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	61791-0001
(Address of principal executive offices)	(Zip code)
Michael L. Tipsord One State Farm Plaza Bloomington, Illinois 61710-0001	Alan Goldberg
	K&L Gates 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: 12/31/2011

Date of reporting period: 06/30/2011

ITEM 1. REPORTS TO STOCKHOLDERS.

June 30, 2011

State Farm Variable Product Trust

SEMI - ANNUAL REPORT

Large Cap Equity Fund

Small/Mid Cap Equity Fund

International Equity Fund

Large Cap Equity Index Fund

Small Cap Equity Index Fund

International Equity Index Fund

Stock and Bond Balanced Fund

Bond Fund

Money Market Fund

Table of Contents
Message to Variable Product Customers	1
Portfolio Summary	3
Expense Example	6
Board Approval of Investment Advisory and Sub-Advisory Agreements	8
Schedule of Investments
Large Cap Equity Fund	11
Small/Mid Cap Equity Fund	13
International Equity Fund	16
Large Cap Equity Index Fund	19
Small Cap Equity Index Fund	25
International Equity Index Fund	45
Stock and Bond Balanced Fund	56
Bond Fund	57
Money Market Fund	61
Financial Statements
Statements of Assets and Liabilities	62
Statements of Operations	64
Statements of Changes in Net Assets	66
Notes to Financial Statements	70
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.

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

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

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. Contact State Farm VP Management Corp. (1-888-702-2307) for a prospectus containing this and other information. Read it carefully.

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, 2011 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 Fund(s) 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

U.S. equity markets, including large cap stocks (as represented by the S&P 500^® Index¹) and small cap stocks (as represented by the Russell 2000^® Index²), generated total returns of 6.02% and 6.21%, respectively, for the 6-month period ended June 30, 2011. During this time period, the market environment was choppy given many prominent events that occurred during the period. Among these events were a major earthquake, tsunami, and nuclear crisis in Japan, political upheaval in the Middle East and North Africa, ongoing fiscal difficulties in several European countries, and increasing inflation in some important developing markets, particularly countries whose local inflation is heavily influenced by food and energy prices. Despite these challenges, corporate earnings generally improved during the 6-month reporting period ended June 30, 2011. In addition, the Federal Reserve maintained an accommodative monetary policy by leaving the Fed Funds Rate unchanged in a target range of 0% to 0.25%, where it remained for the entire 6-month period ended June 30, 2011. However, during the month of May 2011, U.S. stock indexes suffered their worst monthly declines since August 2010, as numerous factors converged to weigh on investor sentiment. Signs of slowing global economic growth, tighter monetary policy to control inflation in fast-growing emerging markets, the approaching end of the Federal Reserve’s quantitative easing program (i.e.: “QE2”), and the threat of contagion from the euro zone’s unresolved debt crisis were among the concerns that led investors to favor lower-risk assets during the month. U.S. equity markets also posted declines in the month of June, but rebounded somewhat towards the last part of the month to end the 6-month period through June 30, 2011 in positive territory as noted above.

International equities markets, as represented by the MSCI EAFE^® Free Index and the MSCI All Country World Index (ACWI) ex-U.S. Index, also posted positive total returns of 4.98% and 3.80%, respectively, in U.S. dollar terms for the 6-month period ended June 30, 2011. Within the MSCI EAFE Free Index, developed European markets like Ireland, France and Germany were among the strongest performing markets, gaining 17.20%, 15.54% and 14.21%, respectively, in U.S. dollar terms during the period. Stock market performance in emerging market countries posted marginal gains during the period with the MSCI Emerging Markets Index posting a total return of 0.88% in U.S. dollar terms.³

Concerns over slowing U.S. economic growth and the ongoing European debt crisis lifted the demand for the relatively safe haven of U.S. Treasuries, especially later in the reporting period. Over the entire 6-month reporting period, the yield on 10-year U.S. Treasuries rose from 3.30% on January 3, 2011 to a high of 3.75% on February 8, 2011, before falling 57 basis points to end at 3.18% on June 30, 2011. Short-term yields remained low, with 3-month U.S. Treasury yields falling 9 basis points from 0.12% on January 3, 2011 to 0.03% on

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. The MSCI All Country World Index (ex-U.S.) (MSCI ACWI ex-U.S. Index) is a free float adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the United States. As of June 30, 2011, the MSCI ACWI ex-U.S. Index consisted of 44 developed and emerging market country indices. The Morgan Stanley Capital International Emerging Markets Index is a float-adjusted market capitalization index designed to measure equity market performance in global emerging markets. 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.

1

Message to Variable Product Customers (continued)

June 30, 2011.⁴ Among major fixed income indices, the Barclays Capital U.S. Government/Credit Intermediate Index⁵ posted a total return of 2.47% over the 6-month period ended June 30, 2011.

Look for a detailed discussion of factors that impacted the performance of the Funds during the time frame of January 1, 2011 through December 31, 2011 in the State Farm Variable Product Trust Annual Report.⁶

Sincerely,

Joe Monk

Senior Vice President

State Farm Investment Management Corp.

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

⁵  Source: Barclays Capital Inc. The Barclays Capital U.S. 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.

⁶  Investing involves risk, including potential for loss.

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Portfolio Summary

State Farm Variable Product Trust Large Cap Equity Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Variable Product Trust Small/Mid Cap Equity Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Variable Product Trust International Equity Fund

Fund Composition*

(unaudited)

* Based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 14 other countries each of which represents less than 2.50% of net assets.

3

Portfolio Summary (continued)

State Farm Variable Product Trust Large Cap Equity Index Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Variable Product Trust Small Cap Equity Index Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Variable Product Trust International Equity Index Fund

Fund Composition*

(unaudited)

* Based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 11 other countries each of which represents less than 2.50% of net assets.

4

Portfolio Summary (continued)

State Farm Variable Product Trust Stock and Bond Balanced Fund

Fund Composition*

(unaudited)

* Illustrated by type of security and based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Variable Product Trust Bond Fund

Fund Composition*

(unaudited)

* Illustrated by type of security and based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Variable Product Trust Money Market Fund

Fund Composition*

(unaudited)

* Illustrated by type of security and based on total net assets as of June 30, 2011. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

5

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, 2011	Ending Account Value June 30, 2011	Annualized Expense Ratio Based on the Period January 1, 2011 to June 30, 2011	Expenses Paid During Period January 1, 2011 to June 30, 20112
Large Cap Equity Fund
Actual	1,000.00	1,071.14	0.70%	3.59
Hypothetical (5% return before expenses)	1,000.00	1,021.32	0.70%	3.51
Small/Mid Cap Equity Fund
Actual	1,000.00	1,095.43	0.90%	4.68
Hypothetical (5% return before expenses)	1,000.00	1,020.33	0.90%	4.51
International Equity Fund
Actual	1,000.00	1,031.79	1.00%	5.04
Hypothetical (5% return before expenses)	1,000.00	1,019.84	1.00%	5.01
Large Cap Equity Index Fund4
Actual	1,000.00	1,059.20	0.31%	1.58
Hypothetical (5% return before expenses)	1,000.00	1,023.26	0.31%	1.56
Small Cap Equity Index Fund
Actual	1,000.00	1,060.99	0.50%	2.56
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.50%	2.51
International Equity Index Fund
Actual	1,000.00	1,053.10	0.68%	3.46
Hypothetical (5% return before expenses)	1,000.00	1,021.42	0.68%	3.41
Stock and Bond Balanced Fund3
Actual	1,000.00	1,046.11	0.42%	2.13
Hypothetical (5% return before expenses)	1,000.00	1,022.71	0.42%	2.11

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	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Annualized Expense Ratio Based on the Period January 1, 2011 to June 30, 2011	Expenses Paid During Period January 1, 2011 to June 30, 20112
Bond Fund
Actual	1,000.00	1,024.87	0.58%	2.91
Hypothetical (5% return before expenses)	1,000.00	1,021.92	0.58%	2.91
Money Market Fund
Actual	1,000.00	1,000.00	0.14%	0.69
Hypothetical (5% return before expenses)	1,000.00	1,024.10	0.14%	0.70

¹  This expense example reflects only the underlying Fund fees. As an owner of an interest in an Account, you do not directly own shares of an underlying Fund. Instead, you allocate premiums to a subaccount of the Account and the subaccount invests in a corresponding Fund of the State Farm Variable Product Trust. Your ownership interest in an Account also is subject to contract level fees and expenses that are not included in this expense example.

²  Expenses are equal to the Fund’s annualized expense ratio (provided in the table), multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).

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.

⁴  Restated Expense Example Table for Large Cap Equity Index Fund. On June 17, 2011, State Farm Variable Product Trust’s Board of Trustees approved reducing the management fee for the Large Cap Equity Index Fund from 0.26% to 0.24% of the Fund’s average daily net assets effective September 1, 2011. The example below reflects those changes as if they had been in effect throughout the entire period January 1, 2011 to June 30, 2011:

Large Cap Equity Index Fund

	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Annualized Expense Ratio Based on the Period January 1, 2011 to June 30, 2011	Expenses Paid During Period January 1, 2011 to June 30, 2011*
Actual	1,000.00	1,059.20	0.29%	1.48
Hypothetical (5% return before expenses)	1,000.00	1,023.36	0.29%	1.45

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

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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 17, 2011, 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 an amendment to the Advisory Agreement reducing SFIMC’s investment advisory and management services fee for the Large Cap Equity Index Fund, (iii) to approve continuation of, and an amendment to, the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust, and BlackRock Fund Advisors (“BlackRock”) with respect to the Large Cap Equity Index Fund, the Small Cap Equity Index Fund and the International Equity Index Fund, (iv) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Westwood Management Corp. (“Westwood”) with respect to the Large Cap Equity Fund, (v) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Marsico Capital Management, LLC (“Marsico”) with respect to the International Equity Fund, (vi) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Northern Cross, LLC (“Northern Cross”) with respect to the International Equity Fund, (vii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Bridgeway Capital Management, Inc. (“Bridgeway”) with respect to the Small/Mid Cap Equity Fund and the Large Cap Equity Fund, and (viii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Variable Product Trust and Rainier Investment Management, Inc. (“Rainier”) with respect to the Small/Mid Cap Equity Fund. Together the sub-advisory agreements between SFIMC and BlackRock, Westwood, Marsico, Northern Cross, Bridgeway and Rainier will be referred to as the “Sub-Advisory Agreements.”

The amendment to the Advisory Agreement approved by the Board and the amendment to the sub-advisory agreement between SFIMC, Variable Product Trust and BlackRock (the “BlackRock Sub-Advisory Agreement”) approved by the Board both related to the Large Cap Equity Index Fund. Prior to June 17th, BlackRock had agreed to reduce its sub-advisory fee for the Large Cap Equity Index Fund, and the amended BlackRock Sub-Advisory Agreement reflects this fee reduction. The amendment to the Advisory Agreement reflects a reduction in the investment advisory and management services fee SFIMC charges to the Large Cap Equity Index Fund from 0.26% of average daily net assets to 0.24% of average daily net assets. SFIMC proposed the decrease in the investment advisory and management services fee to the Board to correspond to the lower sub-advisory fee SFIMC negotiated with BlackRock. These amendments are scheduled to become effective September 1, 2011.

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	Westwood and Bridgeway
Small/Mid Cap Equity Fund	Bridgeway and Rainier
International Equity Fund	Marsico and Northern Cross
Large Cap Equity Index Fund	BlackRock
Small Cap Equity Index Fund	BlackRock
International Equity Index Fund	BlackRock

Prior to the June 17, 2011 meeting, independent legal counsel to the Independent Trustees had sent to BlackRock, Westwood, Marsico, Northern Cross, Bridgeway and Rainier (collectively the “Sub-Advisers”) and to SFIMC a request for information to be provided to the Board prior to the Board’s consideration of continuing the Advisory Agreement and the Sub-Advisory Agreements. The Sub-Advisers and SFIMC provided materials to the Board responding to those requests during the first quarter of the year. SFIMC subsequently provided the Board with additional information that SFIMC believed would be useful to the Board in evaluating whether to approve continuation of the Advisory Agreement and the Sub-Advisory Agreements. Prior to the June 17th meeting, the Board also received a report prepared by Strategic Insight, an independent fund tracking organization (the “Strategic Insight Report”), relating to the performance and expenses of the Funds. In addition, the Board received and reviewed a memorandum from legal counsel to Variable Product Trust and its Independent Trustees regarding their responsibilities (particularly the Independent Trustees’ responsibilities) in considering continuation of the Advisory and Sub-Advisory Agreements.

The Independent Trustees of Variable Product Trust reviewed these materials at meetings held on March 18, 2011 and May 23, 2011, during which SFIMC management responded to specific questions from the Independent Trustees and provided follow-up information. The Independent Trustees discussed all of this material extensively among themselves and with their independent legal counsel, and

8

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 continuation of the agreements are discussed separately below.

Investment Performance

The Board considered each Fund’s investment performance. Among other things, the Board examined the performance of each Fund over various time periods as compared to the performance of one or more benchmark indexes including the appropriate Morningstar Category Average composite index, which includes all open-end funds within that category as assigned by Morningstar, Inc., without exclusions.

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 their benchmark indexes, excluding Fund expenses, and concluded that the performance of these three Funds over the periods reviewed was acceptable.

The Board considered the performance of the Large Cap Equity Fund, Small/Mid Cap Equity Fund and the International Equity Fund, including as compared to applicable benchmarks. SFIMC management explained to the Board that the Large Cap Equity Fund and Small/Mid Cap Equity Fund’s relative performance lagged during the three-, five- or ten-year time periods ending March 31, 2011, but had shown signs of improvement in the most recent one-year or quarterly time periods. SFIMC explained that the underperformance of these Funds over these time frames resulted from the market environment generally rewarding investors in low-quality, high-risk securities, an investment strategy not generally followed by these Funds. However, the Board concluded that the performance of these three Funds over the periods reviewed was acceptable.

The Board reviewed the performance of the Bond Fund, the Money Market Fund and the Stock and Bond Balanced Fund. The Strategic Insight Report indicated that the overall recent performance of those Funds was competitive with each Fund’s benchmark and/or index. After extensive discussion of this and other performance information, the Board concluded that the investment performance of these Funds over the periods reviewed was acceptable.

Fees and Expenses

The Board examined the fee structure and expense ratio of each Fund, including in comparison to a peer group of funds with comparable investment objectives, investment strategies, asset size and load structures, as well as the proposed reduced fee structure relating to the Large Cap Equity Index Fund. SFIMC management explained that to maintain a stable $1.00/share net asset value for the Money Market Fund, SFIMC has continued waiving fees it is entitled to receive from that Fund. SFIMC management also 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 also took note that SFIMC did not manage any institutional client, and that it only manages the Funds, and the funds of other State Farm-sponsored mutual funds. 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 (or loss) was calculated. The Board concluded that the advisory and sub-advisory fees (including the proposed fee reduction for the Large Cap Equity Index Fund) which directly or indirectly are part of each Fund’s fee structure and expense ratio, were reasonable.

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

Nature, Extent and Quality of Services

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

9

Economies of Scale/Other Benefits

Economies of scale for the benefit of Fund shareholders can occur when there are reductions in the levels of the investment advisory fee payable by the Fund as a Fund increases in size (an arrangement commonly known as “breakpoints”) or when a Fund’s fixed costs are spread over a larger asset base. Economies of scale for the benefit of Fund shareholders result in a decrease in a Fund’s expenses per unit, such as per dollar invested. Because SFIMC’s investment advisory fees charged to the Funds within Variable Product Trust currently do not include breakpoints and because SFIMC management currently does not anticipate a significant increase in the amount of assets of any Fund, economies of scale for the benefit of Fund shareholders was not a significant factor in the Board’s decision to approve continuation of the Advisory Agreement or the Sub-Advisory Agreements. SFIMC management does not anticipate significant increases in the Funds’ assets because State Farm currently is not selling new variable insurance policies, the separate accounts of which invest in the Funds. Any potential future growth of Fund assets could result from market appreciation of the Funds’ assets, existing State Farm variable insurance policyholders’ making additional or new contributions into those policies and/or State Farm beginning to market new variable insurance policies that utilize the Funds as underlying investment options.

The Board next discussed whether SFIMC or a Sub-Adviser derives any other direct or indirect benefits from serving as investment adviser or investment sub-adviser to the Funds. SFIMC indicated to the Board that it was not aware of any ancillary or other benefits (other than fees) that these organizations (and each organization’s respective affiliates, if any) receive for providing various services to 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:

• Amendment to the Advisory Agreement, to be effective September 1, 2011,

• Continuation of the Advisory Agreement for all Funds through June 30, 2012,

• Amendment to the BlackRock Sub-Advisory Agreement, to be effective September 1, 2011, and

• Continuation of each Sub-Advisory Agreement through June 30, 2012.

10

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (98.03%)
Consumer Discretionary (12.87%)
Advance Auto Parts Inc.		3,100	$	181,319
AutoZone Inc. (a)		800		235,880
Bed Bath & Beyond Inc. (a)		2,800		163,436
CBS Corp. Class B		7,400		210,826
Coach Inc.		4,500		287,685
Comcast Corp. Class A		16,300		413,042
Ford Motor Co. (a)		10,100		139,279
GAP Inc., The		8,700		157,470
General Motors Co. (a)		11,600		352,176
International Game Technology		5,800		101,964
Limited Brands Inc.		2,400		92,280
McDonald’s Corp.		2,600		219,232
Netflix Inc. (a)		1,000		262,690
Priceline.com Inc. (a)		600		307,158
Ross Stores Inc.		4,500		360,540
Starbucks Corp.		5,200		205,348
Target Corp.		3,400		159,494
TJX Companies Inc.		1,900		99,807
TRW Automotive Holdings Corp. (a)		4,500		265,635
Viacom Inc. Class B		4,700		239,700
Walt Disney Co., The		9,300		363,072
Wynn Resorts Ltd.		1,400		200,956
				5,018,989
Consumer Staples (7.65%)
Brown-Forman Corp. Class B		2,800		209,132
Coca-Cola Enterprises Inc.		4,800		140,064
Colgate-Palmolive Co.		2,100		183,561
CVS Caremark Corp.		15,400		578,732
Dr. Pepper Snapple Group Inc.		4,600		192,878
Estee Lauder Companies Inc. Class A, The		2,100		220,899
Green Mountain Coffee Roasters Inc. (a)		1,700		151,742
Philip Morris International Inc.		5,700		380,589
Procter & Gamble Co., The		2,800		177,996
Sysco Corp.		5,300		165,254
Wal-Mart Stores Inc.		11,000		584,540
				2,985,387
Energy (11.78%)
Alpha Natural Resources Inc. (a)		2,200		99,968
Anadarko Petroleum Corp.		5,300		406,828
Apache Corp.		3,300		407,187
Chevron Corp.		5,700		586,188
Cimarex Energy Co.		1,400		125,888
ConocoPhillips		2,800		210,532
Diamond Offshore Drilling Inc.		2,100		147,861
El Paso Corp.		5,500		111,100
EQT Corp.		7,900		414,908
Exxon Mobil Corp.		7,200		585,936
Halliburton Co.		5,100		260,100
Nabors Industries Ltd. (a)		4,700		115,808
Newfield Exploration Co. (a)		2,800		190,456
Occidental Petroleum Corp.		3,700		384,948
SM Energy Co.		1,500		110,220

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Southwestern Energy Co. (a)		5,700	$	244,416
Williams Companies Inc., The		6,300		190,575
				4,592,919
Financials (12.28%)
ACE Ltd.		5,600		368,592
Aflac Inc.		9,600		448,128
Allstate Corp., The		6,000		183,180
Ameriprise Financial Inc.		3,100		178,808
Axis Capital Holdings Ltd.		2,700		83,592
Bank of America Corp.		32,100		351,816
CIT Group Inc. (a)		4,600		203,596
Franklin Resources Inc.		4,800		630,192
JPMorgan Chase & Co.		13,500		552,690
MetLife Inc.		12,800		561,536
Moody’s Corp.		4,500		172,575
Travelers Companies Inc., The		6,600		385,308
Wells Fargo & Co.		23,800		667,828
				4,787,841
Health Care (11.71%)
Abbott Laboratories		7,300		384,126
Allergan Inc.		2,800		233,100
AmerisourceBergen Corp.		5,700		235,980
Becton, Dickinson and Co.		2,300		198,191
Bristol-Myers Squibb Co.		13,371		387,224
Covidien PLC		7,200		383,256
CR Bard Inc.		2,100		230,706
DaVita Inc. (a)		1,200		103,932
Intuitive Surgical Inc. (a)		300		111,633
Johnson & Johnson		11,100		738,372
Medtronic Inc.		4,100		157,973
Merck & Co. Inc.		6,200		218,798
Pfizer Inc.		28,600		589,160
Quest Diagnostics Inc.		3,200		189,120
Teva Pharmaceutical Industries Ltd. Sponsored ADR		8,400		405,048
				4,566,619
Industrials (11.45%)
3M Co.		2,100		199,185
Boeing Co., The		6,900		510,117
CSX Corp.		7,400		194,028
Cummins Inc.		1,900		196,631
Deere & Co.		2,300		189,635
General Dynamics Corp.		2,400		178,848
General Electric Co.		10,400		196,144
Honeywell International Inc.		6,600		393,294
ITT Corp.		6,900		406,617
Lockheed Martin Corp.		2,500		202,425
Northrop Grumman Corp.		2,700		187,245
Raytheon Co.		6,800		338,980
Thomas & Betts Corp. (a)		4,100		220,785
Tyco International Ltd.		3,800		187,834
Union Pacific Corp.		5,900		615,960

See accompanying notes to financial statements. 11

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
WW Grainger Inc.		1,600	$	245,840
				4,463,568
Information Technology (19.81%)
Altera Corp.		4,700		217,845
Apple Inc. (a)		1,400		469,938
Arrow Electronics Inc. (a)		6,700		278,050
Atmel Corp. (a)		20,700		291,249
Cisco Systems Inc.		8,500		132,685
Cognizant Technology Solutions Corp. Class A (a)		2,500		183,350
Corning Inc.		9,600		174,240
Dell Inc. (a)		37,000		616,790
F5 Networks Inc. (a)		3,400		374,850
First Solar Inc. (a)		1,400		185,178
Google Inc. Class A (a)		450		227,871
Hewlett-Packard Co.		3,800		138,320
Intel Corp.		18,700		414,392
International Business Machines Corp.		4,200		720,510
JDS Uniphase Corp. (a)		11,100		184,926
Lam Research Corp. (a)		2,800		123,984
Linear Technology Corp.		2,900		95,758
MasterCard Inc. Class A		800		241,072
Microsoft Corp.		21,200		551,200
NetApp Inc. (a)		3,300		174,174
Oracle Corp.		6,800		223,788
Red Hat Inc. (a)		4,100		188,190
SanDisk Corp. (a)		5,600		232,400
TE Connectivity Ltd.		11,100		408,036
Visa Inc. Class A		2,100		176,946
VMware Inc. Class A (a)		2,900		290,667
Western Union Co.		9,200		184,276
Xilinx Inc.		6,200		226,114
				7,726,799
Materials (5.10%)
Alcoa Inc.		8,500		134,810
Ashland Inc.		2,100		135,702
Crown Holdings Inc. (a)		5,000		194,100
Dow Chemical Co., The		9,900		356,400
E.I. du Pont de Nemours & Co.		6,800		367,540
Freeport-McMoRan Copper & Gold Inc.		5,000		264,500
International Paper Co.		6,500		193,830
Newmont Mining Corp.		2,600		140,322
Sherwin-Williams Co., The		2,400		201,288
				1,988,492
Telecommunication Services (2.33%)
AT&T Inc.		19,300		606,213
MetroPCS Communications Inc. (a)		17,500		301,175
				907,388
Utilities (3.05%)
American Electric Power Company Inc.		10,500		395,640

	Shares		Value
Common Stocks (Cont.)
Utilities (Cont.)
Dominion Resources Inc.		8,700	$	419,949
Sempra Energy		7,100		375,448
				1,191,037
Total Common Stocks
(cost $32,849,984)				38,229,039
Short-term Investments (1.92%)
JPMorgan U.S. Government Money Market Fund		751,382		751,382
Total Short-term Investments
(cost $751,382)				751,382
TOTAL INVESTMENTS (99.95%)
(cost $33,601,366)				38,980,421
OTHER ASSETS, NET OF LIABILITIES (0.05%)				17,619
NET ASSETS (100.00%)			$	38,998,040

(a) Non-income producing security.

ADR - American Depository Receipt

12 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (98.87%)
Consumer Discretionary (14.25%)
Abercrombie & Fitch Co. Class A		2,290	$	153,247
Blyth Inc.		3,400		171,190
Cinemark Holdings Inc.		5,700		118,047
Cost Plus Inc. (a)		20,100		201,000
Dick’s Sporting Goods Inc. (a)		4,470		171,872
Dillard’s Inc. Class A		5,200		271,128
Discovery Communications Inc. Class A (a)		6,610		270,746
Fossil Inc. (a)		1,140		134,201
Gentex Corp.		7,460		225,516
GNC Acquisition Holdings Inc. Class A (a)		12,000		261,720
Jarden Corp.		6,120		211,201
Macy’s Inc.		11,840		346,202
MarineMax Inc. (a)		16,100		141,036
Marriott International Inc. Class A		6,510		231,040
Modine Manufacturing Co. (a)		9,400		144,478
Nordstrom Inc.		5,190		243,619
Pep Boys-Manny, Moe & Jack, The		11,200		122,416
Pier 1 Imports Inc. (a)		21,400		247,598
Polo Ralph Lauren Corp.		1,820		241,350
Priceline.com Inc. (a)		250		127,982
Saga Communications Inc. Class A (a)		6,400		236,800
Sally Beauty Holdings Inc. (a)		15,800		270,180
Scripps Networks Interactive Class A		3,240		158,371
Signet Jewelers Ltd. (a)		4,270		199,879
Sinclair Broadcast Group Inc. Class A		25,900		284,382
Tiffany & Co.		2,070		162,536
Town Sports International Holdings Inc. (a)		15,100		114,911
Tractor Supply Co.		1,630		109,014
TRW Automotive Holdings Corp. (a)		2,240		132,227
Under Armour Inc. Class A (a)		1,710		132,200
Valassis Communications Inc. (a)		5,100		154,530
ValueVision Media Inc. Class A (a)		32,700		250,155
Warnaco Group Inc., The (a)		2,000		104,500
				6,345,274
Consumer Staples (3.84%)
Church & Dwight Co. Inc.		3,600		145,944
Coca-Cola Enterprises Inc.		3,640		106,215
Corn Products International Inc.		3,120		172,474
Craft Brewers Alliance Inc. (a)		16,300		140,343
Darling International Inc. (a)		9,810		173,637
Fresh Del Monte Produce Inc.		5,900		157,353
Hansen Natural Corp. (a)		3,380		273,611
Omega Protein Corp. (a)		12,000		165,600
Pantry Inc., The (a)		8,600		161,594
Ruddick Corp.		4,900		213,346
				1,710,117
Energy (8.89%)
Complete Production Services Inc. (a)		6,400		213,504
Concho Resources Inc. (a)		4,065		373,370
Energy XXI (Bermuda) Ltd. (a)		8,510		282,702

	Shares		Value
Common Stocks (Cont.)
Energy (cont.)
Ensco PLC Sponsored ADR		7,260	$	386,958
Hercules Offshore Inc. (a)		71,500		393,965
Key Energy Services Inc. (a)		16,430		295,740
Knightsbridge Tankers Ltd.		9,100		200,473
McDermott International Inc. (a)		9,070		179,677
Petroleum Development Corp. (a)		4,900		146,559
Pioneer Drilling Co. (a)		16,700		254,508
Pioneer Natural Resources Co.		4,870		436,206
Plains Exploration & Production Co. (a)		4,250		162,010
SM Energy Co.		2,970		218,236
Swift Energy Co. (a)		3,100		115,537
Unit Corp. (a)		3,100		188,883
Westmoreland Coal Co. (a)		6,400		113,600
				3,961,928
Financials (23.69%)
Advance America Cash Advance Centers Inc.		36,100		248,729
Affiliated Managers Group Inc. (a)		3,380		342,901
Ameriprise Financial Inc.		8,430		486,242
AmTrust Financial Services Inc.		11,300		257,414
Argo Group International Holdings Ltd.		4,900		145,628
ARMOUR Residential REIT Inc.		28,100		206,535
BancFirst Corp.		2,600		100,360
Bancorp Inc., The (a)		11,100		115,995
BioMed Realty Trust Inc.		10,930		210,293
Calamos Asset Management Inc. Class A		6,700		97,284
Cardinal Financial Corp.		16,400		179,580
CB Richard Ellis Group Inc. Class A (a)		16,540		415,319
City Holding Co.		5,900		194,877
CNO Financial Group Inc. (a)		28,600		226,226
Employers Holdings Inc.		14,100		236,457
ESSA Bancorp Inc.		13,100		162,702
EZCORP Inc. Class A (a)		9,100		323,732
First Industrial Realty Trust Inc. (a)		33,700		385,865
First Niagara Financial Group Inc.		12,440		164,208
Franklin Resources Inc.		2,620		343,980
Gramercy Capital Corp. (a)		46,300		140,289
Harleysville Group Inc.		5,800		180,786
Host Hotels & Resorts Inc.		11,220		190,179
Infinity Property & Casualty Corp.		3,600		196,776
Interactive Brokers Group Inc. Class A		10,000		156,500
IntercontinentalExchange Inc. (a)		2,000		249,420
iStar Financial Inc. (a)		24,300		197,073
Jones Lang LaSalle Inc.		1,820		171,626
Meadowbrook Insurance Group Inc.		15,900		157,569
Merchants Bancshares Inc.		2,200		53,834
MPG Office Trust Inc. (a)		57,200		163,592
MSCI Inc. Class A (a)		1,740		65,563
Nelnet Inc. Class A		7,900		174,274
Newcastle Investment Corp.		31,500		182,070
Ocwen Financial Corp. (a)		13,900		177,364
One Liberty Properties Inc.		20,763		320,581
ProAssurance Corp. (a)		2,700		189,000

See accompanying notes to financial statements. 13

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (cont.)
Raymond James Financial Inc.		8,340	$	268,131
Republic Bancorp Inc. Class A		4,400		87,560
Retail Opportunity Investments Corp.		18,400		197,984
RLI Corp.		2,600		160,992
Sabra Health Care REIT Inc.		5,300		88,563
Safety Insurance Group Inc.		6,000		252,240
Signature Bank (a)		3,900		223,080
Stifel Financial Corp. (a)		800		28,688
SVB Financial Group (a)		5,190		309,895
United Community Banks Inc. (a)		13,140		138,758
United Financial Bancorp Inc.		11,700		180,531
Unitrin Inc.		7,300		216,591
Universal Insurance Holdings Inc.		18,400		85,928
Weingarten Realty Investors		5,021		126,328
Winthrop Realty Trust		13,000		155,220
World Acceptance Corp. (a)		3,400		222,938
				10,554,250
Health Care (8.61%)
Agilent Technologies Inc. (a)		5,270		269,350
Alexion Pharmaceuticals Inc. (a)		2,280		107,228
Allscripts Healthcare Solutions Inc. (a)		5,550		107,781
AmerisourceBergen Corp.		3,650		151,110
Cooper Companies Inc., The		1,830		145,009
Health Management Associates Inc. Class A (a)		9,080		97,882
Healthspring Inc. (a)		14,220		655,969
Hill-Rom Holdings Inc.		2,580		118,783
Intuitive Surgical Inc. (a)		500		186,055
Invacare Corp.		3,400		112,846
Kindred Healthcare Inc. (a)		8,700		186,789
Masimo Corp.		5,900		175,112
Medicines Co., The (a)		11,800		194,818
Mylan Inc. (a)		2,440		60,195
Perrigo Co.		3,140		275,912
PharMerica Corp. (a)		8,700		111,012
Shire PLC ADR		1,440		135,662
SXC Health Solutions Corp. (a)		3,240		190,901
Triple-S Management Corp. Class B (a)		5,300		115,169
U.S. Physical Therapy Inc.		4,600		113,758
United Therapeutics Corp. (a)		2,590		142,709
Valeant Pharmaceuticals International Inc.		3,460		179,782
				3,833,832
Industrials (16.19%)
Alaska Air Group Inc. (a)		4,020		275,209
AMERCO (a)		2,300		221,145
BE Aerospace Inc. (a)		7,530		307,299
Ceradyne Inc. (a)		8,100		315,819
Chicago Bridge & Iron Co. N.V. NY Reg. Shares		9,330		362,937
Cummins Inc.		1,450		150,060
Curtiss-Wright Corp.		4,000		129,480
Dover Corp.		1,550		105,090
Esterline Technologies Corp. (a)		3,500		267,400

	Shares		Value
Common Stocks (Cont.)
Industrials (cont.)
Expeditors International of
Washington Inc.		4,320	$	221,141
Genesee & Wyoming Inc. Class A (a)		1,570		92,065
Goodrich Corp.		1,750		167,125
Great Lakes Dredge & Dock Co.		25,200		140,616
II-VI Inc. (a)		4,280		109,568
International Shipholding Corp.		4,800		102,144
Joy Global Inc.		1,550		147,622
Kennametal Inc.		7,910		333,881
Layne Christensen Co. (a)		5,700		172,938
Lydall Inc. (a)		15,000		179,400
Manpower Inc.		3,150		168,998
MasTec Inc. (a)		13,000		256,360
MSC Industrial Direct Company Inc. Class A		4,800		318,288
Mueller Industries Inc.		6,200		235,042
Nordson Corp.		2,080		114,088
PACCAR Inc.		3,550		181,370
Precision Castparts Corp.		1,225		201,696
Republic Airways Holdings Inc. (a)		24,500		133,770
Rockwell Automation Inc.		3,230		280,235
SkyWest Inc.		8,200		123,492
Snap-on Inc.		3,110		194,313
Terex Corp. (a)		5,540		157,613
Timken Co., The		6,530		329,112
UniFirst Corp.		3,700		207,903
United Rentals Inc. (a)		3,900		99,060
US Airways Group Inc. (a)		19,200		171,072
WABCO Holdings Inc. (a)		3,440		237,566
				7,210,917
Information Technology (12.57%)
Alliance Data Systems Corp. (a)		3,180		299,143
Aruba Networks Inc. (a)		4,650		137,408
Autodesk Inc. (a)		6,290		242,794
Avago Technologies Ltd.		5,530		210,140
Broadcom Corp. Class A (a)		3,945		132,710
Brooks Automation Inc. (a)		13,600		147,696
CACI International Inc. Class A (a)		3,500		220,780
Check Point Software Technologies Ltd. (a)		4,645		264,066
Citrix Systems Inc. (a)		2,090		167,200
Cognizant Technology Solutions
Corp. Class A (a)		3,120		228,821
Coherent Inc. (a)		1,660		91,748
Cypress Semiconductor Corp. (a)		6,750		142,695
EMCORE Corp. (a)		90,200		247,148
F5 Networks Inc. (a)		1,740		191,835
Insight Enterprises Inc. (a)		10,900		193,039
Intuit Inc. (a)		3,770		195,512
Juniper Networks Inc. (a)		2,940		92,610
Lattice Semiconductor Corp. (a)		16,500		107,580
MICROS Systems Inc. (a)		2,730		135,708
NetApp Inc. (a)		3,370		177,869
Netlogic Microsystems Inc. (a)		4,090		165,318
OSI Systems Inc. (a)		5,300		227,900

14 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (cont.)
Photronics Inc. (a)		35,700	$	302,379
Polycom Inc. (a)		4,260		273,918
Red Hat Inc. (a)		2,130		97,767
Richardson Electronics Ltd.		26,000		353,340
Riverbed Technology Inc. (a)		4,250		168,258
Rovi Corp. (a)		1,570		90,055
TIBCO Software Inc. (a)		5,120		148,582
Trimble Navigation Ltd. (a)		3,670		145,479
				5,599,498
Materials (5.57%)
Albemarle Corp.		3,410		235,972
Allegheny Technologies Inc.		3,770		239,282
Arch Chemicals Inc.		5,200		179,088
CF Industries Holdings Inc.		1,290		182,754
FMC Corp.		2,450		210,749
Georgia Gulf Corp. (a)		4,000		96,560
International Flavors & Fragrances Inc.		2,440		156,746
Kaiser Aluminum Corp.		4,800		262,176
P. H. Glatfelter Co.		12,100		186,098
Quaker Chemical Corp.		4,900		210,749
Rock-Tenn Co. Class A		3,500		232,190
Rockwood Holdings Inc. (a)		840		46,444
Westlake Chemical Corp.		4,700		243,930
				2,482,738
Telecommunication Services (2.43%)
American Tower Corp. Class A (a)		3,620		189,326
General Communication Inc. Class A (a)		18,800		226,916
IDT Corp. Class B		10,800		291,816
SBA Communications Corp. Class A (a)		3,380		129,082
Vonage Holdings Corp. (a)		55,100		242,991
				1,080,131
Utilities (2.83%)
AES Corp., The (a)		31,390		399,909
Avista Corp.		5,300		136,157
Chesapeake Utilities Corp.		3,800		152,114
Cleco Corp.		2,500		87,125
El Paso Electric Co.		7,300		235,790
ITC Holdings Corp.		3,445		247,248
				1,258,343
Total Common Stocks
(cost $36,153,919)				44,037,028

	Shares		Value
Registered Investment Companies (0.67%)
Financials (0.67%)
Arlington Asset Investment Corp. Class A		6,100	$	191,479
Prospect Capital Corp.		10,600		107,166
				298,645
Total Registered Investment Companies
(cost $232,072)				298,645
Short-term Investments (0.77%)
JPMorgan U.S. Government Money Market Fund		343,454		343,454
Total Short-term Investments
(cost $343,454)				343,454
TOTAL INVESTMENTS (100.31%)
(cost $36,729,445)				44,679,127
LIABILITIES, NET OF OTHER ASSETS (-0.31%)				(136,103	)
NET ASSETS (100.00%)			$	44,543,024

(a) Non-income producing security.

