UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08073

STATE FARM VARIABLE PRODUCT TRUST

(Exact name of registrant as specified in charter)

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

	Alan Goldberg
	Bell, Boyd & Lloyd LLP
Michael L. Tipsord	Three First National Plaza
One State Farm Plaza	70 West Madison St., Suite 3100
Bloomington, Illinois 61710-0001	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: 12/31/2007

Date of reporting period: 06/30/2007

ITEM 1. REPORTS TO STOCKHOLDERS.

Table of Contents

Message to Variable Product Customers	1
Portfolio Summary	2
Expense Example	5
Board Approval of Investment Advisory Agreements	7
Schedule of Investments
Large Cap Equity Fund	10
Small/Mid Cap Equity Fund	12
International Equity Fund	15
Large Cap Equity Index Fund	19
Small Cap Equity Index Fund	25
International Equity Index Fund	45
Stock and Bond Balanced Fund	58
Bond Fund	59
Money Market Fund	64
Financial Statements
Statements of Assets and Liabilities	66
Statements of Operations	68
Statements of Changes in Net Assets	70
Notes to Financial Statements	74
Financial Highlights	82

1-888-702-2307

State Farm VP Management Corp.

Securities Products Representatives are available

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

Monday through Friday (except holidays)

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

Not
FDIC
Insured • May lose value • No bank guarantee

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

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

This material must be accompanied or preceded by a prospectus.

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

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

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, 2007 for the State Farm Variable Product Trust. Included are financial statements and a complete list of the portfolio holdings to help you further understand the underlying Funds available through variable deferred annuity and variable universal life insurance policies issued by State Farm Life Insurance Company and State Farm Life and Accident Assurance Company. We encourage your review and consideration of this entire report.

Market Review

Domestic equity and bond markets produced positive total returns during the time period of January 1, 2007 through June 30, 2007, supported by corporate profits and indications of contained inflation from the Federal Reserve. However, the advance in both the domestic large cap and small cap equity markets (as represented by the S&P 500^® Index and Russell 2000^® Index, respectively) were interrupted by brief, but sizable downturns of about 5.2% and 7.7%, respectively, from February 27 to March 5 before ending the period on an up note. Year-to-date through June 30, 2007, the S&P 500^® Index returned 6.96% while the Russell 2000^® Index returned 6.45%. During the same timeframe, international equity markets provided a return of 10.74%, as measured by the MSCI EAFE^® Free Index. Among fixed income markets, the Lehman Brothers Government/Credit Intermediate Index returned 1.44% year-to-date through June 30, 2007¹.

Look for detailed discussion of factors that impacted the performance of the underlying Funds during 2007 in the State Farm Variable Product Trust Annual Report.

Sincerely,

Susan D. Waring

Vice President

State Farm Investment Management Corp.

¹ Source: All index performance information as of 6/30/2007 was obtained from Morningstar Principia. The S&P 500^® Index is a capitalization-weighted measure of common stocks of 500 large U.S. companies. 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 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 Lehman Brothers Government/Credit Intermediate Index contains U.S. Government and corporate bonds with maturities from 1 up to (but not including) 10 years and an outstanding par value of at least 250 million. It is not possible to invest directly in an index. The stocks of small companies are more volatile than the stocks of larger, more established companies. Foreign securities involve risks not normally associated with investing in the U.S. including higher trading and custody costs, less stringent accounting, legal and reporting practices, potential for political and economic instability, and the fluctuation and potential regulation of currency exchange and exchange rates. Bonds have historically been less volatile than stocks, but are sensitive to changes in interest rates. Past performance does not guarantee future results.

1

Portfolio Summary

* Illustrated by sector and based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Illustrated by sector and based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 12 other countries each of which represents less than 2.1% of net assets.

2

Portfolio Summary (continued)

* Illustrated by sector and based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Illustrated by sector and based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

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

3

Portfolio Summary (continued)

* Based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

* Based on total net assets as of June 30, 2007. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

4

Expense Example (unaudited)¹

As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. The Example in the following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2007 through June 30, 2007.

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, 2007	Ending Account Value June 30, 2007	Annualized Expense Ratio Based on the Period January 1, 2007 to June 30, 2007	Expenses Paid During Period January 1, 2007 to June 30, 20072
Large Cap Equity Fund
Actual	$1,000.00	$1,072.62	0.70%	$3.60
Hypothetical (5% return before expenses)	1,000.00	1,021.32	0.70%	3.51
Small/Mid Cap Equity Fund
Actual	1,000.00	1,184.42	0.90%	4.87
Hypothetical (5% return before expenses)	1,000.00	1,020.33	0.90%	4.51
International Equity Fund
Actual	1,000.00	1,100.39	1.00%	5.21
Hypothetical (5% return before expenses)	1,000.00	1,019.84	1.00%	5.01
Large Cap Equity Index Fund
Actual	1,000.00	1,068.19	0.31%	1.59
Hypothetical (5% return before expenses)	1,000.00	1,023.26	0.31%	1.56
Small Cap Equity Index Fund
Actual	1,000.00	1,061.83	0.48%	2.45
Hypothetical (5% return before expenses)	1,000.00	1,022.41	0.48%	2.41
International Equity Index Fund
Actual	1,000.00	1,102.14	0.70%	3.65
Hypothetical (5% return before expenses)	1,000.00	1,021.32	0.70%	3.51

5

	Beginning Account Value January 1, 2007	Ending Account Value June 30, 2007	Annualized Expense Ratio Based on the Period January 1, 2007 to June 30, 2007	Expenses Paid During Period January 1, 2007 to June 30, 20072
Stock and Bond Balanced Fund3
Actual	$1,000.00	$1,047.83	0.41%	$2.08
Hypothetical (5% return before expenses)	1,000.00	1,022.76	0.41%	2.06
Bond Fund
Actual	1,000.00	1,012.55	0.57%	2.84
Hypothetical (5% return before expenses)	1,000.00	1,021.97	0.57%	2.86
Money Market Fund
Actual	1,000.00	1,023.88	0.50%	2.51
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.50%	2.51

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

² Expenses are equal to the 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. Refer to the Stock and Bond Balanced Fund’s Schedule of Investments for the ratio as of June 30, 2007.

6

Board Approval of Investment Advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of State Farm Variable Product Trust (“VP Trust”) held on June 15, 2007, all of the Trustees present, including those Trustees present who were not interested persons of VP Trust as defined by Section 2(a)(19) of the Investment Company Act of 1940 (the “Independent Trustees”), considered whether (i) to approve continuation of the Investment Advisory and Management Services Agreement between State Farm Investment Management Corp. (“SFIMC”) and VP Trust (the “Advisory Agreement”), including an amendment to such contract to provide that VP Trust will pay investment advisory and management services fees to SFIMC on a monthly, rather than quarterly, basis, (ii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, VP Trust and Barclays Global Fund Advisors (“Barclays”) and simultaneously to approve the proposed reduction in sub-advisory fees that SFIMC would be required to pay to Barclays, which agreement will be referred to as the “Barclays Sub-Advisory Agreement,” (iii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, VP Trust and Capital Guardian Trust Company (“Capital Guardian”), which agreement will be referred to as the “Capital Guardian Sub-Advisory Agreement,” (iv) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Bridgeway Capital Management, Inc. (“Bridgeway”), which agreement will be referred to as the “Bridgeway Sub-Advisory Agreement,” and (v) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Rainier Investment Management, Inc. (“Rainier”), which agreement will be referred to as the “Rainier Sub-Advisory Agreement.” Together the Barclays, Capital Guardian, Bridgeway and Rainier Sub-Advisory Agreements will be referred to as the “Sub-Advisory Agreements.”

Barclays serves as the investment sub-adviser to VP Trust’s Large Cap Equity Index Fund, Small Cap Equity Index Fund and International Equity Index Fund (collectively, the “Equity Index Funds”). In this role, Barclays is primarily responsible for the day-to-day management of the investments of the Equity Index Funds. Capital Guardian serves as investment sub-adviser to VP Trust’s Large Cap Equity Fund and its International Equity Fund (collectively the “Capital Guardian Sub-Advised Equity Funds”). In this role, Capital Guardian is primarily responsible for the day-to-day management of the investments of the Capital Guardian Sub-Advised Equity Funds. Bridgeway and Rainier serve as the co-investment sub-advisers to VP Trust’s Small/Mid Cap Equity Fund (“Small/Mid Cap Equity Fund”). In this role, Bridgeway and Rainier are primarily responsible for the day-to-day management of the investments of the Small/Mid Cap Equity Fund.

Prior to the June 15, 2007 meeting, independent legal counsel to the Independent Trustees had sent to SFIMC, Barclays, Capital Guardian, Bridgeway and Rainier a request for information to be provided to the Board in connection with the Board’s consideration of continuing the Advisory Agreement and the Sub-Advisory Agreements. SFIMC, Barclays, Capital Guardian, Bridgeway and Rainier provided materials to the Board responding to those requests prior to the meeting. SFIMC also provided the Board with additional information that SFIMC believed would be useful to the Board in evaluating whether to approve continuation of the Advisory Agreement and the Sub-Advisory Agreements. The Board also received a report prepared by Morningstar, Inc., an independent fund tracking organization, (the “Morningstar Report”) relating to the performance and expenses of the nine series of VP Trust (each a “Fund” and collectively the “Funds”) prior to the June 15th meeting. In addition, the Board received and reviewed a memorandum from the legal counsel to VP Trust and its Independent Trustees regarding their responsibilities (particularly the Independent Trustees’ responsibilities) in considering whether to approve continuation of the agreements.

The Independent Trustees of VP Trust also had conducted a preliminary review of all this material on May 29, 2007 at a separate meeting, during which SFIMC management expanded on those materials, responded to specific questions from the Independent Trustees and was asked by the Independent Trustees to prepare enhanced written materials related to continuing the Advisory Agreement and the Sub-Advisory Agreements. SFIMC management provided the requested enhanced written materials to the Board prior to the Board’s June 15th meeting. As part of the Board’s consideration of whether to approve the continuation of the Advisory Agreement and the Sub-Advisory Agreements, the Independent Trustees met in executive session and were advised by independent legal counsel.

7

Investment Performance

The Board considered each Fund’s performance. Among other things, the Board examined the year-to-date, one-, three-, and five-year (or since inception, if shorter) performance of each Fund as compared to the performance of one or more benchmark indexes and a peer group of funds with comparable investment objectives, investment strategies, asset size and load structures (“Peer Funds”).

The Board considered that the performance of each Equity Index Fund closely matched the performance of each such Fund’s benchmark index, net of fees. The Board concluded that the performance of those Funds over the periods reviewed was acceptable and closely tracked their benchmarks.

The Board considered the performance of the Capital Guardian Sub-Advised Equity Funds. The Board reviewed each Fund’s performance compared to benchmarks, an index and to the performance of Peer Funds. The Board determined to closely monitor the performance of the International Equity Fund, and requested that at the Board’s next regularly scheduled meeting SFIMC provide an action plan to address the Fund’s performance. After extensive discussion of this information, the Board concluded that the performance of those Funds was acceptable.

The Board reviewed the performance of VP Trust’s Bond Fund, Money Market Fund and the Stock and Bond Balanced Fund. Regarding the performance of the Bond Fund and the bond portion of the Stock and Bond Balanced Fund, the Board noted that they had been advised that the management of those portfolios has been effected in a conservative fashion, and therefore relative performance has lagged over the three- and five-year periods ended March 31, 2007. However, the Morningstar Report indicated that the overall performance of those Funds was competitive with each Fund’s benchmark and/or index and with the performance of each Fund’s Peer Funds.

After extensive discussion of this and other information, the Board concluded that the investment performance of the Bond Fund, the Money Market Fund and the Stock and Bond Balanced Fund over the periods reviewed was acceptable.

The Board reviewed the performance of the Small/Mid Cap Equity Fund. Bridgeway and Rainier began sub-advising this Fund effective December 1, 2006. SFIMC informed the Board that this Fund had performed relatively well since December 1, 2006. The Board also reviewed the Fund’s performance as compared to the Fund’s benchmarks and as compared to the performance the Fund’s Peer Funds. After extensive discussion of this and other information, the Board concluded that the investment performance of the Small/Mid Cap Equity Fund 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 Peer Funds. The Board noted that each Fund’s expense structure and overall fees were acceptable. In connection with examining the fee structure and expense ratio of each Fund, the Board also considered the amount of profits earned (or losses incurred) by SFIMC in providing advisory services to each Fund, as well as the effect, if any, on shareholders that would result from the proposal to change SFIMC’s fee payment schedule to a monthly basis. The Board also examined the proposed revised fee schedule between SFIMC and Barclays with respect to Barclays’ management of the Equity Index Funds, particularly in light of SFIMC’s profitability analysis for these Funds. The Board concluded that the advisory and sub-advisory fees (including pursuant to the proposed revised payment schedule), which directly or indirectly are part of each Fund’s fee structure and expense ratio, were reasonable and appropriate for the shareholders.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the advisory and sub-advisory services provided by SFIMC, Barclays, Capital Guardian, Bridgeway and Rainier to the Funds. The Board considered the make-up, education and experience of the teams responsible for managing the Funds at these organizations, and concluded that each organization’s investment management team has a satisfactory, long-term track record. After considering all of this information, the Board concluded that SFIMC, Barclays, Capital Guardian, Bridgeway and Rainier 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 VP Trust.

8

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

The Board next discussed whether SFIMC, Barclays, Capital Guardian, Bridgeway or Rainier derive any other direct or indirect benefits from serving as investment adviser or investment sub-adviser to the Funds. SFIMC indicated to the Board that it was not aware of any ancillary or other benefits (other than fees) that these organizations (and each organization’s respective affiliates, if any) receive for providing various services to VP 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, Barclays, Capital Guardian, Bridgeway and Rainier 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, Barclays, Capital Guardian, Bridgeway and Rainier, the Board, including all of the Independent Trustees present at the Board meeting, unanimously approved the continuation of the Advisory Agreement and the Sub-Advisory Agreements for all Funds through June 30, 2008.

9

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (95.52%)
Consumer Discretionary (7.02%)
Carnival Corp.	5,200	$	253,604
CBS Corp. Class B	6,100		203,252
Fortune Brands Inc.	3,400		280,058
General Motors Corp.	6,900		260,820
Jarden Corp. (a)	23,700		1,019,337
Johnson Controls Inc.	4,500		520,965
Leggett & Platt Inc.	6,600		145,530
McDonald’s Corp.	2,900		147,204
Time Warner Cable Inc. Class A (a)	5,800		227,186
			3,057,956
Consumer Staples (9.82%)
Altria Group Inc.	12,300		862,722
Avon Products Inc.	6,900		253,575
General Mills Inc.	4,000		233,680
Kraft Foods Inc. Class A	41,473		1,461,923
Loews Corp. Carolina Group	800		61,816
Sara Lee Corp.	49,700		864,780
Unilever NV New York Shares	17,400		539,748
			4,278,244
Energy (8.17%)
Chevron Corp.	2,800		235,872
ConocoPhillips	6,200		486,700
Exxon Mobil Corp.	4,100		343,908
Royal Dutch Shell PLC ADR Class A	1,900		154,280
Royal Dutch Shell PLC ADR Class B	11,900		991,865
Spectra Energy Corp.	7,900		205,084
Transocean Inc. (a)	6,100		646,478
Weatherford International Ltd. (a)	9,000		497,160
			3,561,347
Financials (34.62%)
Ambac Financial Group Inc.	2,500		217,975
American Capital Strategies Ltd.	11,400		484,728
American International Group Inc.	13,700		959,411
AmeriCredit Corp. (a)	11,500		305,325
Berkshire Hathaway Inc. Class A (a)	2		218,950
Capital One Financial Corp.	8,200		643,208
Compass Bancshares Inc.	300		20,694
Douglas Emmett Inc.	10,700		264,718
Fifth Third Bancorp	12,700		505,079
General Growth Properties Inc.	8,900		471,255
Goldman Sachs Group Inc.	900		195,075
Hartford Financial Services Group Inc.	1,500		147,765
Host Hotels & Resorts Inc.	10,000		231,200
Hudson City Bancorp Inc.	42,000		513,240
IndyMac Bancorp Inc.	19,000		554,230
JPMorgan Chase & Co.	24,200		1,172,490
Lehman Brothers Holdings Inc.	3,000		223,560
Marsh & McLennan Companies Inc.	31,200		963,456
MBIA Inc.	2,700		167,994
Merrill Lynch & Co. Inc.	4,800		401,184
Progressive Corp.	34,300		820,799
RenaissanceRe Holdings Ltd.	6,100		378,139
SLM Corp.	6,700		385,786
SunTrust Banks Inc.	11,400		977,436
Wachovia Corp.	19,200		984,000
Washington Mutual Inc.	36,600		1,560,624
Wells Fargo & Co.	22,400		787,808
XL Capital Ltd. Class A	6,300		531,027
			15,087,156
Health Care (8.90%)
AstraZeneca PLC ADR	7,400		395,752
Merck & Co. Inc.	15,000		747,000
Millennium Pharmaceuticals Inc. (a)	16,400		173,348
Pfizer Inc.	44,500		1,137,865
Sanofi-Aventis ADR	28,200		1,135,614
WellPoint Inc. (a)	3,600		287,388
			3,876,967
Industrials (8.28%)
3M Co.	2,300		199,617
Caterpillar Inc.	2,700		211,410
Emerson Electric Co.	5,200		243,360
General Electric Co.	35,700		1,366,596
Illinois Tool Works Inc.	8,400		455,196
Parker Hannifin Corp.	2,900		283,939
Siemens AG ADR	2,600		371,956
Tyco International Ltd.	7,000		236,530
Union Pacific Corp.	2,100		241,815
			3,610,419
Materials (2.82%)
Air Products & Chemicals Inc.	3,100		249,147
Alcoa Inc.	5,400		218,862
E.I. du Pont de Nemours & Co.	2,800		142,352
Lyondell Chemical Co.	7,900		293,248
Methanex Corp.	5,900		148,326
The Dow Chemical Co.	4,000		176,880
			1,228,815
Technology (8.08%)
Advanced Micro Devices Inc. (a)	14,400		205,920
Affiliated Computer Services Inc. Class A (a)	3,400		192,848
Fairchild Semiconductor International Inc. (a)	13,300		256,956
Flextronics International Ltd. (a)	57,600		622,080
Hewlett-Packard Co.	7,600		339,112
Intel Corp.	41,500		986,040
Jabil Circuit Inc.	21,900		483,333

See accompanying notes to financial statements.

10

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares or principal amount		Value
Common Stocks (Cont.)
Technology (Cont.)
Seagate Technology		19,900	$	433,223
				3,519,512
Telecommunication Services (4.55%)
AT&T Inc.		39,300		1,630,950
Verizon Communications Inc.		8,500		349,945
				1,980,895
Utilities (3.26%)
CMS Energy Corp.		19,900		342,280
Edison International		9,900		555,588
MDU Resources Group Inc.		3,900		109,356
NiSource Inc.		11,200		231,952
Pinnacle West Capital Corp.		4,600		183,310
				1,422,486
Total Common Stocks (cost $36,685,101)				41,623,797
Corporate Bonds (1.23%)
Consumer Discretionary (1.23%)
Ford Motor Co. Convertible Corporate Bond
4.250%, 12/15/2036	$	427,000		534,818
Total Corporate Bonds (cost $435,331)				534,818
Short-term Investments (4.49%)
JPMorgan Prime Money Market Fund		1,955,811		1,955,811
Total Short-term Investments (cost $1,955,811)				1,955,811
TOTAL INVESTMENTS (101.24%) (cost $39,076,243)				44,114,426
LIABILITIES, NET OF OTHER ASSETS (-1.24%)				(538,710	)
NET ASSETS (100.00%)			$	43,575,716

(a) Non-income producing security.

ADR - American Depository Receipts

See accompanying notes to financial statements.

