Class A Shares	$1,000.00	$1,018.99	1.17	%	$5.86
Legacy Class B Shares	$1,000.00	$1,017.01	1.57	%	$7.85
Institutional Shares	$1,000.00	$1,020.23	0.92	%	$4.61
Class R-1 Shares	$1,000.00	$1,017.41	1.49	%	$7.45
Class R-2 Shares	$1,000.00	$1,018.40	1.29	%	$6.46
Class R-3 Shares	$1,000.00	$1,019.89	0.99	%	$4.96
State Farm Equity and Bond Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20092		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,031.75	1.00	%	$5.04
Class B Shares	$1,000.00	$1,028.86	1.60	%	$8.05
Legacy Class A Shares	$1,000.00	$1,031.35	1.00	%	$5.04
Legacy Class B Shares	$1,000.00	$1,029.42	1.40	%	$7.04
Institutional Shares	$1,000.00	$1,034.44	0.75	%	$3.78
Class R-1 Shares	$1,000.00	$1,032.16	1.32	%	$6.65
Class R-2 Shares	$1,000.00	$1,033.07	1.12	%	$5.65
Class R-3 Shares	$1,000.00	$1,032.70	0.82	%	$4.13

12

State Farm Equity and Bond Fund (Continued)
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20092		Expenses Paid During Period January 1, 2009 to June 30, 20091
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,019.84	1.00	%	$5.01
Class B Shares	$1,000.00	$1,016.86	1.60	%	$8.00
Legacy Class A Shares	$1,000.00	$1,019.84	1.00	%	$5.01
Legacy Class B Shares	$1,000.00	$1,017.85	1.40	%	$7.00
Institutional Shares	$1,000.00	$1,021.08	0.75	%	$3.76
Class R-1 Shares	$1,000.00	$1,018.25	1.32	%	$6.61
Class R-2 Shares	$1,000.00	$1,019.24	1.12	%	$5.61
Class R-3 Shares	$1,000.00	$1,020.73	0.82	%	$4.11
State Farm Bond Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,056.58	0.70	%	$3.57
Class B Shares	$1,000.00	$1,054.55	1.10	%	$5.60
Legacy Class A Shares	$1,000.00	$1,056.56	0.70	%	$3.57
Legacy Class B Shares	$1,000.00	$1,054.48	1.10	%	$5.60
Institutional Shares	$1,000.00	$1,056.91	0.45	%	$2.30
Class R-1 Shares	$1,000.00	$1,054.93	1.02	%	$5.20
Class R-2 Shares	$1,000.00	$1,056.01	0.82	%	$4.18
Class R-3 Shares	$1,000.00	$1,057.53	0.52	%	$2.65
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,021.32	0.70	%	$3.51
Class B Shares	$1,000.00	$1,019.34	1.10	%	$5.51
Legacy Class A Shares	$1,000.00	$1,021.32	0.70	%	$3.51
Legacy Class B Shares	$1,000.00	$1,019.34	1.10	%	$5.51
Institutional Shares	$1,000.00	$1,022.56	0.45	%	$2.26
Class R-1 Shares	$1,000.00	$1,019.74	1.02	%	$5.11
Class R-2 Shares	$1,000.00	$1,020.73	0.82	%	$4.11
Class R-3 Shares	$1,000.00	$1,022.22	0.52	%	$2.61
State Farm Tax Advantaged Bond Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,053.70	0.70	%	$3.56
Class B Shares	$1,000.00	$1,051.67	1.10	%	$5.60
Legacy Class A Shares	$1,000.00	$1,053.79	0.70	%	$3.56
Legacy Class B Shares	$1,000.00	$1,051.71	1.10	%	$5.60
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,021.32	0.70	%	$3.51
Class B Shares	$1,000.00	$1,019.34	1.10	%	$5.51
Legacy Class A Shares	$1,000.00	$1,021.32	0.70	%	$3.51
Legacy Class B Shares	$1,000.00	$1,019.34	1.10	%	$5.51

13

State Farm Money Market Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 2009		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,000.44	0.41	%	$2.03
Class B Shares	$1,000.00	$1,000.13	0.47	%	$2.33
Legacy Class A Shares	$1,000.00	$1,000.44	0.41	%	$2.03
Legacy Class B Shares	$1,000.00	$1,000.14	0.46	%	$2.28
Institutional Shares	$1,000.00	$1,000.63	0.37	%	$1.84
Class R-1 Shares	$1,000.00	$1,000.19	0.45	%	$2.23
Class R-2 Shares	$1,000.00	$1,000.33	0.44	%	$2.18
Class R-3 Shares	$1,000.00	$1,000.53	0.39	%	$1.93
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,022.76	0.41	%	$2.06
Class B Shares	$1,000.00	$1,022.46	0.47	%	$2.36
Legacy Class A Shares	$1,000.00	$1,022.76	0.41	%	$2.06
Legacy Class B Shares	$1,000.00	$1,022.51	0.46	%	$2.31
Institutional Shares	$1,000.00	$1,022.96	0.37	%	$1.86
Class R-1 Shares	$1,000.00	$1,022.56	0.45	%	$2.26
Class R-2 Shares	$1,000.00	$1,022.61	0.44	%	$2.21
Class R-3 Shares	$1,000.00	$1,022.86	0.39	%	$1.96
State Farm LifePath Income Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20093		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,047.87	1.21	%	$6.14
Class B Shares	$1,000.00	$1,045.31	1.91	%	$9.69
Legacy Class A Shares	$1,000.00	$1,048.01	1.21	%	$6.14
Legacy Class B Shares	$1,000.00	$1,045.84	1.61	%	$8.17
Institutional Shares	$1,000.00	$1,049.31	0.96	%	$4.88
Class R-1 Shares	$1,000.00	$1,047.34	1.53	%	$7.77
Class R-2 Shares	$1,000.00	$1,048.51	1.33	%	$6.76
Class R-3 Shares	$1,000.00	$1,049.15	1.03	%	$5.23
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,018.79	1.21	%	$6.06
Class B Shares	$1,000.00	$1,015.32	1.91	%	$9.54
Legacy Class A Shares	$1,000.00	$1,018.79	1.21	%	$6.06
Legacy Class B Shares	$1,000.00	$1,016.81	1.61	%	$8.05
Institutional Shares	$1,000.00	$1,020.03	0.96	%	$4.81
Class R-1 Shares	$1,000.00	$1,017.21	1.53	%	$7.65
Class R-2 Shares	$1,000.00	$1,018.20	1.33	%	$6.66
Class R-3 Shares	$1,000.00	$1,019.69	1.03	%	$5.16

14

State Farm LifePath 2010 Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20093		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,049.15	1.18	%	$6.00
Class B Shares	$1,000.00	$1,045.46	1.88	%	$9.53
Legacy Class A Shares	$1,000.00	$1,048.44	1.18	%	$5.99
Legacy Class B Shares	$1,000.00	$1,046.51	1.58	%	$8.02
Institutional Shares	$1,000.00	$1,050.20	0.93	%	$4.73
Class R-1 Shares	$1,000.00	$1,046.47	1.50	%	$7.61
Class R-2 Shares	$1,000.00	$1,048.34	1.30	%	$6.60
Class R-3 Shares	$1,000.00	$1,050.30	1.00	%	$5.08
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,018.94	1.18	%	$5.91
Class B Shares	$1,000.00	$1,015.47	1.88	%	$9.39
Legacy Class A Shares	$1,000.00	$1,018.94	1.18	%	$5.91
Legacy Class B Shares	$1,000.00	$1,016.96	1.58	%	$7.90
Institutional Shares	$1,000.00	$1,020.18	0.93	%	$4.66
Class R-1 Shares	$1,000.00	$1,017.36	1.50	%	$7.50
Class R-2 Shares	$1,000.00	$1,018.35	1.30	%	$6.51
Class R-3 Shares	$1,000.00	$1,019.84	1.00	%	$5.01
State Farm LifePath 2020 Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20093		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,052.79	1.14	%	$5.80
Class B Shares	$1,000.00	$1,048.88	1.84	%	$9.35
Legacy Class A Shares	$1,000.00	$1,052.04	1.14	%	$5.80
Legacy Class B Shares	$1,000.00	$1,050.05	1.54	%	$7.83
Institutional Shares	$1,000.00	$1,053.81	0.89	%	$4.53
Class R-1 Shares	$1,000.00	$1,051.02	1.46	%	$7.42
Class R-2 Shares	$1,000.00	$1,051.93	1.26	%	$6.41
Class R-3 Shares	$1,000.00	$1,054.03	0.96	%	$4.89
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,019.14	1.14	%	$5.71
Class B Shares	$1,000.00	$1,015.67	1.84	%	$9.20
Legacy Class A Shares	$1,000.00	$1,019.14	1.14	%	$5.71
Legacy Class B Shares	$1,000.00	$1,017.16	1.54	%	$7.70
Institutional Shares	$1,000.00	$1,020.38	0.89	%	$4.46
Class R-1 Shares	$1,000.00	$1,017.55	1.46	%	$7.30
Class R-2 Shares	$1,000.00	$1,018.55	1.26	%	$6.31
Class R-3 Shares	$1,000.00	$1,020.03	0.96	%	$4.81

15

State Farm LifePath 2030 Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20093		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,054.64	1.13	%	$5.76
Class B Shares	$1,000.00	$1,050.57	1.83	%	$9.30
Legacy Class A Shares	$1,000.00	$1,054.70	1.13	%	$5.76
Legacy Class B Shares	$1,000.00	$1,051.76	1.53	%	$7.78
Institutional Shares	$1,000.00	$1,055.50	0.88	%	$4.48
Class R-1 Shares	$1,000.00	$1,051.76	1.45	%	$7.38
Class R-2 Shares	$1,000.00	$1,053.66	1.25	%	$6.36
Class R-3 Shares	$1,000.00	$1,056.64	0.95	%	$4.84
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,019.19	1.13	%	$5.66
Class B Shares	$1,000.00	$1,015.72	1.83	%	$9.15
Legacy Class A Shares	$1,000.00	$1,019.19	1.13	%	$5.66
Legacy Class B Shares	$1,000.00	$1,017.21	1.53	%	$7.65
Institutional Shares	$1,000.00	$1,020.43	0.88	%	$4.41
Class R-1 Shares	$1,000.00	$1,017.60	1.45	%	$7.25
Class R-2 Shares	$1,000.00	$1,018.60	1.25	%	$6.26
Class R-3 Shares	$1,000.00	$1,020.08	0.95	%	$4.76
State Farm LifePath 2040 Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20093		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,053.01	1.13	%	$5.75
Class B Shares	$1,000.00	$1,050.00	1.83	%	$9.30
Legacy Class A Shares	$1,000.00	$1,054.05	1.13	%	$5.75
Legacy Class B Shares	$1,000.00	$1,052.03	1.53	%	$7.78
Institutional Shares	$1,000.00	$1,054.87	0.88	%	$4.48
Class R-1 Shares	$1,000.00	$1,050.05	1.45	%	$7.37
Class R-2 Shares	$1,000.00	$1,053.01	1.25	%	$6.36
Class R-3 Shares	$1,000.00	$1,065.35	0.95	%	$4.86
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,019.19	1.13	%	$5.66
Class B Shares	$1,000.00	$1,015.72	1.83	%	$9.15
Legacy Class A Shares	$1,000.00	$1,019.19	1.13	%	$5.66
Legacy Class B Shares	$1,000.00	$1,017.21	1.53	%	$7.65
Institutional Shares	$1,000.00	$1,020.43	0.88	%	$4.41
Class R-1 Shares	$1,000.00	$1,017.60	1.45	%	$7.25
Class R-2 Shares	$1,000.00	$1,018.60	1.25	%	$6.26
Class R-3 Shares	$1,000.00	$1,020.08	0.95	%	$4.76

16

State Farm LifePath 2050 Fund
	Beginning Account Value January 1, 2009	Ending Account Value June 30, 2009	Annualized Expense Ratio Based on the Period January 1, 2009 to June 30, 20093		Expenses Paid During Period January 1, 2009 to June 30, 20091
Actual
Class A Shares	$1,000.00	$1,056.69	1.12	%	$5.71
Class R-1 Shares	$1,000.00	$1,055.07	1.43	%	$7.29
Class R-2 Shares	$1,000.00	$1,056.52	1.23	%	$6.27
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,019.24	1.12	%	$5.61
Class R-1 Shares	$1,000.00	$1,017.70	1.43	%	$7.15
Class R-2 Shares	$1,000.00	$1,018.70	1.23	%	$6.16

¹ Expenses are equal to the Fund's annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

² Ratio also reflects 60% of the State Farm Equity Fund Institutional Shares expenses plus 40% of the State Farm Bond Fund Institutional Shares expenses. The State Farm Equity and Bond Fund targets a 60%/40% investment ratio between the State Farm Equity Fund and the State Farm Bond Fund. The ratio may vary slightly from 60%/40% throughout the year. Refer to the State Farm Equity and Bond Fund's Schedule of Investments for the ratio as of June 30, 2009.

³ Ratio reflects the expenses of both the Fund and its corresponding Master Portfolio.

17

Board Approval of Investment Advisory and Sub-Advisory Agreements

At a meeting of the Board of Trustees (the “Board”) of State Farm Mutual Fund Trust (“Mutual Fund Trust”) held on June 12, 2009, all of the Trustees present, including those Trustees present who were not interested persons of Mutual Fund Trust as defined by Section 2(a)(19) of the Investment Company Act of 1940 (the “Independent Trustees”), considered whether (i) to approve continuation of the Investment Advisory and Management Services Agreement between State Farm Investment Management Corp. (“SFIMC”) and Mutual Fund Trust (the “Advisory Agreement”), (ii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Westwood Management Corp. (“Westwood”) with respect to the State Farm Equity Fund (the “Equity Fund”), which agreement will be referred to as the “Westwood Sub-Advisory Agreement,” (iii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Northern Trust Investments, N.A. (“Northern Trust Investments”) with respect to the State Farm Small Cap Index Fund (the “Small Cap Index Fund”) and the State Farm International Index Fund (the “International Index Fund”), which agreement will be referred to as the “Northern Trust Investments Sub-Advisory Agreement,” (iv) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Marsico Capital Management, LLC (“Marsico”) with respect to the State Farm International Equity Fund (the “International Equity Fund”), which agreement will be referred to as the “Marsico Sub-Advisory Agreement,” (v) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Northern Cross, LLC (“Northern Cross”) with respect to the International Equity Fund, which agreement will be referred to as the “Northern Cross Sub-Advisory Agreement,” (vi) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Bridgeway Capital Management, Inc. (“Bridgeway”) with respect to the State Farm Small/Mid Cap Equity Fund (the “Small/Mid Cap Equity Fund”) and the Equity Fund, which agreement will be referred to as the “Bridgeway Sub-Advisory Agreement,” (vii) approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Rainier Investment Management, Inc. (“Rainier”) with respect to the Small/Mid Cap Equity Fund, which agreement will be referred to as the “Rainier Sub-Advisory Agreement.” Together the Westwood, Northern Trust Investments, Marsico, Northern Cross, Bridgeway and Rainier Sub-Advisory Agreements will be referred to as the “Sub-Advisory Agreements.”

SFIMC and the Board have hired sub-advisers for five of Mutual Fund Trust’s sixteen separate series (each a “Fund” and together the “Funds”). Each sub-adviser is responsible for the day-to-day management of the investments or a portion of the investments of the applicable Fund. The five sub-advised Funds and their sub-advisers are listed below:

Fund	Sub-Adviser(s)
Equity Fund	Westwood and Bridgeway
Small/Mid Cap Equity Fund	Bridgeway and Rainier
International Equity Fund	Marsico and Northern Cross
Small Cap Index Fund	Northern Trust Investments
International Index Fund	Northern Trust Investments

Prior to the June 12, 2009 meeting, independent legal counsel to the Independent Trustees had sent to Westwood, Northern Trust Investments, Marsico, Northern Cross, Bridgeway and Rainier (collectively the “Sub-Advisers”) and to SFIMC a request for information to be provided to the Board in connection with the Board’s consideration of continuing the Sub-Advisory Agreements and the Advisory Agreement. The Sub-Advisers and SFIMC provided materials to the Board responding to those requests during the first quarter of the year. SFIMC subsequently also provided the Board with additional information that SFIMC believed would be useful to the Board in evaluating whether to approve continuation of the Advisory Agreement and the Sub-Advisory Agreements. Prior to the June 12^th meeting, the Board also received a report prepared by Morningstar, Inc., an independent fund tracking organization (the “Morningstar Report”), relating to the performance and expenses of the Funds. In addition, the Board received and reviewed a memorandum from legal counsel to Mutual Fund Trust and its Independent Trustees regarding their responsibilities (particularly the Independent Trustees’ responsibilities) in considering the Advisory and Sub-Advisory Agreements.

The Independent Trustees of Mutual Fund Trust reviewed these materials at meetings held on March 13, 2009, and May 29, 2009, during which SFIMC management responded to specific questions from the Independent Trustees and provided follow-up information (as noted above). The Independent Trustees discussed all of this material extensively among themselves and with

18

their independent legal counsel, and with the other Board members, after which the Board considered various factors described below, no one of which alone was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the agreements are discussed separately below.

Investment Performance

The Board considered each Fund’s investment performance. Among other things, the Board examined the performance of each Fund over various time periods as compared to the performance of one or more benchmark indexes and a peer group of funds with comparable investment objectives, investment strategies, asset size and load structures (“Peer Funds”) over the same periods.

The Board considered that the performance of the S&P 500 Index Fund, the Small Cap Index Fund and the International Index Fund closely tracked the performance of each of those Fund’s benchmark indexes, excluding Fund expenses. The Board concluded that the performance of those three Funds over the periods reviewed was acceptable and closely tracked their respective benchmarks.

The Board considered the performance of the Equity Fund, Small/Mid Cap Equity Fund and the International Equity Fund, including as compared to applicable benchmarks and to the performance of Peer Funds. The Board concluded that the performance of these three Funds over the periods reviewed was acceptable, especially with regard to the recent performance of the Equity Fund and the International Equity Fund, which as of September 2, 2008, began receiving sub-advisory services from Westwood/Bridgeway and Marsico/Northern Cross, respectively.

The Board reviewed the performance of the Bond Fund, the Money Market Fund, the Equity and Bond Fund and the Tax Advantaged Bond Fund. The Board noted the favorable relative performance of the Bond Fund and the bond portion of the Equity and Bond Fund. The Board also noted the positive performance of the Tax Advantaged Bond Fund. The Morningstar Report indicated that the overall performance of those Funds was competitive with each Fund’s benchmark and/or index and with the performance of each Fund’s Peer Funds. After extensive discussion of this and other performance information, the Board concluded that the investment performance of these Funds over the periods reviewed was acceptable.

The Board reviewed the performance of the LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds (collectively the “LifePath Funds”) for the one-, three- and five- year periods ended March 31, 2009. The Board considered each LifePath Fund’s performance compared to a benchmark, a custom blended benchmark and compared to Peer Funds. After extensively reviewing all the performance information, the Board concluded that the LifePath Funds’ performance was acceptable.

Fees and Expenses

The Board also examined the fee structure and expense ratio of each Fund, including in comparison to Peer Funds. SFIMC management explained that to maintain a stable $1.00/share net asset value for the Money Market Fund, SFIMC and State Farm VP Management Corp., distributor of the Fund’s shares, continued to waive fees each is entitled to receive from that Fund. The Board concluded that each Fund’s expense structure and overall fees were acceptable. In connection with examining the fee structure and expense ratio of each Fund, the Board also considered the amount of profits earned (or losses incurred) by SFIMC in providing advisory services to each Fund, as well as the methodology by which that profit was calculated. The Board concluded that the advisory and sub-advisory fees, which directly or indirectly are part of each Fund’s fee structure and expense ratio, were reasonable.

The Board examined the fee structure of the Sub-Advisory Agreements, including the breakpoints in fees that result when a Fund’s assets increase. SFIMC management indicated to the Board its belief that the sub-advisory fees were competitive in the marketplace. After considering this information, the Board concluded that the sub-advisory fees are reasonable and are in the best interests of the affected Funds’ shareholders.

19

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the advisory and sub-advisory services provided by SFIMC and the Sub-Advisers to the Funds. The Board considered the make-up, education and experience of the teams responsible for managing the Funds at each organization, and concluded that each organization’s investment management team has a satisfactory, long-term track record. After considering all of this information, the Board concluded that SFIMC and the Sub-Advisers each had more than sufficient resources and expertise to continue to manage or sub-advise the Funds, and that given the past experience of each, these organizations would be able to continue to provide satisfactory services to Mutual Fund Trust. Finally, the Board considered the view of Mutual Fund Trust’s Chief Compliance Officer that the compliance policies and procedures of SFIMC and the Sub-Advisers were reasonably designed to prevent and detect violations of the federal securities laws.

Economies of Scale/Other Benefits

The Board next discussed the extent to which economies of scale will be realized as each Fund grows and whether each Fund’s fee levels reflect economies of scale for the benefit of the Fund. SFIMC explained to the Board that economies of scale occur when a mutual fund’s expenses per unit, such as per dollar invested in the fund, decrease as the fund increases in size. One way a mutual fund achieves economies of scale is to lower the average cost per unit by spreading fixed costs over a larger asset base. As a Fund within Mutual Fund Trust grows, the Fund’s fixed costs will be spread over a larger asset base, so the Fund’s fee levels will reflect economies of scale for the benefit of the Fund. The Board discussed the fact that the advisory fees payable by Mutual Fund Trust to SFIMC are a flat percentage of each Fund’s average daily net assets, and that the percentage does not decrease as a Fund increases in size.

The Board next discussed whether SFIMC or a Sub-Adviser derives any other direct or indirect benefits from serving as investment adviser or investment sub-adviser to the Funds. SFIMC indicated to the Board that it was not aware of any ancillary or other benefits (other than fees) that these organizations (and each organization’s respective affiliates, if any) receive for providing various services to Mutual Fund Trust, particularly because these organizations do not execute securities trades on behalf of the Funds through an affiliated broker-dealer. The Board concluded that the lack of any ancillary or so-called “fallout” benefits enables SFIMC and the Sub-Advisers to manage assets of the Funds in a manner that appears to be free of conflicts of interest.

Based on the Board’s deliberations and their evaluation of the information provided by SFIMC and the Sub-Advisers, the Board, including all of the Independent Trustees present at the Board meeting, unanimously approved the:

• Continuation of the Advisory Agreement for all Funds through June 30, 2010, and

• Continuation of each Sub-Advisory Agreement through June 30, 2010.

20

STATE FARM MUTUAL FUND TRUST EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (97.76%)
Consumer Discretionary (13.02%)
Advance Auto Parts Inc.	22,500	$	933,525
Amazon.com Inc. (a)	23,000		1,924,180
Apollo Group Inc. Class A (a)	10,300		732,536
AutoZone Inc. (a)	6,100		921,771
Comcast Corp. Class A	63,900		925,911
Discovery Communications Inc. Class A (a)	50,400		1,136,520
Dollar Tree Inc. (a)	22,500		947,250
Family Dollar Stores Inc.	33,200		939,560
GameStop Corp. Class A (a)	12,000		264,120
GAP Inc.	74,600		1,223,440
ITT Educational Services Inc. (a)	9,800		986,468
McDonald’s Corp.	68,600		3,943,814
NIKE Inc. Class B	69,800		3,614,244
O’Reilly Automotive Inc. (a)	24,700		940,576
Priceline.com Inc. (a)	10,000		1,115,500
Ross Stores Inc.	24,400		941,840
The DIRECTV Group Inc. (a)	97,300		2,404,283
TJX Companies Inc.	29,800		937,508
			24,833,046
Consumer Staples (6.78%)
Colgate-Palmolive Co.	34,800		2,461,752
CVS Caremark Corp.	105,300		3,355,911
Kraft Foods Inc. Class A	35,300		894,502
PepsiCo Inc.	15,600		857,376
Philip Morris International Inc.	55,200		2,407,824
The Coca-Cola Co.	18,700		897,413
Wal-Mart Stores Inc.	42,400		2,053,856
			12,928,634
Energy (13.15%)
Anadarko Petroleum Corp.	52,000		2,360,280
Apache Corp.	16,500		1,190,475
Cameron International Corp. (a)	30,900		874,470
Chevron Corp.	39,800		2,636,750
ConocoPhillips	52,000		2,187,120
CONSOL Energy Inc.	27,500		933,900
Devon Energy Corp.	19,300		1,051,850
Diamond Offshore Drilling Inc.	18,900		1,569,645
Exxon Mobil Corp.	53,300		3,726,203
Murphy Oil Corp.	26,500		1,439,480
National-Oilwell Varco Inc. (a)	23,300		760,978
Occidental Petroleum Corp.	35,600		2,342,836
Southwestern Energy Co. (a)	40,700		1,581,195
Transocean Ltd. (a)	19,000		1,411,510
XTO Energy Inc.	26,400		1,006,896
			25,073,588
Financials (10.25%)
ACE Ltd.	55,500		2,454,765
Aon Corp.	25,200		954,324

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
BB&T Corp.	52,200	$	1,147,356
BlackRock Inc.	7,000		1,227,940
Charles Schwab Corp.	51,400		901,556
Hudson City Bancorp Inc.	131,500		1,747,635
JPMorgan Chase & Co.	83,900		2,861,829
New York Community Bancorp Inc.	73,700		787,853
PNC Financial Services Group Inc.	30,800		1,195,348
State Street Corp.	15,800		745,760
Travelers Companies Inc.	58,300		2,392,632
Wells Fargo & Co.	129,300		3,136,818
			19,553,816
Health Care (16.77%)
Allergan Inc.	20,100		956,358
Amgen Inc. (a)	30,000		1,588,200
Baxter International Inc.	15,300		810,288
Becton Dickinson & Co.	36,700		2,617,077
Biogen Idec Inc. (a)	26,300		1,187,445
Bristol-Myers Squibb Co.	89,500		1,817,745
Cerner Corp. (a)	21,300		1,326,777
Covidien Plc	64,200		2,403,648
CR Bard Inc.	11,700		871,065
Express Scripts Inc. (a)	27,600		1,897,500
Genzyme Corp. (a)	15,700		874,019
Gilead Sciences Inc. (a)	34,200		1,601,928
Johnson & Johnson	73,500		4,174,800
Life Technologies Corp. (a)	22,800		951,216
Medtronic Inc.	20,600		718,734
Mylan Inc. (a)	62,400		814,320
Myriad Genetics Inc. (a)	27,500		980,375
Myriad Pharmaceuticals Inc. (a)	6,875		31,969
St. Jude Medical Inc. (a)	57,200		2,350,920
Stryker Corp.	22,500		894,150
Varian Medical Systems Inc. (a)	21,500		755,510
Wyeth	52,000		2,360,280
			31,984,324
Industrials (10.93%)
3M Co.	11,700		703,170
Burlington Northern Santa Fe Corp.	10,500		772,170
CH Robinson Worldwide Inc.	16,700		870,905
CSX Corp.	18,000		623,340
Deere & Co.	30,000		1,198,500
Dun & Bradstreet Corp.	11,100		901,431
Emerson Electric Co.	22,550		730,620
Fastenal Co.	23,600		782,812
First Solar Inc. (a)	12,700		2,058,924
ITT Corp.	54,600		2,429,700
Raytheon Co.	49,100		2,181,513
Union Pacific Corp.	80,900		4,211,654
United Technologies Corp.	46,600		2,421,336

See accompanying notes to financial statements.

21

STATE FARM MUTUAL FUND TRUST EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Industrials (Cont.)
WW Grainger Inc.	11,700	$	957,996
			20,844,071
Information Technology (18.74%)
Amphenol Corp. Class A	27,400		866,936
Apple Inc. (a)	13,400		1,908,562
CA Inc.	51,200		892,416
Cisco Systems Inc. (a)	182,400		3,399,936
eBay Inc. (a)	52,700		902,751
EMC Corp. (a)	179,100		2,346,210
FLIR Systems Inc. (a)	49,100		1,107,696
Google Inc. Class A (a)	4,500		1,897,155
Hewlett-Packard Co.	27,200		1,051,280
Intel Corp.	59,400		983,070
International Business Machines Corp.	46,600		4,865,972
Intuit Inc. (a)	36,300		1,022,208
Juniper Networks Inc. (a)	48,700		1,149,320
MasterCard Inc. Class A	19,400		3,245,814
Microsoft Corp.	144,200		3,427,634
Oracle Corp.	133,300		2,855,286
Research In Motion Ltd. (a)	14,700		1,044,435
Symantec Corp. (a)	118,200		1,839,192
Visa Inc. Class A Shares	15,000		933,900
			35,739,773
Materials (1.89%)
Ecolab Inc.	23,400		912,366
Potash Corporation of Saskatchewan Inc.	16,000		1,488,800
Praxair Inc.	16,900		1,201,083
			3,602,249
Telecommunication Services (1.95%)
AT&T Inc.	99,000		2,459,160
Verizon Communications Inc.	41,300		1,269,149
			3,728,309
Utilities (4.28%)
Dominion Resources Inc.	72,400		2,419,608
Exelon Corp.	46,000		2,355,660
FPL Group Inc.	21,300		1,211,118
PG&E Corp.	56,700		2,179,548
			8,165,934
Total Common Stocks
(cost $199,693,143)			186,453,744

	Shares	Value
Short-term Investments (5.91%)
JPMorgan U.S. Government Money Market Fund	11,269,331	$	11,269,331
Total Short-term Investments
(cost $11,269,331)			11,269,331
TOTAL INVESTMENTS (103.67%)
(cost $210,962,474)			197,723,075
LIABILITIES, NET OF OTHER ASSETS (-3.67%)			(6,990,170	)
NET ASSETS (100.00%)		$	190,732,905

(a) Non-income producing security.

See accompanying notes to financial statements.

22

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (97.93%)
Consumer Discretionary (15.13%)
99 Cents Only Stores (a)	3,800	$	51,604
Advance Auto Parts Inc.	7,255		301,010
American Eagle Outfitters	44,130		625,322
Bally Technologies Inc. (a)	4,160		124,467
Belo Corp. Class A	190,500		340,995
Best Buy Company Inc.	13,550		453,790
Big Lots Inc. (a)	12,480		262,454
BorgWarner Inc.	12,080		412,290
Carrols Restaurant Group Inc. (a)	80,200		534,132
CEC Entertainment Inc. (a)	23,300		686,884
Coach Inc.	12,900		346,752
Copart Inc. (a)	10,140		351,554
Darden Restaurants Inc.	19,450		641,461
Fred’s Inc. Class A	36,800		463,680
FTI Consulting Inc. (a)	15,785		800,615
GameStop Corp. Class A (a)	16,655		366,577
Guess? Inc.	12,900		332,562
Hawk Corp. Class A (a)	35,800		495,830
Jarden Corp. (a)	24,830		465,562
Kirkland’s Inc. (a)	95,400		1,145,754
Kohl’s Corp. (a)	7,650		327,038
LKQ Corp. (a)	15,182		249,744
LodgeNet Interactive Corp. (a)	93,600		318,240
Macy’s Inc.	49,080		577,181
Mediacom Communications Corp. Class A (a)	88,600		452,746
NIKE Inc. Class B	12,025		622,654
O’Reilly Automotive Inc. (a)	8,000		304,640
Polaris Industries Inc.	19,800		635,976
Sinclair Broadcast Group Inc. Class A	9,400		18,236
Spartan Motors Inc.	104,700		1,186,251
Starbucks Corp. (a)	12,620		175,292
Urban Outfitters Inc. (a)	19,765		412,496
Warnaco Group Inc. (a)	35,990		1,166,076
West Marine Inc. (a)	68,124		375,363
			16,025,228
Consumer Staples (4.59%)
Avon Products Inc.	20,640		532,099
Casey’s General Stores Inc.	13,300		341,677
Central Garden & Pet Co. (a)	65,745		722,538
Church & Dwight Co. Inc.	10,985		596,595
Energizer Holdings Inc. (a)	8,385		438,032
Flowers Foods Inc.	26,290		574,174
J.M. Smucker Co.	12,410		603,871
Pantry Inc. (a)	30,800		511,280
Ralcorp Holdings Inc. (a)	8,920		543,406
			4,863,672
Energy (12.95%)
Atwood Oceanics Inc. (a)	8,200		204,262
Boots & Coots Inc. (a)	550,318		764,942

	Shares	Value
Common Stocks (Cont.)
Energy (Cont.)
Concho Resources Inc. (a)	27,035	$	775,634
Dawson Geophysical Co. (a)	28,700		856,695
Devon Energy Corp.	16,475		897,887
Dresser-Rand Group Inc. (a)	38,820		1,013,202
General Maritime Corp.	26,000		257,140
GulfMark Offshore Inc. (a)	21,500		593,400
Gulfport Energy Corp. (a)	80,400		550,740
Hornbeck Offshore Services Inc. (a)	53,800		1,150,782
Mariner Energy Inc. (a)	14,020		164,735
Mitcham Industries Inc. (a)	123,800		642,522
Natural Gas Services Group (a)	48,100		639,730
Quicksilver Resources Inc. (a)	31,040		288,362
Rosetta Resources Inc. (a)	78,400		686,000
Southwestern Energy Co. (a)	8,250		320,513
Tidewater Inc.	14,300		613,041
Transocean Ltd. (a)	18,320		1,360,993
Vanguard Natural Resources LLC	49,700		679,399
Weatherford International Ltd. (a)	20,770		406,261
Western Refining Inc. (a)	42,700		301,462
World Fuel Services Corp.	13,400		552,482
			13,720,184
Financial Services (19.16%)
ACE Ltd.	19,815		876,417
Affiliated Managers Group Inc. (a)	15,200		884,488
Alliance Data Systems Corp. (a)	11,840		487,690
American Capital Ltd.	23,800		76,398
American Financial Group Inc.	16,900		364,702
American Physicians Capital Inc.	20,600		806,696
AmeriCredit Corp. (a)	49,400		669,370
Amerisafe Inc. (a)	82,300		1,280,588
Annaly Capital Management Inc.	57,750		874,335
Arch Capital Group Ltd. (a)	5,500		322,190
BioMed Realty Trust Inc.	44,000		450,120
CB Richard Ellis Group Inc. Class A (a)	93,800		877,968
Charles Schwab Corp.	16,440		288,358
Digital Realty Trust Inc.	43,475		1,558,579
First Community Bancshares Inc.	26,621		341,814
First Potomac Realty Trust	1,474		14,371
Fortress Investment Group LLC Class A (a)	128,900		440,838
Great Southern Bancorp Inc.	17,500		359,625
Guaranty Bancorp (a)	162,800		310,948
Horace Mann Educators Corp.	53,200		530,404
Invesco Ltd.	28,330		504,841
Kilroy Realty Corp.	12,800		262,912
Knight Capital Group Inc. Class A (a)	48,500		826,925
Mack-Cali Realty Corp.	15,570		354,996
MasterCard Inc. Class A	1,100		184,041
Meadowbrook Insurance Group Inc.	74,700		487,791
MSCI Inc. Class A (a)	16,280		397,883
National Interstate Corp.	2,000		30,360

See accompanying notes to financial statements.

23

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Nelnet Inc. Class A (a)	45,400	$	616,986
Northern Trust Corp.	13,320		715,017
Peoples Bancorp Inc.	30,300		516,615
Prospect Capital Corp.	43,200		397,440
SEI Investments Co.	17,280		311,731
State Street Corp.	8,900		420,080
Tower Group Inc.	24,000		594,720
Triangle Capital Corp.	2,900		31,668
Unitrin Inc.	29,600		355,792
Weingarten Realty Investors	36,258		526,103
Wilmington Trust Corp.	34,600		472,636
World Acceptance Corp. (a)	23,400		465,894
			20,290,330
Health Care (10.53%)
Aetna Inc.	7,300		182,865
Alexion Pharmaceuticals Inc. (a)	5,815		239,113
Allergan Inc.	8,500		404,430
Allion Healthcare Inc. (a)	10,900		64,855
AMERIGROUP Corp. (a)	27,200		730,320
Celgene Corp. (a)	7,550		361,192
Cephalon Inc. (a)	11,250		637,312
Covance Inc. (a)	6,570		323,244
Cyberonics Inc. (a)	40,600		675,178
Emergency Medical Services Corp. Class A (a)	15,700		578,074
Endo Pharmaceuticals Holdings Inc. (a)	21,550		386,176
Express Scripts Inc. (a)	6,995		480,906
Gentiva Health Services Inc. (a)	17,900		294,634
Healthspring Inc. (a)	44,791		486,430
Hologic Inc. (a)	21,748		309,474
Immucor Inc. (a)	24,245		333,611
Inverness Medical Innovations Inc. (a)	12,490		444,394
Life Technologies Corp. (a)	31,230		1,302,916
Mettler-Toledo International Inc. (a)	6,220		479,873
Mylan Inc. (a)	19,650		256,433
Providence Service Corp. (a)	19,600		214,620
Psychiatric Solutions Inc. (a)	9,890		224,899
QIAGEN NV (a)	28,130		522,937
RehabCare Group Inc. (a)	18,600		445,098
ResMed Inc. (a)	4,830		196,726
St. Jude Medical Inc. (a)	5,580		229,338
United Therapeutics Corp. (a)	4,110		342,486
			11,147,534
Industrials (10.39%)
AMETEK Inc.	22,970		794,303
Apogee Enterprises Inc.	37,500		461,250
Bucyrus International Inc.	6,470		184,783
Chart Industries Inc. (a)	68,800		1,250,784
Delta Air Lines Inc. (a)	41,015		237,477

	Shares	Value
Common Stocks (Cont.)
Industrials (Cont.)
Expeditors International of Washington Inc.	10,355	$	345,236
Flowserve Corp.	8,140		568,253
Foster Wheeler AG (a)	12,420		294,975
General Cable Corp. (a)	7,740		290,869
Hawaiian Holdings Inc. (a)	3,100		18,662
International Shipholding Corp.	13,344		359,754
Iron Mountain Inc. (a)	13,645		392,294
Knoll Inc.	38,000		288,040
M & F Worldwide Corp. (a)	33,700		674,000
Masco Corp.	24,820		237,776
MasTec Inc. (a)	48,700		570,764
Polypore International Inc. (a)	2,500		27,800
Precision Castparts Corp.	11,435		835,098
Republic Airways Holdings Inc. (a)	55,800		364,374
Republic Services Inc.	12,130		296,093
RR Donnelley & Sons Co.	39,200		455,504
TAL International Group Inc.	39,300		428,370
Triumph Group Inc.	11,300		452,000
Tutor Perini Corp. (a)	24,300		421,848
Valmont Industries Inc.	2,250		162,180
VSE Corp.	15,300		400,248
Wabtec Corp.	6,060		194,950
			11,007,685
Information Technology (13.15%)
3Com Corp. (a)	108,200		509,622
Activision Blizzard Inc. (a)	34,975		441,734
Acxiom Corp.	52,100		460,043
Amphenol Corp. Class A	13,275		420,021
ANSYS Inc. (a)	6,325		197,087
Broadcom Corp. Class A (a)	30,370		752,872
Brocade Communications Systems Inc. (a)	35,740		279,487
Check Point Software Technologies Ltd. (a)	19,690		462,124
Citrix Systems Inc. (a)	13,320		424,775
Cognizant Technology Solutions Corp. (a)	23,065		615,835
CSG Systems International Inc. (a)	31,100		411,764
EarthLink Inc. (a)	94,500		700,245
F5 Networks Inc. (a)	8,925		308,716
Fiserv Inc. (a)	4,055		185,314
FLIR Systems Inc. (a)	17,075		385,212
GSI Technology Inc. (a)	120,600		465,516
Hewitt Associates Inc. Class A (a)	25,750		766,835
Intersil Corp.	31,950		401,612
Juniper Networks Inc. (a)	11,110		262,196
Marvell Technology Group Ltd. (a)	34,105		396,982
McAfee Inc. (a)	10,435		440,253
MICROS Systems Inc. (a)	14,500		367,140
Multi-Fineline Electronix Inc. (a)	40,100		858,140

See accompanying notes to financial statements.

24

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
NetApp Inc. (a)	11,845	$	233,583
Nuance Communications Inc. (a)	55,480		670,753
Silicon Laboratories Inc. (a)	16,270		617,284
SYNNEX Corp. (a)	38,600		964,614
Trimble Navigation Ltd. (a)	11,980		235,167
United Online Inc.	68,410		445,349
UTStarcom Inc. (a)	154,400		251,672
			13,931,947
Materials (8.01%)
Airgas Inc.	18,225		738,659
Bway Holding Co. (a)	53,900		944,867
Cliffs Natural Resources Inc.	16,550		404,979
Crown Holdings Inc. (a)	37,765		911,647
Glatfelter	66,700		593,630
Greif Inc.	23,710		1,048,456
Innophos Holdings Inc.	26,856		453,598
Rock-Tenn Co. Class A	31,500		1,202,040
Silver Wheaton Corp. (a)	32,560		268,294
SPX Corp.	15,200		744,344
Temple-Inland Inc.	35,000		459,200
US Gold Corp. (a)	108,700		286,968
Valspar Corp.	19,030		428,746
			8,485,428
Telecommunication Services (0.47%)
American Tower Corp. Class A (a)	15,675		494,233
Utilities (3.55%)
AES Corp. (a)	92,220		1,070,674
Allegheny Energy Inc.	10,035		257,398
Aqua America Inc.	31,870		570,473
ITC Holdings Corp.	21,680		983,405
Nicor Inc.	8,500		294,270
NorthWestern Corp.	25,700		584,932
			3,761,152
Total Common Stocks
(cost $101,029,114)			103,727,393

	Shares	Value
Short-term Investments (3.37%)
JPMorgan U.S. Government Money Market Fund	3,573,407	$	3,573,407
Total Short-term Investments
(cost $3,573,407)			3,573,407
TOTAL INVESTMENTS (101.30%)
(cost $104,602,521)			107,300,800
LIABILITIES, NET OF OTHER ASSETS (-1.30%)			(1,375,253	)
NET ASSETS (100.00%)		$	105,925,547

(a) Non-income producing security.

See accompanying notes to financial statements.

25

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (90.17%) (a)
Australia (2.28%)
BHP Billiton PLC	37,000	$	833,930
CSL Ltd.	38,523		996,056
			1,829,986
Austria (0.27%)
Erste Group Bank AG	8,094		219,737
Belgium (2.52%)
Anheuser-Busch InBev NV	55,736		2,020,951
Brazil (4.68%)
Gafisa SA	42,200		347,808
Itau Unibanco Banco Multiplo SA ADR	98,123		1,553,287
Petroleo Brasileiro SA	27,118		1,111,296
Redecard SA	9,759		149,410
Vale SA Sponsored ADR	33,100		583,553
			3,745,354
Canada (2.29%)
Cameco Corp.	19,200		491,520
Petro-Canada	4,726		182,515
Potash Corporation of Saskatchewan Inc.	9,418		876,345
Suncor Energy Inc.	9,206		279,943
			1,830,323
China (0.54%)
Industrial and Commercial Bank of China Ltd. Class H	620,000		429,466
Denmark (4.23%)
A P Moller-Maersk A/S Class B	77		461,349
Novo Nordisk A/S Class B	21,700		1,181,896
Vestas Wind Systems A/S (b)	24,358		1,748,044
			3,391,289
France (11.35%)
Accor SA	22,629		901,587
Alstom SA	8,229		488,608
AXA	41,148		778,803
BNP Paribas	27,596		1,799,597
Compagnie de Saint-Gobain	21,028		707,541
Compagnie Generale des Etablissements Michelin Class B	9,673		553,987
Groupe DANONE	8,537		423,304
JC Decaux SA (b)	19,000		301,945
L’Oreal SA	6,400		480,406
Pernod Ricard SA	10,823		684,264
Schneider Electric SA	7,472		571,890
Total SA	12,300		666,665

	Shares	Value
Common Stocks (Cont.)
France (Cont.)
Veolia Environnement	24,579	$	726,715
			9,085,312
Germany (2.30%)
Bayerische Motoren Werke (BMW) AG	9,459		357,313
Daimler AG Registered Shares	12,854		466,800
Hochtief AG	4,075		205,778
Linde AG	9,900		813,312
			1,843,203
Hong Kong (5.37%)
Cathay Pacific Airways Ltd.	239,000		327,875
Cheung Kong Holdings Ltd.	125,000		1,429,265
China Life Insurance Co. Ltd. H	123,000		452,050
China Mobile Ltd.	53,500		535,664
China Petroleum and Chemical Corp. (Sinopec) H	738,000		558,755
CNOOC Ltd.	316,000		389,265
Esprit Holdings Ltd.	76,800		426,688
Hang Lung Properties Ltd.	54,000		177,824
			4,297,386
India (0.78%)
ICICI Bank Ltd. Sponsored ADR	18,988		560,146
Reliance Industries Ltd. Sponsored GDR (b) (c)	750		62,250
			622,396
Ireland (0.28%)
CRH PLC	9,635		221,452
Israel (1.23%)
Teva Pharmaceutical Industries Ltd. Sponsored ADR	19,919		982,803
Italy (0.73%)
Eni SpA	24,500		581,066
Japan (7.50%)
Daikin Industries Ltd.	12,500		402,293
Daiwa Securities Group Inc.	121,000		719,006
Fanuc Ltd.	11,200		897,527
Honda Motor Co. Ltd.	25,300		696,024
Japan Tobacco Inc.	240		750,200
Marubeni Corp.	179,000		791,679
Mizuho Financial Group Inc.	382,800		889,373
Shiseido Co. Ltd.	29,000		474,430
Sumitomo Realty & Development Co. Ltd.	21,000		383,433
			6,003,965

See accompanying notes to financial statements.

26

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Malaysia (1.27%)
Genting Berhad	284,800	$	456,342
Sime Darby Berhad	283,700		559,663
			1,016,005
Mexico (1.45%)
Cemex SAB de C.V. Participant Certificate Sponsored ADR (b)	124,199		1,160,019
Netherlands (1.37%)
ASML Holding NV - NY Reg.	26,259		569,161
Royal Dutch Shell PLC Class A	21,115		529,081
			1,098,242
Norway (0.83%)
Norsk Hydro ASA (b)	46,900		241,656
StatoilHydro ASA	21,450		423,706
			665,362
Singapore (4.00%)
Capitaland Ltd.	301,500		766,578
DBS Group Holdings Ltd.	155,824		1,263,288
Keppel Corp. Ltd.	112,000		530,894
Singapore Airlines Ltd.	24,000		219,725
United Overseas Bank Ltd.	42,000		423,813
			3,204,298
South Africa (0.60%)
AngloGold Ashanti Ltd. Sponsored ADR	13,200		483,516
South Korea (0.24%)
Hyundai Motor Co.	3,289		190,231
Spain (4.11%)
Banco Bilbao Vizcaya Argentaria SA	33,951		427,493
Gamesa Corp Tecnologica SA	45,361		864,811
Telefonica SA	88,073		2,000,096
			3,292,400
Sweden (1.69%)
Atlas Copco AB Class A	65,000		654,498
Hennes & Mauritz AB (H&M) B Shares	3,825		190,999
Investor AB B Shares	26,200		405,119
Sandvik AB	14,000		104,346
			1,354,962
Switzerland (13.59%)
ABB Ltd. Reg. (b)	82,887		1,308,842
Actelion Ltd. Reg. (b)	6,538		342,684
Compagnie Financiere Richemont SA Class A	9,980		208,066
Credit Suisse Group AG Reg.	35,427		1,623,123

	Shares	Value
Common Stocks (Cont.)
Switzerland (Cont.)
Holcim Ltd. (b)	10,605	$	603,787
Julius Baer Holding AG Reg.	13,449		523,061
Lonza Group AG Reg.	9,876		982,442
Nestle SA	46,831		1,768,266
Novartis AG	6,900		280,880
Roche Holding AG	4,900		667,636
Syngenta AG Reg.	3,010		700,324
Transocean Ltd. (b)	17,930		1,332,020
UBS AG Reg. (Virt-X) (b)	44,133		541,883
			10,883,014
Taiwan (2.11%)
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR	179,982		1,693,631
United Kingdom (12.32%)
Anglo American PLC	20,600		602,326
BG Group PLC	68,177		1,148,080
BP PLC	238,503		1,884,608
British American Tobacco PLC	20,467		564,975
Cadbury PLC	64,725		553,250
Diageo PLC	50,727		728,599
Imperial Tobacco Group PLC	14,096		366,885
Lloyds TSB Group PLC	268,552		309,585
Reckitt Benckiser Group PLC	8,937		408,135
Standard Chartered PLC	42,708		803,040
Tesco PLC	70,136		409,584
Vodafone Group PLC	668,709		1,300,600
Xstrata PLC	72,271		785,461
			9,865,128
United States (0.24%)
NII Holdings Inc. (b)	9,980		190,319
Total Common Stocks
(cost $76,937,966)			72,201,816
Preferred Stocks (4.43%) (a)
Brazil (4.43%)
Banco Bradesco SA Pfd.	62,600		920,071
Companhia Vale do Rio Doce Pfd. A	34,900		536,101
Petroleo Brasileiro SA Pfd.	96,800		1,608,476
Suzano Papel e Celulose SA (b)	63,100		482,709
			3,547,357
Total Preferred Stocks
(cost $4,947,790)			3,547,357

See accompanying notes to financial statements.

27

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Principal amount		Value
Repurchase Agreement (5.57%)
State Street Bank & Trust Repurchase Agreement, (d) 0.010%, agreement date 6/30/2009, to be repurchased at $4,456,596 on 07/01/2009	$	4,456,595	$	4,456,595
Total Repurchase Agreement
(cost $4,456,595)				4,456,595
TOTAL INVESTMENTS (100.17%)
(cost $86,342,351)				80,205,768
LIABILITIES, NET OF CASH AND OTHER ASSETS (-0.17%)				(137,386	)
NET ASSETS (100.00%)			$	80,068,382

(a) The Fund used values provided by an independent statistical fair value service to fair value the securities primarily traded on exchanges that closed before the regular close of trading of the New York Stock Exchange. This method of fair valuing foreign securities was established in the Valuation Procedures adopted by the Board of Trustees.

(b) Non-income producing security.

(c) These shares may only be resold to qualified institutional buyers in transactions exempt from registration.

(d) Repurchase agreement is fully collateralized by a U.S. Government Agency security with a coupon rate of 5.00%, a maturity date of September 15, 2024 and a market value of $4,546,346 as of June 30, 2009.

ADR - American Depository Receipt

GDR - Global Depository Receipt

INTERNATIONAL EQUITY FUND FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	18,362,363	22.88	%
United States Dollar		15,537,299	19.36
British Pound		10,699,058	13.34
Swiss Franc		9,550,995	11.91
Japanese Yen		6,003,965	7.50
Hong Kong Dollar		4,726,851	5.89
Brazilian Real		4,044,576	5.04
Danish Krone		3,391,289	4.23
Singapore Dollar		3,204,298	4.00
Swedish Krona		1,354,962	1.69
Malaysian Ringgit		1,016,005	1.27
Australian Dollar		996,056	1.24
Norwegian Krone		665,362	0.83
Canadian Dollar		462,458	0.58
South Korean Won		190,231	0.24
Total Investments	$	80,205,768	100.00	%

INTERNATIONAL EQUITY FUND SECTOR CLASSIFICATIONS

Sector	Value			%
Financials	$	17,399,040		21.72	%
Energy		11,249,246		14.04
Industrials		10,845,363		13.55
Consumer Staples		9,633,248		12.03
Materials		8,924,491		11.15
Health Care		5,434,397		6.79
Consumer Discretionary		5,097,790		6.37
Telecommunication Services		4,026,679		5.03
Information Technology		2,412,203		3.01
Utilities		726,716		0.91
Total Stocks		75,749,173		94.60
Repurchase Agreement		4,456,595		5.57
Liabilities, Net of Cash and Other Assets		(137,386	)	(0.17	)
Net Assets	$	80,068,382		100.00	%

See accompanying notes to financial statements.

28

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (98.91%)
Consumer Discretionary (13.00%)
1-800-FLOWERS.COM Inc. (a)	7,415	$	14,237
99 Cents Only Stores (a)	11,978		162,661
AFC Enterprises (a)	6,541		44,152
Ambassadors Group Inc.	4,772		65,710
America’s Car-Mart Inc. (a)	2,600		53,300
American Apparel Inc. (a)	8,200		29,848
American Axle & Manufacturing Holdings Inc.	11,587		39,859
American Greetings Corp.	10,100		117,968
American Public Education Inc. (a)	4,700		186,167
Amerigon Inc. (a)	5,800		35,380
Ameristar Casinos Inc.	6,557		124,780
AnnTaylor Stores Corp. (a)	15,000		119,700
Arbitron Inc.	6,818		108,338
ArvinMeritor Inc.	18,915		83,037
Asbury Automotive Group Inc.	8,252		84,500
Ascent Media Corp. Class A (a)	3,600		95,688
ATC Technology Corp. (a)	5,068		73,486
Audiovox Corp. (a)	4,204		24,635
Avatar Holdings Inc. (a)	1,648		29,944
Bally Technologies Inc. (a)	13,962		417,743
Beazer Homes USA Inc. (a)	10,100		18,483
bebe stores inc.	6,100		41,968
Belo Corp. Class A	22,900		40,991
Benihana Inc. Class A (a)	3,200		20,224
Big 5 Sporting Goods Corp.	5,519		61,040
BJ’s Restaurants Inc. (a)	5,139		86,695
Blue Nile Inc. (a)	3,256		139,975
Bluegreen Corp. (a)	4,223		10,642
Blyth Inc.	1,536		50,365
Bob Evans Farms Inc.	7,845		225,465
Books-A-Million Inc.	1,600		11,376
Borders Group Inc. (a)	12,500		46,000
Bridgepoint Education Inc. (a)	3,547		60,299
Brookfield Homes Corp. (a)	2,437		9,748
Brown Shoe Co. Inc.	10,605		76,780
Brunswick Corp.	22,600		97,632
Buckle Inc.	6,549		208,062
Buffalo Wild Wings Inc. (a)	4,596		149,462
Build-A-Bear Workshop Inc. (a)	4,629		20,692
Cabela’s Inc. (a)	10,230		125,829
California Pizza Kitchen Inc. (a)	4,920		65,387
Callaway Golf Co.	16,414		83,219
Capella Education Co. (a)	3,729		223,554
Caribou Coffee Company Inc. (a)	2,000		12,840
Carmike Cinemas Inc.	3,000		25,140
Carrols Restaurant Group Inc. (a)	3,200		21,312
Carter’s Inc. (a)	14,608		359,503
Cato Corp. Class A	7,044		122,847
Cavco Industries Inc. (a)	1,800		45,594
CEC Entertainment Inc. (a)	5,906		174,109
Charlotte Russe Holding Inc. (a)	5,367		69,127

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Charming Shoppes Inc. (a)	29,581	110,041
Cheesecake Factory Inc. (a)	15,459	267,441
Cherokee Inc.	2,082	41,265
Children’s Place Retail Stores Inc. (a)	6,056	160,060
ChinaCast Education Corp. (a)	7,600	54,112
Christopher & Banks Corp.	9,242	62,014
Churchill Downs Inc.	2,361	79,471
Cinemark Holdings Inc.	8,200	92,824
Citi Trends Inc. (a)	3,800	98,344
CKE Restaurants Inc.	12,472	105,763
CKX Inc. (a)	14,800	104,932
Coldwater Creek Inc. (a)	14,600	88,476
Collective Brands Inc. (a)	16,478	240,084
Columbia Sportswear Co.	3,100	95,852
Conn’s Inc. (a)	2,686	33,575
Cooper Tire & Rubber Co.	15,201	150,794
Core-Mark Holding Co. Inc. (a)	2,600	67,756
Corinthian Colleges Inc. (a)	20,478	346,693
Courier Corp.	2,501	38,165
CPI Corp.	1,400	23,786
Cracker Barrel Old Country Store Inc.	5,782	161,318
Crocs Inc. (a)	21,500	73,100
Crown Media Holdings Inc. (a)	2,762	4,613
CSS Industries Inc.	2,018	41,127
Dana Holding Corp. (a)	26,900	34,432
Deckers Outdoor Corp. (a)	3,353	235,615
Denny’s Corp. (a)	25,053	53,864
Destination Maternity Corp. (a)	1,100	18,348
Diedrich Coffee Inc. (a)	800	19,024
Dillard’s Inc. Class A	13,300	122,360
DineEquity Inc.	4,475	139,575
Dolan Media Co. (a)	7,800	99,762
Domino’s Pizza Inc. (a)	9,417	70,533
Dorman Products Inc. (a)	2,800	38,724
Dover Downs Gaming & Entertainment Inc.	3,702	17,214
Dress Barn Inc. (a)	11,536	164,965
Drew Industries Inc. (a)	4,864	59,195
drugstore.com Inc. (a)	21,800	39,676
DSW Inc. (a)	3,300	32,505
DXP Enterprises Inc. (a)	2,100	24,087
E.W. Scripps Co. Class A	6,700	14,003
Eastman Kodak Co.	69,100	204,536
Einstein Noah Restaurant Group Inc. (a)	1,400	12,110
Ethan Allen Interiors Inc.	6,122	63,424
Exide Technologies (a)	12,900	48,117
FGX International Holdings Ltd. (a)	3,700	42,106
Fisher Communications Inc.	1,596	20,413
Fossil Inc. (a)	12,047	290,092
Fred’s Inc.	10,240	129,024
Frisch’s Restaurants Inc.	500	14,770
Fuel Systems Solutions Inc. (a)	3,300	66,627

See accompanying notes to financial statements.

