State Farm Variable Product Trust

N-CSR 1 dncsr.htm STATE FARM VARIABLE PRODUCT TRUST State Farm Variable Product Trust

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 811-08073

STATE FARM VARIABLE PRODUCT TRUST

(Exact name of Registrant as specified in charter)

Three State Farm Plaza

Bloomington, IL

61719-0001

(Address of principal executive offices)

(Zip code)

Michael L. Tipsord

One State Farm Plaza

Bloomington, Illinois 61710-0001

Alan Goldberg

Bell, Boyd & Lloyd LLC

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: 1-888-702-2307

Date of fiscal year end: 12/31/2004

Date of reporting period: 12/31/2004

ITEM 1.

REPORTS TO STOCKHOLDERS.

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December 31, 2004

State Farm Variable Product Trust

ANNUAL REPORT

Large Cap Equity Index Fund Small Cap Equity Index Fund International Equity Index Fund Stock and Bond Balanced Fund Bond Fund Money Market Fund

Table of Contents


Message to Variable Product Customers		1

Policy Total Returns		16

Schedule of Investments

Large Cap Equity Index Fund		18

Small Cap Equity Index Fund		24

International Equity Index Fund		44

Stock and Bond Balanced Fund		56

Bond Fund		57

Money Market Fund		61

Financial Statements

Statements of Assets and Liabilities		62

Statements of Operations		63

Statements of Changes in Net Assets		64

Notes to Financial Statements		66

Financial Highlights		72

Report of Independent Registered Public Accounting Firm		78

Management Information		79

1-888-702-2307

State Farm VP Management Corp.

Securities Products Representatives are available

8:00 a.m. until 6:00 p.m. (Central Time)

Monday through Friday (except holidays)

This report and any financial information contained herein are submitted for the general information of the owners of interests in State Farm Life Insurance Company and State Farm Life and Accident Assurance Company Variable Life Separate Account or Variable Annuity Separate Account (the “Accounts”). This report provides the results of operations for the State Farm Variable Product Trust funds. It is possible to invest in these underlying funds only through the purchase of a State Farm Variable Universal Life Insurance policy or State Farm Variable Deferred Annuity policy. Please read the prospectus and consider the investment objectives, charges and expenses and other information it contains about the Accounts carefully before investing.

Not
FDIC
Insured

• May lose value

• No bank guarantee

Variable Deferred Annuity (VA) policy series 97040 & 97090 in all states except MT, NY, WI; 97090 in MT; A97040 & A97090 in NY, WI.

Variable Universal Life (VUL) policy series 97035, and also 97036 in TX, except MT, NY, WI; 97085 in MT; A97035 in NY & WI.

This material must be accompanied or preceded by a prospectus.

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.

Distributor: State Farm VP Management Corp.

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Message to Variable Product Customers

Enclosed is the Annual Report for the 12-month period ended December 31, 2004, for the State Farm Variable Product Trust. For each of the six funds offered by the Trust, you will find management’s discussion of investment philosophy and process, factors that affected each Fund’s performance over the 12-month period, benchmark index comparisons to put each Fund’s performance into context, audited financial statements, and a complete list of portfolio holdings to help you further understand the funds. We encourage you to review this entire report.

Also included are policy total returns for variable deferred annuity and variable universal life policies issued by State Farm Life Insurance Company and State Farm Life and Accident Assurance Company. These policy total returns reflect contract-level fees and expenses, as well as the fund fees and expenses. The contract-level fees and expenses are not included in the performance returns discussed for each Fund of the Trust.

The Year in Review

There has been quite a change in the landscape over the last 12 months. Coming out of 2003 – a year with increased economic growth, increased corporate profitability, declining interest rates – there was hope 2004 would continue the positive trend. Instead, we saw a marketplace that struggled for direction under a cloud of uncertainty surrounding the political and economic landscape – complicated further by rising energy prices, particularly oil. In April and May, the bond market started to decline in anticipation of the Federal Reserve increasing the Federal Funds’ rate. As expected, the Fed in June raised the target interest rate by 0.25%, the first in a series of increases through the end of the year. The bond market rallied off these initial moves as it appeared that the Fed’s actions were proactive against inflation while still promoting economic growth. The Federal Funds’ rate ultimately increased from 1.00% to 2.25% by the end of 2004.

As more information came into focus throughout the year – particularly around the presidential election and the probable path of legislation and economic policy – equity markets abandoned their flat trend and started to move higher. The U.S. economy grew at an annual rate of 3.1% during the fourth quarter of 2004 compared to an annual rate of 4.0% during the third quarter. Economic growth at those levels coincided with inflation worries as consumer price inflation during 2004 rose 3.3%, compared to 1.9% during 2003. It was the highest increase in inflation since the 3.4% increase during 2000.¹

For the 12-month period ended December 31, 2004, small cap stocks, as measured by the Russell 2000^® Index, outperformed large cap stocks, as measured by the S&P 500^® Index, 18.33% versus 10.88%, respectively (with dividends reinvested). In addition, international equities performed well in 2004 as the MSCI EAFE Free^® Index gained 20.25% (with dividends reinvested).² They were helped by generally strong economic conditions overseas as well as by the overall weakness of the U.S. dollar.

Fixed income investors were rewarded with higher returns for taking maturity and credit risk over the 12-month period ended December 31, 2004. The rise in short-term interest rates caused a flattening of the yield curve as the spread between short and

Bureau of Economic Analysis

Lipper Analytics. The Russell 2000 Index tracks the common stock performance of the 2,000 smallest companies in the Russell 3000^® Index. The S&P 500 Index is a capitalization-weighted measure of common stocks of 500 large U.S. companies. The Morgan Stanley Capital International Europe, Australasia and Far East Free (EAFE Free) Index measures the performance of stock markets of Europe, Australia, New Zealand, and the Far East. It is not possible to invest directly in an index. The stocks of small companies are more volatile than the stocks of larger, more established companies. Foreign securities involve risks not normally associated with investing in the U.S. including higher trading and custody costs, less stringent accounting, legal and reporting practices, potential for political and economic instability, and the fluctuation and potential regulation of currency exchange and exchange rates. Past performance does not guarantee future results.

long-term yields narrowed. As a result, long maturity bonds, like those represented by the Lehman Brothers Long U.S. Treasury Index, outperformed short maturity bonds, as represented by the Lehman Brothers 1-5 Year U.S. Treasury Index, 7.70% versus 1.54%, respectively. Below investment grade bonds performed well and the Credit Suisse First Boston High Yield Bond Index finished the year with a total return of 11.96% for the 12-month period ended December 31, 2004. Here too, credit spreads (i.e. the additional yield earned on below investment grade debt relative to U.S. Treasuries) as measured by the CSFB High Yield Bond Index narrowed to a rate of only 3.40% over U.S. Treasuries as of December 31, 2004. High yield bonds rallied throughout the year as the economy strengthened which led to lower corporate default rates.³

Investing in a diversified portfolio designed to fit your needs can be an important part of any investment plan. Your Registered State Farm Agent is there to help you. Working with someone you know can be a comfort when making such important decisions about your future.

Thank you for investing with State Farm Variable Products.

Sincerely,

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Susan D. Waring

Vice President

State Farm Investment Management Corp.

Source: Bloomberg. The Credit Suisse First Boston High Yield Index includes bond issues rated BB and below by S&P or Moody’s rating services with par amounts greater than $75 million. The Lehman Brothers Long U.S. Treasury Index tracks the returns of U.S. Treasuries which have a maturity of 10 years or more. The Lehman Brothers 1-5 Year U.S. Treasury Index contains approximately 54 U.S. Treasury securities maturing within one to five years. It is not possible to invest directly in an index. High yield bonds are subject to a greater risk of principal and income than higher quality bonds. 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.

State Farm Variable Product Trust Large Cap Equity Index Fund

Management Discussion of Fund Performance

Overview

Describe the Fund’s investment objective and philosophy.

The Large Cap Equity Index Fund (the “Fund”) seeks to approximate as close as possible, before fees and expenses, the capitalization-weighted total rate of return of the S&P 500 Index⁽¹⁾ (the “Index”). The Fund invests its assets in the securities that make up the Index. The Index is composed of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The weightings of stocks in the Index are based on each stock’s relative total market capitalization (stock price multiplied by the number of shares outstanding). The percentage of the Fund’s assets invested in a given stock is approximately the same as the percentage such stock represents in the Index.

Barclays Global Fund Advisors (BGFA) sub-advises the Fund.

Describe the relevant market environment as it related to the Fund for the reporting period.

Equity markets generally posted gains during the 12-month reporting period ended December 31, 2004. As the reporting period opened, unstable economic indicators and lack of job growth spurred concerns surrounding the sustainability of economic recovery, in turn dampening investor confidence. Continued geopolitical concerns also weighed on investor sentiment. As the reporting period progressed, the economic picture changed. In early April, employment data for March came in stronger than expected. May and June brought upward revisions to labor figures, suggesting that the “jobless recovery” might no longer be jobless. As economic indicators improved, concerns about sluggish economic growth were replaced with worries about inflation. Uncertainty surrounding the upcoming presidential election also appeared to compound investor pessimism, and, by mid-October, the Index posted a loss for the year. During the last two months of the year, however, markets appeared to shrug off uncertainties to deliver positive returns for the year. During the reporting period, the Federal Reserve Board raised its Federal Funds’ interest rate for the first time in four years. The rate increased five times over the course of the reporting period, overall from 1.00% to 2.25%.

Provide an illustration of the Fund’s investments.

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Illustrated by sector and based on total net assets as of December 31, 2004. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

⁽¹⁾

“Standard & Poor’s^®”, “S&P^®”, “S&P 500^®”, “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by State Farm Life Insurance Company, State Farm Life and Accident Assurance Company and the State Farm Variable Product Trust. Neither the Large Cap Equity Index Fund, nor the Stock and Balanced Fund is sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability on investing in the Large Cap Equity Index Fund or the Stock and Bond Balanced Fund.

How did the Fund perform during the reporting period?

For the 12 months ended December 31, 2004, the Large Cap Equity Index Fund returned 10.46% and the Index returned 10.88%. Broadening the timeframe to the 3-year period ended December 31, 2004, the Fund had a total return of 3.22% versus the S&P 500 Index return of 3.59%. The line graph and table provides additional perspective on the Fund’s long term results.

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The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that your account value, when redeemed, may be worth more or less than the premiums you paid. Recent performance may be less than the figures shown. Obtain contract-level standardized total returns current to the most recent month-end on statefarm.com^® for the State Farm Variable Deferred Annuity Policy at http://www.statefarm.com/insuranc/life/vdapandr.htm and the State Farm Variable Universal Life Insurance Policy at http://www.statefarm.com/insuranc/life/vulpandr.htm.

Performance Analysis

What factors helped and hindered performance during the reporting period?

The Fund tracked the Index in a very close fashion in 2004, ending the period just 0.42% below the Index return. That would suggest that BGFA was able to add value in their trading and execution of the strategy, given that the Fund was subject to internal operating expenses that are not found within the Index.

During the reporting period, the best performing sector in the Index was energy. Oil companies in particular had been reporting outsized profits all through the previous year, but it was only in 2004 that investors came to believe the floor for oil prices had been raised and those profits were more sustainable. Top holdings in this sector included Exxon Mobil Corp., 2.83% of net assets, and Chevron Texaco Corp, 0.95% of net assets. Utilities and telecom service companies were good performers strengthened by investor demand for their high dividend yields and defensive attributes. Financials had mixed results as consolidation among banks continued, including the mega-merger of J.P. Morgan Chase and Bank One.

Health care was the worst performing sector, being weighed down primarily by pharmaceutical companies which faced an extremely difficult climate characterized by concerns about drug safety, regulation, pricing, patent expiration and generic competition. Top ten holding Pfizer Inc., 1.74% of net assets, struggled for many of these reasons while Johnson & Johnson, 1.61% of net assets, was an exception as it gained in value for the year because of strong financial results and positive investor sentiment stemming from their acquisition of heart-device maker, Guidant. Technology stocks got off to a good start but lagged the other sectors for the year as investors questioned whether recent fundamental weakness was merely an inventory correction or a precursor to a cyclical downturn. Microsoft, 2.49% of net assets, outperformed the sector after settling several legal disputes and paying the largest-ever one-time corporate dividend.

Financial Highlights for this Fund can be found on page 72.

The S&P 500^® Index tracks the common stock performance of large U.S. companies in the manufacturing, utilities, transportation, and financial industries. In total, the S&P 500 is comprised of 500 common stocks. Unlike an investment in the Large Cap Equity Index Fund a theoretical investment in the Index does not reflect any expenses. It is not possible to invest directly in an index.

State Farm Variable Product Trust Small Cap Equity Index Fund

Management Discussion of Fund Performance

Overview

Describe the Fund’s investment objective and philosophy.

The Small Cap Equity Index Fund (the “Fund”) seeks to approximate as close as possible, before fees and expenses, the capitalization-weighted total rate of return of the Russell 2000^® Index⁽¹⁾ (the “Index”). The Fund will pursue its objective by investing primarily in a representative sample of stocks found in the Index. The Index measures the performance of the small-capitalization sector of the U.S. equity market and consists of the smallest 2,000 companies in the Russell 3000^® Index. The weightings of stocks in the Index are based on each stock’s relative total market capitalization (stock price multiplied by the number of shares outstanding).

Barclays Global Fund Advisors (BGFA) sub-advises the Fund.

Describe the relevant market environment as it related to the Fund for the reporting period.

U.S. small-cap stocks, as measured by the Russell 2000^® Index rallied in the fourth quarter and in turn, completed a sixth consecutive year of out-performance versus the large-cap S&P 500^® Index. For the year ending December 31, 2004, the Russell 2000^® Index rose 18.33% versus 10.88% for the S&P 500^® Index. Within the Russell 2000^® Index, the Energy and Materials sectors performed the best, while Information Technology and Telecommunication Services were the worst performing sectors for the year. Despite enjoying a gain in December, Technology was the only sector to post negative returns for the year.

Equity markets generally posted gains during the reporting period. As the reporting period opened, unstable economic indicators and lack of job growth spurred concerns surrounding the sustainability of economic recovery, in turn dampening investor confidence. Continued geopolitical concerns also weighed on investor sentiment. As the reporting period progressed, the economic picture changed. In early April, employment data for March came in stronger than expected. May and June brought upward revisions to labor figures, suggesting that the “jobless recovery” might no longer be jobless. As economic indicators improved, concerns about sluggish economic growth were replaced with worries about inflation. Uncertainty surrounding the upcoming presidential election also appeared to compound investor pessimism. During the last two months of the year, however, markets appeared to shrug off uncertainties to deliver positive returns for the year. During the reporting period, the Federal Reserve Board raised its Federal Funds interest rate for the first time in four years. The rate increased five times over the course of the reporting period, overall from 1.00% to 2.25%.

Provide an illustration of the Fund’s investments.

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Illustrated by sector and based on total net assets as of December 31, 2004. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

⁽¹⁾

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

How did the Fund perform during the reporting period?

For the 12 months ended December 31, 2004, the Small Cap Equity Index Fund returned 17.89% and the Index returned 18.33%. Broadening the timeframe to the 3-year period ended December 31, 2004, the Fund had a total return of 10.93% versus the Russell 2000^® Index return of 11.48%. The line graph and table provides additional perspective on the Fund’s long term results.

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Performance Analysis

What factors helped and hindered performance during the reporting period?

The Fund tracked the Index in a very close fashion in 2004 ending the period just 0.44% below the Index return. That would suggest that BGFA was able to add value in their trading and execution of the strategy given that the Fund was subject to internal operating expenses that are not found within the Index.

During the reporting period ended December 31, 2004, the best performing sector in the Index was Energy, which increased over 50% for the period. The Fund’s Energy weighting was 8.43% of net assets, the combination of Energy, 5.22%, and Utilities, 3.21%. The fund held shares of 118 different companies in this combined sector with the largest holding, Tesoro Petroleum Corp., being just 0.18% of net assets as of December 31, 2004. Many of these companies had been reporting higher profits all throughout the previous year, but it was only in 2004 that investors came believe the floor for oil prices had been raised and those profits were more sustainable.

Materials & Processes, 9.27% of Fund net assets, was the next best performing sector in the Index gaining over 34% for the period. Here too, position sizes were small as the assets were invested among 153 companies in this sector. Demand for raw materials and base metals continued to be strong in 2004, fueled by a growing economy in the U.S. and increased expectations for overseas demand – particularly from China.

Information technology was the worst performing sector, finishing the reporting period with a slight loss. The Fund’s 12.68% weighting to Technology was diversified across over 300 individual securities with the largest position accounting for only 0.16% of net assets. The technology sector struggled through cycles of weakness as investors tried to determine which troubles were more cyclical in nature, like inventory backlogs, as opposed to a more long term fundamental weaknesses in the industry.

All of the Fund’s ten largest holdings as of December 31, 2004 posted gains. Transportation services company Landstar System Inc., 0.19% of net assets, logged the strongest gains for the reporting period, followed by The Goodyear Tire & Rubber Co., 0.19% of net assets, Equipment manufacturer Terex Corp., 0.20% of net assets, and mining equipment company Joy Global Inc., 0.19% of net assets, both performed well.

Financial highlights for this Fund can be found on page 73.

The Russell 2000^® Index tracks the common stock performance of the 2000 smallest U.S. companies in the Russell 3000 Index, which represents approximately 10% of the total capitalization of the Russell 3000 Index. Unlike an investment in the Small Cap Equity Index Fund, a theoretical investment in the Index does not reflect any expenses. It is not possible to invest directly in an index.

State Farm Variable Product Trust International Equity Index Fund

Management Discussion of Fund Performance

Overview

Describe the Fund’s investment objective and philosophy.

The International Equity Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morgan Stanley Capital International EAFE Free^® Index⁽¹⁾ (the “Index”). The Fund will pursue its objective by investing primarily in a representative sample of stocks found in the Index. The Index has been developed by MSCI and includes stocks from Europe, Australasia, and the Far East. The Index is commonly used as a measure of international stock performance.

Barclays Global Fund Advisors (BGFA) sub-advises the International Equity Index Fund.

Describe the relevant market environment as it related to the Fund for the reporting period.

European equity markets posted a second consecutive year of positive returns in 2004, although gains were more modest than in 2003. In contrast to 2003, smaller markets such as Austria, Norway and Greece outpaced larger markets such as the United Kingdom, Germany, and France. Finland was the only market with negative returns (in euros). Currency movements were a major factor as the Swiss franc, the euro and the British pound appreciated in a range of 7.5% to 8.5% for the year against the U.S. currency, although the dollar declined less in trade-weighted terms. One of the surprises of the year was the surge in crude oil prices to above $50 a barrel. While rising oil prices were a boom to many oil- and energy-related stocks traded in Europe, higher energy costs – as well as the corrosive impact of a strong currency on exports – hurt the eurozone economy. The European Central Bank held rates steady despite inflation above the bank’s 2% target. In contrast, the Bank of England raised interest rates to 4.75% (making five increases since November 2003).

Pacific equity markets enjoyed strong gains as a region, although the largest market, Japan, lagged. Stock market returns and currency appreciation in the commodity-oriented markets of Australia and New Zealand were substantial. Stocks in Hong Kong benefited from a domestic economic revival and an end to deflation. Across the Pacific region, energy, financial and consumer staples sectors had the highest returns, while technology and telecommunications were the weakest.

Provide an illustration of the Fund’s investments.

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Based on total net assets as of December 31, 2004. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

Represents 15 other countries each of which represent less than 3% of net assets.

⁽¹⁾

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 Variable Product Trust (the “Trust”). The International Equity Index Fund (the “Fund”), based on the EAFE Free Index, has not been passed on by MSCI as to its legally 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 Fund shares. The Trust’s Prospectus contains a more detailed description of the limited relationship MSCI has with the Trust and the Fund.

How did the Fund perform during the reporting period?

For the 12 months ended December 31, 2004, the International Equity Index Fund returned 19.26% and the MSCI EAFE^® Index returned 20.25%. Broadening the timeframe to the 3-year period ended December 31, 2004, the Fund had a total return of 11.24% versus the MSCI EAFE Free^® Index return of 11.89%. The line graph and table provides additional perspective on the Fund’s long term results.

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Performance Analysis

What factors helped and hindered performance during the reporting period?

The Fund tracked the Index during the reporting period in an appropriate fashion given the internal operating expenses of the Fund — which are not found within the Index.

The euro continued its rise against the U.S. dollar during the reporting period, making European exports more expensive and reducing the value of sales and earnings in U.S. dollar-denominated markets. However, for U.S. investors, the returns in the stronger euro were enhanced when translated back into U.S. dollars. In addition, many European markets were able to advance in part due to a perception among many investors that European markets were more attractively valued than many of their counterparts in the U.S. The United Kingdom, which represented 24.88% of the net assets of the Fund as of December 31, 2004, performed well during the reporting period, as the country’s relatively higher dividend-paying stocks helped to attract investors.

Asian markets performed well during the reporting period, thanks largely to improving economic conditions and large inflows of foreign capital. The improving economic environment initially led many investors to fear that, should the growth levels become overheated, central banks in these countries would raise short-term interest rates. As the reporting period progressed, however, growth levels in many Asian countries slowed to a sustainable pace, easing investor concerns and stabilizing market performance. Japan, which represented 21.72% of the net assets of the Fund as of December 31, 2004, enjoyed economic recovery during the first half of the reporting period, although the recovery slowed as export growth levels dropped.

Among the Fund’s ten largest holdings as of December 31, 2004, performance for the reporting period was mostly positive. Japanese car maker Toyota Motor Corp., 1.30% of net assets, performed well, as did oil companies BP PLC, United Kingdom, 2.34% of net assets, and Total SA, France, 1.42% of net assets. Royal Bank of Scotland Group PLC, United Kingdom, 1.17% of net assets, also posted gains. On the negative side, pharmaceutical company GlaxoSmithKline PLC, United Kingdom, 1.53% of net assets, declined for the reporting period.

Financial highlights for this Fund can be found on page 74.

The Morgan Stanley Capital International Europe, Australasia and Far East Free (EAFE Free) Index currently measures the performance of stock markets of Europe, Australia, New Zealand, and the Far East and takes into account local market restrictions on share ownership by foreigners. EAFE Free is meant to reflect actual opportunities for foreign investors in a local market. Returns are measured as U.S. dollars. Unlike an investment in the International Equity Index Fund, a theoretical investment in the index does not reflect any expenses. It is not possible to invest directly in an index.

State Farm Variable Product Trust Stock and Bond Balanced Fund

Management Discussion of Fund Performance

Overview

Describe the Fund’s investment objective and philosophy.

The Stock and Bond Balanced Fund invests in a combination of stocks and bonds in the pursuit of long-term growth of principal, while providing some current income.

The Fund invests all of its assets in the Variable Product Trust Large Cap Equity Index Fund and the Variable Product Trust Bond Fund. We strive to maintain an investment mix of approximately 60% of assets in the Large Cap Equity Index Fund and 40% of assets in the Bond Fund. The Stock and Bond Balanced Fund never invests more than 75% of its net assets in either underlying fund. Although the Fund is not an asset allocation or market timing portfolio, we do, from time to time, adjust the amount of its assets invested in each underlying Fund as economic, market, and financial conditions warrant.

Describe the relevant market environment as it related to the Fund for the reporting period.

Because the Stock and Bond Balanced Fund does not invest directly in individual stocks and bonds, the merits of the individual investments are evaluated separately by each underlying Fund’s managers. You may wish to refer to the Management Discussion for the Variable Product Trust Large Cap Equity Index Fund and the Variable Product Trust Bond Fund in addition to the commentary provided here.

We experienced a low, but rising interest rate environment. The Federal Reserve raised the benchmark Federal Funds’ rate by 0.25% on five occasions through December 2004, going from 1.00% to 2.25%. The U.S. Treasury yield curve flattened considerably as intermediate and longer term interest rates remained roughly unchanged for the 12-month period ended December 2004. Coinciding with the rise in short rates was an up-tick in the rate of inflation. For 2004, consumer price inflation rose at a 3.3% annual rate compared to a 1.9% rate for all of 2003. The U.S. economy proved strong however, posting solid economic growth of 3.1% and 4.0% during the 4^th and 3^rd quarters of 2004, respectively.

From an equity perspective the last 12 months have been positive, with the S&P 500^® Index gaining 10.88%. Fixed income markets were positive, too, as represented by the Lehman Brothers U.S. Aggregate Bond Index return of 4.34% over the same time period. Among fixed income securities, corporate bonds performed well as the yield spread over U.S. Treasuries continued to narrow. In general, corporations grew their earnings and improved their liquidity and credit profile, which was beneficial for both fixed income and equity investments in the year ended December 31, 2004.

Provide an illustration of the Fund’s investments.

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Based on total net assets as of December 31, 2004. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

How did the Fund perform during the reporting period?

For the 1-year period ended December 31, 2004, the Stock and Bond Balanced Fund had a total return of 7.26% after expenses. Because of the nature of the Fund (that it invests solely in shares of two underlying Funds), it is beneficial to create a blended benchmark for comparison purposes. The blended benchmark we use is a combination of 60% of the S&P 500^® Index and 40% of the Lehman Brothers U.S. Government/Credit Intermediate Index (rebalanced on a monthly basis). The total return of the blended benchmark was 7.75% for the 1-year period ended December 31, 2004. Broadening the timeframe to the 3-year period ended December 31, 2004, the Stock and Bond Balanced Fund had a total return of 4.33% versus the blended benchmark of 4.78%. The line graph and table provides additional perspective on the Fund’s long term results.

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Performance Analysis

What factors helped and hindered performance during the reporting period?

Equity portion of the Fund (approximately 60% throughout the period)

During the reporting period, the best performing sector in the Index was energy. Oil companies in particular had been reporting outsized profits all through the previous year, but it was only in 2004, that investors came to believe the floor for oil prices had been raised and those profits were more sustainable. Top holdings in this sector included Exxon Mobil Corp., 2.83% of Large Cap Equity Index net assets, and Chevron Texaco Corp., 0.95% of Large Cap Equity Index net assets. Utilities and telecom service companies were good performers, strengthened by investor demand for their high dividend yields and defensive attributes. Financials had mixed results as consolidation among banks continued, including the mega-merger of J.P. Morgan Chase and Bank One.

Health care was the worst performing sector, being weighed down primarily by pharmaceutical companies, which faced an extremely difficult climate characterized by concerns about drug safety, regulation, pricing, patent expiration and generic competition. Top ten holding Pfizer Inc., 1.74% of Large Cap Equity Index net assets, struggled for many of these reasons while Johnson & Johnson, 1.61% of Large Cap Equity Index net assets, was an exception as it gained in value for the year because strong financial results and positive investor sentiment stemming from their acquisition of heart-device maker, Guidant. Technology stocks got off to a good start but lagged for the year as investors questioned whether recent fundamental weakness was merely an inventory correction or a precursor to a cyclical downturn. Microsoft, 2.49% of net assets, outperformed the sector after settling several legal disputes and paying the largest-ever one-time corporate dividend.

See footnotes for the Large Cap Equity Index Fund and the Bond Fund for description of indices.

The Manager computes the Blended Benchmark by using 60% S&P 500 Index and 40% Lehman Brothers Government/Credit Intermediate Index.

The S&P 500 Index, the Lehman Brothers Government/Credit Intermediate Index and the Blended Benchmark represent unmanaged groups or composites of groups, of stocks and bonds that differ from the composition of the Stock and Bond Balanced Fund. Unlike an investment in the Stock and Bond Balanced Fund, returns in the indices do not reflect expenses of investing.

Fixed Income portion of the Fund (approximately 40% throughout the period)

The bond market rewarded risk in 2004 with long maturity and lower-rated corporate bonds being the strongest performing securities in the fixed income asset class. Given that the Bond Fund maintains a short/intermediate maturity orientation of only investment grade bonds – 2004’s market environment was a challenge. From a maturity perspective, the Bond Fund held only 1.1% of net assets in bonds with a maturity over 10 years. At the other end of the maturity spectrum the Bond Fund held 32.4% of assets in bonds with maturities of less than 2 years (including a 4% cash position) versus 24.4% for the Lehman Brothers Government/Credit Intermediate Index. As a result, the Fund’s intermediate maturity investment orientation limited results in 2004.

The Bond Fund’s credit positioning, however, proved somewhat more beneficial. The Bond Fund maintained a barbell credit structure (i.e., a grouping of assets held in high quality Government and/or AAA-rated debt obligations combined with a grouping of assets at the lower-end of the Investment Grade spectrum, A-rated and/or BBB-rated debt obligations with little if any exposure of assets in between) for the reporting period. The Bond Fund was underweight on the high quality end (Government bonds and AAA-rated debt) at 33.7% of assets versus 63.9% for the benchmark. In addition, the Bond Fund’s 49.3% combined weighting in corporate bonds rated A/A and Baa/BBB by the rating agencies, was overweight relative to the 31.6% weighting of the Lehman Brothers Government/Credit Intermediate Index. This combination of being underweight high quality bonds and overweight in the lower-end of investment grade was good for performance given that lower-rated bonds outperformed high grade bonds. In the end, however, this positioning was not enough to overcome the broader market environment as the Bond Fund underperformed its benchmark by 0.64% for the 12-month period ended December 31, 2004.

Financial highlights for this Fund can be found on page 75.

State Farm Variable Product Trust Bond Fund

Management Discussion of Fund Performance

Overview

Describe the Fund’s investment objective and philosophy.

We manage the Bond Fund in a manner that seeks to achieve over a period of years the highest yield possible that is consistent with low price volatility. We are generally buy-and-hold investors who focus on U.S. Government and investment grade corporate debt obligations. While the Fund invests in debt securities of varying maturities, it is structured with a maturity and interest rate risk (duration) profile that is consistent with its benchmark, the Lehman Brothers Government/Credit Intermediate Index.

Describe the relevant market environment as it related to the Fund for the reporting period.

We managed the Bond Fund with a buy-and-hold philosophy that focused on investment grade debt obligations with short and intermediate maturities. We did not make investment decisions based on macroeconomic factors or forecasted expectations of interest rates. That being said, we had to understand what happened in the world to understand the potential impact on the portfolio.

We experienced a low, but rising interest rate environment. The Federal Reserve raised the benchmark Federal Funds’ interest rate by 0.25% on five occasions through December 2004, going from 1.00% to 2.25%. The U.S. Treasury yield curve flattened considerably as intermediate and longer term interest rates remained roughly unchanged for the 12 month period ended December 2004. Coinciding with the rise in short rates was an up-tick in the rate of inflation. For 2004, consumer price inflation rose at a 3.3% seasonally adjusted annual rate compared to a 1.9% rate for all of 2003. The U.S. economy proved strong, however, posting solid economic growth of 3.1% and 4.0% during the 4^th and 3^rd quarters of 2004, respectively.

Provide an illustration of the Fund’s investments.

LOGO

Based on total net assets as of December 31, 2004. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

How did the Fund perform during the reporting period?

For the 1-year period ended December 31, 2004, the Bond Fund had a total return of 2.40% compared to a return of 3.04% for the Lehman Brothers Government/Credit Intermediate Index. Broadening the timeframe to the 3-year period ended December 31, 2004, the Bond Fund had a total return of 5.13% versus 5.69% for the Lehman Brothers Government/Credit Intermediate Index. The line graph and table provides additional perspective on the Fund’s long term results.

LOGO

Performance Analysis

What factors helped and hindered performance during the reporting period?

The bond market rewarded risk in 2004 with long maturity and lower-rated corporate bonds being the strongest performing securities in the fixed income asset class. Given that this Fund maintains a short/intermediate maturity orientation of only investment grade bonds – 2004’s market environment was a challenge. From a maturity perspective, the Bond Fund held only 1.1% of net assets in bonds with a maturity over 10 years. At the other end of the maturity spectrum the Fund held 32.4% of assets in bonds with maturities of less than 2 years (including a 4% cash position) versus 24.4% for the Lehman Brothers Government/Credit Intermediate Index. As a result, the Fund’s intermediate maturity investment orientation limited results in 2004.

The Fund’s credit positioning proved somewhat more beneficial. The Fund maintained a barbell credit structure (i.e., a grouping of assets held in high quality Government and/or AAA-rated debt obligations combined with a grouping of assets at the lower-end of the Investment Grade spectrum, A-rated and/or BBB-rated debt obligations with little if any exposure of assets in between) for the reporting period. The Fund was underweight on the high quality end (Government bonds and AAA-rated debt) at 33.7% of assets versus 63.9% for the benchmark. In addition, the Fund’s 49.3% combined weighting in corporate bonds rated A/A and Baa/BBB by the rating agencies, was overweight relative to the 31.6% weighting of the Lehman Brothers Government/Credit Intermediate Index. This combination of being underweight in high quality bonds and overweight in the lower-end of investment grade was good for performance given that lower-rated bonds outperformed high grade bonds. In the end, however, this positioning was not enough to overcome the broader market environment as the Bond Fund underperformed its benchmark by 0.64% for the 12-month period ended December 31, 2004.

Given the performance analysis above, what factors should shareholders take into consideration when reviewing the Fund’s performance?

Given the Fund’s investment objective of high income consistent with low price volatility, this Fund is designed to be a stable, low risk element of a diversified portfolio. As interest rates rise, bond prices decline. Further tightening efforts by the Federal Reserve to raise short term interest rates could reduce the Fund’s total return.

Financial highlights for this Fund can be found on page 76.

The Lehman Brothers Government/Credit Intermediate Index contains U.S. Government and corporate bonds maturing within 1-10 years and an outstanding par value of at least 250 million. The Lehman Brothers Government/Credit Intermediate Index represents an unmanaged group of bonds that differ from the composition of the Bond Fund. Unlike an investment in the Bond Fund, a theoretical Investment in the index does not reflect any expenses. It is not possible to invest directly in an index.

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 Fund pursues this objective by investing in high quality commercial paper and other short-term debt securities. An investment in the Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

LOGO

Based on total investments as of December 31, 2004. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

Financial highlights for this Fund can be found on page 77.

The performance figures for the Funds on the preceding pages reflect the reinvestment of all dividends and capital gains, and the deduction of investment management fees and fund-level expenses, but not contract-level charges. If contract-level charges were reflected, the performance quoted would be significantly lower than shown. The Policy Total Returns on the following two pages reflect contract-level charges for the State Farm Variable Deferred Annuity and State Farm Variable Universal Life Insurance policies.

Expense Example (unaudited)⁽¹⁾

As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. The Example in the following table 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 funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2004 through December 31, 2004.

Actual Expenses

The first line under each Fund name in the table below provides information about actual account values and actual expenses. 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 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 first line under the heading entitled “Expenses Paid During Period” for the applicable Fund to estimate the expenses you paid on your account for that Fund during this period. If your account has multiple Fund positions, add up the results calculated for each Fund position within your account to estimate the expenses you paid on your total account value.

Hypothetical Example for Comparison Purposes

The second line under each Fund name in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line under each Fund name in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, including those that have transactional costs, such as sales charges (loads), redemptions fees, or exchange fees.


	Beginning Account Value July 1, 2004	Ending Account Value December 31, 2004	Annualized Expense Ratio Based on the Period July 1, 2004 to December 31, 2004	Expenses Paid During Period July 1, 2004 to December 31, 2004*
Large Cap Equity Index Fund
Actual	$1,000.00	$1,070.39	0.31%	$1.61
Hypothetical (5% return before expenses)	1,000.00	1,023.58	0.31%	1.58
Small Cap Equity Index Fund
Actual	1,000.00	1,106.10	0.49%	2.59
Hypothetical (5% return before expenses)	1,000.00	1,022.67	0.49%	2.49
International Equity Index Fund
Actual	1,000.00	1,140.42	0.75%	4.04
Hypothetical (5% return before expenses)	1,000.00	1,021.37	0.75%	3.81
Stock & Bond Balanced Fund
Actual	1,000.00	1,053.10	0.41%	2.12
Hypothetical (5% return before expenses)	1,000.00	1,023.08	0.41%	2.08
Bond Fund
Actual	1,000.00	1,026.07	0.56%	2.85
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.56%	2.85
Money Market Fund
Actual	1,000.00	1,005.94	0.49%	2.47
Hypothetical (5% return before expenses)	1,000.00	1,022.67	0.49%	2.49

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 184/366 (to reflect the one-half year period). Expenses for the Stock & Bond Balanced Fund equal 60% of the Large Cap Equity Index Fund expenses plus 40% of the Bond Fund expenses. The Stock & Bond Balanced Fund targets a 60%/40% investment ratio between the Large Cap Equity Index Fund and the Bond Fund. This ratio may vary slightly from 60%/40% throughout the year. At December 31, 2004 the ratio was 60.9%/39.1%.

⁽¹⁾

This expense example reflects only the underlying Fund fees. As an owner of an interest in the Accounts, you do not directly own shares of the underlying Funds. Instead, you allocate premiums to a subaccount of the Accounts and the subaccount invests in a corresponding Fund of the State Farm Variable Product Trust. Your ownership interest in the Accounts is also subject to contract level fees and expenses which are not included in this expense example.