11

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (96.07%)
Consumer Discretionary (16.51%)
Abercrombie & Fitch Co. Class A	1,350	$	98,523
Big Lots Inc. (a)	15,800		464,836
Books-A-Million Inc.	7,900		133,826
Coach Inc. (a)	3,550		168,234
Cooper Tire & Rubber Co.	11,400		314,868
CPI Corp.	6,200		430,900
Focus Media Holding Ltd. ADR (a)	4,300		217,150
FTD Group Inc.	15,100		277,991
G-III Apparel Group Ltd. (a)	6,000		94,740
GameStop Corp. Class A (a)	7,650		299,115
Gildan Activewear Inc. (a)	7,200		246,888
Goodyear Tire & Rubber Co. (a)	10,500		364,980
Hasbro Inc.	5,900		185,319
Hilton Hotels Corp.	2,550		85,349
J.C. Penney Co. Inc.	2,950		213,521
Jack in the Box Inc. (a)	1,400		99,316
Jo-Ann Stores Inc. (a)	7,000		199,010
Kohl’s Corp. (a)	2,800		198,884
LodgeNet Entertainment Corp. (a)	7,500		240,450
Perry Ellis International Inc. (a)	6,300		202,671
Phillips-Van Heusen Corp.	1,300		78,741
Saks Inc.	9,150		195,352
Sotheby’s	9,350		430,287
Spartan Motors Inc.	17,700		301,254
Systemax Inc.	7,300		151,913
Urban Outfitters Inc. (a)	5,850		140,576
Vail Resorts Inc. (a)	2,600		158,262
Warnaco Group Inc. (a)	11,800		464,212
			6,457,168
Consumer Staples (3.59%)
Church & Dwight Co. Inc.	1,750		84,805
Corn Products International Inc.	4,600		209,070
Fomento Economico Mexicano S.A.B. de C.V. ADR	5,100		200,532
Imperial Sugar Co.	8,500		261,715
Ingles Markets Inc.	4,400		151,580
NBTY Inc. (a)	6,200		267,840
Sanderson Farms Inc.	5,100		229,602
			1,405,144
Energy (7.53%)
Cameron International Corp. (a)	3,200		228,704
Global Industries Ltd. (a)	8,900		238,698
GulfMark Offshore Inc. (a)	4,000		204,880
National-Oilwell Varco Inc. (a)	2,400		250,176
Noble Corp.	5,200		507,104
Oceaneering International Inc. (a)	3,300		173,712
Parker Drilling Co. (a)	19,000		200,260
Petrohawk Energy Corp. (a)	7,900		125,294
Southwestern Energy Co. (a)	6,350		282,575
Tidewater Inc.	3,000		212,640
Transocean Inc. (a)	3,400		360,332
Ultra Petroleum Corp. (a)	2,900		160,196
			2,944,571
Financials (11.54%)
Advanta Corp. Class B	5,700		177,498
Affiliated Managers Group Inc. (a)	1,650		212,454
Alliance Data Systems Corp. (a)	3,800		293,664
American Physicians Capital Inc. (a)	4,200		170,100
Ameriprise Financial Inc.	4,050		257,458
Amerisafe Inc. (a)	19,000		372,970
Arch Capital Group Ltd. (a)	1,600		116,064
CB Richard Ellis Group Inc. Class A (a)	8,650		315,725
CNA Surety Corp. (a)	8,800		166,408
Digital Realty Trust Inc.	3,950		148,836
East West Bancorp Inc.	3,450		134,136
EMC Insurance Group Inc.	4,900		121,618
Franklin Resources Inc.	1,550		205,328
IntercontinentalExchange Inc. (a)	850		125,673
Invesco PLC ADR	6,650		171,903
Knight Capital Group Inc. (a)	10,000		166,000
Lazard Ltd. Class A	5,650		254,419
Mercer Insurance Group Inc.	8,200		163,180
Northern Trust Corp.	5,000		321,200
Odyssey Re Holdings Corp.	5,000		214,450
Sunstone Hotel Investors Inc.	8,300		235,637
Tower Group Inc.	5,300		169,070
			4,513,791
Health Care (7.31%)
Allscripts Healthcare Solution Inc. (a)	3,700		94,276
Angeion Corp. (a)	12,700		102,870
Barr Pharmaceuticals Inc. (a)	2,350		118,041
Celgene Corp. (a)	1,650		94,595
Chindex International, Inc. (a)	9,300		205,995
Cytyc Corp. (a)	7,300		314,703
Endo Pharmaceuticals Holdings Inc. (a)	8,350		285,820
Express Scripts Inc. (a)	3,550		177,535
Genzyme Corp. (a)	2,000		128,800
Immucor Inc. (a)	7,600		212,572
Intuitive Surgical Inc. (a)	700		97,139
Inverness Medical Innovations Inc. (a)	1,850		94,387
Kyphon Inc. (a)	3,000		144,450
Psychiatric Solutions Inc. (a)	3,200		116,032
QIAGEN NV (a)	7,850		139,651
Respironics Inc. (a)	2,650		112,864
Shire PLC ADR	1,550		114,902
VCA Antech Inc. (a)	3,450		130,030
WellCare Health Plans Inc. (a)	1,900		171,969
			2,856,631

See accompanying notes to financial statements.

12

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Industrials (21.20%)
Acuity Brands Inc.	4,100	$	247,148
American Commercial Lines Inc. (a)	3,450		89,873
Ampco-Pittsburgh Corp.	4,800		192,432
Atlas Air Worldwide Holdings Inc. (a)	3,300		194,502
CDI Corp.	6,100		196,420
Ceradyne Inc. (a)	6,100		451,156
Cooper Industries Ltd. Class A	2,950		168,416
Deere & Co.	1,750		211,295
Deluxe Corp.	7,200		292,392
Foster Wheeler Ltd. (a)	6,950		743,580
General Cable Corp. (a)	5,050		382,537
Herman Miller Inc.	5,350		169,060
Joy Global Inc.	5,350		312,065
Layne Christensen Co. (a)	4,700		192,465
M & F Worldwide Corp. (a)	10,700		712,406
Manitowoc Company Inc.	1,550		124,589
McDermott International Inc. (a)	13,900		1,155,368
Monster Worldwide Inc. (a)	2,800		115,080
MSC Industrial Direct Co. Inc.	2,800		154,000
Nordson Corp.	3,100		155,496
Perini Corp. (a)	5,400		332,262
Precision Castparts Corp.	4,350		527,916
PRG-Schultz International Inc. (a)	12,600		200,340
Robbins & Myers Inc.	6,400		340,032
Thomas & Betts Corp. (a)	4,850		281,300
Tredegar Corp.	7,600		161,880
Waste Industries USA Inc.	5,500		187,770
			8,291,780
Materials & Processes (10.20%)
AEP Industries Inc. (a)	3,400		153,034
Airgas Inc.	2,400		114,960
Allegheny Technologies Inc.	850		89,148
Century Aluminum Co. (a)	3,900		213,057
Chaparral Steel Co.	4,400		316,228
Cleveland-Cliffs Inc.	3,500		271,845
Commercial Metals Co.	5,700		192,489
Greif Inc.	3,400		202,674
Hercules Inc. (a)	9,400		184,710
ICO Inc. (a)	26,900		284,333
LSB Industries Inc. (a)	16,300		348,494
Potash Corp.	4,700		366,459
Reliance Steel & Aluminum Co.	8,550		481,023
Rock-Tenn Co. Class A	7,000		222,040
Steel Dynamics Inc.	5,400		226,314
Terra Industries Inc. (a)	10,300		261,826
Weyerhaeuser Co.	750		59,198
			3,987,832
Technology (14.91%)
Adobe Systems Inc. (a)	3,550		142,532
Anixter International Inc. (a)	6,600		496,386
aQuantive Inc. (a)	2,800		178,640
ASML Holding NV NY Shares (a)	5,700		156,465
Autodesk Inc. (a)	4,850		228,338
Avnet Inc. (a)	5,100		202,164
CDW Corp. (a)	2,500		212,425
Ciena Corp. (a)	4,500		162,585
Citrix Systems Inc. (a)	4,400		148,148
Cognizant Technology Solutions Corp. (a)	2,400		180,216
CommScope Inc. (a)	3,950		230,482
FEI Co. (a)	6,200		201,252
Harris Corp.	4,150		226,382
Intersil Corp.	6,750		212,355
Marvell Technology Group Ltd. (a)	3,950		71,930
MAXIMUS Inc.	4,400		190,872
Microchip Technology Inc.	4,850		179,644
MICROS Systems Inc. (a)	1,800		97,920
MKS Instruments Inc. (a)	8,500		235,450
Network Appliance Inc. (a)	5,250		153,300
NVIDIA Corp. (a)	4,600		190,026
Paychex Inc.	7,000		273,840
PC Connection Inc. (a)	18,300		242,292
Riverbed Technology Inc. (a)	3,750		164,325
Trimble Navigation Ltd. (a)	3,550		114,310
Trio-Tech International	10,100		201,495
TriQuint Semiconductor Inc. (a)	54,500		275,770
Ultra Clean Holdings Inc. (a)	13,200		184,536
VeriFone Holdings Inc. (a)	4,500		158,625
Verigy Ltd. (a)	4,050		115,871
			5,828,576
Telecommunications (0.55%)
NII Holdings Inc. (a)	2,650		213,961
Utilities (2.73%)
Constellation Energy Group	2,000		174,340
ITC Holdings Corp.	4,000		162,520
Nicor Inc.	3,500		150,220
NRG Energy Inc. (a)	5,650		234,871
PNM Resources Inc.	5,700		158,403
Portland General Electric Co.	6,800		186,592
			1,066,946
Total Common Stocks (cost $31,872,086)			37,566,400

See accompanying notes to financial statements.

13

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Principal amount		Value
Short-term Investments (6.16%)
JPMorgan Prime Money Market Fund	$	2,409,442	$	2,409,442
Total Short-term Investments (cost $2,409,442)				2,409,442
TOTAL INVESTMENTS (102.23%) (cost $34,281,528)				39,975,842
LIABILITIES, NET OF OTHER ASSETS (-2.23%)				(873,444	)
NET ASSETS (100.00%)			$	39,102,398

(a) Non-income producing security.

ADR - American Depository Receipts

See accompanying notes to financial statements.

14

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (95.91%) (a)
Australia (2.33%)
Amcor Ltd.	11,838	$	74,963
Asciano Group (b)	5,344		45,895
BHP Billiton Sponsored ADR	400		23,900
Brambles Ltd. (b)	19,982		206,002
Foster’s Group Ltd.	21,300		114,942
Macquarie Bank Ltd.	2,680		192,491
Telstra Corp. Ltd.	26,046		101,335
Toll Holdings Ltd.	5,344		65,486
Woolworths Ltd.	10,029		229,191
			1,054,205
Austria (0.83%)
OMV AG	1,300		86,717
Raiffeisen International Bank Holding AG	900		142,154
Telekom Austria AG	3,000		74,708
Wienerberger AG	1,000		73,530
			377,109
Belgium (0.60%)
Fortis	3,800		161,211
UCB SA	1,889		111,725
			272,936
Canada (8.14%)
Alcan Inc.	4,400		358,939
Barrick Gold Corp.	13,300		386,631
CAMECO Corp.	10,700		542,408
Canadian Imperial Bank of Commerce	1,000		90,110
Canadian Natural Resources Ltd.	6,800		451,823
EnCana Corp.	3,000		184,520
Finning International Inc.	3,400		96,646
Manulife Financial Corp.	1,600		59,839
Methanex Corp.	4,700		116,656
Potash Corp. of Saskatchewan Inc.	10,400		813,060
Research In Motion Ltd. (b)	400		80,507
Rogers Communications Inc. Class B	1,900		81,012
Royal Bank of Canada	1,800		95,673
Sun Life Financial Inc.	1,000		47,651
Suncor Energy Inc.	2,300		207,189
The Toronto Dominion Bank	1,100		75,237
			3,687,901
Denmark (0.50%)
Novo Nordisk A/S	2,100		228,428
Finland (1.36%)
Metso OYJ	1,660		97,693
Neste Oil OYJ	2,600		101,884
Nokia OYJ	2,700		75,830
Stora Enso OYJ R Shares	4,300		80,906
UPM-Kymmene OYJ	10,500		258,407
			614,720
France (12.44%)
Accor SA	1,400		123,761
Air Liquide SA	1,920		251,946
AXA	3,800		163,345
BNP Paribas	3,220		382,482
Bouygues	9,018		755,573
Carrefour SA	2,300		161,537
Dassault Systemes SA	1,100		69,350
Electricite De France	900		97,274
Groupe DANONE	4,200		339,217
L’Oreal SA	2,900		342,781
Lafarge SA	1,700		309,829
PagesJaunes SA	1,779		37,448
Peugeot SA	2,600		209,457
Rhodia SA Reg. (b)	2,067		93,984
Safran SA	1,300		33,245
Sanofi-Aventis	8,500		686,690
Schneider Electric SA	2,600		364,280
Societe Generale Class A	1,545		286,254
Total SA	7,300		591,869
Veolia Environnement	2,981		234,149
Vivendi	2,300		98,940
			5,633,411
Germany (6.21%)
Allianz SE Reg.	1,600		375,255
Bayer AG	2,500		189,294
Bayerische Motoren Werke AG	1,100		71,313
Commerzbank AG	4,100		196,883
Continental AG	600		84,704
DaimlerChrysler AG	5,600		518,065
Depfa Bank PLC	4,500		79,689
Deutsche Bank AG	2,900		422,097
Infineon Technologies AG (b)	6,000		99,659
Metro AG	1,500		124,544
SAP AG	4,000		205,642
Siemens AG	3,100		446,100
			2,813,245
Greece (0.06%)
Greek Org of Football Prognostics SA	710		25,087
Hong Kong (2.07%)
Bank of East Asia Ltd.	28,800		161,964
Hang Lung Properties Ltd.	23,000		79,417
Hang Lung Properties Ltd. (c)	16,000		55,247
Hong Kong & China Gas Co. Ltd.	36,300		76,493
Kerry Properties Ltd.	7,500		47,104
Li & Fung Ltd.	56,800		204,449

See accompanying notes to financial statements.

15

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Hong Kong (Cont.)
Sun Hung Kai Properties Ltd. (c)	2,000	$	24,065
Swire Pacific Ltd. Class A	26,000		289,393
			938,132
Ireland (0.65%)
CRH PLC	6,000		296,514
Italy (0.61%)
ENI SpA	2,200		79,766
Intesa Sanpaolo	26,476		197,397
			277,163
Japan (25.53%)
Advantest Corp.	1,800		78,372
Aeon Co. Ltd.	26,300		488,174
Bank of Yokohama Ltd.	13,000		91,049
Canon Inc.	3,300		193,522
Daiwa House Industry Co. Ltd.	5,000		71,465
East Japan Railway Co.	10		77,052
Fanuc Ltd.	4,100		423,175
FUJIFILM Holdings Corp.	3,700		165,373
Hankyu Hanshin Holdings Inc.	15,000		79,208
Hirose Electric Co. Ltd.	700		92,051
Hoya Corp.	6,800		225,577
Idemitsu Kosan Co. Ltd.	700		78,335
INPEX Holdings Inc.	27		252,301
Japan Tobacco Inc.	19		93,656
JS Group Corp.	2,700		54,740
Kansai Electric Power Co.	3,000		70,950
Keyence Corp.	320		69,908
Millea Holdings Inc.	2,600		106,892
Mitsubishi Corp.	14,200		372,069
Mitsubishi Estate Co. Ltd.	8,000		217,045
Mitsubishi Heavy Industries Ltd.	10,000		64,045
Mitsubishi UFJ Financial Group Inc.	21		231,435
Mitsui & Co. Ltd.	5,000		99,785
Mitsui OSK Lines Ltd.	8,000		108,471
Mizuho Financial Group Inc.	66		455,963
Murata Manufacturing Co. Ltd.	1,400		105,337
NGK Spark Plug Co. Ltd.	4,000		69,481
Nintendo Co. Ltd.	700		255,390
Nippon Electric Glass Co. Ltd.	8,500		149,862
Nippon Telegraph & Telephone Corp.	15		66,380
Nissan Motor Co. Ltd.	21,200		226,965
Nomura Holdings Inc.	4,000		77,694
NTT DoCoMo Inc.	70		110,712
NTT Urban Development Corp.	63		121,989
Orix Corp.	2,280		600,979
Rohm Co. Ltd.	1,100		97,620
Shimamura Co. Ltd.	800		85,466
Shin-Etsu Chemical Co. Ltd.	1,900		135,656
SMC Corp.	1,600		212,679
Softbank Corp.	41,300		889,993
Sony Corp.	4,000		205,327
Sumitomo Corp.	17,000		309,936
Sumitomo Mitsui Financial Group Inc.	96		894,951
Sumitomo Realty & Development Co. Ltd.	6,000		195,399
Suzuki Motor Corp.	14,000		397,572
T&D Holdings Inc.	1,050		70,911
Takeda Pharmaceutical Co. Ltd.	2,100		135,663
TDK Corp.	700		67,748
Tokyo Electric Power Co.	4,200		135,101
Tokyo Electron Ltd.	2,100		154,496
Tokyo Gas Co. Ltd.	29,000		137,513
Tokyu Corp.	17,000		113,620
Toshiba Corp.	46,000		400,788
Trend Micro Inc.	4,000		129,145
Uni-Charm Corp.	400		22,677
Ushio Inc.	2,700		59,894
Yahoo! Japan Corp.	794		269,189
Yamada Denki Co. Ltd.	2,300		240,206
Yamato Holdings Co. Ltd.	11,000		155,497
			11,562,449
Luxembourg (0.25%)
SES FDR	1,300		27,983
SES Global FDR Class A	4,000		86,382
			114,365
Netherlands (3.55%)
ABN AMRO Holdings NV	4,637		212,616
Aegon NV	9,064		178,397
Akzo Nobel NV	1,300		112,215
Heineken NV	1,500		87,932
ING Groep NV	14,900		655,804
Koninklijke KPN NV	12,600		209,043
Koninklijke Numico NV	1,513		78,624
Unilever NV-CVA	2,300		71,378
			1,606,009
Norway (0.64%)
DNB NOR ASA	5,400		69,459
Telenor ASA (b)	11,200		218,925
			288,384
Singapore (1.30%)
Capitaland Ltd.	48,000		254,308
DBS Group Holdings Ltd.	5,000		74,498
Singapore Telecommunications	39,600		88,071
United Overseas Bank Ltd.	12,000		172,506
			589,383

See accompanying notes to financial statements.

16

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Spain (2.87%)
Banco Bilbao Vizcaya Argentaria SA	19,100	$	467,087
Banco Santander Central Hispano SA	18,400		338,227
Inditex SA	1,300		76,517
Repsol YPF SA	7,200		285,036
Telefonica SA	6,000		133,524
			1,300,391
Sweden (0.91%)
ASSA ABLOY AB Class B	3,800		83,619
Atlas Copco AB Class A	4,400		73,288
TeliaSonera AB	34,500		253,097
			410,004
Switzerland (7.96%)
Adecco SA Reg.	1,370		105,986
Compagnie Financiere Richemont AG Class A	9,878		590,421
Credit Suisse Group	2,071		147,022
Holcim Ltd.	3,370		363,952
Holcim Ltd. (c)	379		40,931
Nestle SA	951		361,355
Novartis AG	11,542		647,975
Petroplus Holdings AG (b)	937		96,500
Roche Holding AG	2,533		448,813
Swiss Reinsurance	5,540		505,249
Swisscom AG	417		142,564
Synthes Inc. (b)	588		70,496
UBS AG	1,378		82,410
			3,603,674
United Kingdom (17.10%)
ARM Holdings PLC	23,900		69,914
AstraZeneca PLC	5,000		267,203
BAE Systems PLC	66,500		536,618
BAE Systems PLC (c)	4,000		32,278
Barclays PLC	9,000		125,215
BHP Billiton PLC	15,100		419,458
British Land Co. PLC	3,400		90,981
Cadbury Schweppes PLC	6,600		89,577
Carnival PLC	1,500		71,687
Daily Mail & General Trust NV	6,500		99,399
HBOS PLC	20,800		409,119
HSBC Holdings PLC	9,100		166,625
Lloyds TSB Group PLC	12,500		138,954
National Grid PLC	12,700		187,391
Pearson PLC	5,500		92,648
Reed Elsevier PLC	22,500		290,787
Reuters Group PLC	13,800		172,030
Rio Tinto PLC	2,600		198,909
Royal Bank of Scotland Group	67,500		854,105
Royal Dutch Shell PLC Class A	34,582		1,407,423
SABMiller PLC	11,300		286,095
Scottish & Southern Energy PLC	11,400		330,532
Standard Chartered PLC	10,100		329,433
Tesco PLC	14,300		119,643
Unilever PLC	2,430		78,464
Vodafone Group PLC	112,662		377,507
Xstrata PLC	5,900		351,242
Yell Group PLC	16,500		152,413
			7,745,650
Total Common Stocks (cost $34,394,554)			43,439,160
Exchange-Traded Funds (1.00%)
iShares MSCI EAFE Index Fund	5,600		452,312
Total Exchange-Traded Funds (cost $455,027)			452,312

See accompanying notes to financial statements.

17

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Principal Amount		Value
Repurchase Agreement (3.31%)
Investors Bank & Trust Repurchase Agreement, (d)
3.500%, Agreement date 06/29/2007, to be repurchased at $1,500,027 on 07/02/2007	$	1,499,590	$	1,499,590
Total Repurchase Agreement (cost $1,499,590)				1,499,590
TOTAL INVESTMENTS (100.22%) (cost $36,349,171)				45,391,062
LIABILITIES, NET OF CASH AND OTHER ASSETS (-0.22%)				(98,100	)
NET ASSETS (100.0%)			$	45,292,962

(a) Securities valued at fair value.

(b) Non-income producing security.

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

(d) Repurchase agreement is fully collateralized by a U.S. Government Agency security with a coupon rate of 8.375%, a maturity date of March 25, 2023, and a market value of $1,574,569.

ADR - American Depository Receipt

FDR - Fiduciary Depository Receipt

INTERNATIONAL EQUITY FUND FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	14,738,373	32.47
Japanese Yen		11,562,449	25.47
British Pound		6,071,024	13.38
Swiss Franc		3,603,674	7.94
Canadian Dollar		3,301,270	7.27
United States Dollar		2,362,433	5.20
Australian Dollar		1,030,305	2.27
Hong Kong Dollar		938,132	2.07
Swedish Krone		677,207	1.49
Singapore Dollar		589,383	1.30
Norwegian Krone		288,384	0.64
Danish Krone		228,428	0.50
Total Investments	$	45,391,062	100.00	%

INTERNATIONAL EQUITY FUND SECTOR CLASSIFICATIONS

Sector	Value			%
Financials	$	11,961,280		26.41
Materials		4,877,390		10.77
Consumer Discretionary		4,495,346		9.93
Industrials		4,390,839		9.70
Energy		4,365,771		9.64
Telecommunication Services		3,502,444		7.73
Consumer Staples		3,089,786		6.82
Information Technology		2,889,907		6.38
Health Care		2,596,992		5.73
Utilities		1,269,405		2.80
Total Common Stocks		43,439,160		95.91
Exchange Traded Funds		452,312		1.00
Repurchase Agreement		1,499,590		3.31
Liabilities, Net of Cash and Other Assets		(98,100	)	(0.22	)
Net Assets	$	45,292,962		100.00	%

See accompanying notes to financial statements.