ADR - American Depository Receipt

See accompanying notes to financial statements. 15

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (a) (94.56%)
Argentina (0.95%)
Arcos Dorados Holdings Inc. Class A		7,411	$	156,298
MercadoLibre Inc.		2,951		234,132
				390,430
Australia (1.08%)
BHP Billiton PLC		11,308		444,334
Austria (0.81%)
Erste Group Bank AG		6,340		332,046
Belgium (1.50%)
Anheuser-Busch InBev NV		10,588		614,500
Brazil (4.00%)
Anhanguera Educacional Participacoes SA		6,100		129,845
BR Malls Participacoes SA		25,100		287,082
Itau Unibanco Holding SA ADR		17,080		402,234
OGX Petroleo e Gas Participacoes SA (b)		87,700		819,878
				1,639,039
Canada (2.55%)
Canadian National Railway Co.		6,351		507,445
Imax Corp. (b)		3,290		106,695
Pacific Rubiales Energy Corp.		16,136		432,491
				1,046,631
China (3.47%)
Baidu Inc. Sponsored ADR (b)		1,567		219,584
China Life Insurance Co. Ltd. H		54,000		186,447
China Mobile Ltd.		31,000		288,603
China Pacific Insurance (Group) Company Ltd. H		8,200		34,119
PetroChina Company Ltd. H		166,000		243,389
SINA Corp. (b)		2,135		222,254
Youku.com Inc. Sponsored ADR (b)		6,677		229,355
				1,423,751
Denmark (3.59%)
A P Moller-Maersk A/S Class B		23		198,559
Novo Nordisk A/S Class B		8,618		1,079,657
Novozymes A/S B Shares		1,177		191,776
				1,469,992
France (10.73%)
Accor SA		2,725		121,910
AXA SA		14,732		334,419
BNP Paribas SA		7,111		548,322
Compagnie de Saint-Gobain		3,212		208,195
DANONE SA		4,916		366,993
Essilor International SA		1,155		93,715
JC Decaux SA (b)		6,500		208,581
L’Oreal SA		2,200		285,503
Pernod Ricard SA		6,201		611,580

	Shares		Value
Common Stocks (Cont.)
France (Cont.)
Publicis Groupe		4,041	$	225,585
Schneider Electric SA		5,922		988,806
Societe Generale		1,560		92,393
Unibail-Rodamco SE		1,353		312,612
				4,398,614
Germany (6.64%)
Adidas AG		2,709		214,774
Allianz SE Reg.		2,129		296,882
BASF SE		5,551		544,116
Commerzbank AG (b)		95,540		411,507
Daimler AG Registered Shares		3,416		257,606
Linde AG		2,746		481,776
Siemens AG Reg.		2,219		304,937
ThyssenKrupp AG		4,082		212,091
				2,723,689
Hong Kong (4.95%)
Cheung Kong Holdings Ltd.		23,000		337,756
China Unicom (Hong Kong) Ltd.		208,000		422,782
CNOOC Ltd.		96,000		226,117
Hang Lung Properties Ltd.		70,000		287,815
Hong Kong Exchanges & Clearing Ltd.		14,114		297,379
Li & Fung Ltd.		230,000		459,698
				2,031,547
India (0.82%)
ICICI Bank Ltd. Sponsored ADR		6,832		336,818
Ireland (0.22%)
CRH PLC		4,073		90,795
Italy (0.44%)
Eni SpA		7,600		180,112
Japan (11.10%)
Canon Inc.		13,300		632,632
DeNA Co. Ltd.		6,300		270,941
Fanuc Corp.		5,900		986,616
Honda Motor Co. Ltd.		15,700		604,873
Japan Tobacco Inc.		79		304,946
Komatsu Ltd.		15,700		490,203
Marubeni Corp.		56,000		372,165
Sumitomo Realty & Development Co. Ltd.		18,000		402,293
Toshiba Corp.		40,000		210,894
Yamada Denki Co. Ltd.		3,380		275,399
				4,550,962
Luxembourg (0.84%)
Millicom International Cellular S.A.		3,335		346,006
Malaysia (1.63%)
Genting Berhad		98,400		366,503

16 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Malaysia (Cont.)
Sime Darby Berhad		98,000	$	299,879
				666,382
Netherlands (3.98%)
ASML Holding NV		14,073		519,079
LyondellBasell Industries NV Class A		10,323		397,642
Royal Dutch Shell PLC Class A		9,148		324,832
Sensata Technologies Holding NV (b)		10,355		389,866
				1,631,419
Norway (0.61%)
Statoil ASA		9,800		248,097
Singapore (2.45%)
DBS Group Holdings Ltd.		25,991		310,911
Genting Singapore PLC (b)		257,000		405,194
United Overseas Bank Ltd.		17,974		288,575
				1,004,680
South Africa (0.35%)
AngloGold Ashanti Ltd. Sponsored ADR		3,400		143,106
Spain (2.66%)
Banco Santander SA (Madrid)		17,083		196,799
Criteria Caixacorp SA		32,269		224,701
Criteria Caixacorp SA Rights (b)		32,269		2,433
Industria de Diseno Textil SA		4,645		423,223
Telefonica SA		9,963		243,334
				1,090,490
Sweden (3.09%)
Atlas Copco AB Class A		20,900		550,430
Investor AB B Shares		9,000		206,398
Sandvik AB		17,098		299,546
Volvo AB B Shares		12,000		210,075
				1,266,449
Switzerland (11.55%)
ABB Ltd. Reg. (b)		13,723		356,555
Compagnie Financiere Richemont SA Class A		7,151		468,627
Holcim Ltd. Reg. (b)		4,123		311,802
Julius Baer Group Ltd. (b)		10,030		414,319
Nestle SA Reg.		15,467		962,488
Novartis AG		2,313		141,757
Roche Holding AG		4,826		807,972
Swatch Group AG, The		1,214		612,715
Syngenta AG Reg. (b)		1,016		343,358
UBS AG Reg. (b)		17,300		315,717
				4,735,310
Taiwan (1.43%)
Taiwan Semiconductor Manufacturing Company Ltd. Sponsored ADR		46,325		584,158

	Shares		Value
Common Stocks (Cont.)
United Kingdom (12.02%)
Anglo American PLC		9,270	$	459,736
ARM Holdings PLC		31,358		294,878
Barclays PLC		103,157		423,187
BG Group PLC		14,994		340,453
British American Tobacco PLC		10,214		447,900
Diageo PLC		18,721		383,012
Experian PLC		2,635		33,564
Imperial Tobacco Group PLC		9,309		309,920
Reed Elsevier PLC		13,355		121,588
Rolls-Royce Holdings PLC (b)		25,264		261,631
Standard Chartered PLC		31,551		828,771
Tullow Oil PLC		13,086		260,596
Xstrata PLC		34,748		765,339
				4,930,575
United States (1.10%)
Citigroup Inc.		10,862		452,293
Total Common Stocks
(cost $33,426,900)				38,772,225
Preferred Stocks (a) (3.40%)
Brazil (3.40%)
Banco Bradesco SA Pfd.		22,868		464,496
Petroleo Brasileiro SA Pfd.		31,300		475,723
Suzano Papel e Celulose SA		27,250		197,131
Vale SA Pfd. Class A		9,000		257,430
				1,394,780
Total Preferred Stocks
(cost $1,538,617)				1,394,780

See accompanying notes to financial statements. 17

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Short-term Investments (2.50%)
State Street Institutional U.S. Government Money Market Fund		1,023,648	$	1,023,648
Total Short-term Investments
(cost $1,023,648)				1,023,648
TOTAL INVESTMENTS (100.46%)
(cost $35,989,165)				41,190,653
LIABILITIES, NET OF CASH AND OTHER ASSETS (-0.46%)				(186,580	)
NET ASSETS (100.00%)			$	41,004,073

(a) The Fund used data 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.

ADR - American Depository Receipt

INTERNATIONAL EQUITY FUND FOREIGN

CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	10,274,157		24.94
United States Dollar		5,751,534		13.96
British Pound		5,374,909		13.05
Swiss Franc		4,735,310		11.50
Japanese Yen		4,550,962		11.05
Hong Kong Dollar		2,784,105		6.76
Brazilian Real		2,631,585		6.39
Danish Krone		1,469,992		3.57
Swedish Krona		1,266,449		3.07
Singapore Dollar		1,004,680		2.44
Malaysian Ringgit		666,382		1.62
Canadian Dollar		432,491		1.05
Norwegian Krone		248,097		0.60
Total Investments	$	41,190,653		100.00	%

INTERNATIONAL EQUITY FUND SECTOR CLASSIFICATIONS

Sector	Value			%
Financials	$	9,028,724			22.02
Industrials		6,458,472			15.75
Consumer Discretionary		5,159,114			12.58
Materials		4,840,432			11.81
Consumer Staples		4,286,842			10.45
Energy		3,551,688			8.66
Information Technology		3,417,907			8.34
Health Care		2,123,101			5.18
Telecommunication Services		1,300,725			3.17
Total Stocks		40,167,005			97.96
Short-term Investments		1,023,648			2.50
Liabilities, Net of Cash and Other Assets		(186,580	)		(0.46	)
Net Assets	$	41,004,073			100.00	%

18 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (99.69%)
Consumer Discretionary (10.61%)
Abercrombie & Fitch Co. Class A		3,512	$	235,023
Amazon.com Inc. (a)		14,456		2,956,107
Apollo Group Inc. Class A (a)		4,872		212,809
AutoNation Inc. (a)		2,648		96,943
AutoZone Inc. (a)		1,041		306,939
Bed Bath & Beyond Inc. (a)		10,014		584,517
Best Buy Company Inc.		13,091		411,188
Big Lots Inc. (a)		3,178		105,351
Cablevision Systems Corp. Class A (b)		9,423		341,207
CarMax Inc. (a)		9,210		304,575
Carnival Corp.		17,414		655,289
CBS Corp. Class B		27,069		771,196
Chipotle Mexican Grill Inc. (a)		1,267		390,477
Coach Inc.		11,957		764,411
Comcast Corp. Class A		112,227		2,843,832
Darden Restaurants Inc.		5,539		275,621
DeVry Inc.		2,481		146,702
DIRECTV Class A (a)		31,233		1,587,261
Discovery Communications Inc. Class A (a)		11,398		466,862
DR Horton Inc.		11,205		129,082
Expedia Inc.		8,253		239,254
Family Dollar Stores Inc.		4,870		255,967
Ford Motor Co. (a)		153,661		2,118,985
Fortune Brands Inc.		6,271		399,902
GameStop Corp. Class A (a)		5,692		151,806
Gannett Co. Inc.		9,858		141,167
GAP Inc., The		16,110		291,591
Genuine Parts Co.		6,336		344,678
Goodyear Tire & Rubber Co., The (a)		9,731		163,189
H&R Block Inc.		12,319		197,597
Harley-Davidson Inc.		9,696		397,245
Harman International Industries Inc.		2,803		127,733
Hasbro Inc.		5,446		239,243
Home Depot Inc.		64,702		2,343,506
International Game Technology		11,876		208,780
Interpublic Group of Companies Inc., The		19,975		249,688
J.C. Penney Company Inc.		8,782		303,330
Johnson Controls Inc.		27,639		1,151,441
Kohl’s Corp.		11,491		574,665
Leggett & Platt Inc.		5,759		140,404
Lennar Corp.		6,691		121,442
Limited Brands Inc.		10,359		398,304
Lowe’s Companies Inc.		53,009		1,235,640
Macy’s Inc.		17,186		502,519
Marriott International Inc. Class A		11,373		403,628
Mattel Inc.		14,221		390,935
McDonald’s Corp.		42,016		3,542,789
McGraw-Hill Companies Inc., The		12,465		522,408
Netflix Inc. (a)		1,749		459,445
Newell Rubbermaid Inc.		11,541		182,117
News Corp. Class A		92,929		1,644,843
NIKE Inc. Class B		15,323		1,378,764
Nordstrom Inc.		6,732		316,000
Omnicom Group Inc.		11,380		548,061
O’Reilly Automotive Inc. (a)		5,513		361,157

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Polo Ralph Lauren Corp.		2,569	$	340,675
Priceline.com Inc. (a)		2,009		1,028,467
Pulte Group Inc. (a)		14,138		108,297
Ross Stores Inc.		4,681		375,042
Scripps Networks Interactive Class A		3,749		183,251
Sears Holdings Corp. (a)		1,752		125,163
Staples Inc.		29,086		459,559
Starbucks Corp.		30,443		1,202,194
Starwood Hotels & Resorts Worldwide Inc.		7,847		439,746
Target Corp.		28,044		1,315,544
Tiffany & Co.		5,207		408,854
Time Warner Cable Inc.		13,704		1,069,460
Time Warner Inc.		43,556		1,584,132
TJX Companies Inc.		15,750		827,348
Urban Outfitters Inc. (a)		5,208		146,605
VF Corp.		3,531		383,325
Viacom Inc. Class B		23,824		1,215,024
Walt Disney Co., The		76,761		2,996,749
Washington Post Co., The		198		82,952
Whirlpool Corp.		3,043		247,457
Wyndham Worldwide Corp.		7,016		236,088
Wynn Resorts Ltd.		3,085		442,821
Yum! Brands Inc.		18,836		1,040,498
				51,892,866
Consumer Staples (10.62%)
Altria Group Inc.		84,935		2,243,133
Archer-Daniels-Midland Co.		27,621		832,773
Avon Products Inc.		17,300		484,400
Brown-Forman Corp. Class B		4,217		314,968
Campbell Soup Co.		7,441		257,087
Clorox Co.		5,337		359,927
Coca-Cola Co., The		92,889		6,250,501
Coca-Cola Enterprises Inc.		13,326		388,853
Colgate-Palmolive Co.		19,771		1,728,183
ConAgra Foods Inc.		16,532		426,691
Constellation Brands Inc. (a)		7,381		153,672
Costco Wholesale Corp.		17,774		1,443,960
CVS Caremark Corp.		54,858		2,061,564
Dean Foods Co. (a)		7,783		95,497
Dr. Pepper Snapple Group Inc.		8,861		371,542
Estee Lauder Companies Inc. Class A, The		4,575		481,244
General Mills Inc.		25,909		964,333
H.J. Heinz Co.		13,125		699,300
Hershey Co., The		6,301		358,212
Hormel Foods Corp.		5,764		171,825
J.M. Smucker Co., The		4,643		354,911
Kellogg Co.		10,185		563,434
Kimberly-Clark Corp.		16,002		1,065,093
Kraft Foods Inc. Class A		71,145		2,506,438
Kroger Co., The		24,795		614,916
Lorillard Inc.		5,846		636,454
McCormick & Co. Inc.		5,320		263,712
Mead Johnson Nutrition Co. Class A		8,257		557,760

See accompanying notes to financial statements. 19

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
Molson Coors Brewing Co. Class B		6,487	$	290,228
PepsiCo Inc.		64,126		4,516,394
Philip Morris International Inc.		72,183		4,819,659
Procter & Gamble Co., The		113,206		7,196,505
Reynolds American Inc.		13,811		511,698
Safeway Inc.		14,146		330,592
Sara Lee Corp.		23,974		455,266
Supervalu Inc.		8,635		81,255
Sysco Corp.		23,813		742,489
Tyson Foods Inc.		12,405		240,905
Walgreen Co.		37,015		1,571,657
Wal-Mart Stores Inc.		77,535		4,120,210
Whole Foods Market Inc.		5,975		379,116
				51,906,357
Energy (12.64%)
Alpha Natural Resources Inc. (a)		9,152		415,867
Anadarko Petroleum Corp.		20,200		1,550,552
Apache Corp.		15,559		1,919,825
Baker Hughes Inc.		17,690		1,283,586
Cabot Oil & Gas Corp.		4,296		284,868
Cameron International Corp. (a)		9,994		502,598
Chesapeake Energy Corp.		26,535		787,824
Chevron Corp.		81,469		8,378,272
ConocoPhillips		57,383		4,314,628
CONSOL Energy Inc.		9,226		447,276
Denbury Resources Inc. (a)		16,251		325,020
Devon Energy Corp.		17,092		1,347,021
Diamond Offshore Drilling Inc.		2,801		197,218
El Paso Corp.		30,938		624,948
EOG Resources Inc.		10,927		1,142,418
EQT Corp.		6,053		317,904
Exxon Mobil Corp.		199,810		16,260,538
FMC Technologies Inc. (a)		9,667		432,985
Halliburton Co.		37,133		1,893,783
Helmerich & Payne Inc.		4,342		287,093
Hess Corp.		12,290		918,800
Marathon Oil Corp.		28,908		1,522,873
Murphy Oil Corp.		7,902		518,845
Nabors Industries Ltd. (a)		11,623		286,391
National-Oilwell Varco Inc.		17,164		1,342,396
Newfield Exploration Co. (a)		5,290		359,826
Noble Corp.		10,176		401,031
Noble Energy Inc.		7,105		636,821
Occidental Petroleum Corp.		32,954		3,428,534
Peabody Energy Corp.		11,065		651,839
Pioneer Natural Resources Co.		4,760		426,353
QEP Resources Inc.		7,199		301,134
Range Resources Corp.		6,531		362,470
Rowan Companies Inc. (a)		5,267		204,412
Schlumberger Ltd.		55,011		4,752,950
Southwestern Energy Co. (a)		14,056		602,721
Spectra Energy Corp.		26,458		725,214
Sunoco Inc.		4,847		202,168
Tesoro Corp. (a)		5,706		130,724
Valero Energy Corp.		23,280		595,270

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Williams Companies Inc., The		23,968	$	725,040
				61,810,036
Financials (15.08%)
ACE Ltd.		13,704		901,997
Aflac Inc.		18,919		883,139
Allstate Corp., The		21,320		650,900
American Express Co.		42,497		2,197,095
American International Group Inc. (a)		17,843		523,157
Ameriprise Financial Inc.		9,741		561,861
Aon Corp.		13,394		687,112
Apartment Investment and Management Co.		4,765		121,650
Assurant Inc.		3,974		144,137
AvalonBay Communities Inc.		3,570		458,388
Bank of America Corp.		410,445		4,498,477
Bank of New York Mellon Corp.		50,197		1,286,047
BB&T Corp.		28,353		760,995
Berkshire Hathaway Inc. Class B (a)		70,139		5,428,057
BlackRock Inc.		3,906		749,210
Boston Properties Inc.		5,858		621,885
Capital One Financial Corp.		18,697		966,074
CB Richard Ellis Group Inc. Class A (a)		11,891		298,583
Charles Schwab Corp., The		40,858		672,114
Chubb Corp.		11,895		744,746
Cincinnati Financial Corp.		6,656		194,222
Citigroup Inc.		118,309		4,926,387
CME Group Inc.		2,736		797,790
Comerica Inc.		7,218		249,526
Discover Financial Services		22,292		596,311
E*TRADE Financial Corp. (a)		9,863		136,109
Equity Residential		12,008		720,480
Federated Investors Inc. Class B		3,832		91,355
Fifth Third Bancorp		37,527		478,469
First Horizon National Corp.		10,847		103,480
Franklin Resources Inc.		5,830		765,421
Genworth Financial Inc. Class A (a)		20,008		205,682
Goldman Sachs Group Inc., The		20,960		2,789,566
Hartford Financial Services Group Inc.		17,898		471,970
HCP Inc.		16,387		601,239
Healthcare Realty Trust Inc.		7,192		377,077
Host Hotels & Resorts Inc.		27,783		470,922
Hudson City Bancorp Inc.		21,240		173,956
Huntington Bancshares Inc.		34,400		225,664
IntercontinentalExchange Inc. (a)		3,021		376,749
Invesco Ltd.		18,758		438,937
Janus Capital Group Inc.		7,451		70,337
JPMorgan Chase & Co.		161,246		6,601,411
KeyCorp		37,976		316,340
Kimco Realty Corp.		16,562		308,716
Legg Mason Inc.		5,884		192,760
Leucadia National Corp.		8,081		275,562
Lincoln National Corp.		12,639		360,085
Loews Corp.		12,639		531,976
M&T Bank Corp.		5,035		442,828
Marsh & McLennan Companies Inc.		22,368		697,658

20 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Marshall & Ilsley Corp.		21,811	$	173,834
MetLife Inc.		42,906		1,882,286
Moody’s Corp.		7,976		305,880
Morgan Stanley		62,477		1,437,596
NASDAQ OMX Group Inc., The (a)		6,115		154,710
Northern Trust Corp.		9,758		448,478
NYSE Euronext		10,665		365,490
People’s United Financial Inc.		14,363		193,039
Plum Creek Timber Co. Inc.		6,483		262,821
PNC Financial Services Group Inc.		21,412		1,276,369
Principal Financial Group Inc.		13,025		396,220
Progressive Corp., The		26,713		571,124
ProLogis Inc.		17,063		611,538
Prudential Financial Inc.		19,820		1,260,354
Public Storage		5,715		651,567
Regions Financial Corp.		51,316		318,159
Simon Property Group Inc.		11,852		1,377,558
SLM Corp.		21,515		361,667
State Street Corp.		20,536		925,968
Suntrust Banks Inc.		21,587		556,945
T Rowe Price Group Inc.		10,593		639,182
Torchmark Corp.		3,008		192,933
Travelers Companies Inc., The		17,066		996,313
Unum Group		12,422		316,513
US Bancorp		78,104		1,992,433
Ventas Inc.		6,652		350,627
Vornado Realty Trust		6,700		624,306
Wells Fargo & Co.		214,296		6,013,146
Weyerhaeuser Co.		21,628		472,788
XL Group PLC		12,680		278,706
Zions Bancorporation		7,363		176,785
				73,729,944
Health Care (11.68%)
Abbott Laboratories		62,935		3,311,640
Aetna Inc.		15,454		681,367
Agilent Technologies Inc. (a)		14,127		722,031
Allergan Inc.		12,346		1,027,804
AmerisourceBergen Corp.		11,207		463,970
Amgen Inc. (a)		37,691		2,199,270
Baxter International Inc.		23,209		1,385,345
Becton, Dickinson and Co.		8,910		767,775
Biogen Idec Inc. (a)		9,841		1,052,200
Boston Scientific Corp. (a)		62,202		429,816
Bristol-Myers Squibb Co.		69,179		2,003,424
Cardinal Health Inc.		14,267		648,007
CareFusion Corp. (a)		8,932		242,683
Celgene Corp. (a)		18,793		1,133,594
Cephalon Inc. (a)		3,157		252,244
Cerner Corp. (a)		5,856		357,860
Cigna Corp.		10,966		563,981
Coventry Health Care Inc. (a)		5,875		214,261
Covidien PLC		20,155		1,072,851
CR Bard Inc.		3,469		381,104
DaVita Inc. (a)		3,913		338,905
DENTSPLY International Inc.		5,732		218,275

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Edwards Lifesciences Corp. (a)		4,685	$	408,438
Eli Lilly & Co.		41,435		1,555,056
Express Scripts Inc. (a)		21,536		1,162,513
Forest Laboratories Inc. (a)		11,689		459,845
Gilead Sciences Inc. (a)		31,798		1,316,755
Hospira Inc. (a)		6,717		380,585
Humana Inc.		6,870		553,310
Intuitive Surgical Inc. (a)		1,596		593,888
Johnson & Johnson		111,083		7,389,241
Laboratory Corp. of America Holdings (a)		4,111		397,904
Life Technologies Corp. (a)		7,157		372,665
McKesson Corp.		10,261		858,333
Medco Health Solutions Inc. (a)		16,128		911,555
Medtronic Inc.		43,486		1,675,516
Merck & Co. Inc.		125,028		4,412,238
Mylan Inc. (a)		17,714		437,004
Patterson Companies Inc.		3,765		123,831
PerkinElmer Inc.		4,657		125,320
Pfizer Inc.		320,619		6,604,751
Quest Diagnostics Inc.		6,361		375,935
St. Jude Medical Inc.		13,304		634,335
Stryker Corp.		13,568		796,306
Tenet Healthcare Corp. (a)		20,354		127,009
Thermo Fisher Scientific Inc. (a)		15,465		995,791
UnitedHealth Group Inc.		43,839		2,261,216
Varian Medical Systems Inc. (a)		4,682		327,834
Waters Corp. (a)		3,721		356,249
Watson Pharmaceuticals Inc. (a)		5,201		357,465
WellPoint Inc.		14,949		1,177,533
Zimmer Holdings Inc. (a)		7,838		495,358
				57,112,186
Industrials (11.22%)
3M Co.		28,772		2,729,024
Avery Dennison Corp.		4,156		160,546
Boeing Co., The		29,898		2,210,359
Caterpillar Inc.		26,084		2,776,903
CH Robinson Worldwide Inc.		6,548		516,244
Cintas Corp.		5,244		173,209
CSX Corp.		44,525		1,167,446
Cummins Inc.		7,993		827,196
Danaher Corp.		22,044		1,168,112
Deere & Co.		17,020		1,403,299
Dover Corp.		7,641		518,060
Dun & Bradstreet Corp.		2,006		151,533
Eaton Corp.		13,921		716,235
Emerson Electric Co.		30,483		1,714,669
Equifax Inc.		4,954		172,003
Expeditors International of Washington Inc.		8,664		443,510
Fastenal Co.		12,046		433,536
FedEx Corp.		12,850		1,218,822
Flowserve Corp.		2,279		250,439
Fluor Corp.		6,993		452,167
General Dynamics Corp.		15,066		1,122,718

See accompanying notes to financial statements. 21

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
General Electric Co.		429,793	$	8,105,896
Goodrich Corp.		5,115		488,482
Honeywell International Inc.		31,875		1,899,431
Illinois Tool Works Inc.		20,333		1,148,611
Ingersoll-Rand PLC		13,497		612,899
Iron Mountain Inc.		8,085		275,618
ITT Corp.		7,476		440,561
Jacobs Engineering Group Inc. (a)		5,048		218,326
Joy Global Inc.		4,279		407,532
L-3 Communications Holdings Inc.		4,361		381,369
Lockheed Martin Corp.		11,583		937,876
Masco Corp.		14,362		172,775
Norfolk Southern Corp.		14,257		1,068,277
Northrop Grumman Corp.		11,916		826,375
PACCAR Inc.		14,769		754,548
Pall Corp.		4,720		265,406
Parker Hannifin Corp.		6,630		594,976
Pitney Bowes Inc.		8,354		192,058
Precision Castparts Corp.		5,860		964,849
Quanta Services Inc. (a)		8,963		181,053
Raytheon Co.		14,476		721,629
Republic Services Inc.		12,147		374,735
Robert Half International Inc.		5,879		158,909
Rockwell Automation Inc.		5,839		506,592
Rockwell Collins Inc.		6,168		380,504
Roper Industries Inc.		3,893		324,287
RR Donnelley & Sons Co.		7,365		144,428
Ryder System Inc.		2,173		123,535
Snap-on Inc.		2,364		147,703
Southwest Airlines Co.		31,670		361,671
Stanley Black & Decker Inc.		6,842		492,966
Stericycle Inc. (a)		3,487		310,761
Textron Inc.		11,182		264,007
Tyco International Ltd.		18,916		935,018
Union Pacific Corp.		19,847		2,072,027
United Parcel Service Inc. Class B		40,045		2,920,482
United Technologies Corp.		37,058		3,280,004
Waste Management Inc.		19,222		716,404
WW Grainger Inc.		2,343		360,001
				54,858,611
Information Technology (17.73%)
Adobe Systems Inc. (a)		20,532		645,731
Advanced Micro Devices Inc. (a)		23,510		164,335
Akamai Technologies Inc. (a)		7,642		240,494
Altera Corp.		13,090		606,722
Amphenol Corp. Class A		7,147		385,867
Analog Devices Inc.		12,263		479,974
Apple Inc. (a)		37,485		12,582,590
Applied Materials Inc.		53,826		700,276
Autodesk Inc. (a)		9,310		359,366
Automatic Data Processing Inc.		20,261		1,067,349
BMC Software Inc. (a)		7,082		387,385
Broadcom Corp. Class A (a)		19,434		653,760
CA Inc.		15,173		346,551
Cisco Systems Inc.		222,717		3,476,612

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Citrix Systems Inc. (a)		7,675	$	614,000
Cognizant Technology Solutions Corp. Class A (a)		12,298		901,935
Computer Sciences Corp.		6,323		240,021
Compuware Corp. (a)		8,870		86,571
Corning Inc.		63,846		1,158,805
Dell Inc. (a)		66,867		1,114,673
eBay Inc. (a)		46,184		1,490,358
Electronic Arts Inc. (a)		13,651		322,164
EMC Corp. (a)		83,258		2,293,758
F5 Networks Inc. (a)		3,276		361,179
Fidelity National Information Services Inc.		10,871		334,718
First Solar Inc. (a)		2,205		291,655
Fiserv Inc. (a)		5,857		366,824
FLIR Systems Inc.		6,513		219,553
Google Inc. Class A (a)		10,184		5,156,974
Harris Corp.		5,112		230,347
Hewlett-Packard Co.		84,242		3,066,409
Intel Corp.		215,212		4,769,098
International Business Machines Corp.		49,142		8,430,310
Intuit Inc. (a)		11,130		577,202
Jabil Circuit Inc.		7,874		159,055
JDS Uniphase Corp. (a)		9,156		152,539
Juniper Networks Inc. (a)		21,577		679,676
KLA-Tencor Corp.		6,819		276,033
Lexmark International Inc. (a)		3,246		94,978
Linear Technology Corp.		9,165		302,628
LSI Corp. (a)		25,092		178,655
MasterCard Inc. Class A		3,835		1,155,639
MEMC Electronic Materials Inc. (a)		9,105		77,666
Microchip Technology Inc.		7,802		295,774
Micron Technology Inc. (a)		35,503		265,562
Microsoft Corp.		300,717		7,818,642
Molex Inc.		5,481		141,245
Monster Worldwide Inc. (a)		5,557		81,466
Motorola Mobility Holdings Inc. (a)		12,015		264,811
Motorola Solutions Inc. (a)		13,759		633,464
National Semiconductor Corp.		9,781		240,710
NetApp Inc. (a)		14,836		783,044
Novellus Systems Inc. (a)		3,587		129,634
NVIDIA Corp. (a)		24,330		387,699
Oracle Corp.		157,857		5,195,074
Paychex Inc.		13,085		401,971
QUALCOMM Inc.		67,613		3,839,742
Red Hat Inc. (a)		7,879		361,646
SAIC Inc. (a)		11,026		185,457
Salesforce.com Inc. (a)		4,854		723,149
SanDisk Corp. (a)		9,628		399,562
Symantec Corp. (a)		30,385		599,192
Tellabs Inc.		14,974		69,030
Teradata Corp. (a)		6,868		413,454
Teradyne Inc. (a)		7,565		111,962
Texas Instruments Inc.		46,938		1,540,975
Total System Services Inc.		6,408		119,061
VeriSign Inc.		6,690		223,847

22 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Visa Inc. Class A		19,361	$	1,631,358
Western Digital Corp. (a)		9,415		342,518
Western Union Co.		25,402		508,802
Xerox Corp.		56,999		593,360
Xilinx Inc.		10,870		396,429
Yahoo! Inc. (a)		52,914		795,826
				86,694,901
Materials (3.65%)
Air Products & Chemicals Inc.		8,541		816,349
Airgas Inc.		2,763		193,521
AK Steel Holding Corp.		4,705		74,151
Alcoa Inc.		43,445		689,038
Allegheny Technologies Inc.		4,227		268,288
Ball Corp.		6,896		265,220
Bemis Co. Inc.		4,124		139,309
CF Industries Holdings Inc.		2,898		410,560
Cliffs Natural Resources Inc.		5,810		537,134
Dow Chemical Co., The		47,535		1,711,260
E.I. du Pont de Nemours & Co.		37,565		2,030,388
Eastman Chemical Co.		2,833		289,164
Ecolab Inc.		9,387		529,239
FMC Corp.		2,914		250,662
Freeport-McMoRan Copper & Gold Inc.		38,466		2,034,851
International Flavors & Fragrances Inc.		3,335		214,240
International Paper Co.		17,690		527,516
MeadWestvaco Corp.		6,775		225,675
Monsanto Co.		21,695		1,573,755
Newmont Mining Corp.		19,940		1,076,162
Nucor Corp.		12,789		527,163
Owens-Illinois Inc. (a)		6,685		172,540
PPG Industries Inc.		6,444		585,051
Praxair Inc.		12,361		1,339,809
Sealed Air Corp.		6,584		156,633
Sherwin-Williams Co., The		3,557		298,326
Sigma-Aldrich Corp.		4,979		365,359
Titanium Metals Corp.		3,782		69,286
United States Steel Corp.		5,908		272,004
Vulcan Materials Co.		5,305		204,401
				17,847,054
Telecommunication Services (3.08%)
American Tower Corp. Class A (a)		16,157		845,011
AT&T Inc.		239,982		7,537,835
CenturyLink Inc.		24,332		983,743
Frontier Communications Corp.		40,433		326,294
MetroPCS Communications Inc. (a)		10,827		186,333
Sprint Nextel Corp. (a)		121,036		652,384
Verizon Communications Inc.		114,595		4,266,372
Windstream Corp.		20,592		266,872
				15,064,844
Utilities (3.38%)
AES Corp., The (a)		26,987		343,814
Ameren Corp.		9,615		277,297

	Shares		Value
Common Stocks (Cont.)
Utilities (Cont.)
American Electric Power Company Inc.		19,631	$	739,696
CenterPoint Energy Inc.		17,347		335,664
CMS Energy Corp.		10,172		200,287
Consolidated Edison Inc.		11,928		635,047
Constellation Energy Group Inc.		8,153		309,488
Dominion Resources Inc.		23,250		1,122,278
DTE Energy Co.		6,919		346,088
Duke Energy Corp.		54,239		1,021,320
Edison International		13,135		508,981
Entergy Corp.		7,234		493,938
Exelon Corp.		26,755		1,146,184
FirstEnergy Corp.		17,067		753,508
Integrys Energy Group Inc.		3,185		165,110
NextEra Energy Inc.		17,194		987,967
Nicor Inc.		1,860		101,816
NiSource Inc.		11,105		224,876
Northeast Utilities		7,104		249,848
NRG Energy Inc. (a)		9,856		242,260
ONEOK Inc.		4,281		316,837
Pepco Holdings Inc.		9,280		182,166
PG&E Corp.		16,205		681,096
Pinnacle West Capital Corp.		4,381		195,305
PPL Corp.		23,231		646,519
Progress Energy Inc.		11,863		569,543
Public Service Enterprise Group Inc.		20,645		673,853
SCANA Corp.		4,709		185,393
Sempra Energy		9,789		517,642
Southern Co.		34,437		1,390,566
TECO Energy Inc.		8,813		166,478
Wisconsin Energy Corp.		9,528		298,703
Xcel Energy Inc.		19,709		478,930
				16,508,498
Total Common Stocks
(cost $477,771,521)				487,425,297

See accompanying notes to financial statements. 23

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Principal amount		Value
Short-term Investments (0.20%)
U.S. Treasury Bill (c)
0.041%, 09/08/2011	$	962,000	$	961,972
Total Short-term Investments
(cost $961,928)				961,972
TOTAL INVESTMENTS (99.89%)
(cost $478,733,449)				488,387,269
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.11%)				538,240
NET ASSETS (100.00%)			$	488,925,509
	Shares		Value
Securities Sold Short
AMC Networks Inc. Class A (a) (b)		2,355	$	102,429
Total Securities Sold Short
(proceeds $102,429)				102,429

(a) Non-income producing security.

(b) On June 6, 2011, Cablevision Systems Corp. announced a spin-off distribution of AMC Networks Inc. Class A effective on July 1, 2011. In anticipation of this transaction, and because AMC Networks Inc. Class A is not included in the S&P 500 Index, the Fund initiated a transaction to sell AMC Networks Inc. Class A on June 30, 2011, with a settlement date of July 7, 2011.