29

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Fuqi International Inc. (a)	2,600	$	53,846
Furniture Brands International Inc.	10,564		32,009
G-III Apparel Group Ltd. (a)	3,500		40,215
Gaiam Inc. (a)	4,100		22,427
Gander Mountain Co. (a)	1,200		7,200
Gaylord Entertainment Co. (a)	8,963		113,920
Genesco Inc. (a)	4,892		92,019
Global Sources Ltd. (a)	3,864		27,859
Grand Canyon Education Inc. (a)	4,033		67,674
Great Wolf Resorts Inc. (a)	7,728		15,765
Group 1 Automotive Inc.	6,221		161,870
Gymboree Corp. (a)	7,465		264,858
Harte-Hanks Inc.	9,600		88,800
Haverty Furniture Companies Inc.	4,535		41,495
Helen of Troy Ltd. (a)	7,700		129,283
hhgregg Inc. (a)	2,934		44,479
Hibbett Sports Inc. (a)	7,312		131,616
Hooker Furniture Corp.	3,116		35,772
Hot Topic Inc. (a)	11,292		82,544
Hovnanian Enterprises Inc. (a)	13,900		32,804
HSN Inc. (a)	10,200		107,814
Iconix Brand Group Inc. (a)	15,300		235,314
Interval Leisure Group Inc. (a)	10,100		94,132
iRobot Corp. (a)	5,000		64,900
Isle of Capri Casinos Inc. (a)	4,109		54,732
J. Crew Group Inc. (a)	12,900		348,558
Jack in the Box Inc. (a)	14,612		328,039
JAKKS Pacific Inc. (a)	7,227		92,722
Jo-Ann Stores Inc. (a)	6,769		139,915
Jones Apparel Group Inc.	22,000		236,060
Jos. A. Bank Clothiers Inc. (a)	4,637		159,791
Journal Communications Inc. Class A	10,142		10,649
K-Swiss Inc. Class A	6,671		56,704
K12 Inc. (a)	6,073		130,873
Kenneth Cole Productions Inc.	2,220		15,607
Kirkland’s Inc. (a)	3,200		38,432
Knology Inc. (a)	7,500		64,725
Krispy Kreme Doughnuts Inc. (a)	15,006		45,018
La-Z-Boy Inc.	13,222		62,408
Lakes Entertainment Inc. (a)	4,500		13,095
Landry’s Restaurants Inc. (a)	2,095		18,017
Leapfrog Enterprises Inc. (a)	8,720		19,969
Lear Corp. (a)	16,000		8,000
Life Time Fitness Inc. (a)	10,393		207,964
Lin TV Corp. (a)	7,165		12,037
Lincoln Educational Services (a)	2,500		52,325
Lithia Motors Inc. Class A	4,500		41,580
Live Nation Inc. (a)	21,400		104,004
Liz Claiborne Inc.	24,300		69,984
LodgeNet Interactive Corp. (a)	5,500		18,700
Luby’s Inc. (a)	4,900		19,894
Lululemon Athletica Inc. (a)	10,500		136,815
Lumber Liquidators Inc. (a)	3,800		59,888

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
M/I Homes Inc. (a)	4,700	$	46,013
Mac-Gray Corp. (a)	2,800		37,072
Maidenform Brands Inc. (a)	4,900		56,203
Marcus Corp.	5,037		52,989
Marine Products Corp.	2,692		10,095
Martha Stewart Living Omnimedia Inc. (a)	6,778		20,741
Matthews International Corp.	7,968		247,964
McCormick & Schmick’s Seafood Restaurants Inc. (a)	4,000		30,440
Mediacom Communications Corp. Class A (a)	10,028		51,243
Meritage Homes Corp. (a)	8,000		150,880
Midas Inc. (a)	3,584		37,560
Modine Manufacturing Co.	8,143		39,086
Monarch Casino & Resort Inc. (a)	2,466		18,002
Monro Muffler Brake Inc.	4,235		108,882
Morgans Hotel Group Co. (a)	6,000		22,980
Movado Group Inc.	4,316		45,491
Multimedia Games Inc. (a)	7,200		35,712
National CineMedia Inc.	10,800		148,608
National Presto Industries Inc.	1,218		92,690
New York & Co. Inc. (a)	6,956		21,494
Nobel Learning Communities Inc. (a)	900		10,323
NutriSystem Inc.	7,900		114,550
O’Charley’s Inc.	4,709		43,558
OfficeMax Inc.	19,600		123,088
Orbitz Worldwide Inc. (a)	8,134		15,455
Orient-Express Hotels Ltd. Class A	19,800		168,102
Outdoor Channel Holdings Inc. (a)	3,500		20,650
Overstock.com Inc. (a)	3,999		47,828
Oxford Industries Inc.	3,247		37,828
Pacific Sunwear of California Inc. (a)	16,502		55,612
Pantry Inc. (a)	5,739		95,267
Papa John’s International Inc. (a)	5,580		138,328
PEP Boys-Manny Moe & Jack	12,527		127,024
Perry Ellis International Inc. (a)	2,626		19,117
PetMed Express Inc. (a)	6,000		90,180
PF Chang’s China Bistro Inc. (a)	6,091		195,277
Pier 1 Imports Inc. (a)	22,511		45,022
Pinnacle Entertainment Inc. (a)	15,448		143,512
Playboy Enterprises Inc. (a)	5,494		13,790
Polaris Industries Inc.	7,887		253,330
Pool Corp.	12,400		205,344
Pre-Paid Legal Services Inc. (a)	1,867		81,383
Primedia Inc.	4,936		9,921
Princeton Review Inc. (a)	3,400		18,394
Quiksilver Inc. (a)	32,600		60,310
Raser Technologies Inc. (a)	14,300		40,040
RC2 Corp. (a)	4,554		60,249
RCN Corp. (a)	9,371		55,945
Reading International Inc. Class A (a)	4,000		18,200

See accompanying notes to financial statements.

30

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Red Lion Hotels Corp. (a)	3,100	$	14,880
Red Robin Gourmet Burgers Inc. (a)	4,074		76,388
Regis Corp.	11,278		196,350
Rent-A-Center Inc. (a)	16,900		301,327
Rentrak Corp. (a)	2,500		41,075
Retail Ventures Inc. (a)	7,021		15,306
REX Stores Corp. (a)	1,800		18,108
Ruby Tuesday Inc. (a)	13,511		89,983
Ruth’s Hospitality Group Inc. (a)	5,500		20,185
Ryland Group Inc.	11,100		186,480
Saks Inc. (a)	30,600		135,558
Sally Beauty Holdings Inc. (a)	24,200		153,912
Scholastic Corp.	5,873		116,227
Sealy Corp. (a)	12,100		23,716
Shoe Carnival Inc. (a)	2,417		28,835
Shuffle Master Inc. (a)	13,778		91,073
Shutterfly Inc. (a)	5,343		74,535
Sinclair Broadcast Group Inc.	11,904		23,094
Skechers U.S.A. Inc. (a)	8,449		82,547
Skyline Corp.	1,843		40,085
Smith & Wesson Holding Corp. (a)	13,600		77,248
Sonic Automotive Inc.	6,097		61,946
Sonic Corp. (a)	15,600		156,468
Sotheby’s	17,287		243,920
Spartan Motors Inc.	8,300		94,039
Speedway Motorsports Inc.	3,354		46,151
Sport Supply Group Inc.	2,200		18,898
Stage Stores Inc.	9,707		107,748
Standard Motor Products Inc.	4,000		33,080
Standard Pacific Corp. (a)	25,100		50,953
Stanley Furniture Company Inc.	2,500		26,975
Stein Mart Inc. (a)	6,523		57,794
Steiner Leisure Ltd. (a)	3,800		116,014
Steinway Musical Instruments Inc. (a)	1,899		20,338
Steven Madden Ltd. (a)	4,012		102,105
Stewart Enterprises Inc.	20,554		99,070
Stoneridge Inc. (a)	3,900		18,759
Sturm Ruger & Company Inc.	4,900		60,956
Superior Industries International Inc.	5,941		83,768
Syms Corp. (a)	1,500		11,265
Systemax Inc. (a)	2,500		29,775
Talbots Inc.	6,499		35,095
Tempur-Pedic International Inc.	19,300		252,251
Tenneco Inc. (a)	12,113		128,398
Texas Roadhouse Inc. Class A (a)	12,804		139,692
The Finish Line Inc. Class A	10,906		80,923
The Men’s Wearhouse Inc.	13,400		257,012
The Steak n Shake Co. (a)	6,236		54,503
Ticketmaster Entertainment Inc. (a)	9,600		61,632
Timberland Co. (a)	11,300		149,951
Town Sports International Holdings Inc. (a)	5,500		20,625
Tractor Supply Co. (a)	9,200		380,144

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
True Religion Apparel Inc. (a)	6,500	$	144,950
Tuesday Morning Corp. (a)	7,389		24,901
Tupperware Brands Corp.	16,096		418,818
Tween Brands Inc. (a)	6,618		44,208
Ulta Salon Cosmetics & Fragrance Inc. (a)	7,000		77,840
Under Armour Inc. Class A (a)	8,500		190,230
Unifi Inc. (a)	10,500		14,910
UniFirst Corp.	3,575		132,883
Universal Electronics Inc. (a)	3,675		74,125
Universal Technical Institute Inc. (a)	5,081		75,859
Universal Travel Group (a)	2,600		29,094
US Auto Parts Network Inc. (a)	2,300		8,671
Vail Resorts Inc. (a)	7,582		203,349
Valassis Communications Inc. (a)	12,290		75,092
Value Line Inc.	262		8,612
VistaPrint Ltd. (a)	10,800		460,620
Volcom Inc. (a)	4,800		60,000
Warnaco Group Inc. (a)	11,766		381,218
West Marine Inc. (a)	3,400		18,734
Wet Seal Inc. Class A (a)	25,505		78,300
Weyco Group Inc.	1,700		39,253
Winnebago Industries Inc.	7,419		55,123
Wolverine World Wide Inc.	12,621		278,419
Wonder Auto Technology Inc. (a)	3,800		38,494
World Wrestling Entertainment Inc.	5,969		74,971
Youbet.com Inc. (a)	8,200		27,060
Zale Corp. (a)	6,567		22,590
Zumiez Inc. (a)	5,166		41,380
			25,275,956
Consumer Staples (3.55%)
AgFeed Industries Inc. (a)	7,300		43,289
Alico Inc.	885		26,568
Alliance One International Inc. (a)	22,844		86,807
Allion Healthcare Inc. (a)	4,800		28,560
American Dairy Inc. (a)	2,000		79,320
American Italian Pasta Co. Class A (a)	5,400		157,356
American Oriental Bioengineering Inc. (a)	15,700		83,053
Arden Group Inc. Class A	300		37,530
B&G Foods Inc. Class A	4,600		38,686
Bare Escentuals Inc. (a)	17,000		150,790
Boston Beer Co. Inc. (a)	2,280		67,465
Cal-Maine Foods Inc.	3,500		87,360
Calavo Growers Inc.	2,800		55,524
Casey’s General Stores Inc.	13,066		335,666
Central Garden & Pet Co. (a)	16,012		157,718
Chattem Inc. (a)	4,943		336,618
China Precision Steel Inc. (a)	8,500		21,080
China Sky One Medical Inc. (a)	2,800		37,744
China-Biotics Inc. (a)	1,900		20,482

See accompanying notes to financial statements.

31

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
Chiquita Brands International Inc. (a)	11,405	$	117,015
Coca-Cola Bottling Co. Consolidated	1,147		63,234
Darling International Inc. (a)	21,125		139,425
Diamond Foods Inc.	4,200		117,180
Elizabeth Arden Inc. (a)	6,203		54,152
Farmer Brothers Co.	1,593		36,448
Female Health Co. (a)	3,800		18,240
Fresh Del Monte Produce Inc. (a)	10,500		170,730
Griffin Land & Nurseries Inc.	800		25,024
Hain Celestial Group Inc. (a)	10,423		162,703
Heckmann Corp. (a)	20,300		76,125
HQ Sustainable Maritime Industries Inc. (a)	2,400		21,960
Imperial Sugar Co.	3,100		37,541
Ingles Markets Inc.	3,305		50,368
Inter Parfums Inc.	3,301		24,229
J&J Snack Foods Corp.	3,642		130,748
Lancaster Colony Corp.	5,019		221,187
Lance Inc.	7,305		168,965
Lifeway Foods Inc. (a)	1,100		14,190
M & F Worldwide Corp. (a)	2,764		55,280
Mannatech Inc.	4,679		15,441
Medifast Inc. (a)	3,500		40,110
Nash Finch Co.	3,312		89,623
National Beverage Corp. (a)	2,580		27,477
Nu Skin Enterprises Inc.	12,662		193,729
Oil-Dri Corporation of America	1,200		17,820
Omega Protein Corp. (a)	5,300		21,518
Orchids Paper Products Co. (a)	1,400		28,770
Overhill Farms Inc. (a)	4,400		23,188
Peet’s Coffee & Tea Inc. (a)	3,041		76,633
Prestige Brands Holdings Inc. (a)	8,748		53,800
PriceSmart Inc.	4,100		68,675
Revlon Inc. Class A (a)	5,000		27,200
Ruddick Corp.	10,990		257,496
Sanderson Farms Inc.	5,151		231,795
Schiff Nutrition International Inc. (a)	2,600		13,234
Seaboard Corp.	74		83,028
Seneca Foods Corp. Class A (a)	1,600		53,472
Smart Balance Inc. (a)	16,000		108,960
Spartan Stores Inc.	5,652		70,141
Star Scientific Inc. (a)	17,100		15,219
Susser Holdings Corp. (a)	1,900		21,261
Synutra International Inc. (a)	4,500		49,500
The Andersons Inc.	4,692		140,478
The Great Atlantic & Pacific Tea Company Inc. (a)	8,488		36,074
Tootsie Roll Industries Inc.	6,393		145,057
TreeHouse Foods Inc. (a)	8,100		233,037
United Natural Foods Inc. (a)	11,042		289,853
Universal Corp.	6,405		212,070
USANA Health Sciences Inc. (a)	1,574		46,795

	Shares	Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
Vector Group Ltd.	9,829	$	140,456
Village Super Market Inc. Class A	1,700		50,575
WD-40 Co.	4,344		125,976
Weis Markets Inc.	2,796		93,722
Winn-Dixie Stores Inc. (a)	14,000		175,560
Zapata Corp. (a)	2,000		13,620
Zhongpin Inc. (a)	5,100		52,836
			6,900,559
Energy (4.42%)
Allis-Chalmers Energy Inc. (a)	15,100		34,881
Alon USA Energy Inc.	2,100		21,735
APCO Argentina Inc.	2,300		44,229
Approach Resources Inc. (a)	2,879		19,865
Arena Resources Inc. (a)	9,800		312,130
Atlas America Inc.	8,719		155,809
ATP Oil & Gas Corp. (a)	7,355		51,191
Basic Energy Services Inc. (a)	5,800		39,614
Berry Petroleum Co.	11,066		205,717
Bill Barrett Corp. (a)	9,838		270,152
Bolt Technology Corp. (a)	2,400		26,976
Boots & Coots Inc. (a)	21,300		29,607
BPZ Resources Inc. (a)	19,700		96,333
Brigham Exploration Co. (a)	21,549		75,206
Bristow Group Inc. (a)	7,491		221,958
Bronco Drilling Co. Inc. (a)	6,100		26,108
Cal Dive International Inc. (a)	11,414		98,503
CARBO Ceramics Inc.	4,931		168,640
Carrizo Oil & Gas Inc. (a)	7,155		122,708
Cheniere Energy Inc. (a)	14,900		43,806
Clayton Williams Energy Inc. (a)	1,449		27,343
Clean Energy Fuels Corp. (a)	7,600		65,436
Complete Production Services Inc. (a)	14,900		94,764
Contango Oil & Gas Co. (a)	3,100		131,719
CREDO Petroleum Corp. (a)	1,600		17,088
Crosstex Energy Inc.	10,319		42,927
Cubic Energy Inc. (a)	6,000		6,480
CVR Energy Inc. (a)	5,903		43,269
Dawson Geophysical Co. (a)	2,000		59,700
Delek US Holdings Inc.	3,000		25,440
Delta Petroleum Corp. (a)	45,727		88,253
DHT Maritime Inc.	12,700		66,167
Dril-Quip Inc. (a)	7,488		285,293
Endeavour International Corp. (a)	29,200		39,712
Evergreen Energy Inc. (a)	28,351		27,784
FX Energy Inc. (a)	10,900		41,311
General Maritime Corp.	12,542		124,040
Geokinetics Inc. (a)	1,600		21,840
GeoResources Inc. (a)	1,900		19,380
Global Industries Ltd. (a)	25,600		144,896
GMX Resources Inc. (a)	6,255		66,553
Golar LNG Ltd.	8,100		69,255

See accompanying notes to financial statements.

32

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Energy (Cont.)
Goodrich Petroleum Corp. (a)	6,253	$	153,761
Gran Tierra Energy Inc. (a)	52,200		180,090
Green Plains Renewable Energy Inc. (a)	2,600		17,030
Gulf Island Fabrication Inc.	3,413		54,028
GulfMark Offshore Inc. (a)	5,880		162,288
Gulfport Energy Corp. (a)	6,700		45,895
Harvest Natural Resources Inc. (a)	8,432		37,185
Hercules Offshore Inc. (a)	22,500		89,325
Hornbeck Offshore Services Inc. (a)	5,834		124,789
International Coal Group Inc. (a)	23,500		67,210
ION Geophysical Corp. (a)	22,732		58,421
Isramco Inc. (a)	200		21,306
James River Coal Co. (a)	7,100		107,423
Key Energy Services Inc. (a)	31,700		182,592
Knightsbridge Tankers Ltd.	4,600		62,744
Lufkin Industries Inc.	3,782		159,033
Matrix Service Co. (a)	6,700		76,916
McMoRan Exploration Co. (a)	15,848		94,454
NATCO Group Inc. (a)	5,100		167,892
Natural Gas Services Group (a)	3,100		41,230
Newpark Resources Inc. (a)	22,457		64,002
NGP Capital Resources Co.	6,026		35,373
Nordic American Tanker Shipping Ltd.	10,800		343,656
Northern Oil and Gas Inc. (a)	7,500		47,775
Oilsands Quest Inc. (a)	40,200		38,592
Panhandle Oil & Gas Inc.	2,000		39,260
Parallel Petroleum Corp. (a)	11,496		22,302
Parker Drilling Co. (a)	29,721		128,989
Patriot Coal Corp. (a)	16,400		104,632
Penn Virginia Corp.	11,634		190,449
Petroleum Development Corp. (a)	3,918		61,473
Petroquest Energy Inc. (a)	11,463		42,299
PHI Inc. (a)	3,400		58,276
Pioneer Drilling Co. (a)	10,982		52,604
PrimeEnergy Corp. (a)	100		3,581
Resource America Inc.	3,210		17,270
Rex Energy Corp. (a)	6,800		38,760
Rosetta Resources Inc. (a)	13,317		116,524
RPC Inc.	7,249		60,529
Ship Finance International Ltd.	11,100		122,433
Stone Energy Corp. (a)	8,870		65,815
SulphCo Inc. (a)	10,900		10,028
Superior Well Services Inc. (a)	3,800		22,610
Swift Energy Co. (a)	7,989		133,017
Syntroleum Corp. (a)	17,000		37,570
T-3 Energy Services Inc. (a)	3,400		40,494
Teekay Tankers Ltd. Class A	2,700		25,083
TETRA Technologies Inc. (a)	19,300		153,628
TGC Industries Inc. (a)	3,400		16,558
Toreador Resources Corp. (a)	5,390		36,113
Union Drilling Inc. (a)	2,800		18,536
Uranerz Energy Corp. (a)	11,000		20,680
Uranium Energy Corp. (a)	11,900		34,510

	Shares	Value
Common Stocks (Cont.)
Energy (Cont.)
USEC Inc. (a)	28,891	$	153,700
VAALCO Energy Inc. (a)	14,900		63,027
Venoco Inc. (a)	4,679		35,888
W&T Offshore Inc.	8,600		83,764
Warren Resources Inc. (a)	15,046		36,863
Western Refining Inc. (a)	7,900		55,774
Westmoreland Coal Co. (a)	2,300		18,630
Willbros Group Inc. (a)	10,100		126,351
World Fuel Services Corp.	7,528		310,379
Zion Oil & Gas Inc. (a)	3,300		35,046
			8,600,273
Financials (19.02%)
1st Source Corp.	3,827		66,092
Abington Bancorp Inc.	5,420		43,143
Acadia Realty Trust	10,190		132,979
Advance America Cash Advance Centers Inc.	12,001		53,164
Agree Realty Corp.	1,960		35,927
Alexander’s Inc.	540		145,584
Alliance Financial Corp.	1,100		31,196
Allied Capital Corp.	45,900		159,732
Ambac Financial Group Inc.	75,600		69,552
American Campus Communities Inc.	13,389		296,968
American Capital Agency Corp.	2,700		62,019
American Capital Ltd.	55,200		177,192
American Equity Investment Life Holding Co.	13,669		76,273
American National Bankshares Inc.	1,400		26,992
American Physicians Capital Inc.	1,913		74,913
American Physicians Service Group Inc.	1,500		34,035
American Realty Investors Inc. (a)	500		5,100
American Safety Insurance Holdings Ltd. (a)	2,400		32,664
Ameris Bancorp	3,230		20,414
Amerisafe Inc. (a)	4,800		74,688
Ames National Corp.	1,600		39,056
Ampal-American Israel Corp. Class A (a)	5,000		12,200
AmTrust Financial Services Inc.	5,800		66,120
Anthracite Capital Inc.	14,155		8,776
Anworth Mortgage Asset Corp.	26,057		187,871
Apollo Investment Corp.	36,522		219,132
Ares Capital Corp.	24,924		200,887
Argo Group International Holdings Ltd. (a)	7,910		223,220
Arrow Financial Corp.	2,300		62,100
Ashford Hospitality Trust Inc.	16,076		45,174
Asset Acceptance Capital Corp. (a)	3,799		29,214
Associated Estates Realty Corp.	3,800		22,648
Assured Guaranty Ltd.	15,600		193,128
Astoria Financial Corp.	22,000		188,760

See accompanying notes to financial statements.

33

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
Baldwin & Lyons Inc.	2,011	$	39,617
BancFirst Corp.	1,648		56,988
Banco Latinoamericano de Exportaciones SA	7,000		87,010
Bancorp Inc. (a)	2,700		16,200
Bancorp Rhode Island Inc.	800		15,768
Bank Mutual Corp.	12,532		109,279
Bank of Kentucky Financial Corp.	700		19,600
Bank of Marin Bancorp	1,400		37,730
Bank of the Ozarks Inc.	3,318		71,768
BankFinancial Corp.	5,900		52,274
Banner Corp.	4,323		16,514
Bar Harbor Bankshares	700		21,595
Beneficial Mutual Bancorp Inc. (a)	8,700		83,520
Berkshire Hills Bancorp Inc.	3,696		76,803
BGC Partners Inc. Class A	11,901		45,105
BioMed Realty Trust Inc.	25,251		258,318
BlackRock Kelso Capital Corp.	3,200		19,936
Boston Private Financial Holdings Inc.	17,251		77,284
Bridge Bancorp Inc.	1,500		40,830
Broadpoint Gleacher Securities Inc. (a)	9,600		53,568
Brookline Bancorp Inc.	15,081		140,555
Brooklyn Federal Bancorp Inc.	600		6,750
Bryn Mawr Bank Corp.	1,700		32,079
Calamos Asset Management Inc. Class A	5,151		72,681
California First National Bancorp	300		3,420
Camden National Corp.	2,000		68,060
Cape Bancorp Inc. (a)	2,800		24,164
Capital City Bank Group Inc.	2,998		50,516
Capital Southwest Corp.	832		60,195
CapLease Inc.	12,256		33,827
Capstead Mortgage Corp.	16,300		207,173
Cardinal Financial Corp.	7,600		59,508
Cardtronics Inc. (a)	3,400		12,954
Care Investment Trust Inc.	2,900		15,080
Cash America International Inc.	7,580		177,296
Cathay General Bancorp	12,699		120,767
CBL & Associates Properties Inc.	18,300		98,637
Cedar Shopping Centers Inc.	9,975		45,087
Center Bancorp Inc.	2,600		21,190
Centerstate Banks of Florida Inc.	2,100		15,582
Central Pacific Financial Corp.	7,800		29,250
Century Bancorp Inc. Class A	800		14,752
Chemical Financial Corp.	5,707		113,626
Cheviot Financial Corp.	500		4,000
Chicopee Bancorp Inc. (a)	1,500		19,455
China Housing & Land Development Inc. (a)	6,700		38,592
Citizens & Northern Corp.	2,200		45,254
Citizens Holding Co.	1,000		31,200
Citizens Inc. (a)	8,400		51,072

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
Citizens Republic Bancorp Inc. (a)	31,432	$	22,317
City Holding Co.	4,271		129,668
Clifton Savings Bancorp Inc.	2,700		29,052
CNA Surety Corp. (a)	4,249		57,319
CNB Financial Corp.	2,100		29,757
CoBiz Financial Inc.	4,904		31,435
Cogdell Spencer Inc.	7,100		30,459
Cohen & Steers Inc.	4,434		66,288
Colonial BancGroup Inc.	48,700		30,194
Colonial Properties Trust	12,400		91,760
Columbia Banking Systems Inc.	4,691		47,989
Community Bank System Inc.	8,336		121,372
Community Trust Bancorp Inc.	4,089		109,381
Compass Diversified Holdings	6,200		50,158
CompuCredit Corp. (a)	4,981		11,456
Conseco Inc. (a)	47,300		112,101
Consolidated-Tomoka Land Co.	1,342		47,077
Cousins Properties Inc.	9,933		84,430
Crawford & Co. Class B (a)	5,676		27,245
Credit Acceptance Corp. (a)	1,698		37,101
CVB Financial Corp.	17,063		101,866
Danvers Bancorp Inc.	4,700		63,215
DCT Industrial Trust Inc.	45,100		184,008
Delphi Financial Group Inc.	11,018		214,080
Developers Diversified Realty Corp.	35,400		172,752
Diamond Hill Investment Group (a)	600		24,108
DiamondRock Hospitality Co.	27,755		173,746
Dime Community Bancshares	6,569		59,844
Dollar Financial Corp. (a)	6,200		85,498
Donegal Group Inc.	2,869		43,637
DuPont Fabros Technology Inc.	6,740		63,491
Dynex Capital Inc.	3,200		26,240
E*TRADE Financial Corp. (a)	123,900		158,592
Eagle Bancorp Inc. (a)	2,300		20,171
East West Bancorp Inc.	16,400		106,436
Eastern Insurance Holdings Inc.	1,900		17,879
EastGroup Properties Inc.	6,467		213,540
Education Realty Trust Inc.	7,325		31,424
eHealth Inc. (a)	6,300		111,258
EMC Insurance Group Inc.	1,146		23,848
Employers Holdings Inc.	12,000		162,600
Encore Capital Group Inc. (a)	3,400		45,050
Enstar Group Ltd. (a)	1,700		100,045
Enterprise Bancorp Inc.	1,200		14,160
Enterprise Financial Services Corp.	2,776		25,234
Entertainment Properties Trust	8,996		185,318
Epoch Holding Corp.	3,100		26,784
Equity Lifestyle Properties Inc.	5,391		200,437
Equity One Inc.	8,381		111,132
ESB Financial Corp.	2,200		28,864
ESSA Bancorp Inc.	3,700		50,579
Evercore Partners Inc.	2,700		53,028
Extra Space Storage Inc.	22,159		185,028

See accompanying notes to financial statements.

34

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
EZCORP Inc. (a)	11,600	$	125,048
Farmers Capital Bank Corp.	1,600		40,272
FBL Financial Group Inc.	3,298		27,241
FBR Capital Markets Corp. (a)	4,400		20,680
FCStone Group Inc. (a)	7,550		29,822
FelCor Lodging Trust Inc.	16,093		39,589
Fifth Street Finance Corp.	5,100		51,204
Financial Federal Corp.	6,555		134,705
Financial Institutions Inc.	2,700		36,882
First Acceptance Corp. (a)	3,120		6,646
First Bancorp (North Carolina)	3,982		62,438
First BanCorp (Puerto Rico)	20,519		81,050
First Bancorp Inc.	2,100		40,887
First Busey Corp.	6,479		47,621
First California Financial Group Inc. (a)	1,300		8,021
First Cash Financial Services Inc. (a)	5,914		103,613
First Commonwealth Financial Corp.	21,838		138,453
First Community Bancshares Inc.	2,651		34,039
First Defiance Financial Corp.	1,900		24,700
First Financial Bancorp	10,023		75,373
First Financial Bankshares Inc.	5,470		275,469
First Financial Corp. Indiana	2,999		94,708
First Financial Holdings Inc.	3,195		30,033
First Financial Northwest Inc.	4,300		33,626
First Financial Service Corp.	900		15,669
First Industrial Realty Trust Inc.	10,176		44,266
First Marblehead Corp. (a)	15,400		31,108
First Merchants Corp.	5,406		43,410
First Mercury Financial Corp.	3,630		49,985
First Midwest Bancorp Inc.	12,441		90,944
First of Long Island Corp.	1,300		30,082
First Potomac Realty Trust	6,989		68,143
First South Bancorp Inc.	1,963		22,771
FirstMerit Corp.	21,055		357,514
Flagstar Bancorp Inc. (a)	10,794		7,340
Flagstone Reinsurance Holdings Ltd.	9,900		101,970
Flushing Financial Corp.	5,567		52,051
FNB Corp. (PA)	23,056		142,717
Forestar Group Inc. (a)	9,200		109,296
Fox Chase Bancorp Inc. (a)	1,200		11,508
FPIC Insurance Group Inc. (a)	1,996		61,118
Franklin Street Properties Corp.	15,084		199,863
GAMCO Investors Inc.	1,825		88,512
German American Bancorp Inc.	2,700		38,907
Getty Realty Corp.	4,494		84,802
GFI Group Inc.	16,656		112,261
Glacier Bancorp Inc.	15,744		232,539
Gladstone Capital Corp.	5,711		43,004
Gladstone Commercial Corp.	2,100		27,216
Gladstone Investment Corp.	6,100		29,463
Glimcher Realty Trust	9,470		27,463
Gramercy Capital Corp. (a)	11,763		18,938
Great Southern Bancorp Inc.	2,700		55,485

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
Greenlight Capital Re Ltd. Class A (a)	7,400	$	128,094
Guaranty Bancorp (a)	13,500		25,785
Hallmark Financial Services Inc. (a)	2,200		15,730
Hampton Roads Bankshares Inc.	5,100		42,075
Hancock Holding Co.	6,226		202,283
Harleysville Group Inc.	3,532		99,673
Harleysville National Corp.	10,892		51,192
Harris & Harris Group Inc. (a)	6,600		38,478
Hatteras Financial Corp.	9,300		265,887
Healthcare Realty Trust Inc.	15,200		255,816
Heartland Financial USA Inc.	3,243		46,310
Hercules Technology Growth Capital Inc.	9,048		75,641
Heritage Financial Corp.	1,300		15,028
Heritage Financial Group	300		2,571
Hersha Hospitality Trust	10,925		27,094
Highwoods Properties Inc.	18,180		406,687
Hilltop Holdings Inc. (a)	10,188		120,932
Home Bancorp Inc. (a)	2,300		27,462
Home Bancshares Inc.	3,716		70,753
Home Federal Bancorp Inc.	4,100		41,779
Home Properties Inc.	8,483		289,270
Horace Mann Educators Corp.	10,002		99,720
IBERIABANK Corp.	4,246		167,335
Independence Holding Co.	1,500		9,540
Independent Bank Corp. (MA)	5,524		108,823
Infinity Property & Casualty Corp.	3,658		133,371
Inland Real Estate Corp.	18,017		126,119
International Assets Holding Corp. (a)	1,300		19,331
International Bancshares Corp.	13,350		137,638
Investors Bancorp Inc. (a)	12,600		115,416
Investors Real Estate Trust	15,004		133,386
IPC Holdings Ltd.	14,492		396,211
iStar Financial Inc.	25,400		72,136
Jackson Hewitt Tax Service Inc.	7,692		48,152
JMP Group Inc.	4,000		30,760
K-Fed Bancorp	800		7,344
Kansas City Life Insurance Co.	1,195		32,157
Kayne Anderson Energy Development Co.	2,600		34,476
KBW Inc. (a)	8,933		256,913
Kearny Financial Corp.	4,406		50,405
Kentucky First Federal Bancorp	600		7,290
Kilroy Realty Corp.	9,300		191,022
Kite Realty Group Trust	11,894		34,730
Knight Capital Group Inc. Class A (a)	23,808		405,926
Kohlberg Capital Corp.	5,000		31,600
LaBranche & Co. Inc. (a)	14,199		61,056
Lakeland Bancorp Inc.	5,117		46,002
Lakeland Financial Corp.	3,132		59,508
LaSalle Hotel Properties	13,766		169,872
Legacy Bancorp Inc.	1,700		18,870

See accompanying notes to financial statements.

35

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
Lexington Realty Trust	21,856	$	74,310
Life Partners Holdings Inc.	1,825		25,878
LTC Properties Inc.	5,927		121,207
Maiden Holdings Ltd.	12,700		83,312
Main Street Capital Corp.	1,800		24,642
MainSource Financial Group Inc.	5,161		38,295
MarketAxess Holdings Inc. (a)	8,296		79,061
Max Capital Group Ltd.	11,961		220,800
MB Financial Inc.	9,037		92,087
MCG Capital Corp. (a)	16,758		40,722
Meadowbrook Insurance Group Inc.	14,562		95,090
Medallion Financial Corp.	3,600		27,540
Medical Properties Trust Inc.	20,500		124,435
Mercer Insurance Group Inc.	1,300		20,670
Merchants Bancshares Inc.	1,100		24,409
Meridian Interstate Bancorp Inc. (a)	2,200		16,390
Metro Bancorp Inc. (a)	1,100		21,186
MF Global Ltd. (a)	24,800		147,064
MFA Financial Inc.	57,169		395,609
MGIC Investment Corp.	32,200		141,680
Mid-America Apartment Communities Inc.	7,204		264,459
MidSouth Bancorp Inc.	1,100		18,480
Mission West Properties Inc.	4,900		33,467
Monmouth Real Estate Investment Corp. Class A	4,700		27,542
Montpelier Re Holdings Ltd.	22,200		295,038
MVC Capital Inc.	5,800		49,068
Nara Bancorp Inc.	5,984		30,997
NASB Financial Inc.	946		27,056
National Bankshares Inc.	1,700		40,800
National Financial Partners Corp.	10,563		77,321
National Health Investors Inc.	6,601		176,313
National Interstate Corp.	1,800		27,324
National Penn Bancshares Inc.	21,448		98,875
National Retail Properties Inc.	20,466		355,085
National Western Life Insurance Co.	522		60,943
Navigators Group Inc. (a)	3,346		148,663
NBT Bancorp Inc.	9,075		197,018
Nelnet Inc. Class A (a)	4,900		66,591
NewAlliance Bancshares Inc.	27,406		315,169
NewStar Financial Inc. (a)	6,732		12,858
Northeast Community Bancorp Inc.	1,300		10,543
Northfield Bancorp Inc.	4,730		54,963
Northrim BanCorp Inc.	1,500		20,880
NorthStar Realty Finance Corp.	15,203		43,024
Northwest Bancorp Inc.	4,337		81,796
Norwood Financial Corp.	400		12,544
NYMAGIC Inc.	1,000		13,880
OceanFirst Financial Corp.	2,200		26,334
Ocwen Financial Corp. (a)	9,912		128,559
Ohio Valley Banc Corp.	900		26,406

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
Old National Bancorp	16,987	$	166,812
Old Point Financial Corp.	400		7,400
Old Second Bancorp Inc.	2,704		15,954
Omega Healthcare Investors Inc.	21,103		327,519
Oppenheimer Holdings Inc. Class A	2,600		55,042
optionsXpress Holdings Inc.	10,870		168,811
Oriental Financial Group Inc.	6,168		59,830
Oritani Financial Corp. (a)	2,500		34,275
Orrstown Financial Services Inc.	1,300		48,412
Pacific Capital Bancorp	11,963		25,601
Pacific Continental Corp.	3,100		37,603
PacWest Bancorp	6,291		82,790
Park National Corp.	2,854		161,194
Peapack-Gladstone Financial Corp.	2,000		38,580
PennantPark Investment Corp.	5,400		38,340
Penns Woods Bancorp Inc.	900		26,226
Pennsylvania Real Estate Investment Trust	9,031		45,155
Penson Worldwide Inc. (a)	5,000		44,750
Peoples Bancorp Inc.	2,610		44,500
Peoples Financial Corp.	800		15,200
PHH Corp. (a)	14,002		254,556
Phoenix Companies Inc. (a)	28,603		47,767
Pinnacle Financial Partners Inc. (a)	6,114		81,438
Piper Jaffray Co. (a)	5,033		219,791
Platinum Underwriters Holdings Ltd.	13,108		374,758
PMA Capital Corp. (a)	8,263		37,597
PMI Group Inc.	19,500		38,610
Porter Bancorp Inc.	600		9,090
Portfolio Recovery Associates Inc. (a)	3,983		154,262
Post Properties Inc.	11,390		153,082
PremierWest Bancorp	5,235		17,747
Presidential Life Corp.	5,157		39,038
Primus Guaranty Ltd. (a)	5,400		12,744
PrivateBancorp Inc.	9,008		200,338
ProAssurance Corp. (a)	8,493		392,462
Prospect Capital Corp.	11,000		101,200
Prosperity Bancshares Inc.	11,796		351,875
Provident Financial Services Inc.	15,466		140,741
Provident New York Bancorp	9,070		73,648
Prudential Bancorp Inc. of Pennsylvania	800		9,448
PS Business Parks Inc.	3,891		188,480
Pzena Investment Management Inc. Class A	2,000		15,160
QC Holdings Inc.	700		3,598
Radian Group Inc.	20,800		56,576
RAIT Financial Trust	17,325		23,735
Ramco-Gershenson Properties Trust	4,218		42,222
Redwood Trust Inc.	20,015		295,421
Renasant Corp.	5,416		81,348
Republic Bancorp Inc. (Kentucky)	2,549		57,582
Republic First Bancorp Inc. (a)	1,600		12,480

See accompanying notes to financial statements.

36

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
Resource Capital Corp.	5,800	$	18,560
Rewards Network Inc. (a)	4,600		17,388
Riskmetrics Group Inc. (a)	5,692		100,521
RLI Corp.	4,738		212,262
Rockville Financial Inc.	1,957		21,429
Roma Financial Corp.	2,400		30,576
S&T Bancorp Inc.	6,317		76,815
Safety Insurance Group Inc.	3,528		107,816
Sanders Morris Harris Group Inc.	4,975		27,362
Sandy Spring Bancorp Inc.	4,194		61,652
Santander BanCorp (a)	1,115		7,760
Saul Centers Inc.	1,648		48,731
SCBT Financial Corp.	3,404		80,641
Seabright Insurance Holdings (a)	5,500		55,715
Selective Insurance Group Inc.	13,602		173,698
Shore Bancshares Inc.	2,100		37,674
Sierra Bancorp	1,800		22,734
Signature Bank (a)	9,089		246,494
Simmons First National Corp.	3,790		101,269
Smithtown Bancorp Inc.	4,000		51,160
South Financial Group Inc.	23,200		27,608
Southside Bancshares Inc.	3,524		80,594
Southwest Bancorp Inc.	3,755		36,649
Sovran Self Storage Inc.	5,773		142,016
State Auto Financial Corp.	3,946		69,055
State Bancorp Inc.	3,600		27,216
StellarOne Corp.	5,700		73,815
Sterling Bancorp NY	4,608		38,477
Sterling Bancshares Inc. TX	21,093		133,519
Sterling Financial Corp. WA	13,436		39,099
Stewart Information Services Corp.	4,491		63,997
Stifel Financial Corp. (a)	7,069		339,948
Strategic Hotels & Resorts Inc.	20,593		22,858
Suffolk Bancorp	2,593		66,485
Sun Bancorp Inc. (New Jersey) (a)	2,889		14,965
Sun Communities Inc.	4,268		58,813
Sunstone Hotel Investors Inc.	19,292		103,212
Susquehanna Bancshares Inc.	22,443		109,746
SVB Financial Group (a)	8,502		231,424
SWS Group Inc.	6,197		86,572
SY Bancorp Inc.	3,084		74,540
Tanger Factory Outlet Centers Inc.	9,425		305,653
Tejon Ranch Co. (a)	2,783		73,722
Teton Advisors Inc. (a) (b)	32		72
Texas Capital Bancshares Inc. (a)	9,080		140,468
Thomas Weisel Partners Group Inc. (a)	5,300		31,906
TICC Capital Corp.	7,300		32,193
Tompkins Financial Corp.	2,133		102,277
Tower Bancorp Inc.	900		31,635
Tower Group Inc.	10,334		256,077
TowneBank	5,300		74,200
TradeStation Group Inc. (a)	8,502		71,927

	Shares	Value
Common Stocks (Cont.)
Financials (Cont.)
Transcontinental Realty Investors Inc. (a)	200	$	2,414
Tree.com Inc. (a)	1,800		17,280
Triangle Capital Corp.	1,900		20,748
Trico Bancshares	3,592		55,676
Trustco Bank Corp. NY	20,610		121,805
Trustmark Corp.	15,059		290,940
U-Store-It Trust	12,781		62,627
U.S. Global Investors Inc. Class A	3,500		32,410
UCBH Holdings Inc.	30,879		38,908
UMB Financial Corp.	8,390		318,904
UMH Properties Inc.	2,000		15,940
Umpqua Holdings Corp.	15,386		119,395
Union Bankshares Corp.	3,363		50,344
United America Indemnity Ltd. Class A (a)	9,437		45,203
United Bankshares Inc.	9,859		192,645
United Community Banks Inc. (a)	10,903		65,309
United Financial Bancorp Inc.	4,500		62,190
United Fire & Casualty Co.	5,692		97,618
United Security Bancshares Inc.	1,400		30,660
Universal American Corp. (a)	6,956		60,656
Universal Health Realty Income Trust	2,955		93,142
Universal Insurance Holdings Inc.	3,800		19,076
Univest Corp. of Pennsylvania	3,236		65,561
Urstadt Biddle Properties Inc.	5,104		71,864
ViewPoint Financial Group	2,700		41,121
Virtus Investment Partners Inc. (a)	1,430		21,007
Walter Investment Management Corp. (a)	4,700		62,416
Washington Banking Co.	2,200		20,724
Washington Real Estate Investment Trust	15,002		335,595
Washington Trust Bancorp Inc.	3,556		63,403
Waterstone Financial Inc. (a)	1,388		4,122
Webster Financial Corp.	13,500		108,675
WesBanco Inc.	6,114		88,898
West Bancorporation	3,700		18,500
Westamerica Bancorporation	7,683		381,154
Western Alliance Bancorp (a)	11,700		80,028
Westfield Financial Inc.	7,760		70,306
Westwood Holdings Group Inc.	1,500		62,715
Wilber Corp.	1,300		14,430
Wilshire Bancorp Inc.	4,918		28,278
Winthrop Realty Trust	2,960		26,433
Wintrust Financial Corp.	6,186		99,471
World Acceptance Corp. (a)	4,181		83,244
WSFS Financial Corp.	1,535		41,921
Yadkin Valley Financial Corp.	4,000		27,640
Zenith National Insurance Corp.	9,598		208,661
			36,982,130

See accompanying notes to financial statements.

37

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (14.61%)
Abaxis Inc. (a)	5,621	$	115,455
Abiomed Inc. (a)	7,901		69,687
Accelrys Inc. (a)	7,500		44,325
Accuray Inc. (a)	10,300		68,701
Acorda Therapeutics Inc. (a)	9,744		274,683
Acura Pharmaceuticals Inc. (a)	1,900		11,362
Adolor Corp. (a)	11,900		20,944
Affymax Inc. (a)	3,427		63,160
Affymetrix Inc. (a)	18,100		107,333
Air Methods Corp. (a)	2,800		76,608
Akorn Inc. (a)	12,200		14,640
Albany Molecular Research Inc. (a)	5,823		48,855
Align Technology Inc. (a)	14,939		158,353
Alkermes Inc. (a)	24,349		263,456
Alliance HealthCare Services Inc. (a)	6,742		49,419
Allied Healthcare International Inc. (a)	10,900		23,653
Allos Therapeutics Inc. (a)	15,900		131,811
Almost Family Inc. (a)	1,900		49,609
Alnylam Pharmaceuticals Inc. (a)	9,200		204,884
Alphatec Holdings Inc. (a)	8,200		27,224
AMAG Pharmaceuticals Inc. (a)	4,304		235,300
Amedisys Inc. (a)	6,999		231,107
America Service Group Inc. (a)	2,200		35,354
American Caresource Holdings Inc. (a)	3,200		11,968
American Dental Partners Inc. (a)	3,100		28,117
American Medical Systems Holdings Inc. (a)	19,007		300,311
AMERIGROUP Corp. (a)	13,600		365,160
AMICAS Inc. (a)	8,500		23,630
Amicus Therapeutics Inc. (a)	3,758		43,029
AMN Healthcare Services Inc. (a)	8,695		55,474
Amsurg Corp. (a)	7,804		167,318
Analogic Corp.	3,306		122,157
Angiodynamics Inc. (a)	6,300		83,601
Ardea Biosciences Inc. (a)	3,800		59,812
Arena Pharmaceuticals Inc. (a)	20,358		101,586
Ariad Pharmaceuticals Inc. (a)	23,344		37,117
ArQule Inc. (a)	10,600		65,084
Array Biopharma Inc. (a)	12,378		38,867
ARYx Therapeutics Inc. (a)	5,700		23,541
Aspect Medical Systems Inc. (a)	4,200		24,822
Assisted Living Concepts Inc. Class A (a)	2,640		38,412
athenahealth Inc. (a)	8,530		315,695
Atrion Corp.	400		53,636
ATS Medical Inc. (a)	12,900		42,441
Auxilium Pharmaceuticals Inc. (a)	11,000		345,180
AVANIR Pharmaceuticals Inc. Class A (a)	16,300		36,186
AVI BioPharma Inc. (a)	19,700		31,126
Bio-Reference Labs Inc. (a)	3,146		99,445
BioCryst Pharmaceuticals Inc. (a)	5,800		23,374
Biodel Inc. (a)	4,212		21,734

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
BioDelivery Sciences International Inc. (a)	2,400	$	16,008
BioMimetic Therapeutics Inc. (a)	3,406		31,471
BioScrip Inc. (a)	10,700		63,344
BioSpecifics Technologies Corp. (a)	800		19,064
BMP Sunstone Corp. (a)	8,100		38,394
Bovie Medical Corp. (a)	4,600		40,066
Bruker Corp. (a)	12,513		115,870
Cadence Pharmaceuticals Inc. (a)	6,320		63,137
Cantel Medical Corp. (a)	3,200		51,936
Capital Senior Living Corp. (a)	5,500		25,025
Caraco Pharmaceutical Laboratories Ltd. (a)	2,074		6,367
Cardiac Science Corp. (a)	5,500		22,110
CardioNet Inc. (a)	6,100		99,552
Cardiovascular Systems Inc. (a)	2,100		16,191
Cardium Therapeutics Inc. (a)	9,500		17,575
Catalyst Health Solutions Inc. (a)	9,391		234,212
Celera Corp. (a)	20,997		160,207
Cell Therapeutics Inc. (a)	119,100		204,852
Celldex Therapeutics Inc. (a)	2,800		21,896
Centene Corp. (a)	11,009		219,960
Cepheid Inc. (a)	14,830		139,699
Chelsea Therapeutics International Ltd. (a)	5,900		24,839
Chemed Corp.	5,812		229,458
Chindex International Inc. (a)	3,400		42,058
Clarient Inc. (a)	8,200		30,504
Clinical Data Inc. (a)	2,800		30,856
Computer Programs & Systems Inc.	2,484		95,162
Conceptus Inc. (a)	7,800		131,820
Conmed Corp. (a)	7,429		115,298
Continucare Corp. (a)	6,900		16,077
Cornerstone Therapeutics Inc. (a)	1,800		19,764
Corvel Corp. (a)	2,005		45,654
Cougar Biotechnology Inc. (a)	3,800		163,248
Cross Country Healthcare Inc. (a)	7,789		53,510
CryoLife Inc. (a)	7,500		41,550
Cubist Pharmaceuticals Inc. (a)	14,866		272,494
Curis Inc. (a)	17,500		27,825
Cutera Inc. (a)	3,400		29,308
Cyberonics Inc. (a)	6,976		116,011
Cynosure Inc. Class A (a)	2,500		19,125
Cypress Bioscience Inc. (a)	9,801		92,325
Cytokinetics Inc. (a)	11,800		33,394
Cytori Therapeutics Inc. (a)	7,300		26,353
Delcath Systems Inc. (a)	6,300		22,554
DepoMed Inc. (a)	13,800		44,850
Dexcom Inc. (a)	11,700		72,423
Dionex Corp. (a)	4,598		280,616
Discovery Laboratories Inc. (a)	31,200		32,136
Durect Corp. (a)	20,848		49,618

See accompanying notes to financial statements.

38

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Dyax Corp. (a)	15,800	$	33,812
Eclipsys Corp. (a)	14,421		256,405
Electro-Optical Sciences Inc. (a)	4,500		35,055
Emergency Medical Services Corp. Class A (a)	2,600		95,732
Emergent Biosolutions Inc. (a)	4,200		60,186
Emeritus Corp. (a)	5,100		67,371
Endologix Inc. (a)	10,900		36,406
Ensign Group Inc.	2,700		38,421
EnteroMedics Inc. (a)	3,600		11,988
Enzo Biochem Inc. (a)	8,261		36,596
Enzon Pharmaceuticals Inc. (a)	11,615		91,410
eResearch Technology Inc. (a)	11,137		69,161
ev3 Inc. (a)	18,248		195,619
Exactech Inc. (a)	2,200		31,900
Exelixis Inc. (a)	27,315		133,024
Facet Biotech Corp. (a)	6,220		57,784
Genomic Health Inc. (a)	3,600		62,388
Genoptix Inc. (a)	4,300		137,557
Gentiva Health Services Inc. (a)	7,426		122,232
Geron Corp. (a)	22,873		175,436
Greatbatch Inc. (a)	5,856		132,404
GTx Inc. (a)	4,872		44,969
Haemonetics Corp. (a)	6,597		376,029
Halozyme Therapeutics Inc. (a)	16,100		112,217
Hanger Orthopedic Group Inc. (a)	6,500		88,335
Hansen Medical Inc. (a)	6,515		32,184
Harvard Bioscience Inc. (a)	6,900		27,255
Health Grades Inc. (a)	6,600		25,806
Healthsouth Corp. (a)	22,600		326,344
Healthspring Inc. (a)	12,500		135,750
Healthways Inc. (a)	8,570		115,266
HeartWare International Inc. (a)	1,200		33,492
Hemispherx Biopharma Inc. (a)	28,400		72,136
Hi-Tech Pharmacal Co. Inc. (a)	1,900		16,910
HMS Holdings Corp. (a)	6,600		268,752
Home Diagnostics Inc. (a)	2,700		16,578
Human Genome Sciences Inc. (a)	34,890		99,785
I-Flow Corp. (a)	5,802		40,266
ICU Medical Inc. (a)	3,232		132,997
Idenix Pharmaceuticals Inc. (a)	6,769		24,910
Idera Pharmaceuticals Inc. (a)	5,400		31,644
Immucor Inc. (a)	18,135		249,538
ImmunoGen Inc. (a)	13,100		112,791
Immunomedics Inc. (a)	17,500		44,450
Impax Laboratories Inc. (a)	15,500		114,080
Incyte Corp. (a)	18,454		60,714
Infinity Pharmaceuticals Inc. (a)	4,300		25,112
Insmed Inc. (a)	33,000		33,000
Inspire Pharmaceuticals Inc. (a)	10,800		60,048
Insulet Corp. (a)	6,665		51,320
Integra LifeSciences Holdings Corp. (a)	4,827		127,964
InterMune Inc. (a)	9,889		150,313

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Invacare Corp.	7,404	$	130,681
inVentiv Health Inc. (a)	8,556		115,763
IPC The Hospitalist Co. (a)	4,100		109,429
IRIS International Inc. (a)	4,600		54,280
Isis Pharmaceuticals Inc. (a)	23,902		394,383
ISTA Pharmaceuticals Inc. (a)	8,900		37,380
Javelin Pharmaceuticals Inc. (a)	12,200		15,006
Kendle International Inc. (a)	3,800		46,512
Kensey Nash Corp. (a)	2,100		55,041
Kindred Healthcare Inc. (a)	9,985		123,514
KV Pharmaceutical Co. Class A (a)	10,080		32,357
Lannett Company Inc. (a)	2,400		16,440
LCA-Vision Inc. (a)	4,600		19,412
Lexicon Pharmaceuticals Inc. (a)	19,600		24,304
LHC Group Inc. (a)	3,900		86,619
Life Sciences Research Inc. (a)	2,600		18,642
Ligand Pharmaceuticals Inc. Class B (a)	28,900		82,654
Luminex Corp. (a)	10,514		194,930
Magellan Health Services Inc. (a)	9,169		300,927
MAKO Surgical Corp. (a)	3,200		28,864
MannKind Corp. (a)	13,655		113,473
MAP Pharmaceuticals Inc. (a)	2,028		24,782
Martek Biosciences Corp. (a)	8,537		180,558
Masimo Corp. (a)	13,023		313,984
Matrixx Initiatives Inc. (a)	2,800		15,652
Maxygen Inc. (a)	6,379		42,867
Medarex Inc. (a)	33,200		277,220
MedAssets Inc. (a)	10,131		197,048
Medcath Corp. (a)	3,756		44,171
Medical Action Industries Inc. (a)	3,650		41,792
Medicines Co. (a)	13,710		115,027
Medicis Pharmaceutical Corp.	15,135		247,003
Medivation Inc. (a)	7,400		165,834
MedQuist Inc.	2,100		12,768
Merge Healthcare Inc. (a)	7,100		30,530
Meridian Bioscience Inc.	10,408		235,013
Merit Medical Systems Inc. (a)	7,197		117,311
Metabolix Inc. (a)	5,200		42,744
Metropolitan Health Networks Inc. (a)	9,700		19,497
Micromet Inc. (a)	10,900		54,282
Micrus Endovascular Corp. (a)	4,300		38,872
MiddleBrook Pharmaceuticals Inc. (a)	11,400		15,390
Molecular Insight Pharmaceuticals Inc. (a)	4,500		23,265
Molina Healthcare Inc. (a)	3,329		79,630
Momenta Pharmaceuticals Inc. (a)	9,011		108,402
MWI Veterinary Supply Inc. (a)	2,800		97,608
Myriad Pharmaceuticals Inc. (a)	6,960		32,364
Nabi Biopharmaceuticals (a)	13,211		31,971
Nanosphere Inc. (a)	2,400		11,784
National Healthcare Corp.	2,073		78,650
National Research Corp.	400		9,760
Natus Medical Inc. (a)	7,200		83,088

See accompanying notes to financial statements.

39

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Nektar Therapeutics (a)	23,999	$	155,513
Neogen Corp. (a)	3,500		101,430
Neurocrine Biosciences Inc. (a)	10,038		32,423
NeurogesX Inc. (a)	2,600		14,664
Nighthawk Radiology Holdings Inc. (a)	5,900		21,830
NovaMed Inc. (a)	4,800		18,960
Novavax Inc. (a)	16,600		54,448
Noven Pharmaceuticals Inc. (a)	6,441		92,106
NPS Pharmaceuticals Inc. (a)	12,200		56,852
Nutraceutical International Corp. (a)	2,700		28,053
NuVasive Inc. (a)	9,322		415,761
NxStage Medical Inc. (a)	6,200		36,580
Obagi Medical Products Inc. (a)	4,400		32,076
Odyssey HealthCare Inc. (a)	8,813		90,598
Omnicell Inc. (a)	8,100		87,075
OncoGenex Pharmaceutical Inc. (a)	1,100		24,068
Onyx Pharmaceuticals Inc. (a)	14,627		413,359
Opko Health Inc. (a)	9,200		16,284
Optimer Pharmaceuticals Inc. (a)	7,300		109,281
OraSure Technologies Inc. (a)	12,475		30,813
Orexigen Therapeutics Inc. (a)	5,437		27,892
Orthofix International NV (a)	4,400		110,044
Orthovita Inc. (a)	17,000		87,550
Osiris Therapeutics Inc. (a)	4,300		57,749
Owens & Minor Inc.	10,665		467,340
OXiGENE Inc. (a)	7,600		16,568
Pain Therapeutics Inc. (a)	8,959		48,110
Palomar Medical Technologies Inc. (a)	4,779		70,060
Par Pharmaceutical Companies Inc. (a)	8,921		135,153
Parexel International Corp. (a)	14,734		211,875
Parkway Properties Inc.	5,445		70,785
PDL BioPharma Inc.	30,600		241,740
Pharmasset Inc. (a)	5,300		59,625
PharMerica Corp. (a)	7,866		154,410
Poniard Pharmaceuticals Inc. (a)	5,900		35,223
Pozen Inc. (a)	6,699		51,448
Progenics Pharmaceuticals Inc. (a)	6,869		35,375
Protalix BioTherapeutics Inc. (a)	8,699		39,319
PSS World Medical Inc. (a)	15,233		281,963
Psychiatric Solutions Inc. (a)	14,474		329,139
Questcor Pharmaceuticals Inc. (a)	14,700		73,500
Quidel Corp. (a)	6,600		96,096
Radnet Inc. (a)	8,000		18,000
Regeneron Pharmaceuticals Inc. (a)	16,229		290,824
RehabCare Group Inc. (a)	4,794		114,720
Repligen Corp. (a)	8,300		45,650
Repros Therapeutics Inc. (a)	2,300		16,537
Res-Care Inc. (a)	6,388		91,348
Rigel Pharmaceuticals Inc. (a)	9,482		114,922
Rochester Medical Corp. (a)	2,800		37,520
Rockwell Medical Technologies Inc. (a)	3,500		26,425
RTI Biologics Inc. (a)	13,700		58,773
Salix Pharmaceuticals Ltd. (a)	12,375		122,141

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Sangamo BioSciences Inc. (a)	10,500	$	51,870
Santarus Inc. (a)	13,300		37,506
Savient Pharmaceuticals Inc. (a)	15,663		217,089
SciClone Pharmaceuticals Inc. (a)	8,700		22,272
Seattle Genetics Inc. (a)	18,400		178,848
Sequenom Inc. (a)	15,700		61,387
SIGA Technologies Inc. (a)	6,900		58,236
Sirona Dental Systems Inc. (a)	4,300		85,957
Skilled Healthcare Group Inc. Class A (a)	5,000		37,500
Somanetics Corp. (a)	3,200		52,832
SonoSite Inc. (a)	4,369		87,642
Spectranetics Corp. (a)	8,400		41,412
Spectrum Pharmaceuticals Inc. (a)	8,400		64,260
StemCells Inc. (a)	26,500		45,050
Stereotaxis Inc. (a)	7,135		27,684
STERIS Corp.	15,004		391,304
Sucampo Pharmaceuticals Inc. Class A (a)	2,600		16,042
Sun Healthcare Group Inc. (a)	11,200		94,528
Sunrise Senior Living Inc. (a)	12,164		20,071
SuperGen Inc. (a)	14,600		29,346
SurModics Inc. (a)	4,000		90,520
Symmetry Medical Inc. (a)	9,208		85,819
Synovis Life Technologies Inc. (a)	2,900		60,233
Synta Pharmaceuticals Corp. (a)	4,600		10,626
Theravance Inc. (a)	13,600		199,104
Thoratec Corp. (a)	14,430		386,435
TomoTherapy Inc. (a)	11,800		32,450
TranS1 Inc. (a)	3,200		19,936
Transcend Services Inc. (a)	1,700		26,945
Triple-S Management Corp. Class B (a)	5,300		82,627
U.S. Physical Therapy Inc. (a)	3,000		44,250
Utah Medical Products Inc.	700		18,697
Vanda Pharmaceuticals Inc. (a)	6,800		80,036
Varian Inc. (a)	7,435		293,162
Vascular Solutions Inc. (a)	4,400		34,408
Vical Inc. (a)	9,200		24,932
ViroPharma Inc. (a)	19,700		116,821
Virtual Radiologic Corp. (a)	1,800		16,254
Vital Images Inc. (a)	3,690		41,881
VIVUS Inc. (a)	17,800		108,224
Volcano Corp. (a)	12,400		173,352
WellCare Health Plans Inc. (a)	10,900		201,541
West Pharmaceutical Services Inc.	8,449		294,448
Wright Medical Group Inc. (a)	9,745		158,454
Xenoport Inc. (a)	6,993		162,028
Young Innovations Inc.	1,300		28,327
Zoll Medical Corp. (a)	5,366		103,778
ZymoGenetics Inc. (a)	9,595		44,137
			28,402,091

See accompanying notes to financial statements.