18

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SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (99.32%)
Aerospace/Defense (1.50%)
Boeing Co.	36,933	$	3,551,477
General Dynamics Corp.	18,911		1,479,219
Lockheed Martin Corp.	16,600		1,562,558
Northrop Grumman Corp.	16,091		1,253,006
Raytheon Co.	20,763		1,118,918
Rockwell Collins Inc.	7,920		559,469
			9,524,647
Agriculture, Foods, & Beverage (3.89%)
Anheuser-Busch Companies Inc.	35,743		1,864,355
Archer-Daniels-Midland Co.	30,372		1,005,009
Campbell Soup Co.	10,614		411,929
Coca-Cola Enterprises Inc.	13,329		319,896
ConAgra Foods Inc.	23,927		642,679
Constellation Brands Inc. (a)	9,665		234,666
Dean Foods Co. (a)	6,210		197,913
General Mills Inc.	16,405		958,380
HJ Heinz Co.	15,406		731,323
Kellogg Co.	11,535		597,398
Kraft Foods Inc. Class A	76,435		2,694,334
McCormick & Co. Inc.	6,119		233,623
Molson Coors Brewing Co. Class B	2,284		211,179
Pepsi Bottling Group Inc.	6,206		209,018
PepsiCo Inc.	76,507		4,961,479
Reynolds American Inc.	8,053		525,056
Sara Lee Corp.	34,959		608,287
Sysco Corp.	28,639		944,801
The Coca-Cola Co.	94,967		4,967,724
The Hershey Co.	8,239		417,058
Tyson Foods Inc.	11,639		268,162
Whole Foods Market Inc.	6,485		248,375
WM Wrigley Jr. Co.	10,200		564,162
Yum! Brands Inc.	24,922		815,448
			24,632,254
Airlines (0.09%)
Southwest Airlines Co.	36,605		545,781
Automotive (0.77%)
Ford Motor Co.	87,175		821,188
General Motors Corp.	26,205		990,549
Genuine Parts Co.	7,971		395,362
Goodyear Tire & Rubber Co. (a)	9,367		325,597
Harley-Davidson Inc.	12,312		733,918
ITT Corp.	8,511		581,131
Paccar Inc.	11,542		1,004,616
			4,852,361
Banks (6.01%)
Bank of America Corp.	209,600		10,247,344
Bank of New York Co. Inc.	35,679		1,478,538
BB&T Corp.	25,313		1,029,733
Comerica Inc.	7,483		445,014
Fifth Third Bancorp	25,853		1,028,174
Hudson City Bancorp Inc.	23,634		288,807
Huntington Bancshares Inc.	17,199		391,105
JPMorgan Chase & Co.	161,492		7,824,287
M&T Bank Corp.	3,648		389,971
Northern Trust Corp.	8,719		560,109
PNC Financial Services Group Inc.	16,151		1,156,089
State Street Corp.	18,693		1,278,601
SunTrust Banks Inc.	16,866		1,446,091
Synovus Financial Corp.	15,047		461,943
US Bancorp	82,536		2,719,561
Washington Mutual Inc.	42,611		1,816,933
Wells Fargo & Co.	157,795		5,549,650
			38,111,950
Building Materials & Construction (0.55%)
American Standard Cos. Inc.	8,191		483,105
Centex Corp.	5,650		226,565
DR Horton Inc.	12,527		249,663
Fluor Corp.	4,062		452,385
KB Home	3,529		138,937
Leggett & Platt Inc.	8,373		184,625
Lennar Corp.	6,433		235,190
Masco Corp.	18,534		527,663
Pulte Homes Inc.	9,834		220,773
Stanley Works	3,688		223,862
Vulcan Materials Co.	4,615		528,602
			3,471,370
Chemicals (1.66%)
Air Products & Chemicals Inc.	10,348		831,669
Ashland Inc.	2,433		155,590
E.I. du Pont de Nemours & Co.	43,255		2,199,084
Eastman Chemical Co.	3,768		242,396
Hercules Inc. (a)	5,239		102,946
International Flavors & Fragrances Inc.	3,618		188,643
Monsanto Co.	25,397		1,715,313
Pall Corp.	5,768		265,270
PPG Industries Inc.	7,681		584,601
Praxair Inc.	14,963		1,077,186
Rohm & Haas Co.	6,727		367,832
Sealed Air Corp.	7,474		231,844
Sigma-Aldrich Corp.	6,172		263,359
Temple-Inland Inc.	5,090		313,188
The Dow Chemical Co.	44,630		1,973,539
			10,512,460
Commercial Service/Supply (1.60%)
Allied Waste Industries Inc. (a)	11,619		156,392
Apollo Group Inc. Class A (a)	6,470		378,042
Ball Corp.	4,788		254,578

See accompanying notes to financial statements.

19

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Commercial Service/Supply (Cont.)
Cintas Corp.	6,329	$	249,552
Convergys Corp. (a)	6,466		156,736
Eastman Kodak Co.	13,238		368,414
Ecolab Inc.	8,378		357,741
Equifax Inc.	6,573		291,973
First Data Corp.	35,454		1,158,282
Interpublic Group of Companies Inc. (a)	21,011		239,525
Monster Worldwide Inc. (a)	5,939		244,093
Moody’s Corp.	11,170		694,774
Omnicom Group Inc.	15,876		840,158
Pactiv Corp. (a)	6,573		209,613
Paychex Inc.	15,742		615,827
Pitney Bowes Inc.	10,243		479,577
Robert Half International Inc.	7,907		288,605
RR Donnelley & Sons Co.	10,081		438,624
Ryder System Inc.	2,788		149,994
Snap-On Inc.	2,697		136,225
Waste Management Inc.	25,035		977,617
WW Grainger Inc.	3,512		326,792
Wyndham Worldwide Corp. (a)	9,279		336,457
Xerox Corp. (a)	42,485		785,123
			10,134,714
Computer Software & Services (4.38%)
Adobe Systems Inc. (a)	27,466		1,102,760
Affiliated Computer Services Inc. Class A (a)	5,204		295,171
Autodesk Inc. (a)	10,637		500,790
Automatic Data Processing Inc.	26,033		1,261,820
BMC Software Inc. (a)	9,820		297,546
CA Inc.	19,076		492,733
Computer Sciences Corp. (a)	8,203		485,207
Compuware Corp. (a)	16,864		200,007
eBay Inc. (a)	52,298		1,682,950
Electronic Arts Inc. (a)	14,350		679,042
Electronic Data Systems Corp.	23,929		663,551
EMC Corp. (a)	100,725		1,823,122
Intuit Inc. (a)	15,980		480,678
Juniper Networks Inc. (a)	26,324		662,575
Microsoft Corp.	397,478		11,713,677
Oracle Corp. (a)	187,092		3,687,583
Unisys Corp. (a)	15,818		144,577
Yahoo! Inc. (a)	57,752		1,566,812
			27,740,601
Computers (3.34%)
Apple Inc. (a)	40,626		4,957,997
Dell Inc. (a)	106,519		3,041,118
Hewlett-Packard Co.	124,018		5,533,683
International Business Machines Corp.	64,207		6,757,787
Sun Microsystems Inc. (a)	167,632		881,744
			21,172,329
Consumer & Marketing (4.22%)
Altria Group Inc.	98,866		6,934,461
Avery Dennison Corp.	4,569		303,747
Avon Products Inc.	20,733		761,938
Black & Decker Corp.	2,970		262,281
Brown-Forman Corp. Class B	3,577		261,407
Brunswick Corp.	4,360		142,267
Clorox Co.	6,991		434,141
Colgate-Palmolive Co.	23,924		1,551,471
Danaher Corp.	11,049		834,200
Darden Restaurants Inc.	6,694		294,469
Fortune Brands Inc.	7,040		579,885
Harman International Industries Inc.	3,085		360,328
Hasbro Inc.	7,090		222,697
IAC/InterActiveCorp (a)	10,358		358,490
Kimberly-Clark Corp.	21,287		1,423,887
Mattel Inc.	18,055		456,611
Newell Rubbermaid Inc.	12,856		378,352
Starbucks Corp. (a)	35,442		929,998
The Estee Lauder Companies	5,909		268,919
The Procter & Gamble Co.	148,085		9,061,321
UST Inc.	7,542		405,081
Wendy’s International Inc.	3,803		139,760
Whirlpool Corp.	3,628		403,434
			26,769,145
Electronic/Electrical Mfg. (5.51%)
Advanced Micro Devices Inc. (a)	25,147		359,602
Agilent Technologies Inc. (a)	19,329		743,007
Applied Materials Inc.	64,517		1,281,953
Emerson Electric Co.	37,886		1,773,065
General Electric Co.	484,137		18,532,764
Intel Corp.	273,049		6,487,644
KLA-Tencor Corp.	9,194		505,210
Linear Technology Corp.	11,898		430,470
LSI Corp. (a)	36,077		270,938
Micron Technology Inc. (a)	34,621		433,801
Molex Inc.	6,542		196,325
National Semiconductor Corp.	12,021		339,834
PerkinElmer Inc.	6,043		157,481
Rockwell Automation Inc.	7,894		548,159
Texas Instruments Inc.	68,396		2,573,742
Waters Corp. (a)	4,808		285,403
			34,919,398
Financial Services (10.37%)
Ambac Financial Group Inc.	4,851		422,959
American Express Co.	56,472		3,454,957
Ameriprise Financial Inc.	11,413		725,524

See accompanying notes to financial statements.

20

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Apartment Investment and Management Co.	4,456	$	224,672
Archstone-Smith Trust	10,419		615,867
AvalonBay Communities Inc.	3,745		445,206
Bear Stearns Companies Inc.	5,568		779,520
Boston Properties Inc.	5,578		569,681
Capital One Financial Corp.	19,307		1,514,441
CB Richard Ellis Group Inc. Class A (a)	8,516		310,834
Charles Schwab Corp.	47,812		981,102
Chicago Mercantile Exchange Holdings Inc.	1,655		884,366
CIT Group Inc.	9,205		504,710
Citigroup Inc.	232,696		11,934,978
Commerce Bancorp Inc.	8,622		318,928
Compass Bancshares Inc.	6,030		415,949
Countrywide Financial Corp.	27,619		1,003,951
Developers Diversified Realty Corp.	5,936		312,887
E*Trade Financial Corp. (a)	19,673		434,577
Equity Residential	13,471		614,682
Federal Home Loan Mortgage Corp.	31,629		1,919,880
Federal National Mortgage Association	45,643		2,981,857
Federated Investors Inc. Class B	4,104		157,306
Fidelity National Information Services	7,555		410,085
First Horizon National Corp.	5,813		226,707
Franklin Resources Inc.	7,708		1,021,079
General Growth Properties Inc.	11,534		610,725
Goldman Sachs Group Inc.	19,370		4,198,447
H&R Block Inc.	15,107		353,051
Host Hotels & Resorts Inc.	24,372		563,481
Janus Capital Group Inc.	9,862		274,558
Keycorp	18,653		640,357
Kimco Realty Corp.	10,696		407,197
Legg Mason Inc.	6,096		599,724
Lehman Brothers Holdings Inc.	24,897		1,855,324
Marshall & Ilsley Corp.	11,949		569,131
MBIA Inc.	6,177		384,333
Mellon Financial Corp.	19,328		850,432
Merrill Lynch & Co. Inc.	41,312		3,452,857
MGIC Investment Corp.	4,025		228,861
Morgan Stanley	49,729		4,171,269
National City Corp.	27,606		919,832
Principal Financial Group	12,710		740,866
ProLogis	11,884		676,200
Public Storage	5,810		446,324
Regions Financial Corp.	33,823		1,119,541
Simon Property Group Inc.	10,495		976,455
SLM Corp.	19,167		1,103,636
Sovereign Bancorp Inc.	17,189		363,375
T Rowe Price Group Inc.	12,308		638,662
Vornado Realty Trust	6,044		663,873
Wachovia Corp.	89,870		4,605,838
Western Union Co.	35,849		746,735
Zions Bancorporation	5,029		386,780
			65,734,569
Forest Products & Paper (0.37%)
International Paper Co.	19,672		768,191
MeadWestvaco Corp.	8,350		294,922
OfficeMax Inc.	3,399		133,581
Plum Creek Timber Co. Inc.	8,630		359,526
Weyerhaeuser Co.	9,781		772,014
			2,328,234
Health Care (11.20%)
Abbott Laboratories	72,309		3,872,147
Aetna Inc.	24,933		1,231,690
Allergan Inc.	14,426		831,515
AmerisourceBergen Corp.	9,122		451,265
Amgen Inc. (a)	54,470		3,011,646
Applera Corp.- Applied Biosystems Group	8,585		262,186
Barr Pharmaceuticals Inc. (a)	4,963		249,291
Bausch & Lomb Inc.	2,483		172,420
Baxter International Inc.	30,463		1,716,285
Becton Dickinson & Co.	11,376		847,512
Biogen Idec Inc. (a)	13,458		720,003
Biomet Inc.	11,408		521,574
Boston Scientific Corp. (a)	55,381		849,545
Bristol-Myers Squibb Co.	93,740		2,958,434
Cardinal Health Inc.	18,560		1,311,078
Celgene Corp. (a)	17,682		1,013,709
Coventry Health Care Inc. (a)	7,370		424,881
CR Bard Inc.	4,793		396,046
Eli Lilly & Co.	46,244		2,584,115
Express Scripts Inc. (a)	12,726		636,427
Forest Laboratories Inc. (a)	14,747		673,201
Genzyme Corp. (a)	12,196		785,422
Gilead Sciences Inc. (a)	43,734		1,695,567
Hospira Inc. (a)	7,237		282,532
Humana Inc. (a)	7,720		470,225
IMS Health Inc.	9,150		293,990
Johnson & Johnson	136,200		8,392,644
King Pharmaceuticals Inc. (a)	11,171		228,559
Laboratory Corp. of America Holdings (a)	5,765		451,169
Manor Care Inc.	3,404		222,247
McKesson Corp.	14,100		840,924
Medco Health Solutions Inc. (a)	13,596		1,060,352
Medtronic Inc.	53,991		2,799,973
Merck & Co. Inc.	101,814		5,070,337
Mylan Laboratories Inc.	11,040		200,818
Patterson Cos. Inc. (a)	6,396		238,379
Pfizer Inc.	331,688		8,481,262
Quest Diagnostics Inc.	7,486		386,652

See accompanying notes to financial statements.

21

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Schering-Plough Corp.	69,739	$	2,122,855
St. Jude Medical Inc. (a)	16,519		685,373
Stryker Corp.	13,874		875,311
Tenet Healthcare Corp. (a)	21,722		141,410
UnitedHealth Group Inc.	62,872		3,215,274
Varian Medical Systems Inc. (a)	6,028		256,250
Watson Pharmaceuticals Inc. (a)	4,660		151,590
WellPoint Inc. (a)	28,920		2,308,684
Wyeth	63,129		3,619,817
Zimmer Holdings Inc. (a)	11,108		942,958
			70,955,544
Insurance (4.59%)
ACE Ltd.	15,094		943,677
Aflac Inc.	23,051		1,184,821
American International Group Inc.	121,992		8,543,100
Aon Corp.	14,575		621,041
Assurant Inc.	4,699		276,865
Chubb Corp.	19,158		1,037,214
Cigna Corp.	14,140		738,391
Cincinnati Financial Corp.	8,026		348,328
Genworth Financial Inc.	20,585		708,124
Hartford Financial Services Group Inc.	14,790		1,456,963
Lincoln National Corp.	12,312		873,537
Loews Corp.	21,135		1,077,462
Marsh & McLennan Companies Inc.	25,758		795,407
MetLife Inc.	35,332		2,278,207
Progressive Corp.	33,305		796,989
Prudential Financial Inc.	22,333		2,171,438
Safeco Corp.	4,804		299,097
The Allstate Corp.	29,049		1,786,804
Torchmark Corp.	4,547		304,649
Travelers Companies Inc.	31,848		1,703,868
Unum Group	15,829		413,295
XL Capital Ltd. Class A	8,608		725,568
			29,084,845
Leisure, Lodging & Gaming (0.58%)
Carnival Corp.	20,584		1,003,882
Harrah’s Entertainment Inc.	8,647		737,243
Hilton Hotels Corp.	17,938		600,385
Marriott International Inc. Class A	15,865		686,002
Starwood Hotels & Resorts Worldwide Inc.	10,027		672,511
			3,700,023
Machinery & Manufacturing (3.83%)
3M Co.	34,277		2,974,901
Bemis Co. Inc.	4,846		160,790
Caterpillar Inc.	30,552		2,392,222
Cooper Industries Ltd. Class A	8,584		490,061
Cummins Inc.	4,856		491,476
Deere & Co.	10,703		1,292,280
Dover Corp.	9,369		479,224
Eaton Corp.	6,932		644,676
Goodrich Corp.	5,823		346,818
Honeywell International Inc.	37,267		2,097,387
Illinois Tool Works Inc.	19,434		1,053,128
Ingersoll-Rand Co. Ltd. Class A	13,986		766,713
Johnson Controls Inc.	9,181		1,062,884
Millipore Corp. (a)	2,601		195,309
Parker Hannifin Corp.	5,517		540,169
Precision Castparts Corp.	6,417		778,767
Terex Corp. (a)	4,743		385,606
Textron Inc.	5,950		655,155
Thermo Fisher Scientific Inc. (a)	19,638		1,015,677
Tyco International Ltd.	93,146		3,147,403
United Technologies Corp.	46,914		3,327,610
			24,298,256
Media & Broadcasting (3.18%)
CBS Corp. Class B	35,451		1,181,227
Clear Channel Communications Inc.	23,056		871,978
Comcast Corp. Class A (a)	146,254		4,112,662
Dow Jones & Co. Inc.	2,915		167,467
EW Scripps Co. Class A	3,926		179,379
Gannett Co. Inc.	10,950		601,702
Meredith Corp.	1,917		118,087
New York Times Co.	6,703		170,256
News Corp. Class A	109,101		2,314,032
The DIRECTV Group Inc. (a)	35,752		826,229
The McGraw-Hill Companies Inc.	16,534		1,125,635
The Walt Disney Co.	94,262		3,218,105
Time Warner Inc.	179,789		3,782,761
Tribune Co.	3,960		116,424
Viacom Inc. Class B (a)	32,642		1,358,887
			20,144,831
Mining & Metals (0.93%)
Alcoa Inc.	40,643		1,647,261
Allegheny Technologies Inc.	4,707		493,670
Freeport-McMoRan Copper & Gold Inc.	17,558		1,454,153
Newmont Mining Corp.	20,964		818,854
Nucor Corp.	14,423		845,909
United States Steel Corp.	5,769		627,379
			5,887,226
Oil & Gas (10.45%)
Anadarko Petroleum Corp.	21,608		1,123,400
Apache Corp.	15,448		1,260,402
Baker Hughes Inc.	15,361		1,292,321
BJ Services Co.	14,238		404,929
Chesapeake Energy Corp.	19,151		662,625
Chevron Corp.	101,596		8,558,447

See accompanying notes to financial statements.

22

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Oil & Gas (Cont.)
ConocoPhillips	76,806	$	6,029,271
Devon Energy Corp.	20,792		1,627,806
El Paso Corp.	32,399		558,235
ENSCO International Inc.	7,080		431,951
EOG Resources Inc.	11,360		829,962
Exxon Mobil Corp.	265,647		22,282,470
Halliburton Co.	43,803		1,511,203
Hess Corp.	12,641		745,313
Marathon Oil Corp.	32,802		1,966,808
Murphy Oil Corp.	8,687		516,355
Nabors Industries Ltd. (a)	14,184		473,462
National-Oilwell Varco Inc. (a)	8,244		859,355
Noble Corp.	6,319		616,229
Occidental Petroleum Corp.	39,813		2,304,376
Questar Corp.	7,962		420,792
Rowan Companies Inc.	5,044		206,703
Schlumberger Ltd.	55,349		4,701,344
Smith International Inc.	9,303		545,528
Spectra Energy Corp.	29,365		762,315
Sunoco Inc.	5,331		424,774
Transocean Inc. (a)	13,571		1,438,255
Valero Energy Corp.	25,734		1,900,713
Weatherford International Ltd. (a)	16,067		887,541
Williams Companies Inc.	27,801		879,068
			66,221,953
Retailers (5.88%)
Abercrombie & Fitch Co. Class A	4,133		301,626
Amazon.com Inc. (a)	14,479		990,508
AutoNation Inc. (a)	6,996		156,990
Autozone Inc. (a)	2,416		330,074
Bed Bath & Beyond Inc. (a)	13,066		470,245
Best Buy Co. Inc.	18,813		878,003
Big Lots Inc. (a)	5,285		155,485
Circuit City Stores Inc.	6,332		95,487
Coach Inc. (a)	17,317		820,653
Costco Wholesale Corp.	21,598		1,263,915
CVS Caremark Corp.	72,354		2,637,303
Dillard’s Inc. Class A	2,815		101,143
Dollar General Corp.	14,604		320,120
Family Dollar Stores Inc.	7,126		244,564
GAP Inc.	24,378		465,620
Home Depot Inc.	93,801		3,691,069
J.C. Penney Co. Inc.	10,580		765,780
Kohl’s Corp. (a)	15,367		1,091,518
Kroger Co.	33,419		940,076
Limited Brands	16,006		439,365
Lowe’s Companies Inc.	71,334		2,189,240
Macy’s Inc.	21,541		856,901
McDonald’s Corp.	56,826		2,884,488
Nordstrom Inc.	10,523		537,936
Office Depot Inc. (a)	13,423		406,717
RadioShack Corp.	6,225		206,297
Safeway Inc.	20,721		705,136
Sears Holdings Corp. (a)	3,932		666,474
Staples Inc.	33,562		796,426
Supervalu Inc.	9,710		449,767
Target Corp.	39,994		2,543,618
The Sherwin-Williams Co.	5,187		344,780
Tiffany & Co.	6,561		348,127
TJX Companies Inc.	21,223		583,633
Wal-Mart Stores Inc.	114,563		5,511,626
Walgreen Co.	46,850		2,039,849
			37,230,559
Technology (3.06%)
Altera Corp.	16,512		365,411
Analog Devices Inc.	16,032		603,444
Avaya Inc. (a)	20,905		352,040
Broadcom Corp. (a)	21,812		638,001
Citrix Systems Inc. (a)	8,400		282,828
Cognizant Technology Solutions Corp. (a)	6,615		496,720
Fiserv Inc. (a)	8,236		467,805
Google Inc. (a)	10,246		5,362,551
International Game Technology	15,673		622,218
Jabil Circuit Inc.	8,446		186,403
L-3 Communications Holdings Inc.	5,733		558,337
Lexmark International Group Inc. (a)	4,768		235,110
Maxim Integrated Products Inc.	14,743		492,564
MEMC Electronic Materials Inc. (a)	10,512		642,493
NCR Corp. (a)	8,364		439,445
Network Appliance Inc. (a)	17,238		503,350
Novell Inc. (a)	16,540		128,847
Novellus Systems Inc. (a)	5,662		160,631
NVIDIA Corp. (a)	16,760		692,356
QLogic Corp. (a)	7,453		124,092
QUALCOMM Inc.	78,199		3,393,055
SanDisk Corp. (a)	10,575		517,540
Solectron Corp. (a)	41,957		154,402
Symantec Corp. (a)	44,012		889,042
Tektronix Inc.	3,910		131,923
Teradyne Inc. (a)	9,152		160,892
VeriSign Inc. (a)	11,253		357,058
Xilinx Inc.	15,183		406,449
			19,365,007
Telecom & Telecom Equipment (5.62%)
Alltel Corp.	16,734		1,130,382
AT&T Inc.	291,124		12,081,647
CenturyTel Inc.	5,298		259,867
Ciena Corp. (a)	3,843		138,848
Cisco Systems Inc. (a)	285,430		7,949,225
Citizens Communications Co.	15,408		235,280
Corning Inc. (a)	73,590		1,880,225

See accompanying notes to financial statements.

