UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08073

STATE FARM VARIABLE PRODUCT TRUST

(Exact name of registrant as specified in charter)

Three State Farm Plaza Bloomington, IL	61719-0001
(Address of principal executive offices)	(Zip code)

Michael L. Tipsord

One State Farm Plaza

Bloomington, Illinois 61710-0001

Alan Goldberg

Bell, Boyd & Lloyd LLP

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: 12/31/2008

Date of reporting period: 06/30/2008

ITEM 1. REPORTS TO STOCKHOLDERS.

Table of Contents

Message to Variable Product Customers	1
Portfolio Summary	2
Expense Example	5
Board Approval of Investment Advisory Agreements	7
Schedule of Investments
Large Cap Equity Fund	10
Small/Mid Cap Equity Fund	12
International Equity Fund	15
Large Cap Equity Index Fund	19
Small Cap Equity Index Fund	25
International Equity Index Fund	45
Stock and Bond Balanced Fund	57
Bond Fund	58
Money Market Fund	63
Financial Statements
Statements of Assets and Liabilities	64
Statements of Operations	66
Statements of Changes in Net Assets	68
Notes to Financial Statements	72
Financial Highlights	81

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 MA, MT, NY, WI; 97090 in MT; A97040 & A97090 in NY, WI.

Variable Universal Life (VUL) policy series 97035, and also 97036 in TX, except MA, 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. Any website referenced in this report is an inactive textual reference only, and information contained in or otherwise accessible through that website does not form a part of, and is not incorporated by reference into, this report.

Distributor: State Farm VP Management Corp.

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 ended June 30, 2008 for the State Farm Variable Product Trust. Included are financial statements and a complete list of the portfolio holdings to help you further understand the underlying Funds 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. We encourage your review and consideration of this entire report.

Market Review

Domestic equity markets declined while bond markets produced slightly positive total returns for the time period of January 1, 2008 through June 30, 2008, in part due to the continued tightening of credit markets resulting from a decline in U.S. housing prices and rising inflation concerns caused by higher energy and other commodity prices. In the domestic equity markets, large cap stocks (as represented by the S&P 500^® Index¹) and small-cap stocks (as represented by the Russell 2000^® Index²) returned -11.91% and -9.37%, respectively year-to-date through June 30, 2008. During the same timeframe, international equity markets also declined and provided a return of -10.96%, as measured by the MSCI EAFE^® Free Index³. Among fixed income markets, the Lehman Brothers Government/Credit Intermediate Index⁴ returned 1.43% year-to-date through June 30, 2008.

Look for detailed discussion of factors that impacted the performance of the underlying Funds during 2008 in the State Farm Variable Product Trust Annual Report.

Sincerely,

Susan D. Waring

Vice President

State Farm Investment Management Corp.

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

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

³ Source: Bloomberg. The Morgan Stanley Capital International Europe, Australasia and Far East Free (EAFE^® Free) Index currently measures the performance of stock markets of Europe, Australia, New Zealand, and the Far East. Foreign securities involve risks not normally associated with investing in the U.S. including higher trading and custody costs, less stringent accounting, legal and reporting practices, potential for political and economic instability, and the fluctuation and potential regulation of currency exchange and exchange rates. It is not possible to invest directly in an index. Past performance does not guarantee future results.

⁴ Source: Lehman Brothers. The Lehman Brothers Government/Credit Intermediate Index contains U.S. Government and corporate bonds with maturities above 1 year and an outstanding par value of at least 250 million. It is not possible to invest directly in an index. Bonds have historically been less volatile than stocks, but are sensitive to changes in interest rates. Past performance does not guarantee future results.

1

Portfolio Summary

* Illustrated by sector and based on total net assets as of June 30, 2008. 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, 2008. 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, 2008. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 18 other countries each of which represents less than 2% of net assets.

2

Portfolio Summary (continued)

* Illustrated by sector and based on total net assets as of June 30, 2008. 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, 2008. 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, 2008. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 13 other countries each of which represents less than 3% of net assets.

3

Portfolio Summary (continued)

* Illustrated by type of security and based on total net assets as of June 30, 2008. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Illustrated by type of security and based on total net assets as of June 30, 2008. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Illustrated by type of security and based on total net assets as of June 30, 2008. 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 as stated in the table for each fund.

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, 2008	Ending Account Value June 30, 2008	Annualized Expense Ratio Based on the Period January 1, 2008 to June 30, 2008	Expenses Paid During Period January 1, 2008 to June 30, 20082
Large Cap Equity Fund
Actual	$1,000.00	$   817.72	0.70%	$3.16
Hypothetical (5% return before expenses)	1,000.00	1,021.38	0.70%	3.52
Small/Mid Cap Equity Fund
Actual	1,000.00	932.62	0.90%	4.32
Hypothetical (5% return before expenses)	1,000.00	1,020.39	0.90%	4.52
International Equity Fund
Actual	1,000.00	893.31	1.00%	4.71
Hypothetical (5% return before expenses)	1,000.00	1,019.89	1.00%	5.02
Large Cap Equity Index Fund
Actual	1,000.00	879.30	0.31%	1.45
Hypothetical (5% return before expenses)	1,000.00	1,023.32	0.31%	1.56
Small Cap Equity Index Fund
Actual	1,000.00	904.92	0.47%	2.23
Hypothetical (5% return before expenses)	1,000.00	1,022.53	0.47%	2.36
International Equity Index Fund
Actual	1,000.00	890.70	0.71%	3.34
Hypothetical (5% return before expenses)	1,000.00	1,021.33	0.71%	3.57

5

	Beginning Account Value January 1, 2008	Ending Account Value June 30, 2008	Annualized Expense Ratio Based on the Period January 1, 2008 to June 30, 2008	Expenses Paid During Period January 1, 2008 to June 30, 20082
Stock and Bond Balanced Fund3
Actual	$1,000.00	$   931.74	0.41%	$1.97
Hypothetical (5% return before expenses)	1,000.00	1,022.82	0.41%	2.06
Bond Fund
Actual	1,000.00	1,014.74	0.56%	2.81
Hypothetical (5% return before expenses)	1,000.00	1,022.08	0.56%	2.82
Money Market Fund
Actual	1,000.00	1,012.55	0.49%	2.45
Hypothetical (5% return before expenses)	1,000.00	1,022.43	0.49%	2.46

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.

² Expenses are equal to the applicable Fund’s annualized expense ratio (provided in the table), multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period).

³ Expenses for the Stock and Bond Balanced Fund equal 60% of 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 ratio may vary slightly from 60%/40% throughout the year. Refer to the Stock and Bond Balanced Fund’s Schedule of Investments for the ratio as of June 30, 2008.

6

Board Approval of Investment Advisory and Sub-Advisory Agreements

At a meeting of the Board of Trustees (the “Board”) of State Farm Variable Product Trust (“Variable Product Trust”) held on June 13, 2008, all of the Trustees present, including those Trustees present who were not interested persons of Variable Product 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 Variable Product Trust (the “Advisory Agreement”), (ii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust, and Barclays Global Fund Advisors (“Barclays”) with respect to the Large Cap Equity Index Fund, the Small Cap Equity Index Fund and the International Equity Index Fund, which agreement will be referred to as the “Barclays Sub-Advisory Agreement,” (iii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Capital Guardian Trust Company (“Capital Guardian”) with respect to the Large Cap Equity Fund and the International Equity Fund through no later than September 30, 2008, which agreement will be referred to as the “Capital Guardian Sub-Advisory Agreement,” (iv) with respect to the Small/Mid Cap Equity Fund to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Bridgeway Capital Management, Inc. (“Bridgeway”), which agreement will be referred to as the “Bridgeway Sub-Advisory Agreement,” and (v) with respect to the Small/Mid Cap Equity Fund to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Rainier Investment Management, Inc. (“Rainier”), which agreement will be referred to as the “Rainier Sub-Advisory Agreement.” Together the Barclays, Capital Guardian, Bridgeway and Rainier Sub-Advisory Agreements will be referred to as the “Existing Sub-Advisory Agreements.”

Additionally the Board considered at its regular meeting held June 13, 2008 whether (vi) to approve an amendment to the Bridgeway Sub-Advisory Agreement appointing Bridgeway co-investment sub-adviser to the Large Cap Equity Fund, (vii) to approve an Investment Sub-Advisory Agreement between Westwood Management Corp. (“Westwood”), Variable Product Trust and SFIMC appointing Westwood co-investment sub-adviser to the Large Cap Equity Fund, (viii) to approve an Investment Sub-Advisory Agreement between Marsico Capital Management, LLC. (“Marsico”), Variable Product Trust and SFIMC appointing Marsico co-investment sub-adviser to the International Equity Fund, and (ix) to approve an Investment Sub-Advisory Agreement between Northern Cross, LLC. (“Northern Cross”), Variable Product Trust and SFIMC appointing Northern Cross co-investment sub-adviser to the International Equity Fund, in each case, replacing Capital Guardian as investment sub-adviser to these Funds. SFIMC explained to the Board that if these arrangements were approved, the Large Cap Equity Fund would be managed by Bridgeway and Westwood at approximately a 50-50 split and that the International Equity Fund would be managed by Marsico and Northern Cross at approximately a 50-50 split. SFIMC also explained to the Board that SFIMC anticipated that if approved by the Board these changes for the Large Cap Equity Fund and the International Equity Fund will become effective no later than September 30, 2008. The proposed amendment to the Bridgeway Sub-Advisory Agreement, and the proposed Westwood, Marsico and Northern Cross Sub-Advisory Agreements collectively are referred to as the “New Sub-Advisory Agreements.”

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

Fund	Sub-Adviser(s)
Large Cap Equity Fund	Capital Guardian
Small/Mid Cap Equity Fund	Bridgeway and Rainier
International Equity Fund	Capital Guardian
Large Cap Equity Index Fund	Barclays
Small Cap Equity Index Fund	Barclays
International Equity Index Fund	Barclays

Prior to the June 13, 2008 meeting, independent legal counsel to the Independent Trustees had sent to SFIMC, Capital Guardian, Barclays, Bridgeway and Rainier a request for information to be provided to the Board in connection with the Board’s consideration of continuing the Advisory Agreement and the Existing Sub-Advisory Agreements. Prior to June 13, 2008, SFIMC had sent to Bridgeway, Westwood, Marsico and Northern Cross a request for information to be provided to the Board in connection with considering approval of the New Sub-Advisory Agreements. Capital Guardian, Barclays, Bridgeway, Rainier, Westwood, Marsico and Northern Cross (collectively the “Sub-Advisers”) and SFIMC provided materials to the Board responding to those requests prior to the June 13^th 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 Existing Sub-Advisory Agreements and whether to approve the New Sub-Advisory Agreements. Prior to the June 13^th meeting, the Board also received a report prepared by Morningstar, Inc., an independent fund tracking organization (the “Morningstar Report”),

7

relating to the performance and expenses of the Funds, as well as performance and expense information for products similar in nature to the Large Cap Equity Fund and the International Equity Fund under the management of Bridgeway, Westwood, Marsico and Northern Cross. In addition, the Board received and reviewed a memorandum from the legal counsel to Variable Product Trust and its Independent Trustees regarding their responsibilities (particularly the Independent Trustees’ responsibilities) in considering these actions.

The Independent Trustees of Variable Product Trust also had reviewed certain of these materials at meetings held on March 14, 2008 and May 27, 2008, during which SFIMC management expanded on those materials and responded to specific questions from the Independent Trustees. The Independent Trustees discussed all of this material extensively among themselves and with their independent legal counsel, and with the other Board members, after which the Board considered various factors described below, no one of which alone was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the agreements are discussed separately below.

Investment Performance

The Board considered each Fund’s investment performance. Among other things, the Board examined the year-to-date, one-, three-, and five-year (or since inception, if shorter) 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 considered that the performance of the Large Cap Equity Index Fund, the Small Cap Equity Index Fund and the International Equity Index Fund closely tracked the performance of these Funds’ benchmark indexes, net of fees. The Board concluded that the performance of these three Funds over the periods reviewed was acceptable and closely tracked their respective benchmarks.

The Board considered the performance of the Large Cap Equity Fund and the International Equity Fund. The Board reviewed each Fund’s performance, including as compared to applicable benchmarks and to the performance of Peer Funds. SFIMC informed the Board that SFIMC continued to be disappointed with the performance of these Funds and the overall services provided by Capital Guardian. Accordingly, SFIMC formally recommended to the Board that Capital Guardian be replaced as sub-adviser to these Funds, a recommendation with which the Board agreed. In light of its decision to terminate Capital Guardian as sub-adviser to these Funds as soon as operationally practicable, the Board did not deem the performance of those Funds as a determinative factor.

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

The Board reviewed the performance of the Small/Mid Cap Equity Fund. Bridgeway and Rainier began sub-advising this Fund effective December 1, 2006. SFIMC informed the Board that this Fund had performed relatively well since that time. The Board also reviewed the Fund’s performance as compared to the Fund’s benchmarks and as compared to the performance of the Fund’s Peer Funds. The Board concluded that the investment performance of the Small/Mid Cap Equity Fund over the periods reviewed was acceptable.

In connection with considering whether to approve the New Sub-Advisory Agreements, the Board considered the historical performance of Bridgeway, Westwood, Marsico and Northern Cross in managing accounts with investment objectives and strategies similar to the applicable Fund’s investment objectives and strategies, which performance is referred to as “Related Manager Performance.” Specifically, the Board considered performance of the following investment portfolios managed by the named Sub-Adviser:

Sub-Adviser	Similar Investment Portfolio
Bridgeway	Bridgeway Large-Cap Growth Fund
Westwood	GAMCO Westwood Large Cap Equity Fund
Marsico	International Opportunities Fund
Northern Cross	Harbor International Fund

The Board compared each sub-adviser’s recent Related Manager Performance to the performance of one or more benchmarks and Peer Funds for the same time periods. After considering that information, the Board concluded that it appears that each sub-adviser can produce similar results for the Fund that SFIMC proposes each sub-advise.

8

Fees and Expenses

With respect to the continuation of the Advisory Agreement and the Existing Sub-Advisory Agreements and with respect to approving the New Sub-Advisory Agreements, the Board examined the fee structure and expense ratio of each Fund, including in comparison to Peer Funds. SFIMC management explained the extent of the services provided by the State Farm Life Insurance Companies to the Funds. The State Farm Life Insurance Companies sponsor the separate accounts to which the Funds are sold. The Board concluded that each Fund’s expense structure and overall fees were acceptable. In connection with examining the fee structure and expense ratio of each Fund, the Board also considered the amount of profits earned (or losses incurred) by SFIMC in providing advisory services to each Fund, as well as the methodology by which that profit was calculated. The Board concluded that the advisory and sub-advisory fees, which directly or indirectly are part of each Fund’s fee structure and expense ratio, were reasonable.

With respect to approving the New Sub-Advisory Agreements, the Board considered the costs of the services proposed to be provided by Bridgeway, Westwood, Marsico and Northern Cross. The Board first noted that the overall costs to the shareholders of the Large Cap Equity Fund and the International Equity Fund would not change because SFIMC was solely responsible for the payment of those sub-advisory fees. Nevertheless, the Board examined the proposed sub-advisory fee structure, including the proposed breakpoints as assets in the Fund increase. SFIMC indicated to the Board that the proposed sub-advisory fees were competitive. After considering this information, the Board concluded that the proposed sub-advisory fees to be paid to Bridgeway, Westwood, Marsico and Northern Cross pursuant to the New Sub-Advisory Agreements were reasonable and would be in the best interests of the Funds’ shareholders.

Nature, Extent and Quality of Services

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

Economies of Scale/Other Benefits

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

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

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

Ÿ Continuation of the Advisory Agreement for all Funds through June 30, 2009,

Ÿ Continuation of the each Existing Sub-Advisory Agreement, other than the Capital Guardian Sub-Advisory Agreement, through June 30, 2009,

Ÿ Continuation of the Capital Guardian Sub-Advisory Agreement with respect to the Large Cap Equity Fund and the International Equity Fund through September 30, 2008, and

Ÿ New Sub-Advisory Agreements to become effective on or before September 30, 2008.

9

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (92.63%)
Consumer Discretionary (8.78%)
Carnival Corp.	5,200	$	171,392
CBS Corp. Class B	6,100		118,889
Comcast Corp. Class A	15,200		288,344
Gannett Co. Inc.	19,900		431,233
General Motors Corp.	6,900		79,350
Harley-Davidson Inc.	7,500		271,950
Jarden Corp. (a)	25,900		472,416
Johnson Controls Inc.	10,600		304,008
Lowe’s Companies Inc.	19,000		394,250
Time Warner Cable Inc. Class A (a)	11,700		309,816
Time Warner Inc.	12,200		180,560
			3,022,208
Consumer Staples (11.50%)
Altria Group Inc.	32,800		674,368
Energizer Holdings Inc. (a)	5,700		416,613
Kraft Foods Inc. Class A	47,773		1,359,142
Lorillard Inc. (a)	1,600		110,656
Philip Morris International Inc.	5,400		266,706
Sara Lee Corp.	46,400		568,400
The Coca-Cola Co.	2,900		150,742
Unilever NV New York Shares	14,500		411,800
			3,958,427
Energy (9.78%)
Chevron Corp.	4,500		446,085
ConocoPhillips	10,400		981,656
Exxon Mobil Corp.	2,500		220,325
Marathon Oil Corp.	8,800		456,456
Royal Dutch Shell PLC ADR Class B	8,100		648,891
Spectra Energy Corp.	6,900		198,306
Transocean Inc. (a)	2,707		412,520
			3,364,239
Financials (23.69%)
Ambac Financial Group Inc.	17,600		23,584
American Capital Strategies Ltd.	23,900		568,103
American International Group Inc.	27,300		722,358
Capital One Financial Corp.	4,800		182,448
East West Bancorp Inc.	4,100		28,946
Federal Home Loan Mortgage Corp.	9,100		149,240
Federal National Mortgage Association	7,700		150,227
Fifth Third Bancorp	8,700		88,566
Goldman Sachs Group Inc.	5,700		996,930
Hudson City Bancorp Inc.	54,000		900,720
JPMorgan Chase & Co.	41,500		1,423,865
Lehman Brothers Holdings Inc.	15,300		303,093
Marsh & McLennan Companies Inc.	2,200		58,410
MBIA Inc.	17,100		75,069
Mercury General Corp.	3,000		140,160
SLM Corp. (a)	9,900		191,565
Suntrust Banks Inc.	13,100		474,482
Wachovia Corp.	29,500		458,135
Washington Mutual Inc.	43,300		213,469
Wells Fargo & Co.	33,400		793,250
XL Capital Ltd. Class A	10,300		211,768
			8,154,388
Health Care (7.86%)
Aetna Inc.	12,900		522,837
AstraZeneca PLC ADR	9,800		416,794
Merck & Co. Inc.	7,100		267,599
Pfizer Inc.	41,200		719,764
Sanofi-Aventis ADR	23,400		777,582
			2,704,576
Industrials (11.28%)
3M Co.	2,300		160,057
Caterpillar Inc.	7,400		546,268
Emerson Electric Co.	5,200		257,140
FedEx Corp.	2,900		228,491
General Electric Co.	39,000		1,040,910
Illinois Tool Works Inc.	12,900		612,879
Parker Hannifin Corp.	1,400		99,848
Southwest Airlines Co.	41,900		546,376
Tyco International Ltd.	9,750		390,390
			3,882,359
Materials (4.96%)
Nucor Corp.	14,600		1,090,182
The Dow Chemical Co.	4,000		139,640
Vulcan Materials Co.	8,000		478,240
			1,708,062
Technology (5.44%)
Affiliated Computer Services Inc.
Class A (a)	9,300		497,457
Fairchild Semiconductor International Inc. (a)	13,300		156,009
Hewlett-Packard Co.	4,800		212,208
Intel Corp.	7,300		156,804
Jabil Circuit Inc.	23,100		379,071
Micron Technology Inc. (a)	48,000		288,000
Seagate Technology	6,300		120,519
Tyco Electronics Ltd.	1,700		60,894
			1,870,962
Telecommunication Services (4.14%)
AT&T Inc.	37,200		1,253,268
Verizon Communications Inc.	4,800		169,920
			1,423,188

See accompanying notes to financial statements.

10

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares or principal amount		Value
Common Stocks (Cont.)
Utilities (5.20%)
American Water Works Co. Inc. (a)		16,800	$	372,624
CMS Energy Corp.		11,300		168,370
Edison International		8,700		447,006
Pinnacle West Capital Corp.		26,100		803,097
				1,791,097
Total Common Stocks
(cost $41,388,974)				31,879,506
Convertible Preferred Stocks (1.49%)
Financials (0.82%)
Fifth Third Bancorp (a)		1,000		107,000
Washington Mutual Inc.		300		176,100
				283,100
Health Care (0.67%)
Schering Plough Corp.		1,200		229,812
Total Convertible Preferred Stocks
(cost $601,831)				512,912
Convertible Bonds (0.90%)
Consumer Discretionary (0.90%)
Ford Motor Co. Convertible Corporate Bond
4.250%, 12/15/2036	$	427,000		310,642
Total Convertible Bonds
(cost $435,175)				310,642
Short-term Investments (4.57%)
JPMorgan U.S. Government Money Market Fund		1,573,394		1,573,394
Total Short-term Investments
(cost $1,573,394)				1,573,394
TOTAL INVESTMENTS (99.59%)
(cost $43,999,374)				34,276,454
OTHER ASSETS, NET OF LIABILITIES (0.41%)				141,541
NET ASSETS (100.00%)			$	34,417,995

(a) Non-income producing security.

ADR - American Depository Receipt

See accompanying notes to financial statements.

11

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (99.19%)
Consumer Discretionary (13.32%)
Abercrombie & Fitch Co. Class A	1,425	$	89,319
Bally Technologies Inc. (a)	3,000		101,400
Bare Escentuals Inc. (a)	5,325		99,737
Big Lots Inc. (a)	15,800		493,592
Burger King Holdings Inc.	5,800		155,382
Callaway Golf Co.	12,600		149,058
Coach Inc. (a)	4,125		119,130
Focus Media Holding Ltd. ADR (a)	4,700		130,284
FTD Group Inc.	18,700		249,271
FTI Consulting Inc. (a)	2,275		155,746
GameStop Corp. Class A (a)	3,900		157,560
Gildan Activewear Inc. (a)	4,075		105,461
Goodyear Tire & Rubber Co. (a)	10,500		187,215
Guess? Inc.	3,550		132,947
Hasbro Inc.	5,900		210,748
J. Crew Group Inc. (a)	3,200		105,632
J.C. Penney Co. Inc.	2,950		107,056
JAKKS Pacific Inc. (a)	6,700		146,395
LKQ Corp. (a)	5,350		96,675
Omnicom Group Inc.	3,450		154,836
Perry Ellis International Inc. (a)	6,300		133,686
Phillips-Van Heusen Corp.	3,950		144,649
Pier 1 Imports Inc. (a)	27,300		93,912
Saks Inc. (a)	7,325		80,429
Sotheby’s	6,050		159,538
Stoneridge Inc. (a)	12,100		206,426
Systemax Inc.	7,300		128,845
UniFirst Corp.	6,872		306,904
Urban Outfitters Inc. (a)	5,700		177,783
VF Corp.	3,150		224,217
Warnaco Group Inc. (a)	11,800		520,026
			5,323,859
Consumer Staples (4.64%)
Avon Products Inc.	6,650		239,533
Cal-Maine Foods Inc.	8,500		280,415
Chiquita Brands International Inc. (a)	8,500		128,945
Church & Dwight Co. Inc.	2,550		143,693
ConAgra Foods Inc.	8,675		167,254
Corn Products International Inc.	4,600		225,906
Energizer Holdings Inc. (a)	2,100		153,489
Fomento Economico Mexicano S.A.B.de C.V. ADR	4,300		195,693
H.J. Heinz Co.	3,725		178,241
Spartan Stores Inc.	6,100		140,300
			1,853,469
Energy (12.34%)
CONSOL Energy Inc.	2,050		230,359
GulfMark Offshore Inc. (a)	4,600		267,628
Hornbeck Offshore Services Inc. (a)	8,900		502,939
Mariner Energy Inc. (a)	5,750		212,578
McMoRan Exploration Co. (a)	12,200		335,744
Murphy Oil Corp.	900		88,245
National-Oilwell Varco Inc. (a)	2,025		179,658
Noble Corp.	5,025		326,424
Oil States International Inc. (a)	3,400		215,696
Petrohawk Energy Corp. (a)	2,075		96,093
Pioneer Natural Resources Co.	6,775		530,347
Quicksilver Resources Inc. (a)	7,150		276,276
Rosetta Resources Inc. (a)	6,900		196,650
Stone Energy Corp. (a)	4,900		322,959
Swift Energy Co. (a)	3,100		204,786
Tidewater Inc.	3,000		195,090
Weatherford International Ltd. (a)	7,650		379,363
Whiting Petroleum Corp. (a)	3,525		373,932
			4,934,767
Financials (11.81%)
American Physicians Capital Inc.	5,700		276,108
Ameriprise Financial Inc.	3,150		128,111
Amerisafe Inc. (a)	19,000		302,860
AmTrust Financial Services Inc.	11,300		142,380
Annaly Capital Management Inc.	18,425		285,772
Arch Capital Group Ltd. (a)	1,525		101,138
Assurant Inc.	3,525		232,509
BlackRock Inc.	850		150,450
Charles Schwab Corp.	15,450		317,343
Digital Realty Trust Inc.	8,375		342,621
IntercontinentalExchange Inc. (a)	1,425		162,450
Invesco Ltd.	5,150		123,497
Jones Lang LaSalle Inc.	950		57,181
Knight Capital Group Inc. Class A (a)	11,300		203,174
LaBranche & Co. Inc. (a)	44,600		315,768
Lazard Ltd. Class A	5,250		179,287
Mercer Insurance Group Inc.	8,200		142,680
MF Global Ltd. (a)	3,475		21,927
Navigators Group Inc. (a)	6,500		351,325
Northern Trust Corp.	1,900		130,283
Raymond James Financial Inc.	7,850		207,161
State Street Corp.	2,150		137,579
T Rowe Price Group Inc.	3,575		201,880
Tower Group Inc.	5,300		112,307
Willis Group Holdings Ltd.	3,025		94,894
			4,720,685
Health Care (9.41%)
AMERIGROUP Corp. (a)	4,500		93,600
Analogic Corp.	4,400		277,508
Applera Corp. - Celera Group (a)	21,600		245,376
Celgene Corp. (a)	1,000		63,870
Cephalon Inc. (a)	2,650		176,728
Chindex International Inc. (a)	13,950		204,646
Endo Pharmaceuticals Holdings Inc. (a)	10,550		255,204

See accompanying notes to financial statements.

12

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Express Scripts Inc. (a)	2,325	$	145,824
Genzyme Corp. (a)	1,975		142,240
Hologic Inc. (a)	9,854		214,817
Immucor Inc. (a)	2,300		59,524
Intuitive Surgical Inc. (a)	400		107,760
Inverness Medical Innovations Inc. (a)	3,150		104,486
Invitrogen Corp. (a)	11,400		447,564
Kindred Healthcare Inc. (a)	8,000		230,080
Pediatrix Medical Group Inc. (a)	2,275		111,998
Perrigo Co.	9,200		292,284
Psychiatric Solutions Inc. (a)	3,375		127,710
QIAGEN NV (a)	10,500		211,365
ResMed Inc. (a)	2,475		88,457
Triple-S Management Corp. Class B (a)	9,800		160,230
			3,761,271
Industrials (17.90%)
Ampco-Pittsburgh Corp.	4,800		213,504
BE Aerospace Inc. (a)	9,950		231,735
Capstone Turbine Corp. (a)	52,100		218,299
Columbus McKinnon Corp. (a)	6,400		154,112
Eagle Bulk Shipping Inc.	7,250		214,383
EMCOR Group Inc. (a)	11,925		340,220
Encore Wire Corp.	11,700		247,923
Gardner Denver Inc. (a)	5,000		284,000
General Cable Corp. (a)	4,200		255,570
Hawaiian Holdings Inc. (a)	24,400		169,580
ICF International Inc. (a)	11,200		186,144
ITT Corp.	3,225		204,239
Kansas City Southern (a)	8,375		368,416
Layne Christensen Co. (a)	4,700		205,813
Manitowoc Co. Inc.	5,775		187,861
McDermott International Inc. (a)	8,800		544,632
MSC Industrial Direct Co. Inc.	1,300		57,343
NCI Building Systems Inc. (a)	5,300		194,669
Nordson Corp.	3,100		225,959
Norfolk Southern Corp.	1,925		120,640
Perini Corp. (a)	5,400		178,470
Precision Castparts Corp.	4,575		440,893
Robbins & Myers Inc.	12,800		638,336
Rockwell Collins Inc.	4,150		199,034
Ryder System Inc.	2,800		192,864
Superior Essex Inc. (a)	7,100		316,873
Tecumseh Products Co. Class A (a)	6,100		199,958
TeleTech Holdings Inc. (a)	4,150		82,834
Terex Corp. (a)	1,625		83,476
Textron Inc.	4,100		196,513
			7,154,293
Materials & Processes (12.61%)
A. Schulman Inc.	9,600		221,088
Airgas Inc.	1,850		108,022
AK Steel Holding Corp.	5,200		358,800
Cleveland-Cliffs Inc.	2,350		280,096
Glatfelter	13,200		178,332
Greif Inc.	3,400		217,702
Hercules Inc.	9,400		159,142
Intrepid Potash Inc. (a)	2,675		175,962
Koppers Holdings Inc.	6,900		288,903
LSB Industries Inc. (a)	10,300		203,940
Olympic Steel Inc.	3,400		258,128
OM Group Inc. (a)	2,200		72,138
Owens-Illinois Inc. (a)	5,800		241,802
Reliance Steel & Aluminum Co.	4,700		362,323
Rock-Tenn Co. Class A	7,000		209,930
SPX Corp.	1,125		148,196
Steel Dynamics Inc.	10,800		421,956
Terra Industries Inc.	10,300		508,305
Walter Industries Inc.	5,750		625,427
			5,040,192
Technology (10.73%)
Activision Inc. (a)	5,350		182,274
Adobe Systems Inc. (a)	3,050		120,140
Amkor Technology Inc. (a)	17,300		180,093
Anixter International Inc. (a)	4,400		261,756
Autodesk Inc. (a)	5,225		176,657
Broadcom Corp. Class A (a)	10,300		281,087
Ciena Corp. (a)	3,875		89,784
Citrix Systems Inc. (a)	3,375		99,259
Cognizant Technology Solutions Corp. (a)	5,950		193,434
CommScope Inc. (a)	4,400		232,188
Compuware Corp. (a)	26,000		248,040
Fiserv Inc. (a)	3,275		148,587
Intersil Corp.	8,750		212,800
MAXIMUS Inc.	4,400		153,208
McAfee Inc. (a)	4,450		151,434
MICROS Systems Inc. (a)	4,925		150,163
Multi-Fineline Electronix Inc. (a)	8,200		226,894
Nuance Communications Inc. (a)	13,575		212,720
NVIDIA Corp. (a)	10,575		197,964
Paychex Inc.	5,650		176,732
Riverbed Technology Inc. (a)	7,350		100,842
Silicon Laboratories Inc. (a)	4,150		149,774
SYNNEX Corp. (a)	7,000		175,630
Trimble Navigation Ltd. (a)	4,700		167,790
			4,289,250
Telecommunications (1.18%)
iPCS Inc. (a)	6,700		198,521
NII Holdings Inc. (a)	3,675		174,526
tw telecom inc. (a)	6,075		97,382
			470,429

See accompanying notes to financial statements.

13

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Utilities (5.25%)
Allegheny Energy Inc.	6,575	$	329,473
Central Vermont Public Service Corp.	4,900		94,913
Constellation Energy Group Inc.	1,200		98,520
El Paso Electric Co. (a)	7,400		146,520
Entergy Corp.	2,450		295,176
Hawaiian Electric Industries Inc.	3,900		96,447
ITC Holdings Corp.	5,175		264,494
Laclede Group Inc.	4,900		197,813
MGE Energy Inc.	6,000		195,720
Mirant Corp. (a)	2,975		116,471
Nicor Inc.	3,500		149,065
Wisconsin Energy Corp.	2,525		114,181
			2,098,793
Total Common Stocks (cost $38,314,061)			39,647,008
Short-term Investments (1.65%)
JPMorgan U.S. Government Money Market Fund	659,793		659,793
Total Short-term Investments (cost $659,793)			659,793
TOTAL INVESTMENTS (100.84%) (cost $38,973,854)			40,306,801
LIABILITIES, NET OF OTHER ASSETS (-0.84%)			(334,229	)
NET ASSETS (100.00%)		$	39,972,572

(a) Non-income producing security.

ADR - American Depository Receipt

See accompanying notes to financial statements.

14

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (95.73%) (a)
Australia (2.32%)
Amcor Ltd.	19,138	$	92,714
Brambles Ltd.	11,229		93,986
Macquarie Group Ltd.	1,970		91,714
Newcrest Mining Ltd.	5,293		146,896
QBE Insurance Group Ltd.	3,300		70,954
Telstra Corp. Ltd.	26,046		105,834
Toll Holdings Ltd.	5,486		31,745
Woodside Petroleum Ltd.	2,200		142,200
Woolworths Ltd.	9,170		214,897
			990,940
Austria (0.65%)
Raiffeisen International Bank Holding AG	1,676		212,938
Telekom Austria AG	3,000		65,006
			277,944
Belgium (0.26%)
Fortis	3,432		54,583
Fortis Strip (b)	2,532		40
UCB SA	1,483		54,710
			109,333
Canada (10.86%)
Barrick Gold Corp.	11,600		527,800
CAMECO Corp.	4,100		176,111
Canadian Natural Resources Ltd.	8,900		880,137
EnCana Corp.	6,200		567,649
Inmet Mining Corp.	1,400		92,921
Manulife Financial Corp.	2,400		83,931
Methanex Corp.	1,400		39,568
National Bank of Canada	1,900		94,357
Onex Corp.	2,000		58,900
Potash Corp. of Saskatchewan Inc.	6,600		1,531,197
Research In Motion Ltd. (b)	1,000		117,378
Shaw Communications Inc. Class B	4,600		93,922
Shoppers Drug Mart Corp.	2,500		137,026
Suncor Energy Inc.	4,200		243,836
			4,644,733
China (0.58%)
Alibaba.com Ltd. (b) (c)	9,000		12,683
China Overseas Land & Investment Ltd.	16,000		25,361
China Shenhua Energy Co. Ltd. Class H	30,500		120,038
Industrial and Commercial Bank of China Ltd. Class H	130,000		88,884
			246,966
Denmark (0.51%)
A P Moller-Maersk A/S Class B	7		85,716
Novo Nordisk A/S Class B	2,000		131,661
			217,377
Finland (0.40%)
Nokia OYJ	2,700		65,848
Rautaruukki OYJ	1,700		77,169
UPM-Kymmene OYJ	1,829		29,802
			172,819
France (12.61%)
Accor SA	1,200		79,716
Air Liquide SA	1,174		154,518
AXA	5,600		165,009
BNP Paribas	6,820		613,915
Bouygues	10,313		680,418
Carrefour SA	2,300		129,646
Compagnie Generale des Etablissements Michelin Class B	1,700		121,560
Dassault Systemes SA	1,500		91,060
Electricite de France	1,200		113,677
Groupe DANONE	4,200		293,891
L’Oreal SA	4,900		531,484
Lafarge SA	1,700		259,228
PagesJaunes Groupe	1,779		26,020
Pernod Ricard SA	2,300		234,703
Peugeot SA	4,200		226,850
Renault SA	600		48,832
Rhodia SA Reg.	2,266		41,459
Safran SA	600		11,572
Sanofi-Aventis	5,500		365,468
Schneider Electric SA	654		70,356
Societe Generale	2,106		182,588
Total SA	2,300		195,772
Vallourec SA	786		274,887
Veolia Environnement	6,175		344,732
Vivendi	3,600		135,743
			5,393,104
Germany (3.18%)
Allianz SE Reg.	2,500		439,757
Bayer AG	2,900		244,001
Commerzbank AG	2,308		68,566
Daimler AG	3,400		210,887
Deutsche Bank AG Reg.	1,400		120,855
Hypo Real Estate Holding AG	3,773		106,160
Metro AG	1,200		76,553
SAP AG	1,800		94,207
			1,360,986
Hong Kong (0.66%)
Bank of East Asia Ltd.	28,000		152,235
China Mobile Ltd.	3,000		40,268

See accompanying notes to financial statements.

