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	Alan Goldberg
One State Farm Plaza	Bell, Boyd & Lloyd LLC
Bloomington, Illinois 61710-0001	Three First National Plaza
	70 West Madison St., Suite 3100
	Chicago, Illinois 60602

(Names and addresses of agents for service)

Registrant’s telephone number, including area code: 1-888-702-2307

Date of fiscal year end: 12/31/2005

Date of reporting period: 06/30/2005

ITEM 1. REPORTS TO STOCKHOLDERS.

Table of Contents

Message to Variable Product Customers	1
Report on Shareholder Meeting	2
Portfolio Summary	3
Expense Example	5
Board Approval of Investment Advisory Agreements	6
Schedule of Investments
Large Cap Equity Index Fund	10
Small Cap Equity Index Fund	16
International Equity Index Fund	36
Stock and Bond Balanced Fund	49
Bond Fund	50
Money Market Fund	54
Financial Statements
Statements of Assets and Liabilities	56
Statements of Operations	57
Statements of Changes in Net Assets	58
Notes to Financial Statements	60
Financial Highlights	66

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 Accounts or Variable Annuity Separate Accounts (the “Accounts”). This report provides the results of operations for each of the Funds of the State Farm Variable Product Trust . 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.

Message to Variable Product Customers

Dear Policyowners,

Thank you for purchasing a State Farm^® Variable Product. Enclosed is the Semi-Annual Report for the 6-month period ending June 30, 2005 for the State Farm Variable Product Trust (the “Trust”). Included are financial statements and a complete list of portfolio holdings to help you with your individual investment planning and further understand the underlying Funds of the Trust available through variable deferred annuity and variable universal life insurance policies issued by State Farm Life Insurance Company and State Farm Life and Accident Assurance Company (the “Companies”). We encourage your review and consideration of this entire report.

Variable policyowners were asked to provide voting instructions to the Companies on a number of business issues relating to the Trust, so that the shares owned by the State Farm Life and Accident Assurance Company Variable Annuity Separate Account, State Farm Life and Accident Assurance Company Variable Life Separate Account, State Farm Life Insurance Company Variable Annuity Separate Account and State Farm Life Insurance Company Variable Life Separate Account (collectively, “the Accounts”) could be voted at the Shareholder Meeting in proportion to the instructions received. The requested voting instructions encompassed three broad issues: re-electing the Board of Trustees of the Trust, approving a Manager of Managers structure for five of the Funds, and changing the fundamental investment objectives of the Funds to non-fundamental. See the Report on Shareholder Meeting page of this report for the results of the June 17, 2005 Shareholder Meeting.

Rising short-term interest rates and slowing economic growth set the stage for rather erratic performance across financial markets during the first six months of 2005. As a result, performance for the six Funds of State Farm Variable Product Trust varied – depending on the asset class and risk profile. Look for a detailed discussion of factors that impacted the performance of the underlying Funds during 2005 in the next State Farm Variable Product Trust Annual Report.

Inevitably, performance is heavily influenced by market factors outside an individual investor’s control. Contact your registered State Farm Agent for assistance with your investment needs.

Sincerely,

Susan D. Waring

Vice President

State Farm Variable Product Trust

1

Report on Shareholder Meeting

On June 17, 2005, the shareholders of State Farm Variable Product Trust Funds had a special shareholder meeting. The shareholders cast votes in proportion with the voting instructions received from owners of variable deferred annuity and variable universal life insurance policies issued by State Farm Life Insurance Company and State Farm Life and Accident Assurance Company. The results for those matters voted upon by the shareholders of these Funds are as follows:

Proposal	Votes Cast For	Votes Cast Against	Abstentions	Broker Non-Votes	Result
Approve Manager of Managers Structure for the Large Cap Equity Index Fund	34,989,264	1,249,517	1,013,963	0	Adopted
Approve Manager of Managers Structure for the Small Cap Equity Index Fund	20,719,459	635,676	487,963	0	Adopted
Approve Manager of Managers Structure for the International Equity Index Fund	20,013,697	549,103	433,706	0	Adopted
Approve Manager of Managers Structure for the Bond Fund	13,357,826	483,102	496,348	0	Adopted
Approve Manager of Managers Structure for the Money Market Fund	52,412,915	2,233,534	1,031,394	0	Adopted
Change the fundamental investment objective to non-fundamental for the Large Cap Equity Index Fund	33,828,767	2,238,006	1,185,971	0	Adopted
Change the fundamental investment objective to non-fundamental for the Small Cap Equity Index Fund	20,180,853	1,048,982	613,262	0	Adopted
Change the fundamental investment objective to non-fundamental for the International Equity Index Fund	19,547,978	904,873	543,655	0	Adopted
Change the fundamental investment objective to non-fundamental for the Stock and Bond Balanced Fund	6,463,020	463,570	265,089	0	Adopted
Change the fundamental investment objective to non-fundamental for the Bond Fund	12,995,084	800,836	541,355	0	Adopted
Change the fundamental investment objective to non-fundamental for the Money Market Fund	50,876,653	2,928,374	1,872,816	0	Adopted
Trustee	Votes Cast For	Votes Withheld	Abstentions	Broker Non-Votes	Result
Elect Edward B. Rust, Jr.	67,043,110	901,548	0	0	Elected
Elect Michael L. Tipsord	67,188,625	756,032	0	0	Elected
Elect Thomas M. Mengler	67,176,169	768,489	0	0	Elected
Elect James A. Shirk	67,187,706	756,951	0	0	Elected
Elect Donald A. Altorfer	67,208,694	735,963	0	0	Elected
Elect Victor J. Boschini	67,138,563	806,094	0	0	Elected
Elect David L. Vance	67,193,343	751,314	0	0	Elected
Elect Alan R. Latshaw	67,174,452	770,205	0	0	Elected

2

Portfolio Summary

* Illustrated by sector and based on total net assets as of June 30, 2005. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Illustrated by sector and based on total net assets as of June 30, 2005. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Based on total net assets as of June 30, 2005. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 12 other countries each of which represents less than 3% of net assets.

3

Portfolio Summary (continued)

* Based on total net assets as of June 30, 2005. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Based on total net assets as of June 30, 2005. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Based on total investments as of June 30, 2005. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

4

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 January 1, 2005 through June 30, 2005.

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 January 1, 2005		Ending Account Value June 30, 2005			Annualized Expense Ratio Based on the Period January 1, 2005 to June 30, 2005	Expenses Paid During Period January 1, 2005 to June 30, 2005*
Large Cap Equity Index Fund
Actual	$	1,000.00	$	991.03		0.31%	$	1.53
Hypothetical (5% return before expenses)		1,000.00		1,023.26		0.31%		1.56
Small Cap Equity Index Fund
Actual		1,000.00		985.38	**	0.50%		2.46
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50%		2.51
International Equity Index Fund
Actual		1,000.00		988.60		0.73%		3.60
Hypothetical (5% return before expenses)		1,000.00		1,021.18		0.73%		3.65
Stock and Bond Balanced Fund
Actual		1,000.00		1,000.00		0.41%		2.03
Hypothetical (5% return before expenses)		1,000.00		1,022.76		0.41%		2.06
Bond Fund
Actual		1,000.00		1,012.45		0.56%		2.79
Hypothetical (5% return before expenses)		1,000.00		1,022.02		0.56%		2.81
Money Market Fund
Actual		1,000.00		1,011.00		0.50%		2.49
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50%		2.51

* Expenses are equal to the Fund's annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses for the Stock and Bond Balanced Fund equal 60% of the the Large Cap Equity Index Fund expenses plus 40% of the Bond Fund expenses. The Stock and Bond Balanced Fund targets a 60%/40% investment ratio between the Large Cap Equity Index Fund and the Bond Fund. This investment ratio may vary slightly from 60%/40% throughout the year. At June 30, 2005 the investment ratio was 60.2/39.8%, based on total investments.

** See footnote (c) on page 67 in the Financial Highlights.

⁽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.

5

Board Approval of Investment Advisory Agreements

Board Review of the Continuation of the Investment Advisory Agreement and Continuation of the Barclays Sub-Advisory Agreement

At a meeting of the Board of Trustees (the “Board”) of State Farm Variable Product Trust (“VP Trust”) held on June 17, 2005, all of the Trustees present, including those Trustees present who were not interested persons of VP Trust as defined by Section 2(a)(19) of the Investment Company Act of 1940 (the “Independent Trustees”), considered whether (i) to approve continuation of the Investment Advisory and Management Services Agreement between State Farm Investment Management Corp. (“SFIMC”) and VP Trust (the “Advisory Agreement), and (ii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, VP Trust and Barclays Global Fund Advisors (“Barclays”), which agreement will be referred to as the “Barclays Sub-Advisory Agreement.”

Barclays serves as the investment sub-adviser to VP Trust’s Large Cap Equity Index Fund, Small Cap Equity Index Fund and International Equity Index Fund (collectively, the “Equity Index Funds”). In this role, Barclays is primarily responsible for the day-to-day management of the investments of the Equity Index Funds.

Prior to the June 17, 2005 meeting, independent legal counsel to the Independent Trustees of the Board had sent to SFIMC and Barclays a request for information to be provided to the Board in connection with the Board’s consideration of continuing the Advisory Agreement and the Barclays Sub-Advisory Agreement. SFIMC and Barclays provided materials to the Board in response to those requests prior to the meeting. SFIMC also provided the Board with additional information that SFIMC believed would be useful to the Board in evaluating whether to approve continuation of the Advisory Agreement and the Barclays Sub-Advisory Agreement, including a report prepared by Lipper Inc., an independent fund tracking organization, (the “Lipper Report”) relating to the performance and expenses of the existing six series of VP Trust (each a “Fund” and collectively the “Funds”) and relating to the proposed expense levels of three new funds of VP Trust. In addition, the Board received and reviewed a memorandum from the independent legal counsel regarding their responsibilities (including particularly the Independent Trustees) in considering whether to approve continuation of the agreements.

In considering whether to approve the continuation of the Advisory Agreement and the Barclays Sub-Advisory Agreement, the Board first considered the investment performance of SFIMC in managing each Fund and Barclays in sub-advising the Equity Index Funds, including the year-to-date, one, three, and five year performance of each Fund as compared to the performance of one or more benchmark indexes and a peer group of funds with comparable investment objectives, investment strategies, asset size and load structures (“Peer Funds”).

The Board further considered how closely the performance of each Equity Index Fund matched the performance of each such Fund’s benchmark index, net of fees. The Board specifically noted that the International Equity Index Fund outperformed its benchmark index as a result of Barclays’ optimization management techniques. The Board concluded that the performance of the Equity Index Funds over the periods reviewed was acceptable and closely tracked their benchmarks.

The Board next reviewed the performance of VP Trust’s Bond Fund, Money Market Fund and the Stock and Bond Balanced Fund. The Lipper Report indicated that the performance of the Bond Fund and the Money Market Fund was competitive with each Fund’s benchmark index and with the performance of each Fund’s Peer Funds. The Board examined the performance of the Stock and Bond Balanced Fund compared to its benchmark index and its Peer Funds. SFIMC representatives discussed with the Board the basis of the Stock and Bond Balanced Fund’s performance, noting that the equity component of that Fund was more growth oriented compared to the equity components of its Peer Funds, which were more value oriented. After extensive discussion of this and other information, the Board concluded that the investment performance of the Bond Fund, the Money Market Fund and the Stock and Bond Balanced Fund over the periods reviewed was acceptable.

The Board next examined the fee structure and expense ratio of each Fund, including in comparison to Peer Funds. The Board also considered SFIMC’s profitability in serving as investment adviser to VP Trust, which relates closely to the sub-advisory fees it pays to Barclays. The Board concluded that the advisory and sub-advisory fees, which directly or indirectly are part of each Fund’s fee structure and expense ratio, were reasonable and appropriate for the shareholders. The Board noted its intention to closely monitor SFIMC’s profitability in managing VP Trust.

The Board considered the nature, extent and quality of the advisory and sub-advisory services provided by SFIMC and Barclays to the Funds. The Board considered the make-up, education and experience of the teams responsible for managing the Funds at SFIMC and Barclays, and concluded that each organization’s investment management team has a satisfactory, long-term track

6

record. The Board considered that SFIMC has been engaged in the business of managing mutual funds since 1968, and that as of December 31, 2004, SFIMC managed more than $6.8 billion in assets. The Board noted that Barclays is part of one of the largest investment managers in the world, with over $1.1 trillion in assets under management, including 2,000 funds that track over 2,000 indexes. After considering this information, the Board concluded that SFIMC and Barclays each had more than sufficient resources and expertise to continue to manage or sub-advise the Funds, and that given the past experience of each, SFIMC and Barclays would be able to continue to provide satisfactory services to VP Trust.

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

The Board next discussed whether SFIMC or Barclays derive any other direct or indirect benefits from serving as investment adviser and investment sub-adviser to the Funds. SFIMC indicated to the Board that it was not aware of any ancillary or other benefits (other than fees) that SFIMC (and its affiliates) and Barclays (and its affiliates) receive for providing various services to VP Trust, particularly because neither SFIMC nor Barclays execute securities trades on behalf of the Funds through an affiliated broker-dealer. The Board concluded that the lack of any ancillary, or so-called “fallout” benefits, including no soft dollar arrangements, enables SFIMC and Barclays to manage assets of the Funds in a manner that appears to be free of conflicts of interest.

Based on the Trustees’ deliberations and their evaluation of the information provided by SFIMC and Barclays, the Board, including all of the Independent Trustees present at the Board meeting, unanimously approved the continuation of the Advisory Agreement and the Barclays Sub-Advisory Agreement.

Board Review of an Amendment to the Advisory Agreement and Approval of the Capital Guardian Trust Company Investment Sub-Advisory Agreement

At its June 17, 2005, meeting, SFIMC asked VP Trust’s Board to approve amending the Advisory Agreement to add three new series, which series are known as the Large Cap Equity Fund, Small Cap Equity Fund and the International Equity Fund. These three new series collectively are referred to as the “New Equity Funds.”

The amendment to the Advisory Agreement provides that SFIMC will serve as investment adviser to the New Equity Funds in exchange for the payment of the following amounts of compensation by the New Equity Funds (measured as a percentage of each New Equity Fund’s average daily net assets on an annual basis):

Fund	Rate
Large Cap Equity Fund	0.60%
Small Cap Equity Fund	0.80%
International Equity Fund	0.80%

In connection with adding the New Equity Funds to the Advisory Agreement, SFIMC also asked VP Trust’s Board to approve an investment sub-advisory agreement between VP Trust, SFIMC and Capital Guardian Trust Company (“Capital Guardian”), which agreement will be referred to as the “Capital Guardian Sub-Advisory Agreement.” The Capital Guardian Sub-Advisory Agreement appoints Capital Guardian as the sub-adviser to the New Equity Funds.

In connection with Board’s consideration of approving the amended Advisory Agreement and the Capital Guardian Sub-Advisory Agreement, the Trustees met with representatives of Capital Guardian who provided the Trustees with extensive information on Capital Guardian, its current management of two other funds within the State Farm family of mutual funds, and Capital Guardian’s plans on how it proposes to manage the New Equity Funds.

Prior to the June 17, 2005, Board meeting, independent legal counsel had sent SFIMC and Capital Guardian requests for information to be provided to the Board in connection with the Board’s consideration of the amended Advisory Agreement and

7

the Capital Guardian Sub-Advisory Agreement. SFIMC and Capital Guardian provided the Board with written responses to the requests for information prior to the Board meeting. SFIMC provided the Board with additional information it believed would be useful to the Board in determining whether to approve the amended Advisory Agreement and the Capital Guardian Sub-Advisory Agreement. SFIMC provided a Lipper Report to the Board relating to projected expenses of the New Equity Funds. In addition, the Board received and reviewed a memorandum from the independent legal counsel regarding their responsibilities in considering approval of the amended Advisory Agreement and the Capital Guardian Sub-Advisory Agreement.

In considering the approval of the Capital Guardian Sub-Advisory Agreement, the Trustees first considered the composite investment performance of Capital Guardian in managing investment portfolios with similar investment objectives and strategies to those of the New Equity Funds, including Capital Guardian’s three, five and ten year performance in managing composites of similar portfolios. The Board considered Capital Guardian’s composite performance in each category compared to the applicable securities benchmark of each New Equity Fund during those same time periods.

The Board also compared Capital Guardian composite information to performance information of other mutual funds that have investment objectives and strategies similar to those of the New Equity Funds. The Board next examined the investment performance of other funds managed by Capital Guardian and its affiliates that utilize strategies similar to those to be utilized by the New Equity Funds. The Board also discussed Capital Guardian’s performance in managing the State Farm Small Cap Equity Fund and the State Farm International Equity Fund of State Farm Mutual Fund Trust (“Mutual Fund Trust”), another mutual fund managed by SFIMC.

After extensively reviewing all of this information, the Board concluded that Capital Guardian’s investment performance in these asset classes was competitive, particularly as compared to other mutual funds in the same asset class and the applicable securities benchmark for each New Equity Fund. The Board further concluded that, even though Capital Guardian’s long-term investment performance was competitive, it would closely monitor its performance, particularly because of Capital Guardian’s recent performance in sub-advising the State Farm Small Cap Equity Fund and State Farm International Equity Fund of Mutual Fund Trust.

The Board also considered the make-up, education and experience of the proposed SFIMC and Capital Guardian teams that would be responsible for monitoring and managing each New Equity Fund, and concluded that SFIMC’s and Capital Guardian’s proposed teams had a satisfactory, long-term track records and could produce satisfactory results for the New Equity Funds.

The Board next considered the costs of the services proposed to be provided. The Board examined the proposed advisory fees and overall expenses to be charged to the New Equity Funds by SFIMC and determined that these fees and expenses compared favorably to the fees and expenses of each New Equity Fund’s Peer Funds as set forth in the Lipper Report. The Board examined the proposed sub-advisory fee structure, including the proposed breakpoints as assets in each New Equity Fund increase, and Capital Guardian’s agreement to further reduce its fees to sub-advise the New Equity Funds because of its overall relationship with State Farm Mutual Automobile Insurance Company (“Auto Company”), SFIMC’s parent company. The Board further compared the proposed sub-advisory fees with proposed sub-advisory fee quotes of other investment advisers from whom SFIMC had obtained competitive bids, and noted that Capital Guardian’s proposed sub-advisory fees were substantially less than all of those competing bids. In that regard, SFIMC advised the Board that the New Equity Funds were able to obtain those fees because Capital Guardian also managed substantial assets for Auto Company. In addition, Capital Guardian had advised the Board that it does not offer lower fees than the fees proposed under the Capital Guardian Sub-Advisory Agreement for any other similar client.

After considering this information, the Board concluded that SFIMC’s and Capital Guardian’s proposed fees were reasonable and would be in the best interests of the shareholders of the New Equity Funds.

The Board next considered the nature, extent and quality of services proposed to be provided by SFIMC and Capital Guardian. The Board first considered the level of services that SFIMC has provided to VP Trust and that Capital Guardian has provided to the other two series of the Mutual Fund Trust. The Board considered that SFIMC has been engaged in the business of managing mutual funds since 1968, and that as of December 31, 2004, SFIMC managed more that $6.8 billion in assets. The Board also considered the fact that Capital Guardian has provided, and has agreed to continue to provide, detailed analytics on the New Equity Funds to SFIMC and the Board. The Board next considered that Capital Guardian is a very large asset management firm and has substantial resources to provide industry-leading services. In that regard, the Board was advised that Capital Guardian had approximately $162 billion of assets under management, and that it was part of one of the largest investment managers in the world. SFIMC also noted that there were no reports of SFIMC or Capital Guardian being involved in any of the regulatory issues (i.e., market timing or late day trading) that have been plaguing the investment management industry, although with respect to an affiliate of Capital Guardian, there had been some recent negative press reports relating to other issues.

8

After considering this information, the Board concluded that SFIMC and Capital Guardian had more than sufficient resources and expertise to capably manage the New Equity Funds and that, given SFIMC’s past experience with VP Trust and given Mutual Fund Trust’s past experience with Capital Guardian and each firm’s general reputation, SFIMC and Capital Guardian would be able to provide satisfactory advisory and sub-advisory services to the New Equity Funds.

The Board also discussed with Capital Guardian how Capital Guardian would manage the New Equity Funds on a day-to-day basis. Capital Guardian provided extensive information to the Board on its investment philosophy, security selection process and investment process. Capital Guardian further described to the Board the risk profile and portfolio characteristics of accounts currently under its management that have substantially the same investment objectives and restrictions as the New Equity Funds. The Board noted in particular that Capital Guardian emphasizes long-term investing and seeks to determine the differences between the fundamental value of a company and its price in the marketplace. Based on this information, the Trustees concluded that Capital Guardian’s proposed sub-advising of the New Equity Funds would be in the best interest of the shareholders of the New Equity Funds.

The Board next discussed whether SFIMC or Capital Guardian would derive any other direct or indirect benefits from serving as investment adviser or investment sub-adviser, respectively, to the New Equity Funds. SFIMC indicated to the Board that it was not aware of any ancillary or other benefits (other than the advisory or sub-advisory fees) that SFIMC or Capital Guardian would receive for serving in those roles, particularly because neither SFIMC nor Capital Guardian has an affiliated broker/dealer with whom Capital Guardian might want to execute securities trades. The Board concluded that the lack of any ancillary or so-called “fallout” benefits would enable SFIMC and Capital Guardian to manage the assets of the New Equity Funds in a manner that appeared to be free of conflicts of interest.

The Board next considered Capital Guardian’s practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the New Equity Funds, and those brokers’ and dealers’ provision of brokerage and research services to Capital Guardian. The Board also considered Capital Guardian’s soft dollar practices. The Trustees concluded that each of those practices appeared to be consistent with regulatory requirements.

The Board did not take into account the extent to which economies of scale would be realized with respect to the amendment to the Advisory Agreement and with respect to the adoption of the Capital Guardian Sub-Advisory Agreement, because the New Equity Funds had not commenced investment operations as of the date of this report. However, the Board noted the low fee that SFIMC was required to pay Capital Guardian, including the breakpoints therein, and determined to monitor the overall fees paid by the New Equity Funds to ensure that those fees remain appropriate. The Board also did not take into account the projected profits of SFIMC or Capital Guardian because the proposed relationships had not yet commenced and it would be difficult to project those profits. The Board agreed to monitor this issue in the future.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees present at the meeting, unanimously approved the amendment to the Advisory Agreement making SFIMC the investment adviser to the New Equity Funds and unanimously approved the Capital Guardian Sub-Advisory Agreement. The Board concluded that SFIMC’s and Capital Guardian’s proposed compensation is fair and reasonable in light of such services and expenses and such other matters as the Board considered to be relevant in the exercise of its reasonable judgment.

9

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (96.96%)
Aerospace/Defense (1.32%)
Boeing Co.	36,056	$	2,379,696
General Dynamics Corp.	8,722		955,408
Lockheed Martin Corp.	17,588		1,140,934
Northrop Grumman Corp.	15,649		864,607
Raytheon Co.	19,570		765,579
Rockwell Collins Inc.	7,677		366,039
			6,472,263
Agriculture, Foods, & Beverage (3.68%)
Anheuser Busch Companies Inc.	33,781		1,545,481
Archer-Daniels-Midland Co.	27,158		580,638
Campbell Soup Co.	14,143		435,180
Coca-Cola Enterprises Inc.	15,540		342,035
ConAgra Foods Inc.	22,536		521,934
General Mills Inc.	16,091		752,898
HJ Heinz Co.	15,125		535,727
Kellogg Co.	15,238		677,177
McCormick & Co. Inc.	5,863		191,603
Molson Coors Brewing Co. Class B	3,418		211,916
Pepsi Bottling Group Inc.	8,580		245,474
PepsiCo Inc.	72,890		3,930,958
Reynolds American Inc.	5,116		403,141
Sara Lee Corp.	34,320		679,879
Sysco Corp.	27,686		1,001,956
The Coca-Cola Co.	98,488		4,111,874
The Hershey Co.	9,498		589,826
WM Wrigley Jr. Co.	8,565		589,615
Yum! Brands Inc.	12,630		657,770
			18,005,082
Airlines (0.10%)
Delta Air Lines Inc. (a)	5,331		20,045
Southwest Airlines Co.	32,155		447,919
			467,964
Automotive (0.82%)
Cooper Tire & Rubber Co.	3,029		56,249
Dana Corp.	6,362		95,494
Delphi Corp.	24,405		113,483
Ford Motor Co.	80,103		820,255
General Motors Corp.	24,559		835,006
Genuine Parts Co.	7,530		309,408
Goodyear Tire & Rubber Co. (a)	7,377		109,917
Harley-Davidson Inc.	12,492		619,603
ITT Industries Inc.	3,992		389,739
Navistar International Corp. (a)	2,969		95,008
Paccar Inc.	7,555		513,740
Visteon Corp.	5,543		33,424
			3,991,326
Banks (6.18%)
AmSouth Bancorporation	15,286		397,436
Bank of America Corp.	175,219	$	7,991,739
Bank of New York Inc.	33,834		973,742
BB&T Corp.	23,741		948,928
Comerica Inc.	7,336		424,021
Fifth Third Bancorp	22,694		935,220
Golden West Financial Corp.	12,341		794,514
Huntington Bancshares Inc.	9,967		240,603
JPMorgan Chase & Co.	153,353		5,416,428
M&T Bank Corp.	4,269		448,928
Northern Trust Corp.	8,942		407,666
PNC Bank Corp.	12,292		669,422
State Street Corp.	14,421		695,813
SunTrust Banks Inc.	14,793		1,068,646
Synovus Financial Corp.	13,534		388,020
US Bancorp	79,968		2,335,066
Washington Mutual Inc.	38,190		1,553,951
Wells Fargo & Co.	73,552		4,529,332
			30,219,475
Building Materials & Construction (0.62%)
American Standard Cos. Inc.	7,807		327,269
Centex Corp.	5,512		389,533
Fluor Corp.	3,764		216,769
KB Home	3,627		276,486
Leggett & Platt Inc.	8,185		217,557
Louisiana-Pacific Corp.	4,649		114,272
Masco Corp.	19,031		604,425
Pulte Homes Inc.	5,189		437,173
Stanley Works	3,355		152,787
Vulcan Materials Co.	4,428		287,776
			3,024,047
Chemicals (1.66%)
Air Products & Chemicals Inc.	9,980		601,794
Ashland Inc.	2,940		211,298
E.I. du Pont de Nemours and Co.	43,312		1,862,849
Eastman Chemical Co.	3,492		192,584
Engelhard Corp.	5,301		151,343
Great Lakes Chemical Corp.	2,186		68,793
Hercules Inc. (a)	4,873		68,953
International Flavors & Fragrances Inc.	3,926		142,200
Monsanto Co.	11,672		733,819
Pall Corp.	5,315		161,363
PPG Industries Inc.	7,534		472,834
Praxair Inc.	14,078		656,035
Rohm & Haas Co.	8,436		390,924
Sealed Air Corp. (a)	3,596		179,045
Sigma-Aldrich Corp.	2,949		165,262
Temple-Inland Inc.	5,406		200,833
The Dow Chemical Co.	41,849		1,863,536
			8,123,465

See accompanying notes to financial statements.

10

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Commercial Service/Supply (1.88%)
Allied Waste Industries Inc. (a)	12,008	$	95,223
Apollo Group Inc. Class A (a)	7,179		561,541
Ball Corp.	4,808		172,896
Cendant Corp.	45,865		1,026,000
Cintas Corp.	6,600		254,760
Convergys Corp. (a)	6,124		87,083
Eastman Kodak Co.	12,365		332,000
Ecolab Inc.	9,579		309,976
Equifax Inc.	5,738		204,904
First Data Corp.	34,023		1,365,683
Interpublic Group of Companies Inc. (a)	18,213		221,834
Monster Worldwide Inc. (a)	5,156		147,874
Moody’s Corp.	12,026		540,689
Omnicom Group Inc.	8,039		641,995
Pactiv Corp. (a)	6,334		136,688
Paychex Inc.	15,561		506,355
Pitney Bowes Inc.	9,962		433,845
Robert Half International Inc.	7,090		177,037
RR Donnelley & Sons Co.	9,284		320,391
Ryder System Inc.	2,740		100,284
Snap-On Inc.	2,546		87,328
Waste Management Inc.	24,590		696,881
WW Grainger Inc.	3,663		200,696
Xerox Corp. (a)	41,697		575,002
			9,196,965
Computer Software & Services (5.09%)
Adobe Systems Inc.	21,162		605,657
Affiliated Computer Services Inc. (a)	5,440		277,984
Autodesk Inc.	9,868		339,163
Automatic Data Processing Inc.	25,341		1,063,562
BMC Software Inc. (a)	9,682		173,792
Computer Associates International Inc.	23,280		639,734
Computer Sciences Corp. (a)	8,126		355,106
Compuware Corp. (a)	16,369		117,693
Comverse Technology Inc. (a)	8,711		206,015
eBay Inc. (a)	52,888		1,745,833
Electronic Arts Inc. (a)	13,386		757,782
Electronic Data Systems Corp.	22,524		433,587
EMC Corp. (a)	104,532		1,433,134
Intuit Inc. (a)	8,073		364,173
Microsoft Corp.	437,724		10,873,064
Oracle Corp. (a)	192,915		2,546,478
SunGard Data Systems Inc. (a)	12,575		442,263
Unisys Corp. (a)	14,216		89,987
Veritas Software Corp. (a)	18,596		453,742
Yahoo! Inc. (a)	57,149		1,980,213
			24,898,962
Computers (2.92%)
Apple Computer Inc. (a)	35,867		1,320,264
Dell Inc. (a)	105,542		4,169,964
Gateway Inc. (a)	13,018	$	42,959
Hewlett-Packard Co.	125,758		2,956,571
International Business Machines Corp.	70,313		5,217,225
Sun Microsystems Inc. (a)	148,253		552,984
			14,259,967
Consumer & Marketing (4.56%)
Alberto-Culver Co.	3,779		163,744
Altria Group Inc.	90,172		5,830,522
Avery Dennison Corp.	4,467		236,572
Avon Products Inc.	20,500		775,925
Black & Decker Corp.	3,495		314,026
Brown-Forman Corp. Class B	4,002		241,961
Brunswick Corp.	4,148		179,691
Clorox Co.	6,706		373,658
Colgate-Palmolive Co.	22,768		1,136,351
Danaher Corp.	12,036		629,964
Darden Restaurants Inc.	6,483		213,809
Fortune Brands Inc.	6,303		559,706
Hasbro Inc.	7,359		152,994
Kimberly-Clark Corp.	20,861		1,305,690
Mattel Inc.	17,937		328,247
Maytag Corp.	3,176		49,736
Newell Rubbermaid Inc.	11,978		285,556
Starbucks Corp. (a)	17,059		881,268
The Gillette Co.	43,433		2,199,013
The Procter & Gamble Co.	107,840		5,688,560
UST Inc.	7,134		325,738
Wendy’s International Inc.	4,997		238,107
Whirlpool Corp.	2,878		201,777
			22,312,615
Electronic/Electrical Mfg. (6.32%)
Advanced Micro Devices Inc. (a)	17,167		297,676
Agilent Technologies Inc. (a)	18,977		436,851
Applied Materials Inc.	71,869		1,162,840
Emerson Electric Co.	18,146		1,136,484
Freescale Semiconductor Inc. Class B (a)	17,491		370,459
General Electric Co.	461,816		16,001,924
Intel Corp.	268,976		7,009,515
KLA-Tencor Corp.	8,476		370,401
Linear Technology Corp.	13,280		487,243
LSI Logic Corp. (a)	16,875		143,269
Micron Technology Inc. (a)	26,422		269,769
Molex Inc.	7,435		193,607
National Semiconductor Corp.	15,310		337,279
PerkinElmer Inc.	5,456		103,118
Rockwell Automation Inc.	7,658		373,021
Texas Instruments Inc.	72,554		2,036,591

See accompanying notes to financial statements.