23

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecom & Telecom Equipment (Cont.)
Embarq Corp.		6,916	$	438,267
JDS Uniphase Corp. (a)		9,653		129,640
Motorola Inc.		110,747		1,960,222
Qwest Communications International Inc. (a)		73,920		717,024
Sprint Nextel Corp.		136,565		2,828,261
Tellabs Inc. (a)		20,769		223,474
Verizon Communications Inc.		136,432		5,616,905
				35,589,267
Textiles & Clothing (0.32%)
Jones Apparel Group Inc.		5,239		148,002
Liz Claiborne Inc.		4,825		179,972
Nike Inc.		17,706		1,032,083
Polo Ralph Lauren Corp.		2,861		280,693
VF Corp.		4,047		370,624
				2,011,374
Transportation (1.65%)
Burlington Northern Santa Fe Corp.		16,916		1,440,228
CH Robinson Worldwide Inc.		8,024		421,420
CSX Corp.		20,458		922,247
FedEx Corp.		14,382		1,595,971
Norfolk Southern Corp.		18,293		961,663
Union Pacific Corp.		12,645		1,456,072
United Parcel Service Inc. Class B		50,174		3,662,702
				10,460,303
Utilities & Energy (3.77%)
Allegheny Energy Inc. (a)		7,754		401,192
Ameren Corp.		9,815		481,033
American Electric Power Co. Inc.		18,508		833,600
CenterPoint Energy Inc.		14,316		249,099
CMS Energy Corp.		10,200		175,440
CONSOL Energy Inc.		8,458		389,998
Consolidated Edison Inc.		12,478		563,007
Constellation Energy Group		8,469		738,243
Dominion Resources Inc.		16,407		1,416,088
DTE Energy Co.		8,414		405,723
Duke Energy Corp.		58,651		1,073,313
Dynegy Inc. (a)		17,651		166,626
Edison International		15,119		848,478
Entergy Corp.		9,577		1,028,091
Exelon Corp.		31,505		2,287,263
FirstEnergy Corp.		14,842		960,723
FPL Group Inc.		18,935		1,074,372
Integrys Energy Group Inc.		3,498		177,454
KeySpan Corp.		8,048		337,855
Nicor Inc.		2,047		87,857
NiSource Inc.		12,575		260,428
Peabody Energy Corp.		12,269		593,574
PG&E Corp.		16,470		746,091
	Shares or principal amount
Pinnacle West Capital Corp.		4,744		189,048
PPL Corp.		17,933		839,085
Progress Energy Inc.		12,161		554,420
Public Service Enterprise Group Inc.		11,811		1,036,770
Sempra Energy		12,216		723,554
TECO Energy Inc.		9,621		165,289
The AES Corp. (a)		30,960		677,405
The Southern Co.		35,158		1,205,568
TXU Corp.		21,530		1,448,969
Windstream Corp.		21,786		321,561
Xcel Energy Inc.		18,616		381,070
XTO Energy Corp.		17,853		1,072,965
				23,911,252
Total Common Stocks (cost $517,190,238)				629,310,253
Short-term Investments (0.78%)
U.S. Treasury Bills,
4.500%, 09/27/2007 (b)	$	5,002,000		4,945,427
Total Short-term Investments (cost $4,946,174)				4,945,427
TOTAL INVESTMENTS (100.10%) (cost $522,136,412)				634,255,680
LIABILITIES, NET OF CASH AND OTHER ASSETS (-0.10%)				(636,812	)
NET ASSETS (100.00%)			$	633,618,868

(a) Non-income producing security.

(b) At June 30, 2007, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

See accompanying notes to financial statements.

24

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (95.86%)
Automotive & Transportation (4.10%)
AAR Corp. (a)	7,637	$	252,097
ABX Air Inc. (a)	11,329		91,312
Accuride Corp. (a)	5,034		77,574
Aftermarket Technology Corp. (a)	4,557		135,252
Airtran Holdings Inc. (a)	19,252		210,232
Alaska Air Group Inc. (a)	8,782		244,666
Allegiant Travel Co. (a)	1,205		37,042
Amerco Inc. (a)	2,104		158,852
American Axle & Manufacturing Holdings Inc.	9,137		270,638
American Commercial Lines Inc. (a)	12,464		324,687
American Railcar Industries Inc.	2,027		79,053
Amerigon Inc. (a)	4,399		79,138
Arkansas Best Corp.	4,592		178,950
Arlington Tankers Ltd.	2,938		84,262
ArvinMeritor Inc.	14,288		317,194
Atlas Air Worldwide Holdings Inc. (a)	2,730		160,906
Bristow Group Inc. (a)	4,108		203,551
Celadon Group Inc. (a)	4,880		77,592
Commercial Vehicle Group Inc. (a)	4,307		80,239
Cooper Tire & Rubber Co.	12,470		344,421
Double Hull Tankers Inc.	4,739		73,881
Dynamex Inc. (a)	2,260		57,698
Eagle Bulk Shipping Inc.	8,677		194,452
EGL Inc. (a)	6,705		311,648
ExpressJet Holdings Inc. (a)	11,515		68,860
Fleetwood Enterprises Inc. (a)	12,543		113,514
Florida East Coast Industries Inc.	7,466		619,529
Force Protection Inc. (a)	13,743		283,655
Forward Air Corp.	6,119		208,597
Freightcar America Inc.	2,496		119,409
Genco Shipping & Trading Ltd.	3,679		151,795
General Maritime Corp.	5,906		158,163
Genesee & Wyoming Inc. (a)	7,213		215,236
Golar LNG Ltd.	7,002		116,653
Greenbrier Companies Inc.	3,239		97,883
GulfMark Offshore Inc. (a)	4,622		236,739
Hayes Lemmerz International Inc. (a)	19,205		102,747
Heartland Express Inc.	11,785		192,095
Horizon Lines Inc.	6,887		225,618
Hub Group Inc. (a)	7,887		277,307
Interpool Inc.	2,126		57,189
Jetblue Airways Corp. (a)	36,608		430,144
Keystone Automotive Industries Inc. (a)	3,388		140,162
Knight Transportation Inc.	11,684		226,436
Knightsbridge Tankers Ltd.	3,565		108,768
Lear Corp. (a)	13,703		487,964
Marine Products Corp.	2,326		19,143
Marten Transport Ltd. (a)	3,359		60,496
Miller Industries Inc. (a)	1,922		48,242
Modine Manufacturing Co.	6,653		150,358
Monaco Coach Corp.	6,305		90,477
Noble International Ltd.	2,415		49,363
Nordic American Tanker Shipping Ltd.	5,580		227,887
Odyssey Marine Exploration Inc. (a)	8,341		50,129
Old Dominion Freight Line Inc. (a)	6,013		181,292
Pacer International Inc.	7,330		172,402
Patriot Transportation Holding Inc. (a)	331		28,698
PHI Inc. (a)	2,963		88,268
Pinnacle Airlines Corp. (a)	4,142		77,662
Polaris Industries Inc.	7,253		392,822
Republic Airways Holdings Inc. (a)	7,576		154,172
Saia Inc. (a)	2,858		77,909
Ship Finance International Ltd.	6,474		192,148
SkyWest Inc.	13,379		318,822
Spartan Motors Inc.	6,547		111,430
Standard Motor Products Inc.	3,144		47,254
Stoneridge Inc. (a)	2,824		34,848
Superior Industries International Inc.	4,674		101,706
TBS International Ltd. Class A (a)	966		27,434
Tenneco Inc. (a)	9,365		328,150
Ultrapetrol Bahamas Ltd. (a)	3,081		73,020
Universal Truckload Services Inc. (a)	1,364		27,103
Visteon Corp. (a)	26,343		213,378
Wabash National Corp.	6,057		88,614
Werner Enterprises Inc.	9,441		190,236
Winnebago Industries Inc.	6,462		190,758
			12,498,021
Consumer Discretionary (18.86%)
1-800 Contacts Inc. (a)	1,465		34,369
1-800-FLOWERS.COM Inc. (a)	5,178		48,829
24/7 Real Media Inc. (a)	11,223		131,646
99 Cents Only Stores (a)	9,649		126,498
Aaron Rents Inc.	9,250		270,100
ABM Industries Inc.	8,679		224,005
AC Moore Arts & Crafts Inc. (a)	4,019		78,813
Administaff Inc.	4,731		158,441
Advisory Board Co. (a)	3,672		204,016
Aeropostale Inc. (a)	10,456		435,806
AFC Enterprises (a)	5,950		102,875
Ambassadors Group Inc.	3,221		114,442
Ambassadors International Inc.	1,805		60,034
American Greetings Corp.	11,579		328,033
American Woodmark Corp.	2,358		81,587
Ameristar Casinos Inc.	4,974		172,797
AMN Healthcare Services Inc. (a)	7,030		154,660
Applebee’s International Inc.	15,117		364,320
Arbitron Inc.	6,105		314,591
Arctic Cat Inc.	2,380		47,124
Asbury Automotive Group Inc.	5,179		129,216
Bally Technologies Inc. (a)	10,791		285,098
Barrett Business Services Inc.	1,542		39,830
bebe stores inc.	5,184		82,996
Belo Corp.	17,470		359,707

See accompanying notes to financial statements.

25

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Benihana Inc. Class A (a)	2,470	$	49,400
Big 5 Sporting Goods Corp.	4,366		111,333
BJ’s Restaurant Inc. (a)	3,483		68,754
Blockbuster Inc. (a)	37,611		162,103
Blue Nile Inc. (a)	2,700		163,080
Blyth Inc.	5,123		136,169
Bob Evans Farms Inc.	7,264		267,678
Bon-Ton Stores Inc.	2,077		83,205
Books-A-Million Inc.	2,781		47,110
Borders Group Inc.	11,809		225,080
Bowne & Co. Inc.	5,852		114,173
Bright Horizons Family Solutions Inc. (a)	5,324		207,157
Brightpoint Inc. (a)	10,284		141,816
Brown Shoe Co. Inc.	8,700		211,584
Buckle Inc.	2,812		110,793
Buffalo Wild Wings Inc. (a)	3,195		132,880
Build-A-Bear Workshop Inc. (a)	3,308		86,471
Cabela’s Inc. (a)	7,727		170,999
Cache Inc. (a)	2,706		35,909
California Pizza Kitchen Inc. (a)	5,784		124,240
Callaway Golf Co.	14,384		256,179
Capella Education Co. (a)	2,171		99,931
Carmike Cinemas Inc.	2,678		58,809
Carrols Restaurant Group Inc. (a)	1,995		30,424
Carter’s Inc. (a)	11,730		304,276
Casella Waste Systems Inc. (a)	4,100		44,198
Casual Male Retail Group Inc. (a)	7,319		73,922
Catalina Marketing Corp.	7,407		233,320
Cato Corp. Class A	5,846		128,261
CBIZ Inc. (a)	9,569		70,332
CBRL Group Inc.	4,999		212,358
CDI Corp.	2,940		94,668
CEC Entertainment Inc. (a)	5,822		204,934
Central European Distribution Corp. (a)	7,430		257,227
Central Garden & Pet Co. (a)	14,270		167,387
Cenveo Inc. (a)	10,882		252,354
Charlotte Russe Holding Inc. (a)	5,103		137,118
Charming Shoppes Inc. (a)	24,682		267,306
Charter Communications Inc. (a)	82,566		334,392
Chattem Inc. (a)	3,430		217,393
Chemed Corp.	5,107		338,543
Cherokee Inc.	1,566		57,222
Children’s Place Retail Stores Inc. (a)	4,607		237,905
Chipolte Mexican Grill Inc. Class B (a)	6,623		520,766
Christopher & Banks Corp.	7,273		124,732
Churchill Downs Inc.	1,979		103,660
Cinemark Holdings Inc. (a)	5,722		102,367
Citadel Broadcasting Corp.	37,354		240,933
Citi Trends Inc. (a)	2,790		105,908
CKE Restaurants Inc.	12,762		256,133
CKX Inc. (a)	7,700		106,414
CMGI Inc. (a)	87,372		170,375
CNET Networks Inc. (a)	30,591		250,540
Coinmach Service Corp.	6,208		82,132
Coinstar Inc. (a)	5,579		175,627
Columbia Sportswear Co.	2,702		185,573
Compass Diversified Trust	4,160		74,173
Conn’s Inc. (a)	2,383		68,058
Consolidated Graphics Inc. (a)	2,238		155,049
Core-Mark Holding Co. Inc. (a)	1,825		65,664
Corinthian Colleges Inc. (a)	17,401		283,462
Cornell Co. Inc. (a)	2,183		53,614
CoStar Group Inc. (a)	3,782		199,992
Courier Corp.	2,394		95,760
Cox Radio Inc. (a)	6,824		97,174
CPI Corp.	1,059		73,600
CRA International Inc. (a)	2,301		110,908
Cross Country Healthcare Inc. (a)	6,421		107,102
Crown Media Holdings Inc. (a)	3,483		25,078
CSK Auto Corp. (a)	8,757		161,129
CSS Industries Inc.	1,725		68,327
Cumulus Media Inc. (a)	6,002		56,119
Deb Shops Inc.	1,160		32,074
Deckers Outdoor Corp. (a)	2,579		260,221
Denny’s Corp. (a)	18,975		84,439
DeVry Inc.	12,024		409,056
DG FastChannel Inc. (a)	2,656		54,129
Diamond Management & Technology Consultants Inc.	5,535		73,062
Dollar Thrifty Automotive Group Inc. (a)	4,776		195,052
Domino’s Pizza Inc.	8,991		164,266
Dover Downs Gaming & Entertainment Inc.	3,524		52,895
Dress Barn Inc. (a)	9,467		194,263
DSW Inc. (a)	3,258		113,444
DTS Inc. (a)	3,627		78,960
DynCorp International Inc. (a)	5,102		112,193
Earthlink Inc. (a)	24,867		185,756
Eddie Bauer Holdings Inc. (a)	6,188		79,516
Elizabeth Arden Inc. (a)	5,056		122,659
Emmis Communications Corp.	6,880		63,365
Ennis Inc.	5,127		120,587
Entercom Communications Corp.	7,088		176,420
Entravision Communications Corp. (a)	14,124		147,313
Ethan Allen Interiors Inc.	5,426		185,840
Exponent Inc. (a)	3,170		70,913
EZCORP Inc. (a)	7,935		105,059
First Advantage Corp. Class A (a)	1,494		34,377
Fisher Communications Inc. (a)	1,361		69,125
Forrester Research Inc. (a)	3,038		85,459
Fossil Inc. (a)	8,929		263,316
Fred’s Inc.	7,870		105,301
FTD Group Inc.	3,832		70,547
FTI Consulting Inc. (a)	8,679		330,062
Furniture Brands International Inc.	10,124		143,761

See accompanying notes to financial statements.

26

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
G&K Services Inc. Class A	4,372	$	172,738
G-III Apparel Group Ltd. (a)	2,515		39,712
Gaiam Inc. (a)	3,456		63,003
Gander Mountain Co. (a)	900		10,215
GateHouse Media Inc.	3,380		62,699
Gaylord Entertainment Co. (a)	8,315		446,017
Gemstar-TV Guide International Inc. (a)	51,816		254,935
Genesco Inc. (a)	4,582		239,684
Geo Group Inc. (a)	10,221		297,431
Gevity HR Inc.	4,940		95,490
Global Sources Ltd. (a)	3,122		70,869
Glu Mobile Inc. (a)	1,479		20,558
Gray Television Inc.	8,547		79,231
Great Wolf Resorts Inc. (a)	6,249		89,048
Greenfield Online Inc. (a)	4,422		70,354
Group 1 Automotive Inc.	4,848		195,568
GSI Commerce Inc. (a)	3,993		90,681
Guitar Center Inc. (a)	5,938		355,152
Gymboree Corp. (a)	6,609		260,461
Harris Interactive Inc. (a)	11,281		60,353
Haverty Furniture Companies Inc.	4,011		46,808
Heelys Inc. (a)	1,262		32,635
Heidrick & Struggles International Inc. (a)	3,663		187,692
Helen of Troy Ltd. (a)	6,115		165,105
Hibbett Sports Inc. (a)	6,323		173,124
Home Solutions of America Inc. (a)	7,192		43,008
Hooker Furniture Corp.	2,513		56,392
Hot Topic Inc. (a)	8,858		96,286
Houston Wire & Cable Co. (a)	3,369		95,713
Hudson Highland Group Inc. (a)	4,990		106,736
Iconix Brand Group Inc. (a)	10,150		225,533
ICT Group Inc. (a)	1,638		30,647
IHOP Corp.	3,572		194,424
IKON Office Solutions Inc.	21,831		340,782
Infospace Inc. (a)	6,787		157,526
InfoUSA Inc.	6,127		62,618
Insight Enterprises Inc. (a)	9,642		217,620
Inter Parfums Inc.	1,785		47,517
Internap Network Services Corp. (a)	9,845		141,965
inVentiv Health Inc. (a)	6,287		230,167
iPass Inc. (a)	10,240		55,501
Isle of Capri Casinos Inc. (a)	3,230		77,391
J Crew Group Inc. (a)	7,868		425,580
Jack in the Box Inc. (a)	6,348		450,327
Jackson Hewitt Tax Service Inc.	6,606		185,695
Jakks Pacific Inc. (a)	5,548		156,121
Jamba Inc. (a)	10,428		95,312
Jo-Ann Stores Inc. (a)	5,008		142,377
Jos. A. Bank Clothiers Inc. (a)	3,634		150,702
Journal Communications Inc. Class A	9,883		128,578
K-Swiss Inc. Class A	5,119		145,021
K2 Inc. (a)	9,970		151,444
Kellwood Co.	5,167		145,296
Kelly Services Inc. Class A	4,765		130,847
Kenexa Corp. (a)	5,103		192,434
Kenneth Cole Productions Inc.	1,851		45,720
Kforce Inc. (a)	6,303		100,722
Kimball International Inc. Class B	5,280		73,973
Knology Inc. (a)	5,277		91,661
Korn/Ferry International (a)	8,562		224,838
Krispy Kreme Doughnuts Inc. (a)	13,280		122,973
La-Z-Boy Inc.	10,578		121,224
Labor Ready Inc. (a)	9,375		216,656
Lakes Entertainment Inc. (a)	3,985		47,063
Lancaster Colony Corp.	4,663		195,333
Landry’s Restaurants Inc.	3,494		105,728
Lawson Products Inc.	834		32,276
Leapfrog Enterprises Inc. (a)	7,131		73,093
LECG Corp. (a)	5,269		79,615
Lee Enterprises Inc. Class A	9,358		195,208
Libbey Inc.	2,945		63,524
Life Time Fitness Inc. (a)	6,456		343,653
Lifetime Brands Inc.	2,482		50,757
Lin TV Corp. (a)	5,603		105,392
Lincoln Educational Services (a)	679		10,090
Liquidity Services Inc. (a)	2,209		41,485
Lithia Motors Inc. Class A	3,214		81,443
Live Nation Inc. (a)	13,443		300,854
LKQ Corp. (a)	9,360		230,818
LodgeNet Entertainment Corp. (a)	4,634		148,566
Lodgian Inc. (a)	3,822		57,445
LoJack Corp. (a)	3,834		85,460
LoopNet Inc. (a)	5,424		126,542
Magna Entertainment Corp. (a)	9,510		27,769
Maidenform Brands Inc. (a)	4,586		91,078
Mannatech Inc.	3,189		50,673
Marchex Inc. Class B	5,610		91,555
Marcus Corp.	4,404		104,639
MarineMax Inc. (a)	3,499		70,050
Martha Stewart Living Omnimedia Inc.	5,601		96,337
Marvel Entertainment Inc. (a)	11,013		280,611
Matthews International Corp.	6,482		282,680
MAXIMUS Inc.	4,406		191,132
McCormick & Schmick’s Seafood Restaurants Inc. (a)	2,995		77,690
Media General Inc.	4,761		158,398
Mediacom Communications Corp. Class A (a)	11,152		108,063
Midas Inc. (a)	3,045		69,030
Midway Games Inc. (a)	4,758		30,261
Monarch Casino & Resort Inc. (a)	2,424		65,084
Monro Muffler Brake Inc.	2,557		95,760
Morgans Hotel Group (a)	4,106		100,104
Morton’s Restaurant Group Inc. (a)	2,133		38,629

See accompanying notes to financial statements.