15

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Hong Kong (Cont.)
Hong Kong & China Gas Co. Ltd.	31,130	$	74,076
Swire Pacific Ltd. Class A	1,500		15,354
			281,933
Indonesia (0.08%)
PT Telekomunikasi Indonesia Sponsored ADR	1,000		32,250
Ireland (1.14%)
Allied Irish Banks PLC	4,900		75,513
CRH PLC	11,900		345,857
Irish Life & Permanent PLC	6,300		64,827
			486,197
Italy (0.19%)
ENI SpA	2,200		81,731
Japan (25.04%)
Aeon Co. Ltd.	30,100		372,597
Ajinomoto Co. Inc.	8,000		75,792
Canon Inc.	6,500		334,593
Chiyoda Corp.	11,000		119,613
Citizen Holdings Co. Ltd.	10,000		76,289
Daiwa House Industry Co. Ltd.	2,000		18,827
East Japan Railway Co.	22		179,197
Elpida Memory Inc. (b)	5,900		189,218
Fanuc Ltd.	3,000		293,392
FUJIFILM Holdings Corp.	5,200		179,117
Hankyu Hanshin Holdings Inc.	15,000		63,031
Hirose Electric Co. Ltd.	700		70,335
Hitachi Ltd.	15,000		108,022
Hoya Corp.	8,900		206,143
Idemitsu Kosan Co. Ltd.	100		8,871
INPEX Holdings Inc.	17		214,682
JGC Corp.	6,000		118,150
JS Group Corp.	2,700		42,989
Keyence Corp.	1,120		266,978
Matsushita Electric Industrial Co. Ltd.	7,000		149,756
Millea Holdings Inc.	8,800		342,981
Mitsubishi Corp.	4,600		151,573
Mitsubishi Estate Co. Ltd.	2,000		45,789
Mitsubishi UFJ Financial Group Inc.	11,300		99,863
Mitsui & Co. Ltd.	3,000		66,213
Mitsui OSK Lines Ltd.	6,000		85,572
Mitsui Sumitomo Insurance Group Holdings Inc. (b)	2,700		93,316
Mizuho Financial Group Inc.	51		237,295
Murata Manufacturing Co. Ltd.	3,400		160,407
Nintendo Co. Ltd.	1,100		620,521
Nippon Electric Glass Co. Ltd.	3,500		60,837
Nippon Telegraph & Telephone Corp.	15		74,014
Nissan Motor Co. Ltd.	26,600		220,926
Nomura Holdings Inc.	30,900		457,579
Oracle Corp. Japan	1,500		61,153
Orix Corp.	3,640		521,346
Rohm Co. Ltd.	1,100		63,513
SBI Holdings Inc.	349		76,384
Shimamura Co. Ltd.	800		49,328
Shin-Etsu Chemical Co. Ltd.	1,000		62,055
SMC Corp.	2,500		274,390
Softbank Corp.	46,200		779,067
Sumitomo Chemical Co. Ltd.	29,200		183,962
Sumitomo Corp.	22,600		296,925
Sumitomo Mitsui Financial Group Inc.	94		706,900
Sumitomo Realty & Development Co. Ltd.	5,000		99,465
Suzuki Motor Corp.	9,800		232,109
Takeda Pharmaceutical Co. Ltd.	1,100		55,945
Tokyo Electron Ltd.	3,800		219,139
Tokyo Gas Co. Ltd.	15,000		60,607
Tokyu Corp.	3,000		15,566
Toshiba Corp.	41,000		302,479
Trend Micro Inc.	9,000		296,794
Unicharm Corp.	1,600		113,814
Yamada Denki Co. Ltd.	2,300		163,871
Yamato Holdings Co. Ltd.	19,000		265,220
			10,704,510
Luxembourg (0.46%)
SES FDR Class A (Luxembourg)	4,000		99,820
SES FDR Class A (Paris)	3,800		95,992
			195,812
Mexico (2.09%)
America Movil SAB de C.V. ADR Series L	8,700		458,925
Telefonos de Mexico SAB de CV (Telmex)
Sponsored ADR Series L	9,000		213,120
Telmex Internacional SAB de CV ADR (b)	9,500		152,950
Wal-Mart de Mexico SAB de CV Series V	17,400		69,258
			894,253
Netherlands (2.38%)
Aegon NV	9,256		121,686
ING Groep NV	11,300		357,279
Koninklijke Ahold NV	5,520		73,999
Koninklijke KPN NV	12,600		215,419
Unilever NV CVA	8,800		248,851
			1,017,234
Norway (1.30%)
DNB NOR ASA	5,400		68,602
Telenor ASA	12,900		242,161
Yara International ASA	2,800		247,284
			558,047

See accompanying notes to financial statements.

16

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Poland (0.20%)
Polski Koncern Naftowy Orlen SA GDR Reg. S (b) (c)	2,700	$	86,678
Russia (1.98%)
Gazprom Sponsored ADR	11,300		659,920
Rosneft Oil Company GDR (b)	7,772		90,311
Uralkali Sponsored GDR	1,300		94,510
			844,741
Singapore (0.47%)
Singapore Telecommunications Ltd.	39,600		105,563
Wilmar International Ltd.	26,000		96,696
			202,259
South Africa (0.20%)
Harmony Gold Mining Company Ltd. Sponsored ADR (b)	7,000		85,750
South Korea (1.43%)
LG Electronics Inc.	770		87,074
Samsung Electronics Co. Ltd. GDR	1,760		525,787
			612,861
Spain (2.04%)
Banco Bilbao Vizcaya Argentaria SA	16,800		320,103
Banco Santander SA	2,500		45,610
Inditex SA	2,200		100,850
Repsol YPF SA	7,400		290,408
Telefonica SA	4,300		113,794
			870,765
Sweden (1.33%)
ASSA ABLOY AB Class B	3,800		54,675
Atlas Copco AB Class A	4,400		64,352
Ericsson LM Class B	35,800		372,265
TeliaSonera AB	10,500		77,626
			568,918
Switzerland (9.64%)
Compagnie Financiere Richemont AG A Units	7,447		413,277
Credit Suisse Group	2,071		94,266
Givaudan SA Reg.	71		63,290
Holcim Ltd.	3,649		294,956
Holcim Ltd. (c)	379		30,635
Nestle SA	16,080		724,640
Nobel Biocare Holding AG Reg.	3,040		98,843
Novartis AG	6,476		356,389
Petroplus Holdings AG (b)	3,150		169,287
Roche Holding AG	4,456		801,065
Swiss Reinsurance	7,649		507,066
Swisscom AG	623		207,499
Synthes Inc.	588		80,875
UBS AG Reg. (New York) (b)	567		11,714
UBS AG Reg. (Virt-x) (b)	12,934		269,522
			4,123,324
Taiwan (0.70%)
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR	27,400		298,934
United Kingdom (13.03%)
Alliance & Leicester PLC	9,581		55,916
AstraZeneca PLC	2,400		102,018
BAE Systems PLC	65,300		573,163
BAE Systems PLC (c)	4,000		35,109
Barclays PLC	8,100		45,955
Barclays PLC Rights (b) (d)	1,736		328
BHP Billiton PLC	9,100		348,988
BP PLC	29,300		339,607
BP PLC Sponsored ADR	500		34,785
Cairn Energy PLC (b)	1,500		96,271
HBOS PLC	13,500		73,910
HBOS PLC - NPR (b)	5,400		1,156
HSBC Holdings PLC	11,400		175,533
Imperial Tobacco Group PLC	2,400		89,157
Lloyds TSB Group PLC	11,300		69,329
Marks & Spencer Group PLC	10,400		67,627
National Grid PLC	7,600		99,624
Persimmon PLC	6,450		40,371
Premier Foods PLC	29,800		56,248
Rio Tinto PLC	3,800		457,626
Royal Bank of Scotland Group PLC	67,000		285,231
Royal Bank of Scotland Group PLC (c)	25,744		109,596
Royal Dutch Shell PLC Class A	14,246		582,560
SABMiller PLC	35,200		804,215
Scottish & Southern Energy PLC	5,900		164,392
Standard Chartered PLC	5,600		158,590
Tesco PLC	37,300		272,826
Unilever PLC	2,430		69,041
Vodafone Group PLC	44,962		132,473
Wolseley PLC	9,700		72,273
Xstrata PLC	1,500		119,492
Yell Group PLC	25,900		36,138
			5,569,548
Total Common Stocks (cost $41,005,259)			40,929,947

See accompanying notes to financial statements.

17

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares or principal amount		Value
Preferred Stocks (0.15%) (a)
Germany (0.15%)
Porsche Automobil Holding SE PFD		422	$	64,979
Total Preferred Stocks (cost $97,090)				64,979
Exchange-Traded Funds (0.19%)
iShares MSCI EAFE Index Fund		1,200		82,440
Total Exchange-Traded Funds (cost $93,276)				82,440
Repurchase Agreement (2.79%)
State Street Repurchase Agreement, (e) 0.900%, agreement date 06/30/2008, to be repurchased at $1,194,229 on 07/01/2008	$	1,194,199		1,194,199
Total Repurchase Agreement (cost $1,194,199)				1,194,199
TOTAL INVESTMENTS (98.86%) (cost $42,389,824)				42,271,565
CASH AND OTHER ASSETS, NET OF LIABILITIES (1.14%)				485,160
NET ASSETS (100.0%)			$	42,756,725

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

(b) Non-income producing security.

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

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

(e) Repurchase agreement is fully collateralized by a U.S. Government Agency security with a coupon rate of 2.82%, a maturity date of December 15, 2034, and a market value of $1,220,539 as of June 30, 2008.

ADR - American Depository Receipt

FDR - Fiduciary Depository Receipt

GDR - Global Depository Receipt

INTERNATIONAL EQUITY FUND FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Japanese Yen	$	10,704,511	25.32
Euro		10,613,462	25.11
British Pound		4,850,185	11.47
United States Dollar		4,550,074	10.76
Canadian Dollar		4,116,933	9.74
Swiss Franc		4,111,609	9.73
Australian Dollar		990,940	2.34
Swedish Krona		670,936	1.59
Norwegian Krone		558,047	1.32
Hong Kong Dollar		528,899	1.25
Danish Krone		217,377	0.52
Singapore Dollar		202,259	0.48
South Korean Won		87,074	0.21
Mexican Peso		69,259	0.16
Total Investments	$	42,271,565	100.00	%

INTERNATIONAL EQUITY FUND SECTOR CLASSIFICATIONS

Sector	Value		%
Financials	$	8,257,578	19.32
Materials		5,571,678	13.03
Energy		4,980,853	11.65
Information Technology		4,793,701	11.21
Consumer Staples		4,685,334	10.96
Industrials		4,020,082	9.40
Telecommunication Services		3,015,971	7.05
Consumer Discretionary		2,765,646	6.47
Health Care		2,046,975	4.79
Utilities		857,108	2.00
Total Stocks		40,994,926	95.88
Exchange-Traded Funds		82,440	0.19
Repurchase Agreement		1,194,199	2.79
Cash and Other Assets, Net of Liabilities		485,160	1.14
Net Assets	$	42,756,725	100.00	%

See accompanying notes to financial statements.

18

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

(Unaudited)

June 30, 2008

	Shares	Value
Common Stocks (98.32%)
Aerospace/Defense (1.51%)
Boeing Co.	35,188	$	2,312,555
General Dynamics Corp.	18,607		1,566,710
Lockheed Martin Corp.	15,853		1,564,057
Northrop Grumman Corp.	15,639		1,046,249
Raytheon Co.	19,730		1,110,404
Rockwell Collins Inc.	7,545		361,858
			7,961,833
Agriculture, Foods, & Beverage (4.28%)
Anheuser-Busch Companies Inc.	33,066		2,054,060
Archer-Daniels-Midland Co.	29,786		1,005,277
Campbell Soup Co.	9,698		324,495
Coca-Cola Enterprises Inc.	13,329		230,592
ConAgra Foods Inc.	22,629		436,287
Constellation Brands Inc. (a)	9,097		180,666
Dean Foods Co. (a)	6,210		121,840
General Mills Inc.	15,400		935,858
H.J. Heinz Co.	14,606		698,897
Kellogg Co.	12,081		580,130
Kraft Foods Inc. Class A	70,877		2,016,451
McCormick & Co. Inc.	5,983		213,354
Molson Coors Brewing Co. Class B	6,260		340,106
Pepsi Bottling Group Inc.	6,206		173,271
PepsiCo Inc.	73,878		4,697,902
Reynolds American Inc.	7,638		356,465
Sara Lee Corp.	33,083		405,267
Sysco Corp.	27,955		769,042
The Coca-Cola Co.	92,321		4,798,846
The Hershey Co.	7,839		256,962
Tyson Foods Inc.	11,981		178,996
Whole Foods Market Inc.	6,485		153,630
WM Wrigley Jr. Co.	10,029		780,056
Yum! Brands Inc.	22,024		772,822
			22,481,272
Airlines (0.09%)
Southwest Airlines Co.	34,170		445,577
Automotive (0.55%)
Ford Motor Co. (a)	98,694		474,718
General Motors Corp.	26,205		301,358
Genuine Parts Co.	7,697		305,417
Goodyear Tire & Rubber Co. (a)	10,799		192,546
Harley-Davidson Inc.	11,080		401,761
ITT Corp.	8,167		517,216
Paccar Inc.	16,981		710,315
			2,903,331
Banks (4.49%)
Bank of America Corp.	210,978		5,036,045
Bank of New York	52,761		1,995,948
BB&T Corp.	25,229		574,464
Comerica Inc.	6,805		174,412
Fifth Third Bancorp	24,759		252,047
Hudson City Bancorp Inc.	24,094		401,888
Huntington Bancshares Inc.	16,499		95,199
JPMorgan Chase & Co.	158,570		5,440,537
M&T Bank Corp.	3,329		234,828
Northern Trust Corp.	8,762		600,810
PNC Financial Services Group Inc.	15,778		900,924
State Street Corp.	19,575		1,252,604
Suntrust Banks Inc.	16,254		588,720
US Bancorp	79,943		2,229,610
Washington Mutual Inc.	49,172		242,418
Wells Fargo & Co.	152,309		3,617,339
			23,637,793
Building Materials & Construction (0.39%)
Centex Corp.	5,650		75,541
DR Horton Inc.	12,527		135,918
Fluor Corp.	4,115		765,719
KB Home	3,529		59,746
Leggett & Platt Inc.	7,885		132,232
Lennar Corp.	6,433		79,383
Masco Corp.	16,992		267,284
Pulte Homes Inc.	9,834		94,701
Stanley Works	3,688		165,333
Vulcan Materials Co.	4,928		294,596
			2,070,453
Chemicals (2.06%)
Air Products & Chemicals Inc.	9,928		981,482
Ashland Inc.	2,433		117,271
E.I. du Pont de Nemours & Co.	41,580		1,783,366
Eastman Chemical Co.	3,575		246,174
Hercules Inc.	5,239		88,696
International Flavors & Fragrances Inc.	3,532		137,960
Monsanto Co.	25,320		3,201,461
Pall Corp.	5,768		228,874
PPG Industries Inc.	7,377		423,218
Praxair Inc.	14,491		1,365,632
Rohm & Haas Co.	5,591		259,646
Sealed Air Corp.	7,474		142,081
Sigma-Aldrich Corp.	6,022		324,345
The Dow Chemical Co.	43,450		1,516,840
			10,817,046
Commercial Service/Supply (1.33%)
Allied Waste Industries Inc. (a)	13,216		166,786
Apollo Group Inc. Class A (a)	6,345		280,830
Ball Corp.	4,556		217,503
Cintas Corp.	6,074		161,022
Convergys Corp. (a)	6,030		89,606
Eastman Kodak Co.	13,238		191,024

See accompanying notes to financial statements.

19

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Commercial Service/Supply (Cont.)
Ecolab Inc.	8,159	$	350,755
Equifax Inc.	6,060		203,737
Interpublic Group of Companies Inc. (a)	21,011		180,695
Jacobs Engineering Group Inc. (a)	5,617		453,292
Monster Worldwide Inc. (a)	5,911		121,826
Moody’s Corp.	9,566		329,453
Omnicom Group Inc.	14,860		666,917
Pactiv Corp. (a)	6,135		130,246
Paychex Inc.	15,004		469,325
Pitney Bowes Inc.	9,698		330,702
Robert Half International Inc.	7,445		178,457
RR Donnelley & Sons Co.	10,081		299,305
Ryder System Inc.	2,561		176,402
Snap-On Inc.	2,697		140,271
Waste Management Inc.	22,943		865,180
WW Grainger Inc.	3,049		249,408
Wyndham Worldwide Corp.	8,302		148,689
Xerox Corp.	42,433		575,391
			6,976,822
Computer Software & Services (4.66%)
Adobe Systems Inc. (a)	24,616		969,624
Affiliated Computer Services Inc. Class A (a)	4,483		239,796
Autodesk Inc. (a)	10,637		359,637
Automatic Data Processing Inc.	24,199		1,013,938
BMC Software Inc. (a)	8,941		321,876
CA Inc.	18,124		418,483
Computer Sciences Corp. (a)	7,036		329,566
Compuware Corp. (a)	12,933		123,381
eBay Inc. (a)	51,592		1,410,009
Electronic Arts Inc. (a)	14,613		649,256
Electronic Data Systems Corp.	23,629		582,219
EMC Corp. (a)	97,138		1,426,957
Intuit Inc. (a)	15,144		417,520
Juniper Networks Inc. (a)	24,305		539,085
Microsoft Corp.	369,622		10,168,301
NetApp Inc. (a)	16,028		347,167
Oracle Corp. (a)	182,721		3,837,141
Unisys Corp. (a)	15,818		62,481
Yahoo! Inc. (a)	61,837		1,277,552
			24,493,989
Computers (4.16%)
Apple Inc. (a)	40,591		6,796,557
Dell Inc. (a)	94,404		2,065,559
Hewlett-Packard Co.	113,875		5,034,414
International Business Machines Corp.	63,815		7,563,992
Sun Microsystems Inc. (a)	36,826		400,667
			21,861,189
Consumer & Marketing (4.65%)
Altria Group Inc.	97,461		2,003,798
Avery Dennison Corp.	4,744		208,404
Avon Products Inc.	19,722		710,387
Black & Decker Corp.	2,824		162,408
Brown-Forman Corp. Class B	3,878		293,061
Clorox Co.	6,239		325,676
Colgate-Palmolive Co.	23,569		1,628,618
Danaher Corp.	11,660		901,318
Darden Restaurants Inc.	6,694		213,806
Fortune Brands Inc.	6,939		433,063
Harman International Industries Inc.	2,854		118,127
Hasbro Inc.	6,656		237,752
IAC/InterActiveCorp (a)	8,480		163,494
Kimberly-Clark Corp.	19,428		1,161,406
Lorillard Inc. (a)	8,024		554,940
Mattel Inc.	16,823		288,010
Newell Rubbermaid Inc.	12,856		215,852
Philip Morris International Inc.	97,388		4,809,993
Starbucks Corp. (a)	33,876		533,208
The Estee Lauder Companies	5,329		247,532
The Procter & Gamble Co.	140,559		8,547,393
UST Inc.	6,951		379,594
Wendy’s International Inc.	3,803		103,518
Whirlpool Corp.	3,500		216,055
			24,457,413
Electronic/Electrical Mfg. (5.03%)
Advanced Micro Devices Inc. (a)	26,682		155,556
Agilent Technologies Inc. (a)	16,929		601,657
Applied Materials Inc.	62,638		1,195,759
Emerson Electric Co.	36,393		1,799,634
General Electric Co.	461,100		12,306,759
Intel Corp.	262,937		5,647,887
KLA-Tencor Corp.	7,914		322,179
Linear Technology Corp.	10,278		334,754
LSI Corp. (a)	30,904		189,751
Micron Technology Inc. (a)	34,621		207,726
Molex Inc.	6,542		159,690
National Semiconductor Corp.	10,602		217,765
PerkinElmer Inc.	5,528		153,955
Rockwell Automation Inc.	6,886		301,125
Texas Instruments Inc.	61,320		1,726,771
Tyco Electronics Ltd.	22,575		808,637
Waters Corp. (a)	4,659		300,505
			26,430,110
Financial Services (6.21%)
American Capital Strategies Ltd.	8,626		205,040
American Express Co.	53,435		2,012,896

See accompanying notes to financial statements.

20

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Ameriprise Financial Inc.	10,538	$	428,580
Apartment Investment and Management Co.	4,307		146,696
AvalonBay Communities Inc.	3,576		318,836
Boston Properties Inc.	5,481		494,496
Capital One Financial Corp.	17,279		656,775
CB Richard Ellis Group Inc. Class A (a)	8,152		156,518
Charles Schwab Corp.	43,381		891,046
CIT Group Inc.	9,205		62,686
Citigroup Inc.	249,599		4,183,279
CME Group Inc.	2,469		946,096
Developers Diversified Realty Corp.	5,584		193,821
Discover Financial Services	22,296		293,638
E*Trade Financial Corp. (a)	21,403		67,205
Equity Residential	12,513		478,873
Federal Home Loan Mortgage Corp.	29,945		491,098
Federal National Mortgage Association	49,057		957,102
Federated Investors Inc. Class B	4,104		141,260
Fidelity National Information Services	7,712		284,650
First Horizon National Corp.	5,813		43,191
Franklin Resources Inc.	7,288		667,945
General Growth Properties Inc.	12,386		433,882
Goldman Sachs Group Inc.	18,257		3,193,149
H&R Block Inc.	15,107		323,290
HCP Inc.	10,227		325,321
Host Hotels & Resorts Inc.	24,372		332,678
IntercontinentalExchange Inc. (a)	3,277		373,578
Janus Capital Group Inc.	6,915		183,040
KeyCorp	18,477		202,877
Kimco Realty Corp.	11,528		397,947
Legg Mason Inc.	6,190		269,698
Lehman Brothers Holdings Inc.	31,086		615,814
Leucadia National Corp.	7,750		363,785
Marshall & Ilsley Corp.	11,949		183,178
MBIA Inc.	7,676		33,698
Merrill Lynch & Co. Inc.	44,922		1,424,477
MGIC Investment Corp.	4,025		24,593
Morgan Stanley	51,060		1,841,734
National City Corp.	29,066		138,645
NYSE Euronext	12,281		622,155
Principal Financial Group Inc.	11,982		502,885
ProLogis	11,884		645,895
Public Storage	5,810		469,390
Regions Financial Corp.	32,193		351,226
Simon Property Group Inc.	10,325		928,114
SLM Corp. (a)	21,670		419,315
Sovereign Bancorp Inc.	17,189		126,511
T Rowe Price Group Inc.	12,206		689,273
Vornado Realty Trust	6,260		550,880
Wachovia Corp.	98,365		1,527,608
Western Union Co.	34,729		858,501
Zions Bancorporation	5,029		158,363
			32,633,227
Forest Products & Paper (0.28%)
International Paper Co.	19,477		453,814
MeadWestvaco Corp.	8,136		193,962
Plum Creek Timber Co. Inc.	8,010		342,107
Weyerhaeuser Co.	9,697		495,905
			1,485,788
Health Care (11.33%)
Abbott Laboratories	71,412		3,782,694
Aetna Inc.	22,987		931,663
Allergan Inc.	14,172		737,653
AmerisourceBergen Corp.	7,574		302,884
Amgen Inc. (a)	50,276		2,371,016
Applera Corp.- Applied Biosystems Group	7,809		261,445
Barr Pharmaceuticals Inc. (a)	4,817		217,150
Baxter International Inc.	29,335		1,875,680
Becton Dickinson & Co.	11,301		918,771
Biogen Idec Inc. (a)	13,581		759,042
Boston Scientific Corp. (a)	62,046		762,545
Bristol-Myers Squibb Co.	91,513		1,878,762
Cardinal Health Inc.	16,513		851,740
Celgene Corp. (a)	19,999		1,277,336
Coventry Health Care Inc. (a)	7,205		219,176
Covidien Ltd.	23,082		1,105,397
CR Bard Inc.	4,609		405,362
Eli Lilly & Co.	45,725		2,110,666
Express Scripts Inc. (a)	11,687		733,009
Forest Laboratories Inc. (a)	14,455		502,167
Genzyme Corp. (a)	12,397		892,832
Gilead Sciences Inc. (a)	42,933		2,273,302
Hospira Inc. (a)	7,026		281,813
Humana Inc. (a)	7,800		310,206
IMS Health Inc.	8,579		199,891
Intuitive Surgical Inc. (a)	1,793		483,034
Johnson & Johnson	130,815		8,416,637
King Pharmaceuticals Inc. (a)	11,171		116,960
Laboratory Corp. of America Holdings (a)	5,139		357,829
McKesson Corp.	13,409		749,697
Medco Health Solutions Inc. (a)	24,114		1,138,181
Medtronic Inc.	51,901		2,685,877
Merck & Co. Inc.	100,038		3,770,432
Mylan Inc. (a)	13,223		159,602
Patterson Companies Inc. (a)	6,054		177,927
Pfizer Inc.	312,283		5,455,584
Quest Diagnostics Inc.	7,317		354,655
Schering-Plough Corp.	74,974		1,476,238
St. Jude Medical Inc. (a)	15,765		644,473

See accompanying notes to financial statements.

21

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Stryker Corp.	11,053	$	695,013
Tenet Healthcare Corp. (a)	21,722		120,774
UnitedHealth Group Inc.	57,856		1,518,720
Varian Medical Systems Inc. (a)	5,861		303,893
Watson Pharmaceuticals Inc. (a)	4,660		126,612
WellPoint Inc. (a)	24,898		1,186,639
Wyeth	61,834		2,965,559
Zimmer Holdings Inc. (a)	10,804		735,212
			59,601,750
Insurance (3.45%)
ACE Ltd.	15,043		828,719
Aflac Inc.	21,960		1,379,088
American International Group Inc.	124,424		3,292,259
Aon Corp.	13,883		637,785
Assurant Inc.	4,308		284,156
Chubb Corp.	17,146		840,326
Cigna Corp.	13,000		460,070
Cincinnati Financial Corp.	7,521		191,033
Genworth Financial Inc.	20,104		358,052
Hartford Financial Services Group Inc.	14,503		936,459
Lincoln National Corp.	12,266		555,895
Loews Corp.	16,704		783,418
Marsh & McLennan Companies Inc.	23,521		624,483
MetLife Inc.	32,788		1,730,223
Progressive Corp.	31,457		588,875
Prudential Financial Inc.	20,628		1,232,317
Safeco Corp.	4,109		275,960
The Allstate Corp.	25,929		1,182,103
Torchmark Corp.	4,142		242,928
Travelers Companies Inc.	28,588		1,240,719
Unum Group	16,138		330,022
XL Capital Ltd. Class A	8,297		170,586
			18,165,476
Leisure, Lodging & Gaming (0.26%)
Carnival Corp.	19,893		655,673
Marriott International Inc. Class A	13,984		366,940
Starwood Hotels & Resorts Worldwide Inc.	8,751		350,653
			1,373,266
Machinery & Manufacturing (3.77%)
3M Co.	32,708		2,276,150
Bemis Co. Inc.	4,654		104,343
Cameron International Corp. (a)	10,133		560,862
Caterpillar Inc.	28,842		2,129,116
Cooper Industries Ltd. Class A	8,248		325,796
Cummins Inc.	9,375		614,250
Deere & Co.	20,165		1,454,501
Dover Corp.	8,913		431,122
Eaton Corp.	7,601		645,857
Goodrich Corp.	5,500		261,030
Honeywell International Inc.	34,415		1,730,386
Illinois Tool Works Inc.	18,542		880,930
Ingersoll-Rand Co. Ltd. Class A	14,181		530,795
Johnson Controls Inc.	27,519		789,245
Manitowoc Co. Inc.	5,883		191,374
Millipore Corp. (a)	2,600		176,436
Parker Hannifin Corp.	7,813		557,223
Precision Castparts Corp.	6,334		610,408
Terex Corp. (a)	4,730		242,980
Textron Inc.	11,528		552,537
Thermo Fisher Scientific Inc. (a)	19,374		1,079,713
Tyco International Ltd.	22,452		898,978
United Technologies Corp.	45,354		2,798,342
			19,842,374
Media & Broadcasting (2.63%)
CBS Corp. Class B	31,555		615,007
Clear Channel Communications Inc.	23,056		811,571
Comcast Corp. Class A	138,530		2,627,914
Gannett Co. Inc.	10,708		232,042
Meredith Corp.	1,766		49,960
New York Times Co.	6,703		103,159
News Corp. Class A	106,380		1,599,955
Scripps Networks Interactive Class A (a)	3,711		142,317
The DIRECTV Group Inc. (a)	32,984		854,616
The McGraw-Hill Companies Inc.	14,966		600,436
The Walt Disney Co.	87,014		2,714,837
The Washington Post Co.	258		151,420
Time Warner Inc.	165,286		2,446,233
Viacom Inc. Class B (a)	29,667		906,030
			13,855,497
Mining & Metals (1.39%)
AK Steel Holding Corp.	5,183		357,627
Alcoa Inc.	37,669		1,341,770
Allegheny Technologies Inc.	4,701		278,675
Freeport-McMoRan Copper & Gold Inc.	17,696		2,073,794
Newmont Mining Corp.	20,964		1,093,482
Nucor Corp.	14,490		1,081,969
Titanium Metals Corp.	4,105		57,429
United States Steel Corp.	5,455		1,007,975
			7,292,721
Oil & Gas (15.17%)
Anadarko Petroleum Corp.	21,647		1,620,062
Apache Corp.	15,395		2,139,905
Baker Hughes Inc.	14,317		1,250,447
BJ Services Co.	13,617		434,927
Cabot Oil & Gas Corp.	4,525		306,478
Chesapeake Energy Corp.	22,256		1,468,006
Chevron Corp.	95,903		9,506,865

See accompanying notes to financial statements.

22

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Oil & Gas (Cont.)
ConocoPhillips	71,711	$	6,768,801
Devon Energy Corp.	20,541		2,468,207
El Paso Corp.	32,399		704,354
ENSCO International Inc.	6,426		518,835
EOG Resources Inc.	11,427		1,499,222
Exxon Mobil Corp.	244,900		21,583,037
Halliburton Co.	40,694		2,159,631
Hess Corp.	12,915		1,629,744
Marathon Oil Corp.	32,787		1,700,662
Murphy Oil Corp.	8,771		859,997
Nabors Industries Ltd. (a)	13,026		641,270
National-Oilwell Varco Inc. (a)	19,113		1,695,705
Noble Corp.	12,448		808,622
Noble Energy Inc.	7,959		800,357
Occidental Petroleum Corp.	38,008		3,415,399
Questar Corp.	8,050		571,872
Range Resources Corp.	6,995		458,452
Rowan Companies Inc.	4,776		223,278
Schlumberger Ltd.	55,323		5,943,350
Smith International Inc.	9,307		773,784
Southwestern Energy Co. (a)	15,786		751,571
Spectra Energy Corp.	29,365		843,950
Sunoco Inc.	5,331		216,918
Tesoro Corp.	6,477		128,050
Transocean Inc. (a)	14,689		2,238,457
Valero Energy Corp.	24,740		1,018,793
Weatherford International Ltd. (a)	31,386		1,556,432
Williams Companies Inc.	27,082		1,091,675
			79,797,115
Retailers (5.59%)
Abercrombie & Fitch Co. Class A	3,753		235,238
Amazon.com Inc. (a)	14,273		1,046,639
AutoNation Inc. (a)	6,417		64,298
Autozone Inc. (a)	1,905		230,524
Bed Bath & Beyond Inc. (a)	11,897		334,306
Best Buy Co. Inc.	16,028		634,709
Big Lots Inc. (a)	3,846		120,149
Coach Inc. (a)	16,325		471,466
Costco Wholesale Corp.	20,111		1,410,585
CVS Caremark Corp.	66,170		2,618,347
Dillard’s Inc. Class A	2,815		32,569
Family Dollar Stores Inc.	6,616		131,923
GameStop Corp. Class A (a)	7,456		301,222
GAP Inc.	20,573		342,952
Home Depot Inc.	78,015		1,827,111
J.C. Penney Co Inc.	10,307		374,041
Kohl’s Corp. (a)	14,543		582,302
Kroger Co.	30,971		894,133
Limited Brands Inc.	14,496		244,258
Lowe’s Companies Inc.	67,641		1,403,551
Macy’s Inc.	20,115		390,633
McDonald’s Corp.	52,987		2,978,929
Nordstrom Inc.	8,344		252,823
Office Depot Inc. (a)	12,754		139,529
RadioShack Corp.	6,225		76,381
Safeway Inc.	20,376		581,735
Sears Holdings Corp. (a)	3,307		243,594
Staples Inc.	32,042		760,998
Supervalu Inc.	9,710		299,942
Target Corp.	36,630		1,702,929
The Sherwin-Williams Co.	4,730		217,249
Tiffany & Co.	5,923		241,362
TJX Companies Inc.	20,263		637,677
Wal-Mart Stores Inc.	108,222		6,082,076
Walgreen Co.	45,846		1,490,453
			29,396,633
Technology (3.18%)
Akamai Technologies Inc. (a)	7,789		270,979
Altera Corp.	14,307		296,155
Analog Devices Inc.	13,648		433,597
Broadcom Corp. Class A (a)	21,634		590,392
Citrix Systems Inc. (a)	8,564		251,867
Cognizant Technology Solutions Corp. (a)	13,230		430,107
Expedia Inc. (a)	9,670		177,735
Fiserv Inc. (a)	7,645		346,854
Google Inc. (a)	10,712		5,639,011
International Game Technology	14,303		357,289
Jabil Circuit Inc.	9,021		148,035
L-3 Communications Holdings Inc.	5,689		516,959
Lexmark International Inc. (a)	4,461		149,131
MEMC Electronic Materials Inc. (a)	10,567		650,293
Microchip Technology Inc.	8,748		267,164
Novell Inc. (a)	16,319		96,119
Novellus Systems Inc. (a)	4,829		102,327
NVIDIA Corp. (a)	25,704		481,179
QLogic Corp. (a)	6,331		92,369
QUALCOMM Inc.	74,492		3,305,210
SanDisk Corp. (a)	10,575		197,752
Symantec Corp. (a)	39,210		758,713
Teradata Corp. (a)	8,364		193,543
Teradyne Inc. (a)	8,265		91,494
Total System Services Inc.	9,336		207,446
VeriSign Inc. (a)	9,056		342,317
Xilinx Inc.	13,280		335,320
			16,729,357
Telecom & Telecom Equipment (4.97%)
American Tower Corp. (a)	18,750		792,188
AT&T Inc.	275,838		9,292,982
CenturyTel Inc.	5,002		178,021
Ciena Corp. (a)	3,843		89,042
Cisco Systems Inc. (a)	274,611		6,387,452

See accompanying notes to financial statements.

23

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecom & Telecom Equipment (Cont.)
Citizens Communications Co.		15,408	$	174,727
Corning Inc.		72,791		1,677,833
Embarq Corp.		6,916		326,919
JDS Uniphase Corp. (a)		9,653		109,658
Motorola Inc.		104,403		766,318
Qwest Communications International Inc.		71,567		281,258
Sprint Nextel Corp.		131,831		1,252,394
Tellabs Inc. (a)		19,635		91,303
Verizon Communications Inc.		132,619		4,694,713
				26,114,808
Textiles & Clothing (0.31%)
Jones Apparel Group Inc.		4,170		57,337
Liz Claiborne Inc.		4,825		68,274
Nike Inc.		17,611		1,049,792
Polo Ralph Lauren Corp.		2,759		173,210
VF Corp.		3,878		276,036
				1,624,649
Transportation (1.97%)
Burlington Northern Santa Fe Corp.		13,689		1,367,394
CH Robinson Worldwide Inc.		7,945		435,704
CSX Corp.		18,666		1,172,411
Expeditors International of Washington Inc.		9,745		419,035
FedEx Corp.		14,318		1,128,115
Norfolk Southern Corp.		17,417		1,091,523
Union Pacific Corp.		24,107		1,820,079
United Parcel Service Inc. Class B		47,712		2,932,857
				10,367,118
	Shares or prinicipal amount		Value
Utilities & Energy (4.61%)
Allegheny Energy Inc.		7,754	$	388,553
Ameren Corp.		9,700		409,631
American Electric Power Co. Inc.		18,552		746,347
CenterPoint Energy Inc.		14,316		229,772
CMS Energy Corp.		10,200		151,980
CONSOL Energy Inc.		8,454		949,976
Consolidated Edison Inc.		12,633		493,824
Constellation Energy Group Inc.		8,246		676,997
Dominion Resources Inc.		26,599		1,263,186
DTE Energy Co.		7,599		322,502
Duke Energy Corp.		58,375		1,014,557
Dynegy Inc. (a)		21,496		183,791
Edison International		15,095		775,581
Entergy Corp.		8,849		1,066,128
Exelon Corp.		30,559		2,749,088
FirstEnergy Corp.		14,109		1,161,594
FPL Group Inc.		18,850		1,236,183
Integrys Energy Group Inc.		3,498		177,803
Massey Energy Co.		3,726		349,312
Nicor Inc.		2,047		87,182
NiSource Inc.		12,575		225,344
Peabody Energy Corp.		12,526		1,102,914
Pepco Holdings Inc.		9,071		232,671
PG&E Corp.		16,398		650,837
Pinnacle West Capital Corp.		4,691		144,342
PPL Corp.		17,293		903,905
Progress Energy Inc.		12,017		502,671
Public Service Enterprise Group Inc.		23,496		1,079,171
Sempra Energy		12,113		683,779
TECO Energy Inc.		9,621		206,755
The AES Corp. (a)		30,960		594,742
The Southern Co.		35,326		1,233,584
Windstream Corp.		21,172		261,262
Xcel Energy Inc.		19,181		384,963
XTO Energy Inc.		23,605		1,617,179
				24,258,106
Total Common Stocks (cost $511,201,091)				517,074,713
Short-term Investments (1.62%)
U.S. Treasury Bills,
1.745%, 09/25/2008 (b)	$	8,565,000		8,529,704
Total Short-term Investments (cost $8,529,287)				8,529,704
TOTAL INVESTMENTS (99.94%) (cost $519,730,378)				525,604,417
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.06%)				312,085
NET ASSETS (100.00%)			$	525,916,502

(a) Non-income producing security.

(b) At June 30, 2008, this security has been pledged to cover, in whole or in part, initial margin requirements for open future contracts.

See accompanying notes to financial statements.