POLICY TOTAL RETURNS

State Farm Life Insurance Company

(Not Licensed in New York or Wisconsin)

Variable Deferred Annuity Performance and Returns

Standardized Returns for Period Ending 12/31/2004


		Average Annual Returns
Fund	Inception Date	1-Year	5-Year	Since Inception
Large Cap Equity Index Fund	1/22/1998	2.65%	-4.53%	2.97%
Small Cap Equity Index Fund	1/29/1998	9.67%	4.16%	5.26%
International Equity Index Fund	1/22/1998	10.98%	-3.64%	2.98%
Stock and Bond Balanced Fund	1/29/1998	-0.27%	-0.57%	3.06%
Bond Fund	1/22/1998	-4.84%	4.82%	4.07%

Standardized returns reflect all contract-level and underlying fund fees and expenses, including the $30 annual administrative fee (waived if total premiums of at least $50,000 have been paid) and surrender charges (7% in year 1, declining by 1% each following year until it reaches 0% in year 8). The fees and expenses are based on an assumed average account size of $10,200 as of 12/31/2004. The since inception standardized return period begins on the Fund inception date (as noted).

Variable Universal Life Performance and Returns

Standardized Returns for Period Ending 12/31/2004


		Average Annual Returns
Fund	Inception Date	1-Year	5-Year	Since Inception
Large Cap Equity Index Fund	1/22/1998	1.61%	-7.60%	0.72%
Small Cap Equity Index Fund	1/29/1998	8.55%	1.42%	2.70%
International Equity Index Fund	1/22/1998	9.78%	-7.04%	0.45%
Stock and Bond Balanced Fund	1/29/1998	-1.32%	-3.23%	0.73%
Bond Fund	1/22/1998	-5.78%	2.58%	1.77%

The State Farm Variable Universal Life policy total returns reflect all contract-level and underlying fund fees and expenses (including the 5% Premium Charge, the daily Mortality and Expense Risk Charge at a current annual rate of 0.8% of net assets, the current monthly expense charge of $8, and the investment advisory fees and other expenses incurred by the funds), except for surrender charges and the cost of insurance. If the surrender charges (if applicable) or the cost of insurance were reflected, the performance quoted would be significantly lower than shown. We encourage you to obtain from your State Farm registered representative agent a personalized illustration that will reflect all applicable fees and charges, including the cost of insurance. For policies purchased prior to July 1, 2004, the monthly expense charge is $6. The monthly expense charge reflected above is $8, which is the monthly expense charge for policies purchased on or after July 1, 2004. The fees and expenses reflected in this calculation are based on an assumed average account size of $4,200 as of 12/31/2004. The total returns since inception period begins on the Fund Inception Date (as noted).

This performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that your account value, when redeemed, may be worth more or less than the premiums you paid. Recent performance may be less than the figures shown. Obtain total returns current to the most recent month-end at the following pages on statefarm.com^®: http://www.statefarm.com/insuranc/life/vdapandr.htm and http://www.statefarm.com/insuranc/vulpandr.htm. The returns on this page apply only to the State Farm Life Insurance Company products.

POLICY TOTAL RETURNS

State Farm Life and Accident Assurance Company

(Licensed in New York and Wisconsin)

Variable Deferred Annuity Performance and Returns

Standardized Returns for Period Ending 12/31/2004


		Average Annual Returns
Fund	Inception Date	1-Year	5-Year	Since Inception
Large Cap Equity Index Fund	8/3/1998	2.60%	-4.56%	0.83%
Small Cap Equity Index Fund	8/3/1998	9.62%	4.13%	6.47%
International Equity Index Fund	8/3/1998	10.93%	-3.69%	1.21%
Stock and Bond Balanced Fund	8/3/1998	-0.32%	-0.60%	2.52%
Bond Fund	8/3/1998	-4.89%	4.79%	4.08%

Standardized returns reflect all contract-level and underlying fund fees and expenses, including the $30 annual administrative fee (waived if total premiums of at least $50,000 have been paid) and surrender charges (7% in year 1, declining by 1% each following year until it reaches 0% in year 8). The fees and expenses are based on an assumed average account size of $9,400 as of 12/31/2004. The since inception standardized return period begins on the contract registration effective date of August 3, 1998.

Variable Universal Life Performance and Returns

Standardized Returns for Period Ending 12/31/2004


		Average Annual Returns
Fund	Inception Date	1-Year	5-Year	Since Inception
Large Cap Equity Index Fund	12/2/1998	0.83%	-8.71%	-3.45%
Small Cap Equity Index Fund	12/2/1998	7.74%	0.48%	4.44%
International Equity Index Fund	12/2/1998	8.96%	-8.28%	-1.91%
Stock and Bond Balanced Fund	12/2/1998	-2.07%	-4.16%	-1.51%
Bond Fund	12/2/1998	-6.50%	1.85%	0.51%

The State Farm Variable Universal Life policy total returns reflect all contract-level and underlying fund fees and expenses (including the 5% Premium Charge, the daily Mortality and Expense Risk Charge at a current annual rate of 0.8% of net assets, the current monthly expense charge of $8, and the investment advisory fees and other expenses incurred by the funds), except for surrender charges and the cost of insurance. If surrender charges (if applicable) and the cost of insurance were reflected, the performance quoted would be significantly lower than shown. We encourage you to obtain from your State Farm registered representative agent a personalized illustration that will reflect all applicable fees and charges, including the cost of insurance. For policies purchased prior to July 1, 2004, the monthly expense charge is $6. The monthly expense charge reflected above is $8, which is the monthly expense charge for policies purchased on or after July 1, 2004. The fees and expenses reflected in this calculation are based on an assumed average account size of $3,200 as of 12/31/2004. The total returns since inception period begins on the contract registration effective date of December 2, 1998.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2004


	Shares	Value
Common Stocks (96.76%)

Aerospace/Defense (1.14%)
Boeing Co.	35,789	$	1,852,797
General Dynamics Corp.	8,565		895,899
Lockheed Martin Corp.	18,912		1,050,562
Northrop Grumman Corp.	15,614		848,777
Raytheon Co.	19,346		751,205
Rockwell Collins	7,558		298,087

			5,697,327

Agriculture, Foods, & Beverage (3.80%)
Adolph Coors Co. Class B	1,588		120,164
Anheuser Busch Companies Inc.	33,728		1,711,021
Archer-Daniels-Midland Co.	27,688		617,719
Campbell Soup Co.	17,504		523,195
Coca-Cola Enterprises Inc.	20,018		417,375
ConAgra Inc.	22,011		648,224
General Mills Inc.	15,582		774,581
Hershey Foods Corp.	10,409		578,116
HJ Heinz Co.	14,991		584,499
Kellogg Co.	17,495		781,327
McCormick & Co. Inc.	5,863		226,312
Pepsico Inc.	71,855		3,750,831
Reynolds American Inc.	6,266		492,508
Sara Lee Corp.	33,555		810,018
Sysco Corp.	27,224		1,039,140
The Coca-Cola Co.	103,198		4,296,133
The Pepsi Bottling Group Inc.	10,606		286,786
WM Wrigley Jr. Co.	9,566		661,871
Yum! Brands Inc.	12,546		591,920

			18,911,740

Airlines (0.12%)
Delta Air Lines Inc. (a)	5,331		39,876
Southwest Airlines Co.	33,022		537,598

			577,474

Automotive (0.97%)
Cooper Tire & Rubber Co.	3,004		64,736
Dana Corp.	6,362		110,254
Delphi Corp.	24,405		220,133
Ford Motor Co.	77,942		1,141,071
General Motors Corp.	24,038		962,962
Genuine Parts Co.	7,435		327,586
Goodyear Tire & Rubber Co. (a)	7,377		108,147
Harley Davidson Inc.	12,568		763,506
ITT Industries Inc.	3,945		333,155
Navistar International Corp. (a)	2,981		131,105
Paccar Inc.	7,361		592,413
Visteon Corp.	5,543		54,155

			4,809,223

Banks (6.37%)
AmSouth Bancorporation	15,009		388,733
Bank of America Corp.	172,243		8,093,698
Bank of New York Inc.	33,105		1,106,369
BB&T Corp.	23,578		991,455
Comerica Inc.	7,235		441,480
Fifth Third Bancorp	25,210		1,191,929
Golden West Financial Corp.	13,000		798,460
Huntington Bancshares Inc.	9,967		246,982
JPMorgan Chase & Co.	151,929		5,926,750
M&T Bank Corp.	4,954		534,239
Northern Trust Corp.	9,388		456,069
PNC Bank Corp.	12,011		689,912
State Street Corp.	14,305		702,662
SunTrust Banks Inc.	15,741		1,162,945
Synovus Financial Corp.	13,354		381,657
US Bancorp	79,677		2,495,484
Washington Mutual Inc.	37,301		1,577,086
Wells Fargo & Co.	72,117		4,482,072

			31,667,982

Building Materials & Construction (0.58%)
American Standard Cos. Inc. (a)	9,161		378,532
Centex Corp.	5,259		313,331
Fluor Corp.	3,654		199,180
KB Home	2,017		210,575
Leggett & Platt Inc.	8,185		232,700
Louisiana-Pacific Corp.	4,649		124,314
Masco Corp.	18,968		692,901
Pulte Corp.	5,404		344,775
Stanley Works	3,443		168,673
Vulcan Materials Co.	4,354		237,772

			2,902,753

Chemicals (1.57%)
Air Products & Chemicals Inc.	9,681		561,208
Ashland Inc.	3,004		175,374
Bemis Co. Inc.	4,426		128,752
Eastman Chemical Co.	3,305		190,798
EI du Pont de Nemours and Co.	42,369		2,078,199
Engelhard Corp.	5,301		162,582
Great Lakes Chemical Corp.	2,064		58,803
Hercules Inc. (a)	4,873		72,364
International Flavors & Fragrances Inc.	4,026		172,474
Pall Corp.	5,166		149,556
PPG Industries Inc.	7,309		498,181
Praxair Inc.	13,841		611,080
Rohm & Haas Co.	9,549		422,352
Sealed Air Corp. (a)	3,596		191,559
Sigma-Aldrich Corp.	2,949		178,297
Temple-Inland Inc.	2,363		161,629
The Dow Chemical Co.	40,146		1,987,628

			7,800,836

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Commercial Service/Supply (1.73%)
Allied Waste Industries Inc. (a)	13,535	$	125,605
Apollo Group Inc. CL A (a)	7,925		639,627
Ball Corp.	4,808		211,456
Cendant Corp.	44,753		1,046,325
Cintas Corp.	7,294		319,915
Convergys Corp. (a)	6,124		91,799
Eastman Kodak Co.	12,213		393,869
Ecolab Inc.	10,949		384,638
Equifax Inc.	5,738		161,238
Interpublic Group of Companies Inc. (a)	17,862		239,351
Monster Worldwide Inc. (a)	5,006		168,402
Moody’s Corp.	6,267		544,289
Omnicom Group Inc.	7,945		669,922
Pactiv Corp. (a)	6,334		160,187
Paychex Inc.	16,084		548,143
Pitney Bowes Inc.	9,846		455,673
Robert Half International Inc.	7,570		222,785
RR Donnelley & Sons Co.	9,260		326,785
Ryder System Inc.	2,740		130,890
Snap-On Inc.	2,372		81,502
Waste Management Inc.	24,394		730,356
WW Grainger Inc.	3,875		258,152
Xerox Corp. (a)	40,720		692,647

			8,603,556

Computer Software & Services (7.50%)
Adobe Systems Inc.	10,171		638,129
Applied Materials Inc. (a)	72,644		1,242,212
AutoDesk Inc.	9,682		367,432
Automatic Data Processing Inc.	24,851		1,102,142
BMC Software Inc. (a)	9,311		173,185
Computer Associates International Inc.	24,904		773,518
Computer Sciences Corp. (a)	7,994		450,622
Compuware Corp. (a)	16,369		105,907
Comverse Technology Inc. (a)	8,347		204,084
Ebay Inc. (a)	28,222		3,281,654
Electronic Arts Inc. (a)	13,061		805,603
Electronic Data Systems Corp.	21,803		503,649
EMC Corp. (a)	102,317		1,521,454
Intel Corp.	269,653		6,307,184
Intuit Inc. (a)	7,937		349,307
KLA Tencor Corp. (a)	8,374		390,061
Linear Technology Corp.	13,176		510,702
Microsoft Corp.	463,545		12,381,287
Oracle Corp. (a)	218,797		3,001,895
Sungard Data Systems (a)	12,359		350,130
Unisys Corp. (a)	14,216		144,719
Veritas Software Corp. (a)	18,038		514,985
Yahoo! Inc. (a)	58,484		2,203,677

			37,323,538

Computers (3.24%)
Apple Computer Inc. (a)	17,067		1,099,115
Dell Inc. (a)	105,963		4,465,281
Gateway Inc. (a)	15,219		91,466
Hewlett-Packard Co.	128,854		2,702,068
International Business Machines Corp.	70,991		6,998,293
Sun Microsystems Inc. (a)	143,500		772,030

			16,128,253

Consumer & Marketing (4.46%)
Alberto-Culver Co.	3,859		187,432
Altria Group Inc.	87,541		5,348,755
Avery Dennison Corp.	4,708		282,339
Avon Products Inc.	20,063		776,438
Black & Decker Corp.	3,495		308,713
Brown-Forman Corp. Class B (a)	5,269		256,495
Brunswick Corp.	4,042		200,079
Clorox Co.	6,487		382,279
Colgate-Palmolive Co.	22,650		1,158,774
Danaher Corp.	13,115		752,932
Darden Restaurants Inc.	6,866		190,463
Fortune Brands Inc.	6,088		469,872
Hasbro Inc.	7,359		142,617
Kimberly Clark Corp.	20,829		1,370,757
Mattel Inc.	17,937		349,592
Maytag Corp.	3,176		67,014
Newell Rubbermaid Inc.	11,713		283,337
Starbucks Corp. (a)	17,081		1,065,171
The Gillette Co.	42,376		1,897,597
The Procter & Gamble Co.	108,182		5,958,665
UST Inc.	7,055		339,416
Wendy’s International Inc.	4,866		191,039
Whirlpool Corp.	2,878		199,186

			22,178,962

Electronic/Electrical Mfg. (4.50%)
Advanced Micro Devices Inc. (a)	16,240		357,605
Agilent Technologies Inc. (a)	20,891		503,473
Emerson Electric Co.	17,959		1,258,926
Freescale Semiconductor Inc. Class B (a)	16,545		303,766
General Electric Co.	450,755		16,452,558
LSI Logic Corp. (a)	15,942		87,362
Micron Technology Inc. (a)	26,014		321,273
Molex Inc.	8,084		242,520
National Semiconductor Corp.	15,286		274,384
PerkinElmer Inc.	5,456		122,705
Rockwell Automation Inc.	7,921		392,486
Texas Instruments Inc.	73,760		1,815,971
Waters Corp. (a)	5,094		238,348

			22,371,377

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Financial Services (9.91%)
Affiliated Computer Services (a)	5,427	$	326,651
AMBAC Financial Group Inc.	4,619		379,358
American Express Co.	53,551		3,018,670
Apartment Investment and Management Co.	3,974		153,158
Archstone Smith Trust	8,216		314,673
Bear Stearns Companies Inc.	4,359		445,969
Capital One Financial Corp.	10,353		871,826
Charles Schwab Corp.	57,286		685,141
CIT Group Inc.	8,900		407,798
Citigroup Inc.	221,290		10,661,752
Compass Bancshares Inc. (a)	5,127		249,531
Countrywide Financial Corp.	24,611		910,853
E Trade Group Inc. (a)	15,600		233,220
Equity Office Properties Trust	17,190		500,573
Equity Residential	11,939		431,953
Federal Home Loan Mortgage Corp.	29,449		2,170,391
Federal National Mortgage Association	41,296		2,940,688
Federated Investors Inc. Class B	4,614		140,266
First Data Corp.	35,433		1,507,320
First Horizon National Corp.	5,285		227,836
Franklin Resources Inc.	10,646		741,494
Goldman Sachs Group Inc.	20,663		2,149,778
H&R Block Inc.	7,021		344,029
Janus Capital Group Inc.	10,115		170,033
KeyCorp	17,471		592,267
Lehman Brothers Holdings Inc.	11,513		1,007,157
Marshall & Ilsley Corp.	9,465		418,353
MBIA Inc.	5,995		379,364
MBNA Corp.	54,445		1,534,805
Mellon Financial Corp.	18,078		562,407
Merrill Lynch & Co. Inc.	39,745		2,375,559
MGIC Investment Corp.	4,060		279,775
Morgan Stanley	46,705		2,593,062
National City Corp.	28,754		1,079,713
North Fork Bancorporation	19,921		574,721
Principal Financial Group	13,146		538,197
ProLogis Trust	7,731		334,984
Providian Financial Corp. (a)	12,453		205,101
Regions Financial Corp.	19,804		704,824
Simon Property Group Inc.	9,424		609,450
SLM Corp.	18,368		980,668
Sovereign Bancorp Inc.	14,604		329,320
T Rowe Price Group Inc.	5,401		335,942
Wachovia Corp.	68,407		3,598,208
Zions Bancorporation	3,817		259,670

			49,276,508

Forest Products & Paper (0.54%)
Georgia Pacific Corp.	11,128		417,077
International Paper Co.	20,672		868,224
MeadWestvaco Corp.	8,592		291,183
OfficeMax Inc.	4,141		129,944
Plum Creek Timber Co., Inc.	7,811		300,255
Weyerhaeuser Co.	10,267		690,148

			2,696,831

Health Care (11.98%)
Abbott Laboratories	66,420		3,098,493
Aetna Inc.	6,313		787,547
Allergan Inc.	5,595		453,587
Amerisourcebergen Corp.	4,519		265,175
Amgen Inc. (a)	54,212		3,477,700
Applera Corp. - Applied Biosystems Group	8,133		170,061
Bausch & Lomb Inc.	2,330		150,192
Baxter International Inc.	26,419		912,512
Becton Dickinson & Co.	10,800		613,440
Biogen Idec Inc. (a)	14,256		949,592
Biomet Inc.	10,837		470,217
Boston Scientific Corp. (a)	36,008		1,280,084
Bristol-Myers Squibb Co.	82,959		2,125,410
Cardinal Health Inc.	18,499		1,075,717
Caremark Rx Inc. (a)	19,441		766,559
Chiron Corp. (a)	8,049		268,273
CR Bard Inc.	4,448		284,583
Eli Lilly & Co.	48,255		2,738,471
Express Scripts Inc. (a)	3,191		243,920
Forest Laboratories Inc. (a)	15,748		706,455
Genzyme Corp. (a)	10,566		613,568
Gilead Sciences Inc. (a)	18,474		646,405
Guidant Corp.	13,517		974,576
HCA Inc.	17,966		717,921
Health Management Associates Inc.	10,363		235,447
Hospira Inc. (a)	6,655		222,943
Humana Inc. (a)	6,636		197,023
IMS Health Inc.	10,016		232,471
Johnson & Johnson	126,554		8,026,055
King Pharmaceuticals Inc. (a)	10,162		126,009
Laboratory Corp. of America Holdings (a)	5,967		297,276
Manor Care Inc.	3,685		130,560
McKesson Corp.	12,475		392,464
Medco Health Solutions Inc. (a)	11,549		480,438
Medimmune Inc. (a)	10,604		287,474
Medtronic Inc.	51,578		2,561,879
Merck & Co. Inc.	94,614		3,040,894
Mylan Laboratories	11,447		202,383
Pfizer Inc.	321,131		8,635,213
Quest Diagnostics Inc.	4,300		410,865
Schering Plough Corp.	62,663		1,308,403
St. Jude Medical Inc. (a)	15,252		639,516
Stryker Corp.	17,041		822,228
Tenet Healthcare Corp. (a)	19,843		217,876

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Health Care (Cont.)
UnitedHealth Group Inc.	27,892	$	2,455,333
Watson Pharmaceuticals Inc. (a)	4,816		158,013
WellPoint Inc. (a)	12,556		1,443,940
Wyeth	56,900		2,423,371
Zimmer Holdings Inc. (a)	10,501		841,340

			59,579,872

Insurance (4.06%)
Ace Ltd.	12,060		515,565
AFLAC Inc.	21,653		862,656
American International Group Inc.	111,070		7,293,967
Aon Corp.	13,426		320,344
Chubb Corp.	8,202		630,734
Cigna Corp.	5,677		463,073
Cincinnati Financial Corp.	7,170		317,344
Jefferson-Pilot Corp.	5,730		297,731
Lincoln National Corp.	7,382		344,592
Loews Corp.	7,901		555,440
Marsh & McLennan Companies Inc.	22,589		743,178
MetLife Inc.	31,789		1,287,772
Progressive Corp.	8,532		723,855
Prudential Financial Inc.	21,914		1,204,393
Safeco Corp.	5,366		280,320
St. Paul Travelers Co. Inc.	28,463		1,055,123
The Allstate Corp.	29,300		1,515,396
The Hartford Financial Services Group Inc.	12,464		863,880
Torchmark Corp.	4,569		261,073
UNUMProvident Corp.	12,636		226,690
XL Capital Ltd.	5,884		456,893

			20,220,019

Leisure, Lodging & Gaming (0.68%)
Carnival Corp.	26,972		1,554,396
Harrahs Entertainment Inc.	4,808		321,607
Hilton Hotels Corp.	16,340		371,572
Marriott International Class A	9,571		602,782
Starwood Hotels Resorts	8,820		515,088

			3,365,445

Machinery & Manufacturing (3.42%)
3M Co.	33,219		2,726,283
Caterpillar Inc.	14,572		1,420,916
Cooper Industries Ltd.	3,947		267,962
Cummins Inc.	1,950		163,390
Deere & Co.	10,599		788,566
Dover Corp.	8,660		363,200
Eaton Corp.	6,417		464,334
Goodrich Corp.	5,019		163,820
Honeywell International Inc.	36,609		1,296,325
Illinois Tool Works Inc.	12,631		1,170,641
Ingersoll-Rand Co.	7,381		592,694
Johnson Controls Inc.	8,095		513,547
Millipore Corp. (a)	2,107		104,950
Monsanto Co.	11,316		628,604
Parker Hannifin Corp.	5,095		385,895
Textron Inc.	5,865		432,837
Thermo Electron Corp. (a)	6,737		203,390
Tyco International Ltd.	85,766		3,065,277
United Technologies Corp.	21,809		2,253,960

			17,006,591

Media & Broadcasting (3.67%)
Clear Channel Communications	24,519		821,141
Comcast Corp. Class A (a)	94,711		3,151,982
Dow Jones & Co. Inc.	3,435		147,911
Gannett Co. Inc.	10,911		891,429
Knight-Ridder Inc.	3,296		220,634
McGraw Hill Companies Inc.	8,111		742,481
Meredith Corp.	2,146		116,313
New York Times Co.	6,081		248,105
News Corp. Class A (a)	111,120		2,073,499
The Walt Disney Co.	87,192		2,423,938
Time Warner Inc. (a)	195,256		3,795,777
Tribune Co.	13,474		567,794
Univision Communications Inc. (a)	13,776		403,224
Viacom Inc. Class B	72,754		2,647,518

			18,251,746

Mining & Metals (0.68%)
ALCOA Inc.	37,007		1,162,760
Allegheny Technologies Inc.	4,282		92,791
Freeport-McMoRan Copper & Gold Inc.	7,547		288,522
Newmont Mining Corp. Holding Co.	18,867		837,883
Nucor Corp.	6,731		352,301
Phelps Dodge Corp.	4,089		404,484
United States Steel Corp.	4,834		247,742

			3,386,483

Oil & Gas (6.81%)
Amerada Hess Corp.	3,946		325,072
Anadarko Petroleum Corp.	10,575		685,366
Apache Corp.	13,852		700,496
Baker Hughes Inc.	14,411		614,917
BJ Services Co.	6,858		319,171
Burlington Resources Inc.	16,666		724,971
ChevronTexaco Corp.	90,362		4,744,909
ConocoPhillips	29,413		2,553,931
Devon Energy Corp.	20,732		806,889
El Paso Corp.	27,335		284,284
EOG Resources Inc.	5,106		364,364
Exxon Mobil Corp.	275,067		14,099,934
Haliburton Co.	18,748		735,672
Kerr-McGee Corp.	6,529		377,311

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Oil & Gas (Cont.)
Kinder Morgan Inc.	5,286	$	386,565
Marathon Oil Corp.	14,713		553,356
Nabors Industries Ltd. (a)	6,332		324,768
Noble Corp. (a)	5,829		289,934
Occidental Petroleum Corp.	16,822		981,732
Rowan Companies Inc. (a)	4,521		117,094
Schlumberger Ltd.	25,085		1,679,441
Sunoco Inc.	3,163		258,449
Transocean Inc. (a)	13,668		579,387
Unocal Corp.	11,229		485,542
Valero Energy Corp.	10,966		497,856
Williams Companies Inc.	23,674		385,649

			33,877,060

Retailers (6.72%)
Albertsons Inc.	15,668		374,152
AutoNation Inc. (a)	11,401		219,013
AutoZone Inc. (a)	3,428		313,011
Bed Bath & Beyond Inc. (a)	12,799		509,784
Best Buy Inc.	13,818		821,066
Big Lots Inc. (a)	4,759		57,727
Circuit City Stores Inc.	8,527		133,362
Coach Inc. (a)	8,010		451,764
Costco Wholesale	19,968		966,651
CVS Corp.	17,131		772,094
Dillard’s Inc. Class A	3,448		92,648
Dollar General Corp.	14,050		291,818
Family Dollar Stores	7,308		228,229
Federated Department Stores Inc.	7,257		419,382
GAP Inc.	37,492		791,831
Home Depot Inc.	93,670		4,003,456
JC Penney Inc.	12,149		502,969
Kohls Corp. (a)	14,728		724,176
Kroger Co. (a)	31,619		554,597
Limited Brands	17,265		397,440
Lowe’s Companies Inc.	32,984		1,899,548
May Department Stores Co.	12,393		364,354
McDonald’s Corp.	53,595		1,718,256
Nordstrom Inc.	5,932		277,202
Office Depot Inc. (a)	13,338		231,548
Radioshack Corp.	6,723		221,052
Safeway Inc. (a)	19,011		375,277
Sears Roebuck & Co.	8,862		452,228
Sherwin Williams Co.	5,988		267,244
Staples Inc.	21,183		714,079
Supervalu Inc.	5,751		198,524
Target Corp.	38,218		1,984,661
Tiffany & Co.	6,240		199,493
TJX Companies Inc.	20,638		518,633
Toys “R” Us Inc. (a)	9,131		186,912
Wal-Mart Stores Inc.	180,578		9,538,130
Walgreen Co.	43,628		1,674,006

			33,446,317

Technology (2.39%)
Altera Corp. (a)	15,947		330,103
American Power Conversion Corp.	8,345		178,583
Analog Devices Inc.	15,982		590,055
Applied Micro Circuits Corp. (a)	13,349		56,199
Avaya Inc. (a)	19,621		337,481
Broadcom Corp. (a)	13,881		448,079
Citrix Systems Inc. (a)	7,263		178,161
Fiserv Inc. (a)	8,308		333,899
Fisher Scientific International Inc. (a)	5,021		313,210
International Game Technology	14,584		501,398
Jabil Circuit Inc. (a)	8,559		218,939
L-3 Communications Holdings Inc.	4,845		354,848
Lexmark International Group Inc. (a)	5,533		470,305
Maxim Integrated Products Inc.	13,946		591,171
Mercury Interactive Corp. (a)	3,611		164,481
NCR Corp. (a)	3,937		272,559
Network Appliance Inc. (a)	15,157		503,516
Novell Inc. (a)	16,502		111,389
Novellus Systems Inc. (a)	5,920		165,109
NVIDIA Corp. (a)	7,083		166,875
Parametric Technology Corp. (a)	10,876		64,060
PMC Sierra Inc. (a)	7,296		82,080
Power-One Inc. (a)	3,721		33,191
Q Logic Corp. (a)	3,958		145,377
Qualcomm Inc.	69,767		2,958,121
Sabre Holdings Corp.	5,813		128,816
Sanmina Corp. (a)	22,214		188,153
Siebel Systems Inc. (a)	21,430		225,015
Solectron Corp. (a)	40,986		218,455
Symantec Corp. (a)	27,036		696,447
Symbol Technologies Inc.	10,013		173,225
Tektronix Inc.	3,745		113,136
Teradyne Inc. (a)	8,274		141,237
Xilinx Inc.	14,784		438,346

			11,892,019

Telecom & Telecom Equipment (5.06%)
ADC Telecommunications Inc. (a)	32,754		87,781
Alltel Corp.	12,951		761,001
Andrew Corp. (a)	6,859		93,488
AT&T Corp.	33,813		644,476
BellSouth Corp.	78,089		2,170,093
CenturyTel Inc.	5,831		206,826
Ciena Corp. (a)	23,712		79,198
Cisco Systems Inc. (a)	280,831		5,420,038
Citizens Communications Co.	14,468		199,514
Corning Inc. (a)	59,797		703,811
JDS Uniphase Corp. (a)	61,403		194,648

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares		Value
Common Stocks (Cont.)

Telecom & Telecom Equipment (Cont.)
Lucent Technologies Inc. (a)		188,290	$	707,970
Motorola Inc.		103,499		1,780,183
Nextel Communications Inc. Class A (a)		47,295		1,418,850
Qwest Communications International Inc. (a)		76,317		338,847
SBC Communications Inc.		141,430		3,644,651
Scientific-Atlanta Inc.		6,531		215,588
Sprint FON Group		62,554		1,554,467
Tellabs Inc. (a)		19,712		169,326
Verizon Communications		118,100		4,784,231

				25,174,987

Textiles & Clothing (0.36%)
Jones Apparel		5,100		186,507
Liz Claiborne Inc.		4,727		199,527
Nike Inc.		11,240		1,019,355
Reebok International Ltd.		2,561		112,684
VF Corp.		4,684		259,400

				1,777,473

Transportation (1.57%)
Burlington Northern Santa Fe Corp.		16,013		757,575
CSX Corp.		9,149		366,692
FedEx Corp.		12,854		1,265,991
Norfolk Southern Corp.		16,985		614,687
Union Pacific Corp.		11,036		742,171
United Parcel Services Class B		47,807		4,085,586

				7,832,702

Utilities & Energy (2.93%)
Allegheny Energy Inc. (a)		5,607		110,514
Ameren Corp.		8,400		421,176
American Electric Power Co. Inc.		16,851		578,663
Calpine Corp. (a)		21,941		86,448
CenterPoint Energy Inc.		13,110		148,143
Cinergy Corp.		7,667		319,177
CMS Energy Corp. (a)		8,589		89,755
Consolidated Edison Inc.		10,265		449,094
Constellation Energy Group Inc.		7,587		331,628
Dominion Resources Inc.		14,142		957,979
DTE Energy Co.		7,392		318,817
Duke Energy Corp.		40,595		1,028,271
Dynegy Inc. (a)		17,165		79,302
Edison International		13,881		444,608
Entergy Corp.		9,565		646,498
Exelon Corp.		28,141		1,240,174
FirstEnergy Corp.		14,048		555,037
FPL Group Inc.		7,872		588,432
KeySpan Corp.		6,827		269,325
Nicor Inc.		1,914		70,703
NiSource Inc.		11,694		266,389
Peoples Energy Corp.		1,597		70,188

	Shares or principal amount		Value
Common Stocks (Cont.)

Utilities & Energy (Cont.)
PG&E Corp. (a)		17,149	$	570,719
Pinnacle West Capital Corp.		3,898		173,110
PPL Corp.		8,144		433,912
Progress Energy Inc.		10,504		475,201
Public Service Enterprise Group Inc.		10,080		521,842
Sempra Energy		10,070		369,368
TECO Energy Inc.		8,799		134,977
The AES Corp. (a)		28,033		383,211
The Southern Co.		31,395		1,052,360
TXU Corp.		10,278		663,548
Xcel Energy Inc.		17,018		309,728
XTO Energy Corp.		11,234		397,459

				14,555,756

Total Common Stocks (cost $482,207,251)				481,312,830

Short-term Investments (3.32%)
U.S. Treasury Bills, 1.900%, 02/03/2005 (b)	$	16,567,000		16,540,327

Total Short-term Investments (cost $16,539,171)				16,540,327

TOTAL INVESTMENTS (100.08%) (cost $498,746,422)				497,853,157

LIABILITIES, NET OF CASH AND OTHER ASSETS (-0.08%)				(407,351	)

NET ASSETS (100.00%)			$	497,445,806

(a)	Non-income producing security.