40

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Industrials (15.64%)
3D Systems Corp. (a)	4,872	$	35,127
Aaon Inc.	3,332		66,373
AAR Corp. (a)	9,903		158,943
ABM Industries Inc.	11,735		212,051
ACCO Brands Corp. (a)	14,400		40,608
Aceto Corp.	6,700		44,689
Actuant Corp. Class A	14,600		178,120
Acuity Brands Inc.	10,462		293,459
Administaff Inc.	5,399		125,635
Advanced Battery Technologies Inc. (a)	12,400		49,848
Advisory Board Co. (a)	3,978		102,235
Aerovironment Inc. (a)	3,404		105,047
Air Transport Services Group Inc. (a)	14,900		34,568
Aircastle Ltd.	11,900		87,465
Airtran Holdings Inc. (a)	30,867		191,067
Alamo Group Inc.	1,800		18,180
Alaska Air Group Inc. (a)	9,317		170,128
Albany International Corp. Class A	6,951		79,102
Allegiant Travel Co. (a)	3,910		154,992
Altra Holdings Inc. (a)	6,900		51,681
Amerco Inc. (a)	2,288		84,999
American Commercial Lines Inc. (a)	2,450		37,926
American Ecology Corp.	4,846		86,840
American Railcar Industries Inc.	2,600		21,476
American Reprographics Co. (a)	9,321		77,551
American Science & Engineering Inc.	2,281		157,663
American Superconductor Corp. (a)	11,209		294,236
American Woodmark Corp.	2,770		66,342
Ameron International Corp.	2,352		157,678
Ampco-Pittsburgh Corp.	2,200		51,590
AMREP Corp. (a)	500		5,515
AO Smith Corp.	5,629		183,337
APAC Customer Services Inc. (a)	6,500		33,345
Apogee Enterprises Inc.	7,136		87,773
Applied Industrial Technologies Inc.	10,849		213,725
Applied Signal Technology Inc.	3,400		86,734
Argan Inc. (a)	1,800		25,434
ARGON ST Inc. (a)	3,663		75,348
Arkansas Best Corp.	6,490		171,012
Ascent Solar Technologies Inc. (a)	4,200		32,844
Astec Industries Inc. (a)	4,614		136,990
Astronics Corp. (a)	2,400		24,936
Atlas Air Worldwide Holdings Inc. (a)	4,343		100,714
Avis Budget Group Inc. (a)	26,200		148,030
Axsys Technologies Inc. (a)	2,500		134,100
AZZ Inc. (a)	3,100		106,671
Badger Meter Inc.	3,730		152,930
Baldor Electric Co.	11,997		285,409
Barnes Group Inc.	11,844		140,825
Barrett Business Services Inc.	1,800		18,900
Beacon Roofing Supply Inc. (a)	11,585		167,519
Belden Inc.	12,031		200,918
Blount International Inc. (a)	9,794		84,326

	Shares	Value
Common Stocks (Cont.)
Industrials (Cont.)
BlueLinx Holdings Inc. (a)	2,600	$	7,800
Bowne & Co. Inc.	7,287		47,438
Brady Corp.	12,279		308,449
Briggs & Stratton Corp.	12,780		170,485
Broadwind Energy Inc. (a)	8,000		90,560
Builders Firstsource Inc. (a)	4,100		17,056
CAI International Inc. (a)	2,300		11,730
Cascade Corp.	2,362		37,154
CBIZ Inc. (a)	11,236		80,000
CDI Corp.	3,305		36,851
Celadon Group Inc. (a)	5,700		47,823
Cenveo Inc. (a)	12,571		53,175
Ceradyne Inc. (a)	6,620		116,909
Chart Industries Inc. (a)	7,300		132,714
Chase Corp.	1,400		16,660
China BAK Battery Inc. (a)	10,200		30,090
China Fire & Security Group Inc. (a)	3,600		43,812
CIRCOR International Inc.	4,321		102,019
Clarcor Inc.	13,067		381,426
Clean Harbors Inc. (a)	5,252		283,556
Coinstar Inc. (a)	7,768		207,406
Colfax Corp. (a)	6,144		47,432
Columbus McKinnon Corp. (a)	5,000		63,250
Comfort Systems USA Inc.	9,873		101,198
COMSYS IT Partners Inc. (a)	4,045		23,663
Consolidated Graphics Inc. (a)	2,501		43,567
Cornell Companies Inc. (a)	2,800		45,388
Corporate Executive Board Co.	8,700		180,612
CoStar Group Inc. (a)	5,088		202,859
CRA International Inc. (a)	2,815		78,144
Cubic Corp.	3,965		141,907
Curtiss-Wright Corp.	11,628		345,700
Deluxe Corp.	13,100		167,811
Diamond Management & Technology Consultants Inc.	5,800		24,360
DigitalGlobe Inc. (a)	3,687		70,790
Dollar Thrifty Automotive Group Inc. (a)	5,512		76,892
Ducommun Inc.	2,800		52,612
Duff & Phelps Corp. Class A	4,100		72,898
Dynamex Inc. (a)	2,604		40,076
Dynamic Materials Corp.	3,254		62,737
DynCorp International Inc. Class A (a)	6,300		105,777
Eagle Bulk Shipping Inc.	11,900		55,811
Eastern Co.	1,400		23,100
EMCOR Group Inc. (a)	16,912		340,269
Encore Wire Corp.	4,695		100,238
Ener1 Inc. (a)	12,200		66,612
Energy Conversion Devices Inc. (a)	11,814		167,168
Energy Recovery Inc. (a)	8,400		59,472
EnergySolutions Inc.	19,400		178,480
EnerNOC Inc. (a)	3,030		65,660
EnerSys (a)	10,423		189,594
ENGlobal Corp. (a)	5,100		25,092

See accompanying notes to financial statements.

41

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Industrials (Cont.)
Ennis Inc.	6,632	$	82,635
EnPro Industries Inc. (a)	5,048		90,915
ESCO Technologies Inc. (a)	6,710		300,608
Esterline Technologies Corp. (a)	7,648		207,031
Evergreen Solar Inc. (a)	48,270		104,746
Exponent Inc. (a)	3,626		88,873
Federal Signal Corp.	12,434		95,120
First Advantage Corp. Class A (a)	2,701		41,082
Flanders Corp. (a)	4,000		24,440
Flow International Corp. (a)	10,400		24,440
Force Protection Inc. (a)	17,900		158,236
Forward Air Corp.	7,408		157,939
Franklin Covey Co. (a)	3,100		19,313
Franklin Electric Co. Inc.	5,898		152,876
Freightcar America Inc.	3,160		53,120
Fuel Tech Inc. (a)	4,500		43,650
FuelCell Energy Inc. (a)	16,710		69,848
Furmanite Corp. (a)	9,400		41,924
Fushi Copperweld Inc. (a)	4,100		33,907
G&K Services Inc. Class A	4,780		101,097
Genco Shipping & Trading Ltd.	6,594		143,222
GenCorp Inc. (a)	12,926		24,689
Genesee & Wyoming Inc. (a)	8,388		222,366
Geo Group Inc. (a)	13,080		243,026
GeoEye Inc. (a)	4,700		110,732
Global Cash Access Holdings Inc. (a)	10,300		81,988
GP Strategies Corp. (a)	3,800		22,382
GrafTech International Ltd. (a)	30,827		348,653
Graham Corp.	2,600		34,580
Granite Construction Inc.	8,805		293,030
Great Lakes Dredge & Dock Co.	10,100		48,278
Greenbrier Companies Inc.	4,507		32,405
Griffon Corp. (a)	11,136		92,652
GT Solar International Inc. (a)	8,100		43,092
H&E Equipment Services Inc. (a)	7,000		65,450
Harbin Electric Inc. (a)	2,900		45,356
Hawaiian Holdings Inc. (a)	13,200		79,464
Hawk Corp. Class A (a)	1,400		19,390
Healthcare Services Group Inc.	11,345		202,849
Heartland Express Inc.	13,226		194,687
Heico Corp.	5,878		213,136
Heidrick & Struggles International Inc.	4,312		78,694
Heritage-Crystal Clean Inc. (a)	500		6,075
Herley Industries Inc. (a)	3,700		40,589
Herman Miller Inc.	13,800		211,692
Hexcel Corp. (a)	24,874		237,049
Hill International Inc. (a)	6,800		29,240
HNI Corp.	11,600		209,496
Horizon Lines Inc.	7,700		29,722
Houston Wire & Cable Co.	4,500		53,595
Hub Group Inc. (a)	9,574		197,607
Hurco Companies Inc. (a)	1,600		25,008
Huron Consulting Group Inc. (a)	5,490		253,803

	Shares	Value
Common Stocks (Cont.)
Industrials (Cont.)
ICF International Inc. (a)	2,300	$	63,457
ICT Group Inc. (a)	2,100		18,333
II-VI Inc. (a)	6,298		139,627
Innerworkings Inc. (a)	6,652		31,597
Insituform Technologies Inc. (a)	9,956		168,953
Insteel Industries Inc.	4,500		37,080
Integrated Electrical Services Inc. (a)	1,700		13,277
Interface Inc.	12,505		77,531
Interline Brands Inc. (a)	8,339		114,078
International Shipholding Corp.	1,500		40,440
Jetblue Airways Corp. (a)	59,300		253,211
John Bean Technologies Corp.	7,000		87,640
K-Tron International Inc. (a)	600		47,808
Kadant Inc. (a)	3,158		35,654
Kaman Corp.	6,546		109,318
Kaydon Corp.	8,532		277,802
Kelly Services Inc. Class A	6,716		73,540
Kforce Inc. (a)	7,426		61,413
Kimball International Inc. Class B	7,983		49,814
Knight Transportation Inc.	14,696		243,219
Knoll Inc.	12,044		91,294
Korn/Ferry International (a)	11,433		121,647
KVH Industries Inc. (a)	3,400		23,222
L.B. Foster Co. (a)	2,700		81,189
LaBarge Inc. (a)	3,100		28,737
Ladish Co. Inc. (a)	4,100		53,177
Lawson Products Inc.	911		12,945
Layne Christensen Co. (a)	4,986		101,964
Learning Tree International Inc. (a)	2,200		22,660
Lindsay Corp.	3,098		102,544
LMI Aerospace Inc. (a)	2,200		22,264
LSI Industries Inc.	5,290		28,831
Marten Transport Ltd. (a)	4,159		86,341
McGrath Rentcorp	6,040		115,122
Mercury Computer Systems Inc. (a)	6,070		56,148
Met-Pro Corp.	3,800		41,116
Metalico Inc. (a)	7,300		34,018
Michael Baker Corp. (a)	2,000		84,720
Microvision Inc. (a)	17,400		53,418
Middleby Corp. (a)	4,193		184,157
Miller Industries Inc. (a)	2,400		21,120
Mine Safety Appliances Co.	6,818		164,314
Mobile Mini Inc. (a)	9,094		133,409
Moog Inc. Class A	10,943		282,439
Mueller Industries Inc.	9,511		197,829
Mueller Water Products Inc.	29,600		110,704
Multi-Color Corp.	2,850		34,941
MYR Group Inc. (a)	4,400		88,968
NACCO Industries Inc. Class A	1,436		41,242
Navigant Consulting Inc. (a)	12,848		165,996
NCI Building Systems Inc. (a)	4,732		12,492
Nordson Corp.	8,772		339,126

See accompanying notes to financial statements.

42

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Industrials (Cont.)
North American Galvanizing & Coating Inc. (a)	3,200	$	19,392
Northwest Pipe Co. (a)	2,400		83,424
Odyssey Marine Exploration Inc. (a)	14,800		23,680
Old Dominion Freight Line Inc. (a)	7,075		237,508
Omega Flex Inc.	600		9,096
On Assignment Inc. (a)	9,300		36,363
Orbital Sciences Corp. (a)	14,566		220,966
Orion Energy Systems Inc. (a)	4,200		15,750
Orion Marine Group Inc. (a)	5,500		104,500
Otter Tail Corp.	9,091		198,547
Pacer International Inc.	9,605		21,419
Patriot Transportation Holding Inc. (a)	300		21,879
Perma-Fix Environmental Services (a)	14,600		35,332
PICO Holdings Inc. (a)	4,947		141,979
Pike Electric Corp. (a)	4,100		49,405
PMFG Inc. (a)	3,300		29,073
Polypore International Inc. (a)	5,800		64,496
Portec Rail Products Inc.	1,500		14,775
Powell Industries Inc. (a)	2,135		79,144
Power-One Inc. (a)	19,808		29,514
PowerSecure International Inc. (a)	4,100		17,466
Preformed Line Products Co.	500		22,030
Quanex Building Products Corp.	9,641		108,172
Raven Industries Inc.	4,092		104,755
RBC Bearings Inc. (a)	5,600		114,520
Regal-Beloit Corp.	9,222		366,298
Republic Airways Holdings Inc. (a)	8,832		57,673
Resources Connection Inc. (a)	11,583		198,880
Robbins & Myers Inc.	6,858		132,017
Rollins Inc.	11,592		200,658
RSC Holdings Inc. (a)	12,500		84,000
Rush Enterprises Inc. Class A (a)	8,168		95,157
Saia Inc. (a)	3,435		61,864
SatCon Technology Corp. (a)	14,100		25,380
Sauer-Danfoss Inc.	2,839		17,403
Schawk Inc.	3,882		29,154
School Specialty Inc. (a)	4,764		96,280
Simpson Manufacturing Co. Inc.	9,757		210,946
SkyWest Inc.	14,221		145,054
Spherion Corp. (a)	13,293		54,767
Standard Parking Corp. (a)	1,900		30,951
Standard Register Co.	4,996		16,287
Standex International Corp.	3,127		36,273
Stanley Inc. (a)	2,930		96,338
Steelcase Inc.	18,200		105,924
Sterling Construction Company Inc. (a)	3,400		51,884
Sun Hydraulics Corp.	3,200		51,744
Sykes Enterprises Inc. (a)	8,869		160,440
TAL International Group Inc.	3,800		41,420
TBS International Ltd. Class A (a)	3,400		26,554
Team Inc. (a)	4,800		75,216
Tecumseh Products Co. Class A (a)	4,937		47,938

	Shares	Value
Common Stocks (Cont.)
Industrials (Cont.)
Teledyne Technologies Inc. (a)	9,259	$	303,232
Tennant Co.	4,576		84,153
Tetra Tech Inc. (a)	15,751		451,266
Textainer Group Holdings Ltd.	2,200		25,454
The Gormann-Rupp Co.	3,587		72,350
The Providence Service Corp. (a)	2,699		29,554
Titan International Inc.	9,047		67,581
Titan Machinery Inc. (a)	3,300		41,877
Todd Shipyards Corp.	1,400		23,310
Tredegar Corp.	7,499		99,887
Trex Co. Inc. (a)	3,934		52,598
TriMas Corp. (a)	3,700		12,469
Triumph Group Inc.	4,282		171,280
TrueBlue Inc. (a)	11,110		93,324
Tutor Perini Corp. (a)	6,718		116,625
Twin Disc Inc.	2,700		18,387
UAL Corp. (a)	36,900		117,711
Ultralife Corp. (a)	3,100		22,227
Ultrapetrol Bahamas Ltd. (a)	5,800		25,694
United Capital Corp. (a)	400		7,328
United Rentals Inc. (a)	15,400		99,946
United Stationers Inc. (a)	6,054		211,164
Universal Forest Products Inc.	4,910		162,472
Universal Truckload Services Inc.	1,400		21,910
US Airways Group Inc. (a)	33,700		81,891
USA Truck Inc. (a)	1,800		24,354
Valence Technology Inc. (a)	12,400		22,196
Viad Corp.	5,162		88,890
Vicor Corp.	4,808		34,714
Volt Information Sciences Inc. (a)	3,403		21,337
VSE Corp.	1,100		28,776
Waste Services Inc. (a)	4,557		23,605
Watsco Inc.	6,099		298,424
Watson Wyatt Worldwide Inc.	10,933		410,316
Watts Water Technologies Inc.	7,524		162,067
Werner Enterprises Inc.	10,826		196,167
Willis Lease Finance Corp. (a)	1,100		14,432
Woodward Governor Co.	15,410		305,118
YRC Worldwide Inc. (a)	16,100		27,853
			30,394,543
Information Technology (19.76%)
3Com Corp (a)	99,371		468,037
3PAR Inc. (a)	6,972		86,453
Acacia Research - Acacia Technologies (a)	8,200		64,534
ACI Worldwide Inc. (a)	9,016		125,863
Acme Packet Inc. (a)	9,900		100,188
Actel Corp. (a)	6,737		72,288
ActivIdentity Corp. (a)	12,600		31,878
Actuate Corp. (a)	11,400		54,492
Acxiom Corp.	17,500		154,525

See accompanying notes to financial statements.

43

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
Adaptec Inc. (a)	30,824	$	81,684
ADC Telecommunications Inc. (a)	24,900		198,204
Adtran Inc.	14,152		303,843
Advanced Analogic Technologies Inc. (a)	11,000		50,490
Advanced Energy Industries Inc. (a)	8,433		75,813
Advent Software Inc. (a)	3,905		128,045
Agilysys Inc.	4,260		19,937
Airvana Inc. (a)	6,211		39,564
American Software Inc. Class A	5,400		31,104
Amkor Technology Inc. (a)	27,964		132,270
ANADIGICS Inc. (a)	16,000		67,040
Anaren Inc. (a)	3,746		66,229
Anixter International Inc. (a)	7,696		289,293
Applied Micro Circuits Corp. (a)	16,762		136,275
ArcSight Inc. (a)	4,828		85,794
Ariba Inc. (a)	22,494		221,341
Arris Group Inc. (a)	31,779		386,433
Art Technology Group Inc. (a)	33,300		126,540
AsiaInfo Holdings Inc. (a)	7,500		129,075
Atheros Communications (a)	15,723		302,510
ATMI Inc. (a)	7,988		124,054
Avid Technology Inc. (a)	7,200		96,552
Avocent Corp. (a)	11,332		158,195
Bankrate Inc. (a)	3,183		80,339
Bel Fuse Inc.	2,770		44,431
Benchmark Electronics Inc. (a)	16,777		241,589
Black Box Corp.	4,455		149,109
Blackbaud Inc.	11,211		174,331
Blackboard Inc. (a)	8,091		233,506
Blue Coat Systems Inc. (a)	10,178		168,344
Bottomline Technologies Inc. (a)	6,431		57,943
Brightpoint Inc. (a)	12,761		80,011
Brooks Automation Inc. (a)	16,449		73,691
Cabot Microelectronics Corp. (a)	5,961		168,637
CACI International Inc. (a)	7,700		328,867
Callidus Software Inc. (a)	5,600		15,960
Cass Information Systems Inc.	2,055		67,281
Cavium Networks Inc. (a)	9,261		155,677
CEVA Inc. (a)	4,900		42,532
Checkpoint Systems Inc. (a)	10,009		157,041
China Information Security Technology Inc. (a)	7,500		21,450
China Security & Surveillance Technology Inc. (a)	8,400		63,336
Chordiant Software Inc. (a)	7,760		28,169
Ciber Inc. (a)	17,243		53,453
Cirrus Logic Inc. (a)	16,697		75,136
Cogent Inc. (a)	11,071		118,792
Cognex Corp.	10,161		143,575
Cogo Group Inc. (a)	6,800		40,596
Coherent Inc. (a)	5,500		113,740

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
Cohu Inc.	6,008	$	53,952
Communications Systems Inc.	1,400		13,720
Commvault Systems Inc. (a)	10,688		177,207
Compellent Technologies Inc. (a)	4,331		66,048
Computer Task Group Inc. (a)	3,600		21,960
comScore Inc. (a)	5,528		73,633
Comtech Telecommunications Corp. (a)	7,197		229,440
Comverge Inc. (a)	4,828		58,419
Concur Technologies Inc. (a)	10,197		316,923
Constant Contact Inc. (a)	6,100		121,024
CPI International Inc. (a)	1,700		14,773
Cray Inc. (a)	9,100		71,708
CSG Systems International Inc. (a)	8,965		118,697
CTS Corp.	8,641		56,599
CyberSource Corp. (a)	17,663		270,244
Cymer Inc. (a)	7,576		225,234
Daktronics Inc.	8,552		65,850
Data Domain Inc. (a)	12,100		403,535
DDi Corp. (a)	3,300		14,949
DealerTrack Holdings Inc. (a)	9,641		163,897
Deltek Inc. (a)	3,194		13,862
DemandTec Inc. (a)	5,100		44,880
DG FastChannel Inc. (a)	4,800		87,840
Dice Holdings Inc. (a)	4,018		18,684
Digi International Inc. (a)	6,648		64,818
Digital River Inc. (a)	9,834		357,171
Diodes Inc. (a)	8,189		128,076
DivX Inc. (a)	8,000		43,920
Double-Take Software Inc. (a)	4,400		38,060
DSP Group Inc. (a)	5,824		39,370
DTS Inc. (a)	4,484		121,382
Dycom Industries Inc. (a)	9,933		109,958
Dynamics Research Corp. (a)	2,000		20,020
EarthLink Inc. (a)	27,132		201,048
Ebix Inc. (a)	1,700		53,244
Echelon Corp. (a)	8,344		70,757
Electro Rent Corp.	4,506		42,762
Electro Scientific Industries Inc. (a)	7,038		78,685
Electronics for Imaging Inc. (a)	12,608		134,401
eLoyalty Corp. (a)	1,500		11,820
EMCORE Corp. (a)	20,500		25,830
EMS Technologies Inc. (a)	4,100		85,690
Emulex Corp. (a)	21,388		209,175
Entegris Inc. (a)	28,993		78,861
Entropic Communications Inc. (a)	14,200		31,950
Entrust Inc. (a)	13,800		24,978
Epicor Software Corp. (a)	12,114		64,204
EPIQ Systems Inc. (a)	8,190		125,716
ePlus Inc. (a)	800		11,656
Euronet Worldwide Inc. (a)	12,581		243,946
Exar Corp. (a)	8,967		64,473
Exlservice Holdings Inc. (a)	4,065		45,569
Extreme Networks Inc. (a)	22,764		45,528

See accompanying notes to financial statements.

44

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
Fair Isaac Corp.	12,600	$	194,796
FalconStor Software Inc. (a)	8,816		41,876
FARO Technologies Inc. (a)	4,600		71,438
FEI Co. (a)	9,586		219,519
Formfactor Inc. (a)	12,669		218,414
Forrester Research Inc. (a)	3,952		97,022
Gartner Inc. (a)	15,251		232,730
Globecomm Systems Inc. (a)	5,200		37,388
GSE Systems Inc. (a)	3,900		26,325
GSI Commerce Inc. (a)	6,327		90,160
GSI Technology Inc. (a)	4,300		16,598
Hackett Group Inc. (a)	8,800		20,504
Harmonic Inc. (a)	24,854		146,390
Harris Stratex Networks Inc. Class A (a)	15,150		98,172
Heartland Payment Systems Inc.	9,600		91,872
Hittite Microwave Corp. (a)	5,500		191,125
Hughes Communications Inc. (a)	2,300		52,509
i2 Technologies Inc. (a)	4,100		51,455
ICx Technologies Inc. (a)	2,700		16,200
iGate Corp.	5,826		38,568
Imation Corp.	7,659		58,285
Imergent Inc.	1,800		12,600
Immersion Corp. (a)	7,200		35,568
Infinera Corp. (a)	21,797		199,007
infoGROUP Inc. (a)	8,625		49,249
Informatica Corp. (a)	22,308		383,474
Information Services Group Inc. (a)	5,700		17,157
InfoSpace Inc. (a)	9,335		61,891
Innodata Isogen Inc. (a)	5,900		25,842
Insight Enterprises Inc. (a)	11,548		111,554
Integral Systems Inc. (a)	4,406		36,658
Intellon Corp. (a)	5,800		24,650
Interactive Intelligence Inc. (a)	3,400		41,684
InterDigital Inc. (a)	11,230		274,461
Intermec Inc. (a)	15,947		205,716
Internap Network Services Corp. (a)	12,990		45,335
Internet Brands Inc. (a)	6,900		48,300
Internet Capital Group Inc. (a)	9,421		63,403
Intevac Inc. (a)	5,632		49,055
iPass Inc. (a)	12,200		19,520
IPG Photonics Corp. (a)	5,826		63,911
Isilon Systems Inc. (a)	6,341		26,886
Ixia (a)	8,503		57,310
IXYS Corp.	6,314		63,898
j2 Global Communications Inc. (a)	11,516		259,801
Jack Henry & Associates Inc.	21,896		454,342
JDA Software Group Inc. (a)	6,732		100,711
Kenexa Corp. (a)	5,800		67,106
Keynote Systems Inc. (a)	3,400		25,976
Kopin Corp. (a)	17,100		62,757
Kulicke & Soffa Industries Inc. (a)	15,228		52,232
L-1 Identity Solutions Inc. (a)	19,247		148,972
Landauer Inc.	2,380		145,989

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
Lattice Semiconductor Corp. (a)	29,593	$	55,635
Lawson Software Inc. (a)	35,284		196,885
Limelight Networks Inc. (a)	8,779		38,628
Lionbridge Technologies Inc. (a)	14,200		26,128
Liquidity Services Inc. (a)	3,900		38,454
Littelfuse Inc. (a)	5,537		110,518
LivePerson Inc. (a)	10,600		42,400
LoopNet Inc. (a)	5,100		39,525
Loral Space & Communications Inc. (a)	2,800		72,100
Manhattan Associates Inc. (a)	5,805		105,767
ManTech International Corp. (a)	5,737		246,920
Marchex Inc. Class B	5,572		18,778
MasTec Inc. (a)	13,381		156,825
MAXIMUS Inc.	4,499		185,584
Maxwell Technologies Inc. (a)	5,700		78,831
Measurement Specialties Inc. (a)	3,700		26,085
MEMSIC Inc. (a)	3,600		15,264
Mentor Graphics Corp. (a)	24,226		132,516
Mercadolibre Inc. (a)	6,600		177,408
Methode Electronics Inc.	9,667		67,862
Micrel Inc.	11,595		84,875
Microsemi Corp. (a)	20,916		288,641
MicroStrategy Inc. (a)	2,325		116,761
Microtune Inc. (a)	13,377		31,302
MIPS Technologies Inc. (a)	12,120		36,360
MKS Instruments Inc. (a)	12,578		165,904
ModusLink Global Solutions Inc. (a)	11,795		80,914
MoneyGram International Inc. (a)	20,500		36,490
Monolithic Power Systems Inc. (a)	8,725		195,527
Monotype Imaging Holdings Inc. (a)	5,400		36,774
Move Inc. (a)	39,408		85,121
MPS Group Inc. (a)	23,825		182,023
MSC.Software Corp. (a)	11,600		77,256
MTS Systems Corp.	4,457		92,037
Multi-Fineline Electronix Inc. (a)	2,534		54,228
NCI Inc. (a)	1,700		51,714
Ness Technologies Inc. (a)	9,905		38,729
Net 1 UEPS Technologies Inc. (a)	9,800		133,182
Netezza Corp. (a)	12,095		100,630
Netgear Inc. (a)	8,848		127,500
Netlogic Microsystems Inc. (a)	4,644		169,320
NetScout Systems Inc. (a)	6,300		59,094
NetSuite Inc. (a)	4,200		49,602
Network Equipment Technologies Inc. (a)	7,100		30,246
Newport Corp. (a)	9,418		54,530
NIC Inc.	12,806		86,697
Novatel Wireless Inc. (a)	7,780		70,176
NVE Corp. (a)	1,200		58,320
Omniture Inc. (a)	17,413		218,707
Omnivision Technologies Inc. (a)	12,880		133,823
Online Resources Corp. (a)	6,818		42,544
OpenTable Inc. (a)	700		21,119

See accompanying notes to financial statements.

45

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
OpenTV Corp. Class A (a)	20,600	$	27,192
Openwave Systems Inc. (a)	21,400		47,936
Oplink Communications Inc. (a)	5,511		62,825
OPNET Technologies Inc.	3,200		29,312
OpNext Inc. (a)	6,272		13,422
OSI Systems Inc. (a)	4,065		84,755
OYO Geospace Corp. (a)	1,100		28,226
Palm Inc. (a)	35,376		586,180
PAR Technology Corp. (a)	1,900		12,141
Parametric Technology Corp. (a)	29,694		347,123
Park Electrochemical Corp.	5,188		111,698
ParkerVision Inc. (a)	8,100		24,786
PC Connection Inc. (a)	2,900		15,225
PC Mall Inc. (a)	2,900		19,604
PC-Tel Inc. (a)	5,300		28,355
Pegasystems Inc.	3,900		102,882
Perficient Inc. (a)	7,600		53,124
Pericom Semiconductor Corp. (a)	6,609		55,648
Perot Systems Corp. (a)	22,415		321,207
Pervasive Software Inc. (a)	3,600		21,924
Phase Forward Inc. (a)	11,007		166,316
Phoenix Technologies Ltd. (a)	8,100		21,951
Photronics Inc. (a)	11,172		45,247
Plantronics Inc.	12,638		238,985
Plexus Corp. (a)	10,133		207,321
PLX Technology Inc. (a)	9,111		34,348
Polycom Inc. (a)	21,523		436,271
Power Integrations Inc.	6,089		144,857
Powerwave Technologies Inc. (a)	33,836		54,476
Progress Software Corp. (a)	10,235		216,675
PROS Holdings Inc. (a)	5,100		41,412
QAD Inc.	2,454		7,975
Quality Systems Inc.	6,068		345,633
Quantum Corp. (a)	47,640		39,541
Quest Software Inc. (a)	16,798		234,164
Rackspace Hosting Inc. (a)	17,100		237,006
Radiant Systems Inc. (a)	6,914		57,386
Radisys Corp. (a)	6,229		56,123
RAE Systems Inc. (a)	9,600		13,248
RealNetworks Inc. (a)	21,479		64,222
Renaissance Learning Inc.	1,792		16,504
RF Micro Devices Inc. (a)	68,647		258,113
RightNow Technologies Inc. (a)	5,594		66,009
Rimage Corp. (a)	2,600		43,186
Riverbed Technology Inc. (a)	14,000		324,660
Rofin-Sinar Technologies Inc. (a)	7,434		148,754
Rogers Corp. (a)	3,965		80,212
Rosetta Stone Inc. (a)	1,589		43,602
Rubicon Technology Inc. (a)	3,200		45,696
Rudolph Technologies Inc. (a)	7,917		43,702
S1 Corp. (a)	14,044		96,904
Saba Software Inc. (a)	6,000		23,100
Safeguard Scientifics Inc. (a)	31,300		41,316

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
Sapient Corp. (a)	21,608	$	135,914
SAVVIS Inc. (a)	9,300		106,578
ScanSource Inc. (a)	6,852		168,011
SeaChange International Inc. (a)	8,200		65,846
Semitool Inc. (a)	5,645		26,080
Semtech Corp. (a)	15,622		248,546
ShoreTel Inc. (a)	11,239		89,912
Sigma Designs Inc. (a)	6,796		109,008
Silicon Graphics International Corp. (a)	7,700		34,958
Silicon Image Inc. (a)	19,173		44,098
Silicon Storage Technology Inc. (a)	20,384		38,118
Skyworks Solutions Inc. (a)	42,967		420,217
Smart Modular Technologies (WWH) Inc. (a)	10,200		23,154
Smith Micro Software Inc. (a)	7,300		71,686
Solarwinds Inc. (a)	3,000		49,470
Solera Holdings Inc. (a)	17,852		453,441
SonicWALL Inc. (a)	14,266		78,178
Sonus Networks Inc. (a)	52,506		84,535
Sourcefire Inc. (a)	5,700		70,623
Spectrum Control Inc. (a)	3,100		27,280
SPSS Inc. (a)	4,758		158,774
SRA International Inc. (a)	10,700		187,892
SRS Labs Inc. (a)	2,700		17,955
Stamps.com Inc. (a)	3,028		25,677
Standard Microsystems Corp. (a)	5,632		115,174
Starent Networks Corp. (a)	10,027		244,759
StarTek Inc. (a)	3,300		26,466
STEC Inc. (a)	6,300		146,097
Stratasys Inc. (a)	5,214		57,302
SuccessFactors Inc. (a)	9,507		87,274
SumTotal Systems Inc. (a)	8,400		40,404
Super Micro Computer Inc. (a)	5,907		45,248
Supertex Inc. (a)	2,780		69,806
Support.com Inc. (a)	11,300		24,634
Switch & Data Facilities Co. (a)	5,174		60,691
Sycamore Networks Inc. (a)	49,274		154,228
Symmetricom Inc. (a)	11,346		65,466
Synaptics Inc. (a)	8,824		341,048
Synchronoss Technologies Inc. (a)	4,800		58,896
SYNNEX Corp. (a)	4,905		122,576
Syntel Inc.	3,405		107,053
Take-Two Interactive Software Inc. (a)	20,600		195,082
Taleo Corp. (a)	8,033		146,763
Taser International Inc. (a)	15,892		72,468
Technitrol Inc.	10,480		67,806
TechTarget (a)	2,726		10,904
Techwell Inc. (a)	4,300		36,550
Tekelec (a)	17,137		288,416
TeleCommunication Systems Inc. Class A (a)	9,800		69,678
TeleTech Holdings Inc. (a)	8,305		125,821

See accompanying notes to financial statements.

46

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Information Technology (Cont.)
Terremark Worldwide Inc. (a)	13,658	$	78,943
Tessera Technologies Inc. (a)	12,472		315,417
The Knot Inc. (a)	7,700		60,676
THQ Inc. (a)	17,309		123,932
TIBCO Software Inc. (a)	45,220		324,227
Tier Technologies Inc. Class B (a)	4,300		33,024
TiVo Inc. (a)	26,840		281,283
TNS Inc. (a)	6,505		121,969
Travelzoo Inc. (a)	1,300		14,235
Trident Microsystems Inc. (a)	16,084		27,986
TriQuint Semiconductor Inc. (a)	37,909		201,297
TTM Technologies Inc. (a)	11,060		88,038
Tyler Technologies Inc. (a)	7,990		124,804
Ultimate Software Group Inc. (a)	6,233		151,088
Ultratech Inc. (a)	6,079		74,832
Unica Corp. (a)	3,400		18,632
Unisys Corp. (a)	95,300		143,903
United Online Inc.	21,456		139,679
Universal Display Corp. (a)	7,433		72,695
UTStarcom Inc. (a)	28,543		46,525
ValueClick Inc. (a)	22,440		236,069
VASCO Data Security International Inc. (a)	6,902		50,454
Veeco Instruments Inc. (a)	8,202		95,061
VeriFone Holdings Inc. (a)	18,500		138,935
ViaSat Inc. (a)	6,664		170,865
Vignette Corp. (a)	6,130		80,609
Virage Logic Corp. (a)	3,800		17,100
Virtusa Corp. (a)	3,400		27,302
Vocus Inc. (a)	4,300		84,968
Volterra Semiconductor Corp. (a)	5,821		76,488
Web.com Group Inc. (a)	6,800		38,284
Websense Inc. (a)	11,402		203,412
White Electronic Designs Corp. (a)	5,400		25,002
Wind River Systems Inc. (a)	17,454		200,023
Wright Express Corp. (a)	9,883		251,720
X-Rite Inc. (a)	6,000		9,000
Zix Corp. (a)	17,300		25,950
Zoran Corp. (a)	13,294		144,905
Zygo Corp. (a)	3,800		17,708
			38,412,926
Materials (3.96%)
A. Schulman Inc.	6,260		94,589
AEP Industries Inc. (a)	1,400		36,946
Allied Nevada Gold Corp. (a)	11,200		90,272
AM Castle & Co.	4,189		50,603
AMCOL International Corp.	6,044		130,430
American Vanguard Corp.	5,013		56,647
Arch Chemicals Inc.	6,382		156,933
Balchem Corp.	4,592		112,596
Boise Inc. (a)	8,200		14,104

	Shares	Value
Common Stocks (Cont.)
Materials (Cont.)
Brush Engineered Materials Inc. (a)	5,152	$	86,296
Buckeye Technologies Inc. (a)	10,174		45,681
Bway Holding Co. (a)	1,900		33,307
Calgon Carbon Corp. (a)	14,052		195,182
Cambrex Corp. (a)	7,481		30,822
Century Aluminum Co. (a)	11,600		72,268
Clearwater Paper Corp. (a)	2,938		74,302
Coeur d’Alena Mines Corp. (a)	17,687		217,550
Deltic Timber Corp.	2,730		96,833
Domtar Corp. (a)	10,700		177,406
Ferro Corp.	12,140		33,385
General Moly Inc. (a)	16,300		36,186
General Steel Holdings Inc. (a)	4,200		16,674
GenTek Inc. (a)	2,300		51,359
Gibraltar Industries Inc.	6,882		47,279
Glatfelter	11,596		103,205
Graphic Packaging Holding Co. (a)	28,660		52,448
Hawkins Inc.	2,400		54,192
Haynes International Inc. (a)	3,100		73,470
HB Fuller Co.	12,454		233,886
Headwaters Inc. (a)	11,301		37,971
Hecla Mining Co. (a)	55,891		149,788
Horsehead Holding Corp. (a)	9,100		67,795
ICO Inc. (a)	7,300		19,856
Innophos Holdings Inc.	4,400		74,316
Innospec Inc.	6,312		67,854
Kaiser Aluminum Corp.	3,900		140,049
Kapstone Paper and Packaging Corp. (a)	5,600		26,264
Koppers Holdings Inc.	5,300		139,761
Landec Corp. (a)	6,700		45,493
Louisiana-Pacific Corp. (a)	26,500		90,630
LSB Industries Inc. (a)	4,400		71,148
Minerals Technologies Inc.	4,809		173,220
Myers Industries Inc.	8,045		66,934
Neenah Paper Inc.	3,984		35,099
NewMarket Corp.	2,593		174,587
NL Industries Inc.	1,843		13,601
Olin Corp.	20,108		239,084
Olympic Steel Inc.	2,300		56,281
OM Group Inc. (a)	7,869		228,358
Omnova Solutions Inc. (a)	11,800		38,468
Paramount Gold and Silver Corp. (a)	16,300		24,776
Pegasus Wireless Corp. Warrants (a) (b)	1,190		0
PolyOne Corp. (a)	23,048		62,460
Potlatch Corp.	10,234		248,584
Quaker Chemical Corp.	2,800		37,212
Rock-Tenn Co. Class A	9,818		374,655
Rockwood Holdings Inc. (a)	12,674		185,547
RTI International Metals Inc. (a)	5,879		103,882
Schweitzer-Mauduit International Inc.	3,930		106,935
Sensient Technologies Corp.	12,544		283,118
ShengdaTech Inc. (a)	7,800		29,406

See accompanying notes to financial statements.

47

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Materials (Cont.)
Silgan Holdings Inc.	6,986	$	342,524
Solutia Inc. (a)	24,300		139,968
Spartech Corp.	7,804		71,719
Stepan Co.	1,851		81,740
Stillwater Mining Co. (a)	10,399		59,378
Sutor Technology Group Ltd. (a)	1,900		6,213
Symyx Technologies Inc. (a)	9,069		53,054
Texas Industries Inc.	6,050		189,728
U.S. Concrete Inc. (a)	9,500		18,810
United States Lime & Minerals Inc. (a)	400		16,968
Universal Stainless & Alloy Products Inc. (a)	2,000		32,540
US Gold Corp. (a)	20,500		54,120
Wausau Paper Corp.	11,126		74,767
Westlake Chemical Corp.	5,000		101,950
Worthington Industries Inc.	15,567		199,102
WR Grace & Co. (a)	18,576		229,785
Zep Inc.	5,331		64,239
Zoltek Companies Inc. (a)	7,105		69,061
			7,693,649
Telecommunication Services (1.39%)
AboveNet Inc. (a)	1,600		129,568
Alaska Communications Systems Group Inc.	11,279		82,562
Aruba Networks Inc. (a)	15,100		131,974
Atlantic Tele-Network Inc.	2,400		94,296
BigBand Networks Inc. (a)	9,044		46,758
Cbeyond Inc. (a)	5,900		84,665
Centennial Communications Corp. (a)	21,728		181,646
Cincinnati Bell Inc. (a)	55,085		156,441
Cogent Communications Group Inc. (a)	11,400		92,910
Consolidated Communications Holdings Inc.	6,008		70,354
D&E Communications Inc.	3,900		39,897
FairPoint Communications Inc.	21,440		12,864
FiberNet Telecom Group Inc. (a)	1,700		21,114
General Communication Inc. Class A (a)	10,782		74,719
Global Crossing Ltd. (a)	7,300		67,014
HickoryTech Corp.	3,100		23,808
iBasis Inc. (a)	7,000		9,170
inContact Inc. (a)	6,500		17,810
Iowa Telecommunications Services Inc.	8,397		105,046
iPCS Inc. (a)	4,300		64,328
Neutral Tandem Inc. (a)	8,400		247,968
NTELOS Holdings Corp.	7,700		141,834
PAETEC Holding Corp. (a)	31,326		84,580
Premiere Global Services Inc. (a)	15,540		168,454
Shenandoah Telecommunications Co.	6,038		122,511
SureWest Communications (a)	3,500		36,645
Syniverse Holdings Inc. (a)	17,590		281,968
USA Mobility Inc.	5,949		75,909

	Shares	Value
Common Stocks (Cont.)
Telecommunication Services (Cont.)
Virgin Mobile USA Inc. (a)	9,776	$	39,300
			2,706,113
Utilities (3.56%)
Allete Inc.	6,686		192,223
American States Water Co.	4,678		162,046
Artesian Resources Corp. Class A	1,400		22,302
Avista Corp.	14,006		249,447
Black Hills Corp.	9,889		227,348
Cadiz Inc. (a)	3,500		33,705
California Water Service Group	5,004		184,347
Central Vermont Public Service Corp.	3,200		57,920
CH Energy Group Inc.	4,026		188,014
Chesapeake Utilities Corp.	1,900		61,807
Cleco Corp.	15,484		347,151
Connecticut Water Service Inc.	2,000		43,380
Consolidated Water Co. Ltd.	3,900		61,815
El Paso Electric Co. (a)	11,432		159,591
Empire District Electric Co.	8,730		144,220
Florida Public Utilities Co.	1,400		19,642
Idacorp Inc.	12,055		315,118
Laclede Group Inc.	5,588		185,130
MGE Energy Inc.	5,859		196,569
Middlesex Water Co.	3,800		54,910
New Jersey Resources Corp.	10,810		400,402
Nicor Inc.	11,624		402,423
Northwest Natural Gas Co.	6,973		309,043
NorthWestern Corp.	9,439		214,832
Pennichuck Corp.	1,000		22,800
Piedmont Natural Gas Company Inc.	19,200		462,912
PNM Resources Inc.	22,170		237,441
Portland General Electric Co.	19,300		375,964
SJW Corp.	3,348		76,000
South Jersey Industries Inc.	7,850		273,886
Southwest Gas Corp.	11,424		253,727
Southwest Water Co.	6,615		36,515
U.S. Geothermal Inc. (a)	15,900		22,578
UIL Holdings Corp.	7,458		167,432
Unisource Energy Corp.	9,111		241,806
Unitil Corp.	2,900		59,798
WGL Holdings Inc.	12,900		413,058
York Water Co.	2,700		41,391
			6,918,693
Total Common Stocks
(cost $256,119,858)			192,286,933

See accompanying notes to financial statements.

48

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares or principal amount		Value
Short-term Investments (1.35%)
JPMorgan U.S. Government Money Market Fund		1,953,012	$	1,953,012
U.S. Treasury Bill, (c) 0.280%, 11/19/2009	$	680,000		679,321
Total Short-term Investments
(cost $2,632,268)				2,632,333
TOTAL INVESTMENTS (100.26%)
(cost $258,752,126)				194,919,266
LIABILITIES, NET OF OTHER ASSETS (-0.26%)				(504,695	)
NET ASSETS (100.00%)			$	194,414,571

(a) Non-income producing security.

(b) In accordance with the Trust’s Valuation Procedures, SFIMC determined the fair value for the security considering the facts and circumstances related to the particular security.

(c) At June 30, 2009, this security has been pledged to cover, in whole or in part, initial margin requirements for open future contracts.

See accompanying notes to financial statements.

49

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (98.43%) (a)
Australia (7.16%)
AGL Energy Ltd.	9,311	$	100,759
Alumina Ltd.	43,669		50,194
Amcor Ltd.	18,798		75,587
AMP Ltd.	37,198		145,740
Aristocrat Leisure Ltd.	7,763		23,653
Arrow Energy Ltd. (b)	9,390		26,670
Australia & New Zealand Banking Group Ltd.	43,101		571,194
Australian Stock Exchange	3,607		107,169
AXA Asia Pacific Holdings Ltd.	18,532		57,887
Bendigo and Adelaide Bank Ltd.	4,462		24,931
BHP Billiton Ltd.	66,834		1,830,973
Billabong International Ltd.	2,510		17,641
BlueScope Steel Ltd.	31,288		63,443
Boral Ltd.	12,442		40,593
Brambles Ltd.	28,442		136,171
Caltex Australia Ltd.	2,825		31,373
CFS Retail Property Trust	35,591		47,151
Coca-Cola Amatil Ltd.	11,284		78,202
Cochlear Ltd.	1,111		51,570
Commonwealth Bank of Australia	29,408		921,818
Computershare Ltd.	9,605		69,617
Crown Ltd.	9,361		54,555
CSL Ltd.	12,209		315,678
CSR Ltd.	19,518		26,553
Dexus Property Group	88,479		53,234
Energy Resources of Australia Ltd.	1,061		19,909
Fairfax Media Ltd.	39,734		38,937
Fortescue Metals Group Ltd. (b)	26,454		80,180
Foster’s Group Ltd.	38,123		157,959
Goodman Fielder Ltd.	16,201		16,996
GPT Group	183,756		71,908
Harvey Norman Holdings Ltd.	8,815		23,368
Incitec Pivot Ltd.	36,249		68,985
Insurance Australia Group Ltd.	39,646		111,944
James Hardie Industries NV CDI (b)	6,878		23,208
Leighton Holdings Ltd.	2,966		55,943
Lend Lease Corp. Ltd.	7,171		40,355
Lion Nathan Ltd.	6,271		58,409
Macquarie Airports	9,991		18,574
Macquarie Group Ltd.	5,842		182,893
Macquarie Infrastructure Group	52,701		60,583
Metcash Ltd.	13,508		46,887
Mirvac Group	35,087		30,404
National Australia Bank Ltd.	37,732		679,786
Newcrest Mining Ltd.	9,784		239,133
Nufarm Ltd.	2,154		15,889
Onesteel Ltd.	23,484		48,541
Orica Ltd.	7,234		125,904
Origin Energy Ltd.	17,413		205,027
OZ Minerals Ltd.	57,968		42,497
Paladin Energy Ltd. (b)	9,738		38,286

	Shares	Value
Common Stocks (Cont.)
Australia (Cont.)
Perpetual Ltd.	548	$	12,566
Qantas Airways Ltd.	21,256		34,420
QBE Insurance Group Ltd.	20,051		320,857
Rio Tinto Ltd.	5,669		236,801
Rio Tinto Ltd. - New (b) (c)	2,976		125,179
Santos Ltd.	16,760		196,370
Sims Group Ltd.	2,679		55,784
Sonic Healthcare Ltd.	7,081		70,237
SP Ausnet	18,629		11,551
Stockland	43,894		113,226
Suncorp-Metway Ltd.	26,335		141,590
Tabcorp Holding Ltd.	11,153		64,187
Tatts Group Ltd.	22,000		45,075
Telstra Corp. Ltd.	86,407		235,789
Toll Holdings Ltd.	11,001		55,207
Transurban Group	24,955		83,848
Wesfarmers Ltd.	20,441		372,180
Wesfarmers Ltd. PPS	3,355		63,406
Westfield Group	40,729		372,764
Westpac Banking Corp.	58,139		945,901
Woodside Petroleum Ltd.	9,875		341,142
Woolworths Ltd.	24,321		515,992
WorleyParsons Ltd.	3,279		62,492
			11,901,425
Austria (0.32%)
Erste Group Bank AG	3,455		93,797
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) Class A	1,590		81,113
OMV AG	2,980		112,032
Raiffeisen International Bank Holding AG	1,100		38,400
Telekom Austria AG	6,605		103,405
Vienna Insurance Group	730		31,822
VoestAlpine AG	2,428		66,877
			527,446
Belgium (0.92%)
AB Inbev Strip VVPR (b)	5,968		25
Anheuser-Busch InBev NV	14,181		514,194
Belgacom SA	3,020		96,575
Colruyt SA	299		68,307
Compagnie Nationale a Portefeuille	695		33,636
Delhaize Group	2,025		142,568
Dexia SA (b)	10,397		79,370
Fortis (b)	45,805		156,838
Fortis Rights (b) (c)	45,805		0
Groupe Bruxelles Lambert SA	1,613		118,241
KBC GROEP NV (b)	3,243		59,636
Mobistar SA	710		43,839
Solvay SA	1,176		99,485

See accompanying notes to financial statements.

50

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Belgium (Cont.)
UCB SA	1,993	$	64,002
Umicore	2,263		51,585
			1,528,301
Denmark (0.91%)
A P Moller-Maersk A/S Class A	11		64,467
A P Moller-Maersk A/S Class B	21		125,823
Carlsberg A/S Class B	2,093		134,267
Coloplast A/S Class B	470		32,315
Danske Bank A/S (b)	9,275		160,009
DSV A/S (b)	3,960		49,117
H. Lundbeck A/S	1,046		19,901
Novo Nordisk A/S Class B	8,885		483,924
Novozymes A/S Class B	950		77,286
Topdanmark A/S (b)	313		36,558
Trygvesta A/S	462		27,252
Vestas Wind Systems A/S (b)	3,894		279,452
William DeMant Holding (b)	484		25,064
			1,515,435
Finland (1.27%)
Elisa OYJ	3,147		51,861
Fortum OYJ	8,801		200,602
Kesko OYJ	1,473		39,014
Kone Corp. OYJ Class B	3,143		96,513
Metso OYJ	2,814		52,678
Neste Oil OYJ	2,575		35,833
Nokia OYJ	74,734		1,094,634
Nokian Renkaat OYJ	2,164		40,721
Orion OYJ Class B	1,088		17,064
Outokumpu OYJ	2,766		47,798
Pohjola Bank PLC	1,256		10,063
Rautaruukki OYJ	1,714		34,378
Sampo OYJ A Shares	8,458		159,923
Sanoma OYJ	903		14,003
Stora Enso OYJ R Shares (b)	12,322		65,178
UPM-Kymmene OYJ	10,891		95,044
Wartsila OYJ Class B	1,891		61,058
			2,116,365
France (9.91%)
Accor SA	3,041		121,160
Aeroports de Paris (ADP)	610		44,847
Air France-KLM	2,563		32,871
Air Liquide SA	4,801		440,518
Alcatel-Lucent (b)	48,718		122,171
Alstom SA	4,091		242,909
Atos Origin SA (b)	1,217		41,440
AXA	31,578		597,673

	Shares	Value
Common Stocks (Cont.)
France (Cont.)
bioMerieux	184	$	16,182
BNP Paribas	16,639		1,085,066
Bouygues	4,633		175,210
Bureau Veritas SA	734		36,153
Cap Gemini SA	2,993		110,769
Carrefour SA	12,795		548,710
Casino Guichard Perrachon SA (c)	783		53,029
Christian Dior SA	1,144		85,695
CNP Assurances	909		86,973
Compagnie de Saint-Gobain	7,516		252,895
Compagnie General des Etablissements Michelin Class B	3,010		172,387
Compagnie Generale de Geophysique-Veritas (b)	2,735		49,511
Credit Agricole SA	17,477		219,130
Dassault Systemes SA	1,100		48,714
Eiffage SA	601		35,122
Electricite de France	4,540		221,679
Eramet (b)	91		23,903
Essilor International SA	4,202		200,943
Eurazeo	424		17,658
European Aeronautic Defence and Space Co.	7,524		122,193
Eutelsat Communications	1,300		33,648
Fonciere des Regions	286		21,565
France Telecom SA	36,694		834,918
GDF Suez	24,210		906,233
GDF Suez Strip VVPR (b) (c)	1,554		0
Gecina SA	218		13,525
Groupe DANONE	10,448		518,060
Hermes International SCA	1,101		153,290
ICADE	236		19,418
Iliad SA	232		22,562
Imerys SA	518		21,770
Ipsen SA	336		14,721
JC Decaux SA (b)	984		15,638
Klepierre	2,155		55,846
L’Oreal SA	4,862		364,958
Lafarge SA	2,944		200,302
Lafarge SA - New (b)	1,152		75,423
Lagardere SCA	2,489		82,981
Legrand SA	1,449		31,708
LVMH Moet Hennessy Louis Vuitton SA	4,693		359,922
M6 Metropole Television	898		17,031
Natixis (b)	18,102		35,232
Neopost SA	557		50,156
PagesJaunes Groupe	2,005		19,547
Pernod Ricard SA	3,848		243,283
Peugeot SA (b)	3,170		83,685
PPR SA	1,629		133,540
Publicis Groupe SA	2,607		79,812

See accompanying notes to financial statements.

51

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
France (Cont.)
Renault SA (b)	3,834	$	141,652
Safran SA	3,014		39,920
Sanofi-Aventis	21,032		1,242,770
Schneider Electric SA	4,339		332,097
SCOR SE	2,670		54,859
SES FDR	5,395		103,163
Societe BIC SA	441		25,393
Societe des Autoroutes Paris-Rhin-Rhone	339		23,140
Societe Generale	9,653		529,858
Societe Television Francaise 1	2,490		28,067
Sodexo	1,737		89,434
STMicroelectronics NV	14,125		106,480
Suez Environnement SA	5,452		95,542
Technip SA	2,147		105,869
Thales SA	1,824		81,886
Total SA	42,492		2,303,083
Unibail-Rodamco	1,671		249,837
Vallourec SA	1,145		139,950
Veolia Environnement	7,629		225,563
Vinci SA	8,434		380,576
Vivendi	23,711		569,154
			16,482,578
Germany (7.34%)
Adidas AG	4,020		153,191
Allianz SE Reg.	9,062		835,898
BASF SE	18,393		732,806
Bayer AG	15,292		821,791
Bayerische Motoren Werke (BMW) AG	6,611		249,730
Beiersdorf AG	1,865		87,853
Celesio AG	1,639		37,650
Commerzbank AG (b)	13,255		82,627
Daimler AG Registered Shares	17,574		638,209
Deutsche Bank AG Reg.	11,100		674,775
Deutsche Boerse AG	3,869		301,103
Deutsche Lufthansa AG Reg.	4,688		58,875
Deutsche Post AG	16,772		218,991
Deutsche Postbank AG (b)	1,511		38,510
Deutsche Telekom AG	55,709		658,619
E.On AG	37,925		1,346,252
Fraport AG	574		24,612
Fresenius Medical Care AG & Co. KGaA	3,943		177,183
Fresenius SE	426		19,934
GEA Group AG	3,615		54,895
Hamburger Hafen und Logistik AG	379		14,643
Hannover Rueckversicherung AG Reg. (b)	1,012		37,411
Henkel AG & Co. KGaA	2,751		74,211
Hochtief AG	978		49,387
K+S Group AG	2,968		167,413

	Shares	Value
Common Stocks (Cont.)
Germany (Cont.)
Linde AG	2,930	$	240,707
MAN AG	2,090		128,596
Merck KGaA	1,295		131,773
Metro AG	2,506		119,731
Muenchener Rueckversicherungs Gesellschaft AG Reg.	3,999		540,284
Puma AG	98		21,463
RWE AG	8,391		661,707
Salzgitter AG	880		77,563
SAP AG	17,014		685,973
Siemens AG	16,342		1,130,085
Solarworld AG	1,407		33,298
Suedzucker AG	1,018		20,633
ThyssenKrupp AG	7,118		177,327
TUI AG (b)	3,470		25,620
United Internet AG Reg. (b)	2,003		23,530
Volkswagen AG	1,775		601,340
Wacker Chemie AG	273		31,526
			12,207,725
Greece (0.58%)
Alpha Bank AE (b)	7,784		85,219
Bank of Cyprus Public Company Ltd.	10,260		57,963
Coca-Cola Hellenic Bottling Co. SA	3,315		68,325
EFG Eurobank Ergasias (b)	6,773		71,242
Hellenic Petroleum SA	2,223		21,494
Hellenic Telecommunications Organization SA	4,860		74,320
Marfin Investment Group SA (b)	12,670		54,372
National Bank of Greece SA (b)	10,052		278,854
OPAP SA	4,510		120,259
Piraeus Bank SA (b)	6,679		66,496
Public Power Corp. SA (b)	1,930		39,823
Titan Cement Co. SA	1,264		33,356
			971,723
Hong Kong (2.40%)
ASM Pacific Technology	4,000		20,455
Bank of East Asia Ltd.	31,983		96,927
BOC Hong Kong Holdings Ltd.	74,500		129,623
Cathay Pacific Airways Ltd.	26,000		35,668
Cheung Kong Holdings Ltd.	28,000		320,155
Cheung Kong Infrastructure Holdings Ltd.	7,000		24,522
Chinese Estates Holdings Ltd.	12,000		21,922
CLP Holdings Ltd.	41,185		272,899
Esprit Holdings Ltd.	22,500		125,006
Foxconn International Holdings Ltd. (b)	42,000		27,307
Hang Lung Group Ltd.	16,000		74,870
Hang Lung Properties Ltd.	43,000		141,600
Hang Seng Bank Ltd.	14,800		207,143
Henderson Land Development Co. Ltd.	21,881		124,858

See accompanying notes to financial statements.

52

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Hong Kong (Cont.)
Hong Kong & China Gas Co. Ltd.	81,992	$	172,116
Hong Kong Aircraft Engineering Co. Ltd.	1,200		13,944
Hong Kong Exchanges & Clearing Ltd.	20,000		309,130
Hongkong Electric Holdings Ltd.	26,500		147,211
Hopewell Holdings	12,000		37,470
Hutchison Whampoa Ltd.	41,700		271,264
Hysan Development Co. Ltd.	12,577		32,205
Kerry Properties Ltd.	13,134		57,212
Li & Fung Ltd.	44,620		119,137
Lifestyle International Holdings Ltd.	13,000		17,972
Link REIT	44,000		93,514
Mongolia Energy Corporation Ltd. (b)	40,000		14,638
MTR Corp.	27,603		82,461
New World Development Co. Ltd.	47,978		86,362
NWS Holdings Ltd.	16,000		28,810
Orient Overseas International Ltd.	4,400		18,671
PCCW Ltd.	68,000		17,707
Shangri-La Asia Ltd.	26,108		38,561
Sino Land Co. Ltd.	34,634		57,016
Sun Hung Kai Properties Ltd.	28,000		347,698
Swire Pacific Ltd. Class A	16,000		160,607
Television Broadcasts Ltd.	6,000		24,030
Wharf Holdings Ltd.	27,000		113,839
Wheelock and Co. Ltd.	18,000		46,260
Wing Hang Bank Ltd.	3,000		26,187
Yue Yuen Industrial Holdings Ltd.	12,000		28,229
			3,985,206
Ireland (0.28%)
Anglo Irish Bank Corp. PLC (b) (c)	15,614		4,753
CRH PLC	13,106		301,230
Elan Corp. PLC (b)	9,533		62,595
Kerry Group PLC Class A	2,787		63,524
Ryanair Holdings PLC (b)	7,328		33,871
			465,973
Italy (3.51%)
A2A SpA	24,526		44,822
ACEA SpA	1,690		20,637
Alleanza Assicurazioni SpA	8,882		61,041
Assicurazioni Generali SpA	20,996		437,283
Atlantia SpA	5,470		110,793
Autogrill SpA	1,491		12,599
Banca Carige SpA	13,189		36,233
Banca Monte Dei Paschi di Siena SpA	49,329		79,731
Banca Popolare di Milano Scarl	7,817		46,644
Banco Popolare Societa Cooperativa (b)	13,174		98,516
Enel SpA	128,255		626,129
Eni SpA	51,673		1,225,528
EXOR SpA	1,687		24,281
Fiat SpA (b)	14,491		146,118
Finmeccanica SpA	8,141		114,804

	Shares	Value
Common Stocks (Cont.)
Italy (Cont.)
Fondiaria Sai SpA	1,245	$	20,097
Intesa Sanpaolo (b)	152,084		491,460
Intesa Sanpaolo RNC (b)	18,229		45,068
Italcementi SpA	1,048		11,999
Lottomatica SpA	1,186		22,901
Luxottica Group SpA (b)	2,442		50,801
Mediaset SpA	15,104		84,798
Mediobanca SpA	8,954		106,699
Mediolanum SpA	3,393		18,126
Parmalat SpA	33,164		80,101
Pirelli & Co. SpA (b)	53,335		18,700
Prysmian SpA	2,505		37,757
Saipem SpA	5,072		123,917
Saras SPA (b)	5,976		17,062
Snam Rete Gas SpA	29,795		130,882
Telecom Italia RNC SpA	121,317		119,510
Telecom Italia SpA	199,111		276,063
Tenaris SA	9,333		127,320
Terna - Rete Elettrica Nationale SpA	24,998		83,371
UBI Banca - Unione di Banche Italiane ScpA (b)	12,424		959
UBI Banca - Unione di Banche Italiane ScpA Rights (b) (c)	11,420		780
UniCredito SpA (Milan) (b)	284,984		720,806
Unione di Banche Italiane Scpa	11,420		148,816
Unipol Gruppo Finanziario SpA (b)	11,637		13,652
			5,836,804
Japan (23.78%)
77 Bank Ltd.	5,000		29,111
ABC-Mart Inc.	400		10,268
Acom Co. Ltd.	860		21,433
Advantest Corp.	3,300		60,094
Aeon Co. Ltd.	13,300		131,231
Aeon Credit Service Co. Ltd.	1,200		15,700
Aeon Mall Co. Ltd.	1,400		26,569
Aioi Insurance Co. Ltd.	8,000		36,463
Aisin Seiki Co. Ltd.	3,900		84,253
Ajinomoto Co. Inc.	13,000		102,838
Alfresa Holdings Corp.	500		23,099
All Nippon Airways Co. Ltd.	12,000		41,929
Amada Co. Ltd.	8,000		49,578
Aozora Bank Ltd. (b)	12,000		18,526
Asahi Breweries Ltd.	7,400		106,040
Asahi Glass Co. Ltd.	19,000		152,190
Asahi Kasei Corp.	23,000		116,696
ASICS Corp.	3,000		27,363
Astellas Pharma Inc.	9,298		328,332
Bank of Kyoto Ltd.	6,000		55,613
Bank of Yokohama Ltd.	25,000		133,815
Benesse Corp.	1,500		60,147
Bridgestone Corp.	12,100		189,540

See accompanying notes to financial statements.