24

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (94.83%)
Automotive & Transportation (3.54%)
AAR Corp. (a)	8,506	$	115,086
Accuride Corp. (a)	7,763		32,993
Airtran Holdings Inc. (a)	25,650		52,326
Alaska Air Group Inc. (a)	7,994		122,628
Allegiant Travel Co. (a)	2,995		55,677
Amerco Inc. (a)	2,104		100,319
American Axle & Manufacturing Holdings Inc.	10,110		80,779
American Commercial Lines Inc. (a)	7,850		85,800
American Railcar Industries Inc.	2,027		34,013
Amerigon Inc. (a)	4,985		35,443
Arkansas Best Corp.	4,973		182,211
Arlington Tankers Ltd.	2,794		64,877
ArvinMeritor Inc.	16,187		202,014
ATC Technology Corp. (a)	4,557		106,087
Atlas Air Worldwide Holdings Inc. (a)	2,919		144,374
Bristow Group Inc. (a)	4,378		216,667
CAI International Inc. (a)	1,609		27,997
Celadon Group Inc. (a)	4,880		48,751
Commercial Vehicle Group Inc. (a)	4,770		44,599
Cooper Tire & Rubber Co.	13,076		102,516
Dana Holding Corp. (a)	21,736		116,288
Dorman Products Inc. (a)	2,397		19,320
Double Hull Tankers Inc.	8,610		86,358
Dynamex Inc. (a)	2,021		54,183
Eagle Bulk Shipping Inc.	10,273		303,773
Fleetwood Enterprises Inc. (a)	14,194		37,188
Force Protection Inc. (a)	13,743		45,489
Forward Air Corp.	6,333		219,122
Freightcar America Inc.	2,628		93,294
Fuel Systems Solutions Inc. (a)	2,653		102,140
Genco Shipping & Trading Ltd.	4,881		318,241
General Maritime Corp.	5,906		153,438
Genesee & Wyoming Inc. (a)	6,822		232,084
Golar LNG Ltd.	7,756		120,140
Greenbrier Companies Inc.	3,591		72,897
GulfMark Offshore Inc. (a)	4,547		264,544
Hawaiian Holdings Inc. (a)	8,715		60,569
Hayes Lemmerz International Inc. (a)	21,627		61,421
Heartland Express Inc.	12,471		185,943
Horizon Lines Inc.	6,887		68,526
Hub Group Inc. (a)	8,120		277,136
International Shipholding Corp. (a)	1,325		31,058
Jetblue Airways Corp. (a)	38,009		141,774
Knight Transportation Inc.	12,575		230,123
Knightsbridge Tankers Ltd.	3,754		120,916
Lear Corp. (a)	14,087		199,754
Marine Products Corp.	2,326		15,352
Marten Transport Ltd. (a)	3,359		53,643
Modine Manufacturing Co.	7,083		87,617
Nordic American Tanker Shipping Ltd.	7,552		293,169
Odyssey Marine Exploration Inc. (a)	10,539		41,734
Old Dominion Freight Line Inc. (a)	6,013		180,510
Pacer International Inc.	7,619		163,885
Patriot Transportation Holding Inc. (a)	349		27,920
PHI Inc. (a)	2,963		119,024
Polaris Industries Inc.	7,249		292,715
Quantum Fuel Systems Technologies Worldwide Inc. (a)	15,191		46,788
Republic Airways Holdings Inc. (a)	7,666		66,388
Saia Inc. (a)	2,858		31,209
Ship Finance International Ltd.	9,270		273,743
SkyWest Inc.	12,694		160,579
Spartan Motors Inc.	7,181		53,642
Stoneridge Inc. (a)	3,207		54,711
Superior Industries International Inc.	5,059		85,396
TBS International Ltd. Class A (a)	2,300		91,885
Tenneco Inc. (a)	10,235		138,480
UAL Corp.	27,622		144,187
Ultrapetrol Bahamas Ltd. (a)	5,484		69,153
Universal Truckload Services Inc. (a)	1,364		30,035
US Airways Group Inc. (a)	20,187		50,467
Visteon Corp. (a)	28,715		75,520
Wabash National Corp.	6,735		50,917
Werner Enterprises Inc.	9,441		175,414
Winnebago Industries Inc.	6,470		65,929
Wonder Auto Technology Inc. (a)	3,213		22,587
YRC Worldwide Inc. (a)	12,541		186,485
			8,619,960
Consumer Discretionary (15.17%)
1-800-FLOWERS.COM Inc. (a)	5,927		38,229
99 Cents Only Stores (a)	10,363		68,396
Aaron Rents Inc.	9,986		222,987
ABM Industries Inc.	9,605		213,711
Administaff Inc.	4,737		132,115
Advisory Board Co. (a)	3,803		149,572
Aeropostale Inc. (a)	14,698		460,488
AFC Enterprises (a)	5,950		47,540
AH Belo Corp. Class A	4,479		25,530
Ambassadors Group Inc.	4,188		62,485
America’s Car-Mart Inc. (a)	2,197		39,370
American Apparel Inc. (a)	7,425		49,376
American Greetings Corp.	10,944		135,049
American Public Education Inc. (a)	2,418		94,399
American Woodmark Corp.	2,358		49,825
Ameristar Casinos Inc.	5,683		78,539
AMN Healthcare Services Inc. (a)	7,429		125,699
Angelica Corp.	1,643		34,947
Arbitron Inc.	6,105		289,987
Asbury Automotive Group Inc.	7,007		90,040
Bally Technologies Inc. (a)	12,021		406,310
bebe stores inc.	8,424		80,955
Belo Corp.	19,572		143,071
Bidz.com Inc. (a)	1,260		10,975

See accompanying notes to financial statements.

25

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Big 5 Sporting Goods Corp.	5,067	$	38,357
BJ’s Restaurants Inc. (a)	3,960		38,531
Blockbuster Inc. (a)	40,469		101,172
Blue Nile Inc. (a)	2,950		125,434
Blyth Inc.	5,503		66,201
Bob Evans Farms Inc.	6,763		193,422
Borders Group Inc.	13,278		79,668
Bowne & Co. Inc.	5,852		74,613
Brightpoint Inc. (a)	11,001		80,307
Brown Shoe Co. Inc.	9,296		125,961
Brunswick Corp.	19,240		203,944
Buckle Inc.	3,396		155,299
Buffalo Wild Wings Inc. (a)	3,908		97,036
Build-A-Bear Workshop Inc. (a)	3,308		24,049
Cabela’s Inc. (a)	8,437		92,891
Cache Inc. (a)	2,706		28,954
California Pizza Kitchen Inc. (a)	4,628		51,787
Callaway Golf Co.	14,557		172,209
Capella Education Co. (a)	3,127		186,526
Carter’s Inc. (a)	12,586		173,939
Casella Waste Systems Inc. (a)	5,123		62,449
Casual Male Retail Group Inc. (a)	8,585		26,184
Cato Corp. Class A	6,080		86,579
CBIZ Inc. (a)	9,569		76,074
CBRL Group Inc.	4,999		122,525
CDI Corp.	2,940		74,794
CEC Entertainment Inc. (a)	4,797		134,364
Central Garden & Pet Co. (a)	14,270		58,507
Cenveo Inc. (a)	10,556		103,132
Charlotte Russe Holding Inc. (a)	4,583		81,394
Charming Shoppes Inc. (a)	24,897		114,277
Charter Communications Inc. (a)	89,542		94,019
Chattem Inc. (a)	3,775		245,564
Cheesecake Factory Inc. (a)	14,734		234,418
Chemed Corp.	5,212		190,811
Cherokee Inc.	1,879		37,862
Chico’s FAS Inc. (a)	38,762		208,152
Children’s Place Retail Stores Inc. (a)	5,129		185,157
Chindex International Inc. (a)	2,419		35,487
Christopher & Banks Corp.	7,821		53,183
Churchill Downs Inc.	2,112		73,645
Cinemark Holdings Inc.	6,550		85,543
Circuit City Stores Inc.	37,066		107,121
Citadel Broadcasting Corp. (a)	41,261		50,338
Citi Trends Inc. (a)	3,131		70,948
CKE Restaurants Inc.	11,869		148,006
CKX Inc. (a)	11,551		101,071
CNET Networks Inc. (a)	31,841		365,853
Coinstar Inc. (a)	6,135		200,676
Coldwater Creek Inc. (a)	12,485		65,921
Collective Brands Inc. (a)	14,182		164,937
Columbia Sportswear Co.	2,720		99,960
Compass Diversified Holdings	5,227		59,745
Conn’s Inc. (a)	2,383		38,295
Consolidated Graphics Inc. (a)	2,187		107,753
Core-Mark Holding Co. Inc. (a)	2,063		54,051
Corinthian Colleges Inc. (a)	18,705		217,165
Cornell Companies Inc. (a)	2,436		58,732
CoStar Group Inc. (a)	4,290		190,690
Courier Corp.	2,394		48,072
Cox Radio Inc. (a)	5,635		66,493
CRA International Inc. (a)	2,428		87,772
Crocs Inc. (a)	18,277		146,399
Cross Country Healthcare Inc. (a)	6,774		97,613
Crown Media Holdings Inc. (a)	3,483		16,509
CSK Auto Corp. (a)	9,667		101,310
CSS Industries Inc.	1,725		41,779
Cumulus Media Inc. (a)	6,002		23,648
Deckers Outdoor Corp. (a)	2,865		398,808
Denny’s Corp. (a)	20,836		59,174
DG FastChannel Inc. (a)	3,447		59,461
Dice Holdings Inc. (a)	3,184		26,300
Dillard’s Inc. Class A	12,529		144,961
DineEquity Inc.	3,821		142,753
Dolan Media Co. (a)	4,812		87,578
Dollar Thrifty Automotive Group Inc. (a)	4,874		46,059
Domino’s Pizza Inc. (a)	8,991		103,396
Dover Downs Gaming & Entertainment Inc.	3,524		22,624
Dover Motorsports Inc.	3,309		16,843
Dress Barn Inc. (a)	10,270		137,413
drugstore.com Inc. (a)	18,300		34,770
DSW Inc. (a)	3,258		38,379
DTS Inc. (a)	3,911		122,493
DynCorp International Inc. Class A (a)	5,429		82,249
Earthlink Inc. (a)	24,108		208,534
Einstein Noah Restaurant Group Inc. (a)	955		10,572
Elixir Gaming Technologies Inc. (a)	14,794		17,753
Elizabeth Arden Inc. (a)	5,393		81,866
Ennis Inc.	5,646		88,360
Entercom Communications Corp.	5,644		39,621
Entravision Communications Corp. (a)	14,124		56,778
Ethan Allen Interiors Inc.	5,426		133,480
Exponent Inc. (a)	3,170		99,570
EZCORP Inc. (a)	8,435		107,546
FGX International Holdings Ltd. (a)	3,090		24,844
First Advantage Corp. Class A (a)	2,252		35,694
Fisher Communications Inc. (a)	1,600		55,104
Forrester Research Inc. (a)	3,410		105,301
Fossil Inc. (a)	9,966		289,712
Fred’s Inc.	8,764		98,507
FTD Group Inc.	4,430		59,052
Fuqi International Inc. (a)	2,130		18,659
Furniture Brands International Inc.	9,133		122,017
G&K Services Inc. Class A	4,372		133,171
G-III Apparel Group Ltd. (a)	2,905		35,848

See accompanying notes to financial statements.

26

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Gaiam Inc. (a)	3,939	$	53,216
GateHouse Media Inc.	6,899		16,972
Gaylord Entertainment Co. (a)	8,973		214,993
Genesco Inc. (a)	5,088		157,067
Geo Group Inc. (a)	11,202		252,045
Gevity HR Inc.	4,940		26,577
Global Sources Ltd. (a)	3,792		57,563
Global Traffic Network Inc. (a)	2,589		23,146
Gray Television Inc.	8,547		24,530
Great Wolf Resorts Inc. (a)	6,249		27,308
Greenfield Online Inc. (a)	5,777		86,193
Group 1 Automotive Inc.	5,106		101,456
GSI Commerce Inc. (a)	5,153		70,235
Gymboree Corp. (a)	6,299		252,401
Harte-Hanks Inc.	8,056		92,241
Haverty Furniture Companies Inc.	4,011		40,270
Heidrick & Struggles International Inc.	3,844		106,248
Helen of Troy Ltd. (a)	6,630		106,876
Hibbett Sports Inc. (a)	6,347		133,922
Hooker Furniture Corp.	2,155		37,325
Hot Topic Inc. (a)	9,743		52,710
Houston Wire & Cable Co.	3,904		77,690
HSW International Inc. (a)	6,087		17,652
Hudson Highland Group Inc. (a)	5,491		57,491
ICF International Inc. (a)	1,453		24,149
Iconix Brand Group Inc. (a)	12,662		152,957
ICT Group Inc. (a)	2,157		17,687
Idearc Inc.	32,349		76,020
IKON Office Solutions Inc.	17,861		201,472
infoGROUP Inc.	7,228		31,731
Infospace Inc.	7,544		62,842
Insight Enterprises Inc. (a)	10,209		119,752
Inter Parfums Inc.	3,080		46,200
Internap Network Services Corp. (a)	11,056		51,742
inVentiv Health Inc. (a)	7,259		201,728
Isle of Capri Casinos Inc. (a)	3,230		15,472
J. Crew Group Inc. (a)	9,309		307,290
Jack in the Box Inc. (a)	12,910		289,313
Jackson Hewitt Tax Service Inc.	6,606		80,725
JAKKS Pacific Inc. (a)	5,946		129,920
Jo-Ann Stores Inc. (a)	5,568		128,231
Jos. A. Bank Clothiers Inc. (a)	3,992		106,786
Journal Communications Inc. Class A	9,883		47,636
K-Swiss Inc. Class A	5,676		83,437
K12 Inc. (a)	1,289		27,623
Kelly Services Inc. Class A	5,761		111,360
Kenexa Corp. (a)	5,103		96,141
Kenneth Cole Productions Inc.	1,851		23,508
Kforce Inc. (a)	7,368		62,554
Kimball International Inc. Class B	7,002		57,977
Knology Inc. (a)	6,226		68,424
Korn/Ferry International (a)	10,254		161,295
Krispy Kreme Doughnuts Inc. (a)	13,280		66,267
La-Z-Boy Inc.	11,284		86,323
Lancaster Colony Corp.	4,431		134,171
Landry’s Restaurants Inc.	2,833		50,909
Lawson Products Inc.	834		20,667
Leapfrog Enterprises Inc. (a)	7,131		59,330
Learning Tree International Inc. (a)	1,957		33,465
LECG Corp. (a)	5,801		50,701
Lee Enterprises Inc. Class A	10,047		40,088
Libbey Inc.	2,945		21,911
Life Time Fitness Inc. (a)	7,650		226,057
Lin TV Corp. (a)	5,603		33,394
Lincoln Educational Services (a)	1,095		12,735
Liquidity Services Inc. (a)	3,203		36,931
Live Nation Inc. (a)	16,643		176,083
Lodgian Inc. (a)	3,822		29,926
LoopNet Inc. (a)	6,420		72,546
Luby’s Inc. (a)	4,719		28,786
Maidenform Brands Inc. (a)	4,933		66,595
Mannatech Inc.	3,189		17,348
Marchex Inc. Class B	5,610		69,115
Marcus Corp.	4,404		65,840
MarineMax Inc. (a)	3,499		25,088
Martha Stewart Living Omnimedia Inc. (a)	5,601		41,447
Marvel Entertainment Inc. (a)	10,750		345,505
Matthews International Corp.	6,852		310,122
MAXIMUS Inc.	4,066		141,578
McClatchy Co. Class A	12,486		84,655
Media General Inc.	5,138		61,399
Mediacom Communications Corp. Class A (a)	8,650		46,191
Midas Inc. (a)	3,045		41,107
Midway Games Inc. (a)	4,758		10,468
Monarch Casino & Resort Inc. (a)	2,838		33,488
Monro Muffler Brake Inc.	3,835		59,404
Morgans Hotel Group Co. (a)	5,920		60,976
Movado Group Inc.	3,484		68,983
MPS Group Inc. (a)	20,683		219,860
MWI Veterinary Supply Inc. (a)	2,250		74,497
National CineMedia Inc.	9,236		98,456
National Presto Industries Inc.	985		63,217
Nautilus Inc.	6,062		30,795
Navigant Consulting Inc. (a)	10,610		207,532
Net 1 UEPS Technologies Inc. (a)	9,879		240,060
Netflix Inc. (a)	8,940		233,066
New York & Co. Inc. (a)	5,088		46,453
NIC Inc.	8,750		59,762
Nu Skin Enterprises Inc.	10,876		162,270
NutriSystem Inc.	6,706		94,823
O’Charley’s Inc.	3,981		40,049
On Assignment Inc. (a)	7,768		62,299
Orbitz Worldwide Inc. (a)	8,023		40,195
Outdoor Channel Holdings Inc. (a)	3,518		24,556

See accompanying notes to financial statements.

27

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Overstock.com Inc. (a)	3,311	$	85,920
Oxford Industries Inc.	3,029		58,005
Pacific Sunwear of California Inc. (a)	15,583		132,923
Pantry Inc. (a)	4,605		49,089
Papa John’s International Inc. (a)	4,799		127,605
ParkerVision Inc. (a)	5,039		50,037
PC Connection Inc. (a)	2,174		20,240
PC Mall Inc. (a)	2,421		32,829
PeopleSupport Inc. (a)	4,724		40,154
PEP Boys-Manny Moe & Jack	9,260		80,747
Perficient Inc. (a)	7,015		67,765
Perry Ellis International Inc. (a)	2,507		53,199
PetMed Express Inc. (a)	5,206		63,773
PF Chang’s China Bistro Inc. (a)	5,259		117,486
PHH Corp. (a)	11,892		182,542
Pier 1 Imports Inc. (a)	19,613		67,469
Pinnacle Entertainment Inc. (a)	13,166		138,111
Playboy Enterprises Inc. (a)	4,731		23,371
Pool Corp.	10,504		186,551
Pre-Paid Legal Services Inc. (a)	1,833		74,456
Prestige Brands Holdings Inc. (a)	7,407		78,959
PRG-Schultz International Inc. (a)	3,281		30,874
PriceSmart Inc.	3,165		62,604
Primedia Inc.	5,537		25,802
Princeton Review Inc. (a)	2,918		19,726
Protection One Inc. (a)	1,393		11,701
Quiksilver Inc. (a)	27,686		271,877
RC2 Corp. (a)	3,911		72,588
Red Robin Gourmet Burgers Inc. (a)	3,697		102,555
Regis Corp.	9,370		246,899
Renaissance Learning Inc.	2,122		23,788
Rent-A-Center Inc. (a)	14,660		301,556
Resources Connection Inc.	9,908		201,628
Retail Ventures Inc. (a)	6,777		31,174
REX Stores Corp. (a)	1,944		22,453
R.H. Donnelley Corp. (a)	15,080		45,240
Rick’s Cabaret International Inc. (a)	1,320		22,176
Riviera Holdings Corp. (a)	2,014		20,442
Rollins Inc.	9,143		135,499
RSC Holdings Inc. (a)	10,445		96,721
Ruby Tuesday Inc.	11,129		60,097
Rush Enterprises Inc. Class A (a)	7,374		88,562
Russ Berrie & Co. Inc. (a)	3,797		30,262
Ruth’s Hospitality Group Inc. (a)	4,036		20,906
Sally Beauty Holdings Inc. (a)	20,711		133,793
Schawk Inc.	3,174		38,056
Scholastic Corp. (a)	5,288		151,554
School Specialty Inc. (a)	4,509		134,053
Sealy Corp.	10,019		57,509
Shoe Carnival Inc. (a)	1,823		21,493
Shuffle Master Inc. (a)	7,845		38,754
Shutterfly Inc. (a)	4,314		52,674
Sinclair Broadcast Group Inc.	11,499		87,392
Six Flags Inc. (a)	14,575		16,761
Skechers U.S.A. Inc. (a)	7,209		142,450
Sonic Automotive Inc.	5,731		73,873
Sonic Corp. (a)	13,162		194,798
Sotheby’s	14,798		390,223
Spectrum Brands Inc. (a)	9,158		23,353
Speedway Motorsports Inc.	2,987		60,875
Spherion Corp. (a)	12,355		57,080
Stage Stores Inc.	8,860		103,396
Stamps.com Inc. (a)	3,413		42,594
Standard Parking Corp. (a)	2,124		38,657
Standard Register Co.	3,255		30,695
Stein Mart Inc.	5,275		23,790
Steiner Leisure Ltd. (a)	3,597		101,975
Steinway Musical Instruments Inc. (a)	1,507		39,785
Steven Madden Ltd. (a)	3,880		71,314
Stewart Enterprises Inc.	18,382		132,350
Syms Corp.	1,450		19,720
Systemax Inc.	2,362		41,689
Take-Two Interactive Software Inc. (a)	16,891		431,903
Talbots Inc.	5,360		62,122
TeleTech Holdings Inc. (a)	8,806		175,768
Tempur-Pedic International Inc.	16,399		128,076
Texas Roadhouse Inc. Class A (a)	11,495		103,110
The Finish Line Inc. Class A (a)	9,369		81,510
The Knot Inc. (a)	6,203		60,665
The Men’s Wearhouse Inc.	11,280		183,751
The Providence Service Corp. (a)	2,574		54,337
The Steak n Shake Co. (a)	6,447		40,810
thinkorswim Group Inc. (a)	11,074		78,072
THQ Inc. (a)	14,645		296,708
Timberland Co. (a)	10,498		171,642
TiVo Inc. (a)	22,379		138,078
Town Sports International Holdings Inc. (a)	3,831		35,782
Tractor Supply Co. (a)	7,319		212,544
Triarc Companies Inc. Class B	13,689		86,651
True Religion Apparel Inc. (a)	3,744		99,778
TrueBlue Inc. (a)	9,755		128,864
Tuesday Morning Corp. (a)	7,227		29,703
Tupperware Brands Corp.	13,621		466,111
Tween Brands Inc. (a)	5,444		89,608
Ulta Salon Cosmetics & Fragrance Inc. (a)	4,449		50,007
Under Armour Inc. Class A (a)	7,237		185,557
UniFirst Corp.	3,154		140,858
United Online Inc.	15,123		151,684
United Stationers Inc. (a)	5,249		193,951
Universal Electronics Inc. (a)	3,113		65,062
Universal Technical Institute Inc. (a)	5,150		64,169
USANA Health Sciences Inc. (a)	1,697		45,598
Vail Resorts Inc. (a)	6,874		294,413
Valassis Communications Inc. (a)	10,551		132,099

See accompanying notes to financial statements.

28

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Value Line Inc.	444	$	14,763
ValueClick Inc. (a)	21,029		318,589
Viad Corp.	4,547		117,267
VistaPrint Ltd. (a)	9,699		259,545
Volcom Inc. (a)	3,988		95,433
Volt Information Sciences Inc. (a)	2,876		34,253
Warnaco Group Inc. (a)	10,000		440,700
Waste Connections Inc. (a)	14,593		465,955
Waste Services Inc. (a)	5,201		36,615
Watson Wyatt Worldwide Inc.	9,376		495,897
WD-40 Co.	3,611		105,622
Westwood One Inc. (a)	14,738		18,275
Wet Seal Inc. (a)	20,207		96,387
Weyco Group Inc.	1,588		42,130
WMS Industries Inc. (a)	9,641		287,013
Wolverine World Wide Inc.	10,933		291,583
World Fuel Services Corp.	6,400		140,416
World Wrestling Entertainment Inc.	4,664		72,152
Zale Corp. (a)	7,803		147,399
Zumiez Inc. (a)	4,309		71,443
			36,945,155
Consumer Staples (2.53%)
Alliance One International Inc. (a)	21,262		108,649
American Dairy Inc. (a)	1,558		12,215
Arden Group Inc. Class A	240		30,418
B&G Foods Inc. Class A	4,404		41,133
Boston Beer Co. Inc. (a)	1,853		75,380
Cal-Maine Foods Inc.	2,771		91,415
Casey’s General Stores Inc.	11,141		258,137
Chiquita Brands International Inc. (a)	9,508		144,236
Coca-Cola Bottling Co. Consolidated	896		33,134
Diamond Foods Inc.	3,522		81,147
Farmer Brothers Co.	1,392		29,441
Flowers Foods Inc.	16,989		481,468
Fresh Del Monte Produce Inc. (a)	9,213		217,150
Green Mountain Coffee Roasters Inc. (a)	3,779		141,977
Hain Celestial Group Inc. (a)	8,901		208,995
Imperial Sugar Co.	2,561		39,772
Ingles Markets Inc.	2,759		64,367
J&J Snack Foods Corp.	3,107		85,163
Lance Inc.	6,161		115,642
Lifeway Foods Inc. (a)	1,050		12,485
Longs Drug Stores Corp.	6,802		286,432
Lululemon Athletica Inc. (a)	3,954		114,903
M & F Worldwide Corp. (a)	2,796		109,911
Maui Land & Pineapple Company Inc. (a)	1,089		32,071
Nash Finch Co.	2,841		97,361
National Beverage Corp.	2,198		15,979
Omega Protein Corp. (a)	4,026		60,189
Peet’s Coffee & Tea Inc. (a)	2,997		59,401
Pilgrim’s Pride Corp.	9,904		128,653
Ralcorp Holdings Inc. (a)	5,657		279,682
Reddy Ice Holdings Inc.	3,927		53,721
Ruddick Corp.	9,248		317,299
Sanderson Farms Inc.	4,453		153,718
Schiff Nutrition International Inc.	2,028		11,357
Seaboard Corp.	73		113,223
Sensient Technologies Corp.	10,559		297,341
Smart Balance Inc. (a)	13,750		99,138
Spartan Stores Inc.	4,803		110,469
Star Scientific Inc. (a)	14,390		17,268
Susser Holdings Corp. (a)	1,698		16,437
Synutra International Inc. (a)	2,275		73,528
The Great Atlantic & Pacific Tea Company Inc. (a)	7,747		176,787
Tootsie Roll Industries Inc.	5,229		131,405
TreeHouse Foods Inc. (a)	6,854		166,278
United Natural Foods Inc. (a)	9,418		183,463
Universal Corp.	5,928		268,064
Vector Group Ltd.	6,941		111,958
Village Super Market Inc. Class A	717		27,662
Weis Markets Inc.	2,424		78,707
Winn-Dixie Stores Inc. (a)	11,877		190,270
Zep Inc.	4,690		69,787
Zhongpin Inc. (a)	4,043		50,538
			6,175,323
Durable Products (8.13%)
ACCO Brands Corp. (a)	11,895		133,581
Actuant Corp. Class A	12,275		384,821
Advanced Energy Industries Inc. (a)	7,170		98,229
Aerovironment Inc. (a)	2,248		61,101
Alamo Group Inc.	1,355		27,899
Albany International Corp. Class A	6,520		189,080
Altra Holdings Inc. (a)	5,797		97,448
American Ecology Corp.	3,573		105,511
American Superconductor Corp. (a)	9,229		330,860
AO Smith Corp.	4,383		143,894
Applied Industrial Technologies Inc.	9,292		224,588
ARGON ST Inc. (a)	2,876		71,325
Arris Group Inc. (a)	27,217		229,984
Ascent Solar Technologies Inc. (a)	1,628		16,850
Astec Industries Inc. (a)	4,045		130,006
Asyst Technologies Inc. (a)	11,167		39,866
ATMI Inc. (a)	7,055		196,976
Audiovox Corp. (a)	3,821		37,522
Axcelis Technologies Inc. (a)	22,494		109,771
Axsys Technologies Inc. (a)	1,917		99,761
AZZ Inc. (a)	2,662		106,214
Badger Meter Inc.	3,202		161,797
Baldor Electric Co.	10,133		354,452
Beacon Power Corp. (a)	19,421		40,396
Beazer Homes USA Inc.	8,686		48,381
Belden Inc.	9,613		325,688

See accompanying notes to financial statements.

29

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Durable Products (Cont.)
Blount International Inc. (a)	8,487	$	98,534
Brady Corp.	11,035		381,039
Briggs & Stratton Corp.	10,884		138,009
Brooks Automation Inc. (a)	14,541		120,254
Cascade Corp.	1,993		84,344
Cavco Industries Inc. (a)	1,418		46,411
Champion Enterprises Inc. (a)	17,052		99,754
Chart Industries Inc. (a)	6,222		302,638
Cognex Corp.	9,385		216,324
Cohu Inc.	5,061		74,295
Colfax Corp. (a)	4,734		118,776
Columbus McKinnon Corp. (a)	4,169		100,390
CTS Corp.	7,224		72,601
Curtiss-Wright Corp.	9,833		439,928
Cymer Inc. (a)	6,638		178,429
Darling International Inc. (a)	17,903		295,758
Dionex Corp. (a)	4,025		267,139
Ducommun Inc. (a)	2,316		53,175
DXP Enterprises Inc. (a)	785		32,687
Electro Scientific Industries Inc. (a)	5,857		82,994
EMCORE Corp. (a)	16,110		100,849
EnPro Industries Inc. (a)	4,385		163,736
Entegris Inc. (a)	25,086		164,313
ESCO Technologies Inc. (a)	5,700		267,444
Esterline Technologies Corp. (a)	6,462		318,318
FARO Technologies Inc. (a)	3,661		92,147
Federal Signal Corp.	10,541		126,492
FEI Co. (a)	8,010		182,468
Flanders Corp. (a)	3,514		21,260
Flow International Corp. (a)	8,247		64,327
Franklin Electric Co. Inc.	5,023		194,792
Fuel Tech Inc. (a)	3,883		68,418
Fushi Copperweld Inc. (a)	3,163		75,058
Gehl Co. (a)	2,372		35,082
GenCorp Inc. (a)	12,693		90,882
GenTek Inc. (a)	1,972		53,027
Graham Corp.	1,089		80,706
Harbin Electric Inc. (a)	1,368		19,439
Heico Corp.	4,871		158,502
Herman Miller Inc.	12,329		306,869
hhgregg Inc. (a)	2,731		27,310
HNI Corp.	9,762		172,397
Hovnanian Enterprises Inc. (a)	10,174		55,754
Hurco Companies Inc. (a)	1,407		43,462
InterDigital Inc. (a)	9,982		242,762
Interface Inc.	11,625		145,661
Intevac Inc. (a)	4,909		55,374
K-Tron International Inc. (a)	532		68,947
Kadant Inc. (a)	3,056		69,066
Kaman Corp.	5,567		126,705
Key Technology Inc. (a)	1,233		39,222
Knoll Inc.	10,631		129,167
Kulicke & Soffa Industries Inc. (a)	11,745		85,621
Lindsay Corp.	2,618		222,451
Littelfuse Inc. (a)	4,760		150,178
LMI Aerospace Inc. (a)	1,901		33,401
LTX Corp. (a)	14,267		31,387
M/I Homes Inc.	3,073		48,338
MasTec Inc. (a)	9,428		100,502
Mattson Technology Inc. (a)	10,971		52,222
Measurement Specialties Inc. (a)	3,091		54,371
Meritage Homes Corp. (a)	6,737		102,200
Met-Pro Corp.	3,296		44,002
Metalico Inc. (a)	5,308		92,996
Middleby Corp. (a)	3,725		163,565
Mine Safety Appliances Co.	6,812		272,412
MKS Instruments Inc. (a)	10,946		239,717
Mobile Mini Inc. (a)	7,605		152,100
Moog Inc. Class A (a)	9,365		348,753
NACCO Industries Inc.	1,318		97,993
Nordson Corp.	7,404		539,678
OpNext Inc. (a)	4,528		24,361
Orbital Sciences Corp. (a)	12,859		302,958
Orion Energy Systems Inc. (a)	1,833		18,330
OYO Geospace Corp. (a)	826		48,684
Palm Harbor Homes Inc. (a)	1,838		10,164
Park-Ohio Holdings Corp. (a)	1,844		27,217
Peerless Manufacturing Co. (a)	1,422		66,649
Photon Dynamics Inc. (a)	3,891		58,676
Photronics Inc. (a)	9,189		64,691
Plantronics Inc.	10,751		239,962
Powell Industries Inc. (a)	1,722		86,806
Power-One Inc. (a)	17,668		33,393
Powerwave Technologies Inc. (a)	28,851		122,617
Preformed Line Products Co.	591		23,823
Presstek Inc. (a)	6,039		29,953
Raser Technologies Inc. (a)	9,887		96,299
Regal-Beloit Corp.	7,068		298,623
Robbins & Myers Inc.	6,161		307,249
Rofin-Sinar Technologies Inc. (a)	6,484		195,817
Rudolph Technologies Inc. (a)	6,771		52,137
Ryland Group Inc.	9,308		203,007
Sauer-Danfoss Inc.	2,436		75,881
Semitool Inc. (a)	5,123		38,474
Skyline Corp.	1,501		35,273
Smith & Wesson Holding Corp. (a)	8,229		42,873
Sonic Solutions (a)	5,168		30,801
Standard-Pacific Corp.	15,989		54,043
Standex International Corp.	2,808		58,238
Sun Hydraulics Corp.	2,559		82,579
Symmetricom Inc. (a)	9,478		36,396
Synthesis Energy Systems Inc. (a)	4,221		37,989
TAL International Group Inc.	3,230		73,450
Taser International Inc. (a)	12,934		64,541
Team Inc. (a)	4,053		139,099
Technitrol Inc.	8,988		152,706

See accompanying notes to financial statements.

30

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Durable Products (Cont.)
Tecumseh Products Co. Class A (a)	3,579	$	117,320
Teledyne Technologies Inc. (a)	7,788		379,976
Tennant Co.	3,644		109,575
Textainer Group Holdings Ltd.	2,096		40,935
The Gormann-Rupp Co.	3,103		123,624
Thermadyne Holdings Corp. (a)	2,931		43,349
Titan International Inc.	6,028		214,717
Titan Machinery Inc. (a)	1,604		50,237
TransDigm Group Inc. (a)	7,301		245,241
Triumph Group Inc.	3,630		170,973
TurboChef Technologies Inc. (a)	5,161		24,670
Twin Disc Inc.	1,842		38,553
Ultra Clean Holdings Inc. (a)	4,366		34,753
Ultratech Inc. (a)	5,186		80,487
Veeco Instruments Inc. (a)	7,033		113,091
Vicor Corp.	4,252		42,435
Wabtec Corp.	10,637		517,171
Watts Water Technologies Inc.	6,366		158,513
Woodward Governor Co.	12,902		460,085
Zygo Corp. (a)	3,302		32,459
			19,793,246
Financial Services (18.09%)
1st Source Corp.	3,385		54,499
Abington Bancorp Inc.	5,360		48,883
Acadia Realty Trust	7,086		164,041
Advance America Cash Advance Centers Inc.	9,722		49,388
Advanta Corp. Class B	8,398		52,823
Advent Software Inc. (a)	3,667		132,305
Agree Realty Corp.	1,730		38,147
Aircastle Ltd.	10,241		86,127
Alexander’s Inc. (a)	449		139,459
Ambac Financial Group Inc.	62,982		84,396
AmCOMP Inc. (a)	2,750		26,730
Amcore Financial Inc.	4,812		27,236
American Campus Communities Inc.	8,759		243,851
American Capital Agency Corp. (a)	2,189		36,425
American Equity Investment Life Holding Co.	11,990		97,719
American Physicians Capital Inc.	1,844		89,323
American Safety Insurance Holdings Ltd. (a)	2,322		33,390
Ameris Bancorp	2,760		24,012
Amerisafe Inc. (a)	4,129		65,816
Ames National Corp.	1,410		23,589
Ampal-American Israel Corp. (a)	4,533		20,444
AmTrust Financial Services Inc.	3,481		43,861
Anchor Bancorp Wisconsin Inc.	3,898		27,325
Anthracite Capital Inc.	12,047		84,811
Anworth Mortgage Asset Corp.	18,109		117,890
Apollo Investment Corp.	31,254		447,870
Arbor Realty Trust Inc.	3,036		27,233
Ares Capital Corp.	21,343		215,137
Argo Group International Holdings Ltd. (a)	6,745		226,362
Arrow Financial Corp.	2,001		36,278
Ashford Hospitality Trust Inc.	26,290		121,460
Aspen Insurance Holdings Ltd.	18,766		444,191
Asset Acceptance Capital Corp.	3,279		40,069
Assured Guaranty Ltd.	12,260		220,557
Avatar Holdings Inc. (a)	1,336		40,467
Baldwin & Lyons Inc.	1,878		32,827
BancFirst Corp.	1,654		70,791
Banco Latinoamericano de Exportaciones SA	5,988		96,946
BancTrust Financial Group Inc.	3,839		25,299
Bank Mutual Corp.	11,083		111,273
Bank of the Ozarks Inc.	2,710		40,271
BankFinancial Corp.	4,326		56,281
Bankrate Inc. (a)	2,795		109,201
Banner Corp.	3,073		27,227
Beneficial Mutual Bancorp Inc. (a)	7,546		83,534
Berkshire Hills Bancorp Inc.	2,172		51,368
BGC Partners Inc. Class A (a)	1,378		10,404
BioMed Realty Trust Inc.	15,760		386,593
BlackRock Kelso Capital Corp.	2,843		26,895
Boston Private Financial Holdings Inc.	8,671		49,165
Broadpoint Securities Group Inc. (a)	5,255		10,510
Brookline Bancorp Inc.	13,097		125,076
Brooklyn Federal Bancorp Inc.	733		8,833
Bryn Mawr Bank Corp.	1,505		26,338
Calamos Asset Management Inc. Class A	4,572		77,861
Camden National Corp.	1,686		39,250
Capital City Bank Group Inc.	2,640		57,446
Capital Southwest Corp.	669		69,730
Capital Trust Inc.	3,648		70,078
Capitol Bancorp Ltd.	3,354		30,085
CapLease Inc.	10,014		75,005
Capstead Mortgage Corp.	11,771		127,715
Cardinal Financial Corp.	5,292		33,128
Cardtronics Inc. (a)	2,497		22,148
Care Investment Trust Inc.	2,905		27,394
Cascade Bancorp	4,571		35,197
Cash America International Inc.	6,399		198,369
Cass Information Systems Inc.	1,559		49,935
Castlepoint Holdings Ltd.	7,337		66,693
Cathay General Bancorp	10,663		115,907
Cedar Shopping Centers Inc.	8,414		98,612
Centerstate Banks of Florida Inc.	2,020		22,281
Central Pacific Financial Corp.	6,221		66,316
Chemical Financial Corp.	5,342		108,977
Chimera Investment Corp.	7,405		66,719
China Direct Inc. (a)	1,483		10,885

See accompanying notes to financial statements.