(c) At June 30, 2011, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

24 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (96.55%)
Consumer Discretionary (12.96%)
1-800-FLOWERS.COM Inc. (a)		5,246	$	16,263
99 Cents Only Stores (a)		9,090		183,982
Aeropostale Inc. (a)		15,623		273,402
AFC Enterprises Inc. (a)		4,850		79,782
AH Belo Corp. Class A		3,621		26,940
Ambassadors Group Inc.		3,525		31,126
American Axle & Manufacturing Holdings Inc. (a)		12,934		147,189
American Greetings Corp. Class A		7,844		188,570
American Public Education Inc. (a)		3,489		155,295
America’s Car-Mart Inc. (a)		1,780		58,740
Amerigon Inc. (a)		4,418		76,785
Ameristar Casinos Inc.		6,207		147,168
Ann Inc. (a)		10,104		263,714
Arbitron Inc.		5,273		217,933
Archipelago Learning Inc. (a)		2,577		25,409
Arctic Cat Inc. (a)		2,433		32,675
Asbury Automotive Group Inc. (a)		5,629		104,305
Ascena Retail Group Inc. (a)		12,155		413,878
Ascent Media Corp. Class A (a)		2,817		149,216
Audiovox Corp. (a)		3,357		25,379
Barnes & Noble Inc.		5,645		93,594
Beazer Homes USA Inc. (a)		14,896		50,497
bebe stores inc.		7,300		44,603
Belo Corp. Class A (a)		18,157		136,722
Benihana Inc. Class A (a)		2,366		24,819
Big 5 Sporting Goods Corp.		4,178		32,839
Biglari Holdings Inc. (a)		238		93,070
BJ’s Restaurants Inc. (a)		4,651		243,526
Black Diamond Inc. (a)		2,331		18,368
Blue Nile Inc. (a)		2,517		110,698
Blyth Inc.		1,017		51,206
Bob Evans Farms Inc.		5,864		205,064
Body Central Corp. (a)		2,244		52,801
Bon-Ton Stores Inc., The		2,364		22,978
Boyd Gaming Corp. (a)		10,566		91,924
Bravo Brio Restaurant Group Inc. (a)		3,680		89,902
Bridgepoint Education Inc. (a)		3,488		87,200
Brown Shoe Co. Inc.		8,572		91,292
Brunswick Corp.		17,284		352,594
Buckle Inc., The		5,216		222,723
Buffalo Wild Wings Inc. (a)		3,556		235,798
Build-A-Bear Workshop Inc. (a)		3,154		20,533
Cabela’s Inc. (a)		8,367		227,164
California Pizza Kitchen Inc. (a)		3,776		69,743
Callaway Golf Co.		12,450		77,439
Cambium Learning Group Inc. (a)		3,282		11,060
Capella Education Co. (a)		3,064		128,228
Caribou Coffee Company Inc. (a)		2,431		32,186
Carrols Restaurant Group Inc. (a)		2,452		25,599
Carter’s Inc. (a)		9,550		293,758
Casual Male Retail Group Inc. (a)		8,418		34,935
Cato Corp. Class A		5,379		154,915
Cavco Industries Inc. (a)		1,292		58,140
CEC Entertainment Inc.		3,867		155,105
Central European Media Enterprises Ltd. Class A (a)		7,065		139,534

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Charming Shoppes Inc. (a)		22,585	$	93,954
Cheesecake Factory Inc., The (a)		11,211		351,689
Cherokee Inc.		1,671		28,674
Children’s Place Retail Stores Inc., The (a)		5,060		225,119
Christopher & Banks Corp.		7,073		40,670
Churchill Downs Inc.		2,405		108,417
Cinemark Holdings Inc.		17,982		372,407
Citi Trends Inc. (a)		2,894		43,642
Coinstar Inc. (a)		6,089		332,094
Coldwater Creek Inc. (a)		12,485		17,479
Collective Brands Inc. (a)		11,944		175,457
Columbia Sportswear Co.		2,335		148,039
Conn’s Inc. (a)		2,724		23,563
Cooper Tire & Rubber Co.		12,077		239,004
Core-Mark Holding Co. Inc. (a)		2,184		77,969
Corinthian Colleges Inc. (a)		15,222		64,846
Cost Plus Inc. (a)		3,591		35,910
Cracker Barrel Old Country Store Inc.		4,450		219,430
Crocs Inc. (a)		16,596		427,347
Crown Media Holdings Inc. (a)		6,403		12,230
CSS Industries Inc.		1,503		31,458
Cumulus Media Inc. Class A (a)		4,334		15,169
Dana Holding Corp. (a)		28,346		518,732
Delta Apparel Inc. (a)		1,315		22,355
Denny’s Corp. (a)		19,379		75,191
Destination Maternity Corp.		2,044		40,839
DineEquity Inc. (a)		3,009		157,280
Domino’s Pizza Inc. (a)		11,952		301,668
Dorman Products Inc. (a)		2,118		83,830
Drew Industries Inc.		3,687		91,143
E.W. Scripps Co Class A (a)		6,532		63,164
Eastman Kodak Co. (a)		52,343		187,388
Einstein Noah Restaurant Group Inc.		1,099		16,452
Entercom Communications Corp. Class A (a)		4,788		41,560
Entravision Communications Corp. Class A (a)		9,793		18,117
Ethan Allen Interiors Inc.		4,709		100,255
Exide Technologies (a)		15,049		114,974
Express Inc.		10,660		232,388
Finish Line Inc. Class A, The		10,037		214,792
Fisher Communications Inc. (a)		1,675		49,948
Fred’s Inc. Class A		7,549		108,932
Fuel Systems Solutions Inc. (a)		3,215		80,214
Furniture Brands International Inc. (a)		8,259		34,192
Gaylord Entertainment Co. (a)		6,940		208,200
Geeknet Inc. (a)		820		21,910
Genesco Inc. (a)		4,596		239,452
G-III Apparel Group Ltd. (a)		3,186		109,853
Global Sources Ltd. (a)		2,395		22,010
Global Traffic Network Inc. (a)		2,702		31,046
GNC Acquisition Holdings Inc. Class A (a)		4,369		95,288
Gordmans Stores Inc. (a)		1,003		17,442
Grand Canyon Education Inc. (a)		5,622		79,720

See accompanying notes to financial statements. 25

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Gray Television Inc. (a)		9,777	$	25,811
Group 1 Automotive Inc.		4,660		191,899
Harte-Hanks Inc.		8,479		68,849
Haverty Furniture Companies Inc.		3,737		43,013
Helen of Troy Ltd. (a)		5,992		206,904
hhgregg Inc. (a)		3,480		46,632
Hibbett Sports Inc. (a)		5,323		216,699
Hillenbrand Inc.		12,038		284,699
Hot Topic Inc.		8,750		65,100
Hovnanian Enterprises Inc. (a)		11,791		28,416
HSN Inc. (a)		7,760		255,459
Iconix Brand Group Inc. (a)		14,134		342,043
interclick inc. (a)		3,887		30,941
International Speedway Corp. Class A		5,600		159,096
Interval Leisure Group Inc. (a)		7,778		106,481
iRobot Corp. (a)		4,592		162,052
Isle of Capri Casinos Inc. (a)		3,849		34,064
Jack in the Box Inc. (a)		9,647		219,759
JAKKS Pacific Inc. (a)		5,311		97,776
Jamba Inc. (a)		12,973		27,762
Johnson Outdoors Inc. Class A (a)		859		14,706
Jones Group Inc., The		16,975		184,179
Jos. A. Bank Clothiers Inc. (a)		5,359		268,004
Journal Communications Inc. Class A (a)		8,105		41,903
K12 Inc. (a)		5,025		166,528
KB HOME		14,870		145,429
Kenneth Cole Productions Inc. (a)		1,563		19,522
Kirkland’s Inc. (a)		3,249		39,053
Knology Inc. (a)		5,900		87,615
Krispy Kreme Doughnuts Inc. (a)		11,391		108,328
K-Swiss Inc. Class A (a)		5,166		54,915
La-Z-Boy Inc. (a)		10,092		99,608
Leapfrog Enterprises Inc. (a)		7,890		33,296
Libbey Inc. (a)		3,794		61,539
Life Time Fitness Inc. (a)		8,191		326,903
Lifetime Brands Inc.		1,868		21,930
Lin TV Corp. (a)		5,821		28,348
Lincoln Educational Services Corp.		4,324		74,157
Lions Gate Entertainment Corp. (a)		9,000		59,580
Lithia Motors Inc. Class A		4,263		83,683
Live Nation Entertainment Inc. (a)		27,425		314,565
Liz Claiborne Inc. (a)		18,428		98,590
Luby’s Inc. (a)		3,135		17,305
Lumber Liquidators Holdings Inc. (a)		4,465		113,411
M.D.C. Holdings Inc.		7,232		178,196
M/I Homes Inc. (a)		3,582		43,915
Mac-Gray Corp.		2,361		36,477
Maidenform Brands Inc. (a)		4,544		125,687
Marcus Corp.		3,998		39,500
Marine Products Corp. (a)		2,326		15,631
MarineMax Inc. (a)		4,465		39,113
Martha Stewart Living Omnimedia Inc. (a)		5,601		24,308
Matthews International Corp.		5,734		230,220
McClatchy Co. Class A, The (a)		11,283		31,705

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
McCormick & Schmick’s Seafood Restaurants Inc. (a)		2,676	$	22,987
MDC Partners Inc. Class A		4,747		85,731
Men’s Wearhouse Inc., The		9,987		336,562
Meredith Corp.		7,011		218,252
Meritage Homes Corp. (a)		5,450		122,952
Modine Manufacturing Co. (a)		9,062		139,283
Monarch Casino & Resort Inc. (a)		1,635		17,069
Monro Muffler Brake Inc.		5,881		219,302
Morgans Hotel Group Co. (a)		4,322		31,075
Motorcar Parts of America Inc. (a)		2,223		33,367
Movado Group Inc.		3,327		56,925
Multimedia Games Holding Company Inc. (a)		5,221		23,756
National American University Holdings Inc.		1,548		14,567
National CineMedia Inc.		10,682		180,633
New York & Co. Inc. (a)		5,088		25,186
New York Times Co. Class A, The (a)		26,450		230,644
Nexstar Broadcasting Group Inc. Class A (a)		2,095		17,200
NutriSystem Inc.		5,280		74,237
O’Charley’s Inc. (a)		3,472		25,380
Office Depot Inc. (a)		53,662		226,454
OfficeMax Inc. (a)		16,582		130,169
Orbitz Worldwide Inc. (a)		4,308		10,727
Orient-Express Hotels Ltd. Class A (a)		18,594		199,886
Outdoor Channel Holdings Inc. (a)		2,634		18,017
Overstock.com Inc. (a)		2,300		35,006
Oxford Industries Inc.		2,504		84,535
Pacific Sunwear of California Inc. (a)		9,373		24,464
Papa John’s International Inc. (a)		3,834		127,519
Peet’s Coffee & Tea Inc. (a)		2,479		143,038
Penske Automotive Group Inc.		8,687		197,542
Pep Boys-Manny, Moe & Jack, The		10,327		112,874
Perry Ellis International Inc. (a)		2,481		62,645
PetMed Express Inc.		4,263		50,517
PF Chang’s China Bistro Inc.		4,422		177,941
Pier 1 Imports Inc. (a)		20,751		240,089
Pinnacle Entertainment Inc. (a)		11,997		178,755
Pool Corp.		9,364		279,141
Pre-Paid Legal Services Inc. (a)		1,436		95,480
Primedia Inc.		3,195		22,525
Quiksilver Inc. (a)		25,228		118,572
R.G. Barry Corp.		1,689		19,052
ReachLocal Inc. (a)		1,912		39,827
Red Lion Hotels Corp. (a)		2,646		20,903
Red Robin Gourmet Burgers Inc. (a)		2,528		91,969
Regis Corp.		11,246		172,289
Rent-A-Center Inc.		12,319		376,469
Rentrak Corp. (a)		1,904		33,777
Ruby Tuesday Inc. (a)		12,620		136,044
Rue21 Inc. (a)		2,917		94,802
Ruth’s Hospitality Group Inc. (a)		6,683		37,492
Ryland Group Inc.		8,642		142,852
Saga Communications Inc. Class A (a)		649		24,013

26 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Saks Inc. (a)		22,424	$	250,476
Scholastic Corp.		5,083		135,208
Scientific Games Corp. Class A (a)		11,373		117,597
Sealy Corp. (a)		10,019		25,348
Select Comfort Corp. (a)		10,857		195,209
Shiloh Industries Inc.		1,011		10,899
Shoe Carnival Inc. (a)		1,784		53,788
Shuffle Master Inc. (a)		10,510		98,321
Shutterfly Inc. (a)		5,779		331,830
Sinclair Broadcast Group Inc. Class A		9,765		107,220
Six Flags Entertainment Corp.		8,050		301,472
Skechers U.S.A. Inc. (a)		7,236		104,777
Skyline Corp.		1,361		23,818
Smith & Wesson Holding Corp. (a)		11,631		34,893
Sonic Automotive Inc.		7,888		115,559
Sonic Corp. (a)		12,046		128,049
Sotheby’s		13,103		569,980
Spartan Motors Inc.		6,455		34,857
Speedway Motorsports Inc.		2,277		32,288
Stage Stores Inc.		7,019		117,919
Standard Motor Products Inc.		3,823		58,224
Standard Pacific Corp. (a)		20,735		69,462
Stein Mart Inc.		5,263		50,735
Steiner Leisure Ltd. (a)		2,944		134,482
Steinway Musical Instruments Inc. (a)		1,257		32,292
Steven Madden Ltd. (a)		7,323		274,686
Stewart Enterprises Inc.		15,369		112,194
Stoneridge Inc. (a)		5,059		74,570
Strayer Education Inc.		2,367		299,165
Sturm, Ruger & Company Inc.		3,669		80,535
Summer Infant Inc. (a)		2,460		19,975
Superior Industries International Inc.		4,565		100,932
Syms Corp. (a)		1,102		11,880
Systemax Inc. (a)		2,095		31,299
Talbots Inc. (a)		13,646		45,578
Tenneco Inc. (a)		11,731		516,985
Texas Roadhouse Inc. Class A		12,139		212,857
Timberland Co. Class A, The (a)		7,690		330,439
Tower International Inc. (a)		1,186		20,980
Town Sports International Holdings Inc. (a)		3,836		29,192
True Religion Apparel Inc. (a)		4,992		145,167
Tuesday Morning Corp. (a)		8,089		37,614
Unifi Inc. (a)		2,758		38,060
Universal Electronics Inc. (a)		2,874		72,597
Universal Technical Institute Inc.		4,195		82,935
US Auto Parts Network Inc. (a)		2,888		22,122
Vail Resorts Inc.		6,996		323,355
Valassis Communications Inc. (a)		9,540		289,062
Value Line Inc.		145		1,944
ValueVision Media Inc. Class A (a)		7,837		59,953
Vera Bradley Inc. (a)		3,828		146,230
Vitamin Shoppe Inc. (a)		4,795		219,419
Warnaco Group Inc., The (a)		8,535		445,954
Warner Music Group Corp. (a)		11,178		91,883
West Marine Inc. (a)		2,888		29,949

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Westwood One Inc. (a)		1,035	$	5,341
Wet Seal Inc. Class A (a)		19,781		88,421
Weyco Group Inc.		1,376		33,850
Winmark Corp.		477		20,668
Winnebago Industries Inc. (a)		5,741		55,458
Wolverine World Wide Inc.		9,628		401,969
World Wrestling Entertainment Inc.		5,230		49,842
Zale Corp. (a)		6,155		34,468
Zumiez Inc. (a)		4,123		102,953
				32,398,191
Consumer Staples (3.25%)
Alico Inc.		653		16,730
Alliance One International Inc. (a)		17,016		54,962
Andersons Inc., The		3,622		153,030
Arden Group Inc. Class A		240		22,085
B&G Foods Inc. Class A		9,330		192,385
Boston Beer Co. Inc. (a)		1,611		144,346
Calavo Growers Inc.		2,269		47,785
Cal-Maine Foods Inc.		2,781		88,881
Casey’s General Stores Inc.		7,359		323,796
Central European Distribution Corp. (a)		14,047		157,326
Central Garden & Pet Co. (a)		9,300		94,395
Chiquita Brands International Inc. (a)		8,778		114,290
Coca-Cola Bottling Co. Consolidated		878		59,405
Craft Brewers Alliance Inc. (a)		1,834		15,791
Darling International Inc. (a)		22,663		401,135
Diamond Foods Inc.		4,275		326,354
Dole Food Company Inc. (a)		6,968		94,207
Elizabeth Arden Inc. (a)		4,742		137,660
Farmer Brothers Co.		1,392		14,115
Female Health Co., The		3,747		18,735
Fresh Del Monte Produce Inc.		7,087		189,010
Fresh Market Inc., The (a)		5,450		210,806
Griffin Land & Nurseries Inc.		530		17,220
Hain Celestial Group Inc., The (a)		6,969		232,486
Harbinger Group Inc. (a)		1,801		11,004
Heckmann Corp. (a)		18,056		109,058
Imperial Sugar Co.		2,344		46,880
Ingles Markets Inc.		2,454		40,614
Inter Parfums Inc.		3,074		70,794
J&J Snack Foods Corp.		2,788		138,982
Lancaster Colony Corp.		3,641		221,446
Lifeway Foods Inc. (a)		1,050		11,739
Limoneira Co.		1,542		34,834
Medifast Inc. (a)		2,678		63,549
MGP Ingredients Inc.		2,179		18,979
Nash Finch Co.		2,350		84,154
National Beverage Corp.		2,282		33,431
Nature’s Sunshine Products Inc. (a)		2,104		40,986
Nu Skin Enterprises Inc.		10,608		398,330
Nutraceutical International Corp. (a)		1,887		29,022
Oil-Dri Corporation of America		1,051		22,512
Omega Protein Corp. (a)		3,680		50,784
Pantry Inc., The (a)		4,471		84,010
Pilgrim’s Pride Corp. (a)		9,939		53,770

See accompanying notes to financial statements. 27

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
Prestige Brands Holdings Inc. (a)		9,692	$	124,445
PriceSmart Inc.		3,441		176,282
Primo Water Corp. (a)		2,334		33,586
Revlon Inc. Class A (a)		2,075		34,860
Rite Aid Corp. (a)		114,250		151,952
Ruddick Corp.		9,486		413,020
Sanderson Farms Inc.		4,302		205,550
Schiff Nutrition International Inc.		2,295		25,681
Seneca Foods Corp. Class A (a)		1,743		44,586
Smart Balance Inc. (a)		11,736		60,792
Snyders-Lance Inc.		9,091		196,638
Spartan Stores Inc.		4,378		85,502
Spectrum Brands Holdings Inc. (a)		3,254		104,128
Star Scientific Inc. (a)		20,697		93,136
Susser Holdings Corp. (a)		1,566		24,618
Synutra International Inc. (a)		3,452		33,899
Tootsie Roll Industries Inc.		4,645		135,913
TreeHouse Foods Inc. (a)		6,869		375,116
United Natural Foods Inc. (a)		9,361		399,434
Universal Corp.		4,474		168,536
USANA Health Sciences Inc. (a)		1,315		41,133
Vector Group Ltd.		8,931		158,882
Village Super Market Inc. Class A		1,202		33,307
WD-40 Co.		3,280		128,051
Weis Markets Inc.		2,141		87,203
Winn-Dixie Stores Inc. (a)		10,922		92,292
				8,120,355
Energy (6.86%)
Abraxas Petroleum Corp. (a)		16,149		61,851
Alon USA Energy Inc.		2,127		23,971
Amyris Inc. (a)		3,406		95,675
Apco Oil and Gas International Inc.		1,776		154,388
Approach Resources Inc. (a)		4,326		98,070
ATP Oil & Gas Corp. (a)		8,679		132,875
Basic Energy Services Inc. (a)		4,648		146,273
Berry Petroleum Co.		10,000		531,300
Bill Barrett Corp. (a)		9,147		423,963
BPZ Resources Inc. (a)		19,838		65,069
Bristow Group Inc.		7,032		358,773
Cal Dive International Inc. (a)		18,645		111,497
Callon Petroleum Co. (a)		7,420		52,088
CAMAC Energy Inc. (a)		11,300		15,029
Carrizo Oil & Gas Inc. (a)		7,542		314,878
Cheniere Energy Inc. (a)		13,599		124,567
Clayton Williams Energy Inc. (a)		1,165		69,958
Clean Energy Fuels Corp. (a)		9,597		126,201
Cloud Peak Energy Inc. (a)		11,779		250,893
Complete Production Services Inc. (a)		15,294		510,208
Comstock Resources Inc. (a)		9,206		265,041
Contango Oil & Gas Co. (a)		2,375		138,795
Crimson Exploration Inc. (a)		3,822		13,568
Crosstex Energy Inc.		7,925		94,308
CVR Energy Inc. (a)		17,000		418,540
Dawson Geophysical Co. (a)		1,536		52,454
Delek US Holdings Inc.		2,760		43,332

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
DHT Holdings Inc.		12,211	$	46,768
Dril-Quip Inc. (a)		6,663		451,951
Endeavour International Corp. (a)		7,156		107,841
Energy Partners Ltd. (a)		5,652		83,706
Energy XXI (Bermuda) Ltd. (a)		14,629		485,975
Evolution Petroleum Corp. (a)		2,940		20,874
Exterran Holdings Inc. (a)		12,321		244,325
Frontline Ltd.		9,955		146,737
FX Energy Inc. (a)		10,100		88,678
Gastar Exploration Ltd. (a)		11,141		38,214
General Maritime Corp.		22,314		30,124
Geokinetics Inc. (a)		1,978		15,587
GeoResources Inc. (a)		3,864		86,901
Gevo Inc. (a)		1,076		16,925
Global Geophysical Services Inc. (a)		3,441		61,250
Global Industries Ltd. (a)		19,737		108,159
GMX Resources Inc. (a)		11,635		51,776
Golar LNG Ltd.		7,104		247,859
Goodrich Petroleum Corp. (a)		4,992		91,903
Green Plains Renewable Energy Inc. (a)		3,920		42,297
GreenHunter Energy Inc. Warrants (a) (b)		94		0
Gulf Island Fabrication Inc.		2,775		89,577
GulfMark Offshore Inc. Class A (a)		4,593		202,965
Gulfport Energy Corp. (a)		7,531		223,595
Hallador Energy Co.		738		7,077
Harvest Natural Resources Inc. (a)		6,596		72,754
Helix Energy Solutions Group Inc. (a)		20,580		340,805
Hercules Offshore Inc. (a)		22,430		123,589
Hornbeck Offshore Services Inc. (a)		4,453		122,458
Houston American Energy Corp.		3,258		59,068
Hyperdynamics Corp. (a)		30,071		129,305
ION Geophysical Corp. (a)		25,559		241,788
Isramco Inc. (a)		219		14,472
James River Coal Co. (a)		6,879		143,221
Key Energy Services Inc. (a)		24,238		436,284
Knightsbridge Tankers Ltd.		4,345		95,720
Kodiak Oil & Gas Corp. (a)		34,834		200,992
L&L Energy Inc. (a)		4,244		21,772
Lufkin Industries Inc.		5,908		508,383
Magnum Hunter Resources Corp. (a)		21,564		145,773
Matrix Service Co. (a)		5,208		69,683
McMoRan Exploration Co. (a)		19,044		351,933
Miller Energy Resources Inc. (a)		5,918		37,875
Mitcham Industries Inc. (a)		1,888		32,662
Natural Gas Services Group (a)		2,365		38,218
Newpark Resources Inc. (a)		17,489		158,625
Nordic American Tanker Shipping Ltd.		9,209		209,413
Northern Oil and Gas Inc. (a)		12,242		271,160
Oasis Petroleum Inc. (a)		11,529		342,181
Overseas Shipholding Group Inc.		5,180		139,549
OYO Geospace Corp. (a)		848		84,800
Panhandle Oil & Gas Inc.		1,401		41,315
Parker Drilling Co. (a)		22,728		132,959
Patriot Coal Corp. (a)		17,695		393,891

28 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Penn Virginia Corp.		8,896	$	117,516
Petroleum Development Corp. (a)		4,539		135,761
Petroquest Energy Inc. (a)		10,977		77,059
PHI Inc. (a)		2,575		55,955
Pioneer Drilling Co. (a)		10,586		161,331
Rentech Inc. (a)		43,853		46,484
Resolute Energy Corp. (a)		8,897		143,776
REX American Resources Corp. (a)		1,335		22,161
Rex Energy Corp. (a)		6,787		69,702
RigNet Inc. (a)		1,062		18,054
Rosetta Resources Inc. (a)		10,284		530,037
Scorpio Tankers Inc. (a)		4,664		46,593
SemGroup Corp. Class A (a)		8,022		205,925
Ship Finance International Ltd.		8,789		158,378
Solazyme Inc. (a)		2,105		48,352
Stone Energy Corp. (a)		9,496		288,583
Swift Energy Co. (a)		8,220		306,359
Syntroleum Corp. (a)		14,757		21,693
Targa Resources Corp.		3,207		107,306
Teekay Tankers Ltd. Class A		8,135		76,469
Tesco Corp. (a)		5,885		114,228
TETRA Technologies Inc. (a)		14,884		189,473
Triangle Petroleum Corp. (a)		8,174		52,804
Union Drilling Inc. (a)		2,948		30,335
Uranerz Energy Corp. (a)		12,345		37,282
Uranium Energy Corp. (a)		13,770		42,136
Uranium Resources Inc. (a)		17,897		29,888
Ur-Energy Inc. (a)		19,535		31,256
USEC Inc. (a)		22,491		75,120
VAALCO Energy Inc. (a)		10,113		60,880
Vantage Drilling Co. (a)		33,519		61,005
Venoco Inc. (a)		5,692		72,516
Voyager Oil & Gas Inc. (a)		8,860		26,314
W&T Offshore Inc.		6,771		176,859
Warren Resources Inc. (a)		13,830		52,692
Western Refining Inc. (a)		10,320		186,482
Westmoreland Coal Co. (a)		1,829		32,465
Willbros Group Inc. (a)		7,666		65,468
World Fuel Services Corp.		13,710		492,600
Zion Oil & Gas Inc. (a)		4,645		27,638
				17,140,212
Financials (19.34%)
1st Source Corp.		3,114		64,584
1st United Bancorp Inc. (a)		5,237		32,574
Abington Bancorp Inc.		4,063		42,377
Acadia Realty Trust		7,955		161,725
Advance America Cash Advance Centers Inc.		10,818		74,536
Agree Realty Corp.		1,876		41,891
Alexander’s Inc.		402		159,594
Alliance Financial Corp.		962		29,370
Alterra Capital Holdings Ltd.		17,514		390,562
American Assets Trust Inc.		6,335		142,221
American Campus Communities Inc.		13,222		469,645

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
American Equity Investment Life Holding Co.		11,598	$	147,411
American Safety Insurance Holdings Ltd. (a)		2,096		40,117
Ameris Bancorp (a)		4,796		42,541
Amerisafe Inc. (a)		3,606		81,568
Ames National Corp.		1,650		29,964
AmTrust Financial Services Inc.		4,624		105,335
Anworth Mortgage Asset Corp.		24,388		183,154
Apollo Commercial Real Estate Finance Inc.		3,382		54,518
Argo Group International Holdings Ltd.		5,330		158,408
ARMOUR Residential REIT Inc.		9,442		69,399
Arrow Financial Corp.		1,918		46,933
Artio Global Investors Inc.		6,029		68,128
Ashford Hospitality Trust Inc.		9,040		112,548
Associated Estates Realty Corp.		8,191		133,104
Astoria Financial Corp.		17,058		218,172
Avatar Holdings Inc. (a)		1,800		27,378
Baldwin & Lyons Inc.		1,692		39,204
BancFirst Corp.		1,377		53,152
Banco Latinoamericano de Comercio Exterior SA		5,547		96,074
Bancorp Inc., The (a)		5,711		59,680
Bancorp Rhode Island Inc.		731		33,129
BancorpSouth Inc.		16,143		200,335
Bank Mutual Corp.		9,539		35,008
Bank of Kentucky Financial Corp., The		1,015		22,604
Bank of Marin Bancorp		1,145		40,499
Bank of the Ozarks Inc.		2,737		142,488
BankFinancial Corp.		4,171		35,328
Banner Corp.		3,177		55,598
Beneficial Mutual Bancorp Inc. (a)		6,811		55,952
Berkshire Hills Bancorp Inc.		3,235		72,432
BGC Partners Inc. Class A		14,563		112,572
BioMed Realty Trust Inc.		25,526		491,120
BofI Holding Inc. (a)		1,667		24,021
Boston Private Financial Holdings Inc.		15,079		99,220
Bridge Bancorp Inc.		1,385		29,473
Bridge Capital Holdings (a)		1,547		17,141
Brookline Bancorp Inc.		7,378		68,394
Bryn Mawr Bank Corp.		1,723		34,891
Calamos Asset Management Inc. Class A		3,720		54,014
California First National Bancorp		556		8,518
Camden National Corp.		1,584		51,971
Campus Crest Communities Inc.		5,985		77,446
Cape Bancorp Inc. (a)		1,916		19,160
Capital Bank Corp. (a)		2,393		8,352
Capital City Bank Group Inc.		2,290		23,495
CapLease Inc.		12,908		63,378
Capstead Mortgage Corp.		14,841		198,869
Cardinal Financial Corp.		5,852		64,079
Cascade Bancorp (a)		1,076		10,868

See accompanying notes to financial statements. 29

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Cash America International Inc.		5,714	$	330,669
Cathay General Bancorp		15,358		251,718
CBL & Associates Properties Inc.		28,741		521,074
Cedar Shopping Centers Inc.		11,145		57,397
Center Bancorp Inc.		2,024		21,131
Center Financial Corp. (a)		7,212		45,796
Centerstate Banks Inc.		5,737		39,700
Central Pacific Financial Corp. (a)		2,805		39,270
Century Bancorp Inc. Class A		607		16,061
Charter Financial Corp.		1,005		9,950
Chatham Lodging Trust		2,775		44,705
Chemical Financial Corp.		5,329		99,972
Chesapeake Lodging Trust		6,049		103,196
CIFC Deerfield Corp. (a)		2,034		13,933
Citizens & Northern Corp.		2,446		36,861
Citizens Inc. (a)		7,415		50,570
City Holding Co.		3,096		102,261
Clifton Savings Bancorp Inc.		1,833		20,236
CNB Financial Corp.		2,504		34,781
CNO Financial Group Inc. (a)		43,015		340,249
CoBiz Financial Inc.		6,659		43,550
Cogdell Spencer Inc.		8,961		53,676
Cohen & Steers Inc.		3,485		115,528
Colonial Properties Trust		16,133		329,113
Colony Financial Inc.		6,262		113,154
Columbia Banking System Inc.		7,774		133,868
Community Bank System Inc.		7,157		177,422
Community Trust Bancorp Inc.		2,856		79,168
Compass Diversified Holdings		7,794		128,523
Consolidated-Tomoka Land Co.		860		24,596
Coresite Realty Corp.		3,867		63,419
Cousins Properties Inc.		17,975		153,506
Cowen Group Inc. Class A (a)		13,251		49,824
Crawford & Co. Class B		4,811		34,014
Credit Acceptance Corp. (a)		1,287		108,713
CreXus Investment Corp.		10,909		121,199
CVB Financial Corp.		17,635		163,124
Cypress Sharpridge Investments Inc.		15,991		204,845
Danvers Bancorp Inc. (c)		4,042		87,994
DCT Industrial Trust Inc.		47,517		248,514
Delphi Financial Group Inc. Class A		9,312		272,004
Diamond Hill Investment Group		487		39,588
DiamondRock Hospitality Co.		32,352		347,137
Dime Community Bancshares		5,964		86,717
Dollar Financial Corp. (a)		8,399		181,838
Donegal Group Inc.		1,656		21,197
Doral Financial Corp. (a)		24,345		47,716
Duff & Phelps Corp. Class A		5,851		75,068
DuPont Fabros Technology Inc.		11,365		286,398
Dynex Capital Inc.		7,634		73,897
Eagle Bancorp Inc. (a)		3,389		45,074
EastGroup Properties Inc.		5,313		225,856
Edelman Financial Group Inc.		3,977		31,379
Education Realty Trust Inc.		13,904		119,157
eHealth Inc. (a)		4,243		56,686

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
EMC Insurance Group Inc.		974	$	18,603
Employers Holdings Inc.		7,377		123,712
Encore Bancshares Inc. (a)		1,599		19,220
Encore Capital Group Inc. (a)		3,115		95,693
Enstar Group Ltd. (a)		1,331		139,076
Enterprise Bancorp Inc.		1,003		15,115
Enterprise Financial Services Corp.		3,152		42,647
Entertainment Properties Trust		9,101		425,017
Epoch Holding Corp.		2,818		50,301
Equity Lifestyle Properties Inc.		4,966		310,077
Equity One Inc.		10,246		190,985
ESB Financial Corp.		2,384		30,801
ESSA Bancorp Inc.		2,476		30,752
Evercore Partners Inc. Class A		3,805		126,783
Excel Trust Inc.		3,538		39,024
Extra Space Storage Inc.		18,155		387,246
EZCORP Inc. Class A (a)		9,126		324,657
FBL Financial Group Inc.		2,508		80,632
FBR & Co. (a)		10,101		34,343
Federal Agricultural Mortgage Corp. Class C		1,948		43,090
FelCor Lodging Trust Inc. (a)		24,102		128,464
Financial Engines Inc. (a)		7,404		191,912
Financial Institutions Inc.		2,676		43,940
First American Financial Corp.		20,415		319,495
First Bancorp (North Carolina)		3,147		32,225
First Bancorp Inc.		1,896		28,175
First Busey Corp.		14,796		78,271
First Cash Financial Services Inc. (a)		6,100		256,139
First Commonwealth Financial Corp.		20,255		116,264
First Community Bancshares Inc.		3,193		44,702
First Defiance Financial Corp. (a)		1,686		24,767
First Financial Bancorp		11,481		191,618
First Financial Bankshares Inc.		6,219		214,245
First Financial Corp. Indiana		2,256		73,861
First Financial Holdings Inc.		3,328		29,852
First Industrial Realty Trust Inc. (a)		15,204		174,086
First Interstate BancSystem Inc.		2,984		43,984
First Marblehead Corp., The (a)		11,872		21,013
First Merchants Corp.		5,189		46,390
First Midwest Bancorp Inc.		14,619		179,668
First of Long Island Corp., The		1,454		40,552
First PacTrust Bancorp Inc.		1,540		22,884
First Potomac Realty Trust		9,911		151,737
FirstMerit Corp.		21,381		353,000
Flagstar Bancorp Inc. (a)		37,230		44,304
Flagstone Reinsurance Holdings SA.		9,992		84,233
Flushing Financial Corp.		6,212		80,756
FNB Corp. (PA)		24,672		255,355
Forestar Group Inc. (a)		6,912		113,564
Fortegra Financial Corp. (a)		962		7,542
Fox Chase Bancorp		2,726		36,937
FPIC Insurance Group Inc. (a)		1,634		68,105
Franklin Financial Corp. (a)		2,610		31,477
Franklin Street Properties Corp.		13,897		179,410
FXCM Inc. Class A		3,450		34,224

30 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Gain Capital Holdings Inc. (a)		1,355	$	9,228
GAMCO Investors Inc.		1,336		61,843
German American Bancorp Inc.		2,418		40,090
Getty Realty Corp.		4,975		125,519
GFI Group Inc.		13,572		62,295
Glacier Bancorp Inc.		14,159		190,863
Gladstone Commercial Corp.		1,886		32,684
Gleacher & Co Inc. (a)		15,815		32,263
Glimcher Realty Trust		19,550		185,725
Global Indemnity PLC (a)		2,650		58,777
Government Properties Income Trust		5,904		159,526
Great Southern Bancorp Inc.		2,100		39,795
Greenlight Capital Re Ltd. Class A (a)		5,464		143,649
Hallmark Financial Services Inc. (a)		2,337		18,392
Hampton Roads Bankshares Inc. (a)		1,877		18,582
Hancock Holding Co.		9,669		299,546
Hanmi Financial Corp. (a)		29,070		31,105
Harleysville Group Inc.		2,296		71,566
Hatteras Financial Corp.		14,532		410,238
Healthcare Realty Trust Inc.		14,052		289,893
Heartland Financial USA Inc.		2,573		37,437
Heritage Commerce Corp. (a)		3,803		19,433
Heritage Financial Corp.		2,859		36,967
Hersha Hospitality Trust		27,522		153,298
HFF Inc. Class A (a)		5,584		84,263
Highwoods Properties Inc.		14,064		465,940
Hilltop Holdings Inc. (a)		7,873		69,597
Home Bancshares Inc.		4,498		106,333
Home Federal Bancorp Inc.		3,394		37,300
Home Properties Inc.		7,586		461,836
Horace Mann Educators Corp.		7,804		121,820
Hudson Pacific Properties Inc.		4,147		64,403
Hudson Valley Holding Corp.		2,771		53,508
IBERIABANK Corp.		5,296		305,261
ICG Group Inc. (a)		7,264		88,839
Imperial Holdings Inc. (a)		3,324		33,772
Independence Holding Co.		1,224		12,779
Independent Bank Corp. (MA)		4,263		111,904
Infinity Property & Casualty Corp.		2,391		130,692
Inland Real Estate Corp.		15,206		134,269
International Bancshares Corp.		10,414		174,226
INTL FCStone Inc. (a)		2,585		62,583
Invesco Mortgage Capital		13,985		295,503
Investment Technology Group Inc. (a)		8,068		113,113
Investors Bancorp Inc. (a)		9,147		129,887
Investors Real Estate Trust		15,390		133,277
iStar Financial Inc. (a)		17,983		145,842
JMP Group Inc.		2,779		19,536
Kansas City Life Insurance Co.		857		26,696
KBW Inc.		7,046		131,760
Kearny Financial Corp.		3,035		27,649
Kennedy-Wilson Holdings Inc.		4,512		55,272
Kilroy Realty Corp.		11,388		449,712
Kite Realty Group Trust		11,038		54,969

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Knight Capital Group Inc. Class A (a)		19,460	$	214,449
Ladenburg Thalmann Financial Services Inc. (a)		20,324		28,047
Lakeland Bancorp Inc.		4,209		42,006
Lakeland Financial Corp.		3,310		73,681
LaSalle Hotel Properties		16,538		435,611
Lexington Realty Trust		23,073		210,656
LTC Properties Inc.		5,805		161,495
Maiden Holdings Ltd.		9,891		90,008
MainSource Financial Group Inc.		4,067		33,756
MarketAxess Holdings Inc.		5,619		140,812
Marlin Business Services Corp. (a)		1,721		21,771
MB Financial Inc.		10,663		205,156
Meadowbrook Insurance Group Inc.		10,445		103,510
Medical Properties Trust Inc.		21,937		252,276
Medley Capital Corp.		2,024		23,762
Merchants Bancshares Inc.		976		23,883
Meridian Interstate Bancorp Inc. (a)		1,963		26,873
Metro Bancorp Inc. (a)		2,736		31,245
MF Global Holdings Ltd. (a)		31,695		245,319
MFA Financial Inc.		68,818		553,297
MGIC Investment Corp. (a)		36,494		217,139
Mid-America Apartment Communities Inc.		7,125		480,724
MidSouth Bancorp Inc.		1,497		20,404
Mission West Properties Inc.		3,949		34,672
Monmouth Real Estate Investment Corp. Class A		6,419		54,241
Montpelier Re Holdings Ltd.		12,114		218,052
MPG Office Trust Inc. (a)		9,848		28,165
Nara Bancorp Inc. (a)		7,485		60,853
National Bankshares Inc.		1,469		36,784
National Financial Partners Corp. (a)		8,563		98,817
National Health Investors Inc.		4,791		212,864
National Interstate Corp.		1,344		30,778
National Penn Bancshares Inc.		24,283		192,564
National Retail Properties Inc.		16,603		406,940
National Western Life Insurance Co.		428		68,253
Navigators Group Inc., The (a)		2,587		121,589
NBT Bancorp Inc.		6,864		151,900
Nelnet Inc. Class A		5,026		110,874
Netspend Holdings Inc. (a)		5,847		58,470
New Mountain Finance Corp. (a)		1,410		17,907
Newcastle Investment Corp.		15,587		90,093
NewStar Financial Inc. (a)		5,360		57,245
Nicholas Financial Inc. (a)		1,744		20,719
Northfield Bancorp Inc.		3,578		50,307
NorthStar Realty Finance Corp.		18,389		74,108
Northwest Bancshares Inc.		20,859		262,406
OceanFirst Financial Corp.		2,940		38,073
Ocwen Financial Corp. (a)		14,523		185,313
Old National Bancorp		18,399		198,709
Omega Healthcare Investors Inc.		19,704		413,981
OmniAmerican Bancorp Inc. (a)		2,435		36,452
One Liberty Properties Inc.		2,129		32,872