11

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Electronic/Electrical Mfg. (Cont.)
Waters Corp. (a)	5,191	$	192,950
			30,922,997
Financial Services (9.34%)
AMBAC Financial Group Inc.	4,684		326,756
American Express Co.	51,030		2,716,327
Apartment Investment and Management Co.	4,087		167,240
Archstone-Smith Trust	8,704		336,148
Bear Stearns Companies Inc.	4,946		514,087
Capital One Financial Corp.	10,973		877,950
Charles Schwab Corp.	49,867		562,500
CIT Group Inc.	9,069		389,695
Citigroup Inc.	226,626		10,476,920
Compass Bancshares Inc.	5,400		243,000
Countrywide Financial Corp.	25,581		987,682
E*Trade Financial Corp. (a)	15,930		222,861
Equity Office Properties Trust	17,735		587,028
Equity Residential	12,470		459,145
Federal Home Loan Mortgage Corp.	30,066		1,961,205
Federal National Mortgage Association	42,140		2,460,976
Federated Investors Inc. Class B	4,204		126,162
First Horizon National Corp.	5,405		228,091
Franklin Resources Inc.	8,654		666,185
Goldman Sachs Group Inc.	19,289		1,967,864
H&R Block Inc.	7,120		415,452
Janus Capital Group Inc.	10,115		152,130
Keycorp	17,747		588,313
Lehman Brothers Holdings Inc.	11,996		1,190,963
Marshall & Ilsley Corp.	9,264		411,785
MBIA Inc.	5,977		354,496
MBNA Corp.	55,287		1,446,308
Mellon Financial Corp.	18,293		524,826
Merrill Lynch & Co. Inc.	41,158		2,264,102
MGIC Investment Corp.	4,154		270,924
Morgan Stanley	47,801		2,508,118
National City Corp.	25,943		885,175
North Fork Bancorporation Inc.	20,783		583,794
Principal Financial Group	12,913		541,055
ProLogis	8,119		326,709
Providian Financial Corp. (a)	12,652		223,055
Regions Financial Corp.	20,059		679,599
Simon Property Group Inc.	9,546		691,989
SLM Corp.	18,366		932,993
Sovereign Bancorp Inc.	15,942		356,144
T Rowe Price Group Inc.	5,393		337,602
Wachovia Corp.	68,739		3,409,454
Zions Bancorporation	3,875		284,929
			45,657,737
Forest Products & Paper (0.47%)
Georgia-Pacific Corp.	11,224		356,923
International Paper Co.	21,316	$	643,957
MeadWestvaco Corp.	8,277		232,087
OfficeMax Inc.	3,038		90,441
Plum Creek Timber Co., Inc.	7,921		287,532
Weyerhaeuser Co.	10,658		678,382
			2,289,322
Health Care (12.67%)
Abbott Laboratories	67,614		3,313,762
Aetna Inc.	12,673		1,049,578
Allergan Inc.	5,674		483,652
AmerisourceBergen Corp.	4,577		316,500
Amgen Inc. (a)	53,965		3,262,724
Applera Corp. - Applied Biosystems Group	8,389		165,012
Bausch & Lomb Inc.	2,330		193,390
Baxter International Inc.	26,938		999,400
Becton Dickinson & Co.	10,923		573,130
Biogen Idec Inc. (a)	14,996		516,612
Biomet Inc.	10,940		378,962
Boston Scientific Corp. (a)	32,817		886,059
Bristol-Myers Squibb Co.	85,092		2,125,598
Cardinal Health Inc.	18,731		1,078,531
Caremark Rx Inc. (a)	19,753		879,404
Chiron Corp. (a)	6,540		228,181
CR Bard Inc.	4,512		300,093
Eli Lilly & Co.	49,333		2,748,341
Express Scripts Inc. (a)	6,530		326,369
Forest Laboratories Inc. (a)	14,944		580,574
Genzyme Corp. (a)	10,979		659,728
Gilead Sciences Inc. (a)	19,665		865,063
Guidant Corp.	14,147		952,093
HCA Inc.	18,243		1,033,831
Health Management Associates Inc.	10,722		280,702
Hospira Inc. (a)	6,874		268,086
Humana Inc. (a)	7,038		279,690
IMS Health Inc.	10,016		248,096
Johnson & Johnson	129,475		8,415,875
King Pharmaceuticals Inc. (a)	10,162		105,888
Laboratory Corp. of America Holdings (a)	5,865		292,663
Manor Care Inc.	3,685		146,405
McKesson Corp.	12,844		575,283
Medco Health Solutions Inc. (a)	11,977		639,093
Medimmune Inc. (a)	10,841		289,672
Medtronic Inc.	52,661		2,727,313
Merck & Co. Inc.	95,911		2,954,059
Mylan Laboratories Inc.	11,745		225,974
Pfizer Inc.	323,828		8,931,176
Quest Diagnostics Inc.	8,020		427,225
Schering-Plough Corp.	64,102		1,221,784
St. Jude Medical Inc. (a)	15,698		684,590

See accompanying notes to financial statements.

12

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Stryker Corp.	16,369	$	778,510
Tenet Healthcare Corp. (a)	20,179		246,991
UnitedHealth Group Inc.	55,227		2,879,536
Watson Pharmaceuticals Inc. (a)	4,816		142,361
WellPoint Inc. (a)	26,671		1,857,368
Wyeth	58,274		2,593,193
Zimmer Holdings Inc. (a)	10,724		816,847
			61,944,967
Insurance (4.24%)
ACE Ltd.	12,509		561,029
Aflac Inc.	21,817		944,240
American International Group Inc.	113,025		6,566,753
Aon Corp.	13,833		346,378
Chubb Corp.	8,502		727,856
Cigna Corp.	5,691		609,108
Cincinnati Financial Corp.	7,282		288,076
Hartford Financial Services Group Inc.	12,855		961,297
Jefferson-Pilot Corp.	5,861		295,512
Lincoln National Corp.	7,507		352,228
Loews Corp.	6,998		542,345
Marsh & McLennan Companies Inc.	23,191		642,391
MetLife Inc.	31,837		1,430,755
Progressive Corp.	8,704		860,042
Prudential Financial Inc.	22,770		1,495,078
Safeco Corp.	5,466		297,022
St. Paul Travelers Co. Inc.	29,329		1,159,375
The Allstate Corp.	29,178		1,743,386
Torchmark Corp.	4,555		237,771
UnumProvident Corp.	12,842		235,265
XL Capital Ltd.	6,096		453,664
			20,749,571
Leisure, Lodging & Gaming (0.69%)
Carnival Corp.	22,968		1,252,904
Harrah’s Entertainment Inc.	7,880		567,912
Hilton Hotels Corp.	16,582		395,481
Marriott International Inc. Class A	8,712		594,333
Starwood Hotels & Resorts Worldwide Inc.	9,404		550,792
			3,361,422
Machinery & Manufacturing (3.11%)
3M Co.	33,552		2,425,810
Bemis Company Inc.	4,567		121,208
Caterpillar Inc.	14,901		1,420,214
Cooper Industries Ltd.	3,998		255,472
Cummins Inc.	1,895		141,386
Deere & Co.	10,681		699,499
Dover Corp.	8,779		319,380
Eaton Corp.	6,571		393,603
Goodrich Corp.	5,143		210,657
Honeywell International Inc.	37,134	$	1,360,218
Illinois Tool Works Inc.	11,919		949,706
Ingersoll-Rand Co. Ltd.	7,405		528,347
Johnson Controls Inc.	8,356		470,694
Millipore Corp. (a)	2,107		119,530
Parker Hannifin Corp.	5,175		320,902
Textron Inc.	5,874		445,543
Thermo Electron Corp. (a)	6,886		185,027
Tyco International Ltd.	87,927		2,567,468
United Technologies Corp.	44,498		2,284,972
			15,219,636
Media & Broadcasting (3.37%)
Clear Channel Communications Inc.	22,360		691,595
Comcast Corp. Class A (a)	96,084		2,949,779
Dow Jones & Co. Inc.	3,123		110,710
Gannett Co. Inc.	10,858		772,329
Knight-Ridder Inc.	3,296		202,177
Meredith Corp.	2,030		99,592
New York Times Co.	6,244		194,501
News Corp. Class A	125,570		2,031,722
The McGraw-Hill Companies Inc.	16,424		726,762
The Walt Disney Co.	88,938		2,239,459
Time Warner Inc. (a)	204,013		3,409,057
Tribune Co.	13,051		459,134
Univision Communications Inc. (a)	12,658		348,728
Viacom Inc. Class B	70,195		2,247,644
			16,483,189
Mining & Metals (0.61%)
Alcoa Inc.	37,875		989,674
Allegheny Technologies Inc.	3,879		85,571
Freeport-McMoRan Copper & Gold Inc.	7,696		288,138
Newmont Mining Corporation	19,298		753,201
Nucor Corp.	6,953		317,196
Phelps Dodge Corp.	4,215		389,887
United States Steel Corp.	4,912		168,825
			2,992,492
Oil & Gas (8.40%)
Amerada Hess Corp.	3,750		399,413
Anadarko Petroleum Corp.	10,283		844,749
Apache Corp.	14,285		922,811
Baker Hughes Inc.	14,745		754,354
BJ Services Co.	6,987		366,678
Burlington Resources Inc.	16,768		926,264
Chevron Corp.	91,398		5,110,976
ConocoPhillips Co.	60,620		3,485,044
Devon Energy Corp.	20,663		1,047,201
El Paso Corp.	27,714		319,265
EOG Resources Inc.	10,411		591,345
Exxon Mobil Corp.	277,204		15,930,914

See accompanying notes to financial statements.

13

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Oil & Gas (Cont.)
Halliburton Co.	21,927	$	1,048,549
Kerr-McGee Corp.	5,071		386,968
Kinder Morgan Inc.	4,768		396,698
Marathon Oil Corp.	15,089		805,300
Nabors Industries Ltd. (a)	6,460		391,605
National Oilwell Varco Inc. (a)	7,484		355,789
Noble Corp.	5,910		363,524
Occidental Petroleum Corp.	17,337		1,333,735
Rowan Companies Inc.	4,689		139,310
Schlumberger Ltd.	25,615		1,945,203
Sunoco Inc.	3,014		342,632
Transocean Inc. (a)	14,193		765,996
Unocal Corp.	11,765		765,313
Valero Energy Corp.	11,174		883,975
Williams Companies Inc.	24,811		471,409
			41,095,020
Retailers (6.53%)
Albertson's Inc.	15,873		328,254
AutoNation Inc. (a)	9,737		199,803
Autozone Inc. (a)	2,909		268,966
Bed Bath & Beyond Inc. (a)	12,911		539,422
Best Buy Co. Inc.	13,055		894,920
Big Lots Inc. (a)	4,759		63,009
Circuit City Stores Inc.	8,527		147,432
Coach Inc. (a)	16,488		553,502
Costco Wholesale Corp.	20,791		931,853
CVS Corp.	35,260		1,025,008
Dillard’s Inc. Class A	3,100		72,602
Dollar General Corp.	13,269		270,157
Family Dollar Stores Inc.	7,308		190,739
Federated Department Stores Inc.	7,416		543,444
GAP Inc.	33,224		656,174
Home Depot Inc.	93,580		3,640,262
J.C. Penney Company Inc.	11,555		607,562
Kohls Corp. (a)	14,246		796,494
Kroger Co. (a)	31,659		602,471
Limited Brands	16,699		357,693
Lowe’s Companies Inc.	33,573		1,954,620
May Department Stores Co.	13,030		523,285
McDonald’s Corp.	55,270		1,533,742
Nordstrom Inc.	5,421		368,465
Office Depot Inc. (a)	13,736		313,730
RadioShack Corp.	6,723		155,772
Safeway Inc.	19,501		440,528
Sears Holdings Corp. (a)	4,450		666,921
Staples Inc.	32,103		684,436
Supervalu Inc.	5,914		192,855
Target Corp.	38,553		2,097,669
The Sherwin-Williams Company	5,480		258,053
Tiffany & Co.	6,240		204,422
TJX Companies Inc.	20,614		501,951
Toys “R” Us Inc. (a)	9,631		255,029
Wal-Mart Stores Inc.	145,778	$	7,026,500
Walgreen Co.	44,511		2,047,061
			31,914,806
Technology (2.14%)
Altera Corp. (a)	16,216		321,401
American Power Conversion Corp.	7,888		186,078
Analog Devices Inc.	16,111		601,101
Applied Micro Circuits Corp. (a)	13,349		34,173
Avaya Inc. (a)	20,924		174,088
Broadcom Corp. (a)	12,788		454,102
Citrix Systems Inc. (a)	7,263		157,317
Fiserv Inc. (a)	8,324		357,516
Fisher Scientific International Inc. (a)	5,224		339,038
International Game Technology	14,853		418,112
Jabil Circuit Inc. (a)	8,080		248,298
L-3 Communications Holdings Inc.	5,163		395,383
Lexmark International Group Inc. (a)	5,539		359,093
Maxim Integrated Products Inc.	14,271		545,295
Mercury Interactive Corp. (a)	3,762		144,310
NCR Corp. (a)	8,013		281,417
Network Appliance Inc. (a)	15,935		450,482
Novell Inc. (a)	16,502		102,312
Novellus Systems Inc. (a)	6,106		150,879
NVIDIA Corp. (a)	7,343		196,205
Parametric Technology Corp. (a)	11,526		73,536
PMC-Sierra Inc. (a)	7,915		73,847
QLogic Corp. (a)	3,958		122,184
QUALCOMM Inc.	71,271		2,352,656
Sabre Holdings Corp.	5,813		115,969
Sanmina-SCI Corp. (a)	22,214		121,511
Siebel Systems Inc.	22,029		196,058
Solectron Corp. (a)	41,890		158,763
Symantec Corp. (a)	30,957		673,005
Symbol Technologies Inc.	10,351		102,164
Tektronix Inc.	3,745		87,146
Teradyne Inc. (a)	8,274		99,040
Xilinx Inc.	15,262		389,181
			10,481,660
Telecom & Telecom Equipment (5.05%)
ADC Telecommunications Inc. (a)	4,943		107,609
Alltel Corp.	14,200		884,376
Andrew Corp. (a)	6,859		87,521
AT&T Corp.	34,805		662,687
BellSouth Corp.	79,570		2,114,175
CenturyTel Inc.	5,831		201,928
Ciena Corp. (a)	23,712		49,558
Cisco Systems Inc. (a)	278,525		5,322,613
Citizens Communications Co.	14,468		194,450
Corning Inc. (a)	63,084		1,048,456
JDS Uniphase Corp. (a)	61,403		93,333

See accompanying notes to financial statements.

14

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecom & Telecom Equipment (Cont.)
Lucent Technologies Inc. (a)		192,840	$	561,164
Motorola Inc.		106,530		1,945,238
Nextel Communications Inc. Class A (a)		48,959		1,581,865
Qwest Communications International Inc. (a)		73,175		271,479
SBC Communications Inc.		143,816		3,415,630
Scientific-Atlanta Inc.		6,531		217,286
Sprint Corporation		64,422		1,616,348
Tellabs Inc. (a)		19,712		171,494
Verizon Communications Inc.		120,483		4,162,688
				24,709,898
Textiles & Clothing (0.32%)
Jones Apparel Group Inc.		5,237		162,556
Liz Claiborne Inc.		4,727		187,946
Nike Inc.		9,973		863,662
Reebok International Ltd.		2,470		103,320
VF Corp.		4,403		251,940
				1,569,424
Transportation (1.41%)
Burlington Northern Santa Fe Corp.		16,447		774,325
CSX Corp.		9,421		401,900
FedEx Corp.		13,152		1,065,443
Norfolk Southern Corp.		17,592		544,648
Union Pacific Corp.		11,446		741,701
United Parcel Service Inc. Class B		48,541		3,357,096
				6,885,113
Utilities & Energy (3.46%)
Allegheny Energy Inc. (a)		7,038		177,498
Ameren Corp.		8,846		489,184
American Electric Power Co. Inc.		16,776		618,531
Calpine Corp. (a)		23,391		79,529
CenterPoint Energy Inc.		12,777		168,784
Cinergy Corp.		8,627		386,662
CMS Energy Corp. (a)		9,356		140,901
Consolidated Edison Inc.		10,578		495,473
Constellation Energy Group Inc.		7,656		441,675
Dominion Resources Inc.		14,802		1,086,319
DTE Energy Co.		7,496		350,588
Duke Energy Corp.		40,507		1,204,273
Dynegy Inc. (a)		14,736		71,617
Edison International		14,189		575,364
Entergy Corp.		9,253		699,064
Exelon Corp.		29,129		1,495,192
FirstEnergy Corp.		14,354		690,571
FPL Group Inc.		17,011		715,483
KeySpan Corp.		7,511		305,698
Nicor Inc.		1,914		78,799
NiSource Inc.		11,694		289,193
Peoples Energy Corp.		1,597		69,406
	Shares or principal amount		Value
Common Stocks (Cont.)
Utilities & Energy (Cont.)
PG&E Corp.		16,105	$	604,582
Pinnacle West Capital Corp.		4,207		187,001
PPL Corp.		8,256		490,241
Progress Energy Inc.		10,820		489,497
Public Service Enterprise Group Inc.		10,368		630,582
Sempra Energy		10,409		429,996
TECO Energy Inc.		8,799		166,389
The AES Corp. (a)		28,418		465,487
The Southern Co.		32,286		1,119,356
TXU Corp.		10,381		862,557
Xcel Energy Inc.		17,268		337,071
XTO Energy Corp.		15,705		533,813
				16,946,376
Total Common Stocks (cost $485,967,192)				474,195,761
Short-term Investments (2.96%)
U.S. Treasury Bills,
2.800%, 08/04/2005 (b)	$	14,520,000	$	14,480,244
Total Short-term Investments (cost $14,480,750)				14,480,244
TOTAL INVESTMENTS (99.92%) (cost $500,447,942)				488,676,005
OTHER ASSETS, NET OF LIABILITIES (0.08%)				383,514
NET ASSETS (100.00%)			$	489,059,519

(a) Non-income producing security.

(b) At June 30, 2005, 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.

15

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (98.35%)
Automotive & Transportation (3.45%)
AAR Corp. (a)	7,637	$ 119,977
ABX Air Inc. (a)	9,431	76,863
Accuride Corp. (a)	588	6,250
Aftermarket Technology Corp. (a)	3,731	65,031
Airtran Holdings Inc. (a)	19,252	177,696
Alaska Air Group Inc. (a)	5,678	168,921
Amerco Inc. (a)	1,962	105,065
America West Holdings Corp. Class B (a)	9,834	59,004
American Axle & Manufacturing Holdings Inc.	7,348	185,684
Arctic Cat Inc.	3,670	75,345
Arkansas Best Corp.	5,074	161,404
ArvinMeritor Inc.	14,770	262,758
Aviall Inc. (a)	6,308	199,270
Bandag Inc.	2,483	114,342
Coachmen Industries Inc.	3,295	41,286
Commercial Vehicle Group Inc. (a)	1,935	34,346
Continental Airlines Inc. (a)	14,379	190,953
Cooper Tire & Rubber Co.	13,280	246,610
Covenant Transport Inc. (a)	1,870	24,684
Delta Air Lines Inc. (a)	24,702	92,880
Dynamex Inc. (a)	1,325	22,578
EGL Inc. (a)	8,313	168,920
ExpressJet Holdings Inc. (a)	8,628	73,424
Fleetwood Enterprises Inc. (a)	12,543	127,311
Florida East Coast Industries Inc.	5,958	257,981
Forward Air Corp.	7,578	214,230
Freightcar America Inc. (a)	1,143	22,666
Frontier Airlines Inc. (a)	7,888	81,483
Frozen Food Express Industries (a)	941	10,652
GATX Corp.	8,748	301,806
Genesee & Wyoming Inc. (a)	4,645	126,390
Greenbrier Companies Inc.	1,504	40,758
GulfMark Offshore Inc. (a)	3,037	82,941
Hayes Lemmerz International Inc. (a)	7,997	56,939
Heartland Express Inc.	10,063	195,524
Hub Group Inc. (a)	3,519	88,151
Interpool Inc.	398	8,509
Kansas City Southern (a)	15,492	312,629
Keystone Automotive Industries Inc. (a)	3,388	83,785
Kirby Corp. (a)	4,843	218,419
Knight Transportation Inc.	8,438	205,297
Marine Products Corp.	3,600	52,380
Maritrans Inc.	998	26,996
Marten Transport Ltd. (a)	1,444	30,310
Mesa Air Group Inc. (a)	6,593	44,239
Modine Manufacturing Co.	6,382	207,798
Monaco Coach Corp.	6,305	108,383
Noble International Ltd.	1,276	30,050
Northwest Airlines Corp. (a)	16,278	74,228
Odyssey Marine Exploration Inc. (a)	5,596	27,868
Offshore Logistics Inc. (a)	4,691	154,052
Old Dominion Freight Line Inc. (a)	3,739	100,317
Overnite Corp.	5,736	$ 246,533
Pacer International Inc. (a)	6,868	149,654
PAM Transportation Services Inc. (a)	745	12,523
Pinnacle Airlines Corp. (a)	4,025	34,575
Quantum Fuel Systems Technologies Worldwide Inc. (a)	5,740	28,700
RailAmerica Inc. (a)	7,981	94,974
Republic Airways Holdings Inc. (a)	447	6,459
Sauer-Danfoss Inc.	2,992	53,168
SCS Transportation Inc. (a)	3,237	57,619
Seabulk International Inc. (a)	1,163	24,714
Skywest Inc.	12,096	219,905
Standard Motor Products Inc.	2,861	37,765
Strattec Security Corp. (a)	790	43,023
Superior Industries International Inc.	4,674	110,774
Tenneco Automotive Inc. (a)	9,740	162,074
US Xpress Enterprises Inc. Class A (a)	1,159	13,804
USA Truck Inc. (a)	766	18,959
Visteon Corp.	28,727	173,224
Wabash National Corp.	6,741	163,334
Wabtec Corp.	8,379	179,981
Werner Enterprises Inc.	10,641	208,989
Winnebago Industries Inc.	6,166	201,937
World Air Holdings Inc. (a)	3,600	42,192
		8,250,263
Consumer Discretionary (19.66%)
1-800 Contacts Inc. (a)	1,401	27,137
1-800-FLOWERS.COM Inc. (a)	4,082	28,737
4Kids Entertainment Inc. (a)	3,290	65,405
99 Cents Only Stores (a)	9,649	122,639
Aaron Rents Inc.	8,478	211,017
ABM Industries Inc.	8,679	169,240
AC Moore Arts & Crafts Inc. (a)	3,021	95,494
Administaff Inc.	4,443	105,566
Advisory Board Co. (a)	4,262	207,730
Advo Inc.	6,670	212,440
Aeropostale Inc. (a)	11,333	380,789
AFC Enterprises (a)	2,470	32,555
Alderwoods Group Inc. (a)	8,600	123,582
Alliance Gaming Corp. (a)	11,268	157,977
Alloy Inc. (a)	8,117	41,721
Ambassadors Group Inc.	1,659	61,698
America’s Car-Mart Inc. (a)	1,696	38,177
American Retirement Corp. (a)	4,947	72,325
American Woodwork Corp.	2,358	70,764
Ameristar Casinos Inc.	4,974	129,772
AMN Healthcare Services Inc. (a)	3,570	53,657
Angelica Corp.	2,200	53,922
aQuantive Inc. (a)	10,847	192,209
Arbitron Inc.	6,618	283,912
Argosy Gaming Co. (a)	5,922	276,024

See accompanying notes to financial statements.

16

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Asbury Automotive Group Inc. (a)	3,119	$ 48,064
Atari Inc. (a)	2,600	7,228
Autobytel Inc. (a)	8,810	42,552
Aztar Corp. (a)	7,509	257,183
Banta Corp.	4,811	218,227
Bassett Furniture Industries Inc.	2,150	40,549
Beasley Broadcast Group Inc. (a)	2,145	31,081
Big 5 Sporting Goods Corp.	4,749	134,777
Big Lots Inc. (a)	21,203	280,728
BJ’s Restaurant Inc. (a)	2,400	48,816
Blair Corp.	1,993	78,723
Blockbuster Inc.	35,707	325,648
Blue Nile Inc. (a)	2,774	90,682
Blyth Inc.	5,123	143,700
Bob Evans Farms Inc.	8,007	186,723
Bombay Co. Inc. (a)	8,126	46,318
Bon-Ton Stores Inc.	613	11,862
Bowne & Co. Inc.	8,388	121,290
Bright Horizons Family Solutions Inc. (a)	5,986	243,750
Brightpoint Inc. (a)	4,327	96,016
Brookstone Inc. (a)	4,150	78,352
Brown Shoe Co. Inc.	3,867	151,393
Buckle Inc.	1,875	83,137
Buffalo Wild Wings Inc. (a)	1,422	44,366
Build-A-Bear-Workshop, Inc. (a)	2,184	51,215
Burlington Coat Factory Warehouse Corp.	3,639	155,167
Cabela’s Inc. (a)	5,141	109,812
Cache Inc. (a)	1,987	33,024
California Pizza Kitchen Inc. (a)	4,158	113,389
Callaway Golf Co.	14,933	230,416
Carmike Cinemas Inc.	2,095	64,275
Carter’s Inc. (a)	3,472	202,695
Casella Waste Systems Inc. (a)	4,100	49,200
Casual Male Retail Group Inc. (a)	6,376	46,609
Catalina Marketing Corp.	10,842	275,495
Cato Corp.	6,313	130,363
CDI Corp.	2,940	64,445
CEC Entertainment Inc. (a)	7,241	304,774
Central European Distribution Corp. (a)	2,692	100,492
Central Garden & Pet Co. (a)	3,932	193,140
Central Parking Corp.	5,770	79,337
Century Business Services Inc. (a)	9,704	39,301
Cenveo Inc. (a)	8,958	67,722
Charles & Colvard Ltd.	2,427	59,583
Charlotte Russe Holding Inc. (a)	2,549	31,761
Charming Shoppes Inc. (a)	25,532	238,214
Charter Communications Inc. (a)	61,757	72,873
Chattem Inc. (a)	3,845	159,183
Chemed Corp.	5,367	219,403
Cherokee Inc.	1,365	47,256
Children’s Place Retail Stores Inc. (a)	4,103	191,487
Christopher & Banks Corp.	8,159	148,983
Churchill Downs Inc.	1,791	$ 76,100
Citadel Broadcasting Corp. (a)	6,180	70,761
CKE Restaurants Inc.	11,743	163,463
Clark Inc.	4,368	62,593
Clean Harbors Inc. (a)	3,002	65,083
CMGI Inc. (a)	87,372	165,133
CNET Networks Inc. (a)	27,636	324,447
Cogent Inc. (a)	3,762	107,405
Coinstar Inc. (a)	5,579	126,588
Coldwater Creek Inc. (a)	7,528	187,522
Conn’s Inc. (a)	685	16,762
Consolidated Graphics Inc. (a)	2,663	108,571
Corinthian Colleges Inc. (a)	17,401	222,211
Corrections Corporation of America (a)	8,259	324,166
Cost Plus Inc. (a)	4,871	121,483
CoStar Group Inc. (a)	3,782	164,895
Courier Corp.	1,800	69,138
Cox Radio Inc. (a)	6,082	95,791
CRA International Inc. (a)	2,301	123,909
Cross Country Healthcare Inc. (a)	5,825	99,025
Crown Media Holdings Inc. (a)	5,600	52,808
CSK Auto Corp. (a)	9,855	164,381
CSS Industries Inc.	403	13,638
Cumulus Media Inc. (a)	11,129	131,100
Dave & Buster’s Inc. (a)	2,771	51,097
Deb Shops Inc.	1,160	33,605
Deckers Outdoor Corp. (a)	1,952	48,019
Denny’s Corp. (a)	22,225	111,125
Design Within Reach Inc. (a)	1,774	32,109
DeVry Inc. (a)	10,863	216,174
DHB Industries Inc. (a)	5,191	43,864
DiamondCluster International Inc. (a)	5,535	62,545
Dollar Thrifty Automotive Group Inc. (a)	5,304	201,446
Domino’s Pizza Inc.	5,894	131,200
DoubleClick Inc. (a)	26,834	225,137
Dover Downs Gaming & Entertainment Inc.	2,894	38,374
Dover Motorsports Inc.	5,438	32,628
Dress Barn Inc. (a)	5,109	115,617
drugstore.com inc. (a)	10,539	43,948
Earthlink Inc. (a)	27,623	239,215
Educate, Inc. (a)	1,935	27,380
Electronics Boutique Holdings Corp. (a)	2,534	160,884
Elizabeth Arden Inc. (a)	5,056	118,260
Emmis Communications Corp. (a)	11,161	197,215
Ennis Inc.	5,527	100,149
Entercom Communications Corp. (a)	6,635	220,879
Entravision Communications Corp. (a)	12,260	95,505
Escalade Inc.	1,256	17,370
Ethan Allen Interiors Inc.	6,672	223,579
Exponent Inc. (a)	1,359	38,840
Finish Line Inc.	8,734	165,247
First Advantage Corp. (a)	619	14,429

See accompanying notes to financial statements.

17

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Fisher Communications Inc. (a)	1,361	$ 64,362
Forrester Research Inc. (a)	3,838	68,432
Fossil Inc. (a)	8,929	202,688
Fred’s Inc.	8,903	147,612
FTD Group Inc. (a)	1,622	18,410
FTI Consulting Inc. (a)	9,153	191,298
Furniture Brands International Inc.	10,124	218,780
G&K Services Inc.	4,109	155,033
GameStop Corp. Class B (a)	9,812	293,379
Gaylord Entertainment Co. (a)	7,738	359,740
Gemstar-TV Guide International Inc. (a)	35,246	126,533
Genesco Inc. (a)	4,771	176,956
Geo Group Inc. (a)	2,594	64,980
Gevity HR Inc.	5,450	109,163
Goody’s Family Clothing Inc.	4,296	31,683
Gray Television Inc.	9,926	119,708
Great Wolf Resorts Inc. (a)	4,571	93,431
Greenfield Online Inc. (a)	2,969	36,073
Group 1 Automotive Inc. (a)	4,668	112,219
GSI Commerce Inc. (a)	5,585	93,549
Guess ? Inc. (a)	3,461	57,383
Guitar Center Inc. (a)	5,310	309,945
Gymboree Corp. (a)	6,453	88,148
Handleman Co.	5,895	97,326
Harris Interactive Inc. (a)	9,415	45,851
Hartmarx Corp. (a)	3,850	38,770
Haverty Furniture Companies Inc.	4,011	59,283
Heidrick & Struggles International Inc. (a)	4,556	118,820
Hibbett Sporting Goods Inc. (a)	4,980	188,443
Hollinger International Inc.	13,029	130,420
Hooker Furniture Corp.	2,733	47,746
Hot Topic Inc. (a)	9,783	187,051
Hudson Highland Group Inc. (a)	4,990	77,794
IHOP Corp.	4,312	187,098
IKON Office Solutions Inc.	18,958	180,291
Infospace Inc. (a)	6,787	223,496
InfoUSA Inc. (a)	6,127	71,686
Insight Communications Company Inc. (a)	11,075	122,379
Insight Enterprises Inc. (a)	10,607	214,049
Inter Parfums Inc.	958	18,576
Intermix Media Inc. (a)	4,171	34,911
iPass Inc. (a)	9,628	58,346
Isle of Capri Casinos Inc. (a)	3,984	104,381
iVillage Inc. (a)	7,101	42,464
J Jill Group Inc. (a)	4,070	55,963
Jack in the Box Inc. (a)	7,592	287,889
Jackson Hewitt Tax Service Inc.	8,248	194,983
Jakks Pacific Inc. (a)	5,548	106,577
Jarden Corp. (a)	6,099	328,858
Jo-Ann Stores Inc. (a)	4,446	117,330
John H Harland Co.	5,461	207,518
Joseph A. Bank Clothiers Inc. (a)	2,489	$107,774
Journal Communications Inc.-A	4,206	70,661
Journal Register Co. (a)	9,571	167,588
K-Swiss Inc.	5,677	183,594
K2 Inc. (a)	9,036	114,576
Kellwood Co.	5,701	153,357
Kelly Services Inc.	3,924	112,383
Kenneth Cole Productions Inc.	2,255	70,176
kforce Inc. (a)	4,715	39,889
Kimball International Inc.	7,187	94,868
Korn/Ferry International Inc (a)	7,897	140,172
Krispy Kreme Doughnuts Inc. (a)	12,179	84,766
La Quinta Corp. (a)	41,689	388,958
La-Z-Boy Inc.	11,437	166,637
Labor Ready Inc. (a)	9,448	220,233
Lakes Entertainment Inc. (a)	2,713	41,780
Landry’s Restaurants Inc.	3,494	105,134
Leapfrog Enterprises Inc. (a)	7,131	80,580
Learning Tree International Inc. (a)	3,423	41,144
LECG Corp. (a)	2,348	49,918
Libbey Inc.	3,483	55,066
Liberty Corp.	3,634	133,768
Life Time Fitness Inc. (a)	4,276	140,296
Lifeline Systems Inc. (a)	2,025	65,043
Lifetime Hoan Corp.	1,321	25,799
LIN TV Corp. (a)	6,690	92,924
Linens ‘n Things Inc. (a)	9,307	220,204
Lithia Motors Inc.	3,598	103,802
LKQ Corp. (a)	3,117	84,627
Lo-Jack Corp. (a)	2,608	45,796
LodgeNet Entertainment Corp. (a)	3,076	51,031
Lodgian Inc. (a)	5,278	54,205
Lone Star Steakhouse Saloon Inc.	3,582	108,929
Luby’s Inc. (a)	3,046	36,400
Magna Entertainment (a)	9,510	53,636
Majesco Entertainment Co. (a)	2,405	15,729
Mannatech Inc.	3,189	60,655
Manning (Greg) Auctions Inc. (a)	1,581	18,893
Marchex Inc. (a)	3,669	55,182
Marcus Corp.	4,820	102,280
MarineMax Inc. (a)	2,705	84,531
Martha Stewart Living Omnimedia Inc. (a)	4,368	127,458
Matthews International Corp.	6,924	269,759
MAXIMUS Inc.	4,123	145,501
Maytag Corp.	15,169	237,547
McCormick & Schmick’s Seafood Restaurants Inc. (a)	322	5,084
Media General Inc.	3,609	233,719
Mediacom Communications Corp. Class A (a)	13,610	93,501
Midas Inc. (a)	4,172	95,956
Midway Games Inc. (a)	5,549	60,817

See accompanying notes to financial statements.