31

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Citizens & Northern Corp.	1,964	$	32,524
Citizens Inc. (a)	8,189		50,199
Citizens Republic Bancorp Inc.	15,371		43,346
City Bank	3,020		25,972
City Holding Co.	3,538		144,244
Clifton Savings Bancorp Inc.	2,287		22,275
CNA Surety Corp. (a)	3,537		44,708
CoBiz Financial Inc.	4,130		27,175
Cohen & Steers Inc.	3,684		95,673
Colonial BancGroup Inc.	44,337		195,970
Colonial Properties Trust	10,424		208,688
Columbia Banking Systems Inc.	3,985		77,030
Community Bank System Inc.	6,569		135,453
Community Trust Bancorp Inc.	3,207		84,216
CompuCredit Corp. (a)	4,225		25,350
Consolidated-Tomoka Land Co.	1,176		49,463
Corporate Office Properties Trust	8,539		293,144
Corus Bankshares Inc.	7,973		33,168
Cousins Properties Inc.	8,317		192,123
Crawford & Co. Class B (a)	5,610		44,824
Credit Acceptance Corp. (a)	1,302		33,279
CVB Financial Corp.	14,526		137,125
CyberSource Corp. (a)	15,156		253,560
Danvers Bancorp Inc. (a)	3,911		43,021
Darwin Professional Underwriters Inc. (a)	1,619		49,865
DCT Industrial Trust Inc.	37,726		312,371
Delphi Financial Group Inc.	9,073		209,949
Deluxe Corp.	11,313		201,598
Diamond Hill Investment Group (a)	451		37,659
DiamondRock Hospitality Co.	20,821		226,741
Dime Community Bancshares	5,147		84,977
Dollar Financial Corp. (a)	5,319		80,370
Donegal Group Inc.	2,812		44,626
Doral Financial Corp. (a)	1,174		15,896
Downey Financial Corp.	4,466		12,371
Duff & Phelps Corp. Class A (a)	2,322		38,452
DuPont Fabros Technology Inc.	2,619		48,818
East West Bancorp Inc.	13,926		98,318
EastGroup Properties Inc.	5,468		234,577
Education Realty Trust Inc.	6,267		73,011
eHealth Inc. (a)	5,471		96,618
Electro Rent Corp.	4,724		59,239
EMC Insurance Group Inc.	1,379		33,206
Employers Holdings Inc.	10,857		224,740
Encore Bancshares Inc. (a)	1,407		22,020
Encore Capital Group Inc. (a)	3,198		28,238
Enstar Group Ltd. (a)	1,116		97,650
Enterprise Financial Services Corp.	2,423		45,674
Entertainment Properties Trust	6,730		332,731
Epoch Holding Corp.	2,217		20,197
Equity Lifestyle Properties Inc.	4,469		196,636
Equity One Inc.	7,077		145,432
ESSA Bancorp Inc.	3,722		46,599
Euronet Worldwide Inc. (a)	10,351		174,932
Evercore Partners Inc.	2,131		20,245
Exlservice Holdings Inc. (a)	3,119		43,760
Extra Space Storage Inc.	17,453		268,078
Fair Isaac Corp.	10,682		221,865
Farmers Capital Bank Corp.	1,358		23,928
FBL Financial Group Inc.	2,889		57,433
FBR Capital Markets Corp. (a)	6,434		32,363
FCStone Group Inc. (a)	4,985		139,231
Federal Agricultural Mortgage Corp. Class C	2,121		52,558
FelCor Lodging Trust Inc.	13,814		145,047
Financial Federal Corp.	5,527		121,373
Financial Institutions Inc.	2,403		38,592
First Acceptance Corp. (a)	3,296		10,547
First Bancorp (North Carolina)	3,147		39,778
First BanCorp (Puerto Rico)	15,637		99,139
First Bancorp Inc.	1,896		25,880
First Busey Corp.	5,401		71,401
First Cash Financial Services Inc. (a)	4,362		65,386
First Commonwealth Financial Corp.	16,074		149,970
First Community Bancshares Inc.	2,044		57,641
First Financial Bancorp	8,226		75,679
First Financial Bankshares Inc.	4,566		209,168
First Financial Corp. Indiana	2,591		79,311
First Financial Holdings Inc.	2,655		45,613
First Financial Northwest Inc.	5,010		49,749
First Industrial Realty Trust Inc.	9,734		267,393
First Marblehead Corp.	15,151		38,938
First Merchants Corp.	3,995		72,509
First Mercury Financial Corp. (a)	3,186		56,201
First Midwest Bancorp Inc.	10,668		198,958
First Niagara Financial Group Inc.	24,104		309,977
First Place Financial Corp. Ohio	3,970		37,318
First Potomac Realty Trust	5,414		82,509
First South Bancorp Inc.	1,918		24,704
FirstFed Financial Corp. (a)	2,963		23,823
FirstMerit Corp.	17,765		289,747
Flagstar Bancorp Inc.	10,193		30,681
Flagstone Reinsurance Holdings Ltd.	6,609		77,920
Flushing Financial Corp.	4,784		90,657
FNB Corp. (PA)	18,894		222,571
Fox Chase Bancorp Inc. (a)	1,345		13,800
FPIC Insurance Group Inc. (a)	1,936		87,740
Franklin Street Properties Corp.	12,972		163,966
Friedman Billings Ramsey Group Inc.	33,762		50,643
Frontier Financial Corp.	10,318		87,909
FX Real Estate and Entertainment Inc. (a)	1,540		2,926
GAMCO Investors Inc.	1,663		82,518
Getty Realty Corp.	3,991		57,510
GFI Group Inc.	14,513		130,762

See accompanying notes to financial statements.

32

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Glacier Bancorp Inc.	11,851	$	189,498
Gladstone Capital Corp.	4,627		70,515
Gladstone Investment Corp.	4,835		31,089
Glimcher Realty Trust	8,307		92,872
Global Cash Access Holdings Inc. (a)	9,023		61,898
Gramercy Capital Corp.	9,141		105,944
Green Bankshares Inc.	2,849		39,943
Greenhill & Co. Inc.	3,806		204,991
Greenlight Capital Re Ltd. Class A (a)	6,326		144,612
Grubb & Ellis Co.	8,158		31,408
Guaranty Bancorp (a)	12,018		43,265
Guaranty Financial Group Inc. (a)	8,161		43,825
H&E Equipment Services Inc. (a)	3,553		42,707
Hallmark Financial Services Inc. (a)	1,482		14,331
Hancock Holding Co.	5,653		222,106
Hanmi Financial Corp.	9,069		47,249
Harleysville Group Inc.	2,869		97,058
Harleysville National Corp.	6,881		76,792
Harris & Harris Group Inc. (a)	5,103		30,618
Hatteras Financial Corp. (a)	2,519		57,912
Healthcare Realty Trust Inc.	11,147		264,964
Heartland Financial USA Inc.	2,871		52,223
Heartland Payment Systems Inc.	5,359		126,472
Hercules Technology Growth Capital Inc.	7,299		65,180
Heritage Commerce Corp.	2,529		25,037
Hersha Hospitality Trust	9,181		69,317
Highwoods Properties Inc.	11,765		369,656
Hilb Rogal & Hobbs Co.	7,996		347,506
Home Bancshares Inc.	2,643		59,415
Home Federal Bancorp Inc.	1,432		14,120
Home Properties Inc.	6,941		333,584
Horace Mann Educators Corp.	8,790		123,236
Huron Consulting Group Inc. (a)	4,218		191,244
IBERIABANK Corp.	2,827		125,717
Independence Holding Co.	1,268		12,388
Independent Bank Corp. (MA)	3,571		85,133
IndyMac Bancorp Inc.	22,069		13,683
Infinity Property & Casualty Corp.	3,571		148,268
Inland Real Estate Corp.	12,593		181,591
Integra Bank Corp.	4,759		37,263
Interactive Brokers Group Inc. Class A (a)	8,921		286,632
Interactive Data Corp.	8,037		201,970
International Assets Holding Corp. (a)	923		27,745
International Bancshares Corp.	11,206		239,472
Investors Bancorp Inc. (a)	9,685		126,486
Investors Real Estate Trust	12,705		121,206
IPC Holdings Ltd.	11,787		312,945
Jer Investors Trust Inc.	5,288		33,314
Kansas City Life Insurance Co.	1,005		41,959
Kayne Anderson Energy Development Co.	2,444		56,090
KBW Inc. (a)	5,749		118,314
Kearny Financial Corp.	4,186		46,046
Kite Realty Group Trust	4,317		53,963
Knight Capital Group Inc. Class A (a)	20,646		371,215
Kohlberg Capital Corp.	3,792		37,920
LaBranche & Co. Inc. (a)	11,242		79,593
Ladenburg Thalmann Financial Services Inc. (a)	22,474		33,936
Lakeland Bancorp Inc.	4,500		54,810
Lakeland Financial Corp.	2,682		51,173
LandAmerica Financial Group Inc.	3,306		73,360
LaSalle Hotel Properties	8,812		221,446
Lexington Realty Trust	10,627		144,846
Life Partners Holdings Inc.	1,297		25,914
LTC Properties Inc.	5,063		129,410
Maguire Properties Inc.	8,407		102,313
Maiden Holdings Ltd.	10,780		68,992
MainSource Financial Group Inc.	4,158		64,449
MarketAxess Holdings Inc. (a)	6,795		51,370
MASSBANK Corp.	828		32,772
Max Capital Group Ltd.	12,403		264,556
MB Financial Inc.	7,630		171,446
MCG Capital Corp.	16,590		66,028
McGrath Rentcorp	5,099		125,384
Meadowbrook Insurance Group Inc.	8,114		43,004
Medallion Financial Corp.	3,251		30,624
Medical Properties Trust Inc.	14,576		147,509
Meridian Interstate Bancorp Inc. (a)	2,297		22,327
Meruelo Maddux Properties Inc. (a)	9,002		19,624
MFA Mortgage Investments Inc.	33,341		217,383
Mid-America Apartment Communities Inc.	5,769		294,450
Midwest Banc Holdings Inc.	4,781		23,283
Mission West Properties Inc.	4,317		47,314
Monmouth Real Estate Investment Corp. Class A	4,326		27,686
Montpelier Re Holdings Ltd.	20,549		303,098
Move Inc. (a)	28,154		65,599
MVC Capital Inc.	5,331		72,981
Nara Bancorp Inc.	4,776		51,246
NASB Financial Inc.	797		14,171
National Financial Partners Corp.	8,677		171,978
National Health Investors Inc.	4,891		139,442
National Interstate Corp.	1,344		24,703
National Penn Bancshares Inc.	17,461		231,882
National Retail Properties Inc.	16,138		337,284
National Western Life Insurance Co.	508		110,998
Navigators Group Inc. (a)	2,893		156,367
NBT Bancorp Inc.	6,977		143,796
Nelnet Inc.	3,948		44,336
NewAlliance Bancshares Inc.	24,038		299,994
Newcastle Investment Corp.	11,583		81,197
NewStar Financial Inc. (a)	5,235		30,939

See accompanying notes to financial statements.

33

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
NGP Capital Resources Co.	4,746	$	73,136
Northfield Bancorp Inc. (a)	4,198		45,129
NorthStar Realty Finance Corp.	12,578		104,649
Northwest Bancorp Inc.	3,850		84,007
NYMAGIC Inc.	1,234		23,643
OceanFirst Financial Corp.	1,936		34,945
Ocwen Financial Corp. (a)	8,003		37,214
Odyssey Re Holdings Corp.	5,331		189,251
Old National Bancorp	14,544		207,397
Old Second Bancorp Inc.	3,093		35,941
Omega Healthcare Investors Inc.	15,205		253,163
One Liberty Properties Inc.	1,747		28,494
Online Resources Corp. (a)	6,193		51,712
optionsXpress Holdings Inc.	9,300		207,762
Oriental Financial Group Inc.	5,331		76,020
Oritani Financial Corp. (a)	2,844		45,504
Pacific Capital Bancorp	10,180		140,280
Pacific Continental Corp.	2,334		25,651
PacWest Bancorp	5,292		78,745
Park National Corp.	2,513		135,451
Parkway Properties Inc.	3,289		110,938
Patriot Capital Funding Inc.	4,554		28,463
Peapack-Gladstone Financial Corp.	1,819		39,963
PennantPark Investment Corp.	4,727		34,082
Pennsylvania Commerce Bancorp Inc. (a)	1,134		27,273
Pennsylvania Real Estate Investment Trust	7,732		178,918
Penson Worldwide Inc. (a)	3,684		44,024
Peoples Bancorp Inc.	2,164		41,073
Phoenix Companies Inc.	25,131		191,247
PICO Holdings Inc. (a)	3,553		154,378
Pinnacle Financial Partners Inc. (a)	4,961		99,667
Piper Jaffray Co. (a)	4,113		120,634
Platinum Underwriters Holdings Ltd.	10,750		350,558
PMA Capital Corp. (a)	7,092		65,317
PMI Group Inc.	17,810		34,730
Portfolio Recovery Associates Inc. (a)	3,281		123,038
Post Properties Inc.	9,692		288,337
Potlatch Corp.	8,656		390,559
PremierWest Bancorp	4,235		24,732
Presidential Life Corp.	4,808		74,139
Primus Guaranty Ltd. (a)	5,119		14,896
PrivateBancorp Inc.	4,079		123,920
ProAssurance Corp. (a)	7,093		341,244
ProCentury Corp.	2,942		46,601
Prospect Capital Corp.	5,765		75,983
Prosperity Bancshares Inc.	8,610		230,145
Provident Bankshares Corp.	7,391		47,155
Provident Financial Services Inc.	13,261		185,787
Provident New York Bancorp	8,711		96,344
PS Business Parks Inc.	3,300		170,280
Pzena Investment Management Inc. Class A	1,311		16,728
Quanta Capital Holdings Ltd.	15,367		40,569
Radian Group Inc.	17,615		25,542
RAIT Financial Trust	13,604		100,942
Ramco-Gershenson Properties Trust	3,737		76,758
Realty Income Corp.	22,261		506,660
Redwood Trust Inc.	7,216		164,453
Renasant Corp.	4,597		67,714
Republic Bancorp Inc. (Kentucky)	2,036		50,086
Resource America Inc.	2,649		24,689
Riskmetrics Group Inc. (a)	4,716		92,622
RLI Corp.	4,109		203,272
Rockville Financial Inc.	1,779		22,344
Roma Financial Corp.	2,179		28,545
S&T Bancorp Inc.	5,162		150,008
Safety Insurance Group Inc.	3,571		127,306
Sanders Morris Harris Group Inc.	4,259		28,876
Sandy Spring Bancorp Inc.	3,602		59,721
Santander BanCorp	864		9,167
Saul Centers Inc.	2,145		100,794
SCBT Financial Corp.	2,236		63,860
SCPIE Holdings Inc. (a)	1,889		52,873
Seabright Insurance Holdings (a)	4,651		67,346
Seacoast Banking Corp. of Florida	2,970		23,047
Selective Insurance Group Inc.	11,784		221,068
Senior Housing Properties Trust	20,860		407,396
Shore Bancshares Inc.	1,840		34,445
Sierra Bancorp	1,626		26,829
Signature Bank (a)	6,540		168,470
Simmons First National Corp.	3,107		86,903
Smithtown Bancorp Inc.	2,154		35,003
South Financial Group Inc.	15,498		60,752
Southside Bancshares Inc.	2,688		49,567
Southwest Bancorp Inc.	3,244		37,306
Sovran Self Storage Inc.	4,800		199,488
State Auto Financial Corp.	3,126		74,805
State Bancorp Inc.	3,136		39,200
StellarOne Corp.	4,955		72,343
Sterling Bancorp NY	3,935		47,023
Sterling Bancshares Inc. TX	16,060		145,985
Sterling Financial Corp. WA	11,875		49,162
Stewart Information Services Corp.	3,746		72,448
Stifel Financial Corp. (a)	5,170		177,796
Strategic Hotels & Resorts Inc.	16,341		153,115
Suffolk Bancorp	2,063		60,611
Sun Bancorp Inc. (New Jersey) (a)	3,097		31,435
Sun Communities Inc.	3,611		65,829
Sunstone Hotel Investors Inc.	12,906		214,240
Susquehanna Bancshares Inc.	18,891		258,618
SVB Financial Group (a)	6,579		316,516
SWS Group Inc.	5,343		88,747
SY Bancorp Inc.	2,941		62,820

See accompanying notes to financial statements.

34

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Tanger Factory Outlet Centers Inc.	6,929	$	248,959
Texas Capital Bancshares Inc. (a)	5,316		85,056
TheStreet.com Inc.	4,712		30,675
Thomas Weisel Partners Group Inc. (a)	4,908		26,847
TNS Inc. (a)	5,371		128,689
Tompkins Financial Corp.	1,328		49,402
Tower Group Inc.	4,435		93,978
TowneBank	4,554		68,583
TradeStation Group Inc. (a)	7,051		71,568
Trico Bancshares	3,216		35,215
Trustco Bank Corp. NY	16,617		123,298
Trustmark Corp.	10,874		191,926
U-Store-It Trust	10,873		129,932
U.S. Global Investors Inc. Class A	2,775		46,481
UCBH Holdings Inc.	24,222		54,500
UMB Financial Corp.	6,827		350,020
Umpqua Holdings Corp.	13,196		160,068
Union Bankshares Corp.	2,955		44,000
United America Indemnity Ltd. Class A (a)	4,436		59,309
United Bankshares Inc.	8,316		190,852
United Capital Corp. (a)	386		7,411
United Community Banks Inc.	8,716		74,347
United Community Financial Corp.	5,421		20,329
United Financial Bancorp Inc.	3,893		43,485
United Fire & Casualty Co.	4,998		134,596
United Security Bancshares	1,998		29,051
Universal American Corp. (a)	8,645		88,352
Universal Health Realty Income Trust	2,529		75,870
Univest Corp. of Pennsylvania	2,807		55,747
Urstadt Biddle Properties Inc.	4,525		66,337
Validus Holdings Ltd.	14,156		300,815
ViewPoint Financial Group	2,260		33,267
W Holding Company Inc.	22,882		19,450
Washington Real Estate Investment Trust	10,859		326,313
Washington Trust Bancorp Inc.	2,589		51,003
Wauwatosa Holdings Inc. (a)	1,525		16,196
WesBanco Inc.	5,828		99,950
West Bancorporation	3,812		33,164
West Coast Bancorp (Oregon)	3,639		31,550
Westamerica Bancorporation	6,376		335,314
Western Alliance Bancorp (a)	3,980		30,885
Westfield Financial Inc.	6,950		62,898
Westwood Holdings Group Inc.	1,176		46,805
Wilshire Bancorp Inc.	4,217		36,140
Winthrop Realty Trust	11,502		41,407
Wintrust Financial Corp.	5,183		123,615
World Acceptance Corp. (a)	3,638		122,491
Wright Express Corp. (a)	8,524		211,395
WSFS Financial Corp.	1,364		60,834
Yadkin Valley Financial Corp.	2,508		29,971
Zenith National Insurance Corp.	8,173		287,363
			44,047,124
Health Care (12.17%)
Abaxis Inc. (a)	4,760		114,859
Abiomed Inc. (a)	6,684		118,641
Acadia Pharmaceuticals Inc. (a)	7,514		27,727
Accelrys Inc. (a)	5,864		28,323
Accuray Inc. (a)	7,915		57,700
Acorda Therapeutics Inc. (a)	7,175		235,555
Acura Pharmaceuticals Inc. (a)	1,778		14,135
Adolor Corp. (a)	10,092		55,304
Affymax Inc. (a)	2,296		36,529
Affymetrix Inc. (a)	15,246		156,881
Air Methods Corp. (a)	2,354		58,850
Akorn Inc. (a)	12,611		41,742
Albany Molecular Research Inc. (a)	5,087		67,504
Alexion Pharmaceuticals Inc. (a)	8,444		612,190
Alexza Pharmaceuticals Inc. (a)	5,289		20,839
Align Technology Inc. (a)	13,613		142,800
Alkermes Inc. (a)	20,840		257,582
Alliance Imaging Inc. (a)	5,809		50,364
Allos Therapeutics Inc. (a)	11,622		80,308
Allscripts Healthcare Solutions Inc. (a)	12,531		155,510
Almost Family Inc. (a)	1,394		37,080
Alnylam Pharmaceuticals Inc. (a)	7,813		208,841
Alpharma Inc. (a)	9,727		219,149
Alphatec Holdings Inc. (a)	5,450		22,236
AMAG Pharmaceuticals Inc. (a)	3,732		127,261
Amedisys Inc. (a)	5,822		293,545
American Medical Systems Holdings Inc. (a)	15,984		238,961
American Oriental Bioengineering Inc. (a)	13,552		133,758
AMERIGROUP Corp. (a)	11,763		244,670
Amicus Therapeutics Inc. (a)	1,078		11,513
Amsurg Corp. (a)	6,913		168,332
Analogic Corp.	2,943		185,615
Angiodynamics Inc. (a)	5,306		72,268
Applera Corp. - Celera Group (a)	17,570		199,595
Apria Healthcare Group Inc. (a)	9,636		186,842
Ardea Biosciences Inc. (a)	2,363		30,294
Arena Pharmaceuticals Inc. (a)	16,548		85,884
Ariad Pharmaceuticals Inc. (a)	15,844		38,026
ArQule Inc. (a)	9,294		30,206
Array Biopharma Inc. (a)	10,688		50,234
Arthrocare Corp. (a)	5,875		239,759
Assisted Living Concepts Inc. Class A (a)	12,036		66,198
athenahealth Inc. (a)	4,534		139,466
Atrion Corp.	329		31,525
Auxilium Pharmaceuticals Inc. (a)	9,041		303,958

See accompanying notes to financial statements.

35

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
AVANT Immunotherapeutics Inc. (a)	3,272	$	47,640
Bentley Pharmaceuticals Inc. (a)	4,231		68,331
Bio-Rad Laboratories Inc. (a)	4,161		336,583
Bio-Reference Labs Inc. (a)	2,601		58,028
Biodel Inc. (a)	2,352		30,576
BioForm Medical Inc. (a)	4,777		19,299
BioMimetic Therapeutics Inc. (a)	2,903		34,604
BMP Sunstone Corp. (a)	5,087		28,996
Bruker Corp. (a)	11,096		142,584
Cadence Pharmaceuticals Inc. (a)	4,871		29,664
Caliper Life Sciences Inc. (a)	10,458		27,086
Cambrex Corp. (a)	6,570		38,566
Cantel Medical Corp. (a)	2,732		27,648
Capital Senior Living Corp. (a)	4,614		34,790
Caraco Pharmaceutical Laboratories Ltd. (a)	2,208		29,146
Cardiac Science Corp. (a)	4,258		34,916
CardioNet Inc. (a)	984		26,204
Cell Genesys Inc. (a)	18,697		48,612
Centene Corp. (a)	9,532		160,042
Cepheid Inc. (a)	12,508		351,725
China Sky One Medical Inc. (a)	1,622		18,053
Clinical Data Inc. (a)	2,270		32,393
Columbia Laboratories Inc. (a)	10,253		33,835
Computer Programs & Systems Inc.	2,152		37,294
Conceptus Inc. (a)	6,632		122,626
Conmed Corp. (a)	6,293		167,079
Corvel Corp. (a)	1,758		59,543
Cougar Biotechnology Inc. (a)	3,273		77,996
CryoLife Inc. (a)	6,105		69,841
Cubist Pharmaceuticals Inc. (a)	12,387		221,232
CV Therapeutics Inc. (a)	13,333		109,731
Cyberonics Inc. (a)	5,286		114,706
Cynosure Inc. Class A (a)	2,094		41,503
Cypress Bioscience Inc. (a)	8,234		59,202
Cytokinetics Inc. (a)	8,077		29,966
Cytori Therapeutics Inc. (a)	4,358		28,240
Datascope Corp.	2,888		135,736
Dendreon Corp. (a)	20,457		91,034
DepoMed Inc. (a)	10,518		33,763
Dexcom Inc. (a)	5,748		34,718
Discovery Laboratories Inc. (a)	21,188		34,960
Durect Corp. (a)	16,204		59,469
Dyax Corp. (a)	12,182		37,764
Eclipsys Corp. (a)	11,943		219,273
Emergency Medical Services Corp. Class A (a)	2,062		46,663
Emergent Biosolutions Inc. (a)	2,962		29,413
Emeritus Corp. (a)	4,320		63,158
Ensign Group Inc.	1,816		20,884
Enzo Biochem Inc. (a)	7,253		81,379
Enzon Pharmaceuticals Inc. (a)	9,816		69,890
eResearch Technology Inc. (a)	9,493		165,558
ev3 Inc. (a)	15,437		146,343
Exactech Inc. (a)	1,542		39,645
Exelixis Inc. (a)	23,080		115,400
Five Star Quality Care Inc. (a)	6,970		32,968
Genomic Health Inc. (a)	2,995		57,354
Genoptix Inc. (a)	1,824		57,547
Gentiva Health Services Inc. (a)	5,589		106,470
Geron Corp. (a)	17,088		58,954
Greatbatch Inc. (a)	5,018		86,811
GTx Inc. (a)	4,085		58,620
Haemonetics Corp. (a)	5,652		313,460
Halozyme Therapeutics Inc. (a)	13,012		70,005
Hanger Orthopedic Group Inc. (a)	5,037		83,060
Hansen Medical Inc. (a)	3,740		62,533
Healthcare Services Group Inc.	9,449		143,719
HealthExtras Inc. (a)	7,241		218,244
Healthsouth Corp. (a)	17,376		288,963
Healthspring Inc. (a)	10,853		183,199
Healthways Inc. (a)	7,720		228,512
HMS Holdings Corp. (a)	5,487		117,806
Human Genome Sciences Inc. (a)	29,747		154,982
I-Flow Corp. (a)	4,736		48,070
ICU Medical Inc. (a)	2,610		59,717
Idenix Pharmaceuticals Inc. (a)	5,477		39,818
Idera Pharmaceuticals Inc. (a)	4,508		65,862
Immucor Inc. (a)	15,390		398,293
ImmunoGen Inc. (a)	9,389		28,730
Immunomedics Inc. (a)	14,307		30,474
Incyte Corp. (a)	14,606		111,152
Indevus Pharmaceuticals Inc. (a)	16,960		26,627
Inspire Pharmaceuticals Inc. (a)	9,249		39,586
Insulet Corp. (a)	4,023		63,282
Integra LifeSciences Holdings Corp. (a)	3,911		173,961
InterMune Inc. (a)	6,935		90,987
Invacare Corp.	7,044		143,979
IPC The Hospitalist Co. (a)	1,231		23,167
IRIS International Inc. (a)	4,038		63,195
Isis Pharmaceuticals Inc. (a)	19,906		271,319
Javelin Pharmaceuticals Inc. (a)	10,759		24,961
Jazz Pharmaceuticals Inc. (a)	1,269		9,403
Kendle International Inc. (a)	2,851		103,577
Kensey Nash Corp. (a)	1,587		50,863
Kindred Healthcare Inc. (a)	6,098		175,378
KV Pharmaceutical Co. Class A (a)	7,460		144,202
Landauer Inc.	2,040		114,730
Lexicon Pharmaceuticals Inc. (a)	17,580		28,128
LHC Group Inc. (a)	3,211		74,656
Life Sciences Research Inc. (a)	1,915		54,080
Ligand Pharmaceuticals Inc. Class B (a)	18,029		46,875
Luminex Corp. (a)	8,086		166,167
Magellan Health Services Inc. (a)	8,896		329,419
MannKind Corp. (a)	11,448		34,344

See accompanying notes to financial statements.

36

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
MAP Pharmaceuticals Inc. (a)	1,706	$	17,623
Marshall Edwards Inc. (a)	4,186		10,758
Martek Biosciences Corp. (a)	7,220		243,386
Masimo Corp. (a)	10,122		347,691
Maxygen Inc. (a)	4,923		16,689
Medarex Inc. (a)	28,035		185,311
MedAssets Inc. (a)	3,348		57,083
Medcath Corp. (a)	3,490		62,750
Medical Action Industries Inc. (a)	3,253		33,734
Medicines Co. (a)	11,425		226,443
Medicis Pharmaceutical Corp.	12,399		257,651
Medivation Inc. (a)	5,592		66,153
Mentor Corp.	7,433		206,786
Meridian Bioscience Inc.	8,822		237,488
Merit Medical Systems Inc. (a)	6,164		90,611
Metabolix Inc. (a)	4,159		40,758
Micrus Endovascular Corp. (a)	3,408		47,780
MiddleBrook Pharmaceuticals Inc. (a)	7,842		26,506
Molecular Insight Pharmaceuticals Inc. (a)	3,868		21,313
Molina Healthcare Inc. (a)	3,187		77,572
Momenta Pharmaceuticals Inc. (a)	5,713		70,270
Myriad Genetics Inc. (a)	9,809		446,506
Nabi Biopharmaceuticals (a)	11,390		44,877
Nanosphere Inc. (a)	2,818		22,149
National Healthcare Corp.	1,863		85,381
National Research Corp.	371		9,820
Natus Medical Inc. (a)	6,053		126,750
Nektar Therapeutics (a)	20,275		67,921
Neogen Corp. (a)	3,162		72,378
Neurocrine Biosciences Inc. (a)	8,635		36,181
Nighthawk Radiology Holdings Inc. (a)	5,496		38,912
Novavax Inc. (a)	11,410		28,411
Noven Pharmaceuticals Inc. (a)	5,444		58,196
NPS Pharmaceuticals Inc. (a)	10,344		46,031
NuVasive Inc. (a)	7,815		349,018
NxStage Medical Inc. (a)	4,142		15,905
Obagi Medical Products Inc. (a)	3,884		33,208
Odyssey HealthCare Inc. (a)	7,191		70,040
Omnicell Inc. (a)	7,276		95,898
Omrix Biopharmaceuticals Inc. (a)	3,133		49,313
Onyx Pharmaceuticals Inc. (a)	12,213		434,783
Opko Health Inc. (a)	10,460		15,899
Optimer Pharmaceuticals Inc. (a)	5,301		42,991
OraSure Technologies Inc. (a)	10,350		38,709
Orexigen Therapeutics Inc. (a)	4,388		34,621
Orthofix International NV (a)	3,752		108,620
Orthovita Inc. (a)	14,487		29,698
OSI Pharmaceuticals Inc. (a)	12,569		519,351
Osiris Therapeutics Inc. (a)	3,287		42,238
Owens & Minor Inc.	9,035		412,809
Pain Therapeutics Inc. (a)	7,727		61,043
Palomar Medical Technologies Inc. (a)	4,226		42,175
Par Pharmaceutical Companies Inc. (a)	7,583		123,072
Parexel International Corp. (a)	12,439		327,270
PDL BioPharma Inc.	26,214		278,393
Pharmanet Development Group Inc. (a)	4,240		66,865
Pharmasset Inc. (a)	3,433		64,815
PharMerica Corp. (a)	6,680		150,901
Phase Forward Inc. (a)	9,397		168,864
Pozen Inc. (a)	5,665		61,635
Progenics Pharmaceuticals Inc. (a)	5,845		92,760
Protalix BioTherapeutics Inc. (a)	2,332		6,320
PSS World Medical Inc. (a)	13,614		221,908
Psychiatric Solutions Inc. (a)	12,179		460,853
Quality Systems Inc.	3,843		112,523
Questcor Pharmaceuticals Inc. (a)	11,843		54,952
Quidel Corp. (a)	6,319		104,390
Radnet Inc. (a)	4,669		28,948
Regeneron Pharmaceuticals Inc. (a)	13,624		196,731
RehabCare Group Inc. (a)	4,003		64,168
Repligen Corp. (a)	6,799		32,091
Res-Care Inc. (a)	5,445		96,812
Rexahn Pharmaceuticals Inc. (a)	6,378		20,665
Rigel Pharmaceuticals Inc. (a)	8,013		181,575
RTI Biologics Inc. (a)	11,797		103,224
Salix Pharmaceuticals Ltd. (a)	10,477		73,653
Sangamo BioSciences Inc. (a)	8,033		79,928
Savient Pharmaceuticals Inc. (a)	11,914		301,424
Sciele Pharma Inc. (a)	7,764		150,233
Seattle Genetics Inc. (a)	13,298		112,501
Sequenom Inc. (a)	9,972		159,153
Sirona Dental Systems Inc. (a)	3,705		96,034
Skilled Healthcare Group Inc. Class A (a)	3,845		51,600
Somanetics Corp. (a)	2,819		59,763
SonoSite Inc. (a)	3,689		103,329
Spectranetics Corp. (a)	7,119		70,193
Stereotaxis Inc. (a)	6,177		33,109
STERIS Corp.	12,869		370,112
Sucampo Pharmaceuticals Inc. (a)	1,995		21,406
Sun Healthcare Group Inc. (a)	9,521		127,486
Sunrise Senior Living Inc. (a)	9,860		221,653
SurModics Inc. (a)	3,384		151,739
Symmetry Medical Inc. (a)	7,788		126,321
Synovis Life Technologies Inc. (a)	2,731		51,425
Synta Pharmaceuticals Corp. (a)	3,657		22,308
Targacept Inc. (a)	3,967		28,840
Tercica Inc. (a)	3,742		33,042
Theravance Inc. (a)	11,364		134,891
Third Wave Technologies (a)	9,677		107,995
Thoratec Corp. (a)	11,966		208,089
TomoTherapy Inc. (a)	8,980		80,191
TranS1 Inc. (a)	2,672		40,267
Triple-S Management Corp. Class B (a)	3,110		50,849
United Therapeutics Corp. (a)	4,948		483,667
U.S. Physical Therapy Inc. (a)	2,600		42,666

See accompanying notes to financial statements.

37

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Valeant Pharmaceuticals
International (a)	15,329	$	262,279
ViroPharma Inc. (a)	15,148		167,537
Virtual Radiologic Corp. (a)	1,526		20,220
Vision-Sciences Inc. (a)	3,669		13,759
Vital Images Inc. (a)	3,822		47,546
Vital Signs Inc.	1,768		100,387
VIVUS Inc. (a)	13,253		88,530
Vnus Medical Technologies (a)	2,852		57,069
Volcano Corp. (a)	10,363		126,429
West Pharmaceutical Services Inc.	7,103		307,418
Wright Medical Group Inc. (a)	8,165		231,968
Xenoport Inc. (a)	5,521		215,485
XOMA Ltd. (a)	29,153		49,269
Zoll Medical Corp. (a)	4,589		154,512
ZymoGenetics Inc. (a)	8,495		71,528
			29,631,824
Materials & Processes (8.78%)
A. Schulman Inc.	5,950		137,029
Aaon Inc.	2,941		56,644
AbitibiBowater Inc.	11,248		104,944
Aceto Corp.	5,355		40,912
Acuity Brands Inc.	8,923		429,018
AEP Industries Inc. (a)	1,269		22,043
AgFeed Industries Inc. (a)	4,353		65,164
Alico Inc.	831		28,802
Allied Nevada Gold Corp. (a)	9,874		58,158
AM Castle & Co.	3,623		103,654
AMCOL International Corp.	5,665		161,226
American Vanguard Corp.	3,937		48,425
Ameron International Corp.	2,014		241,640
Ampco-Pittsburgh Corp.	1,816		80,776
AMREP Corp.	461		21,939
Apex Silver Mines Ltd. (a)	12,927		63,472
Apogee Enterprises Inc.	6,351		102,632
Arch Chemicals Inc.	5,461		181,032
Balchem Corp.	3,977		91,988
Barnes Group Inc.	10,508		242,630
Beacon Roofing Supply Inc. (a)	9,721		103,140
Bluegreen Corp. (a)	2,821		17,067
Boise Inc. (a)	8,573		33,006
Brookfield Homes Corp.	2,200		27,016
Brush Engineered Materials Inc. (a)	4,477		109,328
Buckeye Technologies Inc. (a)	8,600		72,756
Builders Firstsource Inc. (a)	3,994		21,208
Bway Holding Co. (a)	1,629		14,026
Cabot Microelectronics Corp. (a)	5,154		170,855
Cadiz Inc. (a)	2,725		43,927
Cal Dive International Inc. (a)	9,713		138,799
Calavo Growers Inc.	2,269		27,795
Calgon Carbon Corp. (a)	8,986		138,924
Ceradyne Inc. (a)	5,840		200,312
China Architectural Engineering Inc. (a)	4,082		39,881
China BAK Battery Inc. (a)	6,616		31,161
China Precision Steel Inc. (a)	3,747		16,449
CIRCOR International Inc.	3,697		181,116
Clarcor Inc.	11,095		389,434
Clean Harbors Inc. (a)	4,342		308,543
Coeur d’Alene Mines Corp. (a)	121,044		351,028
Cogdell Spencer Inc.	2,311		37,554
Comfort Systems USA Inc.	8,807		118,366
Compass Minerals International Inc.	7,120		573,587
Deltic Timber Corp.	2,310		123,608
Drew Industries Inc. (a)	4,323		68,952
Dycom Industries Inc. (a)	8,883		128,981
Dynamic Materials Corp.	2,766		91,140
EMCOR Group Inc. (a)	14,912		425,439
Encore Wire Corp.	4,008		84,930
Energy Conversion Devices Inc. (a)	8,901		655,470
EnerSys (a)	6,038		206,681
ENGlobal Corp. (a)	5,939		84,571
Esmark Inc. (a)	2,535		48,469
Exide Technologies (a)	16,531		277,060
Ferro Corp.	9,601		180,115
Forestar Real Estate Group Inc. (a)	7,823		149,028
Furmanite Corp. (a)	7,989		63,752
General Moly Inc. (a)	13,772		108,386
General Steel Holdings Inc. (a)	2,356		37,036
Gibraltar Industries Inc.	5,901		94,239
Glatfelter	9,933		134,195
GrafTech International Ltd. (a)	22,683		608,585
Granite Construction Inc.	7,334		231,241
Graphic Packaging Holding Co. (a)	31,708		64,050
Great Lakes Dredge & Dock Co.	8,729		53,334
Griffin Land & Nurseries Inc.	730		22,411
Griffon Corp. (a)	6,174		54,084
Haynes International Inc. (a)	2,616		150,551
HB Fuller Co.	11,614		260,618
Hecla Mining Co. (a)	27,982		259,113
Hercules Inc.	24,856		420,812
Hexcel Corp. (a)	21,082		406,883
Hill International Inc. (a)	5,140		84,502
Hilltop Holdings Inc. (a)	9,918		102,255
Horsehead Holding Corp. (a)	7,664		93,194
HQ Sustainable Maritime Industries Inc. (a)	1,456		19,292
ICO Inc. (a)	6,068		36,529
Innerworkings Inc. (a)	6,938		82,978
Innophos Holdings Inc.	2,296		73,357
Innospec Inc.	5,134		96,622
Insituform Technologies Inc. (a)	6,095		92,827
Insteel Industries Inc.	3,948		72,288
Integrated Electrical Services Inc. (a)	1,701		29,257
Interline Brands Inc. (a)	7,110		113,262

See accompanying notes to financial statements.