53

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Brother Industries Ltd.	5,000	$	44,225
Canon Inc.	21,300		695,743
Canon Marketing Japan Inc.	1,000		13,980
Casio Computer Co. Ltd.	4,800		42,993
Central Japan Railway Co.	31		190,572
Chiba Bank Ltd.	16,000		104,422
Chubu Electric Power Co. Inc.	13,300		307,147
Chugai Pharmaceutical Co. Ltd.	4,300		81,824
Chugoku Bank Ltd.	3,000		41,593
Chugoku Electric Power Co. Inc.	5,400		112,747
Chuo Mitsui Trust Holdings Inc.	20,000		76,206
Citizen Holdings Co. Ltd.	6,300		32,262
Coca-Cola West Co. Ltd.	1,000		19,126
Cosmo Oil Co. Ltd.	13,000		44,013
Credit Saison Co. Ltd.	3,500		44,396
Dai Nippon Printing Co. Ltd.	12,000		164,302
Daicel Chemical Industries Ltd.	4,000		24,241
Daido Steel Co. Ltd.	5,000		20,442
Daihatsu Motor Co. Ltd.	4,000		37,181
Daiichi Sanyko Co. Ltd.	13,540		241,682
Daikin Industries Ltd.	4,800		154,481
Dainippon Sumitomo Pharma Co. Ltd.	3,000		26,176
Daito Trust Construction Co. Ltd.	1,700		80,159
Daiwa House Industry Co. Ltd.	10,000		107,530
Daiwa Securities Group Inc.	26,000		154,497
DeNA Co. Ltd.	5		16,694
Denki Kagaku Kogyo KK	7,000		19,441
Denso Corp.	9,500		243,510
Dentsu Inc.	3,516		73,782
DIC Corp.	12,000		18,746
Dowa Holdings Co. Ltd.	5,000		20,754
East Japan Railway Co.	6,813		410,183
Eisai Co. Ltd.	5,000		177,526
Electric Power Development Co. Ltd.	2,700		76,610
Elpida Memory Inc. (b)	1,900		20,462
Familymart Co. Ltd.	1,300		40,849
Fanuc Ltd.	3,800		304,518
Fast Retailing Co. Ltd.	900		117,292
Fuji Electric Holdings Co. Ltd.	10,000		16,512
Fuji Heavy Industries Ltd.	11,000		44,441
Fuji Media Holdings Inc.	8		12,039
FUJIFILM Holdings Corp.	9,900		315,065
Fujitsu Ltd.	37,000		200,993
Fukuoka Financial Group Inc.	16,000		71,555
Furukawa Electric Co. Ltd.	13,000		58,483
GS Yuasa Corp.	6,000		52,650
Gunma Bank Ltd.	7,000		38,915
Hakuhodo DY Holdings Inc.	400		21,563
Hankyu Hanshin Holdings Inc.	24,000		112,357
Hikari Tsushin Inc.	400		9,018
Hino Motors Ltd.	4,000		12,453
Hirose Electric Co. Ltd.	600		64,012
Hisamitsu Pharmaceutical Co. Inc.	1,200		37,282

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Hitachi Chemical Co. Ltd.	1,600	$	25,761
Hitachi Construction Machinery Co. Ltd.	2,200		35,753
Hitachi High-Technologies Corp.	1,000		16,990
Hitachi Ltd.	67,000		208,505
Hitachi Metals Ltd.	3,000		25,536
Hokkaido Electric Power Co. Inc.	3,800		71,150
Hokuhoku Financial Group Inc.	23,000		57,652
Hokuriku Electric Power Co.	3,400		77,762
Honda Motor Co. Ltd.	32,900		905,107
Hoya Corp.	8,000		160,255
Ibiden Co. Ltd.	2,700		75,708
Idemitsu Kosan Co. Ltd.	400		34,269
IHI Corp. (b)	28,000		48,367
INPEX Corp.	16		127,571
Isetan Mitsukoshi Holdings Ltd.	6,340		64,506
Isuzu Motors Ltd.	26,000		41,712
Ito En Ltd.	800		11,377
Itochu Corp.	30,000		208,176
Itochu Techno-Solutions Corp.	400		11,887
Iyo Bank Ltd.	5,000		50,965
J. Front Retailing Co. Ltd.	9,600		45,807
JAFCO Co. Ltd.	500		16,790
Japan Airlines Corp. (b)	15,000		28,944
Japan Petroleum Exploration Co.	500		27,675
Japan Prime Realty Investment Corp.	10		21,572
Japan Real Estate Investment Corp.	9		74,654
Japan Retail Fund Investment Corp.	6		27,680
Japan Steel Works Ltd.	7,000		86,268
Japan Tobacco Inc.	91		284,451
JFE Holdings Inc.	10,000		335,973
JGC Corp.	4,000		64,384
Joyo Bank Ltd.	14,000		71,432
JS Group Corp.	5,300		81,796
JSR Corp.	4,100		70,227
JTEKT Corp.	4,000		40,425
Jupiter Telecommunications Co. Ltd.	54		40,961
Kajima Corp.	19,000		59,147
Kamigumi Co. Ltd.	4,000		33,806
Kaneka Corp.	6,000		42,634
Kansai Electric Power Co. Inc.	15,300		337,495
Kansai Paint Co. Ltd.	3,000		21,495
Kao Corp.	11,000		239,364
Kawasaki Heavy Industries Ltd.	28,000		77,128
Kawasaki Kisen Kaisha Ltd.	13,000		53,327
KDDI Corp.	59		313,057
Keihin Electric Express Railway Co. Ltd.	8,000		62,034
Keio Corp.	11,000		63,895
Keisei Electric Railway Co. Ltd.	4,000		23,848
Keyence Corp.	870		177,244
Kikkoman Corp.	3,000		30,043
Kinden Corp.	2,000		17,575
Kintetsu Corp.	32,000		141,054
Kirin Holdings Co. Ltd.	16,000		223,225

See accompanying notes to financial statements.

54

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Kobe Steel Ltd.	56,000	$	104,295
Komatsu Ltd.	18,600		287,176
Konami Corp.	2,000		38,297
Konica Minolta Holdings Inc.	9,500		99,260
Kubota Corp.	22,000		181,169
Kuraray Co. Ltd.	6,500		72,057
Kurita Water Industries Ltd.	2,200		71,050
Kyocera Corp.	3,100		232,730
Kyowa Hakko Kirin Co. Ltd.	5,000		56,410
Kyushu Electric Power Co. Ltd.	7,300		157,107
Lawson Inc.	1,300		57,221
Leopalace21 Corp.	2,700		24,127
Mabuchi Motor Co. Ltd.	400		19,298
Makita Corp.	2,400		58,076
Marubeni Corp.	32,000		141,529
Marui Group Co. Ltd.	5,100		35,700
Maruichi Steel Tube Ltd.	600		11,316
Matsui Securities Co. Ltd.	1,900		17,229
Mazda Motor Corp.	18,000		46,035
McDonald’s Holdings Co. (Japan) Ltd.	1,100		20,426
Mediceo Paltac Holdings Co. Ltd.	2,900		33,110
MEIJI Holdings Company Ltd. (b)	1,468		59,125
Minebea Co. Ltd.	7,000		29,790
Mitsubishi Chemical Holdings Corp.	24,500		103,629
Mitsubishi Corp.	27,200		501,927
Mitsubishi Electric Corp.	38,000		240,165
Mitsubishi Estate Co. Ltd.	24,000		398,440
Mitsubishi Gas Chemical Co. Inc.	8,000		43,619
Mitsubishi Heavy Industries Ltd.	63,000		260,714
Mitsubishi Logistics Corp.	2,000		22,096
Mitsubishi Materials Corp.	25,000		77,834
Mitsubishi Motors Corp. (b)	71,000		133,064
Mitsubishi Rayon Co. Ltd.	11,000		31,965
Mitsubishi Tanabe Pharma Corp.	4,000		45,955
Mitsubishi UFJ Financial Group Inc.	185,300		1,144,190
Mitsubishi UFJ Lease & Finance Co. Ltd.	1,450		47,269
Mitsui & Co. Ltd.	34,000		402,889
Mitsui Chemicals Inc.	13,000		41,441
Mitsui Engineering & Shipbuilding Co. Ltd.	16,000		37,583
Mitsui Fudosan Co. Ltd.	17,000		294,851
Mitsui Mining & Smelting Co. Ltd. (b)	13,000		33,563
Mitsui OSK Lines Ltd.	23,000		148,634
Mitsui Sumitomo Insurance Group Holdings Inc.	8,500		222,367
Mitsumi Electric Co. Ltd.	1,400		29,906
Mizuho Financial Group Inc.	190,222		441,950
Mizuho Trust & Banking Co. Ltd. (b)	28,000		36,199
Murata Manufacturing Co. Ltd.	4,200		179,253
Namco Bandai Holdings Inc.	4,000		43,871
NEC Corp. (b)	37,000		144,728
NGK Insulators Ltd.	5,000		101,909

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
NGK Spark Plug Co. Ltd.	4,000	$	38,185
NHK Spring Co. Ltd.	2,000		13,404
Nidec Corp.	2,100		127,826
Nikon Corp.	6,000		103,803
Nintendo Co. Ltd.	2,000		553,510
Nippon Building Fund Inc.	10		85,480
Nippon Electric Glass Co. Ltd.	7,500		83,846
Nippon Express Co. Ltd.	17,000		77,175
Nippon Meat Packers Inc.	4,000		50,362
Nippon Mining Holdings Inc.	18,500		95,599
Nippon Oil Corp.	26,000		153,101
Nippon Paper Group Inc.	1,700		43,978
Nippon Sheet Glass Co. Ltd.	11,000		32,053
Nippon Steel Corp.	101,000		386,670
Nippon Telegraph & Telephone Corp.	10,313		420,001
Nippon Yusen Kabushiki Kaish	21,000		90,430
NIPPONKOA Insurance Co. Ltd.	14,000		81,450
Nishi-Nippon City Bank Ltd.	12,000		30,316
Nissan Chemical Industries Ltd.	3,000		33,724
Nissan Motor Co. Ltd.	50,000		303,445
Nissay Dowa General Insurance Company Ltd.	3,000		14,492
Nisshin Seifun Group Inc.	4,300		51,089
Nisshin Steel Co. Ltd.	15,000		33,483
Nisshinbo Industries Inc.	3,000		33,843
Nissin Foods Holdings Co. Ltd.	1,700		51,405
Nitori Co. Ltd.	750		53,112
Nitto Denko Corp.	3,500		106,710
NOK Corp.	1,600		18,591
Nomura Holdings Inc.	50,100		422,886
Nomura Real Estate Holdings Inc.	1,800		30,982
Nomura Real Estate Office Fund Inc.	4		25,430
Nomura Research Institute Ltd.	2,500		55,418
NSK Ltd.	10,000		50,622
NTN Corp.	8,000		32,043
NTT Data Corp.	25		80,698
NTT DoCoMo Inc.	314		459,268
NTT Urban Development Corp.	29		27,955
Obayashi Corp.	13,000		63,636
OBIC Co. Ltd.	100		16,205
Odakyu Electric Railway Co. Ltd.	13,000		111,139
Oji Paper Co. Ltd.	18,000		77,337
Olympus Corp.	5,000		117,747
Omron Corp.	3,700		53,606
Ono Pharmaceutical Co. Ltd.	1,800		79,847
Onward Holdings Co. Ltd.	2,000		12,852
Oracle Corp. Japan	700		25,671
Oriental Land Co. Ltd.	1,000		67,049
Orix Corp.	1,890		112,493
Osaka Gas Co. Ltd.	38,000		121,125
OSAKA Titanium technologies Co.	200		7,328
OTSUKA Corp.	200		10,681

See accompanying notes to financial statements.

55

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Panasonic Corp.	39,000	$	525,431
Panasonic Electric Works Co. Ltd.	7,400		69,942
Promise Co. Ltd.	1,350		17,225
Rakuten Inc.	145		87,374
Resona Holdings Inc.	10,195		142,907
Ricoh Co. Ltd.	13,000		167,468
RINNAI Corp.	700		30,938
Rohm Co. Ltd.	2,000		145,876
Sankyo Co. Ltd.	1,000		53,343
Santen Pharmaceutical Co. Ltd.	1,400		42,650
Sanyo Electric Co. Ltd. (b)	30,000		77,698
Sapporo Hokuyo Holdings Inc. (b)	5,000		14,341
Sapporo Holdings Ltd.	5,000		28,598
SBI Holdings Inc.	295		59,909
Secom Co. Ltd.	4,200		170,460
Sega Sammy Holdings Inc.	4,426		56,097
Seiko Epson Corp.	2,300		37,535
Sekisui Chemical Co. Ltd.	9,000		56,415
Sekisui House Ltd.	10,000		101,280
Seven & I Holdings Co. Ltd.	15,580		365,391
Seven Bank Ltd.	7		18,357
Sharp Corp.	20,000		207,485
Shikoku Electric Power Co. Inc.	3,700		110,351
Shimadzu Corp.	5,000		39,952
Shimamura Co. Ltd.	500		39,812
Shimano Inc.	1,200		46,105
Shimizu Corp.	10,000		43,404
Shin-Etsu Chemical Co. Ltd.	8,100		375,669
Shinko Electric Industries Co. Ltd.	700		8,650
Shinko Securities Co. Ltd.	10,000		31,295
Shinsei Bank Ltd. (b)	21,000		33,528
Shionogi & Co. Ltd.	6,000		115,926
Shiseido Co. Ltd.	7,000		114,518
Shizuoka Bank Ltd.	12,000		118,761
Showa Denko K.K.	26,000		46,372
Showa Shell Sekiyu K.K.	3,400		35,976
SMC Corp.	1,100		118,112
Softbank Corp.	14,500		282,474
Sojitz Corp.	22,200		48,685
Sompo Japan Insurance Inc.	18,000		119,946
Sony Corp.	20,100		524,389
Sony Financial Holdings Inc.	15		41,357
Square Enix Holdings Co. Ltd.	1,200		28,183
Stanley Electric Co. Ltd.	3,200		64,889
SUMCO Corp.	2,300		32,676
Sumitomo Chemical Co. Ltd.	32,000		143,909
Sumitomo Corp.	22,200		225,656
Sumitomo Electric Industries Ltd.	14,400		161,450
Sumitomo Heavy Industries Ltd.	12,000		53,383
Sumitomo Metal Industries Ltd.	68,000		180,763
Sumitomo Metal Mining Co. Ltd.	10,000		140,479
Sumitomo Mitsui Financial Group Inc.	18,412		745,047

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Sumitomo Realty & Development Co. Ltd.	7,000	$	127,811
Sumitomo Rubber Industries Ltd.	3,000		24,118
Sumitomo Trust & Banking Co. Ltd.	30,000		160,976
Suruga Bank Ltd.	4,000		38,270
Suzuken Co. Ltd.	1,180		34,185
Suzuki Motor Corp.	6,500		145,748
T&D Holdings Inc.	4,450		127,141
Taiheiyo Cement Corp.	17,000		29,132
Taisei Corp.	18,000		43,390
Taisho Pharmaceutical Co. Ltd.	3,000		56,779
Taiyo Nippon Sanso Corp.	5,000		47,793
Takashimaya Co. Ltd.	7,000		55,099
Takeda Pharmaceutical Co. Ltd.	15,000		583,199
TDK Corp.	2,400		112,666
Teijin Ltd.	18,000		57,857
Terumo Corp.	3,400		149,896
The Hachijuni Bank Ltd.	7,549		42,653
The Hiroshima Bank Ltd.	9,000		37,513
THK Co. Ltd.	2,200		32,796
Tobu Railway Co. Ltd.	17,000		99,786
Toho Co. Ltd.	2,200		35,786
Toho Gas Co. Ltd.	9,000		36,551
Tohoku Electric Power Co. Inc.	8,500		177,558
Tokio Marine Holdings Inc.	14,500		398,121
Tokuyama Corp.	5,000		36,702
Tokyo Broadcasting System Inc.	700		11,000
Tokyo Electric Power Co. Inc.	24,300		624,785
Tokyo Electron Ltd.	3,500		168,910
Tokyo Gas Co. Ltd.	45,000		160,760
Tokyo Steel Manufacturing Co. Ltd.	1,500		18,258
Tokyo Tatemono Co. Ltd.	6,000		33,413
Tokyu Corp.	23,000		116,026
Tokyu Land Corp.	9,000		40,889
TonenGeneral Sekiyu KK	5,000		50,890
Toppan Printing Co. Ltd.	11,000		110,825
Toray Industries Inc.	26,000		132,344
Toshiba Corp.	78,000		282,590
Tosoh Corp.	11,000		31,115
Toto Ltd.	6,000		41,872
Toyo Seikan Kaisha Ltd.	3,100		65,588
Toyo Suisan Kaisha Ltd.	2,000		41,207
Toyoda Gosei Co. Ltd.	1,200		32,401
Toyota Boshoku Corp.	1,000		14,907
Toyota Industries Corp.	3,700		91,965
Toyota Motor Corp.	54,900		2,076,173
Toyota Tsusho Corp.	4,500		66,648
Trend Micro Inc.	2,000		63,863
Tsumura & Co.	1,100		34,326
UBE Industries Ltd.	21,000		58,603
Unicharm Corp.	800		61,116
UNY Co. Ltd.	3,000		25,633
Ushio Inc.	2,000		31,904

See accompanying notes to financial statements.

56

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
USS Co. Ltd.	350	$	18,028
West Japan Railway Co.	34		112,439
Yahoo! Japan Corp.	320		101,774
Yakult Honsha Co. Ltd.	2,000		38,206
Yamada Denki Co. Ltd.	1,860		108,212
Yamaguchi Financial Group Inc.	4,000		52,755
Yamaha Corp.	3,700		46,116
Yamaha Motor Co. Ltd.	3,900		43,324
Yamato Holdings Co. Ltd.	8,000		106,367
Yamato Kogyo Co. Ltd.	800		23,552
Yamazaki Baking Co. Ltd.	2,000		22,593
Yaskawa Electric Corp.	5,000		33,203
Yokogawa Electric Corp.	3,900		26,282
			39,537,362
Netherlands (2.65%)
Aegon NV	27,992		173,299
Akzo Nobel NV	4,734		209,257
ArcelorMittal	17,182		568,603
ASML Holding NV - NY Reg.	8,669		187,900
Corio NV	822		40,089
Fugro NV	1,251		52,098
Heineken Holding NV	1,990		63,582
Heineken NV	4,767		177,658
ING Groep NV	39,392		399,081
Koninklijke Ahold NV	22,834		263,241
Koninklijke Boskalis Westminster NV CVA	917		20,874
Koninklijke DSM NV	2,896		91,069
Koninklijke KPN NV	33,806		466,444
Koninklijke Philips Electronics NV	19,339		357,055
QIAGEN NV (b)	3,350		62,212
Randstad Holding NV (b)	1,897		52,718
Reed Elsevier NV	12,702		140,449
SBM Offshore NV	2,691		46,209
TNT NV	7,148		139,714
Unilever NV CVA	32,655		789,794
Wolters Kluwer - CVA	5,640		98,942
			4,400,288
New Zealand (0.10%)
Auckland International Airport Ltd.	19,700		20,447
Contact Energy Ltd.	4,623		17,422
Fletcher Building Ltd.	12,031		51,037
Sky City Entertainment Group Ltd.	9,546		16,490
Telecom Corp. of New Zealand Ltd.	38,890		68,266
			173,662
Norway (0.66%)
DnB NOR ASA (b)	15,228		116,357
Norsk Hydro ASA (b)	14,300		73,682
Orkla ASA	15,930		115,835

	Shares	Value
Common Stocks (Cont.)
Norway (Cont.)
Renewable Energy Corp. AS (b)	3,150	$	24,596
Renewable Energy Corp. AS Rights (b) (c)	1,086		3,885
SeaDrill Ltd.	5,850		84,249
StatoilHydro ASA	22,320		440,891
Telenor ASA (b)	17,065		131,688
Yara International ASA	3,924		110,473
			1,101,656
Portugal (0.32%)
Banco Comercial Portugues SA - R	48,650		49,535
Banco Espirito Santo SA Reg.	10,333		55,721
Brisa	3,802		27,330
CIMPOR-Cimentos de Portugal SGPS SA	5,280		38,571
EDP Renovaveis SA (b)	4,124		42,308
Energias de Portugal SA	35,026		137,591
Galp Energia SGPS SA B Shares	3,096		43,641
Jeronimo Martins SGPS SA	4,129		28,164
Portugal Telecom SGPS SA	11,569		113,481
			536,342
Singapore (1.34%)
Ascendas Real Estate Investment Trust	21,000		22,895
Capitaland Ltd.	54,000		137,298
Capitamall Trust	57,000		54,821
City Developments Ltd.	10,000		58,930
Comfortdelgro Corp. Ltd.	43,000		37,880
Cosco Corp. Singapore Ltd.	22,000		18,842
DBS Group Holdings Ltd.	34,333		278,343
Fraser and Neave Ltd.	18,894		50,624
Genting International PLC (b)	70,000		32,769
Golden Agri-Resources Ltd.	107,120		27,920
Golden Agri-Resources Ltd. Rights (b) (c)	18,210		2,515
Jardine Cycle & Carriage Ltd.	2,863		37,789
Keppel Corp. Ltd.	26,000		123,243
Neptune Orient Lines Ltd.	8,000		8,121
Neptune Orient Lines Ltd. Rights (b) (c)	6,000		725
Noble Group Ltd.	28,400		35,397
Olam International Ltd.	21,798		36,350
Oversea-Chinese Banking Corp.	51,284		235,455
Sembcorp Industries Ltd.	18,220		37,782
Sembcorp Marine Ltd.	21,800		40,182
Singapore Airlines Ltd.	10,267		93,996
Singapore Exchange Ltd.	17,000		82,784
Singapore Press Holdings Ltd.	30,000		65,283
Singapore Technologies Engineering Ltd.	30,000		50,550
Singapore Telecommunications Ltd.	160,450		331,032
StarHub Ltd.	9,000		13,269
United Overseas Bank Ltd.	24,392		246,135
UOL Group Ltd.	5,639		12,795

See accompanying notes to financial statements.

57

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Singapore (Cont.)
Wilmar International Ltd.	16,000	$	55,186
			2,228,911
Spain (4.45%)
Abertis Infraestructuras SA	5,793		109,398
Acciona SA	520		64,212
Acerinox SA	3,080		57,219
ACS Actividades de Construccion y Servicios SA	2,847		144,521
Banco Bilbao Vizcaya Argentaria SA	70,514		887,874
Banco de Sabadell SA	18,608		116,384
Banco de Valencia SA	4,078		39,650
Banco Popular Espanol SA	15,675		137,154
Banco Santander SA (Madrid)	161,707		1,954,734
Bankinter SA	6,077		72,094
Cintra Concesiones de Infraestructuras de Transporte SA	4,197		26,148
Criteria Caixacorp SA	17,157		79,519
Enagas	3,281		64,749
Fomento de Construcciones y Contratas SA	821		33,781
Gamesa Corp Tecnologica SA	3,697		70,484
Gas Natural SDG SA	4,496		82,105
Gestevision Telecinco SA	2,014		18,861
Grifols SA	2,522		44,737
Grupo Ferrovial SA	1,278		41,193
Iberdrola Renovables (b)	15,620		71,610
Iberdrola SA	69,527		566,962
Iberia Lineas Aereas de Espana SA (b)	8,355		17,772
Inditex SA	4,226		203,384
Indra Sistemas SA	2,042		44,319
Mapfre SA	14,396		47,034
Red Electrica Corporacion SA	2,126		96,371
Repsol YPF SA	14,275		319,543
Sacyr Vallehermoso SA	1,823		25,358
Telefonica SA	83,966		1,906,828
Zardoya Otis SA	2,354		49,283
Zardoya Otis SA Rights (b)	14		14
Zardoya Otis SA-New (b) (c)	117		2,442
			7,395,737
Sweden (2.37%)
Alfa Laval AB	7,008		67,162
ASSA ABLOY AB Class B	6,742		94,272
Atlas Copco AB Class A	13,012		131,020
Atlas Copco AB Class B	6,442		58,524
Electrolux AB Series B (b)	5,534		77,419
Ericsson LM Class B	59,564		586,791
Getinge AB Class B	4,151		54,495
Hennes & Mauritz AB (H&M) B Shares	10,448		521,714
Holmen AB Class B	380		8,321
Husqvarna AB Class B (b)	8,301		45,313

	Shares	Value
Common Stocks (Cont.)
Sweden (Cont.)
Investor AB B Shares	9,226	$	142,657
Lundin Petroleum AB (b)	3,010		23,403
Millicom International Cellular SA (b)	1,300		73,333
Nordea Bank AB	64,380		511,652
Sandvik AB	20,614		153,642
Scania AB Class B	6,576		65,429
Securitas AB Class B	6,632		56,477
Skandinaviska Enskilda Banken AB Class A (b)	31,433		139,023
Skanska AB Class B	8,198		91,979
SKF AB B Shares	7,379		91,203
SSAB Svenskt Stal AB Series A	4,187		48,902
SSAB Svenskt Stal AB Series B	2,051		22,145
Svenska Cellulosa AB B Shares	11,099		116,855
Svenska Handelsbanken AB A Shares	9,103		172,622
Swedbank AB - A Shares (b)	5,400		31,569
Swedish Match AB	5,242		85,397
Tele2 AB Class B	6,180		62,589
TeliaSonera AB	43,014		226,391
Volvo AB A Shares	6,300		38,932
Volvo AB B Shares	22,350		138,426
			3,937,657
Switzerland (7.36%)
ABB Ltd. Reg. (b)	44,064		695,800
Actelion Ltd. Reg. (b)	1,720		90,152
Adecco SA Reg.	2,572		107,502
Aryzta AG (Dublin) (b)	692		22,173
Aryzta AG (Swiss) (b)	739		23,836
Baloise Holding AG Reg.	1,017		75,628
BKW FMB Energie AG	259		19,071
Compagnie Financiere Richemont SA Class A	10,357		215,926
Credit Suisse Group AG Reg.	22,484		1,030,127
Geberit AG Reg. (b)	780		96,103
Givaudan SA Reg.	149		91,463
Holcim Ltd. (b)	4,044		230,242
Julius Baer Holding AG Reg.	4,170		162,181
Kuehne & Nagel International AG Reg.	1,139		89,469
Lindt & Spruengli AG	14		26,168
Lindt & Spruengli AG Reg.	2		44,268
Logitech International SA (b)	3,067		42,632
Lonza Group AG Reg.	919		91,420
Nestle SA	72,398		2,733,636
Nobel Biocare Holding AG Reg.	2,315		50,661
Novartis AG	42,138		1,715,322
Pargesa Holding SA	481		30,039
Roche Holding AG	13,980		1,904,806
Schindler Holding AG	932		57,978
Schindler Holding AG Reg.	332		20,557
SGS SA	96		119,240
Sonova Holding AG Reg.	966		78,659

See accompanying notes to financial statements.

58

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Switzerland (Cont.)
Straumann Holding AG	119	$	21,715
Swiss Life Holding AG Reg. (b)	673		58,248
Swiss Reinsurance	6,872		228,339
Swisscom AG	466		143,398
Syngenta AG Reg.	1,889		439,506
Synthes Inc.	1,150		111,199
The Swatch Group AG Class B	663		106,705
The Swatch Group AG Reg. (b)	1,009		33,138
UBS AG Reg. (b)	58,431		717,440
Zurich Financial Services AG Reg.	2,887		510,287
			12,235,034
United Kingdom (20.80%)
3i Group PLC	19,493		77,984
Admiral Group PLC	3,507		50,290
AMEC PLC	7,003		75,462
Anglo American PLC	26,167		765,100
Antofagasta PLC	7,711		74,866
Associated British Foods PLC	7,001		88,201
AstraZeneca PLC	28,821		1,270,791
Autonomy Corp. PLC (b)	3,988		94,495
Aviva PLC	52,724		296,856
BAE Systems PLC	70,636		394,716
Balfour Beatty PLC	10,496		53,486
Barclays PLC	191,849		891,533
BG Group PLC	66,851		1,125,751
BHP Billiton PLC	43,964		990,889
BP PLC	372,447		2,943,010
British Airways PLC (b)	11,408		23,506
British American Tobacco PLC	39,756		1,097,432
British Land Co. PLC	17,951		113,035
British Sky Broadcasting Group PLC	22,072		165,689
BT Group PLC	153,338		256,918
Bunzl PLC	6,336		52,542
Burberry Group PLC	9,133		63,650
Cable & Wireless PLC	47,442		104,131
Cadbury PLC	26,050		222,668
Cairn Energy PLC (b)	2,615		101,110
Capita Group PLC	12,147		143,223
Carnival PLC	3,475		92,552
Carphone Warehouse Group PLC	6,679		17,402
Centrica PLC	100,537		369,678
Cobham PLC	20,365		58,004
Compass Group PLC	35,366		199,631
Diageo PLC	49,874		716,347
Drax Group PLC	6,448		46,675
Eurasian Natural Resources Corp.	6,237		67,492
Experian PLC	19,856		148,906
FirstGroup PLC	10,020		59,168
Fresnillo PLC	3,255		27,949
Friends Provident Group PLC	45,366		49,059
G4S PLC	24,429		84,140

	Shares	Value
Common Stocks (Cont.)
United Kingdom (Cont.)
GlaxoSmithKline PLC	103,200	$	1,822,856
Hammerson PLC	15,029		76,209
Home Retail Group PLC	17,524		75,224
HSBC Holdings PLC	341,778		2,847,415
ICAP PLC	10,458		77,891
Imperial Tobacco Group PLC	20,207		525,939
InterContinental Hotels Group PLC	6,063		62,413
International Power PLC	30,916		121,433
Invensys PLC	17,305		63,897
Investec PLC	7,093		38,211
J Sainsbury PLC	20,729		107,050
Johnson Matthey PLC	4,480		85,073
Kazakhmys PLC	3,786		39,483
Kingfisher PLC	45,735		134,180
Ladbrokes PLC	11,348		34,389
Land Securities Group PLC	15,694		122,045
Legal & General Group PLC	124,394		116,352
Liberty International PLC	8,370		54,870
Lloyds TSB Group PLC	321,775		370,940
London Stock Exchange Group PLC	3,342		38,702
London Stock Exchange Group PLC Deferred Shares (b) (c)	3,964		0
Lonmin PLC (b)	3,149		61,036
Man Group PLC	32,423		148,624
Marks & Spencer Group PLC	31,416		158,419
National Grid PLC	47,859		431,866
Next PLC	3,841		93,061
Old Mutual PLC	103,153		137,758
Pearson PLC	15,677		157,872
Prudential PLC	49,404		337,700
Randgold Resources Ltd.	1,472		94,863
Reckitt Benckiser Group PLC	11,896		543,266
Reed Elsevier PLC	21,852		163,249
Rexam PLC	12,872		60,501
Rio Tinto PLC	17,918		620,526
Rio Tinto PLC FPR (b)	9,407		317,266
Rolls-Royce Group PLC (b)	36,961		220,989
Royal Bank of Scotland Group PLC (b)	343,883		218,570
Royal Dutch Shell PLC Class A	70,259		1,762,400
Royal Dutch Shell PLC Class B	53,389		1,344,092
RSA Insurance Group PLC	62,887		124,872
SABMiller PLC	17,792		363,276
Sage Group PLC	27,438		80,617
Schroders PLC	1,750		23,679
Scottish & Southern Energy PLC	18,392		346,032
Segro PLC	103,636		41,443
Serco Group PLC	10,387		72,282
Severn Trent PLC	4,312		77,759
Shire Ltd.	10,738		148,204
Smith & Nephew PLC	17,226		127,889
Smiths Group PLC	8,052		93,168
Standard Chartered PLC	37,819		711,112

See accompanying notes to financial statements.

59

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Standard Life PLC	45,300	$	139,138
Tesco PLC	156,715		915,193
The Berkeley Group Holdings PLC (b)	1,551		20,561
Thomas Cook Group PLC	8,460		28,666
Thomson Reuters PLC	3,564		101,935
Tomkins PLC	15,729		38,368
Tui Travel PLC	8,842		33,800
Tullow Oil PLC	16,096		249,295
Unilever PLC	25,336		595,450
United Utilities Group PLC	14,296		117,228
United Utilities Group PLC Deferred Shares (b) (c)	18,501		0
Vedanta Resources PLC	2,857		60,824
Vodafone Group PLC	1,043,647		2,029,833
Whitbread PLC	3,892		52,497
William Morrison Supermarkets PLC	42,644		166,559
Wolseley PLC (b)	5,462		104,557
WPP PLC	24,441		162,533
Xstrata PLC	37,522		407,799
			34,595,536
Total Common Stocks
(cost $187,266,374)			163,681,166
Preferred Stocks (0.31%) (a)
Germany (0.31%)
Bayerische Moteren Werke (BMW) AG PFD	800		19,319
Fresenius SE PFD	1,512		81,804
Henkel AG & Co. KGaA	3,521		109,957
Porsche Automobil Holding SE PFD	1,700		114,428
RWE AG-Non Voting PFD	640		42,738
Volkswagen AG PFD	2,088		146,113
			514,359
Total Preferred Stocks
(cost $537,042)			514,359

	Principal amount		Value
Repurchase Agreement (0.11%)
State Street Bank & Trust Repurchase Agreement, (d) 0.010%, agreement date 6/30/2009, to be repurchased at $189,688 on 07/01/2009	$	189,687	$	189,687
Total Repurchase Agreement
(cost $189,687)				189,687
TOTAL INVESTMENTS (98.85%)
(cost $187,993,103)				164,385,212
CASH (e) AND OTHER ASSETS, NET OF LIABILITIES (1.15%)				1,916,182
NET ASSETS (100.00%)			$	166,301,394

(a) The Fund used values provided by an independent statistical fair value service to fair value the securities primarily traded on exchanges that closed before the regular close of trading of the New York Stock Exchange. This method of fair valuing foreign securities was established in the Valuation Procedures adopted by the Board of Trustees.

(b) Non-income producing security.

(c) In accordance with the Trust’s Valuation Procedures, SFIMC determined the fair value for the security considering the facts and circumstances related to the particular security. The fair value for this security was not determined using the Trust’s independent statistical fair value service.

(d) Repurchase agreement is fully collateralized by a U.S. Government Agency security with a coupon rate of 5.00%, a maturity date of September 15, 2024 and a market value of $193,763 as of June 30, 2009.

(e) At June 30, 2009, cash has been pledged to cover, in whole or in part, initial margin requiremetns for open futures contracts.

FDR - Fiduciary Depository Receipts

See accompanying notes to financial statements.

60

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

INTERNATIONAL INDEX FUND FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	53,005,815	32.23	%
Japanese Yen		39,537,362	24.05
British Pound		34,595,535	21.05
Swiss Franc		12,212,861	7.43
Australian Dollar		11,901,425	7.24
Hong Kong Dollar		3,985,206	2.42
Swedish Krona		3,937,657	2.40
Singapore Dollar		2,228,911	1.36
Danish Krone		1,515,435	0.92
Norwegian Krone		1,101,656	0.67
United States Dollar		189,687	0.12
New Zealand Dollar		173,662	0.11
Total Investments	$	164,385,212	100.00	%

INTERNATIONAL INDEX FUND SECTOR CLASSIFICATIONS

Sector	Value		%
Financials	$	40,359,450	24.28	%
Industrials		18,606,572	11.19
Consumer Discretionary		16,480,119	9.91
Consumer Staples		16,437,056	9.88
Materials		15,366,409	9.24
Energy		14,237,802	8.56
Health Care		13,748,169	8.27
Utilities		10,500,371	6.31
Telecommunication Services		9,937,568	5.98
Information Technology		8,522,009	5.12
Total Stocks		164,195,525	98.74
Repurchase Agreement		189,687	0.11
Cash and Other Assets, Net of Liabilities		1,916,182	1.15
Net Assets	$	166,301,394	100.00	%

See accompanying notes to financial statements.

61

STATE FARM MUTUAL FUND TRUST EQUITY AND BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Shares	Value
Registered Investment Companies (99.39%)
State Farm Mutual Fund Trust Bond Fund Institutional Shares (40.52%) (a)	5,219,349	$	55,481,677
State Farm Mutual Fund Trust Equity Fund Institutional Shares (58.87%) (a)	18,484,455		80,592,224
Total Registered Investment Companies
(cost $189,576,488)			136,073,901
TOTAL INVESTMENTS (99.39%)
(cost $189,576,488)			136,073,901
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.61%)			841,997
NET ASSETS (100.00%)		$	136,915,898

(a) The Equity and Bond Fund’s investment adviser is an affiliate of the issuer.

See accompanying notes to financial statements.

62

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Principal amount		Value
Corporate Bonds (59.46%)
Aerospace/Defense (0.32%)
General Dynamics Corp.
4.250%, 05/15/2013	$	1,000,000	$	1,020,975
Agriculture, Foods, & Beverage (5.01%)
Kraft Foods Inc.
4.125%, 11/12/2009		1,000,000		1,010,494
WM Wrigley Jr. Co.
4.300%, 07/15/2010		1,000,000		997,500
ConAgra Inc.
7.875%, 09/15/2010		36,000		38,152
Kellogg Co.
6.600%, 04/01/2011		500,000		535,726
PepsiAmericas Inc.
5.625%, 05/31/2011		500,000		528,869
Hershey Co.
5.300%, 09/01/2011		500,000		531,625
General Mills Inc.
6.000%, 02/15/2012		500,000		538,297
Pepsico Inc.
5.150%, 05/15/2012		1,000,000		1,083,001
PepsiAmericas Inc.
5.750%, 07/31/2012		500,000		535,854
Bottling Group LLC
4.625%, 11/15/2012		500,000		531,990
Kellogg Co.
5.125%, 12/03/2012		500,000		534,482
Kraft Foods Inc.
6.000%, 02/11/2013		500,000		532,678
Pepsico Inc.
4.650%, 02/15/2013		500,000		524,902
HJ Heinz Co.
5.350%, 07/15/2013		1,000,000		1,045,558
Coca-Cola Bottling Co.
5.300%, 04/01/2015		500,000		470,441
Kellogg Co.
4.450%, 05/30/2016		1,000,000		1,000,840
Hershey Co.
5.450%, 09/01/2016		500,000		490,397
General Mills Inc.
5.700%, 02/15/2017		1,000,000		1,052,655
PepsiAmericas Inc.
5.000%, 05/15/2017		500,000		476,318
Coca-Cola Co.
5.350%, 11/15/2017		2,000,000		2,135,894
Kraft Foods Inc.
6.125%, 02/01/2018		500,000		516,962
Pepsico Inc.
7.900%, 11/01/2018		500,000		608,302
				15,720,937

	Principal amount		Value
Corporate Bonds (Cont.)
Automotive (0.16%)
Daimler Chrysler North America
6.500%, 11/15/2013	$	500,000	$	508,268
Banks (4.50%)
Wells Fargo & Co.
4.200%, 01/15/2010		1,000,000		1,011,517
Bank of America Corp.
4.250%, 10/01/2010		1,000,000		1,003,180
Wells Fargo & Co.
4.875%, 01/12/2011		500,000		514,787
Bank of New York Mellon Corp.
4.950%, 01/14/2011		1,000,000		1,037,231
Wachovia Corp.
5.350%, 03/15/2011		500,000		519,466
Charter One Bank FSB
5.500%, 04/26/2011		1,000,000		1,015,086
Royal Bank of Canada
5.650%, 07/20/2011		500,000		533,057
Barclays Bank PLC
5.450%, 09/12/2012		1,000,000		1,042,609
Deutsche Bank AG London
5.375%, 10/12/2012		500,000		530,706
SunTrust Banks Inc.
5.250%, 11/05/2012		500,000		509,555
Wachovia Corp.
5.700%, 08/01/2013		500,000		521,021
Mellon Funding Corp.
5.200%, 05/15/2014		500,000		514,792
US Bank NA
4.950%, 10/30/2014		500,000		515,989
Fifth Third Bank
4.750%, 02/01/2015		500,000		422,286
SunTrust Banks Inc.
5.000%, 09/01/2015		500,000		452,485
Wachovia Bank NA
5.600%, 03/15/2016		500,000		469,493
Wells Fargo Bank NA
5.750%, 05/16/2016		500,000		490,204
Wachovia Corp.
5.750%, 06/15/2017		500,000		493,280
Deutsche Bank AG London
6.000%, 09/01/2017		1,000,000		1,020,112
Suntrust Banks Inc.
6.000%, 09/11/2017		500,000		452,675
KFW
4.875%, 06/17/2019		1,000,000		1,036,196
				14,105,727
Building Materials & Construction (1.87%)
Lafarge SA
6.150%, 07/15/2011		500,000		505,367

See accompanying notes to financial statements.

63

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Building Materials & Construction (Cont.)
CRH America Inc.
5.625%, 09/30/2011	$	500,000	$	490,729
Cooper Industries Inc.
5.250%, 11/15/2012		1,000,000		1,067,986
Hanson Australia Funding
5.250%, 03/15/2013		500,000		393,150
Leggett & Platt Inc.
4.700%, 04/01/2013		500,000		489,305
CRH America Inc.
5.300%, 10/15/2013		1,000,000		931,370
Masco Corp.
4.800%, 06/15/2015		500,000		392,990
Hanson PLC
6.125%, 08/15/2016		1,000,000		747,500
CRH America Inc.
6.000%, 09/30/2016		500,000		444,964
Masco Corp.
5.850%, 03/15/2017		500,000		399,401
				5,862,762
Chemicals (1.93%)
Air Products & Chemicals Inc.
4.125%, 12/01/2010		1,000,000		1,020,704
E.I. du Pont de Nemours and Co.
5.000%, 01/15/2013		500,000		525,648
4.125%, 03/06/2013		500,000		513,105
Rohm & Haas Co.
5.600%, 03/15/2013		500,000		494,274
E.I. du Pont de Nemours and Co.
4.875%, 04/30/2014		500,000		522,086
Praxair Inc.
5.375%, 11/01/2016		1,000,000		1,016,616
Rohm & Haas Co.
6.000%, 09/15/2017		500,000		447,033
E.I. du Pont de Nemours and Co.
6.000%, 07/15/2018		500,000		538,965
PPG Industries Inc.
7.400%, 08/15/2019		500,000		517,422
The Dow Chemical Co.
7.375%, 11/01/2029		500,000		454,413
				6,050,266
Commercial Service/Supply (1.40%)
RR Donnelley & Sons Co.
4.950%, 05/15/2010		500,000		500,684
Dun & Bradstreet Corp.
5.500%, 03/15/2011		500,000		509,372
RR Donnelley & Sons Co.
5.625%, 01/15/2012		500,000		483,032
Pitney Bowes Inc.
4.625%, 10/01/2012		500,000		523,723

	Principal amount		Value
Corporate Bonds (Cont.)
Commercial Service/Supply (Cont.)
RR Donnelley & Sons Co.
4.950%, 04/01/2014	$	1,000,000	$	870,501
Pitney Bowes Inc.
4.875%, 08/15/2014		500,000		511,884
5.750%, 09/15/2017		500,000		524,227
Cintas Corp. No. 2
6.125%, 12/01/2017		500,000		461,472
				4,384,895
Computers (0.68%)
International Business Machines Corp.
4.250%, 09/15/2009		500,000		503,530
4.950%, 03/22/2011		500,000		526,410
6.500%, 10/15/2013		500,000		558,835
5.700%, 09/14/2017		500,000		530,832
				2,119,607
Consumer & Marketing (3.00%)
Clorox Co.
4.200%, 01/15/2010		500,000		507,103
Newell Rubbermaid Inc.
4.000%, 05/01/2010		142,000		142,448
Avon Products Inc.
5.125%, 01/15/2011		500,000		521,848
Whirlpool Corp.
6.125%, 06/15/2011		1,000,000		979,095
Reed Elsevier Capital
4.625%, 06/15/2012		500,000		483,312
Clorox Co.
5.450%, 10/15/2012		1,000,000		1,058,914
Avery Dennison Corp.
4.875%, 01/15/2013		500,000		490,227
The Procter & Gamble Co.
4.950%, 08/15/2014		1,000,000		1,070,570
Clorox Co.
5.000%, 01/15/2015		500,000		500,850
Black & Decker Corp.
5.750%, 11/15/2016		500,000		470,505
Estee Lauder Co. Inc.
5.550%, 05/15/2017		1,000,000		1,007,297
Kimberly-Clark Corp.
6.125%, 08/01/2017		500,000		548,426
Danaher Corp.
5.625%, 01/15/2018		500,000		521,467
Kimberly-Clark Corp.
6.250%, 07/15/2018		1,000,000		1,103,640
				9,405,702
Electronic/Electrical Manufacturing (0.94%)
Emerson Electric Co.
7.125%, 08/15/2010		315,000		333,723

See accompanying notes to financial statements.

64

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Electronic/Electrical Manufacturing (Cont.)
General Electric Co.
5.000%, 02/01/2013	$	500,000	$	520,258
Public Service of Colorado
4.875%, 03/01/2013		500,000		520,607
Emerson Electric Co.
4.500%, 05/01/2013		500,000		514,993
4.750%, 10/15/2015		1,000,000		1,054,400
				2,943,981
Financial Services (4.20%)
Household Finance Corp.
4.125%, 11/16/2009		1,000,000		1,005,519
Citigroup Inc.
4.125%, 02/22/2010		1,000,000		1,000,245
John Deere Capital Corp.
4.875%, 10/15/2010		1,000,000		1,026,721
General Electric Capital Corp.
4.875%, 10/21/2010		1,000,000		1,027,939
American Express Credit
5.000%, 12/02/2010		1,000,000		1,004,740
John Deere Capital Corp.
5.650%, 07/25/2011		500,000		522,767
American Express Co.
5.250%, 09/12/2011		500,000		504,469
AMB Property L.P.
6.300%, 06/01/2013		1,000,000		927,353
JPMorgan Chase & Co.
5.375%, 01/15/2014		500,000		503,370
Citigroup Inc.
5.125%, 05/05/2014		500,000		455,173
General Electric Capital Corp.
4.875%, 03/04/2015		500,000		486,435
Verizon Global Funding Corp.
4.900%, 09/15/2015		500,000		499,410
Citigroup Inc.
5.300%, 01/07/2016		500,000		430,680
JPMorgan Chase Bank NA
5.875%, 06/13/2016		500,000		481,893
General Electric Capital Corp.
5.400%, 02/15/2017		500,000		484,108
Caterpillar Financial Services Corp.
5.850%, 09/01/2017		500,000		509,099
JPMorgan Chase Bank NA
6.000%, 10/01/2017		1,000,000		973,338
ProLogis
6.625%, 05/15/2018		500,000		393,702
Simon Property Group Inc.
6.125%, 05/30/2018		1,000,000		930,164
				13,167,125

	Principal amount		Value
Corporate Bonds (Cont.)
Forest Products & Paper (0.44%)
MeadWestvaco Corp.
6.850%, 04/01/2012	$	500,000	$	512,780
International Paper Co.
5.250%, 04/01/2016		500,000		425,751
Willamette Industries Inc.
9.000%, 10/01/2021		500,000		456,989
				1,395,520
Health Care (6.83%)
Amgen Inc.
4.000%, 11/18/2009		500,000		506,785
Genentech Inc.
4.400%, 07/15/2010		1,000,000		1,028,783
Medtronic Inc.
4.375%, 09/15/2010		500,000		511,482
Abbott Laboratories
5.600%, 05/15/2011		750,000		801,295
Johnson & Johnson
5.150%, 08/15/2012		500,000		550,075
AstraZeneca PLC
5.400%, 09/15/2012		500,000		542,402
Merck & Co. Inc.
4.375%, 02/15/2013		500,000		518,198
Wyeth
5.500%, 03/15/2013		500,000		534,552
Becton Dickinson & Co.
4.550%, 04/15/2013		500,000		519,624
Johnson & Johnson
3.800%, 05/15/2013		1,000,000		1,039,613
Schering-Plough Corp.
5.550%, 12/01/2013		1,000,000		1,074,154
Pfizer Inc.
4.500%, 02/15/2014		1,000,000		1,041,754
GlaxoSmithKline
4.375%, 04/15/2014		1,000,000		1,024,404
AstraZeneca PLC
5.400%, 06/01/2014		1,000,000		1,082,167
Boston Scientific Corp.
5.450%, 06/15/2014		1,000,000		920,000
Amgen Inc.
4.850%, 11/18/2014		500,000		528,150
Merck & Co. Inc.
4.750%, 03/01/2015		500,000		522,376
Baxter International Inc.
4.625%, 03/15/2015		1,000,000		1,025,548
Medtronic Inc.
4.750%, 09/15/2015		500,000		525,882
Abbott Laboratories
5.875%, 05/15/2016		750,000		817,966
Baxter International Inc.
5.900%, 09/01/2016		500,000		538,923

See accompanying notes to financial statements.

65

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Eli Lilly & Co.
5.200%, 03/15/2017	$	2,000,000	$	2,095,448
Wyeth
5.450%, 04/01/2017		500,000		522,118
Amgen Inc.
5.850%, 06/01/2017		500,000		530,554
Johnson & Johnson
5.550%, 08/15/2017		500,000		543,451
AstraZeneca PLC
5.900%, 09/15/2017		500,000		535,415
Schering-Plough Corp.
6.000%, 09/15/2017		500,000		532,502
Becton Dickinson
5.000%, 05/15/2019		1,000,000		1,021,810
				21,435,431
Machinery & Manufacturing (4.96%)
3M Co.
5.125%, 11/06/2009		2,000,000		2,034,488
United Technologies Corp.
4.375%, 05/01/2010		500,000		514,433
Deere & Co.
7.850%, 05/15/2010		500,000		527,058
Johnson Controls Inc.
5.250%, 01/15/2011		1,000,000		1,010,843
Bemis Co. Inc.
4.875%, 04/01/2012		500,000		457,496
Covidien International
5.450%, 10/15/2012		500,000		528,909
Goodrich Corp.
7.625%, 12/15/2012		500,000		552,064
Parker Hannifin Corp.
4.875%, 02/15/2013		500,000		512,057
ConocoPhillips Australia Funding Co.
5.500%, 04/15/2013		500,000		531,748
Johnson Controls Inc.
4.875%, 09/15/2013		750,000		721,485
United Technologies Corp.
4.875%, 05/01/2015		1,000,000		1,063,370
Ingersoll-Rand Co. Ltd.
4.750%, 05/15/2015		1,000,000		961,872
Thermo Electron Corp.
5.000%, 06/01/2015		500,000		502,500
Dover Corp.
4.875%, 10/15/2015		1,000,000		997,657
Honeywell International Inc.
5.400%, 03/15/2016		1,000,000		1,060,785
Caterpillar Inc.
5.700%, 08/15/2016		500,000		508,528
Eaton Corp.
5.300%, 03/15/2017		1,000,000		961,144

	Principal amount		Value
Corporate Bonds (Cont.)
Machinery & Manufacturing (Cont.)
Honeywell International Inc.
5.300%, 03/15/2017	$	500,000	$	524,899
Cooper U.S. Inc.
6.100%, 07/01/2017		500,000		528,431
Covidien International
6.000%, 10/15/2017		500,000		531,724
United Technologies Corp.
5.375%, 12/15/2017		500,000		529,516
				15,561,007
Media & Broadcasting (1.41%)
Gannett Co.
5.750%, 06/01/2011		1,000,000		771,037
The Walt Disney Co.
5.700%, 07/15/2011		1,000,000		1,069,898
Thomson Corp.
5.700%, 10/01/2014		1,000,000		1,015,343
The Walt Disney Co.
5.625%, 09/15/2016		1,000,000		1,074,359
McGraw-Hill Companies Inc.
5.900%, 11/15/2017		500,000		478,676
				4,409,313
Mining & Metals (1.60%)
BHP Billiton Finance Ltd.
5.000%, 12/15/2010		500,000		519,787
BHP Billiton Finance USA Ltd.
5.125%, 03/29/2012		500,000		525,196
BHP Finance USA
4.800%, 04/15/2013		500,000		519,909
Barrick Gold Finance Inc.
4.875%, 11/15/2014		1,000,000		1,025,856
Alcan Inc.
5.000%, 06/01/2015		1,000,000		896,785
Alcoa Inc.
5.550%, 02/01/2017		500,000		422,275
BHP Billiton Finance USA Ltd.
5.400%, 03/29/2017		500,000		522,257
Alcoa Inc.
5.870%, 02/23/2022		750,000		589,156
				5,021,221
Oil & Gas (3.64%)
BP Capital Markets PLC
4.875%, 03/15/2010		1,000,000		1,027,526
Phillips Petroleum Co.
8.750%, 05/25/2010		500,000		533,697
Shell International Finance
5.625%, 06/27/2011		1,500,000		1,613,226
Marathon Oil Corp.
6.125%, 03/15/2012		500,000		528,270

See accompanying notes to financial statements.

66

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas (Cont.)
ConocoPhillips Canada
5.300%, 04/15/2012	$	500,000	$	532,500
National Fuel Gas Co.
5.250%, 03/01/2013		500,000		491,240
Anadarko Petroleum Corp.
5.950%, 09/15/2016		1,000,000		986,624
ConocoPhillips Canada
5.625%, 10/15/2016		500,000		532,453
Apache Corp.
5.625%, 01/15/2017		500,000		524,560
Shell International Finance
5.200%, 03/22/2017		500,000		528,193
Canadian National Resources
5.700%, 05/15/2017		500,000		505,605
Weatherford International Inc.
6.350%, 06/15/2017		500,000		495,132
EOG Resources Inc.
5.875%, 09/15/2017		500,000		531,799
Husky Energy Inc.
6.200%, 09/15/2017		500,000		507,280
Encana Corp.
5.900%, 12/01/2017		500,000		512,573
Chevron Corp.
4.950%, 03/03/2019		1,000,000		1,033,293
ConocoPhillips
6.000%, 01/15/2020		500,000		535,352
				11,419,323
Retailers (4.47%)
CVS Corp.
4.000%, 09/15/2009		1,000,000		1,005,822
Home Depot Inc.
3.750%, 09/15/2009		1,000,000		1,002,512
Wal-Mart Stores Inc.
4.125%, 07/01/2010		1,000,000		1,024,540
Home Depot Inc.
4.625%, 08/15/2010		500,000		509,398
Safeway Inc.
4.950%, 08/16/2010		500,000		510,265
Albertson’s Inc.
7.500%, 02/15/2011		500,000		502,500
Home Depot Inc.
5.200%, 03/01/2011		500,000		517,557
CVS Corp.
5.750%, 08/15/2011		500,000		528,740
Costco Wholesale Corp.
5.300%, 03/15/2012		1,000,000		1,074,721
Lowe’s Companies Inc.
5.600%, 09/15/2012		500,000		534,703
Wal-Mart Stores Inc.
4.550%, 05/01/2013		1,000,000		1,047,864

	Principal amount		Value
Corporate Bonds (Cont.)
Retailers (Cont.)
McDonald’s Corp.
4.125%, 06/01/2013	$	1,000,000	$	1,029,046
Walgreen Co.
4.875%, 08/01/2013		500,000		530,530
Lowe’s Companies Inc.
5.000%, 10/15/2015		1,000,000		1,058,010
Target Corp.
5.875%, 07/15/2016		1,000,000		1,082,590
Lowe’s Companies Inc.
5.400%, 10/15/2016		500,000		525,464
McDonald’s Corp.
5.300%, 03/15/2017		500,000		524,569
Target Corp.
5.375%, 05/01/2017		500,000		514,344
CVS Caremark Corp.
5.750%, 06/01/2017		500,000		502,584
				14,025,759
Telecom & Telecom Equipment (2.81%)
Vodafone Group PLC
7.750%, 02/15/2010		500,000		516,905
Deutsche Telekom International Finance
8.500%, 06/15/2010		500,000		525,832
Verizon Communications
5.350%, 02/15/2011		1,000,000		1,042,676
Cisco Systems Inc.
5.250%, 02/22/2011		1,000,000		1,054,439
Vodafone Group PLC
5.500%, 06/15/2011		500,000		526,097
Telstra Corp. Ltd.
6.375%, 04/01/2012		500,000		500,768
Alltel Corp.
7.000%, 07/01/2012		500,000		540,039
Telefonica Emisiones SAU
5.855%, 02/04/2013		1,000,000		1,054,138
Vodafone Group PLC
4.150%, 06/10/2014		500,000		492,155
BellSouth Corp.
5.200%, 09/15/2014		1,000,000		1,041,037
SBC Communications Inc.
5.625%, 06/15/2016		1,000,000		1,029,097
Vodafone Group PLC
5.450%, 06/10/2019		500,000		491,676
				8,814,859
Utilities & Energy (9.29%)
Duke Energy Corp.
4.500%, 04/01/2010		500,000		506,567
Progress Energy Florida
4.500%, 06/01/2010		500,000		512,615
Commonwealth Edison Co.
4.740%, 08/15/2010		500,000		506,007

See accompanying notes to financial statements.

67

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Puget Sound Energy Inc.
7.690%, 02/01/2011	$	500,000	$	535,043
Reliant Energy
7.750%, 02/15/2011		500,000		529,930
Appalachian Power Co.
5.550%, 04/01/2011		500,000		518,195
Commonwealth Edison Co.
5.400%, 12/15/2011		500,000		522,979
Oncor Electric Delivery
6.375%, 05/01/2012		500,000		527,615
Tampa Electric Co.
6.875%, 06/15/2012		500,000		534,178
Appalachian Power Co.
5.650%, 08/15/2012		500,000		527,277
Northern States Power Co.
8.000%, 08/28/2012		500,000		575,850
Southern California Gas
4.800%, 10/01/2012		500,000		527,980
Georgia Power Co.
5.125%, 11/15/2012		200,000		212,342
Virginia Electric & Power
5.100%, 11/30/2012		500,000		528,343
MidAmerican Energy Co.
5.125%, 01/15/2013		1,000,000		1,038,034
Florida Power Corp.
4.800%, 03/01/2013		500,000		518,469
Peoples Gas Light & Coke Co.
4.625%, 05/01/2013		500,000		479,959
Wisconsin Electric Power
4.500%, 05/15/2013		1,000,000		1,020,969
Vectren Utility Holdings
5.250%, 08/01/2013		500,000		506,220
PSI Energy
5.000%, 09/15/2013		1,000,000		1,033,968
NSTAR Electric Co.
4.875%, 04/15/2014		1,000,000		1,043,909
Union Electric Co.
5.500%, 05/15/2014		500,000		505,093
Atmos Energy Corp.
4.950%, 10/15/2014		1,000,000		994,978
Union Electric Co.
4.750%, 04/01/2015		500,000		475,327
Commonwealth Edison Co.
4.700%, 04/15/2015		500,000		493,555
Southwestern Electric Power
5.375%, 04/15/2015		500,000		489,147
San Diego Gas & Electric
5.300%, 11/15/2015		500,000		518,490
Consolidated Edison Co. NY
5.375%, 12/15/2015		1,000,000		1,041,566
Virginia Electric & Power
5.400%, 01/15/2016		500,000		521,719

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Ohio Power Co.
6.000%, 06/01/2016	$	500,000	$	509,257
Commonwealth Edison Co.
5.950%, 08/15/2016		500,000		519,879
Baltimore Gas & Electric Co.
5.900%, 10/01/2016		500,000		500,792
Consolidated Edison Co. NY
5.300%, 12/01/2016		500,000		519,469
Georgia Power Co.
5.700%, 06/01/2017		500,000		535,355
Jersey Central Power & Light
5.650%, 06/01/2017		1,000,000		979,945
Atmos Energy Corp.
6.350%, 06/15/2017		500,000		508,664
Kansas City Power & Light Co.
5.850%, 06/15/2017		1,000,000		967,872
Union Electric Co.
6.400%, 06/15/2017		500,000		513,386
Florida Power Corp.
5.800%, 09/15/2017		500,000		539,785
Virginia Electric & Power
5.950%, 09/15/2017		500,000		536,741
NSTAR Electric Co.
5.625%, 11/15/2017		500,000		529,117
Pacific Gas & Electric
5.625%, 11/30/2017		500,000		529,242
Equitable Resources Inc.
5.150%, 03/01/2018		500,000		440,048
Southern California Gas
5.450%, 04/15/2018		500,000		522,248
Pacificorp
5.650%, 07/15/2018		500,000		531,918
Pacific Gas & Electric
8.250%, 10/15/2018		500,000		610,164
San Diego Gas & Electric
6.000%, 06/01/2026		500,000		523,709
Northern States Power Co.
6.200%, 07/01/2037		1,000,000		1,089,839
				29,153,754
Total Corporate Bonds
(cost $182,885,897)				186,526,432
Taxable Municipal Bonds (0.65%)
Dartmouth College
4.750%, 06/01/2019		1,000,000		1,010,200
Illinois State
3.850%, 06/01/2013		1,000,000		1,017,390
Total Taxable Municipal Bonds
(cost $1,982,769)				2,027,590

See accompanying notes to financial statements.