(b)	At December 31, 2004, these securities have been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2004


	Shares	Value
Common Stocks (98.61%)

Automotive & Transportation (4.42%)
AAR Corp. (a)	7,637	$	104,016
Aftermarket Technology Corp. (a)	1,820		29,302
Airtran Holdings Inc. (a)	19,252		205,996
Alaska Air Group Inc. (a)	6,533		218,790
Alexander & Baldwin Inc.	9,597		407,105
Amerco Inc. (a)	1,962		90,213
America West Holdings Corp. Class B (a)	9,834		64,708
Arctic Cat Inc.	3,670		97,328
Arkansas Best Corp.	5,074		227,772
ArvinMeritor Inc.	15,728		351,835
Aviall Inc. (a)	6,826		156,793
Bandag Inc.	2,804		139,667
Coachmen Industries Inc.	3,295		57,201
Collins & Aikman Corp. (a)	10,113		44,093
Commercial Vehicle Group Inc. (a)	1,453		31,719
Continental Airlines Inc. (a)	15,464		209,382
Cooper Tire & Rubber Co.	14,859		320,211
Covenant Transport Inc. (a)	1,870		38,933
Delta Air Lines Inc. (a)	24,702		184,771
EGL Inc. (a)	8,313		248,476
ExpressJet Holdings Inc. (a)	8,628		111,129
Fleetwood Enterprises Inc. (a)	12,017		161,749
Florida East Coast Industries Inc.	5,127		231,228
FLYi Inc. (a)	9,680		17,134
Forward Air Corp. (a)	5,052		225,824
Frontier Airlines Inc. (a)	7,888		90,002
GATX Corp.	11,052		326,697
Genesee & Wyoming Inc. (a)	4,645		130,664
Goodyear Tire & Rubber Co. (a)	33,779		495,200
Greenbrier Companies Inc.	1,504		50,910
GulfMark Offshore Inc. (a)	2,660		59,238
Hayes Lemmerz International Inc. (a)	7,997		70,613
Heartland Express Inc.	10,063		226,116
Hub Group Inc. (a)	1,639		85,589
Kansas City Southern (a)	13,904		246,518
Keystone Automotive Industries Inc. (a)	3,388		78,771
Kirby Corp. (a)	5,157		228,868
Knight Transportation Inc.	8,241		204,377
Laidlaw International (a)	23,039		493,035
Landstar Systems Inc. (a)	6,769		498,469
Marine Products Corp.	2,400		62,664
Marten Transport Ltd. (a)	1,187		26,980
Mesa Air Group Inc. (a)	6,593		52,348
Modine Manufacturing Co.	5,661		191,172
Monaco Coach Corp.	6,305		129,694
Noble International Ltd.	1,276		26,018
Northwest Airlines Corp. (a)	16,278		177,918
Offshore Logistics Inc. (a)	4,514		146,570
Old Dominion Freight Line Inc. (a)	3,739		130,117
Overnite Corp.	6,215		231,447
Overseas Shipholding Group Inc.	6,029		332,801
Pacer International Inc. (a)	6,664		141,677
PAM Transportation Services Inc. (a)	745		13,969
Pinnacle Airlines Corp. (a)	3,559		49,612
Quality Distribution Inc. (a)	2,212		18,669
Quixote Corp.	1,870		38,017
Railamerica Inc. (a)	7,981		104,152
Sauer Danfoss Inc.	2,992		65,255
SCS Transportation Inc. (a)	3,237		75,649
Seabulk International Inc. (a)	1,163		14,084
Skywest Inc.	12,883		258,433
Sports Resorts International Inc. (a)	6,259		18,026
Standard Motor Products Inc.	2,047		32,343
Stoneridge Inc. (a)	3,378		51,109
Strattec Security Corp. (a)	700		43,834
Superior Industries International Inc.	5,126		148,910
Swift Transportation Co Inc. (a)	11,557		248,244
Tenneco Automotive Inc. (a)	9,740		167,918
Tower Automotive Inc. (a)	12,922		30,884
US Xpress Enterprises Inc. Class A (a)	1,159		33,959
USF Corp.	6,295		238,895
Visteon Corp.	28,727		280,663
Wabash National Corp. (a)	7,336		197,558
Wabtec Corp.	8,379		178,640
Werner Enterprises Inc.	10,641		240,912
Winnebago Industries Inc.	5,761		225,025

			11,684,608

Consumer Discretionary (18.31%)
1-800 Contacts Inc. (a)	1,401		30,822
1-800-Flowers.com Inc. (a)	4,082		34,330
24/7 Real Media Inc. (a)	14,146		61,252
4 Kids Entertainment Inc. (a)	3,290		69,156
99 Cents Only Stores (a)	11,309		182,753
Aaron Rents Inc.	8,478		211,950
ABM Industries Inc.	8,679		171,150
AC Moore Arts & Crafts Inc. (a)	3,021		87,035
Action Performance Companies Inc.	3,687		40,520
Administaff Inc. (a)	4,958		62,520
Advanced Marketing Services Inc.	3,527		35,482
Advisory Board Co. (a)	4,133		152,425
Advo Inc.	6,733		240,031
Aeropostale Inc. (a)	12,450		366,403
Alderwoods Group Inc. (a)	8,600		97,868
Alliance Gaming Corp. (a)	11,413		157,614
Alloy Inc. (a)	8,117		65,504
Ambassadors Group Inc.	1,659		59,077
America’s Car-Mart Inc. (a)	1,131		42,978
American Greetings Corp.	14,275		361,871
American Woodwork Corp.	2,358		102,997
Ameristar Casinos Inc.	2,487		107,215
AMN Healthcare Services Inc. (a)	3,570		56,799
Angelica Corp.	2,200		59,510
Applica Inc. (a)	4,804		29,064

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Consumer Discretionary (Cont.)
aQuantive Inc. (a)	9,734	$	87,022
Arbitron Inc. (a)	7,546		295,652
Argosy Gaming Co. (a)	5,785		270,159
Asbury Automotive Group (a)	3,119		42,980
Atari Inc. (a)	2,600		7,618
Autobytel.com inc. (a)	8,810		53,212
Aztar Corp. (a)	7,665		267,662
Banta Corp.	5,654		253,073
Bassett Furniture Industries Inc.	2,150		42,194
Beasley Broadcast Group Inc. (a)	1,800		31,554
bebe stores Inc.	2,957		79,780
Big 5 Sporting Goods Corp.	4,749		138,386
BJ’s Restaurant Inc. (a)	2,400		33,600
Blair Corp.	2,120		75,599
Blue Nile Inc. (a)	1,199		33,116
Blyth Inc.	6,832		201,954
Bob Evans Farms Inc.	8,411		219,864
Bombay Co. Inc. (a)	8,126		44,937
Bon-Ton Stores Inc.	613		9,655
Bowne & Co. Inc.	8,388		136,389
Boyd Gaming Corp.	10,174		423,747
Bright Horizons Family Solutions Inc. (a)	2,834		183,530
Brightpoint Inc. (a)	4,327		84,550
Brookstone Inc. (a)	4,150		81,132
Brown Shoe Co. Inc.	4,259		127,046
Buckle Inc.	1,875		55,313
Buffalo Wild Wings Inc. (a)	1,422		49,500
Build-A-Bear-Workshop, Inc. (a)	2,010		70,652
Burlington Coat Factory Warehouse Corp.	3,910		88,757
Cache Inc. (a)	1,346		24,255
California Pizza Kitchen Inc. (a)	4,158		95,634
Callaway Golf Co.	14,933		201,595
Carmike Cinemas Inc.	1,856		67,744
Carter’s Inc. (a)	1,470		49,965
Casella Waste Systems Inc. (a)	4,100		60,024
Casual Male Retail Group Inc. (a)	6,376		34,749
Catalina Marketing Corp.	11,890		352,301
Cato Corp.	4,041		116,462
CBRL Group Inc.	11,277		471,942
CDI Corp.	2,940		62,857
CEC Entertainment Inc. (a)	8,436		337,187
Central European Distribution Corp. (a)	2,692		79,522
Central Garden & Pet Co. (a)	3,820		159,447
Central Parking Corp.	5,770		87,415
Century Business Services Inc. (a)	9,704		42,309
Charles River Associates Inc. (a)	2,301		107,618
Charlotte Russe Holding Inc. (a)	2,549		25,745
Charming Shoppes Inc. (a)	25,532		239,235
Charter Communications Inc. (a)	59,769		133,883
Chattem Inc. (a)	3,652		120,881
Chemed Corp.	2,959		198,578
Cherokee Inc.	1,000		35,280
Children’s Place Retail Stores Inc. (a)	3,670		135,900
Christopher & Banks Corp.	8,127		149,943
Churchill Downs Inc.	1,791		80,058
CKE Restaurants Inc. (a)	11,315		164,181
Clark Inc. (a)	4,368		67,791
CMGI Inc. (a)	84,925		216,559
CNET Networks Inc. (a)	28,300		317,809
Coinstar Inc. (a)	5,062		135,813
Coldwater Creek Inc. (a)	5,019		154,937
Conn’s Inc. (a)	685		11,522
Consolidated Graphics Inc. (a)	3,011		138,205
Cornell Co. Inc. (a)	3,189		48,409
Corrections Corporation of America (a)	8,260		334,117
Cosi Inc. (a)	3,810		23,051
Cost Plus Inc. (a)	5,549		178,289
CoStar Group Inc. (a)	4,023		185,782
Courier Corp.	1,200		62,304
Cross Country Healthcare Inc. (a)	5,825		105,316
Crown Media Holdings Inc. (a)	5,600		48,160
CSK Auto Corp. (a)	10,662		178,482
CSS Industries Inc.	1,782		56,596
Cumulus Media Inc. (a)	11,129		167,825
Dave & Buster’s Inc. (a)	2,771		55,974
Deb Shops Inc.	1,160		29,046
Deckers Outdoor Corp. (a)	1,952		91,724
Del Laboratories Inc. (a)	1,281		44,515
Department 56 Inc. (a)	2,978		49,584
Design Within Reach Inc. (a)	278		4,045
DHB Industries Inc. (a)	4,422		84,195
DiamondCluster International Inc. (a)	5,005		71,722
Dick’s Sporting Goods Inc. (a)	6,840		240,426
Digital Theater Systems Inc. (a)	4,082		82,171
Dollar Thrifty Automotive Group Inc. (a)	5,715		172,593
Domino’s Pizza Inc.	4,908		87,362
DoubleClick Inc. (a)	26,834		208,769
Dover Downs Gaming & Entertainment Inc.	2,894		37,911
Dover Motorsports Inc.	5,438		31,160
Dress Barn Inc. (a)	5,368		94,477
Drugstore.com Inc. (a)	7,476		25,418
Earthlink Inc. (a)	30,740		354,125
Educate, Inc. (a)	1,190		15,756
Electronics Boutique Holdings Corp. (a)	3,326		142,818
Elizabeth Arden Inc. (a)	4,858		115,329
Emmis Communications Corp. (a)	11,384		218,459
Empire Resorts Inc. (a)	4,137		46,128
Ennis Inc.	4,396		84,623
Entravision Communications Corp. (a)	10,326		86,222
Escalade Inc.	1,256		16,780
Ethan Allen Interiors Inc.	7,454		298,309
Exponent Inc. (a)	877		24,109
FindWhat.com (a)	5,811		103,029
Finish Line Inc.	8,734		159,832

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Consumer Discretionary (Cont.)
First Advantage Corp. (a)	619	$	12,628
Fisher Communications Inc. (a)	1,113		54,403
Forrester Research Inc. (a)	3,838		68,854
Fred’s Inc.	9,240		160,776
FTI Consulting Inc. (a)	10,070		212,175
Furniture Brands International Inc.	11,767		294,763
G&K Services Inc.	4,109		178,413
Gamestop Corp. Class B (a)	10,349		231,921
Gander Mountain Co. (a)	1,326		17,013
Gaylord Entertainment Co. (a)	7,094		294,614
Genesco Inc. (a)	5,282		164,481
Geo Group Inc. (a)	2,594		68,949
Gevity HR Inc.	5,450		112,052
Goody’s Family Clothing Inc.	4,296		39,265
Gray Television Inc.	9,926		153,853
Greenfield Online (a)	984		21,638
Grey Global Group Inc.	163		179,298
Group 1 Automotive Inc. (a)	4,682		147,483
GSI Commerce Inc. (a)	3,921		69,715
Guess ? Inc. (a)	3,461		43,436
Guitar Center Inc. (a)	5,525		291,112
Gymboree Corp. (a)	6,453		82,727
Hancock Fabrics Inc.	3,765		39,043
Handleman Co.	5,895		126,625
Harris Interactive Inc. (a)	9,415		74,379
Hartmarx Corp. (a)	3,225		25,058
Haverty Furniture Companies Inc.	4,011		74,204
Heidrick & Struggles International Inc. (a)	5,026		172,241
Hibbett Sporting Goods Inc. (a)	5,166		137,467
Hollinger International Inc.	13,029		204,295
Hollywood Entertainment Corp. (a)	12,237		160,182
Hooker Furniture Corp.	2,603		59,088
Hot Topic Inc. (a)	10,704		184,002
Hudson Highland Group Inc. (a)	2,495		71,856
IHOP Corp.	4,761		199,438
Infospace Inc. (a)	7,315		347,828
InfoUSA Inc. (a)	6,127		68,561
Insight Communications Company Inc. (a)	11,075		102,665
Insight Enterprises Inc. (a)	10,736		220,303
Insurance Auto Auctions Inc. (a)	2,150		48,203
Inter Parfums Inc.	958		15,232
Interchange Corp. (a)	1,548		28,081
Internap Network Services Corp. (a)	62,317		57,955
iPass Inc. (a)	9,628		71,247
Isle of Capri Casinos Inc. (a)	4,550		116,707
iVillage Inc. (a)	6,234		38,526
J Jill Group Inc. (a)	4,070		60,602
Jack in the Box Inc. (a)	8,485		312,842
Jackson Hewitt Tax Service	8,464		213,716
Jakks Pacific Inc. (a)	5,548		122,666
Jarden Corp. (a)	6,197		269,198
Jo-Ann Stores Inc. (a)	4,276		117,761
John H Harland Co.	6,524		235,516
Joseph A. Bank Clothiers Inc. (a)	2,196		62,147
Journal Communications Inc-A	4,206		76,002
Journal Register Co. (a)	9,571		185,007
K-Swiss Inc.	5,800		168,896
K2 Inc. (a)	8,699		138,140
Kellwood Co.	6,458		222,801
Kelly Services Inc.	3,924		118,426
Kenneth Cole Productions Inc.	1,978		61,041
kforce Inc. (a)	4,715		52,337
Kimball International Inc.	7,187		106,439
Kirkland’s Inc. (a)	2,668		32,790
Korn/Ferry International Inc (a)	8,758		181,728
Krispy Kreme Doughnuts Inc. (a)	12,179		153,455
La Quinta Corp (a)	41,689		378,953
La-Z-Boy Inc.	12,145		186,669
Labor Ready Inc. (a)	9,175		155,241
Lakes Entertainment Inc (a)	2,118		34,502
Landry’s Restaurants Inc.	5,284		153,553
Leapfrog Enterprises Inc. (a)	7,131		96,982
Learning Tree International (a)	3,423		45,868
LECG Corp. (a)	2,005		37,393
Libbey Inc.	3,267		72,560
Liberty Corp.	3,867		169,993
Life Time Fitness Inc. (a)	3,025		78,287
Lifeline Systems Inc. (a)	1,800		46,368
Lifetime Hoan Corp.	1,321		21,004
LIN TV Corp. (a)	6,690		127,779
Linens ‘N Things Inc. (a)	10,204		253,059
Lithia Motors Inc.	3,598		96,498
LKQ Corp. (a)	3,117		62,558
Lodgenet Entertainment Corp. (a)	2,732		48,329
Lone Star Steakhouse Saloon Inc.	3,582		100,296
LookSmart Ltd. (a)	14,600		31,974
Magna Entertainment (a)	9,510		57,250
Mannatech Inc.	3,189		60,719
Manning (Greg) Auctions Inc. (a)	1,581		19,573
Marchex Inc. (a)	1,123		23,583
Marcus Corp.	4,820		121,175
MarineMax Inc. (a)	2,705		80,501
MarketWatch Inc. (a)	2,850		51,300
Martha Stewart Living Omnimedia Inc. (a)	2,739		79,486
Matthews International Corp.	7,289		268,235
Maximus Inc. (a)	4,412		137,301
Mediacom Communications Corp. Class A (a)	13,610		85,062
Medical Staffing Network Holdings Inc. (a)	3,123		25,577
Men’s Wearhouse Inc. (a)	7,011		224,072
Midas Inc. (a)	3,843		76,860
Midway Games Inc. (a)	10,219		107,300

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Consumer Discretionary (Cont.)
Monro Muffler Brake Inc. (a)	1,800	$	45,540
Movado Group Inc.	4,600		85,790
Movie Gallery Inc.	5,712		108,928
MPS Group Inc. (a)	23,326		285,977
MTR Gaming Group Inc. (a)	4,420		46,675
Multimedia Games Inc. (a)	4,908		77,350
National Presto Industries Inc.	1,399		63,655
Nautilus Group Inc.	6,852		165,613
Navarre Corp. (a)	4,722		83,107
Navigant Consulting Inc. (a)	10,787		286,934
Navigant International Inc. (a)	2,941		35,792
Neoforma Inc. (a)	2,924		22,486
Netratings Inc. (a)	2,858		54,788
Nevada Gold & Casinos Inc (a)	1,793		21,875
New York & Co., Inc. (a)	1,865		30,810
Nexstar Broadcasting Group Inc (a)	1,602		14,770
NIC Inc. (a)	5,503		27,955
Nu Skin Enterprises Inc.	11,660		295,931
O’Charley’s Inc. (a)	5,111		99,920
Oakley Inc.	6,009		76,615
Oshkosh B’Gosh Inc.	2,118		45,325
Overstock.com Inc. (a)	2,584		178,296
Oxford Industries Inc.	3,191		131,788
Panera Bread Co. (a)	6,439		259,620
Pantry Inc. (a)	2,963		89,157
Papa Johns International Inc. (a)	3,165		109,003
Party City Corp. (a)	2,331		30,140
Paxson Communications Corp. (a)	7,201		9,937
Payless Shoesource Inc. (a)	15,099		185,718
PC Connection Inc. (a)	1,982		18,869
PC Mall Inc. (a)	1,695		37,934
PDI Inc. (a)	2,103		46,855
Pegasus Solutions Inc. (a)	6,694		84,344
Penn National Gaming Inc. (a)	7,381		446,920
Pep Boys-Manny Moe & Jack	12,812		218,701
Perry Ellis International Inc. (a)	1,187		24,155
PetMed Express Inc. (a)	2,077		15,806
PF Chang’s China Bistro Inc. (a)	6,057		341,312
Phillips-Van Heusen Corp.	6,004		162,108
Pinnacle Entertainment Inc. (a)	8,237		162,928
PLATO Learning Inc. (a)	2,655		19,780
Playboy Enterprises Inc. (a)	4,373		53,744
Playtex Products Inc. (a)	5,848		46,726
Pre-Paid Legal Services Inc.	3,287		123,427
Priceline.Com Inc. (a)	5,630		132,812
Primedia Inc. (a)	29,655		112,689
Princeton Review Inc. (a)	3,400		20,910
Proquest Co. (a)	6,110		181,467
Pulitzer Inc.	2,116		137,223
Quiksilver Inc. (a)	12,609		375,622
Rare Hospitality International Inc. (a)	7,542		240,288
RC2 Corp. (a)	3,719		121,239
Reader’s Digest Association Inc.	21,972		305,631
Red Robin Gourmet Burgers Inc. (a)	2,847		152,229
Regent Comunications Inc. (a)	5,440		28,832
Renaissance Learning Inc.	2,538		47,105
Rent-Way Inc. (a)	5,418		43,398
Resources Connection Inc. (a)	5,428		294,795
Restoration Hardware Inc. (a)	5,593		32,104
Retail Ventures Inc. (a)	2,490		17,679
Revlon Inc. (a)	29,760		68,448
RH Donnelley Corp. (a)	5,213		307,828
Rollins Inc.	4,653		122,467
Rush Enterprises Inc. (a)	236		4,085
Russ Berrie & Co. Inc.	2,193		50,088
Russell Corp.	6,605		128,665
Ryan’s Restaurant Group Inc. (a)	9,287		143,206
Saga Communications Inc. (a)	3,450		58,133
Salem Communications Corp. (a)	2,500		62,375
Schawk Inc.	273		4,963
Scholastic Corp. (a)	6,699		247,595
School Speciality Inc. (a)	5,013		193,301
Scientific Games Corp. Class A (a)	17,601		419,608
SCP Pool Corp.	12,036		383,948
Select Comfort Corp. (a)	8,431		151,252
Sharper Image Corp. (a)	2,414		45,504
Shoe Carnival Inc. (a)	2,178		28,314
ShopKo Stores Inc. (a)	6,779		126,632
Shuffle Master Inc. (a)	5,148		242,471
Sinclair Broadcast Group Inc.	8,907		82,033
Sitel Corp. (a)	7,813		19,220
Six Flags Inc. (a)	21,290		114,327
Skechers USA Inc. (a)	4,990		64,670
Sohu.com Inc. (a)	5,148		91,171
Sonic Automotive Inc.	6,532		161,994
Sonic Corp. (a)	13,678		417,179
Sotheby’s Holdings Inc. (a)	11,449		207,914
Source Interlink Co. Inc. (a)	3,825		50,796
Sourcecorp (a)	3,273		62,547
Spanish Broadcasting System Inc. (a)	7,500		79,200
Speedway Motorsports Inc.	3,556		139,324
Spherion Corp. (a)	13,991		117,524
Sports Authority Inc. (a)	5,024		129,368
Stage Stores Inc. (a)	4,305		178,744
Stamps.com Inc. (a)	4,450		70,488
Stanley Furniture Inc.	1,180		53,041
Startek Inc.	2,775		78,949
Steak N Shake (a)	5,417		108,773
Stein Mart Inc. (a)	5,275		89,991
Steinway Musical Instruments Inc. (a)	1,659		48,011
Steven Madden Ltd. (a)	2,300		43,378
Stewart Enterprises Inc. (a)	23,831		166,579
Strayer Education Inc.	3,313		363,734
Stride Rite Corp.	8,174		91,304
Sturm Ruger & Co. Inc.	4,336		39,154
Systemax Inc. (a)	654		4,800

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Consumer Discretionary (Cont.)
Take-Two Interactive Software Inc. (a)	10,080	$	350,683
TBC Corp. (a)	4,208		116,982
TeleTech Holdings Inc. (a)	8,630		83,625
Tempur Pedic International (a)	4,407		93,428
Texas Roadhouse, Inc. Class A (a)	872		25,768
Thomas Nelson Inc.	2,496		56,410
Thor Industries Inc.	8,139		301,550
THQ Inc. (a)	8,447		193,774
TiVo Inc. (a)	9,653		56,663
Too Inc. (a)	7,999		195,656
Topps Co. Inc.	7,818		76,226
Toro Co.	5,098		414,722
Tractor Supply Co. (a)	7,198		267,838
Trans World Entertainment Corp. (a)	5,179		64,582
Travelzoo Inc. (a)	667		63,652
Triarc Companies Inc. Class B	7,712		94,549
Tuesday Morning Corp. (a)	5,835		178,726
Tupperware Corp.	11,578		239,896
Unifirst Corp.	2,559		72,369
United Auto Group Inc.	4,483		132,652
United Natural Foods Inc. (a)	9,014		280,335
United Online Inc. (a)	14,979		172,708
United Stationers Inc. (a)	7,669		354,308
Universal Electronics Inc. (a)	2,900		51,040
Universal Technical Institute, Inc. (a)	3,221		122,785
USANA Health Sciences Inc. (a)	2,130		72,846
Vail Resorts Inc. (a)	4,880		109,410
Valassis Communications Inc. (a)	12,060		422,221
Value Line Inc.	444		17,422
ValueClick Inc. (a)	17,548		233,915
ValueVision Media Inc. Class A (a)	4,832		67,213
Ventiv Health Inc. (a)	3,909		79,431
Vertrue Inc. (a)	2,069		78,146
Volt Information Sciences Inc. (a)	2,248		66,069
Warnaco Group Inc. (a)	10,188		220,061
Waste Connections Inc. (a)	10,430		357,228
Water Pik Technology (a)	1,858		32,942
Watson Wyatt & Co. Holdings	7,930		213,713
WD-40 Co.	3,710		105,401
WebSideStory, Inc. (a)	1,232		15,314
Wesco International Inc. (a)	4,361		129,260
West Marine Inc. (a)	2,913		72,097
Wireless Facilities Inc. (a)	11,848		111,845
WMS Industries Inc. (a)	4,899		164,312
Wolverine World Wide Inc.	9,077		285,199
World Fuel Services Corp.	2,999		149,350
World Wrestling Entertainment	3,627		43,996
Yankee Candle Co. (a)	11,215		372,114
Young Broadcasting Inc. Class A (a)	5,121		54,078
Zale Corp. (a)	11,952		357,006

			48,339,111

Consumer Staples (1.60%)
American Italian Pasta Co.	3,779		87,862
Arden Group Inc. Class A	29		2,914
Boston Beer Co. Inc. (a)	1,700		36,159
Cal-Maine Foods Inc.	2,826		34,166
Casey’s General Stores Inc.	11,095		201,374
Chiquita Brands International Inc.	10,043		221,549
Coca-Cola Bottling Co Consolidated	367		20,941
Corn Products International Inc.	8,200		439,192
Dimon Inc.	9,957		66,911
Farmer Brothers Co.	2,000		48,480
Flowers Foods Inc.	7,885		249,008
Great Atlantic & Pacific Tea Co. Inc. (a)	4,500		46,125
Hain Celestial Group Inc. (a)	5,771		119,287
Hansen Natural Corp. (a)	1,961		71,400
Ingles Markets Inc.	2,553		31,632
J&J Snack Foods Corp.	1,290		63,249
John B. Sanfilippo & Son Inc. (a)	1,214		31,297
Lance Inc.	5,111		97,262
Longs Drug Stores Corp.	6,977		192,356
M & F Worldwide Corp. (a)	2,173		29,596
Maui Land & Pineapple Co. (a)	381		14,954
Nash Finch Co.	2,946		111,241
Omega Protein Corp. (a)	272		2,339
Pathmark Stores Inc. (a)	7,160		41,600
Peet’s Coffee & Tea Inc. (a)	2,997		79,331
Performance Food Group Co. (a)	10,899		293,292
Provide Commerce Inc. (a)	1,067		39,639
Ralcorp Holdings Inc.	6,671		279,715
Ruddick Corp.	7,500		162,675
Sanderson Farms Inc.	2,253		97,510
Seaboard Corp.	53		52,894
Sensient Technology Corp.	10,384		249,112
Smart & Final Inc. (a)	3,327		47,875
Standard Commercial Corp.	2,699		52,523
Universal Corp.	5,580		266,947
Vector Group Ltd.	6,267		104,220
Weis Markets Inc.	2,964		114,321
Wild Oats Markets Inc. (a)	6,559		57,785
Winn-Dixie Stores Inc.	14,605		66,453

			4,225,186

Durable Products (8.48%)
Actuant Corp. (a)	5,290		275,873
ADE Corp. (a)	2,194		41,072
Advanced Energy Industries Inc. (a)	4,884		44,591
American Superconductor Corp. (a)	5,481		81,612
AO Smith Corp.	4,025		120,508
Applied Films Corp. (a)	3,389		73,067
Applied Industrial Technologies Inc.	6,786		185,936
Applied Signal Technology Inc.	2,311		81,463
Arris Group Inc. (a)	18,945		133,373
Artesyn Technologies Inc. (a)	7,908		89,360
Astec Industries Inc. (a)	2,993		51,509

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Durable Products (Cont.)
ASV Inc. (a)	1,667	$	79,849
Asyst Technologies Corp. (a)	11,241		57,217
ATMI Inc. (a)	7,328		165,100
Audiovox Corp. (a)	4,114		64,919
August Technology Corp. (a)	3,418		35,992
Axcelis Technologies Inc. (a)	22,063		179,372
Baldor Electric Co.	7,592		209,008
BE Aerospace Inc. (a)	11,601		135,036
Beazer Homes USA Inc.	3,021		441,700
Belden CDT Inc.	10,389		241,025
Blount International Inc. (a)	787		13,710
Brady Corp.	4,145		259,353
Brooks Automation Inc. (a)	10,399		179,071
Bucyrus International Inc. Cl A	2,661		108,143
C&D Technologies Inc.	5,406		92,118
C-COR Inc. (a)	9,041		84,081
Cascade Corp.	2,454		98,037
Champion Enterprises Inc. (a)	15,801		186,768
Cognex Corp.	9,268		258,577
Cohu Inc.	5,526		102,563
CompX International Inc.	800		13,224
Credence Systems Corp. (a)	21,359		195,435
CTS Corp.	8,673		115,264
Cuno Inc. (a)	3,759		223,285
Curtiss-Wright Corp.	4,658		267,416
Cymer Inc. (a)	8,461		249,938
Darling International Inc. (a)	13,321		58,080
DDi Corp. (a)	4,851		15,426
Dionex Corp. (a)	4,337		245,778
Dominion Homes Inc. (a)	721		18,186
Ducommun Inc. (a)	2,743		57,192
Dupont Photomasks Inc. (a)	3,961		104,610
Duratek Inc. (a)	1,824		45,436
Electro Scientific Industries Inc. (a)	7,222		142,707
Engineered Support Systems Inc.	4,943		292,724
EnPro Industries Inc. (a)	5,241		154,976
Entegris Inc. (a)	12,124		120,634
ESCO Technologies Inc. (a)	3,124		239,455
Esterline Technologies Corp. (a)	5,233		170,857
Faro Technologies Inc. (a)	2,507		78,168
Federal Signal Corp.	10,679		188,591
FEI Co. (a)	6,591		138,411
Flanders Corp. (a)	1,978		18,989
Flowserve Corp. (a)	12,285		338,329
Franklin Electric Co. Inc.	3,704		156,531
FSI International Inc. (a)	6,145		28,697
Gardner Denver Inc. (a)	4,506		163,523
Gencorp International Inc.	10,386		192,868
General Binding Corp. (a)	1,300		17,082
General Cable Corp. (a)	8,740		121,049
Genlyte Group Inc. (a)	2,527		216,513
Global Imaging Systems Inc. (a)	5,211		205,834
Global Power Equipment Group (a)	6,543		64,383
Gormann-Rupp Co.	1,987		45,701
Headwaters Inc. (a)	7,786		221,901
Heico Corp.	4,283		96,753
Helix Technology Corp.	6,712		116,722
IDEX Corp.	11,503		465,871
Imagistics International Inc. (a)	3,951		132,991
INTAC International (a)	3,700		48,100
InterDigital Communications Corp. (a)	12,642		279,388
Interface Inc. (a)	9,451		94,226
Intevac Inc. (a)	3,546		26,808
Ionics Inc. (a)	4,779		207,122
Itron Inc. (a)	5,749		137,459
JLG Industries Inc.	10,103		198,322
Joy Global Inc.	11,284		490,064
Kadant Inc. (a)	3,068		62,894
Kaman Corp.	4,732		59,860
Keithley Instruments Inc.	3,536		69,659
Kennametal Inc.	8,060		401,146
Kulicke & Soffa Industries Inc. (a)	11,745		101,242
Levitt Corp-Class A	3,711		113,445
Lincoln Electric Holdings Inc.	7,460		257,668
Lindsay Manufacturing Co.	3,428		88,717
Littelfuse Inc. (a)	4,897		167,281
LTX Corp. (a)	13,895		106,853
Magnetek Inc. (a)	3,826		26,399
Manitowoc Inc.	5,929		223,227
MasTec Inc. (a)	5,069		51,248
Mattson Technology Inc. (a)	8,475		95,428
Measurement Specialties Inc. (a)	2,636		67,113
Meritage Homes Corp. (a)	2,386		268,902
Metrologic Instruments Inc. (a)	2,210		46,962
MI Homes Inc.	2,723		150,064
Middlleby Corp.	940		47,677
Milacron Inc. (a)	7,305		24,764
Mine Safety Appliances Co.	4,833		245,033
MKS Instruments Inc. (a)	7,565		140,331
Mobile Mini Inc. (a)	3,310		109,362
Moog Inc. (a)	5,908		267,928
MTC Technologies Inc. (a)	1,923		64,555
Mykrolis Corp. (a)	9,529		135,026
Nacco Industries Inc.	1,195		125,953
Nordson Corp.	5,888		235,932
Orbital Sciences Corp. (a)	10,869		128,580
Orleans Homebuilders Inc. (a)	448		8,893
Palm Harbor Homes Inc. (a)	3,896		65,764
Paxar Corp. (a)	7,515		166,608
Photon Dynamics Inc. (a)	3,800		92,264
Photronics Inc. (a)	7,506		123,849
Powell Industries Inc. (a)	1,390		25,701
Power-One Inc. (a)	14,905		132,953
Powerwave Technologies Inc. (a)	22,672		192,259
Presstek Inc. (a)	6,899		66,782
Rae Systems Inc. (a)	6,816		49,757

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Durable Products (Cont.)
Rayovac Corp. (a)	7,860	$	240,202
Regal-Beloit Corp.	5,470		156,442
Robbins & Myers Inc.	3,398		80,974
Rofin-Sinar Technologies Inc. (a)	3,409		144,712
Rudolph Technologies Inc. (a)	3,333		57,228
SBA Communications Corp. (a)	11,575		107,416
Semitool Inc. (a)	3,500		32,480
Sequa Corp. (a)	1,297		79,312
Skyline Corp.	1,829		74,623
Sonic Solutions (a)	4,360		97,838
Spatialight Inc. (a)	7,638		68,360
Spectralink Corp.	4,600		65,228
Standex International Corp.	2,910		82,906
Stewart & Stevenson Services Inc.	6,860		138,778
Symmetricom Inc. (a)	9,478		92,031
Taser International Inc. (a)	10,850		342,751
Technical Olympic USA, Inc.	2,006		50,912
Technitrol Inc. (a)	9,765		177,723
Tecumseh Products Co.	3,622		173,132
Teledyne Technologies Inc. (a)	7,209		212,161
Tennant Co.	2,146		85,089
Terayon Communication Systems (a)	15,005		40,664
Terex Corp. (a)	11,096		528,724
Thomas & Betts Corp. (a)	13,295		408,821
Thomas Industries Inc.	3,508		140,039
TRC Companies Inc. (a)	2,701		45,917
Trinity Industries Inc.	8,347		284,466
Triumph Group Inc. (a)	3,837		151,561
Ultratech Inc. (a)	4,871		91,818
United Industrial Corp.	2,690		104,211
Unova Inc. (a)	11,615		293,743
Varian Semiconductor Equipment Associates Inc. (a)	8,376		308,656
Veeco Instruments Inc. (a)	6,137		129,307
Vicor Corp.	4,537		59,480
Viisage Technology Inc. (a)	5,565		50,141
Walter Industries Inc.	6,468		218,166
Watts Water Technologies Inc.	5,521		177,997
WCI Communities (a)	7,802		229,379
William Lyon Homes Inc. (a)	990		69,538
Woodhead Industries Inc.	2,200		35,266
Woodward Governor Co.	2,012		144,079
X-Rite Inc.	4,133		66,169
Zygo Corp. (a)	4,067		47,950

			22,385,491

Financial Services (22.77%)
1st Source Corp.	3,794		96,785
21st Century Insurance Group	4,401		59,854
Aames Investment Corp.	4,662		49,464
ABC Bancorp	2,300		48,300
Acadia Realty Trust	4,653		75,844
Accredited Home Lenders Holding Co. (a)	3,761		186,846
Ace Cash Express Inc. (a)	2,011		59,646
Advanta Corp.	4,700		114,069
Advent Software Inc. (a)	7,310		149,709
Affiliated Managers Group Inc. (a)	5,614		380,292
Affordable Residential Community	5,405		77,562
Alabama National Bancorporation	2,829		182,471
Alexander’s Inc. (a)	600		129,000
Alexandria Real Estate Equities Inc.	4,607		342,853
Alfa Corp.	11,064		168,007
Amcore Financial Inc.	5,869		188,864
American Campus Communities	3,799		85,440
American Equity Investment Life Holdings	3,671		39,537
American Financial Realty Trust	24,336		393,756
American Home Mortgage Investment Corp.	8,327		285,200
American Physicians Capital Inc. (a)	3,050		109,861
AmericanWest Bancorp (a)	962		19,481
AmerUs Group Co.	8,673		392,887
Amli Residential Properties Trust	6,690		214,080
Anchor Bancorp of Wisconsin Inc.	4,474		130,417
Anthracite Capital Inc.	10,555		130,460
Anworth Mortgage Asset Corp.	8,846		94,741
Apollo Investment Corp.	13,805		208,456
Arbor Realty Trust Inc.	1,680		41,227
Archipelago Holdings Inc. (a)	2,388		50,100
Ares Capital Corp.	2,605		50,615
Argonaut Group Inc. (a)	5,233		110,573
Arrow Financial Corp.	2,387		73,997
Ashford Hospitality Trust Inc	3,059		33,251
Asset Acceptance Capital Corp (a)	1,014		21,598
Asta Funding Inc.	1,549		41,575
Avatar Holdings Inc. (a)	1,175		56,518
Baldwin & Lyons Inc.	2,266		60,706
BancFirst Corp.	827		65,316
BancorpSouth Inc.	17,137		417,629
BancTrust Financial Group Inc.	4,103		100,975
Bank Mutual Corp.	17,486		212,805
Bank of Granite Corp.	2,926		61,153
Bank of the Ozarks Inc.	1,998		67,992
BankAtlantic Bancorp Inc.	10,217		203,318
BankUnited Financial Corp. (a)	6,881		219,848
Banner Corp.	2,260		70,489
Bedford Property Investors Inc.	3,946		112,106
Berkshire Hills Bancorp Inc.	2,118		78,684
Beverly Hills Bancorp Inc.	1,767		17,847
BFC Financial Corporation (a)	288		3,643
Bimini Mortgage Management, Inc.	3,564		57,238
BioMed Realty Trust Inc.	8,266		183,588
BISYS Group Inc. (a)	27,063		445,186
BKF Capital Group Inc.	1,915		72,579

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Financial Services (Cont.)
Boston Private Financial Holdings Inc.	6,124	$	172,513
Brandywine Realty Trust	9,251		271,887
Bristol West Holdings Inc.	3,812		76,240
Brookline Bancorp Inc.	13,097		213,743
Bryn Mawr Bank Corp.	1,800		39,582
Calamos Asset Management Inc. Class A (a)	4,063		109,701
Camden National Corp.	2,196		86,544
Capital Automotive REIT	7,668		272,406
Capital City Bank Group Inc.	2,112		88,282
Capital Corp. of the West	588		27,637
Capital Crossing Bank (a)	461		14,148
Capital Lease Funding Inc.	5,318		66,475
Capital Southwest Corp.	53		4,162
Capital Trust Inc	1,979		60,775
Capitol Bancorp Ltd.	2,504		88,191
Capstead Mortgage Corp.	2,832		29,849
CarrAmerica Realty Corp.	12,337		407,121
Cascade Bancorp	6,293		127,244
Cash America International Inc.	6,725		199,934
Cathay General Bancorp	9,900		371,250
CB Richard Ellis Group Inc. A (a)	5,538		185,800
CCC Information Services Group Inc. (a)	3,215		71,405
Cedar Shopping Centers Inc.	5,899		84,356
Center Financial Corp.	1,242		24,865
Central Coast Bancorp (a)	1,936		44,702
Central Pacific Financial Corp.	6,844		247,547
Century BanCorp Inc.	350		10,325
Ceres Group Inc. (a)	3,935		20,305
Charter Financial Corp.	800		35,096
CharterMac	9,978		243,862
Chemical Financial Corp.	5,312		227,991
Chittenden Corp.	10,713		307,784
Circle Group Holdings Inc. (a)	4,155		9,224
Citizens Banking Corp.	9,619		330,413
Citizens First Bancorp Inc.	2,588		62,578
Citizens Inc. (a)	6,012		38,296
City Bank	3,222		116,475
City Holding Corp.	3,800		137,712
Clifton Savings Bancorp Inc.	389		4,726
CNA Surety Corp. (a)	2,515		33,575
Coastal Financial Corp.	5,388		103,234
CoBiz Inc.	3,520		71,456
Cohen & Steers Inc.	2,000		32,500
Colonial Properties Trust	4,357		171,099
Columbia Bancorp	1,692		57,849
Columbia Banking Systems Inc.	3,077		76,894
Commerce Group Inc.	5,594		341,458
Commercial Capital Bancorp	8,237		190,934
Commercial Federal Corp.	9,443		280,552
Commercial Net Lease Realty Inc.	11,463		236,138
Community Bank System Inc.	6,669		188,399
Community Banks Inc.	2,637		74,258
Community Trust Bancorp Inc.	3,207		103,779
CompuCredit Corp. (a)	4,225		115,512
Consolidated-Tomoka Land Co.	1,557		66,951
Corillian Corp. (a)	6,124		30,130
Cornerstone Realty Income Trust Inc.	9,718		96,986
Corporate Office Properties Trust Inc	8,409		246,804
Correctional Properties Trust	3,238		93,513
Corus Bankshares Inc.	4,450		213,645
Cousins Properties Inc.	7,972		241,312
Crawford & Co.	6,408		48,060
Credit Acceptance Corp. (a)	1,187		30,209
CRT Properties Inc.	7,341		175,156
CVB Financial Corp.	7,870		209,027
CyberSource Corp. (a)	6,286		44,945
Danielson Holdings Corp. (a)	8,946		75,594
Delphi Financial Group Inc.	5,607		258,763
Dime Community Bancshares	7,452		133,465
Direct General Corp.	4,121		132,284
Donegal Group Inc.	430		9,860
Downey Financial Corp.	4,201		239,457
East West Bancorp Inc.	11,299		474,106
EastGroup Properties Inc.	5,494		210,530
Education Lending Group Inc. (a)	3,132		48,577
eFunds Corp. (a)	10,850		260,509
Electro Rent Corp.	2,786		39,645
EMC Insurance Group Inc.	268		5,800
Encore Capital Group Inc. (a)	2,863		68,082
Entertainment Properties Trust	5,913		263,424
Equity Inns Inc.	8,830		103,664
Equity Lifestyle Properties Inc.	4,674		167,096
Equity One Inc.	7,612		180,633
Essex Property Trust Inc.	5,079		425,620
Euro Bancshares Inc. (a)	1,829		38,409
Euronet Worldwide Inc. (a)	5,231		136,111
Extra Space Storage Inc.	3,936		52,467
Factset Research Systems Inc.	4,712		275,369
Farmers Capital Bank Corp.	2,390		98,468
FBL Financial Group Inc.	2,632		75,144
Federal Agricultural Mortgage Corp. Class C	2,450		57,085
FelCor Lodging Trust Inc. (a)	12,771		187,095
Fidelity Bankshares Inc.	3,930		168,047
Financial Federal Corp. (a)	4,068		159,466
Financial Institutions Inc.	2,202		51,197
First Acceptance Corp. (a)	1,825		16,352
First BanCorp (Puerto Rico)	7,825		496,966
First Bancorp Inc (North Carolina)	2,385		64,800
First Busey Corp.	2,920		60,940
First Cash Financial Services Inc. (a)	2,484		66,348
First Charter Corp.	6,755		176,778
First Citizens Bancshares Inc.	1,216		180,272
First Commonwealth Financial Corp.	15,434		237,529
First Community Bancorp Inc (CA)	2,815		120,201