27

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Movado Group Inc.	3,484	$	117,550
MPS Group Inc. (a)	20,627		275,783
MTR Gaming Group Inc. (a)	4,420		68,068
Multimedia Games Inc. (a)	4,908		62,626
MWI Veterinary Supply Inc. (a)	1,722		68,691
National CineMedia Inc. (a)	8,578		240,270
National Presto Industries Inc.	1,035		64,522
Nautilus Inc.	6,062		72,986
Navigant Consulting Inc. (a)	11,726		217,635
Net 1 UEPS Technologies Inc. (a)	8,445		203,947
Netflix Inc. (a)	9,198		178,349
New York & Co. Inc. (a)	3,959		43,391
Nexstar Broadcasting Group Inc. (a)	2,155		28,317
NIC Inc.	8,066		55,171
Nu Skin Enterprises Inc.	10,406		171,699
O’Charley’s Inc.	4,615		93,038
Oakley Inc.	4,949		140,552
On Assignment Inc. (a)	7,012		75,169
Overstock.com Inc. (a)	3,311		60,492
Oxford Industries Inc.	3,029		134,306
Pacific Sunwear of California Inc. (a)	14,155		311,410
Pantry Inc. (a)	4,605		212,290
Papa John’s International Inc. (a)	4,381		125,998
Payless Shoesource Inc. (a)	13,183		415,924
PC Connection Inc. (a)	1,704		22,561
PeopleSupport Inc. (a)	4,724		53,617
PEP Boys-Manny Moe & Jack	8,426		169,868
Perficient Inc. (a)	5,929		122,730
Perry Ellis International Inc. (a)	2,112		67,943
PetMed Express Inc. (a)	4,266		54,775
PF Chang’s China Bistro Inc. (a)	5,259		185,117
PHH Corp. (a)	10,829		337,973
Pier 1 Imports Inc.	18,372		155,978
Pinnacle Entertainment Inc. (a)	12,070		339,770
Playboy Enterprises Inc. (a)	4,731		53,602
Playtex Products Inc. (a)	11,414		169,041
Pre-Paid Legal Services Inc. (a)	1,833		117,880
Premier Exhibitions Inc. (a)	5,881		92,685
Prestige Brands Holdings Inc. (a)	6,478		84,084
Priceline.com Inc. (a)	7,639		525,105
PriceSmart Inc.	2,629		65,015
Primedia Inc. (a)	53,890		153,586
Protection One Inc. (a)	1,393		20,839
Quiksilver Inc. (a)	24,704		349,068
Radio One Inc. Class D (a)	15,513		109,522
Rare Hospitality International Inc. (a)	6,262		167,634
RC2 Corp. (a)	4,257		170,323
Red Robin Gourmet Burgers Inc. (a)	3,290		132,817
Regis Corp.	8,995		344,059
Renaissance Learning Inc.	1,473		19,370
Rent-A-Center Inc. (a)	14,134		370,735
Resources Connection Inc. (a)	9,908		328,747
Retail Ventures Inc. (a)	5,687		91,731
Revlon Inc. (a)	36,628		50,180
Riviera Holdings Corp. (a)	2,014		73,209
Rollins Inc.	5,875		133,774
RSC Holdings Inc. (a)	4,198		83,960
Ruby Tuesday Inc.	11,129		293,027
Rush Enterprises Inc. Class A (a)	4,241		92,115
Russ Berrie & Co. Inc. (a)	3,296		61,404
Ruth’s Chris Steak House (a)	4,036		68,572
Salem Communications Corp.	1,841		20,417
Sally Beauty Holdings Inc. (a)	18,604		167,436
Schawk Inc.	3,174		63,543
Scholastic Corp. (a)	7,252		260,637
School Specialty Inc. (a)	4,221		149,592
Sealy Corp.	9,153		151,208
Select Comfort Corp. (a)	10,062		163,206
Shoe Carnival Inc. (a)	1,823		50,114
Shuffle Master Inc. (a)	7,082		117,561
Shutterfly Inc. (a)	2,932		63,185
Sinclair Broadcast Group Inc.	10,034		142,683
Six Flags Inc. (a)	14,575		88,762
Skechers U.S.A. Inc. (a)	4,059		118,523
Sohu.com Inc. (a)	5,542		177,289
Sonic Automotive Inc.	6,306		182,685
Sonic Corp. (a)	13,565		300,058
Sotheby’s	13,324		613,170
Source Interlink Co. Inc. (a)	7,606		37,878
Spanish Broadcasting System Inc. (a)	7,500		32,250
Spectrum Brands Inc. (a)	7,378		49,949
Speedway Motorsports Inc.	2,732		109,225
Spherion Corp. (a)	11,260		105,731
Stage Stores Inc.	8,860		185,706
Stamps.com Inc. (a)	3,413		47,031
Standard Parking Corp. (a)	1,062		37,308
Standard Register Co.	4,163		47,458
Star Maritime Acquisition Corp. (a)	3,712		45,509
Stein Mart Inc.	5,275		64,672
Steiner Leisure Ltd. (a)	3,439		168,924
Steinway Musical Instruments Inc.	1,659		57,385
Steven Madden Ltd.	4,246		139,099
Stewart Enterprises Inc.	20,314		158,246
Strayer Education Inc.	2,974		391,706
Stride Rite Corp.	7,298		147,857
Sturm, Ruger & Co. Inc. (a)	4,545		70,538
Sun-Times Media Group Inc.	13,598		71,389
Syms Corp. (a)	1,350		26,636
Systemax Inc.	2,362		49,153
Take-Two Interactive Software Inc. (a)	14,623		292,021
Talbots Inc.	4,784		119,744
TeleTech Holdings Inc. (a)	8,318		270,169
Tempur-Pedic International Inc.	16,841		436,182
Texas Roadhouse Inc. Class A (a)	10,478		134,014
The Finish Line Inc. Class A	8,734		79,567
The Knot Inc. (a)	5,706		115,204

See accompanying notes to financial statements.

28

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
The Men’s Wearhouse Inc.	10,929	$	558,144
The Providence Service Corp. (a)	2,249		60,093
The Steak n Shake Co. (a)	5,678		94,766
THQ Inc. (a)	13,530		412,936
Timberland Co. (a)	9,424		237,391
TiVo Inc. (a)	19,826		114,793
Topps Co. Inc.	6,861		72,109
Town Sports International Holdings Inc. (a)	3,271		63,196
Travelzoo Inc. (a)	1,514		40,257
Triarc Companies Inc. Class B	12,860		201,902
True Religion Apparel Inc. (a)	2,841		57,758
Trump Entertainment Resorts Inc. (a)	5,921		74,309
Tuesday Morning Corp.	5,983		73,950
Tupperware Brands Corp.	12,610		362,411
Tween Brands Inc. (a)	6,210		276,966
Under Armour Inc. Class A (a)	5,011		228,752
Unifirst Corp.	2,897		127,613
United Online Inc.	13,650		225,089
United Stationers Inc. (a)	5,626		374,917
Universal Electronics Inc. (a)	2,900		105,328
Universal Technical Institute Inc. (a)	4,584		116,388
USANA Health Sciences Inc. (a)	1,697		75,924
Vail Resorts Inc. (a)	6,366		387,498
Valassis Communications Inc. (a)	9,964		171,281
Value Line Inc.	444		19,492
ValueClick Inc. (a)	20,127		592,941
ValueVision Media Inc. Class A (a)	6,096		69,007
Vertrue Inc. (a)	1,527		74,487
Viad Corp.	4,262		179,729
VistaPrint Ltd. (a)	8,789		336,179
Volcom Inc. (a)	3,013		151,042
Volt Information Sciences Inc. (a)	2,876		53,033
Warnaco Group Inc. (a)	9,233		363,226
Waste Connections Inc. (a)	14,062		425,235
Waste Industries USA Inc.	1,034		35,301
Waste Services Inc. (a)	4,160		50,544
Watson Wyatt Worldwide Inc.	8,640		436,147
WD-40 Co.	3,862		126,944
West Marine Inc. (a)	3,131		43,083
Westwood One Inc.	14,738		105,966
Wet Seal Inc. (a)	17,159		103,126
Weyco Group Inc.	1,339		36,059
WMS Industries Inc. (a)	8,260		238,384
Wolverine World Wide Inc.	10,898		301,984
World Fuel Services Corp.	5,843		245,757
World Wrestling Entertainment Inc.	4,787		76,544
Zale Corp. (a)	9,810		233,576
Zumiez Inc. (a)	3,492		131,928
			57,477,508
Consumer Staples (2.17%)
Alliance One International Inc. (a)	19,474		195,714
Arden Group Inc. Class A	240		32,736
Boston Beer Co. Inc. (a)	2,255		88,734
Cal-Maine Foods Inc.	2,486		40,721
Casey’s General Stores Inc.	10,230		278,870
Chiquita Brands International Inc. (a)	8,830		167,417
Coca-Cola Bottling Co. Consolidated	1,165		58,600
Farmer Brothers Co.	1,392		31,501
Flowers Foods Inc.	10,473		349,379
Fresh Del Monte Produce Inc.	5,665		141,908
Green Mountain Coffee Roasters Inc. (a)	1,167		91,890
Hain Celestial Group Inc. (a)	7,989		216,821
Imperial Sugar Co.	2,143		65,983
Ingles Markets Inc.	2,553		87,951
J&J Snack Foods Corp.	2,845		107,370
Jones Soda Co. (a)	5,060		70,941
Lance Inc.	6,161		145,153
Longs Drug Stores Corp.	6,606		346,947
M & F Worldwide Corp. (a)	2,464		164,053
Maui Land & Pineapple Co. Inc. (a)	920		33,792
Nash Finch Co.	2,703		133,799
National Beverage Corp. (a)	2,198		25,299
Pathmark Stores Inc. (a)	6,617		85,756
Peet’s Coffee & Tea Inc. (a)	2,997		73,816
Performance Food Group Co. (a)	7,098		230,614
Pilgrim’s Pride Corp.	8,031		306,543
Ralcorp Holdings Inc. (a)	5,467		292,211
Reddy Ice Holdings Inc.	4,558		129,994
Ruddick Corp.	8,461		254,845
Sanderson Farms Inc.	3,496		157,390
Seaboard Corp.	73		171,185
Sensient Technology Corp.	9,535		242,094
Spartan Stores Inc.	4,351		143,191
Synutra International Inc. (a)	805		16,350
The Great Atlantic & Pacific Tea Co. Inc. (a)	4,050		135,837
Tiens Biotech Group USA Inc. (a)	361		1,383
Tootsie Roll Industries Inc.	7,333		203,197
TreeHouse Foods Inc. (a)	6,296		167,537
United Natural Foods Inc. (a)	8,486		225,558
Universal Corp.	5,153		313,921
Vector Group Ltd.	6,324		142,480
Village Super Market Inc.	598		28,590
Weis Markets Inc.	2,638		106,865
Wild Oats Markets Inc. (a)	6,559		109,929
Winn Dixie Stores Inc. (a)	6,847		200,617
			6,615,482
Durable Products (7.37%)
ACCO Brands Corp. (a)	10,975		252,974
Actuant Corp. Class A	5,574		351,496

See accompanying notes to financial statements.

29

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Durable Products (Cont.)
Advanced Energy Industries Inc. (a)	7,170	$	162,472
Aerovironment Inc. (a)	1,371		28,256
Albany International Corp. Class A	5,940		240,214
Altra Holdings Inc. (a)	2,003		34,612
American Ecology Corp.	3,386		72,528
American Superconductor Corp. (a)	7,056		136,251
Andrew Corp. (a)	31,410		453,560
AO Smith Corp.	4,169		166,301
Applied Industrial Technologies Inc.	8,744		257,948
ARGON ST Inc. (a)	2,672		62,017
Arris Group Inc. (a)	21,954		386,171
Astec Industries Inc. (a)	3,755		158,536
ASV Inc. (a)	4,218		72,887
Asyst Technologies Inc. (a)	9,804		70,883
ATMI Inc. (a)	6,958		208,740
Audiovox Corp. (a)	3,342		43,346
Axcelis Technologies Inc. (a)	20,329		131,935
AZZ Inc. (a)	2,333		78,505
Badger Meter Inc.	2,827		79,891
Baldor Electric Co.	9,217		454,214
Beazer Homes USA Inc.	7,770		191,686
Belden Inc.	9,105		503,962
Blount International Inc. (a)	7,322		95,772
Brady Corp.	10,174		377,862
Briggs & Stratton Corp.	10,048		317,115
Brooks Automation Inc. (a)	15,300		277,695
Bucyrus International Inc. Class A	7,543		533,894
C-COR Inc. (a)	10,381		145,957
Cascade Corp.	2,332		182,922
Champion Enterprises Inc. (a)	15,801		155,324
Chart Industries Inc. (a)	2,610		74,228
Cognex Corp.	8,892		200,159
Cohu Inc.	4,561		101,482
Color Kinetics Inc. (a)	3,527		117,837
Columbus McKinnon Corp. (a)	3,624		116,693
CompX International Inc.	268		4,958
Credence Systems Corp. (a)	21,158		76,169
CTS Corp.	7,224		91,456
Curtiss-Wright Corp.	8,850		412,498
Cymer Inc. (a)	7,269		292,214
Darling International Inc. (a)	16,737		152,976
Dionex Corp. (a)	3,900		276,861
Electro Scientific Industries Inc. (a)	5,857		121,826
EnPro Industries Inc. (a)	4,385		187,634
Entegris Inc. (a)	27,155		322,601
ESCO Technologies Inc. (a)	5,246		190,220
Esterline Technologies Corp. (a)	5,226		252,468
FARO Technologies Inc. (a)	2,992		95,325
Federal Signal Corp.	9,723		154,207
FEI Co. (a)	7,188		233,322
Flow International Corp. (a)	7,504		94,550
Franklin Electric Co. Inc.	3,864		182,304
Fuel Tech Inc. (a)	3,502		119,944
Gehl Co. (a)	2,033		61,722
GenCorp Inc. (a)	11,119		145,325
GenTek Inc. (a)	1,623		57,162
Hardinge Inc.	2,230		75,887
Heico Corp.	5,166		217,385
Herman Miller Inc.	12,875		406,850
Hovnanian Enterprises Inc. (a)	7,499		123,958
Hurco Companies Inc. (a)	1,122		56,078
InterDigital Communications Corp. (a)	9,486		305,165
Interface Inc.	11,049		208,384
Intevac Inc. (a)	4,483		95,309
Itron Inc. (a)	6,082		474,031
Kadant Inc. (a)	2,741		85,519
Kaman Corp.	5,047		157,416
Knoll Inc.	10,185		228,144
Kulicke & Soffa Industries Inc. (a)	11,745		122,970
Lindsay Corp.	2,403		106,429
Littelfuse Inc. (a)	4,536		153,181
LTX Corp. (a)	12,083		67,181
M/I Homes Inc.	2,262		60,169
MasTec Inc. (a)	8,730		138,109
Mattson Technology Inc. (a)	10,971		106,419
Measurement Specialties Inc. (a)	3,091		73,195
Meritage Homes Corp. (a)	5,213		139,448
Middleby Corp. (a)	2,712		162,232
Mine Safety Appliances Co.	5,674		248,294
MKS Instruments Inc. (a)	10,212		282,872
Mobile Mini Inc. (a)	7,292		212,926
Moog Inc. (a)	7,544		332,766
MTC Technologies Inc. (a)	1,923		47,229
NACCO Industries Inc.	1,150		178,814
Nordson Corp.	6,795		340,837
OpNext Inc. (a)	3,752		49,676
Orbital Sciences Corp. (a)	12,034		252,834
OYO Geospace Corp. (a)	826		61,281
Palm Harbor Homes Inc. (a)	1,838		26,008
Park-Ohio Holdings Corp. (a)	1,517		41,414
Photronics Inc. (a)	8,427		125,394
Plantronics Inc.	9,740		255,383
Powell Industries Inc. (a)	1,722		54,691
Power-One Inc. (a)	14,905		59,322
Powerwave Technologies Inc. (a)	26,316		176,317
Preformed Line Products Co.	459		22,037
Raser Technologies Inc. (a)	6,114		45,182
Regal-Beloit Corp.	6,409		298,275
Robbins & Myers Inc.	2,873		152,642
Rofin-Sinar Technologies Inc. (a)	3,130		215,970
Rudolph Technologies Inc. (a)	6,160		102,318
Sauer-Danfoss Inc.	2,249		66,930
Semitool Inc. (a)	4,508		43,322
Sequa Corp. (a)	1,427		159,824
Skyline Corp.	1,501		45,045
Smith & Wesson Holding Corp. (a)	6,094		102,075

See accompanying notes to financial statements.

30

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Durable Products (Cont.)
Sonic Solutions (a)	4,138	$	52,180
Standard-Pacific Corp.	12,930		226,663
Standex International Corp.	2,568		73,034
Sun Hydraulics Corp.	1,494		73,580
Symmetricom Inc. (a)	9,478		79,615
TAL International Group Inc.	3,230		95,963
Taser International Inc. (a)	12,253		171,052
Team Inc. (a)	1,604		72,132
Technitrol Inc.	8,233		236,040
Tecumseh Products Co. (a)	2,956		46,439
Teledyne Technologies Inc. (a)	6,990		321,190
Tennant Co.	3,395		123,918
The Gormann-Rupp Co.	2,483		79,108
Titan International Inc.	4,863		153,719
TransDigm Group Inc. (a)	1,825		73,840
Triumph Group Inc.	3,340		218,670
TurboChef Technologies Inc. (a)	3,984		55,457
Twin Disc Inc.	921		66,229
Ultra Clean Holdings Inc. (a)	3,797		53,082
Ultratech Inc. (a)	4,871		64,930
United Industrial Corp.	1,740		104,365
Veeco Instruments Inc. (a)	6,137		127,281
Vicor Corp.	3,731		49,361
Wabtec Corp.	9,981		364,606
Walter Industries Inc.	10,456		302,806
Watts Water Technologies Inc.	6,366		238,534
WCI Communities Inc. (a)	6,207		103,533
Woodward Governor Co.	6,019		323,040
X-Rite Inc.	5,950		87,882
Zygo Corp. (a)	3,302		47,186
			22,470,639
Financial Services (21.34%)
1st Source Corp.	2,538		63,247
21st Century Insurance Group	7,035		153,785
Abington Bancorp Inc.	1,995		19,052
ACA Capital Holdings Inc. (a)	1,370		16,303
Acadia Realty Trust	6,505		168,805
Accredited Home Lenders Holding Co. (a)	4,243		58,002
Advance America Cash Advance Centers Inc.	13,658		242,293
Advanta Corp. Class B	7,507		233,768
Advent Software Inc. (a)	3,727		121,314
Agree Realty Corp.	1,730		54,063
Alabama National Bancorporation	3,478		215,080
Alesco Financial Inc.	10,876		88,422
Alexander’s Inc. (a)	405		163,721
Alexandria Real Estate Equities Inc.	5,966		577,628
Alfa Corp.	6,716		104,568
Amcore Financial Inc.	4,749		137,674
American Campus Communities Inc.	4,783		135,311
American Equity Investment Life Holdings Co.	11,347		137,072
American Financial Realty Trust	26,437		272,830
American Home Mortgage Investment Corp.	9,834		180,749
American Physicians Capital Inc. (a)	1,976		80,028
AmericanWest Bancorp	3,519		64,151
Ameris Bancorp	2,760		62,017
Amerisafe Inc. (a)	3,752		73,652
Ampal-American Israel Corp. (a)	3,471		20,652
AmTrust Financial Services Inc.	5,130		96,393
Anchor Bancorp Wisconsin Inc.	3,898		102,089
Anthracite Capital Inc.	11,331		132,573
Anworth Mortgage Asset Corp.	8,846		80,056
Apollo Investment Corp.	21,071		453,448
Arbor Realty Trust Inc.	2,445		63,105
Ares Capital Corp.	14,018		236,203
Argonaut Group Inc. (a)	6,771		211,323
Ashford Hospitality Trust Inc.	21,471		252,499
Aspen Insurance Holdings Ltd.	17,788		499,309
Asset Acceptance Capital Corp. (a)	3,791		67,101
Assured Guaranty Ltd.	13,609		402,282
Asta Funding Inc.	2,279		87,582
Avatar Holdings Inc. (a)	1,175		90,405
Baldwin & Lyons Inc.	1,878		48,790
BancFirst Corp.	1,654		70,824
Banco Latinoamericano de Exportaciones SA	5,499		103,381
Bank Mutual Corp.	11,083		127,787
Bank of the Ozarks Inc.	2,305		64,240
BankAtlantic Bancorp Inc.	8,779		75,587
BankFinancial Corp.	4,880		75,396
Bankrate Inc. (a)	2,270		108,778
BankUnited Financial Corp.	6,189		124,213
Banner Corp.	2,627		89,476
Berkshire Hills Bancorp Inc.	1,805		56,876
BioMed Realty Trust Inc.	13,086		328,720
Boston Private Financial Holdings Inc.	7,473		200,800
Bristol West Holdings Inc.	2,899		64,851
Brookline Bancorp Inc.	13,097		150,747
BRT Realty Trust	1,380		35,894
Calamos Asset Management Inc. Class A	4,589		117,249
Capital City Bank Group Inc.	2,640		82,738
Capital Corp. of the West	1,885		45,165
Capital Lease Funding Inc.	8,867		95,320
Capital Southwest Corp.	621		96,746
Capital Trust Inc.	2,780		94,909
Capitol Bancorp Ltd.	2,861		78,191
Cascade Bancorp	4,571		105,773
Cash America International Inc.	6,070		240,676
Cass Information Systems Inc.	1,274		46,195

See accompanying notes to financial statements.