See accompanying notes to financial statements. 31

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
OneBeacon Insurance Group Ltd. Class A		4,017	$	53,788
Oppenheimer Holdings Inc. Class A		2,030		57,266
optionsXpress Holdings Inc.		8,349		139,261
Oriental Financial Group Inc.		8,904		114,773
Oritani Financial Corp.		11,097		141,931
Orrstown Financial Services Inc.		1,356		35,676
Pacific Capital Bancorp (a)		790		25,114
Pacific Continental Corp.		3,584		32,794
PacWest Bancorp		5,962		122,638
Park National Corp.		2,563		168,799
Park Sterling Corp. (a)		5,330		26,437
Parkway Properties Inc.		4,280		73,017
Pebblebrook Hotel Trust		9,772		197,297
Penns Woods Bancorp Inc.		855		29,378
Pennsylvania Real Estate Investment Trust		10,868		170,628
Pennymac Mortgage Investment Trust		3,639		60,298
Peoples Bancorp Inc.		2,164		24,388
PHH Corp. (a)		10,861		222,868
Phoenix Companies Inc., The (a)		23,005		56,592
PICO Holdings Inc. (a)		4,434		128,586
Pinnacle Financial Partners Inc. (a)		6,683		103,987
Piper Jaffray Companies Inc. (a)		3,086		88,908
Platinum Underwriters Holdings Ltd.		7,227		240,225
PMI Group Inc., The (a)		29,724		31,805
Portfolio Recovery Associates Inc. (a)		3,325		281,927
Post Properties Inc.		9,695		395,168
Potlatch Corp.		7,852		276,940
Presidential Life Corp.		4,264		44,516
Primerica Inc.		6,509		143,003
Primus Guaranty Ltd. (a)		4,628		24,297
PrivateBancorp Inc.		11,648		160,742
ProAssurance Corp. (a)		5,904		413,280
Prosperity Bancshares Inc.		9,130		400,077
Provident Financial Services Inc.		11,895		170,336
Provident New York Bancorp		7,707		64,431
PS Business Parks Inc.		3,642		200,674
Pzena Investment Management Inc. Class A		1,485		8,435
Radian Group Inc.		25,928		109,675
RAIT Financial Trust		22,749		47,773
Ramco-Gershenson Properties Trust		7,597		94,051
Redwood Trust Inc.		15,366		232,334
Renasant Corp.		4,821		69,856
Republic Bancorp Inc. Class A		2,036		40,516
Resource Capital Corp.		13,642		86,217
Retail Opportunity Investments Corp.		8,178		87,995
RLI Corp.		3,569		220,992
RLJ Lodging Trust (a)		5,171		89,820
Rockville Financial Inc.		5,574		55,183
Roma Financial Corp.		1,613		16,936
S&T Bancorp Inc.		5,435		101,037
Sabra Health Care REIT Inc.		4,966		82,982
Safeguard Scientifics Inc. (a)		4,056		76,577
Safety Insurance Group Inc.		2,449		102,956
Sandy Spring Bancorp Inc.		4,785		86,082

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Saul Centers Inc.		1,394	$	54,882
SCBT Financial Corp.		2,711		77,751
SeaBright Holdings Inc.		4,045		40,046
Seacoast Banking Corporation of Florida (a)		13,392		20,088
Selective Insurance Group Inc.		10,464		170,249
Sierra Bancorp		2,227		25,210
Signature Bank (a)		8,063		461,204
Simmons First National Corp.		3,497		89,733
Solar Senior Capital Ltd.		1,608		28,864
Southside Bancshares Inc.		3,384		67,172
Southwest Bancorp Inc. (a)		3,921		38,387
Sovran Self Storage Inc.		5,421		222,261
STAG Industrial Inc.		2,829		34,655
Starwood Property Trust Inc.		18,182		372,913
State Auto Financial Corp.		2,850		49,676
State Bancorp Inc.		3,076		41,034
State Bank Financial Corp. (a)		6,052		99,071
StellarOne Corp.		4,640		56,190
Sterling Bancorp NY		5,964		56,598
Sterling Bancshares Inc. TX		19,797		161,544
Sterling Financial Corp. (a)		5,145		82,680
Stewart Information Services Corp.		3,543		35,536
Stifel Financial Corp. (a)		10,416		373,518
Strategic Hotels & Resorts Inc. (a)		33,775		239,127
Suffolk Bancorp		1,923		26,845
Summit Hotel Properties Inc.		5,227		59,326
Sun Bancorp Inc. (a)		7,025		25,641
Sun Communities Inc.		4,125		153,904
Sunstone Hotel Investors Inc. (a)		23,044		213,618
Susquehanna Bancshares Inc.		25,424		203,392
SVB Financial Group (a)		8,334		497,623
SWS Group Inc.		5,828		34,910
SY Bancorp Inc.		2,414		56,126
Symetra Financial Corp.		12,770		171,501
Tanger Factory Outlet Centers Inc.		15,875		424,974
Taylor Capital Group Inc. (a)		2,183		17,813
Tejon Ranch Co. (a)		2,741		93,468
Terreno Realty Corp.		1,890		32,149
Territorial Bancorp Inc.		2,502		51,841
Teton Advisors Inc. Class B (a) (b)		25		422
Texas Capital Bancshares Inc. (a)		7,307		188,740
Tompkins Financial Corp.		1,682		66,002
Tower Bancorp Inc.		2,009		55,047
Tower Group Inc.		7,161		170,575
TowneBank		4,800		64,224
Trico Bancshares		2,842		41,493
Trustco Bank Corp. NY		15,504		75,970
Trustmark Corp.		12,454		291,548
Two Harbors Investment Corp.		17,271		185,663
UMB Financial Corp.		6,273		262,713
UMH Properties Inc.		2,394		25,616
Umpqua Holdings Corp.		22,454		259,793
Union First Market Bankshares Corp.		3,988		48,574
United Bankshares Inc.		7,972		195,155
United Community Banks Inc. (a)		3,853		40,688

32 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
United Financial Bancorp Inc.		3,402	$	52,493
United Fire & Casualty Co.		4,243		73,701
Universal Health Realty Income Trust		2,311		92,394
Universal Insurance Holdings Inc.		3,417		15,957
Univest Corp. of Pennsylvania		3,384		52,892
Urstadt Biddle Properties Inc.		3,960		71,716
U-Store-It Trust		19,248		202,489
ViewPoint Financial Group		6,682		92,212
Virginia Commerce Bancorp (a)		4,423		26,140
Virtus Investment Partners Inc. (a)		1,083		65,738
Walker & Dunlop Inc. (a)		2,005		26,666
Walter Investment Management Corp.		5,082		112,770
Washington Banking Co.		2,986		39,475
Washington Real Estate Investment Trust		12,786		415,801
Washington Trust Bancorp Inc.		2,877		66,085
Webster Financial Corp.		14,025		294,806
WesBanco Inc.		4,626		90,947
West Bancorporation		3,350		29,514
West Coast Bancorp (a)		3,819		64,006
Westamerica Bancorporation		5,686		280,036
Western Alliance Bancorp (a)		13,447		95,474
Westfield Financial Inc.		5,776		46,901
Westwood Holdings Group Inc.		1,182		45,034
Whitestone REIT Class B		1,363		17,337
Wilshire Bancorp Inc. (a)		10,974		32,264
Winthrop Realty Trust		5,254		62,733
Wintrust Financial Corp.		6,796		218,695
World Acceptance Corp. (a)		3,081		202,021
WSFS Financial Corp.		1,221		48,411
				48,350,988
Health Care (12.19%)
Abaxis Inc. (a)		4,373		119,164
Abiomed Inc. (a)		6,174		100,019
Accretive Health Inc. (a)		7,736		222,719
Accuray Inc. (a)		13,194		105,684
Achillion Pharmaceuticals Inc. (a)		7,628		56,752
Acorda Therapeutics Inc. (a)		7,660		247,495
Acura Pharmaceuticals Inc. (a)		2,223		8,603
Aegerion Pharmaceuticals Inc. (a)		1,450		22,838
Affymax Inc. (a)		6,790		46,647
Affymetrix Inc. (a)		13,755		109,077
Air Methods Corp. (a)		2,193		163,905
Akorn Inc. (a)		11,009		77,063
Albany Molecular Research Inc. (a)		4,426		21,289
Align Technology Inc. (a)		11,875		270,750
Alimera Sciences Inc. (a)		2,105		17,156
Alkermes Inc. (a)		18,511		344,305
Alliance HealthCare Services Inc. (a)		5,009		19,034
Allos Therapeutics Inc. (a)		15,127		32,372
Almost Family Inc. (a)		1,584		43,402
Alnylam Pharmaceuticals Inc. (a)		7,227		67,717
Alphatec Holdings Inc. (a)		10,345		36,001
AMAG Pharmaceuticals Inc. (a)		4,149		78,001

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Amedisys Inc. (a)		5,730	$	152,590
American Dental Partners Inc. (a)		3,035		39,334
Amicus Therapeutics Inc. (a)		2,840		16,870
AMN Healthcare Services Inc. (a)		7,609		63,307
Ampio Pharmaceuticals Inc. (a)		3,713		28,924
Amsurg Corp. (a)		6,104		159,498
Anacor Pharmaceuticals Inc. (a)		1,959		12,655
Analogic Corp.		2,441		128,372
Angiodynamics Inc. (a)		4,853		69,058
Antares Pharma Inc. (a)		16,773		37,068
Anthera Pharmaceuticals Inc. (a)		3,270		26,716
Ardea Biosciences Inc. (a)		3,244		82,592
Arena Pharmaceuticals Inc. (a)		28,192		38,341
Ariad Pharmaceuticals Inc. (a)		25,570		289,708
ArQule Inc. (a)		10,237		63,981
Array Biopharma Inc. (a)		11,458		25,666
ArthroCare Corp. (a)		5,306		177,592
Assisted Living Concepts Inc. Class A		3,902		65,476
athenahealth Inc. (a)		6,744		277,178
AtriCure Inc. (a)		2,612		33,695
Atrion Corp.		312		61,714
Auxilium Pharmaceuticals Inc. (a)		9,279		181,868
AVANIR Pharmaceuticals Inc. Class A (a)		24,015		80,690
Aveo Pharmaceuticals Inc. (a)		5,125		105,626
AVI BioPharma Inc. (a)		25,970		37,137
Bacterin International Holdings Inc. (a)		3,928		11,156
BG Medicine Inc. (a)		1,228		9,775
BioCryst Pharmaceuticals Inc. (a)		5,847		22,336
BioLase Technology Inc. (a)		5,448		28,003
BioMimetic Therapeutics Inc. (a)		3,701		18,949
Bio-Reference Laboratories Inc. (a)		4,823		100,801
BioSante Pharmaceuticals Inc. (a)		18,088		49,742
BioScrip Inc. (a)		7,821		50,758
BioSpecifics Technologies Corp. (a)		938		21,011
BioTime Inc. (a)		5,081		26,066
Cadence Pharmaceuticals Inc. (a)		7,333		67,464
Caliper Life Sciences Inc. (a)		9,105		73,842
Cambrex Corp. (a)		5,655		26,126
Cantel Medical Corp.		2,547		68,540
Capital Senior Living Corp. (a)		5,450		50,630
CardioNet Inc. (a)		4,879		25,907
Cardiovascular Systems Inc. (a)		2,517		36,648
Cell Therapeutics Inc. (a)		32,264		50,816
Celldex Therapeutics Inc. (a)		8,451		30,001
Centene Corp. (a)		9,690		344,286
Cepheid Inc. (a)		11,967		414,537
Cerus Corp. (a)		9,060		27,180
Chelsea Therapeutics International Ltd. (a)		10,337		52,719
Chemed Corp.		4,126		270,336
Chindex International Inc. (a)		2,284		31,108
Cleveland Biolabs Inc. (a)		4,464		15,222
Codexis Inc. (a)		4,657		44,847
Columbia Laboratories Inc. (a)		13,974		43,180

See accompanying notes to financial statements. 33

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Complete Genomics Inc. (a)		1,894	$	28,940
Computer Programs & Systems Inc.		2,138		135,720
Conceptus Inc. (a)		6,116		71,374
Conmed Corp. (a)		5,509		156,896
Continucare Corp. (a)		5,783		35,739
Corcept Therapeutics Inc. (a)		7,787		31,070
Cornerstone Therapeutics Inc. (a)		1,538		13,780
Corvel Corp. (a)		1,233		57,828
Cross Country Healthcare Inc. (a)		5,551		42,188
CryoLife Inc. (a)		5,588		31,293
Cubist Pharmaceuticals Inc. (a)		11,637		418,816
Curis Inc. (a)		14,968		53,585
Cyberonics Inc. (a)		5,483		153,250
Cynosure Inc. Class A (a)		1,916		23,184
Cytori Therapeutics Inc. (a)		9,615		46,056
Delcath Systems Inc. (a)		8,463		43,669
DepoMed Inc. (a)		10,518		86,037
Dexcom Inc. (a)		12,972		187,964
Durect Corp. (a)		16,158		32,801
DUSA Pharmaceuticals Inc. (a)		4,643		28,879
Dyax Corp. (a)		19,506		38,622
Dynavax Technologies Corp. (a)		22,564		62,051
DynaVox Inc. Class A (a)		1,898		14,425
Emergent Biosolutions Inc. (a)		4,680		105,534
Emeritus Corp. (a)		5,879		124,929
Endocyte Inc. (a)		2,720		38,950
Endologix Inc. (a)		9,559		88,899
Ensign Group Inc., The		3,132		95,181
Enzo Biochem Inc. (a)		7,253		30,825
Enzon Pharmaceuticals Inc. (a)		8,116		81,566
ePocrates Inc. (a)		1,189		21,925
eResearch Technology Inc. (a)		9,651		61,477
Exact Sciences Corp. (a)		10,070		86,602
Exactech Inc. (a)		1,596		28,744
ExamWorks Group Inc. (a)		5,206		132,180
Exelixis Inc. (a)		24,831		222,486
Five Star Quality Care Inc. (a)		6,311		36,667
Fluidigm Corp. (a)		1,210		20,292
Furiex Pharmaceuticals Inc. (a)		1,909		33,961
Genomic Health Inc. (a)		3,268		91,210
Gentiva Health Services Inc. (a)		5,886		122,605
Geron Corp. (a)		24,898		99,841
Greatbatch Inc. (a)		4,539		121,736
GTx Inc. (a)		3,349		16,042
Haemonetics Corp. (a)		4,958		319,146
Halozyme Therapeutics Inc. (a)		15,828		109,371
Hanger Orthopedic Group Inc. (a)		6,455		157,954
Hansen Medical Inc. (a)		9,152		31,208
Harvard Bioscience Inc. (a)		4,100		21,853
Healthsouth Corp. (a)		18,458		484,338
Healthspring Inc. (a)		13,056		602,273
HealthStream Inc. (a)		2,899		38,470
Healthways Inc. (a)		6,616		100,431
HeartWare International Inc. (a)		2,322		172,014
Hi-Tech Pharmacal Co. Inc. (a)		2,022		58,496
HMS Holdings Corp. (a)		5,476		420,940

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
ICU Medical Inc. (a)		2,338	$	102,171
Idenix Pharmaceuticals Inc. (a)		10,509		52,545
Immucor Inc. (a)		11,773		240,405
ImmunoGen Inc. (a)		14,537		177,206
Immunomedics Inc. (a)		12,906		52,527
Impax Laboratories Inc. (a)		12,651		275,665
Incyte Corp. (a)		17,171		325,219
Infinity Pharmaceuticals Inc. (a)		3,594		29,686
Inhibitex Inc. (a)		12,230		47,942
Insmed Inc. (a)		4,721		56,605
Insulet Corp. (a)		8,890		197,091
Integra LifeSciences Holdings Corp. (a)		4,047		193,487
InterMune Inc. (a)		9,494		340,360
Invacare Corp.		5,564		184,669
IPC The Hospitalist Co. (a)		3,184		147,578
IRIS International Inc. (a)		3,443		34,396
Ironwood Pharmaceuticals Inc. (a)		9,698		152,453
Isis Pharmaceuticals Inc. (a)		19,362		177,356
Ista Pharmaceuticals Inc. (a)		4,983		38,095
Jazz Pharmaceuticals Inc. (a)		4,282		142,805
Kendle International Inc. (a)		2,915		43,958
Kensey Nash Corp. (a)		1,616		40,772
Keryx Biopharmaceuticals Inc. (a)		13,320		63,004
Kindred Healthcare Inc. (a)		10,100		216,847
K-V Pharmaceutical Co. Class A (a)		9,958		27,086
Landauer Inc.		1,849		113,880
Lannett Company Inc. (a)		3,038		15,129
Lexicon Pharmaceuticals Inc. (a)		33,679		59,275
LHC Group Inc. (a)		3,124		72,039
Ligand Pharmaceuticals Inc. Class B (a)		3,884		46,414
Luminex Corp. (a)		7,376		154,158
Magellan Health Services Inc. (a)		6,217		340,319
MAKO Surgical Corp. (a)		6,200		184,326
MannKind Corp. (a)		14,915		56,677
MAP Pharmaceuticals Inc. (a)		4,218		67,361
Masimo Corp.		10,193		302,528
Maxygen Inc.		5,931		32,443
MedAssets Inc. (a)		9,217		123,139
Medcath Corp. (a)		3,979		54,075
Medical Action Industries Inc. (a)		3,037		24,752
Medicines Co., The (a)		10,484		173,091
Medicis Pharmaceutical Corp. Class A		11,952		456,208
Medidata Solutions Inc. (a)		4,066		97,055
Medivation Inc. (a)		6,103		130,787
MedQuist Holdings Inc. (a)		6,039		78,024
MEDTOX Scientific Inc.		1,343		23,462
Merge Healthcare Inc. (a)		10,020		52,104
Meridian Bioscience Inc.		7,992		192,687
Merit Medical Systems Inc. (a)		7,075		127,138
Metabolix Inc. (a)		6,538		46,681
Metropolitan Health Networks Inc. (a)		8,066		38,636
Micromet Inc. (a)		17,861		102,522
Molina Healthcare Inc. (a)		5,402		146,502
Momenta Pharmaceuticals Inc. (a)		8,919		173,564
MWI Veterinary Supply Inc. (a)		2,434		196,594

34 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Nabi Biopharmaceuticals (a)		8,440	$	45,407
National Healthcare Corp.		1,934		95,868
National Research Corp.		371		13,553
Natus Medical Inc. (a)		5,674		85,961
Nektar Therapeutics (a)		22,107		160,718
Neogen Corp. (a)		4,500		203,445
Neoprobe Corp. (a)		17,041		56,576
NeoStem Inc. (a)		7,119		10,536
Neurocrine Biosciences Inc. (a)		9,666		77,811
Novavax Inc. (a)		18,463		37,295
NPS Pharmaceuticals Inc. (a)		16,625		157,106
NuVasive Inc. (a)		7,703		253,275
NxStage Medical Inc. (a)		8,625		179,572
Nymox Pharmaceutical Corp. (a)		3,641		30,402
Obagi Medical Products Inc. (a)		3,562		33,590
Omnicell Inc. (a)		6,477		100,976
OncoGenex Pharmaceutical Inc. (a)		1,832		31,199
Oncothyreon Inc. (a)		8,006		73,575
Onyx Pharmaceuticals Inc. (a)		12,292		433,908
Opko Health Inc. (a)		21,020		77,564
Optimer Pharmaceuticals Inc. (a)		8,947		106,380
OraSure Technologies Inc. (a)		9,138		77,947
Orexigen Therapeutics Inc. (a)		6,208		9,871
Orthofix International NV (a)		3,509		149,027
Osiris Therapeutics Inc. (a)		3,376		26,130
Owens & Minor Inc.		12,288		423,813
Pacific Biosciences of California Inc. (a)		6,490		75,933
Pacira Pharmaceuticals Inc. (a)		916		10,992
Pain Therapeutics Inc. (a)		7,184		27,802
Palomar Medical Technologies Inc. (a)		3,767		42,492
Par Pharmaceutical Companies Inc. (a)		7,043		232,278
Parexel International Corp. (a)		11,434		269,385
PDL BioPharma Inc.		26,964		158,279
Peregrine Pharmaceuticals Inc. (a)		13,454		25,024
Pernix Therapeutics Holdings Inc. (a)		530		4,510
Pharmacyclics Inc. (a)		8,859		92,488
PharmAthene Inc. (a)		6,712		19,733
PharMerica Corp. (a)		5,725		73,051
Pozen Inc. (a)		5,217		21,911
Progenics Pharmaceuticals Inc. (a)		5,845		41,967
Providence Service Corp. (a)		2,625		33,206
PSS World Medical Inc. (a)		10,770		301,668
Quality Systems Inc.		3,756		327,899
Questcor Pharmaceuticals Inc. (a)		10,327		248,881
Quidel Corp. (a)		5,466		82,810
Radnet Inc. (a)		5,685		25,014
Raptor Pharmaceutical Corp. (a)		6,223		38,520
Rigel Pharmaceuticals Inc. (a)		13,251		121,512
Rockwell Medical Technologies Inc. (a)		3,060		39,290
RTI Biologics Inc. (a)		10,988		29,777
Rural/Metro Corp. (a)		3,547		61,150
Sagent Pharmaceuticals Inc. (a)		1,264		34,103
Salix Pharmaceuticals Ltd. (a)		11,334		451,433
Sangamo BioSciences Inc. (a)		10,082		59,383

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Santarus Inc. (a)		10,670	$	35,958
Savient Pharmaceuticals Inc. (a)		13,749		102,980
SciClone Pharmaceuticals Inc. (a)		6,690		40,408
Seattle Genetics Inc. (a)		18,692		383,560
Select Medical Holdings Corp. (a)		8,745		77,568
Sequenom Inc. (a)		19,302		145,730
SIGA Technologies Inc. (a)		6,754		65,784
Skilled Healthcare Group Inc. Class A (a)		3,788		35,834
Solta Medical Inc. (a)		11,987		33,084
SonoSite Inc. (a)		2,687		94,502
Spectranetics Corp. (a)		6,636		41,276
Spectrum Pharmaceuticals Inc. (a)		10,163		94,160
STAAR Surgical Co. (a)		7,077		37,508
Stereotaxis Inc. (a)		8,335		29,256
STERIS Corp.		11,491		401,955
Sucampo Pharmaceuticals Inc. Class A (a)		2,472		10,135
Sun Healthcare Group Inc. (a)		5,010		40,180
Sunesis Pharmaceuticals Inc. (a)		5,387		11,259
Sunrise Senior Living Inc. (a)		11,117		105,945
SuperGen Inc. (a)		11,143		33,206
SurModics Inc. (a)		3,040		33,744
Symmetry Medical Inc. (a)		7,068		63,400
Synergetics USA Inc. (a)		4,035		22,233
Synovis Life Technologies Inc. (a)		2,291		39,909
Synta Pharmaceuticals Corp. (a)		4,417		22,218
Targacept Inc. (a)		5,327		112,240
Team Health Holdings Inc. (a)		5,129		115,454
Theravance Inc. (a)		13,353		296,570
Tornier NV (a)		2,014		54,277
Transcend Services Inc. (a)		1,727		50,757
Transcept Pharmaceuticals Inc. (a)		1,041		11,399
Triple-S Management Corp. Class B (a)		3,847		83,595
Trius Therapeutics Inc. (a)		1,140		9,029
U.S. Physical Therapy Inc.		2,244		55,494
Unilife Corp. (a)		10,896		56,441
Universal American Corp.		6,264		68,591
Uroplasty Inc. (a)		3,894		29,205
Vanda Pharmaceuticals Inc. (a)		5,657		40,391
Vascular Solutions Inc. (a)		3,402		42,185
Vical Inc. (a)		14,045		57,865
ViroPharma Inc. (a)		14,750		272,875
VIVUS Inc. (a)		15,971		130,004
Volcano Corp. (a)		10,103		326,226
WellCare Health Plans Inc. (a)		8,254		424,338
West Pharmaceutical Services Inc.		6,482		283,652
Wright Medical Group Inc. (a)		7,606		114,090
Xenoport Inc. (a)		6,845		48,736
Young Innovations Inc.		1,139		32,484
Zalicus Inc. (a)		14,393		34,255
ZIOPHARM Oncology Inc. (a)		11,555		70,717
Zogenix Inc. (a)		1,983		7,952

See accompanying notes to financial statements. 35

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Zoll Medical Corp. (a)		4,261	$	241,429
				30,465,485
Industrials (15.01%)
3D Systems Corp. (a)		8,110		159,848
A.T. Cross Co. Class A (a)		1,674		19,067
A123 Systems Inc. (a)		17,111		91,031
Aaon Inc.		3,655		79,825
AAR Corp.		7,688		208,268
ABM Industries Inc.		10,239		238,978
Acacia Research - Acacia Technologies (a)		8,287		304,050
ACCO Brands Corp. (a)		10,749		84,380
Accuride Corp. (a)		7,761		98,021
Aceto Corp.		5,355		35,932
Active Power Inc. (a)		15,015		36,787
Actuant Corp. Class A		13,317		357,295
Acuity Brands Inc.		8,400		468,552
Advisory Board Co., The (a)		3,090		178,849
Aerovironment Inc. (a)		3,303		116,761
Air Transport Services Group Inc. (a)		10,502		71,939
Aircastle Ltd.		11,162		141,981
Alamo Group Inc.		1,266		30,004
Alaska Air Group Inc. (a)		6,953		476,002
Albany International Corp. Class A		5,373		141,793
Allegiant Travel Co. (a)		2,892		143,154
Altra Holdings Inc. (a)		5,234		125,564
AMERCO (a)		1,685		162,013
Ameresco Inc. Class A (a)		3,338		47,333
American Railcar Industries Inc. (a)		1,941		45,516
American Reprographics Co. (a)		7,297		51,590
American Science & Engineering Inc.		1,760		140,800
American Superconductor Corp. (a)		8,748		79,082
American Woodmark Corp.		1,866		32,319
Ameron International Corp.		1,781		116,976
Ampco-Pittsburgh Corp.		1,640		38,458
AO Smith Corp.		7,355		311,116
APAC Customer Services Inc. (a)		6,086		32,438
Apogee Enterprises Inc.		5,570		71,352
Applied Industrial Technologies Inc.		8,225		292,892
Argan Inc. (a)		1,538		15,595
Arkansas Best Corp.		4,942		117,274
Astec Industries Inc. (a)		3,874		143,261
Astronics Corp. (a)		1,841		56,703
Atlas Air Worldwide Holdings Inc. (a)		5,093		303,084
Avis Budget Group Inc. (a)		20,327		347,388
AZZ Inc.		2,464		112,851
Badger Meter Inc.		2,926		108,233
Baltic Trading Ltd.		3,316		19,034
Barnes Group Inc.		10,521		261,026
Barrett Business Services Inc.		1,437		20,578
Beacon Roofing Supply Inc. (a)		8,918		203,509
Belden Inc.		9,194		320,503
Blount International Inc. (a)		9,508		166,105
Brady Corp.		9,222		295,657
Briggs & Stratton Corp.		9,794		194,509

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Brink’s Co., The		9,064	$	270,379
Broadwind Energy Inc. (a)		20,607		29,880
Builders FirstSource Inc. (a)		9,126		19,621
CAI International Inc. (a)		2,314		47,807
Capstone Turbine Corp. (a)		47,501		72,677
Cascade Corp.		1,805		85,864
Casella Waste Systems Inc. Class A (a)		4,988		30,427
CBIZ Inc. (a)		7,490		55,126
CDI Corp.		2,546		33,836
Celadon Group Inc. (a)		3,946		55,086
Cenveo Inc. (a)		10,830		69,312
Ceradyne Inc. (a)		4,835		188,517
Chart Industries Inc. (a)		5,670		306,067
CIRCOR International Inc.		3,342		143,138
Clarcor Inc.		9,781		462,446
Clean Harbors Inc. (a)		4,552		469,994
Coleman Cable Inc. (a)		1,533		22,520
Colfax Corp. (a)		4,818		119,486
Columbus McKinnon Corp. (a)		3,764		67,601
Comfort Systems USA Inc.		7,398		78,493
Commercial Vehicle Group Inc. (a)		5,545		78,684
Consolidated Graphics Inc. (a)		1,760		96,712
Corporate Executive Board Co., The		6,709		292,848
CoStar Group Inc. (a)		4,895		290,176
Courier Corp.		2,073		22,907
Covenant Transport Group Inc. Class A (a)		1,350		10,462
CRA International Inc. (a)		2,132		57,756
Cubic Corp.		3,072		156,641
Curtiss-Wright Corp.		9,009		291,621
Deluxe Corp.		9,971		246,383
DigitalGlobe Inc. (a)		6,810		173,042
Dolan Co., The (a)		5,960		50,481
Dollar Thrifty Automotive Group Inc. (a)		5,613		413,903
Douglas Dynamics Inc.		3,551		56,070
Ducommun Inc.		2,045		42,066
DXP Enterprises Inc. (a)		1,662		42,132
Dycom Industries Inc. (a)		6,858		112,060
Dynamic Materials Corp.		2,626		58,875
Eagle Bulk Shipping Inc. (a)		12,668		31,417
EMCOR Group Inc. (a)		12,962		379,916
Encore Wire Corp.		3,654		88,500
Ener1 Inc. (a)		14,066		15,473
Energy Recovery Inc. (a)		9,016		29,482
EnergySolutions Inc.		15,623		77,178
EnerNOC Inc. (a)		4,492		70,704
EnerSys (a)		9,716		334,425
Ennis Inc.		5,105		88,827
EnPro Industries Inc. (a)		4,015		193,001
ESCO Technologies Inc.		5,176		190,477
Essex Rental Corp. (a)		2,971		19,579
Esterline Technologies Corp. (a)		5,891		450,072
Excel Maritime Carriers Ltd. (a)		8,741		27,097
Exponent Inc. (a)		2,723		118,478
Federal Signal Corp.		12,160		79,770
Flow International Corp. (a)		9,426		33,557

36 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Force Protection Inc. (a)		14,042	$	69,719
Forward Air Corp.		5,708		192,873
Franklin Covey Co. (a)		2,407		23,300
Franklin Electric Co. Inc.		4,525		212,449
Freightcar America Inc. (a)		2,342		59,346
FTI Consulting Inc. (a)		8,128		308,376
Fuel Tech Inc. (a)		3,374		22,370
FuelCell Energy Inc. (a)		24,009		31,452
Furmanite Corp. (a)		7,246		57,533
G&K Services Inc. Class A		3,595		121,727
Genco Shipping & Trading Ltd. (a)		5,833		43,869
GenCorp Inc. (a)		11,506		73,869
Generac Holdings Inc. (a)		4,787		92,868
Genesee & Wyoming Inc. Class A (a)		7,675		450,062
Geo Group Inc., The (a)		12,551		289,050
GeoEye Inc. (a)		4,296		160,670
Gibraltar Industries Inc. (a)		5,988		67,784
Global Power Equipment Group Inc. (a)		2,990		79,295
Gorman-Rupp Co., The		2,954		97,305
GP Strategies Corp. (a)		2,999		40,966
Graham Corp.		1,895		38,658
Granite Construction Inc.		7,451		182,773
Great Lakes Dredge & Dock Co.		11,603		64,745
Greenbrier Companies Inc. (a)		3,600		71,136
Griffon Corp. (a)		9,072		91,446
H&E Equipment Services Inc. (a)		5,632		78,792
Hawaiian Holdings Inc. (a)		9,871		56,265
Healthcare Services Group Inc.		12,923		209,999
Heartland Express Inc.		9,813		162,503
Heico Corp.		8,070		441,752
Heidrick & Struggles International Inc.		3,472		78,606
Heritage-Crystal Clean Inc. (a)		853		16,361
Herman Miller Inc.		11,126		302,850
Hexcel Corp. (a)		19,017		416,282
Higher One Holdings Inc. (a)		5,897		111,571
Hill International Inc. (a)		5,140		29,606
HNI Corp.		8,698		218,494
Houston Wire & Cable Co.		3,485		54,192
Hub Group Inc. (a)		7,150		269,269
Hudson Highland Group Inc. (a)		6,513		34,845
Hurco Companies Inc. (a)		1,197		38,555
Huron Consulting Group Inc. (a)		4,326		130,688
ICF International Inc. (a)		3,776		95,835
II-VI Inc. (a)		10,032		256,819
Innerworkings Inc. (a)		5,040		42,034
Insituform Technologies Inc. (a)		7,641		160,232
Insperity Inc.		4,409		130,550
Insteel Industries Inc.		3,551		44,530
Interface Inc.		10,179		197,167
Interline Brands Inc. (a)		6,510		119,589
International Shipholding Corp.		1,107		23,557
Intersections Inc.		1,699		30,922
Jetblue Airways Corp. (a)		47,858		291,934
John Bean Technologies Corp.		5,552		107,265
Kadant Inc. (a)		2,385		75,151
Kaman Corp.		5,113		181,358

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Kaydon Corp.		6,337	$	236,497
Kelly Services Inc. Class A (a)		5,196		85,734
Keyw Holding Corp., The (a)		3,455		42,807
Kforce Inc. (a)		6,485		84,824
Kimball International Inc. Class B		6,060		38,966
Knight Transportation Inc.		11,879		201,824
Knoll Inc.		9,279		186,230
Korn/Ferry International (a)		9,134		200,857
Kratos Defense & Security Solutions Inc. (a)		4,548		55,304
L.B. Foster Co. Class A		1,864		61,344
Lawson Products Inc.		722		14,202
Layne Christensen Co. (a)		3,786		114,867
Lindsay Corp.		2,445		168,216
LMI Aerospace Inc. (a)		1,803		44,047
LSI Industries Inc.		3,913		31,069
Lydall Inc. (a)		3,442		41,166
M & F Worldwide Corp. (a)		2,019		52,171
Marten Transport Ltd.		3,054		65,966
MasTec Inc. (a)		10,956		216,052
McGrath Rentcorp		4,737		133,015
Meritor Inc. (a)		18,355		294,414
Metalico Inc. (a)		7,772		45,855
Met-Pro Corp.		2,805		31,921
Michael Baker Corp. (a)		1,577		33,306
Middleby Corp. (a)		3,625		340,895
Miller Industries Inc.		2,236		41,791
Mine Safety Appliances Co.		5,268		196,707
Mistras Group Inc. (a)		2,920		47,304
Mobile Mini Inc. (a)		7,164		151,805
Moog Inc. Class A (a)		8,809		383,368
Mueller Industries Inc.		7,331		277,918
Mueller Water Products Inc.		30,338		120,745
Multi-Color Corp.		2,151		53,108
MYR Group Inc. (a)		3,879		90,769
NACCO Industries Inc. Class A		1,122		108,632
National Presto Industries Inc.		942		95,604
Navigant Consulting Inc. (a)		10,006		104,963
NCI Building Systems Inc. (a)		3,795		43,225
NN Inc. (a)		3,190		47,722
Northwest Pipe Co. (a)		1,822		47,481
Odyssey Marine Exploration Inc. (a)		12,839		40,186
Old Dominion Freight Line Inc. (a)		9,172		342,116
Omega Flex Inc. (a)		677		9,498
On Assignment Inc. (a)		7,171		70,491
Orbital Sciences Corp. (a)		11,363		191,467
Orion Marine Group Inc. (a)		5,274		49,628
Pacer International Inc. (a)		6,915		32,639
Park-Ohio Holdings Corp. (a)		1,575		33,296
Patriot Transportation Holding Inc. (a)		1,128		25,233
Pike Electric Corp. (a)		3,168		28,005
PMFG Inc. (a)		3,350		66,498
Powell Industries Inc. (a)		1,739		63,474
PowerSecure International Inc. (a)		3,699		26,707
Preformed Line Products Co.		463		32,956
Primoris Services Corp.		5,089		65,648

See accompanying notes to financial statements. 37

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Quad Graphics, Inc.		4,852	$	188,549
Quality Distribution Inc. (a)		2,840		36,977
Quanex Building Products Corp.		7,390		121,122
RailAmerica Inc. (a)		4,182		62,730
Raven Industries Inc.		3,490		194,428
RBC Bearings Inc. (a)		4,253		160,593
Republic Airways Holdings Inc. (a)		9,065		49,495
Resources Connection Inc.		9,062		109,106
Roadrunner Transportation Systems Inc. (a)		1,817		27,400
Robbins & Myers Inc.		7,625		402,981
Rollins Inc.		12,366		252,019
RPX Corp. (a)		1,819		50,987
RSC Holdings Inc. (a)		13,088		156,532
Rush Enterprises Inc. Class A (a)		6,244		118,823
Saia Inc. (a)		3,094		52,443
SatCon Technology Corp. (a)		14,481		34,610
Sauer-Danfoss Inc. (a)		2,233		112,521
Schawk Inc.		2,270		37,591
School Specialty Inc. (a)		3,162		45,501
Seaboard Corp.		59		142,662
SeaCube Container Leasing Ltd.		2,063		35,442
SFN Group Inc. (a)		9,893		89,927
Simpson Manufacturing Co. Inc.		8,039		240,125
SkyWest Inc.		10,216		153,853
Spirit Airlines Inc. (a)		2,970		35,610
Standard Parking Corp. (a)		3,159		50,449
Standex International Corp.		2,435		74,681
Steelcase Inc.		15,309		174,370
Sterling Construction Company Inc. (a)		3,275		45,097
Sun Hydraulics Corp.		2,578		123,228
Swift Transportation Co. (a)		15,291		207,193
Swisher Hygiene Inc. (a)		16,402		92,343
Sykes Enterprises Inc. (a)		8,090		174,178
TAL International Group Inc.		3,859		133,251
Taser International Inc. (a)		11,963		54,432
Team Inc. (a)		3,774		91,067
Tecumseh Products Co. Class A (a)		3,552		36,230
Teledyne Technologies Inc. (a)		7,121		358,614
Tennant Co.		3,749		149,698
Tetra Tech Inc. (a)		12,124		272,790
Textainer Group Holdings Ltd.		2,183		67,105
Thermon Group Holdings Inc. (a)		1,843		22,116
Titan International Inc.		8,151		197,743
Titan Machinery Inc. (a)		2,978		85,707
TMS International Corp. Class A (a)		2,405		31,385
TRC Companies Inc. (a)		3,281		20,506
Tredegar Corp.		4,670		85,694
Trex Co. Inc. (a)		3,037		74,346
TriMas Corp. (a)		4,910		121,522
Triumph Group Inc.		3,640		362,471
TrueBlue Inc. (a)		8,635		125,035
Tutor Perini Corp.		5,995		114,984
Twin Disc Inc.		1,683		65,014
Ultrapetrol Bahamas Ltd. (a)		4,038		19,948
UniFirst Corp.		2,734		153,623