18

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Mikohn Gaming Corp. (a)	4,452	$	65,556
Monarch Casino & Resort Inc. (a)	1,440		31,738
Monro Muffler Brake Inc. (a)	1,800		53,118
Movado Group Inc.	4,600		86,848
Movie Gallery Inc.	5,532		146,211
MPS Group Inc. (a)	23,326		219,731
MTR Gaming Group Inc. (a)	4,420		51,449
Multimedia Games Inc. (a)	4,908		54,037
National Presto Industries Inc.	1,399		61,654
Nautilus Inc.	6,852		195,282
Navarre Corp. (a)	4,722		37,752
Navigant Consulting Inc. (a)	10,787		190,498
Navigant International Inc. (a)	2,941		43,203
Netflix Inc. (a)	6,657		109,241
Netratings Inc. (a)	2,858		38,869
New York & Co., Inc. (a)	2,159		45,469
NIC Inc. (a)	5,503		25,424
Nu Skin Enterprises Inc.	11,710		272,843
NutriSystem Inc. (a)	4,245		62,656
O’Charley’s Inc. (a)	5,111		90,260
Oakley Inc.	6,009		102,333
Oshkosh B’Gosh Inc.	2,118		55,047
Overstock.com Inc. (a)	2,553		90,887
Oxford Industries Inc.	3,029		130,398
Pacific Sunwear of California Inc. (a)	14,516		333,723
Pantry Inc. (a)	3,136		121,457
Papa John’s International Inc. (a)	2,607		104,202
Parlux Fragrances Inc. (a)	1,051		29,081
Party City Corp. (a)	2,331		27,972
Payless Shoesource Inc. (a)	13,985		268,512
Pegasus Solutions Inc. (a)	6,694		74,638
PEP Boys-Manny Moe & Jack	11,861		160,598
Perry Ellis International Inc. (a)	1,408		32,933
Petco Animal Supplies Inc. (a)	11,117		325,950
PF Chang’s China Bistro Inc. (a)	5,473		322,798
PHH Corp. (a)	9,352		240,533
Phillips-Van Heusen Corporation	5,702		186,398
Pier 1 Imports Inc.	15,171		215,276
Pinnacle Entertainment Inc. (a)	8,647		169,135
Playboy Enterprises Inc. (a)	4,731		61,219
Playtex Products Inc. (a)	5,848		62,924
Pre-Paid Legal Services Inc.	2,426		108,321
Prestige Brands Holdings Inc. (a)	5,275		102,862
Priceline.com Inc. (a)	5,410		126,215
Primedia Inc. (a)	29,655		120,103
ProQuest Co. (a)	5,371		176,115
Radio One Inc. Class D (a)	15,513		198,101
Rare Hospitality International Inc. (a)	7,548		229,988
RC2 Corp. (a)	3,719		139,723
Reader’s Digest Association Inc.	20,592		339,768
Red Robin Gourmet Burgers Inc. (a)	2,847		176,457
Regent Comunications Inc. (a)	5,440		31,933
Regis Corp.	8,457		330,500
Renaissance Learning Inc.	2,288	$	46,446
Rent-Way Inc. (a)	5,418		53,313
Resources Connection Inc. (a)	10,294		239,130
Restoration Hardware Inc. (a)	5,593		45,751
Retail Ventures Inc. (a)	2,490		33,964
Revlon Inc. (a)	29,760		91,363
Riviera Holdings Corp. (a)	1,916		43,397
Rollins Inc.	6,979		139,859
Ruby Tuesday Inc.	12,187		315,643
Rush Enterprises Inc. Class A (a)	3,100		41,354
Russ Berrie & Co. Inc.	2,193		28,092
Russell Corp.	6,605		135,072
Ryan’s Restaurant Group Inc. (a)	9,287		130,111
Saga Communications Inc. (a)	3,450		48,300
Salem Communications Corp. (a)	2,749		54,540
Schawk Inc.	2,191		54,775
Scholastic Corp. (a)	6,919		266,727
School Speciality Inc. (a)	4,731		219,991
Select Comfort Corp. (a)	8,198		175,683
Sharper Image Corp. (a)	2,414		30,730
Shoe Carnival Inc. (a)	2,178		47,393
ShopKo Stores Inc. (a)	6,080		147,805
Shuffle Master Inc. (a)	7,748		217,176
Sinclair Broadcast Group Inc.	8,907		80,876
SIRVA Inc. (a)	1,921		16,348
Six Flags Inc. (a)	21,290		98,998
Skechers USA Inc. (a)	4,990		71,157
Sohu.com Inc. (a)	5,148		112,844
Sonic Automotive Inc.	6,306		134,066
Sotheby’s Holdings Inc. (a)	9,320		127,684
Source Interlink Co. Inc. (a)	5,329		65,920
Sourcecorp (a)	3,691		73,156
Spanish Broadcasting System Inc. (a)	7,500		74,925
Speedway Motorsports Inc.	3,011		110,082
Spherion Corp. (a)	13,991		92,341
Sports Authority Inc. (a)	5,231		166,346
Stage Stores Inc. (a)	3,938		171,697
Stamps.com Inc. (a)	4,132		77,475
Stanley Furniture Company Inc.	2,360		57,962
Startek Inc.	2,775		45,566
Stein Mart Inc.	5,275		116,050
Steinway Musical Instruments Inc. (a)	1,659		48,708
Steven Madden Ltd. (a)	2,300		40,848
Stewart Enterprises Inc.	23,831		155,855
Strayer Education Inc.	3,014		259,988
Stride Rite Corp.	8,174		112,719
Sturm Ruger & Co. Inc.	4,336		36,292
Systemax Inc. (a)	654		4,395
Talbots Inc.	3,823		124,133
TBC Corp. (a)	4,437		120,376
TeleTech Holdings Inc. (a)	8,630		70,334
Texas Roadhouse, Inc. Class A (a)	3,683		127,984
The Providence Service Corp. (a)	1,113		27,636

See accompanying notes to financial statements.

19

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
The Steak n Shake Company (a)	5,678	$	105,724
The Yankee Candle Co. Inc.	9,206		295,513
Thomas Nelson Inc.	2,496		54,313
Thor Industries Inc.	7,406		232,771
THQ Inc. (a)	8,178		239,370
TiVo Inc. (a)	10,593		70,761
Too Inc. (a)	7,200		168,264
Topps Co. Inc.	7,818		78,415
Tractor Supply Co. (a)	6,833		335,500
Trans World Entertainment Corp. (a)	5,179		61,268
Travelzoo Inc. (a)	667		21,898
Triarc Companies Inc. Class B	8,050		119,623
TRM Corp. (a)	2,302		38,720
Tuesday Morning Corp.	5,570		175,566
Tupperware Corp.	10,922		255,247
Unifirst Corp.	2,415		97,904
United Auto Group Inc.	4,687		139,673
United Natural Foods Inc. (a)	8,850		268,774
United Online Inc.	13,650		148,239
United Stationers Inc. (a)	6,812		334,469
Universal Electronics Inc. (a)	2,900		48,111
Universal Technical Institute, Inc. (a)	3,934		130,609
USANA Health Sciences Inc. (a)	2,409		101,901
Vail Resorts Inc. (a)	5,637		158,400
Valassis Communications Inc. (a)	10,269		380,466
Value Line Inc.	444		17,427
ValueClick Inc. (a)	17,548		216,367
ValueVision Media Inc. Class A (a)	4,832		58,032
Ventiv Health Inc. (a)	4,824		93,007
Vertrue Inc. (a)	2,069		80,608
Viad Corp.	3,823		108,344
Volt Information Sciences Inc. (a)	2,248		53,345
Warnaco Group Inc. (a)	9,760		226,920
Waste Connections Inc. (a)	9,157		341,465
Waste Services Inc. (a)	3,526		13,540
Water Pik Technology Inc. (a)	1,858		35,395
Watson Wyatt & Co. Holdings	7,186		184,177
WD-40 Co.	3,862		107,866
WebSideStory, Inc. (a)	1,232		18,061
WESCO International Inc. (a)	5,965		187,182
West Marine Inc. (a)	3,131		56,546
Wet Seal Inc. (a)	6,188		41,986
Wilsons The Leather Experts (a)	1,578		10,478
Wireless Facilities Inc. (a)	11,848		74,998
WMS Industries Inc. (a)	4,497		151,774
Wolverine World Wide Inc.	12,115		290,881
World Fuel Services Corp.	5,557		130,089
World Wrestling Entertainment Inc.	3,627		41,420
WPT Enterprises Inc. (a)	1,099		21,420
Zale Corp. (a)	10,302		326,470
Zumiez Inc. (a)	337		9,824
			47,034,647
Consumer Staples (1.87%)
Alliance One International Inc.	18,054	$	108,505
American Italian Pasta Co.	3,779		79,435
Arden Group Inc. Class A	29		2,299
Boston Beer Co. Inc. (a)	1,700		38,148
Casey’s General Stores Inc.	11,095		219,903
Chiquita Brands International Inc.	8,830		242,472
Coca-Cola Bottling Co. Consolidated	461		23,299
Corn Products International Inc.	15,430		366,617
Farmer Brothers Co.	2,000		44,520
Flowers Foods Inc.	7,112		251,480
Great Atlantic & Pacific Tea Co. Inc. (a)	4,050		117,693
Green Mountain Coffee Roasters Inc. (a)	713		24,192
Hain Celestial Group Inc. (a)	6,043		117,838
Hansen Natural Corp. (a)	1,638		138,771
Ingles Markets Inc.	2,553		35,155
J&J Snack Foods Corp.	1,290		67,532
John B. Sanfilippo & Son Inc. (a)	1,406		32,422
Lance Inc.	5,111		87,960
Longs Drug Stores Corp.	6,201		266,953
M & F Worldwide Corp. (a)	2,173		29,031
Maui Land & Pineapple Co. Inc. (a)	490		18,659
Nash Finch Co.	2,910		106,913
Pathmark Stores Inc. (a)	7,160		62,722
Peet’s Coffee & Tea Inc. (a)	2,997		99,021
Performance Food Group Co. (a)	9,968		301,133
Provide Commerce Inc. (a)	1,571		33,918
Ralcorp Holdings Inc.	6,082		250,274
Ruddick Corp.	7,500		191,475
Sanderson Farms Inc.	2,253		102,376
Seaboard Corp.	58		96,512
Sensient Technology Corp.	10,133		208,841
Smart & Final Inc. (a)	3,327		40,756
Spartan Stores Inc. (a)	3,740		54,866
Tootsie Roll Industries Inc.	3,827		111,940
Universal Corp.	4,605		201,607
Vector Group Ltd.	6,267		116,378
Weis Markets Inc.	2,964		114,974
Wild Oats Markets Inc. (a)	6,559		75,101
			4,481,691
Durable Products (8.20%)
Actuant Corp. (a)	5,504		263,862
ADE Corp. (a)	2,194		61,542
Advanced Energy Industries Inc. (a)	4,884		38,388
AGCO Corp. (a)	16,954		324,161
American Ecology Corp.	1,589		28,443
American Superconductor Corp. (a)	5,481		50,151
AO Smith Corp.	3,478		92,897
Applied Films Corp. (a)	3,622		92,723
Applied Industrial Technologies Inc.	6,401		206,688
Applied Signal Technology Inc.	2,311		44,001
Argon ST Inc. (a)	1,475		52,363
Arris Group Inc. (a)	18,945		165,011

See accompanying notes to financial statements.

20

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Durable Products (Cont.)
Artesyn Technologies Inc. (a)	7,908	$	68,800
Astec Industries Inc. (a)	2,993		69,408
ASV Inc. (a)	1,667		67,580
Asyst Technologies Inc. (a)	11,241		50,135
ATMI Inc. (a)	7,552		219,084
Audiovox Corp. (a)	4,114		63,767
August Technology Corp. (a)	4,491		52,320
Axcelis Technologies Inc. (a)	22,063		151,352
Badger Meter Inc.	821		33,907
Baldor Electric Co.	6,930		168,538
BE Aerospace Inc. (a)	12,036		188,123
Belden CDT Inc.	9,814		208,057
Blount International Inc. (a)	5,135		85,703
Brady Corp.	8,290		256,990
Briggs & Stratton Corp.	9,177		317,708
Brooks Automation Inc. (a)	10,192		151,351
Bucyrus International Inc. Class A	3,833		145,577
C&D Technologies Inc.	5,829		53,569
C-COR Inc. (a)	10,381		71,110
Cascade Corp.	2,454		106,136
Champion Enterprises Inc. (a)	15,801		157,062
Cognex Corp.	8,725		228,508
Cohu Inc.	5,526		110,796
Color Kinetics Inc. (a)	1,377		14,651
CompX International Inc.	800		13,400
Comstock Homebuilding Companies Inc. (a)	487		11,795
Crane Co.	9,042		237,805
Credence Systems Corp. (a)	18,526		167,660
CTS Corp.	8,673		106,591
CUNO Incorporated (a)	3,611		257,970
Curtiss-Wright Corp.	4,425		238,729
Cymer Inc. (a)	7,554		199,048
Darling International Inc. (a)	13,321		49,954
Dionex Corp. (a)	4,189		182,682
Duratek Inc. (a)	2,554		59,202
Electro Scientific Industries Inc. (a)	6,747		120,636
Emcore Corp. (a)	4,603		19,010
Engineered Support Systems Inc.	7,715		276,428
EnPro Industries Inc. (a)	4,856		140,193
Entegris Inc. (a)	12,124		120,028
ESCO Technologies Inc. (a)	2,623		264,398
Esterline Technologies Corp. (a)	5,256		210,660
FARO Technologies Inc. (a)	2,507		68,341
Federal Signal Corp.	10,679		166,592
FEI Co. (a)	5,355		122,148
Flanders Corp. (a)	1,978		17,802
Flowserve Corp. (a)	11,224		339,638
Franklin Electric Co. Inc.	3,704		143,160
Gardner Denver Inc. (a)	4,655		163,297
Gehl Co. (a)	1,096		42,678
GenCorp Inc. (a)	10,386		200,034
General Binding Corp. (a)	1,300		28,496
General Cable Corp. (a)	9,147	$	135,650
Genlyte Group Inc. (a)	5,331		259,833
Global Imaging Systems Inc. (a)	5,204		165,799
Global Power Equipment Group Inc. (a)	6,543		52,017
Gormann-Rupp Co.	1,987		42,542
Headwaters Inc. (a)	8,604		295,806
Heico Corp.	4,283		100,265
Helix Technology Corp.	6,349		84,315
Imagistics International Inc. (a)	3,663		102,564
InterDigital Communications Corp. (a)	11,667		204,173
Interface Inc. (a)	9,451		76,081
Intevac Inc. (a)	3,972		41,587
Itron Inc. (a)	5,049		225,589
JLG Industries Inc.	10,432		286,671
Kadant Inc. (a)	3,068		67,281
Kaman Corp.	4,732		85,365
Keithley Instruments Inc.	3,536		54,490
Kennametal Inc.	7,028		322,234
Knoll Inc.	640		10,950
Kulicke & Soffa Industries Inc. (a)	11,745		92,903
Levitt Corp-Class A	3,711		111,033
Lincoln Electric Holdings Inc.	7,460		247,299
Lindsay Manufacturing Co.	3,428		80,832
Littelfuse Inc. (a)	4,897		136,381
LTX Corp. (a)	13,895		68,919
M/I Homes Inc.	2,631		142,337
Manitowoc Inc.	6,254		256,539
MasTec Inc. (a)	5,069		44,607
Mattson Technology Inc. (a)	8,475		60,681
Measurement Specialties Inc. (a)	2,636		61,182
Metrologic Instruments Inc. (a)	2,210		27,713
Middleby Corp. (a)	940		49,688
Mine Safety Appliances Co.	5,403		249,619
MKS Instruments Inc. (a)	7,339		123,956
Mobile Mini Inc. (a)	3,310		114,129
Moog Inc. (a)	7,476		235,419
MTC Technologies Inc. (a)	1,923		70,824
Mykrolis Corp. (a)	10,069		143,081
NACCO Industries Inc.	1,150		123,303
Nordson Corp.	5,752		197,179
Orbital Sciences Corp. (a)	11,345		112,316
Orleans Homebuilders Inc.	448		10,510
Palm Harbor Homes Inc. (a)	3,557		66,978
Paxar Corp. (a)	7,515		133,391
Photon Dynamics Inc. (a)	4,018		82,811
Photronics Inc. (a)	7,120		166,181
Plantronics Inc.	9,312		338,584
Powell Industries Inc. (a)	1,390		26,229
Power-One Inc. (a)	14,905		94,051
Powerwave Technologies Inc. (a)	21,852		223,327
Presstek Inc. (a)	6,899		78,097
Regal-Beloit Corp.	5,647		164,667
Robbins & Myers Inc.	3,398		73,091

See accompanying notes to financial statements.

21

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Durable Products (Cont.)
Rofin-Sinar Technologies Inc. (a)	3,409	$	111,815
Rudolph Technologies Inc. (a)	3,333		47,762
SBA Communications Corp. (a)	15,007		202,595
Semitool Inc. (a)	3,500		33,390
Sequa Corp. (a)	1,427		94,425
Skyline Corp.	1,829		73,032
Sonic Solutions (a)	4,648		86,453
Spatialight Inc. (a)	8,113		46,001
Spectralink Corp.	4,600		48,392
Standex International Corp.	2,910		82,673
Stewart & Stevenson Services Inc.	6,488		147,018
Sun Hydraulics Corp.	788		28,675
Symmetricom Inc. (a)	9,478		98,287
Taser International Inc. (a)	11,776		118,231
Technical Olympic USA, Inc.	2,507		60,870
Technitrol Inc.	9,172		129,600
Tecumseh Products Co.	3,622		99,388
Teledyne Technologies Inc. (a)	7,209		234,869
Tennant Co.	2,146		75,990
Terayon Communication Systems Inc. (a)	15,005		46,365
Thomas Industries Inc.	3,010		120,280
Titan International Inc.	1,579		22,074
Trinity Industries Inc.	8,528		273,152
Triumph Group Inc. (a)	3,668		127,500
Turbochef Inc. (a)	2,646		47,416
Ultratech Inc. (a)	4,871		89,139
United Industrial Corp.	2,458		87,849
UNOVA Inc. (a)	10,654		283,716
Varian Semiconductor Equipment Associates Inc. (a)	7,519		278,203
Veeco Instruments Inc. (a)	6,137		99,910
Vicor Corp.	4,537		61,703
Viisage Technology Inc. (a)	5,565		24,931
Walter Industries Inc.	7,096		285,259
Watts Water Technologies Inc.	5,341		178,870
WCI Communities Inc. (a)	7,273		232,954
William Lyon Homes Inc. (a)	612		59,370
Woodward Governor Co.	2,095		176,043
X-Rite Inc.	4,133		47,571
			19,611,677
Financial Services (22.56%)
1st Source Corp.	3,794		87,034
21st Century Insurance Group	4,755		70,564
Aames Investment Corp.	5,414		52,624
ABC Bancorp	2,760		49,901
Acadia Realty Trust	5,076		94,667
Accredited Home Lenders Holding Co. (a)	3,761		165,484
Ace Cash Express Inc. (a)	2,011		51,401
Advance America Cash Advance Centers Inc.	12,136	$	194,176
Advanta Corp.	4,700		132,352
Advent Software Inc. (a)	5,332		108,026
Affirmative Insurance Holding	911		14,439
Affordable Residential Communities Inc.	5,405		72,157
Alabama National Bancorporation	3,021		197,483
Alexander’s Inc. (a)	600		149,250
Alexandria Real Estate Equities Inc.	4,152		304,964
Alfa Corp.	10,104		148,731
Amcore Financial Inc.	5,293		158,155
Amegy Bancorp Inc.	15,130		338,609
American Campus Communities Inc.	4,095		92,875
American Equity Investment Life Holdings Co.	4,979		59,151
American Home Mortgage Investment Corp.	7,311		255,593
American Physicians Capital Inc. (a)	2,522		93,692
AmericanWest Bancorp (a)	962		19,192
Ames National Corp.	387		42,787
AMLI Residential Properties Trust	6,690		209,129
Anchor Bancorp Wisconsin Inc.	4,474		135,383
Anthracite Capital Inc.	10,555		125,077
Anworth Mortgage Asset Corp.	8,846		87,045
Apollo Investment Corp.	13,805		254,426
Arbor Realty Trust Inc.	2,047		58,749
Archipelago Holdings Inc. (a)	5,829		227,273
Ares Capital Corp.	3,501		62,423
Argonaut Group Inc. (a)	5,466		126,210
Arrow Financial Corp.	2,387		66,454
Ashford Hospitality Trust Inc.	4,134		44,647
Asset Acceptance Capital Corp. (a)	1,808		46,845
Asta Funding Inc.	2,534		70,395
Avatar Holdings Inc. (a)	1,175		59,067
Baldwin & Lyons Inc.	2,266		54,611
Banc Corp. (a)	472		4,994
BancFirst Corp.	827		71,941
BancorpSouth Inc.	16,029		378,284
BancTrust Financial Group Inc.	3,281		64,078
Bank Mutual Corp.	16,887		186,770
Bank of Granite Corp.	2,926		56,004
Bank of the Ozarks Inc.	2,305		75,696
BankAtlantic Bancorp Inc.	9,926		188,098
Bankrate Inc. (a)	1,754		35,326
BankUnited Financial Corp.	6,189		167,351
Banner Corp.	2,260		63,303
Bedford Property Investors Inc.	3,946		90,837
Berkshire Hills Bancorp Inc.	2,118		70,572
Beverly Hills Bancorp Inc.	2,249		24,627
BFC Financial Corporation (a)	360		3,071
Bimini Mortgage Management, Inc.	4,331		61,067
BioMed Realty Trust Inc.	8,266		197,144
BKF Capital Group Inc.	1,915		72,598

See accompanying notes to financial statements.

22

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Boston Private Financial Holdings Inc.	6,124	$	154,325
Boykin Lodging Co. (a)	1,310		17,554
Brandywine Realty Trust	10,457		320,507
Bristol West Holdings Inc.	3,812		69,760
Brookline Bancorp Inc.	13,097		212,957
Calamos Asset Management Inc. Class A	5,009		136,445
Camden National Corp.	2,196		71,919
Capital Automotive REIT	8,111		309,597
Capital City Bank Group Inc.	2,112		85,325
Capital Corp. of the West	1,411		39,155
Capital Crossing Bank (a)	461		15,720
Capital Lease Funding Inc.	5,318		57,700
Capital Southwest Corp.	53		4,753
Capital Trust Inc.	2,780		92,880
Capitol Bancorp Ltd.	2,504		84,159
Cardinal Financial Corp. (a)	1,884		17,691
Cascade Bancorp	4,540		95,522
Cash America International Inc.	6,725		135,307
Cathay General Bancorp	9,701		327,021
CCC Information Services Group Inc. (a)	2,907		69,623
Cedar Shopping Centers Inc.	5,899		87,010
Center Financial Corp.	1,599		39,703
Central Coast Bancorp (a)	2,420		43,802
Central Pacific Financial Corp.	6,519		232,076
Ceres Group Inc. (a)	3,935		23,925
Charter Financial Corp.	800		27,952
CharterMac	9,256		203,262
Chemical Financial Corp.	5,577		184,654
Chittenden Corp.	9,004		244,909
Citizens & Northern Corp.	1,384		43,236
Citizens Banking Corp.	8,906		269,139
Citizens Inc. (a)	6,013		36,679
City Bank	2,445		75,844
City Holding Company	3,800		138,776
Clifton Savings Bancorp Inc.	389		4,108
CNA Surety Corp. (a)	2,515		37,348
Coastal Financial Corp.	4,730		69,720
CoBiz Inc.	3,520		63,818
Cohen & Steers Inc.	2,000		41,220
Collegiate Funding Services Inc. (a)	1,625		23,693
Colonial Properties Trust	7,244		318,736
Colony Bankcorp Inc.	156		4,686
Columbia Bancorp	1,692		61,673
Columbia Banking Systems Inc.	3,077		75,756
Commercial Capital Bancorp Inc.	8,471		141,550
Commercial Federal Corp.	7,403		249,333
Commercial Net Lease Realty Inc.	11,463		234,648
Community Bancorp NV (a)	214		6,638
Community Bank System Inc.	6,669		162,657
Community Banks Inc.	2,637		68,351
Community Trust Bancorp Inc.	3,207		104,933
CompuCredit Corp. (a)	4,225		144,833
Consolidated-Tomoka Land Co.	1,490	$	128,140
Corporate Office Properties Trust Inc.	7,224		212,747
Correctional Properties Trust	3,238		91,635
Corus Bankshares Inc.	3,744		207,755
Cousins Properties Inc.	7,972		235,812
Crawford & Co.	6,408		47,547
Credit Acceptance Corp. (a)	1,187		17,674
CRIIMI MAE Inc. (a)	2,337		51,063
CRT Properties Inc.	7,341		200,409
CVB Financial Corp.	9,837		193,592
CyberSource Corp. (a)	6,286		45,951
Danielson Holdings Corp. (a)	10,017		122,107
Delphi Financial Group Inc.	4,993		220,441
Delta Financial Corp.	554		5,269
Digital Realty Trust Inc.	1,562		27,148
Dime Community Bancshares	7,452		113,270
Direct General Corp.	4,380		81,512
Donegal Group Inc.	573		11,437
Doral Financial Corp.	15,534		256,932
EastGroup Properties Inc.	5,088		214,256
ECC Capital Corp.	3,500		23,310
Education Realty Trust Inc.	4,753		86,980
eFunds Corp. (a)	10,332		185,873
Electro Rent Corp. (a)	2,786		40,508
EMC Insurance Group Inc.	536		9,691
Encore Capital Group Inc. (a)	3,536		60,112
Entertainment Properties Trust	5,697		262,062
Equity Inns Inc.	8,830		117,439
Equity Lifestyle Properties Inc.	4,674		185,838
Equity One Inc.	7,612		172,792
EuroBancshares Inc. (a)	1,829		29,355
Euronet Worldwide Inc. (a)	5,893		171,310
Extra Space Storage Inc.	4,692		67,236
Factset Research Systems Inc.	7,068		253,317
Farmers Capital Bank Corp.	2,132		73,852
FBL Financial Group Inc.	2,632		72,670
Federal Agricultural Mortgage Corp. Class C	2,848		62,798
FelCor Lodging Trust Inc. (a)	12,771		184,924
Fidelity Bankshares Inc.	5,895		156,335
Fieldstone Investment Corp.	6,154		88,618
Financial Federal Corp.	4,080		157,651
Financial Institutions Inc.	2,202		39,680
First Acceptance Corp. (a)	3,296		31,180
First Bancorp (North Carolina)	2,385		52,780
First BanCorp (Puerto Rico)	6,915		277,637
First Busey Corp.	2,920		56,385
First Cash Financial Services Inc. (a)	2,484		53,083
First Charter Corp.	6,755		148,407
First Citizens Bancshares Inc.	1,216		175,773
First Commonwealth Financial Corp.	15,434		211,446
First Community Bancorp Inc. (CA)	2,815		133,713
First Community Bancshares Inc.	2,481		80,633

See accompanying notes to financial statements.