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Financial Services (Cont.)
First Community Bancshares Inc	2,481	$	89,514
First Financial Bancorp	7,536		131,880
First Financial Bankshares Inc.	3,288		147,335
First Financial Corp. Indiana	2,948		103,268
First Financial Holdings Inc.	3,007		98,449
First Indiana Corp.	2,716		61,137
First Industrial Realty Trust Inc.	9,638		392,556
First Merchants Corp.	3,199		90,532
First Midwest Bancorp Inc.	10,614		385,182
First National Bankshares of FL Inc. (c)	13,312		318,157
First Niagara Financial Group Inc	18,679		260,572
First Oak Brook Bancshares Inc	1,500		48,615
First Of Long Island Corp.	1,396		70,428
First Place Financial Corp. Ohio	2,670		59,781
First Republic Bank	3,349		177,497
First State Bancorporation Inc	1,499		55,103
Firstfed Financial Corp. (a)	4,254		220,655
Flagstar Bancorp Inc.	6,962		157,341
Flushing Financial Corp.	3,870		77,632
FNB Corp. (PA)	10,861		221,130
FNB Corp. (VA)	1,400		39,704
FPIC Insurance Group Inc. (a)	1,664		58,872
Franklin Bank Corp. (a)	2,875		52,469
Frontier Financial Corp.	3,837		148,147
Gabelli Asset Management Inc.	2,125		103,105
Gables Residential Trust	6,645		237,825
GB&T Bancshares Inc.	1,552		37,434
German American Bancorp.	1,745		28,095
Getty Realty Corp.	4,299		123,510
Glacier Bancorp Inc.	5,730		195,049
Gladstone Capital Corp.	2,249		53,301
Glenborough Realty Trust Inc.	5,827		123,999
Glimcher Realty Trust	8,490		235,258
Global Signal Inc.	2,631		72,458
GMH Communities Trust	3,912		55,159
Gold Banc Corp. Inc.	9,200		134,504
Government Properties Trust	7,081		69,819
Gramercy Capital Corp.	1,855		38,213
Great American Financial Resources Inc	3,591		62,376
Great Southern Bancorp Inc.	2,520		88,200
Greater Bay Bancorp	11,715		326,614
Greenhill & Co. Inc.	899		25,801
Hancock Holding Co.	6,036		201,965
Hanmi Financial Corp.	3,975		142,862
Harbor Florida Bancshares Inc.	4,626		160,106
Harleysville Group Inc.	6,678		159,404
Harleysville National Corp.	5,882		156,461
Harris & Harris Group Inc. (a)	3,215		52,662
Healthcare Realty Trust Inc.	10,474		426,292
Heartland Financial USA Inc.	1,575		31,673
Heritage Property Investment Trust Inc.	6,644		213,206
Highland Hospitality Corp.	6,278		70,565
Highwoods Properties Inc.	12,767		353,646
Hilb Rogal & Hobbs Co.	7,260		263,102
Home Properties Inc.	7,508		322,844
HomeBanc Corp	5,239		50,714
Homestore Inc. (a)	27,287		82,680
Horace Mann Educators Corp.	9,608		183,321
Hudson River Bancorp Inc.	6,660		131,801
Iberiabank Corp.	1,477		98,014
IMPAC Mortgage Holdings Inc.	16,054		363,944
Independence Holding Co.	279		5,148
Independent Bank Corp. (Mass.)	4,858		144,914
Independent Bank Corp. (Mich.)	2,881		97,234
Infinity Property and Casualty Corp.	4,998		175,930
Innkeepers USA Trust	6,456		91,675
Integra Bank Corp.	3,758		86,847
Interactive Data Corp. (a)	8,262		179,616
Interchange Financial Services Corp.	2,515		65,189
Intersections Inc. (a)	1,312		22,632
Investment Technology Group Inc. (a)	11,442		228,840
Investors Real Estate Trust	5,800		60,842
iPayment Inc. (a)	2,602		128,851
Irwin Financial Corp.	4,688		133,092
ITLA Capital Corp. (a)	900		52,911
Jones Lang LaSalle Inc. (a)	7,478		279,752
Kansas City Life Insurance Co.	1,307		61,821
Kilroy Realty Corp.	6,900		294,975
Kite Realty Group Trust	5,430		82,970
KNBT Bancorp Inc.	5,843		98,747
Knight Trading Group Inc. (a)	25,750		281,963
Kramont Realty Trust	5,822		136,235
LaBranche & Co. Inc. (a)	11,613		104,052
Lakeland Bancorp Inc.	2,756		48,368
Lakeland Financial Corp.	1,200		47,640
LandAmerica Financial Group Inc.	4,351		234,649
LaSalle Hotel Properties	6,823		217,176
Lexington Corporate Properties Trust	10,684		241,245
LNR Property Corp.	3,884		244,342
LTC Properties Inc.	3,646		72,592
Luminent Mortgage Capital, Inc.	7,770		92,463
Macatawa Bank Corp.	1,684		54,376
MAF Bancorp Inc.	6,369		285,459
Maguire Properties Inc.	8,470		232,586
Main Street Banks Inc.	2,715		94,835
MainSource Financial Group Inc.	2,256		53,873
MarketAxess Holdings, Inc. (a)	821		13,965
Marlin Business Services Inc. (a)	508		9,652
MB Financial Inc.	4,291		180,866
MBT Financial Corp.	902		20,990
MCG Capital Corp.	6,826		116,929
McGrath Rentcorp	2,113		92,148
Mercantile Bank Corp.	1,525		60,238
Meristar Hospitality Corp. Inc. (a)	17,051		142,376
Metris Companies Inc. (a)	6,720		85,680
MFA Mortgage Investments Inc.	11,938		105,293

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Financial Services (Cont.)
Mid-America Apartment Communities Inc.	4,802	$	197,938
Mid-State Bancshares	5,523		158,234
Midland Co.	1,858		58,100
Midwest Banc Holdings Inc.	2,559		55,965
Mission West Properties	3,871		41,187
MortgageIT Holdings Inc.	3,009		54,012
Nara Bancorp Inc.	4,152		88,313
NASB Financial Inc.	1,413		56,463
National Financial Partners Corp.	8,086		313,737
National Health Investors Inc.	6,437		187,832
National Penn Bancshares Inc.	6,596		182,709
National Western Life Insurance Co. (a)	400		66,644
Nationwide Health Properties Inc.	14,754		350,407
Navigators Group Inc. (a)	1,372		41,311
NBC Capital Corp.	2,127		56,514
NBT Bancorp Inc.	7,609		195,703
NCO Group Inc. (a)	6,290		162,597
Nelnet Inc. (a)	1,966		52,944
Netbanc Inc.	11,231		116,915
New Century Financial Corp.	8,765		560,171
Newcastle Investment Corp.	8,124		258,181
NGP Capital Resources Co. (a)	3,754		57,699
Northwest Bancorp Inc.	2,921		73,288
Novastar Financial Inc.	5,812		287,694
Nymagic Inc.	695		17,584
Oak Hill Financial Inc.	496		19,240
OceanFirst Financial Corp.	3,690		90,959
Ocwen Financial Corp. (a)	8,551		81,748
Ohio Casualty Corp. (a)	13,612		315,935
Old National Bancorp	14,926		385,986
Old Second Bancorp Inc.	3,260		103,929
Omega Financial Corp.	1,800		61,704
Omega Healthcare Investors Inc.	9,283		109,539
Oriental Financial Group Inc.	4,655		131,783
Pacific Capital Bancorp	10,084		342,755
Park National Corp.	3,173		429,941
Parkway Properties Inc.	3,012		152,859
Partners Trust Financial Group	12,685		147,780
Peapack Gladstone Financial Corp.	1,694		53,446
Penn-America Group Inc.	1,789		27,014
Pennfed Financial Services Inc.	2,872		46,182
Pennrock Financial Services Corp.	2,088		81,244
Pennsylvania Real Estate Investment Trust	7,421		317,619
People’s Bancorp Inc.	2,565		70,358
People’s Holdings Co.	2,492		82,485
PFF Bancorp Inc.	3,542		164,101
Philadelphia Consolidated Holding Corp. (a)	4,119		272,431
Phoenix Co. Inc.	20,996		262,450
PICO Holdings Inc. (a)	2,922		60,690
Piper Jaffray Co. (a)	4,695		225,125
Placer Sierra Bancshares	551		15,670
PMA Capital Corp. (a)	5,628		58,250
Portfolio Recovery Associates Inc. (a)	3,193		131,615
Post Properties Inc.	9,660		337,134
Prentiss Properties Trust	10,032		383,222
Presidential Life Corp.	4,502		76,354
PRG-Schultz International Inc. (a)	8,417		42,338
PrivateBancorp Inc.	3,769		121,475
ProAssurance Corp. (a)	6,019		235,403
Prosperity Banchares Inc.	4,104		119,878
Provident Bancorp Inc.	7,592		100,138
Provident Bankshares Corp.	7,217		262,482
Provident Financial Holdings Inc.	502		14,483
Provident Financial Services Inc.	17,338		335,837
PS Business Parks Inc.	3,930		177,243
QC Holdings, Inc. (a)	878		16,822
R&G Financial Corp.	6,523		253,614
RAIT Investment Trust	5,992		167,596
Ramco Gershenson Properties Trust	4,337		139,868
Reading International Inc. (a)	2,179		18,216
Realty Income Corp.	8,792		444,699
Redwood Trust Inc.	3,830		237,805
Republic Bancorp Inc. (Kentucky)	1,260		32,382
Republic Capital Trust I	15,626		238,765
Resource America Inc.	3,235		105,138
Rewards Network Inc. (a)	6,623		46,361
Riggs National Corp.	4,425		94,076
RLI Corp.	5,328		221,485
S&T Bancorp Inc.	5,946		224,105
Safty Insurance Group Inc.	1,653		51,491
Sanders Morris Harris Group Inc.	1,064		18,950
Sandy Spring Bancorp Inc.	2,977		114,108
Santander Bancorp	1,863		56,188
Saul Centers Inc.	3,080		117,810
Saxon Capital Inc.	10,984		263,506
SCBT Financial Corp.	1,848		62,037
Seacoast Banking Corp. of Florida	2,970		66,083
Security Bank Corp. (Georgia)	378		15,120
Selective Insurance Group Inc.	6,408		283,490
Senior Housing Properties Trust	11,903		225,443
Signature Bank (a)	660		21,358
Silicon Valley Bancshares (a)	8,450		378,729
Simmons First National Corp.	2,940		85,113
Smithtown Bancorp Inc.	1,609		51,086
Southern Community Financial	618		6,396
Southside Bancshares Inc.	951		21,730
Southwest Bancorp Inc.	3,288		80,490
Southwest Bancorporation of Texas Inc.	15,467		360,226
Sovran Self Storage Inc.	4,158		175,218
State Auto Financial Corp.	2,612		67,520
State Bancorp Inc.	2,475		68,063
State Financial Services Corp.	750		22,575

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Financial Services (Cont.)
Sterling Bancorp	4,999	$	141,222
Sterling Bancshares Inc.	8,772		125,176
Sterling Financial Corp. PA	4,437		127,209
Sterling Financial Corp. WA (a)	5,524		216,872
Stewart Information Services Corp.	4,263		177,554
Stifel Financial Corp. (a)	1,569		32,871
Strategic Hotel Capital Inc.	5,396		89,034
Suffolk Bancorp	2,500		87,075
Summit Properties Inc.	6,647		216,426
Sun Bancorp Inc. (New Jersey) (a)	1,443		36,046
Sun Communities Inc.	4,293		172,793
Sunstone Hotel Investors, Inc.	4,765		99,017
Susquehanna Bancshares Inc.	10,223		255,064
SWS Group Inc.	4,306		94,388
SY Bancorp Inc.	3,142		75,722
Tanger Factory Outlet Centers Inc.	6,964		184,267
Tarragon Corp (a)	856		15,280
Taubman Centers Inc.	11,032		330,408
Taylor Capital Group Inc.	604		20,234
Texas Capital Bancshares Inc. (a)	4,531		97,960
Texas Regional Bancshares Inc.	9,112		297,780
TierOne Corp.	5,473		136,004
TNS Inc. (a)	1,096		23,948
Tompkins Trustco Inc.	1,939		103,717
Tower Group, Inc.	1,336		16,032
Town & Country Trust	4,308		119,030
TradeStation Group Inc. (a)	4,016		28,192
Trammell Crow Co. (a)	7,276		131,768
Triad Guaranty Inc. (a)	2,066		124,952
Trico Bancshares	2,400		56,160
Trustco Bank Corp.	16,513		227,714
Trustmark Corp.	10,440		324,371
U-Store-It Trust (a)	3,709		64,351
UICI	8,546		289,709
UMB Financial Corp.	3,492		197,857
Umpqua Holdings Corp.	10,160		256,134
Union Bankshares Corp.	1,700		65,331
United Bankshares Inc.	8,277		315,768
United Community Banks Inc.	6,409		172,594
United Community Financial Corp.	6,815		76,328
United Fire & Casualty Co.	3,027		102,040
United Rentals Inc. (a)	10,741		203,005
Universal American Financial Corp. (a)	6,500		100,555
Universal Health Realty Income Trust	3,690		118,560
Univest Corp. of Pennsylvania	683		31,432
Unizan Financial Corp.	5,012		132,066
Urstadt Biddle Properties Inc.	4,525		77,151
US Restaurant Properties Inc.	7,303		131,892
USB Holding Co. Inc.	3,440		85,656
USI Holdings Corp. (a)	6,999		80,978
Vesta Insurance Group Inc.	7,293		26,838
Virginia Commerce Bancorp Inc. (a)	910		25,771
Virginia Financial Group Inc.	1,600		58,656
Washington Real Estate Investment Trust	10,227		346,388
Washington Trust Bancorp Inc.	2,810		82,361
Waypoint Financial Corp.	6,822		193,404
Wesbanco Inc.	4,478		143,162
West Bancorporation Inc.	2,486		43,778
West Coast Bancorp (Oregon)	3,410		86,648
Westamerica Bancorporation	7,397		431,319
Western Sierra Bancorp (a)	525		20,136
Westfield Financial Inc.	1,364		35,218
Wilshire Bancorp Inc. (a)	3,218		53,226
Winston Hotels Inc.	3,550		41,926
Wintrust Financial Corp.	5,053		287,819
World Acceptance Corp. (a)	3,552		97,716
WSFS Financial Corp.	1,900		114,608
Yardville National Bancorp	2,149		73,625
Zenith National Insurance Corp.	2,574		128,288

			60,141,236

Health Care (12.03%)
Abaxis Inc. (a)	3,801		55,077
Abgenix Inc. (a)	18,133		187,495
Abiomed Inc. (a)	2,848		43,973
Able Laboratories Inc. (a)	4,250		96,688
Accelrys Inc. (a)	5,748		44,834
Adolor Corp. (a)	9,490		94,141
Advanced Medical Optics Inc. (a)	8,030		330,354
Advanced Neuromodulation System Inc. (a)	4,898		193,275
Advancis Pharmaceutical Corp (a)	1,216		4,645
Aksys Ltd. (a)	6,192		34,428
Albany Molecular Research Inc. (a)	6,083		67,765
Alexion Pharmaceuticals Inc. (a)	6,843		172,444
Align Technology Inc. (a)	11,801		126,861
Alkermes Inc. (a)	20,302		286,055
Alliance Imaging Inc. (a)	5,240		58,950
Allscripts Healthcare Solution Inc (a)	5,930		63,273
Alpharma Inc.	9,202		155,974
Amedisys Inc. (a)	2,765		89,558
America Service Group Inc. (a)	2,488		66,604
American Healthways Inc. (a)	6,424		212,249
American Medical Systems Holdings Inc. (a)	5,966		249,438
AMERIGROUP Corp. (a)	5,610		424,453
Amsurg Corp. (a)	6,561		193,812
Analogic Corp.	2,547		114,080
Animas Corp. (a)	935		14,614
Antigenics Inc. (a)	5,142		52,037
Applera Corp. - Celera Genomics Group (a)	17,283		237,641
Apria Healthcare Group Inc. (a)	11,073		364,855
Ariad Pharmaceuticals Inc. (a)	11,990		89,086

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Health Care (Cont.)
Array Biopharma Inc. (a)	5,054	$	48,114
Arrow International Inc.	4,653		144,196
Arthrocare Corp. (a)	5,070		162,544
Aspect Medical Systems Inc. (a)	2,770		67,754
AtheroGenics Inc. (a)	8,856		208,647
Avant Immunotherapeutics Inc. (a)	12,905		25,939
Axonyx Inc. (a)	15,376		95,331
Barrier Therapeutics Inc. (a)	1,322		21,945
Bentley Pharmaceuticals Inc. (a)	3,806		40,915
Beverly Enterprises Inc. (a)	23,802		217,788
Bio-Rad Laboratories Inc. (a)	3,860		221,448
Bio-Reference Labs Inc. (a)	1,669		29,041
BioCryst Pharmaceuticals Inc. (a)	2,864		16,554
Bioenvision Inc. (a)	4,356		39,030
Biolase Technology Inc.	5,022		54,589
BioMarin Pharmaceutical Inc. (a)	14,582		93,179
Biosite Inc. (a)	2,942		181,051
Bone Care International Inc. (a)	3,699		103,017
Bradley Pharmaceuticals Inc. (a)	2,950		57,230
Bruker BioSciences Corp. (a)	7,785		31,374
Cambrex Corp.	5,891		159,646
CancerVax Corp. (a)	2,218		24,065
Candela Corp. (a)	3,984		45,258
Caraco Pharmaceutical Laboratories Inc. (a)	1,966		18,775
Cardiac Science Inc. (a)	11,800		25,252
Cardiodynamics International Corp. (a)	6,800		35,156
Cell Genesys Inc. (a)	9,941		80,522
Cell Therapeutics Inc. (a)	13,818		112,479
Centene Corp. (a)	9,592		271,933
Cepheid Inc. (a)	9,141		90,862
Cerner Corp. (a)	6,515		346,403
Ciphergen Biosystems Inc. (a)	4,770		20,511
Closure Medical Corp. (a)	1,836		35,802
Computer Programs & Systems Inc.	1,713		39,656
Conceptus Inc. (a)	5,907		47,935
Conmed Corp. (a)	6,888		195,757
Connetics Corp. (a)	7,481		181,714
Corgentech Inc. (a)	1,426		11,807
Corixa Corp. (a)	10,941		39,825
Corvel Corp. (a)	1,400		37,492
CTI Molecular Imaging Inc. (a)	7,466		105,943
Cubist Pharmaceuticals Inc. (a)	11,282		133,466
CuraGen Corp. (a)	9,629		68,944
Curis Inc. (a)	7,635		39,855
CV Therapeutics Inc. (a)	7,799		179,377
Cyberonics Inc. (a)	4,916		101,860
Cypress Bioscience Inc. (a)	6,588		92,627
Cytogen Corp. (a)	3,750		43,200
Cytokinetics Inc. (a)	1,181		12,105
Datascope Inc.	2,422		96,129
deCODE genetics Inc. (a)	10,597		82,763
Dendreon Corp. (a)	12,545		135,235
Depomed Inc. (a)	4,408		23,803
Diagnostic Products Corp.	5,024		276,571
Digene Corp. (a)	3,962		103,606
Discovery Laboratories Inc. (a)	13,434		106,532
Diversa Corp. (a)	5,480		47,895
DJ Orthopedics Inc. (a)	4,628		99,132
Dov Pharmaceutical Inc. (a)	3,445		62,182
Durect Corp. (a)	5,070		16,630
DUSA Pharmaceuticals Inc. (a)	3,680		52,624
Dyax Corp. (a)	5,825		42,057
Dynavax Technologies Corp. (a)	672		5,376
E-Z-EM Inc.	1,128		16,469
Eclipsys Corp. (a)	9,820		200,623
Encore Medical Corp. (a)	4,397		29,856
Encysive Pharmaceuticals Inc. (a)	12,479		123,916
Endocardial Solutions Inc. (a)	4,938		57,775
Enzo Biochem Inc. (a)	5,759		112,128
Enzon Pharmaceuticals Inc. (a)	10,170		139,532
EPIX Pharmaceutical Inc (a)	5,383		96,410
eResearch Technology Inc. (a)	9,867		156,392
Exactech Inc. (a)	999		18,272
Exelixis Inc. (a)	13,117		124,612
First Health Group Corp. (a)	20,651		386,380
First Horizon Pharmaceutical Corp. (a)	6,014		137,660
Foxhollow Technologies, Inc. (a)	868		21,344
Genaera Corp. (a)	25,384		86,813
Genelabs Technologies Inc. (a)	9,156		10,987
Genencor International Inc. (a)	1,650		27,060
Genesis HealthCare Corp. (a)	4,457		156,129
Genta Inc. (a)	11,378		20,025
Gentiva Health Services Inc. (a)	5,079		84,921
Geron Corp. (a)	9,661		76,998
GTx Inc. (a)	1,413		19,061
Guilford Pharmaceuticals Inc. (a)	8,585		42,496
Haemonetics Corp. (a)	4,321		156,463
Hanger Orthopedic Group Inc. (a)	5,913		47,895
Healthcare Services Group Inc.	3,150		65,646
HealthExtras Inc. (a)	3,848		62,722
Hollis-Eden Pharmaceuticals (a)	3,448		32,480
Hologic Inc. (a)	4,827		132,598
Hooper Holmes Inc.	11,274		66,742
Human Genome Sciences Inc. (a)	28,795		346,116
I-Flow Corp. (a)	4,094		74,634
ICU Medical Inc. (a)	2,265		61,925
Idenix Pharmaceuticals Inc. (a)	670		11,491
IDX Systems Corp. (a)	4,776		164,581
Illumina Inc. (a)	5,683		53,875
Immucor Inc. (a)	10,090		237,216
Immunicon Corp. (a)	586		4,090
Immunogen Inc. (a)	9,200		81,328
Immunomedics Inc. (a)	9,940		30,218
Impax Laboratories Inc. (a)	11,125		176,665
Incyte Corp. (a)	16,720		167,033

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Health Care (Cont.)
Indevus Pharmaceuticals Inc. (a)	8,810	$	52,508
Inkine Pharmaceutical Co. Inc. (a)	18,051		98,017
Inspire Pharmaceuticals Inc. (a)	9,626		161,428
Integra Lifesciences Holdings Corp. (a)	4,654		171,872
Intermune Inc. (a)	7,551		100,126
IntraLase Corp. (a)	1,426		33,482
Intuitive Surgical Inc. (a)	7,723		309,074
Invacare Corp.	5,759		266,411
Inverness Medical Innovation (a)	3,356		84,236
ISIS Pharmaceuticals Inc. (a)	10,744		63,390
Isolagen Inc. (a)	5,380		42,341
ISTA Pharmaceuticals Inc. (a)	1,697		17,174
IVAX Diagnostics Inc. (a)	139		605
Kensey Nash Corp. (a)	2,164		74,723
Keryx Biopharmaceuticals (a)	5,021		58,093
Kindred Healthcare Inc. (a)	6,556		196,352
Kos Pharmaceuticals Inc. (a)	3,550		133,622
Kosan Biosciences Inc. (a)	4,262		29,536
KV Pharmaceutical Co. (a)	8,226		181,383
Kyphon Inc. (a)	5,125		132,020
LabOne Inc. (a)	4,177		133,831
Landauer Inc.	2,304		105,293
Lannett Co. Inc. (a)	1,504		14,814
Laserscope (a)	4,214		151,325
LCA Vision Inc.	3,414		79,853
Lexicon Genetics Inc. (a)	13,789		106,934
Lifecell Corp. (a)	6,131		62,659
LifePoint Hospitals Inc. (a)	8,910		310,246
Ligand Pharmaceuticals Inc. (a)	16,395		190,838
Luminex Corp. (a)	5,282		46,904
Magellan Health Services Inc. (a)	6,305		215,379
MannKind Corp. (a)	2,808		44,226
Matria Healthcare Inc. (a)	2,516		98,300
Maxim Pharmaceuticals Inc. (a)	5,626		16,991
Maxygen Inc. (a)	6,920		88,507
Medarex Inc. (a)	18,063		194,719
Medcath Corp. (a)	1,553		38,266
Medical Action Industries Inc. (a)	1,572		30,968
Medicines Co. (a)	10,965		315,792
Mentor Corp.	10,329		348,500
Merit Medical Systems Inc. (a)	5,181		79,166
Microtek Medical Holdings Inc. (a)	6,405		26,004
Microvision Inc. (a)	3,655		25,585
Molecular Devices Corp. (a)	3,214		64,601
Molina Healthcare Inc. (a)	2,139		99,207
Myogen Inc. (a)	4,455		35,952
Myriad Genetics Inc. (a)	7,203		162,140
Nabi Biopharmaceuticals (a)	13,137		192,457
Nanogen Inc. (a)	9,813		72,224
National Healthcare Corp.	1,800		63,540
Nature’s Sunshine Products Inc.	2,600		52,936
NDCHealth Corp.	8,627		160,376
NeighborCare Inc. (a)	8,370		257,126
Neopharm Inc. (a)	4,087		51,128
Neose Technologies Inc. (a)	4,021		27,021
Neurogen Corp. (a)	3,620		33,883
Nitromed Inc. (a)	2,440		65,026
Northfield Laboratories Inc. (a)	4,202		94,755
Noven Pharmaceuticals Inc. (a)	5,363		91,493
NPS Pharmaceuticals Inc. (a)	9,432		172,417
Nutraceutical International Corp. (a)	1,279		19,709
NuVasive Inc. (a)	370		3,793
Nuvelo Inc. (a)	7,248		71,393
OCA Inc. (a)	11,287		71,672
Ocular Sciences Inc. (a)	4,483		219,712
Odyssey Healthcare Inc. (a)	8,465		115,801
Omnicell Inc. (a)	4,990		54,890
Onyx Pharmaceuticals Inc. (a)	8,012		259,509
Option Care Inc.	2,737		47,049
OraSure Technologies (a)	8,248		55,427
Orthologic Corp. (a)	7,688		48,050
Orthovita Inc. (a)	7,905		33,122
Oscient Pharmaceuticals Corp. (a)	13,754		50,202
Owens & Minor Inc.	8,918		251,220
Pain Therapeutics Inc. (a)	5,717		41,220
Palatin Technologies Inc. (a)	11,600		30,856
Palomar Medical Technologies (a)	2,733		71,249
Par Pharmaceutical Cos Inc. (a)	7,748		320,612
Parexel International Corp. (a)	6,168		125,210
Pediatrix Medical Group Inc. (a)	5,263		337,095
Penwest Pharmaceutical Co (a)	4,153		49,670
Per-Se Technologies Inc. (a)	6,517		103,164
Peregrine Pharmaceuticals Inc. (a)	44,016		51,499
Perrigo Co.	14,257		246,218
Pharmacyclics Inc. (a)	4,154		43,492
Pharmion Corp. (a)	3,417		144,232
Pharmos Corp. (a)	32,053		45,515
PolyMedica Corp.	5,943		221,614
Possis Medical Inc. (a)	4,100		55,268
Pozen Inc. (a)	5,400		39,258
PRA International (a)	650		16,107
Praecis Pharmaceuticals Inc. (a)	9,870		18,753
Priority Healthcare Corp. (a)	8,043		175,096
Progenics Pharmaceuticals Inc. (a)	3,034		52,063
Province Healthcare Co. (a)	11,294		252,421
ProxyMed Inc. (a)	1,426		14,003
PSS World Medical Inc. (a)	15,040		188,226
Psychiatric Solutions Inc. (a)	2,720		99,443
Quality Systems Inc. (a)	837		50,053
Quidel Corp. (a)	5,903		29,987
Regeneration Technologies Inc. (a)	4,959		51,970
Regeneron Pharmaceutical Inc. (a)	8,647		79,639
RehabCare Group Inc. (a)	3,760		105,242
Renovis Inc. (a)	1,311		18,852
Res-Care Inc. (a)	3,430		52,205
Rigal Pharmaceuticals Inc. (a)	2,544		62,125

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Health Care (Cont.)
Salix Pharmaceuticals Ltd. (a)	8,292	$	145,856
Santarus Inc. (a)	1,734		15,710
Sciclone Pharmaceuticals Inc. (a)	9,092		33,640
Seattle Genetics (a)	8,128		53,076
Select Medical Corp.	21,115		371,624
Serologicals Corp. (a)	7,051		155,968
SFBC International Inc. (a)	2,856		112,812
Sierra Health Services Inc. (a)	5,219		287,619
Sola International Inc. (a)	7,740		213,160
Sonic Innovations Inc. (a)	2,063		8,603
SonoSite Inc. (a)	3,456		117,331
Specialty Laboratories Inc (a)	2,100		23,184
Star Scientific Inc. (a)	3,567		18,138
Steris Corp. (a)	15,496		367,565
Sunrise Senior Living Inc. (a)	3,754		174,035
Supergen Inc. (a)	9,992		70,444
SurModics Inc. (a)	3,380		109,884
Sybron Dental Specialties Inc. (a)	8,555		302,676
Symbion Inc. (a)	2,097		46,302
Tanox Inc. (a)	5,970		90,744
Techne Corp. (a)	9,253		359,942
Telik Inc. (a)	10,040		192,166
Tercica Inc. (a)	150		1,502
Thermogenesis Corp. (a)	14,463		91,695
Third Wave Technologies (a)	4,899		42,131
Thoratec Corp. (a)	11,086		115,516
Transkaryotic Therapies Inc. (a)	7,534		191,288
Trimeris Inc. (a)	4,008		56,793
TriPath Imaging Inc. (a)	5,666		50,824
United Therapeutics Corp. (a)	4,350		196,403
Urologix Inc. (a)	3,115		20,154
UTD Surgical Partners Inc. (a)	6,789		283,101
Valeant Pharmaceuticals International	19,382		510,716
Ventana Medical Systems Inc. (a)	3,181		203,552
Vertex Pharmaceuticals Inc. (a)	17,486		184,827
Viasys Healthcare Inc. (a)	7,276		138,244
Vicuron Pharmaceuticals Inc. (a)	11,842		206,169
Vion Pharmaceuticals Inc. (a)	19,409		91,028
VistaCare Inc. (a)	2,846		47,329
VISX Inc. (a)	10,812		279,706
Vital Signs Inc.	1,233		47,988
WellCare Health Plans Inc. (a)	2,177		70,753
West Pharmaceutical Services Inc.	6,744		168,802
Wilson Greatbatch Technologies (a)	5,130		115,015
Wright Medical Group, Inc. (a)	6,082		173,337
Young Innovations Inc.	881		29,716
Zila Inc. (a)	5,725		24,503
Zoll Medical Corp. (a)	2,443		84,039
Zymogenetics Inc. (a)	4,215		96,945

			31,766,920

Materials & Processes (9.27%)
A Schulman Inc.	8,039		172,115
Aaon Inc. (a)	2,100		33,747
Aceto Corp.	3,522		67,059
Acuity Brands Inc.	9,451		300,542
Airgas Inc.	13,557		359,396
AK Steel Holding Corp. (a)	24,574		355,586
Albany International Corp. Class A	6,260		220,102
Albemarle Corp.	7,069		273,641
Aleris International Inc. (a)	5,144		87,036
Alico Inc. (a)	700		40,964
Allegheny Technologies Inc.	22,176		480,554
AMCOL International Corp.	4,639		93,197
American Vanguard Corp.	1,197		44,026
Ameron International Corp.	2,062		78,150
Anchor Glass Container Corp.	1,518		10,201
Apogee Enterprises Inc.	5,880		78,851
AptarGroup Inc.	8,392		442,930
Arch Chemicals Inc.	5,202		149,714
Armor Holdings Inc. (a)	6,336		297,919
Barnes Group Inc.	3,114		82,552
Beacon Roofing Supply, Inc. (a)	2,140		42,500
Bluegreen Corp. (a)	3,317		65,776
Brookfield Homes Corp.	3,609		122,345
Brush Engineered Materials Inc. (a)	4,419		81,751
Buckeye Technologies Inc. (a)	6,119		79,608
Building Materials Holding Corp.	2,670		102,234
Cabot Microelectronics Corp. (a)	5,806		232,530
Calgon Carbon Corp.	6,895		62,607
Caraustar Industries Inc. (a)	6,103		102,652
Carpenter Technology Corp.	5,577		326,031
Century Aluminum Co. (a)	4,279		112,367
Ceradyne Inc. (a)	3,505		200,521
Chesapeake Corp.	4,435		120,455
Circor International Inc	3,371		78,072
CLARCOR Inc.	5,745		314,654
Cleveland-Cliffs Inc.	2,385		247,706
Coeur D’Alene Mines Corp. (a)	50,450		198,268
Comfort Systems USA Inc. (a)	6,792		52,163
Commercial Metals Co.	6,794		343,505
Compass Minerals International Inc.	3,685		89,288
Crompton Corp.	25,621		302,328
Crown Holdings Inc. (a)	37,788		519,207
Cytec Industries Inc.	8,512		437,687
Delta & Pine Land Co.	8,923		243,419
Deltic Timber Corp.	2,684		113,936
Drew Industries Inc. (a)	1,715		62,032
Dycom Industries Inc. (a)	11,217		342,343
Eagle Materials Inc.	4,177		360,684
ElkCorp	5,014		171,579
EMCOR Group Inc. (a)	3,782		170,871

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Materials & Processes (Cont.)
Encore Wire Corp. (a)	4,350	$	57,985
Energy Conversion Devices Inc. (a)	4,654		89,915
Exide Technologies (a)	4,793		66,048
Ferro Corp.	9,300		215,667
FMC Corp. (a)	8,087		390,602
Georgia Gulf Corp.	6,321		314,786
Gibraltar Industries Inc.	5,149		121,619
Glatfelter	6,608		100,970
Gold Kist, Inc. (a)	1,421		19,354
Graftech International Ltd. (a)	21,582		204,166
Granite Construction Inc.	8,092		215,247
Graphic Packaging Corp. (a)	13,034		93,845
Great Lakes Chemical Corp.	11,774		335,441
Greif Inc.	3,371		188,776
Griffon Corp. (a)	6,174		166,698
HB Fuller Co.	6,783		193,383
Hecla Mining Co. (a)	26,746		155,929
Hercules Inc. (a)	24,406		362,429
Hexcel Corp. (a)	5,500		79,750
Infrasource Services Inc. (a)	2,251		29,263
Insituform Technology Inc. (a)	6,255		141,801
Integrated Electrical Services Inc. (a)	7,041		34,078
Jacuzzi Brands Inc. (a)	16,491		143,472
Kaydon Corp.	6,432		212,385
Kronos Worldwide, Inc.	1,483		60,432
Lancaster Colony Corp.	5,999		257,177
Lawson Products Inc.	834		42,059
Layne Christensen Co. (a)	1,731		31,418
Lennox International Inc.	10,522		214,123
Longview Fibre Co.	11,732		212,818
LSI Industries Inc.	3,668		41,999
MacDermid Inc.	6,583		237,646
Maverick Tube Corp. (a)	9,565		289,819
Medis Technologies Ltd. (a)	3,211		58,922
Metal Management Inc.	3,703		99,500
Metals USA Inc. (a)	4,809		89,207
MGP Ingredients Inc.	1,838		15,880
Minerals Technologies Inc.	4,558		304,019
Mosaic Co. (a)	26,040		424,973
Mueller Industries Inc.	8,527		274,569
Myers Industries Inc.	5,005		64,064
NCI Building Systems Inc. (a)	5,044		189,150
NewMarket Corp. (a)	3,704		73,710
NL Industries Inc. (a)	2,829		62,521
NN Inc.	2,400		31,704
NS Group Inc. (a)	4,648		129,214
Nuco2 Inc. (a)	1,398		31,022
Octel Corp.	2,646		55,063
Olin Corp.	15,420		339,548
OM Group Inc. (a)	6,541		212,059
Omnova Solutions (a)	8,426		47,354
Oregon Steel Mills Inc. (a)	7,532		152,824
Penn Engineering & Manufacturing Corp.	2,500		45,250
Perini Corp. (a)	3,682		61,453
PolyOne Corp. (a)	20,012		181,309
Pope & Talbot Inc.	4,000		68,440
Potlatch Corp.	6,743		341,061
Quaker Chemical Corp.	2,150		53,406
Quanex Corp.	3,857		264,474
Quanta Services Inc. (a)	16,451		131,608
Raven Industries Inc.	2,710		57,750
Reliance Steel & Aluminum Co.	6,405		249,539
Rock-Tenn Co.	6,122		92,810
Royal Gold Inc.	4,432		80,840
RTI International Metals Inc. (a)	4,536		93,169
Ryerson Tull Inc.	5,256		82,782
Schnitzer Steel Industries Inc.	4,191		142,201
Schweitzer Mauduit International Inc.	3,892		132,133
Shaw Group Inc. (a)	13,781		245,991
Silgan Holdings Inc.	2,420		147,523
Simpson Manufacturing Co. Inc.	8,320		290,368
Spartech Corp.	5,828		157,880
Standard Register Co	4,163		58,782
Steel Dynamics Inc.	8,559		324,215
Steel Technologies Inc.	2,058		56,616
Stepan Co.	1,373		33,446
Stillwater Mining Co. (a)	10,526		118,523
Sunterra Corp. (a)	4,107		57,662
Symyx Technologies Inc. (a)	6,713		201,927
Tejon Ranch Corp. (a)	1,924		78,499
Terra Industries Inc. (a)	8,314		73,828
Texas Industries Inc.	4,868		303,666
Titanium Metals Corp. (a)	1,604		38,721
Tredegar Corp.	7,219		145,896
Trex Co. Inc. (a)	2,368		124,178
UAP Holdings Corp. (a)	4,263		73,622
Ultralife Batteries Inc. (a)	3,226		62,746
Universal Forest Products Inc.	3,617		156,978
URS Corp. (a)	7,219		231,730
US Concrete Inc. (a)	960		7,363
USEC Inc.	17,252		167,172
USG Corp. (a)	7,753		312,213
Valence Technology Inc. (a)	22,953		71,384
Valhi Inc.	4,685		75,382
Valmont Industries Inc.	3,664		92,003
Washington Group International Inc. (a)	5,906		243,622
Watsco Inc.	4,884		172,014
Wausau-Mosinee Paper Corp.	9,963		177,939
Wellman Inc.	7,045		75,311
Westlake Chemical Corp.	2,620		87,508
Wheeling-Pittsburgh Corp. (a)	1,751		67,484
WR Grace & Co. (a)	14,063		191,397