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
United Capital Corp. (a)		386	$	11,561
United Rentals Inc. (a)		12,120		307,848
United Stationers Inc.		8,932		316,461
UniTek Global Services Inc. (a)		1,909		15,100
Universal Forest Products Inc.		3,813		91,359
Universal Truckload Services Inc. (a)		1,061		18,175
US Airways Group Inc. (a)		31,464		280,344
US Ecology Inc.		3,615		61,816
USG Corp. (a)		13,790		197,749
Valence Technology Inc. (a)		12,713		15,001
Viad Corp.		3,964		88,358
Vicor Corp.		3,848		62,222
VSE Corp.		733		18,252
Wabash National Corp. (a)		13,290		124,527
Watsco Inc.		5,463		371,429
Watts Water Technologies Inc.		5,806		205,590
WCA Waste Corp. (a)		2,838		16,347
Werner Enterprises Inc.		8,439		211,397
Woodward Inc.		11,917		415,427
Xerium Technologies Inc. (a)		2,109		39,122
Zipcar Inc. (a)		1,943		39,652
				37,530,656
Information Technology (17.95%)
Accelrys Inc. (a)		10,877		77,335
ACI Worldwide Inc. (a)		6,503		219,606
Active Network Inc., The (a)		2,341		41,202
Actuate Corp. (a)		7,184		42,026
Acxiom Corp. (a)		15,677		205,525
Adtran Inc.		12,527		484,920
Advanced Analogic Technologies Inc. (a)		8,421		50,989
Advanced Energy Industries Inc. (a)		8,379		123,925
Advent Software Inc. (a)		6,354		178,992
Aeroflex Holding Corp. (a)		3,783		68,661
Agilysys Inc. (a)		3,531		29,449
Alpha & Omega Semiconductor Ltd. (a)		2,704		35,828
American Software Inc. Class A		4,424		36,763
Amkor Technology Inc. (a)		20,566		126,892
Amtech Systems Inc. (a)		1,825		37,668
ANADIGICS Inc. (a)		12,980		41,666
Anaren Inc. (a)		2,988		63,495
Ancestry.com Inc. (a)		6,134		253,886
Anixter International Inc.		5,615		366,884
Applied Micro Circuits Corp. (a)		12,393		109,802
Arris Group Inc. (a)		24,056		279,290
Aruba Networks Inc. (a)		16,547		488,964
Aspen Technology Inc. (a)		16,370		281,237
ATMI Inc. (a)		6,120		125,032
Aviat Networks Inc. (a)		11,945		47,063
Avid Technology Inc. (a)		5,781		108,914
Axcelis Technologies Inc. (a)		21,118		34,634
AXT Inc. (a)		6,254		53,034
Bel Fuse Inc.		2,082		45,159
Benchmark Electronics Inc. (a)		11,800		194,700

38 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
BigBand Networks Inc. (a)		8,958	$	19,439
Black Box Corp.		3,466		108,382
Blackbaud Inc.		8,665		240,194
Blackboard Inc. (a)		6,824		296,093
Blue Coat Systems Inc. (a)		8,427		184,214
Bottomline Technologies Inc. (a)		6,585		162,715
Brightpoint Inc. (a)		13,345		108,228
BroadSoft Inc. (a)		4,366		166,476
Brooks Automation Inc. (a)		12,909		140,192
Cabot Microelectronics Corp. (a)		4,565		212,136
CACI International Inc. Class A (a)		5,844		368,640
Calix Inc. (a)		7,251		150,966
Callidus Software Inc. (a)		5,668		33,158
Cardtronics Inc. (a)		8,307		194,799
Cass Information Systems Inc.		1,659		62,644
Cavium Inc. (a)		9,390		409,310
CEVA Inc. (a)		4,484		136,583
Checkpoint Systems Inc. (a)		7,862		140,573
Ciber Inc. (a)		12,482		69,275
Cirrus Logic Inc. (a)		12,884		204,856
Cognex Corp.		8,026		284,361
Coherent Inc. (a)		4,866		268,944
Cohu Inc.		4,700		61,617
Communications Systems Inc.		1,167		20,924
Commvault Systems Inc. (a)		8,575		381,159
Computer Task Group Inc. (a)		2,999		39,497
comScore Inc. (a)		6,159		159,518
Comtech Telecommunications Corp.		5,195		145,668
Concur Technologies Inc. (a)		8,653		433,256
Constant Contact Inc. (a)		5,721		145,199
Convergys Corp. (a)		20,274		276,537
Convio Inc. (a)		2,274		24,582
Cornerstone OnDemand Inc. (a)		2,156		38,053
Cray Inc. (a)		7,132		45,645
CSG Systems International Inc. (a)		6,773		125,165
CTS Corp.		6,800		65,756
Cymer Inc. (a)		5,928		293,495
Daktronics Inc.		6,889		74,332
DDi Corp.		2,851		27,199
DealerTrack Holdings Inc. (a)		7,955		182,567
Deltek Inc. (a)		4,158		31,143
Demand Media Inc. (a)		1,504		20,379
DemandTec Inc. (a)		6,177		56,211
DG FastChannel Inc. (a)		5,307		170,089
Dialogic Inc. (a)		2,755		12,398
Dice Holdings Inc. (a)		9,340		126,277
Digi International Inc. (a)		4,900		63,700
Digimarc Corp. (a)		1,246		43,647
Digital River Inc. (a)		7,711		247,986
Diodes Inc. (a)		6,833		178,341
Dot Hill Systems Corp. (a)		10,438		29,644
DSP Group Inc. (a)		4,634		40,316
DTS Inc. (a)		3,391		137,505
Dynamics Research Corp. (a)		1,582		21,578
EarthLink Inc.		21,596		166,181
Ebix Inc. (a)		5,887		112,147

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Echelon Corp. (a)		6,799	$	61,803
Echo Global Logistics Inc. (a)		2,147		38,109
Electro Rent Corp.		3,562		60,981
Electro Scientific Industries Inc. (a)		4,439		85,673
Electronics for Imaging Inc. (a)		9,032		155,531
Ellie Mae Inc. (a)		1,472		8,449
eMagin Corp. (a)		3,260		19,788
EMCORE Corp. (a)		16,797		46,024
EMS Technologies Inc. (a)		2,989		98,547
Emulex Corp. (a)		16,912		145,443
Entegris Inc. (a)		26,048		263,606
Entropic Communications Inc. (a)		16,565		147,263
Envestnet Inc. (a)		3,634		53,965
EPIQ Systems Inc.		6,170		87,737
ePlus Inc. (a)		742		19,618
Euronet Worldwide Inc. (a)		9,915		152,790
Exar Corp. (a)		7,349		46,519
Exlservice Holdings Inc. (a)		3,126		72,211
Extreme Networks Inc. (a)		17,814		57,717
Fabrinet (a)		3,903		94,765
Fair Isaac Corp.		7,746		233,929
FalconStor Software Inc. (a)		5,940		26,611
FARO Technologies Inc. (a)		3,180		139,284
FEI Co. (a)		7,527		287,456
Finisar Corp. (a)		17,402		313,758
Formfactor Inc. (a)		9,901		89,703
Forrester Research Inc.		2,882		94,991
FriendFinder Networks Inc. (a)		930		3,776
FSI International Inc. (a)		7,403		20,284
Gerber Scientific Inc. (a)		4,900		54,537
Global Cash Access Holdings Inc. (a)		10,313		32,795
Globecomm Systems Inc. (a)		4,418		68,744
Glu Mobile Inc. (a)		8,096		42,666
GSI Group Inc. (a)		4,913		59,202
GSI Technology Inc. (a)		3,956		28,483
GT Solar International Inc. (a)		24,371		394,810
Guidance Software Inc. (a)		2,637		21,492
Hackett Group Inc., The (a)		6,225		31,685
Harmonic Inc. (a)		22,171		160,296
Heartland Payment Systems Inc.		7,534		155,200
Hittite Microwave Corp. (a)		6,057		374,989
Hypercom Corp. (a)		10,657		104,758
Identive Group Inc. (a)		7,367		17,091
iGate Corp.		5,961		97,284
Imation Corp. (a)		5,881		55,517
Immersion Corp. (a)		5,670		48,365
Infinera Corp. (a)		20,185		139,478
InfoSpace Inc. (a)		7,304		66,612
Inphi Corp. (a)		3,925		68,295
Insight Enterprises Inc. (a)		9,065		160,541
Integral Systems Inc. (a)		3,130		38,092
Integrated Device Technology Inc. (a)		28,808		226,431
Integrated Silicon Solution Inc. (a)		5,266		50,922
Interactive Intelligence Inc. (a)		2,755		96,563
InterDigital Inc.		8,791		359,112
Intermec Inc. (a)		11,413		126,000

See accompanying notes to financial statements. 39

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Internap Network Services Corp. (a)		10,230	$	75,190
Intevac Inc. (a)		4,476		45,700
Intralinks Holdings Inc. (a)		6,194		107,032
Ixia (a)		7,437		95,194
IXYS Corp. (a)		4,728		70,825
j2 Global Communications Inc. (a)		8,947		252,574
Jack Henry & Associates Inc.		16,754		502,788
JDA Software Group Inc. (a)		8,226		254,101
KEMET Corp. (a)		8,508		121,579
Kenexa Corp. (a)		5,108		122,490
Keynote Systems Inc.		2,677		57,904
KIT Digital Inc. (a)		6,845		81,729
Kopin Corp. (a)		12,693		59,784
Kulicke & Soffa Industries Inc. (a)		13,847		154,256
KVH Industries Inc. (a)		3,039		32,305
L-1 Identity Solutions Inc. (a)		14,490		170,258
Lattice Semiconductor Corp. (a)		22,782		148,539
Lawson Software Inc. (a)		31,821		357,032
LeCroy Corp. (a)		3,083		37,119
Limelight Networks Inc. (a)		13,111		59,786
Lionbridge Technologies Inc. (a)		12,150		38,637
Liquidity Services Inc. (a)		3,620		85,468
Littelfuse Inc.		4,401		258,427
LivePerson Inc. (a)		10,192		144,115
LogMeIn Inc. (a)		3,943		152,082
LoopNet Inc. (a)		3,267		60,047
Loral Space & Communications Inc. (a)		2,126		147,693
LTX-Credence Corp. (a)		9,569		85,547
Magma Design Automation Inc. (a)		12,918		103,215
Manhattan Associates Inc. (a)		4,244		146,163
ManTech International Corp.		4,499		199,846
Marchex Inc. Class B		4,060		36,053
MAXIMUS Inc.		3,370		278,800
MaxLinear Inc. Class A (a)		2,994		25,928
Maxwell Technologies Inc. (a)		5,392		87,296
Measurement Specialties Inc. (a)		2,906		103,744
Mediamind Techologies Inc. (a)		1,510		33,129
Mentor Graphics Corp. (a)		18,722		239,829
Mercury Computer Systems Inc. (a)		5,821		108,736
Meru Networks Inc. (a)		2,048		24,596
Methode Electronics Inc.		7,239		84,045
Micrel Inc.		9,860		104,319
Microsemi Corp. (a)		16,724		342,842
MicroStrategy Inc. (a)		1,553		252,642
Microvision Inc. (a)		20,263		24,721
Mindspeed Technologies Inc. (a)		6,577		52,616
MIPS Technologies Inc. (a)		10,168		70,261
MKS Instruments Inc.		10,114		267,212
ModusLink Global Solutions Inc.		8,802		39,433
MoneyGram International Inc. (a)		16,286		54,070
Monolithic Power Systems Inc. (a)		5,861		90,377
Monotype Imaging Holdings Inc. (a)		6,882		97,243
MoSys Inc. (a)		6,131		35,253
Motricity Inc. (a)		7,131		55,123
Move Inc. (a)		30,830		67,518
MTS Systems Corp.		3,048		127,498

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Multi-Fineline Electronix Inc. (a)		1,776	$	38,379
Nanometrics Inc. (a)		3,881		73,700
NCI Inc. (a)		1,335		30,331
NeoPhotonics Corp. (a)		1,586		10,975
Ness Technologies Inc. (a)		6,335		47,956
Netgear Inc. (a)		7,094		310,150
Netlogic Microsystems Inc. (a)		13,240		535,161
NetScout Systems Inc. (a)		7,212		150,659
NetSuite Inc. (a)		5,271		206,623
Newport Corp. (a)		7,234		131,442
NIC Inc.		12,336		166,043
Novatel Wireless Inc. (a)		6,249		34,245
NumereX Corp. Class A (a)		1,621		15,772
NVE Corp. (a)		926		54,125
Oclaro Inc. (a)		9,802		65,869
OCZ Technology Group Inc. (a)		9,935		79,480
Omnivision Technologies Inc. (a)		11,237		391,160
OpenTable Inc. (a)		4,568		379,692
Openwave Systems Inc. (a)		16,803		38,479
Oplink Communications Inc. (a)		4,003		74,576
OPNET Technologies Inc.		2,780		113,813
OpNext Inc. (a)		8,601		19,610
Orbcomm Inc. (a)		6,198		19,400
OSI Systems Inc. (a)		3,667		157,681
Parametric Technology Corp. (a)		23,080		529,224
Park Electrochemical Corp.		4,043		113,002
PC Connection Inc. (a)		1,806		14,954
PDF Solutions Inc. (a)		4,539		27,052
Pegasystems Inc.		3,238		150,729
Perficient Inc. (a)		4,602		47,217
Pericom Semiconductor Corp. (a)		4,946		44,217
Photronics Inc. (a)		10,625		89,994
Plantronics Inc.		9,340		341,190
Plexus Corp. (a)		7,304		254,252
PLX Technology Inc. (a)		8,555		29,686
Power Integrations Inc.		5,568		213,978
Power-One Inc. (a)		13,273		107,511
Powerwave Technologies Inc. (a)		33,100		97,645
PRGX Global Inc. (a)		3,597		25,719
Procera Networks Inc. (a)		2,168		23,263
Progress Software Corp. (a)		13,054		314,993
PROS Holdings Inc. (a)		4,154		72,653
Pulse Electronics Corp.		8,119		35,886
QAD Inc. Class A (a)		1,075		10,986
QAD Inc. Class B (a)		268		2,492
QLIK Technologies Inc. (a)		13,630		464,238
Quantum Corp. (a)		43,839		144,669
Quepasa Corp. (a)		1,324		9,599
Quest Software Inc. (a)		11,821		268,691
QuinStreet Inc. (a)		5,303		68,833
Radiant Systems Inc. (a)		7,764		162,268
Radisys Corp. (a)		3,977		28,992
Rambus Inc. (a)		18,989		278,759
RealD Inc. (a)		7,532		176,173
RealNetworks Inc. (a)		16,393		55,736
RealPage Inc. (a)		5,851		154,876

40 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Renaissance Learning Inc.		2,673	$	33,519
Responsys Inc. (a)		1,803		31,967
RF Micro Devices Inc. (a)		53,612		328,105
Richardson Electronics Ltd.		2,916		39,628
RightNow Technologies Inc. (a)		4,774		154,678
Rimage Corp.		1,837		24,671
Rofin-Sinar Technologies Inc. (a)		5,525		188,679
Rogers Corp. (a)		3,094		142,943
Rosetta Stone Inc. (a)		2,132		34,410
Rubicon Technology Inc. (a)		3,392		57,189
Rudolph Technologies Inc. (a)		6,177		66,156
S1 Corp. (a)		10,529		78,757
Saba Software Inc. (a)		5,541		50,035
Sanmina-SCI Corp. (a)		15,547		160,601
Sapient Corp. (a)		21,150		317,884
SAVVIS Inc. (a)		8,734		345,255
ScanSource Inc. (a)		5,240		196,395
SciQuest Inc. (a)		2,333		39,871
SeaChange International Inc. (a)		5,226		56,336
Semtech Corp. (a)		12,665		346,261
ServiceSource International Inc. (a)		1,914		42,529
ShoreTel Inc. (a)		9,152		93,350
Sigma Designs Inc. (a)		6,098		46,589
Silicon Graphics International Corp. (a)		6,040		103,888
Silicon Image Inc. (a)		15,377		99,335
Smart Modular Technologies (WWH) Inc. (a)		12,569		115,132
Smith Micro Software Inc. (a)		6,908		29,083
SolarWinds Inc. (a)		11,038		288,533
Sonus Networks Inc. (a)		40,924		132,594
Sourcefire Inc. (a)		5,526		164,233
Spansion Inc. Class A (a)		9,669		186,322
SPS Commerce Inc. (a)		1,581		28,126
SRA International Inc. (a)		8,810		272,405
SRS Labs Inc. (a)		2,206		21,156
SS&C Technologies Holdings Inc. (a)		4,816		95,694
Stamps.com Inc.		2,115		28,214
Standard Microsystems Corp. (a)		4,464		120,483
STEC Inc. (a)		7,998		136,046
Stratasys Inc. (a)		4,117		138,743
Stream Global Services Inc. (a)		1,372		4,528
SuccessFactors Inc. (a)		15,318		450,349
Super Micro Computer Inc. (a)		5,179		83,330
Supertex Inc. (a)		2,107		47,197
Support.com Inc. (a)		9,165		43,992
Sycamore Networks Inc.		3,916		87,092
Symmetricom Inc. (a)		8,655		50,459
Synaptics Inc. (a)		6,669		171,660
Synchronoss Technologies Inc. (a)		5,117		162,362
SYNNEX Corp. (a)		4,831		153,143
Syntel Inc.		2,975		175,882
Take-Two Interactive Software Inc. (a)		14,240		217,587
Taleo Corp. (a)		7,966		294,981
TechTarget (a)		3,046		23,058
Tekelec (a)		12,030		109,834
TeleCommunication Systems Inc. Class A (a)		9,214		44,504

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
TeleNav Inc. (a)		3,153	$	55,903
TeleTech Holdings Inc. (a)		4,948		104,304
Tessera Technologies Inc. (a)		9,956		170,646
THQ Inc. (a)		13,313		48,193
TiVo Inc. (a)		23,043		237,112
TNS Inc. (a)		4,981		82,685
Travelzoo Inc. (a)		1,090		70,458
TriQuint Semiconductor Inc. (a)		31,801		324,052
TTM Technologies Inc. (a)		10,134		162,347
Tyler Technologies Inc. (a)		6,192		165,822
Ultimate Software Group Inc. (a)		5,024		273,456
Ultra Clean Holdings Inc. (a)		4,391		39,870
Ultratech Inc. (a)		4,897		148,771
Unisys Corp. (a)		8,362		214,903
United Online Inc.		17,407		104,964
Universal Display Corp. (a)		7,456		261,631
ValueClick Inc. (a)		15,302		254,013
VASCO Data Security International Inc. (a)		5,288		65,836
Veeco Instruments Inc. (a)		7,904		382,633
Verint Systems Inc. (a)		4,080		151,123
ViaSat Inc. (a)		7,019		303,712
Viasystems Group Inc. (a)		591		13,292
Virnetx Holding Corp. (a)		7,895		228,481
Virtusa Corp. (a)		2,903		55,012
Vishay Precision Group Inc. (a)		2,310		38,993
Vocus Inc. (a)		3,412		104,441
Volterra Semiconductor Corp. (a)		4,796		118,269
Wave Systems Corp. Class A (a)		16,324		46,034
Web.com Group Inc. (a)		5,581		68,758
Websense Inc. (a)		7,771		201,813
Westell Technologies Inc. Class A (a)		9,947		35,511
Wright Express Corp. (a)		7,498		390,421
XO Group Inc. (a)		6,101		60,705
X-Rite Inc. (a)		5,388		26,778
Xyratex Ltd. (a)		5,950		61,047
Zix Corp. (a)		12,803		49,164
Zoran Corp. (a)		9,750		81,900
Zygo Corp. (a)		3,176		41,988
				44,856,022
Materials (4.80%)
A. Schulman Inc.		6,009		151,367
AEP Industries Inc. (a)		896		26,154
AM Castle & Co. (a)		3,296		54,747
AMCOL International Corp.		4,726		180,344
American Vanguard Corp.		4,293		55,680
Arch Chemicals Inc.		4,419		152,190
Balchem Corp.		5,618		245,956
Boise Inc.		20,157		157,023
Buckeye Technologies Inc.		7,746		208,987
Calgon Carbon Corp. (a)		10,999		186,983
Century Aluminum Co. (a)		10,034		157,032
Chase Corp.		1,029		17,246
Chemtura Corp. (a)		18,596		338,447
Clearwater Paper Corp. (a)		2,238		152,811

See accompanying notes to financial statements. 41

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Materials (Cont.)
Coeur d’Alene Mines Corp. (a)		17,354	$	421,008
Deltic Timber Corp.		2,108		113,179
Eagle Materials Inc.		8,559		238,539
Ferro Corp. (a)		16,810		225,926
Flotek Industries Inc. (a)		9,637		82,107
FutureFuel Corp.		3,620		43,838
General Moly Inc. (a)		13,217		58,948
Georgia Gulf Corp. (a)		6,599		159,300
Globe Specialty Metals Inc.		12,182		273,120
Gold Resource Corp.		5,485		136,741
Golden Minerals Co. (a)		2,366		42,067
Golden Star Resources Ltd. (a)		50,166		110,365
Graham Packaging Co Inc. (a)		4,664		117,626
Graphic Packaging Holding Co. (a)		30,746		167,258
Handy & Harman Ltd. (a)		1,024		15,759
Hawkins Inc.		1,715		62,117
Haynes International Inc.		2,373		146,960
HB Fuller Co.		9,549		233,187
Headwaters Inc. (a)		11,592		36,283
Hecla Mining Co. (a)		54,304		417,598
Horsehead Holding Corp. (a)		8,497		113,180
Innophos Holdings Inc.		4,207		205,302
Innospec Inc. (a)		4,563		153,362
Jaguar Mining Inc. (a)		16,441		78,588
Kaiser Aluminum Corp.		3,121		170,469
Kapstone Paper and Packaging Corp. (a)		7,554		125,170
KMG Chemicals Inc.		1,352		22,768
Koppers Holdings Inc.		4,010		152,099
Kraton Performance Polymers Inc. (a)		6,162		241,366
Landec Corp. (a)		5,344		35,270
Louisiana-Pacific Corp. (a)		25,477		207,383
LSB Industries Inc. (a)		3,555		152,581
Materion Corp. (a)		3,968		146,697
Metals USA Holdings Corp. (a)		2,319		34,553
Midway Gold Corp. (a)		15,274		29,937
Minerals Technologies Inc.		3,550		235,330
Myers Industries Inc.		6,244		64,188
Neenah Paper Inc.		2,924		62,223
NewMarket Corp.		1,750		298,742
NL Industries Inc.		1,349		24,768
Noranda Aluminum Holding Corp. (a)		4,305		65,178
Olin Corp.		15,472		350,596
Olympic Steel Inc.		1,796		49,444
OM Group Inc. (a)		6,014		244,409
Omnova Solutions Inc. (a)		8,892		61,888
P. H. Glatfelter Co.		9,011		138,589
Paramount Gold and Silver Corp. (a)		22,629		73,771
PolyOne Corp.		18,133		280,518
Quaker Chemical Corp.		2,463		105,934
Revett Minerals Inc. (a)		4,529		20,426
RTI International Metals Inc. (a)		5,865		225,040
Schweitzer-Mauduit International Inc.		3,413		191,640
Senomyx Inc. (a)		7,805		40,118
Sensient Technologies Corp.		9,720		360,320

	Shares		Value
Common Stocks (Cont.)
Materials (Cont.)
Spartech Corp. (a)		5,994	$	36,503
Stepan Co.		1,553		110,108
Stillwater Mining Co. (a)		19,956		439,232
STR Holdings Inc. (a)		5,835		87,058
Texas Industries Inc.		4,400		183,172
Thompson Creek Metals Company Inc. (a)		29,675		296,156
TPC Group Inc. (a)		2,543		99,736
U.S. Energy Corp. (a)		4,887		20,867
United States Lime & Minerals Inc. (a)		520		21,325
Universal Stainless & Alloy Products Inc. (a)		1,378		64,435
US Gold Corp. (a)		20,468		123,422
Verso Paper Corp. (a)		2,842		7,617
Vista Gold Corp. (a)		13,561		38,378
Wausau Paper Corp.		9,549		64,360
Worthington Industries Inc.		11,102		256,456
Zagg Inc. (a)		3,856		51,670
Zep Inc.		4,244		80,212
Zoltek Companies Inc. (a)		5,437		57,252
				11,986,699
Telecommunication Services (1.05%)
8x8 Inc. (a)		11,901		58,196
AboveNet Inc.		4,501		317,140
Alaska Communications Systems Group Inc.		8,891		78,863
Atlantic Tele-Network Inc.		1,839		70,544
Boingo Wireless Inc. (a)		1,081		9,815
Cbeyond Inc. (a)		5,480		72,500
Cincinnati Bell Inc. (a)		38,931		129,251
Cogent Communications Group Inc. (a)		8,971		152,597
Consolidated Communications Holdings Inc.		5,024		97,667
FairPoint Communications Inc. (a)		4,099		37,752
General Communication Inc. Class A (a)		8,048		97,139
Global Crossing Ltd. (a)		5,947		228,246
Globalstar Inc. (a)		19,295		23,733
HickoryTech Corp.		2,352		27,942
ICO Global Communications Holdings Ltd. New (a)		28,844		79,898
IDT Corp. Class B		2,721		73,521
inContact Inc. (a)		5,723		27,184
Iridium Communications Inc. (a)		8,382		72,504
Leap Wireless International Inc. (a)		11,829		191,985
Neutral Tandem Inc. (a)		6,640		115,669
NTELOS Holdings Corp.		5,838		119,212
PAETEC Holding Corp. (a)		24,451		117,120
Premiere Global Services Inc. (a)		10,210		81,476
Shenandoah Telecommunications Co.		4,724		80,402
SureWest Communications		2,587		43,255
Towerstream Corp. (a)		6,394		31,906
USA Mobility Inc.		4,259		64,992

42 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecommunication Services (Cont.)
Vonage Holdings Corp. (a)		26,858	$	118,445
				2,618,954
Utilities (3.14%)
Allete Inc.		6,201		254,489
American States Water Co.		3,672		127,272
Artesian Resources Corp. Class A		1,186		21,372
Atlantic Power Corp.		13,197		200,858
Avista Corp.		11,051		283,900
Black Hills Corp.		7,657		230,399
Cadiz Inc. (a)		2,353		25,554
California Water Service Group		8,004		149,755
Central Vermont Public Service Corp.		2,578		93,195
CH Energy Group Inc.		3,049		162,390
Chesapeake Utilities Corp.		1,882		75,336
Cleco Corp.		11,833		412,380
Connecticut Water Service Inc.		1,758		44,970
Consolidated Water Co. Ltd.		3,081		28,622
Dynegy Inc. (a)		20,051		124,116
El Paso Electric Co.		8,189		264,505
Empire District Electric Co., The		8,131		156,603
Idacorp Inc.		9,536		376,672
Laclede Group Inc., The		4,413		166,944
MGE Energy Inc.		4,522		183,277
Middlesex Water Co.		2,909		54,049
New Jersey Resources Corp.		8,046		358,932
Nicor Inc.		8,843		484,066
Northwest Natural Gas Co.		5,188		234,134
NorthWestern Corp.		7,057		233,657
Ormat Technologies Inc.		3,400		74,834
Otter Tail Corp.		7,052		148,797
Pennichuck Corp.		732		21,045
Piedmont Natural Gas Company Inc.		13,962		422,490
PNM Resources Inc.		16,834		281,801
Portland General Electric Co.		14,628		369,796
SJW Corp.		2,662		64,527
South Jersey Industries Inc.		5,827		316,464
Southwest Gas Corp.		8,823		340,656
UIL Holdings Corp.		9,847		318,550
Unisource Energy Corp.		7,098		264,968
Unitil Corp.		2,208		58,070
WGL Holdings Inc.		9,867		379,781
York Water Co.		2,664		44,090
				7,853,316
Total Common Stocks
(cost $217,603,257)				241,320,878

	Shares		Value
Registered Investment Companies (0.76%)
Financials (0.76%)
Apollo Investment Corp.		38,216	$	390,185
Arlington Asset Investment Corp. Class A		1,286		40,368
BlackRock Kelso Capital Corp.		13,444		120,593
Capital Southwest Corp.		566		52,225
Fifth Street Finance Corp.		12,932		150,011
Gladstone Capital Corp.		4,293		39,667
Gladstone Investment Corp.		4,492		32,073
Golub Capital BDC LLC Inc.		1,902		28,397
Harris & Harris Group Inc. (a)		6,221		31,914
Hercules Technology Growth Capital Inc.		8,419		88,568
Kohlberg Capital Corp.		3,502		27,841
Main Street Capital Corp.		3,862		73,185
MCG Capital Corp.		15,155		92,142
Medallion Financial Corp.		3,038		29,620
MVC Capital Inc.		4,794		63,425
NGP Capital Resources Co.		4,191		34,366
PennantPark Investment Corp.		8,786		98,491
Prospect Capital Corp.		18,877		190,846
Solar Capital Ltd.		6,969		172,065
THL Credit Inc.		1,806		23,478
TICC Capital Corp.		6,201		59,530
Triangle Capital Corp.		3,615		66,733
				1,905,723
Total Registered Investment Companies
(cost $2,331,986)				1,905,723

See accompanying notes to financial statements. 43

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Principal amount		Value
Short-term Investments (2.30%)
U.S. Treasury Bill (d)
0.041%, 09/08/2011	$	5,756,000	$	5,755,833
Total Short-term Investments
(cost $5,755,638)				5,755,833
TOTAL INVESTMENTS (99.61%)
(cost $225,690,881)				248,982,434
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.39%)				978,022
NET ASSETS (100.00%)			$	249,960,456
	Shares		Value
Securities Sold Short
People’s United Financial Inc. (c)		6,564	$	87,074
Total Securities Sold Short
(proceeds $87,074)				87,074

(a) Non-income producing security.

(b) In accordance with the Trust’s Valuation Procedures, State Farm Investment Management Corp. (“SFIMC”) determined the fair value for the security considering the facts and circumstances related to the particular security.

(c) On January 20, 2011, People’s United Financial Inc. announced an acquisition of Danvers Bancorp Inc. effective on July 1, 2011. In anticipation of this transaction, and because People’s United Financial Inc. is not included in the Russell 2000 Index, the Fund initiated a transaction to sell People’s United Financial Inc. on June 30, 2011, with a settlement date of July 7, 2011.

(d) At June 30, 2011, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

44 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (a) (98.37%)
Australia (8.57%)
AGL Energy Ltd.		11,378	$	179,096
Alumina Ltd.		60,921		139,526
Amcor Ltd.		30,806		238,715
AMP Ltd.		70,184		369,091
Asciano Ltd.		71,900		127,118
ASX Ltd.		4,376		143,372
Australia & New Zealand Banking Group Ltd.		64,238		1,522,750
Bendigo and Adelaide Bank Ltd.		9,012		85,939
BGP Holdings PLC (b) (c)		253,848		0
BHP Billiton Ltd.		79,824		3,772,554
BlueScope Steel Ltd.		45,968		59,822
Boral Ltd.		18,123		85,923
Brambles Ltd.		35,863		278,840
Caltex Australia Ltd.		3,404		43,191
CFS Retail Property Trust		46,988		91,594
Coca-Cola Amatil Ltd.		14,269		175,079
Cochlear Ltd.		1,394		107,892
Commonwealth Bank of Australia		38,461		2,166,132
Computershare Ltd.		11,101		106,037
Crown Ltd.		11,139		107,077
CSL Ltd.		13,470		478,805
Dexus Property Group		121,998		115,581
Echo Entertainment Group Ltd. (b)		17,309		76,301
Fairfax Media Ltd.		53,524		56,502
Fortescue Metals Group Ltd.		30,589		209,886
Foster’s Group Ltd.		48,668		269,372
Goodman Group		164,381		124,618
GPT Group		44,139		150,040
Harvey Norman Holdings Ltd.		13,901		37,222
Iluka Resources Ltd.		10,050		181,797
Incitec Pivot Ltd.		40,008		166,622
Insurance Australia Group Ltd.		52,864		193,269
James Hardie Industries SE CDI (b)		10,517		66,631
Leighton Holdings Ltd.		3,854		86,938
Lend Lease Corp. Ltd.		13,545		130,809
Lynas Corporation Ltd. (b) (c)		39,615		84,128
Macarthur Coal Ltd.		4,424		52,190
Macquarie Group Ltd.		8,665		292,318
MAP Group		9,385		33,702
Metcash Ltd.		19,717		87,993
Mirvac Group		86,117		115,827
National Australia Bank Ltd.		53,684		1,484,225
Newcrest Mining Ltd.		19,068		772,630
Onesteel Ltd.		33,571		67,041
Orica Ltd.		9,114		264,228
Origin Energy Ltd.		26,281		446,849
OZ Minerals Ltd.		7,869		111,975
Paladin Energy Ltd. (b)		17,207		46,904
Qantas Airways Ltd. (b)		27,618		54,795
QBE Insurance Group Ltd.		25,888		480,482
QR National Ltd. (b)		43,061		156,707
Ramsay Health Care Ltd.		3,312		64,705
Rio Tinto Ltd.		10,819		968,395
Santos Ltd.		21,402		312,054
Sims Metal Management Ltd.		3,988		75,826

	Shares		Value
Common Stocks (Cont.)
Australia (Cont.)
Sonic Healthcare Ltd.		9,500	$	131,466
SP Ausnet		38,979		39,535
Stockland		60,079		220,368
Suncorp Group Ltd.		32,305		282,374
Tabcorp Holding Ltd.		17,309		61,232
Tatts Group Ltd.		30,108		77,735
Telstra Corp. Ltd.		109,797		341,182
Toll Holdings Ltd.		16,834		87,819
Transurban Group		32,703		183,696
Wesfarmers Ltd.		25,103		860,326
Wesfarmers Ltd. PPS		3,889		134,863
Westfield Group		54,969		512,341
Westfield Retail Trust		72,191		210,433
Westpac Banking Corp.		74,660		1,791,226
Woodside Petroleum Ltd.		15,546		685,844
Woolworths Ltd.		30,135		899,129
WorleyParsons Ltd.		4,831		147,090
				24,783,774
Austria (0.33%)
Erste Group Bank AG		4,648		243,430
Immoeast Interim Shares (b) (c)		11,178		0
Immofinanz AG (b)		24,135		102,905
Immofinanz AG Interim Shares (b) (c)		9,273		0
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) Class A		1,708		74,362
OMV AG		3,817		166,751
Raiffeisen Bank International AG		1,232		63,461
Telekom Austria AG		8,376		106,779
Vienna Insurance Group AG Wiener Versicherung Gruppe		960		52,736
VoestAlpine AG		2,771		152,834
				963,258
Belgium (0.94%)
Ageas		54,576		147,826
Anheuser-Busch InBev NV		19,839		1,151,403
Bekaert NV		980		74,623
Belgacom SA		3,718		132,482
Colruyt SA		1,901		95,165
Delhaize Group		2,557		191,866
Dexia SA (b)		14,588		45,425
Groupe Bruxelles Lambert SA		2,042		181,404
KBC GROEP NV		3,936		154,445
Mobistar SA		634		48,093
Solvay SA		1,470		226,961
UCB SA		2,537		114,000
Umicore SA		2,922		159,373
				2,723,066
Denmark (1.04%)
A P Moller-Maersk A/S Class A		14		115,970
A P Moller-Maersk A/S Class B		33		284,889
Carlsberg A/S Class B		2,633		286,689

See accompanying notes to financial statements. 45

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Denmark (Cont.)
Coloplast A/S Class B		574	$	87,288
Danske Bank A/S (b)		15,925		294,738
DSV A/S		4,999		119,999
Novo Nordisk A/S Class B		10,418		1,305,159
Novozymes A/S B Shares		1,132		184,444
Pandora A/S		1,465		46,226
TDC A/S (b)		8,578		78,308
Tryg A/S		621		35,861
Vestas Wind Systems A/S (b)		5,136		119,227
William Demant Holding A/S (b)		588		53,103
				3,011,901
Finland (0.96%)
Elisa OYJ		3,370		72,529
Fortum OYJ		11,009		319,209
Kesko OYJ		1,687		78,458
Kone Corp. OYJ Class B		3,861		242,561
Metso OYJ		3,222		183,165
Neste Oil OYJ		3,247		50,938
Nokia OYJ		92,933		599,483
Nokian Renkaat OYJ		2,726		136,882
Orion OYJ Class B		2,451		63,221
Outokumpu OYJ		3,375		44,724
Pohjola Bank PLC		3,269		42,289
Rautaruukki OYJ		1,961		44,324
Sampo OYJ A Shares		10,433		336,825
Sanoma OYJ		2,121		39,356
Stora Enso OYJ R Shares		14,302		150,191
UPM-Kymmene OYJ		13,109		239,844
Wartsila OYJ Class B		4,038		136,545
				2,780,544
France (10.06%)
Accor SA		3,604		161,234
Aeroports de Paris (ADP)		814		76,543
Air France-KLM (b)		3,523		54,107
Air Liquide SA		7,068		1,012,577
Alcatel-Lucent (b)		58,442		337,247
Alstom SA		5,082		313,024
Arkema		1,320		135,764
Atos Origin SA		1,125		63,549
AXA SA		42,918		974,245
BNP Paribas SA		23,850		1,839,048
Bouygues SA		5,788		254,522
Bureau Veritas SA		1,306		110,287
Cap Gemini SA		3,734		218,654
Carrefour SA (b)		14,395		591,771
Casino Guichard Perrachon SA		1,331		125,447
Christian Dior SA		1,370		215,287
Cie Generale des Etablissements Michelin Class B		4,422		433,089
CNP Assurances		3,536		76,980
Compagnie de Saint-Gobain		9,893		641,245
Compagnie Generale de Geophysique-Veritas (b)		3,660		134,136