23

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
First Financial Bancorp	8,035	$	151,862
First Financial Bankshares Inc.	4,383		148,321
First Financial Corp. Indiana	2,948		84,696
First Financial Holdings Inc.	3,007		89,939
First Indiana Corp.	2,716		80,584
First Industrial Realty Trust Inc.	8,142		324,866
First Merchants Corp.	3,557		88,391
First Midwest Bancorp Inc.	8,820		310,199
First Niagara Financial Group Inc.	26,430		385,349
First Oak Brook Bancshares Inc.	1,500		42,330
First Place Financial Corp. Ohio	2,670		53,640
First Potomac Realty Trust	2,226		55,205
First Republic Bank	4,812		170,008
First State Bancorporation	2,998		57,831
FirstFed Financial Corp. (a)	3,413		203,449
Flagstar Bancorp Inc.	6,962		131,791
Flushing Financial Corp.	3,870		71,208
FNB Corp. (PA)	11,454		225,071
FNB Corp. (VA)	1,400		39,200
FPIC Insurance Group Inc. (a)	1,833		53,762
Franklin Bank Corp. (a)	2,875		53,935
Fremont General Corp.	11,744		285,732
Frontier Financial Corp.	5,755		145,371
Gabelli Asset Management Inc.	1,858		82,105
Gables Residential Trust	5,711		246,887
GB&T Bancshares Inc.	1,552		36,876
Getty Realty Corp.	4,299		119,082
GFI Group Inc. (a)	788		28,053
Glacier Bancorp Inc.	7,162		187,143
Gladstone Capital Corp.	2,249		52,627
Glenborough Realty Trust Inc.	6,915		142,380
Glimcher Realty Trust	8,490		235,597
GMH Communities Trust	6,674		92,435
Gold Banc Corp. Inc.	9,200		133,860
Government Properties Trust Inc.	7,081		68,827
Gramercy Capital Corp.	2,732		66,825
Great American Financial Resources Inc.	3,261		64,600
Great Southern Bancorp Inc.	2,520		78,851
Greater Bay Bancorp	10,356		273,088
Greenhill & Co. Inc.	2,352		95,280
Hancock Holding Co.	6,036		207,638
Hanmi Financial Corp.	7,950		132,765
Harbor Florida Bancshares Inc.	4,490		168,106
Harleysville Group Inc.	5,137		107,312
Harleysville National Corp.	5,882		136,227
Harris & Harris Group Inc. (a)	4,007		47,723
Heartland Financial USA Inc.	1,575		30,760
Heritage Commerce Corp. (a)	1,219		22,381
Heritage Property Investment Trust Inc.	6,122		214,392
Hersha Hospitality Trust	610		5,819
Highland Hospitality Corp.	6,748		70,517
Highwoods Properties Inc.	10,508		312,718
Hilb Rogal & Hobbs Co.	6,715	$	230,996
Home Properties Inc.	5,826		250,635
HomeBanc Corp.	8,052		73,193
Homestore Inc. (a)	27,287		55,393
Horace Mann Educators Corp.	9,608		180,823
Hudson United Bancorp	7,227		260,895
Huron Consulting Group Inc. (a)	825		19,429
Iberiabank Corp.	1,561		96,173
IMPAC Mortgage Holdings Inc.	16,054		299,407
Independence Holding Co.	279		4,924
Independent Bank Corp. (MA)	3,051		86,069
Independent Bank Corp. (MI)	4,858		138,162
Infinity Property and Casualty Corp.	4,650		162,192
Inland Real Estate Corp.	12,221		196,514
Innkeepers USA Trust	6,456		96,453
Integra Bank Corp.	3,758		85,006
Interchange Financial Services Corp.	3,772		69,216
International Securities Exchange Inc. (a)	1,548		38,870
Investment Technology Group Inc. (a)	8,583		180,415
Investors Real Estate Trust	5,800		56,028
iPayment Inc. (a)	3,027		110,546
Irwin Financial Corp.	4,272		94,796
ITLA Capital Corp. (a)	1,001		53,954
Jones Lang LaSalle Inc. (a)	7,371		326,019
Kansas City Life Insurance Co.	929		44,638
Kilroy Realty Corp.	5,932		281,711
Kite Realty Group Trust	5,816		87,240
KMG America Corp. (a)	1,621		16,113
KNBT Bancorp Inc.	5,843		88,171
Knight Capital Group Inc. (a)	25,204		192,054
LaBranche & Co. Inc. (a)	11,613		73,162
Lakeland Bancorp Inc.	2,756		43,021
Lakeland Financial Corp.	1,200		48,816
LandAmerica Financial Group Inc.	3,533		209,754
LaSalle Hotel Properties	6,823		223,863
Lexington Corporate Properties Trust	10,684		259,728
LTC Properties Inc.	3,997		82,738
Luminent Mortgage Capital, Inc.	7,770		83,838
Macatawa Bank Corp.	1,936		67,160
MAF Bancorp Inc.	6,172		263,112
Maguire Properties Inc.	8,081		229,016
Main Street Banks Inc.	3,440		87,582
MainSource Financial Group Inc.	2,256		40,811
MarketAxess Holdings, Inc. (a)	3,571		40,352
Marlin Business Services Inc. (a)	785		15,779
MB Financial Inc.	4,527		180,310
MBT Financial Corp.	1,670		32,148
MCG Capital Corp.	7,900		134,932
McGrath RentCorp	4,226		100,156
Mercantile Bank Corp.	1,525		67,054
MeriStar Hospitality Corp. Inc. (a)	17,051		146,639
Metris Companies Inc. (a)	11,296		163,340

See accompanying notes to financial statements.

24

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
MFA Mortgage Investments Inc.	11,938	$	88,938
Mid-America Apartment Communities Inc.	4,355		197,804
Mid-State Bancshares	5,523		153,374
Midland Co.	1,858		65,383
Midwest Banc Holdings Inc.	2,559		49,363
MoneyGram International Inc.	15,521		296,762
Morningstar Inc. (a)	801		22,548
MortgageIT Holdings Inc.	3,329		60,754
Nara Bancorp Inc.	4,152		60,951
NASB Financial Inc.	1,288		56,479
National Financial Partners Corp.	7,565		296,094
National Health Investors Inc.	6,437		180,687
National Penn Bancshares Inc.	6,874		171,713
National Western Life Insurance Co. (a)	400		77,556
Nationwide Health Properties Inc.	14,117		333,302
Navigators Group Inc. (a)	1,539		53,203
NBC Capital Corp.	2,127		51,771
NBT Bancorp Inc.	7,609		179,877
NCO Group Inc. (a)	6,290		136,053
Netbanc Inc.	11,231		104,673
NewAlliance Bancshares Inc.	18,552		260,656
Newcastle Investment Corp.	8,486		255,853
NGP Capital Resources Co.	3,754		56,047
Northern Empire Bancshares (a)	615		19,028
NorthStar Realty Finance Corp.	701		7,353
Northwest Bancorp Inc.	2,921		62,100
Novastar Financial Inc.	5,015		196,337
OceanFirst Financial Corp.	3,690		83,062
Ocwen Financial Corp. (a)	8,551		57,805
Odyssey Re Holdings Corp.	205		5,059
Ohio Casualty Corp.	13,129		317,459
Old National Bancorp	14,434		308,888
Old Second Bancorp Inc.	3,260		94,833
Omega Financial Corp.	1,800		55,890
Omega Healthcare Investors Inc.	9,756		125,462
Online Resources Corp. (a)	2,933		33,172
optionsXpress Holdings Inc.	2,776		42,195
Oriental Financial Group Inc.	4,655		71,035
Pacific Capital Bancorp	9,334		346,105
Park National Corp.	2,362		261,001
Parkway Properties Inc.	3,391		169,584
Partners Trust Financial Group Inc.	12,685		135,476
Peapack Gladstone Financial Corp.	1,694		46,924
Pennfed Financial Services Inc.	2,872		48,479
Pennrock Financial Services Corp.	2,088		74,938
Pennsylvania Real Estate Investment Trust	7,421		352,498
Peoples Bancorp Inc.	2,565		68,614
PFF Bancorp Inc.	4,591		139,061
Phoenix Co. Inc.	20,996		249,852
PICO Holdings Inc. (a)	2,922		86,959
Pinnacle Financial Partners Inc. (a)	916		21,984
Piper Jaffray Co. (a)	4,530	$	137,848
Placer Sierra Bancshares	1,093		29,806
PMA Capital Corp. (a)	5,628		49,695
Portfolio Recovery Associates Inc. (a)	3,489		146,608
Post Properties Inc.	7,979		288,122
Premierwest Bancorp (a)	2,972		44,045
Prentiss Properties Trust	8,594		313,165
Presidential Life Corp.	4,502		77,029
PRG-Schultz International Inc. (a)	8,417		23,736
PrivateBancorp Inc.	3,769		133,347
ProAssurance Corp. (a)	5,717		238,742
Prosperity Banchares Inc.	4,104		117,415
Provident Bankshares Corp.	6,897		220,083
Provident Financial Holdings Inc.	502		14,111
Provident Financial Services Inc.	15,513		272,563
Provident New York Bancorp	7,980		96,638
PS Business Parks Inc.	3,930		174,688
QC Holdings, Inc. (a)	878		12,678
R&G Financial Corp. Class B	6,171		109,165
RAIT Investment Trust	5,992		179,460
Ramco-Gershenson Properties Trust	4,337		126,987
Redwood Trust Inc.	3,005		155,058
Renasant Corp.	2,492		76,654
Republic Bancorp Inc.	15,626		234,078
Republic Bancorp Inc. (Kentucky)	1,323		28,722
Resource America Inc.	3,464		133,468
RLI Corp.	4,812		214,615
Rockville Financial Inc. (a)	1,779		21,739
S&T Bancorp Inc.	5,946		214,651
Safety Insurance Group Inc.	1,800		60,768
Sanders Morris Harris Group Inc.	1,455		25,026
Sandy Spring Bancorp Inc.	2,977		104,284
Santander BanCorp	1,863		46,687
Saul Centers Inc.	3,342		121,482
Saxon Capital Inc.	11,301		192,908
SCBT Financial Corp.	1,848		58,489
Seacoast Banking Corp. of Florida	2,970		58,479
Security Bank Corp. (Georgia)	756		17,312
Selective Insurance Group Inc.	5,902		292,444
Senior Housing Properties Trust	11,903		225,086
Signature Bank (a)	1,122		27,377
Simmons First National Corp.	2,940		79,703
Sound Federal Bancorp Inc.	481		7,773
Southside Bancshares Inc.	1,290		26,445
Southwest Bancorp Inc.	3,288		67,338
Sovran Self Storage Inc.	3,730		169,566
Spirit Finance Corp. REIT	10,465		122,964
State Auto Financial Corp.	2,612		81,076
State Bancorp Inc.	2,475		55,985
State Financial Services Corp.	750		30,195
Sterling Bancorp	4,784		102,138
Sterling Bancshares Inc.	9,115		141,829
Sterling Financial Corp. PA	5,546		118,185

See accompanying notes to financial statements.

25

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Sterling Financial Corp. WA (a)	5,217	$	195,116
Stewart Information Services Corp.	3,762		158,004
Stifel Financial Corp. (a)	1,569		37,907
Strategic Hotel Capital Inc.	5,396		97,128
Suffolk Bancorp	2,500		80,725
Summit Financial Group Inc.	1,017		33,246
Sun Bancorp Inc. (New Jersey) (a)	1,515		31,315
Sun Communities Inc.	4,293		159,657
Sunstone Hotel Investors, Inc.	5,645		136,948
Susquehanna Bancshares Inc.	10,021		246,416
SVB Financial Group (a)	6,908		330,893
SWS Group Inc.	4,306		73,977
SY Bancorp Inc.	3,142		71,795
Tanger Factory Outlet Centers Inc.	6,964		187,541
Tarragon Corp. (a)	2,135		53,909
Taubman Centers Inc.	10,797		368,070
Taylor Capital Group Inc.	604		23,707
Technology Investment Capital Corp.	2,711		40,123
Texas Capital Bancshares Inc. (a)	4,531		89,442
Texas Regional Bancshares Inc.	8,634		263,164
The Nasdaq Stock Market Inc. (a)	8,523		160,744
TierOne Corp.	5,285		143,382
TNS Inc. (a)	2,180		50,947
Tompkins Trustco Inc.	2,132		92,529
Tower Group, Inc.	2,115		33,057
Town & Country Trust	4,724		134,681
TradeStation Group Inc. (a)	4,016		34,457
Trammell Crow Co. (a)	7,623		184,782
Triad Guaranty Inc. (a)	2,232		112,470
Trico Bancshares	2,400		53,616
Trustco Bank Corp. NY	16,513		215,660
Trustmark Corp.	9,428		275,863
Trustreet Properties Inc.	7,605		126,319
U-Store-It Trust	5,230		99,632
UCBH Holdings Inc.	16,278		264,355
UICI	7,425		221,042
UMB Financial Corp.	2,930		167,098
Umpqua Holdings Corp.	9,952		234,270
Union Bankshares Corp.	1,700		65,654
United Bankshares Inc.	7,302		260,024
United Community Banks Inc.	6,409		166,762
United Community Financial Corp.	6,815		74,556
United Fire & Casualty Co.	3,027		134,459
United PanAm Financial Corp. (a)	808		22,147
United Rentals Inc. (a)	12,913		260,972
United Security Bancshares Inc.	1,196		36,789
Universal American Financial Corp. (a)	5,961		134,838
Universal Health Realty Income Trust	3,690		140,626
Univest Corp. of Pennsylvania	1,024		30,679
Unizan Financial Corp.	5,012		134,271
Urstadt Biddle Properties Inc.	4,525		78,373
USB Holding Co. Inc.	3,440		80,496
USI Holdings Corp. (a)	7,826		100,799
Vineyard National Bancorp	1,113	$	35,126
Virginia Commerce Bancorp (a)	1,413		34,378
Virginia Financial Group Inc.	1,600		56,144
W Holding Co. Inc.	17,853		182,458
Waddell & Reed	13,556		250,786
Washington Real Estate Investment Trust	10,227		319,082
Washington Trust Bancorp Inc.	2,810		77,753
WesBanco Inc.	4,478		134,430
West Bancorporation Inc.	2,486		46,737
West Coast Bancorp (Oregon)	3,410		83,238
Westamerica Bancorporation	6,173		325,996
Western Sierra Bancorp (a)	654		22,138
Westfield Financial Inc.	1,364		33,063
Wilshire Bancorp Inc.	3,218		46,114
Winston Hotels Inc.	3,550		39,973
Wintrust Financial Corp.	4,953		259,290
World Acceptance Corp. (a)	3,552		106,738
Wright Express Corp. (a)	8,206		151,565
WSFS Financial Corp.	1,900		103,949
Yardville National Bancorp	2,149		76,827
Zenith National Insurance Corp.	2,777		188,447
ZipRealty Inc. (a)	1,035		13,289
			53,968,837
Health Care (12.07%)
Aastrom Biosciences Inc. (a)	23,558		73,737
Abaxis Inc. (a)	3,801		41,355
Abgenix Inc. (a)	18,728		160,686
Abiomed Inc. (a)	2,848		24,350
Acadia Pharmaceuticals Inc. (a)	1,158		9,727
Adolor Corp. (a)	9,490		87,783
Advanced Neuromodulation System Inc. (a)	4,305		170,822
Albany Molecular Research Inc. (a)	6,083		85,162
Alexion Pharmaceuticals Inc. (a)	6,475		149,184
Align Technology Inc. (a)	11,801		86,973
Alkermes Inc. (a)	19,816		261,968
Alliance Imaging Inc. (a)	5,240		54,810
Allied Healthcare International Inc. (a)	3,432		24,299
Allscripts Healthcare Solution Inc. (a)	6,372		105,839
Alpharma Inc.	8,830		127,770
Amedisys Inc. (a)	2,927		107,655
America Service Group Inc. (a)	2,488		39,435
American Dental Partners Inc. (a)	380		9,276
American Healthways Inc. (a)	6,652		281,180
American Medical Systems Holdings Inc. (a)	12,935		267,108
Amsurg Corp. (a)	6,561		181,674
Amylin Pharmaceuticals Inc. (a)	20,582		430,781
Analogic Corp.	2,547		128,165
Andrx Corp. (a)	13,476		273,698

See accompanying notes to financial statements.

26

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Angiodynamics Inc. (a)	222	$	4,826
Animas Corp. (a)	1,948		39,252
Antigenics Inc. (a)	5,142		27,818
Applera Corp. - Celera Genomics Group (a)	16,826		184,581
Apria Healthcare Group Inc. (a)	9,363		324,334
Arena Pharmaceuticals Inc. (a)	5,357		36,535
Ariad Pharmaceuticals Inc. (a)	11,990		79,853
Arqule Inc. (a)	3,494		22,641
Array Biopharma Inc. (a)	5,659		35,652
Arrow International Inc.	4,653		148,431
Arthrocare Corp. (a)	5,070		177,146
Aspect Medical Systems Inc. (a)	3,206		95,346
Atherogenics Inc. (a)	8,554		136,693
AVANIR Pharmaceuticals - Class A (a)	9,470		26,516
Barrier Therapeutics Inc. (a)	2,356		18,683
Bentley Pharmaceuticals Inc. (a)	3,806		41,676
Beverly Enterprises Inc. (a)	23,674		301,607
Bio-Rad Laboratories Inc. (a)	3,741		221,505
Bio-Reference Labs Inc. (a)	2,005		27,829
Bioenvision Inc. (a)	6,313		45,959
BioMarin Pharmaceutical Inc. (a)	14,582		109,219
BioScrip Inc. (a)	2,824		16,944
Biosite Inc. (a)	3,188		175,308
Bone Care International Inc. (a)	4,454		146,848
Bruker BioSciences Corp. (a)	7,785		31,062
Cambrex Corp.	6,070		115,634
Candela Corp. (a)	3,984		41,633
Cantel Medical Corp. (a)	1,533		25,080
Caraco Pharmaceutical Laboratories Inc. (a)	1,966		16,868
Cell Genesys Inc. (a)	9,941		53,184
Cell Therapeutics Inc. (a)	13,818		37,447
Centene Corp. (a)	8,926		299,735
Cepheid Inc. (a)	9,141		67,095
CNS Inc.	2,284		52,189
Computer Programs & Systems Inc.	1,713		63,844
Conmed Corp. (a)	6,417		197,451
Connetics Corp. (a)	7,481		131,965
Conor Medsystems Inc. (a)	1,869		28,689
Corixa Corp. (a)	12,627		55,306
Corvel Corp. (a)	1,400		35,168
Cotherix Inc. (a)	1,836		18,709
Cubist Pharmaceuticals Inc. (a)	11,282		148,584
CuraGen Corp. (a)	9,629		49,493
Curis Inc. (a)	9,187		35,829
CV Therapeutics Inc. (a)	8,054		180,571
Cyberonics Inc. (a)	4,573		198,422
Cypress Bioscience Inc. (a)	6,588		86,962
Datascope Inc.	2,422		80,774
deCODE genetics Inc. (a)	11,320		106,295
Dendreon Corp. (a)	12,545		65,610
Diagnostic Products Corp.	4,602		217,813
Digene Corp. (a)	3,660	$	101,309
Discovery Laboratories Inc. (a)	13,434		97,934
Diversa Corp. (a)	5,480		28,551
DJ Orthopedics Inc. (a)	4,628		126,946
Dov Pharmaceutical Inc. (a)	5,062		94,457
Durect Corp. (a)	5,070		25,806
DUSA Pharmaceuticals Inc. (a)	3,680		34,224
Eclipsys Corp. (a)	8,774		123,450
Encore Medical Corp. (a)	5,476		30,392
Encysive Pharmaceuticals Inc. (a)	12,926		139,730
Enzo Biochem Inc. (a)	6,053		108,530
Enzon Pharmaceuticals Inc. (a)	10,170		65,902
EPIX Pharmaceutical Inc. (a)	5,383		47,640
eResearch Technology Inc. (a)	10,352		138,613
Exelixis Inc. (a)	13,914		103,381
Eyetech Pharmaceuticals Inc. (a)	6,322		79,910
First Horizon Pharmaceutical Corp. (a)	6,014		114,507
Foxhollow Technologies, Inc. (a)	2,972		113,738
Genesis HealthCare Corp. (a)	4,288		198,449
Genitope Corp. (a)	3,612		46,378
Gentiva Health Services Inc. (a)	5,079		90,711
Geron Corp. (a)	11,421		88,399
GTx Inc. (a)	1,851		18,399
Haemonetics Corp. (a)	4,471		181,701
Healthcare Services Group Inc.	4,725		94,878
HealthExtras Inc. (a)	3,848		77,229
HealthTronics Inc. (a)	5,303		68,886
Hi-Tech Pharmacal Co. Inc. (a)	1,017		32,402
Hologic Inc. (a)	4,827		191,873
Hooper Holmes Inc.	11,274		46,787
Horizon Health Corp. (a)	1,860		43,505
Human Genome Sciences Inc. (a)	28,454		329,497
I-Flow Corp. (a)	4,094		68,124
ICOS Corp. (a)	12,178		257,808
ICU Medical Inc. (a)	2,265		72,865
Idenix Pharmaceuticals Inc. (a)	2,140		46,395
IDX Systems Corp. (a)	4,776		143,949
Illumina Inc. (a)	7,018		84,707
Immucor Inc. (a)	9,858		285,389
Immunogen Inc. (a)	9,200		53,268
Impax Laboratories Inc. (a)	11,125		174,663
Incyte Corp. (a)	16,720		119,548
Inspire Pharmaceuticals Inc. (a)	9,626		81,051
Integra LifeSciences Holdings Corp. (a)	4,654		135,897
InterMune Inc. (a)	7,007		91,371
IntraLase Corp. (a)	2,289		44,910
Introgen Therapeutics Inc. (a)	786		5,062
Intuitive Surgical Inc. (a)	7,389		344,623
Invacare Corp.	6,023		267,180
Inverness Medical Innovations Inc. (a)	3,596		98,171
IRIS International Inc. (a)	2,816		50,125
ISIS Pharmaceuticals Inc. (a)	12,039		47,072
ISTA Pharmaceuticals Inc. (a)	3,189		26,532

See accompanying notes to financial statements.

27

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Kensey Nash Corp. (a)	2,164	$	65,439
Keryx Biopharmaceuticals Inc. (a)	5,021		66,277
Kindred Healthcare Inc. (a)	5,890		233,303
KV Pharmaceutical Co. (a)	8,226		137,786
Kyphon Inc. (a)	5,405		188,040
LabOne Inc. (a)	4,049		161,191
Landauer Inc.	2,101		109,063
Laserscope (a)	4,214		174,628
LCA-Vision Inc.	4,082		197,814
Lexicon Genetics Inc. (a)	13,789		68,118
Lifecell Corp. (a)	6,131		96,931
Ligand Pharmaceuticals Inc. (a)	16,395		113,945
Luminex Corp. (a)	5,282		51,975
Magellan Health Services Inc. (a)	5,614		198,230
MannKind Corp. (a)	2,808		28,220
Martek Biosciences Corp. (a)	6,085		230,926
Matria Healthcare Inc. (a)	3,774		121,636
Maxygen Inc. (a)	6,920		47,471
Medarex Inc. (a)	21,356		177,895
Medcath Corp. (a)	1,553		43,158
Medicines Co. (a)	10,633		248,706
Medicis Pharmaceutical Corp.	10,089		320,124
Mentor Corp.	6,292		260,992
Meridian Bioscience Inc.	1,312		24,862
Merit Medical Systems Inc. (a)	5,181		79,839
MGI Pharma Inc. (a)	13,565		295,174
Molecular Devices Corp. (a)	3,456		74,753
Molina Healthcare Inc. (a)	2,139		94,672
Momenta Pharmaceuticals Inc. (a)	1,580		31,237
Myogen Inc. (a)	4,455		31,140
Myriad Genetics Inc. (a)	7,127		111,538
Nabi Biopharmaceuticals (a)	13,137		200,077
Nanogen Inc. (a)	11,225		43,104
Nastech Pharmaceutical Co. Inc. (a)	3,667		52,181
National Healthcare Corp.	1,800		63,558
Nature’s Sunshine Products Inc.	2,600		45,344
NBTY Inc. (a)	10,503		272,448
NDCHealth Corp.	7,991		143,598
NeighborCare Inc. (a)	8,128		269,606
Nektar Therapeutics (a)	16,438		276,816
Neopharm Inc. (a)	4,087		40,829
Neurocrine Biosciences Inc. (a)	7,044		296,271
Neurogen Corp. (a)	3,620		24,688
Neurometrix Inc. (a)	1,035		20,731
New River Pharmaceuticals Inc. (a)	1,153		34,613
NitroMed Inc. (a)	2,440		47,458
Northfield Laboratories Inc. (a)	5,228		74,813
Noven Pharmaceuticals Inc. (a)	5,363		93,745
NPS Pharmaceuticals Inc. (a)	9,432		107,053
NuVasive Inc. (a)	2,684		44,608
Nuvelo Inc. (a)	8,688		67,158
OCA Inc. (a)	11,287		21,220
Odyssey HealthCare Inc. (a)	8,465		122,065
Onyx Pharmaceuticals Inc. (a)	7,549	$	180,270
Option Care Inc.	4,105		57,881
OraSure Technologies Inc. (a)	8,248		82,398
Orchid Cellmark Inc. (a)	3,713		40,138
Owens & Minor Inc.	8,074		261,194
Pain Therapeutics Inc. (a)	5,717		38,590
PainCare Holdings Inc. (a)	4,136		17,909
Palomar Medical Technologies Inc. (a)	3,081		73,698
Par Pharmaceutical Cos. Inc. (a)	6,934		220,571
Parexel International Corp. (a)	6,168		122,435
Pediatrix Medical Group Inc. (a)	4,598		338,137
Penwest Pharmaceutical Co. (a)	4,153		49,088
Per-Se Technologies Inc. (a)	5,356		112,583
Perrigo Co.	14,733		205,378
Pharmion Corp. (a)	5,367		124,568
Phase Forward Inc. (a)	1,328		9,030
PolyMedica Corp.	5,942		211,892
Pozen Inc. (a)	5,400		44,280
PRA International (a)	1,637		43,839
Priority Healthcare Corp. (a)	7,661		194,283
Progenics Pharmaceuticals Inc. (a)	3,882		80,979
PSS World Medical Inc. (a)	15,040		187,248
Psychiatric Solutions Inc. (a)	4,057		197,616
Quality Systems Inc. (a)	1,674		79,314
Radiation Therapy Services Inc. (a)	1,861		49,410
Regeneron Pharmaceutical Inc. (a)	8,647		72,548
RehabCare Group Inc. (a)	3,964		105,958
Renovis Inc. (a)	4,512		68,898
Res-Care Inc. (a)	3,430		46,511
Rigel Pharmaceuticals Inc. (a)	4,869		96,990
Salix Pharmaceuticals Ltd. (a)	8,292		146,437
Savient Pharmaceuticals Inc. (a)	3,821		16,851
Seattle Genetics Inc. (a)	8,128		43,566
Serologicals Corp. (a)	7,542		160,268
SFBC International Inc. (a)	3,546		136,982
Somanetics Corp. (a)	2,775		62,354
SonoSite Inc. (a)	3,456		107,274
Specialty Laboratories Inc. (a)	2,100		17,661
Star Scientific Inc. (a)	4,897		21,890
StemCells Inc. (a)	14,756		62,123
Stereotaxis Inc. (a)	627		5,035
STERIS Corp.	14,186		365,573
Sunrise Senior Living Inc. (a)	3,360		181,373
SuperGen Inc. (a)	12,498		61,740
SurModics Inc. (a)	3,380		146,591
Sybron Dental Specialties Inc. (a)	8,187		307,995
Symbion Inc. (a)	2,855		68,092
Symmetry Medical Inc. (a)	1,094		25,753
Tanox Inc. (a)	5,970		69,968
Telik Inc. (a)	11,478		186,632
Tercica Inc. (a)	1,655		14,382
ThermoGenesis Corp. (a)	12,879		56,024
Thoratec Corp. (a)	11,086		170,059

See accompanying notes to financial statements.

28

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Transkaryotic Therapies Inc. (a)	6,176	$	225,918
Trimeris Inc. (a)	4,008		40,000
TriPath Imaging Inc. (a)	5,666		48,501
United Therapeutics Corp. (a)	4,462		215,068
US Physical Therapy Inc. (a)	1,903		36,500
UTD Surgical Partners Inc. (a)	6,081		316,698
Ventana Medical Systems Inc. (a)	6,650		267,530
Vertex Pharmaceuticals Inc. (a)	18,936		318,882
ViaCell Inc. (a)	1,672		17,807
Viasys Healthcare Inc. (a)	6,977		157,610
Vicuron Pharmaceuticals Inc. (a)	12,835		358,096
ViroLogic Inc. (a)	10,165		25,209
VistaCare Inc. (a)	2,846		52,566
Vital Images Inc. (a)	1,895		34,015
Vital Signs Inc.	1,233		53,414
WellCare Health Plans Inc. (a)	3,390		120,379
West Pharmaceutical Services Inc.	6,569		184,260
Wilson Greatbatch Technologies Inc. (a)	4,859		116,130
Wright Medical Group, Inc. (a)	6,279		167,649
Young Innovations Inc.	881		32,888
Zoll Medical Corp. (a)	2,443		62,174
Zymogenetics Inc. (a)	4,493		79,077
			28,878,570
Materials & Processes (8.25%)
A Schulman Inc.	7,612		136,179
Aaon Inc. (a)	2,100		37,359
Acuity Brands Inc.	9,260		237,889
AK Steel Holding Corp. (a)	24,860		159,353
Albany International Corp. Class A	5,940		190,733
Aleris International Inc. (a)	5,948		134,127
Alico Inc. (a)	700		36,001
AM Castle & Co. (a)	1,059		16,372
AMCOL International Corp.	4,867		91,451
American Vanguard Corp.	2,394		50,059
Ameron International Corp.	2,237		83,664
Apogee Enterprises Inc.	5,880		90,376
Arch Chemicals Inc.	5,202		129,842
Armor Holdings Inc. (a)	6,461		255,920
Balchem Corp.	1,269		38,133
Barnes Group Inc.	3,307		109,462
Beacon Roofing Supply Inc. (a)	2,669		70,195
Bluegreen Corp. (a)	3,876		67,481
Bowater Inc.	11,061		358,045
Brookfield Homes Corp.	3,387		154,447
Brush Engineered Materials Inc. (a)	4,752		67,764
Buckeye Technologies Inc. (a)	6,119		48,768
Building Materials Holding Corp.	2,992		207,316
Cabot Microelectronics Corp. (a)	5,235		151,763
Calgon Carbon Corp.	6,895		61,021
California Coastal Communities Inc. (a)	1,123		38,597
Caraustar Industries Inc. (a)	6,462		67,851
Carpenter Technology Corporation	5,167	$	267,651
Century Aluminum Co. (a)	4,516		92,126
Ceradyne Inc. (a)	5,257		126,536
Chesapeake Corp.	4,435		92,869
CIRCOR International Inc.	3,578		88,269
Clacor Inc.	10,727		313,765
Cleveland-Cliffs Inc.	4,624		267,082
Coeur d’Alene Mines Corp. (a)	52,371		190,107
Comfort Systems USA Inc. (a)	6,792		44,691
Commercial Metals Co.	12,743		303,538
Compass Minerals International Inc.	3,685		86,229
Delta & Pine Land Co.	8,182		205,041
Deltic Timber Corp.	2,486		94,543
Dixie Group Inc. (a)	1,308		23,034
Drew Industries Inc. (a)	1,715		77,861
Dycom Industries Inc. (a)	10,264		203,330
Dynamic Materials Corp.	784		30,333
Eagle Materials Inc.	3,675		340,268
ElkCorp	4,649		132,729
EMCOR Group Inc. (a)	3,220		157,458
Encore Wire Corp. (a)	4,350		50,416
Energy Conversion Devices Inc. (a)	4,654		104,157
EnerSys (a)	6,960		94,865
Ferro Corp.	9,029		179,316
Georgia Gulf Corp.	6,485		201,359
Gibraltar Industries Inc.	5,149		95,462
Glatfelter	6,608		81,939
Gold Kist Inc. (a)	9,698		209,283
GrafTech International Ltd. (a)	22,152		95,254
Granite Construction Inc.	7,479		210,160
Graphic Packaging Corp. (a)	13,034		47,574
Great Lakes Chemical Corp.	10,664		335,596
Greif Inc.	3,281		200,469
Griffon Corp. (a)	6,174		137,063
HB Fuller Co.	6,246		212,739
Hecla Mining Co. (a)	26,746		121,962
Hercules Inc. (a)	24,049		340,293
Hexcel Corp. (a)	8,870		150,080
Hughes Supply Inc.	12,159		341,668
Huttig Building Products (a)	567		6,186
Infrasource Services Inc. (a)	2,251		23,455
Innovo Group Inc. (a)	8,961		19,177
Insituform Technologies Inc. (a)	6,255		100,268
Interline Brands Inc. (a)	2,249		44,530
Jacuzzi Brands Inc. (a)	16,491		176,948
Kaydon Corp.	5,748		160,082
Kronos Worldwide, Inc.	1,333		40,243
Lancaster Colony Corp.	5,051		216,789
Lawson Products Inc.	834		32,376
Layne Christensen Co. (a)	1,731		34,386
Lennox International Inc.	10,522		222,751
Longview Fibre Co.	11,101		228,126
LSI Industries Inc.	3,668		51,132

See accompanying notes to financial statements.