38

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Materials & Processes (Cont.)
Kaiser Aluminum Corp.	3,463	$	185,374
Kapstone Paper and Packaging Corp. (a)	3,921		26,153
Kaydon Corp.	6,082		312,676
Koppers Holdings Inc.	4,576		191,597
L.B. Foster Co. (a)	2,480		82,336
Ladish Co. Inc. (a)	2,978		61,317
Landec Corp. (a)	5,095		32,965
Layne Christensen Co. (a)	4,213		184,487
Louisiana-Pacific Corp.	22,688		192,621
LSB Industries Inc. (a)	3,811		75,458
LSI Industries Inc.	4,226		34,315
Lumber Liquidators Inc. (a)	2,054		26,702
Lydall Inc. (a)	3,636		45,632
Medis Technologies Ltd. (a)	6,322		21,305
Mercer International Inc.-SBI (a)	6,736		50,385
Michael Baker Corp. (a)	1,663		36,386
Minerals Technologies Inc.	4,151		263,962
Mueller Industries Inc.	8,152		262,494
Mueller Water Products Inc.	25,291		204,098
Multi-Color Corp.	2,151		45,149
Myers Industries Inc.	6,295		51,304
NCI Building Systems Inc. (a)	4,334		159,188
Neenah Paper Inc.	3,284		54,876
NewMarket Corp.	2,961		196,107
NL Industries Inc.	1,462		13,933
NN Inc.	3,475		48,442
Northwest Pipe Co. (a)	2,008		112,046
Olin Corp.	16,425		430,006
Olympic Steel Inc.	1,978		150,170
OM Group Inc. (a)	6,709		219,988
Omega Flex Inc.	677		10,290
Orion Marine Group Inc. (a)	4,731		66,849
Penford Corp.	2,461		36,620
Perini Corp. (a)	5,967		197,209
PolyOne Corp. (a)	20,715		144,384
Polypore International Inc. (a)	3,497		88,579
Quaker Chemical Corp.	2,253		60,065
Quanex Building Products Corp.	8,146		121,050
Raven Industries Inc.	3,514		115,189
RBC Bearings Inc. (a)	4,784		159,403
Resource Capital Corp.	4,351		31,371
Rock-Tenn Co. Class A	8,374		251,136
Rockwood Holdings Inc. (a)	9,160		318,768
Royal Gold Inc.	6,423		201,425
RTI International Metals Inc. (a)	5,050		179,881
Schweitzer-Mauduit International Inc.	3,506		59,076
ShengdaTech Inc. (a)	6,863		68,150
Silgan Holdings Inc.	5,540		281,100
Simpson Manufacturing Co. Inc.	8,175		194,075
Solutia Inc. (a)	13,348		171,121
Spartech Corp.	6,477		61,078
Stepan Co.	1,373		62,636
Sterling Construction Company Inc. (a)	2,528		50,206
Stillwater Mining Co. (a)	8,958		105,973
Stratus Properties Inc. (a)	1,357		23,598
Superior Essex Inc. (a)	4,356		194,408
Sutor Technology Group Ltd. (a)	1,659		11,729
Symyx Technologies Inc. (a)	7,428		51,847
Tejon Ranch Co. (a)	2,443		88,095
Texas Industries Inc.	5,135		288,228
The Andersons Inc.	3,975		161,822
Thomas Properties Group Inc.	5,229		51,453
Tredegar Corp.	5,292		77,792
Trex Co. Inc. (a)	3,325		39,002
TriMas Corp. (a)	2,706		16,209
Ultralife Corp. (a)	2,749		29,387
Unifi Inc. (a)	9,869		24,870
United States Lime & Minerals Inc. (a)	389		15,393
Universal Forest Products Inc.	3,647		109,264
Universal Stainless & Alloy Products Inc. (a)	1,469		54,412
Uranium Resources Inc. (a)	10,501		38,749
U.S. Concrete Inc. (a)	8,711		41,464
USEC Inc. (a)	24,413		148,431
Valence Technology Inc. (a)	11,109		49,213
Verso Paper Corp. (a)	3,062		25,905
VSE Corp.	876		24,090
Watsco Inc.	5,132		214,518
Wausau Paper Corp.	9,677		74,610
Westlake Chemical Corp.	4,205		62,486
Worthington Industries Inc.	14,138		289,829
WR Grace & Co. (a)	15,845		372,199
Xerium Technologies Inc.	4,525		17,919
Zoltek Companies Inc. (a)	6,044		146,567
			21,388,098
Oil & Gas (7.80%)
Abraxas Petroleum Corp. (a)	9,202		49,783
Akeena Solar Inc. (a)	4,569		25,678
Allis-Chalmers Energy Inc. (a)	6,151		109,488
Alon USA Energy Inc.	2,813		33,643
American Oil & Gas Inc. (a)	8,032		31,485
APCO Argentina Inc.	841		24,347
Approach Resources Inc. (a)	2,016		54,009
Arena Resources Inc. (a)	7,724		407,982
ATP Oil & Gas Corp. (a)	6,104		240,925
Aventine Renewable Energy Holdings Inc. (a)	6,323		27,821
Basic Energy Services Inc. (a)	9,064		285,516
Berry Petroleum Co.	9,381		552,353
Bill Barrett Corp. (a)	8,049		478,191
BMB Munai Inc. (a)	8,181		48,595
Bois d’Arc Energy Inc. (a)	4,260		103,561
Bolt Technology Corp. (a)	1,889		42,635
BPZ Resources Inc. (a)	13,167		387,110

See accompanying notes to financial statements.

39

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Oil & Gas (Cont.)
Brigham Exploration Co. (a)	10,107	$	159,994
Bronco Drilling Co. Inc. (a)	5,767		105,997
Callon Petroleum Co. (a)	4,552		124,543
Cano Petroleum Inc. (a)	8,489		67,403
Capstone Turbine Corp. (a)	31,970		133,954
CARBO Ceramics Inc.	4,511		263,217
Carrizo Oil & Gas Inc. (a)	6,005		408,880
Cheniere Energy Inc. (a)	10,644		46,514
Clayton Williams Energy Inc. (a)	1,187		130,511
Clean Energy Fuels Corp. (a)	4,779		54,911
Complete Production Services Inc. (a)	10,548		384,158
Comstock Resources Inc. (a)	10,011		845,229
Concho Resources Inc. (a)	10,937		407,950
Contango Oil & Gas Co. (a)	2,887		268,260
CVR Energy Inc. (a)	5,049		97,193
Dawson Geophysical Co. (a)	1,697		100,904
Delek US Holdings Inc.	2,909		26,792
Delta Petroleum Corp. (a)	13,658		348,552
Double Eagle Petroleum Co. (a)	1,787		32,577
Dril-Quip Inc. (a)	6,797		428,211
Endeavour International Corp. (a)	24,933		54,105
Energy Partners Ltd. (a)	7,006		104,529
Energy XXI Bermuda Ltd. (a)	15,305		105,911
Evergreen Solar Inc. (a)	23,241		225,205
EXCO Resources Inc. (a)	16,361		603,884
Flotek Industries Inc. (a)	4,793		98,832
FuelCell Energy Inc. (a)	15,057		106,905
FX Energy Inc. (a)	9,399		49,533
Gasco Energy Inc. (a)	20,567		85,353
GeoGlobal Resources Inc. (a)	8,298		17,675
Geokinetics Inc. (a)	1,051		19,034
Geomet Inc. (a)	3,972		37,655
GeoResources Inc. (a)	1,202		22,141
GMX Resources Inc. (a)	3,216		238,306
Goodrich Petroleum Corp. (a)	4,419		366,423
Gran Tierra Energy Inc. (a)	20,963		167,075
GreenHunter Energy Inc. (a)	937		12,799
Grey Wolf Inc. (a)	39,303		354,906
Gulf Island Fabrication Inc.	2,673		130,790
Gulfport Energy Corp. (a)	5,755		94,785
Harvest Natural Resources Inc. (a)	7,698		85,140
Hornbeck Offshore Services Inc. (a)	5,093		287,805
Houston American Energy Corp. (a)	3,263		36,611
ION Geophysical Corp. (a)	18,581		324,238
James River Coal Co. (a)	5,565		326,610
Lufkin Industries Inc.	3,249		270,577
Matrix Service Co. (a)	5,709		131,649
McMoRan Exploration Co. (a)	11,088		305,142
Meridian Resource Corp. (a)	17,737		52,324
Mitcham Industries Inc. (a)	2,146		36,654
NATCO Group Inc. (a)	4,393		239,550
National Coal Corp. (a)	5,629		49,929
Natural Gas Services Group (a)	2,653		80,863
Newpark Resources Inc. (a)	19,731		155,086
Northern Oil and Gas Inc. (a)	4,301		57,117
Oilsands Quest Inc. (a)	36,236		235,534
Pacific Ethanol Inc. (a)	9,909		17,935
Panhandle Oil & Gas Inc.	1,605		54,345
Parallel Petroleum Corp. (a)	9,089		182,962
Parker Drilling Co. (a)	24,814		248,388
Penn Virginia Corp.	9,140		689,339
Petrocorp Inc. (a) (b)	745		0
Petroleum Development Corp. (a)	3,263		216,957
Petroquest Energy Inc. (a)	9,529		256,330
Pioneer Drilling Co. (a)	10,938		205,744
Plug Power Inc. (a)	17,557		41,259
PowerSecure International Inc. (a)	3,699		26,855
PrimeEnergy Corp. (a)	201		11,153
Quest Resource Corp. (a)	4,393		50,124
RAM Energy Resources Inc. (a)	7,900		49,770
Rex Energy Corp. (a)	3,679		97,126
Rosetta Resources Inc. (a)	11,300		322,050
RPC Inc.	6,496		109,133
Stone Energy Corp. (a)	6,256		412,333
SulphCo Inc. (a)	11,658		26,464
Superior Well Services Inc. (a)	3,625		114,949
Swift Energy Co. (a)	6,711		443,329
T-3 Energy Services Inc. (a)	2,741		217,827
Teekay Tankers Ltd. Class A	3,042		70,605
Tetra Tech Inc. (a)	12,930		292,477
Toreador Resources Corp. (a)	3,701		31,569
Tri-Valley Corp. (a)	4,911		36,489
Trico Marine Services Inc. (a)	2,784		101,393
TXCO Resources Inc. (a)	7,692		90,458
Union Drilling Inc. (a)	3,080		66,774
U.S. Geothermal Inc. (a)	13,576		39,913
VAALCO Energy Inc. (a)	13,284		112,515
Venoco Inc. (a)	4,444		103,145
W-H Energy Services Inc. (a)	6,800		651,032
Warren Resources Inc. (a)	12,801		187,919
Western Refining Inc.	6,553		77,587
Westmoreland Coal Co. (a)	2,081		43,930
Willbros Group Inc. (a)	8,534		373,874
			18,983,599
Technology (13.50%)
3Com Corp (a)	88,568		187,764
3D Systems Corp. (a)	3,684		34,998
3PAR Inc. (a)	5,969		46,797
ACI Worldwide Inc. (a)	7,497		131,872
Acme Packet Inc. (a)	5,956		46,219
Actel Corp. (a)	5,550		93,518
Actuate Corp. (a)	13,267		51,874
Acxiom Corp.	13,417		154,161
Adaptec Inc. (a)	26,539		84,925

See accompanying notes to financial statements.

40

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Adtran Inc.	12,342	$	294,233
Advanced Analogic Technologies Inc. (a)	10,005		41,321
Advanced Battery Technologies Inc. (a)	9,103		52,524
Agilysys Inc.	4,990		56,587
American Reprographics Co. (a)	7,995		133,117
American Science & Engineering Inc.	1,994		102,751
American Software Inc. Class A	4,929		27,800
Amkor Technology Inc. (a)	23,948		249,299
ANADIGICS Inc. (a)	13,989		137,792
Anaren Inc. (a)	3,472		36,699
Anixter International Inc. (a)	6,563		390,433
Ansoft Corp. (a)	3,180		115,752
Applied Micro Circuits Corp. (a)	14,723		126,029
Applied Signal Technology Inc.	2,758		37,674
ArcSight Inc. (a)	1,430		12,584
Ariba Inc. (a)	18,782		276,283
Art Technology Group Inc. (a)	28,418		90,938
Aruba Networks Inc. (a)	11,470		59,988
AsiaInfo Holdings Inc. (a)	7,602		89,856
Atheros Communications (a)	13,037		391,110
AuthenTec Inc. (a)	5,493		57,237
Avanex Corp. (a)	44,194		49,939
Avid Technology Inc. (a)	6,630		112,644
Avocent Corp. (a)	9,956		185,182
BearingPoint Inc. (a)	47,770		38,694
Bel Fuse Inc.	2,600		64,246
Benchmark Electronics Inc. (a)	14,828		242,290
BigBand Networks Inc. (a)	7,200		34,056
Black Box Corp.	3,846		104,573
Blackbaud Inc.	9,824		210,234
Blackboard Inc. (a)	6,796		259,811
Blue Coat Systems Inc. (a)	7,272		102,608
Bookham Inc. (a)	22,078		37,312
Bottomline Technologies Inc. (a)	4,908		47,755
CACI International Inc. (a)	6,617		302,860
Callidus Software Inc. (a)	6,597		32,985
Cavium Networks Inc. (a)	6,650		139,650
Cbeyond Inc. (a)	5,256		84,201
CEVA Inc. (a)	4,410		35,148
Checkpoint Systems Inc. (a)	8,712		181,907
China Fire & Security Group Inc. (a)	3,062		24,649
China Information Security Technology Inc. (a)	5,014		28,379
China Security & Surveillance Technology Inc. (a)	5,897		79,492
Chordiant Software Inc. (a)	6,542		32,710
Ciber Inc. (a)	11,765		73,061
Cirrus Logic Inc. (a)	14,264		79,308
CMGI Inc. (a)	10,924		115,794
Cogent Communications Group Inc. (a)	10,511		140,847
Cogent Inc. (a)	8,911		101,318
Cogo Group Inc. (a)	5,648		51,453
Coherent Inc. (a)	5,188		155,069
Coleman Cable Inc. (a)	1,615		16,667
Commvault Systems Inc. (a)	9,390		156,250
Compellent Technologies Inc. (a)	3,093		35,075
comScore Inc. (a)	3,945		86,080
COMSYS IT Partners Inc. (a)	3,725		33,972
Comtech Telecommunications Corp. (a)	5,320		260,680
Comverge Inc. (a)	4,786		66,908
Concur Technologies Inc. (a)	9,468		314,622
Constant Contact Inc. (a)	4,460		84,071
CPI International Inc. (a)	2,080		25,584
Cray Inc. (a)	7,541		34,990
CSG Systems International Inc. (a)	7,866		86,683
Cubic Corp.	3,419		76,175
Daktronics Inc.	7,201		145,244
Data Domain Inc. (a)	7,256		169,282
DealerTrack Holdings Inc. (a)	9,362		132,098
Deltek Inc. (a)	2,751		20,853
DemandTec Inc. (a)	4,299		32,285
Digi International Inc. (a)	5,725		44,941
Digimarc Corp. (a)	4,437		62,828
Digital River Inc. (a)	8,157		314,697
Diodes Inc. (a)	6,434		177,836
DivX Inc. (a)	5,905		43,343
Double-Take Software Inc. (a)	3,787		52,033
DSP Group Inc. (a)	5,341		37,387
Eagle Test Systems Inc. (a)	3,033		33,970
Ebix Inc. (a)	444		34,508
Echelon Corp. (a)	6,506		70,915
Electronics for Imaging Inc. (a)	11,999		175,185
EMS Technologies Inc. (a)	3,468		75,741
Emulex Corp. (a)	18,539		215,979
Ener1 Inc. (a)	7,877		58,447
EnergySolutions Inc.	7,293		162,999
Entropic Communications Inc. (a)	1,996		9,481
Entrust Inc. (a)	13,426		39,472
Epicor Software Corp. (a)	13,021		89,975
EPIQ Systems Inc. (a)	7,762		110,220
Exar Corp. (a)	8,208		61,888
Excel Technology Inc. (a)	2,387		53,278
Extreme Networks Inc. (a)	25,522		72,482
FalconStor Software Inc. (a)	8,374		59,288
Finisar Corp. (a)	67,787		80,667
Formfactor Inc. (a)	10,725		197,662
Foundry Networks Inc. (a)	32,053		378,866
Gartner Inc. (a)	13,012		269,609
GeoEye Inc. (a)	3,948		69,919
Gerber Scientific Inc. (a)	5,396		61,406
Globecomm Systems Inc. (a)	4,418		36,493
Guidance Software Inc. (a)	2,035		19,434
Hackett Group Inc. (a)	9,027		51,815
Harmonic Inc. (a)	20,675		196,619
Harris Stratex Networks Inc. Class A (a)	5,618		53,315
Herley Industries Inc. (a)	2,959		39,296

See accompanying notes to financial statements.

41

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Hittite Microwave Corp. (a)	4,291	$	152,845
Hughes Communications Inc. (a)	1,575		77,317
Hutchinson Technology Inc. (a)	5,357		71,998
Hypercom Corp. (a)	11,708		51,515
i2 Technologies Inc. (a)	3,492		43,406
ICx Technologies Inc. (a)	2,993		21,849
iGate Corp. (a)	4,500		36,585
II-VI Inc. (a)	5,363		187,276
Imation Corp.	6,564		150,447
Immersion Corp. (a)	6,848		46,635
Informatica Corp. (a)	19,447		292,483
Integral Systems Inc.	1,862		72,059
Interactive Intelligence Inc. (a)	3,042		35,409
Intermec Inc. (a)	13,524		285,086
Internet Brands Inc. (a)	4,853		32,175
Internet Capital Group Inc. (a)	8,492		65,643
InterVoice Inc. (a)	8,226		46,888
Interwoven Inc. (a)	9,999		120,088
IPG Photonics Corp. (a)	4,217		79,322
iRobot Corp. (a)	3,923		53,902
Isilon Systems Inc. (a)	5,384		23,905
Ixia (a)	9,657		67,116
IXYS Corp. (a)	5,453		65,109
j2 Global Communications Inc. (a)	9,980		229,540
Jack Henry & Associates Inc.	16,511		357,298
JDA Software Group Inc. (a)	5,649		102,247
Kemet Corp. (a)	18,425		59,697
Keynote Systems Inc. (a)	3,178		40,933
Kopin Corp. (a)	15,119		43,392
L-1 Identity Solutions Inc. (a)	14,299		190,463
LaBarge Inc. (a)	2,670		34,710
Lantronix Inc. Warrants (a) (b)	73		0
Lattice Semiconductor Corp. (a)	25,275		79,111
Lawson Software Inc. (a)	27,705		201,415
Limelight Networks Inc. (a)	6,300		24,066
Loral Space & Communications Inc. (a)	2,658		46,834
Macrovision Solutions Corp. (a)	18,115		271,000
Magma Design Automation Inc. (a)	9,274		56,293
Manhattan Associates Inc. (a)	5,471		129,827
ManTech International Corp. (a)	4,509		216,973
Maxwell Technologies Inc. (a)	3,998		42,459
Mentor Graphics Corp. (a)	19,942		315,084
Mercadolibre Inc. (a)	5,596		193,006
Mercury Computer Systems Inc. (a)	4,775		35,956
Methode Electronics Inc.	8,339		87,143
Micrel Inc.	11,154		102,059
MICROS Systems Inc. (a)	17,897		545,680
Microsemi Corp. (a)	17,279		435,085
MicroStrategy Inc. (a)	2,013		130,342
Microtune Inc. (a)	12,142		42,011
Microvision Inc. (a)	12,432		34,188
MIPS Technologies Inc. (a)	9,823		36,836
Monolithic Power Systems Inc. (a)	5,730		123,883
Monotype Imaging Holdings Inc. (a)	3,300		40,194
MRV Communications Inc. (a)	35,334		42,047
MSC.Software Corp. (a)	9,866		108,329
MTS Systems Corp.	3,851		138,174
Multi-Fineline Electronix Inc. (a)	2,048		56,668
NCI Inc. (a)	1,424		32,581
Ness Technologies Inc. (a)	8,607		87,103
Netezza Corp. (a)	8,657		99,382
Netgear Inc. (a)	7,760		107,554
Netlogic Microsystems Inc. (a)	3,754		124,633
NetScout Systems Inc. (a)	6,464		69,036
NetSuite Inc. (a)	1,482		30,337
Newport Corp. (a)	7,901		89,992
Nextwave Wireless Inc. (a)	10,619		42,901
Novatel Wireless Inc. (a)	7,111		79,145
NVE Corp. (a)	1,016		32,167
Omniture Inc. (a)	13,706		254,520
Omnivision Technologies Inc. (a)	11,645		140,788
OpenTV Corp. Class A (a)	18,441		24,158
Oplink Communications Inc. (a)	4,561		43,786
OPNET Technologies Inc. (a)	2,883		25,947
Optium Corp. (a)	3,089		22,488
OSI Systems Inc. (a)	3,479		74,520
PAETEC Holding Corp. (a)	27,142		172,352
Palm Inc.	23,545		126,908
Parametric Technology Corp. (a)	25,303		421,801
Park Electrochemical Corp.	4,468		108,617
PC-Tel Inc.	4,573		43,855
Pegasystems Inc.	3,160		42,534
Pericom Semiconductor Corp. (a)	4,849		71,959
Perot Systems Corp. (a)	19,000		285,190
Phoenix Technologies Ltd. (a)	6,035		66,385
Plexus Corp. (a)	9,320		257,978
PLX Technology Inc. (a)	6,334		48,328
PMC-Sierra Inc. (a)	48,056		367,628
Polycom Inc. (a)	19,238		468,638
Power Integrations Inc. (a)	6,678		211,092
Progress Software Corp. (a)	9,123		233,275
PROS Holdings Inc. (a)	2,817		31,635
QAD Inc.	2,688		18,198
Quantum Corp. (a)	45,082		60,861
Quest Software Inc. (a)	15,893		235,375
Rackable Systems Inc. (a)	6,504		87,154
Radiant Systems Inc. (a)	6,065		65,077
Radisys Corp. (a)	5,036		45,626
RealNetworks Inc. (a)	20,392		134,587
RF Micro Devices Inc. (a)	57,781		167,565
RightNow Technologies Inc. (a)	6,101		83,401
Rimage Corp. (a)	2,095		25,957
Riverbed Technology Inc. (a)	12,317		168,989
Rogers Corp. (a)	3,938		148,029
Rubicon Technology Inc. (a)	2,906		59,050
S1 Corp. (a)	11,074		83,830

See accompanying notes to financial statements.

42

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Safeguard Scientifics Inc. (a)	27,888	$	34,581
Sanmina-SCI Corp. (a)	116,602		149,251
Sapient Corp. (a)	19,278		123,765
SAVVIS Inc. (a)	8,250		106,507
ScanSource Inc. (a)	5,771		154,432
SeaChange International Inc. (a)	6,767		48,452
Secure Computing Corp. (a)	11,603		48,036
Semtech Corp. (a)	13,560		190,789
SI International Inc. (a)	2,911		60,956
Sigma Designs Inc. (a)	5,833		81,020
Silicon Image Inc. (a)	16,114		116,826
Silicon Storage Technology Inc. (a)	19,095		52,893
SiRF Technology Holdings Inc. (a)	13,448		58,095
Skyworks Solutions Inc. (a)	35,815		353,494
Smart Modular Technologies (WWH) Inc. (a)	10,040		38,453
Smith Micro Software Inc. (a)	6,799		38,754
Solera Holdings Inc. (a)	11,336		313,554
SonicWALL Inc. (a)	13,461		86,823
Sonus Networks Inc. (a)	44,819		153,281
Sourcefire Inc. (a)	4,382		33,873
Spansion Inc. Class A (a)	27,983		62,962
SPSS Inc. (a)	3,920		142,570
SRA International Inc. (a)	9,341		209,799
Standard Microsystems Corp. (a)	4,997		135,669
Stanley Inc. (a)	1,937		64,928
Starent Networks Corp. (a)	6,528		82,122
STEC Inc. (a)	6,899		70,853
Stratasys Inc. (a)	4,529		83,605
SuccessFactors Inc. (a)	5,013		54,892
Super Micro Computer Inc. (a)	4,843		35,741
Supertex Inc. (a)	2,456		57,323
SupportSoft Inc. (a)	10,133		32,932
Switch & Data Facilities Co. (a)	4,503		76,506
Sybase Inc. (a)	17,422		512,555
Sycamore Networks Inc. (a)	41,989		135,205
Sykes Enterprises Inc. (a)	7,308		137,829
Synaptics Inc. (a)	4,996		188,499
Synchronoss Technologies Inc. (a)	4,810		43,434
Syniverse Holdings Inc. (a)	11,271		182,590
SYNNEX Corp. (a)	3,819		95,819
Syntel Inc.	2,831		95,461
Taleo Corp. (a)	4,947		96,912
TechTarget (a)	3,046		32,166
Techwell Inc. (a)	3,392		41,789
Tekelec (a)	14,326		210,735
TeleCommunication Systems Inc.
Class A (a)	7,369		34,118
Terremark Worldwide Inc. (a)	11,595		63,309
TerreStar Corp. (a)	12,747		50,733
Tessera Technologies Inc. (a)	10,622		173,882
TIBCO Software Inc. (a)	40,965		313,382
Transmeta Corp. (a)	2,662		36,762
Trident Microsystems Inc. (a)	13,375		48,819
TriQuint Semiconductor Inc. (a)	31,487		190,811
TriZetto Group Inc. (a)	9,559		204,371
TTM Technologies Inc. (a)	9,372		123,804
Tyler Technologies Inc. (a)	8,346		113,255
Ultimate Software Group Inc. (a)	5,412		192,830
Unica Corp. (a)	3,054		24,554
Universal Display Corp. (a)	6,346		78,183
UTStarcom Inc. (a)	24,256		132,680
Varian Inc. (a)	6,489		331,328
VASCO Data Security International Inc. (a)	5,668		59,684
VeriFone Holdings Inc. (a)	15,006		179,322
ViaSat Inc. (a)	5,562		112,408
Vignette Corp. (a)	5,805		69,660
Virtusa Corp. (a)	1,924		19,490
Vocus Inc. (a)	3,527		113,464
Volterra Semiconductor Corp. (a)	5,564		96,035
Vonage Holdings Corp. (a)	12,878		21,377
Websense Inc. (a)	9,913		166,935
Website Pros Inc. (a)	6,057		50,455
Wind River Systems Inc. (a)	15,815		172,225
Zoran Corp. (a)	11,375		133,087
			32,878,430
Telecommunications (0.98%)
Airvana Inc. (a)	5,273		28,263
Alaska Communications Systems Group Inc.	9,509		113,537
Atlantic Tele-Network Inc.	2,074		57,056
Centennial Communications Corp. (a)	14,785		103,347
Cincinnati Bell Inc. (a)	53,607		213,356
Consolidated Communications Holdings Inc.	5,131		76,401
FairPoint Communications Inc.	19,550		140,956
FiberTower Corp. (a)	26,354		36,896
General Communication Inc. Class A (a)	9,939		68,281
Global Crossing Ltd. (a)	5,749		103,137
Globalstar Inc. (a)	9,174		25,962
Hungarian Telephone & Cable Corp. (a)	1,050		19,152
iBasis Inc.	6,638		21,773
ICO Global Communications Holdings Ltd. (a)	22,719		74,064
IDT Corp. Class B (a)	10,343		17,583
Infinera Corp. (a)	20,381		179,760
Iowa Telecommunications Services Inc.	7,019		123,605
iPCS Inc. (a)	3,864		114,490
Neutral Tandem Inc. (a)	3,653		63,928
NTELOS Holdings Corp.	6,565		166,554
Orbcomm Inc. (a)	6,927		39,484
Premiere Global Services Inc. (a)	13,587		198,098
RCN Corp. (a)	8,263		89,075

See accompanying notes to financial statements.

43

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecommunications (Cont.)
Rural Cellular Corp. Class A (a)		2,959	$	131,705
Shenandoah Telecommunications Co.		5,164		67,235
ShoreTel Inc. (a)		9,491		41,950
USA Mobility Inc. (a)		5,405		40,808
Virgin Mobile USA Inc. (a)		7,410		20,378
				2,376,834
	Shares or principal amount		Value
Utilities & Energy (4.14%)
Allete Inc.		5,753	$	241,626
American States Water Co.		3,787		132,318
Aquila Inc. (a)		82,617		311,466
Atlas America Inc.		7,581		341,524
Avista Corp.		11,655		250,116
Black Hills Corp.		8,438		270,522
California Water Service Group		4,309		141,206
Central Vermont Public Service Corp.		2,381		46,120
CH Energy Group Inc.		3,409		121,258
Chesapeake Utilities Corp.		1,492		38,374
Cleco Corp.		13,226		308,563
Connecticut Water Service Inc.		1,843		41,283
Consolidated Water Co. Ltd.		3,263		64,607
Crosstex Energy Inc.		8,836		306,256
El Paso Electric Co. (a)		9,835		194,733
Empire District Electric Co.		7,414		137,456
EnergySouth Inc.		1,643		80,606
EnerNOC Inc. (a)		2,118		38,018
Evergreen Energy Inc. (a)		19,975		34,757
Headwaters Inc. (a)		9,220		108,519
Idacorp Inc.		9,939		287,138
International Coal Group Inc. (a)		27,945		364,682
ITC Holdings Corp.		10,861		555,106
Laclede Group Inc.		4,794		193,534
MGE Energy Inc.		4,851		158,240
Middlesex Water Co.		2,909		48,260
New Jersey Resources Corp.		9,212		300,772
Nicor Inc.		9,919		422,450
Northwest Natural Gas Co.		5,804		268,493
NorthWestern Corp.		8,562		217,646
Ormat Technologies Inc.		3,933		193,425
Otter Tail Corp.		6,603		256,395
Piedmont Natural Gas Co. Inc.		16,131		421,987
Pike Electric Corp. (a)		3,597		59,746
PNM Resources Inc.		16,899		202,112
Portland General Electric Co.		13,740		309,425
Rentech Inc. (a)		36,366		69,095
SJW Corp.		2,885		76,164
South Jersey Industries Inc.		6,531		243,998
Southwest Gas Corp.		9,508		282,673
Southwest Water Co.		5,522		55,330
tw telecom inc. (a)		32,327		518,202
UIL Holdings Corp.		5,576		163,990
Unisource Energy Corp.		7,584		235,180
VeraSun Energy Corp. (a)		22,518		92,999
Westar Energy Inc.		23,038		495,547
WGL Holdings Inc.		10,870		377,624
				10,079,541
Total Common Stocks
(cost $239,680,758)				230,919,134
Short-term Investments (4.43%)
U.S. Treasury Bill,
1.745%, 09/25/2008 (c)	$	10,825,000		10,780,390
Total Short-term Investments
(cost $10,779,864)				10,780,390
TOTAL INVESTMENTS (99.26%)
(cost $250,460,622)				241,699,524
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.74%)				1,797,170
			$	243,496,694
NET ASSETS (100.00%)

(a) Non-income producing security.

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

(c) At June 30, 2008, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

See accompanying notes to financial statements.

44

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (98.47%) (a)
Australia (6.77%)
AGL Energy Ltd.	12,033	$	164,832
Alumina Ltd.	31,914		144,874
Amcor Ltd.	25,724		124,620
AMP Ltd.	52,910		338,791
Aristocrat Leisure Ltd.	9,841		60,567
Asciano Group	15,292		50,866
Australia & New Zealand Banking Group Ltd.	53,980		970,161
Australian Stock Exchange	4,863		146,424
AXA Asia Pacific Holdings Ltd.	24,556		110,170
Babcock & Brown Ltd.	6,588		47,299
Bendigo and Adelaide Bank Ltd.	7,285		76,333
BHP Billiton Ltd.	93,253		3,968,875
Billabong International Ltd.	4,906		50,735
BlueScope Steel Ltd.	21,227		230,650
Boart Longyear Group	37,609		80,418
Boral Ltd.	17,910		97,020
Brambles Ltd.	39,941		334,303
Caltex Australia Ltd.	3,766		47,056
CFS Retail Property Trust	42,893		76,101
Coca-Cola Amatil Ltd.	14,114		94,850
Cochlear Ltd.	1,570		65,697
Commonwealth Bank of Australia	36,189		1,395,429
Computershare Ltd.	13,269		116,960
Crown Ltd.	12,695		113,060
CSL Ltd.	15,497		530,477
CSR Ltd.	27,982		65,637
Dexus Property Group	78,947		104,512
Fairfax Media Ltd.	31,836		89,436
Fortescue Metals Group Ltd. (b)	36,110		411,940
Foster’s Group Ltd.	55,486		269,742
Goodman Fielder Ltd.	35,178		47,381
Goodman Group	40,828		120,951
GPT Group	57,113		121,699
Harvey Norman Holdings Ltd.	13,901		41,178
Incitec Pivot Ltd.	1,513		267,907
Insurance Australia Group Ltd.	55,012		183,312
James Hardie Industries NV CDI	14,248		57,848
Leighton Holdings Ltd.	3,950		192,344
Lend Lease Corp. Ltd.	10,206		93,511
Lion Nathan Ltd.	7,514		61,588
Macquarie Airports	20,130		39,816
Macquarie Group Ltd.	7,765		361,503
Macquarie Infrastructure Group	63,594		141,498
Macquarie Office Trust	54,067		40,343
Metcash Ltd.	19,717		69,936
Mirvac Group	28,118		79,856
National Australia Bank Ltd.	45,626		1,158,512
Newcrest Mining Ltd.	12,650		351,074
Onesteel Ltd.	20,804		148,292
Orica Ltd.	8,611		241,689
Origin Energy Ltd.	24,277		375,603
Oxiana Ltd.	38,645		97,434
Oxiana Ltd. New (b)	42,822		107,144
Paladin Energy Ltd. (b)	15,743		96,120
Perpetual Ltd.	1,149		47,111
Qantas Airways Ltd.	27,618		80,482
QBE Insurance Group Ltd.	25,351		545,074
Rio Tinto Ltd.	7,787		1,007,538
Santos Ltd.	16,384		337,469
Sims Group Ltd.	3,988		159,385
Sonic Healthcare Ltd.	8,584		119,868
St George Bank Ltd.	15,134		393,317
Stockland	39,989		206,775
Suncorp-Metway Ltd.	26,671		334,217
Tabcorp Holding Ltd.	15,578		146,471
Tatts Group Ltd.	30,108		67,828
Telstra Corp. Ltd.	124,611		506,340
Toll Holdings Ltd.	15,292		88,488
Transurban Group	25,111		102,086
Wesfarmers Ltd.	17,730		633,571
Wesfarmers Ltd. PPS	4,287		154,577
Westfield Group	49,103		767,265
Westpac Banking Corp.	52,210		1,002,795
Woodside Petroleum Ltd.	13,515		873,557
Woolworths Ltd.	34,126		799,737
WorleyParsons Ltd.	4,140		150,007
			23,398,332
Austria (0.64%)
Andritz AG	1,140		71,885
Erste Bank der oesterreichischen Sparkassen AG	5,376		332,486
IMMOEAST AG (b)	11,849		104,786
Immofinanz Immobilien Anlagen AG	11,819		121,689
Meinl European Land Ltd. (b)	8,545		95,804
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) Class A	2,180		194,661
OMV AG	4,698		367,055
Raiffeisen International Bank Holding AG	1,512		192,101
Strabag SE	1,301		101,394
Telekom Austria AG	10,053		217,835
Vienna Insurance Group	960		63,391
VoestAlpine AG	3,319		271,611
Wienerberger AG	2,174		91,287
			2,225,985
Belgium (1.02%)
Belgacom SA	4,835		207,430
Colruyt SA	450		118,620
Compagnie Nationale a Portefeuille	1,139		85,540
Delhaize Group	2,798		187,405
Dexia SA	14,903		237,283

See accompanying notes to financial statements.

45

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Belgium (Cont.)
Fortis	58,048	$	922,058
Groupe Bruxelles Lambert SA	2,303		274,159
InBev NV	5,187		358,634
KBC Ancora	861		75,236
KBC GROEP NV	4,322		477,759
Mobistar SA	948		76,521
Solvay SA	1,512		196,984
UCB SA	3,212		118,495
Umicore	3,495		171,896
			3,508,020
Denmark (1.03%)
A P Moller-Maersk A/S Class A	15		183,993
A P Moller-Maersk A/S Class B	31		379,597
Carlsberg A/S Class B	1,798		173,201
Coloplast A/S Class B	708		61,733
Danisco A/S	1,331		85,565
Danske Bank A/S	12,714		366,096
DSV A/S	5,800		138,366
FLSmidth & Co. A/S Class B (b)	1,512		165,992
Jyske Bank A/S (b)	1,562		93,161
Novo Nordisk A/S Class B	12,603		829,662
Novozymes A/S Class B	1,332		119,916
Rockwool International A/S B Shares	200		25,715
Sydbank A/S	1,850		70,311
Topdanmark A/S (b)	514		77,589
Trygvesta A/S	843		59,501
Vestas Wind Systems A/S (b)	5,203		677,415
William DeMant Holding (b)	658		43,342
			3,551,155
Finland (1.55%)
Cargotec Corp.	1,028		35,566
Elisa OYJ	4,269		89,099
Fortum OYJ	12,443		629,808
Kesko OYJ	1,815		58,401
Kone Corp. OYJ Class B	4,112		143,738
Metso OYJ	3,640		164,749
Neste Oil OYJ	3,730		109,325
Nokia OYJ	110,212		2,687,876
Nokian Renkaat OYJ	3,017		143,102
Orion OYJ Class B	2,451		48,855
Outokumpu OYJ	3,375		117,282
Pohjola Bank PLC	2,696		46,777
Rautaruukki OYJ	2,314		105,041
Sampo OYJ A Shares	12,454		312,852
SanomaWSOY OYJ (b)	2,121		46,986
Stora Enso OYJ R Shares	16,305		151,908
UPM-Kymmene OYJ	14,893		242,665
Wartsila OYJ Class B	2,362		147,489
YIT OYJ	3,407		85,076
			5,366,595
France (10.61%)
Accor SA	5,528		367,224
Aeroports de Paris (ADP)	673		62,983
Air France-KLM	3,523		84,033
Air Liquide SA	6,844		901,042
Alcatel-Lucent (b)	65,933		398,027
Alstom	2,914		668,196
ArcelorMittal	24,167		2,375,003
Atos Origin SA	1,969		108,461
AXA	43,214		1,273,335
BNP Paribas	22,718		2,045,002
Bouygues	6,864		452,864
Bureau Veritas SA	1,126		66,889
Cap Gemini SA	3,892		228,178
Carrefour SA	17,651		994,947
Casino Guichard Perrachon SA	1,199		135,402
Christian Dior SA	1,442		148,708
CNP Assurances	992		111,845
Compagnie de Saint-Gobain	7,890		488,632
Compagnie Generale de Geophysique-Veritas (b)	3,660		172,800
Compagnie Generale des Etablissements Michelin Class B	4,088		292,316
Credit Agricole SA	25,029		508,105
Dassault Systemes SA	1,552		94,217
Eiffage SA (b)	1,005		68,879
Electricite de France	5,573		527,934
Eramet (b)	143		142,067
Essilor International SA	5,449		332,384
Eurazeo	713		75,838
European Aeronautic Defence and Space Co.	9,317		175,545
Eutelsat Communications	2,380		66,288
France Telecom SA	50,651		1,485,442
Gaz de France	5,509		352,732
Gecina SA	342		41,333
Groupe DANONE	12,268		858,441
Hermes International SCA	1,949		306,028
ICADE	551		64,309
Imerys SA	948		68,456
JC Decaux SA (b)	1,816		46,033
Klepierre	1,968		98,662
L’Oreal SA	6,645		720,757
Lafarge SA	4,137		630,839
Lagardere SCA	3,553		200,988
Legrand SA	2,615		65,803
LVMH Moet Hennessy Louis Vuitton SA	6,857		715,299
M6 Metropole Television	1,858		39,979
Natixis	11,879		130,762

See accompanying notes to financial statements.