	Shares		Value
Common Stocks (Cont.)
France (Cont.)
Credit Agricole SA		23,821	$	357,871
DANONE SA		14,481		1,081,052
Dassault Systemes SA		1,493		126,965
Edenred		3,776		115,133
Eiffage SA		1,005		66,433
Electricite de France		6,025		236,210
Eramet		143		47,313
Essilor International SA		5,004		406,018
Eurazeo		784		57,173
European Aeronautic Defence and Space Co. NV		10,288		344,314
Eutelsat Communications		2,443		109,985
Fonciere des Regions		674		71,395
France Telecom SA		46,374		986,073
GDF Suez		30,770		1,124,569
Gecina SA		482		67,346
Groupe Eurotunnel SA		12,548		140,411
ICADE		551		67,875
Iliad SA		446		59,853
Imerys SA		864		60,778
JC Decaux SA (b)		1,551		49,771
Klepierre		2,449		101,116
Lafarge SA		4,981		317,387
Lagardere SCA		2,975		125,895
Legrand SA		4,764		200,529
L’Oreal SA		5,973		775,140
LVMH Moet Hennessy Louis Vuitton SA		6,122		1,100,105
M6 Metropole Television SA		1,626		37,640
Natixis		21,249		106,615
Neopost SA		794		68,220
Pernod Ricard SA		4,950		488,199
Peugeot SA		3,863		173,299
PPR SA		1,915		341,071
Publicis Groupe		3,114		173,836
Renault SA		4,846		287,515
Safran SA		4,206		179,475
Sanofi		27,606		2,220,643
Schneider Electric SA		6,077		1,014,687
SCOR SE		4,104		116,488
SES FDR		7,402		207,935
Societe BIC SA		629		60,764
Societe Generale		15,837		937,962
Societe Television Francaise 1		2,952		53,849
Sodexo		2,398		187,844
STMicroelectronics NV		15,749		156,761
Suez Environnement Co.		6,744		134,395
Technip SA		2,491		267,014
Thales SA		2,258		97,245
Total SA		52,570		3,039,254
Unibail-Rodamco SE		2,277		526,102
Vallourec SA		2,762		336,731
Veolia Environnement		8,754		246,633
Vinci SA		10,982		704,797
Vivendi		30,896		861,162

46 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
France (Cont.)
Wendel		766	$	94,067
				29,085,669
Germany (8.39%)
Adidas AG		5,248		416,070
Allianz SE Reg.		11,269		1,571,426
Axel Springer AG		996		49,250
BASF SE		22,841		2,238,904
Bayer AG		20,550		1,650,505
Bayerische Motoren Werke (BMW) AG		8,247		823,537
Beiersdorf AG		2,541		165,093
Brenntag AG		782		90,953
Celesio AG		1,992		39,776
Commerzbank AG (b)		89,233		384,342
Continental AG (b)		1,928		203,169
Daimler AG Registered Shares		22,518		1,698,116
Deutsche Bank AG Reg.		23,113		1,364,141
Deutsche Boerse AG		4,849		368,182
Deutsche Lufthansa AG Reg.		5,802		126,374
Deutsche Post AG		21,014		403,987
Deutsche Telekom AG		69,925		1,091,119
E.On AG		44,860		1,275,118
Fraport AG		916		73,599
Fresenius Medical Care AG & Co. KGaA		4,846		362,456
Fresenius SE & Co. KGaA		2,774		289,552
GEA Group AG		4,266		152,776
Hannover Rueckversicherung AG Reg.		1,534		79,777
HeidelbergCement AG		3,472		222,054
Henkel AG & Co. KGaA		3,283		188,415
Hochtief AG		1,066		89,076
Infineon Technologies AG		27,313		306,898
K+S Group AG		4,203		322,741
Kabel Deutschland Holding AG (b)		1,700		104,721
Lanxess AG		2,098		172,096
Linde AG		4,202		737,226
MAN AG		2,621		349,117
Merck KGaA		1,628		177,011
Metro AG		3,295		199,538
Muenchener Rueckversicherungs Gesellschaft AG Reg.		4,703		717,936
QIAGEN NV (b)		5,683		108,982
RWE AG		10,445		580,293
Salzgitter AG		1,012		77,161
SAP AG		22,762		1,380,021
Siemens AG Reg.		20,456		2,811,079
Suedzucker AG		1,409		50,170
ThyssenKrupp AG		8,326		432,599
TUI AG (b)		3,190		34,672
United Internet AG Reg.		2,768		58,191
Volkswagen AG		760		139,803
Wacker Chemie AG		394		85,104
				24,263,126
Greece (0.22%)
Alpha Bank AE (b)		12,196		61,418

	Shares		Value
Common Stocks (Cont.)
Greece (Cont.)
Bank of Cyprus Public Co. Ltd.		21,468	$	63,297
Coca-Cola Hellenic Bottling Co. SA (b)		4,646		124,796
EFG Eurobank Ergasias (b)		7,690		36,072
Hellenic Telecommunications Organization SA		6,229		58,118
National Bank of Greece SA (b)		24,210		174,092
OPAP SA		5,630		87,930
Public Power Corp. SA		2,789		39,988
				645,711
Hong Kong (2.69%)
AIA Group Ltd. (b)		194,554		678,504
ASM Pacific Technology Ltd.		4,500		61,874
Bank of East Asia Ltd.		38,425		158,195
BOC Hong Kong Holdings Ltd.		91,000		265,080
Cathay Pacific Airways Ltd.		29,000		67,462
Cheung Kong Holdings Ltd.		34,000		499,291
Cheung Kong Infrastructure Holdings Ltd.		12,000		62,432
CLP Holdings Ltd.		47,783		423,887
Esprit Holdings Ltd.		29,228		91,323
Foxconn International Holdings Ltd. (b)		53,000		23,384
Galaxy Entertainment Group Ltd. (b)		28,000		59,941
Hang Lung Group Ltd.		21,000		133,343
Hang Lung Properties Ltd.		62,000		254,922
Hang Seng Bank Ltd.		19,274		308,314
Henderson Land Development Co. Ltd.		26,926		174,118
Hong Kong & China Gas Co. Ltd.		119,861		272,672
Hong Kong Exchanges & Clearing Ltd.		25,400		534,844
Hopewell Holdings Ltd.		14,500		45,998
Hutchison Whampoa Ltd.		53,210		576,528
Hysan Development Co. Ltd.		16,000		79,373
Kerry Properties Ltd.		18,000		87,002
Li & Fung Ltd.		138,000		275,819
Lifestyle International Holdings Ltd.		14,000		40,958
Link REIT, The		55,500		189,587
MTR Corp.		36,500		129,820
New World Development Co. Ltd.		59,800		90,790
NWS Holdings Ltd.		34,500		46,249
Orient Overseas International Ltd.		5,100		32,973
PCCW Ltd.		101,000		43,583
Power Assets Holdings Ltd.		35,000		265,050
Sands China Ltd. (b)		60,800		164,018
Shangri-La Asia Ltd.		34,960		85,827
Sino Land Co. Ltd.		66,000		106,149
SJM Holdings Ltd.		40,000		95,465
Sun Hung Kai Properties Ltd.		35,000		511,615
Swire Pacific Ltd. Class A		18,000		265,013
Wharf Holdings Ltd.		37,953		264,666
Wheelock and Co. Ltd.		22,000		88,492
Wing Hang Bank Ltd.		4,500		49,379
Wynn Macau Ltd.		39,200		128,624
Yue Yuen Industrial Holdings Ltd.		18,500		58,848
				7,791,412

See accompanying notes to financial statements. 47

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Ireland (0.25%)
Banco Popular Espanol SA Rights (b)		22,877	$	1,659
CRH PLC (Dublin)		17,850		395,590
Elan Corp. PLC (b)		12,110		139,000
Kerry Group PLC Class A		3,471		143,000
Ryanair Holdings PLC		10,018		51,087
				730,336
Israel (0.70%)
Bank Hapoalim B.M. (b)		25,304		126,483
Bank Leumi Le-Israel		30,149		142,557
Bezeq The Israeli Telecommunication Corporation Ltd.		43,805		110,902
Cellcom Israel Ltd.		1,158		32,310
Delek Group Ltd.		101		22,701
Elbit Systems Ltd.		535		25,434
Israel Chemicals Ltd.		11,310		180,486
Israel Corporation Ltd., The		58		63,412
Israel Discount Bank Class A (b)		19,287		38,024
Makhteshim-Agan Industries Ltd. (b)		6,576		36,744
Mizrahi Tefahot Bank Ltd.		2,895		30,811
NICE Systems Ltd. (b)		1,480		53,510
Partner Communications Company Ltd.		2,039		30,747
Teva Pharmaceutical Industries Ltd.		23,283		1,122,922
				2,017,043
Italy (2.73%)
A2A SpA		25,263		39,349
Assicurazioni Generali SpA		29,074		612,951
Atlantia SpA		7,881		167,821
Autogrill SpA		2,603		34,183
Banca Carige SpA		15,801		35,782
Banca Monte Dei Paschi di Siena SpA		94,505		71,534
Banco Popolare Societa Cooperativa		41,594		95,792
Enel Green Power SpA (b)		41,261		113,799
Enel SpA		163,603		1,069,010
Eni SpA		59,792		1,417,006
EXOR SpA		1,697		53,076
Fiat Industrial SpA (b)		18,877		243,808
Fiat SpA		19,472		213,960
Finmeccanica SpA		10,285		124,445
Intesa Sanpaolo		250,937		668,189
Intesa Sanpaolo RSP		23,945		51,616
Luxottica Group SpA		2,830		90,863
Mediaset SpA		17,616		82,814
Mediobanca SpA		12,206		123,610
Parmalat SpA (b)		30,772		115,804
Pirelli & Co. SpA		5,997		64,850
Prysmian SpA		4,884		98,316
Saipem SpA		6,675		344,699
Snam Rete Gas SpA		38,911		230,314
Telecom Italia RNC SpA		151,926		176,747
Telecom Italia SpA		232,036		322,760
Tenaris SA		11,627		265,782

	Shares		Value
Common Stocks (Cont.)
Italy (Cont.)
Terna - Rete Elettrica Nationale SpA		30,335	$	141,044
UBI Banca - Unione di Banche Italiane ScpA		20,407		114,869
UniCredit SpA		336,919		713,162
				7,897,955
Japan (19.88%)
ABC-Mart Inc.		600		24,333
Advantest Corp.		3,980		73,269
Aeon Co. Ltd.		15,100		182,259
Aeon Credit Service Co. Ltd.		2,100		28,763
Aeon Mall Co. Ltd.		1,900		46,027
Air Water Inc.		3,000		36,140
Aisin Seiki Co. Ltd.		4,700		181,869
Ajinomoto Co. Inc.		16,000		189,949
Alfresa Holdings Corp.		1,000		38,863
All Nippon Airways Co. Ltd.		22,000		71,764
Amada Co. Ltd.		9,000		69,202
Aozora Bank Ltd.		12,000		27,816
Asahi Breweries Ltd.		9,800		197,406
Asahi Glass Co. Ltd.		25,000		292,557
Asahi Kasei Corp.		32,000		215,649
ASICS Corp.		4,000		59,705
Astellas Pharma Inc.		10,951		424,909
Bank of Kyoto Ltd., The		8,000		73,659
Bank of Yokohama Ltd., The		31,000		154,970
Benesse Holdings Inc.		1,700		73,035
Bridgestone Corp.		16,100		370,952
Brother Industries Ltd.		5,600		82,834
Canon Inc.		28,200		1,341,369
Casio Computer Co. Ltd.		5,900		41,638
Central Japan Railway Co.		38		298,729
Chiba Bank Ltd., The		19,000		118,907
Chiyoda Corp.		4,000		46,108
Chubu Electric Power Co. Inc.		16,700		326,130
Chugai Pharmaceutical Co. Ltd.		5,600		91,827
Chugoku Bank Ltd., The		4,000		49,487
Chugoku Electric Power Company Inc., The		7,300		126,398
Citizen Holdings Co. Ltd.		5,900		35,318
Coca-Cola West Co. Ltd.		1,400		26,826
Cosmo Oil Co. Ltd.		15,000		42,704
Credit Saison Co. Ltd.		3,800		63,968
Dai Nippon Printing Co. Ltd.		14,000		157,786
Daicel Chemical Industries Ltd.		7,000		46,244
Daido Steel Co. Ltd.		7,000		46,825
Daihatsu Motor Co. Ltd.		5,000		85,093
Dai-ichi Life Insurance Company Ltd.		220		308,514
Daiichi Sankyo Co. Ltd.		16,713		326,590
Daikin Industries Ltd.		5,700		202,044
Dainippon Sumitomo Pharma Co. Ltd.		3,700		35,161
Daito Trust Construction Co. Ltd.		1,700		144,330
Daiwa House Industry Co. Ltd.		12,000		151,424
Daiwa Securities Group Inc.		42,000		185,048
DeNA Co. Ltd.		2,300		98,915
Denki Kagaku Kogyo KK		11,000		53,032

48 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Denso Corp.		12,000	$	446,309
Dentsu Inc.		4,300		127,282
East Japan Railway Co.		8,400		481,075
Eisai Co. Ltd.		6,400		249,701
Electric Power Development Co. Ltd.		2,980		80,549
Elpida Memory Inc. (b)		4,700		55,360
FamilyMart Co. Ltd.		1,500		55,076
Fanuc Corp.		4,800		802,670
Fast Retailing Co. Ltd.		1,300		210,247
Fuji Electric Co. Ltd.		15,000		46,860
Fuji Heavy Industries Ltd.		15,000		116,565
FUJIFILM Holdings Corp.		11,400		355,554
Fujitsu Ltd.		47,000		268,647
Fukuoka Financial Group Inc.		20,000		83,592
Furukawa Electric Co. Ltd.		15,000		62,626
Gree Inc. (b)		2,300		50,280
GS Yuasa Corp.		9,000		60,066
Gunma Bank Ltd.		10,000		52,854
Hachijuni Bank Ltd., The		11,000		61,808
Hakuhodo DY Holdings Inc.		590		31,508
Hamamatsu Photonics K.K.		1,500		64,855
Hino Motors Ltd.		6,000		35,038
Hirose Electric Co. Ltd.		800		82,007
Hiroshima Bank Ltd., The		13,000		56,732
Hisamitsu Pharmaceutical Co. Inc.		1,500		63,901
Hitachi Chemical Co. Ltd.		2,500		49,598
Hitachi Construction Machinery Co. Ltd.		2,400		53,802
Hitachi High-Technologies Corp.		1,700		37,248
Hitachi Ltd.		112,000		664,720
Hitachi Metals Ltd.		4,000		56,522
Hokkaido Electric Power Co. Inc.		4,400		73,189
Hokuhoku Financial Group Inc.		32,000		63,388
Hokuriku Electric Power Co.		4,500		85,874
Honda Motor Co. Ltd.		40,500		1,560,340
Hoya Corp.		10,800		239,096
Ibiden Co. Ltd.		3,000		93,924
Idemitsu Kosan Co. Ltd.		500		53,362
IHI Corp.		33,000		85,270
INPEX Corp.		54		399,232
Isetan Mitsukoshi Holdings Ltd.		9,080		88,955
Isuzu Motors Ltd.		30,000		142,018
Itochu Corp.		37,100		385,872
Itochu Techno-Solutions Corp.		800		28,398
Iyo Bank Ltd., The		6,000		55,236
J. Front Retailing Co. Ltd.		11,400		50,362
Japan Petroleum Exploration Co.		700		32,863
Japan Prime Realty Investment Corp.		16		42,372
Japan Real Estate Investment Corp.		12		118,066
Japan Retail Fund Investment Corp.		40		61,641
Japan Steel Works Ltd., The		8,000		54,839
Japan Tobacco Inc.		111		428,468
JFE Holdings Inc.		11,600		319,019
JGC Corp.		5,000		136,986
Joyo Bank Ltd., The		16,000		67,219
JS Group Corp.		6,500		167,654

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
JSR Corp.		4,500	$	87,224
JTEKT Corp.		5,100		75,147
Jupiter Telecommunications Co. Ltd.		46		51,464
JX Holdings Inc.		55,700		374,640
Kajima Corp.		20,000		57,378
Kamigumi Co. Ltd.		6,000		56,075
Kaneka Corp.		7,000		45,994
Kansai Electric Power Company Inc., The		18,900		376,369
Kansai Paint Co. Ltd.		5,000		45,556
Kao Corp.		13,600		357,601
Kawasaki Heavy Industries Ltd.		36,000		143,434
Kawasaki Kisen Kaisha Ltd.		16,000		55,938
KDDI Corp.		73		525,230
Keikyu Corp.		12,000		86,532
Keio Corp.		15,000		82,734
Keisei Electric Railway Co. Ltd.		7,000		41,427
Keyence Corp.		1,064		302,102
Kikkoman Corp.		4,000		42,155
Kinden Corp.		3,000		25,667
Kintetsu Corp.		41,000		131,669
Kirin Holdings Co. Ltd.		20,000		278,818
Kobe Steel Ltd.		63,000		143,266
Koito Manufacturing Company Ltd.		2,000		34,951
Komatsu Ltd.		23,600		736,866
Konami Corp.		2,400		56,846
Konica Minolta Holdings Inc.		12,000		100,230
Kubota Corp.		29,000		257,275
Kuraray Co. Ltd.		8,700		127,455
Kurita Water Industries Ltd.		2,800		83,532
Kyocera Corp.		3,800		386,908
Kyowa Hakko Kirin Co. Ltd.		6,000		57,233
Kyushu Electric Power Co. Inc.		9,600		172,854
Lawson Inc.		1,400		73,445
Mabuchi Motor Co. Ltd.		600		30,281
Makita Corp.		2,700		125,817
Marubeni Corp.		40,000		265,832
Marui Group Co. Ltd.		5,600		42,530
Maruichi Steel Tube Ltd.		1,100		27,270
Mazda Motor Corp. (b)		38,000		100,138
McDonald’s Holdings Company Ltd. (Japan)		1,800		45,766
MEDIPAL HOLDINGS CORP.		3,300		29,249
MEIJI Holdings Company Ltd.		1,719		72,476
Minebea Co. Ltd.		8,000		42,683
Miraca Holdings Inc.		1,400		56,723
Mitsubishi Chemical Holdings Corp.		32,500		230,299
Mitsubishi Corp.		33,900		846,749
Mitsubishi Electric Corp.		48,000		557,573
Mitsubishi Estate Co. Ltd.		31,000		544,048
Mitsubishi Gas Chemical Co. Inc.		9,000		65,939
Mitsubishi Heavy Industries Ltd.		76,000		357,369
Mitsubishi Logistics Corp.		3,000		33,748
Mitsubishi Materials Corp.		28,000		88,221
Mitsubishi Motors Corp. (b)		99,000		120,782
Mitsubishi Tanabe Pharma Corp.		5,500		92,051

See accompanying notes to financial statements. 49

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Mitsubishi UFJ Financial Group Inc.		316,660	$	1,543,191
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,420		54,955
Mitsui & Co. Ltd.		43,300		748,662
Mitsui Chemicals Inc.		20,000		72,877
Mitsui Engineering & Shipbuilding Co. Ltd.		17,000		37,121
Mitsui Fudosan Co. Ltd.		21,000		361,681
Mitsui OSK Lines Ltd.		29,000		156,042
Mitsui Sumitomo Insurance Group Holdings Inc.		14,000		327,696
Mizuho Financial Group Inc.		512,900		843,017
Mizuho Securities Co. Ltd. (b)		14,000		33,741
Mizuho Trust & Banking Co. Ltd.		40,000		35,440
Murata Manufacturing Co. Ltd.		5,100		340,978
Nabtesco Corp.		2,400		58,141
Namco Bandai Holdings Inc.		4,900		58,983
NEC Corp. (b)		64,000		146,149
NGK Insulators Ltd.		6,000		111,777
NGK Spark Plug Co. Ltd.		4,000		55,270
NHK Spring Co. Ltd.		4,000		40,904
Nidec Corp.		2,700		252,073
Nikon Corp.		8,100		191,552
Nintendo Co. Ltd.		2,500		469,471
Nippon Building Fund Inc.		13		127,037
Nippon Electric Glass Co. Ltd.		9,000		115,480
Nippon Express Co. Ltd.		22,000		89,147
Nippon Meat Packers Inc.		4,000		57,380
Nippon Paper Group Inc.		2,500		55,473
Nippon Sheet Glass Co. Ltd.		22,000		68,404
Nippon Steel Corp.		126,000		408,763
Nippon Telegraph & Telephone Corp.		11,800		569,135
Nippon Yusen Kabushiki Kaish		38,000		141,183
Nishi-Nippon City Bank Ltd., The		17,000		50,215
Nissan Motor Co. Ltd.		61,900		650,520
Nisshin Seifun Group Inc.		4,500		56,244
Nisshin Steel Co. Ltd.		18,000		34,425
Nissin Foods Holdings Co. Ltd.		1,600		58,285
Nitori Holdings Co. Ltd.		950		90,164
Nitto Denko Corp.		4,200		213,407
NKSJ Holdings Inc.		36,000		237,607
NOK Corp.		2,500		42,844
Nomura Holdings Inc.		87,800		433,266
Nomura Real Estate Holdings Inc.		2,400		40,016
Nomura Real Estate Office Fund Inc.		7		46,344
Nomura Research Institute Ltd.		2,500		54,760
NSK Ltd.		11,000		109,816
NTN Corp.		12,000		68,360
NTT Data Corp.		32		106,348
NTT DoCoMo Inc.		381		680,444
NTT Urban Development Corp.		29		24,877
Obayashi Corp.		16,000		69,884
Odakyu Electric Railway Co. Ltd.		16,000		127,042
Oji Paper Co. Ltd.		21,000		100,718
Olympus Corp.		5,300		178,833
Omron Corp.		5,100		141,823
Ono Pharmaceutical Co. Ltd.		2,000		106,997

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Oracle Corp. Japan		900	$	39,222
Oriental Land Co. Ltd.		1,200		101,793
Orix Corp.		2,640		256,798
Osaka Gas Co. Ltd.		49,000		185,862
OTSUKA Corp.		400		24,904
Otsuka Holdings Co. Ltd.		6,300		166,702
Panasonic Corp.		55,000		672,609
Rakuten Inc.		182		188,374
Resona Holdings Inc.		46,200		217,363
Ricoh Co. Ltd.		17,000		188,587
RINNAI Corp.		800		57,772
Rohm Co. Ltd.		2,400		137,691
Sankyo Co. Ltd.		1,400		72,335
Santen Pharmaceutical Co. Ltd.		1,800		72,972
SBI Holdings Inc.		467		43,399
Secom Co. Ltd.		5,300		254,117
Sega Sammy Holdings Inc.		4,968		96,035
Seiko Epson Corp.		3,200		55,468
Sekisui Chemical Co. Ltd.		11,000		93,985
Sekisui House Ltd.		14,000		130,355
Seven & I Holdings Co. Ltd.		18,740		503,993
Seven Bank Ltd.		15		29,974
Sharp Corp.		25,000		228,151
Shikoku Electric Power Co. Inc.		4,500		102,191
Shimadzu Corp.		6,000		54,955
Shimamura Co. Ltd.		600		57,197
Shimano Inc.		1,700		93,524
Shimizu Corp.		14,000		58,346
Shin-Etsu Chemical Co. Ltd.		10,300		552,098
Shinsei Bank Ltd.		29,000		29,007
Shionogi & Co. Ltd.		7,500		122,817
Shiseido Co. Ltd.		8,600		160,528
Shizuoka Bank Ltd., The		15,000		137,923
Showa Denko K.K.		36,000		74,571
Showa Shell Sekiyu K.K.		4,300		39,936
SMC Corp.		1,300		234,351
Softbank Corp.		21,400		810,467
Sojitz Corp.		33,000		61,815
Sony Corp.		25,100		662,270
Sony Financial Holdings Inc.		4,200		75,934
Square Enix Holdings Co. Ltd.		1,400		25,197
Stanley Electric Co. Ltd.		3,500		61,441
SUMCO Corp. (b)		2,900		49,098
Sumitomo Chemical Co. Ltd.		40,000		199,724
Sumitomo Corp.		27,900		379,559
Sumitomo Electric Industries Ltd.		19,100		278,586
Sumitomo Heavy Industries Ltd.		14,000		97,718
Sumitomo Metal Industries Ltd.		85,000		190,949
Sumitomo Metal Mining Co. Ltd.		13,000		213,580
Sumitomo Mitsui Financial Group Inc.		33,300		1,026,795
Sumitomo Mitsui Trust Holdings Inc.		78,000		271,497
Sumitomo Realty & Development Co. Ltd.		9,000		201,147
Sumitomo Rubber Industries Ltd.		4,300		52,035
Suruga Bank Ltd.		5,000		43,592
Suzuken Co. Ltd.		1,640		37,834

50 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Suzuki Motor Corp.		8,400	$	189,349
Sysmex Corp.		1,600		60,179
T&D Holdings Inc.		7,000		166,615
Taisei Corp.		26,000		59,668
Taisho Pharmaceutical Co. Ltd.		3,000		67,588
Taiyo Nippon Sanso Corp.		6,000		47,784
Takashimaya Co. Ltd.		6,000		41,394
Takeda Pharmaceutical Co. Ltd.		19,500		901,230
TDK Corp.		3,100		171,001
Teijin Ltd.		23,000		101,380
Terumo Corp.		4,100		221,952
THK Co. Ltd.		2,900		74,114
Tobu Railway Co. Ltd.		23,000		96,814
Toho Co. Ltd.		2,700		44,832
Toho Gas Co. Ltd.		11,000		59,527
Tohoku Electric Power Co. Inc.		10,800		155,850
Tokio Marine Holdings Inc.		18,000		503,899
Tokyo Electric Power Company Inc., The		36,200		146,543
Tokyo Electron Ltd.		4,300		235,136
Tokyo Gas Co. Ltd.		64,000		288,855
Tokyu Corp.		28,000		116,409
Tokyu Land Corp.		10,000		42,486
TonenGeneral Sekiyu KK		7,000		86,103
Toppan Printing Co. Ltd.		14,000		108,620
Toray Industries Inc.		37,000		273,215
Toshiba Corp.		100,000		527,234
Tosoh Corp.		14,000		56,219
Toto Ltd.		7,000		54,482
Toyo Seikan Kaisha Ltd.		3,800		63,980
Toyo Suisan Kaisha Ltd.		2,000		47,315
Toyoda Gosei Co. Ltd.		1,600		36,335
Toyota Boshoku Corp.		1,700		28,246
Toyota Industries Corp.		4,600		151,870
Toyota Motor Corp.		68,600		2,824,892
Toyota Tsusho Corp.		5,200		89,247
Trend Micro Inc.		2,500		77,668
Tsumura & Co.		1,500		47,953
UBE Industries Ltd.		23,000		69,245
Unicharm Corp.		2,900		126,700
Ushio Inc.		2,600		51,408
USS Co. Ltd.		520		40,338
West Japan Railway Co.		4,200		163,964
Yahoo Japan Corp.		373		128,366
Yakult Honsha Co. Ltd.		2,400		69,425
Yamada Denki Co. Ltd.		2,000		162,959
Yamaguchi Financial Group Inc.		5,000		46,646
Yamaha Corp.		4,200		47,899
Yamaha Motor Co. Ltd. (b)		6,700		123,063
Yamato Holdings Co. Ltd.		9,700		152,588
Yamato Kogyo Co. Ltd.		900		28,027
Yamazaki Baking Co. Ltd.		3,000		40,167
Yaskawa Electric Corp.		5,000		56,134

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Yokogawa Electric Corp. (b)		5,400	$	46,088
				57,501,705
Netherlands (2.74%)
Aegon NV (b)		41,827		285,010
Akzo Nobel NV		5,732		362,152
ArcelorMittal		21,425		745,082
ASML Holding NV		10,733		395,884
Corio NV		1,491		98,744
Delta Lloyd NV		2,236		53,111
Fugro NV		1,643		118,341
Heineken Holding NV		2,905		148,717
Heineken NV		6,432		387,122
ING Groep NV (b)		95,333		1,174,837
Koninklijke Ahold NV		29,619		398,235
Koninklijke Boskalis Westminster NV CVA		1,782		84,319
Koninklijke DSM NV		3,877		251,604
Koninklijke KPN NV		39,149		569,421
Koninklijke Philips Electronics NV		24,576		631,604
Koninklijke Vopak NV		1,674		81,982
Randstad Holding NV		2,870		132,703
Reed Elsevier NV		17,334		232,860
SBM Offshore NV		4,013		106,106
TNT Express NV (b)		9,488		98,405
TNT NV		8,414		71,299
Unilever NV CVA		40,530		1,330,225
Wolters Kluwer - CVA		7,321		162,311
				7,920,074
New Zealand (0.12%)
Auckland International Airport Ltd.		22,515		41,572
Contact Energy Ltd. (b)		8,682		38,579
Fletcher Building Ltd.		16,252		116,294
Sky City Entertainment Group Ltd.		12,916		38,819
Telecom Corp. of New Zealand Ltd.		49,904		101,710
				336,974
Norway (0.89%)
Aker Solutions ASA		3,887		77,660
DnB NOR ASA		24,631		343,147
Gjensidige Forsikring ASA		4,494		55,414
Norsk Hydro ASA		22,479		172,077
Orkla ASA		19,359		184,309
Renewable Energy Corp. AS (b)		13,308		22,815
Seadrill Ltd.		7,544		265,238
Statoil ASA		27,828		704,494
Subsea 7 SA (b)		7,088		181,291
Telenor ASA		18,666		305,474
Yara International ASA		4,797		269,521
				2,581,440

See accompanying notes to financial statements. 51

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Portugal (0.26%)
Banco Comercial Portugues SA - R (b)		71,014	$	42,240
Banco Espirito Santo SA Reg.		13,236		49,346
CIMPOR-Cimentos de Portugal SGPS SA		5,105		38,975
EDP Renovaveis SA (b)		5,727		37,778
Energias de Portugal SA		48,117		170,759
Galp Energia SGPS SA B Shares		5,833		139,115
Jeronimo Martins SGPS SA		5,577		107,110
Portugal Telecom SGPS SA		16,229		159,543
				744,866
Singapore (1.70%)
Ascendas Real Estate Investment Trust		42,000		69,857
Capitaland Ltd.		62,692		148,933
Capitamall Trust		49,000		74,689
CapitaMalls Asia Ltd.		34,000		40,821
City Developments Ltd.		13,031		110,645
Comfortdelgro Corp. Ltd.		47,000		55,945
Cosco Corp. Singapore Ltd.		22,000		35,077
DBS Group Holdings Ltd.		42,667		510,394
Fraser and Neave Ltd.		23,500		111,034
Genting Singapore PLC (b)		154,400		243,431
Global Logistic Properties Ltd. (b)		44,000		73,919
Golden Agri-Resources Ltd.		166,702		92,611
Hutchison Port Holdings Trust (b)		130,000		109,850
Jardine Cycle & Carriage Ltd.		3,015		105,795
Keppel Corp. Ltd.		35,202		318,495
Keppel Land Ltd.		18,000		53,188
Neptune Orient Lines Ltd.		22,750		28,454
Noble Group Ltd.		90,654		145,986
Olam International Ltd.		30,900		68,691
Oversea-Chinese Banking Corporation Ltd.		62,000		473,578
Sembcorp Industries Ltd.		25,200		102,620
Sembcorp Marine Ltd.		21,200		91,745
Singapore Airlines Ltd.		13,000		150,465
Singapore Exchange Ltd.		21,000		129,041
Singapore Press Holdings Ltd.		37,200		118,223
Singapore Technologies Engineering Ltd.		39,381		96,701
Singapore Telecommunications Ltd.		197,150		508,161
StarHub Ltd.		15,000		34,112
United Overseas Bank Ltd.		30,616		491,544
UOL Group Ltd.		12,461		50,600
Wilmar International Ltd.		48,000		212,352
Yangzijiang Shipbuilding Holdings Ltd.		48,000		57,267
				4,914,224
Spain (3.54%)
Abertis Infraestructuras SA		8,919		199,069
Acciona SA		637		67,631
Acerinox SA		2,419		44,109
ACS Actividades de Construccion y Servicios SA		3,570		168,497
Amadeus IT Holding SA A Shares (b)		5,827		121,119

	Shares		Value
Common Stocks (Cont.)
Spain (Cont.)
Banco Bilbao Vizcaya Argentaria SA		106,398	$	1,248,983
Banco de Sabadell SA		26,091		107,628
Banco Popular Espanol SA		22,877		128,719
Banco Santander SA (Madrid)		209,149		2,409,425
Bankinter SA		5,639		38,253
Criteria Caixacorp SA		20,830		145,047
Criteria Caixacorp SA Rights (b)		20,830		1,571
Enagas SA		4,514		109,303
Ferrovial SA		9,289		117,371
Fomento de Construcciones y Contratas SA		1,284		39,170
Gas Natural SDG SA		8,134		170,368
Grifols SA		3,546		71,135
Iberdrola Renovables SA		21,393		94,503
Iberdrola SA (b)		94,450		840,302
Indra Sistemas SA		2,184		45,051
Industria de Diseno Textil SA		5,392		491,285
International Consolidated Airlines Group SA (b)		23,616		95,802
Mapfre SA		19,111		70,906
Mapfre SA Rights (b) (c)		19,111		67
Mediaset Espana Comunicacion SA		4,185		36,389
Red Electrica Corporacion SA		2,728		164,567
Repsol YPF SA		19,531		677,442
Telefonica SA		102,129		2,494,371
Zardoya Otis SA		3,524		51,777
Zardoya Otis SA Rights (b) (c)		3,524		2,673
				10,252,533
Sweden (3.10%)
Alfa Laval AB		8,487		183,033
Assa Abloy AB Class B		7,841		210,752
Atlas Copco AB Class A		16,609		437,420
Atlas Copco AB Class B		9,838		232,088
Boliden AB		6,896		127,360
Electrolux AB Series B		5,897		141,033
Getinge AB B Shares		5,002		134,511
Hennes & Mauritz AB (H&M) B Shares		25,532		881,424
Hexagon AB B Shares		6,408		157,779
Holmen AB Class B		1,331		41,506
Husqvarna AB B Shares		10,537		69,816
Industrivarden AB C Shares		2,968		49,112
Investor AB B Shares		11,483		263,341
Kinnevik Investment AB B Shares		5,200		115,502
Millicom International Cellular SA SDR		1,877		196,652
Modern Times Group B Shares		1,183		78,241
Nordea Bank AB		65,238		700,656
Ratos AB B Shares		4,836		92,955
Sandvik AB		25,178		441,102
Scania AB Class B		8,093		187,862
Securitas AB Class B		7,894		83,579
Skandinaviska Enskilda Banken AB Class A		35,561		290,763
Skanska AB Class B		10,108		181,195
SKF AB B Shares		9,811		284,075

52 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Sweden (Cont.)
SSAB Svenskt Stal AB Series A		4,020	$	60,058
Svenska Cellulosa AB B Shares		14,105		198,874
Svenska Handelsbanken AB A Shares		12,215		376,620
Swedbank AB - A Shares		19,786		332,720
Swedish Match AB		5,515		185,173
Tele2 AB Class B		8,000		157,905
Telefonaktiebolaget LM Ericsson B Shares		74,862		1,077,676
TeliaSonera AB		54,068		396,616
Volvo AB B Shares		34,259		599,748
				8,967,147
Switzerland (8.26%)
ABB Ltd. Reg. (b)		54,567		1,417,777
Actelion Ltd. Reg. (b)		2,571		126,863
Adecco SA Reg. (b)		3,202		205,521
Aryzta AG		2,151		115,526
Baloise Holding AG Reg.		1,180		121,760
Compagnie Financiere Richemont SA Class A		13,021		853,306
Credit Suisse Group AG Reg. (b)		28,032		1,092,469
GAM Holding AG (b)		5,209		85,706
Geberit AG Reg. (b)		982		232,969
Givaudan SA Reg. (b)		210		222,152
Holcim Ltd. Reg. (b)		6,129		463,506
Julius Baer Group Ltd. (b)		5,231		216,082
Kuehne & Nagel International AG Reg.		1,363		207,074
Lindt & Spruengli AG		22		68,681
Lindt & Spruengli AG Reg.		3		109,478
Lonza Group AG Reg. (b)		1,147		89,859
Nestle SA Reg.		86,109		5,358,433
Novartis AG		57,880		3,547,297
Pargesa Holding SA		681		63,116
Roche Holding AG		17,466		2,924,170
Schindler Holding AG		1,226		149,113
Schindler Holding AG Reg.		543		65,989
SGS SA Reg		138		262,136
Sika AG		50		120,696
Sonova Holding AG Reg. (b)		1,163		108,661
Straumann Holding AG Reg.		197		47,508
Sulzer AG Reg.		564		91,960
Swatch Group AG Reg., The		1,093		98,272
Swatch Group AG, The		761		384,082
Swiss Life Holding AG Reg. (b)		777		127,429
Swiss Re Ltd. (b)		8,879		498,576
Swisscom AG		579		265,435
Syngenta AG Reg. (b)		2,361		797,901
Synthes Inc.		1,589		279,840
Transocean Ltd. (b)		7,969		520,250
UBS AG Reg. (b)		90,522		1,651,987
Zurich Financial Services AG (b)		3,618		915,497
				23,907,077
United Kingdom (21.00%)
3i Group PLC		24,468		110,492