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Materials & Processes (Cont.)
York International Corp.	9,485	$	327,612

			24,473,230

Oil & Gas (5.00%)
Atwood Oceanics Inc. (a)	2,750		143,275
Berry Petroleum Co.	4,204		200,531
Brigham Exporation Co. (a)	3,265		29,385
Cabot Oil & Gas Corp.	7,560		334,530
Cal Dive International Inc. (a)	8,647		352,365
Callon Petroleum Co. (a)	3,210		46,417
Calpine Corp. (a)	92,339		363,816
Capstone Turbine Corp. (a)	1,951		3,570
Carbo Ceramics Inc.	2,893		199,617
Cheniere Energy Inc. (a)	5,847		372,454
Cimarex Energy Co. (a)	9,346		354,213
Clayton Williams Energy Inc. (a)	1,062		24,320
Comstock Resources Inc. (a)	7,803		172,056
Delta Petroleum Corp. (a)	3,532		55,382
Denbury Resources Inc. (a)	12,717		349,082
Dril-Quip Inc. (a)	2,188		53,081
Edge Petroleum Corp. (a)	3,004		43,798
Encore Acquisition Co (a)	5,873		205,026
Energy Partners Ltd. (a)	5,633		114,181
Forest Oil Corp. (a)	11,523		365,510
Frontier Oil Corp.	6,641		177,049
FuelCell Energy Inc. (a)	9,957		98,574
FX Energy Inc. (a)	8,362		97,668
Giant Industries Inc. (a)	2,308		61,185
Global Industries Ltd. (a)	15,939		132,134
Grey Wolf Inc. (a)	40,399		212,903
Gulf Island Fabrication Inc.	1,700		37,111
Hanover Compressor Co. (a)	17,550		247,981
Harvest Natural Resources Inc. (a)	8,515		147,054
Helmerich & Payne Inc.	11,661		396,940
Holly Corp.	5,980		166,663
Hornbeck Offshore Services (a)	1,432		27,638
Houston Exploration Co. (a)	3,090		173,998
Hydril (a)	3,939		179,264
Input/Output Inc. (a)	14,134		124,945
KCS Energy Inc. (a)	10,815		159,846
Key Energy Services Inc. (a)	28,976		341,917
Lone Star Technologies Inc. (a)	6,644		222,308
Lufkin Industries Inc.	1,410		56,270
Magnum Hunter Resources Inc. (a)	19,306		249,047
Matrix Service Co. (a)	3,480		28,049
McMoRan Exploration Co. (a)	4,522		84,561
Meridian Resource Corp. (a)	12,483		75,522
Mission Resources Corp. (a)	7,524		43,940
Newpark Resources Inc. (a)	17,316		89,177
Oceaneering International Inc. (a)	5,695		212,537
Oil States International Inc. (a)	6,254		120,640
Parker Drilling Co. (a)	17,193		67,568
Penn Virginia Corp.	4,266		173,072
Petroleum Development Corp. (a)	3,588		138,389
Plains Exploration & Production Co. (a)	17,284		449,384
Plug Power Inc. (a)	10,099		61,705
Quicksilver Resources Inc. (a)	6,731		247,566
Range Resources Corp.	15,456		316,230
Remington Oil and Gas Corp. (a)	4,978		135,650
RPC Inc.	3,405		85,534
SEACOR Holdings Inc. (a)	4,422		236,135
Southwestern Energy Co. (a)	8,171		414,188
Spinnaker Exploration Co. (a)	5,727		200,846
St. Mary Land & Exploration Co.	6,612		275,985
Stone Energy Corp. (a)	5,244		236,452
Superior Energy Services Inc. (a)	11,694		180,205
Swift Energy Co. (a)	6,468		187,184
Syntroleum Corp. (a)	5,403		43,386
Tesoro Petroleum Corp. (a)	14,760		470,254
Tetra Tech Inc. (a)	12,782		213,971
Todco (a)	3,236		59,607
TransMontaigne Inc. (a)	4,199		25,740
Unit Corp. (a)	8,559		327,039
Universal Compression Holdings Inc. (a)	4,600		160,586
Veritas DGC Inc. (a)	7,527		168,680
Vintage Petroleum Inc.	11,722		265,972
W-H Energy Services Inc. (a)	5,322		119,000
Whiting Petroleum Corp. (a)	6,087		184,132

			13,191,990

Technology (12.68%)
@ Road Inc. (a)	7,159		49,469
Actel Corp. (a)	6,191		108,590
ActivCard Corp. (a)	7,870		70,043
Actuate Corp. (a)	8,616		21,971
Adaptec Inc. (a)	24,212		183,769
Advanced Digital Information Corp. (a)	14,724		147,534
Aeroflex Inc. (a)	14,642		177,461
Agile Software Corp. (a)	11,074		90,475
Agilysys Inc.	6,388		109,490
Airspan Networks Inc. (a)	5,122		27,812
Alliance Semiconductor Corp. (a)	6,877		25,445
Altiris Inc. (a)	4,945		175,201
AMIS Holdings Inc. (a)	6,800		112,336
Anaren Inc. (a)	5,020		65,059
Anixter International Inc.	6,478		233,143
Ansoft Corp. (a)	1,103		22,281
AnswerThink Inc. (a)	8,911		41,525
Ansys Inc. (a)	7,038		225,638
Anteon International Corp. (a)	6,344		265,560
Ariba Inc. (a)	14,064		233,462
Ascential Software Corp. (a)	13,537		220,788
AsiaInfo Holdings Inc. (a)	7,157		42,656
Aspect Communications Corp (a)	9,247		103,012

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Technology (Cont.)
Aspen Technology Inc. (a)	9,344	$	58,026
Atheros Communications (a)	1,839		18,850
Authentidate Holding Corp. (a)	6,468		40,037
Avanex Corp. (a)	15,623		51,712
BEI Technologies Inc.	2,685		82,913
Bel Fuse Inc.	2,350		79,407
Benchmark Electronics Inc. (a)	9,257		315,664
BioVeris Corp. (a)	4,535		33,151
Black Box Corp.	3,945		189,439
Blackbaud, Inc. (a)	504		7,379
Blackboard Inc. (a)	1,240		18,364
Blue Coat Systems Inc. (a)	2,191		40,775
Borland Software Corp. (a)	16,902		197,415
Broadwing Corp. (a)	10,256		93,432
Brocade Communications Systems Inc (a)	57,572		439,850
CACI International Inc. (a)	6,649		452,996
California Micro Devices CP (a)	4,584		32,501
Captaris Inc. (a)	5,264		27,162
Carreker Corp (a)	3,737		32,138
Carrier Access Corp. (a)	4,375		46,725
Catapult Communications Corp. (a)	1,374		33,196
Checkpoint Systems Inc. (a)	8,406		151,728
Cherokee International Corp. (a)	1,352		12,993
Chordiant Software Inc. (a)	12,357		28,174
Ciber Inc. (a)	11,916		114,870
Cirrus Logic Inc. (a)	18,121		99,847
Coherent Inc. (a)	6,974		212,289
Commscope Inc. (a)	12,208		230,731
Comtech Telecommunications Corp. (a)	3,361		126,407
Concord Communications Inc. (a)	3,905		43,267
Concur Technologies Inc. (a)	5,656		50,395
Covansys Corp. (a)	4,029		61,644
Cray Inc. (a)	18,918		88,158
CSG Systems International Inc. (a)	12,315		230,290
Cubic Corp.	3,573		89,932
Cyberguard Corp. (a)	2,462		15,511
CyberOptics Corp. (a)	1,771		26,335
Daktronics Inc. (a)	3,480		86,617
Dendrite International Inc. (a)	7,605		147,537
Digi International Inc. (a)	4,320		74,261
Digimarc Corp. (a)	3,156		29,414
Digital Insight Corp. (a)	8,178		150,475
Digital River Inc. (a)	7,363		306,374
Digitas Inc. (a)	15,967		152,485
Diodes Inc. (a)	1,793		40,576
Ditech Communications Corp. (a)	6,645		99,343
Dot Hill Systems Corp. (a)	9,334		73,179
DRS Technologies Inc. (a)	5,573		238,023
DSP Group Inc. (a)	6,937		154,903
E.piphany Inc. (a)	15,062		72,749
Eagle Broadband Inc. (a)	54,247		35,803
Echelon Corp. (a)	6,800		57,392
eCollege.com Inc (a)	3,810		43,282
EDO Corp.	3,728		118,364
Electronics for Imaging Inc. (a)	12,506		217,729
Embarcadero Technologies Inc (a)	4,320		40,651
EMS Technologies Inc. (a)	2,200		36,564
Emulex Corp. (a)	18,694		314,807
Enterasys Networks Inc. (a)	47,694		85,849
Entrust Technologies Inc. (a)	10,990		41,652
Epicor Software Corp. (a)	9,360		131,882
EPIQ Systems Inc. (a)	2,947		43,144
Equinix Inc. (a)	2,383		101,849
eSpeed Inc. (a)	5,972		73,874
ESS Technology Inc. (a)	7,253		51,569
Exar Corp. (a)	9,648		136,905
Excel Technology Inc. (a)	2,261		58,786
Extreme Networks Inc. (a)	23,871		156,355
F5 Network Inc. (a)	7,848		382,355
FalconStor Software, Inc. (a)	7,660		73,306
FileNet Corp. (a)	9,253		238,357
Finisar Corp. (a)	57,906		132,026
Formfactor Inc. (a)	6,098		165,500
Gartner Group Inc. (a)	15,207		189,479
Gateway Inc. (a)	49,425		297,044
Genesis Microchip Inc. (a)	7,587		123,061
Harmonic Inc. (a)	16,117		134,416
Herley Industries Inc. (a)	2,500		50,850
Hutchinson Technology Inc. (a)	6,211		214,714
Hypercom Corp. (a)	10,454		61,888
Hyperion Solutions Corp. (a)	8,826		411,468
Identix Inc. (a)	19,280		142,286
iGate Corp. (a)	4,500		18,225
II-VI Inc. (a)	2,464		104,695
Imation Corp.	8,444		268,773
Infocrossing Inc. (a)	3,741		63,335
InFocus Corp. (a)	8,412		77,054
Infonet Services Corp. (a)	21,730		43,895
Informatica Corp. (a)	19,047		154,662
Innovative Solutions & Support inc (a)	1,788		59,648
InPhonic, Inc. (a)	1,552		42,649
Integrated Device Technology Inc. (a)	23,394		270,435
Integrated Silicon Solution Inc (a)	8,201		67,248
Inter-Tel Inc.	4,842		132,574
Intergraph Corp. (a)	8,283		223,061
Intermagnetics General Corp. (a)	6,122		155,560
Internet Capital Group Inc. (a)	11,420		102,780
Internet Security Systems Inc. (a)	9,030		209,947
Intervideo Inc. (a)	1,373		18,165
InterVoice Inc. (a)	8,226		109,817
Interwoven Inc. (a)	9,466		102,990
Iomega Corp. (a)	13,041		72,247
Ixia (a)	8,324		139,926
IXYS Corp. (a)	4,035		41,641
j2 Global Communications Inc. (a)	4,249		146,590

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Technology (Cont.)
JAMDAT Mobile Inc. (a)	1,352	$	27,919
JDA Software Group Inc. (a)	6,519		88,789
Jupitermedia Corp. (a)	3,630		86,321
Kanbay International Inc. (a)	1,451		45,416
Keane Inc. (a)	13,030		191,541
Kemet Corp. (a)	19,185		171,706
Keynote Systems Inc. (a)	5,280		73,498
Kintera Inc. (a)	1,310		11,803
Komag Inc. (a)	6,237		117,131
Kopin Corp. (a)	14,780		57,199
Kronos Inc. (a)	7,342		375,396
KVH Industries Inc. (a)	3,321		32,546
LaserCard Corp. (a)	2,112		22,155
Lattice Semiconductor Corp. (a)	25,553		145,652
Lawson Software Inc. (a)	10,687		73,420
LeCroy Corp. (a)	1,839		42,922
Lexar Media Inc. (a)	15,729		123,315
Lionbridge Technologies Inc. (a)	9,822		66,004
Macrovision Corp. (a)	11,319		291,125
Magma Design Automation (a)	5,809		72,961
Manhattan Associates Inc. (a)	6,906		164,915
ManTech International Inc. (a)	4,109		97,548
Manugistics Group Inc. (a)	14,884		42,717
MAPICS Inc. (a)	4,981		52,550
Mapinfo Corp. (a)	3,650		43,727
MatrixOne Inc. (a)	10,050		65,828
Maxwell Technologies Inc. (a)	1,815		18,404
McDATA Corp. (a)	25,790		153,708
Mentor Graphics Corp. (a)	16,995		259,854
Mercury Computer Systems Inc. (a)	5,286		156,888
Merge Technologies Inc. (a)	2,683		59,697
Merix Corp. (a)	4,000		46,080
Methode Electronics Inc.	7,655		98,367
Micrel Inc. (a)	15,183		167,317
Micromuse Inc. (a)	17,520		97,236
Micros Systems Inc. (a)	4,054		316,455
Microsemi Corp. (a)	13,193		229,030
MicroStrategy Inc. (a)	2,847		171,532
Microtune Inc. (a)	10,783		65,884
Mindspeed Technologies Inc. (a)	21,254		59,086
MIPS Technologies Inc. (a)	7,315		72,053
Mobility Electronics Inc. (a)	5,610		48,134
Monolithic System Technology Inc (a)	6,138		38,240
MRO Software Inc. (a)	4,523		58,889
MRV Communications Inc. (a)	25,245		92,649
MSC Software Corp. (a)	6,140		64,286
MTS Systems Corp.	4,582		154,917
Multi-Fineline Electronix (a)	1,363		24,861
Ness Technologies, Inc. (a)	1,025		15,273
Net2Phone Inc. (a)	6,343		21,566
Netgear Inc. (a)	4,685		85,220
NetIQ Corp. (a)	13,039		159,206
NetScout Systems Inc. (a)	3,820		26,664
Network Equipment Technologies Inc. (a)	5,801		56,966
Newport Corp. (a)	9,981		140,732
NMS Communications Corp. (a)	9,539		60,191
Novatel Wireless Inc. (a)	4,216		81,706
Omnivision Technologies Inc. (a)	12,710		233,228
ON Semiconductor Corp. (a)	26,023		118,144
Open Solutions Inc. (a)	3,142		81,566
Openwave Systems Inc. (a)	14,906		230,447
Oplink Communications (a)	21,520		42,394
Opnet Technologies Inc. (a)	2,888		24,317
Opsware Inc. (a)	11,384		83,559
OSI Systems Inc. (a)	3,260		74,035
Overland Storage Inc. (a)	2,825		47,149
Packeteer Inc. (a)	7,597		109,777
palmOne Inc. (a)	9,526		300,545
PalmSource Inc. (a)	3,611		46,004
Paradyne Networks Inc. (a)	8,314		29,847
Parametric Technology Corp. (a)	59,497		350,437
Park Electrochemical Corp.	4,627		100,313
PC-Tel Inc. (a)	4,400		34,892
PDF Solutions Inc. (a)	3,353		54,017
PEC Solutions Inc. (a)	2,568		36,389
Pegasystems Inc. (a)	1,660		14,160
Pericom Semiconductor Corp. (a)	4,853		45,764
Perot Systems Corp. (a)	16,874		270,490
Pinnacle Systems Inc. (a)	14,977		91,360
Pixelworks Inc. (a)	8,909		101,028
Planar Systems Inc. (a)	3,404		38,227
Plexus Corp. (a)	9,724		126,509
PLX Technology Inc. (a)	4,438		46,155
Portal Software Inc. (a)	6,647		17,615
PortalPlayer, Inc. (a)	1,437		35,465
Power Integrations Inc. (a)	6,626		131,062
Progress Software Corp. (a)	7,139		166,696
QAD Inc.	2,688		23,977
Quantum Corp. (a)	35,709		93,558
Quest Software Inc. (a)	11,266		179,693
Radisys Corp. (a)	4,488		87,740
RealNetworks Inc. (a)	23,366		154,683
Redback Networks Inc (a)	9,645		51,697
Remec Inc. (a)	14,348		103,449
Retek Inc. (a)	12,369		76,069
RF Micro Devices Inc. (a)	41,239		282,075
RightNow Technologies Inc. (a)	783		12,645
Rogers Corp. (a)	3,817		164,513
RSA Security Inc. (a)	15,095		302,806
S1 Corp. (a)	17,187		155,714
Safeguard Scientifics Inc. (a)	40,563		85,994
SafeNet Inc. (a)	5,599		205,707
Salesforce.com Inc. (a)	2,569		43,519
Sapient Corp. (a)	18,229		144,191
SBS Technologies Inc. (a)	3,493		48,762

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Technology (Cont.)
ScanSoft Inc. (a)	18,714	$	78,412
Scansource Inc. (a)	2,840		176,534
SeaChange International Inc. (a)	5,729		99,914
Secure Computing Corp. (a)	8,398		83,812
Seebeyond Technology Corp. (a)	10,930		39,129
SERENA Software Inc. (a)	5,617		121,552
SI International Inc. (a)	1,457		44,817
Sigmatel Inc. (a)	5,832		207,211
Silicon Graphics Inc. (a)	48,985		84,744
Silicon Image Inc. (a)	17,024		280,215
Silicon Storage Technology Inc. (a)	18,017		107,201
Siliconix Inc. (a)	1,381		50,393
SimpleTech Inc. (a)	2,686		12,356
Sipex Corp. (a)	4,951		23,171
SiRF Technology Holdings Inc. (a)	3,199		40,691
Skyworks Solutions Inc. (a)	33,221		313,274
SonicWALL Inc. (a)	12,457		78,728
SPSS Inc. (a)	2,972		46,482
SRA International Inc. (a)	2,934		188,363
SS&C Technologies Inc.	2,970		61,331
Standard Microsystems Corp. (a)	4,204		74,957
Stellent Inc. (a)	4,586		40,449
Stratasys Inc. (a)	2,083		69,905
Stratex Networks Inc. (a)	19,906		44,988
Supertex Inc. (a)	2,250		48,825
SupportSoft Inc. (a)	8,299		55,271
Sycamore Networks Inc. (a)	38,016		154,345
Sykes Enterprises Inc. (a)	5,288		36,752
Synaptics Inc. (a)	4,932		150,821
SYNNEX Corp. (a)	1,565		37,654
Syntel Inc.	1,389		24,363
Sypris Solutions Inc.	1,100		16,841
Talx Corp.	3,284		84,694
Tekelec (a)	12,096		247,242
Terremark Worldwide Inc. (a)	86,811		55,559
Tessera Technologies Inc. (a)	5,978		222,441
Tier Technologies Inc. (a)	3,400		31,450
TippingPoint (a)	784		36,613
Titan Corp. (a)	19,343		313,357
Transact Technologies Inc. (a)	2,574		54,981
Transaction Systems Architects Inc. (a)	8,592		170,551
Transmeta Corp. (Santa Clara, CA) (a)	32,841		53,531
Trident Microsystems Inc. (a)	4,310		72,063
Trimble Navigation Ltd. (a)	11,509		380,257
Tripath Technology Inc. (a)	4,807		6,009
Triquint Semiconductor Inc. (a)	30,310		134,880
TriZetto Group Inc. (a)	6,460		61,370
TTM Technologies Inc. (a)	8,909		105,126
Tumbleweed Communications Corp. (a)	8,839		29,522
Tyler Technologies Inc. (a)	9,374		78,367
Ulticom Inc. (a)	2,460		39,434
Ultimate Software Group Inc. (a)	3,338		42,326
Universal Display Corp. (a)	4,950		44,550
Varian Inc. (a)	7,859		322,298
Verint Systems Inc. (a)	2,781		101,034
Verity Inc. (a)	6,483		85,057
Versata Inc. (a)	31		86
Verso Technologies Inc. (a)	40,659		29,274
ViaSat Inc. (a)	5,029		122,054
Vignette Corp. (a)	70,750		98,343
Vitesse Semiconductor Corp. (a)	48,173		170,051
Volterra Semiconductor Corp. (a)	1,222		27,073
WatchGuard Technologies Inc. (a)	7,337		32,503
WebEX Communications Inc. (a)	6,816		162,084
Webmethods Inc. (a)	11,142		80,334
Websense Inc. (a)	5,288		268,207
Westell Technologies Inc. (a)	11,015		74,902
Wind River Systems Inc. (a)	16,983		230,120
Witness Systems Inc. (a)	4,726		82,516
WJ Communications Inc. (a)	3,211		11,046
Xybernaut Corp. (a)	48,339		59,457
Zhone Technologies Inc. (a)	8,644		22,388
Zix Corp. (a)	4,323		22,263
Zoran Corp. (a)	9,600		111,168

			33,495,143

Telecommunications (0.76%)
AirGate PCS Inc. (a)	3,260		116,056
Alamosa Holdings Inc. (a)	16,115		200,954
Alaska Communications Systems Group	852		7,353
Boston Communications Group (a)	3,828		35,371
Centennial Communications Corp. (a)	283		2,244
Cincinnati Bell Inc. (a)	54,384		225,693
Commonwealth Telephone Enterprises Inc. (a)	5,240		260,218
CT Communications Inc.	3,973		48,868
Dobson Communications Corp. (a)	18,675		32,121
General Communication Inc. (a)	9,349		103,213
Golden Telecom Inc.	3,311		87,476
Intrado Inc. (a)	4,152		50,239
North Pittsburgh Systems Inc.	3,186		78,790
Price Communications Corp. (a)	11,096		206,275
Primus Telecommunications Group Inc. (a)	15,409		49,001
PTEK Holdings Inc. (a)	13,363		143,118
Shenandoah Telecommunications Co.	1,600		47,920
SureWest Communications	3,514		99,622
Talk America Holdings Inc. (a)	6,624		43,851
Time Warner Telecom Inc. (a)	11,781		51,365
Triton PCS Holdings Inc. (a)	6,791		23,225
Ubiquitel Inc. (a)	14,748		105,006

			2,017,979

Utilities & Energy (3.29%)
American States Water Co.	3,874		100,724

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares		Value
Common Stocks (Cont.)

Utilities & Energy (Cont.)
Aquila Inc. (a)		47,604	$	175,659
Atlas America Inc. (a)		428		15,301
Atmos Energy Corp.		16,921		462,789
Avista Corp.		10,737		189,723
Black Hills Corp.		8,057		247,189
California Water Service Group		4,151		156,285
Cascade Natural Gas Corp.		2,786		59,063
Central Vermont Public Service Corp.		3,400		79,084
CH Energy Group Inc.		3,871		186,002
Cleco Corp.		10,554		213,824
CMS Energy Corp. (a)		42,870		447,991
Connecticut Water Services Inc.		1,625		43,046
Crosstex Energy Inc.		549		23,003
D&E Communications Inc.		1,813		21,847
Duquesne Light Holdings Inc.		16,908		318,716
El Paso Electric Co. (a)		10,936		207,128
Empire District Electric Co.		6,968		158,034
Energen Corp.		7,845		462,463
EnergySouth Inc.		1,800		50,472
Idacorp Inc.		9,328		285,157
Iowa Telecommunications Service Inc.		4,442		95,814
KFX Inc. (a)		10,254		148,888
Laclede Group Inc.		4,925		153,414
MGE Energy Inc.		3,692		133,023
Middlesex Water Co.		2,736		51,820
New Jersey Resources Corp.		6,115		265,024
Nicor Inc.		8,276		305,715
Northwest Natural Gas Co.		6,059		204,431
Otter Tail Corp.		5,659		144,474
Peoples Energy Corp.		8,017		352,347
Piedmont Natural Gas Co. Inc.		16,574		385,180
PNM Resources Inc.		14,038		355,021
Sierra Pacific Resources Corp. (a)		26,025		273,262
SJW Corp.		1,941		70,652
South Jersey Industries Inc.		3,550		186,588
Southern Union Co. (a)		15,211		364,760
Southwest Gas Corp.		8,290		210,566
Southwest Water Co.		2,938		39,516
Tetra Technologies Inc. (a)		4,740		134,142
UIL Holdings Corp.		3,243		166,366
Unisource Energy Corp.		8,448		203,681
USA Mobility Inc. (a)		5,396		190,533
WGL Holdings Inc.		10,877		335,447

				8,674,164

Total Common Stocks (cost $212,480,297)				260,395,058


	Principal amount		Value
Short-term Investments (1.22%)
U.S. Treasury Bills, 1.90%, 02/03/2005 (b)	$	3,225,000	$	3,219,808

Total Short-term Investments (cost $3,219,571)				3,219,808

TOTAL INVESTMENTS (99.83%) (cost $215,699,868)				263,614,866

CASH AND OTHER ASSETS, NET OF LIABILITIES (0.17%)				454,566

NET ASSETS (100.00%)			$	264,069,432


	Shares		Value
Securities Sold Short
Fifth Third Bancorp (c)		6,742	$	318,636

Total Securities Sold Short (proceeds $318,636)			$	318,636

(a)	Non-income producing security.

(b)	At December 31, 2004 this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

(c)

Fifth Third Bancorp acquired First National Bankshares of FL Inc. effective January 3, 2005, by issuing 0.5065 shares of Fifth Third Bancorp for each share of First National Bankshares of FL Inc. owned. Since Fifth Third Ban-corp is not a security contained in the Russell 2000 Index, the Fund entered into a transaction to sell Fifth Third Bancorp on December 31, 2004, with a settlement date of January 5, 2005. The sale was settled on January 5, 2005, with the shares received from the acquisition on January 3, 2005.

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2004


	Shares	Value
Common Stocks (99.02%)

Australia (5.01%)
Alumina Ltd.	33,907	$	157,098
Amcor Ltd.	25,724		147,476
AMP Ltd.	51,060		289,143
Ansell Ltd.	5,217		36,338
Aristocrat Leisure Ltd.	8,867		68,817
Australian & New Zealand Bank Group	50,722		814,605
Australian Gas & Light Co.	12,300		131,438
Australian Stock Exchange	2,887		45,938
Axa Asia Pacific Holdings	18,789		60,087
BHP Billiton Ltd.	100,130		1,198,075
Bluescope Steel	20,265		130,405
Boral Ltd.	17,910		95,973
Brambles Industries Ltd.	26,200		142,030
Centro Properties Group	22,727		102,462
CFS Gandel Retail Trust	35,700		44,554
Coca-Cola Amatil Ltd.	14,114		89,502
Cochlear Ltd.	1,423		28,026
Coles Myer Ltd.	30,795		236,838
Commonwealth Bank of Australia	34,999		876,305
Commonwealth Property Office	35,774		34,880
Computershare Ltd.	10,709		47,362
CSL Ltd.	5,621		128,243
CSR Ltd.	27,982		58,057
DB RReef Trust	71,145		73,251
Foster’s Group Ltd.	56,489		255,116
Futuris Corp. Ltd.	14,491		24,414
General Property Trust	53,494		156,053
Harvey Norman Holdings Ltd.	13,901		34,155
Iluka Resources Ltd.	5,030		24,678
Ing Industrial Fund	20,392		34,356
Insurance Australia Group	45,834		229,876
Investa Property Group	40,599		71,568
James Hardie Industries Ltd.	14,248		74,460
John Fairfax Holdings Ltd.	26,931		95,578
Leighton Holdings Ltd.	4,775		45,923
Lend Lease Corp. Ltd.	10,206		105,479
Lion Nathan Ltd.	7,514		50,404
Macquarie Bank Ltd.	5,992		217,330
MacQuarie Goodman Industrial	43,718		80,817
Macquarie Infrastructure Grp	54,932		145,680
Mayne Group Ltd.	18,392		61,113
Mirvac Group	18,772		71,747
National Australia Bank Ltd.	42,923		964,892
Newcrest Mining Ltd.	9,618		130,911
Onesteel Ltd.	14,975		30,019
Orica Ltd.	8,032		127,617
Origin Energy Ltd.	18,736		100,691
Pacific Brands Ltd.	12,079		30,055
Paperlinx Ltd.	12,720		46,830
Patrick Corp. Ltd.	15,337		78,716
Perpetual Trustees Australia	1,149		56,372
Publishing & Broadcasting	3,610		49,276
Qantas Airways Ltd.	25,282		73,161
QBE Insurance Group Ltd.	19,069		228,313
Rinker Group Ltd.	26,451		219,728
Rio Tinto Ltd.	8,758		267,238
Santos Ltd.	17,611		116,486
Sonic Healthcare Ltd.	6,090		57,857
Southcorp Ltd. (a)	18,080		60,499
Stockland	33,005		154,206
Suncorp-Metway Ltd.	14,904		202,045
Tabcorp Holding Ltd.	13,759		185,557
Telstra Corp. Ltd	61,063		233,859
Toll Holdings Ltd.	6,534		65,184
Transurban Group	14,092		73,645
Wesfarmers Ltd.	10,678		331,488
Westfield Group (a)	39,994		512,539
Westpac Banking Corp.	49,618		754,303
WMC Resources Ltd.	33,415		188,180
Woodside Petroleum Ltd.	12,913		202,450
Woolworths Ltd.	28,912		338,496

			12,696,263

Austria (0.34%)
Bank Austria Creditanstalt	994		89,600
Boehler-Uddeholm	249		31,383
Erste Bank Der Oester Spark	3,352		178,565
Flughafen Wien AG	288		21,744
Immofinaz Immobilien Anlagen AG (a)	6,616		63,135
Mayr-Melnhof Karton AG	90		15,286
Oest Elektrizatswirts Class A	167		37,102
OMV AG	370		111,185
RHI AG (a)	800		24,182
Telekom Austria	7,918		149,723
VA Technologie AG (a)	261		20,696
VoestAlpine AG	646		50,044
Wienerberger AG	1,650		78,616

			871,261

Belgium (1.32%)
Agfa Gevaert NV	2,844		96,222
Barco (New) NV	307		28,318
Bekaert NV	405		32,253
Belgacom SA (a)	4,572		197,076
Cofinimmo	134		21,869
Colruyt SA	497		80,573
Compagnie Maritime Belge	530		14,763
Delhaize Group	1,902		144,248
Dexia	17,811		408,496
Electrabel SA	770		342,345
Euronav SA	636		16,466
Fortis	32,994		910,121
Groupe Bruxelles Lambert SA	2,000		162,389
Inbev	4,716		182,443
KBC Bankverzekerings Holding	3,078		235,731

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Belgium (Cont.)
Mobistar SA (a)	758	$	70,844
Omega Pharma SA	741		35,406
S.A. D’Ieteren NV	52		9,621
Solvay SA	1,691		185,664
UCB SA	2,455		124,458
Umicore	593		55,664

			3,354,970

Bermuda (0.03%)
Kerry Properties Ltd.	16,000		34,172
Orient Overseas International Ltd.	6,000		22,734
Smartone Telecommunication	5,000		5,596

			62,502

Cayman Islands (0.03%)
Hutchison Telecommunications (a)	38,000		34,223
Kingboard Chemicals Holdings	16,000		33,863

			68,086

Denmark (0.78%)
AP Moller-Maersk AS	31		255,442
Bang & Olufsen Class B	395		29,452
Carlsberg AS Class B	899		45,397
Coloplast Class B	708		38,786
Danisco AS	1,515		92,247
Danske Bank	12,202		373,152
DSV De Sammenslut Vogn Class B	580		39,228
FLS Industries AS Class B (a)	578		10,853
GN Store Nord	6,762		72,731
H. Lundbeck AS	2,040		45,371
ISS AS	1,266		70,508
Kobenhavns Lufthavne	141		29,894
Nordiske Kabel Traadfabri	538		15,644
Novo Nordisk AS	7,079		385,865
Novozymes AS Class B	1,549		78,503
Ostasiatiske Kompagni	700		36,688
TDC AS	5,225		220,748
Topdanmark AS (a)	648		50,915
Vestas Wind Systems (a)	4,621		57,284
William DeMant Holding (a)	774		36,263

			1,984,971

Finland (1.40%)
Amer Group	2,082		36,265
Elisa Corp Class A (a)	3,716		59,739
Fortum OYJ	9,782		180,595
KCI Konecranes OYJ	347		15,291
Kesko OYJ	1,987		48,346
Kone OYJ Class B	1,028		79,552
Metso OYJ	2,671		42,216
Nokia OYJ	130,711		2,058,817
Nokian Renkaat OYJ	275		41,675
Orion-Yhtyma Class B	1,606		25,927
Outokumpo OYJ	2,996		53,403
Pohjola Group PLC	1,812		20,853
Rautaruukki OYJ	2,051		24,298
Sampo Insurance Co.	9,822		135,268
Stora Enso OYJ R	17,926		273,846
Tietoenator Corp. OYJ	2,312		73,334
UPM-Kymmene OYJ	14,568		323,060
Uponor OYJ	1,644		30,663
Wartsila OYJ Class B	1,724		36,642

			3,559,790

France (9.07%)
Accor SA	5,207		227,341
Air France	3,523		66,952
Air Liquide	3,029		558,391
Alcatel SA (a)	34,579		536,683
Alstom (a)	118,371		89,853
Atos Origin (a)	1,181		79,994
Autoroutes Du Sud De La Fran	1,901		95,342
AXA Co.	39,553		974,704
BIC	856		42,931
BNP Paribas	22,371		1,616,263
Bouygues	5,791		266,890
Business Objects (a)	1,752		44,124
Cap Gemini SA (a)	3,630		115,926
Carrefour AS	16,133		766,265
Casino Guichard Perrachon	897		71,494
CNP Assurances	1,017		72,649
Compagnie De Saint-Gobain	8,711		523,320
Credit Agricole SA	18,713		563,114
Dassault Systemes SA	1,552		78,049
Essilor International	2,692		210,365
European Aeronautic Defense	6,659		193,072
France Telecom SA	41,394		1,366,829
Gecina SA	717		70,851
Groupe Danone	6,716		618,585
Hermes International SCA	232		46,165
Imerys SA	948		79,350
Klepierre	660		58,285
L’Oreal	8,543		646,745
Lafarge SA	4,755		457,624
Lagardere S.C.A.	3,602		259,261
LVMH Moet Hennessy Loui V SA	6,949		530,781
Michelin (CGDE) Class B	3,999		255,800
Pernod-Ricard	1,445		220,745
Peugeot SA	4,806		304,229
Pinault-Printemps-Redoute	1,887		188,384
Publicis Groupe SA	3,766		121,750
Renault SA	5,258		438,680
Sagen SA	2,500		53,136
Sanofi-Aventis	27,567		2,197,184

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

France (Cont.)
Schneider Electric SA	6,232	$	432,511
Societe Generale Class A	9,315		940,042
Sodexho Alliance	2,580		77,847
Suez SA	22,697		603,625
Technip-Coflexip SA	525		96,783
Television Francaise (TF1)	3,167		102,814
Thales SA	2,198		105,232
Thomson Multimedia	6,544		172,529
Total SA	16,499		3,593,958
Unibail	1,216		190,872
Valeo	1,981		82,706
Veolia Environnement	7,476		269,861
Vinci SA	1,995		267,177
Vivendi Universal SA (a)	28,622		911,344
Zodiac SA	1,102		51,161