31

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Castlepoint Holdings Ltd.	1,634	$	24,003
Cathay General Bancorp	10,283		344,892
CBRE Realty Finance Inc.	5,675		67,476
Cedar Shopping Centers Inc.	9,128		130,987
Centennial Bank Holdings Inc. (a)	10,810		91,561
Center Financial Corp.	1,877		31,759
Centerline Holding Co.	10,590		190,620
Central Pacific Financial Corp.	6,221		205,355
Chemical Financial Corp.	5,100		131,937
Chittenden Corp.	9,351		326,817
Citizens Banking Corp.	15,371		281,289
Citizens Inc. (a)	6,909		48,639
City Bank	3,020		95,160
City Holding Co.	3,538		135,612
Clayton Holdings Inc. (a)	2,307		26,277
Clifton Savings Bancorp Inc.	2,287		24,791
CNA Surety Corp. (a)	3,537		66,885
CoBiz Inc.	3,520		63,782
Cohen & Steers Inc.	3,507		152,379
Columbia Banking Systems Inc.	3,420		100,035
Commerce Group Inc.	10,757		373,483
Community Bancorp NV (a)	2,094		58,590
Community Bank System Inc.	6,175		123,624
Community Banks Inc.	4,998		161,036
Community Trust Bancorp Inc.	3,207		103,586
CompuCredit Corp. (a)	4,225		147,960
Consolidated-Tomoka Land Co.	1,176		81,485
Corporate Office Properties Trust	7,853		322,052
Corus Bankshares Inc.	7,973		137,614
Cousins Properties Inc.	8,317		241,276
Cowen Group Inc. (a)	2,987		53,497
Crawford & Co.	4,926		33,300
Credit Acceptance Corp. (a)	1,032		27,689
Crescent Real Estate Equities Co.	16,262		364,919
Crystal River Capital Inc.	5,090		123,585
CVB Financial Corp.	13,525		150,398
CyberSource Corp. (a)	6,286		75,809
Darwin Professional Underwriters Inc. (a)	1,619		40,750
DCT Industrial Trust Inc.	34,222		368,229
Deerfield Triarc Capital Corp.	10,114		147,968
Delphi Financial Group Inc.	8,790		367,598
Delta Financial Corp.	3,247		39,841
Deluxe Corp.	4,631		188,065
DiamondRock Hospitality Co.	18,961		361,776
Digital Realty Trust Inc.	10,790		406,567
Dime Community Bancshares	5,147		67,889
Dollar Financial Corp. (a)	3,274		93,309
Donegal Group Inc.	2,812		41,899
Downey Financial Corp.	4,276		282,130
EastGroup Properties Inc.	4,836		211,914
Education Realty Trust Inc.	5,991		84,054
eFunds Corp. (a)	9,566		337,584
eHealth Inc. (a)	2,514		47,992
Electro Rent Corp.	3,309		48,113
EMC Insurance Group Inc.	1,379		34,227
Employers Holdings Inc.	10,810		229,604
Encore Capital Group Inc. (a)	3,198		39,911
Enstar Group Ltd. (a)	1,432		172,857
Enterprise Financial Services Corp.	2,070		51,460
Entertainment Properties Trust	5,405		290,681
Epoch Holding Corp. (a)	1,695		22,696
Equity Inns Inc.	11,301		253,142
Equity Lifestyle Properties Inc.	4,020		209,804
Equity One Inc.	7,546		192,800
Euronet Worldwide Inc. (a)	9,223		268,943
Evercore Partners Inc.	1,639		48,793
Exlservice Holdings Inc. (a)	4,540		85,080
Extra Space Storage Inc.	13,046		215,259
FBL Financial Group Inc.	2,889		113,595
FCStone Group Inc. (a)	1,191		68,256
Federal Agricultural Mortgage Corp. Class C	2,121		72,581
FelCor Lodging Trust Inc.	12,355		321,601
Financial Federal Corp.	5,527		164,815
First Acceptance Corp. (a)	3,296		33,487
First Bancorp (North Carolina)	2,385		44,671
First BanCorp (Puerto Rico)	16,729		183,852
First Busey Corp.	2,920		58,371
First Cash Financial Services Inc. (a)	5,364		125,732
First Charter Corp.	7,255		141,255
First Commonwealth Financial Corp.	15,434		168,539
First Community Bancorp (CA)	5,292		302,755
First Community Bancshares Inc.	2,044		63,752
First Financial Bancorp	6,996		104,870
First Financial Bankshares Inc.	4,383		170,104
First Financial Corp. Indiana	2,591		76,072
First Financial Holdings Inc.	2,377		77,752
First Indiana Corp.	2,556		56,539
First Industrial Realty Trust Inc.	9,290		360,080
First Merchants Corp.	3,557		85,475
First Mercury Financial Corp. (a)	2,482		52,048
First Midwest Bancorp Inc.	10,210		362,557
First Niagara Financial Group Inc.	21,704		284,322
First Place Financial Corp. Ohio	3,353		70,815
First Potomac Realty Trust	5,099		118,756
First Regional Bancorp (a)	1,725		43,884
First Republic Bank	6,346		340,526
First South Bancorp Inc.	1,918		51,594
First State Bancorporation	4,108		87,459
FirstFed Financial Corp. (a)	3,413		193,619
FirstMerit Corp.	16,482		344,968
Flagstar Bancorp Inc.	8,707		104,919
Flagstone Reinsurance Holdings Ltd. (a)	2,760		36,763
Flushing Financial Corp.	3,870		62,152

See accompanying notes to financial statements.

32

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
FNB Corp. (PA)	12,481	$	208,932
FPIC Insurance Group Inc. (a)	2,076		84,639
Franklin Bank Corp. (a)	4,907		73,114
Franklin Street Properties Corp.	12,206		201,887
Freedom Acquisition Holdings Inc. (a)	10,417		114,691
Fremont General Corp.	13,939		149,984
Friedman Billings Ramsey Group Inc.	32,083		175,173
Frontier Financial Corp.	7,961		179,361
GAMCO Investors Inc.	1,046		58,628
Getty Realty Corp.	3,622		95,186
GFI Group Inc. (a)	3,213		232,878
Glacier Bancorp Inc.	10,743		218,620
Gladstone Capital Corp.	2,904		62,320
Glimcher Realty Trust	7,838		195,950
Global Cash Access Holdings Inc. (a)	9,023		144,548
GMH Communities Trust	6,551		63,479
Gramercy Capital Corp.	3,835		105,616
Great American Financial Resources Inc.	1,842		44,558
Great Southern Bancorp Inc.	2,026		54,803
Greater Bay Bancorp	10,356		288,311
Green Bankshares Inc.	1,837		57,425
Greenhill & Co. Inc.	3,831		263,228
Greenlight Capital Re Ltd. Class A (a)	1,857		41,838
Grubb & Ellis Co. (a)	3,180		36,888
H&E Equipment Services Inc. (a)	3,553		98,560
Hallmark Financial Services Inc. (a)	997		12,084
Hancock Holding Co.	5,409		203,108
Hanmi Financial Corp.	7,950		135,627
Harleysville Group Inc.	3,177		105,985
Harleysville National Corp.	5,870		94,624
Healthcare Realty Trust Inc.	9,906		275,189
Heartland Financial USA Inc.	2,481		60,288
Heartland Payment Systems Inc.	3,406		99,898
Hercules Technology Growth Capital Inc.	4,637		62,646
Heritage Commerce Corp.	2,529		59,887
Hersha Hospitality Trust	8,559		101,167
HFF Inc. Class A (a)	3,325		51,571
Highland Hospitality Corp.	12,762		245,030
Highwoods Properties Inc.	11,442		429,075
Hilb Rogal & Hobbs Co.	7,497		321,321
Home Bancshares Inc.	2,166		48,843
Home Properties Inc.	6,717		348,814
Horace Mann Educators Corp.	8,790		186,700
Horizon Financial Corp.	2,389		52,056
Huron Consulting Group Inc. (a)	3,720		271,597
IBERIABANK Corp.	2,372		117,295
IMPAC Mortgage Holdings Inc.	14,438		66,559
Independence Holding Co.	1,268		25,905
Independent Bank Corp. (MA)	2,720		80,349
Independent Bank Corp. (MI)	4,579		78,805
Infinity Property & Casualty Corp.	3,914		198,557
Information Services Group Inc. (a)	6,500		49,725
Inland Real Estate Corp.	11,914		202,300
Innkeepers USA Trust	9,720		172,336
Integra Bank Corp.	4,222		90,646
Interactive Brokers Group Inc. (a)	7,982		216,552
Interactive Data Corp.	7,319		196,003
International Bancshares Corp.	10,402		266,499
International Securities Exchange Holdings Inc.	7,786		508,815
Investors Bancorp Inc. (a)	10,097		135,603
Investors Real Estate Trust	9,670		99,891
IPC Holdings Ltd.	12,861		415,282
Irwin Financial Corp.	3,598		53,862
ITLA Capital Corp.	1,001		52,172
James River Group Inc.	1,178		39,145
Jer Investors Trust Inc.	5,288		79,320
K-Fed Bancorp	918		14,403
Kansas City Life Insurance Co.	1,029		47,869
KBW Inc. (a)	5,838		171,520
Kearny Financial Corp.	4,186		56,427
Kite Realty Group Trust	4,317		82,109
KNBT Bancorp Inc.	5,175		76,073
Knight Capital Group Inc. (a)	20,717		343,902
Kohlberg Capital Corp.	2,788		51,717
LaBranche & Co. Inc. (a)	10,271		75,800
Ladenburg Thalmann Financial Services Inc. (a)	19,616		45,117
Lakeland Bancorp Inc.	3,905		51,937
Lakeland Financial Corp.	2,400		51,048
LandAmerica Financial Group Inc.	3,435		331,443
LaSalle Hotel Properties	8,042		349,184
Lexington Realty Trust	13,878		288,662
LTC Properties Inc.	4,734		107,699
Luminent Mortgage Capital Inc.	9,112		91,940
Macatawa Bank Corp.	3,200		50,912
MAF Bancorp Inc.	6,583		357,194
Maguire Properties Inc.	7,649		262,590
MainSource Financial Group Inc.	3,827		64,255
MarketAxess Holdings Inc. (a)	6,082		109,415
Max Capital Group Ltd.	12,072		341,638
MB Financial Inc.	7,411		257,458
MCG Capital Corp.	12,968		207,747
McGrath Rentcorp	5,099		171,785
Meadowbrook Insurance Group Inc. (a)	4,943		54,175
Medical Properties Trust Inc.	10,382		137,354
Meruelo Maddux Properties Inc. (a)	9,002		73,456
MFA Mortgage Investments Inc.	15,396		112,083
Mid-America Apartment Communities Inc.	5,167		271,164
Midland Co.	1,885		88,482
Midwest Banc Holdings Inc.	3,958		57,391
Mission West Properties Inc.	3,683		51,341
Montpelier Re Holdings Ltd.	22,422		415,704

See accompanying notes to financial statements.

33

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Morningstar Inc. (a)	2,613	$	122,876
Move Inc. (a)	20,826		93,300
MVC Capital Inc.	4,826		90,777
Nara Bancorp Inc.	4,776		76,082
NASB Financial Inc.	797		26,819
National Financial Partners Corp.	7,565		350,335
National Health Investors Inc.	4,789		151,907
National Interstate Corp.	1,098		28,636
National Penn Bancshares Inc.	9,896		165,065
National Retail Properties Inc.	13,530		295,766
National Western Life Insurance Co.	459		116,090
Nationwide Health Properties Inc.	18,022		490,198
Navigators Group Inc. (a)	2,633		141,919
NBT Bancorp Inc.	6,977		157,401
Nelnet Inc. Class A	3,464		84,660
NewAlliance Bancshares Inc.	22,764		335,086
Newcastle Investment Corp.	8,433		211,415
NewStar Financial Inc. (a)	2,816		40,072
NexCen Brands Inc. (a)	8,612		95,938
NGP Capital Resources Co.	3,754		62,767
NorthStar Realty Finance Corp.	12,578		157,351
Northwest Bancorp Inc.	3,625		94,758
Novastar Financial Inc.	7,005		48,895
NTR Acquisition Co. (a)	4,756		45,039
NYMAGIC Inc.	1,234		49,607
Ocwen Financial Corp. (a)	6,936		92,457
Odyssey Re Holdings Corp.	5,727		245,631
Ohio Casualty Corp.	12,066		522,578
Old National Bancorp	13,757		228,504
Old Second Bancorp Inc.	2,745		80,044
Omega Financial Corp.	2,624		70,559
Omega Healthcare Investors Inc.	13,541		214,354
Online Resources Corp. (a)	5,258		57,733
optionsXpress Holdings Inc.	8,706		223,396
Oriental Financial Group Inc.	4,655		50,786
Oritani Financial Corp. (a)	2,395		34,225
Pacific Capital Bancorp	9,334		251,831
Park National Corp.	2,513		213,077
Parkway Properties Inc.	3,289		157,971
Partners Trust Financial Group Inc.	8,593		90,227
Patriot Capital Funding Inc.	3,707		55,049
Pennsylvania Real Estate Investment Trust	6,571		291,292
Penson Worldwide Inc. (a)	2,833		69,493
Peoples Bancorp Inc.	2,164		58,579
PFF Bancorp Inc.	4,872		136,075
Phoenix Co. Inc.	23,105		346,806
PICO Holdings Inc. (a)	3,147		136,139
Pinnacle Financial Partners Inc. (a)	3,033		89,049
Piper Jaffray Co. (a)	3,763		209,712
Platinum Underwriters Holdings Ltd.	12,041		418,425
PMA Capital Corp. (a)	6,557		70,094
Portfolio Recovery Associates Inc. (a)	3,281		196,926
Post Properties Inc.	8,837		460,673
Potlatch Corp.	7,891		339,708
Preferred Bank	1,918		76,720
Presidential Life Corp.	4,502		88,509
Primus Guaranty Ltd. (a)	8,788		94,207
PrivateBancorp Inc.	3,769		108,547
ProAssurance Corp. (a)	6,807		378,946
Prospect Capital Corp.	4,233		73,951
Prosperity Bancshares Inc.	7,289		238,788
Provident Bankshares Corp.	6,593		216,119
Provident Financial Services Inc.	13,261		208,993
Provident New York Bancorp	8,711		117,686
PS Business Parks Inc.	3,170		200,883
PXRE Group Ltd. (a)	11,982		55,596
QC Holdings Inc.	1,561		23,415
Quadra Realty Trust Inc. (a)	3,169		39,644
RAIT Investment Trust	12,857		334,539
RAM Holdings Ltd. (a)	3,629		57,157
Ramco-Gershenson Properties Trust	3,737		134,270
Realty Income Corp.	20,360		512,868
Redwood Trust Inc.	4,166		201,551
Renasant Corp.	3,738		85,002
Republic Bancorp Inc. (Kentucky)	2,036		33,777
Republic Property Trust	5,732		70,217
Resource America Inc.	2,649		54,596
RLI Corp.	4,347		243,215
Rockville Financial Inc.	1,779		26,863
Roma Financial Corp.	2,179		36,106
Royal Bancshares of Pennsylvania Inc.	1,174		23,140
S&T Bancorp Inc.	5,162		169,830
Safety Insurance Group Inc.	3,254		134,716
Sanders Morris Harris Group Inc.	3,434		39,972
Sandy Spring Bancorp Inc.	3,286		103,312
Santander BanCorp	864		12,839
Saul Centers Inc.	2,145		97,276
SCBT Financial Corp.	1,940		70,616
Scottish Re Group Ltd. (a)	13,571		66,362
Seabright Insurance Holdings (a)	4,232		73,975
Seacoast Banking Corp. of Florida	2,970		64,598
Security Bank Corp. (Georgia)	3,403		68,400
Security Capital Assurance Ltd.	4,809		148,454
Selective Insurance Group Inc.	11,079		297,804
Senior Housing Properties Trust	16,795		341,778
Sierra Bancorp	1,626		45,853
Signature Bank (a)	5,989		204,225
Simmons First National Corp.	2,940		81,115
South Financial Group Inc.	14,886		337,019
Southside Bancshares Inc.	2,306		50,086
Southwest Bancorp Inc.	2,869		68,971
Sovran Self Storage Inc.	4,190		201,790
Spirit Finance Corp.	23,185		337,574
State Auto Financial Corp.	2,930		89,805
Sterling Bancorp NY	3,935		63,078

See accompanying notes to financial statements.

34

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Financial Services (Cont.)
Sterling Bancshares Inc. TX	15,000	$	169,650
Sterling Financial Corp. PA	5,546		58,344
Sterling Financial Corp. WA	10,189		294,870
Stewart Information Services Corp.	3,497		139,286
Stifel Financial Corp. (a)	2,982		175,610
Strategic Hotels & Resorts Inc.	14,844		333,842
Suffolk Bancorp	2,063		65,851
Sun Bancorp Inc. (New Jersey) (a)	2,950		49,767
Sun Communities Inc.	3,520		104,790
Sunstone Hotel Investors Inc.	12,575		357,004
Superior Bancorp (a)	6,901		70,597
Susquehanna Bancshares Inc.	10,424		233,185
SVB Financial Group (a)	6,958		369,539
SWS Group Inc.	4,446		96,123
SY Bancorp Inc.	2,554		60,683
Tanger Factory Outlet Centers Inc.	6,434		240,953
Tarragon Corp. (a)	3,146		26,615
Taylor Capital Group Inc.	1,095		30,145
Technology Investment Capital Corp.	4,016		63,413
Texas Capital Bancshares Inc. (a)	4,531		101,268
The Bancorp Inc. (a)	2,212		49,460
The BISYS Group Inc. (a)	24,394		288,581
TheStreet.com Inc.	4,088		44,477
Thomas Weisel Partners Group Inc. (a)	4,166		69,364
TierOne Corp.	3,537		106,464
TNS Inc. (a)	5,069		73,044
Tompkins Trustco Inc.	1,328		49,667
Tower Group Inc.	4,096		130,662
TradeStation Group Inc. (a)	6,016		70,086
Triad Guaranty Inc. (a)	2,232		89,124
Trico Bancshares	2,841		63,525
Trustco Bank Corp. NY	15,492		153,061
Trustmark Corp.	9,905		256,143
U-Store-It Trust	9,610		157,508
U.S. Global Investors Inc. Class A	2,362		53,547
UCBH Holdings Inc.	20,145		368,049
UMB Financial Corp.	6,281		231,580
Umpqua Holdings Corp.	12,437		292,394
Union Bankshares Corp.	2,550		59,160
United America Indemnity Ltd. Class A (a)	4,896		121,764
United Bankshares Inc.	7,424		236,083
United Community Banks Inc.	7,409		191,819
United Community Financial Corp.	5,421		54,102
United Fire & Casualty Co.	4,430		156,733
United Security Bancshares	1,631		33,240
Universal American Financial Corp. (a)	8,079		171,921
Universal Health Realty Income Trust	2,529		84,216
Univest Corp. of Pennsylvania	2,807		63,214
Urstadt Biddle Properties Inc.	4,525		76,970
USB Holding Co. Inc.	2,361		45,001
ViewPoint Financial Group	2,260		38,895
Virginia Commerce Bancorp (a)	3,572		60,403
W Holding Co. Inc.	22,882		60,408
W.P. Stewart & Co. Ltd.	4,208		45,825
Waddell & Reed Financial Inc.	16,846		438,164
Washington Real Estate Investment Trust	9,135		310,590
Washington Trust Bancorp Inc.	2,356		59,395
Wauwatosa Holdings Inc. (a)	2,246		37,149
WesBanco Inc.	4,478		132,101
West Coast Bancorp (Oregon)	3,082		93,662
Westamerica Bancorporation	6,197		274,155
Western Alliance Bancorp (a)	3,350		99,998
Westfield Financial Inc.	2,255		22,482
Williams Scotsman International Inc. (a)	6,059		144,265
Wilshire Bancorp Inc.	3,218		39,195
Winston Hotels Inc.	5,265		78,975
Winthrop Realty Trust	9,254		63,945
Wintrust Financial Corp.	4,895		214,646
World Acceptance Corp. (a)	3,507		149,854
Wright Express Corp. (a)	8,206		281,220
WSFS Financial Corp.	1,250		81,788
Yardville National Bancorp	2,149		73,388
Zenith National Insurance Corp.	7,436		350,161
			65,032,312
Health Care (11.13%)
Abaxis Inc. (a)	4,211		87,841
Abiomed Inc. (a)	5,802		62,546
Acadia Pharmaceuticals Inc. (a)	6,248		85,410
Accuray Inc. (a)	3,314		73,505
Acorda Therapeutics Inc. (a)	4,270		72,846
Adams Respiratory Therapeutics Inc. (a)	7,165		282,229
Advanced Magnetics Inc. (a)	2,905		168,955
Affymax Inc. (a)	919		24,776
Affymetrix Inc. (a)	13,861		345,000
Air Methods Corp. (a)	2,147		78,730
Akorn Inc. (a)	11,202		78,302
Albany Molecular Research Inc. (a)	5,087		75,542
Alexion Pharmaceuticals Inc. (a)	7,362		331,732
Alexza Pharmaceuticals Inc. (a)	4,112		34,006
Align Technology Inc. (a)	11,801		285,112
Alkermes Inc. (a)	19,816		289,314
Alliance Imaging Inc. (a)	5,240		49,204
Allos Therapeutics Inc. (a)	8,302		36,695
Allscripts Healthcare Solution Inc. (a)	11,196		285,274
Alnylam Pharmaceuticals Inc. (a)	6,507		98,841
Alpharma Inc.	8,830		229,668
Altus Pharmaceuticals Inc. (a)	4,257		49,126
Amedisys Inc. (a)	5,237		190,260
American Dental Partners Inc. (a)	2,527		65,626

See accompanying notes to financial statements.