	Shares		Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Admiral Group PLC		5,073	$	135,285
Aggreko PLC		6,565		203,400
AMEC PLC		8,246		144,087
Anglo American PLC		32,815		1,627,425
Antofagasta PLC		10,013		224,072
ARM Holdings PLC		33,246		312,635
Associated British Foods PLC		8,747		152,180
AstraZeneca PLC		34,601		1,729,403
Autonomy Corp. PLC (b)		5,440		149,013
Aviva PLC		70,734		497,899
Babcock International Group PLC		9,324		106,622
BAE Systems PLC		84,356		431,536
Balfour Beatty PLC		17,065		84,608
Barclays PLC		288,006		1,181,502
BG Group PLC		84,255		1,913,087
BHP Billiton PLC		54,264		2,132,237
BP PLC		467,268		3,440,490
British American Tobacco PLC		49,711		2,179,906
British Land Co. PLC		21,137		206,658
British Sky Broadcasting Group PLC		28,284		383,986
BT Group PLC		193,467		627,298
Bunzl PLC		7,962		99,705
Burberry Group PLC		10,958		254,825
Cairn Energy PLC (b)		35,275		235,246
Capita Group PLC		14,999		172,269
Capital Shopping Centres Group PLC		13,962		89,576
Carnival PLC		4,528		175,451
Centrica PLC		127,946		664,356
Cobham PLC		29,099		98,760
Compass Group PLC		47,512		458,118
Diageo PLC		62,321		1,275,021
Essar Energy Ltd. PLC (b)		8,215		53,888
Eurasian Natural Resources Corp.		6,649		83,428
Experian PLC		24,814		316,078
Fresnillo PLC		4,520		101,820
G4S PLC		35,563		159,866
GlaxoSmithKline PLC		128,946		2,763,862
Glencore International PLC (b)		19,960		157,291
Hammerson PLC		17,233		133,233
Home Retail Group PLC		20,989		55,176
HSBC Holdings PLC		440,063		4,363,107
ICAP PLC		13,524		102,571
Imperial Tobacco Group PLC		25,435		846,794
Inmarsat PLC		11,000		98,284
InterContinental Hotels Group PLC		7,280		149,027
International Power PLC		38,650		199,618
Intertek Group PLC		4,020		127,401
Invensys PLC		20,825		107,719
Investec PLC		12,188		98,930
ITV PLC (b)		93,147		106,955
J Sainsbury PLC		30,567		161,921
Johnson Matthey PLC		5,436		171,663
Kazakhmys PLC		5,398		119,657
Kingfisher PLC		59,546		255,785
Land Securities Group PLC		19,258		263,450
Legal & General Group PLC		148,146		280,650

See accompanying notes to financial statements. 53

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Lloyds Banking Group PLC (b)		1,014,308	$	797,077
London Stock Exchange Group PLC		3,704		63,105
Lonmin PLC		3,966		92,552
Man Group PLC		44,885		170,732
Marks & Spencer Group PLC		40,026		232,029
National Grid PLC		87,267		859,073
Next PLC		4,481		167,417
Old Mutual PLC		137,204		293,703
Pearson PLC		20,122		380,653
Petrofac Ltd.		6,369		154,875
Prudential PLC		63,320		731,144
Randgold Resources Ltd.		2,278		191,873
Reckitt Benckiser Group PLC		15,394		850,242
Reed Elsevier PLC		29,873		271,974
Resolution Ltd.		36,579		172,437
Rexam PLC		22,159		136,231
Rio Tinto PLC		35,967		2,597,024
Rolls-Royce Holdings PLC (b)		46,746		484,097
Royal Bank of Scotland Group PLC (b)		436,069		269,735
Royal Dutch Shell PLC Class A		88,443		3,147,118
Royal Dutch Shell PLC Class B		67,029		2,391,993
RSA Insurance Group PLC		86,965		188,104
SABMiller PLC		23,711		865,463
Sage Group PLC, The		33,245		154,128
Schroders PLC		2,872		71,307
Scottish & Southern Energy PLC		23,273		520,514
SEGRO PLC		17,831		89,402
Serco Group PLC		11,902		105,577
Severn Trent PLC		5,910		139,627
Shire Ltd.		13,901		434,638
Smith & Nephew PLC		21,857		234,234
Smiths Group PLC		9,834		189,690
Standard Chartered PLC		58,368		1,533,191
Standard Life PLC		57,413		194,051
Tesco PLC		199,865		1,291,324
Tui Travel PLC		12,875		46,340
Tullow Oil PLC		22,084		439,783
Unilever PLC		31,890		1,028,964
United Utilities Group PLC		17,374		167,104
Vedanta Resources PLC		3,007		101,083
Vodafone Group PLC		1,287,011		3,412,691
Weir Group PLC, The		5,313		181,369
Whitbread PLC		4,390		113,821
William Morrison Supermarkets PLC		54,951		262,829
Wolseley PLC		7,170		234,040
WPP PLC		31,307		392,210
Xstrata PLC		51,494		1,134,176
				60,756,066
Total Common Stocks
(cost $258,615,004)				284,575,901
Preferred Stocks (a) (0.53%)
Germany (0.53%)
Bayerische Moteren Werke (BMW) AG PFD		1,238		78,728
Henkel AG & Co. KGaA PFD		4,492		312,365

	Shares		Value
Preferred Stocks (Cont.)
Germany (Cont.)
Porsche Automobil Holding SE PFD		3,773	$	299,284
ProSiebenSat.1 Media AG PFD (b)		1,931		54,974
RWE AG-Non Voting PFD		986		50,397
Volkswagen AG PFD		3,605		745,498
				1,541,246
Total Preferred Stocks
(cost $709,710)				1,541,246
Short-term Investments (0.10%)
State Street Institutional U.S. Government Money Market Fund		293,137		293,137
Total Short-term Investments
(cost $293,137)				293,137
TOTAL INVESTMENTS (99.00%)
(cost $259,617,851)				286,410,284
CASH (d) AND OTHER ASSETS, NET OF LIABILITIES (1.00%)				2,884,621
NET ASSETS (100.00%)			$	289,294,905

(a) The Fund used data 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, State Farm Investment Management Corp. (“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) At June 30, 2011, cash in the amount of $256,606 has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

FDR - Fiduciary Depository Receipt

SDR - Swedish Depository Receipt

54 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

INTERNATIONAL EQUITY INDEX FUND FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	89,548,384		31.27
British Pound		60,756,066		21.21
Japanese Yen		57,501,705		20.08
Australian Dollar		24,783,774		8.65
Swiss Franc		23,907,077		8.35
Swedish Krona		8,967,147		3.13
Hong Kong Dollar		7,791,412		2.72
Singapore Dollar		4,804,374		1.68
Danish Krone		3,011,901		1.05
Norwegian Krone		2,581,440		0.90
Israeli Shekel		2,017,043		0.70
United States Dollar		402,987		0.14
New Zealand Dollar		336,974		0.12
Total Investments	$	286,410,284		100.00	%

INTERNATIONAL EQUITY INDEX FUND SECTOR CLASSIFICATIONS

Sector	Value		%
Financials	$	67,293,139		23.26
Industrials		36,786,745		12.72
Materials		32,401,607		11.20
Consumer Discretionary		30,155,481		10.42
Consumer Staples		29,112,647		10.06
Health Care		24,865,750		8.60
Energy		23,106,856		7.99
Telecommunication Services		15,604,534		5.39
Information Technology		13,448,753		4.65
Utilities		13,341,635		4.61
Total Stocks		286,117,147		98.90
Short-term Investments		293,137		0.10
Cash and Other Assets, Net of Liabilities		2,884,621		1.00
Net Assets	$	289,294,905		100.00	%

See accompanying notes to financial statements. 55

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Shares		Value
Registered Investment Companies (99.42%)
State Farm Variable Product Trust Bond Fund (a)		2,930,975	$	31,332,127
State Farm Variable Product Trust Large Cap Equity Index Fund (a)		3,805,671		50,387,082
Total Registered Investment Companies
(cost $76,889,491)				81,719,209
TOTAL INVESTMENTS (99.42%)
(cost $76,889,491)				81,719,209
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.58%)				477,127
NET ASSETS (100.00%)			$	82,196,336

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

56 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Principal amount		Value
Corporate Bonds (62.56%)
Agriculture, Foods, & Beverage (6.35%)
HJ Heinz Co.
6.625%, 07/15/2011	$	1,000,000	$	1,001,543
Hershey Co.
5.300%, 09/01/2011		500,000		503,902
ConAgra Foods Inc.
6.750%, 09/15/2011		106,000		107,263
Kraft Foods Inc.
5.625%, 11/01/2011		129,000		131,065
Pepsico Inc.
5.150%, 05/15/2012		1,000,000		1,040,921
PepsiAmericas Inc.
5.750%, 07/31/2012		500,000		527,764
General Mills Inc.
5.650%, 09/10/2012		500,000		528,290
HJ Heinz Co.
5.350%, 07/15/2013		500,000		542,606
Coca-Cola Enterprises Inc.
5.000%, 08/15/2013		500,000		542,738
Hershey Co.
5.450%, 09/01/2016		500,000		574,855
General Mills Inc.
5.700%, 02/15/2017		1,000,000		1,146,042
Coca-Cola Co.
5.350%, 11/15/2017		2,000,000		2,318,190
Pepsico Inc.
5.000%, 06/01/2018		1,000,000		1,107,667
Campbell Soup Co.
4.250%, 04/15/2021		1,000,000		1,021,787
				11,094,633
Banks (3.67%)
Royal Bank of Canada
5.650%, 07/20/2011		500,000		500,988
Bank of America Corp.
5.375%, 08/15/2011		500,000		502,632
Barclays Bank PLC
5.450%, 09/12/2012		1,000,000		1,053,605
Wachovia Corp.
5.700%, 08/01/2013		500,000		543,216
Mellon Funding Corp.
5.200%, 05/15/2014		500,000		553,976
US Bank NA
4.950%, 10/30/2014		500,000		547,092
Fifth Third Bank
4.750%, 02/01/2015		500,000		526,332
Wachovia Bank NA
5.600%, 03/15/2016		500,000		541,282
Wells Fargo Bank NA
5.750%, 05/16/2016		500,000		556,222
Bank of America NA
6.000%, 06/15/2016		500,000		530,453
Wachovia Corp.
5.750%, 06/15/2017		500,000		555,930
				6,411,728

	Principal amount		Value
Corporate Bonds (Cont.)
Building Materials & Construction (2.27%)
Lafarge SA
6.150%, 07/15/2011	$	500,000	$	500,676
CRH America Inc.
5.625%, 09/30/2011		327,000		330,588
Leggett & Platt Inc.
4.700%, 04/01/2013		1,000,000		1,049,684
Masco Corp.
4.800%, 06/15/2015		500,000		496,809
CRH America Inc.
6.000%, 09/30/2016		1,000,000		1,097,669
Masco Corp.
5.850%, 03/15/2017		500,000		497,492
				3,972,918
Chemicals (2.22%)
E.I. du Pont de Nemours and Co.
4.125%, 03/06/2013		1,000,000		1,053,814
Rohm & Haas Co.
5.600%, 03/15/2013		500,000		535,672
Praxair Inc.
5.375%, 11/01/2016		1,000,000		1,144,101
Rohm & Haas Co.
6.000%, 09/15/2017		500,000		568,507
E.I. du Pont de Nemours and Co.
6.000%, 07/15/2018		500,000		576,980
				3,879,074
Commercial Service/Supply (0.63%)
Pitney Bowes Inc.
5.750%, 09/15/2017		1,000,000		1,094,101
Computers (0.67%)
International Business Machines Corp.
5.700%, 09/14/2017		1,000,000		1,162,645
Consumer & Marketing (3.13%)
Reed Elsevier Capital
4.625%, 06/15/2012		500,000		516,496
Kimberly-Clark Corp.
5.000%, 08/15/2013		1,000,000		1,085,537
Procter & Gamble Co., The
4.950%, 08/15/2014		1,000,000		1,119,467
Estee Lauder Co. Inc.
5.550%, 05/15/2017		1,000,000		1,127,444
Kimberly-Clark Corp.
6.125%, 08/01/2017		500,000		590,144
Unilever Capital Corp.
4.250%, 02/10/2021		1,000,000		1,040,933
				5,480,021
Electronic/Electrical Manufacturing (1.51%)
Emerson Electric Co.
5.750%, 11/01/2011		1,000,000		1,017,521

See accompanying notes to financial statements. 57

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Electronic/Electrical Manufacturing (Cont.)
General Electric Co.
5.000%, 02/01/2013	$	1,000,000	$	1,061,399
Emerson Electric Co.
5.125%, 12/01/2016		500,000		569,806
				2,648,726
Financial Services (3.74%)
John Deere Capital Corp.
5.650%, 07/25/2011		500,000		501,515
American Express Co.
5.250%, 09/12/2011		500,000		504,310
AMB Property L.P.
6.300%, 06/01/2013		1,000,000		1,075,294
JPMorgan Chase & Co.
5.375%, 01/15/2014		500,000		544,317
General Electric Capital Corp.
4.875%, 03/04/2015		500,000		543,714
5.375%, 10/20/2016		500,000		550,789
5.400%, 02/15/2017		500,000		546,782
John Deere Capital Corp.
5.500%, 04/13/2017		500,000		573,820
Caterpillar Financial Services Corp.
5.850%, 09/01/2017		500,000		582,948
Simon Property Group Inc.
6.125%, 05/30/2018		1,000,000		1,121,350
				6,544,839
Health Care (8.82%)
Johnson & Johnson
5.150%, 08/15/2012		500,000		524,560
AstraZeneca PLC
5.400%, 09/15/2012		500,000		529,038
Merck & Co. Inc.
4.375%, 02/15/2013		1,000,000		1,058,972
Becton Dickinson & Co.
4.550%, 04/15/2013		1,000,000		1,064,538
Schering-Plough Corp.
5.300%, 12/01/2013		500,000		552,868
AstraZeneca PLC
5.400%, 06/01/2014		1,000,000		1,118,844
Boston Scientific Corp.
5.450%, 06/15/2014		1,000,000		1,086,707
Merck & Co. Inc.
4.750%, 03/01/2015		500,000		556,852
Abbott Laboratories
5.875%, 05/15/2016		500,000		582,254
Baxter International Inc.
5.900%, 09/01/2016		500,000		585,995
Eli Lilly & Co.
5.200%, 03/15/2017		1,000,000		1,132,901
Wyeth
5.450%, 04/01/2017		500,000		572,403
Amgen Inc.
5.850%, 06/01/2017		500,000		578,978

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Johnson & Johnson
5.550%, 08/15/2017	$	500,000	$	579,826
AstraZeneca PLC
5.900%, 09/15/2017		500,000		582,675
Schering-Plough Corp.
6.000%, 09/15/2017		500,000		588,269
Bristol-Myers Squibb Co.
5.450%, 05/01/2018		500,000		563,736
GlaxoSmithKline Capital Inc.
5.650%, 05/15/2018		1,000,000		1,140,634
Medtronic Inc.
4.125%, 03/15/2021		1,000,000		1,017,241
Sanofi-Aventis
4.000%, 03/29/2021		1,000,000		1,000,111
				15,417,402
Machinery & Manufacturing (2.72%)
Bemis Co. Inc.
4.875%, 04/01/2012		500,000		514,130
Johnson Controls Inc.
4.875%, 09/15/2013		750,000		808,218
Caterpillar Inc.
5.700%, 08/15/2016		500,000		578,164
Eaton Corp.
5.300%, 03/15/2017		1,000,000		1,125,616
Honeywell International Inc.
5.300%, 03/15/2017		500,000		567,018
Cooper U.S. Inc.
6.100%, 07/01/2017		1,000,000		1,168,795
				4,761,941
Media & Broadcasting (1.86%)
Walt Disney Co., The
5.700%, 07/15/2011		1,000,000		1,001,440
Thomson Reuters Corp.
5.950%, 07/15/2013		1,000,000		1,093,793
Walt Disney Co., The
5.625%, 09/15/2016		1,000,000		1,158,548
				3,253,781
Mining & Metals (3.12%)
BHP Billiton Finance USA Ltd.
5.125%, 03/29/2012		500,000		517,842
BHP Finance USA
4.800%, 04/15/2013		1,000,000		1,068,784
Barrick Gold Finance Inc.
4.875%, 11/15/2014		1,000,000		1,094,956
Alcan Inc.
5.000%, 06/01/2015		500,000		550,223
Alcoa Inc.
5.550%, 02/01/2017		1,000,000		1,063,990
BHP Billiton Finance USA Ltd.
5.400%, 03/29/2017		500,000		568,449

58 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Mining & Metals (Cont.)
Rio Tinto Finance USA Ltd.
6.500%, 07/15/2018	$	500,000	$	583,954
				5,448,198
Oil & Gas (3.21%)
National Fuel Gas Co.
5.250%, 03/01/2013		1,000,000		1,059,364
ConocoPhillips Canada
5.625%, 10/15/2016		500,000		579,132
Apache Corp.
5.625%, 01/15/2017		500,000		576,619
Shell International Finance
5.200%, 03/22/2017		500,000		567,227
Canadian National Resources
5.700%, 05/15/2017		500,000		568,932
Weatherford International Inc.
6.350%, 06/15/2017		500,000		565,916
EOG Resources Inc.
5.875%, 09/15/2017		500,000		572,536
Husky Energy Inc.
6.200%, 09/15/2017		500,000		566,593
ConocoPhillips
5.200%, 05/15/2018		500,000		560,902
				5,617,221
Retailers (5.99%)
CVS Corp.
5.750%, 08/15/2011		500,000		502,874
Costco Wholesale Corp.
5.300%, 03/15/2012		1,000,000		1,035,570
Lowe’s Companies Inc.
5.600%, 09/15/2012		500,000		529,832
Walgreen Co.
4.875%, 08/01/2013		500,000		541,227
Lowe’s Companies Inc.
5.000%, 10/15/2015		1,000,000		1,128,824
Target Corp.
5.875%, 07/15/2016		1,000,000		1,169,141
Lowe’s Companies Inc.
5.400%, 10/15/2016		500,000		576,646
McDonald’s Corp.
5.300%, 03/15/2017		1,000,000		1,143,828
Wal-Mart Stores Inc.
5.375%, 04/05/2017		1,000,000		1,139,734
Target Corp.
5.375%, 05/01/2017		500,000		571,360
CVS Caremark Corp.
5.750%, 06/01/2017		500,000		561,588
Wal-Mart Stores Inc.
5.800%, 02/15/2018		500,000		576,284
Home Depot Inc.
4.400%, 04/01/2021		1,000,000		1,004,822
				10,481,730

	Principal amount		Value
Corporate Bonds (Cont.)
Telecom & Telecom Equipment (2.46%)
Telefonica Emisiones SAU
5.855%, 02/04/2013	$	1,000,000	$	1,060,446
BellSouth Corp.
5.200%, 09/15/2014		1,000,000		1,101,698
Verizon Communications
5.500%, 04/01/2017		1,000,000		1,123,116
AT&T Inc.
4.450%, 05/15/2021		1,000,000		1,017,670
				4,302,930
Utilities & Energy (10.19%)
Duke Energy Corp.
6.250%, 01/15/2012		500,000		515,065
MidAmerican Energy Co.
5.650%, 07/15/2012		500,000		525,524
Appalachian Power Co.
5.650%, 08/15/2012		500,000		524,160
Vectren Utility Holdings
5.250%, 08/01/2013		500,000		533,351
Union Electric Co.
5.500%, 05/15/2014		1,000,000		1,079,637
Carolina Power & Light
5.250%, 12/15/2015		1,000,000		1,128,060
Ohio Power Co.
6.000%, 06/01/2016		1,000,000		1,146,750
Commonwealth Edison Co.
5.950%, 08/15/2016		500,000		571,471
Baltimore Gas & Electric Co.
5.900%, 10/01/2016		500,000		574,532
Consolidated Edison Co. NY
5.300%, 12/01/2016		1,000,000		1,138,113
Georgia Power Co.
5.700%, 06/01/2017		1,000,000		1,144,629
Jersey Central Power & Light
5.650%, 06/01/2017		1,000,000		1,121,256
Atmos Energy Corp.
6.350%, 06/15/2017		500,000		578,242
Kansas City Power & Light Co.
5.850%, 06/15/2017		1,000,000		1,126,947
Union Electric Co.
6.400%, 06/15/2017		500,000		579,578
MidAmerican Energy Co.
5.950%, 07/15/2017		500,000		578,744
Commonwealth Edison Co.
6.150%, 09/15/2017		500,000		578,668
Florida Power Corp.
5.800%, 09/15/2017		500,000		581,092
Virginia Electric & Power
5.950%, 09/15/2017		500,000		583,772
Public Service Electric and Gas Co.
5.300%, 05/01/2018		500,000		559,364
Florida Power Corp.
5.650%, 06/15/2018		500,000		570,424

See accompanying notes to financial statements. 59

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2011

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Pacificorp
5.650%, 07/15/2018	$	500,000	$	569,506
Appalachian Power Co.
4.600%, 03/30/2021		500,000		503,563
Southern California Edison Co.
3.875%, 06/01/2021		1,000,000		998,094
				17,810,542
Total Corporate Bonds
(cost $99,657,516)				109,382,430
Government Agency Securities (a) (0.93%)
Federal Home Loan Mortgage Corp.
4.500%, 07/15/2013		1,500,000		1,621,838
Total Government Agency Securities
(cost $1,480,764)				1,621,838
U.S. Treasury Obligations (29.45%)
U.S. Treasury Notes
3.875%, 02/15/2013		1,500,000		1,584,550
4.250%, 08/15/2014		5,000,000		5,526,170
4.000%, 02/15/2015		5,000,000		5,510,940
4.250%, 08/15/2015		10,000,000		11,163,280
3.250%, 03/31/2017		8,000,000		8,520,000
3.500%, 02/15/2018		10,000,000		10,728,910
3.625%, 02/15/2020		8,000,000		8,463,128
Total U.S. Treasury Obligations
(cost $49,839,032)				51,496,978
	Shares		Value
Short-term Investments (6.00%)
JPMorgan U.S. Government Money Market Fund		10,488,486	$	10,488,486
Total Short-term Investments
(cost $10,488,486)				10,488,486
TOTAL INVESTMENTS (98.94%)
(cost $161,465,798)				172,989,732
OTHER ASSETS, NET OF LIABILITIES (1.06%)				1,857,893
NET ASSETS (100.00%)			$	174,847,625

(a) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency placed Federal Home Loan Mortgage Corp. (“Freddie Mac”) into conservatorship. The United States Treasury has put in place a set of financing agreements to help ensure that this entity continues to meet its obligations to holders of bonds it has issued or guaranteed.

60 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

June 30, 2011

(Unaudited)

	Principal amount		Value
Short-term Investments (99.90%)
Agriculture, Foods, & Beverage (10.03%)
Coca-Cola Co. (a)
0.160%, 09/14/2011	$	2,079,000	$	2,078,307
Nestle Cap Corp. (b)
0.120%, 10/26/2011		1,067,000		1,066,584
Nestle Finance International Ltd.
0.110%, 08/24/2011		1,000,000		999,835
				4,144,726
Automotive (13.07%)
American Honda Finance Corp.
0.150%, 09/21/2011		1,000,000		999,658
PACCAR Financial Corp.
0.170%, 08/11/2011		989,000		988,809
0.150%, 09/06/2011		1,228,000		1,227,657
Toyota Motor Credit Corp.
0.140%, 07/07/2011		2,185,000		2,184,949
				5,401,073
Chemicals (5.14%)
E.I. du Pont de Nemours and Co. (b)
0.120%, 07/08/2011		2,125,000		2,124,950
Financial Services (5.00%)
General Electric Capital Corp.
0.120%, 07/19/2011		2,069,000		2,068,876
Government Agency Securities (c) (26.63%)
Federal Home Loan Bank Discount Note
0.070%, 08/29/2011		1,008,000		1,007,884
Federal Home Loan Mortgage Corp.
0.040%, 07/05/2011		1,000,000		999,996
0.075%, 07/25/2011		2,000,000		1,999,900
Federal National Mortgage Association
0.075%, 07/13/2011		2,000,000		1,999,950
Federal National Mortgage Discount Note
0.130%, 07/28/2011		3,000,000		2,999,708
0.085%, 08/22/2011		2,000,000		1,999,754
				11,007,192
Health Care (8.88%)
Abbott Laboratories
0.100%, 08/30/2011		2,069,000		2,068,655
Roche Holdings (b)
0.100%, 08/12/2011		1,600,000		1,599,813
				3,668,468
Machinery & Manufacturing (5.30%)
John Deere Capital Corp. (b)
0.120%, 07/08/2011		2,190,000		2,189,949

	Principal amount		Value
Short-term Investments (Cont.)
Oil & Gas (5.14%)
Chevron Corp.
0.060%, 07/06/2011	$	1,125,000	$	1,124,991
Exxon Mobil Corp.
0.060%, 08/04/2011		1,000,000		999,943
				2,124,934
	Shares		Value
Registered Investment Companies (1.05%)
JPMorgan U.S. Government Money Market Fund		433,861	$	433,861
	Principal amount		Value
Retailers (5.14%)
Wal-Mart Stores Inc. (b)
0.080%, 07/15/2011	$	2,125,000	$	2,124,935
U.S. Government Obligations (14.52%)
U.S. Treasury Bill
0.051%, 07/21/2011		3,000,000		2,999,915
0.063%, 07/28/2011		3,000,000		2,999,858
				5,999,773
Total Short-term Investments
(cost $41,288,737)				41,288,737
TOTAL INVESTMENTS (99.90%)
(cost $41,288,737)				41,288,737
OTHER ASSETS, NET OF LIABILITIES (0.10%)				40,577
NET ASSETS (100.00%)			$	41,329,314

(a) Security is exempt from registration under Section 4(2) of the Securities Act of 1933. This security was 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, 2011, the value of this security was $2,078,307 or 5.03% of net assets.

(b) Security is exempt from registration under Section 4(2) of the Securities Act of 1933. This security was 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. This security has been determined to be liquid.

(c) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corp. (“Freddie Mac”) into conservatorship. The United States Treasury has put in place a set of financing agreements to help ensure that these entities continue to meet their obligations to holders of bonds they have issued or guaranteed.

See accompanying notes to financial statements. 61

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2011

(Unaudited)

	Large Cap Equity Fund			Small/Mid Cap Equity Fund			International Equity Fund
Assets
Investments in securities at identified cost	$	33,601,366			36,729,445			35,989,165
Investments in securities at market value	$	38,980,421			44,679,127			41,190,653
Cash		—			—			—
Foreign currencies at value (cost $19,457 and $1,873,249, respectively)		—			—			19,515
Receivable for:
Dividends and interest		41,639			36,615			125,389
Shares of the Fund sold		12,570			13,288			7,494
Securities sold		—			262,147			98,141
Due from broker		—			—			—
SFIMC		1,298			2,014			10,227
Variation margin		—			—			—
Unrealized gain on forward foreign currency contracts		—			—			1,492
Prepaid expenses		2,370			2,725			2,495
Total assets		39,038,298			44,995,916			41,455,406
Liabilities and Net Assets
Payable for:
Shares of the Fund redeemed		943			—			—
Securities purchased		—			401,452			254,561
Securities sold short, at value (proceeds of $102,429 and $87,074, respectively)		—			—			—
Unrealized loss on forward foreign currency contracts		—			—			101,067
Due to affiliates		21,867			31,427			30,494
Accrued liabilities		17,448			20,013			65,211
Total liabilities		40,258			452,892			451,333
Net assets applicable to shares outstanding of common stock	$	38,998,040			44,543,024			41,004,073
Fund shares outstanding (no par value, unlimited number of shares authorized)		4,798,194			4,218,419			4,076,105
Net asset value, offering price and redemption price per share	$	8.13			10.56			10.06
Analysis of Net Assets
Paid-in-capital	$	47,530,181			42,446,738			43,626,468
Accumulated net realized gain (loss)		(14,347,161	)		(6,012,626	)		(8,377,705	)
Net unrealized appreciation (depreciation)		5,379,055			7,949,682			5,111,921
Accumulated undistributed net investment income (loss)		435,965			159,230			643,389
Net assets applicable to shares outstanding	$	38,998,040			44,543,024			41,004,073

(a) Relates to investments in affiliated investment companies.

62 See accompanying notes to financial statements.

Large Cap Equity Index Fund	Small Cap Equity Index Fund	International Equity Index Fund	Stock and Bond Balanced Fund	Bond Fund	Money Market Fund
478,733,449	225,690,881	259,617,851	76,889,491(a)	161,465,798	41,288,737
488,387,269	248,982,434	286,410,284	81,719,209(a)	172,989,732	41,288,737
69	55,136	—	459,578	—	—
—	—	1,872,170	—	—	—
619,787	297,144	1,152,378	—	2,069,137	6
86,651	68,531	65,275	18,539	14,458	94,382
53,638	752,426	10,056	—	—	—
102,429	87,074	—	—	—	—
—	1,763	—	24,035	—	15,674
11,200	51,502	108,008	—	—	—
—	—	77	—	—	—
27,448	16,170	22,722	4,801	8,652	2,802
489,288,491	250,312,180	289,640,970	82,226,162	175,081,979	41,401,601
34,190	—	30,767	990	96,785	24,420
—	—	30,022	—	—	—
102,429	87,074	—	—	—	—
—	—	409	—	—	—
121,877	88,398	136,387	2,174	78,306	16,244
104,486	176,252	148,480	26,662	59,263	31,623
362,982	351,724	346,065	29,826	234,354	72,287
488,925,509	249,960,456	289,294,905	82,196,336	174,847,625	41,329,314
36,928,577	21,775,682	22,437,453	6,358,105	16,353,783	41,330,417
13.24	11.48	12.89	12.93	10.69	1.00
467,274,982	217,050,557	257,983,712	74,386,371	164,422,069	41,330,416
7,791,778	8,543,103	768,654	505,776	(1,098,378)	(1,102)
9,689,068	23,595,037	26,977,211	4,829,718	11,523,934	—
4,169,681	771,759	3,565,328	2,474,471	—	—
488,925,509	249,960,456	289,294,905	82,196,336	174,847,625	41,329,314

See accompanying notes to financial statements. 63

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF OPERATIONS

Six months ended June 30, 2011

(Unaudited)

	Large Cap Equity Fund			Small/Mid Cap Equity Fund			International Equity Fund
Investment Income:
Dividends	$	331,379			216,476			692,898
Interest		6			6			27
		331,385			216,482			692,925
Less: foreign withholding taxes		(251	)		(292	)		(72,266	)
Total investment income		331,134			216,190			620,659
Expenses:
Investment advisory and management fees		114,203			171,553			161,475
Professional fees		16,004			18,388			17,447
Reports to shareholders		4,392			5,072			5,087
Custodian fees		2,374			4,859			74,755
Errors and omissions insurance		1,383			1,502			1,466
Securities valuation fees		1,209			1,698			6,683
Trustees’ fees and expenses		961			1,043			912
Regulatory fees		380			380			380
ICI dues		215			235			223
Fidelity bond expense		66			83			104
License index fees		—			—			—
Total expenses		141,187			204,813			268,532
Less: expense reimbursement from SFIMC (b)		(7,951	)		(11,815	)		(66,687	)
Net expenses		133,236			192,998			201,845
Net investment income		197,898			23,192			418,814
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		1,760,824			3,287,113			1,449,153
Net realized gain (loss) on forward foreign currency contracts		—			—			(5,896	)
Net realized gain (loss) on foreign currency transactions		—			—			(3,434	)
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		643,579			531,426			(571,040	)
Net realized and unrealized gain (loss) on investments		2,404,403			3,818,539			868,783
Net change in net assets resulting from operations	$	2,602,301			3,841,731			1,287,597

(a) Relates to investments in affiliated investment companies.

(b) For the Money Market Fund, this amount includes $75,977 of additional voluntary fee waivers by SFIMC. See Note 3 under Transactions with affiliates.

64 See accompanying notes to financial statements.

Large Cap Equity Index Fund	Small Cap Equity Index Fund	International Equity Index Fund	Stock and Bond Balanced Fund	Bond Fund	Money Market Fund
4,795,750	1,129,484	6,676,803	527,442(a)	—	—
740	1,190	978	—	3,470,787	28,305
4,796,490	1,130,674	6,677,781	527,442	3,470,787	28,305
—	(94)	(593,795)	—	—	—
4,796,490	1,130,580	6,083,986	527,442	3,470,787	28,305
633,480	495,292	785,080	—	431,238	83,426
29,574	28,133	28,094	10,735	20,224	13,997
45,130	45,968	41,227	12,839	24,062	14,619
9,043	3,502	83,787	39	1,274	710
16,478	9,167	13,063	3,081	5,354	1,715
3,124	11,293	6,384	—	10,877	—
11,237	5,688	6,294	1,976	4,038	1,055
980	380	380	380	380	188
2,972	1,424	2,110	—	1,168	318
1,011	566	680	145	249	76
20,927	22,969	4,983	—	—	—
773,956	624,382	972,082	29,195	498,864	116,104
(9,043)	(5,267)	—	(29,195)	—	(87,799)
764,913	619,115	972,082	—	498,864	28,305
4,031,577	511,465	5,111,904	527,442	2,971,923	—
6,305,163	13,250,304	1,216,486	2,333(a)	127	—
—	—	74,420	—	—	—
—	—	(5,086)	—	—	—
87,233	(79,738)	(110,868)	—	—	—
(6,410)	227,832	108,588	—	—	—
17,467,644	700,853	8,553,764	3,168,958(a)	1,296,220	—
23,853,630	14,099,251	9,837,304	3,171,291	1,296,347	—
27,885,207	14,610,716	14,949,208	3,698,733	4,268,270	—

See accompanying notes to financial statements. 65

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Large Cap Equity Fund
Six months ended June 30, 2011 (Unaudited) and the Year ended December 31, 2010	2011			2010
From operations:
Net investment income	$	197,898			289,709
Net realized gain (loss)		1,760,824			1,524,765
Change in net unrealized appreciation or depreciation		643,579			2,512,004
Net change in net assets resulting from operations		2,602,301			4,326,478
Distributions to shareholders from and in excess of:
Net investment income		—			(300,761	)
Net realized gain		—			—
Total distributions to shareholders		—			(300,761	)
From Fund share transactions:
Proceeds from shares sold		845,638			1,777,059
Reinvestment of distributions		—			300,761
		845,638			2,077,820
Less payments for shares redeemed		(963,672	)		(1,091,897	)
Net increase (decrease) in net assets from Fund share transactions		(118,034	)		985,923
Total increase (decrease) in net assets		2,484,267			5,011,640
Net assets:
Beginning of period		36,513,773			31,502,133
End of period*	$	38,998,040			36,513,773
*Including accumulated undistributed net investment income (loss)	$	435,965			238,067
Share Information
Sold		105,839			257,110
Issued in reinvestment of distributions		—			39,626
Redeemed		(120,334	)		(158,338	)
Net increase (decrease)		(14,495	)		138,398

66 See accompanying notes to financial statements.

Small/Mid Cap Equity Fund		International Equity Fund			Large Cap Equity Index Fund	Small Cap Equity Index Fund
2011	2010	2011	2010	2011	2010	2011	2010
23,192	125,762	418,814	369,577	4,031,577	7,734,984	511,465	1,802,863
3,287,113	4,928,287	1,439,823	(487,615)	6,392,396	10,153,123	13,170,566	5,734,251
531,426	2,785,290	(571,040)	4,555,050	17,461,234	44,504,119	928,685	44,398,206
3,841,731	7,839,339	1,287,597	4,437,012	27,885,207	62,392,226	14,610,716	51,935,320
—	(98,981)	—	(700,700)	—	(7,799,384)	—	(1,749,078)
—	—	—	—	—	(5,133,943)	—	—
—	(98,981)	—	(700,700)	—	(12,933,327)	—	(1,749,078)
1,130,929	1,694,128	411,467	1,175,275	2,497,890	5,808,968	1,312,810	2,255,081
—	98,981	—	700,700	—	12,933,327	—	1,749,078
1,130,929	1,793,109	411,467	1,875,975	2,497,890	18,742,295	1,312,810	4,004,159
(983,991)	(1,338,076)	(666,112)	(811,398)	(20,097,811)	(34,988,978)	(10,200,784)	(17,965,921)
146,938	455,033	(254,645)	1,064,577	(17,599,921)	(16,246,683)	(8,887,974)	(13,961,762)
3,988,669	8,195,391	1,032,952	4,800,889	10,285,286	33,212,216	5,722,742	36,224,480
40,554,355	32,358,964	39,971,121	35,170,232	478,640,223	445,428,007	244,237,714	208,013,234
44,543,024	40,554,355	41,004,073	39,971,121	488,925,509	478,640,223	249,960,456	244,237,714
159,230	136,038	643,389	224,575	4,169,681	138,104	771,759	260,294
108,951	205,398	41,692	133,502	190,543	502,442	116,412	242,671
—	10,183	—	71,867	—	1,043,852	—	159,879
(96,161)	(160,199)	(66,345)	(92,789)	(1,539,006)	(3,028,571)	(905,946)	(1,924,648)
12,790	55,382	(24,653)	112,580	(1,348,463)	(1,482,277)	(789,534)	(1,522,098)

See accompanying notes to financial statements. 67

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	International Equity Index Fund
Six months ended June 30, 2011 (Unaudited) and the Year ended December 31, 2010	2011			2010
From operations:
Net investment income	$	5,111,904			5,718,558
Net realized gain (loss)		1,174,952			3,403,555
Change in net unrealized appreciation or depreciation		8,662,352			9,294,814
Net change in net assets resulting from operations		14,949,208			18,416,927
Distributions to shareholders from and in excess of:
Net investment income		—			(6,018,912	)
Net realized gain		—			—
Total distributions to shareholders		—			(6,018,912	)
From Fund share transactions:
Proceeds from shares sold		1,547,024			3,318,566
Reinvestment of distributions		—			6,018,912
		1,547,024			9,337,478
Less payments for shares redeemed		(7,262,245	)		(14,546,395	)
Net increase (decrease) in net assets from Fund share transactions		(5,715,221	)		(5,208,917	)
Total increase (decrease) in net assets		9,233,987			7,189,098
Net assets:
Beginning of period		280,060,918			272,871,820
End of period*	$	289,294,905			280,060,918
*Including accumulated undistributed net investment income (loss)	$	3,565,328			(1,546,576	)
Share Information
Sold		121,633			293,353
Issued in reinvestment of distributions		—			489,342
Redeemed		(571,259	)		(1,274,876	)
Net increase (decrease)		(449,626	)		(492,181	)

68 See accompanying notes to financial statements.

Stock and Bond Balanced Fund		Bond Fund		Money Market Fund
2011	2010	2011	2010	2011	2010
527,442	1,947,114	2,971,923	6,482,881	—	—
2,333	539,487	127	332,535	—	—
3,168,958	5,952,984	1,296,220	2,618,323	—	—
3,698,733	8,439,585	4,268,270	9,433,739	—	—
—	(2,036,325)	(2,971,923)	(6,482,881)	—	—
—	(38,149)	—	—	—	—
—	(2,074,474)	(2,971,923)	(6,482,881)	—	—
1,111,709	2,057,552	1,971,689	7,365,655	1,946,660	4,387,253
—	2,074,474	2,971,923	6,482,881	—	—
1,111,709	4,132,026	4,943,612	13,848,536	1,946,660	4,387,253
(3,646,458)	(6,152,149)	(5,112,840)	(13,459,035)	(3,431,695)	(7,941,839)
(2,534,749)	(2,020,123)	(169,228)	389,501	(1,485,035)	(3,554,586)
1,163,984	4,344,988	1,127,119	3,340,359	(1,485,035)	(3,554,586)
81,032,352	76,687,364	173,720,506	170,380,147	42,814,349	46,368,935
82,196,336	81,032,352	174,847,625	173,720,506	41,329,314	42,814,349
2,474,471	1,947,029	—	—	—	—
86,945	174,950	185,786	695,449	1,946,660	4,387,253
—	174,619	279,201	607,607	—	—
(285,979)	(524,783)	(480,764)	(1,261,371)	(3,431,695)	(7,941,839)
(199,034)	(175,214)	(15,777)	41,685	(1,485,035)	(3,554,586)

See accompanying notes to financial statements. 69

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, 2011. 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. State Farm Investment Management Corp. (“SFIMC”) is the Trust’s investment adviser.