			23,006,568

Germany (6.65%)
Adidas-Salomon AG	1,257		202,334
Allianz AG	8,653		1,144,764
Altana AG	1,974		124,450
BASF AG	14,654		1,052,765
Bayer AG	18,536		626,631
Bayerische Hypo-Und Vereinsbank (a)	17,437		394,719
Beiersdorf AG	461		53,490
Celesio AG	968		78,518
Commerzbank AG (a)	12,469		256,230
Continental AG	3,427		217,075
DaimlerChrysler AG	24,173		1,155,347
Deutsche Bank AG	13,687		1,211,864
Deutsche Boerse AG	3,016		181,025
Deutsche Lufthansa (a)	6,549		93,654
Deutsche Post AG	12,384		283,692
Deutsche Telekom AG (a)	76,758		1,732,357
Douglas Holding AG	1,264		44,547
E.On AG	17,497		1,590,474
Epcos AG (a)	1,433		21,367
Fresenius Medical Care	952		76,407
Heidelbergcement AG	1,775		106,586
Hypo Real Estate Holding (a)	3,803		157,227
Infineon Technologies AG (a)	18,379		198,804
Karstadtquelle AG	1,592		16,379
Linde AG	2,393		149,405
MAN AG	3,018		115,936
Merck KGAA	1,382		94,827
Metro AG	4,095		224,751
MLP AG	1,705		33,719
Muenchener Rueckvers AG	5,153		631,783
Puma AG	470		128,882
RWE AG	11,066		610,499
SAP AG	5,745		1,023,257
Schering AG	4,662		347,627
Siemens AG	22,446		1,897,946
Suedzucker AG	1,553		32,208
ThyssenKrupp AG	8,762		192,406
TUI AG	3,623		85,549
Volkswagen AG	6,169		278,875

			16,868,376

Greece (0.55%)
Alpha Bank AE	5,480		190,606
Bank of Piraeus	4,228		73,701
Coca-Cola Hellenic Bottling	2,400		58,493
Cosmote Mobile Telecommunication	3,180		63,623
Duty Free Shops	860		15,038
EFG Eurobank	5,610		192,238
Emporiki Bank of Greece	1,387		43,843
Folli-FollieE S.A.	400		11,712
Germanos SA	460		13,593
Greek Org of Football Progno	4,380		120,879
Hellenic Petroleum	3,019		32,738
Hellenic Technodomiki Tev SA	3,096		13,933
Hellenic Telecommunications Org	6,919		123,987
Hyatt Regency SA	925		10,532
Intracom SA	2,430		13,110
National Bank of Greece	7,208		237,226
Public Power Corp.	3,059		85,417
Technical Olympic SA	3,540		19,194
Titan Cement Co. S.A.	1,870		55,258
Viohalco	2,850		25,883

			1,401,004

Hong Kong (1.64%)
ASM Pacific Technology	3,500		12,609
Bank of East Asia	37,405		116,221
BOC Hong Kong Holdings Ltd.	101,500		193,924
Cathay Pacific Airways Ltd.	30,000		56,738
Cheung Kong Holdings Ltd.	42,000		418,784
Cheung Kong Infrastructure	12,000		34,661
CLP Holdings Ltd.	49,783		286,304
Espirit Holdings Ltd.	25,000		151,174
Giordano International Ltd.	34,000		21,325
Hang Lung Properties Ltd.	52,000		80,283
Hang Seng Bank Ltd.	21,774		302,553
Henderson Land Development	21,000		109,154
Hong Kong & China Gas	100,534		207,600
Hong Kong Exchange & Clearing	30,000		80,283
HongKong Electric	38,000		173,561
Hopewell Holdings	16,000		41,068
Hutchison Whampoa Ltd.	60,210		563,561
Hysan Development Co.	17,000		35,761
Johnson Electric Holdings	44,716		43,436
Li & Fung Ltd.	46,000		77,530
MTR Corp.	43,500		69,678
New World Development	58,800		65,817

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Hong Kong (Cont.)
PCCW Ltd.	93,000	$	58,929
SCMP Group Ltd	36,000		14,937
Shangri-La Asia Ltd.	26,271		37,687
Sino Land Co.	32,000		31,496
Sun Hung Kai Properties	37,000		370,119
Swire Pacific Ltd. “A”	27,000		225,796
Techtronic Industries	23,000		50,158
Television Broadcasts Ltd.	8,000		37,157
Texwinca Holdings Ltd.	18,000		17,021
Wharf Holdings Ltd.	35,114		122,882
Yue Yuen Industrial Holdings	13,500		37,169

			4,145,376

Ireland (0.92%)
Allied Irish Bank PLC	24,342		506,482
Bank of Ireland	26,861		446,024
CRH PLC	14,794		395,049
DCC PLC	2,156		48,221
Depfa Bank PLC	9,853		164,943
Elan Corp. PLC (a)	10,760		285,869
Fyffes PLC	8,271		21,638
Grafton Grp PLC (a)	6,064		65,758
Greencore Group PLC	2,794		11,438
Independent News & Media PLC	14,216		44,706
Irish Life & Permanent PLC	7,589		141,959
Kerry Group PLC Class A	3,805		91,033
Kingspan Group PLC	3,636		34,747
Ryanair Holdings PLC (a)	9,352		66,552

			2,324,419

Italy (4.29%)
Alleanza Assicurazioni	12,652		176,128
Arnoldo Mondadori Editore	3,562		40,992
Assicurazione Generali Itl	26,815		907,603
Autogrill SpA (a)	3,779		62,955
Autostrade SpA	7,183		191,810
Banca Antonveneta SPA (a)	6,327		166,379
Banca Fideuram SpA	7,674		39,632
Banca Intesa	26,794		114,769
Banca Intesa SpA	92,119		442,030
Banca Monte Dei Paschi Siena	32,096		114,204
Banca Nazionale Lavoro-Ordinary (a)	45,948		136,710
Banca Popolare Di Verona	10,047		203,736
Banche Popolari Unite Scrl	9,162		185,790
Banco Popolare Di Milano Ein	11,081		97,932
Benetton Group	1,758		23,186
Bulgari SpA	3,409		42,004
Capitalia SpA	40,327		184,215
Edison SpA (a)	20,685		43,880
Enel SpA	102,921		1,008,653
ENI SpA	73,150		1,826,432
Fiat SpA (a)	15,210		121,641
Finecogroup SpA (a)	5,048		38,866
Finmeccanica SpA	169,526		153,272
Gruppo Editoriale L’Espresso	4,388		26,409
Italcementi SpA	1,619		26,006
Luxottica Group SpA	3,880		78,785
Mediaset SpA	16,798		212,441
Mediobanca SpA	13,086		211,260
Mediolanum SpA	7,055		50,397
Pirelli & Co.	49,890		67,085
RAS SpA	8,591		193,775
San Paolo - IMI SpA	29,448		423,118
Seat Pagine Gaille (a)	118,660		54,526
Snam Rete Gas	23,843		138,326
Telecom Italia	231,216		943,374
Telecom Italia Media (a)	38,241		17,261
Telecom Italia RNC	161,093		521,884
Terna SpA (a)	26,522		75,856
TIM SpA	107,044		798,040
Tiscali SpA (a)	4,618		17,089
Unicredito Italiano SpA	123,887		710,339

			10,888,790

Japan (21.72%)
77 Bank Ltd.	10,000		70,266
ACOM Co. Ltd.	1,980		148,003
Aderans Co. Ltd.	900		20,787
Advantest Corp.	1,990		170,472
Aeon Co. Ltd.	15,900		264,974
Aeon Credit Service Co. Ltd.	600		44,616
Aiful Corp.	1,150		126,308
Aisin Seiki Co. Ltd.	4,300		108,747
Ajinomoto Co. Inc.	16,000		190,235
Alfresa Holdings Corp.	500		18,322
All Nippon Airways Co. Ltd.	13,000		45,230
Alps Eelectronics Co. Ltd.	5,000		74,408
Amada Co. Ltd.	10,000		55,160
Amano Corp.	1,000		9,921
Anritsu Corp.	2,000		15,379
Aoyama Trading Co. Ltd.	1,600		43,505
Ariake Japan Co. Ltd.	440		10,592
Asahi Breweries Ltd.	11,100		137,276
Asahi Glass Co. Ltd.	21,000		231,264
Asahi Kasei Corp.	35,000		174,983
Asatsu DK Inc.	800		22,493
Autobacs Seven Co Ltd	600		17,513
Bandai Co. Ltd.	2,200		49,956
Bank of Fukuoka Ltd.	15,000		98,675
Bank of Yokohama Ltd.	34,000		214,053
Benesse Corp	1,700		59,478
Bridgestone Corp.	18,000		357,860
Canon Inc.	23,600		1,271,884
Capcom Co. Ltd.	1,400		13,289

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Japan (Cont.)
Casio Computer Co. Ltd.	5,000	$	77,039
Central Glass Co. Ltd.	6,000		42,452
Central Japan Railway Co	28		228,399
Chiba Bank Ltd.	20,000		133,515
Chubu Electric Power Co. Inc	18,800		450,716
Chugai Pharmaceutical Co. Ltd.	6,900		113,913
Circle K Sunkus Co. Ltd. (a)	1,100		28,248
Citizen Watch Co. Ltd.	8,000		76,796
Coca-Cola West Japan Co. Ltd.	1,200		30,757
Comsys Holdings Corp.	3,000		27,746
Credit Saison Co. Ltd.	4,000		145,405
CSK Corp.	1,900		85,918
Dai Nippon Printing Co. Ltd.	18,000		288,393
Daicel Chemical Industries	7,000		39,567
Daiichi Pharmaceutical	6,700		144,630
Daikin Industries Ltd.	5,600		161,544
Dainippon Ink & Chemical Inc.	18,000		41,399
Dainippon Screen Manufacturing Co. Ltd.	5,000		30,650
Daito Trust Construction Co. Ltd.	2,600		123,399
Daiwa House Industry Co Ltd	14,000		158,951
Daiwa Securities Group Inc.	33,000		237,989
Denki Kagaku Kogyo KK	11,000		36,556
Denso Corp.	14,900		398,602
Dentsu Inc.	42		112,971
Dowa Mining Co. Ltd.	7,000		45,502
East Japan Railway Co.	95		527,726
Ebara Corp.	9,000		41,487
Eisai Co. Ltd.	7,000		229,900
Electric Power Development (a)	3,900		109,083
Familymart Co. Ltd.	1,900		55,272
Fanuc Ltd.	4,100		267,713
Fast Retailing	1,500		114,024
Fuji Electric Holdings Co. LT	15,000		40,347
Fuji Photo Film Co. Ltd.	13,000		473,833
Fuji Soft ABC Inc.	800		26,430
Fuji Television Network Inc.	14		30,289
Fujikura Ltd.	9,000		41,399
Fujisawa Pharmaceutical Co	8,100		221,426
Fujitsu Ltd.	49,000		318,517
Furukawa Electric Co. Ltd. (a)	15,000		83,033
Goodwill Group Inc.	9		22,191
Gunma Bank Ltd.	11,000		63,785
Gunze Ltd.	5,000		23,195
Hankyu Department Stores	3,000		21,723
Hino Motors Ltd.	6,000		44,499
Hirose Electric Co. Ltd.	800		93,402
Hitachi Cable Ltd.	4,000		18,829
Hitachi Capital Corp.	1,400		28,857
Hitachi Chemical Co. Ltd.	2,600		46,471
Hitachi Construction Machine	3,000		41,195
Hitachi Ltd.	90,000		622,746
Hitachi Sofware Engineering	800		18,244
Hokkaido Electric Power	4,200		82,477
Hokuhoku Financial Group Inc.	26,000		70,948
Honda Motor Co. Ltd.	21,000		1,086,736
House Foods Corp.	2,200		31,732
Hoya Corp.	3,000		338,271
Isetan Co Ltd	5,000		58,230
Ishihara Sangyo Kaisha Ltd.	5,000		11,451
Ishikawajima-Harima Heavy Ind (a)	35,000		48,095
ITO EN Ltd.	800		41,477
ITO-Yokado Co. Ltd.	9,300		389,728
Itochu Corp. (a)	37,000		170,919
Itochu Techno-Science Corp.	900		35,961
JAFCO Co. Ltd.	800		54,264
Japan Airlines Corp. (a)	18,000		52,100
Japan Real Estate Investment	6		50,521
Japan Retail Fund Investment	5		42,150
Japan Tobacco Inc.	25		285,060
JFE Holdings Inc.	15,000		427,590
JGC Corp.	6,000		54,790
Joyo Bank Ltd.	21,000		102,329
JS Group Corp.	7,000		126,956
JSR Corp.	5,000		109,395
Kajima Corp.	25,000		107,446
Kaken Pharmaceutical Co. Ltd.	2,000		13,157
Kamigumi Co. Ltd.	7,000		55,804
Kanebo Ltd. (a)	1,700		24,686
Kaneka Corp.	7,000		79,135
Kansai Electric Power	20,100		407,446
Kansai Pain Co. Ltd.	5,000		30,309
KAO Corp.	15,000		383,004
Katokichi Co. Ltd.	900		17,981
Kawasaki Heavy Industries Ltd.	37,000		60,579
Kawasaki Kisen Kaisha Ltd.	14,000		89,913
Keihin Electric Express Railway	12,000		73,794
Keio Electric Railway Co. Ltd.	15,000		87,857
Keyence Corp.	880		196,909
Kikkoman Corp.	3,000		28,564
Kinden Corp.	3,000		22,396
Kinki Nippon Railway Co Ltd	45,000		155,248
Kirin Brewery Co. Ltd.	20,000		196,667
Kobe Steel Ltd.	64,000		97,924
Kokuyo Co. Ltd.	1,300		15,672
Komatsu Ltd.	27,000		188,666
Komori Corp.	2,000		29,159
Konami Corp	2,300		53,236
Konica Minolta Holdings Inc.	12,000		159,049
Koyo Seiko Co. Ltd.	3,000		42,160
Kubota Corp.	29,000		143,573
Kuraray Co. Ltd.	11,000		98,519
Kurita Water Industries Ltd.	3,000		43,095
Kyocera Corp.	4,500		346,019
Kyowa Hakko Kogyo Co Ltd.	10,000		75,041
Kyushu Electric Power	11,400		229,978

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Japan (Cont.)
Lawson Inc.	1,600	$	58,942
Leopalace21 Corp.	3,600		63,292
Mabuchi Motor Co Ltd	800		57,616
Makita Corp.	3,000		52,393
Marubeni Corp.	37,000		102,407
Marui Co. Ltd.	9,000		120,339
Matsumotokiyoshi Co. Ltd.	1,000		28,457
Matsushita Electric Industries	62,000		982,477
Matsushita Electric Works	8,114		70,615
Mediceo Holdings Co. Ltd.	2,300		25,844
Meiji Dairies Corp.	7,000		41,477
Meiji Seika Kaisha Ltd.	9,000		41,487
Meitec Corp.	800		29,783
Millea Holdings Inc.	40		592,535
Minebea Co. Ltd.	8,000		34,850
Mitsubishi Chemical Corp.	47,000		142,910
Mitsubishi Corp.	30,500		393,548
Mitsubishi Electric Corp.	47,000		229,939
Mitsubishi Estate Co. Ltd.	27,000		315,759
Mitsubishi Gas Chem Co.	10,000		47,071
Mitsubishi Heavy Industries Ltd.	82,000		232,550
Mitsubishi Logistics Corp.	3,000		29,529
Mitsubishi Materials Corp.	25,000		52,383
Mitsubishi Rayon Co. Ltd	12,000		43,622
Mitsubishi Tokyo Financial	128		1,297,339
Mitsui & Co. Ltd	35,000		313,468
Mitsui Chemicals Inc.	17,000		92,447
Mitsui Engineering & Shipbuilding	16,000		27,288
Mitsui Fudosan Co. Ltd.	20,000		242,666
Mitsui Mining & Smelting Co.	17,000		74,886
Mitsui OSK Lines Ltd.	25,000		149,839
Mitsui Sumitomo Insurance Co.	36,000		312,250
Mitsui Trust Holding Inc.	15,000		149,693
Mitsukoshi Ltd.	10,000		48,533
Mitsumi Electric Co. Ltd.	1,600		18,275
Mizuho Financial Group Inc.	218		1,096,267
Murata Manufacturing Co. Ltd.	6,200		346,224
Namco Ltd.	1,800		23,594
NEC Corp.	47,000		291,775
NEC Electronics Corp.	1,000		48,728
Net One Systems Co. Ltd.	13		54,098
NGK Insulators Ltd.	8,000		76,406
NGK Spark Plug Co. Ltd.	5,000		51,701
Nichii Gakkan Co.	550		17,796
Nichirei Corp.	8,000		31,810
Nidec Corp.	1,300		158,240
Nikko Cordial Corp.	45,000		238,135
Nikon Corp.	8,000		98,704
Nintendo Co. Ltd.	2,800		351,194
Nippon Building Fund Inc	7		59,624
Nippon Express Co. Ltd.	22,000		108,274
Nippon Kayaku Co. Ltd.	5,000		27,873
Nippon Light Metal Co. Ltd.	11,000		27,765
Nippon Meat Packers Inc.	5,000		67,683
Nippon Mining Holdings Inc.	21,000		98,645
Nippon Oil Corp.	37,000		236,907
Nippon Paper Group Inc.	24		107,592
Nippon Sheet Glass Co. Ltd.	9,000		37,189
Nippon Shokubai Co. Ltd.	3,000		25,962
Nippon Steel Corp.	170,000		415,846
Nippon Yusen Kabushiki Kaish	25,000		134,490
Nishimatsu Construction Co.	7,000		24,354
Nissan Chemical Industries	4,000		31,459
Nissan Motor Co. Ltd.	69,600		755,622
Nisshin Seifun Group Inc.	5,000		55,355
Nisshin Steel Co. Ltd.	20,000		45,999
Nisshinbo Industries Inc.	5,000		37,375
Nissin Food Products Co. Ltd.	2,600		65,120
Nitori Co. Ltd.	450		29,339
Nitto Denko Corp.	4,700		257,421
NOK Corp.	2,600		81,337
Nomura Holdings Inc.	53,000		771,679
Nomura Research Institute	600		56,135
NSK Ltd.	13,000		65,247
NTN Corp.	12,000		68,765
NTT Corp.	145		650,034
NTT Data Corp.	35		112,903
NTT Docomo Inc.	565		1,040,688
OBIC Co. Ltd.	200		39,665
Odakyu Electric Railway Co.	17,000		98,411
Ohbayashi Corp.	16,000		100,731
OJI Paper Co. Ltd.	22,000		126,070
OKI Electric Industries Co. Ltd. (a)	16,000		68,765
Okumura Corp.	5,000		31,576
Olympus Corp.	7,000		149,060
Omron Corp.	6,000		142,969
Onward Kashiyama Co. Ltd.	4,000		58,123
Oracle Corp.	900		46,574
Oriental Land Co. Ltd.	1,400		97,145
Orix Corp.	2,300		312,016
Osaka Gas Co. Ltd.	57,000		177,760
Pioneer Corp.	4,400		85,762
Promise Co. Ltd.	2,400		171,211
QP Corp./Japan	1,800		15,630
Rakuten Inc. (a)	13		14,823
Rakuten Inc. - When Issued (a)	117		104,902
Resona Holdings Inc. (a)	131,000		265,549
Ricoh Co. Ltd.	19,000		366,075
Rinnai Corp.	900		24,120
Rohm Co. Ltd.	3,000		309,911
Ryohin Keikaku Co. Ltd.	700		35,133
Saizeriya Co. Ltd.	900		15,384
Sanden Corp.	3,000		18,536
Sanken Electric Co. Ltd.	3,000		39,207
Sankyo Co. Ltd.	10,300		232,380
Sankyo Co. Ltd. GUNMA	1,400		70,675

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Japan (Cont.)
Sanwa Shutter Corp.	4,000	$	22,376
Sanyo Electric Co. Ltd.	41,000		141,448
Sapporo Breweries	6,000		28,360
Secom Co. Ltd.	6,000		239,743
Sega Sammy Holdings Inc. (a)	1,984		108,858
Seiko Epson Corp.	2,900		128,876
Seino Tranportation Co. Ltd.	4,000		37,423
Sekisui Chemical	12,000		87,594
Sekisui House Ltd.	14,000		162,908
Seven-Eleven Japan	10,600		333,671
Sharp Corp.	27,000		440,220
Shimachu Co. Ltd.	1,500		37,058
Shimamura Co. Ltd.	500		36,449
Shimano Inc.	2,200		62,713
Shimizu Corp.	14,000		70,130
Shin-Etsu Chemical Co. Ltd.	10,000		409,317
Shinsei Bank LTD.	15,000		102,037
Shionogi & Co. Ltd.	8,000		110,477
Shiseido Co. Ltd.	10,000		144,625
Shizuoka Bank Ltd.	17,000		160,871
Showa Denko K.K.	25,000		64,321
Showa Shell Sekiyu K.K.	4,300		39,099
Skylark Co. Ltd.	2,100		36,061
SMC Corp.	1,500		171,475
Snow Brand Milk Product Co. (a)	4,000		12,280
Softbank Corp.	6,500		316,100
Sojitz Holdings Corp. (a)	5,100		22,068
Sompo Japan Insurance Inc.	21,000		213,663
Sony Corp.	26,000		1,003,411
Stanley Electric Co. Ltd.	4,000		68,453
Sumitomo Bakelite Co. Ltd.	5,000		31,527
Sumitomo Chemical Co. Ltd.	37,000		181,016
Sumitomo Corp.	25,000		215,379
Sumitomo Electric Industries	19,000		206,461
Sumitomo Heavy Industries (a)	14,000		51,983
Sumitomo Metal Industries	99,000		134,110
Sumitomo Metal Mining Co. Ltd.	14,000		99,873
Sumitomo Mitsui Financial Gr	114		827,697
Sumitomo Osaka Cement Co. Ltd.	11,000		26,908
Sumitomo Realty & Development	11,000		143,222
Sumitomo Trust & Banking	33,000		238,310
Surgua Bank Ltd.	6,000		47,832
Suzuken Co. Ltd.	1,440		38,593
T&D Holdings Inc. (a)	5,150		245,931
Taigo Nippon Sanso Corp.	8,000		46,857
Taiheiyo Cement Corp.	23,000		57,158
Taisei Corp.	21,000		81,659
Taisho Pharmaceutical Co. Ltd.	5,000		108,664
Taiyo Yuden Co. Ltd.	3,000		34,850
Takara Holdings Inc.	5,000		32,502
Takashimaya Co. Ltd.	7,000		67,264
Takeda Pharmaceutical Co. Ltd.	25,000		1,257,188
Takefuji Corp.	1,910		128,996
Takuma Co. Ltd.	2,000		15,729
TDK Corp.	3,300		244,099
Teijin Ltd.	22,000		95,410
Teikoku Oil Co.	5,000		27,775
Terumo Corp.	4,700		126,420
The Daimaru Inc.	6,000		49,060
THK Co. Ltd.	2,600		51,438
TIS Inc.	900		39,382
Tobu Railway Co. Ltd.	20,000		76,016
Toda Corp.	6,000		29,237
TOHO Co. Ltd.	3,800		59,957
Tohoku Electric Power	12,000		215,184
Tokyo Broadcasting System	1,000		16,285
Tokyo Electric Power Co.	32,400		794,133
Tokyo Electron Ltd.	4,800		295,176
Tokyo Gas Co. Ltd.	70,000		286,522
Tokyo Style Co. Ltd.	2,000		23,448
Tokyu Corp.	27,000		145,775
Tokyu Land Corp.	8,000		33,369
Tonengeneral Sekiyu KK	9,000		81,834
Toppan Printing Co. Ltd.	16,000		177,293
Toray Industries Inc.	34,000		159,049
Toshiba Corp.	83,000		355,911
Tosoh Corp.	14,000		62,898
Toto Ltd.	9,000		85,781
Toy Suisan Kaisha Ltd.	2,000		29,432
Toyo Seikan Kaisha Ltd.	4,000		73,677
Toyobo Co. Ltd.	14,000		33,700
Toyoda Gosei Co. Ltd.	1,600		32,511
Toyota Industries Corp.	5,200		129,734
Toyota Motor Corp.	81,200		3,299,912
Trend Micro Inc. (a)	2,500		134,733
UBE Industries Ltd. (a)	25,000		42,150
UFJ Holdings Inc (a)	108		653,621
UNI Charm Corp.	1,200		57,421
Uniden Corp.	2,000		39,372
UNY Co. Ltd.	5,000		57,061
Ushio Inc.	3,000		55,989
USS Co. Ltd.	710		59,507
Wacoal Corp.	3,000		35,932
West Japan Railway Co.	47		189,631
World Co. Ltd.	1,000		35,084
Yahoo! Japan Corp. (a)	52		249,332
Yakult Honsha Co. Ltd.	3,000		53,328
Yamada Denki Co. Ltd.	2,100		89,845
Yamaha Corp.	4,600		70,114
Yamaha Motor Co. Ltd.	4,400		65,951
Yamanouchi Pharmaceutical	8,600		334,412
Yamato Transport Co. Ltd.	11,000		162,947
Yamazaki Baking Co. Ltd.	3,000		27,892
Yokogawa Electric Corp.	6,000		80,109

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Japan (Cont.)
Zeon Corp.	4,000	$	33,525

			55,082,682

Luxembourg (0.13%)
Arcelor	13,765		316,634

Netherlands (4.91%)
ABN Amro Holdings NV	44,026		1,163,109
Aegon NV	38,635		525,269
AKZO Nobel	7,448		316,805
ASML Holding NV (a)	13,586		217,491
Corio NV	1,172		68,471
DSM NV	2,140		138,135
Euronext	2,738		83,394
Getronics NV (a)	13,502		30,747
Hagemeyer NV (a)	14,127		32,554
Heineken NV	6,931		230,459
IHC Caland NV	883		55,943
ING Groep NV CVA	51,633		1,557,945
Koninklijke AHold NV (a)	44,188		341,412
Koninklijke KPN NV	55,408		524,988
Koninklijke Numico NV (a)	4,187		150,570
OCE NV	2,286		34,891
Philips Electronics NV	37,041		979,579
Qiagen NV (a)	4,066		44,367
Randstad Holding NV	1,345		52,780
Reed Elsevier NV	19,232		261,472
Rodamco Europe NV	1,401		110,905
Royal Dutch Petroleum	58,505		3,358,504
Stmicroelectronics NV	16,205		315,210
TNT Post Group	10,574		286,374
Unilever NV CVA	16,094		1,076,155
Vedior NV-CVA	4,907		79,751
VNU NV	6,846		201,649
Wereldhave NV	569		61,702
Wolters Kluwer - CVA	7,665		153,459

			12,454,090

New Zealand (0.23%)
Auckland International Airport	9,414		53,909
Carter Holt Harvey Ltd.	19,351		28,745
Contact Energy Ltd.	8,708		39,993
Fisher & Paykel Appliances Class H	6,917		21,344
Fisher & Paykel Healthcare Class C	9,905		23,029
Fletcher Building Ltd.	12,305		58,455
Independent Newspapers Ltd.	2,780		11,471
NGC Holdings Ltd.	3,020		6,718
Sky City Entertainment Group	11,467		44,270
Sky Network Television Ltd. (a)	1,446		6,382
Telecom Corp. of New Zealand	55,339		244,224
The Warehouse Group Ltd.	6,267		16,325
Tower Ltd. (a)	10,466		16,072
Waste Management Ltd.	3,571		14,478

			585,415

Norway (0.60%)
DNB Nor ASA	18,342		180,291
Frontline Ltd.	1,077		47,749
Norsk Hydro ASA	4,066		319,062
Norske Skogindustrier Class ASA	3,165		68,208
Orkla AS Class A	5,282		172,918
Petroleum Geo Services (a)	458		28,518
Schibsted ASA	1,284		36,332
Smedvig ASA Class A	1,055		17,659
Statoil ASA	15,217		237,817
Storebrand ASA	6,243		60,081
Tandberg ASA	3,586		44,392
Telenor ASA	22,252		201,336
Tomra Systems ASA	5,858		32,091
Yara International ASA (a)	6,266		82,207

			1,528,661

Portugal (0.35%)
Banco Comercial Portugues-R	50,977		130,598
Banco Espirito Santo	3,010		54,265
BPI SPGS SA	10,426		42,115
Brisa Auto-Estradas-Priv Shr	8,922		81,633
Cimpor-Cimentos De Portugal	3,924		22,074
Energias De Portugal SA	64,844		196,009
Jeronimo Martins (a)	1,113		14,634
Portugal Telecom SGPS SA	22,965		283,274
PT Multimedia Servicos	1,158		29,023
Sonae SGPS SA	26,818		38,896

			892,521

Singapore (0.81%)
Allgreen Properties Ltd.	14,000		9,268
Ascendas Real Estate Investment Trust	14,000		14,674
Capitaland Ltd.	29,128		38,030
Capitamall Trust	12,000		12,946
Chartered Semiconductor Mfg. Ltd. (a)	30,600		18,382
City Developments Ltd	12,031		52,360
Comfortdelgro Corp. Ltd.	46,000		43,705
Creative Technology Ltd.	1,500		22,435
Datacraft Asia Ltd. (a)	10,000		10,800
DBS Group Holdings Ltd.	32,445		320,194
Fraser & Neave Ltd.	5,300		52,955
Haw Par Corp. Ltd.	3,374		10,651
Jardine Cycle & Carriage Ltd.	4,015		26,087
Keppel Corp. Ltd.	16,001		84,350
Keppel Land Ltd.	9,000		12,413
Neptune Orient Lines Ltd.	13,000		23,906
Oversea-Chinese Banking Corp.	30,000		248,253
Parkway Holdings Ltd.	22,000		20,228

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Singapore (Cont.)
Sembcorp Industries Ltd.	20,000	$	19,860
Sembcorp Logistics Ltd.	10,000		10,604
Sembcorp Marine Ltd.	13,000		10,837
Singapore Airlines Ltd.	14,000		97,830
Singapore Exchange Ltd.	25,000		27,430
Singapore Land Ltd.	2,000		5,811
Singapore Post Ltd.	38,000		20,731
Singapore Press Holdings Ltd.	44,200		124,629
Singapore Technologies Engineering	39,381		56,245
Singapore Telecommunications	185,790		271,043
SMRT Corp. Ltd.	28,000		15,104
Stats Chippac Ltd. (a)	23,000		14,239
United Overseas Bank	32,616		275,898
United Overseas Land Ltd.	9,000		11,144
Venture Corp. Ltd.	6,397		62,347
Wing Tai Holdings Ltd	14,000		8,582

			2,053,971

Spain (4.07%)
Abertis Infraestructuras SA	7,242		159,028
AC Aguas De Barcelona (a)	21		438
AC. Acerinox	5,152		82,475
Acciona SA	801		70,683
ACS Activades Cons Y Serv	7,605		173,184
Aguas De Barcelona Class A	2,139		44,593
Altadis SA	7,456		340,593
Amadeus Global Travel	8,763		89,918
Antena 3 Television (a)	581		41,858
Banco Bilbao Vizcaya Argenta	90,344		1,598,120
Banco Popular Espanol	4,351		286,042
Banco Santander Central Hisp	167,153		2,068,638
Cintra Concesiones de Infrae (a)	5,493		60,162
Corporacion Mapfre SA	2,925		42,979
Endesa SA	26,697		625,687
Fomento De Construct Y Contra	1,379		66,227
Gamesa Corp Technologica SA	2,733		38,157
Gas Natural SDG SA	4,444		137,103
Grupo Ferrovial	1,726		91,993
Iberdrola SA	21,319		540,391
Iberia (Lineas Aer De Espana)	12,205		42,187
Inditex	6,086		179,016
Indra Sistemas SA	3,438		58,579
Metrovacesa SA	934		43,298
NH Hoteles SA	2,552		33,762
Promotora De Infom SA	2,292		48,528
Repsol YPF SA	25,488		661,958
Sacyr Vallehermoso SA	3,041		50,083
Sogecable (a)	986		43,651
Telefonica Publicidad E Info	4,845		44,790
Telefonica SA	125,323		2,354,472
Union Fenosa SA	5,958		156,272
Zeltia SA	4,675		32,635

			10,307,500

Sweden (2.50%)
Alfa Laval AB	2,441		39,430
ASSA Abloy AB Class B	8,400		143,259
Atlas Copco AB Class A	3,088		139,201
Atlas Copco AB Ser B	1,882		78,474
Axfood AB	665		22,483
Billerud Aktiebolag	1,796		31,979
Capio AB (a)	2,419		28,715
Castellum AB	979		35,011
D. Carnegie & Co. AB	1,400		18,091
Electrolux AB Class B	7,868		179,702
Elekta AB Class B (a)	673		19,365
Eniro AB	4,693		47,952
Ericsson LM Class B (a)	407,190		1,297,115
Gambro AB Class A	4,738		67,456
Gambro AB Class B	2,764		38,729
Getinge AB Class B	4,268		53,069
Hennes & Mauritz AB Class B	13,231		460,245
Hoganas AB Class B	736		19,741
Holmen AB Class B	1,334		46,103
Lundin Petroleum AB (a)	4,049		23,180
Modern Times Group (a)	1,492		40,578
Nordea Bank AB	61,329		617,428
OMX AB (a)	2,116		27,026
Oriflame Cosmetics SA-SDR (a)	1,050		24,297
Sandvik AB	6,178		248,787
SAS AB (a)	1,598		14,407
Scania AB Class B	2,653		104,843
Securitas AB Class B	8,524		146,014
Skandia Forsakrings AB	29,035		144,409
Skandinaviska Enskilda Bank Class A	13,077		252,497
Skanska AB Class B	9,995		119,773
SKF AB Class B	2,555		113,639
Ssab Svenskt AB Series A	1,528		36,736
SSAB Svenskt AB Series B	652		15,332
Svenska Cellulosa AB Class B	5,467		232,888
Svenska Handelsbanken	14,716		382,544
Swedish Match AB	9,931		114,902
Tele2 AB Class B	2,683		105,222
Teliasonera AB	52,049		311,273
Trelleborg AB Class B	2,394		40,649
Volvo AB Class B	6,368		252,133
Volvo AB Class A	2,774		105,665
Wihlborgs Fastigheter AB	3,328		70,009
WM Data AB	7,612		16,470

			6,326,821

Switzerland (6.79%)
ABB Ltd. (a)	51,904		289,114

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

Switzerland (Cont.)
Adecco SA	3,691	$	185,359
CIBA Specialty Chemicals (a)	1,902		144,318
CIE Fincance Richemont Class A	14,639		486,041
Clariant AG	6,575		105,834
Credit Suisse Group (a)	31,858		1,335,800
Geberit AG Reg	91		66,414
Givaudan	218		143,230
Holcim Ltd.	4,501		270,455
Kudelski SA Bearer (a)	1,008		36,960
Kuoni Reisen Holding	78		34,211
Logitech International (a)	1,222		74,499
Lonza Group AG	1,044		58,611
Micronas Semiconductor (a)	849		41,519
Nestle SA	11,316		2,953,079
Nobel Biocare Holding AG	136		24,575
Nobel Biocare Holding AG	543		99,297
Novartis AG	66,867		3,360,947
Phonak Holding AG	1,381		45,428
Rieter Holding AG	136		39,368
Roche Holding AG	19,737		2,266,292
Schindler Holding AG	156		61,716
Serono SA Class B	177		116,292
SGS SA	120		83,842
Straumann Holding AG-REG	197		40,782
Sulzer AG	93		36,894
Swiss Reinsurance	9,064		644,816
Swisscom AG	738		290,021
Syngenta AG (a)	2,981		315,881
Synthes Inc. (a)	1,270		142,040
The Swatch Group AG	1,683		49,900
The Swatch Group AG Class B	971		142,158
UBS AG	30,011		2,510,131
Unaxis Holding AG	350		34,693
Valora Holding AG	102		25,053
Zurith Financial Services (a)	4,046		672,914

			17,228,484

United Kingdom (24.88%)
3I Group PLC	17,385		222,097
Aegis Group PLC	32,680		67,702
Aggreko PLC	6,054		19,510
Alliance Unichem PLC	7,225		104,566
AMEC PLC	8,402		47,988
Amvescap PLC	20,130		123,852
Anglo American PLC	39,683		937,798
ARM Holdings PLC	29,885		63,345
Arriva PLC	6,186		64,076
Associated British Ports Holdings PLC	9,292		84,664
Astrazeneca PLC	46,787		1,695,318
Aviva PLC	63,524		765,229
BAA PLC	29,687		332,562
BAE Systems PLC	85,271		377,022
Balfour Beatty PLC	11,946		72,239
Barclays PLC	181,314		2,038,088
Barratt Developments PLC	6,776		77,272
BBA Group PLC	12,207		66,910
Bellway PLC	2,791		43,633
BG Group PLC	99,119		673,060
BHP Billiton PLC	69,528		814,215
BOC Group PLC	14,132		269,318
Boots Group PLC	21,456		269,784
BP PLC	609,627		5,940,484
BPB PLC	13,757		124,884
Brambles Industries PLC	21,292		106,292
British Airways PLC (a)	15,321		69,064
British American Tobacco PLC	45,213		778,380
British Land Co. PLC	14,572		250,450
British Sky Broadcasting PLC	35,047		377,817
BT Group PLC	238,760		929,719
Bunzl PLC	12,502		104,199
Cable & Wireless PLC	67,674		154,801
Cadbury Schweppes PLC	58,675		545,869
Capita Group PLC	18,672		130,999
Carnival PLC	4,734		288,587
Cattles PLC	9,132		64,287
Centrica PLC	108,338		490,960
Close Brothers Group PLC	3,443		48,509
Cobham PLC	3,104		73,652
Compass Group PLC	59,353		280,358
Cookson Group PLC (a)	49,137		33,460
Corus Group PLC (a)	114,750		111,157
Daily Mail & General NV	8,451		120,283
Davis Service Group PLC	4,824		37,939
De La Rue PLC	5,153		34,299
Diageo PLC	85,905		1,224,338
Dixons Group PLC	53,152		154,973
Eircom Group PLC	11,647		27,312
Electrocomponents PLC	11,470		62,650
EMAP PLC	7,468		116,821
EMI Group PLC	22,028		111,973
Enterprise Inns	9,836		149,996
Exel PLC	8,270		114,693
FirstGroup PLC	11,683		78,156
FKI PLC	14,846		33,176
Friends Provident PLC	56,906		168,102
GKN PLC	20,220		91,729
GlaxoSmithKline PLC	165,416		3,877,418
Great Portland Estates	3,771		23,798
Group 4 Securicor (a)	32,208		86,494
GUS PLC	28,192		507,521
Hammerson PLC	7,870		131,111
Hanson PLC	19,948		171,137
Hays PLC	47,484		113,172
HBOS PLC	109,368		1,779,017
Hilton Group PLC	44,074		240,524

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares	Value
Common Stocks (Cont.)