29

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Materials & Processes (Cont.)
MacDermid Inc.	6,355	$	198,022
Maverick Tube Corp. (a)	8,889		264,892
Medis Technologies Ltd. (a)	3,211		53,303
Mercer International Inc.-SBI (a)	2,942		21,447
Metal Management Inc.	3,870		74,884
Metals USA Inc. (a)	4,809		91,467
Minerals Technologies Inc.	3,877		238,823
Mueller Industries Inc.	8,098		219,456
Myers Industries Inc.	5,005		62,563
NCI Building Systems Inc. (a)	4,496		147,469
Neenah Paper Inc.	2,850		88,264
NewMarket Corp. (a)	3,704		54,782
NL Industries Inc.	2,829		43,538
NN Inc.	2,400		30,432
NS Group Inc. (a)	4,648		151,106
Nuco2 Inc. (a)	1,702		43,690
Octel Corp.	2,646		47,628
Olin Corp.	14,669		267,563
OM Group Inc. (a)	6,046		149,276
Oregon Steel Mills Inc. (a)	7,746		133,309
Perini Corp. (a)	3,682		60,458
Pioneer Companies Inc. (a)	2,214		48,686
PolyOne Corp. (a)	20,012		132,479
Potlatch Corp.	5,560		290,955
Quanex Corp.	5,217		276,553
Quanta Services Inc. (a)	20,882		183,762
Raven Industries Inc.	2,710		63,468
Reliance Steel & Aluminum Co.	6,019		223,124
Roanoke Electric Steel Corp.	561		9,268
Rock-Tenn Co.	6,469		81,833
Royal Gold Inc.	3,421		68,831
RTI International Metals Inc. (a)	5,039		158,275
Ryerson Tull Inc.	5,256		75,003
Schnitzer Steel Industries Inc.	4,389		104,019
Schweitzer-Mauduit International Inc.	3,607		112,286
Senomyx Inc. (a)	4,004		66,106
Shaw Group Inc. (a)	15,047		323,661
Silgan Holdings Inc.	2,496		140,375
Simpson Manufacturing Co. Inc.	7,527		229,950
Spartech Corp.	5,828		103,738
Standard Register Co.	4,163		65,817
Steel Dynamics Inc.	8,378		219,922
Steel Technologies Inc.	2,058		34,780
Stepan Co.	1,373		30,343
Stillwater Mining Co. (a)	10,526		78,103
Sunterra Corp. (a)	4,420		71,648
Superior Essex Inc. (a)	2,325		41,176
Symyx Technologies Inc. (a)	6,713		187,830
Tejon Ranch Corp. (a)	1,924		99,028
Terra Industries Inc. (a)	14,631		99,637
Texas Industries Inc.	4,711		264,900
The Andersons Inc.	722		25,855
Titanium Metals Corp. (a)	1,479		83,992
Tredegar Corp.	7,219	$	112,616
Trex Co. Inc. (a)	2,368		60,858
UAP Holding Corp.	4,962		82,369
Ultralife Batteries Inc. (a)	3,226		52,100
Universal Forest Products Inc.	3,617		149,925
URS Corp. (a)	7,700		287,595
USEC Inc.	18,311		268,073
Valence Technology Inc. (a)	12,237		34,264
Valmont Industries Inc.	3,664		94,531
Washington Group International Inc. (a)	5,544		283,409
Watsco Inc.	4,439		189,101
Wausau-Mosinee Paper Corp.	9,963		119,357
Wellman Inc.	7,045		71,789
Westlake Chemical Corp.	2,620		64,190
Wheeling-Pittsburgh Corp. (a)	2,010		30,914
Worthington Industries Inc.	11,333		179,061
WR Grace & Co. (a)	14,063		109,551
Xerium Technologies Inc. (a)	733		8,686
York International Corp.	8,000		304,000
Zoltek Companies Inc. (a)	1,082		12,151
			19,746,047
Oil & Gas (4.96%)
Alpha Natural Resources Inc. (a)	6,050		144,474
ATP Oil & Gas Corp. (a)	3,818		89,341
Atwood Oceanics Inc. (a)	2,750		169,290
Berry Petroleum Co.	3,839		203,006
Bill Barrett Corp. (a)	2,689		79,541
Bois d’Arc Energy Inc. (a)	1,358		20,030
Brigham Exporation Co. (a)	3,265		29,809
Cabot Oil & Gas Corp.	10,327		358,347
Cal Dive International Inc. (a)	8,026		420,322
Callon Petroleum Co. (a)	3,540		52,321
Calpine Corp. (a)	102,384		348,106
CARBO Ceramics Inc.	2,576		203,401
Carrizo Oil & Gas Inc. (a)	3,553		60,614
Cheniere Energy Inc. (a)	10,540		327,794
Cimarex Energy Co. (a)	16,849		655,595
Clayton Williams Energy Inc. (a)	1,425		42,736
Comstock Resources Inc. (a)	8,139		205,835
Delta Petroleum Corp. (a)	6,151		86,852
Dril-Quip Inc. (a)	2,188		63,474
Edge Petroleum Corp. (a)	3,371		52,655
Encore Acquisition Co. (a)	6,360		260,760
Endeavour International Corp. (a)	3,021		10,966
Energy Partners Ltd. (a)	6,526		171,046
Evergreen Solar Inc. (a)	6,522		41,936
Foundation Coal Holdings Inc.	4,120		106,873
Frontier Oil Corp.	11,736		344,452
FuelCell Energy Inc. (a)	9,957		101,661
FX Energy Inc. (a)	8,362		92,233
Gasco Energy Inc. (a)	8,629		31,927
Giant Industries Inc. (a)	2,466		88,776

See accompanying notes to financial statements.

30

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Oil & Gas (Cont.)
Global Industries Ltd. (a)	15,939	$	135,481
Goodrich Petroleum Corp. (a)	1,712		35,233
Grey Wolf Inc. (a)	40,399		299,357
Gulf Island Fabrication Inc.	1,700		33,796
Hanover Compressor Co. (a)	17,550		202,000
Harvest Natural Resources Inc. (a)	8,515		93,069
Holly Corp.	4,917		229,476
Hornbeck Offshore Services Inc. (a)	2,659		72,032
Houston Exploration Co. (a)	5,282		280,210
Hydril (a)	3,939		214,085
Input/Output Inc. (a)	14,134		88,761
James River Coal Co. (a)	2,347		81,324
KCS Energy Inc. (a)	11,190		194,370
Lone Star Technologies Inc. (a)	6,202		282,191
Lufkin Industries Inc.	2,820		101,464
Markwest Hydrocarbon Inc.	854		19,813
McMoRan Exploration Co. (a)	4,522		88,224
Meridian Resource Corp. (a)	13,568		64,855
Mission Resources Corp. (a)	7,524		60,719
Newpark Resources Inc. (a)	17,316		129,870
Oceaneering International Inc. (a)	5,426		209,715
Oil States International Inc. (a)	7,341		184,773
Pacific Ethanol Inc. (a)	2,351		23,439
Parallel Petroleum Corp. (a)	5,072		44,887
Parker Drilling Co. (a)	18,307		128,332
Penn Virginia Corp.	4,279		191,143
PetroHawk Energy Corp. (a)	3,580		38,664
Petroleum Development Corp. (a)	3,588		114,278
Petroquest Energy Inc. (a)	5,126		33,678
Pioneer Drilling Co. (a)	3,155		48,145
Plug Power Inc. (a)	10,099		69,178
Remington Oil & Gas Corp. (a)	4,978		177,715
RPC Inc.	4,765		80,624
SEACOR Holdings Inc. (a)	3,472		223,250
Spinnaker Exploration Co. (a)	5,332		189,233
St. Mary Land & Exploration Co.	12,383		358,859
Stone Energy Corp. (a)	4,962		242,642
Superior Energy Services Inc. (a)	14,471		257,584
Swift Energy Co. (a)	6,110		218,860
Syntroleum Corp. (a)	7,208		73,954
Tetra Tech Inc. (a)	12,592		170,370
Tipperary Corp. (a)	809		5,056
Todco (a)	8,694		223,175
Toreador Resources Corp. (a)	2,859		69,445
TransMontaigne Inc. (a)	7,032		73,836
Tri-Valley Corp. (a)	4,585		63,869
Universal Compression Holdings Inc. (a)	3,936		142,641
Veritas DGC Inc. (a)	7,216		200,172
W&T Offshore Inc.	1,896		45,637
W-H Energy Services Inc. (a)	5,801		144,619
Warren Resources Inc. (a)	2,146		22,426
Whiting Petroleum Corp. (a)	6,308	$	229,043
			11,869,745
Technology (13.53%)
3-D Systems Corp. (a)	2,089		50,261
3Com Corp. (a)	64,220		233,761
Actel Corp. (a)	6,191		86,055
Acxiom Corp.	16,567		345,919
Adaptec Inc. (a)	24,212		93,943
Adtran Inc.	12,338		305,859
Advanced Digital Information Corp. (a)	14,724		111,902
Aeroflex Inc. (a)	14,642		122,993
Agile Software Corp. (a)	11,074		69,766
Agilysys Inc.	6,388		100,292
Airspan Networks Inc. (a)	5,122		28,427
Altiris Inc. (a)	4,945		72,593
American Reprographics Co. (a)	721		11,601
American Science & Engineering Inc. (a)	1,628		72,218
AMICAS Inc. (a)	2,161		9,789
AMIS Holdings Inc. (a)	7,485		99,850
Amkor Technology Inc. (a)	16,529		74,381
Anaren Inc. (a)	5,020		66,013
Anixter International Inc. (a)	5,832		216,775
Ansoft Corp. (a)	1,347		32,544
Ansys Inc. (a)	6,835		242,711
Anteon International Corp. (a)	5,464		249,268
Applied Digital Solutions Inc. (a)	14,468		47,600
Applied Micro Circuits Corp. (a)	45,277		115,909
Arbinet-thexchange Inc. (a)	536		3,591
Ariba Inc. (a)	14,630		84,854
AsiaInfo Holdings Inc. (a)	7,157		39,435
Aspect Communications Corp. (a)	9,247		103,844
Aspen Technology Inc. (a)	9,344		48,589
Atheros Communications (a)	5,664		45,652
Atmel Corp. (a)	67,147		159,138
Audible Inc. (a)	4,806		83,480
Avocent Corp. (a)	9,627		251,650
BearingPoint Inc. (a)	34,809		255,150
BEI Technologies Inc.	2,685		71,636
Bel Fuse Inc.	2,350		71,816
Bell Microproducts Inc. (a)	4,034		37,920
Benchmark Electronics Inc. (a)	8,105		246,554
Black Box Corp.	3,630		128,502
Blackbaud, Inc.	1,002		13,527
Blackboard Inc. (a)	3,066		73,339
Blue Coat Systems Inc. (a)	2,429		72,579
Borland Software Corp. (a)	17,494		120,009
Bottomline Technologies Inc. (a)	1,674		25,060
Broadwing Corp. (a)	11,136		51,448
Brocade Communications Systems Inc. (a)	58,390		226,553
Catapult Communications Corp. (a)	1,590		27,125

See accompanying notes to financial statements.

31

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Checkpoint Systems Inc. (a)	8,406	$	148,786
Ciber Inc. (a)	11,916		95,090
Ciena Corp. (a)	99,807		208,597
Cirrus Logic Inc. (a)	18,121		96,223
Click Commerce Inc. (a)	1,578		36,247
Coherent Inc. (a)	6,529		235,109
CommScope Inc. (a)	11,230		195,514
COMSYS IT Partners Inc. (a)	1,554		26,511
Comtech Telecommunications Corp. (a)	4,724		154,144
Concur Technologies Inc. (a)	5,656		59,558
Conexant Systems Inc. (a)	100,366		161,589
Covansys Corp. (a)	5,285		67,912
CSG Systems International Inc. (a)	10,931		207,470
Cubic Corp.	3,573		63,385
Cyberguard Corp. (a)	2,462		14,637
Cypress Semiconductor Corp. (a)	25,512		321,196
Daktronics Inc.	3,480		69,635
Dendrite International Inc. (a)	8,069		111,352
Digi International Inc. (a)	4,320		51,235
Digital Insight Corp. (a)	7,663		183,299
Digital River Inc. (a)	7,260		230,505
Digitas Inc. (a)	16,437		187,546
Diodes Inc. (a)	1,992		62,150
Ditech Communications Corp. (a)	6,645		43,126
Dot Hill Systems Corp. (a)	9,334		48,910
DRS Technologies Inc.	5,228		268,092
DSP Group Inc. (a)	6,214		148,328
DTS Inc. (a)	4,082		72,782
E-LOAN Inc. (a)	3,653		12,201
E.piphany Inc. (a)	15,062		52,416
Echelon Corp. (a)	6,800		46,784
eCollege.com Inc. (a)	3,810		45,339
EDO Corp.	3,549		106,151
Electronics for Imaging Inc. (a)	11,601		244,085
Emageon Inc. (a)	2,044		28,636
Emulex Corp. (a)	17,312		316,117
Endwave Corp. (a)	1,358		64,641
Entrust Inc. (a)	13,243		63,434
Epicor Software Corp. (a)	10,047		132,620
EPIQ Systems Inc. (a)	2,947		48,213
Equinix Inc. (a)	3,075		133,270
eSpeed Inc. (a)	5,972		53,211
Essex Corp. (a)	3,488		79,805
Exar Corp. (a)	9,648		143,659
Excel Technology Inc. (a)	2,261		54,942
Extreme Networks Inc. (a)	23,871		97,871
Fairchild Semiconductor International Inc. (a)	22,357		329,766
FalconStor Software, Inc. (a)	7,660		50,020
Fargo Electronics Inc. (a)	2,175		43,478
FileNet Corporation (a)	8,575		215,575
Finisar Corp. (a)	46,968		49,316
Formfactor Inc. (a)	6,722		177,595
Foundry Networks Inc. (a)	22,321	$	192,630
Gartner Inc. (a)	13,623		144,676
Gateway Inc. (a)	49,425		163,102
Genesis Microchip Inc. (a)	7,324		135,201
Glenayre Technologies Inc. (a)	7,551		28,467
Harmonic Inc. (a)	16,117		77,845
Herley Industries Inc. (a)	2,500		45,600
Hutchinson Technology Inc. (a)	5,357		206,298
Hypercom Corp. (a)	10,454		67,637
Identix Inc. (a)	19,280		96,978
iGate Corp. (a)	4,500		16,110
II-VI Inc. (a)	5,190		95,444
Imation Corp.	6,806		264,005
Infocrossing Inc. (a)	4,006		49,955
Informatica Corp. (a)	19,047		159,804
Innovative Solutions & Support Inc. (a)	1,788		60,023
InPhonic, Inc. (a)	2,773		42,649
Integral Systems Inc.	650		14,710
Integrated Circuit Systems Inc. (a)	13,336		275,255
Integrated Device Technology Inc. (a)	22,581		242,746
Integrated Silicon Solution Inc. (a)	8,201		60,769
Inter-Tel Inc.	4,842		90,110
Intergraph Corp. (a)	5,826		200,764
Intermagnetics General Corp. (a)	6,373		196,033
International DisplayWorks Inc. (a)	5,150		41,200
Internet Capital Group Inc. (a)	10,730		78,651
Internet Security Systems Inc. (a)	8,352		169,462
Intervideo Inc. (a)	1,686		24,245
InterVoice Inc. (a)	8,226		70,990
Interwoven Inc. (a)	9,466		71,279
Ionatron Inc. (a)	3,556		30,546
Ixia (a)	7,411		144,070
IXYS Corp. (a)	5,453		77,324
j2 Global Communications Inc. (a)	4,475		154,119
Jack Henry & Associates Inc.	12,631		231,274
JAMDAT Mobile Inc. (a)	2,126		58,848
JDA Software Group Inc. (a)	6,519		74,186
Jupitermedia Corp. (a)	3,630		62,182
Kanbay International Inc. (a)	4,505		104,111
Keane Inc. (a)	10,923		149,645
Kemet Corp. (a)	19,185		120,865
Keynote Systems Inc. (a)	5,280		61,618
Komag Inc. (a)	6,237		176,944
Kopin Corp. (a)	14,780		75,378
Kronos Inc. (a)	6,774		273,602
LaBarge Inc. (a)	1,285		23,323
Lattice Semiconductor Corp. (a)	26,509		117,700
Lawson Software Inc. (a)	11,540		59,431
Leadis Technology Inc. (a)	3,252		26,179
LeCroy Corp. (a)	1,839		25,286
Lexar Media Inc. (a)	15,729		77,229
Lionbridge Technologies Inc. (a)	9,822		66,593
Macrovision Corp. (a)	10,561		238,045

See accompanying notes to financial statements.

32

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Magma Design Automation Inc. (a)	6,186	$	51,715
Manhattan Associates Inc. (a)	6,403		123,002
ManTech International Corp. (a)	3,812		118,324
Mapinfo Corp. (a)	4,393		46,170
MatrixOne Inc. (a)	10,050		50,250
Maxtor Corp. (a)	47,883		248,992
McDATA Corporation (a)	26,983		107,932
Mentor Graphics Corp. (a)	17,540		179,785
Mercury Computer Systems Inc. (a)	4,775		130,692
Merge Technologies Inc. (a)	2,683		50,306
Methode Electronics Inc.	7,655		90,865
Micrel Inc. (a)	14,305		164,794
Micromuse Inc. (a)	17,520		99,163
Micros Systems Inc. (a)	8,001		358,045
Microsemi Corp. (a)	13,193		248,028
MicroStrategy Inc. (a)	3,186		168,985
Microtune Inc. (a)	10,783		54,077
MIPS Technologies Inc. (a)	8,453		60,862
Mobility Electronics Inc. (a)	5,610		51,332
Monolithic Power Systems Inc. (a)	1,766		15,682
Motive Inc. (a)	2,941		29,204
MRO Software Inc. (a)	4,523		66,081
MRV Communications Inc. (a)	25,245		54,782
MTS Systems Corp.	4,421		148,457
Multi-Fineline Electronix Inc. (a)	1,363		25,079
Ness Technologies, Inc. (a)	2,298		24,405
Netgear Inc. (a)	5,976		111,154
NetIQ Corp. (a)	12,539		142,318
Netlogic Microsystems Inc. (a)	2,605		46,187
NetScout Systems Inc. (a)	3,820		25,174
Newport Corp. (a)	9,538		132,197
Niku Corp. (a)	2,442		50,623
Novatel Wireless Inc. (a)	5,192		64,744
Omnivision Technologies Inc. (a)	12,302		167,184
ON Semiconductor Corp. (a)	27,697		127,406
Open Solutions Inc. (a)	3,385		68,749
Openwave Systems Inc. (a)	14,760		242,064
Oplink Communications Inc. (a)	31,934		54,607
Opsware Inc. (a)	12,308		63,017
Optical Communication Products Inc. (a)	5,452		10,359
OSI Systems Inc. (a)	3,260		51,475
Packeteer Inc. (a)	7,597		107,118
palmOne Inc. (a)	8,685		258,552
PAR Technology Corp. (a)	850		27,200
Parametric Technology Corp. (a)	59,497		379,591
Park Electrochemical Corp.	4,627		116,600
PDF Solutions Inc. (a)	3,353		43,991
Pegasystems Inc. (a)	1,660		9,794
Pericom Semiconductor Corp. (a)	4,853		39,503
Perot Systems Corp. (a)	16,874		239,948
Phoenix Technologies Ltd. (a)	2,088		16,245
Pinnacle Systems Inc. (a)	14,977		82,373
Pixelworks Inc. (a)	8,909		76,439
Plexus Corp. (a)	9,724	$	138,373
PLX Technology Inc. (a)	4,846		49,235
PMC-Sierra Inc. (a)	33,787		315,233
Polycom Inc. (a)	18,526		276,223
PortalPlayer, Inc. (a)	2,960		61,627
Power Integrations Inc. (a)	6,626		142,923
Progress Software Corp. (a)	7,348		221,542
QAD Inc.	2,688		20,698
Quantum Corp. (a)	35,709		106,056
Quest Software Inc. (a)	11,635		158,585
Radiant Systems Inc. (a)	3,598		41,017
Radisys Corp. (a)	4,488		72,481
Rambus Inc. (a)	19,222		257,190
RealNetworks Inc. (a)	24,155		120,050
Redback Networks Inc. (a)	9,645		61,535
RF Micro Devices Inc. (a)	41,239		223,928
RightNow Technologies Inc. (a)	1,631		19,605
Rimage Corp. (a)	1,200		25,476
Rogers Corp. (a)	3,490		141,519
RSA Security Inc. (a)	15,250		175,070
S1 Corp. (a)	17,187		80,951
SafeNet Inc. (a)	5,455		185,797
Sapient Corp. (a)	18,229		144,556
ScanSoft Inc. (a)	18,714		70,739
Scansource Inc. (a)	2,816		120,919
SeaChange International Inc. (a)	5,729		40,218
Secure Computing Corp. (a)	8,398		91,370
Seebeyond Technology Corp. (a)	10,930		45,687
Semtech Corp. (a)	13,559		225,757
Serena Software Inc. (a)	6,034		116,456
SI International Inc. (a)	1,904		57,044
Sigmatel Inc. (a)	6,900		118,404
Silicon Image Inc. (a)	17,024		174,666
Silicon Laboratories Inc. (a)	8,355		218,985
Silicon Storage Technology Inc. (a)	19,095		76,953
SiRF Technology Holdings Inc. (a)	6,477		114,513
Skyworks Solutions Inc. (a)	33,221		244,839
SonicWALL Inc. (a)	12,457		67,143
Sonus Networks Inc. (a)	47,667		227,848
SPSS Inc. (a)	3,328		63,931
SS&C Technologies Inc.	3,179		100,711
Standard Microsystems Corp. (a)	4,526		105,818
Stellent Inc. (a)	4,586		34,395
Stratasys Inc. (a)	2,083		68,072
Supertex Inc. (a)	2,250		39,735
SupportSoft Inc. (a)	8,299		43,072
Sycamore Networks Inc. (a)	38,016		131,155
Sykes Enterprises Inc. (a)	5,288		50,130
Synaptics Inc. (a)	5,239		111,905
Syniverse Holdings Inc. (a)	2,661		37,254
SYNNEX Corp. (a)	1,565		27,403
Syntel Inc.	1,389		22,266
Sypris Solutions Inc.	1,100		13,607

See accompanying notes to financial statements.

33

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Talx Corp.	4,433	$	128,158
Tekelec (a)	12,096		203,213
Telkonet Inc. (a)	5,308		26,168
Terremark Worldwide Inc. (a)	8,681		60,767
Tessera Technologies Inc. (a)	8,728		291,602
The Trizetto Group Inc. (a)	7,942		111,267
TIBCO Software Inc. (a)	40,757		266,551
Transaction Systems Architects Inc. (a)	8,146		200,636
TranSwitch Corp. (a)	9,415		19,301
Trident Microsystems Inc. (a)	5,419		122,957
Triquint Semiconductor Inc. (a)	30,310		100,932
TTM Technologies Inc. (a)	9,371		71,313
Tyler Technologies Inc. (a)	9,374		70,867
Ulticom Inc. (a)	2,460		26,101
Ultimate Software Group Inc. (a)	4,267		69,979
Universal Display Corp. (a)	4,950		50,886
UTStarcom Inc. (a)	17,595		131,787
Varian Inc. (a)	7,004		264,681
VASCO Data Security International Inc. (a)	5,715		55,436
VeriFone Holdings Inc. (a)	3,917		63,651
Verint Systems Inc. (a)	2,781		89,437
Verity Inc. (a)	6,483		56,856
ViaSat Inc. (a)	5,029		102,240
Vignette Corp. (a)	7,075		79,594
Virage Logic Corp. (a)	1,722		17,737
Vitesse Semiconductor Corp. (a)	48,173		100,682
Volterra Semiconductor Corp. (a)	3,764		56,046
WebEX Communications Inc. (a)	7,036		185,821
webMethods Inc. (a)	11,142		62,395
Websense Inc. (a)	4,978		239,193
Westell Technologies Inc. (a)	11,015		65,870
Wind River Systems Inc. (a)	15,279		239,575
Witness Systems Inc. (a)	5,281		96,273
Zhone Technologies Inc. (a)	8,644		28,957
Zoran Corp. (a)	9,600		127,584
			32,377,889
Telecommunications (0.73%)
Alaska Communications Systems Group Inc.	1,416		14,033
Centennial Communications Corp. (a)	3,662		50,828
Cincinnati Bell Inc. (a)	54,384		233,851
Commonwealth Telephone Enterprises Inc.	4,733		198,360
CT Communications Inc.	3,973		51,848
Dobson Communications Corp. (a)	20,373		86,789
General Communication Inc. (a)	9,349		92,275
Golden Telecom Inc.	3,993		122,505
Intrado Inc. (a)	4,152		62,114
North Pittsburgh Systems Inc.	3,186		62,318
Price Communications Corp. (a)	10,310		178,363
Shenandoah Telecommunications Co.	1,600	$	63,600
SureWest Communications	3,514		90,134
Talk America Holdings Inc. (a)	6,624		66,306
Time Warner Telecom Inc. (a)	11,781		69,743
Ubiquitel Inc. (a)	14,748		120,344
US Unwired Inc. (a)	29,212		170,014
			1,733,425
Utilities & Energy (3.07%)
Allete Inc.	4,155		207,335
American States Water Co.	3,874		113,779
Aquila Inc. (a)	53,276		192,326
Atlas America Inc. (a)	428		15,917
Avista Corp.	11,156		207,390
Black Hills Corp.	6,817		251,206
California Water Service Group	4,151		155,829
Cascade Natural Gas Corp.	2,786		57,113
Central Vermont Public Service Corp.	3,400		62,900
CH Energy Group Inc.	3,726		181,195
Cleco Corp.	11,167		240,872
Connecticut Water Services Inc.	1,625		40,609
Crosstex Energy Inc.	1,271		61,389
Duquesne Light Holdings Inc.	16,562		309,378
El Paso Electric Co. (a)	10,936		223,641
Empire District Electric Co.	6,968		166,953
EnergySouth Inc.	1,800		49,878
FairPoint Communications Inc.	5,359		86,548
GlobeTel Communications Corp. (a)	4,278		11,936
Idacorp Inc.	8,551		261,917
IDT Corp. Class B (a)	9,360		123,178
Iowa Telecommunications Service Inc.	4,782		89,663
KFX Inc. (a)	11,531		164,778
Laclede Group Inc.	4,929		156,545
Level 3 Communications Inc. (a)	119,379		242,339
MGE Energy Inc.	3,692		134,315
Middlesex Water Co.	2,736		53,133
New Jersey Resources Corp.	4,615		222,674
Nicor Inc.	6,739		277,445
Northwest Natural Gas Co.	5,152		197,013
NorthWestern Corporation	5,374		169,389
Otter Tail Corp.	6,139		167,779
Peoples Energy Corp.	6,380		277,275
Premiere Global Services Inc. (a)	13,363		150,868
RCN Corp. (a)	4,567		105,452
Sierra Pacific Resources (a)	26,025		324,011
SJW Corp.	1,941		91,246
South Jersey Industries Inc.	3,550		216,976
Southwest Gas Corp.	7,714		196,784
Southwest Water Co.	2,938		34,757
Tetra Technologies Inc. (a)	5,057		161,065
UIL Holdings Corp.	3,149		169,448
Unisource Energy Corp.	7,134		219,371
USA Mobility Inc. (a)	5,606		164,592

See accompanying notes to financial statements.

34

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares or principal amount		Value
Common Stocks (Cont.)
Utilities & Energy (Cont.)
Valor Communications Group Inc.		5,206	$	71,843
WGL Holdings Inc.		7,963		267,875
				7,347,925
Total Common Stocks (cost $206,124,883)				235,300,716
Short-term Investments (1.58%)
U.S. Treasury Bills, 2.800%, 08/04/2005 (b)	$	3,799,000		3,788,599
Total Short-term Investments (cost $3,788,779)				3,788,599
TOTAL INVESTMENTS (99.93%) (cost $209,913,662)				239,089,315
OTHER ASSETS, NET OF LIABILITIES (0.07%)				162,343
NET ASSETS (100.00%)			$	239,251,658

(a) Non-income producing security.

(b) At June 30, 2005, 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.

35

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (98.72%)
Australia (5.41%)
Alinta Ltd.	6,531	$	48,471
Alumina Ltd.	33,907		143,762
Amcor Ltd.	25,724		131,193
AMP Ltd.	52,913		260,595
Ansell Ltd.	5,217		39,871
APN News & Media Ltd.	7,974		31,199
Aristocrat Leisure Ltd.	8,867		78,295
Australia & New Zealand Banking Group Ltd.	51,776		857,209
Australian Gas & Light Co.	12,931		140,067
Australian Stock Exchange	2,887		50,830
Axa Asia Pacific Holdings	22,409		74,713
Babcock & Brown Ltd. (a)	3,772		39,652
BHP Billiton Ltd.	101,676		1,404,733
Billabong International Ltd.	3,204		33,242
Bluescope Steel	21,227		132,980
Boral Ltd.	17,910		88,342
Brambles Industries Ltd.	27,608		171,694
Caltex Australian Ltd.	3,559		42,939
Centro Properties Group	22,727		101,896
CFS Gandel Retail Trust	35,700		45,518
Challenger Financial Service (a)	10,032		23,825
Coca-Cola Amatil Ltd.	14,114		84,767
Cochlear Ltd.	1,423		42,461
Coles Myer Ltd.	33,231		234,236
Commonwealth Bank of Australia	36,132		1,043,765
Commonwealth Property Office	35,774		34,447
Computershare Ltd.	10,709		47,769
CSL Ltd.	5,621		144,278
CSR Ltd.	27,982		57,084
DB Reef Trust	71,145		73,922
DCA Group Ltd.	9,310		26,859
Downer Edi Ltd.	7,006		28,425
Foster’s Group Ltd.	59,741		241,926
Futuris Corp. Ltd.	14,491		20,076
General Property Trust	60,845		169,051
Harvey Norman Holdings Ltd.	13,901		26,454
Iluka Resources Ltd.	6,645		38,088
ING Industrial Fund	20,392		32,442
Insurance Australia Group	45,834		209,682
Investa Property Group	40,599		59,954
James Hardie Industries Ltd.	14,248		82,318
John Fairfax Holdings Ltd.	26,931		88,149
Leighton Holdings Ltd.	4,775		41,799
Lend Lease Corp. Ltd.	10,206		100,684
Lion Nathan Ltd.	7,514		43,355
Macquarie Airports	17,111		46,629
Macquarie Bank Ltd.	6,368		289,627
Macquarie Communications Infrastructure Group	7,433		35,645
Macquarie Goodman Group	31,994		99,364
Macquarie Infrastructure Grp.	61,291		194,084
Mayne Group Ltd.	18,392		66,360
Mirvac Group	24,096	$	65,480
Multiplex Group	15,599		34,553
National Australia Bank Ltd.	44,126		1,033,189
Newcrest Mining Ltd.	9,618		127,243
Onesteel Ltd.	14,975		30,207
Orica Ltd.	8,032		108,828
Origin Energy Ltd.	21,858		126,618
Pacific Brands Ltd.	15,740		27,197
Paperlinx Ltd.	12,720		29,144
Patrick Corp. Ltd.	17,548		74,669
Perpetual Trustees Australia	1,149		50,229
Publishing & Broadcasting	3,610		40,807
Qantas Airways Ltd.	25,282		64,854
QBE Insurance Group Ltd.	21,511		262,478
Rinker Group Ltd.	27,902		297,346
Rio Tinto Ltd.	8,044		274,437
Santos Ltd.	17,611		151,750
SFE Corp. Ltd.	3,383		27,425
Sonic Healthcare Ltd.	6,818		65,237
Stockland	36,676		154,106
Suncorp-Metway Ltd.	15,327		234,622
Tabcorp Holding Ltd.	15,578		194,471
Telstra Corp. Ltd	61,063		235,195
Toll Holdings Ltd.	6,534		64,956
Transurban Group	22,782		129,195
Unitab Ltd.	2,943		31,923
Wesfarmers Ltd.	10,678		325,205
Westfield Group	41,649		562,415
Westpac Banking Corp.	51,627		784,004
Woodside Petroleum Ltd.	13,254		295,102
Woolworths Ltd.	29,958		376,495
			13,924,106
Austria (0.45%)
Andritz AG	285		27,195
Bank Austria Creditanstalt	1,066		111,251
Boehler-Uddeholm	249		32,965
Erste Bank Der Oester Spark	3,665		183,484
Flughafen Wien AG	288		18,681
Immofinaz Immobillien Anlagen AG (a)	8,821		80,808
Mayr-Melnhof Karton AG	179		24,803
Meinl European Land Ltd. (a)	1,701		29,477
Oest Elektrizatswirts Class A	218		60,147
OMV AG	506		220,435
RHI AG (a)	568		15,479
Telekom Austria	10,038		195,210
VA Technologie AG (a)	261		20,530
VoestAlpine AG	763		53,462
Wienerberger AG	1,780		82,651
			1,156,578

See accompanying notes to financial statements.