68

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June 30, 2009

(Unaudited)

	Principal amount		Value
Commercial Mortgage-Backed Securities (2.70%)
LB-UBS Commercial Mortgage Trust Series 2004-C2 Class A4
4.367%, 03/15/2036	$	2,000,000	$	1,693,328
Morgan Stanley Capital Series 2006-T23 Class A4
5.984%, 08/12/2041		2,000,000		1,691,918
Bear Stearns Commercial Mortgage Securities Series 2007-T26 Class A4
5.471%, 01/12/2045		2,000,000		1,661,268
Morgan Stanley Capital Series 2004-T13 Class A4
4.660%, 09/13/2045		2,000,000		1,770,482
Morgan Stanley Capital Series 2007-T25 Class A3
5.514%, 11/12/2049		2,000,000		1,656,320
				8,473,316
Total Commercial Mortgage-Backed Securities
(cost $9,712,105)				8,473,316
Government Agency Securities (28.96%) (a)
Agency Notes & Bonds (6.11%)
Federal Home Loan Mortgage Corp.
6.625%, 09/15/2009		1,000,000		1,013,109
4.500%, 07/15/2013		1,500,000		1,614,622
5.300%, 05/12/2020		3,000,000		3,052,074
Federal National Mortgage Association
6.625%, 11/15/2010		1,000,000		1,079,373
4.375%, 09/15/2012		1,500,000		1,607,163
5.550%, 02/16/2017		5,000,000		5,105,495
5.500%, 05/10/2027		5,000,000		5,055,425
7.125%, 01/15/2030		500,000		644,908
				19,172,169
Mortgage-Backed Securities (22.85%)
Federal Home Loan Mortgage Corp.
5.000%, 07/01/2018		472,814		495,096
5.000%, 09/01/2018		371,823		386,702
5.000%, 09/01/2018		341,153		357,230
5.500%, 11/01/2018		319,863		337,535
4.500%, 11/01/2018		819,257		849,690
5.000%, 01/01/2019		351,300		366,537
5.000%, 04/01/2019		401,255		418,659
4.500%, 05/01/2019		459,193		472,089

	Principal amount		Value
Government Agency Securities (Cont.)
Mortgage-Backed Securities (Cont.)
4.000%, 05/01/2019	$	487,641	$	496,530
5.500%, 06/01/2019		570,256		599,980
5.000%, 01/01/2020		472,831		493,340
5.500%, 04/01/2020		480,385		503,924
5.500%, 07/01/2020		973,890		1,024,654
6.000%, 07/01/2021		989,796		1,048,040
4.500%, 05/01/2024		987,966		1,008,919
6.000%, 11/01/2028		56,985		60,120
6.500%, 06/01/2029		81,302		87,350
7.500%, 12/01/2030		2,737		2,977
7.000%, 07/01/2031		10,514		11,393
6.500%, 09/01/2031		15,054		16,155
6.000%, 11/01/2032		229,160		241,124
6.000%, 12/01/2032		103,138		108,522
5.500%, 05/01/2033		1,499,272		1,555,246
5.500%, 07/01/2033		1,168,945		1,212,586
5.000%, 08/01/2033		1,088,502		1,113,121
5.500%, 03/01/2034		485,401		503,219
5.000%, 04/01/2034		906,376		926,450
6.000%, 07/01/2034		1,299,255		1,364,649
5.000%, 05/01/2035		1,316,108		1,343,819
5.500%, 05/01/2035		1,156,469		1,197,837
4.500%, 08/01/2035		767,198		766,112
5.000%, 10/01/2035		1,091,993		1,114,984
6.500%, 08/01/2036		977,023		1,039,633
5.500%, 10/01/2037		1,504,280		1,555,035
6.000%, 01/01/2038		1,609,507		1,681,715
6.000%, 01/01/2038		765,968		800,332
4.500%, 06/01/2039		2,000,000		1,993,418
5.000%, 06/01/2039		2,000,000		2,036,796
Federal National Mortgage Association
6.000%, 09/01/2013		105,661		112,390
5.500%, 12/01/2016		75,387		79,552
5.500%, 01/01/2017		42,920		45,291
5.500%, 01/01/2017		298,595		315,092
6.500%, 01/01/2017		38,360		40,723
5.500%, 02/01/2017		286,029		301,832
5.000%, 03/01/2017		294,013		307,960
6.000%, 04/01/2017		46,854		49,926
5.500%, 01/01/2018		171,799		181,559
5.000%, 02/01/2018		368,598		386,084
5.000%, 05/01/2018		309,262		321,551
5.000%, 05/01/2018		623,816		653,213
5.000%, 05/01/2018		597,123		625,262
4.500%, 05/01/2018		766,343		795,049
4.500%, 05/01/2018		751,734		779,892
4.500%, 03/01/2019		452,994		464,414
5.500%, 10/01/2019		809,623		853,342
5.000%, 11/01/2019		835,031		871,773
4.500%, 12/01/2019		500,599		518,568
5.000%, 06/01/2020		849,484		885,004
4.500%, 09/01/2020		872,292		898,697

See accompanying notes to financial statements.

69

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Principal amount		Value
Government Agency Securities (Cont.)
Mortgage-Backed Securities (Cont.)
5.500%, 05/01/2021	$	657,400	$	689,407
5.000%, 05/01/2021		1,183,546		1,231,555
4.500%, 04/01/2023		881,223		900,551
4.500%, 04/01/2024		990,879		1,012,513
4.000%, 06/01/2024		2,000,000		2,003,334
7.500%, 09/01/2029		40,604		44,235
8.000%, 03/01/2030		12,020		13,122
6.500%, 05/01/2030		72,158		77,707
6.500%, 08/01/2031		19,317		20,760
7.000%, 08/01/2031		4,238		4,643
6.500%, 10/01/2031		47,393		50,934
6.000%, 11/01/2031		41,662		43,955
7.000%, 01/01/2032		59,987		65,719
6.000%, 03/01/2032		62,172		65,593
6.500%, 03/01/2032		28,316		30,432
6.500%, 04/01/2032		148,665		159,725
7.000%, 04/01/2032		54,674		59,845
6.500%, 05/01/2032		506,077		547,954
6.000%, 05/01/2032		49,676		52,378
6.500%, 06/01/2032		64,529		69,330
7.000%, 06/01/2032		95,585		104,626
7.000%, 06/01/2032		55,380		60,618
6.500%, 07/01/2032		157,073		168,759
6.000%, 08/01/2032		271,109		285,856
6.500%, 10/01/2032		273,677		294,037
5.500%, 10/01/2032		900,190		934,923
6.000%, 11/01/2032		306,377		323,042
6.000%, 01/01/2033		193,847		204,391
5.500%, 03/01/2033		283,107		293,765
5.500%, 03/01/2033		683,178		708,897
6.000%, 04/01/2033		415,041		437,098
5.000%, 05/01/2033		471,497		482,382
5.000%, 05/01/2033		550,942		563,661
5.000%, 08/01/2033		927,658		949,074
5.500%, 10/01/2033		728,033		755,441
5.000%, 03/01/2034		1,553,283		1,589,142
5.500%, 05/01/2034		933,334		967,887
6.000%, 07/01/2034		545,402		573,535
5.500%, 12/01/2034		1,291,707		1,339,527
5.500%, 04/01/2035		1,098,663		1,138,307
5.500%, 07/01/2035		1,525,350		1,580,391
5.000%, 07/01/2035		1,295,494		1,323,580
5.000%, 10/01/2035		1,020,951		1,043,085
5.000%, 11/01/2035		712,622		728,072
6.000%, 08/01/2036		1,667,215		1,746,441
6.000%, 12/01/2037		699,795		732,393
5.500%, 02/01/2038		1,596,477		1,650,253
4.500%, 03/01/2039		1,990,088		1,988,514
Government National Mortgage Association
6.000%, 05/15/2017		167,196		178,994
6.500%, 06/15/2028		84,066		90,744
6.000%, 11/15/2028		84,837		89,169
6.500%, 03/15/2029		98,453		106,271

	Shares or principal amount		Value
Government Agency Securities (Cont.)
Mortgage-Backed Securities (Cont.)
7.000%, 06/15/2029	$	51,137	$	55,859
7.500%, 08/20/2030		17,998		19,632
6.000%, 01/15/2032		47,419		49,840
5.500%, 10/15/2033		646,039		671,326
5.000%, 11/20/2033		895,031		912,019
6.000%, 12/20/2033		282,903		294,837
				71,658,772
Total Government Agency Securities
(cost $88,091,284)				90,830,941
U.S. Treasury Obligations (1.34%)
U.S. Treasury Bonds
7.500%, 11/15/2016		500,000		637,774
8.125%, 08/15/2019		750,000		1,028,320
6.250%, 08/15/2023		1,000,000		1,218,125
6.875%, 08/15/2025		1,000,000		1,310,156
Total U.S. Treasury Obligations
(cost $3,629,966)				4,194,375
Short-term Investments (6.07%)
Toyota Motor Credit Corp.
0.220%, 07/06/2009		5,000,000		4,999,847
Chevron Corp.
0.240%, 07/16/2009		6,000,000		5,999,400
JPMorgan U.S. Government Money Market Fund		8,049,955		8,049,955
Total Short-term Investments
(cost $19,049,202)				19,049,202
TOTAL INVESTMENTS (99.18%)
(cost $305,351,223)				311,101,856
OTHER ASSETS, NET OF LIABILITIES (0.82%)				2,567,395
NET ASSETS (100.00%)			$	313,669,251

(a) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

See accompanying notes to financial statements.

70

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SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Coupon rate		Maturity date	Rating (Moody’s or S&P) (a)	Principal amount		Value
Long-term Municipal Bonds (95.64%) (b)
Alabama (0.78%)
City of Trussville, Alabama, General Obligation Warrants, Series 2006-A	5.000	%	10/01/2022	A1	$	1,000,000	$	1,045,100
Alaska (0.76%)
Matanuska-Susitna Borough, Alaska, General Obligation School Bonds, 2009 Series A	5.000	%	07/01/2029	Aa2		1,035,000		1,013,224
Arizona (2.62%)
Maricopa County, Arizona, Tempe Elementary School District No. 3, School Improvement Bonds, Project of 2005, Series B (2007)	4.500	%	07/01/2021	Aa3		885,000		890,903
City of Phoenix, Civic Improvement Corporation, Senior Lien Wastewater System Revenue Refunding Bonds, Series 2008	5.500	%	07/01/2023	Aa3		1,000,000		1,104,340
Sedona-Oak Creek Joint Unified School District No. 9 of Coconino and Yavapai Counties, Arizona, School Improvement Bonds, Project of 2007, Series B (2009)	5.000	%	07/01/2023	Aa2		1,460,000		1,501,610
								3,496,853
California (12.63%)
Department of Water and Power of the City of Los Angeles, California, Power System Revenue Bonds, 2001 Series A, Subseries A-1	5.250	%	07/01/2015	Aa3		1,500,000		1,580,925
State of California, Economic Recovery Bonds, Series A	5.000	%	07/01/2017	A2		900,000		906,417
Moulton-Niguel California, Water District Consolidated Refunding Bonds	5.000	%	09/01/2017	AA-		1,395,000		1,454,692
Moulton-Niguel California, Water District Consolidated Refunding Bonds	5.000	%	09/01/2018	AA-		450,000		465,026
State of California, General Obligation Bonds	5.250	%	02/01/2019	A2		2,200,000		2,214,828
Grossmont Healthcare District, San Diego County, California, General Obligation Bonds, 2006 Election, 2007 Series A	5.000	%	07/15/2020	A1		900,000		934,938
City of Napa (Napa County California) Water Revenue Bonds, Series 2007 (Water System Improvement Projects)	4.500	%	05/01/2022	AA-		560,000		559,966
State of California, Various Purpose General Obligation Bonds	5.000	%	11/01/2022	A2		600,000		564,420
Santa Barbara County, California, Santa Barbara Schools Financing Authority, 2007 General Obligation Revenue Bonds, Series B	4.750	%	08/01/2024	Aa3		1,000,000		975,790
Desert Water Agency Financing Corporation (Water System Improvement Project) Series 2007	4.750	%	05/01/2025	AA		885,000		823,006
Yosemite Community College District, (Stanislaus, Tuolumne, Calaveras, San Joaquin, Santa Clara and Merced Counties, California), Tax-Exempt General Obligation Bonds, Election of 2004, Series 2005A	5.000	%	08/01/2025	Aa3		1,195,000		1,209,292
State of California, Various Purpose General Obligation Bonds	5.500	%	03/01/2026	A2		1,300,000		1,265,355
Desert Water Agency Financing Corporation (Water System Improvement Project) Series 2007	4.750	%	05/01/2026	AA		930,000		858,371
Placentia-Yorba Linda Unified School District, (Orange County, California), General Obligation Bonds, 2002 Election, Series C	5.000	%	08/01/2029	Aa3		1,000,000		1,001,520
Ventura County Community College District (Ventura County, California) Election of 2002 General Obligation Bonds, Series C	5.500	%	08/01/2029	Aa3		1,000,000		1,030,910
Santa Clara Unified School District, (Santa Clara County, California), General Obligation Bonds, Election of 2004, Series 2008	5.000	%	07/01/2030	AA		1,000,000		998,700
								16,844,156
Colorado (1.74%)
Arapahoe County Water & Wastewater Public Improvement District (In Arapahoe County, Colorado) General Obligation Project Bonds, Series 2002A	5.750	%	12/01/2018	Baa1 (c)		1,320,000		1,397,920

See accompanying notes to financial statements.

71

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Coupon rate		Maturity date	Rating (Moody’s or S&P) (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Colorado (Cont.)
City of Colorado Springs, Colorado, Utilities System Subordinate Lien Improvement Revenue Bonds, Series 2005B	4.750	%	11/15/2022	Aa2		$	250,000	$	263,870
Eagle River Water and Sanitation District (Eagle County, Colorado), Enterprise Water Revenue Bonds, Series 2009	4.250	%	12/01/2024	AAA			675,000		654,183
									2,315,973
Connecticut (0.22%)
Town of Clinton, Connecticut, General Obligation Bonds (Prerefunded to 01-15-2012 @ 100) (d)	5.000	%	01/15/2021	A1			265,000		290,109
Delaware (2.19%)
The Delaware River and Bay Authority, Revenue Bonds, Refunding Series 2005	5.000	%	01/01/2021	A1			1,625,000		1,686,490
The City of Wilmington, Delaware, General Obligation Bonds, Series of 2008A	5.000	%	12/01/2028	A1			1,170,000		1,227,213
									2,913,703
Florida (2.94%)
City of Palm Bay, Florida, Utility System Improvement Revenue Bonds, Series 2005A	5.000	%	10/01/2026	A2			1,350,000		1,305,976
Coral Springs Improvement District, Subordinate Water and Sewer Revenue Bonds, Series 2007	4.500	%	06/01/2027	Baa1	(c)		1,000,000		901,350
City of Tallahassee, Florida, Consolidated Utility Systems Revenue Bonds, Series 2007	5.000	%	10/01/2027	Aa2			1,700,000		1,708,993
									3,916,319
Georgia (1.57%)
Upper Oconee Basin Water Authority, Georgia, Revenue Refunding Bonds, Series 2005	5.000	%	07/01/2023	A1			1,000,000		1,012,370
Spalding County Water and Sewerage Facilities Authority (Georgia), Revenue Bonds, Series 2008	6.125	%	09/01/2028	A2			1,000,000		1,082,510
									2,094,880
Hawaii (1.70%)
State of Hawaii, Highway Revenue Bonds, Series 2008	6.000	%	01/01/2029	Aa3			2,000,000		2,262,560
Idaho (2.30%)
Joint School District Number 2 (Meridian) Ada and Canyon Counties, Idaho General Obligation School Bonds, Series 2002	5.125	%	07/30/2019	AA-			500,000		528,040
Nampa School District Number 131, Canyon County, Idaho, General Obligation School Bonds, Series 2003	4.875	%	08/15/2020	A			1,000,000		1,051,370
Independent School District of Boise City, Ada and Boise Counties, Idaho, General Obligation Bonds, Series 2007	4.750	%	08/01/2024	Aa2			1,430,000		1,486,299
									3,065,709
Illinois (0.78%)
State of Illinois, General Obligation Bonds, First Series of December 2000	5.750	%	12/01/2017	A1			1,000,000		1,036,770
Indiana (1.41%)
Highland School Building Corporation, Lake County, Indiana, First Mortgage Refunding Bonds, Series 2003	5.000	%	01/10/2020	Baa1	(e)		1,310,000		1,360,068

See accompanying notes to financial statements.

72

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Coupon rate		Maturity date	Rating (Moody’s or S&P) (a)	Principal amount		Value
Long-term Municipal Bonds (Cont.)
Indiana (Cont.)
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, 2008 Series A	6.250	%	07/01/2033	Aaa	$	500,000	$	525,220
								1,885,288
Iowa (2.66%)
Des Moines, Iowa, General Obligation Bonds, Series 2004D (Urban Renewal)	5.000	%	06/01/2022	Aa2		500,000		505,925
Board of Regents, State of Iowa, Academic Building Revenue Bonds, Series S.U.I. 2008 (The State University of Iowa)	4.750	%	07/01/2028	Aa2		1,785,000		1,812,400
Ankeny Community School District, Polk County, Iowa, General Obligation School Bonds, Series 2009	5.000	%	06/01/2029	Aa2		1,270,000		1,227,975
								3,546,300
Kansas (6.74%)
City of Derby, Kansas, General Obligation Water System Refunding Bonds, Series 2004-A	5.000	%	12/01/2019	A2		730,000		756,492
City of Wichita, Kansas, General Obligation Bonds, Series 790	4.375	%	09/01/2020	Aa2		620,000		642,506
Kansas Development Finance Authority, Kansas Water Pollution Control Revolving Fund Revenue Bonds, Series 2001	4.800	%	11/01/2020	Aaa		450,000		460,381
City of Derby, Kansas, General Obligation Water System Refunding Bonds, Series 2004-A	5.000	%	12/01/2021	A2		245,000		251,902
Unified School District No. 512, Johnson County, Kansas (Shawnee Mission), General Obligation School Bonds, Series 2005-C	5.000	%	10/01/2025	Aa1		1,000,000		1,032,920
Johnson County, Kansas, Internal Improvement Bonds, Series 2008A	4.750	%	09/01/2027	Aaa		1,840,000		1,903,425
Johnson County, Kansas, Internal Improvement Bonds, Series 2008A	4.750	%	09/01/2028	Aaa		2,460,000		2,527,896
City of Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A	5.000	%	10/01/2030	AA-		1,400,000		1,409,940
								8,985,462
Louisiana (0.69%)
State of Louisiana, General Obligation Match Bonds, Series 2006-B	5.000	%	07/15/2025	A1		900,000		921,393
Maine (0.76%)
Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2004	5.250	%	07/01/2030	Aa3		1,000,000		1,014,870
Maryland (1.82%)
Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2002	5.000	%	09/01/2014	Aaa		1,250,000		1,360,400
Washington Suburban Sanitary District, Maryland, Water Supply Bonds of 2005	5.000	%	06/01/2023	Aaa		1,000,000		1,063,970
								2,424,370
Massachusetts (0.84%)
The Commonwealth of Massachusetts, General Obligation Bonds, Consolidated Loan of 2003, Series C (Prerefunded to 08-01-2013 @ 100) (d)	5.250	%	08/01/2020	Aa2		1,000,000		1,125,980
Michigan (0.77%)
Forest Hills Public Schools County of Kent, State of Michigan, 2007 School Building and Site Bonds (General Obligation - Unlimited Tax)	4.750	%	05/01/2024	Aa2		1,000,000		1,026,880
Minnesota (1.98%)
Independent School District Number 181 (Brainerd), Minnesota, General Obligation School Building Bonds, Series 2002A	5.375	%	02/01/2019	Aa2		2,500,000		2,644,950

See accompanying notes to financial statements.

73

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Coupon rate		Maturity date	Rating (Moody’s or S&P) (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Missouri (3.25%)
Missouri State Improvement and Energy Water Pollution Revenue, Series 2000B	5.625	%	07/01/2016	Aaa		$	1,155,000	$	1,199,190
Missouri Highways and Transportation Commission, State Road Bonds, Series A 2003	4.625	%	02/01/2022	Aaa			1,000,000		1,021,220
Parkway C-2 School District, St. Louis County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2009	4.625	%	03/01/2025	AAA			1,000,000		1,035,800
School District of the City of Ladue, St. Louis County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2007	5.000	%	03/01/2025	AAA			1,000,000		1,073,500
									4,329,710
Montana (0.26%)
State of Montana, General Obligation Bonds, (Drinking Water State Revolving Fund Program), Series 2005F	4.750	%	07/15/2018	Aa2			315,000		340,128
Nebraska (2.50%)
City of Lincoln, Nebraska, Lincoln Electric System Revenue and Refunding Bonds, Series 2002	5.000	%	09/01/2015	Aa2			1,595,000		1,717,624
Omaha Public Power District (Nebraska) Electric System Revenue Bonds, 2008 Series A	5.500	%	02/01/2028	AA			1,500,000		1,608,945
									3,326,569
New Hampshire (1.63%)
City of Manchester, New Hampshire, Water Revenue Bonds, Series 2003	5.000	%	12/01/2021	Aa3			610,000		635,126
City of Manchester, New Hampshire, Water Revenue Bonds, Series 2003	5.000	%	12/01/2023	Aa3			980,000		1,015,966
New Hampshire Municipal Bond Bank, 2007 Series B Bonds	4.750	%	08/15/2024	Aa3			500,000		515,590
									2,166,682
New Jersey (0.94%)
Passaic Valley Sewer Commissioners, State of New Jersey, Sewer System Bonds, Series F	5.000	%	12/01/2018	Baa1	(f)		1,300,000		1,253,174
New Mexico (0.77%)
Albuquerque Bernalillo County Water Utility Authority, Joint Water and Sewer System Improvement Revenue Bonds, Series 2008A	5.000	%	07/01/2030	Aa2			1,000,000		1,021,780
New York (3.33%)
New York City, Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 2003, Series D	5.000	%	06/15/2016	Aa2			1,300,000		1,372,280
New York State Thruway Authority, Second General Highway and Bridge Trust Fund Bonds, Series 2005B	5.000	%	04/01/2021	AA			1,000,000		1,041,200
County of Suffolk, New York, Public Improvement Serial Bonds - 2008 Series B	5.000	%	11/01/2027	Aa3			1,000,000		1,043,070
The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Fifty-Third Series	4.750	%	07/15/2030	Aa3			1,000,000		984,310
									4,440,860

See accompanying notes to financial statements.

74

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Coupon rate		Maturity date	Rating (Moody’s or S&P) (a)	Principal amount		Value
Long-term Municipal Bonds (Cont.)
North Carolina (1.16%)
City of Charlotte, North Carolina, General Obligation Refunding Bonds, Series 2002B	5.000	%	07/01/2021	Aaa	$	1,000,000	$	1,043,620
City of Asheville, North Carolina, Water System Revenue Bonds, Series 2007	4.750	%	08/01/2026	Aa3		195,000		196,946
City of Asheville, North Carolina, Water System Revenue Bonds, Series 2007	4.750	%	08/01/2027	Aa3		300,000		301,188
								1,541,754
Ohio (2.19%)
City of Cleveland, Ohio, Waterworks Refunding Revenue Bonds, Series J, 2001	5.375	%	01/01/2016	Aa2		1,000,000		1,057,470
Board of Education Indian Hill Exempted Village School District, County of Hamilton, Ohio, School Improvement Refunding Bonds, Series 2006	4.375	%	12/01/2022	Aaa		750,000		766,395
Board of Education, City School District of the City of Cincinnati, County of Hamilton, Ohio, Classroom Facilities Construction and Improvement Refunding Bonds, Series 2006 (Voted General Obligation Unlimited Tax)	5.250	%	12/01/2022	Aa3		1,000,000		1,093,830
								2,917,695
Oklahoma (1.89%)
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2008	4.750	%	05/01/2026	Aa2		1,165,000		1,203,072
City of Oklahoma City, Oklahoma, General Obligation Bonds, Series 2008	5.000	%	03/01/2027	Aa1		400,000		422,696
Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, (Homeownership Loan Program), 2003 Series B-1 (AMT)	4.875	%	09/01/2033	Aaa		910,000		896,951
								2,522,719
Oregon (8.40%)
Newberg School District Number 29J, Yamhill, Clackamas and Washington Counties, Oregon, General Obligation Bonds, Series 2002 (Prerefunded to 06-15-2012 @ 100) (d)	5.250	%	06/15/2015	AAA		1,000,000		1,115,780
Eagle Point School District Number 9, Jackson County, Oregon, General Obligation Bonds, Series 2000 (Prerefunded to 06-15-2011 @ 100) (d)	5.625	%	06/15/2017	Aa2		1,500,000		1,635,795
Reynolds School District Number 7, Multnomah County, Oregon, General Obligation Bonds, Series 2000 (Prerefunded to 06-15-2011 @ 100) (d)	5.000	%	06/15/2018	Aa2		2,000,000		2,155,060
Emerald People’s Utility District, Lane County, Oregon	5.250	%	11/01/2021	Aa3		705,000		724,388
City of Portland, Oregon, Second Lien Sewer System, Revenue and Refunding Bonds, 2008 Series B	5.000	%	06/15/2022	Aa3		1,825,000		1,946,874
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2007 Refunding Series G (Tax Exempt)	4.625	%	08/01/2024	Aa2		330,000		340,646
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2007 Series F (Tax Exempt)	4.625	%	08/01/2024	Aa2		570,000		588,388
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2009 Series A	5.750	%	08/01/2024	Aa2		575,000		643,925
Oregon Trail School District No. 46, Clackamas County, Oregon, General Obligation Bonds, Series 2009	5.000	%	06/15/2029	AA		1,000,000		1,017,220
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2009 Series A	5.750	%	08/01/2029	Aa2		940,000		1,032,552
								11,200,628
Rhode Island (1.94%)
Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund Revenue Bonds, Series 2004 A (Pooled Loan Issue)	4.750	%	10/01/2022	Aaa		1,000,000		1,039,850

See accompanying notes to financial statements.

75

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Coupon rate		Maturity date	Rating (Moody’s or S&P) (a)	Principal amount		Value
Long-term Municipal Bonds (Cont.)
Rhode Island (Cont.)
State of Rhode Island and Providence Plantations, General Obligation Bonds, Consolidated Capital Development Loan of 2007, Series A	4.750	%	08/01/2024	Aa3	$	1,000,000	$	1,025,580
Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund Revenue Bonds, Series 2007 A (Pooled Loan Issue)	4.750	%	10/01/2025	Aaa		500,000		521,780
								2,587,210
South Carolina (2.79%)
South Carolina Public Service Authority, Revenue Obligations, Series 2008, Tax-Exempt Series A	5.375	%	01/01/2028	AA-		3,500,000		3,714,900
South Dakota (0.60%)
Harrisburg School District No. 41-2, Lincoln County, South Dakota, General Obligation Bonds, Series 2007	4.500	%	01/15/2023	Aa3		800,000		801,992
Tennessee (2.00%)
Tennessee State School Bond Authority, Higher Educational Facilities, Second Program Bonds, 2008 Series B	4.750	%	05/01/2023	Aa2		1,000,000		1,036,400
State of Tennessee, General Obligation Bonds, 2007 Series A	4.500	%	10/01/2025	Aa1		425,000		433,776
The Metropolitan Government of Nashville and Davidson County (Tennessee), Electric System Revenue Bonds, 2008 Series A	4.750	%	05/15/2026	AA+		1,175,000		1,200,509
								2,670,685
Texas (3.83%)
Fort Bend Independent School District, (Fort Bend County, Texas), Unlimited Tax School Building Bonds, Series 2000	5.250	%	08/15/2017	AAA		2,550,000		2,615,662
Trinity River Authority of Texas, (Tarrant County Water Project) Improvement Revenue Bonds, Series 2008	5.750	%	02/01/2027	A1		1,500,000		1,582,920
New Braunfels Independent School District, (A political subdivision of the State of Texas located in Comal and Guadalupe Counties, Texas), Unlimited Tax School Building Bonds, Series 2008	5.000	%	02/01/2029	AA-		900,000		908,433
								5,107,015
Utah (0.58%)
West Jordan Utah, General Obligation Bonds (Prerefunded to 04-01-2014 @ 100) (d)	5.250	%	04/01/2022	NR		680,000		778,709
Virginia (3.13%)
Fairfax County Water Authority, Water Refunding Revenue Bonds, Series 1997	5.000	%	04/01/2021	Aaa		1,000,000		1,119,420
City of Salem, Virginia General Obligation Public Improvement Refunding Bonds Series 2007A	4.500	%	01/01/2023	Aa3		520,000		540,530
General Obligation Public Improvement and Refunding Bonds, Series 2007 of the City of Hampton, Virginia	4.375	%	01/15/2023	Aa2		1,550,000		1,593,880
Virginia Public School Authority, School Financing Bonds, (1997 Resolution) Series 2004 A	4.750	%	08/01/2027	Aa1		900,000		916,605
								4,170,435

See accompanying notes to financial statements.

76

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2009

(Unaudited)

	Coupon rate		Maturity date	Rating (Moody’s or S&P) (a)	Shares or principal amount		Value
Long-term Municipal Bonds (Cont.)
Washington (5.89%)
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Bonds, 2008	5.000	%	12/01/2025	Aa1	$	2,000,000	$	2,115,200
Bellevue School District No. 405, King County, Washington, Unlimited Tax General Obligation Bonds, 2008	4.750	%	12/01/2026	Aa1		2,500,000		2,578,650
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2008	5.000	%	01/01/2028	A1		680,000		691,315
The City of Seattle, Washington, Drainage and Wastewater Revenue Bonds, 2004	4.750	%	09/01/2028	Aa2		1,140,000		1,113,301
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2008	5.125	%	01/01/2029	A1		445,000		453,500
Public Utility District No. 1 of Douglas County, Washington, Wells Hydroelectric Revenue and Refunding Bonds, Series 2005B (Non-AMT)	5.000	%	09/01/2030	Aa2		900,000		902,781
								7,854,747
Wisconsin (0.66%)
School District of Elbrook, Waukesha County, Wisconsin, General Obligation School Building and Improvement Bonds	5.000	%	04/01/2028	Aa1		850,000		879,121
Total Long-term Municipal Bonds
(cost $124,450,112)								127,497,362
Short-term Investments (4.22%)
JPMorgan Tax Free Money Market Fund						5,623,466		5,623,466
Total Short-term Investments
(cost $5,623,466)								5,623,466
TOTAL INVESTMENTS (99.86%)
(cost $130,073,578)								133,120,828
OTHER ASSETS, NET OF LIABILITIES (0.14%)								194,354
NET ASSETS (100.00%)							$	133,315,182

(a) Ratings are not audited and represent the lower of Moody’s or S&P ratings.

(b) Long-term Municipal Bonds consisted of 5.57% Advanced Refund Bonds, 40.16% General Obligation Bonds and 54.27% Municipal Revenue Bonds.

(c) Rating represents Moody’s insurance financial strength rating for the bond insurance company (guarantor). Neither Moody’s nor S&P rated the underlying security.

(d) Advanced Refund Bonds are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government Agency securities to ensure the timely payment of principal and interest.

(e) Rating represents Moody’s insurance financial strength rating for the bond insurance company (guarantor). Moody’s did not rate the underlying security. S&P rated the underlying security at AA+.

(f) Rating represents Moody’s insurance financial strength rating for the bond insurance company (guarantor). Moody’s rated the underlying security at Baa1. S&P did not rate the underlying security.

NR - Not Rated

See accompanying notes to financial statements.

77

STATE FARM MUTUAL FUND TRUST MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

(Unaudited)

	Principal amount		Value
Short-term Investments (100.13%)
Agriculture, Foods, & Beverage (9.72%)
Coca-Cola Co. (a)
0.550%, 07/07/2009	$	2,000,000	$	1,999,817
Nestle Financial International
0.170%, 08/24/2009		11,000,000		10,997,195
Coca-Cola Co. (a)
0.400%, 08/28/2009		2,400,000		2,398,453
0.350% to 0.370%, 12/09/2009		9,000,000		8,985,242
Nestle Capital Corp. (a)
0.260%, 12/11/2009		1,500,000		1,498,234
				25,878,941
Automotive (10.06%)
American Honda Finance Corp.
0.900%, 07/10/2009		3,600,000		3,599,190
Toyota Motor Credit Corp.
0.270%, 07/15/2009		600,000		599,937
0.300%, 07/21/2009		12,800,000		12,797,867
American Honda Finance Corp.
0.400%, 08/19/2009		5,900,000		5,896,788
0.450%, 09/09/2009		3,900,000		3,896,587
				26,790,369
Chemicals (5.11%)
Praxair Inc.
0.320%, 07/10/2009		1,000,000		999,920
0.210%, 07/22/2009		8,000,000		7,999,020
0.220%, 07/24/2009		4,600,000		4,599,353
				13,598,293
Financial Services (20.72%)
Chevron Funding Corp.
0.170%, 07/02/2009		11,400,000		11,399,946
Caterpillar Financial Services Corp.
0.450%, 07/07/2009		4,800,000		4,799,640
General Electric Capital Corp.
0.230%, 07/24/2009		13,400,000		13,398,031
Citigroup Funding (b)
0.230%, 08/12/2009		13,600,000		13,596,351
0.220%, 08/20/2009		12,000,000		11,996,333
				55,190,301
Government Agency Securities (40.85%) (c)
Federal Home Loan Bank
0.220%, 07/10/2009		9,000,000		8,999,505
0.270%, 07/14/2009		12,000,000		11,998,830
0.280%, 07/15/2009		18,000,000		17,998,040
0.550%, 07/24/2009		5,000,000		4,998,243
0.270%, 08/05/2009		6,000,000		5,998,425
0.210%, 08/07/2009		10,000,000		9,997,842
0.140%, 08/12/2009		10,000,000		9,998,367

	Shares or principal amount		Value
Short-term Investments (Cont.)
Government Agency Securities (Cont.)
0.190%, 08/28/2009	$	2,424,000	$	2,423,258
0.190%, 09/04/2009		10,000,000		9,996,570
0.200%, 09/16/2009		6,000,000		5,997,433
Federal Home Loan Mortgage Corp.
0.300%, 07/27/2009		4,000,000		3,999,133
0.300%, 08/03/2009		4,000,000		3,998,900
Federal National Mortgage Association
0.200%, 09/02/2009		12,400,000		12,395,660
				108,800,206
Health Care (10.35%)
Merck & Co. Inc.
0.180%, 07/28/2009		2,400,000		2,399,676
Abbott Laboratories (a)
0.200%, 08/26/2009		4,300,000		4,298,662
Johnson & Johnson (a)
0.250%, 10/27/2009		4,500,000		4,496,313
0.290%, 11/23/2009		3,000,000		2,996,496
Pfizer Inc.
0.360%, 12/08/2009		13,400,000		13,378,560
				27,569,707
Registered Investment Companies (3.32%)
JPMorgan U.S. Government Money Market Fund		8,831,309		8,831,309
Total Short-term Investments
(cost $266,659,126)				266,659,126
TOTAL INVESTMENTS (100.13%)
(cost $266,659,126)				266,659,126
LIABILITIES, NET OF OTHER ASSETS (-0.13%)				(333,055	)
NET ASSETS (100.00%)			$	266,326,071

(a) Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities are purchased as part of the normal course of business, valued at amortized cost and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the value of these securities amounted to $26,673,217 or 10.02% of net assets.

(b) Security is guaranteed under the FDIC Temporary Liquidity Guarantee Program.

(c) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

See accompanying notes to financial statements.

78

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79

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2009

(Unaudited)

	Equity Fund			Small/Mid Cap Equity Fund		International Equity Fund
Assets
Investments in securities at identified cost	$	210,962,474		104,602,521		86,342,351
Investments in securities at market value	$	197,723,075		107,300,800		80,205,768
Investments in securities in Master Portfolios		—		—		—
Cash		—		—		—
Foreign currencies at value (cost $88,365 and $1,500,142, respectively)		—		—		88,526
Receivable for:
Dividends and interest		182,283		113,715		378,123
Shares of the Fund sold		63,918		107,414		38,996
Securities sold		238,556		1,540,381		77,395
SFIMC		2,107		8,813		20,026
SFIMC tax administration expenses reimbursement (a)		—		—		—
Unrealized gain on forward foreign currency contracts		—		—		167
Prepaid expenses		28,515		25,694		30,274
Total assets		198,238,454		109,096,817		80,839,275
Liabilities and Net Assets
Dividends to shareholders		—		—		—
Payable for:
Shares of the Fund redeemed		23,247		23,297		25,719
Securities purchased		7,230,812		2,936,886		470,986
Variation margin		—		—		—
Unrealized loss on forward foreign currency contracts		—		—		663
Due to affiliates		180,853		132,555		159,975
Accrued tax administration expenses (a)		—		—		—
Accrued liabilities		70,637		78,532		113,550
Total Liabilities		7,505,549		3,171,270		770,893
Net assets applicable to shares outstanding of common stock	$	190,732,905		105,925,547		80,068,382
Analysis of Net Assets
Paid-in-capital	$	324,412,235		168,454,302		108,027,550
Accumulated net realized gain (loss)		(121,306,256	)	(65,201,760	)	(22,715,858	)
Net unrealized appreciation (depreciation)		(13,239,399	)	2,698,279		(6,130,626	)
Undistributed (accumulated) net investment income (loss)		866,325		(25,274	)	887,316
Net assets applicable to shares outstanding	$	190,732,905		105,925,547		80,068,382
Fund shares outstanding: Class A Shares		3,140,906		2,936,437		1,771,121
Class B Shares		651,861		1,023,626		921,195
Legacy Class A Shares		11,748,862		7,500,935		4,627,550
Legacy Class B Shares		4,164,496		2,479,073		1,561,405
Institutional Shares		22,006,610		2,578,035		1,300,851
Class R-1 Shares		500,311		401,908		334,771
Class R-2 Shares		836,814		550,349		394,327
Class R-3 Shares		170,847		146,866		151,606
Net assets applicable to shares outstanding: Class A Shares	$	13,679,172		17,958,282		12,787,412
Class B Shares		2,838,178		6,117,277		6,592,426
Legacy Class A Shares		52,965,831		45,047,599		33,650,274
Legacy Class B Shares		18,638,056		14,287,068		11,239,030
Institutional Shares		96,058,479		15,904,889		9,447,081
Class R-1 Shares		2,173,133		2,394,320		2,405,936
Class R-2 Shares		3,634,636		3,315,335		2,845,763
Class R-3 Shares		745,420		900,777		1,100,460
Net asset value: Class A Shares	$	4.36		6.12		7.22
Class B Shares		4.35		5.98		7.16
Legacy Class A Shares		4.51		6.01		7.27
Legacy Class B Shares		4.48		5.76		7.20
Institutional Shares		4.36		6.17		7.26
Class R-1 Shares		4.34		5.96		7.19
Class R-2 Shares		4.34		6.02		7.22
Class R-3 Shares		4.36		6.13		7.26
Maximum offering price: Class A Shares	$	4.59		6.44		7.60
Legacy Class A Shares		4.65		6.20		7.49

(a) See Note 2 under Federal Income Taxes, Dividends and Distributions to Shareholders.

See accompanying notes to financial statements.

80

S&P 500 Index Fund	Small Cap Index Fund	International Index Fund	Equity and Bond Fund	Bond Fund	Tax Advantaged Bond Fund	Money Market Fund
—	258,752,126	187,993,103	189,576,488	305,351,223	130,073,578	266,659,126
—	194,919,266	164,385,212	136,073,901	311,101,856	133,120,828	266,659,126
396,123,950	—	—	—	—	—	—
—	—	—	752,726	—	—	—
—	—	1,530,712	—	—	—	—
—	199,382	930,688	215,128	3,090,616	1,955,146	1,570
196,854	194,380	181,981	199,351	132,360	38,574	731,797
—	26,235,649	127,800	—	—	—	—
6,727	15,082	28,095	52,667	—	—	77,666
—	—	—	19,665	—	—	—
—	—	8,183	—	—	—	—
41,554	31,107	29,345	4,026	33,836	32,623	52,799
396,369,085	221,594,866	167,222,016	137,317,464	314,358,668	135,147,171	267,522,958
—	—	—	230,398	349,957	231,340	—
118,709	33,455	14,298	51,448	50,249	87,839	1,013,903
—	26,803,163	407,093	—	—	1,400,194	—
—	3,137	20,952	—	—	—	—
—	—	11,382	—	—	—	—
270,117	164,894	258,712	51,426	188,791	90,841	132,712
—	—	—	19,665	—	—	—
259,244	175,646	208,185	48,629	100,420	21,775	50,272
648,070	27,180,295	920,622	401,566	689,417	1,831,989	1,196,887
395,721,015	194,414,571	166,301,394	136,915,898	313,669,251	133,315,182	266,326,071
495,558,169	273,177,447	203,110,287	190,590,985	309,757,159	129,773,107	266,326,071
(27,152,575)	(15,721,871)	(15,465,134)	(387,406)	(1,838,541)	494,825	—
(76,350,896)	(63,819,270)	(23,570,406)	(53,502,587)	5,750,633	3,047,250	—
3,666,317	778,265	2,226,647	214,906	—	—	—
395,721,015	194,414,571	166,301,394	136,915,898	313,669,251	133,315,182	266,326,071
6,782,659	2,453,449	3,021,276	2,619,099	4,848,220	3,922,316	86,935,910
1,482,799	811,170	941,400	1,116,221	680,903	324,843	3,442,391
29,797,275	12,549,107	8,507,719	9,820,803	10,838,136	5,682,465	102,680,864
10,161,962	4,491,301	2,709,806	4,859,851	4,827,491	2,365,218	12,378,477
6,786,038	3,924,037	3,014,197	1,585,310	7,353,231		39,674,640
765,225	314,527	377,522	361,818	397,655		7,608,621
944,677	313,101	414,305	515,155	418,992		11,647,492
198,071	114,195	146,230	127,722	111,172		1,957,676
47,048,222	19,276,747	26,302,600	16,978,538	51,575,428	42,583,048	86,935,910
10,296,283	6,335,296	8,181,763	7,243,586	7,239,123	3,524,542	3,442,391
207,190,553	97,644,786	73,854,403	64,167,191	115,387,852	61,577,942	102,680,864
70,652,723	34,410,115	23,551,425	31,800,831	51,409,463	25,629,650	12,378,477
47,298,708	30,923,282	26,258,420	10,281,613	78,190,618		39,674,640
5,311,126	2,464,778	3,278,854	2,317,876	4,230,230		7,608,621
6,542,508	2,458,706	3,598,566	3,305,782	4,453,521		11,647,492
1,380,892	900,861	1,275,363	820,481	1,183,016		1,957,676
6.94	7.86	8.71	6.48	10.64	10.86	1.00
6.94	7.81	8.69	6.49	10.63	10.85	1.00
6.95	7.78	8.68	6.53	10.65	10.84	1.00
6.95	7.66	8.69	6.54	10.65	10.84	1.00
6.97	7.88	8.71	6.49	10.63		1.00
6.94	7.84	8.69	6.41	10.64		1.00
6.93	7.85	8.69	6.42	10.63		1.00
6.97	7.89	8.72	6.42	10.64		1.00
7.31	8.27	9.17	6.82	10.97	11.20	1.00
7.16	8.02	8.95	6.73	10.98	11.18	1.00

See accompanying notes to financial statements.

81

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2009

(Unaudited)

	LifePath Income Fund			LifePath 2010 Fund		LifePath 2020 Fund		LifePath 2030 Fund		LifePath 2040 Fund		LifePath 2050 Fund
Assets
Investments in securities at identified cost	$	—		—		—		—		—		—
Investments in securities at market value	$	—		—		—		—		—		—
Investments in securities in Master Portfolios		136,316,951		371,355,767		674,204,221		549,988,851		422,755,104		13,419,973
Receivable for:
Shares of the Fund sold		83,200		259,588		997,124		718,583		431,738		86,373
SFIMC		2,119		—		—		—		831		12,877
SFIMC tax administration expenses reimbursement (a)		39,636		—		—		—		—		—
Prepaid expenses		29,611		35,378		41,740		30,545		30,696		10,812
Total assets		136,471,517		371,650,733		675,243,085		550,737,979		423,218,369		13,530,035
Liabilities and Net Assets
Dividends to shareholders		29,307		—		—		—		—		—
Payable for:
Shares of the Fund redeemed		25,409		82,972		386,231		439,815		131,612		7,620
Due to affiliates		108,247		296,101		537,601		439,249		335,517		25,545
Accrued tax administration expenses (a)		39,636		—		—		—		—		—
Accrued liabilities		40,738		89,737		185,869		194,929		237,510		53,264
Total Liabilities		243,337		468,810		1,109,701		1,073,993		704,639		86,429
Net assets applicable to shares outstanding of common stock	$	136,228,180		371,181,923		674,133,384		549,663,986		422,513,730		13,443,606
Analysis of Net Assets
Paid-in-capital		155,305,167		425,735,717		831,063,990		716,586,531		578,716,864		13,860,731
Accumulated net realized gain (loss)		(14,958,602	)	(40,576,675	)	(99,550,233	)	(103,728,427	)	(91,726,142	)	(1,655,045	)
Net unrealized appreciation (depreciation)		(5,049,527	)	(21,296,545	)	(68,999,442	)	(71,652,958	)	(70,301,869	)	1,134,799
Undistributed (accumulated) net investment income (loss)		931,142		7,319,426		11,619,069		8,458,840		5,824,877		103,121
Net assets applicable to shares outstanding	$	136,228,180		371,181,923		674,133,384		549,663,986		422,513,730		13,443,606
Fund shares outstanding:
Class A Shares		4,714,613		10,056,734		20,519,981		18,465,584		13,324,279		1,614,474
Class B Shares		161,597		498,225		1,294,762		1,515,921		1,565,888
Legacy Class A Shares		6,504,229		17,195,145		28,116,821		19,715,015		13,873,410
Legacy Class B Shares		796,516		3,374,166		6,330,704		4,974,978		3,612,216
Institutional Shares		1,222,406		3,405,515		6,681,889		6,870,184		7,366,300
Class R-1 Shares		169,215		388,954		986,356		1,039,913		958,076		133,309
Class R-2 Shares		227,144		660,631		1,078,782		1,050,857		851,080		101,174
Class R-3 Shares		15,765		57,751		205,903		138,305		115,315
Net assets applicable to shares outstanding:
Class A Shares	$	45,981,765		105,181,984		212,837,492		188,930,885		135,016,227		11,736,413
Class B Shares		1,583,778		5,157,468		13,336,439		15,427,899		15,786,996
Legacy Class A Shares		64,540,526		178,768,455		290,026,954		201,457,448		140,661,155
Legacy Class B Shares		7,923,322		34,926,509		65,117,670		50,559,584		36,509,593
Institutional Shares		12,129,853		35,634,788		69,371,043		70,565,169		75,081,675
Class R-1 Shares		1,652,829		4,031,451		10,165,043		10,571,398		9,650,289		970,124
Class R-2 Shares		2,259,865		6,878,329		11,149,965		10,732,228		8,622,951		737,069
Class R-3 Shares		156,242		602,939		2,128,778		1,419,375		1,184,844
Net asset value:
Class A Shares		9.75		10.46		10.37		10.23		10.13		7.27
Class B Shares		9.80		10.35		10.30		10.18		10.08
Legacy Class A Shares		9.92		10.40		10.32		10.22		10.14
Legacy Class B Shares		9.95		10.35		10.29		10.16		10.11
Institutional Shares		9.92		10.46		10.38		10.27		10.19
Class R-1 Shares		9.77		10.36		10.31		10.17		10.07		7.28
Class R-2 Shares		9.95		10.41		10.34		10.21		10.13		7.29
Class R-3 Shares		9.91		10.44		10.34		10.26		10.27
Maximum offering price:
Class A Shares		10.26		11.01		10.92		10.77		10.66		7.65
Legacy Class A Shares		10.23		10.72		10.64		10.54		10.45

(a) See Note 2 under Federal Income Taxes, Dividends and Distributions to Shareholders.

See accompanying notes to financial statements.

82

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83

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF OPERATIONS

Six months ended June 30, 2009

(Unaudited)

	Equity Fund			Small/Mid Cap Equity Fund		International Equity Fund		S&P 500 Index Fund		Small Cap Index Fund		International Index Fund
Investment Income: (a)
Dividends	$	1,800,126		663,139		1,272,527		4,783,554		1,208,262		3,733,546
Interest		4,928		4,460		873		14,866		4,289		1,047
Securities lending - net		—		—		—		211,175		—		—
Tax-exempt interest		—		—		—		—		—		—
		1,805,054		667,599		1,273,400		5,009,595		1,212,551		3,734,593
Less: foreign withholding taxes		(480	)	(95	)	(123,677	)	—		(576	)	(363,523	)
Portfolio expenses of Master Portfolios (b)		—		—		—		(89,951	)	—		—
Total investment income		1,804,574		667,504		1,149,723		4,919,644		1,211,975		3,371,070
Expenses:
Investment advisory and management fees		520,473		378,617		276,464		269,540		304,257		362,445
Shareholder services fees		218,866		120,399		88,276		453,407		219,147		183,714
Distribution fees Class A		13,884		19,054		13,303		50,034		20,600		27,702
Distribution fees Class B		12,203		23,411		24,373		43,807		26,860		33,680
Distribution fees Legacy Class A		61,612		51,090		36,825		239,074		110,253		81,289
Distribution fees Legacy Class B		57,389		43,186		32,227		214,573		101,997		68,053
Distribution fees Class R-1		4,611		5,104		5,098		11,642		5,280		6,933
Distribution fees Class R-2		4,776		4,640		3,589		8,991		3,437		4,877
Reports to shareholders		44,396		32,386		22,776		126,711		75,675		46,483
Regulatory fees		38,859		40,692		36,021		39,344		38,283		38,110
Professional fees		20,483		23,066		20,854		20,073		20,334		21,799
Trustees’ fees and expenses		4,775		2,385		2,120		9,829		4,801		3,982
Errors and omissions insurance		2,475		1,412		1,061		5,355		2,426		2,171
Custodian fees		2,059		7,454		104,155		2,164		16,150		101,950
ICI dues		1,253		756		514		2,639		1,437		988
Securities valuation fees		1,064		1,506		10,894		—		11,197		39,245
Fidelity bond expense		343		193		146		729		339		304
Excise tax		—		—		—		—		—		—
Money Market Guarantee Program Fee		—		—		—		—		—		—
Index license fees		—		—		—		23,457		18,376		46,315
Total expenses		1,009,521		755,351		678,696		1,521,369		980,849		1,070,040
Less: expense reimbursement from affiliates (c)		(28,962	)	(62,573	)	(129,425	)	(50,713	)	(102,088	)	(179,202	)
Net expenses		980,559		692,778		549,271		1,470,656		878,761		890,838
Net investment income (loss)		824,015		(25,274	)	600,452		3,448,988		333,214		2,480,232
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		(33,725,521	)	(31,963,281	)	(10,392,395	)	(11,265,467	)	(13,972,514	)	(6,126,236	)
Net realized gain (loss) on forward foreign currency contracts		—		—		(3,993	)	—		—		145,104
Net realized gain (loss) on foreign currency transactions		—		—		(908	)	—		—		3,928
Net realized gain (loss) on future contracts		—		—		—		1,563,565		(50,731	)	261,321
Change in net unrealized gain (loss) on open futures contracts		—		—		—		(410,574	)	(283,558	)	(97,727	)
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		36,222,422		36,586,178		16,781,978		16,861,230		17,714,664		11,358,259
Net realized and unrealized gain (loss) on investments		2,496,901		4,622,897		6,384,682		6,748,754		3,407,861		5,544,649
Net change in net assets resulting from operations	$	3,320,916		4,597,623		6,985,134		10,197,742		3,741,075		8,024,881

(a) Components of investment income for the S&P 500 Index, LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds reflect each Fund’s proportionate income from its Master Portfolio.

(b) Portfolio expenses of Master Portfolios for the S&P 500 Index, LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds include the effect of expense reductions by Barclays at the Master Portfolio level. See Note 2 under Expense Reduction Agreements.

(c) For the Money Market Fund, this amount includes $269,551 of additional voluntary fee waivers from SFIMC and VP Management Corp. See Note 2 under Expense Reduction Agreements.

See accompanying notes to financial statements.

84

Equity and Bond Fund	Bond Fund	Tax Advantaged Bond Fund	Money Market Fund	LifePath Income Fund	LifePath 2010 Fund	LifePath 2020 Fund	LifePath 2030 Fund	LifePath 2040 Fund	LifePath 2050 Fund
1,257,186	—	—	—	827,781	2,355,924	5,874,374	5,744,394	4,983,589	147,468
—	7,534,756	—	636,532	1,528,843	3,953,175	4,521,983	2,221,866	817,909	2,407
—	—	—	—	32,183	88,266	205,750	190,964	168,107	3,425
—	—	2,916,176	—	—	—	—	—	—	—
1,257,186	7,534,756	2,916,176	636,532	2,388,807	6,397,365	10,602,107	8,157,224	5,969,605	153,300
—	—	—	—	—	—	—	—	—	—
—	—	—	—	(168,983)	(448,015)	(678,849)	(482,314)	(326,532)	(6,999)
1,257,186	7,534,756	2,916,176	636,532	2,219,824	5,949,350	9,923,258	7,674,910	5,643,073	146,301
—	148,540	62,735	130,696	225,540	607,924	1,060,397	847,011	637,519	15,784
2,060	374,597	156,837	334,194	162,341	437,828	764,716	612,002	461,184	11,784
18,100	53,801	44,216	62,007	51,773	118,400	227,643	198,579	141,039	9,452
28,901	22,155	11,207	9,297	6,691	22,005	55,401	62,370	62,641	—
76,847	140,717	76,530	77,173	79,713	214,335	337,491	230,060	157,063	—
99,423	163,722	82,631	32,948	24,980	109,147	198,070	150,325	106,842	—
5,289	9,872	—	14,739	3,756	9,067	22,020	22,038	19,543	2,003
4,473	6,179	—	12,142	2,871	9,162	15,118	14,870	11,719	985
19,465	45,276	4,946	24,908	11,373	39,920	86,872	103,243	125,436	37,825
60,289	38,824	18,348	52,068	37,834	40,959	47,299	51,435	46,259	19,074
11,934	18,105	16,429	13,959	18,505	22,013	33,434	22,621	22,286	18,630
3,518	8,125	3,331	8,306	3,601	9,545	16,144	13,078	9,709	58
1,862	3,583	1,429	2,971	1,720	4,652	8,147	6,295	4,743	52
—	4,155	1,007	1,471	1,208	2,278	3,621	2,858	2,493	1,321
—	1,620	628	1,130	1,118	2,218	4,091	3,147	2,485	81
—	29,614	13,456	—	—	—	—	—	—	—
243	486	199	397	262	653	1,139	885	667	8
—	—	—	—	9,678	20,957	—	—	—	—
—	—	—	40,325	—	—	—	—	—	—
—	—	—	—	—	—	—	—	—	—
332,404	1,069,371	493,929	818,731	642,964	1,671,063	2,881,603	2,340,817	1,811,628	117,057
(97,311)	(1,246)	(30)	(284,390)	(20,859)	(20,957)	—	—	(32,071)	(72,097)
235,093	1,068,125	493,899	534,341	622,105	1,650,106	2,881,603	2,340,817	1,779,557	44,960
1,022,093	6,466,631	2,422,277	102,191	1,597,719	4,299,244	7,041,655	5,334,093	3,863,516	101,341
28	(1,165,885)	427,733	—	(8,185,550)	(25,026,269)	(59,249,703)	(59,192,469)	(49,965,180)	(1,394,758)
—	—	—	—	—	—	—	—	—	—
—	—	—	—	—	—	—	—	—	—
—	—	—	—	—	—	—	—	—	—
—	—	—	—	—	—	—	—	—	—
3,116,291	11,199,556	3,429,131	—	12,696,081	36,763,788	84,304,730	82,097,201	68,376,278	2,424,165
3,116,319	10,033,671	3,856,864	—	4,510,531	11,737,519	25,055,027	22,904,732	18,411,098	1,029,407
4,138,412	16,500,302	6,279,141	102,191	6,108,250	16,036,763	32,096,682	28,238,825	22,274,614	1,130,748

See accompanying notes to financial statements.

85

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Equity Fund
Six months ended June 30, 2009 (unaudited) and the year ended December 31, 2008	2009			2008
From operations:
Net investment income (loss)	$	824,015		4,686,421
Net realized gain (loss)		(33,725,521	)	(87,131,672	)
Change in net unrealized appreciation or depreciation		36,222,422		(43,816,675	)
Net change in net assets resulting from operations		3,320,916		(126,261,926	)
Distributions to shareholders from and in excess of:
Net investment income:
Class A Shares		(4	)	(279,827	)
Class B Shares		2		(42,953	)
Legacy Class A Shares		304		(1,255,756	)
Legacy Class B Shares		375		(346,822	)
Institutional Shares		(18	)	(2,690,433	)
Class R-1 Shares		—		(38,792	)
Class R-2 Shares		—		(77,613	)
Class R-3 Shares		—		(20,152	)
		659		(4,752,348	)
Net realized gain:
Class A Shares		—		(20,497	)
Class B Shares		—		(5,074	)
Legacy Class A Shares		—		(96,162	)
Legacy Class B Shares		—		(35,481	)
Institutional Shares		—		(174,688	)
Class R-1 Shares		—		(3,248	)
Class R-2 Shares		—		(6,172	)
Class R-3 Shares		—		(1,371	)
		—		(342,693	)
Total distributions to shareholders		659		(5,095,041	)
From Fund share transactions:
Proceeds from shares sold		13,062,999		50,729,635
Reinvestment of distributions		(672	)	2,512,457
		13,062,327		53,242,092
Less payments for shares redeemed		(8,180,113	)	(31,797,183	)
Net increase (decrease) in net assets from Fund share transactions		4,882,214		21,444,909
Total increase (decrease) in net assets		8,203,789		(109,912,058	)
Net assets:
Beginning of period		182,529,116		292,441,174
End of period*	$	190,732,905		182,529,116
* Including undistributed (accumulated) net investment income (loss)	$	866,325		38,483

See accompanying notes to financial statements.