46

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
France (Cont.)
Neopost SA	924	$	97,417
PagesJaunes Groupe	3,355		49,071
Pernod Ricard SA	4,553		464,610
Peugeot SA	4,351		235,006
PPR SA	2,189		241,649
Publicis Groupe SA	4,057		130,897
Renault SA	5,194		422,721
Safran SA	4,878		94,083
Sanofi-Aventis	28,377		1,885,617
Schneider Electric SA	6,228		669,996
SCOR SE	5,075		115,557
SES FDR	8,403		212,268
Societe BIC SA	720		37,588
Societe Generale	12,885		1,117,115
Societe Television Francaise 1	3,413		56,817
Sodexo	2,693		176,175
STMicroelectronics NV	19,301		199,680
Suez SA	29,219		1,980,681
Technip SA	2,907		268,256
Thales SA	2,430		138,223
Total SA	59,934		5,101,480
Unibail-Rodamco	2,272		525,555
Valeo SA	1,979		63,343
Vallourec SA	1,473		515,151
Veolia Environnement	10,479		585,012
Vinci SA	11,624		709,806
Vivendi	32,750		1,234,880
Wendel	740		75,265
Zodiac SA	1,102		50,415
			36,647,341
Germany (8.64%)
Adidas AG	5,652		355,922
Allianz SE Reg.	12,528		2,203,712
Arcandor AG (b)	1,895		22,060
BASF SE	26,882		1,852,743
Bayer AG	21,238		1,786,926
Bayerische Motoren Werke (BMW) AG	9,183		441,211
Beiersdorf AG	2,512		184,419
Bilfinger Berger AG	1,074		93,130
Celesio AG	2,376		85,817
Commerzbank AG	17,666		524,818
Continental AG	4,292		441,770
Daimler AG	25,404		1,575,702
Deutsche Bank AG Reg.	13,930		1,202,503
Deutsche Boerse AG	5,640		637,546
Deutsche Lufthansa AG Reg.	6,177		133,088
Deutsche Post AG	23,606		616,331
Deutsche Postbank AG	2,343		205,982
Deutsche Telekom AG	78,584		1,288,007
E.On AG	17,585		3,544,150
Fraport AG	1,039		70,505
Fresenius Medical Care AG & Co. KGaA	5,352		294,879
Fresenius SE	745		64,490
GEA Group AG	4,452		157,188
Hamburger Hafen und Logistik AG	703		54,605
Hannover Rueckversicherung AG Reg.	1,818		89,551
HeidelbergCement AG	682		98,970
Henkel KGaA	3,668		137,539
Hochtief AG	1,190		120,707
Hypo Real Estate Holding AG	1,418		39,898
Hypo Real Estate Holding AG (c)	4,256		135,999
Infineon Technologies AG (b)	21,306		184,926
IVG Immobilien AG	2,488		49,044
K+S Group AG	1,035		595,911
Linde AG	3,667		515,068
MAN AG	2,909		322,563
Merck KGaA	1,830		260,046
Metro AG	3,177		202,675
Muenchener Rueckversicherungs
Gesellschaft AG Reg.	5,843		1,024,825
Puma AG	182		60,950
Q-Cells AG (b)	1,688		170,996
Rheinmetall AG	969		69,947
RWE AG	12,258		1,547,643
Salzgitter AG	1,164		213,230
SAP AG	23,998		1,255,991
Siemens AG	24,069		2,668,288
Solarworld AG	2,412		114,781
ThyssenKrupp AG	10,130		635,500
TUI AG (b)	6,201		143,552
United Internet AG Reg.	3,537		69,722
Volkswagen AG	4,057		1,171,857
Wacker Chemie AG	429		89,622
			29,827,305
Greece (0.66%)
Alpha Bank AE	10,159		307,548
Coca-Cola Hellenic Bottling Co. SA	4,455		121,208
EFG Eurobank Ergasias	8,697		207,081
Hellenic Petroleum SA	3,019		41,448
Hellenic Telecommunications Organization SA	8,069		203,268
Marfin Investment Group SA (b)	18,276		144,449
National Bank of Greece SA	13,460		605,791
OPAP SA	6,370		222,879
Piraeus Bank SA	8,846		240,755
Public Power Corp. SA	3,759		130,381
Titan Cement Co. SA	1,660		65,921
			2,290,729
Hong Kong (2.13%)
ASM Pacific Technology	4,500		34,011
Bank of East Asia Ltd.	40,205		218,593
BOC Hong Kong Holdings Ltd.	105,000		278,326

See accompanying notes to financial statements.

47

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Hong Kong (Cont.)
C C Land Holdings Ltd.	27,000	$	16,794
Cathay Pacific Airways Ltd.	21,000		39,998
Cheung Kong Holdings Ltd.	39,000		527,398
Cheung Kong Infrastructure Holdings Ltd.	12,000		50,846
Chinese Estates Holdings Ltd.	16,000		24,651
CITIC International Financial Holdings Ltd. (b)	69,000		52,653
CLP Holdings Ltd.	57,283		491,248
Esprit Holdings Ltd.	29,500		307,169
Foxconn International Holdings Ltd. (b)	61,000		59,144
Hang Lung Group Ltd.	24,000		107,041
Hang Lung Properties Ltd.	58,000		186,201
Hang Seng Bank Ltd.	21,774		459,739
Henderson Land Development Co. Ltd.	29,926		187,105
Hong Kong & China Gas Co. Ltd.	114,605		272,710
Hong Kong Aircraft Engineering Co. Ltd.	2,000		30,845
Hong Kong Exchanges & Clearing Ltd.	28,500		417,488
Hongkong Electric Holdings Ltd.	37,500		224,388
Hopewell Holdings	16,000		56,876
Hutchison Telecommunications International Ltd. (b)	46,000		65,139
Hutchison Whampoa Ltd.	60,210		607,176
Hysan Development Co. Ltd.	17,000		46,781
Kerry Properties Ltd.	18,000		94,664
Kingboard Chemicals Holdings Ltd.	16,000		73,877
Lee & Man Paper Manufacturing Ltd.	12,000		17,903
Li & Fung Ltd.	63,000		190,100
Lifestyle International Holdings Ltd.	19,000		26,707
Link REIT	60,000		136,713
Mongolia Energy Corp. Ltd. (b)	95,000		183,975
MTR Corp.	40,000		126,019
New World Development Co. Ltd.	67,800		138,487
NWS Holdings Ltd.	23,000		60,061
Orient Overseas International Ltd.	6,600		33,057
Pacific Basin Shipping Ltd.	35,000		50,081
PCCW Ltd.	123,000		74,493
Shangri-La Asia Ltd.	38,271		89,671
Shun Tak Holdings Ltd.	34,000		31,832
Sino Land Co. Ltd.	42,000		83,586
Sun Hung Kai Properties Ltd.	39,000		530,169
Swire Pacific Ltd. Class A	23,000		235,424
Television Broadcasts Ltd.	8,000		46,209
Wharf Holdings Ltd.	39,503		165,385
Wheelock and Co. Ltd.	26,000		69,860
Wing Hang Bank Ltd.	5,500		72,838
Wing Lung Bank Ltd.	2,200		43,141
Yue Yuen Industrial Holdings Ltd.	15,500		36,826
			7,373,398
Ireland (0.58%)
Allied Irish Banks PLC	24,395		375,949
Anglo Irish Bank Corp. PLC	20,760		193,639
Bank of Ireland	27,794		239,730
CRH PLC	15,344		445,951
Elan Corp. PLC (b)	13,286		469,882
Irish Life & Permanent PLC	7,589		78,091
Kerry Group PLC Class A	3,471		102,454
Ryanair Holdings PLC (b)	18,704		82,456
Smurfit Kappa Group PLC	3,184		25,956
			2,014,108
Italy (3.73%)
A2A SpA	31,700		116,166
Alleanza Assicurazioni SpA	12,056		130,405
Assicurazioni Generali SpA	29,019		1,109,059
Atlantia SpA	7,280		220,414
Autogrill SpA (b)	3,167		38,020
Banca Carige SpA	15,801		55,851
Banca Monte Dei Paschi di Siena SpA	50,953		144,321
Banca Popolare di Milano Scarl	11,828		110,991
Banco Popolare Societa Cooperativa	18,436		325,696
Bulgari SpA	4,232		42,543
Enel SpA	121,121		1,149,002
ENI SpA	73,363		2,725,455
Fiat SpA	20,177		328,419
Finmeccanica SpA	8,476		221,613
Fondiaria Sai SpA	2,180		71,843
IFIL Investments SpA	9,234		60,044
Intesa Sanpaolo	216,550		1,231,051
Intesa Sanpaolo RNC (b)	26,794		138,065
Italcementi SpA	2,020		33,585
Italcementi SpA RNC	1,680		19,574
Lottomatica SpA	1,829		54,685
Luxottica Group SpA	3,880		90,551
Mediaset SpA	21,311		140,164
Mediobanca SpA	13,878		235,982
Mediolanum SpA	7,055		29,352
Parmalat SpA	44,332		115,865
Pirelli & Co. SpA	85,023		58,332
Prysmian SpA (b)	2,396		60,698
Saipem SpA	7,262		339,408
Snam Rete Gas SpA	18,381		125,292
Telecom Italia RNC SpA	174,119		281,093
Telecom Italia SpA	277,256		554,538
Terna - Rete Elettrica Nationale SpA	34,180		144,435
UniCredit SpA	313,032		1,904,124
Unione di Banche Italiane Scpa	17,199		401,865
Unipol Gruppo Finanziario SpA	24,580		58,011
			12,866,512
Japan (21.18%)
77 Bank Ltd.	10,000		62,882
Acom Co. Ltd.	2,080		64,381

See accompanying notes to financial statements.

48

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Advantest Corp.	4,580	$	96,537
Aeon Co. Ltd.	18,200		225,291
Aeon Credit Service Co. Ltd.	2,100		26,316
Aeon Mall Co. Ltd.	1,900		56,205
Aiful Corp.	2,300		26,607
Aioi Insurance Co. Ltd.	16,000		85,419
Aisin Seiki Co. Ltd.	5,500		180,668
Ajinomoto Co. Inc.	18,000		170,531
Alfresa Holdings Corp.	800		57,108
All Nippon Airways Co. Ltd.	16,000		59,820
Alps Electric Co. Ltd.	5,000		51,716
Amada Co. Ltd.	10,000		79,110
Aozora Bank Ltd.	24,000		54,900
Asahi Breweries Ltd.	9,700		181,327
Asahi Glass Co. Ltd.	27,000		326,887
Asahi Kasei Corp.	33,000		173,016
ASICS Corp.	5,000		54,648
Astellas Pharma Inc.	13,851		589,016
Bank of Kyoto Ltd.	8,000		83,620
Bank of Yokohama Ltd.	34,000		235,119
Benesse Corp.	1,900		76,952
Bridgestone Corp.	17,400		266,933
Brother Industries Ltd.	6,200		85,485
Canon Inc.	29,300		1,508,244
Canon Marketing Japan Inc.	2,000		35,184
Casio Computer Co. Ltd.	7,000		79,649
Central Japan Railway Co.	44		484,988
Chiba Bank Ltd.	21,000		147,457
Chubu Electric Power Co. Inc.	18,600		454,323
Chugai Pharmaceutical Co. Ltd. (c)	8,000		127,918
Chugoku Bank Ltd.	4,000		58,087
Chugoku Electric Power Co. Inc.	6,800		145,049
Chuo Mitsui Trust Holdings Inc.	23,000		136,992
Citizen Holdings Co. Ltd.	9,300		70,949
Coca-Cola West Holdings Co. Ltd.	1,700		39,674
Cosmo Oil Co. Ltd.	15,000		54,347
Credit Saison Co. Ltd.	4,600		96,493
CSK Holdings Corp.	1,900		37,434
Dai Nippon Printing Co. Ltd.	17,000		250,277
Daicel Chemical Industries Ltd.	8,000		45,064
Daido Steel Co. Ltd.	10,000		55,954
Daihatsu Motor Co. Ltd.	7,000		80,162
Daiichi Sanyko Co. Ltd.	19,713		543,062
Daikin Industries Ltd.	7,300		369,109
Dainippon Sumitomo Pharma Co. Ltd.	7,000		56,628
Daito Trust Construction Co. Ltd.	2,300		111,553
Daiwa House Industry Co. Ltd.	14,000		131,792
Daiwa Securities Group Inc.	37,000		340,244
DeNA Co. Ltd.	8		47,122
Denki Kagaku Kogyo KK	14,000		51,918
Denso Corp.	13,600		468,403
Dentsu Inc.	57		120,958
DIC Corp.	18,000		52,235
Dowa Holdings Co. Ltd.	7,000		51,135
East Japan Railway Co.	92		749,369
Eisai Co. Ltd.	7,200		254,332
Electric Power Development Co. Ltd.	3,380		125,415
Elpida Memory Inc. (b)	2,700		86,591
Familymart Co. Ltd.	1,500		61,399
Fanuc Ltd.	5,400		528,105
Fast Retailing Co. Ltd.	1,500		142,310
Fuji Electric Holdings Co. Ltd.	15,000		53,036
Fuji Heavy Industries Ltd.	16,000		78,494
Fuji Television Network Inc.	9		13,585
FUJIFILM Holdings Corp.	13,600		468,459
Fujitsu Ltd.	52,000		386,143
Fukuoka Financial Group Inc.	21,000		94,931
Furukawa Electric Co. Ltd.	18,000		78,349
Gunma Bank Ltd.	11,000		73,332
Hakuhodo DY Holdings Inc.	590		31,493
Hankyu Hanshin Holdings Inc.	34,000		142,869
HASEKO Corp.	36,000		48,142
Hikari Tsushin Inc.	700		23,073
Hino Motors Ltd.	8,000		49,574
Hirose Electric Co. Ltd.	900		90,430
Hisamitsu Pharmaceutical Co. Inc.	1,700		73,965
Hitachi Chemical Co. Ltd.	3,100		64,082
Hitachi Construction Machinery Co. Ltd.	3,000		84,108
Hitachi High-Technologies Corp.	2,000		46,334
Hitachi Ltd.	95,000		684,140
Hitachi Metals Ltd.	5,000		82,121
Hokkaido Electric Power Co. Inc.	4,900		99,791
Hokuhoku Financial Group Inc.	32,000		92,823
Hokuriku Electric Power Co.	4,500		107,007
Honda Motor Co. Ltd.	45,600		1,556,176
Hoya Corp.	11,700		270,998
Ibiden Co. Ltd.	3,600		131,098
Idemitsu Kosan Co. Ltd.	600		53,228
IHI Corp.	39,000		78,999
INPEX Holdings Inc.	23		290,452
Isetan Mitsukoshi Holdings Ltd. (b)	9,080		97,226
Isuzu Motors Ltd.	35,000		168,543
Ito En Ltd.	1,600		25,204
Itochu Corp.	43,000		458,456
Itochu Techno-Solutions Corp.	800		25,997
Iyo Bank Ltd.	7,000		81,942
J. Front Retailing Co. Ltd.	11,400		60,355
JAFCO Co. Ltd.	1,000		34,238
Japan Airlines Corp. (b)	23,000		48,308
Japan Petroleum Exploration Co.	900		64,246
Japan Prime Realty Investment Corp.	16		47,314
Japan Real Estate Investment Corp.	11		116,182
Japan Retail Fund Investment Corp.	10		57,658
Japan Steel Works Ltd.	10,000		194,498
Japan Tobacco Inc.	127		541,637
JFE Holdings Inc.	14,400		726,022

See accompanying notes to financial statements.

49

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
JGC Corp.	6,000	$	118,150
Joyo Bank Ltd.	19,000		92,530
JS Group Corp.	7,500		119,414
JSR Corp.	5,000		99,366
JTEKT Corp.	5,100		80,881
Jupiter Telecommunications Co. Ltd.	64		49,647
Kajima Corp.	25,000		87,463
Kamigumi Co. Ltd.	7,000		52,936
Kaneka Corp.	8,000		54,495
Kansai Electric Power Co. Inc.	21,700		508,373
Kansai Paint Co. Ltd.	7,000		48,471
Kao Corp.	15,000		393,786
Kawasaki Heavy Industries Ltd.	40,000		106,841
Kawasaki Kisen Kaisha Ltd.	16,000		150,362
KDDI Corp.	81		501,181
Keihin Electric Express Railway Co. Ltd.	12,000		74,379
Keio Corp.	15,000		75,911
Keisei Electric Railway Co. Ltd.	8,000		40,910
Keyence Corp.	968		230,745
Kikkoman Corp.	4,000		48,863
Kinden Corp.	4,000		40,381
Kintetsu Corp.	45,000		141,160
Kirin Holdings Co. Ltd.	22,000		344,021
Kobe Steel Ltd.	74,000		211,908
Komatsu Ltd.	25,200		703,739
Konami Corp.	2,600		90,938
Konica Minolta Holdings Inc.	14,000		237,139
Kubota Corp.	31,000		222,794
Kuraray Co. Ltd.	10,000		119,318
Kurita Water Industries Ltd.	3,000		111,311
Kyocera Corp.	4,600		433,934
Kyowa Hakko Kogyo Co. Ltd.	6,000		61,517
Kyushu Electric Power Co. Ltd.	10,600		221,802
Lawson Inc.	1,600		77,952
Leopalace21 Corp.	3,600		51,643
Mabuchi Motor Co. Ltd.	800		43,448
Makita Corp.	3,300		135,052
Marubeni Corp.	46,000		383,686
Marui Group Co. Ltd.	8,100		63,061
Maruichi Steel Tube Ltd.	1,100		34,422
Matsushita Electric Industrial Co. Ltd.	52,000		1,112,477
Matsushita Electric Works Ltd.	11,114		113,412
Mazda Motor Corp.	24,000		124,938
Mediceo Paltac Holdings Co. Ltd.	4,200		77,288
Meiji Dairies Corp.	7,000		35,928
Millea Holdings Inc.	19,400		756,117
Minebea Co. Ltd.	10,000		57,188
Mitsubishi Chemical Holdings Corp.	33,500		195,071
Mitsubishi Corp.	38,000		1,252,127
Mitsubishi Electric Corp.	54,000		584,057
Mitsubishi Estate Co. Ltd.	33,000		755,523
Mitsubishi Gas Chemical Co. Inc.	11,000		79,244
Mitsubishi Heavy Industries Ltd.	90,000		429,865
Mitsubishi Logistics Corp.	3,000		32,829
Mitsubishi Materials Corp.	32,000		136,844
Mitsubishi Motors Corp. (b)	99,000		179,941
Mitsubishi Rayon Co. Ltd.	15,000		47,314
Mitsubishi Tanabe Pharma Corp.	6,000		78,748
Mitsubishi UFJ Financial Group Inc.	286,860		2,535,109
Mitsubishi UFJ Lease & Finance Co. Ltd.	1,920		83,356
Mitsubishi UFJ NICOS Co. Ltd. (b)	10,000		33,083
Mitsui & Co. Ltd.	47,000		1,037,341
Mitsui Chemicals Inc.	19,000		93,826
Mitsui Engineering & Shipbuilding Co. Ltd.	21,000		66,450
Mitsui Fudosan Co. Ltd.	22,000		470,866
Mitsui Mining & Smelting Co. Ltd.	17,000		50,198
Mitsui OSK Lines Ltd.	33,000		470,645
Mitsui Sumitomo Insurance Group Holdings Inc. (b)	10,500		362,897
Mitsumi Electric Co. Ltd.	2,300		51,279
Mizuho Financial Group Inc.	269		1,251,612
Mizuho Trust & Banking Co. Ltd.	40,000		68,936
Murata Manufacturing Co. Ltd.	6,100		287,789
Namco Bandai Holdings Inc.	6,000		68,035
NEC Corp.	51,000		267,773
NEC Electronics Corp. (b)	1,000		24,989
NGK Insulators Ltd.	8,000		155,965
NGK Spark Plug Co. Ltd.	5,000		57,552
NHK Spring Co. Ltd.	4,000		31,869
Nidec Corp.	3,000		199,828
Nikon Corp.	9,000		263,459
Nintendo Co. Ltd.	2,700		1,523,096
Nippon Building Fund Inc.	14		165,097
Nippon Electric Glass Co. Ltd.	10,000		173,820
Nippon Express Co. Ltd.	22,000		105,657
Nippon Meat Packers Inc.	5,000		67,752
Nippon Mining Holdings Inc.	25,000		156,965
Nippon Oil Corp.	35,000		235,806
Nippon Paper Group Inc.	25		68,394
Nippon Sheet Glass Co. Ltd.	17,000		84,257
Nippon Steel Corp.	141,000		764,168
Nippon Telegraph & Telephone Corp.	147		725,339
Nippon Yusen Kabushiki Kaish	32,000		308,218
NIPPONKOA Insurance Co. Ltd.	18,000		156,328
Nishi-Nippon City Bank Ltd.	19,000		56,665
Nissan Chemical Industries Ltd.	4,000		49,223
Nissan Motor Co. Ltd.	63,200		524,906
Nisshin Seifun Group Inc.	4,500		56,561
Nisshin Steel Co. Ltd.	23,000		78,292
Nisshinbo Industries Inc.	4,000		47,502
Nissin Food Products Co. Ltd.	2,600		87,174
Nitori Co. Ltd.	1,150		59,076
Nitto Denko Corp.	4,700		180,670
NOK Corp.	3,100		49,280
Nomura Holdings Inc.	49,700		735,976

See accompanying notes to financial statements.

50

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Nomura Real Estate Holdings Inc.	1,500	$	31,694
Nomura Real Estate Office Fund Inc.	7		52,719
Nomura Research Institute Ltd.	3,000		70,339
NSK Ltd.	13,000		113,906
NTN Corp.	12,000		80,016
NTT Data Corp.	35		137,024
NTT DoCoMo Inc.	455		667,367
NTT Urban Development Corp.	35		45,884
Obayashi Corp.	18,000		81,581
OBIC Co. Ltd.	170		28,587
Odakyu Electric Railway Co. Ltd.	18,000		116,966
Oji Paper Co. Ltd.	24,000		112,867
OKUMA Corp.	4,000		39,742
Olympus Corp.	6,000		203,407
Omron Corp.	6,000		129,498
Ono Pharmaceutical Co. Ltd.	2,500		137,879
Onward Holdings Co. Ltd.	4,000		42,058
Oracle Corp. Japan	1,200		48,922
Oriental Land Co. Ltd.	1,400		83,642
Orix Corp.	2,580		369,525
Osaka Gas Co. Ltd.	57,000		209,093
OSAKA Titanium technologies Co.	600		31,530
OTSUKA Corp.	400		27,612
Pioneer Corp.	4,400		35,396
Promise Co. Ltd.	2,100		58,714
Rakuten Inc.	185		93,384
Resona Holdings Inc.	140		215,030
Ricoh Co. Ltd.	19,000		343,887
Rohm Co. Ltd.	2,900		167,444
Sankyo Co. Ltd.	1,600		104,251
Santen Pharmaceutical Co. Ltd.	2,100		52,704
Sanyo Electric Co. Ltd. (b)	44,000		102,297
Sapporo Hokuyo Holdings Inc.	8		54,133
Sapporo Holdings Ltd.	7,000		49,009
SBI E*Trade Securities Co. Ltd.	42		32,804
SBI Holdings Inc.	257		56,248
Secom Co. Ltd.	5,800		282,508
Sega Sammy Holdings Inc.	5,768		50,301
Seiko Epson Corp.	3,700		101,690
Sekisui Chemical Co. Ltd.	12,000		81,839
Sekisui House Ltd.	14,000		130,890
Seven & I Holdings Co. Ltd.	21,940		628,210
Sharp Corp.	28,000		456,436
Shikoku Electric Power Co. Inc.	4,500		123,733
Shimadzu Corp.	6,000		59,726
Shimamura Co. Ltd.	600		36,996
Shimano Inc.	1,900		95,510
Shimizu Corp.	17,000		80,554
Shin-Etsu Chemical Co. Ltd.	11,500		713,633
Shinko Electric Industries Co. Ltd.	1,900		23,512
Shinko Securities Co. Ltd.	16,000		47,175
Shinsei Bank Ltd.	27,000		92,560
Shionogi & Co. Ltd.	9,000		178,199
Shiseido Co. Ltd.	9,000		206,253
Shizuoka Bank Ltd.	16,000		163,514
Showa Denko K.K.	31,000		82,301
Showa Shell Sekiyu K.K.	5,200		57,089
SMC Corp.	1,600		175,610
Softbank Corp.	21,600		364,239
Sojitz Corp.	33,000		110,016
Sompo Japan Insurance Inc.	24,000		225,661
Sony Corp.	28,200		1,236,109
Sony Financial Holdings Inc.	25		100,648
Square Enix Co. Ltd.	1,400		41,430
Stanley Electric Co. Ltd.	4,400		106,673
SUMCO Corp.	3,300		73,033
Sumitomo Chemical Co. Ltd.	45,000		283,504
Sumitomo Corp.	30,000		394,148
Sumitomo Electric Industries Ltd.	20,600		261,611
Sumitomo Heavy Industries Ltd.	16,000		108,519
Sumitomo Metal Industries Ltd.	106,000		466,698
Sumitomo Metal Mining Co. Ltd.	16,000		244,741
Sumitomo Mitsui Financial Group Inc.	182		1,368,678
Sumitomo Realty & Development Co. Ltd.	11,000		218,824
Sumitomo Rubber Industries Ltd.	4,900		36,548
Sumitomo Trust & Banking Co. Ltd.	41,000		286,431
Suruga Bank Ltd.	6,000		78,119
Suzuken Co. Ltd.	1,940		71,662
Suzuki Motor Corp.	9,500		225,003
T&D Holdings Inc.	5,700		351,579
Taiheiyo Cement Corp.	26,000		52,239
Taisei Corp.	28,000		66,789
Taisho Pharmaceutical Co. Ltd.	4,000		74,413
Taiyo Nippon Sanso Corp.	8,000		66,750
Takashimaya Co. Ltd.	8,000		72,684
Takeda Pharmaceutical Co. Ltd.	23,200		1,179,940
Takefuji Corp.	3,100		43,168
TDK Corp.	3,500		209,434
Teijin Ltd.	26,000		89,212
Terumo Corp.	4,700		240,484
The Hachijuni Bank Ltd.	11,000		71,370
The Hiroshima Bank Ltd.	14,000		62,423
THK Co. Ltd.	3,500		68,105
Tobu Railway Co. Ltd.	24,000		113,772
Toho Co. Ltd.	3,300		67,446
Toho Gas Co. Ltd.	11,000		60,291
Toho Titanium Co. Ltd.	800		15,688
Tohoku Electric Power Co. Inc.	12,300		267,913
Tokai Rika Co. Ltd.	1,300		26,873
Tokuyama Corp.	6,000		44,711
Tokyo Broadcasting System Inc.	1,000		18,995
Tokyo Electric Power Co. Inc.	34,300		883,170
Tokyo Electron Ltd.	4,900		282,573
Tokyo Gas Co. Ltd.	64,000		258,591
Tokyo Steel Manufacturing Co. Ltd.	3,000		34,747

See accompanying notes to financial statements.

51

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Tokyo Tatemono Co. Ltd.	8,000	$	51,813
Tokyu Corp.	31,000		160,854
Tokyu Land Corp.	12,000		68,331
TonenGeneral Sekiyu KK	7,000		63,590
Toppan Printing Co. Ltd.	16,000		176,248
Toray Industries Inc.	38,000		203,945
Toshiba Corp.	87,000		641,846
Tosoh Corp.	14,000		57,321
Toto Ltd.	7,000		49,320
Toyo Seikan Kaisha Ltd.	4,600		81,207
Toyo Suisan Kaisha Ltd.	2,000		45,265
Toyoda Gosei Co. Ltd.	2,000		58,529
Toyota Boshoku Corp.	1,900		50,906
Toyota Industries Corp.	5,000		160,535
Toyota Motor Corp.	75,000		3,540,301
Toyota Tsusho Corp.	6,000		140,828
Trend Micro Inc.	3,000		98,931
UBE Industries Ltd.	28,000		99,178
Unicharm Corp.	1,200		85,360
UNY Co. Ltd.	5,000		49,289
Ushio Inc.	3,000		49,126
USS Co. Ltd.	710		46,912
West Japan Railway Co.	48		235,597
Yahoo! Japan Corp.	432		166,387
Yakult Honsha Co. Ltd.	3,200		90,107
Yamada Denki Co. Ltd.	2,390		170,283
Yamaguchi Financial Group Inc.	6,000		83,046
Yamaha Corp.	5,100		98,620
Yamaha Motor Co. Ltd.	5,100		95,513
Yamato Holdings Co. Ltd.	11,000		153,548
Yamato Kogyo Co. Ltd.	1,200		57,183
Yamazaki Baking Co. Ltd.	3,000		33,015
Yaskawa Electric Corp.	6,000		58,880
Yokogawa Electric Corp.	6,000		54,970
			73,169,234
Netherlands (2.53%)
Aegon NV	39,176		515,035
Akzo Nobel NV	7,693		526,460
ASML Holding NV	11,531		282,236
Corio NV	1,172		91,286
Fugro NV	1,585		134,965
Heineken Holding NV	3,048		139,508
Heineken NV	6,931		352,951
ING Groep NV	53,161		1,680,824
Koninklijke Ahold NV	33,280		446,137
Koninklijke DSM NV	3,859		226,183
Koninklijke KPN NV	50,803		868,568
Koninklijke Philips Electronics NV	30,200		1,022,733
Randstad Holding NV (b)	2,418		84,151
Reed Elsevier NV	17,640		295,219
SBM Offshore NV	3,900		143,503
SNS Reaal	3,712		71,721
TNT NV	10,189		346,773
TomTom NV (b)	1,720		49,137
Unilever NV CVA	45,396		1,283,733
Wolters Kluwer - CVA	8,109		188,744
			8,749,867
New Zealand (0.10%)
Auckland International Airport Ltd.	27,245		40,491
Contact Energy Ltd.	8,708		52,998
Fletcher Building Ltd.	13,804		66,807
Sky City Entertainment Group Ltd.	12,118		28,261
Telecom Corp. of New Zealand Ltd.	52,099		141,755
			330,312
Norway (1.11%)
Acergy SA	5,684		126,652
Aker Solutions ASA	4,381		103,230
DnB NOR ASA	20,896		265,466
Norsk Hydro ASA	19,238		280,517
Orkla ASA	23,721		303,948
Petroleum Geo-Services ASA (b)	4,986		122,100
Renewable Energy Corp. AS (b)	3,763		97,155
SeaDrill Ltd.	7,117		217,233
StatoilHydro ASA	35,383		1,320,131
Storebrand ASA	11,609		86,158
Telenor ASA	23,876		448,204
Yara International ASA	5,244		463,127
			3,833,921
Portugal (0.28%)
Banco BPI SA	7,720		32,028
Banco Comercial Portugues SA - R	63,318		136,569
Banco Espirito Santo SA Reg.	6,117		95,144
Brisa	8,564		98,664
CIMPOR-Cimentos de Portugal SGPS SA	5,105		34,401
Energias de Portugal SA	50,625		263,245
Portugal Telecom SGPS SA	20,566		232,612
Sonae SGPS SA	26,818		32,301
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	3,572		29,627
			954,591
Singapore (1.20%)
Ascendas Real Estate Investment Trust	28,000		45,398
Capitacommercial Trust	28,000		39,372
Capitaland Ltd.	49,128		206,440
Capitamall Trust	30,000		66,169
City Developments Ltd.	15,031		120,315
Comfortdelgro Corp. Ltd.	54,000		59,695

See accompanying notes to financial statements.

52

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Singapore (Cont.)
Cosco Corp. Singapore Ltd.	22,000	$	51,914
DBS Group Holdings Ltd.	32,445		451,406
Fraser and Neave Ltd.	23,500		78,401
Genting International PLC (b)	69,000		29,415
Golden Agri-Resources Ltd.	137,000		90,625
Jardine Cycle & Carriage Ltd.	4,015		50,320
Keppel Corp. Ltd.	37,002		303,508
Keppel Land Ltd.	11,000		40,176
Neptune Orient Lines Ltd.	13,000		30,920
Noble Group Ltd.	33,600		58,810
Olam International Ltd.	38,900		69,390
Oversea-Chinese Banking Corp.	70,000		421,628
Parkway Holdings Ltd.	28,013		47,797
Sembcorp Industries Ltd.	25,200		77,357
Sembcorp Marine Ltd.	21,200		63,194
Singapore Airlines Ltd.	14,000		151,526
Singapore Exchange Ltd.	23,000		117,328
Singapore Press Holdings Ltd.	40,200		125,694
Singapore Technologies Engineering Ltd.	34,381		69,603
Singapore Telecommunications Ltd.	226,150		602,856
United Overseas Bank Ltd.	34,616		475,218
UOL Group Ltd.	16,461		41,077
Venture Corp. Ltd.	6,397		46,288
Wilmar International Ltd.	23,000		85,539
Yanlord Land Group Ltd.	12,000		16,317
			4,133,696
Spain (4.05%)
Abertis Infraestructuras SA	7,400		175,579
Acciona SA	801		189,346
Acerinox SA	4,367		100,590
ACS Actividades de Construccion y Servicios SA	5,141		258,287
Banco Bilbao Vizcaya Argentaria SA	99,232		1,890,742
Banco de Sabadell SA	25,514		215,716
Banco Popular Espanol SA	21,761		299,878
Banco Santander SA	174,469		3,183,024
Bankinter SA	7,277		82,836
Cintra Concesiones de Infraestructuras de Transporte SA	6,055		67,554
Criteria Caixacorp SA	23,532		141,160
Enagas	5,274		148,874
Fomento de Construcciones y Contratas SA	1,258		74,750
Gamesa Corp Technologica SA	4,872		238,517
Gas Natural SDG SA	3,224		187,221
Gestevision Telecinco SA	2,804		35,707
Grifols SA	3,546		112,941
Grupo Ferrovial SA	1,726		106,852
Iberdrola Renovables (b)	23,780		183,205
Iberdrola SA	96,893		1,290,981
Iberia Lineas Aereas de Espana SA	12,205		29,209
Inditex SA	6,134		281,187
Indra Sistemas SA	2,184		56,621
Mapfre SA	16,892		80,636
Promotora de Infomaciones SA	2,292		24,539
Red Electrica de Espana	3,016		195,777
Repsol YPF SA	20,259		795,051
Sacyr Vallehermoso SA	2,348		71,866
Telefonica SA	120,358		3,185,121
Union Fenosa SA	3,524		204,787
Zardoya Otis SA	3,275		67,960
Zardoya Otis SA Rights (b)	3,275		6,755
			13,983,269
Sweden (2.15%)
Alfa Laval AB	10,984		169,697
ASSA ABLOY AB Class B	8,948		128,744
Atlas Copco AB Class A	18,918		276,683
Atlas Copco AB Class B	10,840		143,358
Boliden AB	8,439		68,138
Electrolux AB Series B	7,310		92,886
Ericsson LM Class B	83,715		870,508
Getinge AB Class B	4,888		119,175
Hennes & Mauritz AB Class B	14,129		762,264
Holmen AB Class B	1,472		43,036
Husqvarna AB Class B	7,753		67,438
Investor AB B Shares	12,258		257,350
Lundin Petroleum AB (b)	6,800		100,063
Millicom International Cellular SA	1,961		204,486
Modern Times Group MTG AB Class B	1,492		87,339
Nordea Bank AB	58,349		799,528
Sandvik AB	26,616		361,619
Scania AB Class B	10,311		141,248
Securitas AB Class B	8,524		98,599
Skandinaviska Enskilda Banken AB Class A	13,093		241,554
Skanska AB Class B	10,525		150,111
SKF AB Class B	9,578		150,291
SSAB Svenskt Stal AB Series A	5,196		166,643
SSAB Svenskt Stal AB Series B	2,163		61,775
Svenska Cellulosa AB B Shares	15,114		212,664
Svenska Handelsbanken AB A Shares	12,655		299,802
Swedbank AB - A Shares	9,866		189,566
Swedish Match AB	7,726		157,453
Tele2 AB Class B	8,629		167,805
TeliaSonera AB	63,776		471,495
Volvo AB Class B	30,515		371,583
			7,432,901
Switzerland (7.01%)
ABB Ltd. Reg. (b)	61,605		1,743,782
Actelion Ltd. Reg. (b)	2,690		143,494

See accompanying notes to financial statements.