36

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Belgium (1.32%)
Agfa Gevaert NV	2,844	$	78,642
Barco NV	307		21,901
Bekaert NV	405		30,436
Belgacom SA	4,716		161,225
Cofinimmo	134		21,016
Colruyt SA	497		67,783
Compagnie Maritime Belge	530		16,522
D’ieteren SA	84		17,383
Delhaize Group	1,993		119,627
Dexia	16,262		358,363
Electrabel SA	777		339,537
Euronav SA	636		18,664
Fortis	33,200		922,062
Groupe Bruxelles Lambert SA	2,000		173,294
InBev	5,187		175,569
KBC Bankverzekerings Holding	5,154		407,283
Mobistar SA	836		69,907
Omega Pharma SA	599		30,952
Solvay SA	1,855		190,698
UCB SA	2,455		119,401
Umicore	655		52,592
			3,392,857
Denmark (0.79%)
A P Moller-Maersk A/S	35		334,246
Bang & Olufsen Class B	395		27,746
Carlsberg A/S Class B	899		46,139
Coloplast Class B	708		41,108
Dampskibsselskabet Torm A/S	450		24,265
Danisco A/S	1,515		98,422
Danske Bank	12,440		374,282
DSV De Sammenslut Vogn Class B (a)	580		49,266
FLS Industries A/S Class B	578		11,734
GN Store Nord	6,110		69,216
H. Lundbeck A/S	1,542		38,818
Kobenhavns Lufthavne A/S	141		33,526
Nordiske Kabel Traadfabri	538		20,141
Novo Nordisk A/S	6,860		349,287
Novozymes A/S Class B	1,549		76,731
Ostasiatiske Kompagni	700		49,455
TDC A/S	5,460		234,108
Topdanmark A/S (a)	648		47,254
Vestas Wind Systems A/S (a)	4,621		76,740
William DeMant Holding (a)	774		38,529
			2,041,013
Finland (1.51%)
Amer Group	2,082		39,557
Cargotec Corp. (a)	1,028		28,700
Elisa Corp Class A	4,113		64,407
Fortum OYJ	9,782		156,849
KCI Konecranes OYJ	347		14,802
Kesko OYJ	1,987	$	49,871
Kone Corp. OYJ Class B (a)	1,028		61,580
Metso OYJ	3,363		73,337
Neste Oil OYJ (a)	3,731		96,622
Nokia OYJ	132,461		2,220,123
Nokian Renkaat OYJ	2,750		50,118
Orion-Yhtyma Class B	2,045		39,448
Outokumpo OYJ	2,996		38,613
Pohjola Group PLC	1,812		26,313
Rautaruukki OYJ	2,051		30,653
Sampo Insurance Co.	11,201		174,587
Stora Enso OYJ R	17,926		229,513
Tietoenator Corp. OYJ	2,312		70,506
UPM-Kymmene OYJ	14,893		286,021
Uponor OYJ	1,644		32,051
Wartsila OYJ Class B	1,724		49,779
YIT-Yhtyma OYJ	1,519		50,735
			3,884,185
France (9.46%)
Accor SA	5,735		269,072
Air France	3,523		53,548
Air Liquide	3,124		532,674
Alcatel SA (a)	35,155		385,863
Alstom (a)	126,475		125,504
Arcelor	14,287		280,434
Atos Origin (a)	1,589		100,761
Autoroutes Du Sud De La France	1,684		96,392
AXA Co.	40,528		1,013,759
BNP Paribas	22,709		1,558,190
Bouygues	5,791		240,093
Business Objects SA (a)	1,980		53,026
Cap Gemini (a)	3,630		115,444
Carrefour SA	15,987		775,801
Casino Guichard Perrachon	1,079		75,799
CNP Assurances	1,017		65,105
Compagnie De Saint-Gobain	8,863		492,196
Compagnie Generale des Etablissements Michelin Class B	4,088		249,086
Credit Agricole SA	18,796		476,756
Dassault Systemes SA	1,552		75,220
Essilor International	2,805		191,788
Euronext	2,738		92,742
European Aeronautic Defense	6,989		222,861
France Telecom SA	41,957		1,226,706
Gecina SA	265		30,081
Groupe Danone	6,812		599,306
Hermes International SCA	261		52,652
Imerys SA	948		65,334
Klepierre	660		62,977
L’Oreal	8,688		623,993
Lafarge SA	4,852		442,429

See accompanying notes to financial statements.

37

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
France (Cont.)
Lagardere SCA	3,419	$	253,422
LVMH Moet Hennessy Louis Vuitton SA	7,041		544,471
Neopost SA	836		73,600
Pagesjuanes	3,355		78,400
Pernod-Ricard	1,454		232,262
Peugeot SA	4,506		267,085
Pinault-Printemps-Redoute	1,952		201,497
Publicis Groupe SA	3,766		111,338
Renault SA	5,351		472,065
Sagem SA	4,878		101,120
Sanef (a)	465		24,951
Sanofi-Aventis	30,157		2,477,976
Schneider Electric SA	6,491		489,765
SCOR SA	18,976		38,120
Societe BIC SA	856		51,080
Societe des Autoroutes Paris	981		58,194
Societe Generale Class A	9,458		963,147
Societe Television Francaise 1	3,413		90,783
Sodexho Alliance	2,848		88,265
STMicroelectronics NV	18,089		290,267
Suez SA	23,388		634,836
Technip-Coflexip SA	2,518		116,889
Thales SA	2,198		89,346
Thomson Multimedia	7,396		177,215
Total SA	16,286		3,829,362
Unibail	1,216		156,131
Valeo	1,942		87,189
Veolia Environnement	8,665		325,798
Vinci SA	4,140		344,689
Vivendi Universal SA	30,495		961,706
Zodiac SA	1,102		59,198
			24,335,759
Germany (6.42%)
Adidas-Salomon AG	1,303		218,406
Allianz AG	9,900		1,137,787
Altana AG	1,971		112,892
BASF AG	15,367		1,022,801
Bayer AG	18,583		620,450
Bayerische Hypo-Und Vereinsbank (a)	16,020		417,006
Beiersdorf AG	461		51,743
Celesio AG	1,090		85,726
Commerzbank AG	12,792		278,025
Continental AG	3,712		267,683
DaimlerChrysler AG	24,348		989,426
Deutsche Bank AG	13,789		1,079,800
Deutsche Boerse AG	3,016		236,289
Deutsche Lufthansa	6,549		80,521
Deutsche Post AG	13,949		326,129
Deutsche Telekom AG	77,305		1,431,325
Douglas Holding AG	1,264		45,736
E.On AG	17,745		1,582,213
Epcos AG (a)	1,433		17,966
Fresenius Medical Care	1,112	$	95,100
HeidelbergCement AG	1,910		137,504
Hiedelberger Druckmaschinen (a)	1,280		37,486
Hochtief AG	1,605		56,326
Hypo Real Estate Holding	3,803		144,923
Infineon Technologies AG (a)	17,716		165,509
IVG Immobilien AG	1,682		31,244
Karstadtquelle AG (a)	1,592		21,192
Linde AG	2,393		161,649
MAN AG	4,023		167,133
Merck KGaA	1,303		103,865
Metro AG	4,208		208,836
MLP AG	1,705		31,878
Muenchener Rueckvers AG	5,203		554,840
Premiere AG (a)	1,080		37,379
Puma AG	470		116,416
RWE AG	11,874		767,034
SAP AG	6,277		1,093,916
Schering AG	4,655		286,620
Siemens AG	22,852		1,668,663
Suedzucker AG	1,553		31,103
ThyssenKrupp AG	10,043		174,889
TUI AG	4,201		104,168
Volkswagen AG	6,383		292,136
Wincor Nixdorf AG	411		33,578
			16,525,311
Greece (0.58%)
Alpha Bank AE	8,064		215,081
Bank of Piraeus	4,578		85,317
Coca-Cola Hellenic Bottling	2,970		80,653
Cosmote Mobile Telecommunication	3,740		68,342
Duty Free Shops	860		14,966
EFG Eurobank Ergasias	5,610		173,118
Emporiki Bank of Greece SA (a)	1,627		48,396
Folli-Follie SA	400		11,724
Germanos SA	670		22,443
Greek Org of Football Prognostics SA	4,340		125,629
Hellenic Exchanges SA	1,570		11,552
Hellenic Petroleum SA	3,019		32,296
Hellenic Technodomiki Tev SA	3,096		15,586
Hellenic Telecommunications Org (a)	6,919		134,303
Hyatt Regency SA	925		10,119
Intracom SA	2,430		12,351
National Bank of Greece	7,508		255,130
Public Power Corp.	3,059		76,406
Technical Olympic SA	2,490		15,006
Titan Cement Co. SA	1,870		57,751
Viohalco	2,850		18,348
			1,484,517

See accompanying notes to financial statements.

38

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Hong Kong (1.75%)
ASM Pacific Technology	6,000	$	28,104
Bank of East Asia	37,405		110,468
BOC Hong Kong Holdings Ltd.	105,000		198,623
Cathay Pacific Airways Ltd.	30,000		54,626
Cheung Kong Holdings Ltd.	43,000		419,154
Cheung Kong Infrastructure	12,000		35,748
CLP Holdings Ltd.	51,283		294,328
Espirit Holdings Ltd.	26,500		191,819
Giordano International Ltd.	44,000		30,292
Hang Lung Properties Ltd.	52,000		76,618
Hang Seng Bank Ltd.	21,774		297,007
Henderson Land Development Co.	21,000		100,528
Hong Kong & China Gas Co. Ltd.	106,534		216,605
Hong Kong Exchange & Clearing	30,000		77,596
HongKong Electric	40,000		182,731
Hopewell Holdings	16,000		41,076
Hutchison Telecommunications International Ltd. (a)	38,000		37,653
Hutchison Whampoa Ltd.	61,210		553,340
Hysan Development Co.	17,000		35,330
Johnson Electric Holdings	44,716		41,143
Kerry Properties Ltd.	16,000		35,620
Kingboard Chemicals Holdings Co. Ltd.	16,000		51,062
Li & Fung Ltd.	46,000		95,599
MTR Corp.	36,000		69,489
New World Development	64,800		79,634
Orient Overseas International Ltd.	6,600		28,877
PCCW Ltd.	106,000		66,156
SCMP Group Ltd.	36,000		15,751
Shangri-La Asia Ltd.	32,271		49,833
Sino Land Co.	42,000		44,859
SmarTone Telecommunications Holdings Ltd.	5,000		5,501
Solomon Systech International Ltd.	46,000		16,278
Sun Hung Kai Properties	38,000		375,306
Swire Pacific Ltd. Class A	27,000		238,869
Techtronic Industries	27,500		69,537
Television Broadcasts Ltd.	8,000		45,194
Texwinca Holdings Ltd.	18,000		14,940
Wharf Holdings Ltd.	35,114		123,358
Wing Hang Bank Ltd.	4,000		26,123
Yue Yuen Industrial Holdings	13,500		41,346
			4,516,121
Ireland (0.86%)
Allied Irish Bank PLC	24,660		528,209
Bank of Ireland	27,794		451,380
CRH PLC	15,048		399,717
DCC PLC	2,156		43,050
Depfa Bank PLC	9,853		157,869
Elan Corp. PLC (a)	11,115		75,997
Fyffes PLC	8,271		24,723
Grafton Group PLC (a)	6,064	$	70,301
Greencore Group PLC	2,794		12,172
Iaws Group PLC	2,390		33,435
Independent News & Media PLC	16,318		50,355
Irish Life & Permanent PLC	7,589		132,890
Kerry Group PLC Class A	3,805		93,934
Kingspan Group PLC	3,636		42,945
Paddy Power PLC	863		14,736
Ryanair Holdings PLC (a)	9,352		72,318
			2,204,031
Italy (3.91%)
Alleanza Assicurazioni	12,056		131,014
Arnoldo Mondadori Editore	3,562		33,946
Assicurazione Generali Itl	27,150		847,674
Autogrill SpA	3,779		49,847
Autostrade SpA	8,046		213,822
Banca Antonveneta SpA	6,580		212,606
Banca Fideuram SpA	9,185		43,627
Banca Intesa SpA	93,324		427,463
Banca Intesa	26,794		114,622
Banca Monte Dei Paschi Siena	32,096		113,319
Banca Nazionale del Lavoro SpA (a)	39,445		136,282
Banca Popolare Di Verona	10,569		180,084
Banche Popolari Unite SCRL	9,845		195,388
Banco Popolare di Milano SCRL	11,081		109,356
Benetton Group	1,758		16,222
Bulgari SpA	3,409		38,222
Capitalia SpA	40,327		225,952
Edison SpA (a)	25,576		56,949
Enel SpA	103,666		903,250
ENI SpA	74,165		1,912,589
Fiat SpA (a)	15,210		110,622
FinecoGroup SpA	5,048		45,266
Finmeccanica SpA	169,526		158,480
Gruppo Editoriale L’Espresso	5,499		30,079
Italcementi SpA	2,020		31,559
Lottomatica SpA	724		23,603
Luxottica Group SpA	3,880		80,432
Mediaset SpA	23,518		277,203
Mediobanca SpA	13,878		260,146
Mediolanum SpA	7,055		44,139
Pirelli & Co.	76,738		80,049
Riunione Adriatica di Sicurta SpA	8,591		167,278
San Paolo - IMI SpA	31,335		430,772
Seat Pagine Gaille (a)	118,660		49,541
Snam Rete Gas	26,949		144,310
Telecom Italia Media SpA (a)	38,241		18,418
Telecom Italia RNC SpA	166,220		431,469
Telecom Italia SpA	303,682		948,151
Terna SpA	34,180		88,620
Tiscali SpA (a)	4,618		13,175

See accompanying notes to financial statements.

39

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Italy (Cont.)
UniCredito Italiano SpA	125,987	$	665,883
			10,061,429
Japan (21.51%)
77 Bank Ltd.	10,000		61,581
Acom Co. Ltd.	2,080		133,341
Aderans Co. Ltd.	900		21,301
Advantest Corp.	1,990		146,949
Aeon Co. Ltd.	18,100		275,963
Aeon Credit Service Co. Ltd.	800		50,059
Aiful Corp.	1,800		134,217
Aisin Seiki Co. Ltd.	5,200		112,758
Ajinomoto Co. Inc.	17,000		189,298
Alfresa Holdings Corp.	600		26,778
All Nippon Airways Co. Ltd.	13,000		39,618
Alps Electric Co. Ltd.	5,000		76,549
Amada Co. Ltd.	10,000		68,073
Amano Corp.	2,000		23,839
Anritsu Corp.	2,000		12,208
Aoyama Trading Co. Ltd.	1,600		40,321
Ariake Japan Co. Ltd.	440		10,116
Asahi Breweries Ltd.	11,100		132,307
Asahi Glass Co. Ltd.	28,000		294,365
Asahi Kasei Corp.	35,000		166,622
Asatsu DK Inc.	800		22,288
Astellas Pharma Inc.	15,451		527,989
Autobacs Seven Co. Ltd.	600		20,179
Bandai Co. Ltd.	2,200		44,432
Bank of Fukuoka Ltd.	15,000		88,856
Bank of Kyoto	6,000		51,014
Bank of Yokohama Ltd.	36,000		208,061
Benesse Corp.	1,900		60,986
Bridgestone Corp.	19,000		365,747
Canon Inc.	21,500		1,132,089
Canon Sales Co. Inc.	2,000		33,721
Casio Computer Co. Ltd.	5,500		71,905
Central Glass Co. Ltd.	6,000		37,490
Central Japan Railway Co.	29		224,083
Chiba Bank Ltd.	20,000		131,819
Chiyoda Corporation	4,000		49,590
Chubu Electric Power Co. Inc.	17,100		410,116
Chugai Pharmaceutical Co. Ltd.	7,500		115,770
Circle K Sunkus Co. Ltd.	1,100		24,745
Citizen Watch Co. Ltd.	8,000		72,419
Coca-Cola West Japan Co. Ltd.	1,200		26,995
Comsys Holdings Corp.	3,000		27,725
Credit Saison Co. Ltd.	4,400		146,389
CSK Corp.	1,900		74,691
Dai Nippon Printing Co. Ltd.	19,000		306,131
Daicel Chemical Industries	7,000		36,859
Daido Steel Co. Ltd.	10,000		45,082
Daiichi Pharmaceutical	7,000		154,945
Daikin Industries Ltd.	6,400		160,130
Dainippon Ink & Chemical Inc.	18,000	$	57,614
Dainippon Screen Manufacturing Co. Ltd.	5,000		33,676
Daito Trust Construction Co. Ltd.	2,600		97,286
Daiwa House Industry Co. Ltd.	14,000		160,436
Daiwa Securities Group Inc.	36,000		222,667
Denki Kagaku Kogyo KK	14,000		50,365
Denso Corp.	15,200		346,046
Dentsu Inc.	49		121,053
Dowa Mining Co. Ltd.	8,000		53,377
E*Trade Securities Co. Ltd.	11		33,423
eAccess Ltd.	34		22,900
East Japan Railway Co.	100		513,930
Ebara Corp.	9,000		34,650
Eisai Co. Ltd.	7,200		242,142
Electric Power Development	3,900		112,875
Elpida Memory Inc. (a)	1,000		32,278
Familymart Co. Ltd.	1,900		54,477
Fanuc Ltd.	5,000		317,825
Fast Retailing	1,500		77,901
Fuji Electric Holdings Co. Ltd.	15,000		45,713
Fuji Photo Film Co. Ltd.	13,900		447,417
Fuji Soft ABC Inc.	800		25,534
Fuji Television Network Inc.	20		38,770
Fujikura Ltd.	9,000		43,982
Fujitsu Ltd.	50,000		262,375
Furukawa Electric Co. Ltd. (a)	16,000		62,032
Glory Ltd.	1,600		25,621
Goodwill Group Inc.	12		21,964
Gunma Bank Ltd.	11,000		66,153
Gunze Ltd.	5,000		22,451
Hakuhodo DY Holdings Inc.	600		42,088
Hankyu Department Stores	3,000		18,988
Hikari Tsushin Inc.	600		43,170
Hino Motors Ltd.	6,000		34,785
Hirose Electric Co. Ltd.	900		99,080
Hitachi Cable Ltd.	4,000		17,564
Hitachi Capital Corp.	1,400		27,707
Hitachi Chemical Co. Ltd.	3,100		56,879
Hitachi Construction Machine	3,000		35,786
Hitachi Ltd.	92,000		559,084
Hitachi Sofware Engineering	800		13,597
Hokkaido Electric Power	5,300		108,475
Hokuhoku Financial Group Inc.	31,000		95,032
Honda Motor Co. Ltd.	22,400		1,104,752
House Foods Corp.	2,200		32,531
Hoya Corp.	3,100		357,768
Ibiden Co. Ltd.	2,500		65,594
Index Corp.	12		36,462
Inpex Corp.	11		62,285
Isetan Co Ltd	5,000		62,799
Ishihara Sangyo Kaisha Ltd.	8,000		17,672

See accompanying notes to financial statements.

40

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Ishikawajima-Harima Heavy Industries Co. Ltd. (a)	35,000	$	50,807
Ito En Ltd.	800		41,042
Ito-Yokado Co. Ltd.	9,700		321,847
Itochu Corp.	43,000		217,501
Itochu Techno-Science Corp.	900		31,566
JAFCO Co. Ltd.	800		42,557
Japan Airlines Corp.	18,000		48,526
Japan Prime Investment Corp.	11		32,531
Japan Real Estate Investment	8		67,947
Japan Retail Fund Investment	7		60,022
Japan Tobacco Inc.	26		346,948
JFE Holdings Inc.	15,500		382,923
JGC Corp.	6,000		73,790
Joyo Bank Ltd.	21,000		102,624
JS Group Corp.	7,000		118,529
JSR Corp.	5,000		105,491
Kajima Corp.	25,000		92,417
Kaken Pharmaceutical Co. Ltd.	2,000		13,741
Kamigumi Co. Ltd.	7,000		54,026
Kaneka Corp.	8,000		89,803
Kansai Electric Power	21,700		436,309
Kansai Paint Co. Ltd.	7,000		45,064
Kao Corp.	15,000		353,665
Katokichi Co. Ltd.	2,700		18,380
Kawasaki Heavy Industries Ltd.	37,000		71,058
Kawasaki Kisen Kaisha Ltd.	14,000		83,058
KDDI Corp.	71		328,401
Keihin Electric Express Railway	12,000		73,357
Keio Electric Railway Co. Ltd.	15,000		81,012
Keisei Electric Co.	6,000		30,024
Keyence Corp.	880		197,248
Kikkoman Corp.	4,000		35,380
Kinden Corp.	4,000		29,574
Kinki Nippon Railway Co Ltd	45,000		137,138
Kirin Brewery Co. Ltd.	22,000		213,038
Kobe Steel Ltd.	75,000		141,331
Kokuyo Co. Ltd.	2,100		28,326
Komatsu Ltd.	27,000		209,602
Komori Corp.	2,000		30,241
Konami Corp.	2,600		54,855
Konica Minolta Holdings Inc.	13,000		121,432
Kose Corp.	800		27,626
Koyo Seiko Co. Ltd.	4,000		53,557
Kubota Corp.	29,000		158,976
Kuraray Co. Ltd.	11,000		104,238
Kurita Water Industries Ltd.	3,000		46,335
Kyocera Corp.	4,600		351,709
Kyowa Hakko Kogyo Co Ltd.	10,000		64,827
Kyushu Electric Power	11,400		247,714
Lawson Inc.	1,600		55,829
Leopalace21 Corp.	3,600		59,821
Mabuchi Motor Co. Ltd.	800		46,091
Makita Corp.	3,000	$	58,967
Marubeni Corp.	37,000		127,103
Marui Co. Ltd.	9,000		121,315
Matsui Securities Co. Ltd.	3,000		32,242
Matsumotokiyoshi Co. Ltd.	1,000		27,229
Matsushita Electric Industries	60,000		910,468
Matsushita Electric Works	9,114		75,929
Mediceo Holdings Co. Ltd.	3,600		48,006
Meiji Dairies Corp.	7,000		40,014
Meiji Seika Kaisha Ltd.	9,000		44,387
Meitec Corp.	1,000		30,746
Millea Holdings Inc.	43		577,676
Minebea Co. Ltd.	8,000		32,314
Mitsubishi Chemical Corp.	47,000		137,724
Mitsubishi Corp.	33,200		451,407
Mitsubishi Electric Corp.	54,000		286,286
Mitsubishi Estate Co. Ltd.	31,000		341,277
Mitsubishi Gas Chem Co.	10,000		51,213
Mitsubishi Heavy Industries Ltd.	82,000		214,408
Mitsubishi Logistics Corp.	3,000		30,701
Mitsubishi Materials Corp.	25,000		59,057
Mitsubishi Rayon Co. Ltd.	14,000		58,065
Mitsubishi Securities Co. Ltd.	5,000		44,315
Mitsubishi Tokyo Financial	140		1,187,810
Mitsui & Co. Ltd.	40,000		378,685
Mitsui Chemicals Inc.	17,000		99,784
Mitsui Engineering & Shipbuilding	19,000		37,174
Mitsui Fudosan Co. Ltd.	22,000		246,957
Mitsui Mining & Smelting Co.	17,000		79,858
Mitsui OSK Lines Ltd.	31,000		191,462
Mitsui Sumitomo Insurance Co.	35,000		315,256
Mitsui Trust Holding Inc.	15,000		154,179
Mitsukoshi Ltd.	10,000		45,082
Mitsumi Electric Co. Ltd.	1,600		16,489
Mizuho Financial Group Inc.	240		1,086,286
Murata Manufacturing Co. Ltd.	6,000		305,653
Namco Ltd.	1,800		23,955
NEC Corp.	53,000		286,719
NEC Electronics Corp.	1,000		45,082
Net One Systems Co. Ltd.	13		33,523
NGK Insulators Ltd.	8,000		77,973
NGK Spark Plug Co. Ltd.	5,000		57,659
NHK Spring Co. Ltd.	4,000		33,721
Nichii Gakkan Co.	550		13,389
Nichirei Corp.	8,000		31,160
Nidec Corp.	1,500		158,777
Nikko Cordial Corp.	45,000		197,998
Nikon Corp.	8,000		90,596
Nintendo Co. Ltd.	2,900		303,309
Nippon Building Fund Inc.	9		81,147
Nippon Electric Glass Co. Ltd.	5,000		75,557
Nippon Express Co. Ltd.	22,000		95,609
Nippon Kayaku Co. Ltd.	5,000		30,069

See accompanying notes to financial statements.

41

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Nippon Light Metal Co. Ltd.	11,000	$	26,084
Nippon Meat Packers Inc.	5,000		58,110
Nippon Mining Holdings Inc.	22,500		127,603
Nippon Oil Corp.	37,000		251,204
Nippon Paper Group Inc.	25		91,741
Nippon Sheet Glass Co. Ltd.	10,000		39,131
Nippon Shokubai Co. Ltd.	3,000		24,506
Nippon Steel Corp.	177,000		411,739
Nippon Telegraph & Telephone Corp.	150		642,413
Nippon Yusen Kabushiki Kaish	30,000		172,572
Nishi-Nippon City Bank Ltd.	13,000		56,731
Nishimatsu Construction Co.	7,000		25,246
Nissan Chemical Industries	4,000		43,062
Nissan Motor Co. Ltd.	64,200		635,575
Nisshin Seifun Group Inc.	5,000		51,889
Nisshin Steel Co. Ltd.	26,000		65,404
Nisshinbo Industries Inc.	5,000		40,934
Nissin Food Products Co. Ltd.	2,600		66,694
Nitori Co. Ltd.	450		32,256
Nitto Denko Corp.	4,700		269,516
NOK Corp.	3,100		86,647
Nomura Holdings Inc.	50,900		609,001
Nomura Real Estate Office Fund Inc.	5		37,959
Nomura Research Institute	600		59,940
NSK Ltd.	13,000		66,694
NTN Corp.	12,000		64,485
NTT Data Corp.	35		119,601
NTT DoCoMo Inc.	499		737,859
NTT Urban Development Corp.	5		20,512
OBIC Co. Ltd.	200		33,955
Odakyu Electric Railway Co.	18,000		95,104
Ohbayashi Corp.	16,000		86,124
Oji Paper Co. Ltd.	23,000		120,070
Oki Electric Industries Co. Ltd.	16,000		56,406
Okumura Corp.	5,000		28,266
Olympus Corp.	7,000		134,433
Omron Corp.	6,000		132,269
Onward Kashiyama Co. Ltd.	4,000		50,636
Oracle Corp.	900		34,001
Oriental Land Co. Ltd.	1,400		83,058
Orix Corp.	2,300		345,073
Osaka Gas Co. Ltd.	57,000		179,362
Pioneer Corp.	4,400		66,609
Promise Co. Ltd.	2,500		160,265
QP Corp.	4,300		35,940
Rakuten Inc.	139		111,416
Resona Holdings Inc. (a)	131,000		244,496
Ricoh Co. Ltd.	19,000		296,880
Rinnai Corp.	900		22,194
Rohm Co. Ltd.	3,100		299,071
Ryohin Keikaku Co. Ltd.	700		34,587
Sanden Corp.	3,000		12,632
Sanken Electric Co. Ltd.	3,000		39,140
Sankyo Co. Ltd.	10,700	$	205,491
Sankyo Co. Ltd. GUNMA	1,400		65,134
Santen Pharmaceutical Co. Ltd.	2,100		47,620
Sanwa Shutter Corp.	4,000		23,046
Sanyo Electric Co. Ltd.	44,000		112,271
Sapporo Breweries	7,000		33,766
SBI Holdings Inc.	138		46,473
Secom Co. Ltd.	6,000		258,047
Sega Sammy Holdings Inc.	1,984		121,641
Seiko Epson Corp.	2,900		96,745
Seino Tranportation Co. Ltd.	4,000		36,137
Sekisui Chemical	12,000		82,662
Sekisui House Ltd.	14,000		141,502
Seven-Eleven Japan	10,600		294,365
SFCG Co. Ltd.	160		37,436
Sharp Corp.	27,000		422,126
Shimachu Co. Ltd.	1,500		37,733
Shimamura Co. Ltd.	500		42,196
Shimano Inc.	2,200		62,483
Shimizu Corp.	17,000		79,244
Shin-Etsu Chemical Co. Ltd.	10,400		394,771
Shinko Securities Co. Ltd.	13,000		41,259
Shinsei Bank Ltd.	27,000		145,577
Shionogi & Co. Ltd.	9,000		116,121
Shiseido Co. Ltd.	10,000		126,228
Shizuoka Bank Ltd.	17,000		146,073
Showa Denko K.K.	28,000		66,396
Showa Shell Sekiyu K.K.	4,300		43,035
Skylark Co. Ltd.	2,100		31,961
SMC Corp.	1,600		174,556
Softbank Corp.	6,900		270,625
Sojitz Holdings Corp. (a)	5,100		22,026
Sompo Japan Insurance Inc.	23,000		232,260
Sony Corp.	26,400		909,278
Stanley Electric Co. Ltd.	4,900		79,524
Sumitomo Bakelite Co. Ltd.	5,000		32,369
Sumitomo Chemical Co. Ltd.	42,000		193,129
Sumitomo Corp.	29,000		232,450
Sumitomo Electric Industries	20,000		204,851
Sumitomo Heavy Industries	17,000		81,697
Sumitomo Metal Industries	114,000		195,293
Sumitomo Metal Mining Co. Ltd.	15,000		102,921
Sumitomo Mitsui Financial Group Inc.	116		784,420
Sumitomo Osaka Cement Co. Ltd.	11,000		29,258
Sumitomo Realty & Development	11,000		123,379
Sumitomo Rubber Industries	4,000		40,826
Sumitomo Trust & Banking	36,000		219,097
Surgua Bank Ltd.	6,000		48,905
Suzuken Co. Ltd.	1,440		36,289
T&D Holdings Inc.	6,400		301,217
Taiheiyo Cement Corp.	23,000		61,383
Taisei Corp.	25,000		84,303
Taisho Pharmaceutical Co. Ltd.	5,000		97,376

See accompanying notes to financial statements.