United Kingdom (Cont.)
HMV Group PLC	9,630	$	48,028
HSBC Holdings PLC	310,795		5,240,308
ICAP PLC	13,866		72,279
IMI PLC	9,500		71,753
Imperial Chemical Industries PLC	32,444		149,984
Imperial Tobacco Group PLC	20,273		554,927
Inchcape PLC	2,167		81,264
Intercontinental Hotels Group	17,589		218,461
International Power PLC (a)	40,539		120,142
Intertek Group PLC	3,919		52,998
Invensys PLC (a)	152,577		45,364
Invensys PLC Deferred (a)	93,894		—
ITV PLC	116,811		235,830
Johnson Matthey PLC	6,371		120,742
Kelda Group PLC	10,222		124,020
Kesa Electricals PLC	14,346		77,740
Kidde PLC	23,865		76,220
Kingfisher PLC	64,763		384,797
Land Securities Group PLC	13,128		352,550
Legal and General Group PLC	181,086		382,095
Liberty International PLC	7,551		140,570
Lloyds TSB Group PLC	156,442		1,419,412
LogicaCMG PLC	21,951		81,160
London Stock Exchange GBP	7,306		81,564
Man Group PLC	7,731		218,292
Marconi Corp. PLC (a)	5,348		57,704
Marks & Spencer Group PLC	46,123		303,463
Meggitt PLC	11,275		56,611
MFI Furniture Group PLC	17,686		42,067
Misys PLC	15,108		60,641
Mitchells & Butler	15,555		101,448
National Express Group PLC	4,162		65,904
National Grid Transco PLC	87,131		828,988
Next PLC	7,283		230,509
Novar PLC	15,082		54,461
Pearson PLC	22,446		270,606
Penninsular & Orient Steam Navigation	21,151		120,701
Persimmon PLC	7,881		104,461
Pilkington PLC	27,388		57,789
Premier Farnell PLC	9,371		30,738
Provident Financial PLC	7,546		97,270
Prudential PLC	66,323		576,310
Punch Taverns PLC-W/I	7,142		94,597
Rank Group PLC	17,010		86,139
Reckitt Benckiser PLC	16,573		500,380
Reed Elsevier PLC	36,492		336,345
Rentokil Initial PLC	51,130		144,910
Reuters Group PLC	39,934		289,170
Rexam PLC	15,263		134,530
Rio Tinto PLC	29,941		880,445
RMC Group PLC	6,526		106,279
Rolls Royce Group (a)	43,375		205,509
Royal & Sun Alliance Insurance Group PLC	80,444		119,588
Royal Bank of Scotland Group	88,040		2,958,748
Sabmiller PLC	22,375		370,826
Sage Group PLC	35,706		138,524
Sainsbury	37,702		195,626
Schroders PLC	3,763		54,209
Scottish & Newcastle PLC	23,214		194,036
Scottish & Southern Energy PLC	24,352		407,562
Scottish Power PLC	52,981		409,816
Serco Group PLC	12,989		59,797
Severn Trent PLC	9,461		175,492
Shell Transport & Trading Co. PLC	270,441		2,303,294
Signet Group PLC	48,078		101,446
Slough Estates PLC	12,529		132,182
Smith & Nephew PLC	25,885		264,648
Smiths Group PLC	15,481		244,098
SSL International PLC	4,684		28,302
Stagecoach Group	20,769		45,317
Tate & Lyle PLC	12,132		110,017
Taylor Woodrow PLC	15,219		79,405
Tesco PLC	216,452		1,335,900
The Berkeley Group Holdings	2,941		45,639
TI Automotive Ltd. (a) (b)	12,271		—
Tomkins PLC	22,763		111,016
Trinity Mirror PLC	8,304		101,307
Unilever PLC	77,726		762,616
United Business Media	9,640		88,759
United Utilities PLC	16,016		193,548
United Utilities PLC Class A	8,898		76,380
Vodafone Group PLC	1,856,430		5,029,918
Whitebread PLC	8,452		137,240
William Hill PLC-W/I	11,422		123,571
Wimpey (George) PLC	10,939		84,877
Wolseley PLC	16,646		310,842
WPP Group PLC	31,181		342,719
Yell Group PLC	19,060		160,868

			63,077,416

Total Common Stocks (cost $228,239,733)			251,086,571

Preferred Stocks (0.20%)

Germany (0.20%)
Fresenius Medical Care PFD	763		44,111
Henkel KGAA Vorzug	1,636		141,926
Porsche AG PFD	223		141,919
Prosieben Sat 1 Media AG	2,408		44,064
RWE AG-Non VTG PFD	1,038		48,134

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares or principal amount		Value
Preferred Stocks (Cont.)

Germany (Cont.)
Volkswagen AG PFD		2,887	$	95,524

				515,678

Total Preferred Stocks (cost $443,045)				515,678

Repurchase Agreement (0.27%)
Investors Triparty Repurchase Agreements, (c) (d) 1.25% to be repurchased at $686,624 on 01/03/2005	$	686,552	$	686,552

Total Repurchase Agreement (cost $686,552)				686,552

TOTAL INVESTMENTS (99.49%) (cost $229,369,330)				252,288,801

CASH(d) AND OTHER ASSETS, NET OF LIABILITIES (0.51%)				1,289,044

NET ASSETS (100.0%)			$	253,577,845

(a)	Non-income producing security.

(b)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2004, this security had no market value.

(c)	Repurchase agreement is fully collateralized by U.S. Treasury or Government Agency Securities with a market value of $700,567 as of December 31, 2004.

(d)	At December 31, 2004, these securities and cash have been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

Approximately 34.40% of the investment securities are denominated in the Euro, followed by 24.99% in the British Pound, 21.83% in the Japanese Yen, 6.79% in the Swiss Franc, 5.03% in the Australian Dollar, 2.55% in the Swedish Krone and 1.69% in the Hong Kong Dollar. The remaining investment securities, representing 2.72% of total investments, are denominated in five currencies, each of which represents less than 0.81% of total investments.

INTERNATIONAL FUND INDUSTRY CLASSIFICATIONS


Industry	Value		%
Banks	$	39,547,373	15.60
Communications		27,642,840	10.90
Consumer Goods & Services		26,789,390	10.57
Mining & Refining		25,017,002	9.87
Machinery, Manufacturing, & Construction		24,550,266	9.68
Health Care		20,574,447	8.11
Real Estate & Other Financial		20,384,909	8.04
Transportation		17,296,372	6.82
Agriculture, Foods, & Beverage		11,523,517	4.54
Retail		11,321,813	4.46
Utilities & Energy		10,340,588	4.08
Insurance		9,865,406	3.89
Chemicals		6,221,342	2.45
Other		456,646	0.18
Mining & Metals		55,664	0.02
Financial Services		14,674	0.01

Total Stocks		251,602,249	99.22
Repurchase Agreement		686,552	0.27
Cash and Other Assets, Net of Liabilities		1,289,044	0.51

Net Assets	$	253,577,845	100.00	%

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

SCHEDULE OF INVESTMENTS

December 31, 2004


	Shares	Value
Registered Investment Companies (99.90%)
State Farm Variable Product Trust Bond Fund (39.04%) (a)	3,194,173	$	32,804,161
State Farm Variable Product Trust Large Cap Equity Index Fund (60.86%) (a)	4,171,946		51,148,062

Total Registered Investment Companies (cost $84,936,670)			83,952,223

TOTAL INVESTMENTS (99.90%) (cost $84,936,670)			83,952,223

CASH AND OTHER ASSETS, NET OF LIABILITIES (0.10%)			83,269

NET ASSETS (100.00%)		$	84,035,492

(a)	Issuer is affiliated with the Stock and Bond Balanced Fund’s Investment Adviser.

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2004


	Principal amount		Value
Corporate Bonds (63.28%)

Aerospace/Defense (1.09%)
TRW Inc.
6.730%, 07/11/2007	$	900,000	$	949,401
General Dynamics Corp.
3.000%, 05/15/2008		1,000,000		977,564

				1,926,965

Agriculture, Foods, & Beverage (5.88%)
Coca-Cola
4.000%, 06/01/2005		1,000,000		1,004,296
Sysco Corp.
4.750%, 07/30/2005		1,000,000		1,010,041
Kellogg Co.
6.000%, 04/01/2006		1,000,000		1,031,021
Coca-Cola Enterprises Inc.
2.500%, 09/15/2006		1,000,000		985,663
Bottling Group LLC
2.450%, 10/16/2006		1,000,000		984,713
General Mills Inc.
5.125%, 02/15/2007		1,000,000		1,026,717
Sara Lee Corp.
2.750%, 06/15/2008		1,000,000		968,458
Campbell Soup Co.
6.750%, 02/15/2011		1,000,000		1,127,617
HJ Heinz Co.
6.625%, 07/15/2011		1,000,000		1,127,721
ConAgra Foods Inc.
6.750%, 09/15/2011		1,000,000		1,125,074

				10,391,321

Automotive (3.23%)
Toyota Motor Credit
5.650%, 01/15/2007		1,000,000		1,042,705
General Motors Acceptance Corp.
6.150%, 04/05/2007		1,500,000		1,541,508
General Motors Corp.
7.200%, 01/15/2011		1,000,000		1,025,642
Ford Motor Credit Co.
7.375%, 02/01/2011		1,000,000		1,077,751
Goodyear Tire & Rubber Co.
7.857%, 08/15/2011		1,000,000		1,015,000

				5,702,606

Banks (2.54%)
JPMorgan Chase & Co.
5.350%, 03/01/2007		1,000,000		1,038,008
Bank One Corp.
2.625%, 06/30/2008		1,000,000		960,100
Wells Fargo & Co.
4.200%, 01/15/2010		1,000,000		1,004,064
Bank of America Corp.
4.250%, 10/01/2010		1,500,000		1,496,154

				4,498,326

Building Materials & Construction (2.03%)
Masco Corp.
6.750%, 03/15/2006		500,000		520,845
York International Corp.
6.625%, 08/15/2006		1,000,000		1,043,241
Hanson Australia Funding
5.250%, 03/15/2013		1,000,000		1,018,785
Leggett & Platt Inc.
4.700%, 04/01/2013		1,000,000		1,003,322

				3,586,193

Chemicals (3.57%)
Praxair Inc.
6.900%, 11/01/2006		1,000,000		1,065,672
The Dow Chemical Co.
5.750%, 12/15/2008		1,000,000		1,064,843
Great Lakes Chemical Corp.
7.000%, 07/15/2009		2,000,000		2,214,682
Air Products & Chemicals Inc.
4.125%, 12/01/2010		1,000,000		994,060
EI du Pont de Nemours and Co.
4.125%, 03/06/2013		1,000,000		972,558

				6,311,815

Computers (0.57%)
International Business Machines Corp.
4.125%, 06/30/2005		1,000,000		1,007,150

Consumer & Marketing (6.43%)
The Procter & Gamble Co.
4.000%, 04/30/2005		1,000,000		1,005,023
The Gillette Co.
4.000%, 06/30/2005		1,000,000		1,005,302
Hasbro Inc.
5.600%, 11/01/2005		2,000,000		2,032,500
Steelcase Inc.
6.375%, 11/15/2006		1,000,000		1,032,380
RR Donnelley & Sons Co.
3.750%, 04/01/2009		1,000,000		986,851
Newell Rubbermaid Inc.
4.625%, 12/15/2009		1,000,000		1,009,428
Unilever Capital Corp.
7.125%, 11/01/2010		1,000,000		1,150,221
Clorox Co.
6.125%, 02/01/2011		1,000,000		1,091,970
Kimberly Clark Corp.
5.000%, 08/15/2013		1,000,000		1,030,273

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Principal amount		Value
Corporate Bonds (Cont.)

Consumer & Marketing (Cont.)
The Procter & Gamble Co.
4.950%, 08/15/2014	$	1,000,000	$	1,022,500

				11,366,448

Consumer Staples (1.78%)
Dean Foods Co.
8.150%, 08/01/2007		1,000,000		1,090,000
Kraft Foods Inc.
4.125%, 11/12/2009		1,000,000		994,528
5.625%, 11/01/2011		1,000,000		1,058,942

				3,143,470

Electronic/Electrical Mfg. (1.49%)
Emerson Electric Co.
5.500%, 09/15/2008		500,000		530,020
5.750%, 11/01/2011		1,000,000		1,083,823
General Electric Co.
5.000%, 02/01/2013		1,000,000		1,025,965

				2,639,808

Financial Services (1.71%)
General Electric Capital Corp.
4.250%, 01/28/2005		1,000,000		1,001,145
Citigroup Inc.
5.000%, 03/06/2007		1,000,000		1,032,119
Household Finance Corp.
4.125%, 11/16/2009		1,000,000		994,623

				3,027,887

Forest Products & Paper (1.47%)
International Paper Co.
7.875%, 08/01/2006		1,000,000		1,063,947
Weyerhaeuser Co.
6.125%, 03/15/2007		1,000,000		1,052,941
International Paper Co.
4.000%, 04/01/2010		500,000		490,199

				2,607,087

Health Care (5.99%)
Merck & Co. Inc.
4.125%, 01/18/2005		1,000,000		1,000,566
Eli Lilly & Co.
2.900%, 03/15/2008		1,000,000		977,177
Bristol-Myers Squibb Co.
4.000%, 08/15/2008		1,000,000		1,005,446
Abbott Laboratories
5.400%, 09/15/2008		500,000		529,905
3.500%, 02/17/2009		500,000		494,885
Hillenbrand Industries
4.500%, 06/15/2009		1,000,000		1,011,613
Amgen Inc. (a)
4.000%, 11/18/2009		1,000,000		996,898
Merck & Co. Inc.
4.375%, 02/15/2013		1,000,000		975,864
Becton Dickinson & Co.
4.550%, 04/15/2013		1,000,000		988,399
Schering Plough Corp.
5.550%, 12/01/2013		500,000		522,579
Astrazeneca PLC SP
5.400%, 06/01/2014		1,000,000		1,051,355
Boston Scientific Corp.
5.450%, 06/15/2014		1,000,000		1,038,846

				10,593,533

Machinery & Manufacturing (4.95%)
3M Co.
4.150%, 06/30/2005		1,000,000		1,005,810
Ingersoll Rand
6.250%, 05/15/2006		1,000,000		1,038,724
Cooper Industries Inc.
5.250%, 07/01/2007		1,000,000		1,036,020
Dover Corp.
6.250%, 06/01/2008		1,425,000		1,548,592
BF Goodrich Co.
6.600%, 05/15/2009		1,000,000		1,093,363
Honeywell International Inc.
7.500%, 03/01/2010		1,000,000		1,155,341
Caterpillar Inc.
6.550%, 05/01/2011		1,000,000		1,122,324
Johnson Controls Inc.
4.875%, 09/15/2013		750,000		759,761

				8,759,935

Media & Broadcasting (1.81%)
Gannett Co.
4.950%, 04/01/2005		1,000,000		1,004,983
The Walt Disney Co.
5.500%, 12/29/2006		1,000,000		1,042,667
Knight-Ridder Inc.
7.125%, 06/01/2011		1,000,000		1,151,883

				3,199,533

Mining & Metals (1.99%)
Rio Tinto Finance USA Ltd.
2.625%, 09/30/2008		1,000,000		958,829
Alcan Inc.
6.450%, 03/15/2011		500,000		555,899
BHP Billiton Finance
4.800%, 04/15/2013		1,000,000		1,013,139

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Principal amount		Value
Corporate Bonds (Cont.)

Mining & Metals (Cont.)
Barrick Gold Finance Inc.
4.875%, 11/15/2014	$	1,000,000	$	996,367

				3,524,234

Oil & Gas (3.19%)
BP Capital Markets PLC
4.000%, 04/29/2005		1,000,000		1,004,353
ChevronTexaco
3.500%, 09/17/2007		1,000,000		1,004,439
Southern California Gas
4.375%, 01/15/2011		1,000,000		1,003,037
Conoco Funding Co.
6.350%, 10/15/2011		1,000,000		1,116,177
National Fuel Gas Co.
5.250%, 03/01/2013		1,000,000		1,016,613
Vectren Utility
5.250%, 08/01/2013		500,000		504,213

				5,648,832

Pharmaceuticals (0.55%)
GlaxoSmithKline
2.375%, 04/16/2007		1,000,000		978,936

Retailers (2.55%)
Wal-Mart Stores Inc.
5.450%, 08/01/2006		500,000		517,168
Safeway Inc.
4.125%, 11/01/2008		1,000,000		994,128
May Department Stores Co.
4.800%, 07/15/2009		1,000,000		1,016,810
CVS Corp.
4.000%, 09/15/2009		1,000,000		995,300
Home Depot Inc. (a)
3.750%, 09/15/2009		1,000,000		991,046

				4,514,452

Telecom & Telecom Equipment (4.63%)
Vodafone Group PLC
7.625%, 02/15/2005		1,000,000		1,005,831
AT&T Corp.
7.000%, 05/15/2005		1,000,000		1,017,500
BellSouth Telecommunications Inc.
6.500%, 06/15/2005		1,000,000		1,016,713
Deutsche Telekom International Financial
8.250%, 06/15/2005		2,000,000		2,046,608
Cingular Wireless
5.625%, 12/15/2006		1,000,000		1,038,628
Verizon Wireless
5.375%, 12/15/2006		1,000,000		1,035,805
BellSouth Corp.
5.200%, 09/15/2014		1,000,000		1,019,222

				8,180,307

Utilities & Energy (5.83%)
Southwestern Electric Power
4.500%, 07/01/2005		1,000,000		1,006,720
Duke Energy Field Services
7.500%, 08/16/2005		500,000		513,210
Public Service Co. of Colorado
7.125%, 06/01/2006		2,000,000		2,099,376
Virginia Electric & Power
5.375%, 02/01/2007		1,000,000		1,035,859
Georgia Power
4.875%, 07/15/2007		1,000,000		1,028,680
Pacificorp
4.300%, 09/15/2008		1,000,000		1,009,919
Atmos Energy Corp.
4.000%, 10/15/2009		1,000,000		988,517
Commonwealth Edison
4.740%, 08/15/2010		1,000,000		1,029,778
Duke Energy Corp.
6.250%, 01/15/2012		500,000		545,078
Union Elec Co.
5.500%, 05/15/2014		1,000,000		1,047,076

				10,304,213

Total Corporate Bonds (cost $108,421,802)				111,913,051

Taxable Municipal Bonds (0.55%)

New Jersey State Turnpike Authority Transportation
2.840%, 01/01/2008		1,000,000		972,560

Total Taxable Municipal Bonds (cost $1,000,000)				972,560

Government Agency Securities (13.63%) (b)

Federal Home Loan Mortgage Corp.
5.250%, 01/15/2006		5,000,000		5,107,105
5.125%, 10/15/2008		4,000,000		4,208,504
6.625%, 09/15/2009		2,000,000		2,236,682
4.500%, 07/15/2013		1,500,000		1,506,338
5.200%, 03/05/2019		2,000,000		1,977,394

Federal National Mortgage Association
5.250%, 06/15/2006		1,000,000		1,029,493
7.125%, 03/15/2007		2,000,000		2,160,534
6.625%, 10/15/2007		2,000,000		2,167,466

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2004


	Shares or principal amount		Value
Government Agency Securities (Cont.)
3.250%, 08/15/2008	$	1,500,000	$	1,480,230
6.625%, 09/15/2009		2,000,000		2,233,148

Total Government Agency Securities (cost $ 22,963,870)				24,106,894

U.S. Treasury Obligations (17.45%)

U.S. Treasury Notes
5.750%, 11/15/2005		3,200,000		3,282,000
7.000%, 07/15/2006		2,000,000		2,120,468
3.500%, 11/15/2006		5,000,000		5,042,190
6.625%, 05/15/2007		3,000,000		3,236,367
5.500%, 02/15/2008		2,000,000		2,131,094
5.625%, 05/15/2008		2,000,000		2,145,156
6.000%, 08/15/2009		3,000,000		3,308,673
6.500%, 02/15/2010		3,000,000		3,396,444
5.000%, 08/15/2011		3,000,000		3,193,710
4.000%, 11/15/2012		3,000,000		2,994,960

Total U.S. Treasury Obligations (cost $30,618,255)				30,851,062

Short-term Investments (3.97%)
JPMorgan Treasury Plus Money Market Fund		7,027,106		7,027,106

Total Short-term Investments (cost $7,027,106)				7,027,106

TOTAL INVESTMENTS (98.88%) (cost $170,031,033)				174,870,673

OTHER ASSETS, NET OF LIABILITIES (1.12%)				1,986,251

NET ASSETS (100.00%)			$	176,856,924

(a)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2004, the value of these securities amounted to $1,987,944 or 1.12% of net assets.

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

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

December 31, 2004


	Shares or principal amount		Value
Short-term Investments (100.15%)

Agriculture, Foods, & Beverage (4.83%)
Coca-Cola
2.130%, 01/11/2005	$	2,700,000	$	2,698,402

Automotive (18.49%)
American Honda Finance Corp.
2.230%, 01/18/2005		2,154,000		2,151,732
New Center Asset Trust
1.920%, 01/24/2005		2,700,000		2,696,688
Toyota Motor Credit Corp.
2.290%, 02/03/2005		2,750,000		2,744,227
FCAR Owner Trust Series I
2.360%, 02/07/2005		2,750,000		2,743,330

				10,335,977

Computers (4.90%)
International Business Machines Corp.
2.270%, 02/16/2005		2,750,000		2,742,023

Consumer & Marketing (4.82%)
Procter & Gamble Co. (a)
2.230%, 02/04/2005		2,700,000		2,694,314

Financial Services (14.56%)
Household Finance Corp.
2.200%, 01/21/2005		2,750,000		2,746,639
Citicorp
2.230%, 01/27/2005		2,700,000		2,695,651
General Electric Capital Corp.
2.040%, 01/31/2005		2,700,000		2,695,410

				8,137,700

Government Agency Securities (34.78%) (b)
Federal National Mortgage Association
2.240%, 01/07/2005		2,000,000		1,999,287
2.035%, 01/26/2005		2,000,000		1,997,173
1.920%, 01/28/2005		3,000,000		2,995,680
2.250%, 02/10/2005		3,500,000		3,491,250
2.320%, 02/16/2005		3,000,000		2,991,107
1.980%, 02/25/2005		3,000,000		2,990,925
2.532%, 05/18/2005		3,000,000		2,971,093

				19,436,515

Health Care (4.83%)
Pfizer Inc.
2.020%, 01/03/2005		2,700,000		2,699,697

Registered Investment Companies (3.30%)
JPMorgan Treasury Plus Money Market Fund		1,844,110		1,844,110

Telecom & Telecom Equipment (9.64%)
BellSouth Corp.
2.010%, 01/19/2005		2,700,000		2,697,286

	Principal amount		Value
Short-term Investments (Cont.)

Telecom & Telecom Equipment (Cont.)
SBC Communications (a)
2.380%, 03/07/2005	$	2,700,000	$	2,688,398

				5,385,684

Total Short-term Investments (cost $55,974,422)				55,974,422

TOTAL INVESTMENTS (100.15%) (cost $55,974,422)				55,974,422

LIABILITIES, NET OF OTHER ASSETS (-0.15%)				(85,916	)

NET ASSETS (100.00%)			$	55,888,506

(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 December 31, 2004, the value of these securities amounted to $5,382,712 or 9.63% of net assets.

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

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2004


	Large Cap Equity Index Fund			Small Cap Equity Index Fund	International Equity Index Fund		Stock & Bond Balanced Fund		Bond Fund		Money Market Fund
Assets
Investments in securities
At identified cost	$	498,746,422		215,699,868	229,369,330		84,936,670		170,031,033		55,974,422

At market value	$	497,853,157		263,614,866	252,288,801		83,952,223		174,870,673		55,974,422
Cash		886		213,802	—		50,625		—		—
Foreign currencies at value (cost $1,285,617)		—		—	1,304,330		—		—		—
Receivable for:
Dividends and interest		624,827		328,260	459,752		—		2,245,554		2,689
Shares of the Fund sold		61,554		732,620	112,526		32,644		26,339		5,887
Securities sold		—		78,466	118,820		—		—		—
Due from broker		—		318,636	—		—		—		—
Expense cap reimbursement		—		—	—		12,349		—		—
Variation margin		—		2,082	26,095		—		—		—
Prepaid expenses		6,096		3,475	13,423		1,486		2,671		1,168

Total assets		498,546,520		265,292,207	254,323,747		84,049,327		177,145,237		55,984,166

Liabilities and Net Assets
Payables
Shares of the Fund redeemed		521,253		133,043	100,766		—		18,572		12,830
Securities purchased		141,788		400,777	115,888		—		—		—
Securities sold short, at value (proceeds of $ 318,636)		—		318,636	—		—		—		—
Variation margin		13,474		—	—		—		—		—
Manager		363,401		301,796	446,006		—		239,788		65,392
Accrued liabilities		60,798		68,523	83,242		13,835		29,953		17,438

Total Liabilities		1,100,714		1,222,775	745,902		13,835		288,313		95,660

Net assets applicable to shares outstanding of common stock	$	497,445,806		264,069,432	253,577,845		84,035,492		176,856,924		55,888,506

Fund shares outstanding		40,572,255		21,450,752	20,645,167		7,078,658		17,217,511		55,888,506
Net asset value, offering price and redemption price per share	$	12.26		12.31	12.28		11.87		10.27		1.00

Analysis of Net Assets
Paid-in-capital	$	513,181,865		214,945,477	232,718,817		82,961,895		172,530,109		55,888,506
Accumulated net realized gain (loss)		(15,301,070	)	786,276	(791,457	)	—		(512,825	)	—
Net unrealized appreciation (depreciation)		(509,464	)	47,997,107	22,989,323		(984,447	)	4,839,640		—
Undistributed (distributions in excess of) net investment income		74,475		340,572	(1,338,838	)	2,058,044		—		—

Net assets applicable to shares outstanding	$	497,445,806		264,069,432	253,577,845		84,035,492		176,856,924		55,888,506

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF OPERATIONS

Year ended December 31, 2004


	Large Cap Equity Index Fund			Small Cap Equity Index Fund			International Equity Index Fund		Stock & Bond Balanced Fund		Bond Fund		Money Market Fund
Investment Income:
Dividends	$	8,776,708			2,644,661		6,086,753		2,057,765		—		—
Interest		172,269			65,284		12,891		375		8,046,120		741,683

		8,948,977			2,709,945		6,099,644		2,058,140		8,046,120		741,683
Less: foreign withholding taxes		—			(932	)	(622,339	)	—		—		—

Total investment income		8,948,977			2,709,013		5,477,305		2,058,140		8,046,120		741,683

Expenses:
Investment advisory and management fees		1,142,479			910,630		1,198,058		—		842,523		219,377
Reports to shareowners		75,455			100,517		69,975		20,084		39,059		20,753
License index fees		43,369			9,998		9,999		—		—		—
Professional fees		37,432			35,562		39,535		15,077		26,240		18,901
Trustees’ fees and expenses		10,151			5,231		4,684		1,776		3,947		1,324
Security valuation fees		9,415			32,532		102,137		—		9,633		—
ICI dues		4,618			2,384		2,221		810		2,001		666
Chief Compliance Officer expense		3,680			1,901		1,794		640		1,408		452
Fidelity bond expense		3,201			1,593		1,596		625		1,321		446
Registration fees		1,125			1,430		1,480		480		480		480
Custodian fees		—			—		243,513		288		2,292		2,432

Total expenses		1,330,925			1,101,778		1,674,992		39,780		928,904		264,831
Less: expense reimbursement from Manager		—			—		(41,277	)	(39,780	)	—		—

Net expenses		1,330,925			1,101,778		1,633,715		—		928,904		264,831

Net investment income		7,618,052			1,607,235		3,843,590		2,058,140		7,117,216		476,852

Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		2,931,511			11,249,833		2,914,593		—		113,382		—
Net realized gain on forward foreign currency contracts		—			—		58,076		—		—		—
Net realized gain on foreign currency transactions		—			—		30,652		—		—		—
Net realized gain on futures contracts		1,286,296			888,163		97,116		—		—		—
Change in unrealized loss on open futures contracts		(322,557	)		(10,458	)	(2,510	)	—		—		—
Change in net unrealized appreciation or depreciation on investments and foreign currency transactions		34,848,876			25,633,678		33,515,346		3,500,817		(3,164,507	)	—

Net realized and unrealized gain (loss) on investments		38,744,126			37,761,216		36,613,273		3,500,817		(3,051,125	)	—

Net change in net assets resulting from operations	$	46,362,178		$	39,368,451		40,456,863		5,558,957		4,066,091		476,852

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST

STATEMENT OF CHANGES IN NET ASSETS


	Large Cap Equity Index Fund						Small Cap Equity Index Fund				International Equity Index Fund
Years ended December 31,	2004			2003			2004		2003		2004		2003
From operations:
Net investment income	$	7,618,052			4,825,792		1,607,235		1,162,184		3,843,590		2,820,670
Net realized gain (loss)		4,217,807			1,649,579		12,137,996		882,622		3,100,437		(90,532	)
Change in net unrealized appreciation		34,526,319			78,427,787		25,623,220		61,738,354		33,512,836		52,736,963

Net change in net assets resulting from operations		46,362,178			84,903,158		39,368,451		63,783,160		40,456,863		55,467,101

Distributions to shareowners from:
Net investment income		(7,557,426	)		(4,807,800	)	(1,322,778	)	(1,058,714	)	(4,878,087	)	(3,426,664	)
Net realized gain		—			—		(7,192,795	)	—		—		—

Total distributions to shareowners		(7,557,426	)		(4,807,800	)	(8,515,573	)	(1,058,714	)	(4,878,087	)	(3,426,664	)

From Fund share transactions:
Proceeds from shares sold		55,133,170			36,666,847		19,377,482		14,366,493		11,991,658		7,829,698
Reinvestment of distributions		12,365,227			—		9,574,287		—		4,878,087		3,426,664

		67,498,397			36,666,847		28,951,769		14,366,493		16,869,745		11,256,362

Less payments for shares redeemed		(4,651,016	)		(5,029,359	)	(3,687,928	)	(3,294,312	)	(2,566,684	)	(3,750,314	)

Net increase in net assets from Fund share transactions		62,847,381			31,637,488		25,263,841		11,072,181		14,303,061		7,506,048

Total increase in net assets		101,652,133			111,732,846		56,116,719		73,796,627		49,881,837		59,546,485

Net assets:
Beginning of year	$	395,793,673			284,060,827		207,952,713		134,156,086		203,696,008		144,149,523

End of year*	$	497,445,806		$	395,793,673		264,069,432		207,952,713		253,577,845		203,696,008

* Including undistributed (distribution in excess of) net investment income	$	74,475		$	13,849		340,572		165,842		(1,338,838	)	(442,636	)

Share Information
Sold		4,797,589			3,727,725		1,720,489		1,616,808		1,086,258		921,297
Issued in reinvestment of distributions		1,043,547			—		787,477		—		398,537		331,399
Redeemed		(401,144	)		(535,257	)	(327,151	)	(396,203	)	(233,978	)	(453,729	)

Net increase (decrease)		5,439,992		$	3,192,468		2,180,815		1,220,605		1,250,817		798,967

See accompanying notes to financial statements.


	Stock & Bond Balanced Fund				Bond Fund				Money Market Fund
Years ended December 31,	2004		2003		2004		2003		2004		2003
From operations:
Net investment income	2,058,140		1,559,015		7,117,216		6,767,291		476,852		373,270
Net realized gain (loss)	—		70,830		113,382		(626,207	)	—		—
Change in net unrealized appreciation	3,500,817		8,875,066		(3,164,507	)	134,162		—		—

Net change in net assets resulting from operations	5,558,957		10,504,911		4,066,091		6,275,246		476,852		373,270

Distributions to shareowners from:
Net investment income	(1,559,047	)	(1,626,543	)	(7,117,216	)	(6,767,291	)	(476,852	)	(373,270	)
Net realized gain	(63,776	)	(178,914	)	—		(121,946	)	—		—

Total distributions to shareowners	(1,622,823	)	(1,805,457	)	(7,117,216	)	(6,889,237	)	(476,852	)	(373,270	)

From Fund share transactions:
Proceeds from shares sold	10,824,842		7,972,282		16,269,427		15,907,859		7,229,584		6,163,941
Reinvestment of distributions	1,622,823		1,805,457		7,117,216		6,889,237		476,852		373,270

	12,447,665		9,777,739		23,386,643		22,797,096		7,706,436		6,537,211

Less payments for shares redeemed	(2,697,764	)	(3,268,872	)	(5,650,146	)	(8,116,516	)	(6,895,517	)	(7,645,994	)

Net increase in net assets from Fund share transactions	9,749,901		6,508,867		17,736,497		14,680,580		810,919		(1,108,783	)

Total increase in net assets	13,686,035		15,208,321		14,685,372		14,066,589		810,919		(1,108,783	)

Net assets:
Beginning of year	70,349,457		55,141,136		162,171,552		148,104,963		55,077,587		56,186,370

End of year*	84,035,492		70,349,457		176,856,924		162,171,552		55,888,506		55,077,587

* Including undistributed (distribution in excess of) net investment income	2,058,044		1,558,951		—		—		—		—

Share Information
Sold	944,129		761,968		1,571,439		1,512,972		7,229,584		6,163,941
Issued in reinvestment of distributions	144,636		166,402		687,870		652,700		476,852		373,270
Redeemed	(235,258	)	(317,671	)	(544,900	)	(773,659	)	(6,895,517	)	(7,645,994	)

Net increase (decrease)	853,507		610,699		1,714,409		1,392,013		810,919		(1,108,783	)

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS

1. Investment Objective

State Farm Variable Product Trust (the “Trust”) has six separate investment portfolios (each a “Fund” and together, the “Funds”). Shares of each Fund are offered exclusively in connection with variable deferred annuity and variable universal life insurance policies issued by State Farm Life Insurance Company and State Farm Life and Accident Assurance Company. Each Fund is a separate investment portfolio with its own investment objective, investment policies, restrictions, and attendant risks.

The Large Cap Equity Index Fund (Large Cap Fund) seeks to match the performance of the Standard and Poor’s Composite Index of 500 Stocks^® (the “S&P 500”) by investing in the securities that make up the S&P 500. The S&P 500 tracks the common stock performance of 500 large U.S. companies.

The Small Cap Equity Index Fund (Small Cap Fund) seeks to match the performance of the Russell 2000 Small Stock Index^® (the “Russell 2000”). The Small Cap Fund invests primarily in some of the stocks found in the Russell 2000. The Russell 2000 tracks the common stock performance of about 2,000 small U.S. companies.

The International Equity Index Fund (International Fund) seeks to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Free Index^® (the “EAFE Free”). The International Fund invests primarily in some of the stocks found 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 Stock and Bond Balanced Fund (Balanced Fund) seeks long-term growth of capital, balanced with current income. The Balanced Fund invests in the Large Cap and Bond Funds of the Trust.

The Bond Fund (Bond Fund) seeks to realize over a period of years the highest yield consistent with prudent investment management through current income and capital gains. The Bond Fund invests primarily in bonds issued by U.S. companies.

The Money Market Fund (Money Market Fund) seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity.

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.