86

Small/Mid Cap Equity Fund		International Equity Fund		S&P 500 Index Fund		Small Cap Index Fund
2009	2008	2009	2008	2009	2008	2009	2008
(25,274)	(646,247)	600,452	1,650,328	3,448,988	8,357,327	333,214	1,263,517
(31,963,281)	(32,933,560)	(10,397,296)	(11,555,974)	(9,701,902)	(15,006,252)	(14,023,245)	12,919,027
36,586,178	(50,240,672)	16,781,978	(55,228,724)	16,450,656	(235,458,127)	17,431,106	(119,632,034)
4,597,623	(83,820,479)	6,985,134	(65,134,370)	10,197,742	(242,107,052)	3,741,075	(105,449,490)
—	—	196	(46)	(156)	(942,573)	(179)	(102,707)
—	—	—	107	(2)	(139,352)	55	10
—	—	(49)	(57)	6,407	(4,695,652)	(108)	(495,628)
—	—	198	(208)	(8)	(1,177,805)	34	583
—	—	(177)	138	606	(1,088,958)	992	(245,282)
—	—	—	2	—	(92,376)	2	(3,531)
—	—	—	—	—	(144,333)	3	(11,082)
—	—	—	(2)	—	(32,468)	1	(6,923)
—	—	168	(66)	6,847	(8,313,517)	800	(864,560)
—	(135,893)	—	(337,699)	—	(75,426)	—	(1,574,655)
—	(54,051)	—	(187,172)	—	(18,311)	—	(587,912)
—	(388,663)	—	(946,870)	—	(391,020)	—	(8,843,079)
—	(134,271)	—	(324,576)	—	(136,836)	—	(3,260,861)
—	(123,139)	—	(249,400)	—	(78,084)	—	(2,552,981)
—	(17,477)	—	(63,483)	—	(8,973)	—	(204,199)
—	(30,228)	—	(79,931)	—	(12,353)	—	(244,489)
—	(7,271)	—	(28,739)	—	(2,394)	—	(79,756)
—	(890,993)	—	(2,217,870)	—	(723,397)	—	(17,347,932)
—	(890,993)	168	(2,217,936)	6,847	(9,036,914)	800	(18,212,492)
9,409,919	29,129,061	4,920,453	15,058,003	32,142,940	78,588,833	12,014,437	30,193,878
35	631,847	(177)	1,173,009	(755)	8,699,358	(533)	14,225,348
9,409,954	29,760,908	4,920,276	16,231,012	32,142,185	87,288,191	12,013,904	44,419,226
(6,851,093)	(21,306,548)	(4,103,068)	(12,541,327)	(31,665,651)	(122,168,915)	(12,585,577)	(40,914,977)
2,558,861	8,454,360	817,208	3,689,685	476,534	(34,880,724)	(571,673)	3,504,249
7,156,484	(76,257,112)	7,802,510	(63,662,621)	10,681,123	(286,024,690)	3,170,202	(120,157,733)
98,769,063	175,026,175	72,265,872	135,928,493	385,039,892	671,064,582	191,244,369	311,402,102
105,925,547	98,769,063	80,068,382	72,265,872	395,721,015	385,039,892	194,414,571	191,244,369
(25,274)	10,206	887,316	286,696	3,666,317	210,482	778,265	446,854

See accompanying notes to financial statements.

87

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	International Index Fund
Six months ended June 30, 2009 (unaudited) and the year ended December 31, 2008	2009			2008
From operations:
Net investment income (loss)	$	2,480,232		5,635,792
Net realized gain (loss)		(5,715,883	)	(9,132,404	)
Change in net unrealized appreciation or depreciation		11,260,532		(118,519,129	)
Net change in net assets resulting from operations		8,024,881		(122,015,741	)
Distributions to shareholders from and in excess of:
Net investment income:
Class A Shares		(88	)	(549,748	)
Class B Shares		2		(105,989	)
Legacy Class A Shares		1		(1,647,957	)
Legacy Class B Shares		1		(399,404	)
Institutional Shares		133		(663,570	)
Class R-1 Shares		—		(57,550	)
Class R-2 Shares		—		(84,157	)
Class R-3 Shares		—		(29,968	)
		49		(3,538,343	)
Net realized gain:
Class A Shares		—		—
Class B Shares		—		—
Legacy Class A Shares		—		—
Legacy Class B Shares		—		—
Institutional Shares		—		—
Class R-1 Shares		—		—
Class R-2 Shares		—		—
Class R-3 Shares		—		—
		—		—
Total distributions to shareholders		49		(3,538,343	)
From Fund share transactions:
Proceeds from shares sold		10,065,794		38,022,599
Reinvestment of distributions		9		2,654,825
		10,065,803		40,677,424
Less payments for shares redeemed		(11,343,560	)	(39,617,212	)
Net increase (decrease) in net assets from Fund share transactions		(1,277,757	)	1,060,212
Total increase (decrease) in net assets		6,747,173		(124,493,872	)
Net assets:
Beginning of period		159,554,221		284,048,093
End of period*	$	166,301,394		159,554,221
* Including undistributed (accumulated) net investment income (loss)	$	2,226,647		(253,634	)

See accompanying notes to financial statements.

88

Equity and Bond Fund		Bond Fund		Tax Advantaged Bond Fund		Money Market Fund
2009	2008	2009	2008	2009	2008	2009	2008
1,022,093	4,946,075	6,466,631	13,618,979	2,422,277	4,581,290	102,191	3,829,740
28	(345,457)	(1,165,885)	245,142	427,733	863,745	—	—
3,116,291	(53,518,230)	11,199,556	(7,379,880)	3,429,131	(3,636,917)	—	—
4,138,412	(48,917,612)	16,500,302	6,484,241	6,279,141	1,808,118	102,191	3,829,740
(132,955)	(551,508)	(938,786)	(1,427,937)	(697,965)	(1,124,410)	(31,274)	(1,115,359)
(36,813)	(223,224)	(135,296)	(257,492)	(61,277)	(119,614)	(425)	(43,730)
(488,008)	(2,442,319)	(2,462,364)	(5,336,236)	(1,210,970)	(2,430,799)	(42,035)	(1,658,690)
(183,972)	(1,067,804)	(1,001,151)	(2,126,386)	(452,065)	(906,467)	(1,328)	(111,612)
(91,267)	(359,243)	(1,733,846)	(4,131,283)	—	—	(20,934)	(576,219)
(14,764)	(70,287)	(80,035)	(128,718)	—	—	(1,177)	(85,961)
(24,074)	(104,587)	(87,597)	(150,345)	—	—	(4,092)	(207,476)
(7,016)	(33,756)	(27,556)	(60,582)	—	—	(926)	(30,693)
(978,869)	(4,852,728)	(6,466,631)	(13,618,979)	(2,422,277)	(4,581,290)	(102,191)	(3,829,740)
—	(771,855)	—	—	—	(269,333)	—	—
—	(386,233)	—	—	—	(28,908)	—	—
—	(3,367,737)	—	—	—	(521,615)	—	—
—	(1,707,199)	—	—	—	(216,078)	—	—
—	(462,450)	—	—	—	—	—	—
—	(109,054)	—	—	—	—	—	—
—	(152,642)	—	—	—	—	—	—
—	(44,584)	—	—	—	—	—	—
—	(7,001,754)	—	—	—	(1,035,934)	—	—
(978,869)	(11,854,482)	(6,466,631)	(13,618,979)	(2,422,277)	(5,617,224)	(102,191)	(3,829,740)
9,025,262	17,486,485	33,075,013	62,476,701	21,697,783	23,747,509	178,531,695	403,853,010
748,788	8,728,205	4,403,312	8,666,469	1,091,581	2,448,003	96,899	3,535,078
9,774,050	26,214,690	37,478,325	71,143,170	22,789,364	26,195,512	178,628,594	407,388,088
(9,216,963)	(28,293,386)	(27,341,126)	(76,842,217)	(12,396,278)	(16,240,423)	(147,019,021)	(325,779,350)
557,087	(2,078,696)	10,137,199	(5,699,047)	10,393,086	9,955,089	31,609,573	81,608,738
3,716,630	(62,850,790)	20,170,870	(12,833,785)	14,249,950	6,145,983	31,609,573	81,608,738
133,199,268	196,050,058	293,498,381	306,332,166	119,065,232	112,919,249	234,716,498	153,107,760
136,915,898	133,199,268	313,669,251	293,498,381	133,315,182	119,065,232	266,326,071	234,716,498
214,906	171,682	—	—	—	—	—	—

See accompanying notes to financial statements.

89

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	LifePath Income Fund					LifePath 2010 Fund
Six months ended June 30, 2009 (unaudited) and the year ended December 31, 2008 (a)	2009			2008		2009		2008
From operations:
Net investment income	$	1,597,719		4,713,935		4,299,244		12,367,543
Net realized gain (loss)		(8,185,550	)	(7,767,493	)	(25,026,269	)	(18,950,272	)
Change in net unrealized appreciation or depreciation		12,696,081		(24,429,501	)	36,763,788		(76,744,466	)
Net change in net assets resulting from operations		6,108,250		(27,483,059	)	16,036,763		(83,327,195	)
Distributions to shareowners from and in excess of:
Net investment income:
Class A Shares		(539,830	)	(1,042,594	)	1,009		(2,601,398	)
Class B Shares		(13,564	)	(23,970	)	55		(91,886	)
Legacy Class A Shares		(760,594	)	(2,038,561	)	265		(4,792,457	)
Legacy Class B Shares		(77,178	)	(190,324	)	37		(778,976	)
Institutional Shares		(153,619	)	(321,268	)	(29	)	(986,764	)
Class R-1 Shares		(17,144	)	(34,820	)	—		(80,652	)
Class R-2 Shares		(24,093	)	(49,094	)	—		(157,924	)
Class R-3 Shares		(1,898	)	(3,085	)	—		(13,905	)
		(1,587,920	)	(3,703,716	)	1,337		(9,503,962	)
Net realized gain:
Class A Shares		—		(207,491	)	85		(589,289	)
Class B Shares		—		(6,807	)	(2	)	(27,962	)
Legacy Class A Shares		—		(377,948	)	(280	)	(1,113,266	)
Legacy Class B Shares		—		(42,732	)	(30	)	(219,340	)
Institutional Shares		—		(52,678	)	6		(202,128	)
Class R-1 Shares		—		(7,623	)	—		(20,526	)
Class R-2 Shares		—		(9,394	)	—		(37,700	)
Class R-3 Shares		—		(550	)	—		(2,933	)
		—		(705,223	)	(221	)	(2,213,144	)
Total distributions to shareowners		(1,587,920	)	(4,408,939	)	1,116		(11,717,106	)
From Fund share transactions:
Proceeds from shares sold		16,051,159		46,348,603		30,345,159		88,754,391
Reinvestment of distributions		1,541,925		4,293,761		(3,811	)	11,681,756
		17,593,084		50,642,364		30,341,348		100,436,147
Less payments for shares redeemed		(21,499,430	)	(51,147,231	)	(43,744,301	)	(111,635,916	)
Net increase (decrease) in net assets from Fund share transactions		(3,906,346	)	(504,867	)	(13,402,953	)	(11,199,769	)
Total increase (decrease) in net assets		613,984		(32,396,865	)	2,634,926		(106,244,070	)
Net assets:
Beginning of period		135,614,196		168,011,061		368,546,997		474,791,067
End of period*	$	136,228,180		135,614,196		371,181,923		368,546,997
* Including undistributed (accumulated) net investment income (loss)	$	931,142		921,343		7,319,426		3,018,845

(a) The period for the LifePath 2050 Fund is from commencement of investment operations July 10, 2008.

See accompanying notes to financial statements.

90

LifePath 2020 Fund		LifePath 2030 Fund		LifePath 2040 Fund		LifePath 2050 Fund
2009	2008	2009	2008	2009	2008	2009	2008
7,041,655	18,003,481	5,334,093	12,107,575	3,863,516	7,761,231	101,341	43,520
(59,249,703)	(50,343,226)	(59,192,469)	(52,057,382)	(49,965,180)	(48,049,253)	(1,394,758)	(236,701)
84,304,730	(191,361,650)	82,097,201	(183,709,417)	68,376,278	(158,427,159)	2,424,165	(1,289,366)
32,096,682	(223,701,395)	28,238,825	(223,659,224)	22,274,614	(198,715,181)	1,130,748	(1,482,547)
(485)	(4,314,720)	(610)	(3,338,173)	1,730	(2,098,535)	99	(39,787)
89	(191,326)	6	(174,622)	20	(146,108)	—	—
554	(6,646,379)	(555)	(3,872,892)	560	(2,370,321)	—	—
(108)	(1,172,387)	(100)	(725,214)	(35)	(443,078)	—	—
1,056	(1,577,460)	570	(1,435,256)	(3,724)	(1,340,239)	—	—
—	(180,276)	197	(145,583)	446	(109,125)	—	(3,601)
—	(213,639)	—	(203,060)	—	(149,800)	—	(4,000)
—	(47,044)	(227)	(28,205)	(560)	(19,286)	—	—
1,106	(14,343,231)	(719)	(9,923,005)	(1,563)	(6,676,492)	99	(47,388)
(27)	(838,617)	(137)	(563,886)	(35)	(266,714)	(7)	(18,546)
—	(53,783)	(10)	(45,949)	3	(31,086)	—	—
(64)	(1,340,951)	(306)	(694,080)	(27)	(318,872)	—	—
9	(303,453)	(51)	(175,541)	(8)	(84,376)	—	—
(4)	(279,614)	(33)	(217,735)	(50)	(148,847)	—	—
—	(39,308)	(7)	(29,011)	—	(17,626)	—	(2,765)
—	(44,292)	(9)	(37,472)	—	(20,397)	—	(2,611)
—	(8,431)	(1)	(4,274)	—	(2,182)	—	—
(86)	(2,908,449)	(554)	(1,767,948)	(117)	(890,100)	(7)	(23,922)
1,020	(17,251,680)	(1,273)	(11,690,953)	(1,680)	(7,566,592)	92	(71,310)
67,676,396	168,924,412	65,317,537	166,576,233	56,983,130	142,812,657	6,241,518	8,076,704
(1,357)	17,153,050	(2,663)	11,665,790	659	7,542,560	(108)	50,485
67,675,039	186,077,462	65,314,874	178,242,023	56,983,789	150,355,217	6,241,410	8,127,189
(57,343,055)	(153,091,115)	(43,960,387)	(111,588,938)	(29,905,621)	(82,731,387)	(315,113)	(186,863)
10,331,984	32,986,347	21,354,487	66,653,085	27,078,168	67,623,830	5,926,297	7,940,326
42,429,686	(207,966,728)	49,592,039	(168,697,092)	49,351,102	(138,657,943)	7,057,137	6,386,469
631,703,698	839,670,426	500,071,947	668,769,039	373,162,628	511,820,571	6,386,469	—
674,133,384	631,703,698	549,663,986	500,071,947	422,513,730	373,162,628	13,443,606	6,386,469
11,619,069	4,576,308	8,458,840	3,125,466	5,824,877	1,962,924	103,121	1,681

See accompanying notes to financial statements.

91

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Investment Objective

State Farm Mutual Fund Trust (the “Trust”) has 16 separate investment portfolios (the “Funds”). Each Fund is a separate investment portfolio with its own investment objective, investment policies, restrictions, and attendant risks.

The State Farm Equity Fund (the “Equity Fund”) seeks long-term growth of capital. The Equity Fund seeks to achieve this objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings) in common stocks and other equity securities of U.S. large capitalization companies.

The State Farm Small/Mid Cap Equity Fund (the “Small/Mid Cap Equity Fund”) seeks long-term growth of capital. The Small/Mid Cap Equity Fund primarily invests in a diversified portfolio of small and mid-capitalization stocks issued by U.S. companies.

The State Farm International Equity Fund (the “International Equity Fund”) seeks long-term growth of capital. The International Equity Fund invests its assets primarily in securities issued by foreign companies. There is no restriction on the size of the companies in which the Fund invests.

The State Farm S&P 500 Index Fund (the “S&P 500 Index Fund”) seeks to provide investment results that correspond to the total return of publicly traded common stocks as represented by the Standard & Poor’s 500 Stock Index (the “S&P 500^® Index”)¹. The S&P 500 Index Fund invests all of its assets in a separate series of an unaffiliated mutual fund called Master Investment Portfolio. That series, called the S&P 500 Index Master Portfolio, holds each of the stocks that make up the S&P 500 Index. The S&P 500 Index Master Portfolio and the S&P 500 Index Fund have substantially similar investment objectives.

The State Farm Small Cap Index Fund (the “Small Cap Index Fund”) seeks to match as closely as practicable, before fees and expenses, the performance of the Russell 2000^® Index (the “Russell 2000”)². The Small Cap Index Fund pursues its investment objective by investing in a representative sample of the securities contained in the Russell 2000. The Russell 2000 tracks the common stock performance of about 2,000 small U.S. companies.

The State Farm International Index Fund (the “International Index Fund”) seeks to match as closely as practicable, before fees and expenses, the performance of an international portfolio of common stocks represented by the Morgan Stanley Capital International Europe, Australasia and Far East Free Index (the “EAFE^® Free”)³. The International Index Fund selects a representative sample of the securities contained in the EAFE Free. The EAFE Free is a capitalization-weighted index that currently includes stocks of companies in 16 European countries, Australia, New Zealand, Hong Kong, Japan and Singapore.

The State Farm Equity and Bond Fund (the “Equity and Bond Fund”) seeks long-term growth of principal while providing some current income. The Equity and Bond Fund invests substantially all of its assets in Institutional shares of the State Farm Equity Fund and State Farm Bond Fund of the Trust.

The State Farm Bond Fund (the “Bond Fund”) seeks to realize over a period of years the highest yield consistent with investing in investment grade bonds. The Bond Fund invests primarily in investment grade bonds issued by U.S. companies, U.S. Government and agency obligations, and mortgage-backed securities.

(1) “S&P 500^®” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the State Farm Mutual Fund Trust. The State Farm S&P 500 Index Fund (the “Fund”) is not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the Fund.

(2) The Russell 2000^® Index is a trademark/service mark, and Russell^® is a trademark of the Frank Russell Company, doing business as Russell Investment Group (“Russell”). The State Farm Small Cap Index Fund (the “Fund”) is not sponsored, endorsed, sold or promoted by, nor in any way affiliated with Russell. Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

(3) The EAFE^® Free Index is a trademark, service mark and the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and its affiliates and has been licensed for use by the State Farm Mutual Fund Trust (the “Trust”). The State Farm International Index Fund (the “Fund”), based on the EAFE^® Free Index, has not been passed on by MSCI as to its legality or suitability, and is not issued, sponsored, endorsed, sold or promoted by MSCI. MSCI makes no warranties and bears no liability with respect to the Fund. MSCI has no responsibility for and does not participate in the management of the Fund assets or sale of the Fund shares. The Trust’s Prospectus contains a more detailed description of the limited relationship MSCI has with the Trust and the Fund.

92

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The State Farm Tax Advantaged Bond Fund (the “Tax Advantaged Bond Fund”) seeks as high a rate of income exempt from federal income taxes as is consistent with prudent investment management. The Tax Advantaged Bond Fund normally invests so that either (1) at least 80% of the Tax Advantaged Bond Fund’s net investment income is exempt from regular federal income tax or (2) at least 80% or more of the Tax Advantaged Bond Fund’s net assets are invested in securities that produce income exempt from regular federal income tax.

The State Farm Money Market Fund (the “Money Market Fund”) seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. The Money Market Fund invests exclusively in short-term, U.S. dollar-denominated money market securities, including those issued by U.S. and foreign financial institutions, corporate issuers, the U.S. Government and its agencies and instrumentalities, municipalities, foreign governments, and multi-national organizations, such as The World Bank.

The State Farm LifePath^® Income Fund (the “LifePath Income Fund”)⁴ is managed for investors seeking income and moderate long-term growth of capital. The LifePath Income Fund invests all of its assets in a separate series of the Master Investment Portfolio, called the LifePath Retirement Master Portfolio. The LifePath Retirement Master Portfolio and the LifePath Income Fund have substantially similar investment objectives.

The State Farm LifePath 2010^® Fund (the “LifePath 2010 Fund”) is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) approximately in the year 2010. The LifePath 2010 Fund invests all of its assets in a separate series of the Master Investment Portfolio, called the LifePath 2010 Master Portfolio. The LifePath 2010 Master Portfolio and the LifePath 2010 Fund have substantially similar investment objectives.

The State Farm LifePath 2020^® Fund (the “LifePath 2020 Fund”) is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) approximately in the year 2020. The LifePath 2020 Fund invests all of its assets in a separate series of the Master Investment Portfolio, called the LifePath 2020 Master Portfolio. The LifePath 2020 Master Portfolio and the LifePath 2020 Fund have substantially similar investment objectives.

The State Farm LifePath 2030^® Fund (the “LifePath 2030 Fund”) is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) approximately in the year 2030. The LifePath 2030 Fund invests all of its assets in a separate series of the Master Investment Portfolio, called the LifePath 2030 Master Portfolio. The LifePath 2030 Master Portfolio and the LifePath 2030 Fund have substantially similar investment objectives.

The State Farm LifePath 2040^® Fund (the “LifePath 2040 Fund”) is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) approximately in the year 2040. The LifePath 2040 Fund invests all of its assets in a separate series of the Master Investment Portfolio, called the LifePath 2040 Master Portfolio. The LifePath 2040 Master Portfolio and the LifePath 2040 Fund have substantially similar investment objectives.

The State Farm LifePath 2050^® Fund (the “LifePath 2050 Fund”) is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) approximately in the year 2050. The LifePath 2050 Fund invests all of its assets in a separate series of the Master Investment Portfolio, called the LifePath 2050 Master Portfolio. The LifePath 2050 Master Portfolio and the LifePath 2050 Fund have substantially similar investment objectives.

Each LifePath Master Portfolio invests in a combination of stock, bond and short-term money market funds (the “Underlying Funds”) in proportions suggested by its own comprehensive asset allocation investment strategy that gradually becomes more conservative as the year in the LifePath Fund’s name approaches, except for the LifePath Retirement Master Portfolio that already is in its most conservative phase.

2. Significant accounting policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”).

Securities valuation

For a description of securities valuation for investments of the Master Portfolios, see the Notes to Financial Statements for Master Investment Portfolio (“MIP”) found later in this report. The following securities valuation description applies to the Equity Fund, Small/Mid Cap Equity Fund, International Equity Fund, Small Cap Index Fund, International Index Fund, Equity and Bond Fund, Bond Fund, Tax Advantaged Bond Fund and Money Market Fund (collectively, “Non-feeder Funds”).

Investments are stated at market value. Stocks and exchange-traded funds (“ETFs”) traded on securities exchanges, or in an over-the-counter market in which transaction prices are reported, are valued at the last sales price on the day of valuation or, if there are no reported sales on that

(4) LifePath and LifePath followed by 2010, 2020, 2030, 2040 and 2050 are registered trademarks of Barclays Global Investors, N.A.

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(Unaudited)

day, at the last reported bid price for the day. Stocks traded on NASDAQ are valued at the NASDAQ Official Closing Price. Long-term debt securities and U.S. Treasury bills are generally valued using quotations provided by an independent pricing service. All of the securities and assets of the Money Market Fund and short-term debt securities with remaining maturities of 60 days or less (other than U.S. Treasury bills) held by any of the other Non-feeder Funds are generally valued on an amortized cost basis, which approximates market value. Investments in open-end investment companies are valued each day based on the closing net asset value of the respective fund. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using quoted forward exchange rates. Short sales are valued at market value.

Portfolio securities that are primarily traded on foreign securities exchanges (“foreign securities”) are valued at the closing values of such securities on the respective exchange where each security is primarily traded. In the event that State Farm Investment Management Corp. (“SFIMC”), the Trust’s investment adviser, determines that a market quotation for a foreign security held by a Fund is not reliable because of events or circumstances that have occurred between the time of the market quotation and the time the net asset value of the Fund is calculated (“subsequent event”), the security is valued at fair value in accordance with procedures established by the Trust’s Board of Trustees. A subsequent event might include company-specific developments, a development that might affect an entire market or region, a potentially global development or a significant change in one or more U.S. securities indexes. The Trust has retained an independent statistical fair value service to assist in the fair valuation process for foreign securities in order to adjust for possible changes in value resulting from subsequent events. If a security is valued at “fair value,” that value may be different from the last quoted market price.

Securities not valued as described above, and securities for which market prices are not readily available or are considered unreliable, are fair valued pursuant to procedures established by the Trust’s Board of Trustees. Fair value, as a general principle, means the value a Fund might reasonably expect to receive upon sale of that security. These fair value procedures require SFIMC to obtain bid price quotations from brokers or dealers in the securities. If SFIMC cannot obtain a quotation for the security or if SFIMC believes the quotation does not represent the security’s fair value, then SFIMC will determine the security’s fair value in its reasonable judgment.

In making a fair value judgment, SFIMC may use different methodologies, including multiple of earnings, multiple of book value, discount from market of a similar freely traded security or, for debt securities, yield to maturity. Other factors SFIMC may consider in determining fair value for a security include, but are not limited to, fundamental analytical data relating to the security, the nature and duration of any restrictions on disposition of the security, the last traded price of the security, significant global or regional events such as political unrest, natural disasters, and war, and significant movements in major market indices, exchange traded funds, index futures or other financial instruments in the U.S. or other markets.

In accordance with Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 establishes a three-tier hierarchy to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 - quoted prices (unadjusted) in active markets for identical securities

• Level 2 - significant other observable inputs (other than quoted prices included within Level 1), such as quoted prices for similar securities and interest rates, prepayment speeds, credit risk, etc., on fixed income securities

• Level 3 - significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value certain Funds’ assets as of June 30, 2009:

	Investments in Securities								Other Financial Instruments
Fund	Level 1		Level 2		Level 3		Total		Level 1			Level 2			Level 3		Total
Equity Fund									$	—		$	—		$	—	$	—
Common Stocks	$	186,453,744	$	—	$	—	$	186,453,744
Short-term Investments		11,269,331		—		—		11,269,331
Small/Mid Cap Equity Fund										—			—			—		—
Common Stocks		103,727,393		—		—		103,727,393
Short-term Investments		3,573,407		—		—		3,573,407
International Equity Fund										—			(496	)		—		(496	)
Common Stocks		—		72,201,816		—		72,201,816
Preferred Stocks		—		3,547,357		—		3,547,357
Repurchase Agreement		—		4,456,595		—		4,456,595
S&P 500 Index Fund										—			—			—		—
Investments in securities in Master Portfolios		—		396,123,950		—		396,123,950
Small Cap Index Fund										13,590			—			—		13,590
Common Stocks		192,286,861		72		0		192,286,933
Short-term Investments		1,953,012		679,321		—		2,632,333
International Index Fund										(20,952	)		(3,199	)		—		(24,151	)
Common Stocks		—		163,681,166		0		163,681,166
Preferred Stocks		—		514,359		—		514,359
Repurchase Agreement		—		189,687		—		189,687
Equity and Bond Fund										—			—			—		—
Registered Investment Companies		136,073,901		—		—		136,073,901
Bond Fund										—			—			—		—
Corporate Bonds		—		186,526,432		—		186,526,432
Taxable Municipal Bonds		—		2,027,590		—		2,027,590
Commercial Mortgage-Backed Securities		—		8,473,316		—		8,473,316
Government Agency Securities		—		90,830,941		—		90,830,941
U.S. Treasury Obligations		—		4,194,375		—		4,194,375
Short-term Investments		8,049,955		10,999,247		—		19,049,202
Tax Advantaged Bond Fund										—			—			—		—
Long-term Municipal Bonds		—		127,497,362		—		127,497,362
Short-term Investments		5,623,466		—		—		5,623,466
Money Market Fund										—			—			—		—
Short-term Investments		8,831,309		257,827,817		—		266,659,126

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(Unaudited)

	Investments in Securities								Other Financial Instruments
Fund	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
LifePath Income Fund									$	—	$	—	$	—	$	—
Investments in securities in Master Portfolios	$	—	$	136,316,951	$	—	$	136,316,951
LifePath 2010 Fund										—		—		—		—
Investments in securities in Master Portfolios		—		371,355,767		—		371,355,767
LifePath 2020 Fund										—		—		—		—
Investments in securities in Master Portfolios		—		674,204,221		—		674,204,221
LifePath 2030 Fund										—		—		—		—
Investments in securities in Master Portfolios		—		549,988,851		—		549,988,851
LifePath 2040 Fund										—		—		—		—
Investments in securities in Master Portfolios		—		422,755,104		—		422,755,104
LifePath 2050 Fund										—		—		—		—
Investments in securities in Master Portfolios		—		13,419,973		—		13,419,973

Other financial instruments are derivative instruments not reflected in the Schedules of Investments, such as futures and foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Small Cap Index Fund and International Index Fund did not hold any Level 3 securities valued at other than zero as of December 31, 2008 or June 30, 2009. The remaining Funds did not hold any Level 3 securities as of December 31, 2008 or June 30, 2009.

Repurchase agreements

The Funds, including the S&P 500 Index, LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds (“Feeder Funds”) through their investment in the Master Portfolios, may enter into repurchase agreements with banks, brokers, dealers or other financial institutions, in accordance with a Fund’s investment restrictions. Repurchase agreements involve the purchase of securities with a simultaneous commitment to resell the securities to the seller at an agreed-upon price and date. A Fund will invest only in repurchase agreements collateralized in an amount at least equal to the repurchase price plus accrued interest. To the extent that the proceeds from any sale of such collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution which is the party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the ability to sell the collateral and the Fund could suffer a loss. For those Funds that are Non-feeder Funds, a Fund’s Schedule of Investments reflects repurchase agreements, if any, entered into as of June 30, 2009. For the Feeder Funds, see the Notes to Financial Statements for the Master Portfolios included elsewhere in this report for more information on repurchase agreements entered into by the Master Portfolios.

Securities transactions and investment income

For financial reporting purposes, security transactions are accounted for on trade date (date the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Interest income is recorded on the accrual basis and includes amortization of premiums and accretion of discounts on money market instruments and long-term debt instruments. Realized gains and losses from security transactions are reported on an identified cost basis.

Securities purchased on a “when-issued” basis

The Tax Advantaged Bond Fund may purchase municipal bonds on a “when-issued” basis. Delivery and payment for these securities may be a month or more after the purchase date, during which time such securities are subject to market fluctuations. The Tax Advantaged Bond Fund identifies and holds specific liquid assets with a market value at least equal to the amount of the when-issued purchase commitments in order to ensure that it can meet those commitments. It is possible that the securities will never be issued and the commitment cancelled. At June 30, 2009, there were no commitments for such securities in the Tax Advantaged Bond Fund’s portfolio.

Multi-class fund structure

Each Fund, other than the Tax Advantaged Bond Fund and LifePath 2050 Fund, offers eight classes of shares. The Tax Advantaged Bond Fund offers four classes of shares: Class A, Legacy Class A, Class B and Legacy Class B. The LifePath 2050 Fund offers three classes of shares: Class A,

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(Unaudited)

Class R-1 and Class R-2. Except for new investments in the Money Market Fund, Class A and Legacy Class A shares are offered to investors subject to an initial sales charge. Class B and Legacy Class B shares are offered without an initial sales charge, but are subject to higher ongoing expenses than Class A and Legacy Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B and Legacy Class B shares automatically convert to the corresponding Class A and Legacy Class A shares eight years after issuance. Institutional shares are offered to institutional investors, including certain insurance companies, defined contribution plans, defined benefit plans, and may be used as a funding vehicle for certain IRAs. Class R-1, R-2 and R-3 shares are available for purchase or exchange only by certain qualified purchasers as defined in the prospectus for Class R-1, R-2, and R-3 shares. Institutional, Class R-1, R-2 and R-3 shares are not subject to an initial sales charge or a contingent deferred sales charge.

Investment income and certain Fund level expenses and expense reductions, if any, are borne pro rata on the basis of fair value of settled shares outstanding for the Bond, Tax Advantaged Bond and Money Market Funds and, indirectly, the Equity and Bond Fund, and relative net assets for all other Funds. Realized and unrealized gains and losses are borne pro rata on the basis of relative net assets for all Funds. However, each class bears certain expenses unique to that class such as distribution services and certain other class specific expenses. Differences in class expenses may result in the payment of different per share dividends by class. All shares of the Funds have equal rights with respect to voting subject to class specific arrangements.

Expenses

Expenses arising in connection with a specific Fund are allocated to that Fund. Common Trust expenses are generally allocated between the Funds in proportion to each Fund’s relative net assets.

Fund share valuation

The offering price of the shares of each Fund, other than Money Market Fund, is its Net Asset Value (“NAV”), plus an initial sales charge on the Class A and Legacy Class A shares. The offering price of the Money Market Fund and all Funds’ Class B, Legacy Class B, Institutional, Class R-1, Class R-2 and Class R-3 shares is the NAV. A separate NAV is calculated for each class of each Fund.

The NAV for each class of each Fund is determined as of the time of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually at 3:00 p.m., Central Time), on each day when the NYSE is open for business. Shares of the Funds will not be priced on days when the NYSE is closed.

Investments in Master Portfolios

The Feeder Funds, through their investments in the Master Portfolios, are diversified, open-end management investment companies. The Feeder Funds invest all of their assets in the Master Portfolios. The percentage ownership in the Master Portfolios held by the Feeder Funds is detailed below:

		% ownership interest
Feeder Fund	Invests in Master Portfolio	held by the Feeder Funds at 06/30/2009
S&P 500 Index Fund	S&P 500 Index Master Portfolio	23.39	%
LifePath Income Fund	LifePath Retirement Master Portfolio	50.24	%
LifePath 2010 Fund	LifePath 2010 Master Portfolio	50.66	%
LifePath 2020 Fund	LifePath 2020 Master Portfolio	48.21	%
LifePath 2030 Fund	LifePath 2030 Master Portfolio	49.92	%
LifePath 2040 Fund	LifePath 2040 Master Portfolio	49.10	%
LifePath 2050 Fund	LifePath 2050 Master Portfolio	74.84	%

The Master Portfolios are diversified, open-end management investment companies, each of which has an investment objective substantially similar to that of its corresponding Feeder Fund. The financial statements of each Master Portfolio, including Schedules of Investments, are included elsewhere in this report.

Each Feeder Fund records its investment in its Master Portfolio based upon each Feeder Fund’s proportionate interest in the net assets of the respective Master Portfolio. Valuation policies relating to securities held by each Master Portfolio are disclosed in the MIP Notes to Financial Statements included elsewhere in this report.

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(Unaudited)

Each Feeder Fund records daily its proportionate share of the Master Portfolio’s income, expenses, and realized and unrealized gains and losses. In addition, the Feeder Funds accrue their own expenses.

Federal income taxes, dividends and distributions to shareholders

It is the Funds’ policy to comply with the special provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and, in the manner provided therein, to distribute substantially all of their taxable income, including any net realized gain on sales of investments reportable for federal income tax purposes. The Funds intend to comply with this policy and, accordingly, no provision for federal income taxes has been made.

As of December 31, 2008, the Trust’s management has completed a review of tax positions taken by the Funds and determined that no tax liability was required for unrecognized tax benefits, and no additional disclosures were needed, as of December 31, 2008. Generally, the tax authorities can initiate examinations of tax returns within the three year period beginning on the date such returns are filed. As a result, some tax returns are still open and subject to examination.

On August 2, 2009, the Equity and Bond Fund, the LifePath Income Fund and SFIMC entered into a closing agreement with the Internal Revenue Service (“IRS”) to resolve uncertainty surrounding distributions paid by these two Funds for tax years 2003 through 2006. Distributions among classes of these two Funds made during 2003 through 2006 might have been considered preferential under applicable tax rules and procedures due to the calculation methodology used by SFIMC, the Funds’ accounting agent, which methodology was changed beginning in December 2006. SFIMC previously had agreed to reimburse the Equity and Bond Fund up to $150,000 and the LifePath Income Fund up to $200,000 for fees that the Trust’s management anticipated the IRS assessing as a result of entering into the closing agreement. Pursuant to the final closing agreement, the IRS assessed aggregate fees of $59,301, which SFIMC paid to the IRS on behalf of these two Funds. The Trust’s management allocated $19,665 of the aggregate fees to the Equity and Bond Fund and $39,636 to the LifePath Income Fund. The Equity and Bond Fund and the LifePath Income Fund accrued these respective amounts as tax administration expenses, along with an offsetting reimbursement from SFIMC.

As of June 30, 2009, aggregate securities holdings’ unrealized gains and losses based on cost for federal income tax purposes for certain Funds were as follows:

								Net
								Unrealized
	Cost of Investments		Gross Unrealized		Gross Unrealized			Appreciation
Fund	for Federal Tax Purposes		Appreciation		(Depreciation)			(Depreciation)
Equity Fund	$	213,026,144	$	6,899,826	$	(22,202,895	)	$	(15,303,069	)
Small/Mid Cap Equity Fund		105,078,945		11,445,549		(9,223,694	)		2,221,855
International Equity Fund		89,867,303		4,771,000		(14,432,535	)		(9,661,535	)
Small Cap Index Fund		258,809,338		17,957,042		(81,847,114	)		(63,890,072	)
International Index Fund		190,518,397		17,948,714		(44,081,899	)		(26,133,185	)
Equity and Bond Fund		189,670,992		1,322,306		(54,919,397	)		(53,597,091	)
Bond Fund		305,351,223		9,905,248		(4,154,615	)		5,750,633
Tax Advantaged Bond Fund		130,073,578		3,889,574		(842,324	)		3,047,250
Money Market Fund		266,659,126		—		—			—

The differences between the cost of investments for federal income tax purposes and the cost of investments reflected on the Statements of Assets and Liabilities and Schedules of Investments are primarily related to the timing of recognition of gains and losses and investment income.

The Master Portfolios are organized as partnerships for federal income tax purposes. Information relating to the cost of investments, gross and net unrealized appreciation (depreciation) and other tax matters for the Master Portfolios may be found in the MIP Notes To Financial Statements which are included in this report. The tax cost information for the LifePath Master Portfolios in the MIP Notes To Financial Statements does not include the tax cost information of the underlying investments in the Active Stock and CoreAlpha Bond Master Portfolios, each of which is an Underlying Fund. See the MIP Notes To Financial Statements for the tax cost information of the underlying investments in the Active Stock and CoreAlpha Bond Master Portfolios.

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(Unaudited)

At December 31, 2008, the Funds’ most recent fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Year of Expiration
	2011		2013		2014		2016		Total
Equity Fund	$	—	$	—	$	—	$	70,642,303	$	70,642,303
Small/Mid Cap Equity Fund		—		—		—		23,162,531		23,162,531
International Equity Fund		—		—		—		7,042,943		7,042,943
S&P 500 Index Fund		—		—		—		12,289,404		12,289,404
International Index Fund		—		—		—		5,140,621		5,140,621
Equity and Bond Fund		—		—		—		289,311		289,311
Bond Fund		24,490		92,631		555,535		—		672,656
Life Path Income Fund		—		—		—		256,387		256,387
Life Path 2010 Fund		—		—		—		2,998,534		2,998,534
Life Path 2020 Fund		—		—		—		20,206,804		20,206,804
Life Path 2030 Fund		—		—		—		19,764,771		19,764,771
Life Path 2040 Fund		—		—		—		19,652,735		19,652,735

The Bond Fund utilized $245,142 of capital loss carryforwards to offset realized capital gains in 2008.

As of December 31, 2008, in accordance with federal tax regulations, the components of distributable earnings on a tax basis were as follows:

					Unrealized			Accumulated
Fund	Undistributed Ordinary Income		Undistributed Long-term Gain		Appreciation (Depreciation)			Capital and Other Losses			Total
Equity Fund	$	39,768	$	—	$	(52,021,539	)	$	(85,020,422	)	$	(137,002,193	)
Small/Mid Cap Equity Fund		—		—		(35,204,621	)		(31,911,551	)		(67,116,172	)
International Equity Fund		443,009		—		(25,689,347	)		(9,698,132	)		(34,944,470	)
S&P 500 Index Fund		60,255		—		(96,297,360	)		(13,804,638	)		(110,041,743	)
Small Cap Index Fund		227,296		—		(81,364,851	)		(1,367,196	)		(82,504,751	)
International Index Fund		—		—		(37,043,136	)		(7,791,382	)		(44,834,518	)
Equity and Bond Fund		168,064		—		(56,713,383	)		(289,311	)		(56,834,630	)
Bond Fund		48,913		—		(5,448,923	)		(672,656	)		(6,072,666	)
Tax Advantaged Bond Fund		—		67,092		(381,881	)		—			(314,789	)
Money Market Fund		7,441		—		—			—			7,441
LifePath Income Fund		720,783		—		(19,823,428	)		(4,494,672	)		(23,597,317	)
LifePath 2010 Fund		2,394,329		—		(58,751,038	)		(14,234,964	)		(70,591,673	)
LifePath 2020 Fund		2,905,497		—		(152,800,398	)		(39,133,407	)		(189,028,308	)
LifePath 2030 Fund		1,535,095		—		(153,867,772	)		(42,827,420	)		(195,160,097	)
LifePath 2040 Fund		568,194		—		(145,849,635	)		(33,194,627	)		(178,476,068	)
LifePath 2050 Fund		—		—		(1,431,463	)		(116,502	)		(1,547,965	)

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(Unaudited)

The difference between these amounts and the undistributed net investment income reported on the Statements of Assets and Liabilities as of December 31, 2008 relates to one or more of the following: forward foreign currency contracts, mark-to-market of Passive Foreign Investment Companies (“PFICs”), post-October loss deferrals, return of capital transactions, amortization for GAAP but not for federal income tax purposes and non deductible start-up expenses.

From November 1, 2008 through December 31, 2008, the Equity Fund incurred $14,378,119 in net realized losses, the Small/Mid Cap Equity Fund incurred $8,749,022 in net realized losses, the Small Cap Index Fund incurred $1,367,194 in net realized losses, the LifePath Income Fund incurred $4,238,285 in net realized losses, the LifePath 2010 Fund incurred $11,236,430 in net realized losses, the LifePath 2020 Fund incurred $18,926,603 in net realized losses, the LifePath 2030 Fund incurred $23,062,649 Fund in net realized losses, the LifePath 2040 Fund incurred $13,541,892 in net realized losses and the LifePath 2050 Fund incurred $116,502 in net realized losses. As permitted by tax regulations, those Funds elected to defer the losses and treat them as arising on January 1, 2009.

From November 1, 2008 through December 31, 2008, the International Equity Fund incurred $44,130 in PFIC losses and $2,611,923 in net realized losses. As permitted by tax regulations, the Fund elected to defer the losses and treat them as arising on January 1, 2009.

From November 1, 2008 through December 31, 2008, the S&P 500 Index Fund incurred $1,515,234 in long-term realized losses. As permitted by tax regulations, the Fund elected to defer the losses and treat them as arising on January 1, 2009.

From November 1, 2008 through December 31, 2008, the International Index Fund incurred $34,865 in foreign exchange losses and PFIC losses and $2,615,896 in net realized losses. As permitted by tax regulations, the Fund elected to defer the losses and treat them as arising on January 1, 2009.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal income tax regulations which may differ from GAAP. These differences are primarily due to differing treatment for futures contracts, the recognition of net realized losses, net operating losses, the timing of fund distributions, and foreign currency transactions. As a result, net investment income and net realized gain or loss on investment transactions for a reporting period may differ from distributions during such period. Accordingly, each Fund may periodically make reclassifications among certain of its capital accounts without impacting its net asset value.

As of December 31, 2008, these reclassifications were as follows:

							Net
				Accumulated			Unrealized			Undistributed
	Paid in			Net Realized			Appreciation			(Accumulated) Net
Fund	Capital			Gain (Loss)			(Depreciation)			Investment Income (Loss)
Equity Fund	$	—		$	33,861		$	—		$	(33,861	)
Small/Mid Cap Equity Fund		(652,850	)		—			—			652,850
International Equity Fund		—			(706,915	)		—			706,915
S&P 500 Index Fund		(112,066	)		198,495			(7,050	)		(79,379	)
Small Cap Index Fund		—			296,682			—			(296,682	)
International Index Fund		(13,013	)		175,493			—			(162,480	)
Equity and Bond Fund		—			(38,359	)		—			38,359
LifePath Income Fund		(133,630	)		477,154			—			(343,524	)
LifePath 2010 Fund		(291,903	)		966,805			—			(674,902	)
LifePath 2020 Fund		(322,345	)		1,063,899			—			(741,554	)
LifePath 2030 Fund		(147,353	)		498,943			—			(351,590	)
LifePath 2040 Fund		(55,643	)		178,719			—			(123,076	)
LifePath 2050 Fund		(5,892	)		343			—			5,549

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(Unaudited)

The Equity Fund, Small/Mid Cap Equity Fund, International Equity Fund, S&P 500 Index Fund, Small Cap Index Fund, International Index Fund, Equity and Bond Fund, LifePath 2010 Fund, LifePath 2020 Fund, LifePath 2030 Fund, LifePath 2040 Fund and LifePath 2050 Fund declare and pay dividend and capital gain distributions, if any, at least annually.

The Bond Fund, Tax Advantaged Bond Fund and Money Market Fund declare dividends daily and distribute dividends monthly on the last business day of the month. Capital gain distributions on these Funds, if any, are paid at least annually.

The LifePath Income Fund declares and distributes dividends quarterly and capital gain distributions, if any, at least annually.

The tax character of distributions for all classes was as follows for the year ended December 31, 2008:

2008	Ordinary Income
	Class A		Class B	Legacy Class A	Legacy Class B	Institutional	Class R-1	Class R-2	Class R-3	Total
Equity Fund	$	285,106	44,260	1,280,524	355,960	2,735,187	39,628	79,203	20,505	4,840,373
Small/Mid Cap Equity Fund		135,893	54,051	388,663	134,271	123,139	17,477	30,228	7,271	890,993
International Equity Fund		31,631	17,399	88,617	30,569	23,189	5,936	7,476	2,690	207,507
Small Cap Index Fund		106,047	1,231	514,255	6,304	250,657	3,963	11,598	7,091	901,146
Equity and Bond Fund		783,325	339,224	3,453,692	1,580,540	498,134	103,040	150,431	47,146	6,955,532
LifePath Income Fund		1,090,626	25,546	2,126,093	200,216	333,462	36,584	51,269	3,213	3,867,009
LifePath 2010 Fund		2,625,509	93,030	4,837,995	787,950	995,035	81,492	159,467	14,025	9,594,503

2008	Long Term Capital Gain
	Class A		Class B	Legacy Class A	Legacy Class B	Institutional	Class R-1	Class R-2	Class R-3	Total
Equity Fund	$	15,218	3,767	71,394	26,343	129,934	2,412	4,582	1,018	254,668
Small/Mid Cap Equity Fund		—	—	—	—	—	—	—	—	—
International Equity Fund		306,114	169,666	858,310	294,215	226,073	57,545	72,455	26,051	2,010,429
Small Cap Index Fund		1,571,315	586,671	8,824,452	3,253,974	2,547,606	203,767	243,973	79,588	17,311,346
Equity and Bond Fund		540,038	270,233	2,356,364	1,194,463	323,559	76,301	106,798	31,194	4,898,950
LifePath Income Fund		159,459	5,231	290,416	32,840	40,484	5,859	7,219	422	541,930
LifePath 2010 Fund		565,178	26,818	1,067,728	210,366	193,857	19,686	36,157	2,813	2,122,603

2008	Total Distributions
	Class A		Class B	Legacy Class A	Legacy Class B	Institutional	Class R-1	Class R-2	Class R-3	Total
Equity Fund	$	300,324	48,027	1,351,918	382,303	2,865,121	42,040	83,785	21,523	5,095,041
Small/Mid Cap Equity Fund		135,893	54,051	388,663	134,271	123,139	17,477	30,228	7,271	890,993
International Equity Fund		337,745	187,065	946,927	324,784	249,262	63,481	79,931	28,741	2,217,936
Small Cap Index Fund		1,677,362	587,902	9,338,707	3,260,278	2,798,263	207,730	255,571	86,679	18,212,492
Equity and Bond Fund		1,323,363	609,457	5,810,056	2,775,003	821,693	179,341	257,229	78,340	11,854,482
LifePath Income Fund		1,250,085	30,777	2,416,509	233,056	373,946	42,443	58,488	3,635	4,408,939
LifePath 2010 Fund		3,190,687	119,848	5,905,723	998,316	1,188,892	101,178	195,624	16,838	11,717,106

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(Unaudited)

2008 Tax Advantaged Bond Fund	Tax Exempt Income		Ordinary Income		Long-term Capital Gain		Total
Class A	$	1,123,841	$	934	$	268,968	$	1,393,743
Class B		119,553		102		28,867		148,522
Legacy Class A		2,429,567		1,960		520,887		2,952,414
Legacy Class B		906,008		763		215,774		1,122,545
Total Distributions	$	4,578,969	$	3,759	$	1,034,496	$	5,617,224

For the remaining Funds, the tax distributions of ordinary income were the same as the distributions from net investment income reflected in the Statement of Changes in Net Assets for the year ended December 31, 2008.

The International Equity Fund and the International Index Fund have elected to mark-to-market their investments in PFICs for federal income tax purposes. In accordance with this election, the International Equity Fund recognized unrealized appreciation (depreciation) of $(1,442,314) as ordinary income for federal income tax purposes during 2008. The International Index Fund recognized unrealized appreciation (depreciation) of $(1,558,084) as ordinary income for federal income tax purposes during 2008. The cumulative amount of mark-to-market adjustments recognized on PFICs at December 31, 2008 was $101,041 for the International Equity Fund and $241,822 for the International Index Fund.

Foreign currency translation

Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing foreign exchange rates at June 30, 2009. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the prevailing foreign exchange rates on the respective dates of transactions. That portion of realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with realized and unrealized gains and losses on investment securities.

Participation in Temporary Money Market Guarantee Program

On October 3, 2008, the Board of Trustees of the Trust approved the participation by the Trust’s Money Market Fund (the “Fund”) in the U.S. Department of Treasury’s Temporary Money Market Fund Guarantee Program (“the Program”) for the initial coverage period of September 19, 2008, through December 18, 2008. The Treasury extended the Program from December 18, 2008, through April 30, 2009 and from April 30, 2009 through September 18, 2009. The Board of Trustees of the Trust elected to participate in these Program extensions. If the U.S. Treasury decides to extend the Program beyond September 18, 2009, the Board of Trustees of the Trust will again need to consider whether the Fund should continue to participate in the Program’s extension.

Under the Program, if the Fund’s net asset value per share drops below $0.995 on any day while the Program is in effect, shareholders of record on that date who also held Fund shares on September 19, 2008, may be eligible to receive a payment from the Treasury upon liquidation of the Fund. The Program covers the lesser of the number of shares owned by the shareholder as of September 19, 2008, or the number of shares owned by the shareholder as of the date of liquidation. The Fund pays fees to participate in the Program and any Program extension; however, SFIMC’s voluntary agreement to reimburse excess expenses incurred by the Fund remains in effect.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Commitments and contingencies

In the normal course of business, the Trust enters into contracts on behalf of the Funds that may contain provisions for general indemnifications. Each Fund’s maximum exposure under these indemnification provisions is unknown, as this would involve future claims that may be made against each Fund that are not known at this time. However, based on past experience, the Funds believe the risk of loss from these indemnification provisions is improbable.

Subsequent events

As a result of Financial Accounting Standards Board’s adoption of Statement of Financial Accounting Standards No. 165, “Subsequent Events” (SFAS 165) in May 2009, the Trust’s management has evaluated all subsequent events through August 28, 2009, which is the date that the financial statements were issued. The adoption of SFAS 165 did not impact the financial statements of the Trust.

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(Unaudited)

Financial instruments

The Funds implemented Financial Accounting Standards Board Statement (“FASB”) of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” - an amendment of FASB Statement No. 133 (“SFAS 161”), effective January 1, 2009. SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

The Small Cap Index Fund and International Index Fund are subject to equity price risk in the normal course of pursuing their investment objectives. These Funds enter into stock index futures contracts to gain exposure to market fluctuations as this may be more efficient or cost effective than actually buying the securities. These contracts obligate such Funds to make or take delivery of a financial instrument or the cash value of a securities index at a specified future date at a specified price. Realized and unrealized gains and losses are reflected in the Statements of Operations. Unrealized gains and losses on open futures contracts are reflected as a component of net unrealized appreciation (depreciation) in the Statements of Assets and Liabilities, and in other assets in the Schedules of Investments. Daily fluctuation in the margin requirements for futures contracts are recorded as variation margin receivable or payable on the Statements of Assets and Liabilities. Upon entering into a futures contract, these Funds bear the risk of futures contracts’ prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contract and may realize a loss. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearing house, as the ultimate counterparty to all exchange traded futures, guarantees the futures against default.

The International Equity and International Index Funds are subject to foreign currency exchange risk in the normal course of pursuing their investment objectives. These Funds enter into forward foreign currency contracts to hedge against changes in foreign currencies between trade date and settlement date on security transactions. Realized and unrealized gains and losses on forward foreign currency contracts are reflected in the Statements of Operations. Unrealized gains and losses on forward foreign currency contracts are reflected as a component of net unrealized appreciation (depreciation) in the Statements of Assets and Liabilities, and in other assets in the Schedule of Investments. These Funds bear the market risk that arises from changes in foreign currency rates and the credit risk should a counterparty fail to perform under such contracts, and as a result, may realize a loss.

For SFAS 161 description of investments for the Master Portfolio, see the MIP Notes to Financials Statements.

As of June 30, 2009, the fair value of derivative instruments, which are also disclosed in Note 3 under Futures and foreign currency contracts, were as follows:

		Asset Derivatives				Liability Derivatives
	Derivatives not accounted	Statements of				Statements of
	for as hedging	Assets and				Assets and
Fund	instruments under SFAS 133	Liabilities Location	Fair Value			Liabilities Location	Fair Value
International Equity Fund	Forward Foreign Currency Contracts	Unrealized gain on forward foreign currency contracts	$	167		Unrealized loss on forward foreign currency contracts	$	663
Total			$	167			$	663
Small Cap Index Fund	Stock Index Futures Contracts	Variation Margin; Analysis of Net Assets - Net Unrealized Appreciation	$	13,590	(a)	Variation Margin; Analysis of Net Assets - Net Unrealized Depreciation	$	—
Total			$	13,590			$	—
International Index Fund	Forward Foreign Currency Contracts	Unrealized gain on forward foreign currency contracts	$	8,183		Unrealized loss on forward foreign currency contracts	$	11,382
International Index Fund	Stock Index Futures Contracts	Variation Margin; Analysis of Net Assets - Net Unrealized Appreciation		—		Variation Margin; Analysis of Net Assets - Net Unrealized Depreciation		20,952
Total			$	8,183			$	32,334

(a) Represents cumulative unrealized gain (loss) of futures contracts. Variation margin disclosed on the Statements of Assets and Liabilities is for the last day of the period.

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

As of June 30, 2009, the effect of derivative instruments on the Statements of Operations were as follows:

								Change in Unrealized
								Appreciation (Depreciation)
		Amount of Realized Gain (Loss) on Derivatives						on Derivatives Recognized
		Recognized in Income						in Income
	Derivatives not accounted				Forward						Forward
	for as hedging				Currency						Currency
Fund	instruments under SFAS 133	Futures			Contracts			Futures			Contracts
International Equity Fund	Forward Foreign Currency Contracts	$	—		$	(3,993	)	$	—		$	987
S&P 500 Index Fund	Stock Index Futures Contracts		1,563,565			—			(410,574	)		—
Small Cap Index Fund	Stock Index Futures Contracts		(50,731	)		—			(283,558	)		—
International Index Fund	Forward Foreign Currency Contracts		—			145,104			—			1,881
International Index Fund	Stock Index Futures Contracts		261,321			—			(97,727	)		—

Investment Advisory and Management Services Agreement

The Trust has entered into an investment advisory and management services agreement with SFIMC, which serves as the Trust’s investment adviser and conducts the business and affairs of the Trust. Each Fund pays SFIMC an investment advisory and management services fee based upon that Fund’s average daily net assets. The fee is accrued daily and paid to SFIMC monthly. The rates for the Feeder Funds include the fee for Barclays Global Fund Advisors’ (“Barclays”) investment advisory services to the Master Portfolios.

Equity Fund	0.60	%	Tax Advantaged Bond Fund	0.10	%
Small/Mid Cap Equity Fund	0.80	%	Money Market Fund	0.10	%
International Equity Fund	0.80	%	LifePath Income Fund	0.70	%
S&P 500 Index Fund	0.20	%	LifePath 2010 Fund	0.70	%
Small Cap Index Fund	0.35	%	LifePath 2020 Fund	0.70	%
International Index Fund	0.50	%	LifePath 2030 Fund	0.70	%
Equity and Bond Fund	None		LifePath 2040 Fund	0.70	%
Bond Fund	0.10	%	LifePath 2050 Fund	0.70	%

SFIMC does not receive an investment advisory and management services fee for performing its services for the Equity and Bond Fund. However, SFIMC receives investment advisory and management services fees from managing the Underlying Funds into which the Equity and Bond Fund invests. The Equity and Bond Fund pays no sales loads or similar compensation to SFIMC to acquire shares of each Fund in which it invests. Because the Underlying Funds have varied expenses and fee levels and the Equity and Bond Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Equity and Bond Fund will vary.

SFIMC has engaged Bridgeway Capital Management, Inc. (“Bridgeway”) and Westwood Management Corp. (“Westwood”) as the investment sub-advisers to provide day-to-day portfolio management for the Equity Fund; Bridgeway and Rainier Investment Management, Inc. (“Rainier”) as the investment sub-advisers to provide day-to-day portfolio management for the Small/Mid Cap Equity Fund; Marsico Capital Management, LLC (“Marsico”) and Northern Cross, LLC (“Northern Cross”) as the investment sub-advisers to provide day-to-day portfolio management for the International Equity Fund; and Northern Trust Investments, N.A. (“Northern Trust”) as the investment sub-adviser to provide day-to-day portfolio management for the Small Cap Index Fund and International Index Fund.

In accordance with the overall investment objectives of each respective Fund, Bridgeway, Westwood, Rainier, Marsico, Northern Cross, and Northern Trust determine which securities to buy and sell for each of those Funds, select the brokers and dealers to effect the transactions, and

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

negotiate commissions. Bridgeway’s, Westwood’s, Rainier’s, Marsico’s, Northern Cross’s, and Northern Trust’s sub-advisory fees for managing the respective portfolios are paid by SFIMC. No additional advisory fees are charged to the Funds for the services of the sub-advisers.

For the six months ended June 30, 2009, the following fees were earned by Bridgeway, Westwood, Rainier, Marsico, Northern Cross, and Northern Trust for providing sub-advisory services (although not all amounts indicated were paid during that period):

									Northern		Northern
	Bridgeway		Westwood		Rainier		Marsico		Cross		Trust
Equity Fund	$	205,210	$	174,478	$	—	$	—	$	—	$	—
Small Mid/Cap Equity Fund		141,674		—		143,194		—		—		—
International Equity Fund		—		—		—		83,616		107,110		—
Small Cap Index Fund		—		—		—		—		—		109,497
International Index Fund		—		—		—		—		—		93,788
Total Sub-Advisory Fees	$	346,884	$	174,478	$	143,194	$	83,616	$	107,110	$	203,285

Distribution and Shareholder Services Agreements

The Trust has entered into a distribution and service plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 with State Farm VP Management Corp. (“VP Management Corp.”). Under terms of this plan, each Fund pays VP Management Corp. an annual fee based on a specified percentage of average daily net assets, up to the following amounts:

	Class A		Class B		Legacy Class A		Legacy Class B		Class R-1		Class R-2
Money Market Fund	0.15	%	0.55	%	0.15	%	0.55	%	0.40	%	0.20	%
Bond Fund and Tax Advantaged Bond Fund	0.25	%	0.65	%	0.25	%	0.65	%	0.50	%	0.30	%
All Other Funds	0.25	%	0.95	%	0.25	%	0.65	%	0.50	%	0.30	%

Effective January 1, 2008, distribution and service (12b-1) fees for Class B shares of the Small/Mid Cap Equity Fund, International Equity Fund and Equity and Bond Fund decreased from 0.95% of average daily net assets to 0.85% of average daily net assets.