42

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Taiyo Nippon Sanso Corp.	8,000	$	40,682
Taiyo Yuden Co. Ltd.	3,000		33,270
Takara Holdings Inc.	5,000		31,151
Takashimaya Co. Ltd.	8,000		71,626
Takeda Pharmaceutical Co. Ltd.	25,400		1,259,580
Takefuji Corp.	3,100		209,629
Takuma Co. Ltd.	2,000		14,192
Tanabe Seiyaku Co. Ltd.	6,000		57,885
TDK Corp.	3,400		231,755
Teijin Ltd.	22,000		102,155
Teikoku Oil Co.	5,000		37,237
Terumo Corp.	4,700		135,605
The Daimaru Inc.	6,000		53,232
THK Co. Ltd.	2,600		53,683
TIS Inc.	1,000		34,172
Tobu Railway Co. Ltd.	24,000		86,989
Toda Corp.	6,000		25,642
Toho Co. Ltd.	3,800		54,819
Tohoku Electric Power	12,700		270,810
Tokuyama Corporation	6,000		42,737
Tokyo Broadcasting System	1,000		16,554
Tokyo Electric Power Co.	32,900		784,605
Tokyo Electron Ltd.	4,700		248,751
Tokyo Gas Co. Ltd.	67,000		250,699
Tokyo Steel Mfg. Co. Ltd.	3,000		37,950
Tokyo Style Co. Ltd.	2,000		19,980
Tokyo Tatemono Co. Ltd.	6,000		40,303
Tokyu Corp.	27,000		121,233
Tokyu Land Corp.	10,000		47,155
Tonengeneral Sekiyu KK	9,000		97,376
Toppan Printing Co. Ltd.	16,000		169,507
Toray Industries Inc.	37,000		175,476
Toshiba Corp.	83,000		330,773
Tosoh Corp.	14,000		58,191
Toto Ltd.	9,000		71,166
Toyo Seikan Kaisha Ltd.	4,600		72,706
Toyo Suisan Kaisha Ltd.	3,000		46,957
Toyobo Co. Ltd.	14,000		32,693
Toyoda Gosei Co. Ltd.	1,600		25,765
Toyota Industries Corp.	5,500		150,257
Toyota Motor Corp.	82,200		2,942,332
Toyota Tsusho Corp.	5,000		81,643
Trend Micro Inc.	2,500		89,036
UBE Industries Ltd.	25,000		50,942
UFJ Holdings Inc. (a)	112		583,680
Uni-Charm Corp.	1,200		48,255
Uniden Corp.	2,000		31,665
UNY Co. Ltd.	5,000		56,848
Ushio Inc.	3,000		53,422
USS Co. Ltd.	710		45,259
Wacoal Corp.	3,000		37,977
West Japan Railway Co.	48		164,458
World Co. Ltd.	1,000		34,983
Yahoo! Japan Corp.	108	$	226,887
Yakult Honsha Co. Ltd.	3,700		66,721
Yamada Denki Co. Ltd.	2,100		120,801
Yamaha Corp.	4,600		71,752
Yamaha Motor Co. Ltd.	5,500		100,915
Yamato Transport Co. Ltd.	11,000		152,736
Yamazaki Baking Co. Ltd.	3,000		25,886
Yaskawa Electric Corp. (a)	5,000		29,754
Yokogawa Electric Corp.	6,000		74,168
Zeon Corp.	4,000		34,587
			55,360,882
Netherlands (4.87%)
ABN AMRO Holdings NV	49,425		1,217,167
Aegon NV	39,891		517,016
Akzo Nobel NV	7,693		303,310
ASML Holding NV (a)	13,963		220,003
Buhrmann NV	3,065		30,303
Corio NV	1,172		65,483
DSM NV	2,140		146,578
Getronics NV	3,414		40,323
Hagemeyer NV (a)	17,543		41,610
Heineken NV	6,931		214,218
ING Groep NV	53,471		1,512,224
Koninklijke Ahold NV (a)	44,092		362,834
Koninklijke KPN NV	59,440		499,203
Koninklijke Numico NV (a)	4,175		167,133
OCE NV	2,286		33,695
Philips Electronics NV	37,288		943,093
Qiagen NV (a)	4,066		47,581
Randstad Holding NV	1,345		46,486
Reed Elsevier NV	20,378		284,088
Rodamco Europe NV	1,401		114,865
Royal Dutch Petroleum Co.	58,972		3,853,708
SBM Offshore NV	883		60,588
TNT Post Group	11,005		279,006
Unilever NV-CVA	16,168		1,049,700
Vedior NV-CVA	4,907		69,239
VNU NV	6,846		191,128
Wereldhave NV	569		60,698
Wolters Kluwer - CVA	8,109		155,243
			12,526,523
New Zealand (0.23%)
Auckland International Airport	37,656		62,625
Carter Holt Harvey Ltd.	19,351		30,701
Contact Energy Ltd.	8,708		46,658
Fisher & Paykel Appliances Class H	6,917		16,124
Fisher & Paykel Healthcare Class C	13,842		31,400
Fletcher Building Ltd.	12,305		59,166
Kiwi Income Property Trust	13,307		10,186
NGC Holdings Ltd.	3,020		7,986

See accompanying notes to financial statements.

43

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
New Zealand (Cont.)
Sky City Entertainment Group	11,467	$	35,747
Sky Network Television Ltd.	3,770		14,953
Telecom Corp. of New Zealand	55,339		231,431
The Warehouse Group Ltd.	6,267		17,444
Tower Ltd. (a)	9,053		13,544
Waste Management Ltd.	3,571		16,723
			594,688
Norway (0.73%)
DNB NOR ASA	19,036		198,829
Frontline Ltd.	1,500		60,144
Norsk Hydro ASA	3,965		364,079
Norske Skogindustrier Class ASA	3,165		52,191
Orkla ASA Class A	5,298		195,402
Petroleum Geo-Services (a)	1,662		40,060
Prosafe ASA	818		24,599
Schibsted ASA	1,284		35,370
Smedvig ASA Class A	1,055		21,393
Statoil ASA	18,814		384,382
Stolt Offshore SA (a)	5,345		48,875
Stolt-Nielsen SA (a)	1,018		34,275
Storebrand ASA	6,883		64,519
Tanberg Television ASA (a)	1,585		19,708
Tandberg ASA	3,586		38,416
Telenor ASA	22,252		177,933
Tomra Systems ASA	5,858		24,205
Yara International ASA	6,266		99,730
			1,884,110
Portugal (0.30%)
Banco BPI SA	10,426		39,743
Banco Comercial Portugues-R	58,256		149,457
Banco Espirito Santo	3,010		46,952
Brisa Auto-Estradas-Priv Shr	10,061		79,018
Cimpor-Cimentos De Portugal	5,358		30,086
Energias De Portugal SA	50,383		126,820
Jeronimo Martins	1,113		15,961
Portugal Telecom SGPS SA	21,793		206,763
PT Multimedia Servicos	2,826		29,719
Sonae SGPS SA	26,818		36,997
			761,516
Singapore (0.89%)
Allgreen Properties Ltd.	14,000		9,633
Ascendas Real Estate Investment Trust	20,000		26,218
Capitaland Ltd.	29,128		41,121
Capitamall Trust	19,000		26,823
Chartered Semiconductor Mfg. Ltd. (a)	30,600		24,141
City Developments Ltd.	13,031		57,972
Comfortdelgro Corp. Ltd.	46,000		46,113
Cosco Corp. Singapore Ltd.	13,000		14,960
Creative Technology Ltd.	1,500		9,876
Datacraft Asia Ltd. (a)	10,000	$	11,100
DBS Group Holdings Ltd.	32,445		275,210
Fraser & Neave Ltd.	5,300		49,358
Haw Par Corp. Ltd.	3,374		10,307
Jardine Cycle & Carriage Ltd.	4,015		31,675
Keppel Corp. Ltd.	16,001		118,642
Keppel Land Ltd.	9,000		13,346
Neptune Orient Lines Ltd.	13,000		29,149
Noble Group Ltd.	25,000		21,503
Olam International Ltd. (a)	19,000		9,918
Oversea-Chinese Banking Corp.	36,000		247,709
Overseas Union Enterprise	3,000		16,194
Parkway Holdings Ltd.	22,000		24,534
Sembcorp Industries Ltd.	28,200		44,662
Sembcorp Logistics Ltd.	8,392		8,562
Sembcorp Marine Ltd.	13,000		20,281
Singapore Airlines Ltd.	15,000		99,653
Singapore Exchange Ltd.	25,000		31,290
Singapore Land Ltd.	6,000		20,109
Singapore Post Ltd.	38,000		22,428
Singapore Press Holdings Ltd.	44,200		112,738
Singapore Technologies Engineering	39,381		56,531
Singapore Telecommunications	188,790		310,199
SMRT Corp. Ltd.	28,000		19,598
Stats Chippac Ltd. (a)	23,000		16,508
Suntec REIT	18,000		13,026
United Overseas Bank	34,616		291,572
United Overseas Land Ltd.	12,462		16,853
Venture Corp. Ltd.	6,397		60,712
Want Want Holdings Ltd.	8,000		10,160
Wing Tai Holdings Ltd.	14,000		8,263
			2,278,647
Spain (3.96%)
Abertis Infraestructuras SA	6,090		155,282
AC. Acerinox	5,152		70,265
Acciona SA	801		79,485
ACS Activades Cons Y Serv	7,605		212,962
Aguas De Barcelona Class A	2,160		46,580
Altadis SA	7,639		320,501
Amadeus Global Travel	9,399		82,235
Antena 3 de Television SA	2,324		46,517
Banco Bilbao Vizcaya Argenta	96,050		1,483,157
Banco Popular Espanol	24,475		295,888
Banco Santander Central Hispano SA	169,375		1,965,654
Cintra Concesiones De Infrae (a)	5,493		64,546
Corporacion Mapfre SA	2,925		43,786
Ebro Puleva SA	1,994		35,472
Endesa SA	27,417		643,998
Fomento De Construct Y Contra	1,379		77,749
Gamesa Corp Technologica	3,246		44,035
Gas Natural SDG SA	4,805		141,764
Grupo Ferrovial	1,726		111,329

See accompanying notes to financial statements.

44

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Spain (Cont.)
Iberdrola SA	22,768	$	601,200
Iberia (Lineas Aer De Espana)	12,205		35,005
Inditex	6,524		168,006
Indra Sistemas SA	3,438		68,107
Inmobiliaria Colonial SA	793		42,225
Metrovacesa SA	1,179		69,512
Metrovacesa SA (a)	59		3,488
Metrovacesa SA Rights (a)	1,238		6,712
NH Hoteles SA	2,552		35,052
Promotora De Infom SA	2,292		44,462
Repsol YPF SA	26,147		669,540
Sacyr Vallehermoso SA	3,041		71,724
Sacyr Vallehermoso SA Rights (a)	3,041		2,245
Sogecable (a)	1,070		38,056
Telefonica Publicidad e Information SA	4,845		42,391
Telefonica SA	131,615		2,156,570
Union Fenosa SA	5,958		181,766
Zeltia SA	4,675		31,682
			10,188,948
Sweden (2.38%)
Alfa Laval AB	2,441		35,310
ASSA Abloy AB Class B	8,400		108,067
Atlas Copco AB Class A	9,768		155,051
Atlas Copco AB Class B	5,646		81,309
Axfood AB	665		16,685
Billerud Aktiebolag	1,796		21,496
Capio AB (a)	2,419		35,611
Castellum AB	979		39,853
D. Carnegie & Co. AB	1,400		16,577
Electrolux AB Class B	8,121		173,089
Elekta AB Class B (a)	835		34,632
Eniro AB	4,693		53,467
Ericsson LM Class B	423,081		1,359,388
Fabege AB	2,719		59,170
Gambro AB Class A	4,738		63,381
Gambro AB Class B	2,764		36,974
Getinge AB Class B	4,985		67,961
Hennes & Mauritz AB Class B	13,329		469,220
Hoganas AB Class B	736		19,738
Holmen AB Class B	1,523		41,137
Lundin Petroleum AB (a)	4,860		41,683
Modern Times Group (a)	1,492		45,743
Nordea Bank AB	61,066		555,014
OMX AB (a)	2,116		24,107
Oriflame Cosmetics SA	1,050		23,925
Sandvik AB	5,825		216,615
SAS AB (a)	2,285		19,671
Scania AB Class B	2,653		97,808
Securitas AB Class B	8,524		142,397
Skandia Forsakrings AB	29,035		159,450
Skandinaviska Enskilda Bank Class A	13,526		225,091
Skanska AB Class B	10,525	$	130,016
SKF AB Class B	10,220		104,661
SSAB Svenskt AB Series A	1,528		35,208
SSAB Svenskt AB Series B	652		14,356
Svenska Cellulosa AB Class B	5,467		174,959
Svenska Handelsbanken	14,716		300,467
Swedish Match AB	9,931		112,826
Tele2 AB Class B	8,751		82,336
Telelogic AB (a)	6,418		12,324
TeliaSonera AB	55,287		263,984
Trelleborg AB Class B	2,394		35,549
Volvo AB Class A	2,774		109,371
Volvo AB Class B	6,502		264,679
Wihlborgs Fastigheter AB	665		16,174
WM Data AB	10,175		25,659
			6,122,189
Switzerland (6.67%)
ABB Ltd. (a)	55,407		363,183
Adecco SA	3,685		167,931
Ciba Specialty Chemicals AG	1,902		110,870
Clariant AG (a)	6,575		87,479
Compagnie Financiere Richemont AG Class A	14,258		479,532
Credit Suisse Group	34,678		1,367,907
Geberit AG Reg	102		65,267
Givaudan	218		126,819
Holcim Ltd.	5,085		309,504
Kudelski SA Bearer (a)	1,008		36,891
Kuoni Reisen Holding (a)	78		31,681
Logitech International SA (a)	2,444		78,574
Lonza Group AG	1,044		57,801
Micronas Semiconductor (a)	1,010		38,225
Nestle SA	11,486		2,939,842
Nobel Biocare Holding AG	102		20,695
Nobel Biocare Holding AG	543		109,408
Novartis AG	67,263		3,204,375
Phonak Holding AG	1,185		44,478
PSP Swiss Property AG (a)	866		37,573
Rieter Holding AG	136		37,675
Roche Holding AG	19,998		2,531,155
Schindler Holding AG	156		56,362
Serono SA Class B	186		118,872
SGS SA	120		82,450
SIG Holding AG	155		35,106
Straumann Holding AG	224		46,670
Sulzer AG	107		44,169
Swiss Reinsurance	9,063		557,288
Swisscom AG	680		221,803
Syngenta AG (a)	3,038		312,690
Synthes Inc.	1,342		147,342
The Swatch Group AG	1,683		48,133

See accompanying notes to financial statements.

45

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Switzerland (Cont.)
The Swatch Group AG Class B	971	$	136,387
UBS AG	30,440		2,375,341
Unaxis Holding AG (a)	184		25,270
Valora Holding AG (a)	102		23,102
Zurich Financial Services (a)	4,055		698,669
			17,176,519
United Kingdom (24.72%)
3I Group PLC	17,439		211,844
Aegis Group PLC	32,680		58,260
Aggreko PLC	6,054		20,121
Alliance Unichem PLC	7,225		109,968
AMEC PLC	9,756		57,683
Amvescap PLC	21,079		125,765
Anglo American PLC	40,627		952,839
ARM Holdings PLC	39,814		80,787
Arriva PLC	6,186		60,405
Associated British Ports Holdings PLC	9,292		82,077
AstraZeneca PLC	46,566		1,928,120
Aviva PLC	67,254		749,504
BAA PLC	30,394		337,633
BAE Systems PLC	92,030		473,235
Balfour Beatty PLC	11,946		70,793
Barclays PLC	183,828		1,829,621
Barratt Developments PLC	6,776		86,987
BBA Group PLC	12,207		67,473
Bellway PLC	3,184		49,232
BG Group PLC	101,158		831,914
BHP Billiton PLC	69,942		892,243
BOC Group PLC	14,845		267,042
Boots Group PLC	21,456		234,116
Bovis Homes Group PLC	2,812		35,772
BP PLC	609,177		6,341,397
BPB PLC	13,757		130,390
Brambles Industries PLC	21,292		116,736
Britannic PLC	4,694		42,787
British Airways PLC (a)	15,321		72,332
British American Tobacco PLC	45,494		877,065
British Land Co. PLC	15,405		241,786
British Sky Broadcasting PLC	35,171		332,409
Brixton PLC	6,836		43,634
BT Group PLC	241,773		996,325
Bunzl PLC (a)	9,724		90,769
Cable & Wireless PLC	67,674		180,665
Cadbury Schweppes PLC	59,360		566,874
Capita Group PLC	18,672		123,113
Carnival PLC	4,845		274,921
Cattles PLC	9,132		50,394
Centrica PLC	106,220		441,054
Close Brothers Group PLC	3,443		45,433
Cobham PLC	3,104		78,694
Compass Group PLC	60,741		255,206
Cookson Group PLC (a)	5,722		31,320
Corus Group PLC (a)	114,750	$	86,351
Daily Mail & General NV	8,451		99,556
Davis Service Group PLC	5,665		46,030
De La Rue PLC	5,153		37,484
Diageo PLC	85,148		1,255,566
Dixons Group PLC	55,280		155,501
Eircom Group PLC	14,220		31,663
Electrocomponents PLC	13,264		57,155
EMAP PLC	7,468		104,100
EMI Group PLC	22,028		100,248
Enterprise Inns	9,836		146,977
Exel PLC	8,270		125,799
First Choice Holidays PLC	11,134		38,102
FirstGroup PLC	11,683		68,920
FKI PLC	14,846		25,868
Friends Provident PLC	54,712		178,410
Gallaher Group PLC	18,079		268,531
GKN PLC	20,220		93,469
GlaxoSmithKline PLC	167,104		4,044,897
Great Portland Estates	3,771		23,614
Group 4 Securicor PLC (a)	32,208		84,829
GUS PLC	28,293		446,348
Hammerson PLC	7,870		125,426
Hanson PLC	21,009		201,948
Hays PLC	47,484		110,175
HBOS PLC	111,890		1,725,073
Hilton Group PLC	45,149		231,558
HMV Group PLC	10,940		46,357
HSBC Holdings PLC	318,648		5,081,202
ICAP PLC	13,866		73,786
IMI PLC	11,221		83,836
Imperial Chemical Industries PLC	34,241		155,828
Imperial Tobacco Group PLC	20,710		557,705
Inchcape PLC	2,167		79,865
Intercontinental Hotels Group PLC	13,277		167,589
International Power PLC (a)	42,307		156,151
Intertek Group PLC	4,333		54,499
Invensys PLC (a)	152,577		28,704
iSOFT Group PLC	5,765		43,331
ITV PLC	116,811		257,427
Johnson Matthey PLC	6,371		121,797
Kelda Group PLC	10,762		134,687
Kesa Electricals PLC	15,494		77,591
Kingfisher PLC	66,462		292,937
Land Securities Group PLC	13,452		335,017
Legal and General Group PLC	182,062		375,131
Liberty International PLC	7,551		131,030
Lloyds TSB Group PLC	158,577		1,343,899
LogicaCMG PLC	21,951		68,630
London Stock Exchange PLC	7,306		64,338
Man Group PLC	7,995		207,278
Marconi Corp. PLC (a)	5,998		32,455
Marks & Spencer Group PLC	47,053		303,919

See accompanying notes to financial statements.

46

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Meggitt PLC	12,910	$ 65,402
MFI Furniture Group PLC	17,686	35,094
Misys PLC	15,108	64,424
Mitchells & Butler	15,555	93,155
National Express Group PLC	4,162	67,785
National Grid Transco PLC	87,743	850,501
Next PLC	7,553	204,209
Pearson PLC	22,945	270,302
Peninsular & Orient Steam Navigation Co.	21,151	120,226
Persimmon PLC	7,881	110,280
Pilkington PLC	30,117	64,618
Premier Farnell PLC	9,371	27,116
Provident Financial PLC	7,546	97,075
Prudential PLC	67,412	599,381
Punch Taverns PLC	7,142	93,797
Rank Group PLC	17,010	81,983
Reckitt Benckiser PLC	17,326	510,657
Reed Elsevier PLC	36,492	349,471
Rentokil Intial PLC	51,130	146,346
Reuters Group PLC	40,999	290,159
Rexam PLC	16,028	138,346
Rio Tinto PLC	30,232	925,167
Rolls Royce Group (a)	43,375	223,236
Royal & Sun Alliance Insurance Group PLC	80,064	120,140
Royal Bank of Scotland Group	90,156	2,723,438
Sabmiller PLC	24,483	382,294
Sage Group PLC	35,706	143,143
Sainsbury	38,797	198,285
Schroders PLC	3,763	51,038
Scottish & Newcastle PLC	21,729	180,546
Scottish & Southern Energy PLC	24,813	450,354
Scottish Power PLC	53,036	471,797
Serco Group PLC	12,989	59,345
Severn Trent PLC	9,855	179,574
Shell Transport & Trading Co. PLC	273,324	2,657,926
Signet Group PLC	48,078	93,679
Slough Estates PLC	12,529	117,067
Smith & Nephew PLC	26,702	263,609
Smiths Group PLC	15,985	263,205
SSL International PLC	5,753	29,171
Stagecoach Group	23,953	50,642
Tate & Lyle PLC	13,646	116,624
Taylor Woodrow PLC	16,699	101,053
Tesco PLC	219,890	1,255,801
The Berkeley Group Holdings PLC (a)	2,941	48,215
TI Automotive Ltd. (a) (b)	12,271	—
Tomkins PLC	22,763	106,651
Travis Perkins PLC	3,101	96,564
Trinity Mirror PLC	8,304	91,948
Unilever PLC	78,382	756,253
United Business Media PLC	7,939	70,480
United Utilities PLC	16,016	$ 189,393
United Utilities PLC Class A	17,796	105,221
Vodafone Group PLC	1,844,736	4,495,090
Whitbread PLC	7,244	123,820
William Hill PLC	11,422	110,408
Wimpey (George) PLC	10,939	86,041
Wolseley PLC	16,646	350,141
WPP Group PLC	34,077	350,765
Yell Group PLC	19,987	152,285
		63,606,061
Total Common Stocks (cost $239,874,208)		254,025,990
Preferred Stocks (0.23%)
Germany (0.23%)
Fresenius Medical Care PFD	763	53,184
Henkel KGaA	1,703	152,546
Porsche AG PFD	223	167,758
ProSiebenSat.1 Media AG	2,408	41,467
RWE AG-Non Vtg PFD	1,153	65,970
Volkswagen AG PFD	3,066	108,786
		589,711
Total Preferred Stocks (cost $461,464)		589,711

See accompanying notes to financial statements.

47

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Principal amount		Value
Repurchase Agreement (0.17%)
Investors Triparty Repurchase Agreements, (c)
2.63% to be repurchased at
$ 431,813 on 07/01/2005	$	431,782	$	431,782
Total Repurchase Agreement (cost $431,782)				431,782
TOTAL INVESTMENTS (99.12%) (cost $240,767,454)				255,047,483
CASH (d) AND OTHER ASSETS, NET OF LIABILITIES (0.88%)				2,261,677
NET ASSETS (100.0%)			$	257,309,160

INTERNATIONAL FUND SECTOR CLASSIFICATIONS

Industry	Value		%
Financials	$	69,677,804	27.08
Consumer Discretionary		30,726,383	11.94
Industrials		25,697,094	9.99
Energy		22,825,972	8.86
Health Care		20,908,809	8.13
Consumer Staples		20,506,008	7.97
Materials		18,113,535	7.04
Telecommunication Services		17,112,391	6.65
Information Technology		15,351,368	5.97
Utilities		13,696,337	5.32
Total Stocks		254,615,701	98.95
Repurchase Agreement		431,782	0.17
Cash and Other Assets, Net of Liabilities		2,261,677	0.88
Net Assets	$	257,309,160	100.00	%

(a) Non-income producing security.

(b) Security valued at fair value.

(c) Repurchase agreement is fully collateralized by U.S. Treasury or Government Agency securities with a market value of $440,761 as of June 30, 2005.

(d) At June 30, 2005, cash has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

Approximately 34.17% of the investment securities are denominated in the Euro, followed by 24.93% in the British Pound, 21.71% in the Japanese Yen, 6.69% in the Swiss Franc, 5.46% in the Australian Dollar, 2.44% in the Swedish Krone and 1.77% in the Hong Kong Dollar. The remaining investment securities representing 2.83% of total investments are denominated in five currencies, each of which represents less than 0.88% of total investments.

See accompanying notes to financial statements.

48

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

SCHEDULE OF INVESTMENTS

June 30, 2005

(Unaudited)

	Shares	Value
Registered Investment Companies (99.32%)
State Farm Variable Product Trust Bond Fund (39.53%) (a)	3,327,089	$	33,869,762
State Farm Variable Product Trust Large Cap Index Equity Index Fund (59.79%) (a)	4,216,267		51,227,640
Total Registered Investment Companies (cost $86,818,077)			85,097,402
TOTAL INVESTMENTS (99.32%) (cost $86,818,077)			85,097,402
OTHER ASSETS, NET OF LIABILITIES (0.68%)			583,526
NET ASSETS (100.00%)		$	85,680,928

(a) The Stock and Bond Balanced Fund’s Investment Adviser is an affiliate of the issuer.

See accompanying notes to financial statements.

49

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2005

(Unaudited)

	Principal amount		Value
Corporate Bonds (58.23%)
Aerospace/Defense (1.04%)
TRW Inc.
6.730%, 07/11/2007	$	900,000	$	923,828
General Dynamics Corp.
3.000%, 05/15/2008		1,000,000		969,730
				1,893,558
Agriculture, Foods, & Beverage (5.09%)
Sysco Corp.
4.750%, 07/30/2005		1,000,000		1,000,811
Kellogg Co.
6.000%, 04/01/2006		1,000,000		1,016,293
Coca-Cola Enterprises Inc.
2.500%, 09/15/2006		1,000,000		979,625
Bottling Group LLC
2.450%, 10/16/2006		1,000,000		981,477
General Mills Inc.
5.125%, 02/15/2007		1,000,000		1,015,592
Sara Lee Corp.
2.750%, 06/15/2008		1,000,000		957,199
Campbell Soup Co.
6.750%, 02/15/2011		1,000,000		1,115,867
HJ Heinz Co.
6.625%, 07/15/2011		1,000,000		1,113,160
ConAgra Foods Inc.
6.750%, 09/15/2011		1,000,000		1,106,648
				9,286,672
Automotive (3.48%)
Toyota Motor Credit
5.650%, 01/15/2007		1,000,000		1,023,270
General Motors Acceptance Corp.
6.150%, 04/05/2007		1,500,000		1,492,197
Ford Motor Credit Co.
4.950%, 01/15/2008		1,000,000		953,921
General Motors Corp.
7.200%, 01/15/2011		1,000,000		925,000
Ford Motor Credit Co.
7.375%, 02/01/2011		1,000,000		974,104
Goodyear Tire & Rubber Co.
7.857%, 08/15/2011		1,000,000		972,500
				6,340,992
Banks (3.01%)
JPMorgan Chase & Co.
5.350%, 03/01/2007		1,000,000		1,019,989
Bank One Corp.
2.625%, 06/30/2008		1,000,000		956,536
Wells Fargo & Co.
4.200%, 01/15/2010		1,000,000		999,473
Bank of America Corp.
4.250%, 10/01/2010		1,500,000		1,497,250
US Bank NA
4.950%, 10/30/2014	$	500,000	$	513,871
Fifth Third Bank
4.750%, 02/01/2015		500,000		503,934
				5,491,053
Building Materials & Construction (2.23%)
Masco Corp.
6.750%, 03/15/2006		500,000		509,028
York International Corp.
6.625%, 08/15/2006		1,000,000		1,024,081
Hanson Australia Funding
5.250%, 03/15/2013		1,000,000		1,025,739
Leggett & Platt Inc.
4.700%, 04/01/2013		1,000,000		1,009,127
Masco Corp.
4.800%, 06/15/2015		500,000		496,857
				4,064,832
Chemicals (3.41%)
Praxair Inc.
6.900%, 11/01/2006		1,000,000		1,036,013
The Dow Chemical Co.
5.750%, 12/15/2008		1,000,000		1,048,713
Great Lakes Chemical Corp.
7.000%, 07/15/2009		2,000,000		2,142,668
Air Products & Chemicals Inc.
4.125%, 12/01/2010		1,000,000		994,139
E.I. du Pont de Nemours and Co.
4.125%, 03/06/2013		1,000,000		988,268
				6,209,801
Commercial Service/Supply (1.08%)
RR Donnelley & Sons Co.
3.750%, 04/01/2009		1,000,000		968,400
4.950%, 05/15/2010		500,000		502,336
First Data Corp.
4.500%, 06/15/2010		500,000		504,532
				1,975,268
Consumer & Marketing (4.85%)
Hasbro Inc.
5.600%, 11/01/2005		2,000,000		2,008,018
Steelcase Inc.
6.375%, 11/15/2006		1,000,000		1,015,019
Newell Rubbermaid Inc.
4.625%, 12/15/2009		1,000,000		1,002,162
Unilever Capital Corp.
7.125%, 11/01/2010		1,000,000		1,130,486
Clorox Co.
6.125%, 02/01/2011		1,000,000		1,089,312

See accompanying notes to financial statements.

50

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Consumer & Marketing (Cont.)
Reed Elsevier Capital
4.625%, 06/15/2012	$	500,000	$	497,694
Kimberly-Clark Corp.
5.000%, 08/15/2013		1,000,000		1,050,944
The Procter & Gamble Co.
4.950%, 08/15/2014		1,000,000		1,042,293
				8,835,928
Consumer Staples (1.70%)
Dean Foods Co.
8.150%, 08/01/2007		1,000,000		1,055,000
Kraft Foods Inc.
4.125%, 11/12/2009		1,000,000		991,514
5.625%, 11/01/2011		1,000,000		1,060,823
				3,107,337
Electronic/Electrical Mfg. (1.44%)
Emerson Electric Co.
5.500%, 09/15/2008		500,000		521,260
5.750%, 11/01/2011		1,000,000		1,080,177
General Electric Co.
5.000%, 02/01/2013		1,000,000		1,032,510
				2,633,947
Financial Services (1.66%)
Citigroup Inc.
5.000%, 03/06/2007		1,000,000		1,016,990
Household Finance Corp.
4.125%, 11/16/2009		1,000,000		989,191
Citigroup Inc.
4.125%, 02/22/2010		500,000		498,225
General Electric Capital Corp.
4.875%, 03/04/2015		500,000		512,815
				3,017,221
Forest Products & Paper (1.39%)
International Paper Co.
7.875%, 08/01/2006		1,000,000		1,031,438
Weyerhaeuser Co.
6.125%, 03/15/2007		1,000,000		1,028,136
International Paper Co.
4.000%, 04/01/2010		500,000		483,204
				2,542,778
Health Care (6.08%)
GlaxoSmithKline
2.375%, 04/16/2007		1,000,000		972,962
Eli Lilly & Co.
2.900%, 03/15/2008		1,000,000		969,840
Bristol-Myers Squibb Co.
4.000%, 08/15/2008		1,000,000		996,490
Abbott Laboratories
5.400%, 09/15/2008	$	500,000	$	519,930
3.500%, 02/17/2009		500,000		490,078
Hillenbrand Industries
4.500%, 06/15/2009		1,000,000		1,000,749
Amgen Inc.
4.000%, 11/18/2009		1,000,000		992,449
Merck & Co. Inc.
4.375%, 02/15/2013		1,000,000		996,454
Becton Dickinson & Co.
4.550%, 04/15/2013		1,000,000		1,005,086
Schering-Plough Corp.
5.550%, 12/01/2013		500,000		530,125
AstraZeneca PLC SP
5.400%, 06/01/2014		1,000,000		1,066,586
Boston Scientific Corp.
5.450%, 06/15/2014		1,000,000		1,049,742
Merck & Co. Inc.
4.750%, 03/01/2015		500,000		504,462
				11,094,953
Machinery & Manufacturing (5.29%)
Ingersoll Rand
6.250%, 05/15/2006		1,000,000		1,017,258
Cooper Industries Inc.
5.250%, 07/01/2007		1,000,000		1,018,275
Dover Corp.
6.250%, 06/01/2008		1,425,000		1,513,675
BF Goodrich Co.
6.600%, 05/15/2009		1,000,000		1,073,003
Honeywell International Inc.
7.500%, 03/01/2010		1,000,000		1,139,438
United Technologies Corp.
4.375%, 05/01/2010		1,500,000		1,513,870
Caterpillar Inc.
6.550%, 05/01/2011		1,000,000		1,109,067
Bemis Co. Inc. (a)
4.875%, 04/01/2012		500,000		510,815
Johnson Controls Inc.
4.875%, 09/15/2013		750,000		752,714
				9,648,115
Media & Broadcasting (1.73%)
The Walt Disney Co.
5.500%, 12/29/2006		1,000,000		1,016,018
New York Times Co.
4.500%, 03/15/2010		500,000		504,765
Knight-Ridder Inc.
7.125%, 06/01/2011		1,000,000		1,121,669

See accompanying notes to financial statements.