53

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Switzerland (Cont.)
Adecco SA Reg.	3,660	$	180,921
Baloise Holding AG Reg.	1,448		152,518
Compagnie Financiere Richemont AG Class A	14,719		816,842
Credit Suisse Group	28,772		1,309,615
EFG International Reg.	1,215		33,066
Geberit AG Reg. (b)	1,120		164,437
Givaudan SA Reg.	178		158,671
Holcim Ltd.	5,948		480,789
Julius Baer Holding AG Reg.	5,884		394,599
Kuehne & Nagel International AG Reg.	1,535		145,244
Lindt & Spruengli AG	22		60,627
Logitech International SA (b)	4,888		130,676
Lonza Group AG	1,290		178,276
Nestle SA	109,270		4,924,217
Nobel Biocare Holding AG Reg.	3,330		108,272
Novartis AG	64,352		3,541,432
OC Oerlikon Corp. AG Reg. (b)	184		50,773
Pargesa Holding SA	741		82,619
Roche Holding AG	19,540		3,512,751
Schindler Holding AG	1,400		103,992
SGS SA	133		189,665
Sonova Holding AG Reg.	1,309		108,533
Straumann Holding AG	224		53,547
Sulzer AG Reg. (b)	830		105,380
Swiss Life Holding Reg. (b)	1,000		266,019
Swiss Reinsurance	9,984		661,857
Swisscom AG	645		214,826
Syngenta AG Reg.	2,934		950,536
Synthes Inc.	1,686		231,896
The Swatch Group AG Class B	897		223,046
The Swatch Group AG Reg. (b)	1,495		69,738
UBS AG Reg. (b)	81,231		1,692,711
Zurich Financial Services AG Reg.	4,013		1,022,732
			24,208,099
United Kingdom (21.50%)
3i Group PLC	11,205		183,294
Alliance & Leicester PLC	10,902		63,626
AMEC PLC	9,756		171,914
Anglo American PLC	36,820		2,586,025
Antofagasta PLC	11,041		143,564
Associated British Foods PLC	10,056		151,473
AstraZeneca PLC	40,578		1,731,278
Aviva PLC	74,591		739,508
BAE Systems PLC	99,641		874,586
Balfour Beatty PLC	11,946		100,494
Barclays PLC	183,953		1,043,660
Barclays PLC Rights (b) (c)	39,419		7,459
BG Group PLC	93,118		2,419,919
BHP Billiton PLC	61,491		2,358,198
BP PLC	525,742		6,093,704
British Airways PLC	16,505		70,301
British American Tobacco PLC	41,925		1,446,165
British Energy Group PLC	29,176		410,451
British Land Co. PLC	14,703		206,762
British Sky Broadcasting Group PLC	32,449		304,136
BT Group PLC	222,073		879,789
Bunzl PLC	9,724		126,303
Burberry Group PLC	12,670		113,956
Cadbury PLC	37,990		476,530
Cairn Energy PLC (b)	3,643		233,810
Capita Group PLC	17,359		236,801
Carnival PLC	4,845		153,823
Carphone Warehouse Group PLC	12,090		47,509
Centrica PLC	104,508		642,780
Cobham PLC	31,040		121,831
Compass Group PLC	49,520		372,489
Daily Mail & General Trust Class A NV	9,036		56,138
Diageo PLC	71,866		1,316,679
Enterprise Inns PLC	15,153		121,944
Eurasian Natural Resources Corp. (b)	8,954		235,919
Experian Group Ltd.	29,139		215,511
FirstGroup PLC	12,742		131,401
Friends Provident PLC	69,012		139,553
G4S PLC	32,318		129,810
GKN PLC	20,220		89,245
GlaxoSmithKline PLC	152,533		3,371,885
Hammerson PLC	8,306		147,120
Hays PLC	40,164		72,008
HBOS PLC	106,181		581,325
HBOS PLC—NPR (b)	42,472		9,094
Home Retail Group PLC	24,878		107,503
HSBC Holdings PLC	330,531		5,089,401
ICAP PLC	14,880		159,384
IMI PLC	9,589		82,808
Imperial Tobacco Group PLC	28,773		1,068,885
Inchcape PLC	13,002		82,296
InterContinental Hotels Group PLC	6,335		84,434
International Power PLC	42,445		363,616
Invensys PLC (b)	22,863		118,133
Investec PLC	11,241		68,962
ITV PLC	97,022		85,910
J Sainsbury PLC	29,498		186,216
Johnson Matthey PLC	6,371		233,131
Kazakhmys PLC	5,697		179,627
Kingfisher PLC	66,462		147,347
Ladbrokes PLC	18,919		96,128
Land Securities Group PLC	13,452		328,271
Legal & General Group PLC	170,590		338,509
Liberty International PLC	7,551		128,873
Lloyds TSB Group PLC	159,559		978,943
LogicaCMG PLC	41,525		88,918
London Stock Exchange Group PLC	4,510		69,636

See accompanying notes to financial statements.

54

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Lonmin PLC	4,337	$	273,693
Man Group PLC	48,230		595,805
Marks & Spencer Group PLC	43,231		281,113
Meggitt PLC	19,365		81,693
Mondi PLC	10,557		61,964
National Express Group PLC	3,755		70,834
National Grid PLC	70,740		927,285
Next PLC	6,078		116,841
Old Mutual PLC	148,809		275,064
Pearson PLC	22,945		279,611
Persimmon PLC	8,238		51,562
Prudential PLC	67,934		716,556
Punch Taverns PLC	7,915		49,191
Reckitt Benckiser Group PLC	17,160		866,724
Reed Elsevier PLC	31,590		359,986
Rentokil Intial PLC	51,130		100,709
Rexam PLC	18,909		145,261
Rio Tinto PLC	27,796		3,347,414
Rolls-Royce Group PLC (b)	51,188		345,970
Royal Bank of Scotland Group PLC	447,929		1,906,908
Royal Dutch Shell PLC Class A	99,169		4,065,115
Royal Dutch Shell PLC Class B	76,847		3,077,216
SABMiller PLC	25,720		587,625
Sage Group PLC	37,679		155,985
Schroders PLC	3,398		61,530
Scottish & Southern Energy PLC	24,660		687,101
Segro PLC	12,296		96,146
Serco Group PLC	14,001		124,244
Severn Trent PLC	6,933		176,424
Shire Ltd.	15,627		256,328
Smith & Nephew PLC	26,017		285,446
Smiths Group PLC	11,182		240,937
Stagecoach Group PLC	15,398		85,407
Standard Chartered PLC	39,475		1,117,918
Standard Life PLC	62,004		259,047
Tate & Lyle PLC	13,440		105,907
Taylor Wimpey PLC	30,307		37,126
Tesco PLC	217,778		1,592,907
The Berkeley Group Holdings PLC (b)	2,624		35,429
Thomas Cook Group PLC	13,915		64,513
Thomson Reuters PLC	5,747		153,275
Tomkins PLC	24,913		74,586
Tui Travel PLC	16,950		68,880
Tullow Oil PLC	20,332		386,370
Unilever PLC	35,900		1,019,993
United Business Media PLC	7,128		76,889
United Utilities PLC	25,653		349,089
Vedanta Resources PLC	4,008		173,090
Vodafone Group PLC	1,482,745		4,368,663
Whitbread PLC	4,390		107,056
William Hill PLC	10,064		63,826
William Morrison Supermarkets PLC	67,716		356,978
Wolseley PLC	18,802		140,091
WPP Group PLC	32,609		311,602
Xstrata PLC	17,801		1,418,045
			74,251,669
Total Common Stocks (cost $266,546,153)			340,117,039
Preferred Stocks (0.43%) (a)
Germany (0.41%)
Bayerische Moteren Werke (BMW) AG	1,396		55,410
Fresenius SE PFD	2,150		185,759
Henkel KGaA	5,109		203,022
Porsche Automobil Holding SE PFD	2,490		383,407
ProSiebenSat.1 Media AG	2,408		24,150
RWE AG-Non Voting PFD	1,105		111,159
Volkswagen AG PFD	2,983		431,960
			1,394,867
Italy (0.02%)
IFI - Istituto Finanziario Industriale SpA (b)	1,606		31,830
Unipol Gruppo Finanziario SpA	25,462		48,924
			80,754
Total Preferred Stocks (cost $848,615)			1,475,621

See accompanying notes to financial statements.

55

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Principal amount		Value
Repurchase Agreement (0.04%)
State Street Repurchase Agreement, (d)
0.900%, agreement date 06/30/2008, to be repurchased at $121,643 on 07/01/2008	$	121,640	$	121,640
Total Repurchase Agreement (cost $121,640)				121,640
TOTAL INVESTMENTS (98.94%) (cost $267,516,408)				341,714,300
CASH (e) AND OTHER ASSETS, NET OF LIABILITIES (1.06%)				3,676,249
NET ASSETS (100.0%)			$	345,390,549

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

(b) Non-income producing security.

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

(d) Repurchase agreement is fully collateralized by a U.S. Government Agency security with a coupon rate of 2.82%, a maturity date of December 15, 2034, and a market value of $124,828 as of June 30, 2008.

(e) At June 30, 2008, cash has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

INTERNATIONAL EQUITY INDEX FUND FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	119,909,943	35.09
British Pound		74,251,669	21.73
Japanese Yen		73,169,234	21.41
Swiss Franc		24,208,099	7.08
Australian Dollar		23,398,332	6.85
Swedish Krona		7,432,901	2.18
Hong Kong Dollar		7,373,398	2.16
Singapore Dollar		4,133,696	1.21
Norwegian Krone		3,833,921	1.12
Danish Krone		3,551,155	1.04
New Zealand Dollar		330,312	0.10
United States Dollar		121,640	0.03
Total Investments	$	341,714,300	100.00	%

INTERNATIONAL EQUITY INDEX FUND SECTOR CLASSIFICATIONS

Sector	Value		%
Financials	$	85,481,261	24.74
Industrials		40,946,447	11.86
Materials		38,867,427	11.25
Consumer Discretionary		33,461,034	9.69
Energy		31,675,714	9.17
Consumer Staples		27,515,334	7.97
Health Care		25,045,248	7.25
Utilities		21,891,466	6.34
Telecommunication Services		19,093,512	5.53
Information Technology		17,615,217	5.10
Total Stocks		341,592,660	98.90
Repurchase Agreement		121,640	0.04
Cash and Other Assets, Net of Liabilities		3,676,249	1.06
Net Assets	$	345,390,549	100.00	%

See accompanying notes to financial statements.

56

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Shares	Value
Registered Investment Companies (99.64%)
State Farm Variable Product Trust Bond Fund (41.45%) (a)	3,680,596	$	36,805,956
State Farm Variable Product Trust Large Cap Equity Index Fund (58.19%) (a)	3,962,465		51,670,543
Total Registered Investment Companies (cost $87,155,436)			88,476,499
TOTAL INVESTMENTS (99.64%) (cost $87,155,436)			88,476,499
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.36%)			324,298
NET ASSETS (100.00%)		$	88,800,797

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

See accompanying notes to financial statements.

57

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Principal amount		Value
Corporate Bonds (84.22%)
Agriculture, Foods, & Beverage (7.02%)
Kraft Foods Inc.
4.125%, 11/12/2009	$	1,000,000	$	998,500
Campbell Soup Co.
6.750%, 02/15/2011		1,000,000		1,059,114
PepsiAmericas Inc.
5.625%, 05/31/2011		1,000,000		1,018,068
HJ Heinz Co.
6.625%, 07/15/2011		1,000,000		1,044,390
Hershey Co.
5.300%, 09/01/2011		500,000		510,769
ConAgra Foods Inc.
6.750%, 09/15/2011		1,000,000		1,041,286
Kraft Foods Inc.
5.625%, 11/01/2011		1,000,000		1,008,949
Pepsico Inc.
5.150%, 05/15/2012		1,000,000		1,040,073
PepsiAmericas Inc.
5.750%, 07/31/2012		500,000		512,307
General Mills Inc.
5.650%, 09/10/2012		500,000		509,831
Hershey Co.
5.450%, 09/01/2016		500,000		498,983
General Mills Inc.
5.700%, 02/15/2017		1,000,000		991,218
Coca-Cola Co.
5.350%, 11/15/2017		2,000,000		2,015,986
Pepsico Inc.
5.000%, 06/01/2018		1,000,000		975,661
				13,225,135
Automotive (0.71%)
Ford Motor Credit Co.
7.375%, 02/01/2011		1,000,000		811,516
Toyota Motor Credit Corp.
5.450%, 05/18/2011		500,000		521,319
				1,332,835
Banks (7.30%)
Bank of New York
5.050%, 03/03/2009		500,000		503,856
Wells Fargo & Co.
4.200%, 01/15/2010		1,000,000		1,002,915
Bank of America Corp.
4.250%, 10/01/2010		1,500,000		1,488,814
Wells Fargo & Co.
4.875%, 01/12/2011		500,000		506,893
Bank of New York Mellon Corp.
4.950%, 01/14/2011		1,000,000		1,001,871
Wachovia Corp.
5.350%, 03/15/2011		500,000		489,216
Charter One Bank FSB
5.500%, 04/26/2011		1,000,000		1,011,305
Royal Bank of Canada
5.650%, 07/20/2011		500,000		518,784
Bank of America Corp.
5.375%, 08/15/2011		500,000		507,236
Barclays Bank PLC
5.450%, 09/12/2012		1,000,000		1,011,618
Wachovia Corp.
5.700%, 08/01/2013		500,000		479,330
Mellon Funding Corp.
5.200%, 05/15/2014		500,000		492,655
US Bank NA
4.950%, 10/30/2014		500,000		492,952
Fifth Third Bank
4.750%, 02/01/2015		500,000		409,851
SunTrust Banks Inc.
5.000%, 09/01/2015		500,000		456,803
Wachovia Bank NA
5.600%, 03/15/2016		500,000		464,321
Wells Fargo Bank NA
5.750%, 05/16/2016		500,000		496,094
Bank of America NA
6.000%, 06/15/2016		500,000		486,187
Wachovia Corp.
5.750%, 06/15/2017		500,000		461,113
Deutsche Bank AG London
6.000%, 09/01/2017		1,000,000		1,009,700
Suntrust Banks Inc.
6.000%, 09/11/2017		500,000		476,938
				13,768,452
Building Materials & Construction (2.79%)
Lafarge SA
6.150%, 07/15/2011		500,000		502,916
CRH America Inc.
5.625%, 09/30/2011		500,000		488,833
Hanson Australia Funding
5.250%, 03/15/2013		1,000,000		976,122
Leggett & Platt Inc.
4.700%, 04/01/2013		1,000,000		971,473
Masco Corp.
4.800%, 06/15/2015		500,000		435,448
Hanson PLC
6.125%, 08/15/2016		500,000		496,089
CRH America Inc.
6.000%, 09/30/2016		1,000,000		927,413
Masco Corp.
5.850%, 03/15/2017		500,000		453,196
				5,251,490
Chemicals (2.63%)
The Dow Chemical Co.
5.750%, 12/15/2008		1,000,000		1,007,540

See accompanying notes to financial statements.

58

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Chemicals (Cont.)
Air Products & Chemicals Inc.
4.125%, 12/01/2010	$	1,000,000	$	996,289
E.I. du Pont de Nemours and Co.
4.125%, 03/06/2013		1,000,000		972,384
Rohm & Haas Co.
5.600%, 03/15/2013		500,000		500,976
Praxair Inc.
5.375%, 11/01/2016		1,000,000		1,000,240
Rohm & Haas Co.
6.000%, 09/15/2017		500,000		486,874
				4,964,303
Commercial Service/Supply (1.84%)
RR Donnelley & Sons Co.
3.750%, 04/01/2009		1,000,000		989,763
4.950%, 05/15/2010		500,000		489,565
Dun & Bradstreet Corp.
5.500%, 03/15/2011		500,000		501,778
RR Donnelley & Sons Co.
5.625%, 01/15/2012		500,000		489,690
Pitney Bowes Inc.
5.750%, 09/15/2017		1,000,000		994,266
				3,465,062
Computers (0.54%)
International Business Machines Corp.
5.700%, 09/14/2017		1,000,000		1,014,915
Consumer & Marketing (4.84%)
Newell Rubbermaid Inc.
4.625%, 12/15/2009		1,000,000		992,589
Unilever Capital Corp.
7.125%, 11/01/2010		1,000,000		1,067,118
Avon Products Inc.
5.125%, 01/15/2011		500,000		507,858
Clorox Co.
6.125%, 02/01/2011		1,000,000		1,025,548
Whirlpool Corp.
6.125%, 06/15/2011		1,000,000		1,026,213
Reed Elsevier Capital
4.625%, 06/15/2012		500,000		479,575
Kimberly-Clark Corp.
5.000%, 08/15/2013		1,000,000		1,021,831
The Procter & Gamble Co.
4.950%, 08/15/2014		1,000,000		1,032,763
Black & Decker Corp.
5.750%, 11/15/2016		500,000		476,665
Estee Lauder Co. Inc.
5.550%, 05/15/2017		1,000,000		977,371
Kimberly-Clark Corp.
6.125%, 08/01/2017		500,000		519,175
				9,126,706
Electronic/Electrical Mfg. (1.61%)
Emerson Electric Co.
5.500%, 09/15/2008		500,000		502,274
5.750%, 11/01/2011		1,000,000		1,040,507
General Electric Co.
5.000%, 02/01/2013		1,000,000		1,007,198
Emerson Electric Co.
5.125%, 12/01/2016		500,000		494,767
				3,044,746
Financial Services (7.04%)
Household Finance Corp.
4.125%, 11/16/2009		1,000,000		993,373
Citigroup Inc.
4.125%, 02/22/2010		500,000		495,370
SLM Corp.
4.500%, 07/26/2010		1,000,000		925,308
John Deere Capital Corp.
4.875%, 10/15/2010		1,000,000		1,013,619
American Express Credit
5.000%, 12/02/2010		1,000,000		1,006,835
SLM Corp.
5.450%, 04/25/2011		500,000		456,624
HSBC Finance Corp.
5.700%, 06/01/2011		500,000		504,008
John Deere Capital Corp.
5.650%, 07/25/2011		500,000		516,459
American Express Co.
5.250%, 09/12/2011		500,000		494,703
AMB Property L.P.
6.300%, 06/01/2013		1,000,000		993,746
HSBC Finance Corp.
5.250%, 01/15/2014		500,000		487,807
JPMorgan Chase & Co.
5.375%, 01/15/2014		500,000		498,433
General Electric Capital Corp.
4.875%, 03/04/2015		500,000		493,903
Citigroup Inc.
5.300%, 01/07/2016		500,000		466,833
General Electric Capital Corp.
5.375%, 10/20/2016		500,000		492,029
5.400%, 02/15/2017		500,000		485,319
John Deere Capital Corp.
5.500%, 04/13/2017		500,000		500,742
Citigroup Inc.
6.000%, 08/15/2017		500,000		476,935
Caterpillar Financial Services Corp.
5.850%, 09/01/2017		500,000		512,086
ProLogis Trust
6.625%, 05/15/2018		500,000		492,529
Simon Property Group Inc.
6.125%, 05/30/2018		1,000,000		972,796
				13,279,457

See accompanying notes to financial statements.

59

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Forest Products & Paper (0.26%)
International Paper Co.
4.000%, 04/01/2010	$	500,000	$	484,063
Health Care (8.77%)
Bristol-Myers Squibb Co.
4.000%, 08/15/2008		1,000,000		1,000,192
Abbott Laboratories
5.400%, 09/15/2008		500,000		501,619
3.500%, 02/17/2009		500,000		500,674
Amgen Inc.
4.000%, 11/18/2009		1,000,000		1,001,084
Baxter FinCo BV
4.750%, 10/15/2010		1,000,000		1,011,362
Abbott Laboratories
5.600%, 05/15/2011		500,000		522,863
Johnson & Johnson
5.150%, 08/15/2012		500,000		523,730
AstraZeneca PLC
5.400%, 09/15/2012		500,000		511,327
Merck & Co. Inc.
4.375%, 02/15/2013		1,000,000		1,001,516
Becton Dickinson & Co.
4.550%, 04/15/2013		1,000,000		985,586
Schering-Plough Corp.
5.550%, 12/01/2013		500,000		503,312
AstraZeneca PLC
5.400%, 06/01/2014		1,000,000		1,023,903
Boston Scientific Corp.
5.450%, 06/15/2014		1,000,000		922,500
Merck & Co. Inc.
4.750%, 03/01/2015		500,000		493,795
Abbott Laboratories
5.875%, 05/15/2016		500,000		514,429
Baxter International Inc.
5.900%, 09/01/2016		500,000		511,975
Eli Lilly & Co.
5.200%, 03/15/2017		1,000,000		998,453
Wyeth
5.450%, 04/01/2017		500,000		493,127
Amgen Inc.
5.850%, 06/01/2017		500,000		492,483
Johnson & Johnson
5.550%, 08/15/2017		500,000		520,651
AstraZeneca PLC
5.900%, 09/15/2017		500,000		512,500
Schering-Plough Corp.
6.000%, 09/15/2017		500,000		493,770
Bristol-Myers Squibb Co.
5.450%, 05/01/2018		500,000		493,235
GlaxoSmithKline Capital Inc.
5.650%, 05/15/2018		1,000,000		996,182
				16,530,268
Machinery & Manufacturing (6.35%)
BF Goodrich Co.
6.600%, 05/15/2009		1,000,000		1,018,445
3M Co.
5.125%, 11/06/2009		2,000,000		2,049,318
Honeywell International Inc.
7.500%, 03/01/2010		1,000,000		1,064,042
United Technologies Corp.
4.375%, 05/01/2010		1,500,000		1,530,531
Johnson Controls Inc.
5.250%, 01/15/2011		1,000,000		1,011,277
Caterpillar Inc.
6.550%, 05/01/2011		1,000,000		1,055,503
Bemis Co. Inc.
4.875%, 04/01/2012		500,000		494,463
Johnson Controls Inc.
4.875%, 09/15/2013		750,000		751,124
Caterpillar Inc.
5.700%, 08/15/2016		500,000		509,390
Eaton Corp.
5.300%, 03/15/2017		1,000,000		969,441
Honeywell International Inc.
5.300%, 03/15/2017		500,000		496,865
Cooper U.S. Inc.
6.100%, 07/01/2017		1,000,000		1,015,194
				11,965,593
Media & Broadcasting (3.12%)
New York Times Co.
4.500%, 03/15/2010		500,000		489,323
Gannett Co.
5.750%, 06/01/2011		1,000,000		983,206
Knight-Ridder Inc.
7.125%, 06/01/2011		1,000,000		895,000
The Walt Disney Co.
5.700%, 07/15/2011		1,000,000		1,044,642
Thomson Reuters Corp.
5.950%, 07/15/2013		1,000,000		1,004,020
New York Times Co.
5.000%, 03/15/2015		500,000		453,206
The Walt Disney Co.
5.625%, 09/15/2016		1,000,000		1,016,123
				5,885,520
Mining & Metals (3.36%)
Rio Tinto Finance USA Ltd.
2.625%, 09/30/2008		1,000,000		997,050
Alcan Inc.
6.450%, 03/15/2011		500,000		517,373
BHP Billiton Finance Ltd.
5.125%, 03/29/2012		500,000		498,572
BHP Finance USA
4.800%, 04/15/2013		1,000,000		976,191

See accompanying notes to financial statements.

60

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Mining & Metals (Cont.)
Barrick Gold Finance Inc.
4.875%, 11/15/2014	$	1,000,000	$	952,787
Alcan Inc.
5.000%, 06/01/2015		500,000		478,962
Alcoa Inc.
5.550%, 02/01/2017		1,000,000		936,349
BHP Billiton Finance Ltd.
5.400%, 03/29/2017		500,000		477,252
Rio Tinto Finance USA Ltd.
6.500%, 07/15/2018		500,000		501,517
				6,336,053
Oil & Gas (5.12%)
BP Capital Markets PLC
4.875%, 03/15/2010		1,000,000		1,027,161
Shell International Finance
5.625%, 06/27/2011		1,500,000		1,573,491
Conoco Funding Co.
6.350%, 10/15/2011		1,000,000		1,057,556
National Fuel Gas Co.
5.250%, 03/01/2013		1,000,000		968,103
Anadarko Petroleum Corp.
5.950%, 09/15/2016		1,000,000		1,000,537
ConocoPhillips Canada
5.625%, 10/15/2016		500,000		509,394
Apache Corp.
5.625%, 01/15/2017		500,000		505,896
Shell International Finance
5.200%, 03/22/2017		500,000		509,862
Canadian National Resources
5.700%, 05/15/2017		500,000		489,827
Weatherford International Inc.
6.350%, 06/15/2017		500,000		506,440
EOG Resources Inc.
5.875%, 09/15/2017		500,000		503,374
Husky Energy Inc.
6.200%, 09/15/2017		500,000		504,896
ConocoPhillips
5.200%, 05/15/2018		500,000		492,760
				9,649,297
Retailers (7.16%)
Safeway Inc.
4.125%, 11/01/2008		1,000,000		1,000,647
May Department Stores Co.
4.800%, 07/15/2009		1,000,000		980,008
CVS Corp.
4.000%, 09/15/2009		1,000,000		994,573
Home Depot Inc.
3.750%, 09/15/2009		1,000,000		977,907
Wal-Mart Stores Inc.
4.000%, 01/15/2010		500,000		505,824
Home Depot Inc.
4.625%, 08/15/2010		500,000		493,397
5.200%, 03/01/2011		500,000		495,889
CVS Corp.
5.750%, 08/15/2011		500,000		512,304
Costco Wholesale Corp.
5.300%, 03/15/2012		1,000,000		1,034,290
Lowe’s Companies Inc.
5.600%, 09/15/2012		500,000		515,285
5.000%, 10/15/2015		1,000,000		985,414
Target Corp.
5.875%, 07/15/2016		1,000,000		1,015,686
Lowe’s Companies Inc.
5.400%, 10/15/2016		500,000		492,194
McDonald’s Corp.
5.300%, 03/15/2017		1,000,000		980,146
Wal-Mart Stores Inc.
5.375%, 04/05/2017		1,000,000		1,011,153
Target Corp.
5.375%, 05/01/2017		500,000		489,373
CVS Caremark Corp.
5.750%, 06/01/2017		500,000		491,776
Wal-Mart Stores Inc.
5.800%, 02/15/2018		500,000		517,697
				13,493,563
Telecom & Telecom Equipment (4.00%)
SBC Communications Inc.
5.300%, 11/15/2010		1,000,000		1,022,673
Verizon Communications
5.350%, 02/15/2011		1,000,000		1,021,056
Cisco Systems Inc.
5.250%, 02/22/2011		1,000,000		1,029,589
Deutsche Telekom International Finance
5.375%, 03/23/2011		500,000		502,958
Vodafone Group PLC
5.500%, 06/15/2011		1,000,000		1,009,816
Telefonica Emisiones SAU
5.855%, 02/04/2013		1,000,000		1,006,680
BellSouth Corp.
5.200%, 09/15/2014		1,000,000		985,467
Verizon Communications
5.500%, 04/01/2017		1,000,000		961,136
				7,539,375
Utilities & Energy (9.76%)
Pacificorp
4.300%, 09/15/2008		1,000,000		1,000,252
Atmos Energy Corp.
4.000%, 10/15/2009		1,000,000		989,243
Commonwealth Edison Co.
4.740%, 08/15/2010		1,000,000		996,173

See accompanying notes to financial statements.

61

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2008

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Southern California Gas
4.375%, 01/15/2011	$	1,000,000	$	1,000,104
Appalachian Power Co.
5.550%, 04/01/2011		500,000		502,020
Duke Energy Corp.
6.250%, 01/15/2012		500,000		521,876
MidAmerican Energy Co.
5.650%, 07/15/2012		500,000		512,902
Appalachian Power Co.
5.650%, 08/15/2012		500,000		500,219
Vectren Utility Holdings
5.250%, 08/01/2013		500,000		486,191
Union Electric Co.
5.500%, 05/15/2014		1,000,000		981,393
Carolina Power & Light
5.250%, 12/15/2015		1,000,000		1,003,148
Ohio Power Co.
6.000%, 06/01/2016		1,000,000		992,003
Commonwealth Edison Co.
5.950%, 08/15/2016		500,000		497,486
Baltimore Gas & Electric Co.
5.900%, 10/01/2016		500,000		483,249
Consolidated Edison Co. NY
5.300%, 12/01/2016		1,000,000		974,943
Georgia Power Co.
5.700%, 06/01/2017		1,000,000		1,021,087
Jersey Central Power & Light
5.650%, 06/01/2017		1,000,000		957,570
Atmos Energy Corp.
6.350%, 06/15/2017		500,000		494,016
Kansas City Power & Light Co.
5.850%, 06/15/2017		1,000,000		970,991
Union Electric Co.
6.400%, 06/15/2017		500,000		499,036
MidAmerican Energy Co.
5.950%, 07/15/2017		500,000		511,267
Commonwealth Edison Co.
6.150%, 09/15/2017		500,000		498,626
Florida Power Corp.
5.800%, 09/15/2017		500,000		511,830
Virginia Electric & Power
5.950%, 09/15/2017		500,000		502,478
Public Service Electric and Gas Co.
5.300%, 05/01/2018		500,000		493,265
Florida Power Corp.
5.650%, 06/15/2018		500,000		504,603
				18,405,971
Total Corporate Bonds (cost $158,974,536)				158,762,804

	Shares or principal amount		Value
Government Agency Securities (9.69%) (a)
Federal Home Loan Mortgage Corp.
5.125%, 10/15/2008	$	4,000,000	$	4,030,388
6.625%, 09/15/2009		2,000,000		2,086,912
4.500%, 07/15/2013		1,500,000		1,523,159
5.200%, 03/05/2019		2,000,000		1,976,720
5.300%, 05/12/2020		2,000,000		1,987,596
Federal National Mortgage Association
3.250%, 08/15/2008		1,500,000		1,501,185
6.625%, 09/15/2009		2,000,000		2,086,808
5.550%, 02/16/2017		3,000,000		3,068,127
Total Government Agency Securities (cost $17,927,491)				18,260,895
U.S. Treasury Obligations (2.09%)
U.S. Treasury Notes
5.000%, 08/15/2011		900,000		955,617
4.000%, 11/15/2012		900,000		930,235
3.875%, 02/15/2013		2,000,000		2,050,000
Total U.S. Treasury Obligations (cost $3,812,054)				3,935,852
Short-term Investments (2.70%)
JPMorgan U.S. Government Money Market Fund		5,101,586		5,101,586
Total Short-term Investments (cost $5,101,586)				5,101,586
TOTAL INVESTMENTS (98.70%) (cost $185,815,667)				186,061,137
OTHER ASSETS, NET OF LIABILITIES (1.30%)				2,450,662
NET ASSETS (100.00%)			$	188,511,799

(a) 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.

62

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

June 30, 2008

(Unaudited)

	Principal amount		Value
Short-term Investments (100.35%)
Agriculture, Foods, & Beverage (4.84%)
Coca-Cola Co. (a)
2.120%, 07/02/2008	$	2,500,000	$	2,499,853
Automotive (19.94%)
FCAR Owner Trust Series I
2.680%, 07/01/2008		2,600,000		2,600,000
American Honda Finance Corp.
2.080%, 07/10/2008		2,600,000		2,598,648
New Center Asset Trust
2.830%, 07/22/2008		2,600,000		2,595,708
Toyota Motor Credit Corp.
2.350%, 08/12/2008		2,500,000		2,493,146
				10,287,502
Banks (5.03%)
Wells Fargo & Co.
2.090%, 07/25/2008		2,600,000		2,596,377
Financial Services (24.69%)
Citigroup Funding
2.300%, 07/08/2008		2,600,000		2,598,837
Caterpillar Financial Services Corp.
2.150%, 07/14/2008		2,500,000		2,498,059
Chevron Funding Corp.
2.130%, 07/17/2008		2,580,000		2,577,558
HSBC Finance Corp.
2.400%, 07/31/2008		2,580,000		2,574,840
General Electric Capital Corp.
2.350%, 08/15/2008		2,500,000		2,492,656
				12,741,950
Government Agency Securities (30.46%) (b)
Federal National Mortgage Association
2.050%, 07/16/2008		5,043,000		5,038,684
2.100%, 07/29/2008		2,500,000		2,495,917
2.000%, 07/30/2008		2,000,000		1,996,778
2.370%, 09/17/2008		1,500,000		1,492,297
Federal Home Loan Bank
2.062%, 07/18/2008		1,000,000		999,026
Federal Home Loan Mortgage Corp.
2.065%, 07/28/2008		1,700,000		1,697,367
2.013%, 08/04/2008		2,000,000		1,996,198
				15,716,267
Health Care (7.93%)
Merck & Co. Inc.
2.120%, 07/14/2008		1,500,000		1,498,852
Pfizer Inc.
2.630%, 08/05/2008		2,600,000		2,593,352
				4,092,204
	Shares or principal amount		Value
Short-term Investments (Cont.)
Registered Investment Companies (2.64%)
JPMorgan U.S. Government Money Market Fund		1,362,913	$	1,362,913
Telecom & Telecom Equipment (4.82%)
AT&T Inc. (a)
2.390%, 09/22/2008	$	2,500,000		2,486,224
Total Short-term Investments (cost $51,783,290)				51,783,290
TOTAL INVESTMENTS (100.35%) (cost $51,783,290)				51,783,290
LIABILITIES, NET OF OTHER ASSETS (-0.35%)				(180,012	)
NET ASSETS (100.00%)			$	51,603,278

(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, 2008, the value of these securities amounted to $4,986,077 or 9.66% 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.

63

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2008

(Unaudited)

	Large Cap Equity Fund			Small/Mid Cap Equity Fund		International Equity Fund
Assets
Investments in securities at identified cost	$	43,999,374		38,973,854		42,389,824
Investments in securities at market value	$	34,276,454		40,306,801		42,271,565
Cash		—		—		—
Foreign currencies at value (cost $45,283, $2,970,643, respectively)		—		—		44,362
Receivable for:
Dividends and interest		100,306		35,883		95,984
Shares of the Fund sold		47,600		27,239		23,290
Securities sold		100,383		296,630		623,194
SFIMC		912		1,584		4,305
Unrealized gain on forward foreign currency contracts		—		—		84,418
Variation margin		—		—		—
Prepaid expenses		5,116		2,807		5,812
Total assets		34,530,771		40,670,944		43,152,930
Liabilities and Net Assets
Payable for:
Shares of the Fund redeemed		498		—		—
Securities purchased		73,629		647,450		268,940
Variation margin		—		—		—
Unrealized loss on forward foreign currency contracts		—		—		24,726
Due to affiliates		25,246		32,928		50,444
Accrued liabilities		13,403		17,994		52,095
Total Liabilities		112,776		698,372		396,205
Net assets applicable to shares outstanding of common stock	$	34,417,995		39,972,572		42,756,725
Fund shares outstanding (no par value, unlimited number of shares authorized)		4,285,846		3,799,021		3,726,560
Net asset value, offering price and redemption price per share	$	8.03		10.52		11.47
Analysis of Net Assets
Paid-in-capital	$	44,324,114		39,631,031		40,866,690
Accumulated net realized gain (loss)		(694,974	)	(1,011,826	)	1,705,002
Net unrealized appreciation (depreciation)		(9,722,920	)	1,332,947		(56,714	)
Undistributed net investment income		511,775		20,420		241,747
Net assets applicable to shares outstanding	$	34,417,995		39,972,572		42,756,725

See accompanying notes to financial statements.

64

Large Cap Equity Index Fund	Small Cap Equity Index Fund		International Equity Index Fund	Stock and Bond Balanced Fund	Bond Fund		Money Market Fund
519,730,378	250,460,622		267,516,408	87,155,436	185,815,667		51,783,290
525,604,417	241,699,524		341,714,300	88,476,499	186,061,137		51,783,290
262	526		—	378,841	—		—
—	—		3,015,495	—	—		—
690,039	245,632		1,227,825	—	2,461,666		1,678
288,551	148,992		145,394	41,585	116,130		164
129,278	38,648,134		165,728	—	—		—
1,130	1,125		—	17,138	—		—
—	—		—	—	—		—
7,762	—		—	—	—		—
29,656	13,802		25,846	5,161	10,938		3,316
526,751,095	280,757,735		346,294,588	88,919,224	188,649,871		51,788,448
96,587	97,932		121,350	96,128	159		135,360
494,739	36,816,833		261,022	—	—		—
—	131,152		155,426	—	—		—
—	—		—	—	—		—
165,605	137,847		233,011	9,381	102,296		26,692
77,662	77,277		133,230	12,918	35,617		23,118
834,593	37,261,041		904,039	118,427	138,072		185,170
525,916,502	243,496,694		345,390,549	88,800,797	188,511,799		51,603,278
40,315,929	23,267,342		22,666,030	7,148,414	18,859,081		51,604,380
13.04	10.47		15.24	12.42	10.00		1.00
508,074,930	237,502,400		262,893,999	83,429,867	188,710,455		51,604,380
7,436,121	14,180,203		6,334,910	517,736	(444,126	)	(1,102	)
5,324,598	(9,386,972	)	74,138,334	1,321,063	245,470		—
5,080,853	1,201,063		2,023,306	3,532,131	—		—
525,916,502	243,496,694		345,390,549	88,800,797	188,511,799		51,603,278

See accompanying notes to financial statements.

65

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF OPERATIONS

Six months ended June 30, 2008

(Unaudited)

	Large Cap Equity Fund			Small/Mid Cap Equity Fund			International Equity Fund
Investment Income:
Dividends	$	615,682			179,704		893,481
Interest		18,648			15,636		7,582
		634,330			195,340		901,063
Less: foreign withholding taxes		(7,520	)		(69	)	(92,148	)
Total investment income		626,810			195,271		808,915
Expenses:
Investment advisory and management fees		113,501			156,344		177,024
Professional fees		12,630			16,067		19,392
Custodian fees		2,028			4,826		63,550
Reports to shareholders		1,577			2,236		1,811
Errors & omissions insurance		1,113			968		1,250
Securities valuation fees		852			1,419		12,849
Trustees’ fees and expenses		799			694		994
Regulatory fees		648			878		380
Fidelity bond expense		122			112		139
ICI dues		60			206		257
License index fees		—			—		—
Total expenses		133,330			183,750		277,646
Less: expense reimbursement from SFIMC		(912	)		(7,863	)	(56,366	)
Net expenses		132,418			175,887		221,280
Net investment income		494,392			19,384		587,635
Realized and unrealized gain (loss):					.
Net realized gain (loss) on sales of investments		(911,732	)		(1,592,567	)	828,353
Net realized gain (loss) on forward foreign currency contracts		—			—		(1,104	)
Net realized gain (loss) on foreign currency transactions		37			—		(11,028	)
Net realized gain (loss) on futures contracts		—			—		—
Change in unrealized gain (loss) on open futures contracts		—			—		—
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		(7,105,304	)		(1,179,530	)	(6,458,687	)
Net realized and unrealized gain (loss) on investments		(8,016,999	)		(2,772,097	)	(5,642,466	)
Net change in net assets resulting from operations	$	(7,522,607	)	$	(2,752,713	)	(5,054,831	)

See accompanying notes to financial statements.