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. large capitalization companies.

The Small/Mid Cap Equity Fund seeks long-term growth of capital. The Fund primarily invests 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 International Equity Fund invests its assets primarily in securities issued by foreign companies. There is no restriction on the size of the companies in which the Fund invests.

The 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 by investing 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 by investing 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, Israel, 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.

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 valued pursuant to valuation procedures approved by the Trust’s Board of Trustees. Valuations under these procedures reflect the fair value of the investments.

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. A three-tier hierarchy is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in three broad levels as follows:

• 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 SFIMC’s own assumptions in determining the fair value of a Fund’s investments)

Stocks and closed-end registered investment companies 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

70

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, if any, 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. SFIMC may determine that a market quotation for a foreign security held by a Fund is not reliable because of events or circumstances that have occurred between the time of the market quotation and the time the net asset value of the Fund is calculated. Such events 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. If SFIMC determines that the market quotation for a foreign security is not reliable, SFIMC may use an independent statistical fair value service to assist in determining value, or SFIMC may determine the foreign security’s value in SFIMC’s reasonable judgment.

For securities other than foreign securities, for which market prices are not readily available or are considered unreliable, SFIMC is required 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 value in SFIMC’s reasonable judgment.

In determining a value based on reasonable 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 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 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, 2011:

	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									$	—	$	—		$	—	$	—
Common Stocks (a)	$	38,229,039	$	—	$	—	$	38,229,039
Short-term Investments		751,382		—		—		751,382
Small/Mid Cap Equity Fund										—		—			—		—
Common Stocks (a)		44,037,028		—		—		44,037,028
Registered Investment Companies		298,645		—		—		298,645
Short-term Investments		343,454		—		—		343,454
International Equity Fund										—		(99,575	)		—		(99,575	)
Common Stocks (a)		—		38,772,225		—		38,772,225
Preferred Stocks (a)		—		1,394,780		—		1,394,780
Short-term Investments		1,023,648		—		—		1,023,648
Large Cap Index Fund										35,248		—			—		35,248
Common Stocks (a)		487,425,297		—		—		487,425,297
Short-term Investments		—		961,972		—		961,972
Small Cap Index Fund										303,484		—			—		303,484
Common Stocks (a)		241,320,456		422		—		241,320,878
Registered Investment Companies		1,905,723		—		—		1,905,723
Short-term Investments		—		5,755,833		—		5,755,833
International Index Fund										108,008		(332	)		—		107,676
Common Stocks (a)		—		284,575,901		0		284,575,901
Preferred Stocks (a)		—		1,541,246		—		1,541,246
Short-term Investments		293,137		—		—		293,137
Balanced Fund										—		—			—		—
Registered Investment Companies		81,719,209		—		—		81,719,209

71

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Investments in Securities								Other Financial Instruments
Fund	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Bond Fund									$	—	$	—	$	—	$	—
Corporate Bonds	$	—	$	109,382,430	$	—	$	109,382,430
Government Agency Securities		—		1,621,838		—		1,621,838
U.S. Treasury Obligations		—		51,496,978		—		51,496,978
Short-term Investments		10,488,486		—		—		10,488,486
Money Market Fund										—		—		—		—
Short-term Investments		433,861		40,854,876		—		41,288,737
(a)    Industry classification and/or country is disclosed in the Schedules of Investments.

On December 31, 2010, substantially all of the common stocks and preferred stocks in the International Equity Fund and International Index Fund were valued at last traded price (except as noted on the Schedules of Investments), because the Trust’s valuation procedures did not require the use of the independent statistical fair value service. On June 30, 2011, substantially all of the common stocks and preferred stocks in theses Funds were fair valued using the independent statistical fair value service in accordance with valuation procedures approved by the Trust’s Board of Trustees, and were therefore valued using Level 2 inputs. Accordingly, using the end of the reporting period method for determining when transfers between levels are recognized, common stocks and preferred stocks valued on June 30, 2011 at $40,167,005 were transferred from Level 1 to Level 2 in the International Equity Fund and $286,117,147 of common stocks and preferred stocks were transferred from Level 1 to Level 2 in the International Index Fund. For the remaining Funds, there were no significant transfers of securities between Level 1 and Level 2 as of June 30, 2011 as compared to December 31, 2010.

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Small Cap Index Fund Investments in  Securities
Balance as of December 31, 2010	$	4,130
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		5,752
Purchases		—
Sales		—
Transfers in (a)		—
Transfers out (a)		(9,882	)
Balance as of June 30, 2011	$	0
(a)    Using the end of the reporting period method for determining when transfers between levels are recognized

The International Index Fund did not hold any Level 3 securities valued at other than zero as of December 31, 2010 or for the period ended June 30, 2011. The remaining Funds did not hold any Level 3 securities as of December 31, 2010, or for the period ended June 30, 2011.

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.

72

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Federal income taxes, dividends and distributions to shareholders

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

As of December 31, 2010, the Trust’s management completed a review of tax positions taken by the Funds and determined that no tax liability was required for unrecognized tax benefits, and no additional disclosures were needed. Generally, the tax authorities can initiate examinations of tax returns within the three year period beginning on the date such returns are filed. As a result, some tax returns are still open and subject to examination.

As of June 30, 2011, each Fund’s aggregate unrealized gains and losses on securities based on cost for federal income tax purposes were as follows:

Fund	Cost of  Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Large Cap Equity Fund	$	33,654,288	$	6,409,146	$	(1,083,013	)	$	5,326,133
Small/Mid Cap Equity Fund		36,800,429		8,630,624		(751,926	)		7,878,698
International Equity Fund		36,536,341		6,494,544		(1,840,232	)		4,654,312
Large Cap Index Fund		479,194,483		128,963,958		(119,771,172	)		9,192,786
Small Cap Index Fund		225,851,277		60,736,950		(37,605,793	)		23,131,157
International Index Fund		261,656,258		81,849,440		(57,095,414	)		24,754,026
Balanced Fund		76,890,379		4,828,830		—			4,828,830
Bond Fund		161,465,798		11,527,333		(3,399	)		11,523,934
Money Market Fund		41,288,737		—		—			—

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

At December 31, 2010, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

Expiration year	Large Cap Equity Fund		Small/Mid  Cap Equity Fund		International Equity Fund		Small Cap Index Fund		International Index Fund		Bond Fund		Money Market Fund
2013	$	—	$	—	$	—	$	—	$	—	$	39,762	$	1,102
2015		—		—		—		—		—		160,986		—
2016		9,275,314		90,143		4,914,418		—		—		—		—
2017		6,789,243		9,147,918		3,776,139		4,362,975		300,651		897,757		—
2018		—		—		924,322		—		—		—		—
Total:	$	16,064,557	$	9,238,061	$	9,614,879	$	4,362,975	$	300,651	$	1,098,505	$	1,102

As of December 31, 2010, 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	$	238,067	$	—	$	4,692,048		$	(16,064,557	)	$	(11,134,442	)
Small/Mid Cap Equity Fund		119,533		—		7,373,083			(9,238,061	)		(1,745,445	)
International Equity Fund		711,198		—		5,105,525			(9,726,715	)		(3,909,992	)
Large Cap Index Fund		251,684		1,765,333		(8,251,697	)		—			(6,234,680	)
Small Cap Index Fund		15,000		—		22,647,574			(4,363,391	)		18,299,183
International Index Fund		416,951		—		16,271,174			(326,140	)		16,361,985
Balanced Fund		1,949,668		519,081		1,642,483			—			4,111,232
Bond Fund		—		—		10,227,714			(1,098,505	)		9,129,209
Money Market Fund		—		—		—			(1,102	)		(1,102	)

73

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Differences between these amounts and the undistributed net investment income reported on the Statements of Assets and Liabilities as of December 31, 2010 relate to current year estimates for return of capital transactions, 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.

For the year ended December 31, 2010, these reclassifications were as follows:

Fund	Paid in Capital		Accumulated Net Realized Gain (Loss)			Net Unrealized Gain (Loss)		Accumulated Undistributed  Net Investment Income (Loss)
Small/Mid Cap Equity Fund	$	—	$	(3,807	)	$	—	$	3,807
International Equity Fund		—		(105,473	)		—		105,473
Large Cap Index Fund		—		10,406			—		(10,406	)
Small Cap Index Fund		416		79,849			—		(80,265	)
International Index Fund		—		(210,512	)		—		210,512

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.

The tax character of distributions for certain Funds was as follows for the year ended December 31, 2010.

2010	Ordinary Income		Long-term Capital Gain		Total
Balanced Fund	$	2,041,655	$	32,819	$	2,074,474

For the remaining Funds, the tax distributions of ordinary income and long-term capital gains were the same as the distributions from net investment income and capital gains reflected in the Statements of Changes in Net Assets for the year ended December 31, 2010.

The International Equity Fund, Small Cap Index 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 $205,787 during 2010 and realized gains of $146,991 during 2010 as ordinary income for federal income tax purposes. The Small Cap Index Fund recognized unrealized appreciation (depreciation) of $(206) during 2010 and realized gains of $665 during 2010 as ordinary income for federal income tax purposes. The International Index Fund recognized unrealized appreciation (depreciation) of $117,674 during 2010 and realized gains of $116,603 during 2010 as ordinary income for federal income tax purposes. The cumulative amount of mark-to-market adjustments recognized on PFICs at December 31, 2010, was $455,386 for the International Equity Fund and $1,938,038 for the International Index Fund.

From November 1, 2010 through December 31, 2010, the International Equity Fund incurred $29,072 in PFIC losses, $2,194 in foreign exchange losses, and $80,572 in long-term realized losses, and the International Index Fund incurred $25,489 in foreign exchange losses. As permitted by tax regulation, the Funds intend to elect to defer these losses and treat them as arising on January 1, 2011.

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, 2011. 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.

74

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Use of estimates

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

Commitments and contingencies

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

Line of credit

State Farm Mutual Automobile Insurance Company (“Auto Company”), the parent company of SFIMC, has entered into a Line of Credit Agreement with the Trust. Under that agreement, a Fund may request and Auto Company, in its complete discretion, may lend money to a Fund for up to 30 days on an unsecured basis. Auto Company will not lend more than $50 million at any one time to the Funds and to the other mutual funds advised by SFIMC. Under the agreement, a Fund will pay interest to Auto Company on any outstanding loan at a rate equal to the current 30-day A1+/P1 Commerical Paper Index. The Funds did not borrow under the Line of Credit Agreement during the period ending June 30, 2011.

Financial Instruments

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

The International Equity and International Index Funds are subject to foreign currency exchange risk in the normal course of pursuing their investment objectives. In order to decrease exposure to this risk, both Funds engaged in transaction hedging and the International Equity Fund engaged in portfolio hedging in order to protect against variations in exchange rates. Transaction hedging involved the purchase and sale of forward foreign currency contracts between trade date and settlement date on security transactions. Portfolio hedging involved selling foward foreign currency contracts with respect to the actual or anticipated portfolio security position denominated or quoted in the particular currency. Realized and unrealized gains and losses on forward foreign currency contracts are reflected in the Statements of Operations. Unrealized gains and losses on forward foreign currency contracts are reflected as a component of net unrealized appreciation (depreciation) in the Statements of Assets and Liabilities, and in other assets in the Schedules of Investments. These Funds bore the market risk that arises from changes in foreign currency rates and the credit risk should a counterparty fail to perform under such contracts, and as a result, might realize a loss.

The Large Cap Index, Small Cap Index, International Index Funds, and indirectly, the Balanced Fund, may enter into covered short sale transactions to dispose of certain securities received as part of involuntary corporate actions (e.g., corporate mergers, spin-offs, distributions) that are no longer included in the respective benchmark indices. These transactions are designed to help minimize the impact these non-index securities have on the overall performance of the Funds.

75

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(Unaudited)

For unrealized gain (loss) of derivative instruments held by the Funds, see Note 5 under Futures and foreign currency contracts.

As of June 30, 2011, the fair value of derivative instruments, which are also disclosed in Note 5 under Futures and foreign currency contracts, were as follows:

		Asset Derivatives				Liability Derivatives
Fund	Derivatives not accounted for as hedging instruments (a)	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
International Equity Fund	Forward Foreign Currency Contracts	Unrealized gain on forward foreign currency contracts	$	1,492		Unrealized loss on forward foreign currency contracts	$	101,067
Total			$	1,492			$	101,067
Large Cap Index Fund	Stock Index Futures Contracts	Variation Margin; Analysis of Net Assets - Net Unrealized Appreciation	$	35,248	(b)	Variation Margin; Analysis of Net Assets - Net Unrealized Depreciation	$	—
Total			$	35,248			$	—
Small Cap Index Fund	Stock Index Futures Contracts	Variation Margin; Analysis of Net Assets - Net Unrealized Appreciation	$	303,484	(b)	Variation Margin; Analysis of Net Assets - Net Unrealized Depreciation	$	—
Total			$	303,484			$	—
International Index Fund	Forward Foreign Currency Contracts	Unrealized gain on forward foreign currency contracts	$	77		Unrealized loss on forward foreign currency contracts	$	409
International Index Fund	Stock Index Futures Contracts	Variation Margin; Analysis of Net Assets - Net Unrealized Appreciation		108,008		Variation Margin; Analysis of Net Assets - Net Unrealized Depreciation		—
Total			$	108,085			$	409
(a)      For open derivative instruments as of June 30, 2011, see Note 5 under Futures and foreign currency contracts, which is indicative of derivative activity volume for the period ended June 30, 2011.
(b)      Represents cumulative unrealized gain (loss) on futures contracts. Variation margin disclosed on the Statements of Assets and Liabilities is for the last day of the period.

As of June 30, 2011, the effect of derivative instruments on the Statement of Operations were as follows:

		Amount of Realized Gain (Loss) on Derivatives Recognized in Income						Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Derivatives not accounted for as hedging instruments	Futures			Forward Currency Contracts			Futures			Forward Currency Contracts
International Equity Fund	Forward Foreign Currency Contracts	$	—		$	(5,896	)	$	—		$	(99,547	)
Large Cap Index Fund	Stock Index Futures Contracts		87,233			—			(6,410	)		—
Small Cap Index Fund	Stock Index Futures Contracts		(79,738	)		—			227,831			—
International Index Fund	Forward Foreign Currency Contracts		—			74,420			—			(332	)
International Index Fund	Stock Index Futures Contracts		(110,868	)		—			108,588			—

New accounting pronouncement

In May 2011, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2011-4, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”, which is effective for reporting periods beginning after December 15, 2011. This update changes the

76

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. They also clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. At this time, the Trust’s management is evaluating the impact these amendments may have on the Trust’s financial statements, if any.

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 (a)	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
(a)    Effective September 1, 2011, the management fee for the Large Cap Equity Index Fund decreases from 0.26% to 0.24% of the Fund’s 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. With respect to the Large Cap Index Fund and the Small Cap Index Fund, SFIMC has agreed to reimburse all custody fees.

Beginning in early February 2009, the daily interest income on securities held by the Money Market Fund fell to a level below the amount of operating expenses incurred by the Money Market Fund. Since that time, SFIMC has been voluntarily waiving portions of its fees in amounts necessary to keep the daily net investment income of the Money Market Fund from falling below zero.

These expense reductions 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 Bridgeway Capital Management, Inc. (“Bridgeway”) and Westwood Management Corp. (“Westwood”) as the investment sub-advisers to provide day-to-day portfolio management for the Large Cap Equity Fund; Bridgeway and Rainier Investment Management, Inc. (“Rainier”) as the investment sub-advisers to provide day-to-day portfolio management for the Small/Mid Cap Equity Fund; Marsico Capital Management, LLC (“Marsico”) and Northern Cross, LLC (“Northern Cross”) as the investment sub-advisers to provide day-to-day portfolio management for the International Equity Fund; and BlackRock Fund Advisors (“BlackRock”) as the investment sub-adviser to provide day-to-day portfolio management for the Large Cap Index, Small Cap Index and International Index Funds.

In accordance with the investment objective of the Fund or Funds each sub-advises, Bridgeway, Westwood, Marsico, Northern Cross, BlackRock, and Rainier determine which securities to buy and sell, select the brokers and dealers to effect the transactions, and negotiate commissions. Bridgeway’s, Westwood’s, Rainier’s, Marsico’s, Northern Cross’s, and BlackRock’s sub-advisory fees for managing the respective portfolios are paid by SFIMC. No additional advisory fees are charged to the Funds for the services of the sub-advisers.

77

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

For the six months ended June 30, 2011, the following fees were earned by BlackRock, Bridgeway, Rainier, Westwood, Marisco, and Northern Cross for sub-advisory services (not all amounts earned were paid during the period):

	BlackRock		Bridgeway		Rainier		Westwood		Marsico		Northern Cross
Large Cap Equity Fund	$	—	$	42,810	$	—	$	34,289	$	—	$	—
Small Mid/Cap Equity Fund		—		62,284		65,224		—		—		—
International Equity Fund		—		—		—		—		50,989		59,326
Large Cap Index Fund		121,853		—		—		—		—		—
Small Cap Index Fund		123,883		—		—		—		—		—
International Index Fund		142,767		—		—		—		—		—
Total Sub-Advisory Fees	$	388,503	$	105,094	$	65,224	$	34,289	$	50,989	$	59,326

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

4. Investment transactions

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

	Six-Months Ended June 30, 2011
	Purchases		Sales
Large Cap Equity Fund	$	8,390,252	$	8,360,409
Small/Mid Cap Equity Fund		18,203,106		17,597,604
International Equity Fund		12,421,503		12,610,558
Large Cap Index Fund		7,862,421		19,620,648
Small Cap Index Fund		27,450,968		37,578,949
International Index Fund		3,979,629		6,180,843
Balanced Fund		1,884,378		4,156,936
Bond Fund		15,796,790		17,000,000

78

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

5. Futures and foreign currency contracts

As of June 30, 2011, the International Equity and International Index Funds had the following open forward foreign currency contracts. See Note 2 under Financial Instruments:

International Equity Fund
Foreign Amount Purchased (Sold)	Currency	Counterparty	Settlement Date	U.S. Dollar Amount Purchased (Sold)			Unrealized Gain		Unrealized (Loss)
8,544	British Pound	Barclays Bank PLC Wholesale	07/01/2011		(13,674	)	$	39	$	—
11,803	British Pound	Barclays Bank PLC Wholesale	07/01/2011		(18,958	)		—		(15	)
12,802	British Pound	Barclays Bank PLC Wholesale	07/01/2011		(20,575	)		—		(27	)
48,925	British Pound	Barclays Bank PLC Wholesale	07/01/2011		(78,289	)		233		—
11,859	British Pound	Credit Suisse London Branch (GFX)	07/05/2011		(19,059	)		—		(27	)
13,261	British Pound	Credit Suisse London Branch (GFX)	07/01/2011		(21,212	)		71		—
13,081,480	Japanese Yen	State Street Bank and Trust Company	07/08/2011		(161,888	)		607		—
1,771,837	Japanese Yen	UBS AG	07/01/2011		(21,929	)		80		—
1,799,712	Japanese Yen	UBS AG	07/05/2011		(22,410	)		—		(54	)
1,989,285	Japanese Yen	UBS AG	07/01/2011		(24,620	)		90		—
(75,611,881)	Japanese Yen	State Street Bank and Trust Company	07/08/2011		889,489			—		(49,744	)
(72,997,149)	Japanese Yen	State Street Bank and Trust Company	07/08/2011		855,554			—		(51,200	)
(25,080)	Swiss Franc	Credit Suisse London Branch (GFX)	07/01/2011		30,202			372		—
					Total		$	1,492	$	(101,067	)

International Index Fund
Foreign Amount Purchased (Sold)	Currency	Counterparty	Settlement Date	U.S. Dollar Amount Purchased (Sold)			Unrealized Gain		Unrealized (Loss)
56,103	Australian Dollar	Deutsche Bank AG London	07/05/2011		(60,109	)	$	65	$	—
38,865	British Pound	Deutsche Bank AG London	07/05/2011		(62,444	)		—		(68	)
36,784	Danish Krone	Deutsche Bank AG London	07/05/2011		(7,156	)		—		(4	)
63,012	Hong Kong Dollar	Deutsche Bank AG London	07/05/2011		(8,097	)		—		—
13,275	Israeli Shekel	Deutsche Bank AG London	07/05/2011		(3,907	)		—		(5	)
141,729	Swedish Krona	Deutsche Bank AG London	07/05/2011		(22,416	)		—		(9	)
47,657	Swiss Franc	Deutsche Bank AG London	07/05/2011		(56,721	)		—		(37	)
(14,475)	Euro	Deutsche Bank AG London	07/05/2011		21,003			12		—
(12,765,219)	Japanese Yen	Deutsche Bank AG London	07/05/2011		158,279			—		(285	)
(6,659)	Singapore Dollar	Deutsche Bank AG London	07/05/2011		5,420			—		(1	)
					Total		$	77	$	(409	)

79

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The Large Cap Index, Small Cap Index and International Index Funds had the following open futures contracts at June 30, 2011:

Fund	Type	Number of contracts	Notional Value		Market Value		Position	Expiration Month		Unrealized Gain (Loss)
Large Cap Index Fund	S&P 500 Index Mini	20	$	1,280,252	$	1,315,500	Long		September ‘11	$	35,248
Small Cap Index Fund	Russell 2000 Index Mini	82		6,464,796		6,768,280	Long		September ‘11	$	303,484
International Index Fund	TOPIX Index	6		602,869		633,128	Long		September ‘11		30,259
International Index Fund	DJ Euro Stoxx 50	30		1,194,633		1,239,008	Long		September ‘11		44,375
International Index Fund	FTSE 100 Index	9		831,176		852,590	Long		September ‘11		21,414
International Index Fund	E-Mini MSCI EAFE Index	4		331,220		343,180	Long		September ‘11		11,960
Total										$	108,008

(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 the 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 Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with the Trust and the Fund.

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,  2011 (Unaudited)			Year ended December 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period	$	7.59		$	6.74			5.59			9.82			11.43			10.33
Income from Investment Operations
Net investment income (a)		0.04			0.06			0.07			0.18			0.26			0.20
Net gain (loss) on investments (both realized and unrealized)		0.50			0.85			1.15			(4.22	)		(1.00	)		1.45
Total from investment operations		0.54			0.91			1.22			(4.04	)		(0.74	)		1.65
Less Distributions
Net investment income		—			(0.06	)		(0.07	)		(0.13	)		(0.24	)		(0.18	)
Net realized gain		—			—			—			(0.06	)		(0.63	)		(0.37	)
Total distributions		—			(0.06	)		(0.07	)		(0.19	)		(0.87	)		(0.55	)
Net asset value, end of period	$	8.13		$	7.59			6.74			5.59			9.82			11.43
Total Return (b)		7.11	%		13.55	%		21.84	%		(41.12	)%		(6.55	)%		15.91	%
Net assets, end of period (millions)	$	39.0		$	36.5			31.5			25.1			40.2			36.6
Ratios to average net assets assuming expense reductions
Expenses		0.70	%(c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		1.04	%(c)		0.89	%		1.24	%		2.30	%		2.24	%		1.83	%
Ratios to average net assets absent expense reductions
Expenses		0.74	%(c)		0.75	%		0.78	%		0.74	%		0.70	%		0.71	%
Net investment income		1.00	%(c)		0.84	%		1.16	%		2.26	%		2.24	%		1.82	%
Portfolio turnover rate		44	%(c)		57	%		70	%		144	%		40	%		34	%

(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.

(c) Determined on an annualized basis.

See accompanying notes to financial statements. 81

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

(For a share outstanding throughout each period)

	Six months ended June 30,  2011 (Unaudited)						Year ended December 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.64		$	7.80			6.00			11.28			10.79			9.64
Income from Investment Operations
Net investment income (a)(b)		0.01			0.03			0.03			0.01			—			—
Net gain (loss) on investments (both realized and unrealized)		0.91			1.83			1.78			(5.14	)		1.71			1.41
Total from investment operations		0.92			1.86			1.81			(5.13	)		1.71			1.41
Less Distributions
Net investment income (c)		—			(0.02	)		(0.01	)		—			—			—
Net realized gain		—			—			—			(0.15	)		(1.22	)		(0.26	)
Total distributions		—			(0.02	)		(0.01	)		(0.15	)		(1.22	)		(0.26	)
Net asset value, end of period	$	10.56		$	9.64			7.80			6.00			11.28			10.79
Total Return (d)		9.54	%		23.89	%		30.12	%		(45.36	)%		15.81	%		14.58	%
Net assets, end of period (millions)	$	44.5		$	40.6			32.4			24.0			41.2			30.4
Ratios to average net assets assuming expense reductions
Expenses		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.11	%(e)		0.36	%		0.42	%		0.10	%		0.04	%		0.00	%
Ratios to average net assets absent expense reductions
Expenses		0.96	%(e)		0.99	%		1.02	%		0.97	%		0.97	%		0.95	%
Net investment income		0.05	%(e)		0.27	%		0.30	%		0.03	%		(0.03	)%		(0.05	)%
Portfolio turnover rate		81	%(e)		108	%		131	%		101	%		96	%		161	%

(a) Net investment income represents less than $0.01 per share in 2007 and 2006.

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

(c) Distributions from net investment income represent less than $0.01 per share in 2008, 2007, and 2006.

(d) Total return is not annualized for periods that are less than a full year.

(e) Determined on an annualized basis.

82 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2011						Year ended December 31,
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.75		$	8.82			6.55			12.84			12.93			11.63
Income from Investment Operations
Net investment income (a)		0.10			0.09			0.09			0.21			0.17			0.19
Net gain (loss) on investments (both realized and unrealized)		0.21			1.01			2.36			(6.26	)		1.30			2.05
Total from investment operations		0.31			1.10			2.45			(6.05	)		1.47			2.24
Less Distributions
Net investment income (b)		—			(0.17	)		(0.18	)		—			(0.22	)		(0.27	)
Net realized gain		—			—			—			(0.24	)		(1.34	)		(0.67	)
Total distributions		—			(0.17	)		(0.18	)		(0.24	)		(1.56	)		(0.94	)
Net asset value, end of period	$	10.06		$	9.75			8.82			6.55			12.84			12.93
Total Return (c)		3.18	%		12.52	%		37.35	%		(47.03	)%		11.10	%		19.23	%(d)
Net assets, end of period (millions)	$	41.0		$	40.0			35.2			25.1			47.2			38.9
Ratios to average net assets assuming expense reductions
Expenses		1.00	%(e)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		2.07	%(e)		1.05	%		1.19	%		2.08	%		1.23	%		1.48	%
Ratios to average net assets absent expense reductions
Expenses		1.33	%(e)		1.36	%		1.53	%		1.38	%		1.23	%		1.22	%
Net investment income		1.74	%(e)		0.69	%		0.66	%		1.70	%		1.00	%		1.26	%
Portfolio turnover rate		62	%(e)		66	%		65	%		157	%		49	%		30	%

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

(b) Distributions from net investment income represent less than $0.01 per share in 2008.

(c) Total return is not annualized for periods that are less than a full year.

(d) 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%.

(e) 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, 2011						Year ended December 31,
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.50		$	11.20			9.04			14.83			14.37			12.63
Income from Investment Operations
Net investment income (a)		0.11			0.20			0.19			0.25			0.25			0.22
Net gain (loss) on investments (both realized and unrealized)		0.63			1.45			2.16			(5.76	)		0.50			1.74
Total from investment operations		0.74			1.65			2.35			(5.51	)		0.75			1.96
Less Distributions
Net investment income		—			(0.21	)		(0.19	)		(0.25	)		(0.25	)		(0.22	)
Net realized gain		—			(0.14	)		—			(0.03	)		(0.04	)		—
Total distributions		—			(0.35	)		(0.19	)		(0.28	)		(0.29	)		(0.22	)
Net asset value, end of period	$	13.24		$	12.50			11.20			9.04			14.83			14.37
Total Return (b)		5.92	%		14.73	%		26.07	%		(37.14	)%		5.23	%		15.49	%
Net assets, end of period (millions)	$	488.9		$	478.6			445.4			368.2			613.1			599.2
Ratios to average net assets
Expenses		0.31	%(c)(d)		0.32	%(d)		0.32	%(d)		0.32	%(d)		0.31	%(d)		0.31	%
Net investment income		1.65	%(c)		1.75	%		2.02	%		2.00	%		1.65	%		1.64	%
Portfolio turnover rate		3	%(c)		5	%		5	%		5	%		4	%		3	%

(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.

(c) Determined on an annualized basis.

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

84 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2011			Year ended December 31,
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.82		$	8.64			6.89			11.57			12.94			11.95
Income from Investment Operations
Net investment income (a)		0.02			0.08			0.07			0.10			0.15			0.11
Net gain (loss) on investments (both realized and unrealized)		0.64			2.18			1.75			(4.09	)		(0.43	)		2.02
Total from investment operations		0.66			2.26			1.82			(3.99	)		(0.28	)		2.13
Less Distributions
Net investment income		—			(0.08	)		(0.06	)		(0.09	)		(0.14	)		(0.10	)
Net realized gain		—			—			(0.01	)		(0.60	)		(0.95	)		(1.04	)
Total distributions		—			(0.08	)		(0.07	)		(0.69	)		(1.09	)		(1.14	)
Net asset value, end of period	$	11.48		$	10.82			8.64			6.89			11.57			12.94
Total Return (b)		6.10	%		26.12	%		26.39	%		(34.05	)%		(2.22	)%		17.75	%
Net assets, end of period (millions)	$	250.0		$	244.2			208.0			172.1			276.2			292.2
Ratios to average net assets assuming expense reductions
Expenses		0.50	%(c)		0.50	%		0.50	%		0.50	%		0.49	%		0.49	%
Net investment income		0.41	%(c)		0.83	%		0.94	%		1.00	%		1.15	%		0.81	%
Ratios to average net assets absent expense reductions
Expenses		0.50	%(c)		0.52	%		0.53	%		0.51	%		0.50	%		0.49	%
Net investment income		0.41	%(c)		0.81	%		0.91	%		0.99	%		1.14	%		0.81	%
Portfolio turnover rate		22	%(c)		13	%		22	%		20	%		20	%		23	%

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

(b) Total return is not annualized for periods that are less than a full year.

(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, 2011			Year ended December 31,
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.24		$	11.67			9.35			17.11			16.32			13.57
Income from Investment Operations
Net investment income (a)		0.23			0.25			0.24			0.41			0.38			0.33
Net gain (loss) on investments (both realized and unrealized)		0.42			0.59			2.37			(7.63	)		1.30			3.09
Total from investment operations		0.65			0.84			2.61			(7.22	)		1.68			3.42
Less Distributions
Net investment income		—			(0.27	)		(0.29	)		(0.25	)		(0.47	)		(0.41	)
Net realized gain (b)		—			—			—			(0.29	)		(0.42	)		(0.26	)
Total distributions		—			(0.27	)		(0.29	)		(0.54	)		(0.89	)		(0.67	)
Net asset value, end of period	$	12.89		$	12.24			11.67			9.35			17.11			16.32
Total Return (c)		5.31	%		7.18	%		28.01	%		(42.13	)%		10.04	%		25.20	%(d)
Net assets, end of period (millions)	$	289.3		$	280.1			272.9			220.1			394.5			366.6
Ratios to average net assets
Expenses		0.68	%(e)		0.67	%		0.71	%		0.75	%		0.71	%		0.72	%
Net investment income		3.58	%(e)		2.19	%		2.42	%		2.95	%		2.19	%		2.16	%
Portfolio turnover rate		3	%(e)		4	%		4	%		5	%		6	%		3	%

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

(b) Distributions from net realized gain represent less than $0.01 per share in 2009.

(c) Total return is not annualized for periods that are less than a full year.

(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 returns for the year ended December 31, 2006 to be equivalent to 25.43%.

(e) Determined on an annualized basis.

86 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

(For a share outstanding throughout each period)

	Six months ended June 30, 2011			Year ended December 31,
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.36		$	11.39			9.76			13.33			12.96			11.96
Income from Investment Operations
Net investment income (a)		0.08			0.30			0.30			0.38			0.36			0.33
Net gain (loss) on investments (both realized and unrealized)		0.49			1.00			1.74			(3.48	)		0.39			0.98
Total from investment operations		0.57			1.30			2.04			(3.10	)		0.75			1.31
Less Distributions
Net investment income		—			(0.32	)		(0.41	)		(0.39	)		(0.34	)		(0.31	)
Net realized gain (b)		—			(0.01	)		—			(0.08	)		(0.04	)		—
Total distributions		—			(0.33	)		(0.41	)		(0.47	)		(0.38	)		(0.31	)
Net asset value, end of period	$	12.93		$	12.36			11.39			9.76			13.33			12.96
Total Return (c)		4.61	%		11.46	%		21.06	%		(23.14	)%		5.73	%		11.03	%
Net assets, end of period (millions)	$	82.2		$	81.0			76.7			68.3			98.5			96.5
Ratios to average net assets assuming expense reductions
Expenses (d)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net investment income		1.29	%(e)		2.51	%		2.92	%		3.15	%		2.71	%		2.68	%
Ratios to average net assets absent expense reductions
Expenses (d)		0.07	%(e)		0.07	%		0.07	%		0.07	%		0.07	%		0.06	%
Net investment income		1.22	%(e)		2.44	%		2.85	%		3.08	%		2.64	%		2.62	%
Portfolio turnover rate		5	%(e)		8	%		3	%		7	%		3	%		3	%

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

(b) Distributions from net realized gain represent less than $0.01 per share in 2009.

(c) Total return is not annualized for periods that are less than a full year.

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

(e) 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,  2011 (Unaudited)						Year ended December 31,
				2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.61		$	10.43			9.71			10.08			9.92			9.94
Income from Investment Operations
Net investment income		0.18			0.39			0.45			0.46			0.46			0.44
Net gain (loss) on investments (both realized and unrealized)		0.08			0.18			0.72			(0.37	)		0.16			(0.02	)
Total from investment operations		0.26			0.57			1.17			0.09			0.62			0.42
Less Distributions
Net investment income		(0.18	)		(0.39	)		(0.45	)		(0.46	)		(0.46	)		(0.44	)
Total distributions		(0.18	)		(0.39	)		(0.45	)		(0.46	)		(0.46	)		(0.44	)
Net asset value, end of period	$	10.69		$	10.61			10.43			9.71			10.08			9.92
Total Return (a)		2.49	%		5.54	%		12.25	%		0.95	%		6.37	%		4.34	%
Net assets, end of period (millions)	$	174.8		$	173.7			170.4			166.7			190.3			178.5
Ratios to average net assets
Expenses		0.58	%(b)		0.58	%		0.58	%		0.58	%(c)		0.58	%(c)		0.57	%
Net investment income		3.45	%(b)		3.70	%		4.42	%		4.67	%		4.59	%		4.46	%
Portfolio turnover rate		20	%(b)		18	%		7	%		6	%		17	%		19	%

(a) Total return is not annualized for periods that are less than a full year.

(b) Determined on an annualized basis.

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

88 See accompanying notes to financial statements.

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

(For a share outstanding throughout each period)

	Six months ended June 30,  2011 (Unaudited)						Year ended December 31,
				2010			2009			2008			2007			2006
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 (a)		—			—			—			0.02			0.05			0.04
Total from investment operations		—			—			—			0.02			0.05			0.04
Less Distributions
Net investment income (b)		—			—			—			(0.02	)		(0.05	)		(0.04	)
Total distributions		—			—			—			(0.02	)		(0.05	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00			1.00			1.00			1.00			1.00
Total Return (c)		0.00	%		0.00	%		0.03	%		2.08	%		4.77	%		4.59	%
Net assets, end of period (millions)	$	41.3		$	42.8			46.4			50.9			49.8			48.1
Ratios to average net assets assuming expense reductions
Expenses (d)		0.14	%(e)		0.16	%		0.28	%		0.50	%		0.50	%		0.50	%
Net investment income		0.00	%(e)		0.00	%		0.03	%		2.06	%		4.67	%		4.51	%
Ratios to average net assets absent expense reductions
Expenses		0.56	%(e)		0.53	%		0.55	%		0.53	%		0.55	%		0.54	%
Net investment income		(0.42	)%(e)		(0.37	)%		(0.24	)%		2.03	%		4.62	%		4.47	%

(a) Net investment income represents less than $0.01 per share in 2009.

(b) Distributions from net investment income represent less than $0.01 per share in 2009.

(c) Total return is not annualized for periods that are less than a full year.

(d) The expense ratio for 2011, 2010 and 2009 includes the effect of the voluntary fee waiver from SFIMC described in Note 3 under Transactions with affiliates.

(e) Determined on an annualized basis.

See accompanying notes to financial statements. 89

State Farm VP Management Corp

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

FORWARDING SERVICE REQUESTED

U.S. POSTAGE

PAID

LANCASTER, PA

PERMIT NO. 1275

PRESORTED STANDARD

Issued by:

State Farm Life Insurance Company (Not licensed in MA, NY, or WI)

State Farm Life and Accident Assurance Company (Licensed in NY and WI) Home Office, Bloomington, Illinois

State Farm VP Management Corp.

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

1-888-702-2307

statefarm.com®

Not

FDIC

Insured

• May Lose Value

• No Bank Guarantee

231-3602.12-CH

AP2011/08/0838

8-2011

Printed in U.S.A.

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. INVESTMENTS.

(a) The information required by this Item 6(a) 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 August 26, 2011

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 August 26, 2011

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

Date August 26, 2011