51

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Media & Broadcasting (Cont.)
New York Times Co.
5.000%, 03/15/2015	$	500,000	$	517,444
				3,159,896
Mining & Metals (2.20%)
Rio Tinto Finance USA Ltd.
2.625%, 09/30/2008		1,000,000		952,285
Alcan Inc.
6.450%, 03/15/2011		500,000		545,863
BHP Billiton Finance
4.800%, 04/15/2013		1,000,000		1,014,838
Barrick Gold Finance Inc.
4.875%, 11/15/2014		1,000,000		998,812
Alcan Inc.
5.000%, 06/01/2015		500,000		502,304
				4,014,102
Oil & Gas (1.71%)
Chevron Corp.
3.500%, 09/17/2007		1,000,000		990,310
Conoco Funding Co.
6.350%, 10/15/2011		1,000,000		1,107,297
National Fuel Gas Co.
5.250%, 03/01/2013		1,000,000		1,027,808
				3,125,415
Retailers (2.73%)
Wal-Mart Stores Inc.
5.450%, 08/01/2006		500,000		507,544
Safeway Inc.
4.125%, 11/01/2008		1,000,000		985,605
May Department Stores Co.
4.800%, 07/15/2009		1,000,000		1,010,875
CVS Corp.
4.000%, 09/15/2009		1,000,000		990,822
Home Depot Inc.
3.750%, 09/15/2009		1,000,000		988,876
Wal-Mart Stores Inc.
4.000%, 01/15/2010		500,000		496,798
				4,980,520
Telecom & Telecom Equipment (1.68%)
Cingular Wireless
5.625%, 12/15/2006		1,000,000		1,016,627
Verizon Wireless
5.375%, 12/15/2006		1,000,000		1,019,120
BellSouth Corp.
5.200%, 09/15/2014		1,000,000		1,030,575
				3,066,322
Utilities & Energy (6.43%)
Southwestern Electric Power
4.500%, 07/01/2005	$	1,000,000	$	1,000,000
Duke Energy Field Services
7.500%, 08/16/2005		500,000		501,964
Public Service Co. of Colorado
7.125%, 06/01/2006		2,000,000		2,056,478
Virginia Electric & Power
5.375%, 02/01/2007		1,000,000		1,018,167
Georgia Power
4.875%, 07/15/2007		1,000,000		1,014,611
Pacificorp
4.300%, 09/15/2008		1,000,000		1,003,854
Atmos Energy Corp.
4.000%, 10/15/2009		1,000,000		978,339
Commonwealth Edison
4.740%, 08/15/2010		1,000,000		1,019,853
Southern California Gas
4.375%, 01/15/2011		1,000,000		999,163
Duke Energy Corp.
6.250%, 01/15/2012		500,000		545,631
Vectren Utility Holdings
5.250%, 08/01/2013		500,000		516,020
Union Elec Co.
5.500%, 05/15/2014		1,000,000		1,069,018
				11,723,098
Total Corporate Bonds (cost $ 103,909,841)				106,211,808
Taxable Municipal Bonds (0.53%)
New Jersey State Turnpike Authority Transportation
2.840%, 01/01/2008		1,000,000		971,880
Total Taxable Municipal Bonds (cost $1,000,000)				971,880
Government Agency Securities (14.20%) (b)
Federal Home Loan Mortgage Corp.
5.250%, 01/15/2006		5,000,000		5,037,815
5.125%, 10/15/2008		4,000,000		4,147,436
6.625%, 09/15/2009		2,000,000		2,201,942
4.500%, 07/15/2013		1,500,000		1,532,210
5.200%, 03/05/2019		2,000,000		2,030,504
5.300%, 05/12/2020		2,000,000		2,037,906

See accompanying notes to financial statements.

52

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2005

(Unaudited)

	Shares or principal amount		Value
Government Agency Securities (Cont.)
Federal National Mortgage Association
5.250%, 06/15/2006	$	1,000,000	$	1,013,744
7.125%, 03/15/2007		2,000,000		2,108,862
6.625%, 10/15/2007		2,000,000		2,120,638
3.250%, 08/15/2008		1,500,000		1,472,091
6.625%, 09/15/2009		2,000,000		2,203,914
Total Government Agency Securities (cost $24,952,074)				25,907,062
U.S. Treasury Obligations (18.36%)
U.S. Treasury Notes
5.750%, 11/15/2005		3,200,000		3,228,374
7.000%, 07/15/2006		2,000,000		2,069,296
3.500%, 11/15/2006		5,000,000		4,994,335
6.625%, 05/15/2007		3,000,000		3,160,548
5.500%, 02/15/2008		2,000,000		2,092,578
5.625%, 05/15/2008		2,000,000		2,105,468
6.000%, 08/15/2009		3,000,000		3,259,569
6.500%, 02/15/2010		3,000,000		3,347,931
5.000%, 08/15/2011		3,000,000		3,198,399
4.000%, 11/15/2012		3,000,000		3,033,633
3.875%, 02/15/2013		3,000,000		3,003,633
Total U.S. Treasury Obligations (cost $33,378,367)				33,493,764
Short-term Investments (7.89%)
Pitney Bowes Inc.,
3.300%, 07/01/2005		2,000,000		2,000,000
General Electric Capital Corp.,
3.250%, 07/06/2005		5,000,000		4,997,743
JPMorgan Treasury Plus Money Market Fund		7,389,480		7,389,480
Total Short-term Investments (cost $14,387,223)				14,387,223
TOTAL INVESTMENTS (99.21%) (cost $177,627,505)				180,971,737
OTHER ASSETS, NET OF LIABILITIES (0.79%)				1,437,393
NET ASSETS (100.00%)			$	182,409,130

(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 June 30, 2005, the value of these securities amounted to $1,013,150 or 0.56% 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.

53

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

June 30, 2005

(Unaudited)

	Principal amount		Value
Short-term Investments (100.13%)
Agriculture, Foods, & Beverage (4.80%)
Coca-Cola
3.290%, 09/16/2005	$	2,700,000	$	2,695,196
Automotive (19.32%)
Toyota Motor Credit Corp.
3.040%, 07/08/2005		2,700,000		2,698,404
American Honda Finance Corp.
3.110%, 08/03/2005		2,700,000		2,698,879
FCAR Owner Trust Series I
3.220%, 08/08/2005		2,750,000		2,740,653
New Center Asset Trust
3.300%, 08/15/2005		2,700,000		2,697,228
				10,835,164
Chemicals (4.92%)
E.I. du Pont de Nemours and Co.
3.220%, 08/09/2005		2,770,000		2,757,935
Consumer & Marketing (4.80%)
The Procter & Gamble Co. (a)
3.020%, 07/22/2005		2,700,000		2,694,474
Financial Services (24.45%)
General Electric Capital Corp.
3.090%, 07/20/2005		2,780,000		2,773,254
Citicorp
3.110%, 07/29/2005		2,750,000		2,748,396
Caterpillar Financial Services Corp.
3.130%, 08/16/2005		2,700,000		2,689,201
ChevronTexaco Funding Corp.
3.150%, 08/26/2005		2,770,000		2,756,427
Household Finance Corp.
3.210%, 08/29/2005		2,750,000		2,750,000
				13,717,278
Government Agency Securities (29.58%) (b)
Federal Home Loan Mortgage Corp.
3.165%, 08/30/2005		3,000,000		2,984,175
3.185%, 09/06/2005		2,000,000		1,988,145
3.300%, 09/27/2005		2,000,000		1,983,866
Federal National Mortgage Association
2.960%, 07/11/2005		1,000,000		999,178
3.295%, 09/14/2005		3,000,000		2,979,406
3.335%, 09/21/2005		2,700,000		2,679,490
3.365%, 09/28/2005		3,000,000		2,975,043
				16,589,303
	Shares or principal amount		Value
Short-term Investments (Cont.)
Registered Investment Companies (2.56%)
JPMorgan Treasury Plus Money Market Fund	$	1,435,259	$	1,435,259
Telecom & Telecom Equipment (9.70%)
BellSouth Corp.
3.050%, 07/15/2005		2,700,000		2,696,797
SBC Communications (a)
3.140%, 07/18/2005		2,750,000		2,741,984
				5,438,781
Total Short-term Investments (cost $56,163,390)				56,163,390
TOTAL INVESTMENTS (100.13%) (cost $56,163,390)				56,163,390
LIABILITIES, NET OF OTHER ASSETS (-0.13%)				(75,277	)
NET ASSETS (100.00%)			$	56,088,113

(a) Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities are purchased as part of the normal course of business, valued at amortized cost and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2005, the value of these securities amounted to $5,436,458 or 9.69% of net assets.

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

See accompanying notes to financial statements.

54

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55

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2005

(Unaudited)

	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	$	500,447,942		209,913,662	240,767,454	86,818,077		177,627,505		56,163,390
At market value	$	488,676,005		239,089,315	255,047,483	85,097,402		180,971,737		56,163,390
Cash		102		69,102	—	23,552		—		—
Foreign currencies at value (cost $1,822,179)		—		—	1,803,514	—		—		—
Receivables:
Dividends and interest		569,250		247,509	868,744	361,218		2,327,752		3,263
Shares of the Fund sold		360,655		188,894	147,623	45,910		50,518		6,117
Securities sold		—		55,644	1,709,649	300,000		—		—
Expense cap reimbursement		—		—	—	16,966		—		757
Variation margin		—		—	35,894	—		—		—
Prepaid expenses		30,188		25,990	33,655	7,504		16,091		7,257
Total assets		489,636,200		239,676,454	259,646,562	85,852,552		183,366,098		56,180,784
Liabilities and Net Assets
Dividends to shareowners		—		—	—	—		361,218		—
Payables:
Shares of the Fund redeemed		—		—	—	147,154		300,000		3,923
Securities purchased		—		—	1,739,232	—		—		—
Variation margin		86,950		6,555	—	—		—		—
SFIMC		380,521		307,817	510,377	2,962		253,407		68,391
Chief Compliance Officer expense		2,759		1,437	1,412	467		981		311
Accrued liabilities		106,451		108,987	86,381	21,041		41,362		20,046
Total Liabilities		576,681		424,796	2,337,402	171,624		956,968		92,671
Net assets applicable to shares outstanding of common stock	$	489,059,519		239,251,658	257,309,160	85,680,928		182,409,130		56,088,113
Fund shares outstanding		40,267,830		19,714,166	21,200,946	7,220,426		17,912,236		56,088,113
Net asset value, offering price and redemption price per share	$	12.15		12.14	12.14	11.87		10.18		1.00
Analysis of Net Assets
Paid-in-capital	$	509,109,796		194,083,571	239,507,165	84,630,935		179,577,723		56,088,113
Accumulated net realized gain (loss)		(12,021,269	)	14,667,094	1,018,058	(64	)	(512,825	)	—
Net unrealized appreciation (depreciation)		(11,905,154	)	29,259,557	14,274,451	(1,720,675	)	3,344,232		—
Undistributed net investment income		3,876,146		1,241,436	2,509,486	2,770,732		—		—
Net assets applicable to shares outstanding	$	489,059,519		239,251,658	257,309,160	85,680,928		182,409,130		56,088,113

See accompanying notes to financial statements.

56

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF OPERATIONS

Six months ended June 30, 2005

(Unaudited)

	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	$	4,283,094		1,440,006		5,315,626		712,690		—		—
Interest		287,752		87,009		10,401		—		4,278,836		746,701
		4,570,846		1,527,015		5,326,027		712,690		4,278,836		746,701
Less: foreign withholding taxes		—		(601	)	(554,716	)	—		—		—
Total investment income		4,570,846		1,526,414		4,771,311		712,690		4,278,836		746,701
Expenses:
Investment advisory and management fees		639,214		503,308		696,211		—		441,901		110,091
Reports to shareowners		38,497		50,208		35,154		10,659		20,218		11,030
Professional fees		31,330		29,200		25,861		11,106		15,570		9,616
License index fees		25,826		4,960		4,931		—		—		—
Proxy and related expense		14,665		13,153		11,723		3,773		7,690		4,695
Trustees’ fees and expenses		5,117		2,819		2,764		891		1,906		609
Security valuation fees		4,753		16,727		38,734		—		4,994		—
Chief Compliance Officer expense		3,977		2,100		2,020		677		1,425		452
ICI dues		3,282		1,680		1,445		576		1,240		389
Fidelity bond expense		1,533		915		917		307		670		215
Registration fees		980		480		600		480		480		237
Custodian fees		—		—		102,627		159		1,410		1,036
Total expenses		769,174		625,550		922,987		28,628		497,504		138,370
Less: expense reimbursement from SFIMC		—		—		—		(28,628	)	—		(757	)
Net expenses		769,174		625,550		922,987		—		497,504		137,613
Net investment income		3,801,672		900,864		3,848,324		712,690		3,781,332		609,088
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		2,839,972		13,750,207		1,816,399		(64	)	—		—
Net realized loss on forward foreign currency contracts		—		—		(91,485	)	—		—		—
Net realized loss on foreign currency transactions		—		—		(17,165	)	—		—		—
Net realized gain on futures contracts		439,829		130,611		101,766		—		—		—
Change in unrealized gain (loss) on open futures contracts		(517,018	)	1,795		10,473		—		—		—
Change in net unrealized depreciation on investments and foreign currency transactions		(10,878,673	)	(18,739,345	)	(8,725,345	)	(736,228	)	(1,495,408	)	—
Net realized and unrealized loss on investments		(8,115,890	)	(4,856,732	)	(6,905,357	)	(736,292	)	(1,495,408	)	—
Net change in net assets resulting from operations	$	(4,314,218	)	(3,955,868	)	(3,057,033	)	(23,602	)	2,285,924		609,088

See accompanying notes to financial statements.

57

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Large Cap Equity Index Fund					Small Cap Equity Index Fund
Six months ended June 30, 2005 (Unaudited) and the Year ended December 31, 2004	2005			2004		2005		2004
From operations:
Net investment income	$	3,801,672		7,618,052		900,864		1,607,235
Net realized gain (loss)		3,279,801		4,217,807		13,880,818		12,137,996
Change in net unrealized appreciation or depreciation		(11,395,691	)	34,526,319		(18,737,550	)	25,623,220
Net change in net assets resulting from operations		(4,314,218	)	46,362,178		(3,955,868	)	39,368,451
Distributions to shareowners from:
Net investment income		—		(7,557,426	)	—		(1,322,778	)
Net realized gain		—		—		—		(7,192,795	)
Total distributions to shareowners		—		(7,557,426	)	—		(8,515,573	)
From Fund share transactions:
Proceeds from shares sold		19,674,630		55,133,170		8,533,729		19,377,482
Reinvestment of distributions		—		12,365,227		—		9,574,287
		19,674,630		67,498,397		8,533,729		28,951,769
Less payments for shares redeemed		(23,746,699	)	(4,651,016	)	(29,395,635	)	(3,687,928	)
Net increase (decrease) in net assets from Fund share transactions		(4,072,069	)	62,847,381		(20,861,906	)	25,263,841
Total increase (decrease) in net assets		(8,386,287	)	101,652,133		(24,817,774	)	56,116,719
Net assets:
Beginning of year		497,445,806		395,793,673		264,069,432		207,952,713
End of year*	$	489,059,519		497,445,806		239,251,658		264,069,432
*  Including undistributed (distribution in excess of) net investment income	$	3,876,146		74,475		1,241,436		340,572
Share Information
Sold		1,635,285		4,797,589		729,630		1,720,489
Issued in reinvestment of distributions		—		1,043,547		—		787,477
Redeemed		(1,939,710	)	(401,144	)	(2,466,216	)	(327,151	)
Net increase (decrease)		(304,425	)	5,439,992		(1,736,586	)	2,180,815

See accompanying notes to financial statements.

58

International Equity Index Fund				Stock & Bond Balanced Fund				Bond Fund				Money Market Fund
2005		2004		2005		2004		2005		2004		2005		2004
3,848,324		3,843,590		712,690		2,058,140		3,781,332		7,117,216		609,088		476,852
1,809,515		3,100,437		(64	)	—		—		113,382		—		—
(8,714,872	)	33,512,836		(736,228	)	3,500,817		(1,495,408	)	(3,164,507	)	—		—
(3,057,033	)	40,456,863		(23,602	)	5,558,957		2,285,924		4,066,091		609,088		476,852
—		(4,878,087	)	—		(1,559,047	)	(3,781,332	)	(7,117,216	)	(609,088	)	(476,852	)
—		—		—		(63,776	)	—		—		—		—
—		(4,878,087	)	—		(1,622,823	)	(3,781,332	)	(7,117,216	)	(609,088	)	(476,852	)
8,200,764		11,991,658		3,397,455		10,824,842		6,487,333		16,269,427		2,891,165		7,229,584
—		4,878,087		—		1,622,823		3,420,114		7,117,216		609,088		476,852
8,200,764		16,869,745		3,397,455		12,447,665		9,907,447		23,386,643		3,500,253		7,706,436
(1,412,416	)	(2,566,684	)	(1,728,417	)	(2,697,764	)	(2,859,833	)	(5,650,146	)	(3,300,646	)	(6,895,517	)
6,788,348		14,303,061		1,669,038		9,749,901		7,047,614		17,736,497		199,607		810,919
3,731,315		49,881,837		1,645,436		13,686,035		5,552,206		14,685,372		199,607		810,919
253,577,845		203,696,008		84,035,492		70,349,457		176,856,924		162,171,552		55,888,506		55,077,587
257,309,160		253,577,845		85,680,928		84,035,492		182,409,130		176,856,924		56,088,113		55,888,506
2,509,486		(1,338,838	)	2,770,732		2,058,044		—		—		—		—
671,773		1,086,258		288,722		944,129		638,142		1,571,439		2,891,165		7,229,584
—		398,537		—		144,636		337,788		687,870		609,088		476,852
(115,995	)	(233,978	)	(146,955	)	(235,258	)	(281,206	)	(544,900	)	(3,300,646	)	(6,895,517	)
555,778		1,250,817		141,767		853,507		694,724		1,714,409		199,607		810,919

See accompanying notes to financial statements.

59

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Investment Objective

State Farm Variable Product Trust (the “Trust”) had six separate investment portfolios (each a “Fund” and together, the “Funds”) as of June 30, 2005. 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 Index Fund) seeks to match the performance of the Standard and Poor’s Composite Index of 500 Stocks^® (the “S&P 500”)¹ 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 Index Fund) seeks to match the performance of the Russell 2000 Small Stock Index^® (the “Russell 2000”)². The Small Cap Index 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 Index Fund) seeks to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Free Index^® (the “EAFE Free”)³. The International Index 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 Index 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 (“GAAP”) in the United States.

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. Stocks 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

(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 Bond Balanced Fund is sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the Large Cap Equity Index Fund or the Stock and Bond Balanced Fund.

(2) 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.

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

60

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

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 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 State Farm Investment Management Corp. (“SFIMC”), the Trust’s investment adviser, to obtain at least one daily bid price quotation from a broker or dealer in the securities. If SFIMC cannot obtain a daily bid price quotation for the security or if SFIMC believes the bid price quotation does not represent the security’s fair value, then SFIMC will determine the security’s fair value in its reasonable judgment.

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, SFIMC may use different methodologies, including multiple of earnings, multiple of book value, discount from market of a similar freely traded security or, for debt securities, yield to maturity. Other factors SFIMC may consider in 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 June 30, 2005.

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.

61

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

As of June 30, 2005, 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 Index Fund	$	500,950,443	$	78,464,344	$	(90,738,782	)	$	(12,274,438	)
Small Cap Index Fund		209,860,025		52,947,066		(23,717,776	)		29,229,290
International Index Fund		243,050,853		47,627,378		(35,630,748	)		11,996,630
Balanced Fund		86,818,077		227,470		(1,948,145	)		(1,720,675	)
Bond Fund		177,627,505		4,164,808		(820,576	)		3,344,232
Money Market Fund		56,163,390		—		—			—

Dividends and distributions payable to shareowners are recorded by the Large Cap Index, Small Cap Index, International Index, 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 GAAP. 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 year ended December 31, 2004:

Balanced Fund	2004		Small Cap Index Fund	2004
Ordinary Income	$	1,595,719	Ordinary Income	$	1,511,918
Long-term Capital Gain	$	27,104	Long-term Capital Gain	$	7,003,655
Total	$	1,622,823	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. The tax character of distributions made during the six months ended June 30, 2005, were the same as the composition of distributions reflected in the Statement of Changes in Net Assets as of June 30, 2005.

The International Index 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 Index Fund recognized unrealized appreciation (depreciation) of $1,347,838 and capital gains of $49,567 during 2004 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 Index Fund		International Index Fund	Bond Fund
2010	$	14,412,779	207,232	—
2011		—	464,565	512,825
Total:	$	14,412,779	671,797	512,825

62

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

At December 31, 2004, the Small Cap Index 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 Index Fund and International Index 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 Index 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 Index 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

Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing foreign exchange rates at June 30, 2005. Purchases and sales of investment securities are translated into U.S. dollars at the prevailing foreign exchange rates on the respective dates of transactions. That portion of realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with realized and unrealized gains and losses on investment securities.

Expenses

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

Use of estimates

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

Commitments and contingencies

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

Financial instruments

The Large Cap Index, Small Cap Index, and International Index 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 Index 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 Index, Small Cap Index, and International Index 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.

63

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

3. Transactions with affiliates

The Trust has entered into an investment advisory and management services agreement with SFIMC pursuant to which each Fund pays SFIMC an annual fee (computed on a daily basis and paid quarterly) at the following annual rates:

Large Cap Index Fund	0.26% of average daily net assets
Small Cap Index Fund	0.40% of average daily net assets
International Index 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

SFIMC 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 SFIMC at any time. However, SFIMC 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 Index Funds, SFIMC has agreed to reimburse the expenses incurred by each 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 Index Fund, SFIMC has agreed to reimburse the expenses incurred by that 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 SFIMC at any time.

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

SFIMC has engaged Barclays Global Fund Advisors (“Barclays”) as the investment sub-adviser to provide day-to-day portfolio management for the Large Cap Index, Small Cap Index, and International Index 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 six months ended June 30, 2005, the following fees were earned by Barclays for providing sub-advisory services (although not all amounts indicated were paid during that period):

Large Cap Index Fund	$	196,702
Small Cap Index Fund		163,839
International Index Fund		226,785
Total	$	587,326

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

64

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

4. Investment transactions

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

	Six months ended June 30, 2005 (Unaudited)		Year ended December 31, 2004
Large Cap Index Fund
Purchases	$	9,656,938	$	72,990,885
Proceeds from sales		8,767,751		10,667,902
Small Cap Index Fund
Purchases		36,017,396		63,877,054
Proceeds from sales		55,646,227		43,733,898
International Index Fund
Purchases		14,748,709		22,471,670
Proceeds from sales		4,912,214		9,422,623
Balanced Fund
Purchases		2,181,471		10,712,283
Proceeds from sales		300,000		—
Bond Fund
Purchases		16,403,291		33,186,037
Proceeds from sales		15,993,498		15,610,335

5. Futures and foreign currency contracts

The Large Cap Index, Small Cap Index and International Index Funds had the following open futures contracts at June 30, 2005:

Fund	Type	Number of contracts	Notional Value		Market Value		Position	Expiration month	Unrealized gain (loss)
Large Cap Index Fund	S&P 500 Index Mini	235	$	14,180,342	$	14,047,125	Long	September ‘05	$	(133,217	)
Small Cap Index Fund	Russell 2000 Index Mini	57		3,581,765		3,665,670	Long	September ‘05		83,905
International Index Fund	TOPIX Index	6		620,560		635,572	Long	September ‘05		15,012
International Index Fund	DJ Euro Stoxx 50	25		955,566		966,808	Long	September ‘05		11,242
International Index Fund	FTSE 100 IDX	9		816,044		825,684	Long	September ‘05		9,640

There were no open forward foreign currency contracts at June 30, 2005.

65

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)

	Six months ended June 30, 2005 (Unaudited)			Year ended December 31,
				2004		2003		2002		2001		2000
Net asset value, beginning of period	$	12.26		11.27		8.89		11.62		13.36		15.07
Income from Investment Operations
Net investment income (a)		0.09		0.20		0.14		0.13		0.13		0.13
Net gain (loss) on investments (both realized and unrealized)		(0.20	)	0.98		2.38		(2.73	)	(1.75	)	(1.54	)
Total from investment operations		(0.11	)	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	$	12.15		12.26		11.27		8.89		11.62		13.36
Total Return		(0.90	)%(c)	10.46	%	28.31	%	(22.41	)%	(12.11	)%	(9.35	)%
Net assets, end of period (millions)	$	489.1		497.4		395.8		284.1		331.3		320.7
Ratios to average net assets
Expenses		0.31	%(d)	0.30	%	0.31	%	0.31	%	0.34	%	0.31	%
Net investment income		1.55	%(d)	1.73	%	1.47	%	1.31	%	1.07	%	1.08	%
Portfolio turnover rate		4	%(d)	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 $.01 per share were made in 2001.

(c) Not annualized.

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

66

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2005 (Unaudited)			Year ended December 31,
				2004		2003		2002		2001		2000
Net asset value, beginning of period	$	12.31		10.79		7.43		9.46		9.36		10.90
Income from Investment Operations
Net investment income (a)		0.04		0.08		0.06		0.08		0.09		0.09
Net gain (loss) on investments (both realized and unrealized)		(0.21	)	1.85		3.36		(2.03	)	0.10		(0.43	)
Total from investment operations		(0.17	)	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	$	12.14		12.31		10.79		7.43		9.46		9.36
Total Return		(1.38	)%(b)(c)	17.89	%	45.96	%	(20.66	)%	2.05	%	(3.39	)%
Net assets, end of period (millions)	$	239.3		264.0		208.0		134.2		156.1		134.6
Ratios to average net assets assuming expense limitations
Expenses		0.50	%(d)	0.48	%	0.50	%	0.50	%	0.50	%	0.50	%
Net investment income		0.72	%(d)	0.71	%	0.71	%	0.93	%	0.99	%	0.92	%
Ratios to average net assets absent expense limitations
Expenses		0.50	%(d)	0.48	%	0.51	%	0.50	%	0.55	%	0.52	%
Net investment income		0.72	%(d)	0.71	%	0.70	%	0.93	%	0.94	%	0.90	%
Portfolio turnover rate		29	%(d)	20	%	22	%	29	%	36	%	46	%

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

(b) Not annualized.

(c) Based upon net asset value of $12.14 as of June 30, 2005 (as calculated for financial reporting purposes, taking into account transactions that occurred on June 30, 2005). For shareholder purchases and redemptions on June 30, 2005, the net asset value was $12.13, which caused the total return for the six months ended June 30, 2005 to be equivalent to (1.46)%.

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

67

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2005 (Unaudited)			Year ended December 31,
				2004		2003		2002		2001		2000
Net asset value, beginning of period	$	12.28		10.50		7.75		9.40		12.10		14.54
Income from Investment Operations
Net investment income (a)		0.18		0.19		0.15		0.12		0.10		0.10
Net gain (loss) on investments (both realized and unrealized)		(0.32	)	1.83		2.78		(1.65	)	(2.73	)	(2.25	)
Total from investment operations		(0.14	)	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		12.14		12.28		10.50		7.75		9.40		12.10
Total Return		(1.14	)%(c)	19.26	%	37.84	%	(16.26	)%	(21.71	)%	(14.81	)%
Net assets, end of period (millions)	$	257.3		253.6		203.7		144.2		162.8		181.8
Ratios to average net assets assuming expense limitations
Expenses		0.73	%(d)	0.75	%	0.75	%	0.75	%	0.75	%	0.75	%
Net investment income		3.04	%(d)	1.76	%	1.75	%	1.40	%	0.95	%	0.78	%
Ratios to average net assets absent expense limitations
Expenses		0.73	%(d)	0.77	%	0.77	%	0.78	%	0.88	%	0.88	%
Net investment income		3.04	%(d)	1.74	%	1.73	%	1.37	%	0.82	%	0.65	%
Portfolio turnover rate		4	%(d)	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.

(c) Not annualized.

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

68

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2005 (Unaudited)			Year ended December 31,
				2004		2003		2002		2001		2000
Net asset value, beginning of period	$	11.87		11.30		9.82		11.34		12.22		12.75
Income from Investment Operations
Net investment income (a)		0.10		0.31		0.27		0.30		0.34		0.24
Net gain (loss) on investments (both realized and unrealized)		(0.10	)	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		11.87		11.30		9.82		11.34		12.22
Total Return		0.00	%(b)	7.26	%	18.30	%	(10.51	)%	(3.55	)%	(2.42	)%
Net assets, end of period (millions)	$	85.7		84.0		70.3		55.1		58.4		53.6
Ratios to average net assets assuming expense limitations
Expenses		0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
Net investment income		1.71	%(c)	2.69	%	2.55	%	2.84	%	2.86	%	3.15	%
Ratios to average net assets absent expense limitations
Expenses		0.07	%(c)	0.05	%	0.06	%	0.05	%	0.08	%	0.07	%
Net investment income		1.64	%(c)	2.64	%	2.49	%	2.78	%	2.78	%	3.08	%
Portfolio turnover rate		1	%(c)	0	%	1	%	9	%	6	%	6	%

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

(b) Not annualized.

(c) Determined on an annualized basis.

See accompanying notes to financial statements.

69

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2005 (Unaudited)			Year ended December 31,
				2004		2003		2002		2001		2000
Net asset value, beginning of period	$	10.27		10.46		10.50		10.16		9.79		9.57
Income from Investment Operations
Net investment income		0.22		0.44		0.46		0.52		0.56		0.57
Net gain (loss) on investments (both realized and unrealized)		(0.09	)	(0.19	)	(0.03	)	0.37		0.37		0.22
Total from investment operations		0.13		0.25		0.43		0.89		0.93		0.79
Less Distributions
Net investment income		(0.22	)	(0.44	)	(0.46	)	(0.52	)	(0.56	)	(0.57	)
Net realized gain		—		—		(0.01	)	(0.03	)	—		—
Total distributions		(0.22	)	(0.44	)	(0.47	)	(0.55	)	(0.56	)	(0.57	)
Net asset value, end of period	$	10.18		10.27		10.46		10.50		10.16		9.79
Total Return		1.25	%(a)	2.40	%	4.08	%	9.01	%	9.66	%	8.44	%
Net assets, end of period (millions)	$	182.4		176.9		162.2		148.1		122.9		95.7
Ratios to average net assets
Expenses		0.56	%(b)	0.55	%	0.56	%	0.55	%	0.59	%	0.57	%
Net investment income		4.28	%(b)	4.22	%	4.35	%	5.05	%	5.53	%	5.92	%
Portfolio turnover rate		19	%(b)	10	%	9	%	17	%	13	%	3	%

(a) Not annualized.

(b) Determined on an annualized basis.

See accompanying notes to financial statements.

70

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2005 (Unaudited)			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		1.00
Income from Investment Operations
Net investment income		0.01		0.01		0.01		0.01		0.04		0.06
Total from investment operations		0.01		0.01		0.01		0.01		0.04		0.06
Less Distributions
Net investment income		(0.01	)	(0.01	)	(0.01	)	(0.01	)	(0.04	)	(0.06	)
Total distributions		(0.01	)	(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		1.00
Total Return		1.10	%(a)	0.87	%	0.67	%	1.28	%	3.71	%	5.99	%
Net assets, end of period (millions)	$	56.1		55.9		55.1		56.2		53.5		45.0
Ratios to average net assets assuming expense limitations
Expenses		0.50	%(b)	0.48	%	0.48	%	0.47	%	0.50	%	0.49	%
Net investment income		2.21	%(b)	0.87	%	0.67	%	1.27	%	3.59	%	5.88	%
Ratios to average net assets absent expense limitations
Expenses		0.50	%(b)	0.48	%	0.48	%	0.47	%	0.52	%	0.49	%
Net investment income		2.21	%(b)	0.87	%	0.67	%	1.27	%	3.57	%	5.88	%

(a) Not annualized.

(b) Determined on an annualized basis.

See accompanying notes to financial statements.

71

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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.

There were no material changes to the procedures by which shareholders may recommend nominees to the State Farm Variable Product Trust Board of Trustees.

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 of these controls and procedures as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)) (as applicable), concluded that the registrant’s disclosure controls and procedures are effective.

(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)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b))(as applicable), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350): 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 9/2/2005

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 9/2/2005

By	/s/ Michael L. Tipsord
	Michael L. Tipsord
	Senior Vice President and Treasurer

Date 9/2/2005