66

Large Cap Equity Index Fund	Small Cap Equity Index Fund		International Equity Index Fund		Stock and Bond Balanced Fund		Bond Fund		Money Market Fund
5,818,629	1,487,169		9,030,142		846,582		—		—
36,871	117,717		12,615		—		4,855,133		772,622
5,855,500	1,604,886		9,042,757		846,582		4,855,133		772,622
—	(479	)	(861,817	)	—		—		—
5,855,500	1,604,407		8,180,940		846,582		4,855,133		772,622
728,677	504,620		997,629		—		474,587		103,049
36,073	24,680		28,043		8,587		16,000		10,846
8,121	7,615		148,574		32		1,929		1,000
26,952	33,483		46,419		5,286		18,001		8,306
17,063	7,989		11,023		2,957		5,509		2,119
2,690	8,130		43,540		—		10,330		—
11,326	5,188		7,405		1,897		3,866		1,086
2,103	6,115		380		380		380		380
1,899	568		1,205		306		597		162
2,912	1,489		1,680		—		996		249
30,602	5,056		4,986		—		—		—
868,418	604,933		1,290,884		19,445		532,195		127,197
(8,121)	(7,615	)	—		(19,445	)	—		—
860,297	597,318		1,290,884		—		532,195		127,197
4,995,203	1,007,089		6,890,056		846,582		4,322,938		645,425
7,209,009	13,316,649		3,505,348		(46,744	)	178,144		—
—	—		138,375		—		—		—
—	—		(50,077	)	—		—		—
(697,696)	(737,215	)	(552,858	)	—		—		—
(427,748)	(533,914	)	(184,642	)	—		—		—
(83,932,453)	(39,304,657	)	(52,514,144	)	(7,386,989	)	(1,816,135	)	—
(77,848,888)	(27,259,137	)	(49,657,998	)	(7,433,733	)	(1,637,991	)	—
(72,853,685)	(26,252,048	)	(42,767,942	)	(6,587,151	)	2,684,947		645,425

See accompanying notes to financial statements.

67

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	Large Cap Equity Fund
Six months ended June 30, 2008 (Unaudited) and the Year ended December 31, 2007	2008			2007
From operations:
Net investment income	$	494,392		924,958
Net realized gain (loss)		(911,695	)	2,438,509
Change in net unrealized appreciation or depreciation		(7,105,304	)	(6,374,511	)
Net change in net assets resulting from operations		(7,522,607	)	(3,011,044	)
Distributions to shareholders from:
Net investment income		—		(912,622	)
Net realized gain		—		(2,348,580	)
Total distributions to shareholders		—		(3,261,202	)
From Fund share transactions:
Proceeds from shares sold		2,384,780		7,416,738
Reinvestment of distributions		—		3,261,202
		2,384,780		10,677,940
Less payments for shares redeemed		(603,633	)	(822,795	)
Net increase (decrease) in net assets from Fund share transactions		1,781,147		9,855,145
Total increase (decrease) in net assets		(5,741,460	)	3,582,899
Net assets:
Beginning of year		40,159,455		36,576,556
End of year*	$	34,417,995		40,159,455
* Including undistributed (distribution in excess of) net investment income	$	511,775		19,403
Share Information
Sold		261,713		634,379
Issued in reinvestment of distributions		—		328,750
Redeemed		(66,771	)	(70,963	)
Net increase (decrease)		194,942		892,166

See accompanying notes to financial statements.

68

Small/Mid Cap Equity Fund			International Equity Fund					Large Cap Equity Index Fund				Small Cap Equity Index Fund
2008	2007		2008			2007		2008		2007		2008		2007
19,384	15,134		$	587,635		540,375		4,995,203		10,256,505		1,007,089		3,368,699
(1,592,567)	2,439,556			816,221		5,216,948		6,511,313		10,045,529		12,579,434		19,606,437
(1,179,530)	2,536,059			(6,458,687	)	(1,195,101	)	(84,360,201	)	10,932,480		(39,838,571	)	(29,008,437	)
(2,752,713)	4,990,749			(5,054,831	)	4,562,222		(72,853,685	)	31,234,514		(26,252,048	)	(6,033,301	)
—	(13,791	)		—		(721,392	)	—		(10,158,680	)	—		(3,108,129	)
—	(4,007,124	)		—		(4,378,703	)	—		(1,531,749	)	—		(20,758,388	)
—	(4,020,915	)		—		(5,100,095	)	—		(11,690,429	)	—		(23,866,517	)
2,196,935	6,453,934			1,204,981		4,500,642		5,426,643		13,487,749		2,905,385		6,476,216
—	4,020,915			—		5,100,095		—		11,690,429		—		23,866,517
2,196,935	10,474,849			1,204,981		9,600,737		5,426,643		25,178,178		2,905,385		30,342,733
(633,021)	(652,161	)		(560,548	)	(762,715	)	(19,727,588	)	(30,865,285	)	(9,347,692	)	(16,408,240	)
1,563,914	9,822,688			644,433		8,838,022		(14,300,945	)	(5,687,107	)	(6,442,307	)	13,934,493
(1,188,799)	10,792,522			(4,410,398	)	8,300,149		(87,154,630	)	13,856,978		(32,694,355	)	(15,965,325	)
41,161,371	30,368,849			47,167,123		38,866,974		613,071,132		599,214,154		276,191,049		292,156,374
39,972,572	41,161,371			42,756,725		47,167,123		525,916,502		613,071,132		243,496,694		276,191,049
20,420	1,343			241,747		(345,888	)	5,080,853		114,235		1,201,063		314,855
211,254	531,277			100,458		325,624		396,548		898,338		272,923		491,453
—	354,891			—		394,744		—		797,437		—		2,041,618
(60,518)	(53,338	)		(46,921	)	(54,454	)	(1,431,197	)	(2,042,576	)	(871,331	)	(1,238,902	)
150,736	832,830			53,537		665,914		(1,034,649	)	(346,801	)	(598,408	)	1,294,169

See accompanying notes to financial statements.

69

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	International Equity Index Fund
Six months ended June 30, 2008 (Unaudited) and the Year ended December 31, 2007	2008			2007
From operations:
Net investment income	$	6,890,056		8,570,108
Net realized gain (loss)		3,040,788		12,727,719
Change in net unrealized appreciation or depreciation		(52,698,786	)	15,932,166
Net change in net assets resulting from operations		(42,767,942	)	37,229,993
Distributions to shareholders from:
Net investment income		—		(10,224,403	)
Net realized gain		—		(9,215,336	)
Total distributions to shareholders		—		(19,439,739	)
From Fund share transactions:
Proceeds from shares sold		2,711,388		6,579,131
Reinvestment of distributions		—		19,439,739
		2,711,388		26,018,870
Less payments for shares redeemed		(9,029,764	)	(15,920,496	)
Net increase (decrease) in net assets from Fund share transactions		(6,318,376	)	10,098,374
Total increase (decrease) in net assets		(49,086,318	)	27,888,628
Net assets:
Beginning of year		394,476,867		366,588,239
End of year*	$	345,390,549		394,476,867
* Including undistributed (distribution in excess of) net investment income	$	2,023,306		(4,866,750	)
Share Information
Sold		172,310		374,227
Issued in reinvestment of distributions		—		1,128,905
Redeemed		(566,426	)	(904,771	)
Net increase (decrease)		(394,116	)	598,361

See accompanying notes to financial statements.

70

Stock and Bond Balanced Fund			Bond Fund				Money Market Fund
2008	2007		2008		2007		2008		2007
846,582	2,685,578		4,322,938		8,418,959		645,425		2,289,293
(46,744)	564,480		178,144		(160,986	)	—		—
(7,386,989)	2,206,371		(1,816,135	)	3,217,565		—		—
(6,587,151)	5,456,429		2,684,947		11,475,538		645,425		2,289,293
—	(2,453,997	)	(4,322,938	)	(8,418,959	)	(645,425	)	(2,289,293	)
—	(297,964	)	—		—		—		—
—	(2,751,961	)	(4,322,938	)	(8,418,959	)	(645,425	)	(2,289,293	)
1,888,042	3,445,933		3,496,676		7,929,259		5,405,669		8,990,377
—	2,751,961		4,322,938		8,418,959		645,425		2,289,293
1,888,042	6,197,894		7,819,614		16,348,218		6,051,094		11,279,670
(5,035,909)	(6,874,135	)	(7,927,622	)	(7,603,070	)	(4,276,582	)	(9,543,832	)
(3,147,867)	(676,241	)	(108,008	)	8,745,148		1,774,512		1,735,838
(9,735,018)	2,028,227		(1,745,999	)	11,801,727		1,774,512		1,735,838
98,535,815	96,507,588		190,257,798		178,456,071		49,828,766		48,092,928
88,800,797	98,535,815		188,511,799		190,257,798		51,603,278		49,828,766
3,532,131	2,685,549		—		—		—		—
147,784	257,161		343,502		798,723		5,405,669		8,990,377
—	202,350		426,367		846,025		645,425		2,289,293
(391,466)	(511,629	)	(781,479	)	(764,753	)	(4,276,582	)	(9,543,832	)
(243,682)	(52,118	)	(11,610	)	879,995		1,774,512		1,735,838

See accompanying notes to financial statements.

71

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Investment Objective

State Farm Variable Product Trust (the “Trust”) has nine separate investment portfolios (each a “Fund” and together, the “Funds”) as of June 30, 2008. 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 Fund seeks long-term growth of capital. The Fund invests under normal circumstances at least 80% of its net assets plus any borrowing in common stocks and other equity securities of U.S. companies with market capitalizations of at least $1.5 billion.

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

The International Equity Fund seeks long-term growth of capital. The Fund invests primarily in common stocks of companies located in Europe, Canada, Australia and the Far East. The Fund may also invest in companies located in other countries, including up to 10% of its net assets in companies located in emerging or developing markets. There is no restriction on the size of the companies in which the Fund invests.

The Large Cap Equity Index Fund (the “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 (the “Small Cap Index Fund”) seeks to match the performance of the Russell 2000^® 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 (the “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 (the “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 seeks to realize over a period of years the highest yield consistent with prudent investment management through current income and capital gains. The Fund invests primarily in bonds issued by U.S. companies.

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

(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, doing business as Russell Investment Group (‘Russell’). The Small Cap Equity Index Fund is not sponsored, endorsed, sold or promoted by, nor in any way affiliated with Russell. Russell is not responsible for and has not reviewed the Small Cap Equity Index Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

(3) The EAFE^® Free Index is a trademark, service mark and the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and its affiliates and has been licensed for use by the State Farm 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.

72

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

2. Significant accounting policies

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

Securities valuation

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

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

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

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

The Funds implemented Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 establishes a three-tier hierarchy to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

73

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ assets as of June 30, 2008:

	Investments in Securities								Other Financial Instruments
Fund	Level 1		Level 2		Level 3		Total		Level 1			Level 2		Level 3		Total
Large Cap Equity Fund	$	33,965,812	$	310,642	$	—	$	34,276,454	$	—		$	—	$	—	$	—
Small/Mid Cap Equity Fund		40,306,801		—		—		40,306,801		—			—		—		—
International Equity Fund		82,440		42,189,125		—		42,271,565		59,692			—		—		59,692
Large Cap Index Fund		517,074,713		8,529,704		—		525,604,417		(549,441	)		—		—		(549,441	)
Small Cap Index Fund		230,919,134		10,780,390		0		241,699,524		(625,874	)		—		—		(625,874	)
International Index Fund		—		341,714,300		—		341,714,300		(155,426	)		—		—		(155,426	)
Balanced Fund		88,476,499		—		—		88,476,499		—			—		—		—
Bond Fund		5,101,586		180,959,551		—		186,061,137		—			—		—		—
Money Market Fund		1,362,913		50,420,377		—		51,783,290		—			—		—		—

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

The Small Cap Index Fund and International Index Fund did not hold any Level 3 securities valued at other than zero as of December 31, 2007. The Small Cap Index Fund did not hold any Level 3 securities valued at other than zero as of June 30, 2008. The remaining Funds did not hold any Level 3 securities as of December 31, 2007 or June 30, 2008.

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, 2008.

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 Standard 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 shareholders

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

74

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

As of June 30, 2008, the Funds’ 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 Equity Fund	$	44,139,673	$	1,792,983	$	(11,656,202	)	$	(9,863,219	)
Small/Mid Cap Equity Fund		38,995,802		5,204,076		(3,893,077	)		1,310,999
International Equity Fund		42,600,157		4,735,696		(5,064,288	)		(328,592	)
Large Cap Index Fund		520,209,034		129,498,665		(124,103,282	)		5,395,383
Small Cap Index Fund		250,575,905		45,012,752		(53,889,133	)		(8,876,381	)
International Index Fund		271,865,665		109,541,283		(39,692,648	)		69,848,635
Balanced Fund		87,166,805		1,621,144		(311,450	)		1,309,694
Bond Fund		185,815,667		2,281,971		(2,036,501	)		245,470
Money Market Fund		51,783,290		—		—			—

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

At December 31, 2007, 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	Bond Fund		Money Market Fund
2011	$	294,740	$	—
2013		166,544		1,102
2015		160,986		—
Total:	$	622,270	$	1,102

The Large Cap Index Fund utilized $5,269,805 of capital loss carryforwards to offset realized capital gains in 2007.

75

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

As of December 31, 2007, in accordance with federal tax regulations the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-term Gain		Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total
Large Cap Equity Fund	$	18,398	$	253,396	$	(2,655,306	)	$	—		$	(2,383,512	)
Small/Mid Cap Equity Fund		590,070		—		2,504,515			(331	)		3,094,254
International Equity Fund		116,281		788,447		6,193,572			(153,434	)		6,944,866
Large Cap Index Fund		77,589		1,244,715		89,372,953			—			90,695,257
Small Cap Index Fund		65,552		1,452,787		30,728,003			—			32,246,342
International Index Fund		935,786		3,347,472		122,492,257			(1,511,023	)		125,264,492
Balanced Fund		2,685,549		567,496		8,705,036			—			11,958,081
Bond Fund		—		—		2,061,605			(622,270	)		1,439,335
Money Market Fund		—		—		—			(1,102	)		(1,102	)

Differences between these amounts and the undistributed net investment income reported on the Statements of Assets and Liabilities as of December 31, 2007 relate to current year estimates for return of capital from Real Estate Investment Trusts (“REITs”), accumulated capital losses, post-October loss deferrals, short term capital gains and mark-to-market of Passive Foreign Investment Companies (“PFICs”), and/or forward foreign currency and futures contract adjustments.

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

As of December 31, 2007, these reclassifications were as follows:

Fund	Paid in Capital		Accumulated Net Realized Gain (Loss)			Net Unrealized Gain (Loss)		Undistributed (Accumulated) Net Investment Income (Loss)
Large Cap Equity Fund	$	—	$	4,937		—		$	(4,937	)
Small/Mid Cap Equity Fund		—		4,571		—			(4,571	)
International Equity Fund		—		(147,972	)	—			147,972
Large Cap Index Fund		—		132,785		—			(132,785	)
Small Cap Index Fund		2,748		213,233		(2,748	)		(213,233	)
International Index Fund		—		(423,149	)	—			423,149

The Large Cap Equity, Small/Mid Cap Equity, International Equity, Large Cap Index, Small Cap Index, International Index, and Balanced Funds declare and pay dividend and capital gain distributions, if any, at least annually.

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

76

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The tax character of distributions for certain Funds was as follows for the year ended December 31, 2007:

2007	Ordinary Income		Long-term Capital Gain		Total
Large Cap Equity Fund	$	1,738,103	$	1,523,099	$	3,261,202
Small/Mid Cap Equity Fund		3,574,757		446,158		4,020,915
International Equity Fund		1,263,296		3,836,799		5,100,095
Small Cap Index Fund		5,142,256		18,724,261		23,866,517
International Index Fund		10,285,127		9,154,612		19,439,739

For the remaining Funds, the tax distributions of ordinary income were the same as the distributions from net investment income reflected in the Statements of Changes in Net Assets for the year ended December 31, 2007. The tax character of distributions made during the six months ended June 30, 2008 were the same as the composition of distributions reflected in the Statement of Changes in Net Assets as of June 30, 2008.

The International Equity Fund and International Index Fund have elected to mark-to-market their investments in PFICs for federal income tax purposes. In accordance with this election, the International Equity Fund recognized unrealized appreciation (depreciation) of ($148,522) during 2007 and realized gains of $149,107 during 2007 as ordinary income for federal income tax purposes. The International Index Fund recognized unrealized appreciation (depreciation) of ($231,915) during 2007 and realized gains of $122,193 during 2007 as ordinary income for federal income tax purposes. The cumulative amount of mark-to-market adjustments recognized on PFICs at December 31, 2007, was $203,279 for the International Equity Fund and $4,250,357 for the International Index Fund.

From November 1, 2007 through December 31, 2007, the Small/Mid Cap Equity Fund incurred $331 in net realized losses. As permitted by tax regulation, the Fund intends to elect to defer these losses and treat them as arising on January 1, 2008.

From November 1, 2007 through December 31, 2007, the International Equity Fund and International Index Fund incurred $153,434 and $1,511,023, respectively, in PFIC and foreign exchange losses. As permitted by tax regulations, the Funds intend to elect to defer these losses and treat them as arising on January 1, 2008.

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, 2008. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the prevailing foreign exchange rates on the respective dates of transactions. That portion of realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with realized and unrealized gains and losses on investment securities.

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 U.S. 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 Equity and International Index Funds 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.

77

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

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.

New accounting pronouncement

In March 2008, Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (SFAS 161) was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. At this time, the Trust’s management is evaluating the implications of SFAS 161 and their impact in the financial statements, if any, has not yet been determined.

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 monthly) at the following annual rates:

Large Cap Equity Fund	0.60% of average daily net assets
Small/Mid Cap Equity Fund	0.80% of average daily net assets
International Equity Fund	0.80% of average daily net assets
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 that Fund. However, SFIMC receives investment advisory fees from managing the underlying Funds in which the Balanced Fund invests.

With respect to each Fund, other than the Balanced, International Equity and International Index Funds, SFIMC has agreed to reimburse the expenses incurred by each Fund, (other than the investment advisory and management services fee, acquired Fund fees and expenses and custody fees in the case of the Large Cap Index Fund and the Small Cap Index Fund) that exceed 0.10% of such Fund’s average daily net assets. With respect to the International Equity and International Index Funds, SFIMC has agreed to reimburse the expenses incurred by these Funds, other than the investment advisory and management services fee and acquired fund fees and expenses, that exceed 0.20% of the Fund’s average daily net assets.

These expense limitation/reimbursement 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 Capital Guardian Trust Company (“Capital Guardian”) as the investment sub-adviser to provide day-to-day portfolio management for the Large Cap Equity and International Equity Funds; 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; and Bridgeway Capital Management, Inc. (“Bridgeway”) and Rainier Investment Management, Inc. (“Rainier”) as the investment sub-advisers to provide day-to-day portfolio management for the Small/Mid Cap Equity Fund. In accordance with the overall investment objectives of each respective Fund, Capital Guardian, Barclays, Bridgeway and Rainier determine which securities to buy and sell for each of these Funds, selects the brokers and dealers to effect the transactions, and negotiates commissions.

78

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

For the six months ended June 30, 2008, the following fees were earned by Capital Guardian, Barclays, Bridgeway and Rainier for sub-advisory services (not all amounts earned were paid during the period):

	Capital Guardian		Barclays		Bridgeway		Rainier
Large Cap Equity Fund	$	47,293	$	—	$	—	$	—
Small/Mid Cap Equity Fund		—		—		57,400		60,088
International Equity Fund		75,421		—		—		—
Large Cap Index Fund		—		139,978		—		—
Small Cap Index Fund		—		125,994		—		—
International Index Fund		—		181,253		—		—
Total Sub-Advisory Fees	$	122,714	$	447,225	$	57,400	$	60,088

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.

4. Investment transactions

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

	Six months ended June 30, 2008 (Unaudited)
	Purchases		Sales
Large Cap Equity Fund	$	11,949,277	$	11,014,720
Small/Mid Cap Equity Fund		20,449,640		18,613,698
International Equity Fund		13,914,861		13,430,427
Large Cap Index Fund		7,124,997		20,279,898
Small Cap Index Fund		39,987,017		47,260,338
International Index Fund		12,974,241		12,512,628
Balanced Fund		846,582		3,440,000
Bond Fund		7,969,613		11,504,129

79

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

5. Futures and foreign currency contracts

The International Equity Fund had the following forward foreign currency contracts at June 30, 2008.

Foreign amount Purchase (Sold)	Currency	Contracts	Settlement Date	U.S. Dollar Purchase (Sold)		Unrealized Gain		Unrealized (Loss)
19,036	British Pound	2	07/01/2008-07/03/2008	37,916		$	54	$	—
(28,100)	British Pound	2	07/02/2008-07/03/2008	(55,969	)		20		—
200,267	Canadian Dollar	1	07/03/2008	196,395			—		(1,588	)
(748,090)	Canadian Dollar	4	07/02/2008-10/03/2008	(733,093	)		661		(1,590	)
56,913	Danish Krone	1	07/03/2008	12,015			—		(7	)
1,478,411	Euro	7	07/03/2008-12/17/2008	2,320,315			17,770		(234	)
(594,856)	Euro	9	07/01/2008-07/09/2008	(936,359	)		543		(6,063	)
59,002,240	Japanese Yen	1	07/09/2008	555,864			1,752		—
(360,409,504)	Japanese Yen	11	07/01/2008-12/17/2008	(3,411,143	)		61,611		(37	)
(398,672)	Hong Kong Dollar	2	07/02/2008-07/03/2008	(51,130	)		—		(19	)
62,592	Swiss Franc	2	07/02/2008	61,271			193		—
(773,829)	Swiss Franc	5	07/02/2008-09/18/2008	(759,869	)		1,814		(15,188	)
				Total		$	84,418	$	(24,726	)

The International Index Fund had no open forward foreign currency contracts at June 30, 2008.

The Large Cap Index, Small Cap Index and International Index Funds had the following open futures contracts at June 30, 2008:

Fund	Type	Number of contracts	Notional Value		Market Value		Position	Expiration Month	Unrealized Gain (Loss)
Large Cap Index Fund	S&P 500 Index Mini	133	$	9,068,756	$	8,519,315	Long	September ‘08	$	(549,441	)
Small Cap Index Fund	Russell 2000 Index Mini	182		13,214,814		12,588,940	Long	September ‘08	$	(625,874	)
International Index Fund	TOPIX Index	6		784,076		746,285	Long	September ‘08		(37,791	)
International Index Fund	DJ Euro Stoxx 50	23		1,292,408		1,224,833	Long	September ‘08		(67,575	)
International Index Fund	EMINI MSCI EAFE Index	3		309,060		295,410	Long	September ‘08		(13,650	)
International Index Fund	FTSE 100 Index	9		1,048,043		1,011,633	Long	September ‘08		(36,410	)
Total									$	(155,426	)

80

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the financial performance of each Fund for the past five years, or if performance information is not available for these periods, since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total returns 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).

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,				From commencement of investment operations July 26, 2005 to December 31, 2005
				2007		2006
Net asset value, beginning of period	$	9.82		11.43		10.33		10.00
Income from Investment Operations
Net investment income (a)		0.12		0.26		0.20		0.07
Net gain (loss) on investments (both realized and unrealized)		(1.91	)	(1.00	)	1.45		0.34
Total from investment operations		(1.79	)	(0.74	)	1.65		0.41
Less Distributions
Net investment income		—		(0.24	)	(0.18	)	(0.07	)
Net realized gain		—		(0.63	)	(0.37	)	(0.01	)
Total distributions		—		(0.87	)	(0.55	)	(0.08	)
Net asset value, end of period	$	8.03		9.82		11.43		10.33
Total Return (b)		(18.23	)%	(6.55	)%	15.91	%	4.14	%
Net assets, end of period (millions)	$	34.4		40.2		36.6		26.9
Ratios to average net assets assuming expense reductions
Expenses		0.70	%(c)	0.70	%	0.70	%	0.70	%(c)
Net investment income		2.61	%(c)	2.24	%	1.83	%	1.71	%(c)
Ratios to average net assets absent expense reductions
Expenses		0.70	%(c)	0.70	%	0.71	%	0.85	%(c)
Net investment income		2.61	%(c)	2.24	%	1.82	%	1.56	%(c)
Portfolio turnover rate		59	%(c)	40	%	34	%	15	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(c) Determined on an annualized basis.

See accompanying notes to financial statements.

81

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,				From commencement of investment operations July 26, 2005 to December 31, 2005
				2007		2006
Net asset value, beginning of period	$	11.28		10.79		9.64		10.00
Income from Investment Operations
Net investment income (a) (b)		0.01		—		—		0.01
Net gain (loss) on investments (both realized and unrealized)		(0.77	)	1.71		1.41		(0.32	)
Total from investment operations		(0.76	)	1.71		1.41		(0.31	)
Less Distributions
Net investment income (b)		—		—		—		(0.01	)
Net realized gain		—		(1.22	)	(0.26	)	(0.04	)
Total distributions		—		(1.22	)	(0.26	)	(0.05	)
Net asset value, end of period	$	10.52		11.28		10.79		9.64
Total Return (c)		(6.74	)%	15.81	%	14.58	%	(3.14	)%
Net assets, end of period (millions)	$	40.0		41.2		30.4		24.6
Ratios to average net assets assuming expense reductions
Expenses		0.90	%(d)	0.90	%	0.90	%	0.90	%(d)
Net investment income		0.10	%(d)	0.04	%	0.00	%	0.21	%(d)
Ratios to average net assets absent expense reductions
Expenses		0.94	%(d)	0.97	%	0.95	%	1.11	%(d)
Net investment income		0.06	%(d)	(0.03	)%	(0.05	)%	0.00	%(d)
Portfolio turnover rate		96	%(d)	96	%	161	%	22	%

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

(b) Income and distributions from net investment income represent less than $0.01 per share in 2007 and 2006.

(c) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

82

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,				From commencement of investment operations July 26, 2005 to December 31, 2005
				2007		2006
Net asset value, beginning of period	$	12.84		12.93		11.63		10.00
Income from Investment Operations
Net investment income (a)		0.16		0.17		0.19		0.02
Net gain (loss) on investments (both realized and unrealized)		(1.53	)	1.30		2.05		1.70
Total from investment operations		(1.37	)	1.47		2.24		1.72
Less Distributions
Net investment income		—		(0.22	)	(0.27	)	(0.06	)
Net realized gain		—		(1.34	)	(0.67	)	(0.03	)
Total distributions		—		(1.56	)	(0.94	)	(0.09	)
Net asset value, end of period	$	11.47		12.84		12.93		11.63
Total Return (b)		(10.67	)%	11.10	%	19.23	%(c)	17.25	%
Net assets, end of period (millions)	$	42.8		47.2		38.9		29.8
Ratios to average net assets assuming expense reductions
Expenses		1.00	%(d)	1.00	%	1.00	%	1.00	%(d)
Net investment income		2.66	%(d)	1.23	%	1.48	%	0.50	%(d)
Ratios to average net assets absent expense reductions
Expenses		1.25	%(d)	1.23	%	1.22	%	1.35	%(d)
Net investment income		2.41	%(d)	1.00	%	1.26	%	0.15	%(d)
Portfolio turnover rate		62	%(d)	49	%	30	%	10	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(c) Based upon net asset value of $12.93, as of December 31, 2006 (as calculated for financial reporting purposes, taking into account transactions that occurred on December 29, 2006 and the subsequent fair valuation of the equity securities). For shareholder purchases and redemptions on December 29, 2006, the net asset value was $12.95, which caused the total return for the year ended December 31, 2006 to be equivalent to 19.41%.

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

83

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,
				2007		2006		2005		2004		2003
Net asset value, beginning of period	$	14.83		14.37		12.63		12.26		11.27		8.89
Income from Investment Operations
Net investment income (a)		0.12		0.25		0.22		0.19		0.20		0.14
Net gain (loss) on investments (both realized and unrealized)		(1.91	)	0.50		1.74		0.37		0.98		2.38
Total from investment operations		(1.79	)	0.75		1.96		0.56		1.18		2.52
Less Distributions
Net investment income		—		(0.25	)	(0.22	)	(0.19	)	(0.19	)	(0.14	)
Net realized gain		—		(0.04	)	—		—		—		—
Total distributions		—		(0.29	)	(0.22	)	(0.19	)	(0.19	)	(0.14	)
Net asset value, end of period	$	13.04		14.83		14.37		12.63		12.26		11.27
Total Return (b)		(12.07	)%	5.23	%	15.49	%	4.57	%	10.46	%	28.31	%
Net assets, end of period (millions)	$	525.9		613.1		599.2		522.0		497.4		395.8
Ratios to average net assets
Expenses		0.31	%(c)	0.31	%(d)	0.31	%	0.32	%	0.30	%	0.31	%
Net investment income		1.78	%(c)	1.65	%	1.64	%	1.57	%	1.73	%	1.47	%
Portfolio turnover rate		3	%(c)	4	%	3	%	4	%	3	%	1	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(c) Determined on an annualized basis.

(d) The effect of expense reimbursements is less than 0.005%.

See accompanying notes to financial statements.

84

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,
				2007		2006		2005		2004		2003
Net asset value, beginning of period	$	11.57		12.94		11.95		12.31		10.79		7.43
Income from Investment Operations
Net investment income (a)		0.04		0.15		0.11		0.08		0.08		0.06
Net gain (loss) on investments (both realized and unrealized)		(1.14	)	(0.43	)	2.02		0.45		1.85		3.36
Total from investment operations		(1.10	)	(0.28	)	2.13		0.53		1.93		3.42
Less Distributions
Net investment income		—		(0.14	)	(0.10	)	(0.08	)	(0.06	)	(0.06	)
Net realized gain		—		(0.95	)	(1.04	)	(0.81	)	(0.35	)	—
Total distributions		—		(1.09	)	(1.14	)	(0.89	)	(0.41	)	(0.06	)
Net asset value, end of period	$	10.47		11.57		12.94		11.95		12.31		10.79
Total Return (b)		(9.51	)%	(2.22	)%	17.75	%	4.25	%	17.89	%	45.96	%
Net assets, end of period (millions)	$	243.5		276.2		292.2		253.1		264.0		208.0
Ratios to average net assets assuming expense reductions
Expenses		0.47	%(c)	0.49	%	0.49	%	0.50	%	0.48	%	0.50	%
Net investment income		0.80	%(c)	1.15	%	0.81	%	0.64	%	0.71	%	0.71	%
Ratios to average net assets absent expense reductions
Expenses		0.48	%(c)	0.50	%	0.49	%	0.50	%	0.48	%	0.51	%
Net investment income		0.79	%(c)	1.14	%	0.81	%	0.64	%	0.71	%	0.70	%
Portfolio turnover rate		33	%(c)	20	%	23	%	17	%	20	%	22	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(c) Determined on an annualized basis.

See accompanying notes to financial statements.

85

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,
				2007		2006		2005		2004		2003
Net asset value, beginning of period	$	17.11		16.32		13.57		12.28		10.50		7.75
Income from Investment Operations
Net investment income (a)		0.30		0.38		0.33		0.25		0.19		0.15
Net gain (loss) on investments (both realized and unrealized)		(2.17	)	1.30		3.09		1.40		1.83		2.78
Total from investment operations		(1.87	)	1.68		3.42		1.65		2.02		2.93
Less Distributions
Net investment income		—		(0.47	)	(0.41	)	(0.28	)	(0.24	)	(0.18	)
Net realized gain		—		(0.42	)	(0.26	)	(0.08	)	—		—
Total distributions		—		(0.89	)	(0.67	)	(0.36	)	(0.24	)	(0.18	)
Net asset value, end of period	$	15.24		17.11		16.32		13.57		12.28		10.50
Total Return (b)		(10.93	)%	10.04	%	25.20	%(d)	13.44	%	19.26	%	37.84	%
Net assets, end of period (millions)	$	345.4		394.5		366.6		292.6		253.6		203.7
Ratios to average net assets assuming expense reductions
Expenses		0.71	%(c)	0.71	%	0.72	%	0.74	%	0.75	%	0.75	%
Net investment income		3.80	%(c)	2.19	%	2.16	%	1.98	%	1.76	%	1.75	%
Ratios to average net assets absent expense reductions
Expenses		0.71	%(c)	0.71	%	0.72	%	0.74	%	0.77	%	0.77	%
Net investment income		3.80	%(c)	2.19	%	2.16	%	1.98	%	1.74	%	1.73	%
Portfolio turnover rate		7	%(c)	6	%	3	%	3	%	4	%	5	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(c) Determined on an annualized basis.

(d) Based upon net asset value of $16.32, as of December 31, 2006 (as calculated for financial reporting purposes, taking into account transactions that occurred on December 29, 2006 and the subsequent fair valuation of the equity securities). For shareholder purchases and redemptions on December 29, 2006, the net asset value was $16.35, which caused the total return for the year ended December 31, 2006 to be equivalent to 25.43%.

See accompanying notes to financial statements.

86

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,
				2007		2006		2005		2004		2003
Net asset value, beginning of period	$	13.33		12.96		11.96		11.87		11.30		9.82
Income from Investment Operations
Net investment income (a)		0.12		0.36		0.33		0.31		0.31		0.27
Net gain (loss) on investments (both realized and unrealized)		(1.03	)	0.39		0.98		0.06		0.50		1.51
Total from investment operations		(0.91	)	0.75		1.31		0.37		0.81		1.78
Less Distributions
Net investment income		—		(0.34	)	(0.31	)	(0.28	)	(0.23	)	(0.27	)
Net realized gain		—		(0.04	)	—		—		(0.01	)	(0.03	)
Total distributions		—		(0.38	)	(0.31	)	(0.28	)	(0.24	)	(0.30	)
Net asset value, end of period	$	12.42		13.33		12.96		11.96		11.87		11.30
Total Return (b)		(6.83	)%	5.73	%	11.03	%	3.22	%	7.26	%	18.30	%
Net assets, end of period (millions)	$	88.8		98.5		96.5		89.1		84.0		70.3
Ratios to average net assets assuming expense reductions
Expenses (c)		0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
Net investment income		1.83	%(d)	2.71	%	2.68	%	2.63	%	2.69	%	2.55	%
Ratios to average net assets absent expense reductions
Expenses (c)		0.04	%(d)	0.07	%	0.06	%	0.08	%	0.05	%	0.06	%
Net investment income		1.79	%(d)	2.64	%	2.62	%	2.55	%	2.64	%	2.49	%
Portfolio turnover rate		2	%(d)	3	%	3	%	1	%	0	%	1	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

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

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

87

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,
				2007		2006		2005		2004		2003
Net asset value, beginning of period	$	10.08		9.92		9.94		10.27		10.46		10.50
Income from Investment Operations
Net investment income		0.23		0.46		0.44		0.43		0.44		0.46
Net gain (loss) on investments (both realized and unrealized)		(0.08	)	0.16		(0.02	)	(0.33	)	(0.19	)	(0.03	)
Total from investment operations		0.15		0.62		0.42		0.10		0.25		0.43
Less Distributions
Net investment income		(0.23	)	(0.46	)	(0.44	)	(0.43	)	(0.44	)	(0.46	)
Net realized gain		—		—		—		—		—		(0.01	)
Total distributions		(0.23	)	(0.46	)	(0.44	)	(0.43	)	(0.44	)	(0.47	)
Net asset value, end of period	$	10.00		10.08		9.92		9.94		10.27		10.46
Total Return (a)		1.47	%	6.37	%	4.34	%	1.02	%	2.40	%	4.08	%
Net assets, end of period (millions)	$	188.5		190.3		178.5		169.8		176.9		162.2
Ratios to average net assets
Expenses		0.56	%(b)	0.58	%(c)	0.57	%	0.57	%	0.55	%	0.56	%
Net investment income		4.55	%(b)	4.59	%	4.46	%	4.28	%	4.22	%	4.35	%
Portfolio turnover rate		9	%(b)	17	%	19	%	16	%	10	%	9	%

(a) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(b) Determined on an annualized basis.

(c) The effect of expense reimbursements is less than 0.005%.

See accompanying notes to financial statements.

88

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2008 (Unaudited)			Year ended December 31,
				2007		2006		2005		2004		2003
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		0.05		0.04		0.03		0.01		0.01
Total from investment operations		0.01		0.05		0.04		0.03		0.01		0.01
Less Distributions
Net investment income		(0.01	)	(0.05	)	(0.04	)	(0.03	)	(0.01	)	(0.01	)
Total distributions		(0.01	)	(0.05	)	(0.04	)	(0.03	)	(0.01	)	(0.01	)
Net asset value, end of period	$	1.00		1.00		1.00		1.00		1.00		1.00
Total Return (a)		1.26	%	4.77	%	4.59	%	2.74	%	0.87	%	0.67	%
Net assets, end of period (millions)	$	51.6		49.8		48.1		43.9		55.9		55.1
Ratios to average net assets assuming expense reductions
Expenses		0.49	%(b)	0.50	%	0.50	%	0.50	%	0.48	%	0.48	%
Net investment income		2.51	%(b)	4.67	%	4.51	%	2.66	%	0.87	%	0.67	%
Ratios to average net assets absent expense reductions
Expenses		0.49	%(b)	0.55	%	0.54	%	0.54	%	0.48	%	0.48	%
Net investment income		2.51	%(b)	4.62	%	4.47	%	2.62	%	0.87	%	0.67	%

(a) Total return is not annualized for periods that are less than a full year. Effective for the year ended December 31, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the year ended December 31, 2007, used net asset values as calculated for financial reporting purposes.

(b) Determined on an annualized basis.

See accompanying notes to financial statements.

89

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.

(a) The information is included as part of the report to shareholders under Item 1 of this Form N-CSR.

(b) Not applicable.

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 Investment Company Act of 1940 (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 Securities Exchange Act of 1934 (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 Securities Exchange Act of 1934 (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 8/26/2008

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 8/26/2008
By	/s/ Michael L. Tipsord
	Michael L. Tipsord
	Senior Vice President and Treasurer
Date 8/26/2008