35

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
American Medical Systems Holdings Inc. (a)	14,367	$	259,181
American Oriental Bioengineering Inc. (a)	9,614		85,565
AMERIGROUP Corp. (a)	10,595		252,161
Amsurg Corp. (a)	6,140		148,220
Analogic Corp.	2,840		208,768
Angiodynamics Inc. (a)	4,177		75,228
Animal Health International Inc. (a)	2,401		34,790
Applera Corp. - Celera Group (a)	15,856		196,614
Apria Healthcare Group Inc. (a)	8,804		253,291
Arena Pharmaceuticals Inc. (a)	12,311		135,298
Ariad Pharmaceuticals Inc. (a)	13,811		75,822
ArQule Inc. (a)	6,529		46,029
Array Biopharma Inc. (a)	9,688		113,059
Arrow International Inc.	5,055		193,505
Arthrocare Corp. (a)	5,553		243,832
Aspect Medical Systems Inc. (a)	3,206		47,962
Assisted Living Concepts Inc. (a)	12,036		128,183
Auxilium Pharmaceuticals Inc. (a)	5,730		91,336
Beijing Med-Pharm Corp. (a)	5,360		57,191
Bentley Pharmaceuticals Inc. (a)	3,806		46,205
Bio-Rad Laboratories Inc. (a)	3,741		282,707
Bio-Reference Labs Inc. (a)	2,379		65,066
Biodel Inc. (a)	979		19,384
Bioenvision Inc. (a)	10,933		63,193
BioMarin Pharmaceutical Inc. (a)	19,329		346,762
BioMimetic Therapeutics Inc. (a)	2,159		33,745
Bionovo Inc. (a)	9,600		37,056
Biosite Inc. (a)	3,614		334,259
Bradley Pharmaceuticals Inc. (a)	2,570		55,795
Bruker BioSciences Corp. (a)	12,967		116,833
Cadence Pharmaceuticals Inc. (a)	3,258		39,520
Cambrex Corp.	5,339		70,849
Cantel Medical Corp. (a)	2,274		38,681
Capital Senior Living Corp. (a)	4,614		43,464
Caraco Pharmaceutical Laboratories Inc. (a)	2,208		33,517
Cell Genesys Inc. (a)	14,530		48,675
Centene Corp. (a)	8,926		191,195
Cepheid Inc. (a)	11,152		162,819
Computer Programs & Systems Inc.	1,713		53,069
Conceptus Inc. (a)	5,930		114,864
Conmed Corp. (a)	5,715		167,335
Corvel Corp. (a)	1,585		41,432
CryoLife Inc. (a)	4,495		58,480
Cubist Pharmaceuticals Inc. (a)	11,282		222,368
Cutera Inc. (a)	2,730		68,032
CV Therapeutics Inc. (a)	11,934		157,648
Cyberonics Inc. (a)	4,573		76,918
Cynosure Inc. Class A (a)	1,537		55,993
Cypress Bioscience Inc. (a)	6,588		87,357
Cytokinetics Inc. (a)	6,695		37,827
CytRx Corp. (a)	17,577		54,840
Datascope Inc.	2,695		103,165
Dendreon Corp. (a)	16,522		116,976
Digene Corp. (a)	4,311		258,876
Discovery Laboratories Inc. (a)	16,986		48,070
DJO Inc. (a)	4,880		201,398
Durect Corp. (a)	13,012		50,096
Eclipsys Corp. (a)	9,247		183,091
Emergency Medical Services Corp. (a)	1,845		72,195
Emergent Biosolutions Inc. (a)	1,087		11,196
Emeritus Corp. (a)	1,221		37,827
Encysive Pharmaceuticals Inc. (a)	12,926		23,008
Enzo Biochem Inc. (a)	6,053		90,492
Enzon Pharmaceuticals Inc. (a)	8,885		69,747
eResearch Technology Inc. (a)	7,905		75,177
ev3 Inc. (a)	3,847		64,937
Exelixis Inc. (a)	19,468		235,563
Foxhollow Technologies Inc. (a)	4,085		86,765
Genesis HealthCare Corp. (a)	4,001		273,748
Genomic Health Inc. (a)	2,995		56,306
Gentiva Health Services Inc. (a)	5,589		112,115
GenVec Inc. (a)	13,010		30,573
Geron Corp. (a)	14,658		103,192
Greatbatch Inc. (a)	4,532		146,837
GTx Inc. (a)	3,527		57,102
Haemonetics Corp. (a)	5,392		283,673
Halozyme Therapeutics Inc. (a)	13,012		120,101
Hansen Medical Inc. (a)	1,937		36,590
Healthcare Services Group Inc.	5,726		168,917
HealthExtras Inc. (a)	6,211		183,721
Healthsouth Corp. (a)	15,878		287,551
Healthspring Inc. (a)	9,675		184,405
Healthways Inc. (a)	7,046		333,769
HMS Holdings Corp. (a)	4,256		81,460
Hologic Inc. (a)	10,909		603,377
Human Genome Sciences Inc. (a)	27,137		242,062
Hythiam Inc. (a)	6,567		56,805
I-Flow Corp. (a)	4,135		69,220
ICU Medical Inc. (a)	2,610		112,073
Idenix Pharmaceuticals Inc. (a)	4,495		26,521
Illumina Inc. (a)	10,848		440,320
Immucor Inc. (a)	13,939		389,874
Immunomedics Inc. (a)	11,464		47,576
Incyte Corp. (a)	17,709		106,254
Indevus Pharmaceuticals Inc. (a)	12,234		82,335
Insulet Corp. (a)	1,546		21,953
Integra LifeSciences Holdings Corp. (a)	3,644		180,086
InterMune Inc. (a)	5,469		141,866
Invacare Corp.	5,658		103,711
Inverness Medical Innovations Inc. (a)	9,377		478,415
Isis Pharmaceuticals Inc. (a)	16,635		161,027
Javelin Pharmaceuticals Inc. (a)	8,455		52,336

See accompanying notes to financial statements.

36

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Kendle International Inc. (a)	2,562	$	94,205
Kensey Nash Corp. (a)	2,559		68,607
Keryx Biopharmaceuticals Inc. (a)	8,289		80,984
Kindred Healthcare Inc. (a)	6,088		187,023
Kosan Biosciences Inc. (a)	8,410		43,900
KV Pharmaceutical Co.	7,105		193,540
Kyphon Inc. (a)	9,115		438,887
Landauer Inc.	1,893		93,230
LCA-Vision Inc.	4,045		191,167
LHC Group Inc. (a)	2,953		77,369
Lifecell Corp. (a)	6,650		203,091
Ligand Pharmaceuticals Inc. Class B	18,029		124,040
Luminex Corp. (a)	6,896		84,890
Magellan Health Services Inc. (a)	7,855		365,022
MannKind Corp. (a)	8,361		103,091
Martek Biosciences Corp. (a)	6,568		170,571
Matria Healthcare Inc. (a)	4,293		129,992
Maxygen Inc. (a)	4,923		42,190
Medarex Inc. (a)	24,997		357,207
Medcath Corp. (a)	2,012		63,982
Medical Action Industries Inc. (a)	2,777		50,153
Medicines Co. (a)	10,112		178,173
Medicis Pharmaceutical Corp.	11,406		348,339
Medivation Inc. (a)	4,307		87,992
Mentor Corp.	8,093		329,223
Meridian Bioscience Inc.	8,019		173,692
Merit Medical Systems Inc. (a)	5,181		61,965
Metabolix Inc. (a)	2,938		73,538
MGI Pharma Inc. (a)	15,691		351,008
Micrus Endovascular Corp. (a)	3,018		74,243
Minrad International Inc. (a)	9,569		56,744
Molecular Insight Pharmaceuticals Inc. (a)	1,397		13,188
Molina Healthcare Inc. (a)	2,671		81,519
Momenta Pharmaceuticals Inc. (a)	4,304		43,384
Myriad Genetics Inc. (a)	8,690		323,181
Nabi Biopharmaceuticals (a)	13,137		60,430
Nastech Pharmaceutical Co. Inc. (a)	5,119		55,848
National Healthcare Corp.	1,394		71,930
Natus Medical Inc. (a)	4,092		65,145
Nektar Therapeutics (a)	18,487		175,442
Neurocrine Biosciences Inc. (a)	7,498		84,203
Neurogen Corp. (a)	6,370		42,297
Nighthawk Radiology Holdings Inc. (a)	4,226		76,279
Northstar Neuroscience Inc. (a)	4,048		47,078
Novacea Inc. (a)	1,322		12,493
Noven Pharmaceuticals Inc. (a)	4,937		115,773
NuVasive Inc. (a)	7,263		196,174
NxStage Medical Inc. (a)	4,142		53,556
Obagi Medical Products Inc. (a)	1,240		21,973
Odyssey HealthCare Inc. (a)	6,700		79,462
Omnicell Inc. (a)	6,867		142,696
Omrix Biopharmaceuticals Inc. (a)	2,773		87,239
Onyx Pharmaceuticals Inc. (a)	9,661		259,881
Option Care Inc.	6,459		99,469
OraSure Technologies Inc. (a)	9,139		74,757
Orexigen Therapeutics Inc. (a)	1,443		21,674
Orthofix International NV (a)	3,318		149,210
OSI Pharmaceuticals Inc. (a)	11,717		424,273
Osiris Therapeutics Inc. (a)	2,518		34,018
Owens & Minor Inc.	8,074		282,106
Pain Therapeutics Inc. (a)	6,766		58,932
Palomar Medical Technologies Inc. (a)	3,734		129,607
Par Pharmaceutical Cos Inc. (a)	7,136		201,449
Parexel International Corp. (a)	5,645		237,429
Penwest Pharmaceutical Co. (a)	4,460		55,616
Perrigo Co.	15,374		301,023
Pharmanet Development Group Inc. (a)	3,765		120,028
Pharmion Corp. (a)	5,367		155,375
Phase Forward Inc. (a)	8,281		139,369
PolyMedica Corp.	4,615		188,523
Poniard Pharmaceuticals Inc. (a)	4,571		31,083
Pozen Inc. (a)	4,838		87,423
PRA International (a)	4,019		101,681
Progenics Pharmaceuticals Inc. (a)	4,780		103,105
Protalix BioTherapeutics Inc. (a)	6,447		174,005
PSS World Medical Inc. (a)	13,493		245,842
Psychiatric Solutions Inc. (a)	10,828		392,623
Quality Systems Inc.	3,607		136,958
Quidel Corp. (a)	5,478		96,194
Radiation Therapy Services Inc. (a)	2,434		64,112
Regeneration Technologies Inc. (a)	5,918		66,577
Regeneron Pharmaceutical Inc. (a)	12,800		229,376
RehabCare Group Inc. (a)	3,263		46,465
Res-Care Inc. (a)	5,060		106,968
Rigel Pharmaceuticals Inc. (a)	6,185		55,108
Salix Pharmaceuticals Ltd. (a)	9,443		116,149
Santarus Inc. (a)	9,688		50,087
Savient Pharmaceuticals Inc. (a)	10,675		132,583
Sciele Pharma Inc. (a)	7,049		166,074
Seattle Genetics Inc. (a)	8,352		81,933
Sirona Dental Systems Inc. (a)	3,362		127,184
Sirtris Pharmaceuticals Inc. (a)	1,137		11,222
Skilled Healthcare Group Inc. Class A (a)	4,458		69,144
Somaxon Pharmaceuticals Inc. (a)	2,015		24,502
Sonic Innovations Inc. (a)	5,350		46,812
SonoSite Inc. (a)	3,456		108,622
Spectranetics Corp. (a)	6,628		76,355
Stereotaxis Inc. (a)	5,264		68,748
STERIS Corp.	13,136		401,962
Sun Healthcare Group Inc. (a)	8,556		123,976
Sunrise Senior Living Inc. (a)	9,022		360,790
SuperGen Inc. (a)	10,664		59,292
SurModics Inc. (a)	3,076		153,800
Symbion Inc. (a)	4,337		94,156
Symmetry Medical Inc. (a)	7,158		114,600

See accompanying notes to financial statements.

37

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Health Care (Cont.)
Synta Pharmaceuticals Corp. (a)	1,074	$	8,914
Tanox Inc. (a)	5,027		97,574
Telik Inc. (a)	11,478		38,796
Tercica Inc. (a)	6,614		33,731
Thoratec Corp. (a)	10,559		194,180
TomoTherapy Inc. (a)	2,345		51,402
Trubion Pharmaceuticals Inc. (a)	1,704		35,580
United Therapeutics Corp. (a)	4,214		268,685
Valeant Pharmaceuticals International	19,081		318,462
Vanda Pharmaceuticals Inc. (a)	5,380		108,999
Ventana Medical Systems Inc. (a)	6,029		465,861
ViroPharma Inc. (a)	13,948		192,482
Visicu Inc. (a)	2,904		26,572
Vital Images Inc. (a)	3,458		93,919
Vital Signs Inc.	2,179		121,043
VIVUS Inc. (a)	11,589		60,610
Volcano Corp. (a)	4,781		96,624
West Pharmaceutical Services Inc.	6,569		309,728
Wright Medical Group Inc. (a)	7,211		173,929
Xenoport Inc. (a)	4,355		193,449
XOMA Ltd. (a)	26,359		80,131
Zoll Medical Corp. (a)	4,104		91,560
ZymoGenetics Inc. (a)	7,664		111,971
			33,936,713
Materials & Processes (8.92%)
A. Schulman Inc.	5,505		133,937
Aaon Inc.	1,773		56,470
Acuity Brands Inc.	8,772		528,776
Aecom Technology Corp. (a)	8,042		199,522
AEP Industries Inc. (a)	1,269		57,118
Affordable Residential Communities (a)	9,918		117,231
Alico Inc.	700		42,693
AM Castle & Co.	2,147		77,099
AMCOL International Corp.	5,265		143,787
American Vanguard Corp.	3,937		56,378
Ameron International Corp.	1,838		165,769
Ampco-Pittsburgh Corp.	1,373		55,044
AMREP Corp.	461		21,921
Apex Silver Mines Ltd. (a)	11,858		239,294
Apogee Enterprises Inc.	5,880		163,582
AptarGroup Inc.	13,958		496,346
Arch Chemicals Inc.	4,915		172,713
Balchem Corp.	3,618		65,739
Barnes Group Inc.	9,305		294,782
Beacon Roofing Supply Inc. (a)	8,887		150,990
Bluegreen Corp. (a)	3,876		45,310
BlueLinx Holdings Inc.	2,332		24,463
Bowater Inc.	11,270		281,187
Brookfield Homes Corp.	2,200		63,998
Brush Engineered Materials Inc. (a)	4,124		173,167
Buckeye Technologies Inc. (a)	7,652		118,376
Builders Firstsource Inc. (a)	2,655		42,639
Building Materials Holding Corp.	5,984		84,913
Cabot Microelectronics Corp. (a)	4,811		170,742
Cadiz Inc. (a)	2,435		54,714
Cal Dive International Inc. (a)	4,479		74,486
Calgon Carbon Corp. (a)	8,066		93,566
Century Aluminum Co. (a)	4,700		256,761
Ceradyne Inc. (a)	5,495		406,410
CF Industries Holdings Inc.	11,197		670,588
Chesapeake Corp.	4,435		55,748
CIRCOR International Inc.	3,332		134,713
Clarcor Inc.	10,292		385,230
Claymont Steel Holdings Inc. (a)	1,827		39,080
Clean Harbors Inc. (a)	3,456		170,796
Coeur d’Alene Mines Corp. (a)	55,160		198,024
Comfort Systems USA Inc.	8,227		116,659
Compass Minerals International Inc.	6,645		230,316
Deltic Timber Corp.	2,151		117,918
Drew Industries Inc. (a)	3,498		115,924
Dycom Industries Inc. (a)	8,205		245,986
Dynamic Materials Corp.	2,593		97,238
EMCOR Group Inc. (a)	6,440		469,476
Encore Wire Corp.	4,577		134,747
Energy Conversion Devices Inc. (a)	8,034		247,608
EnerSys (a)	4,296		78,617
ENGlobal Corp. (a)	3,470		42,161
Exide Technologies (a)	12,177		113,246
Ferro Corp.	8,623		214,971
Genlyte Group Inc. (a)	5,716		448,935
Georgia Gulf Corp.	6,751		122,261
Gibraltar Industries Inc.	5,149		114,050
Glatfelter	9,431		128,167
Goodman Global Inc. (a)	7,528		167,272
GrafTech International Ltd. (a)	19,975		336,379
Granite Construction Inc.	7,306		468,899
Graphic Packaging Corp. (a)	13,034		63,085
Great Lakes Dredge & Dock Co. (a)	1,467		13,937
Greif Inc.	6,733		401,354
Griffon Corp. (a)	6,174		134,470
Haynes International Inc. (a)	2,347		198,157
HB Fuller Co.	12,129		362,536
Hecla Mining Co. (a)	24,334		207,812
Hercules Inc. (a)	23,521		462,188
Hexcel Corp. (a)	19,003		400,393
Idaho General Mines Inc. (a)	9,905		62,798
Infrasource Services Inc. (a)	8,154		302,513
Innerworkings Inc. (a)	4,965		79,539
Innophos Holdings Inc.	4,230		60,489
Innospec Inc.	2,442		144,591
Insituform Technologies Inc. (a)	5,410		117,992
Insteel Industries Inc.	3,675		66,150
Integrated Electrical Services Inc. (a)	2,657		87,601
Interline Brands Inc. (a)	5,549		144,718

See accompanying notes to financial statements.

38

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Materials & Processes (Cont.)
Kaiser Aluminum Corp. (a)	2,986	$	217,620
Kaydon Corp.	5,748		299,586
Koppers Holdings Inc.	3,592		120,979
Kronos Worldwide Inc.	505		12,751
L.B. Foster Co. (a)	2,105		60,371
Ladish Co. Inc. (a)	2,978		128,054
Lamson & Sessions Co. (a)	2,845		75,592
Landec Corp. (a)	4,389		58,813
Layne Christensen Co. (a)	2,805		114,865
LSB Industries Inc. (a)	2,981		63,734
LSI Industries Inc.	3,668		65,657
Medis Technologies Ltd. (a)	4,644		68,220
Mercer International Inc.-SBI (a)	6,736		68,707
Metal Management Inc.	5,155		227,181
MGP Ingredients Inc.	1,677		28,341
Michael Baker Corp. (a)	1,426		52,976
Minerals Technologies Inc.	3,823		255,950
Mueller Industries Inc.	7,437		256,130
Mueller Water Products Inc.	23,227		396,253
Multi-Color Corp.	1,269		49,884
Myers Industries Inc.	5,713		126,314
NCI Building Systems Inc. (a)	4,056		200,082
Neenah Paper Inc.	2,989		123,326
NewMarket Corp.	3,106		150,237
NL Industries Inc.	1,462		14,649
Northwest Pipe Co. (a)	1,765		62,781
Nuco2 Inc. (a)	2,949		75,701
Olin Corp.	14,669		308,049
Olympic Steel Inc.	1,653		47,375
OM Group Inc. (a)	6,046		319,954
Perini Corp. (a)	5,370		330,416
PGT Inc. (a)	2,169		23,707
Pioneer Companies Inc. (a)	2,506		86,131
PolyOne Corp. (a)	18,449		132,648
Quanex Corp.	7,483		364,422
Raven Industries Inc.	3,363		120,093
RBC Bearings Inc. (a)	4,281		176,591
Resource Capital Corp.	4,351		60,827
Rock-Tenn Co. Class A	7,087		224,800
Rockwood Holdings Inc. (a)	7,112		259,944
Royal Gold Inc.	4,932		117,234
RTI International Metals Inc. (a)	4,675		352,355
Ryerson Inc.	5,256		197,888
SAIC Inc. (a)	19,742		356,738
Schnitzer Steel Industries Inc.	4,389		210,409
Schweitzer-Mauduit International Inc.	3,207		99,417
Senomyx Inc. (a)	6,106		82,431
Silgan Holdings Inc.	4,992		275,958
Simpson Manufacturing Co. Inc.	7,527		253,961
Spartech Corp.	6,477		171,964
Stepan Co.	1,373		41,574
Stillwater Mining Co. (a)	8,336		91,779
Stratus Properties Inc. (a)	945		32,603
Superior Essex Inc. (a)	4,175		155,936
Symyx Technologies Inc. (a)	6,713		77,267
Tejon Ranch Co. (a)	2,224		98,301
Terra Industries Inc. (a)	18,593		472,634
Texas Industries Inc.	5,510		432,039
The Andersons Inc.	3,171		143,741
Thomas Properties Group Inc.	4,704		75,170
Tredegar Corp.	6,334		134,914
Trex Co. Inc. (a)	2,368		46,484
TriMas Corp. (a)	2,706		32,688
Tronox Inc. Class B	8,545		120,057
U.S. Gold Corp. (a)	9,236		50,798
UAP Holding Corp.	10,525		317,223
Universal Forest Products Inc.	3,363		142,120
Universal Stainless & Alloy Products Inc. (a)	1,319		46,468
Uranium Resources Inc. (a)	10,501		115,826
US Concrete Inc. (a)	6,775		58,875
USEC Inc. (a)	17,634		387,595
Valhi Inc.	1,277		20,815
Valmont Industries Inc.	3,805		276,852
Washington Group International Inc. (a)	5,894		471,579
Watsco Inc.	4,660		253,504
Wausau Paper Corp.	9,041		121,149
Wheeling-Pittsburgh Corp. (a)	2,535		48,241
Worthington Industries Inc.	13,973		302,515
WR Grace & Co. (a)	14,063		344,403
Xerium Technologies Inc.	4,525		34,481
Zoltek Companies Inc. (a)	4,407		183,023
			27,183,975
Oil & Gas (4.51%)
Allis-Chalmers Energy Inc. (a)	5,069		116,536
Alon USA Energy Inc.	2,813		123,800
Alpha Natural Resources Inc. (a)	13,164		273,680
APCO Argentina Inc.	510		43,304
Arena Resources Inc. (a)	2,788		162,011
ATP Oil & Gas Corp. (a)	4,344		211,292
Atwood Oceanics Inc. (a)	5,500		377,410
Aventine Renewable Energy Holdings Inc. (a)	6,323		107,301
Basic Energy Services Inc. (a)	8,184		209,265
Berry Petroleum Co.	8,066		303,927
Bill Barrett Corp. (a)	6,288		231,587
Bois d’Arc Energy Inc. (a)	3,890		66,247
BPZ Energy Inc. (a)	9,459		52,781
Brigham Exploration Co. (a)	8,729		51,239
Bronco Drilling Co. Inc. (a)	5,159		84,659
Callon Petroleum Co. (a)	3,907		55,362
CARBO Ceramics Inc.	4,134		181,111
Carrizo Oil & Gas Inc. (a)	4,577		189,808
Clayton Williams Energy Inc. (a)	1,040		27,529

See accompanying notes to financial statements.