Securities valuation

Investments are stated at market value. Stocks traded on securities exchanges, or in an over-the-counter market in which transaction prices are reported, are valued at the last sales prices on the day of valuation or, if there are no reported sales on that day, at the last reported bid price for the day. Equity securities traded on the NASDAQ Stock Market are valued at the NASDAQ Official Closing Price. Portfolio securities that are primarily traded on foreign securities exchanges are generally valued at the closing values of such securities on the respective exchanges where the security is primarily traded. Long-term debt securities and U.S. Treasury bills are valued using quotations provided by an independent pricing service. All of the securities and assets of the Money Market Fund and other short-term debt securities with remaining maturities of 60 days or less (other than U.S. Treasury bills) held by any of the other Funds are 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 the net proceeds from the sales transaction.

Securities not valued as described above, and securities for which market prices are not readily available or are considered unreliable, are valued pursuant to procedures established by the Trust’s Board of Trustees. These procedures require the investment adviser to obtain at least one daily bid price quotation from a broker or dealer in the securities. If the investment adviser cannot obtain a daily bid price quotation for the security or if the investment adviser believes the bid price quotation does not represent the security’s fair value, then the investment adviser will determine the security’s fair value in its judgment.

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

Fair value, as a general principle, means the value the Fund might reasonably expect to receive upon sale of that security. In fair valuing a security, the investment adviser 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 the investment adviser may consider in fair valuing securities 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, 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.

Repurchase Agreements

The Funds may enter into repurchase agreements with banks, brokers, dealers, and 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. Each Fund’s Schedule of Investments reflects the repurchase agreements, if any, entered into as of December 31, 2004.

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 discounts and premiums on money market instruments and long-term debt instruments. Realized gains and losses from security transactions are reported on an identified cost basis.

Fund share valuation

Fund shares are sold and redeemed on a continuous basis at net asset value. Net asset value per share is determined daily on each day the New York Stock Exchange is open, except that a Fund need not compute a net asset value on any day when no purchase or redemption order has been received by the Fund. The net asset values are determined as of the close of regular session trading on the New York Stock Exchange (usually 3:00 p.m., Central time). The net asset value per share is computed by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

Federal income taxes, dividends and distributions to shareowners

It is the Funds’ policy to comply with the special provisions of Subchapter M of the Internal Revenue Code available to investment companies and, in the manner provided therein, to distribute substantially all of their taxable income, as well as 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.

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

As of December 31, 2004, the Fund’s aggregate unrealized gains and losses on securities based on cost for federal income tax purposes were as follows:


Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Large Cap Fund	$	499,250,912	$	75,848,496	$	(77,246,251	)	$	(1,397,755	)
Small Cap Fund		215,669,663		70,684,551		(22,739,348	)		47,945,203
International Fund		231,650,830		51,264,067		(30,626,096	)		20,637,971
Balanced Fund		84,936,670		514,277		(1,498,724	)		(984,447	)
Bond Fund		170,031,033		5,325,802		(486,162	)		4,839,640
Money Market Fund		55,974,422		—		—			—

Dividends and distributions payable to shareowners are recorded by the Large Cap, Small Cap, International, and Balanced Funds on the ex-dividend date. The Bond and Money Market Funds declare daily dividends equal to each Fund’s respective net investment income, and distribute such amounts at the end of each calendar quarter.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. The differences are primarily due to differing treatments for futures contracts, the recognition of net realized losses, foreign currency transactions, and short term capital gains. The tax character of distributions was as follows for the years ended December 31, 2004 and 2003:


Balanced Fund	2004		2003		Small Cap Fund	2004
Ordinary Income	$	1,595,719	$	1,637,559	Ordinary Income	$	1,511,918
Long-term Capital Gain	$	27,104	$	167,898	Long-term Capital Gain	$	7,003,655

Total	$	1,622,823	$	1,805,457	Total	$	8,515,573

The tax character of distributions for the remaining Funds was the same as the composition of distributions reflected in the Statement of Changes in Net Assets as of December 31, 2004, and December 31, 2003.

The International Fund has elected to mark-to-market its investments in Passive Foreign Investment Companies (“PFICs”) for federal income tax purposes. In accordance with this election, the International Fund recognized unrealized appreciation (depreciation) of $1,347,838 and $768,900 during 2004 and 2003, respectively, and capital gains of $49,567 and $25,035 during 2004 and 2003, respectively, as ordinary income for federal income tax purposes. The cumulative amount of mark-to-market adjustments recognized on PFICs at December 31, 2004, was $2,161,841.

At December 31, 2004, 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:


Expiration year	Large Cap Fund		International Fund	Bond Fund
2010	$	14,412,779	207,232	—
2011		—	464,565	512,825

Total:	$	14,412,779	671,797	512,825

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

At December 31, 2004, the Small Cap Fund had an undistributed long-term capital gain of $807,115.

The undistributed net investment income in accordance with federal tax regulations at December 31, 2004 for the Small Cap Fund and International Fund was $371,638 and $823,002, respectively. The difference between this amount and the undistributed net investment income reported on the Statements of Assets and Liabilities as of December 31, 2004 for the Small Cap Fund relates to current year estimates for return of capital from Real Estate Investment Trusts (“REITs”) and short term capital gains. The difference for the International Fund relates to mark-to-market of PFICs and forward foreign currency contracts adjustments. The tax character of undistributed net investment income for the remaining Funds was the same as reflected in the Analysis of Net Assets as of December 31, 2004.

Foreign currency translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The realized and unrealized gain or loss resulting from changes in foreign exchange rates is included with realized and unrealized gain or loss from investments for financial reporting purposes.

Expenses

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

Use of estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 arrangements 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.

Financial instruments

The Large Cap, Small Cap, and International Funds, and, indirectly, the Balanced Fund, may enter into stock index futures contracts to gain exposure to market changes as this may be more efficient or cost effective than actually buying the securities. These contracts obligate a Fund 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. Additionally, the International Fund may enter into forward foreign currency contracts to purchase or sell foreign currencies. The Funds bear the market risk that arises from changes in the value of financial instruments and securities indices (futures contracts) or from changes in foreign currency rates (forward foreign currency contracts) and the credit risk should a counterparty fail to perform under such contracts.

The Large Cap, Small Cap, and International Funds and, indirectly, the Balanced Fund, may enter into short sale transactions to dispose of non-index securities received as a result of corporate actions such as mergers or spinoffs.

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

3. Transactions with affiliates

The Trust has entered into an investment advisory and management services agreement with State Farm Investment Management Corp. (“Manager”) which serves as the Trust’s investment adviser and conducts the business and affairs of the Trust. Each Fund pays the Manager an investment advisory and management fee (computed on a daily basis and paid quarterly) at the following annual rates:


Large Cap Fund		0.26% of average daily net assets

Small Cap Fund		0.40% of average daily net assets

International Fund		0.55% of average daily net assets

Balanced Fund		None

Bond Fund		0.50% of average daily net assets

Money Market Fund		0.40% of average daily net assets

The Manager has agreed not to be paid an investment advisory and management services fee for performing its services for the Balanced Fund and has agreed to reimburse any other expenses incurred by the Balanced Fund. This expense limitation arrangement is voluntary and may be eliminated by the Manager at any time. However, the Manager receives investment advisory fees from managing the underlying Funds in which the Balanced Fund invests.

With respect to each of the Funds other than the Balanced and International Funds, the Manager has agreed to reimburse the expenses incurred by the Fund, other than the investment advisory and management services fee, that exceed 0.10% of such Fund’s average daily net assets. With respect to the International Fund, the Manager has agreed to reimburse the expenses incurred by the Fund, other than the investment advisory and management services fee, that exceed 0.20% of the Fund’s average daily net assets. These expense limitation arrangements are voluntary and may be eliminated by the Manager at any time.

The Funds do not pay any discount, commission or other compensation for transfer agent services provided by the Manager or for distribution and underwriting services provided by State Farm VP Management Corp.

The Manager has engaged Barclays Global Fund Advisors (“Barclays”) as the investment sub-adviser to provide day-to-day portfolio management for the Large Cap, Small Cap, and International Funds. In accordance with the overall investment objectives of each respective Fund, Barclays determines which securities to buy and sell for each of these Funds, selects the brokers and dealers to effect the transactions, and negotiates commissions. During the period ending December 31, 2004, the Manager paid Barclays the following amounts:


Large Cap Fund	$	338,448
Small Cap Fund		286,832
International Fund		385,010

Total	$	1,010,290

Certain officers and/or trustees of the Trust are also officers and/or directors of the Manager. The Trust made no payments to its officers or trustees except for trustees’ fees paid to or accrued for the Trust’s independent trustees, and the Trust’s portion of the compensation paid to or accrued for the Trust’s Chief Compliance Officer.

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

4. Investment transactions

Investment transactions (exclusive of short-term instruments) were as follows:


	Year ended December 31, 2004		Year ended December 31, 2003
Large Cap Fund
Purchases	$	72,990,885	$	29,388,199
Proceeds from sales		10,667,902		3,061,775
Small Cap Fund
Purchases		63,877,054		48,915,712
Proceeds from sales		43,733,898		34,358,196
International Fund
Purchases		22,471,670		14,443,167
Proceeds from sales		9,422,623		7,969,923
Balanced Fund
Purchases		10,712,283		6,255,612
Proceeds from sales		—		545,000
Bond Fund
Purchases		33,186,037		30,985,793
Proceeds from sales		15,610,335		12,742,009

5. Futures and foreign currency contracts

The Large Cap, Small Cap and International Funds had the following open futures contracts at December 31, 2004:


Fund	Type	Number of Contracts	Notional Value		Market Value		Position	Expiration month	Unrealized gain (loss)
Large Cap Fund	S&P 500 Index	275	$	16,304,574	$	16,688,375	Long	March ‘05	$	383,801
Small Cap Fund	Russell 2000 Index	51		3,253,034		3,335,145	Long	March ‘05		82,109
International Fund	TOPIX Index	4		432,761		447,936	Long	March ‘05		15,175
International Fund	DJ Euro Stoxx 50	16		636,904		641,131	Long	March ‘05		4,227
International Fund	FTSE 100 IDX	7		638,731		644,750	Long	March ‘05		6,019

There were no open forward foreign currency contracts at December 31, 2004.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the financial performance of each Fund. Certain information reflects financial results for a single Fund share. The total returns in the 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).

(For a share outstanding throughout each period)


	Year ended December 31,
	2004			2003		2002		2001		2000
Net asset value, beginning of period	$	11.27		8.89		11.62		13.36		15.07

Income from Investment Operations
Net investment income (a)		0.20		0.14		0.13		0.13		0.13
Net gain (loss) on investments (both realized and unrealized)		0.98		2.38		(2.73	)	(1.75	)	(1.54	)

Total from investment operations		1.18		2.52		(2.60	)	(1.62	)	(1.41	)

Less Distributions
Net investment income		(0.19	)	(0.14	)	(0.13	)	(0.12	)	(0.13	)
Net realized gain (b)		—		—		—		—		(0.17	)

Total distributions		(0.19	)	(0.14	)	(0.13	)	(0.12	)	(0.30	)

Net asset value, end of period	$	12.26		11.27		8.89		11.62		13.36

Total Return		10.46	%	28.31	%	(22.41	)%	(12.11	)%	(9.35	)%

Net assets, end of period (millions)	$	497.4		395.8		284.1		331.3		320.7

Ratios to average net assets
Expenses		0.30	%	0.31	%	0.31	%	0.34	%	0.31	%
Net investment income		1.73	%	1.47	%	1.31	%	1.07	%	1.08	%

Portfolio turnover rate		3	%	1	%	3	%	1	%	6	%

(a)	Beginning in 2001, average shares outstanding for the period were used to calculate net investment income per share.

(b)	Distributions representing less than $0.01 per share were made in 2001.

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Year ended December 31,
	2004			2003		2002		2001		2000
Net asset value, beginning of period	$	10.79		7.43		9.46		9.36		10.90

Income from Investment Operations
Net investment income (a)		0.08		0.06		0.08		0.09		0.09
Net gain (loss) on investments (both realized and unrealized)		1.85		3.36		(2.03	)	0.10		(0.43	)

Total from investment operations		1.93		3.42		(1.95	)	0.19		(0.34	)

Less Distributions
Net investment income		(0.06	)	(0.06	)	(0.08	)	(0.08	)	(0.09	)
Net realized gain		(0.35	)	—		—		(0.01	)	(1.11	)

Total distributions		(0.41	)	(0.06	)	(0.08	)	(0.09	)	(1.20	)

Net asset value, end of period	$	12.31		10.79		7.43		9.46		9.36

Total Return		17.89	%	45.96	%	(20.66	)%	2.05	%	(3.39	)%

Net assets, end of period (millions)	$	264.0		208.0		134.2		156.1		134.6

Ratios to average net assets assuming expense limitations
Expenses		0.48	%	0.50	%	0.50	%	0.50	%	0.50	%
Net investment income		0.71	%	0.71	%	0.93	%	0.99	%	0.92	%

Ratios to average net assets absent expense limitations
Expenses		0.48	%	0.51	%	0.50	%	0.55	%	0.52	%
Net investment income		0.71	%	0.70	%	0.93	%	0.94	%	0.90	%

Portfolio turnover rate		20	%	22	%	29	%	36	%	46	%

(a)	Beginning in 2001, average shares outstanding for the period were used to calculate net investment income per share.

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Year ended December 31,
	2004			2003		2002		2001		2000
Net asset value, beginning of period	$	10.50		7.75		9.40		12.10		14.54

Income from Investment Operations
Net investment income (a)		0.19		0.15		0.12		0.10		0.10
Net gain (loss) on investments (both realized and unrealized)		1.83		2.78		(1.65	)	(2.73	)	(2.25	)

Total from investment operations		2.02		2.93		(1.53	)	(2.63	)	(2.15	)

Less Distributions
Net investment income		(0.24	)	(0.18	)	(0.12	)	(0.07	)	(0.10	)
Net realized gain (b)		—		—		—		—		(0.19	)

Total distributions		(0.24	)	(0.18	)	(0.12	)	(0.07	)	(0.29	)

Net asset value, end of period		12.28		10.50		7.75		9.40		12.10

Total Return		19.26	%	37.84	%	(16.26	)%	(21.71	)%	(14.81	)%

Net assets, end of period (millions)	$	253.6		203.7		144.2		162.8		181.8

Ratios to average net assets assuming expense limitations
Expenses		0.75	%	0.75	%	0.75	%	0.75	%	0.75	%
Net investment income		1.76	%	1.75	%	1.40	%	0.95	%	0.78	%

Ratios to average net assets absent expense limitations
Expenses		0.77	%	0.77	%	0.78	%	0.88	%	0.88	%
Net investment income		1.74	%	1.73	%	1.37	%	0.82	%	0.65	%

Portfolio turnover rate		4	%	5	%	9	%	6	%	6	%

(a)	Beginning in 2001, average shares outstanding for the period were used to calculate net investment income per share.

(b)	Distributions represent less than $0.01 per share in 2001.

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Year ended December 31,
	2004			2003		2002		2001		2000
Net asset value, beginning of period	$	11.30		9.82		11.34		12.22		12.75

Income from Investment Operations
Net investment income (a)		0.31		0.27		0.30		0.34		0.24
Net gain (loss) on investments (both realized and unrealized)		0.50		1.51		(1.49	)	(0.79	)	(0.55	)

Total from investment operations		0.81		1.78		(1.19	)	(0.45	)	(0.31	)

Less Distributions
Net investment income		(0.23	)	(0.27	)	(0.29	)	(0.31	)	(0.22	)
Net realized gain		(0.01	)	(0.03	)	(0.04	)	(0.12	)	—

Total distributions		(0.24	)	(0.30	)	(0.33	)	(0.43	)	(0.22	)

Net asset value, end of period	$	11.87		11.30		9.82		11.34		12.22

Total Return		7.26	%	18.30	%	(10.51	)%	(3.55	)%	(2.42	)%

Net assets, end of period (millions)	$	84.0		70.3		55.1		58.4		53.6

Ratios to average net assets assuming expense limitations
Expenses		0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
Net investment income		2.69	%	2.55	%	2.84	%	2.86	%	3.15	%

Ratios to average net assets absent expense limitations
Expenses		0.05	%	0.06	%	0.05	%	0.08	%	0.07	%
Net investment income		2.64	%	2.49	%	2.78	%	2.78	%	3.08	%

Portfolio turnover rate		0	%	1	%	9	%	6	%	6	%

(a)	Beginning in 2001, average shares outstanding for the period were used to calculate net investment income per share.

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Year ended December 31,
	2004			2003		2002		2001		2000
Net asset value, beginning of period	$	10.46		10.50		10.16		9.79		9.57

Income from Investment Operations
Net investment income		0.44		0.46		0.52		0.56		0.57
Net gain (loss) on investments (both realized and unrealized)		(0.19	)	(0.03	)	0.37		0.37		0.22

Total from investment operations		0.25		0.43		0.89		0.93		0.79


Less Distributions
Net investment income		(0.44	)	(0.46	)	(0.52	)	(0.56	)	(0.57	)
Net realized gain		—		(0.01	)	(0.03	)	—		—

Total distributions		(0.44	)	(0.47	)	(0.55	)	(0.56	)	(0.57	)

Net asset value, end of period	$	10.27		10.46		10.50		10.16		9.79

Total Return		2.40	%	4.08	%	9.01	%	9.66	%	8.44	%

Net assets, end of period (millions)	$	176.9		162.2		148.1		122.9		95.7

Ratios to average net assets
Expenses		0.55	%	0.56	%	0.55	%	0.59	%	0.57	%
Net investment income		4.22	%	4.35	%	5.05	%	5.53	%	5.92	%

Portfolio turnover rate		10	%	9	%	17	%	13	%	3	%

See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)


	Year ended December 31,
	2004			2003		2002		2001		2000
Net asset value, beginning of period	$	1.00		1.00		1.00		1.00		1.00

Income from Investment Operations
Net investment income		0.01		0.01		0.01		0.04		0.06

Total from investment operations		0.01		0.01		0.01		0.04		0.06

Less Distributions
Net investment income		(0.01	)	(0.01	)	(0.01	)	(0.04	)	(0.06	)

Total distributions		(0.01	)	(0.01	)	(0.01	)	(0.04	)	(0.06	)

Net asset value, end of period	$	1.00		1.00		1.00		1.00		1.00

Total Return		0.87	%	0.67	%	1.28	%	3.71	%	5.99	%

Net assets, end of period (millions)	$	55.9		55.1		56.2		53.5		45.0

Ratios to average net assets assuming expense limitations
Expenses		0.48	%	0.48	%	0.47	%	0.50	%	0.49	%
Net investment income		0.87	%	0.67	%	1.27	%	3.59	%	5.88	%

Ratios to average net assets absent expense limitations
Expenses		0.48	%	0.48	%	0.47	%	0.52	%	0.49	%
Net investment income		0.87	%	0.67	%	1.27	%	3.57	%	5.88	%

See accompanying notes to financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and

Board of Trustees of the State Farm Variable Product Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Large Cap Equity Index Fund, Small Cap Equity Index Fund, International Equity Index Fund, Stock and Bond Balanced Fund, Bond Fund and Money Market Fund (collectively the Funds), comprising the State Farm Variable Product Trust as of December 31, 2004, and the related statements of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds of the State Farm Variable Product Trust at December 31, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Chicago, Illinois

January 28, 2005

Management Information – State Farm Variable Product Trust

I. Information about Non-Interested (Independent) Trustees of State Farm Variable Product Trust


Name, Address, and Age	Position Held with Fund	Length of Time Served and Term of Office	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Thomas M. Mengler 1000 LaSalle Avenue Minneapolis, Minnesota 55403 Age 51	Trustee	Began service in 1997 and serves until successor is elected or appointed.	DEAN and PROFESSOR OF LAW – University of St.Thomas School of Law (since 6/2002); DEAN – University of Illinois College of Law (8/1993-6/2002); TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	25	None
James A. Shirk 103 North Robinson Bloomington, Illinois 61701 Age 60	Trustee	Began service in 1997 and serves until successor is elected or appointed.	DIRECTOR and PRESIDENT – Beer Nuts, Inc. (manufacturer of snack foods); TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	25	None
Victor J. Boschini Office of the Chancellor Box #297080 Fort Worth, Texas 76129 Age 48	Trustee	Began service in 2001 and serves until successor is elected or appointed.	CHANCELLOR (since 2003) – Texas Christian University; PRESIDENT (1999-2003) – Illinois State University; TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	25	None
David L. Vance 100 N.E. Adams Street Peoria, Illinois 61629 Age 52	Trustee	Began service in 2001 and serves until successor is elected or appointed.	PRESIDENT (since 2000) – Caterpillar University; CHIEF ECONOMIST AND MANAGER of the Business Intelligence Group (since 1994) –Caterpillar, Inc.; TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	25	None
Donald A. Altorfer 4200 Rodger Street Springfield, Illinois 62703 Age 61	Trustee	Began service in 2001 and serves until successor is elected or appointed.	CHAIRMAN – Altorfer, Inc. (dealer in heavy machinery and equipment); TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	25	None

Management Information – State Farm Variable Product Trust

II. Information about Officers and Interested Trustees of State Farm Variable Product Trust


Name, Address, and Age	Position Held with Fund	Length of Time Served and Term of Office	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Edward B. Rust, Jr.* One State Farm Plaza Bloomington, Illinois 61710 Age 54	Trustee and President	Began service in 1997 and serves until successor is elected or appointed.	CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE OFFICER, and DIRECTOR – State Farm Mutual Automobile Insurance Company; PRESIDENT and DIRECTOR – State Farm VP Management Corp., State Farm Investment Management Corp.; PRESIDENT and TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	25	DIRECTOR – McGraw-Hill Corporation; DIRECTOR –Caterpillar, Inc.; DIRECTOR –Helmerich & Payne, Inc.
Michael L. Tipsord* One State Farm Plaza Bloomington, Illinois 61710 Age 45	Trustee, Senior Vice President and Treasurer	Began service in 2002 and serves until successor is elected or appointed.	SENIOR VICE PRESIDENT and TREASURER (since 12/2002), CHIEF FINANCIAL OFFICER (since 9/2002); VICE PRESIDENT and TREASURER (7/2001 – 12/2002), and VICE PRESIDENT and ASSISTANT TREASURER (1/1999 – 7/2001) – State Farm Mutual Automobile Insurance Company; DIRECTOR, SENIOR VICE PRESIDENT and TREASURER (since 12/2002), VICE PRESIDENT and ASSISTANT SECRETARY-TREASURER (6/2001 – 12/2002) and ASSISTANT SECRETARY-TREASURER (before 6/2001) – State Farm Investment Management Corp., State Farm VP Management Corp.; TRUSTEE, SENIOR VICE PRESIDENT and TREASURER (since 12/2002), VICE PRESIDENT and ASSISTANT SECRETARY-TREASURER (6/2001 – 12/2002), and ASSISTANT SECRETARY-TREASURER (before 6/2001) – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	25	None
John W. North One State Farm Plaza Bloomington, Illinois 61710 Age 57	Senior Vice President	Began service in 2001 and serves until removed.	EXECUTIVE VICE PRESIDENT – FINANCIAL SERVICES (since 2001) and SENIOR VICE PRESIDENT (before 2001) – State Farm Mutual Automobile Insurance Company; SENIOR VICE PRESIDENT and DIRECTOR (since 2001) – State Farm Investment Management Corp., State Farm VP Management Corp.; SENIOR VICE PRESIDENT (since 2001) – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	N/A	N/A
Paul N. Eckley One State Farm Plaza Bloomington, Illinois 61710 Age 50	Senior Vice President	Began service in 1997 and serves until removed.	SENIOR VICE PRESIDENT – INVESTMENTS – State Farm Mutual Automobile Insurance Company; SENIOR VICE PRESIDENT – State Farm Investment Management Corp., State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	N/A	N/A
Susan D. Waring One State Farm Plaza Bloomington, Illinois 61710 Age 55	Vice President	Began service in 2000 and serves until removed.	SENIOR VICE PRESIDENT and CHIEF ADMINISTRATIVE OFFICER (since 2001) – State Farm Life Insurance Company; VICE PRESIDENT (before 2001) – State Farm Mutual Automobile Insurance Company; SENIOR VICE PRESIDENT and DIRECTOR (since 2001) – State Farm VP Management Corp.; VICE PRESIDENT – State Farm Investment Management Corp., State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	N/A	N/A

Management Information – State Farm Variable Product Trust


Name, Address, and Age	Position Held with Fund	Length of Time Served and Term of Office	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Donald E. Heltner One State Farm Plaza Bloomington, Illinois 61710 Age 57	Vice President	Began service in 1998 and serves until removed.	VICE PRESIDENT – FIXED INCOME – State Farm Mutual Automobile Insurance Company; VICE PRESIDENT – State Farm Investment Management Corp., State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	N/A	N/A
John S. Concklin One State Farm Plaza Bloomington, Illinois 61710 Age 58	Vice President	Began service in 1997 and serves until removed.	VICE PRESIDENT – COMMON STOCKS – State Farm Mutual Automobile Insurance Company; VICE PRESIDENT – State Farm Investment Management Corp., State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	N/A	N/A
Phillip G. Hawkins Three State Farm Plaza South Bloomington, Illinois 61791 Age 44	Vice President	Began service in 2003 and serves until removed.	VICE PRESIDENT – SECURITIES PRODUCTS (since 8/2003), EXECUTIVE ASSISTANT (11/2002 – 8/2003), DIRECTOR – STRATEGIC RESOURCES (before 11/2002) – State Farm Mutual Automobile Insurance Company; VICE PRESIDENT (since 2003) – State Farm Investment Management Corp., State Farm VP Management Corp., State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	N/A	N/A
David R. Grimes Three State Farm Plaza South Bloomington, Illinois 61791 Age 62	Chief Compliance Officer, Vice President and Secretary	Began service in 1997 and serves until removed.	CHIEF COMPLIANCE OFFICER (since 6/2004) – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust; ASSISTANT VICE PRESIDENT (before 6/2004) – State Farm Mutual Automobile Insurance Company; VICE PRESIDENT AND SECRETARY – State Farm Investment Management Corp., State Farm VP Management Corp., State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	N/A	N/A

Messrs. Rust and Tipsord are “interested” Trustees as defined by the Investment Company Act of 1940 because each is (i) an Officer of State Farm Variable Product Trust (the “Trust”), (ii) a Director of State Farm Investment Management Corp., the Trust’s investment adviser, (iii) a Director of State Farm VP Management Corp., the Trust’s distributor, (iv) an Officer of State Farm Investment Management Corp., and (v) an Officer of State Farm VP Management Corp.

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees of the Trust, and the SAI is available without charge upon request. Call toll-free 1-800-702-2307 to request a copy of the SAI.

LOGO

U.S. Postage PAID Chicago, IL PERMIT NO. 6065

PRESORTED STANDARD State Farm VP Management Corp

(Underwriter and Distributor of Securities Products) One State Farm Plaza Bloomington, IL 61710-0001

FORWARDING SERVICE REQUESTED

Issued by: State Farm Life Insurance Company

(Not licensed in New York or Wisconsin) State Farm Life and Accident Assurance Company

(Licensed in New York and Wisconsin) Home Office, Bloomington, Illinois

State Farm VP Management Corp. (Underwriter and Distributor of Securities Products)

One State Farm Plaza Bloomington, Illinois 61710-0001

1-888-702-2307 statefarm.com 231.3571.7-CH

2-2005 Printed in U.S.A.

ITEM 2.

CODE OF ETHICS.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrants’ principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. No amendments were made to such code of ethics during the period and no waivers from such code of ethics provisions were granted during the period. Registrant hereby undertakes to provide a copy of such code of ethics to any person upon request, without charge. To request a copy of the code of ethics, contact the Registrant at 1-888-702-2307.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that no member of the Registrant’s Committee of Independent Trustees (which performs all audit committee functions) possesses all five of the attributes set forth in Item 3 of Form N-CSR that would enable the Board to designate any such member as an audit committee financial expert. However, each of the Committee members possess other relevant business and financial experience, including possessing a number of the five attributes that would otherwise have enabled the Board to have designated that member as an audit committee financial expert. All five members of the Committee are independent under the standards set forth in Item 3 of Form N-CSR. The Committee members also have sufficient knowledge regarding financial matters to address any issues that are likely to come before the Committee. In addition, the Committee has the ability to retain independent accountants, counsel or other consultants, advisors and experts whenever it deems appropriate to assist in such financial matters.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)	Audit Fees


Billed to Registrant for fiscal year ending December 31, 2004:	$	128,388
Billed to Registrant for fiscal year ending December 31, 2003:	$	125,525

The audit fees for December 31, 2004 include an estimated amount from the Registrant’s independent auditor for the out-of-pocket expenses it expects to bill to Registrant.

(b)	Audit-Related Fees


Billed to Registrant for fiscal year ending December 31, 2004:	$	0
Billed to Registrant for fiscal year ending December 31, 2003:	$	0

The nature of the services comprising the fees disclosed under this category: not applicable

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Reg. S-X:


Billed for fiscal year ending December 31, 2004:	$	0
Billed for fiscal year ending December 31, 2003:	$	0

The nature of the services comprising the fees disclosed under this category: not applicable

(c)

Tax Fees


Billed to Registrant for fiscal year ending December 31, 2004:	$	18,300
Billed to Registrant for fiscal year ending December 31, 2003:	$	10,800

The nature of the services comprising the fees disclosed under this category:

Includes fees for reviewing the Registrant’s compliance with tax qualification tests relating to asset diversification, gross income, and distribution requirements to maintain the Registrant’s status as a Regulated Investment Company under current provisions of the Internal Revenue Code. Also includes fees for reviewing the Registrant’s tax returns (federal, state, and excise).

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Reg. S-X:


Billed for fiscal year ending December 31, 2004:	$	0
Billed for fiscal year ending December 31, 2003:	$	23,200

The nature of the services comprising the fees disclosed under this category:

The fees for the fiscal year ending December 31, 2003 were paid by State Farm Investment Management Corp. for professional tax services rendered in connection with the following:

•

review of minimum distribution calculations of Registrant

•

consultation on the review of qualifying dividend calculations of Registrant

(d)	All Other Fees


Billed to Registrant for fiscal year ending December 31, 2004:	$	0
Billed to Registrant for fiscal year ending December 31, 2003:	$	0

The nature of the services comprising the fees disclosed under this category include: not applicable

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Reg. S-X:


Billed for fiscal year ending December 31, 2004:	$	0
Billed for fiscal year ending December 31, 2003:	$	0

The nature of the services comprising the fees disclosed under this category: not applicable


(e)(1)		The audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X:

The Committee of Independent Trustees will approve and recommend to the Board, the selection, retention or termination of the independent registered public accountants of the Trust, and review the independent registered public accountant’s fees to determine whether those fees appear to be appropriate for the services rendered.

Any engagement shall be pursuant to a written engagement letter approved by the Committee, which shall provide, among other things, that:

•

the Committee shall be directly responsible for the appointment, compensation and oversight of the independent auditors; and

•

the independent auditors shall report directly to the Committee.

Pre-approve any engagement of the independent auditors to provide any services (other than the prohibited non-audit services specified in section c. below) to the Trust, or to SFIMC [State Farm Investment Management Corp.] and any entity controlling, controlled by, or under common control with SFIMC that provides ongoing services to the Trust (if the engagement relates directly to the operations and financial reporting of the Trust), including the fees and other compensation to be paid to the independent auditors. The Chairman of the Committee may grant such pre-approval. Any such delegated pre-approval shall be presented to the Committee by the Chairman at the next meeting of the Committee.

(1)

Pre-approval of non-audit services for the Trust is waived, if:

the aggregate amount of all non-audit services provided to the Trust is less than 5% of the total fees paid by the Trust to its independent auditors during the fiscal year in which the non-audit services are provided;

the services were not recognized by management at the time of the engagement as non-audit services; and

such services are promptly brought to the attention of the Committee by management and the Committee approves them (which may be by delegation as provided for above) prior to the completion of the audit.

(2)

Pre-approval of non-audit services for SFIMC or any entity controlling, controlled by, or under common control with SFIMC that provides ongoing services to the Trust is waived, if:

the aggregate amount of all non-audit services provided is less than 5% of the total fees paid by the Trust, SFIMC and any entity controlling, controlled by, or under common control with SFIMC that provides ongoing services to the Trust to its independent auditors during the fiscal year in which the non-audit services are provided that would have to be pre-approved;

the services were not recognized by management at the time of the engagement as non-audit services; and

such services are promptly brought to the attention of the Committee by management and the Committee approves them (which may be by delegation) prior to the completion of the audit.

The independent auditors shall not perform any of the following non-audit services for the Trust:

(1)

bookkeeping or other services related to the accounting records or financial statements of the Trust;

(2)

financial information systems design and implementation;

(3)

appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

(4)

actuarial services;

(5)

internal audit outsourcing services;

(6)

management functions or human resources;

(7)

broker or dealer, investment adviser, or investment banking services;

(8)

legal services and expert services unrelated to the audit; and

(9)

any other services that the Public Company Accounting Oversight Board determines are impermissible.


(e)(2)		The percentage of services described in each of paragraphs (b) through (d) of this Item that were rendered to the Registrant and approved by the Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:


	Paragraph (b)	Paragraph (c)		Paragraph (d)
Fiscal year ending December 31, 2004:	not applicable	0	%	not applicable
Fiscal year ending December 31, 2003:	not applicable	0	%	not applicable

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X:


	Paragraph (b)	Paragraph (c)		Paragraph (d)
Fiscal year ending December 31, 2004:	not applicable	not applicable		not applicable
Fiscal year ending December 31, 2003:	not applicable	100	%	not applicable

(f)	Not applicable.

(g)	Aggregate non-audit fees billed by the Registrant’s accountant for services rendered to Registrant:


Fiscal year ending December 31, 2004:	$	18,300
Fiscal year ending December 31, 2003:	$	10,800

Aggregate non-audit fees billed by the Registrant’s accountant for services rendered to Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser):


Fiscal year ending December 31, 2004:	$	0
Fiscal year ending December 31, 2003:	$	23,200

Aggregate non-audit fees billed by the Registrant’s accountant for services rendered to an entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant:


Fiscal year ending December 31, 2004:	$	0
Fiscal year ending December 31, 2003:	$	0

(h)	Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

The information required by this Item 6 is included as part of the report to shareholders under Item 1 of this Form N-CSR.

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Committee of Independent Trustees of the Registrant (the “Committee”) is responsible for identifying and nominating candidates for appointment as Independent Trustees of the Registrant. Prior to December 17, 2004, the Committee did not consider shareholder nominations of Independent Trustees. At its December 17, 2004 meeting, the Committee adopted procedures relating to the consideration of candidates submitted by shareholders.

A shareholder of the Registrant may submit the name(s) of potential candidates for nomination as a Trustee of the Registrant in writing, delivered in hard copy and bearing the shareholder’s original signature, to the attention of the Secretary of the Registrant: Three State Farm Plaza, N-1, Bloomington, Illinois 61791-0001. The recommendation must include: (i) the class or series and number of all shares of each series of the Registrant owned beneficially or of record by the nominating shareholder at the time the recommendation is submitted and the account number(s) in which such shares are held; (ii) a full listing of the proposed candidate’s education, experience (including knowledge of the investment company industry, experience as a director or senior officer of public or private companies, and directorships on other boards of other public companies, identifying any other registered investment companies), current employment, date of birth, business and residence addresses, and the names and addresses of at least three professional references; (iii) information as to whether the candidate is or may be an “interested person” (as such term is defined in the Investment Company Act of 1940, as amended) of the Registrant, an investment adviser to the Registrant or an interested person of the Registrant’s distributor; (iv) the written and signed consent of the candidate

to be named as a nominee and to serve as a Trustee of the Registrant, if elected; (v) a description of all arrangements or understandings between the nominating shareholder, the candidate and/or any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, and if none, a statement to that effect; (vi) the class or series and number of all shares of each series of the Registrant owned of record or beneficially by the candidate, as reported by the candidate; and (vii) such other information that would be helpful to the Committee in evaluating the candidate.

The Committee may require the nominating shareholder to furnish such other information as it may reasonably require or deem necessary to verify any information furnished. If the nominating shareholder does not provide such other information in writing within seven days of receipt of a written request from the Committee, the Committee will not be required to consider such candidate. Recommendations for a candidate as a Trustee of the Registrant will be evaluated, among other things, in light of whether the number of Trustees is expected to change and whether the Trustees expect any vacancies. The Committee need not consider any shareholder recommendation received less than 90 days before the date of an anticipated nomination. When the Committee is not actively recruiting new Trustees, shareholder recommendations will be kept on file until active recruitment is under way. A shareholder recommendation considered by the Committee in connection with the Committee’s nomination of any candidate(s) for appointment or election as an independent Trustee need not be considered again by the Committee in connection with any subsequent nomination(s).

ITEM 11.

CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the effectiveness of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report (the “Evaluation Date”), and based on their evaluation as of the Evaluation Date, concluded that the Registrant’s disclosure controls and procedures were operating in an effective manner.

(b) No change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.

(a)(1) Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(b) Certification of principal executive officer and principal financial officer required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) and pursuant to Section 906 of the Sarbanes-Oxley Act of 2002: Attached hereto as EX-99.906CERT.

SIGNATURES

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


State Farm Variable Product Trust

By		/S/ EDWARD B. RUST, JR.
		Edward B. Rust, Jr. President

Date 3/10/05

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



By		/S/ EDWARD B. RUST, JR.
		Edward B. Rust, Jr. President

Date 3/10/05



By		/S/ MICHAEL L. TIPSORD
		Michael L. Tipsord Senior Vice President and Treasurer

Date 3/10/05