The annual fee amount is payable to VP Management Corp. by each Fund only to the extent VP Management Corp. has incurred distribution expenses to be reimbursed. Any distribution expenses incurred by VP Management Corp. and not otherwise reimbursed by the Funds under the distribution plan can be carried forward and reimbursed in a later time period. At June 30, 2009, VP Management Corp. had not been reimbursed for the following amounts (the TOTAL below is the cumulative amount of unreimbursed distribution expenses incurred since the commencement of operations of the Trust, although the total amount incurred by Fund is dependant upon the timing of commencement of the applicable section of the distribution plan for each such Fund and its classes):

Equity Fund	$	6,202,652	Money Market Fund		6,759,488
Small/Mid Cap Equity Fund		6,348,436	LifePath Income Fund		3,993,005
International Equity Fund		4,738,946	LifePath 2010 Fund		9,843,217
S&P 500 Index Fund		19,248,401	LifePath 2020 Fund		16,029,698
Small Cap Index Fund		10,468,762	LifePath 2030 Fund		11,487,163
International Index Fund		7,137,076	LifePath 2040 Fund		7,997,800
Equity and Bond Fund		8,664,241	LifePath 2050 Fund		40,604
Bond Fund		9,031,985	TOTAL	$	134,961,422
Tax Advantaged Bond Fund		6,969,948

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The Trust has a separate shareholder services agreement with SFIMC. Each Fund, except the Equity and Bond Fund, pays SFIMC a fee of 0.25% of average daily net assets of Class A, Class B, Legacy Class A, Legacy Class B and Institutional shares and, for the current year, 0.32% of Class R-1, Class R-2 and Class R-3 shares. The Equity and Bond Fund does not directly pay SFIMC any shareholder services fee for Class A, Class B, Legacy Class A, Legacy Class B or Institutional shares and, for the current year, directly pays 0.07% of average daily net assets of Class R-1, Class R-2 and Class R-3 shares. However, SFIMC receives a shareholder services fee from managing the Equity Fund and Bond Fund into which the Equity and Bond Fund invests.

Officers and Trustees

Certain officers and/or trustees of the Trust are also officers and/or directors of SFIMC. The Trust made no payments to its officers or trustees except for trustees’ fees paid to or accrued for the Trust’s independent trustees.

Expense Reduction Agreements

For the Class A, Class B, Legacy Class A, Legacy Class B and Institutional shares of all Funds, SFIMC has agreed to reimburse each Class if, and to the extent, the Class’s total annual operating expenses (for the Feeder Funds, this includes net expenses incurred at the Master Portfolio and Underlying Fund levels as applicable) exceed the percentage of each Class’s average net assets indicated in the table below.

	Class A		Class B		Legacy Class A		Legacy Class B		Institutional
Equity Fund	1.20	%	1.90	%	1.20	%	1.60	%	0.95	%
Small/Mid Cap Equity Fund	1.40	%	2.00	%	1.40	%	1.80	%	1.15	%
International Equity Fund	1.50	%	2.10	%	1.50	%	1.90	%	1.25	%
S&P 500 Index Fund	0.80	%	1.50	%	0.80	%	1.20	%	0.55	%
Small Cap Index Fund	0.95	%	1.65	%	0.95	%	1.35	%	0.70	%
International Index Fund (a)	1.20	%	1.90	%	1.20	%	1.60	%	0.95	%
Equity and Bond Fund	0.25	%	0.85	%	0.25	%	0.65	%	—
Bond Fund	0.70	%	1.10	%	0.70	%	1.10	%	0.45	%
Tax Advantaged Bond Fund	0.70	%	1.10	%	0.70	%	1.10	%	—
Money Market Fund	0.60	%	1.00	%	0.60	%	1.00	%	0.45	%
LifePath Income Fund	1.30	%	2.00	%	1.30	%	1.70	%	1.05	%
LifePath 2010 Fund	1.30	%	2.00	%	1.30	%	1.70	%	1.05	%
LifePath 2020 Fund	1.30	%	2.00	%	1.30	%	1.70	%	1.05	%
LifePath 2030 Fund	1.30	%	2.00	%	1.30	%	1.70	%	1.05	%
LifePath 2040 Fund	1.30	%	2.00	%	1.30	%	1.70	%	1.05	%
LifePath 2050 Fund	1.30	%	—		—		—		—

(a) Through April 30, 2009, the expense reimbursement threshold for International Index Fund Class A, Class B, Legacy Class A, Legacy Class B and Institutional was 1.15%, 1.85%, 1.15%, 1.55% and 0.90%, respectively.

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

For all Class R shares, SFIMC has agreed to reimburse each Class for any expenses incurred by the Class, other than management fees, administrative fees charged by the Master Portfolios, distribution (12b-1) fees, and shareholder services fees, that exceed the following percentage of the Class’s average daily assets:

	Expense			Expense
	Reimbursement			Reimbursement
Fund	Threshold		Fund	Threshold
Equity Fund	0.10	%	Money Market Fund	0.10	%
Small/Mid Cap Equity Fund	0.10	%	LifePath Income Fund	0.10	%
International Equity Fund	0.20	%	LifePath 2010 Fund	0.10	%
S&P 500 Index Fund	0.10	%	LifePath 2020 Fund	0.10	%
Small Cap Index Fund	0.10	%	LifePath 2030 Fund	0.10	%
International Index Fund (a)	0.20	%	LifePath 2040 Fund	0.10	%
Bond Fund	0.10	%	LifePath 2050 Fund	0.10	%

(a) Through April 30, 2009, the expense reimbursement threshold for International Index Fund Class R shares was 0.15%.

SFIMC has agreed to reimburse all expenses directly incurred by all Class R shares of the Equity and Bond Fund excluding distribution and shareholder services fees directly incurred by the Equity and Bond Fund.

Beginning in late January 2009, the daily net investment income on securities held by the Money Market Fund fell to a level below the amount of operating expenses incurred by the Money Market Fund. Since that time, SFIMC and VP Management Corp. have been voluntarily waiving portions of their fees in amounts necessary to keep the daily net investment income of the Money Market Fund from falling below zero.

The above arrangements are voluntary and may be eliminated by SFIMC or VP Management Corp. at any time.

Effective May 1, 2006, Barclays contractually agreed to waive the investment advisory fees charged to the LifePath Master Portfolios in an amount equal to the advisory fees and administration fees, if any, charged to the Underlying Funds through April 30, 2011. Beginning on March 15, 2004 and until May 1, 2006, such waiver was voluntary.

Effective January 1, 2007, Barclays also contractually agreed to provide an offsetting credit against the investment advisory fees Barclays receives from the LifePath Master Portfolios and the S&P 500 Index Master Portfolio in an amount equal to the fees and expenses of the MIP independent trustees, counsel to such trustees, and independent registered public accounting firm (“independent expenses”) that are paid by these Master Portfolios through April 30, 2011. Also effective January 1, 2007, Barclays Global Investors (“BGI”), an affiliate of Barclays and administrator of certain of the Underlying Funds, contractually agreed to provide an offsetting credit against the administration fees paid by the Active Stock and CoreAlpha Bond Master Portfolios to BGI in an amount equal to the independent expenses that are paid by these two Underlying Funds through April 30, 2011. Beginning on May 1, 2006 and until December 31, 2006, such waivers were voluntary.

Barclays and BGI may not discontinue or modify this contractual waiver or these offsetting credits without the approval of the Board of Trustees of the Master Portfolios.

Effective October 2, 2007, BGI began voluntarily waiving a portion of its administration fees payable by the Active Stock Master Portfolio in an amount sufficient to maintain the investment advisory fees of the LifePath Master Portfolios, which are not to exceed 0.35% of the average daily net assets of each LifePath Master Portfolio. This arrangement is voluntary and may be terminated by BGI at any time. During the period from July 3, 2008 through July 15, 2008, Barclays voluntarily waived a portion of its investment advisory fees payable by the Active Stock Master Portfolio.

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

3. Investment transactions

For the six months ended June 30, 2009, investment transactions (exclusive of short-term instruments) were as follows:

	Purchases		Sales
Equity Fund	$	69,290,294	$	66,213,470
Small/Mid Cap Equity Fund		72,054,284		71,172,112
International Equity Fund		19,641,539		19,101,955
Small Cap Index Fund		31,339,151		30,237,080
International Index Fund		6,072,339		5,551,272
Equity and Bond Fund		2,000,000		1,550,000
Bond Fund		16,399,179		15,680,231
Tax Advantaged Bond Fund		11,715,286		5,525,228

Futures and foreign currency contracts

As of June 30, 2009, the International Equity Fund and International Index Fund had the following open forward foreign currency contracts. See Note 2 under Financial Instruments:

International Equity Fund

Foreign amount Purchased (Sold)	Currency	Contracts	Settlement Date	U.S. Dollar Purchased (Sold)		Unrealized Gain		Unrealized (Loss)
65,484	Euro	1	07/01/2009	91,864		$	—	$	(432	)
463,334	Hong Kong Dollar	2	07/02/2009	59,785			—		—
(252,831)	Hong Kong Dollar	2	07/02/2009	(32,623	)		—		(1	)
(3,150,014)	Japanese Yen	2	07/01/2009	(32,699	)		—		(56	)
(23,244)	Norwegian Krone	2	07/02/2009-07/06/2009	(3,615	)		9		—
122,358	Singapore Dollar	2	07/02/2009	84,478			155		(46	)
48,670	Swiss Franc	2	07/01/2009-07/02/2009	44,793			—		(128	)
(23,290)	Swiss Franc	1	07/01/2009	(21,435	)		3		—
				Total		$	167	$	(663	)

International Index Fund

Foreign amount Purchased (Sold)	Currency	Contracts	Settlement Date	U.S. Dollar Purchased (Sold)		Unrealized Gain		Unrealized (Loss)
196,209	Australian Dollar	1	09/16/2009	157,741		$	—	$	(2,259	)
(176,003)	Australian Dollar	1	09/16/2009	(141,497	)		—		(1,497	)
155,117	British Pound	1	09/16/2009	255,426			1,426		—
(165,298)	British Pound	2	09/16/2009	(272,190	)		—		(2,190	)
142,665	Euro	1	09/16/2009	200,085			85		—
(101,863)	Euro	1	09/16/2009	(142,861	)		—		(861	)
(317,570)	Hong Kong Dollar	1	09/16/2009	(41,003	)		—		(2	)
61,901,862	Japanese Yen	2	09/16/2009	642,127			1,700		(4,573	)
(48,685,350)	Japanese Yen	2	09/16/2009	(505,028	)		4,972		—
				Total		$	8,183	$	(11,382	)

108

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The Small Cap Index and International Index Funds had the following open futures contracts at June 30, 2009:

Fund	Type	Number of contracts	Notional Value		Market Value		Position	Expiration Month	Unrealized Gain (Loss)
Small Cap Index Fund	Russell 2000 Mini	43	$	2,167,370	$	2,180,960	Long	September ‘09	$	13,590
Total										13,590
International Index Fund	DJ Euro Stoxx 50	32		1,083,435		1,076,337	Long	September ‘09		(7,098	)
International Index Fund	FTSE 100 Index	7		506,666		486,249	Long	September ‘09		(20,417	)
International Index Fund	Share Price Index	3		237,017		236,532	Long	September ‘09		(485	)
International Index Fund	TOPIX Index	7		663,678		670,726	Long	September ‘09		7,048
Total									$	(20,952	)

4. Fund share transactions

At June 30, 2009, the Funds were authorized to issue an unlimited number of shares (no par value) in an unlimited number of classes. Proceeds and payments on Fund shares as shown in the Statements of Changes in Net Assets are in respect of the following number of shares and dollars by class:

Six months ended June 30, 2009:

	Class A Dollar Amounts									Class A Share Amounts
2009	Sales		Reinvestments			Redemptions		Net		Sales	Reinvestments		Redemptions	Net
Equity Fund	$	3,502,240	$	1		$	994,998	$	2,507,243	854,470	—		247,786	606,684
Small/Mid Cap Equity Fund		2,906,391		(57	)		1,142,650		1,763,684	515,859	(11	)	209,159	306,689
International Equity Fund		1,500,848		(205	)		827,346		673,297	233,637	(32	)	134,402	99,203
S&P 500 Index Fund		8,410,309		146			3,289,553		5,120,902	1,318,048	22		529,101	788,969
Small Cap Index Fund		2,423,609		198			1,126,520		1,297,287	339,649	26		160,704	178,971
International Index Fund		2,820,547		183			1,565,676		1,255,054	364,738	23		210,383	154,378
Equity and Bond Fund		3,134,440		81,014			995,160		2,220,294	496,482	12,502		166,289	342,695
Bond Fund		16,316,252		810,223			5,543,305		11,583,170	1,562,932	77,512		531,390	1,109,054
Tax Advantaged Bond Fund		19,987,954		520,114			9,592,613		10,915,455	1,840,371	47,893		892,001	996,263
Money Market Fund		97,789,627		29,242			82,973,000		14,845,869	97,789,777	29,242		82,973,000	14,846,019
LifePath Income Fund		9,142,471		538,582			7,224,925		2,456,128	993,304	56,896		786,432	263,768
LifePath 2010 Fund		15,735,791		(2,467	)		13,550,129		2,183,195	1,593,541	(256	)	1,416,915	176,370
LifePath 2020 Fund		35,219,136		342			15,789,542		19,429,936	3,656,257	33		1,704,458	1,951,832
LifePath 2030 Fund		34,440,745		61			15,349,417		19,091,389	3,679,244	5		1,690,701	1,988,548
LifePath 2040 Fund		24,413,687		(1,489	)		8,952,879		15,459,319	2,674,868	(121	)	998,657	1,676,090
LifePath 2050 Fund		6,045,266		(108	)		302,191		5,742,967	939,560	(16	)	46,488	893,056

109

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class B Dollar Amounts										Class B Share Amounts
2009	Sales		Reinvestments			Redemptions		Net			Sales	Reinvestments		Redemptions	Net
Equity Fund	$	182,757	$	(2	)	$	35,993	$	146,762		44,392	(1	)	8,695	35,696
Small/Mid Cap Equity Fund		162,998		—			46,883		116,115		29,963	—		8,836	21,127
International Equity Fund		105,323		—			50,854		54,469		16,796	—		8,221	8,575
S&P 500 Index Fund		641,461		2			220,467		420,996		101,117	(1	)	35,241	65,875
Small Cap Index Fund		164,808		(48	)		73,080		91,680		23,697	(7	)	10,348	13,342
International Index Fund		223,234		(2	)		92,106		131,126		29,681	—		12,442	17,239
Equity and Bond Fund		168,942		3,780			29,815		142,907		27,416	583		4,786	23,213
Bond Fund		587,188		33,138			181,978		438,348		56,539	3,173		17,540	42,172
Tax Advantaged Bond Fund		84,670		2,810			14,568		72,912		7,790	258		1,345	6,703
Money Market Fund		548,048		86			272,939		275,195		548,048	86		272,939	275,195
LifePath Income Fund		384,360		12,023			243,362		153,021		41,202	1,260		26,213	16,249
LifePath 2010 Fund		820,920		(60	)		508,263		312,597		84,670	(6	)	52,765	31,899
LifePath 2020 Fund		2,118,510		(90	)		1,077,255		1,041,165		223,829	(9	)	115,592	108,228
LifePath 2030 Fund		2,652,512		(2	)		1,030,669		1,621,841		287,164	—		111,348	175,816
LifePath 2040 Fund		2,803,339		(22	)		824,061		1,979,256		309,653	(2	)	90,653	218,998
	Legacy Class A Dollar Amounts										Legacy Class A Share Amounts
2009	Sales		Reinvestments			Redemptions		Net			Sales	Reinvestments		Redemptions	Net
Equity Fund	$	3,343,184		(307	)		4,020,711		(677,834	)	799,023	(71	)	979,787	(180,835	)
Small/Mid Cap Equity Fund		2,618,976		20			2,715,570		(96,574	)	480,850	4		510,890	(30,036	)
International Equity Fund		1,140,218		49			1,487,829		(347,562	)	180,119	7		244,422	(64,296	)
S&P 500 Index Fund		11,389,108		(278	)		17,194,544		(5,805,714	)	1,797,868	(43	)	2,792,329	(994,504	)
Small Cap Index Fund		4,339,174		(40	)		6,200,819		(1,861,685	)	624,562	(6	)	923,612	(299,056	)
International Index Fund		3,016,595		(38	)		4,803,998		(1,787,441	)	401,308	(5	)	670,957	(269,654	)
Equity and Bond Fund		2,633,403		417,196			5,131,862		(2,081,263	)	423,178	63,892		829,656	(342,586	)
Bond Fund		7,644,916		2,310,883			12,340,762		(2,384,963	)	735,194	221,143		1,187,515	(231,178	)
Tax Advantaged Bond Fund		1,564,812		523,887			2,598,294		(509,595	)	144,371	48,348		240,349	(47,630	)
Money Market Fund		38,383,054		40,854			32,062,399		6,361,509		38,383,054	40,854		32,062,399	6,361,509
LifePath Income Fund		3,074,082		720,979			10,587,189		(6,792,128	)	334,043	75,019		1,145,170	(736,108	)
LifePath 2010 Fund		6,595,014		(953	)		20,687,095		(14,093,034	)	680,267	(96	)	2,170,775	(1,490,604	)
LifePath 2020 Fund		12,533,089		(598	)		26,407,068		(13,874,577	)	1,324,436	(61	)	2,862,951	(1,538,576	)
LifePath 2030 Fund		11,030,465		(2,258	)		15,498,628		(4,470,421	)	1,197,051	(233	)	1,707,035	(510,217	)
LifePath 2040 Fund		10,191,113		(1,094	)		9,849,938		340,081		1,128,786	(81	)	1,124,132	4,573

110

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Legacy Class B Dollar Amounts										Legacy Class B Share Amounts
2009	Sales		Reinvestments			Redemptions		Net			Sales	Reinvestments		Redemptions		Net
Equity Fund	$	702,380	$	(377	)	$	1,542,613	$	(840,610	)	170,806	(87	)	372,999		(202,280	)
Small/Mid Cap Equity Fund		426,558		(56	)		1,003,462		(576,960	)	82,681	(11	)	193,001		(110,331	)
International Equity Fund		207,460		(198	)		457,182		(249,920	)	33,347	(31	)	74,650		(41,334	)
S&P 500 Index Fund		2,744,208		(19	)		6,151,986		(3,407,797	)	434,511	(3	)	985,294		(550,786	)
Small Cap Index Fund		848,703		3			2,119,169		(1,270,463	)	124,630	1		316,535		(191,904	)
International Index Fund		474,671		(1	)		1,329,017		(854,347	)	63,508	—		178,041		(114,533	)
Equity and Bond Fund		811,719		126,009			2,264,477		(1,326,749	)	131,138	19,267		(365,073	)	(214,668	)
Bond Fund		1,622,460		646,496			3,274,068		(1,005,112	)	156,045	61,863		314,470		(96,562	)
Tax Advantaged Bond Fund		60,347		44,770			190,803		(85,686	)	5,563	4,132		17,719		(8,024	)
Money Market Fund		6,133,813		1,001			3,698,674		2,436,140		6,133,813	1,001		3,698,674		2,436,140
LifePath Income Fund		641,526		76,701			1,226,857		(508,630	)	69,089	7,942		132,355		(55,324	)
LifePath 2010 Fund		1,041,369		(255	)		3,755,746		(2,714,632	)	108,169	(26	)	396,171		(288,028	)
LifePath 2020 Fund		2,685,090		76			5,909,939		(3,224,773	)	287,424	8		637,743		(350,311	)
LifePath 2030 Fund		2,176,492		12			3,289,937		(1,113,433	)	237,306	1		361,730		(124,423	)
LifePath 2040 Fund		2,042,525		4			2,389,046		(346,517	)	225,975	—		267,456		(41,481	)
	Institutional Shares Dollar Amounts										Institutional Shares Share Amounts
2009	Sales		Reinvestments			Redemptions		Net			Sales	Reinvestments		Redemptions		Net
Equity Fund	$	4,062,112	$	13		$	997,739	$	3,064,386		987,400	3		253,942		733,461
Small/Mid Cap Equity Fund		2,240,053		128			1,066,032		1,174,149		401,878	16		203,533		198,361
International Equity Fund		1,028,571		177			599,228		429,520		160,998	28		103,016		58,010
S&P 500 Index Fund		6,938,483		(606	)		3,081,804		3,856,073		1,088,879	(93	)	497,688		591,098
Small Cap Index Fund		3,407,532		(646	)		2,203,225		1,203,661		488,938	(89	)	324,337		164,512
International Index Fund		2,687,337		(133	)		2,589,698		97,506		355,949	(17	)	359,022		(3,090	)
Equity and Bond Fund		1,518,657		90,598			584,594		1,024,661		250,617	13,971		95,697		168,891
Bond Fund		4,814,300		472,002			4,456,419		829,883		462,588	45,223		429,752		78,059
Money Market Fund		29,867,327		20,580			23,072,744		6,815,163		29,867,327	20,580		23,072,744		6,815,163
LifePath Income Fund		1,905,216		153,619			1,611,109		447,726		206,767	15,963		173,872		48,858
LifePath 2010 Fund		3,869,406		(76	)		3,780,175		89,155		395,555	(8	)	393,680		1,867
LifePath 2020 Fund		10,252,406		(1,087	)		5,481,546		4,769,773		1,065,413	(110	)	603,861		461,442
LifePath 2030 Fund		10,338,463		(506	)		5,829,023		4,508,934		1,137,059	(50	)	655,091		481,918
LifePath 2040 Fund		13,417,436		3,146			5,446,971		7,973,611		1,472,163	249		620,925		851,487

111

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class R-1 Dollar Amounts										Class R-1 Share Amounts
2009	Sales		Reinvestments			Redemptions		Net			Sales	Reinvestments		Redemptions	Net
Equity Fund	$	512,741	$	—		$	152,043	$	360,698		130,206	—		37,739	92,467
Small/Mid Cap Equity Fund		565,175		—			239,550		325,625		107,042	—		45,476	61,566
International Equity Fund		351,489		—			232,925		118,564		57,180	—		39,306	17,874
S&P 500 Index Fund		1,028,534		—			702,049		326,485		163,949	—		113,496	50,453
Small Cap Index Fund		451,514		—			311,444		140,070		64,549	—		46,160	18,389
International Index Fund		463,040		—			341,911		121,129		61,689	—		46,222	15,467
Equity and Bond Fund		300,397		10,274			90,794		219,877		49,881	1,603		14,921	36,563
Bond Fund		747,501		59,514			580,203		226,812		71,997	5,698		55,907	21,788
Money Market Fund		3,460,415		989			1,966,302		1,495,102		3,460,415	989		1,966,302	1,495,102
LifePath Income Fund		412,173		16,203			360,618		67,758		44,373	1,708		38,384	7,697
LifePath 2010 Fund		1,002,658		—			576,206		426,452		104,005	—		58,850	45,155
LifePath 2020 Fund		2,426,379		—			1,302,206		1,124,173		255,546	—		138,937	116,609
LifePath 2030 Fund		2,710,962		(197	)		971,850		1,738,915		296,793	(17	)	104,190	192,586
LifePath 2040 Fund		2,447,016		(446	)		723,643		1,722,927		271,450	(40	)	80,817	190,593
LifePath 2050 Fund		184,621		—			8,474		176,147		28,577	—		1,231	27,346
	Class R-2 Dollar Amounts										Class R-2 Share Amounts
2009	Sales		Reinvestments			Redemptions		Net			Sales	Reinvestments		Redemptions	Net
Equity Fund	$	699,047	$	—		$	393,892	$	305,155		170,755	—		97,545	73,210
Small/Mid Cap Equity Fund		411,638		—			600,012		(188,374	)	77,914	—		113,751	(35,837	)
International Equity Fund		510,394		—			440,602		69,792		77,443	—		77,542	(99	)
S&P 500 Index Fund		809,751		—			915,070		(105,319	)	131,116	—		155,997	(24,881	)
Small Cap Index Fund		323,746		—			531,169		(207,423	)	47,268	—		85,278	(38,010	)
International Index Fund		307,087		—			607,255		(300,168	)	42,662	—		87,341	(44,679	)
Equity and Bond Fund		417,533		18,926			85,930		350,529		69,446	2,947		14,829	57,564
Bond Fund		1,300,993		65,740			800,091		566,642		125,537	6,297		77,448	54,386
Money Market Fund		1,984,985		3,756			2,839,843		(851,102	)	1,984,985	3,756		2,839,843	(851,102	)
LifePath Income Fund		457,222		23,071			245,218		235,075		47,386	2,382		26,504	23,264
LifePath 2010 Fund		1,174,509		—			867,532		306,977		120,356	—		90,531	29,825
LifePath 2020 Fund		2,080,323		—			1,190,187		890,136		221,168	—		120,845	100,323
LifePath 2030 Fund		1,713,343		—			1,855,739		(142,396	)	189,115	—		206,138	(17,023	)
LifePath 2040 Fund		1,421,229		—			1,660,909		(239,680	)	159,015	—		188,923	(29,908	)
LifePath 2050 Fund		11,631		—			4,448		7,183		1,784	—		610	1,174

112

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class R-3 Dollar Amounts									Class R-3 Share Amounts
2009	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	58,538	$	—	$	42,124	$	16,414		14,355	—	10,745	3,610
Small/Mid Cap Equity Fund		78,130		—		36,934		41,196		14,272	—	7,075	7,197
International Equity Fund		76,150		—		7,102		69,048		12,397	—	1,202	11,195
S&P 500 Index Fund		181,086		—		110,178		70,908		28,405	—	17,152	11,253
Small Cap Index Fund		55,351		—		20,151		35,200		7,807	—	3,021	4,786
International Index Fund		73,283		—		13,899		59,384		9,588	—	1,945	7,643
Equity and Bond Fund		40,171		991		34,331		6,831		6,540	155	5,722	973
Bond Fund		41,403		5,316		164,300		(117,581	)	3,971	511	15,818	(11,336	)
Money Market Fund		364,426		391		133,120		231,697		364,426	391	133,120	231,697
LifePath Income Fund		34,109		747		152		34,704		3,649	77	16	3,710
LifePath 2010 Fund		105,492		—		19,155		86,337		10,773	—	2,026	8,747
LifePath 2020 Fund		361,463		—		185,312		176,151		37,594	—	19,150	18,444
LifePath 2030 Fund		254,555		227		135,124		119,658		27,144	20	14,117	13,047
LifePath 2040 Fund		246,785		560		58,174		189,171		26,642	51	6,592	20,101

Year ended December 31, 2008 (Since commencement of investment operations on July 10, 2008 for the LifePath 2050 Fund):

Effective May 1, 2008, the Tax Advantaged Bond Fund no longer offered Institutional Shares.

	Class A Dollar Amounts								Class A Share Amounts
2008	Sales		Reinvestments		Redemptions		Net		Sales	Reinvestments	Redemptions	Net
Equity Fund	$	6,844,348	$	241,851	$	3,218,859	$	3,867,340	1,098,471	57,609	569,238	586,842
Small/Mid Cap Equity Fund		9,778,616		89,484		3,404,961		6,463,139	1,060,641	16,266	412,395	664,512
International Equity Fund		5,030,928		163,869		2,167,321		3,027,476	477,105	25,598	229,961	272,742
S&P 500 Index Fund		25,170,674		889,543		13,366,723		12,693,494	2,688,670	137,649	1,469,383	1,356,936
Small Cap Index Fund		7,160,740		1,149,740		3,653,278		4,657,202	644,914	159,276	330,857	473,333
International Index Fund		12,469,335		396,854		6,866,437		5,999,752	1,018,096	49,757	615,971	451,882
Equity and Bond Fund		5,224,655		710,617		2,897,969		3,037,303	612,516	111,493	353,742	370,267
Bond Fund		23,255,098		1,172,856		8,245,625		16,182,329	2,234,992	113,503	801,344	1,547,151
Tax Advantaged Bond Fund		19,300,934		1,015,736		9,613,728		10,702,942	1,799,005	97,193	914,272	981,926
Money Market Fund		224,757,594		1,018,215		191,750,130		34,025,679	224,757,444	1,018,215	191,750,130	34,025,529
LifePath Income Fund		26,842,378		1,244,967		14,813,055		13,274,290	2,500,217	118,410	1,446,380	1,172,247
LifePath 2010 Fund		47,566,875		3,177,370		33,054,414		17,689,831	4,012,120	318,687	2,917,663	1,413,144
LifePath 2020 Fund		94,075,112		5,102,984		42,403,191		56,774,905	7,551,793	518,046	3,566,821	4,503,018
LifePath 2030 Fund		92,445,469		3,896,952		31,455,074		64,887,347	7,210,791	401,760	2,516,686	5,095,865
LifePath 2040 Fund		68,079,365		2,353,997		23,448,844		46,984,518	5,179,227	244,921	1,818,875	3,605,273
LifePath 2050 Fund		6,033,475		50,130		185,347		5,898,258	739,453	7,286	25,321	721,418

113

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class B Dollar Amounts									Class B Share Amounts
2008	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	383,546	$	10,893	$	152,228	$	242,211		62,748	2,581	26,331	38,998
Small/Mid Cap Equity Fund		698,977		8,217		143,847		563,347		77,590	1,340	17,084	61,846
International Equity Fund		406,105		13,691		126,780		293,016		38,198	2,161	12,889	27,470
S&P 500 Index Fund		1,729,469		45,145		475,295		1,299,319		185,107	6,935	52,502	139,540
Small Cap Index Fund		539,558		89,848		251,106		378,300		48,981	12,466	22,601	38,846
International Index Fund		794,807		17,761		260,412		552,156		64,848	2,212	22,700	44,360
Equity and Bond Fund		358,694		47,197		165,702		240,189		43,162	7,468	20,517	30,113
Bond Fund		873,839		46,626		233,698		686,767		83,952	4,519	22,609	65,862
Tax Advantaged Bond Fund		81,646		5,064		37,990		48,720		7,672	485	3,606	4,551
Money Market Fund		841,607		3,525		241,792		603,340		841,607	3,525	241,792	603,340
LifePath Income Fund		699,782		26,756		323,622		402,916		64,792	2,526	31,730	35,588
LifePath 2010 Fund		2,350,171		119,839		1,084,528		1,385,482		202,910	12,101	96,142	118,869
LifePath 2020 Fund		6,010,925		245,503		2,248,655		4,007,773		487,818	24,999	190,512	322,305
LifePath 2030 Fund		7,446,742		220,732		2,481,519		5,185,955		588,763	22,789	201,122	410,430
LifePath 2040 Fund		8,056,838		177,073		2,453,579		5,780,332		622,655	18,436	194,291	446,800
	Legacy Class A Dollar Amounts									Legacy Class A Share Amounts
2008	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	7,490,921		1,346,145		15,916,092		(7,079,026	)	1,199,267	309,470	2,487,717	(978,980	)
Small/Mid Cap Equity Fund		7,834,410		287,907		9,499,153		(1,376,836	)	872,306	53,464	1,084,418	(158,648	)
International Equity Fund		4,191,166		565,311		5,819,605		(1,063,128	)	389,280	87,777	565,925	(88,868	)
S&P 500 Index Fund		27,945,728		5,049,526		59,932,168		(26,936,914	)	2,992,480	778,003	6,548,323	(2,777,840	)
Small Cap Index Fund		10,633,108		7,672,036		22,345,734		(4,040,590	)	964,868	1,071,567	2,032,204	4,231
International Index Fund		11,091,749		1,281,622		19,086,207		(6,712,836	)	898,048	160,418	1,666,252	(607,786	)
Equity and Bond Fund		6,245,312		4,942,290		16,667,670		(5,480,068	)	754,095	767,171	2,018,288	(497,022	)
Bond Fund		21,105,965		5,004,281		27,495,927		(1,385,681	)	2,021,356	482,184	2,661,943	(158,403	)
Tax Advantaged Bond Fund		4,200,457		1,305,568		5,698,766		(192,741	)	391,018	124,718	541,010	(25,274	)
Money Market Fund		88,547,475		1,615,014		68,129,803		22,032,686		88,547,475	1,615,014	68,129,803	22,032,686
LifePath Income Fund		11,342,668		2,326,774		27,331,031		(13,661,589	)	1,025,995	216,197	2,643,456	(1,401,264	)
LifePath 2010 Fund		20,440,610		5,887,968		58,818,711		(32,490,133	)	1,765,410	594,124	5,223,212	(2,863,678	)
LifePath 2020 Fund		35,070,665		7,940,310		74,728,492		(31,717,517	)	2,865,952	810,099	6,273,703	(2,597,652	)
LifePath 2030 Fund		31,222,124		4,553,313		48,524,331		(12,748,894	)	2,444,885	469,911	3,877,616	(962,820	)
LifePath 2040 Fund		25,990,437		2,680,919		33,298,134		(4,626,778	)	1,988,951	278,662	2,576,164	(308,551	)

114

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Legacy Class B Dollar Amounts									Legacy Class B Share Amounts
2008	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	1,898,115	$	382,198	$	5,833,871	$	(3,553,558	)	305,852	88,271	920,382	(526,259	)
Small/Mid Cap Equity Fund		1,725,243		98,630		2,635,666		(811,793	)	204,985	18,973	318,320	(94,362	)
International Equity Fund		781,643		152,572		1,365,643		(431,428	)	75,537	23,863	133,787	(34,387	)
S&P 500 Index Fund		6,982,323		1,313,393		27,707,959		(19,412,243	)	755,502	202,062	2,991,239	(2,033,675	)
Small Cap Index Fund		2,205,210		2,357,887		7,011,595		(2,448,498	)	205,666	333,980	643,465	(103,819	)
International Index Fund		1,830,066		259,321		3,841,747		(1,752,360	)	152,072	32,335	326,449	(142,042	)
Equity and Bond Fund		2,015,128		1,897,313		5,946,813		(2,034,372	)	242,897	295,957	715,377	(176,523	)
Bond Fund		3,537,593		1,393,736		6,064,237		(1,132,908	)	339,402	134,262	585,835	(112,171	)
Tax Advantaged Bond Fund		162,468		121,105		662,796		(379,223	)	15,186	11,560	63,176	(36,430	)
Money Market Fund		10,822,895		73,520		5,958,673		4,937,742		10,822,895	73,520	5,958,673	4,937,742
LifePath Income Fund		1,929,139		229,804		3,259,429		(1,100,486	)	179,381	21,311	313,178	(112,486	)
LifePath 2010 Fund		3,760,370		997,641		7,911,862		(3,153,851	)	326,758	100,878	703,960	(276,324	)
LifePath 2020 Fund		7,383,008		1,474,307		13,791,821		(4,934,506	)	608,830	150,680	1,154,949	(395,439	)
LifePath 2030 Fund		5,796,455		900,269		9,797,251		(3,100,527	)	461,496	93,220	785,465	(230,749	)
LifePath 2040 Fund		5,984,885		527,155		6,413,305		98,735		459,873	54,851	502,539	12,185
	Institutional Shares Dollar Amounts									Institutional Shares Share Amounts
2008	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	32,188,362	$	429,031	$	5,073,021	$	27,544,372		5,298,666	101,702	824,377	4,575,991
Small/Mid Cap Equity Fund		6,300,016		110,499		4,231,987		2,178,528		691,394	19,798	483,886	227,306
International Equity Fund		2,420,609		179,548		1,763,547		836,610		236,529	27,973	168,553	95,949
S&P 500 Index Fund		11,114,755		1,166,982		17,314,262		(5,032,525	)	1,200,786	179,374	1,862,857	(482,697	)
Small Cap Index Fund		7,652,897		2,600,544		6,144,315		4,109,126		684,556	358,628	553,773	489,411
International Index Fund		8,610,232		589,998		7,763,156		1,437,074		702,402	73,366	659,993	115,775
Equity and Bond Fund		2,582,175		814,246		1,945,509		1,450,912		308,061	127,133	240,476	194,718
Bond Fund		10,274,249		839,917		33,006,833		(21,892,667	)	986,087	81,160	3,192,312	(2,125,065	)
Money Market Fund		65,376,135		559,763		52,381,551		13,554,347		65,376,135	559,763	52,381,551	13,554,347
LifePath Income Fund		3,569,064		368,722		4,099,627		(161,841	)	331,756	34,404	383,585	(17,425	)
LifePath 2010 Fund		9,816,396		1,188,862		7,729,047		3,276,211		848,161	119,384	672,127	295,418
LifePath 2020 Fund		15,982,550		1,857,505		15,084,011		2,756,044		1,290,609	188,900	1,268,559	210,950
LifePath 2030 Fund		18,051,233		1,652,964		14,304,318		5,399,879		1,402,296	169,864	1,127,585	444,575
LifePath 2040 Fund		23,854,567		1,488,606		12,433,210		12,909,963		1,823,018	153,844	961,456	1,015,406

115

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class R-1 Dollar Amounts									Class R-1 Share Amounts
2008	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	831,274	$	28,199	$	382,893	$	476,580		155,602	6,723	66,191	96,134
Small/Mid Cap Equity Fund		1,303,788		11,523		555,402		759,909		159,788	2,146	74,148	87,786
International Equity Fund		1,048,379		38,769		368,653		718,495		113,700	6,087	38,712	81,075
S&P 500 Index Fund		2,971,957		84,294		1,530,400		1,525,851		318,554	12,992	174,931	156,615
Small Cap Index Fund		967,424		144,841		513,413		598,852		87,626	20,076	48,587	59,115
International Index Fund		1,608,953		39,578		614,291		1,034,240		133,884	4,951	59,158	79,677
Equity and Bond Fund		561,261		115,299		298,117		378,443		68,702	18,354	38,886	48,170
Bond Fund		1,825,017		87,169		621,158		1,291,028		177,817	8,433	60,231	126,019
Money Market Fund		4,527,364		68,111		2,550,742		2,044,733		4,527,364	68,111	2,550,742	2,044,733
LifePath Income Fund		587,522		40,078		553,399		74,201		54,788	3,792	53,700	4,880
LifePath 2010 Fund		1,707,664		101,178		1,100,081		708,761		147,994	10,220	94,224	63,990
LifePath 2020 Fund		5,557,531		219,584		2,339,128		3,437,987		465,950	22,407	197,965	290,392
LifePath 2030 Fund		5,485,210		174,601		2,406,825		3,252,986		442,988	18,076	192,327	268,737
LifePath 2040 Fund		5,650,081		126,751		2,752,068		3,024,764		434,352	13,217	224,992	222,577
LifePath 2050 Fund		1,043,229		355		1,516		1,042,068		106,130	52	219	105,963
	Class R-2 Dollar Amounts									Class R-2 Share Amounts
2008	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	996,242	$	69,298	$	1,148,775	$	(83,235	)	174,843	16,499	182,360	8,982
Small/Mid Cap Equity Fund		1,400,404		24,253		808,942		615,715		173,243	4,475	95,324	82,394
International Equity Fund		1,103,080		55,219		903,732		254,567		108,205	8,642	86,184	30,663
S&P 500 Index Fund		2,341,750		137,542		1,654,470		824,822		255,682	21,259	171,083	105,858
Small Cap Index Fund		907,749		190,949		930,344		168,354		82,801	26,411	79,643	29,569
International Index Fund		1,509,238		63,539		1,110,666		462,111		133,266	7,943	88,550	52,659
Equity and Bond Fund		466,803		191,435		355,383		302,855		58,317	30,367	43,100	45,584
Bond Fund		1,544,618		107,215		1,084,386		567,447		149,168	10,358	103,642	55,884
Money Market Fund		8,489,569		187,128		4,502,183		4,174,514		8,489,569	187,128	4,502,183	4,174,514
LifePath Income Fund		1,345,427		55,892		765,631		635,688		121,821	5,190	72,145	54,866
LifePath 2010 Fund		3,043,750		195,171		1,889,534		1,349,387		255,345	19,655	164,363	110,637
LifePath 2020 Fund		4,332,674		257,382		2,132,675		2,457,381		343,953	26,210	170,781	199,382
LifePath 2030 Fund		5,497,985		234,479		2,482,162		3,250,302		424,806	24,198	197,301	251,703
LifePath 2040 Fund		4,744,799		168,465		1,884,138		3,029,126		374,698	17,512	141,566	250,644
LifePath 2050 Fund		1,000,000		—		—		1,000,000		100,000	—	—	100,000

116

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class R-3 Dollar Amounts									Class R-3 Share Amounts
2008	Sales		Reinvestments		Redemptions		Net			Sales	Reinvestments	Redemptions	Net
Equity Fund	$	96,827	$	4,842	$	71,444	$	30,225		15,201	1,140	12,384	3,957
Small/Mid Cap Equity Fund		87,607		1,334		26,590		62,351		10,499	242	2,712	8,029
International Equity Fund		76,093		4,030		26,046		54,077		8,112	627	2,645	6,094
S&P 500 Index Fund		332,177		12,933		187,638		157,472		33,872	1,985	20,015	15,842
Small Cap Index Fund		127,192		19,503		65,192		81,503		11,457	2,674	5,518	8,613
International Index Fund		108,219		6,152		74,296		40,075		9,014	756	6,175	3,595
Equity and Bond Fund		32,457		9,808		16,223		26,042		3,916	1,551	1,979	3,488
Bond Fund		60,322		14,669		90,353		(15,362	)	5,770	1,413	8,832	(1,649	)
Money Market Fund		490,371		9,802		264,476		235,697		490,371	9,802	264,476	235,697
LifePath Income Fund		32,623		768		1,437		31,954		2,850	72	125	2,797
LifePath 2010 Fund		68,555		13,727		47,739		34,543		5,748	1,381	4,110	3,019
LifePath 2020 Fund		511,947		55,476		363,142		204,281		41,343	5,654	27,877	19,120
LifePath 2030 Fund		631,015		32,480		137,458		526,037		51,447	3,343	10,334	44,456
LifePath 2040 Fund		451,685		19,594		48,109		423,170		34,998	2,033	3,657	33,374

117

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the financial performance of each Fund for the past five years, or if the performance information is not available for these periods, since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total returns within each table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

STATE FARM MUTUAL FUND TRUST EQUITY FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (f)	$	4.28	$	0.02	$	0.06		$	0.08		$	—		$	—		$	—
Year ended 12/31/2008		7.53		0.11		(3.24	)		(3.13	)		(0.11	)		(0.01	)		(0.12	)
Year ended 12/31/2007		8.76		0.15		(0.70	)		(0.55	)		(0.16	)		(0.52	)		(0.68	)
Period ended 12/31/2006 (g)		8.44		0.07		0.76			0.83			(0.13	)		(0.38	)		(0.51	)
Class B Shares
Six months ended 06/30/2009 (f)		4.30		—		0.05			0.05			—			—			—
Year ended 12/31/2008		7.53		0.07		(3.22	)		(3.15	)		(0.07	)		(0.01	)		(0.08	)
Year ended 12/31/2007		8.77		0.09		(0.72	)		(0.63	)		(0.09	)		(0.52	)		(0.61	)
Period ended 12/31/2006 (g)		8.44		0.03		0.77			0.80			(0.09	)		(0.38	)		(0.47	)
Legacy Class A Shares
Six months ended 06/30/2009 (f)		4.43		0.02		0.06			0.08			—			—			—
Year ended 12/31/2008		7.78		0.12		(3.35	)		(3.23	)		(0.11	)		(0.01	)		(0.12	)
Year ended 12/31/2007		9.03		0.15		(0.73	)		(0.58	)		(0.15	)		(0.52	)		(0.67	)
Year ended 12/31/2006		8.21		0.11		1.20			1.31			(0.11	)		(0.38	)		(0.49	)
Year ended 12/31/2005		8.54		0.09		0.50			0.59			(0.09	)		(0.83	)		(0.92	)
Year ended 12/31/2004		8.00		0.09		0.53			0.62			(0.08	)		—			(0.08	)
Legacy Class B Shares
Six months ended 06/30/2009 (f)		4.41		0.01		0.06			0.07			—			—			—
Year ended 12/31/2008		7.73		0.09		(3.32	)		(3.23	)		(0.08	)		(0.01	)		(0.09	)
Year ended 12/31/2007		8.97		0.12		(0.73	)		(0.61	)		(0.11	)		(0.52	)		(0.63	)
Year ended 12/31/2006		8.16		0.07		1.19			1.26			(0.07	)		(0.38	)		(0.45	)
Year ended 12/31/2005		8.49		0.06		0.50			0.56			(0.06	)		(0.83	)		(0.89	)
Year ended 12/31/2004		7.96		0.06		0.52			0.58			(0.05	)		—			(0.05	)
Institutional Shares
Six months ended 06/30/2009 (f)		4.29		0.02		0.05			0.07			—			—			—
Year ended 12/31/2008		7.54		0.13		(3.24	)		(3.11	)		(0.13	)		(0.01	)		(0.14	)
Year ended 12/31/2007		8.78		0.17		(0.72	)		(0.55	)		(0.17	)		(0.52	)		(0.69	)
Year ended 12/31/2006		8.00		0.13		1.16			1.29			(0.13	)		(0.38	)		(0.51	)
Year ended 12/31/2005		8.34		0.12		0.49			0.61			(0.12	)		(0.83	)		(0.95	)
Year ended 12/31/2004		7.81		0.13		0.52			0.65			(0.12	)		—			(0.12	)
Class R-1 Shares
Six months ended 06/30/2009 (f)		4.28		0.01		0.05			0.06			—			—			—
Year ended 12/31/2008		7.52		0.09		(3.22	)		(3.13	)		(0.10	)		(0.01	)		(0.11	)
Year ended 12/31/2007		8.75		0.12		(0.71	)		(0.59	)		(0.12	)		(0.52	)		(0.64	)
Year ended 12/31/2006		7.98		0.08		1.16			1.24			(0.09	)		(0.38	)		(0.47	)
Year ended 12/31/2005		8.33		0.06		0.49			0.55			(0.07	)		(0.83	)		(0.90	)
Period ended 12/31/2004 (h)		7.75		0.04		0.64			0.68			(0.10	)		—			(0.10	)
Class R-2 Shares
Six months ended 06/30/2009 (f)		4.27		0.02		0.05			0.07			—			—			—
Year ended 12/31/2008		7.51		0.10		(3.23	)		(3.13	)		(0.10	)		(0.01	)		(0.11	)
Year ended 12/31/2007		8.76		0.14		(0.71	)		(0.57	)		(0.16	)		(0.52	)		(0.68	)
Year ended 12/31/2006		7.99		0.10		1.16			1.26			(0.11	)		(0.38	)		(0.49	)
Year ended 12/31/2005		8.33		0.08		0.50			0.58			(0.09	)		(0.83	)		(0.92	)
Period ended 12/31/2004 (h)		7.75		0.04		0.64			0.68			(0.10	)		—			(0.10	)
Class R-3 Shares
Six months ended 06/30/2009 (f)		4.29		0.02		0.05			0.07			—			—			—
Year ended 12/31/2008		7.54		0.12		(3.24	)		(3.12	)		(0.12	)		(0.01	)		(0.13	)
Year ended 12/31/2007		8.77		0.17		(0.71	)		(0.54	)		(0.17	)		(0.52	)		(0.69	)
Year ended 12/31/2006		8.00		0.12		1.16			1.28			(0.13	)		(0.38	)		(0.51	)
Year ended 12/31/2005		8.33		0.10		0.51			0.61			(0.11	)		(0.83	)		(0.94	)
Period ended 12/31/2004 (h)		7.75		0.05		0.64			0.69			(0.11	)		—			(0.11	)

(a) Average shares outstanding for the period were used to calculate net investment income per share.

(b) Net investment income for Class B shares represent less than $0.01 per share in 2009.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B Shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

(e) The expense ratios for the Institutional shares include the effect of the increased voluntary expense reduction threshold (where applicable) and increased shareholder services fees effective May 1, 2005.

(f) Unaudited.

See accompanying notes to financial statements.

118

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)		Net assets, end of period (millions)		Expenses (d) (e)		Net investment income (loss) (d)		Expenses (d) (e)		Net investment income (loss) (d)		Portfolio turnover rate
$	4.36	1.87	%	$	13.7	1.20	%	0.87	%	1.23	%	0.84	%	76	%(d)
	4.28	(41.52	)		10.8	1.19		1.82		1.19		1.82		143
	7.53	(6.38	)		14.7	1.17		1.72		1.17		1.72		46
	8.76	9.90			7.9	1.17		1.27		1.17		1.27		42
	4.35	1.16			2.8	1.90		0.18		1.93		0.15		76	(d)
	4.30	(41.84	)		2.6	1.89		1.13		1.89		1.13		143
	7.53	(7.27	)		4.3	1.87		0.99		1.87		0.99		46
	8.77	9.47			4.5	1.87		0.57		1.87		0.57		42
	4.51	1.81			53.0	1.20		0.88		1.23		0.85		76	(d)
	4.43	(41.54	)		52.9	1.19		1.83		1.19		1.83		143
	7.78	(6.57	)		100.4	1.17		1.68		1.17		1.68		46
	9.03	15.99			113.1	1.17		1.26		1.17		1.26		42
	8.21	6.76			99.1	1.20		1.05		1.21		1.04		90
	8.54	7.80			95.7	1.18		1.11		1.18		1.11		2
	4.48	1.59			18.6	1.60		0.48		1.63		0.45		76	(d)
	4.41	(41.77	)		19.3	1.59		1.44		1.59		1.44		143
	7.73	(6.91	)		37.8	1.57		1.28		1.57		1.28		46
	8.97	15.47			43.1	1.57		0.86		1.57		0.86		42
	8.16	6.42			45.9	1.60		0.65		1.61		0.64		90
	8.49	7.32			43.0	1.58		0.71		1.58		0.71		2
	4.36	1.63			96.1	0.95		1.13		0.98		1.10		76	(d)
	4.29	(41.28	)		91.2	0.94		2.06		0.94		2.06		143
	7.54	(6.36	)		126.0	0.92		1.93		0.92		1.93		46
	8.78	16.20			144.6	0.92		1.51		0.92		1.51		42
	8.00	7.15			128.4	0.88		1.38		0.89		1.37		90
	8.34	8.34			114.4	0.68		1.62		0.68		1.62		2
	4.34	1.40			2.2	1.52		0.54		1.55		0.51		76	(d)
	4.28	(41.63	)		1.7	1.51		1.50		1.51		1.50		143
	7.52	(6.84	)		2.3	1.49		1.38		1.49		1.38		46
	8.75	15.57			2.3	1.49		0.94		1.49		0.94		42
	7.98	6.49			1.6	1.52		0.74		1.54		0.72		90
	8.33	8.76			1.1	1.51		1.33		1.51		1.33		2
	4.34	1.64			3.6	1.32		0.76		1.35		0.73		76	(d)
	4.27	(41.62	)		3.3	1.31		1.70		1.31		1.70		143
	7.51	(6.66	)		5.7	1.29		1.61		1.29		1.61		46
	8.76	15.78			3.0	1.29		1.15		1.29		1.15		42
	7.99	6.79			2.0	1.32		0.95		1.34		0.93		90
	8.33	8.82			1.1	1.31		1.53		1.31		1.53		2
	4.36	1.63			0.7	1.02		1.06		1.05		1.03		76	(d)
	4.29	(41.36	)		0.7	1.01		2.00		1.01		2.00		143
	7.54	(6.32	)		1.2	0.99		1.87		0.99		1.87		46
	8.77	16.01			1.3	0.99		1.44		0.99		1.44		42
	8.00	7.16			1.1	1.02		1.23		1.03		1.22		90
	8.33	8.94			1.1	1.01		1.84		1.01		1.84		2

(g) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(h) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations August 23, 2004.

See accompanying notes to financial statements.

119

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

(For a share outstanding throughout each period)

			Income from investment operations									Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income		Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (f)	$	5.84	$	—		$	0.28		$	0.28		$	—	$	—		$	—
Year ended 12/31/2008		10.92		(0.03	)		(5.00	)		(5.03	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.80		(0.06	)		1.74			1.68			—		(1.56	)		(1.56	)
Period ended 12/31/2006 (g)		11.35		(0.04	)		0.42			0.38			—		(0.93	)		(0.93	)
Class B Shares
Six months ended 06/30/2009 (f)		5.73		(0.02	)		0.27			0.25			—		—			—
Year ended 12/31/2008		10.77		(0.09	)		(4.90	)		(4.99	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.75		(0.14	)		1.72			1.58			—		(1.56	)		(1.56	)
Period ended 12/31/2006 (g)		11.35		(0.09	)		0.42			0.33			—		(0.93	)		(0.93	)
Legacy Class A Shares
Six months ended 06/30/2009 (f)		5.74		—			0.27			0.27			—		—			—
Year ended 12/31/2008		10.72		(0.03	)		(4.90	)		(4.93	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.64		(0.06	)		1.70			1.64			—		(1.56	)		(1.56	)
Year ended 12/31/2006		10.12		(0.06	)		1.51			1.45			—		(0.93	)		(0.93	)
Year ended 12/31/2005		10.45		(0.04	)		0.21			0.17			—		(0.50	)		(0.50	)
Year ended 12/31/2004		9.84		(0.04	)		0.65			0.61			—		—			—
Legacy Class B Shares
Six months ended 06/30/2009 (f)		5.52		(0.01	)		0.25			0.24			—		—			—
Year ended 12/31/2008		10.36		(0.07	)		(4.72	)		(4.79	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.36		(0.10	)		1.66			1.56			—		(1.56	)		(1.56	)
Year ended 12/31/2006		9.91		(0.10	)		1.48			1.38			—		(0.93	)		(0.93	)
Year ended 12/31/2005		10.29		(0.08	)		0.20			0.12			—		(0.50	)		(0.50	)
Year ended 12/31/2004		9.73		(0.08	)		0.64			0.56			—		—			—
Institutional Shares
Six months ended 06/30/2009 (f)		5.89		0.01			0.27			0.28			—		—			—
Year ended 12/31/2008		10.97		(0.01	)		(5.02	)		(5.03	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.83		(0.03	)		1.73			1.70			—		(1.56	)		(1.56	)
Year ended 12/31/2006		10.25		(0.03	)		1.54			1.51			—		(0.93	)		(0.93	)
Year ended 12/31/2005		10.55		(0.01	)		0.21			0.20			—		(0.50	)		(0.50	)
Year ended 12/31/2004		9.90		0.01			0.64			0.65			—		—			—
Class R-1 Shares
Six months ended 06/30/2009 (f)		5.70		(0.01	)		0.27			0.26			—		—			—
Year ended 12/31/2008		10.69		(0.06	)		(4.88	)		(4.94	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.64		(0.10	)		1.71			1.61			—		(1.56	)		(1.56	)
Year ended 12/31/2006		10.15		(0.10	)		1.52			1.42			—		(0.93	)		(0.93	)
Year ended 12/31/2005		10.52		(0.07	)		0.20			0.13			—		(0.50	)		(0.50	)
Period ended 12/31/2004 (h)		8.79		(0.02	)		1.75			1.73			—		—			—
Class R-2 Shares
Six months ended 06/30/2009 (f)		5.76		—			0.26			0.26			—		—			—
Year ended 12/31/2008		10.77		(0.04	)		(4.92	)		(4.96	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.70		(0.07	)		1.70			1.63			—		(1.56	)		(1.56	)
Year ended 12/31/2006		10.18		(0.07	)		1.52			1.45			—		(0.93	)		(0.93	)
Year ended 12/31/2005		10.53		(0.05	)		0.20			0.15			—		(0.50	)		(0.50	)
Period ended 12/31/2004 (h)		8.79		(0.01	)		1.75			1.74			—		—			—
Class R-3 Shares
Six months ended 06/30/2009 (f)		5.86		0.01			0.26			0.27			—		—			—
Year ended 12/31/2008		10.92		(0.02	)		(4.99	)		(5.01	)		—		(0.05	)		(0.05	)
Year ended 12/31/2007		10.78		(0.04	)		1.74			1.70			—		(1.56	)		(1.56	)
Year ended 12/31/2006		10.23		(0.04	)		1.52			1.48			—		(0.93	)		(0.93	)
Year ended 12/31/2005		10.54		(0.02	)		0.21			0.19			—		(0.50	)		(0.50	)
Period ended 12/31/2004 (h)		8.79		—			1.75			1.75			—		—			—

(a) Average shares outstanding for the period were used to calculate net investment income per share.

(b) Net investment income represents less than $0.01 per share for Class R-3 shares in 2004 and Class A and Legacy Class A shares in 2009 and less than $(0.01) per share for Class R-2 shares in 2009.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B shares. All other classes do not have a sales charge.

(d) The expense ratios for the Institutional shares include the effect of the increased voluntary expense reduction threshold (where applicable) and increased shareholder services fees effective May 1, 2005.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) Unaudited.

See accompanying notes to financial statements.

120

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)		Net assets, end of period (millions)		Expenses (d) (e)		Net investment income (loss) (e)		Expenses (d) (e)		Net investment income (loss) (e)		Portfolio turnover rate
$	6.12	4.79	%	$	18.0	1.40	%	0.02	%	1.53	%	(0.11	)%	152	%(e)
	5.84	(46.01	)		15.4	1.40		(0.35	)	1.45		(0.40	)	99
	10.92	15.49			21.5	1.40		(0.47	)	1.44		(0.51	)	98
	10.80	3.43			10.9	1.40		(0.54	)	1.45		(0.59	)	155
	5.98	4.36			6.1	2.00		(0.59	)	2.13		(0.72	)	152	(e)
	5.73	(46.28	)		5.7	2.00		(0.96	)	2.04		(1.00	)	99
	10.77	14.63			10.1	2.10		(1.18	)	2.14		(1.22	)	98
	10.75	2.99			9.6	2.10		(1.24	)	2.15		(1.29	)	155
	6.01	4.70			45.0	1.40		0.01		1.53		(0.12	)	152	(e)
	5.74	(45.94	)		43.2	1.40		(0.37	)	1.45		(0.42	)	99
	10.72	15.33			82.5	1.40		(0.48	)	1.44		(0.52	)	98
	10.64	14.43			71.8	1.40		(0.57	)	1.45		(0.62	)	155
	10.12	1.57			65.1	1.40		(0.39	)	1.51		(0.50	)	61
	10.45	6.20			64.2	1.40		(0.40	)	1.44		(0.44	)	37
	5.76	4.35			14.3	1.80		(0.39	)	1.93		(0.52	)	152	(e)
	5.52	(46.18	)		14.3	1.80		(0.77	)	1.85		(0.82	)	99
	10.36	14.99			27.8	1.80		(0.88	)	1.84		(0.92	)	98
	10.36	14.03			25.2	1.80		(0.99	)	1.84		(1.03	)	155
	9.91	1.10			41.2	1.80		(0.80	)	1.91		(0.91	)	61
	10.29	5.76			41.4	1.80		(0.80	)	1.84		(0.84	)	37
	6.17	4.75			15.9	1.15		0.26		1.28		0.13		152	(e)
	5.89	(45.80	)		14.0	1.15		(0.11	)	1.20		(0.16	)	99
	10.97	15.62			23.6	1.15		(0.22	)	1.19		(0.26	)	98
	10.83	14.84			15.7	1.15		(0.32	)	1.20		(0.37	)	155
	10.25	1.83			13.5	1.07		(0.07	)	1.18		(0.18	)	61
	10.55	6.57			11.8	0.90		0.11		0.95		0.06		37
	5.96	4.56			2.4	1.72		(0.30	)	1.85		(0.43	)	152	(e)
	5.70	(46.16	)		1.9	1.72		(0.68	)	1.77		(0.73	)	99
	10.69	15.07			2.7	1.72		(0.81	)	1.76		(0.85	)	98
	10.64	14.09			2.1	1.72		(0.89	)	1.77		(0.94	)	155
	10.15	1.17			1.6	1.72		(0.71	)	1.83		(0.82	)	61
	10.52	19.68			1.2	1.72		(0.47	)	1.80		(0.55	)	37
	6.02	4.51			3.3	1.52		(0.12	)	1.65		(0.25	)	152	(e)
	5.76	(46.00	)		3.4	1.52		(0.48	)	1.57		(0.53	)	99
	10.77	15.16			5.4	1.52		(0.58	)	1.56		(0.62	)	98
	10.70	14.35			1.9	1.52		(0.69	)	1.56		(0.73	)	155
	10.18	1.36			1.4	1.52		(0.51	)	1.63		(0.62	)	61
	10.53	19.80			1.2	1.52		(0.28	)	1.60		(0.36	)	37
	6.13	4.61			0.9	1.22		0.20		1.35		0.07		152	(e)
	5.86	(45.83	)		0.8	1.22		(0.18	)	1.27		(0.23	)	99
	10.92	15.71			1.4	1.22		(0.30	)	1.26		(0.34	)	98
	10.78	14.56			1.4	1.22		(0.40	)	1.27		(0.45	)	155
	10.23	1.74			1.3	1.22		(0.22	)	1.33		(0.33	)	61
	10.54	19.91			1.2	1.22		0.02		1.30		(0.06	)	37

(g) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(h) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations August 31, 2004.

See accompanying notes to financial statements.

121

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

(For a share outstanding throughout each period)

			Income from investment operations									Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (f)	$	6.57	$	0.06		$	0.59		$	0.65		$	—		$	—		$	—
Year ended 12/31/2008		12.80		0.16			(6.18	)		(6.02	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.44		0.09			1.28			1.37			(0.15	)		(0.86	)		(1.01	)
Period ended 12/31/2006 (g)		11.86		0.09			0.72			0.81			(0.23	)		—			(0.23	)
Class B Shares
Six months ended 06/30/2009 (f)		6.53		0.04			0.59			0.63			—			—			—
Year ended 12/31/2008		12.80		0.10			(6.16	)		(6.06	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.44		—			1.27			1.27			(0.05	)		(0.86	)		(0.91	)
Period ended 12/31/2006 (g)		11.86		0.03			0.72			0.75			(0.17	)		—			(0.17	)
Legacy Class A Shares
Six months ended 06/30/2009 (f)		6.61		0.06			0.60			0.66			—			—			—
Year ended 12/31/2008		12.88		0.16			(6.22	)		(6.06	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.51		0.10			1.27			1.37			(0.14	)		(0.86	)		(1.00	)
Year ended 12/31/2006		10.74		0.12			1.86			1.98			(0.21	)		—			(0.21	)
Year ended 12/31/2005		9.36		0.07			1.45			1.52			(0.14	)		—			(0.14	)
Year ended 12/31/2004		8.39		0.04			1.00			1.04			(0.07	)		—			(0.07	)
Legacy Class B Shares
Six months ended 06/30/2009 (f)		6.56		0.04			0.60			0.64			—			—			—
Year ended 12/31/2008		12.83		0.12			(6.18	)		(6.06	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.47		0.04			1.27			1.31			(0.09	)		(0.86	)		(0.95	)
Year ended 12/31/2006		10.68		0.06			1.85			1.91			(0.12	)		—			(0.12	)
Year ended 12/31/2005		9.31		0.04			1.44			1.48			(0.11	)		—			(0.11	)
Year ended 12/31/2004		8.35		0.01			0.98			0.99			(0.03	)		—			(0.03	)
Institutional Shares
Six months ended 06/30/2009 (f)		6.59		0.07			0.60			0.67			—			—			—
Year ended 12/31/2008		12.81		0.19			(6.20	)		(6.01	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.45		0.13			1.27			1.40			(0.18	)		(0.86	)		(1.04	)
Year ended 12/31/2006		10.68		0.15			1.85			2.00			(0.23	)		—			(0.23	)
Year ended 12/31/2005		9.31		0.10			1.44			1.54			(0.17	)		—			(0.17	)
Year ended 12/31/2004		8.35		0.08			0.99			1.07			(0.11	)		—			(0.11	)
Class R-1 Shares
Six months ended 06/30/2009 (f)		6.55		0.05			0.59			0.64			—			—			—
Year ended 12/31/2008		12.80		0.13			(6.17	)		(6.04	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.44		0.05			1.28			1.33			(0.11	)		(0.86	)		(0.97	)
Year ended 12/31/2006		10.68		0.08			1.85			1.93			(0.17	)		—			(0.17	)
Year ended 12/31/2005		9.32		0.04			1.44			1.48			(0.12	)		—			(0.12	)
Period ended 12/31/2004 (i)		8.32		(0.02	)		1.11			1.09			(0.09	)		—			(0.09	)
Class R-2 Shares
Six months ended 06/30/2009 (f)		6.57		0.05			0.60			0.65			—			—			—
Year ended 12/31/2008		12.81		0.15			(6.18	)		(6.03	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.47		0.06			1.29			1.35			(0.15	)		(0.86	)		(1.01	)
Year ended 12/31/2006		10.71		0.10			1.86			1.96			(0.20	)		—			(0.20	)
Year ended 12/31/2005		9.32		0.06			1.46			1.52			(0.13	)		—			(0.13	)
Period ended 12/31/2004 (i)		8.32		(0.01	)		1.10			1.09			(0.09	)		—			(0.09	)
Class R-3 Shares
Six months ended 06/30/2009 (f)		6.59		0.06			0.61			0.67			—			—			—
Year ended 12/31/2008		12.82		0.18			(6.20	)		(6.02	)		—			(0.21	)		(0.21	)
Year ended 12/31/2007		12.46		0.12			1.27			1.39			(0.17	)		(0.86	)		(1.03	)
Year ended 12/31/2006		10.70		0.14			1.85			1.99			(0.23	)		—			(0.23	)
Year ended 12/31/2005		9.32		0.09			1.45			1.54			(0.16	)		—			(0.16	)
Period ended 12/31/2004 (i)		8.32		—			1.10			1.10			(0.10	)		—			(0.10	)

(a) Net investment income represents less than $0.01 per share for Class B shares in 2007 and Class R-3 shares in 2004.

(b) Average shares outstanding for the period were used to calculate net investment income per share.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B shares. All other classes do not have a sales charge.

(d) The expense ratios for the Institutional shares include the effect of the increased voluntary expense reduction threshold (where applicable) and increased shareholder services fees effective May 1, 2005.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) Unaudited.

See accompanying notes to financial statements.

122

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)		Net assets, end of period (millions)		Expenses (d) (e)		Net investment income (loss) (e)		Expenses (d) (e)		Net investment income (loss) (e)		Portfolio turnover rate
$	7.22	9.89	%	$	12.8	1.50	%	1.84	%	1.87	%	1.47	%	58	%(e)
	6.57	(47.02	)		11.0	1.50		1.58		1.67		1.41		154
	12.80	10.80			17.9	1.50		0.69		1.60		0.59		52
	12.44	6.79	(h)		12.4	1.50		1.08		1.64		0.94		30
	7.16	9.65			6.6	2.10		1.23		2.47		0.86		58	(e)
	6.53	(47.34	)		6.0	2.10		0.98		2.27		0.81		154
	12.80	10.00			11.3	2.20		0.03		2.30		(0.07	)	52
	12.44	6.30	(h)		10.7	2.20		0.43		2.34		0.29		30
	7.27	9.98			33.7	1.50		1.82		1.87		1.45		58	(e)
	6.61	(47.04	)		31.0	1.50		1.59		1.67		1.42		154
	12.88	10.66			61.6	1.50		0.73		1.60		0.63		52
	12.51	18.38	(h)		56.5	1.50		1.00		1.62		0.88		30
	10.74	16.27			44.7	1.50		0.78		1.73		0.55		27
	9.36	12.34			34.4	1.50		0.48		1.68		0.30		22
	7.20	9.76			11.2	1.90		1.42		2.27		1.05		58	(e)
	6.56	(47.27	)		10.5	1.90		1.18		2.07		1.01		154
	12.83	10.36			21.0	1.90		0.33		2.00		0.23		52
	12.47	17.92	(h)		19.6	1.90		0.53		2.02		0.41		30
	10.68	15.84			34.3	1.90		0.40		2.13		0.17		27
	9.31	11.89			28.9	1.90		0.06		2.08		(0.12	)	22
	7.26	10.17			9.4	1.25		2.09		1.62		1.72		58	(e)
	6.59	(46.91	)		8.2	1.25		1.83		1.42		1.66		154
	12.81	10.91			14.7	1.25		0.96		1.35		0.86		52
	12.45	18.76	(h)		11.9	1.25		1.26		1.37		1.14		30
	10.68	16.57			9.3	1.17		1.09		1.41		0.85		27
	9.31	12.78			6.3	1.00		0.96		1.18		0.78		22
	7.19	9.77			2.4	1.82		1.52		2.19		1.15		58	(e)
	6.55	(47.18	)		2.1	1.82		1.26		2.00		1.08		154
	12.80	10.43			3.0	1.82		0.38		1.92		0.28		52
	12.44	18.11	(h)		2.3	1.82		0.68		1.95		0.55		30
	10.68	15.86			1.6	1.82		0.42		2.05		0.19		27
	9.32	13.06			1.2	1.82		(0.70	)	2.04		(0.92	)	22
	7.22	9.89			2.8	1.62		1.63		1.99		1.26		58	(e)
	6.57	(47.06	)		2.6	1.62		1.48		1.79		1.31		154
	12.81	10.59			4.7	1.62		0.49		1.73		0.38		52
	12.47	18.28	(h)		2.2	1.62		0.84		1.75		0.71		30
	10.71	16.34			1.5	1.62		0.67		1.85		0.44		27
	9.32	13.12			1.1	1.62		(0.49	)	1.84		(0.71	)	22
	7.26	10.17			1.1	1.32		2.04		1.70		1.66		58	(e)
	6.59	(46.99	)		0.9	1.32		1.76		1.49		1.59		154
	12.82	10.99			1.7	1.32		0.91		1.42		0.81		52
	12.46	18.56	(h)		1.6	1.32		1.18		1.44		1.06		30
	10.70	16.51			1.3	1.32		0.97		1.55		0.74		27
	9.32	13.22			1.1	1.32		(0.19	)	1.54		(0.41	)	22

(g) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(h) Based upon net asset value of $12.44, $12.44, $12.51, $12.47, $12.45, $12.44, $12.47 and $12.46 for Class A, Class B, Legacy Class A, Legacy Class B, Institutional, Class R-1, Class R-2 and Class R-3, respectively, as of December 31, 2006 (as calculated for financial reporting purposes, taking into account transactions that occurred on December 29, 2006 and the subsequent fair valuation of equity securities). For shareholder purchases and redemptions on December 29, 2006, the net asset value was $12.46, $12.46, $12.54, $12.49, $12.48, $12.46, $12.49 and $12.48, respectively, which caused the total return for the year ended December 31, 2006 to be equivalent to 6.96%, 6.48%, 18.67%, 18.11%, 19.04%, 18.30%, 18.47% and 18.75%, respectively.

(i) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations September 13, 2004.

See accompanying notes to financial statements.

123

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (h)	$	6.74	$	0.06	$	0.14		$	0.20		$	—		$	—		$	—
Year ended 12/31/2008		11.08		0.15		(4.32	)		(4.17	)		(0.16	)		(0.01	)		(0.17	)
Year ended 12/31/2007		10.77		0.15		0.35			0.50			(0.15	)		(0.04	)		(0.19	)
Period ended 12/31/2006 (i)		9.96		0.09		0.86			0.95			(0.14	)		—			(0.14	)
Class B Shares
Six months ended 06/30/2009 (h)		6.77		0.04		0.13			0.17			—			—			—
Year ended 12/31/2008		11.10		0.09		(4.31	)		(4.22	)		(0.10	)		(0.01	)		(0.11	)
Year ended 12/31/2007		10.77		0.06		0.38			0.44			(0.07	)		(0.04	)		(0.11	)
Period ended 12/31/2006 (i)		9.96		0.04		0.86			0.90			(0.09	)		—			(0.09	)
Legacy Class A Shares
Six months ended 06/30/2009 (h)		6.76		0.06		0.13			0.19			—			—			—
Year ended 12/31/2008		11.09		0.15		(4.31	)		(4.16	)		(0.16	)		(0.01	)		(0.17	)
Year ended 12/31/2007		10.76		0.14		0.37			0.51			(0.14	)		(0.04	)		(0.18	)
Year ended 12/31/2006		9.46		0.12		1.30			1.42			(0.12	)		—			(0.12	)
Year ended 12/31/2005		9.18		0.10		0.28			0.38			(0.10	)		—			(0.10	)
Year ended 12/31/2004		8.43		0.11		0.74			0.85			(0.10	)		—			(0.10	)
Legacy Class B Shares
Six months ended 06/30/2009 (h)		6.77		0.05		0.13			0.18			—			—			—
Year ended 12/31/2008		11.09		0.11		(4.31	)		(4.20	)		(0.11	)		(0.01	)		(0.12	)
Year ended 12/31/2007		10.75		0.10		0.37			0.47			(0.09	)		(0.04	)		(0.13	)
Year ended 12/31/2006		9.46		0.08		1.28			1.36			(0.07	)		—			(0.07	)
Year ended 12/31/2005		9.18		0.06		0.28			0.34			(0.06	)		—			(0.06	)
Year ended 12/31/2004		8.43		0.08		0.74			0.82			(0.07	)		—			(0.07	)
Institutional Shares
Six months ended 06/30/2009 (h)		6.76		0.07		0.14			0.21			—			—			—
Year ended 12/31/2008		11.12		0.17		(4.34	)		(4.17	)		(0.18	)		(0.01	)		(0.19	)
Year ended 12/31/2007		10.79		0.17		0.37			0.54			(0.17	)		(0.04	)		(0.21	)
Year ended 12/31/2006		9.49		0.15		1.29			1.44			(0.14	)		—			(0.14	)
Year ended 12/31/2005		9.21		0.13		0.28			0.41			(0.13	)		—			(0.13	)
Year ended 12/31/2004		8.45		0.16		0.74			0.90			(0.14	)		—			(0.14	)
Class R-1 Shares
Six months ended 06/30/2009 (h)		6.75		0.05		0.14			0.19			—			—			—
Year ended 12/31/2008		11.09		0.12		(4.32	)		(4.20	)		(0.13	)		(0.01	)		(0.14	)
Year ended 12/31/2007		10.76		0.11		0.36			0.47			(0.10	)		(0.04	)		(0.14	)
Year ended 12/31/2006		9.47		0.09		1.30			1.39			(0.10	)		—			(0.10	)
Year ended 12/31/2005		9.20		0.07		0.27			0.34			(0.07	)		—			(0.07	)
Period ended 12/31/2004 (j)		8.62		0.04		0.66			0.70			(0.12	)		—			(0.12	)
Class R-2 Shares
Six months ended 06/30/2009 (h)		6.73		0.06		0.14			0.20			—			—			—
Year ended 12/31/2008		11.06		0.14		(4.31	)		(4.17	)		(0.15	)		(0.01	)		(0.16	)
Year ended 12/31/2007		10.75		0.13		0.36			0.49			(0.14	)		(0.04	)		(0.18	)
Year ended 12/31/2006		9.46		0.11		1.29			1.40			(0.11	)		—			(0.11	)
Year ended 12/31/2005		9.20		0.09		0.28			0.37			(0.11	)		—			(0.11	)
Period ended 12/31/2004 (j)		8.62		0.05		0.65			0.70			(0.12	)		—			(0.12	)
Class R-3 Shares
Six months ended 06/30/2009 (h)		6.77		0.07		0.13			0.20			—			—			—
Year ended 12/31/2008		11.12		0.17		(4.33	)		(4.16	)		(0.18	)		(0.01	)		(0.19	)
Year ended 12/31/2007		10.79		0.16		0.37			0.53			(0.16	)		(0.04	)		(0.20	)
Year ended 12/31/2006		9.49		0.14		1.30			1.44			(0.14	)		—			(0.14	)
Year ended 12/31/2005		9.20		0.12		0.28			0.40			(0.11	)		—			(0.11	)
Period ended 12/31/2004 (j)		8.62		0.06		0.65			0.71			(0.13	)		—			(0.13	)

(a) Net amounts and ratios reflect the Fund’s proportionate share of income and expenses of the Master Portfolio and applicable Expense Reduction Agreements described in Note 2. Expense and income ratios for the Master Portfolio, assuming applicable expense reductions, were 0.05% and 2.74%, respectively, for the six months ended June 30, 2009.

(b) Average shares outstanding for the period were used to calculate net investment income per share.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

(e) The expense ratios for the Institutional shares include the effect of the increased voluntary expense reduction threshold (where applicable) and increased shareholder services fees effective May 1, 2005.

(f) Ratios reflect the Fund’s proportionate share of income and expenses of the Master Portfolio but do not reflect otherwise applicable Expense Reduction Agreements described in Note 2. Expense and income ratios for the Master Portfolio, excluding any otherwise applicable expense reductions, were 0.05% and 2.74%, respectively, for the six months ended June 30, 2009.

See accompanying notes to financial statements.

124

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)		Net assets, end of period (millions)		Expenses (a) (d) (e)		Net investment income (loss) (a) (d)		Expenses (d) (e) (f)		Net investment income (loss) (d) (f)		Portfolio turnover rate (g)
$	6.94	2.97	%	$	47.0	0.80	%	1.99	%	0.83	%	1.96	%	2	%
	6.74	(37.51	)		40.4	0.79		1.63		0.79		1.63		8
	11.08	4.69			51.4	0.78		1.30		0.78		1.30		7
	10.77	9.57			22.1	0.78		1.30		0.78		1.30		14
	6.94	2.51			10.3	1.50		1.29		1.53		1.26		2
	6.77	(37.96	)		9.6	1.49		0.93		1.49		0.93		8
	11.10	4.09			14.2	1.48		0.58		1.48		0.58		7
	10.77	9.03			12.0	1.48		0.59		1.48		0.59		14
	6.95	2.81			207.2	0.80		2.00		0.83		1.96		2
	6.76	(37.46	)		208.0	0.79		1.61		0.79		1.61		8
	11.09	4.73			372.3	0.78		1.27		0.78		1.27		7
	10.76	14.97			375.6	0.78		1.21		0.78		1.21		14
	9.46	4.08			339.8	0.80		1.10		0.82		1.08		10
	9.18	10.06			291.4	0.80		1.29		0.80		1.29		14
	6.95	2.66			70.7	1.20		1.59		1.23		1.56		2
	6.77	(37.78	)		72.5	1.19		1.20		1.19		1.20		8
	11.09	4.41			141.3	1.18		0.87		1.18		0.87		7
	10.75	14.42			142.9	1.18		0.80		1.18		0.80		14
	9.46	3.69			139.0	1.20		0.70		1.22		0.68		10
	9.18	9.67			124.1	1.20		0.87		1.20		0.87		14
	6.97	3.11			47.3	0.55		2.24		0.58		2.21		2
	6.76	(37.39	)		41.9	0.54		1.86		0.54		1.86		8
	11.12	4.99			74.2	0.53		1.52		0.53		1.52		7
	10.79	15.21			66.4	0.53		1.46		0.53		1.46		14
	9.49	4.38			53.0	0.48		1.42		0.50		1.40		10
	9.21	10.59			40.4	0.30		1.79		0.30		1.79		14
	6.94	2.81			5.3	1.12		1.67		1.15		1.64		2
	6.75	(37.76	)		4.8	1.11		1.32		1.11		1.32		8
	11.09	4.40			6.2	1.10		0.95		1.10		0.95		7
	10.76	14.64			5.4	1.10		0.90		1.10		0.90		14
	9.47	3.73			3.3	1.12		0.79		1.15		0.76		10
	9.20	8.12			1.6	1.12		1.65		1.12		1.65		14
	6.93	2.97			6.5	0.92		1.88		0.95		1.85		2
	6.73	(37.60	)		6.5	0.91		1.51		0.91		1.51		8
	11.06	4.58			9.6	0.90		1.17		0.90		1.17		7
	10.75	14.82			5.9	0.90		1.11		0.90		1.11		14
	9.46	3.95			3.5	0.92		1.02		0.95		0.99		10
	9.20	8.11			1.1	0.92		1.93		0.92		1.93		14
	6.97	2.95			1.4	0.62		2.18		0.65		2.15		2
	6.77	(37.35	)		1.3	0.61		1.81		0.61		1.81		8
	11.12	4.92			1.9	0.60		1.45		0.60		1.45		7
	10.79	15.14			1.7	0.60		1.39		0.60		1.39		14
	9.49	4.35			1.3	0.62		1.28		0.65		1.25		10
	9.20	8.20			1.1	0.62		2.24		0.62		2.24		14

(g) Amount represents the portfolio turnover rate of the Master Portfolio.

(h) Unaudited.

(i) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(j) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations September 13, 2004.

See accompanying notes to financial statements.

125

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

(For a share outstanding throughout each period)

			Income from investment operations									Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b) (c)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (h)	$	7.68	$	0.02		$	0.16		$	0.18		$	—		$	—		$	—
Year ended 12/31/2008		13.04		0.06			(4.62	)		(4.56	)		(0.05	)		(0.75	)		(0.80	)
Year ended 12/31/2007		14.32		0.10			(0.46	)		(0.36	)		(0.10	)		(0.82	)		(0.92	)
Period ended 12/31/2006 (i)		15.06		0.05			0.43			0.48			(0.06	)		(1.16	)		(1.22	)
Class B Shares
Six months ended 06/30/2009 (h)		7.66		(0.01	)		0.16			0.15			—			—			—
Year ended 12/31/2008		13.01		(0.02	)		(4.58	)		(4.60	)		—			(0.75	)		(0.75	)
Year ended 12/31/2007		14.29		(0.01	)		(0.45	)		(0.46	)		—			(0.82	)		(0.82	)
Period ended 12/31/2006 (i)		15.06		(0.03	)		0.42			0.39			—			(1.16	)		(1.16	)
Legacy Class A Shares
Six months ended 06/30/2009 (h)		7.61		0.02			0.15			0.17			—			—			—
Year ended 12/31/2008		12.91		0.06			(4.57	)		(4.51	)		(0.04	)		(0.75	)		(0.79	)
Year ended 12/31/2007		14.17		0.09			(0.45	)		(0.36	)		(0.08	)		(0.82	)		(0.90	)
Year ended 12/31/2006		13.11		0.05			2.20			2.25			(0.03	)		(1.16	)		(1.19	)
Year ended 12/31/2005		13.31		0.05			0.43			0.48			(0.01	)		(0.67	)		(0.68	)
Year ended 12/31/2004		11.69		0.05			1.99			2.04			(0.03	)		(0.39	)		(0.42	)
Legacy Class B Shares
Six months ended 06/30/2009 (h)		7.51		—			0.15			0.15			—			—			—
Year ended 12/31/2008		12.74		0.02			(4.50	)		(4.48	)		—			(0.75	)		(0.75	)
Year ended 12/31/2007		13.99		0.03			(0.44	)		(0.41	)		(0.02	)		(0.82	)		(0.84	)
Year ended 12/31/2006		12.99		(0.01	)		2.17			2.16			—			(1.16	)		(1.16	)
Year ended 12/31/2005		13.23		—			0.43			0.43			—			(0.67	)		(0.67	)
Year ended 12/31/2004		11.65		—			1.97			1.97			—			(0.39	)		(0.39	)
Institutional Shares
Six months ended 06/30/2009 (h)		7.70		0.02			0.16			0.18			—			—			—
Year ended 12/31/2008		13.06		0.09			(4.63	)		(4.54	)		(0.07	)		(0.75	)		(0.82	)
Year ended 12/31/2007		14.33		0.13			(0.46	)		(0.33	)		(0.12	)		(0.82	)		(0.94	)
Year ended 12/31/2006		13.25		0.09			2.22			2.31			(0.07	)		(1.16	)		(1.23	)
Year ended 12/31/2005		13.44		0.10			0.43			0.53			(0.05	)		(0.67	)		(0.72	)
Year ended 12/31/2004		11.80		0.11			2.00			2.11			(0.08	)		(0.39	)		(0.47	)
Class R-1 Shares
Six months ended 06/30/2009 (h)		7.67		—			0.17			0.17			—			—			—
Year ended 12/31/2008		13.00		0.03			(4.60	)		(4.57	)		(0.01	)		(0.75	)		(0.76	)
Year ended 12/31/2007		14.26		0.05			(0.45	)		(0.40	)		(0.04	)		(0.82	)		(0.86	)
Year ended 12/31/2006		13.21		0.01			2.20			2.21			—			(1.16	)		(1.16	)
Year ended 12/31/2005		13.44		0.01			0.43			0.44			—			(0.67	)		(0.67	)
Period ended 12/31/2004 (j)		12.13		0.02			1.73			1.75			(0.05	)		(0.39	)		(0.44	)
Class R-2 Shares
Six months ended 06/30/2009 (h)		7.68		0.01			0.16			0.17			—			—			—
Year ended 12/31/2008		13.03		0.05			(4.62	)		(4.57	)		(0.03	)		(0.75	)		(0.78	)
Year ended 12/31/2007		14.31		0.08			(0.46	)		(0.38	)		(0.08	)		(0.82	)		(0.90	)
Year ended 12/31/2006		13.24		0.04			2.21			2.25			(0.02	)		(1.16	)		(1.18	)
Year ended 12/31/2005		13.44		0.04			0.44			0.48			(0.01	)		(0.67	)		(0.68	)
Period ended 12/31/2004 (j)		12.13		0.03			1.73			1.76			(0.06	)		(0.39	)		(0.45	)
Class R-3 Shares
Six months ended 06/30/2009 (h)		7.71		0.02			0.16			0.18			—			—			—
Year ended 12/31/2008		13.06		0.08			(4.61	)		(4.53	)		(0.07	)		(0.75	)		(0.82	)
Year ended 12/31/2007		14.33		0.12			(0.46	)		(0.34	)		(0.11	)		(0.82	)		(0.93	)
Year ended 12/31/2006		13.25		0.08			2.22			2.30			(0.06	)		(1.16	)		(1.22	)
Year ended 12/31/2005		13.44		0.08			0.43			0.51			(0.03	)		(0.67	)		(0.70	)
Period ended 12/31/2004 (j)		12.13		0.04			1.73			1.77			(0.07	)		(0.39	)		(0.46	)

(a) Average shares outstanding for the period were used to calculate net investment income per share.

(b) Net investment income represents less than $0.01 per share for Legacy Class B shares in 2004, 2005 and 2009 and Class R-1 shares in 2009.

(c) Net amounts and ratios reflect the Fund’s proportionate share of income and expenses of Master Portfolio through September 9, 2005.

(d) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B shares. All other classes do not have a sales charge.

(e) The expense ratios for the Institutional shares include the effect of the increased voluntary expense reduction threshold (where applicable) and increased shareholder services fees effective May 1, 2005.

See accompanying notes to financial statements.

126

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (d)		Net assets, end of period (millions)		Expenses (c) (e) (f)		Net investment income (loss) (c) (f)		Expenses (c) (e) (f)		Net investment income (loss) (c) (f)		Portfolio turnover rate (g)
$	7.86	2.34	%	$	19.3	0.95	%	0.44	%	1.07	%	0.32	%	35	%(f)
	7.68	(34.60	)		17.5	0.95		0.57		1.00		0.52		20
	13.04	(2.58	)		23.5	0.95		0.68		0.99		0.64		18
	14.32	3.15			15.3	0.95		0.46		0.98		0.43		27
	7.81	1.96			6.3	1.65		(0.25	)	1.77		(0.37	)	35	(f)
	7.66	(35.00	)		6.1	1.65		(0.14	)	1.70		(0.19	)	20
	13.01	(3.24	)		9.9	1.65		(0.05	)	1.68		(0.08	)	18
	14.29	2.55			10.1	1.65		(0.27	)	1.68		(0.30	)	27
	7.78	2.23			97.6	0.95		0.45		1.07		0.33		35	(f)
	7.61	(34.53	)		97.8	0.95		0.55		1.00		0.50		20
	12.91	(2.56	)		165.8	0.95		0.64		0.98		0.61		18
	14.17	17.10			183.7	0.95		0.35		0.97		0.33		27
	13.11	3.55			157.2	0.95		0.41		1.01		0.35		3
	13.31	17.40			134.2	0.95		0.41		0.97		0.39		20
	7.66	2.00			34.4	1.35		0.05		1.47		(0.07	)	35	(f)
	7.51	(34.79	)		35.2	1.35		0.15		1.40		0.10		20
	12.74	(2.93	)		61.0	1.35		0.25		1.38		0.22		18
	13.99	16.58			66.7	1.35		(0.06	)	1.37		(0.08	)	27
	12.99	3.18			75.2	1.35		0.00		1.41		(0.06	)	3
	13.23	16.90			69.6	1.35		0.00		1.37		(0.02	)	20
	7.88	2.34			30.9	0.70		0.69		0.82		0.57		35	(f)
	7.70	(34.35	)		28.9	0.70		0.81		0.75		0.76		20
	13.06	(2.34	)		42.7	0.70		0.90		0.73		0.87		18
	14.33	17.36			43.6	0.70		0.61		0.72		0.59		27
	13.25	3.89			31.2	0.63		0.73		0.69		0.67		3
	13.44	17.84			23.7	0.45		0.92		0.47		0.90		20
	7.84	2.22			2.5	1.27		0.11		1.39		(0.01	)	35	(f)
	7.67	(34.77	)		2.3	1.27		0.24		1.32		0.19		20
	13.00	(2.87	)		3.1	1.27		0.33		1.30		0.30		18
	14.26	16.69			3.0	1.27		0.05		1.29		0.03		27
	13.21	3.20			2.0	1.27		0.09		1.33		0.03		3
	13.44	14.42			1.3	1.27		0.57		1.31		0.53		20
	7.85	2.21			2.5	1.07		0.32		1.19		0.20		35	(f)
	7.68	(34.67	)		2.7	1.07		0.44		1.12		0.39		20
	13.03	(2.67	)		4.2	1.07		0.55		1.11		0.51		18
	14.31	16.96			3.1	1.07		0.25		1.09		0.23		27
	13.24	3.46			1.6	1.07		0.29		1.13		0.23		3
	13.44	14.46			1.1	1.07		0.74		1.11		0.70		20
	7.89	2.33			0.9	0.77		0.63		0.89		0.51		35	(f)
	7.71	(34.33	)		0.8	0.77		0.74		0.82		0.69		20
	13.06	(2.40	)		1.3	0.77		0.83		0.80		0.80		18
	14.33	17.27			1.3	0.77		0.54		0.79		0.52		27
	13.25	3.75			1.1	0.77		0.58		0.83		0.52		3
	13.44	14.55			1.1	0.77		1.04		0.81		1.00		20

(f) Determined on an annualized basis for periods that are less than a full year.

(g) The 2005 portfolio turnover rate reflects the period from September 9, 2005 to December 31, 2005. Prior to September 9, 2005, the Small Cap Index Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2005 through September 9, 2005 was 19%. The portfolio turnover rate for all other years prior to 2005 represents that of the Master Portfolio.

(h) Unaudited.

(i) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(j) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations September 13, 2004.

See accompanying notes to financial statements.

127

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (h)	$	8.25	$	0.13	$	0.33		$	0.46		$	—		$	—		$	—
Year ended 12/31/2008		14.67		0.29		(6.51	)		(6.22	)		(0.20	)		—			(0.20	)
Year ended 12/31/2007		13.84		0.25		1.12			1.37			(0.34	)		(0.20	)		(0.54	)
Period ended 12/31/2006 (i)		13.04		0.13		1.11			1.24			(0.30	)		(0.14	)		(0.44	)
Class B Shares
Six months ended 06/30/2009 (h)		8.26		0.11		0.32			0.43			—			—			—
Year ended 12/31/2008		14.67		0.21		(6.50	)		(6.29	)		(0.12	)		—			(0.12	)
Year ended 12/31/2007		13.84		0.15		1.10			1.25			(0.22	)		(0.20	)		(0.42	)
Period ended 12/31/2006 (i)		13.04		0.08		1.09			1.17			(0.23	)		(0.14	)		(0.37	)
Legacy Class A Shares
Six months ended 06/30/2009 (h)		8.22		0.13		0.33			0.46			—			—			—
Year ended 12/31/2008		14.65		0.30		(6.54	)		(6.24	)		(0.19	)		—			(0.19	)
Year ended 12/31/2007		13.81		0.26		1.10			1.36			(0.32	)		(0.20	)		(0.52	)
Year ended 12/31/2006		11.42		0.22		2.59			2.81			(0.28	)		(0.14	)		(0.42	)
Year ended 12/31/2005		10.30		0.16		1.15			1.31			(0.19	)		—			(0.19	)
Year ended 12/31/2004		8.74		0.12		1.55			1.67			(0.11	)		—			(0.11	)
Legacy Class B Shares
Six months ended 06/30/2009 (h)		8.25		0.12		0.32			0.44			—			—			—
Year ended 12/31/2008		14.66		0.25		(6.52	)		(6.27	)		(0.14	)		—			(0.14	)
Year ended 12/31/2007		13.82		0.20		1.10			1.30			(0.26	)		(0.20	)		(0.46	)
Year ended 12/31/2006		11.42		0.17		2.58			2.75			(0.21	)		(0.14	)		(0.35	)
Year ended 12/31/2005		10.29		0.12		1.15			1.27			(0.14	)		—			(0.14	)
Year ended 12/31/2004		8.74		0.09		1.54			1.63			(0.08	)		—			(0.08	)
Institutional Shares
Six months ended 06/30/2009 (h)		8.24		0.14		0.33			0.47			—			—			—
Year ended 12/31/2008		14.70		0.33		(6.57	)		(6.24	)		(0.22	)		—			(0.22	)
Year ended 12/31/2007		13.85		0.30		1.11			1.41			(0.36	)		(0.20	)		(0.56	)
Year ended 12/31/2006		11.46		0.25		2.59			2.84			(0.31	)		(0.14	)		(0.45	)
Year ended 12/31/2005		10.33		0.20		1.15			1.35			(0.22	)		—			(0.22	)
Year ended 12/31/2004		8.75		0.17		1.56			1.73			(0.15	)		—			(0.15	)
Class R-1 Shares
Six months ended 06/30/2009 (h)		8.24		0.12		0.33			0.45			—			—			—
Year ended 12/31/2008		14.67		0.26		(6.53	)		(6.27	)		(0.16	)		—			(0.16	)
Year ended 12/31/2007		13.84		0.20		1.12			1.32			(0.29	)		(0.20	)		(0.49	)
Year ended 12/31/2006		11.45		0.17		2.61			2.78			(0.25	)		(0.14	)		(0.39	)
Year ended 12/31/2005		10.32		0.13		1.15			1.28			(0.15	)		—			(0.15	)
Period ended 12/31/2004 (k)		9.07		0.01		1.37			1.38			(0.13	)		—			(0.13	)
Class R-2 Shares
Six months ended 06/30/2009 (h)		8.23		0.12		0.34			0.46			—			—			—
Year ended 12/31/2008		14.67		0.28		(6.53	)		(6.25	)		(0.19	)		—			(0.19	)
Year ended 12/31/2007		13.85		0.22		1.12			1.34			(0.32	)		(0.20	)		(0.52	)
Year ended 12/31/2006		11.45		0.21		2.60			2.81			(0.27	)		(0.14	)		(0.41	)
Year ended 12/31/2005		10.32		0.15		1.16			1.31			(0.18	)		—			(0.18	)
Period ended 12/31/2004 (k)		9.07		0.01		1.38			1.39			(0.14	)		—			(0.14	)
Class R-3 Shares
Six months ended 06/30/2009 (h)		8.26		0.14		0.32			0.46			—			—			—
Year ended 12/31/2008		14.71		0.32		(6.55	)		(6.23	)		(0.22	)		—			(0.22	)
Year ended 12/31/2007		13.86		0.28		1.12			1.40			(0.35	)		(0.20	)		(0.55	)
Year ended 12/31/2006		11.45		0.24		2.61			2.85			(0.30	)		(0.14	)		(0.44	)
Year ended 12/31/2005		10.32		0.19		1.14			1.33			(0.20	)		—			(0.20	)
Period ended 12/31/2004 (k)		9.07		0.02		1.37			1.39			(0.14	)		—			(0.14	)

(a) Net amounts and ratios reflect the Fund’s proportionate share of income and expenses of Master Portfolio through September 9, 2005.

(b) Average shares outstanding for the period were used to calculate net investment income per share.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B shares. All other classes do not have a sales charge.

(d) The expense ratios for the Institutional shares include the effect of the increased voluntary expense reduction threshold (where applicable) and increased shareholder services fees effective May 1, 2005.

(e) The expense ratios for all shares include the effect of the increased voluntary expense reduction threshold effective May 1, 2009 described in Note 2 under Expense Reduction Agreements.

(f) Determined on an annualized basis for periods that are less than a full year.

(g) The 2005 portfolio turnover rate reflects the period from September 9, 2005 to December 31, 2005. Prior to September 9, 2005, the International Index Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2005 through September 9, 2005 was 4%. The portfolio turnover rate for all other years prior to 2005 represents that of the Master Portfolio.

See accompanying notes to financial statements.

128

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)		Net assets, end of period (millions)		Expenses (a) (d) (e) (f)		Net Investment income (loss) (a) (f)		Expenses (a) (d) (f)		Net investment income (loss) (a) (f)		Portfolio turnover rate (g)
$	8.71	5.58	%	$	26.3	1.17	%	3.50	%	1.42	%	3.25	%	8	%(f)
	8.25	(42.38	)		23.6	1.15		2.49		1.28		2.36		8
	14.67	9.63			35.4	1.15		1.69		1.28		1.56		2
	13.84	9.49	(j)		17.1	1.15		1.49		1.31		1.33		8
	8.69	5.21			8.2	1.87		2.80		2.12		2.55		8	(f)
	8.26	(42.89	)		7.6	1.85		1.79		1.98		1.66		8
	14.67	8.82			12.9	1.85		1.04		1.98		0.91		2
	13.84	8.96	(j)		11.2	1.85		0.96		2.00		0.81		8
	8.68	5.60			73.9	1.17		3.47		1.42		3.22		8	(f)
	8.22	(42.55	)		72.2	1.15		2.51		1.28		2.38		8
	14.65	9.61			137.5	1.15		1.74		1.28		1.61		2
	13.81	24.51	(j)		125.4	1.15		1.73		1.31		1.57		8
	11.42	12.67			90.9	1.15		1.54		1.28		1.41		1
	10.30	19.15			60.0	1.15		1.36		1.21		1.30		39
	8.69	5.33			23.6	1.57		3.08		1.82		2.83		8	(f)
	8.25	(42.72	)		23.3	1.55		2.10		1.68		1.97		8
	14.66	9.17			43.5	1.55		1.34		1.67		1.22		2
	13.82	24.00	(j)		40.3	1.55		1.35		1.71		1.19		8
	11.42	12.36			47.5	1.55		1.17		1.68		1.04		1
	10.29	18.60			38.6	1.55		0.98		1.61		0.92		39
	8.71	5.70			26.3	0.92		3.74		1.17		3.49		8	(f)
	8.24	(42.38	)		24.9	0.90		2.75		1.03		2.62		8
	14.70	9.93			42.7	0.90		1.99		1.03		1.86		2
	13.85	24.72	(j)		33.2	0.90		1.95		1.06		1.79		8
	11.46	13.02			19.1	0.83		1.86		0.96		1.73		1
	10.33	19.81			11.8	0.65		1.86		0.71		1.80		39
	8.69	5.46			3.3	1.49		3.20		1.74		2.95		8	(f)
	8.24	(42.69	)		3.0	1.47		2.17		1.60		2.04		8
	14.67	9.28			4.1	1.47		1.37		1.60		1.24		2
	13.84	24.19	(j)		3.1	1.47		1.37		1.63		1.21		8
	11.45	12.44			1.9	1.47		1.23		1.60		1.10		1
	10.32	15.24			1.3	1.47		0.28		1.56		0.19		39
	8.69	5.59			3.6	1.29		3.30		1.53		3.06		8	(f)
	8.23	(42.59	)		3.8	1.27		2.36		1.40		2.23		8
	14.67	9.55			6.0	1.27		1.50		1.40		1.37		2
	13.85	24.45	(j)		3.2	1.27		1.61		1.43		1.45		8
	11.45	12.66			1.8	1.27		1.41		1.40		1.28		1
	10.32	15.27			1.1	1.27		0.47		1.36		0.38		39
	8.72	5.57			1.3	0.99		3.70		1.24		3.45		8	(f)
	8.26	(42.34	)		1.1	0.97		2.68		1.10		2.55		8
	14.71	9.86			2.0	0.97		1.91		1.10		1.78		2
	13.86	24.81	(j)		1.7	0.97		1.91		1.13		1.75		8
	11.45	12.88			1.3	0.97		1.75		1.10		1.62		1
	10.32	15.37			1.1	0.97		0.77		1.05		0.69		39

(h) Unaudited.

(i) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(j) Based upon net asset value of $13.84, $13.84, $13.81, $13.82, $13.85, $13.84, $13.85 and $13.86 for Class A, Class B, Legacy Class A, Legacy Class B, Institutional, Class R-1, Class R-2 and Class R-3, respectively, as of December 31, 2006 (as calculated for financial reporting purposes, taking into account transactions that occurred on December 29, 2006 and the subsequent fair valuation of equity securities). For shareholder purchases and redemptions on December 29, 2006, the net asset value was $13.87, $13.87, $13.84, $13.85, $13.88, $13.87, $13.87 and $13.89, respectively, which caused the total return for the year ended December 31, 2006 to be equivalent to 9.72%, 9.19%, 24.78%, 24.27%, 24.99%, 24.45%, 24.63% and 25.08%, respectively.

(k) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations September 13, 2004.

See accompanying notes to financial statements.

129

STATE FARM MUTUAL FUND TRUST EQUITY AND BOND FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (f)	$	6.33	$	0.05	$	0.15		$	0.20		$	(0.05	)	$	—		$	(0.05	)
Year ended 12/31/2008		9.33		0.26		(2.64	)		(2.38	)		(0.26	)		(0.36	)		(0.62	)
Year ended 12/31/2007		10.00		0.30		(0.43	)		(0.13	)		(0.28	)		(0.26	)		(0.54	)
Period ended 12/31/2006 (g)		9.99		0.21		0.60			0.81			(0.25	)		(0.55	)		(0.80	)
Class B Shares
Six months ended 06/30/2009 (f)		6.34		0.03		0.15			0.18			(0.03	)		—			(0.03	)
Year ended 12/31/2008		9.33		0.21		(2.63	)		(2.42	)		(0.21	)		(0.36	)		(0.57	)
Year ended 12/31/2007		10.00		0.21		(0.41	)		(0.20	)		(0.21	)		(0.26	)		(0.47	)
Period ended 12/31/2006 (g)		9.99		0.15		0.61			0.76			(0.20	)		(0.55	)		(0.75	)
Legacy Class A Shares
Six months ended 06/30/2009 (f)		6.38		0.05		0.15			0.20			(0.05	)		—			(0.05	)
Year ended 12/31/2008		9.39		0.25		(2.65	)		(2.40	)		(0.25	)		(0.36	)		(0.61	)
Year ended 12/31/2007		10.05		0.28		(0.40	)		(0.12	)		(0.28	)		(0.26	)		(0.54	)
Year ended 12/31/2006		9.76		0.24		0.84			1.08			(0.24	)		(0.55	)		(0.79	)
Year ended 12/31/2005		9.52		0.21		0.17			0.38			(0.14	)		—			(0.14	)
Year ended 12/31/2004		9.14		0.20		0.37			0.57			(0.19	)		—			(0.19	)
Legacy Class B Shares
Six months ended 06/30/2009 (f)		6.39		0.04		0.15			0.19			(0.04	)		—			(0.04	)
Year ended 12/31/2008		9.40		0.22		(2.65	)		(2.43	)		(0.22	)		(0.36	)		(0.58	)
Year ended 12/31/2007		10.06		0.24		(0.40	)		(0.16	)		(0.24	)		(0.26	)		(0.50	)
Year ended 12/31/2006		9.77		0.19		0.84			1.03			(0.19	)		(0.55	)		(0.74	)
Year ended 12/31/2005		9.53		0.17		0.19			0.36			(0.12	)		—			(0.12	)
Year ended 12/31/2004		9.15		0.16		0.38			0.54			(0.16	)		—			(0.16	)
Institutional Shares
Six months ended 06/30/2009 (f)		6.33		0.06		0.16			0.22			(0.06	)		—			(0.06	)
Year ended 12/31/2008		9.33		0.28		(2.64	)		(2.36	)		(0.28	)		(0.36	)		(0.64	)
Year ended 12/31/2007		10.00		0.31		(0.41	)		(0.10	)		(0.31	)		(0.26	)		(0.57	)
Year ended 12/31/2006		9.71		0.27		0.83			1.10			(0.26	)		(0.55	)		(0.81	)
Year ended 12/31/2005		9.47		0.25		0.15			0.40			(0.16	)		—			(0.16	)
Year ended 12/31/2004		9.10		0.25		0.36			0.61			(0.24	)		—			(0.24	)
Class R-1 Shares
Six months ended 06/30/2009 (f)		6.25		0.04		0.16			0.20			(0.04	)		—			(0.04	)
Year ended 12/31/2008		9.22		0.23		(2.61	)		(2.38	)		(0.23	)		(0.36	)		(0.59	)
Year ended 12/31/2007		9.89		0.25		(0.41	)		(0.16	)		(0.25	)		(0.26	)		(0.51	)
Year ended 12/31/2006		9.62		0.22		0.81			1.03			(0.21	)		(0.55	)		(0.76	)
Year ended 12/31/2005		9.40		0.19		0.17			0.36			(0.14	)		—			(0.14	)
Period ended 12/31/2004 (h)		9.13		0.13		0.35			0.48			(0.21	)		—			(0.21	)
Class R-2 Shares
Six months ended 06/30/2009 (f)		6.26		0.05		0.16			0.21			(0.05	)		—			(0.05	)
Year ended 12/31/2008		9.24		0.24		(2.61	)		(2.37	)		(0.25	)		(0.36	)		(0.61	)
Year ended 12/31/2007		9.90		0.33		(0.46	)		(0.13	)		(0.27	)		(0.26	)		(0.53	)
Year ended 12/31/2006		9.63		0.23		0.82			1.05			(0.23	)		(0.55	)		(0.78	)
Year ended 12/31/2005		9.40		0.20		0.17			0.37			(0.14	)		—			(0.14	)
Period ended 12/31/2004 (h)		9.13		0.14		0.35			0.49			(0.22	)		—			(0.22	)
Class R-3 Shares
Six months ended 06/30/2009 (f)		6.27		0.06		0.15			0.21			(0.06	)		—			(0.06	)
Year ended 12/31/2008		9.25		0.27		(2.62	)		(2.35	)		(0.27	)		(0.36	)		(0.63	)
Year ended 12/31/2007		9.91		0.30		(0.40	)		(0.10	)		(0.30	)		(0.26	)		(0.56	)
Year ended 12/31/2006		9.64		0.26		0.82			1.08			(0.26	)		(0.55	)		(0.81	)
Year ended 12/31/2005		9.40		0.22		0.17			0.39			(0.15	)		—			(0.15	)
Period ended 12/31/2004 (h)		9.13		0.15		0.35			0.50			(0.23	)		—			(0.23	)

(a) Average shares outstanding for the period were used to calculate net investment income per share.

(b) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B shares. All other classes do not have a sales charge.

(c) The expense ratios for the Institutional shares include the effect of the decreased voluntary expense reduction threshold (where applicable) and decreased shareholder services fees effective May 1, 2005.

(d) Expense ratios relate to the Equity and Bond Fund only and do not reflect the Fund’s proportionate share of the expenses of the underlying funds.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) Unaudited.

(g) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(h) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations August 31, 2004.

See accompanying notes to financial statements.

130

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (b)		Net assets, end of period (millions)		Expenses (c) (d) (e)		Net investment income (loss) (e)		Expenses (c) (d) (e)		Net investment income (loss) (e)		Portfolio turnover rate
$	6.48	3.18	%	$	17.0	0.25	%	1.71	%	0.40	%	1.56	%	2	%(e)
	6.33	(25.61	)		14.4	0.25		3.12		0.34		3.03		16
	9.33	(1.35	)		17.8	0.25		2.97		0.34		2.88		1
	10.00	8.10			12.7	0.25		3.00		0.44		2.81		1
	6.49	2.89			7.2	0.85		1.11		1.00		0.96		2	(e)
	6.34	(25.99	)		6.9	0.84		2.50		0.94		2.40		16
	9.33	(2.06	)		9.9	0.95		2.04		1.04		1.95		1
	10.00	7.59			10.2	0.95		2.13		1.13		1.95		1
	6.53	3.13			64.2	0.25		1.71		0.40		1.56		2	(e)
	6.38	(25.57	)		64.8	0.25		2.99		0.34		2.90		16
	9.39	(1.27	)		100.1	0.25		2.70		0.34		2.61		1
	10.05	11.05			107.3	0.25		2.33		0.41		2.17		1
	9.76	4.70			108.9	0.33		2.18		0.47		2.04		1
	9.52	6.28			99.4	0.50		2.16		0.59		2.07		1
	6.54	2.94			31.8	0.65		1.31		0.80		1.16		2	(e)
	6.39	(25.87	)		32.4	0.65		2.62		0.74		2.53		16
	9.40	(1.66	)		49.4	0.65		2.30		0.74		2.21		1
	10.06	10.56			52.9	0.65		1.91		0.81		1.75		1
	9.77	4.28			60.4	0.73		1.77		0.87		1.63		1
	9.53	5.89			56.6	0.90		1.76		0.99		1.67		1
	6.49	3.44			10.3	0.00		1.96		0.15		1.81		2	(e)
	6.33	(25.40	)		9.0	0.00		3.34		0.09		3.25		16
	9.33	(1.12	)		11.4	0.00		3.01		0.09		2.92		1
	10.00	11.38			10.9	0.00		2.66		0.17		2.49		1
	9.71	5.14			9.0	0.00		2.59		0.14		2.45		1
	9.47	6.77			6.8	0.00		2.75		0.09		2.66		1
	6.41	3.22			2.3	0.57		1.39		0.72		1.24		2	(e)
	6.25	(25.86	)		2.0	0.57		2.78		0.66		2.69		16
	9.22	(1.67	)		2.6	0.57		2.48		0.66		2.39		1
	9.89	10.71			2.1	0.57		2.19		0.74		2.02		1
	9.62	4.36			1.5	0.64		1.97		0.78		1.83		1
	9.40	5.28			1.1	0.82		3.77		0.92		3.67		1
	6.42	3.31			3.3	0.37		1.59		0.52		1.44		2	(e)
	6.26	(25.75	)		2.9	0.37		2.99		0.46		2.90		16
	9.24	(1.37	)		3.8	0.37		3.29		0.45		3.21		1
	9.90	10.90			1.4	0.37		2.32		0.54		2.15		1
	9.63	4.56			1.1	0.45		2.07		0.59		1.93		1
	9.40	5.33			1.0	0.62		3.82		0.72		3.72		1
	6.42	3.27			0.8	0.07		1.89		0.22		1.74		2	(e)
	6.27	(25.46	)		0.8	0.07		3.28		0.16		3.19		16
	9.25	(1.10	)		1.1	0.07		2.95		0.16		2.86		1
	9.91	11.19			1.2	0.07		2.57		0.23		2.41		1
	9.64	4.96			1.1	0.15		2.36		0.29		2.22		1
	9.40	5.43			1.0	0.32		4.13		0.42		4.03		1

See accompanying notes to financial statements.

131

STATE FARM MUTUAL FUND TRUST BOND FUND

(For a share outstanding throughout each period)

			Income from investment operations							Less distributions
	Net asset value, beginning of period		Net investment income (loss)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations		Net investment income			Net realized gain		Total distributions
Class A Shares
Six months ended 06/30/2009 (d)	$	10.29	$	0.23	$	0.35		$	0.58	$	(0.23	)	$	—	$	(0.23	)
Year ended 12/31/2008		10.52		0.47		(0.23	)		0.24		(0.47	)		—		(0.47	)
Year ended 12/31/2007		10.32		0.45		0.20			0.65		(0.45	)		—		(0.45	)
Period ended 12/31/2006 (e)		10.11		0.30		0.21			0.51		(0.30	)		—		(0.30	)
Class B Shares
Six months ended 06/30/2009 (d)		10.28		0.21		0.35			0.56		(0.21	)		—		(0.21	)
Year ended 12/31/2008		10.51		0.42		(0.23	)		0.19		(0.42	)		—		(0.42	)
Year ended 12/31/2007		10.32		0.41		0.19			0.60		(0.41	)		—		(0.41	)
Period ended 12/31/2006 (e)		10.11		0.27		0.21			0.48		(0.27	)		—		(0.27	)
Legacy Class A Shares
Six months ended 06/30/2009 (d)		10.30		0.23		0.35			0.58		(0.23	)		—		(0.23	)
Year ended 12/31/2008		10.53		0.47		(0.23	)		0.24		(0.47	)		—		(0.47	)
Year ended 12/31/2007		10.33		0.45		0.20			0.65		(0.45	)		—		(0.45	)
Year ended 12/31/2006		10.39		0.43		(0.06	)		0.37		(0.43	)		—		(0.43	)
Year ended 12/31/2005		10.66		0.41		(0.27	)		0.14		(0.41	)		—		(0.41	)
Year ended 12/31/2004		10.66		0.40		—			0.40		(0.40	)		—		(0.40	)
Legacy Class B Shares
Six months ended 06/30/2009 (d)		10.30		0.21		0.35			0.56		(0.21	)		—		(0.21	)
Year ended 12/31/2008		10.53		0.43		(0.23	)		0.20		(0.43	)		—		(0.43	)
Year ended 12/31/2007		10.34		0.41		0.19			0.60		(0.41	)		—		(0.41	)
Year ended 12/31/2006		10.39		0.39		(0.05	)		0.34		(0.39	)		—		(0.39	)
Year ended 12/31/2005		10.66		0.37		(0.27	)		0.10		(0.37	)		—		(0.37	)
Year ended 12/31/2004		10.66		0.36		—			0.36		(0.36	)		—		(0.36	)
Institutional Shares
Six months ended 06/30/2009 (d)		10.29		0.24		0.34			0.58		(0.24	)		—		(0.24	)
Year ended 12/31/2008		10.51		0.49		(0.22	)		0.27		(0.49	)		—		(0.49	)
Year ended 12/31/2007		10.32		0.48		0.19			0.67		(0.48	)		—		(0.48	)
Year ended 12/31/2006		10.38		0.46		(0.06	)		0.40		(0.46	)		—		(0.46	)
Year ended 12/31/2005		10.64		0.44		(0.26	)		0.18		(0.44	)		—		(0.44	)
Year ended 12/31/2004		10.65		0.46		(0.01	)		0.45		(0.46	)		—		(0.46	)
Class R-1 Shares
Six months ended 06/30/2009 (d)		10.29		0.21		0.35			0.56		(0.21	)		—		(0.21	)
Year ended 12/31/2008		10.52		0.43		(0.23	)		0.20		(0.43	)		—		(0.43	)
Year ended 12/31/2007		10.32		0.42		0.20			0.62		(0.42	)		—		(0.42	)
Year ended 12/31/2006		10.38		0.40		(0.06	)		0.34		(0.40	)		—		(0.40	)
Year ended 12/31/2005		10.64		0.38		(0.26	)		0.12		(0.38	)		—		(0.38	)
Period ended 12/31/2004 (f)		10.61		0.13		0.03			0.16		(0.13	)		—		(0.13	)
Class R-2 Shares
Six months ended 06/30/2009 (d)		10.28		0.22		0.35			0.57		(0.22	)		—		(0.22	)
Year ended 12/31/2008		10.51		0.45		(0.23	)		0.22		(0.45	)		—		(0.45	)
Year ended 12/31/2007		10.32		0.44		0.19			0.63		(0.44	)		—		(0.44	)
Year ended 12/31/2006		10.37		0.42		(0.05	)		0.37		(0.42	)		—		(0.42	)
Year ended 12/31/2005		10.65		0.40		(0.28	)		0.12		(0.40	)		—		(0.40	)
Period ended 12/31/2004 (f)		10.61		0.14		0.04			0.18		(0.14	)		—		(0.14	)
Class R-3 Shares
Six months ended 06/30/2009 (d)		10.29		0.24		0.35			0.59		(0.24	)		—		(0.24	)
Year ended 12/31/2008		10.52		0.48		(0.23	)		0.25		(0.48	)		—		(0.48	)
Year ended 12/31/2007		10.33		0.47		0.19			0.66		(0.47	)		—		(0.47	)
Year ended 12/31/2006		10.38		0.45		(0.05	)		0.40		(0.45	)		—		(0.45	)
Year ended 12/31/2005		10.65		0.43		(0.27	)		0.16		(0.43	)		—		(0.43	)
Period ended 12/31/2004 (f)		10.61		0.15		0.04			0.19		(0.15	)		—		(0.15	)

(a) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Legacy Class A and Legacy Class B shares. All other classes do not have a sales charge.

(b) The expense ratios for the Institutional shares include the effect of the increased voluntary expense reduction threshold (where applicable) and increased shareholder services fees effective May 1, 2005.

(c) Determined on an annualized basis for periods that are less than a full year.

(d) Unaudited.

(e) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations April 27, 2006.

(f) For all the data, except for the portfolio turnover rate which is for the entire year, the period is from commencement of investment operations August 23, 2004.

See accompanying notes to financial statements.

132

				Ratios/supplemental data
						Average Net Asset ratios assuming expense reductions				Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (a)		Net assets, end of period (millions)		Expenses (b) (c)		Net investment income (loss) (c)		Expenses (b) (c)		Net investment income (loss) (c)		Portfolio turnover rate
$	10.64	5.66	%	$	51.6	0.70	%	4.36	%	0.70	%	4.36	%	11	%(c)
	10.29	2.30			38.5	0.70		4.49		0.70		4.49		6
	10.52	6.50			23.1	0.70		4.40		0.70		4.40		16
	10.32	5.06			12.3	0.69		4.25		0.69		4.25		16
	10.63	5.46			7.2	1.10		3.97		1.10		3.97		11	(c)
	10.28	1.89			6.6	1.10		4.09		1.10		4.09		6
	10.51	5.98			6.0	1.10		3.99		1.10		3.99		16
	10.32	4.78			5.4	1.09		3.84		1.09		3.84		16
	10.65	5.66			115.4	0.70		4.37		0.70		4.37		11	(c)
	10.30	2.30			114.0	0.70		4.48		0.70		4.48		6
	10.53	6.50			118.2	0.70		4.39		0.70		4.39		16
	10.33	3.68			120.9	0.69		4.20		0.69		4.20		16
	10.39	1.32			138.0	0.70		3.89		0.73		3.86		11
	10.66	3.86			121.1	0.68		3.79		0.68		3.79		12
	10.65	5.45			51.4	1.10		3.97		1.10		3.97		11	(c)
	10.30	1.90			50.7	1.10		4.08		1.10		4.08		6
	10.53	5.97			53.0	1.10		3.99		1.10		3.99		16
	10.34	3.37			53.8	1.09		3.80		1.09		3.80		16
	10.39	0.93			55.8	1.10		3.49		1.13		3.46		11
	10.66	3.45			54.5	1.08		3.39		1.08		3.39		12
	10.63	5.69			78.2	0.45		4.62		0.45		4.62		11	(c)
	10.29	2.66			74.8	0.45		4.72		0.45		4.72		6
	10.51	6.66			98.8	0.45		4.64		0.45		4.64		16
	10.32	3.94			89.7	0.44		4.46		0.44		4.46		16
	10.38	1.76			81.4	0.37		4.22		0.40		4.19		11
	10.64	4.29			72.9	0.18		4.29		0.18		4.29		12
	10.64	5.49			4.2	1.02		4.05		1.02		4.05		11	(c)
	10.29	1.98			3.9	1.02		4.18		1.02		4.18		6
	10.52	6.16			2.6	1.02		4.08		1.02		4.08		16
	10.32	3.35			2.2	1.01		3.89		1.01		3.89		16
	10.38	1.12			1.7	1.02		3.58		1.05		3.55		11
	10.64	1.53			1.2	1.00		3.48		1.00		3.48		12
	10.63	5.60			4.5	0.82		4.25		0.82		4.25		11	(c)
	10.28	2.18			3.7	0.82		4.37		0.82		4.37		6
	10.51	6.27			3.2	0.82		4.28		0.82		4.28		16
	10.32	3.66			2.3	0.81		4.09		0.81		4.09		16
	10.37	1.12			1.6	0.82		3.78		0.85		3.75		11
	10.65	1.70			1.0	0.80		3.68		0.80		3.68		12
	10.64	5.75			1.2	0.52		4.56		0.52		4.56		11	(c)
	10.29	2.49			1.3	0.52		4.66		0.52		4.66		6
	10.52	6.59			1.3	0.52		4.57		0.52		4.57		16
	10.33	3.97			1.2	0.51		4.39		0.51		4.39		16
	10.38	1.51			1.1	0.52		4.08		0.55		4.05		11
	10.65	1.81			1.0	0.50		3.98		0.50		3.98		12

See accompanying notes to financial statements.

133

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

(For a share outstanding throughout each period)

			Income from investment operations							Less distributions
	Net asset value, beginning of period		Net investment income (loss)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations		Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2009 (c)	$	10.51	$	0.21	$	0.35		$	0.56	$	(0.21	)	$	—		$	(0.21	)
Year ended 12/31/2008		10.83		0.42		(0.23	)		0.19		(0.42	)		(0.09	)		(0.51	)
Year ended 12/31/2007		10.89		0.43		(0.01	)		0.42		(0.43	)		(0.05	)		(0.48	)
Period ended 12/31/2006 (d)		10.79		0.29		0.11			0.40		(0.29	)		(0.01	)		(0.30	)
Class B Shares
Six months ended 06/30/2009 (c)		10.50		0.19