39

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Oil & Gas (Cont.)
Clean Energy Fuels Corp. (a)	2,330	$	29,265
Complete Production Services Inc. (a)	8,584		221,896
Comstock Resources Inc. (a)	9,147		274,136
Contango Oil & Gas Co. (a)	2,671		96,931
Dawson Geophysical Co. (a)	1,562		96,000
Delek US Holdings Inc.	2,407		64,147
Delta Petroleum Corp. (a)	13,330		267,666
Dril-Quip Inc. (a)	5,419		243,584
Edge Petroleum Corp. (a)	5,851		81,972
Encore Acquisition Co. (a)	10,885		302,603
Energy Partners Ltd. (a)	5,826		97,236
Evergreen Solar Inc. (a)	19,067		177,323
EXCO Resources Inc. (a)	12,536		218,628
Flotek Industries Inc. (a)	1,829		109,649
FuelCell Energy Inc. (a)	13,467		106,659
FX Energy Inc. (a)	7,315		66,932
GeoGlobal Resources Inc. (a)	6,013		30,606
Geokinetics Inc. (a)	1,367		42,418
Geomet Inc. (a)	3,972		30,425
GMX Resources Inc. (a)	2,364		81,794
Goodrich Petroleum Corp. (a)	3,239		112,167
Grey Wolf Inc. (a)	37,457		308,646
Gulf Island Fabrication Inc.	2,170		75,299
Hanover Compressor Co. (a)	18,712		446,281
Harvest Natural Resources Inc. (a)	7,698		91,683
Hercules Offshore Inc. (a)	5,335		172,747
Horizon Offshore Inc. (a)	6,551		125,779
Hornbeck Offshore Services Inc. (a)	4,667		180,893
Input/Output Inc. (a)	14,134		220,632
Lufkin Industries Inc.	3,132		202,171
Mariner Energy Inc. (a)	17,653		428,085
Markwest Hydrocarbon Inc.	1,314		75,463
Matrix Service Co. (a)	4,949		122,983
McMoRan Exploration Co. (a)	4,920		68,880
Meridian Resource Corp. (a)	17,737		53,566
NATCO Group Inc. (a)	3,545		163,212
Newpark Resources Inc. (a)	18,582		144,010
Nova Biosource Fuels Inc. (a)	7,484		19,084
Oil States International Inc. (a)	9,820		405,959
Oilsands Quest Inc. (a)	21,782		53,801
Pacific Ethanol Inc. (a)	7,206		95,119
Parallel Petroleum Corp. (a)	7,586		166,133
Parker Drilling Co. (a)	22,138		233,334
Penn Virginia Corp.	7,709		309,902
PetroHawk Energy Corp. (a)	34,293		543,887
Petroleum Development Corp. (a)	2,988		141,870
Petroquest Energy Inc. (a)	8,556		124,404
Pioneer Drilling Co. (a)	9,992		148,981
Rosetta Resources Inc. (a)	10,160		218,846
RPC Inc.	6,496		110,692
Stone Energy Corp. (a)	4,962		169,998
SulphCo Inc. (a)	9,586		34,605
Superior Offshore International Inc. (a)	2,031		36,964
Superior Well Services Inc. (a)	3,153		80,118
Swift Energy Co. (a)	6,110		261,264
T-3 Energy Services Inc. (a)	1,091		36,494
Tetra Tech Inc. (a)	11,772		253,687
Toreador Resources Corp. (a)	2,859		42,885
Trico Marine Services Inc. (a)	2,427		99,216
TXCO Resources Inc. (a)	6,873		70,654
Union Drilling Inc. (a)	2,799		45,960
Universal Compression Holdings Inc. (a)	6,140		444,966
VAALCO Energy Inc. (a)	11,183		54,014
Venoco Inc. (a)	2,588		48,318
Verenium Corp. (a)	5,480		27,784
W-H Energy Services Inc. (a)	6,189		383,161
Warren Resources Inc. (a)	10,798		126,121
Whiting Petroleum Corp. (a)	7,532		305,197
Willbros Group Inc. (a)	5,226		155,108
			13,749,742
Technology (13.24%)
3Com Corp. (a)	78,143		322,731
3D Systems Corp. (a)	3,128		77,793
Acacia Research - Acacia Technologies (a)	5,802		93,760
Acme Packet Inc. (a)	4,449		51,119
Actel Corp. (a)	5,194		72,249
Actuate Corp. (a)	12,076		81,996
Adaptec Inc. (a)	24,212		92,248
Adtran Inc.	11,962		310,653
Advanced Analogic Technologies Inc. (a)	7,946		77,076
Aeroflex Inc. (a)	15,352		217,538
Agile Software Corp. (a)	12,317		99,275
Agilysys Inc.	6,388		143,730
American Reprographics Co. (a)	6,204		191,021
American Science & Engineering Inc. (a)	1,828		103,922
AMIS Holdings Inc. (a)	13,390		167,643
Amkor Technology Inc. (a)	21,010		330,907
ANADIGICS Inc. (a)	11,960		164,928
Anaren Inc. (a)	3,472		61,142
Anixter International Inc. (a)	6,270		471,567
Ansoft Corp. (a)	3,359		99,057
Ansys Inc. (a)	15,695		415,917
Applied Micro Circuits Corp. (a)	58,895		147,237
Ariba Inc. (a)	15,744		156,023
Arrowhead Research Corp. (a)	6,754		33,973
Art Technology Group Inc. (a)	26,855		71,434
Aruba Networks Inc. (a)	1,621		32,582
AsiaInfo Holdings Inc. (a)	6,288		60,994
Aspen Technology Inc. (a)	17,736		248,304
Atheros Communications (a)	11,169		344,452

See accompanying notes to financial statements.

40

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Authorize.Net Holdings Inc. (a)	5,642	$	100,935
Avanex Corp. (a)	29,405		52,929
Avid Technology Inc. (a)	8,385		296,410
Avocent Corp. (a)	10,215		296,337
BearingPoint Inc. (a)	40,843		298,562
Bel Fuse Inc.	2,350		79,970
Benchmark Electronics Inc. (a)	14,674		331,926
BigBand Networks Inc. (a)	2,509		32,893
Black Box Corp.	3,351		138,664
Blackbaud Inc.	8,900		196,512
Blackboard Inc. (a)	5,760		242,611
Blue Coat Systems Inc. (a)	2,601		128,802
Borland Software Corp. (a)	14,889		88,441
Bottomline Technologies Inc. (a)	4,405		54,402
CACI International Inc. (a)	6,257		305,654
Cavium Networks Inc. (a)	1,322		29,904
Cbeyond Inc. (a)	4,176		160,818
Checkpoint Systems Inc. (a)	7,982		201,545
Chordiant Software Inc. (a)	6,542		102,448
Ciber Inc. (a)	10,682		87,379
Cirrus Logic Inc. (a)	18,121		150,404
Cogent Communications Group Inc. (a)	10,070		300,791
Cogent Inc. (a)	8,911		130,903
Coherent Inc. (a)	6,529		199,200
Coleman Cable Inc. (a)	1,615		41,764
Commvault Systems Inc. (a)	7,223		124,741
COMSYS IT Partners Inc. (a)	3,725		84,967
Comtech Group Inc. (a)	4,040		66,700
Comtech Telecommunications Corp. (a)	4,655		216,085
Comverge Inc. (a)	1,093		33,894
Concur Technologies Inc. (a)	7,617		174,048
Conexant Systems Inc. (a)	100,366		138,505
Covansys Corp. (a)	5,616		190,551
CPI International Inc. (a)	1,529		30,320
Cray Inc. (a)	6,550		49,977
CSG Systems International Inc. (a)	8,756		232,122
Cubic Corp.	3,103		93,649
Daktronics Inc.	6,427		138,052
DealerTrack Holdings Inc. (a)	6,778		249,702
Digi International Inc. (a)	5,106		75,262
Digital River Inc. (a)	8,346		377,656
Diodes Inc. (a)	3,947		164,866
Ditech Networks Inc. (a)	6,645		54,423
DivX Inc. (a)	4,671		70,065
Double-Take Software Inc. (a)	1,687		27,684
DSP Group Inc. (a)	5,697		116,618
Eagle Test Systems Inc. (a)	2,534		40,696
Echelon Corp. (a)	6,071		94,890
eCollege.com Inc. (a)	3,810		84,772
EDO Corp.	3,549		116,656
Electronics for Imaging Inc. (a)	11,554		326,054
EMS Technologies Inc. (a)	2,905		64,084
Emulex Corp. (a)	17,312		378,094
Epicor Software Corp. (a)	11,728		174,395
EPIQ Systems Inc. (a)	4,420		71,427
Equinix Inc. (a)	6,388		584,310
eSpeed Inc. (a)	3,713		32,080
Exar Corp. (a)	7,285		97,619
Excel Technology Inc. (a)	2,637		73,678
Extreme Networks Inc. (a)	23,871		96,678
FalconStor Software Inc. (a)	6,632		69,968
Finisar Corp. (a)	54,020		204,196
Flir Systems Inc. (a)	13,426		620,952
Formfactor Inc. (a)	9,645		369,403
Foundry Networks Inc. (a)	29,467		490,920
Gartner Inc. (a)	14,025		344,875
Gateway Inc. (a)	59,134		94,023
Genesis Microchip Inc. (a)	7,324		68,553
GeoEye Inc. (a)	3,571		77,598
Gerber Scientific Inc. (a)	4,955		57,577
Guidance Software Inc. (a)	773		10,899
Harmonic Inc. (a)	16,117		142,958
Harris Stratex Networks Inc. Class A (a)	5,116		91,986
Hittite Microwave Corp. (a)	3,331		142,334
Hughes Communications Inc. (a)	1,329		69,347
Hutchinson Technology Inc. (a)	5,357		100,765
Hypercom Corp. (a)	10,454		61,783
i2 Technologies Inc. (a)	3,095		57,691
iGate Corp. (a)	4,500		36,090
IHS Inc. (a)	6,372		293,112
II-VI Inc. (a)	4,812		130,742
Imation Corp.	7,295		268,894
Imergent Inc.	2,475		60,539
Immersion Corp. (a)	5,267		78,900
Infocrossing Inc. (a)	4,575		84,500
Informatica Corp. (a)	17,702		261,459
Innovative Solutions & Support Inc. (a)	2,682		62,276
InPhonic Inc. (a)	4,797		22,354
Integral Systems Inc.	2,327		56,569
Inter-Tel Inc.	4,450		106,488
Interactive Intelligence Inc. (a)	2,630		54,178
Intermec Inc. (a)	12,278		310,756
Internet Capital Group Inc. (a)	7,754		96,150
InterVoice Inc. (a)	8,226		68,523
Interwoven Inc. (a)	8,725		122,499
Ionatron Inc. (a)	7,517		29,316
IPG Photonics Corp. (a)	2,031		40,518
iRobot Corp. (a)	3,102		61,575
Isilon Systems Inc. (a)	1,742		26,862
Ixia (a)	8,596		79,599
IXYS Corp. (a)	5,453		45,533
j2 Global Communications Inc. (a)	9,968		347,883
Jack Henry & Associates Inc.	15,865		408,524
JDA Software Group Inc. (a)	5,183		101,742
Kemet Corp. (a)	16,969		119,631
Keynote Systems Inc. (a)	3,178		52,119

See accompanying notes to financial statements.

41

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Komag Inc. (a)	5,563	$	177,404
L-1 Identity Solutions Inc. (a)	11,984		245,073
Lattice Semiconductor Corp. (a)	23,074		131,983
Lawson Software Inc. (a)	26,313		260,236
Lionbridge Technologies Inc. (a)	12,075		71,122
LivePerson Inc. (a)	7,345		39,296
Loral Space & Communications Inc. (a)	2,325		114,576
Macrovision Corp. (a)	10,561		317,464
Magma Design Automation Inc. (a)	7,771		109,105
Manhattan Associates Inc. (a)	5,471		152,696
ManTech International Corp. (a)	3,812		117,524
Mentor Graphics Corp. (a)	16,774		220,914
Mercury Computer Systems Inc. (a)	4,775		58,255
Methode Electronics Inc.	7,655		119,801
Micrel Inc.	11,154		141,879
MICROS Systems Inc. (a)	8,192		445,645
Microsemi Corp. (a)	15,368		368,064
MicroStrategy Inc. (a)	1,940		183,311
Microtune Inc. (a)	10,783		56,395
MIPS Technologies Inc. (a)	8,453		74,302
Monolithic Power Systems Inc. (a)	4,758		83,027
MRV Communications Inc. (a)	25,245		82,046
MSC.Software Corp. (a)	8,787		118,976
MTS Systems Corp.	3,615		161,482
Multi-Fineline Electronix Inc. (a)	1,433		24,590
Ness Technologies Inc. (a)	6,821		88,741
Netgear Inc. (a)	7,050		255,562
Netlogic Microsystems Inc. (a)	3,463		110,262
Network Equipment Technologies Inc. (a)	5,396		51,478
Newport Corp. (a)	7,069		109,428
Nextwave Wireless Inc. (a)	5,557		46,401
Novatel Wireless Inc. (a)	6,071		157,967
Nuance Communications Inc. (a)	26,599		445,001
Omniture Inc. (a)	5,685		130,300
Omnivision Technologies Inc. (a)	11,029		199,735
ON Semiconductor Corp. (a)	48,909		524,304
On2 Technologies Inc. (a)	22,852		68,556
OpenTV Corp. Class A(a)	18,441		39,095
Openwave Systems Inc.	16,611		103,985
Oplink Communications Inc. (a)	4,561		68,415
Opsware Inc. (a)	17,456		166,007
Optium Corp. (a)	2,477		31,334
OSI Systems Inc. (a)	3,260		89,161
Packeteer Inc. (a)	7,597		59,333
Palm Inc. (a)	20,941		335,265
Parametric Technology Corp. (a)	23,193		501,201
Park Electrochemical Corp.	4,185		117,933
PDF Solutions Inc. (a)	4,950		58,559
Pegasystems Inc.	2,631		28,757
Pericom Semiconductor Corp. (a)	4,853		54,159
Perot Systems Corp. (a)	17,551		299,069
Plexus Corp. (a)	9,289		213,554
PLX Technology Inc. (a)	5,747		64,137
PMC-Sierra Inc. (a)	42,955		332,042
Polycom Inc. (a)	18,526		622,474
Progress Software Corp. (a)	8,211		261,028
QAD Inc.	2,688		22,310
Quantum Corp. (a)	41,194		130,585
Quest Software Inc. (a)	14,033		227,194
Rackable Systems Inc. (a)	5,777		71,404
Radiant Systems Inc. (a)	5,269		69,762
Radisys Corp. (a)	4,488		55,651
RealNetworks Inc. (a)	20,325		166,055
RF Micro Devices Inc. (a)	39,153		244,315
RightNow Technologies Inc. (a)	3,647		59,847
Rimage Corp. (a)	2,095		66,181
Rogers Corp. (a)	3,490		129,130
S1 Corp. (a)	11,074		88,481
Safeguard Scientifics Inc. (a)	24,211		68,033
Sapient Corp. (a)	16,440		127,081
SAVVIS Inc. (a)	5,563		275,424
Scansource Inc. (a)	5,252		168,011
SeaChange International Inc. (a)	5,917		45,916
Secure Computing Corp. (a)	9,933		75,391
Semtech Corp. (a)	14,588		252,810
SI International Inc. (a)	2,561		84,564
Sigma Designs Inc. (a)	4,635		120,927
Silicon Graphics Inc. (a)	1,405		37,289
Silicon Image Inc. (a)	17,024		146,066
Silicon Storage Technology Inc. (a)	19,095		71,224
Sirenza Microdevices Inc. (a)	7,853		93,215
SiRF Technology Holdings Inc. (a)	10,539		218,579
Skyworks Solutions Inc. (a)	31,826		233,921
Smart Modular Technologies Inc. (a)	10,040		138,150
Smith Micro Software Inc. (a)	5,988		90,179
Solera Holdings Inc. (a)	5,292		102,559
SonicWALL Inc. (a)	12,457		107,006
Sonus Networks Inc. (a)	50,981		434,358
Sourcefire Inc. (a)	1,313		18,369
SourceForge Inc. (a)	13,529		57,092
Spansion Inc. Class A (a)	18,004		199,844
SPSS Inc. (a)	3,717		164,068
SRA International Inc. (a)	8,350		210,921
Standard Microsystems Corp. (a)	4,526		155,423
Stanley Inc. (a)	1,581		27,857
STEC Inc. (a)	6,441		41,416
Stratasys Inc. (a)	2,083		97,859
Super Micro Computer Inc. (a)	1,872		18,739
Supertex Inc. (a)	2,250		70,515
Switch & Data Facilities Co. (a)	2,645		50,758
Sybase Inc. (a)	18,485		441,607
Sycamore Networks Inc. (a)	38,016		152,824
Sykes Enterprises Inc. (a)	6,492		123,283
Synaptics Inc. (a)	5,239		187,504
Synchronoss Technologies Inc. (a)	3,718		109,086

See accompanying notes to financial statements.

42

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Technology (Cont.)
Syniverse Holdings Inc. (a)	5,164	$	66,409
SYNNEX Corp. (a)	3,272		67,436
Syntel Inc.	2,567		78,011
Taleo Corp. (a)	3,322		74,845
TechTarget (a)	1,515		19,468
Techwell Inc. (a)	2,992		39,195
Tekelec (a)	12,096		174,424
Terremark Worldwide Inc. (a)	10,152		65,480
Tessera Technologies Inc. (a)	9,692		393,011
TIBCO Software Inc. (a)	42,069		380,724
Transaction Systems Architects Inc. (a)	7,497		252,349
Trident Microsystems Inc. (a)	11,558		212,089
TriQuint Semiconductor Inc. (a)	27,854		140,941
TriZetto Group Inc. (a)	9,327		180,571
TTM Technologies Inc. (a)	8,434		109,642
Tyler Technologies Inc. (a)	7,939		98,523
Ultimate Software Group Inc. (a)	4,952		143,261
Unica Corp. (a)	1,956		32,274
Universal Display Corp. (a)	4,950		77,765
UTStarcom Inc. (a)	21,729		121,900
Varian Inc. (a)	6,210		340,494
VASCO Data Security International Inc. (a)	5,262		119,763
Veraz Networks Inc. (a)	1,763		11,495
ViaSat Inc. (a)	5,029		161,431
Vignette Corp. (a)	5,805		111,224
Visual Sciences Inc. (a)	4,077		63,071
Vocus Inc. (a)	2,642		66,341
Volterra Semiconductor Corp. (a)	4,480		63,616
Vonage Holdings Corp. (a)	12,878		40,051
Websense Inc. (a)	9,088		193,120
Wind River Systems Inc. (a)	15,279		168,069
Zoran Corp. (a)	10,131		203,025
			40,367,164
Telecommunications (1.29%)
Alaska Communications Systems Group Inc.	8,783		139,123
Atlantic Tele-Network Inc.	1,874		53,671
Centennial Communications Corp. (a)	4,340		41,187
Cincinnati Bell Inc. (a)	50,086		289,497
Consolidated Communications Holdings Inc.	4,067		91,914
CT Communications Inc.	3,973		121,216
Dobson Communications Corp. (a)	29,567		328,489
Eschelon Telecom Inc. (a)	2,143		63,433
FairPoint Communications Inc.	7,334		130,178
FiberTower Corp. (a)	21,517		93,169
General Communication Inc. Class A (a)	10,992		140,808
Global Crossing Ltd. (a)	4,835		91,285
Globalstar Inc. (a)	4,018		41,586
Golden Telecom Inc.	3,159		173,777
Hungarian Telephone & Cable Corp. (a)	665		13,307
iBasis Inc. (a)	6,638		66,712
ICO Global Communications Holdings Ltd. (a)	21,026		73,170
IDT Corp. Class B	10,343		106,740
Iowa Telecommunications Service Inc.	6,433		146,222
iPCS Inc. (a)	3,575		121,085
North Pittsburgh Systems Inc.	3,186		67,702
NTELOS Holdings Corp.	5,647		156,083
Orbcomm Inc. (a)	5,308		87,104
Premiere Global Services Inc. (a)	14,435		187,944
RCN Corp. (a)	6,202		116,536
Rural Cellular Corp. Class A (a)	2,486		108,912
Shenandoah Telecommunications Co.	1,600		81,328
SureWest Communications	2,902		79,050
Time Warner Telecom Inc. (a)	29,171		586,337
USA Mobility Inc. (a)	4,737		126,762
			3,924,327
Utilities & Energy (2.93%)
Allete Inc.	5,446		256,234
American States Water Co.	3,582		127,412
Aquila Inc. (a)	75,285		307,916
Atlas America Inc.	4,652		249,952
Avista Corp.	10,704		230,671
Black Hills Corp.	6,753		268,432
California Water Service Group	4,151		155,621
Cascade Natural Gas Corp.	2,786		73,578
Central Vermont Public Service Corp.	2,126		80,108
CH Energy Group Inc.	3,494		157,125
Cleco Corp.	12,287		301,031
Consolidated Water Co. Ltd.	2,963		86,846
Crosstex Energy Inc.	7,754		222,772
El Paso Electric Co. (a)	9,465		232,460
Empire District Electric Co.	6,516		145,763
EnergySouth Inc.	1,543		78,693
EnerNOC Inc. (a)	758		28,903
Evergreen Energy Inc. (a)	16,810		101,364
Headwaters Inc. (a)	7,915		136,692
Idacorp Inc.	9,197		294,672
International Coal Group Inc. (a)	25,291		151,240
ITC Holdings Corp.	8,976		364,695
Laclede Group Inc.	4,609		146,935
MGE Energy Inc.	4,589		149,923
New Jersey Resources Corp.	5,940		303,059
Nicor Inc.	6,739		289,238
Northwest Natural Gas Co.	5,683		262,498
NorthWestern Corp.	7,581		241,152
Ormat Technologies Inc.	2,825		106,446
Otter Tail Corp.	6,139		196,878
Piedmont Natural Gas Co. Inc.	15,746		388,139
Pike Electric Corp. (a)	3,597		80,501

See accompanying notes to financial statements.

43

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SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares or principal amount		Value
Common Stocks (Cont.)
Utilities & Energy (Cont.)
PNM Resources Inc.		15,631	$	434,385
Portland General Electric Co.		6,348		174,189
Rentech Inc. (a)		33,150		85,858
SEMCO Energy Inc. (a)		7,218		56,084
SJW Corp.		3,153		104,995
South Jersey Industries Inc.		6,253		221,231
Southwest Gas Corp.		7,714		260,810
Southwest Water Co.		5,019		64,093
UIL Holdings Corp.		5,132		169,869
Unisource Energy Corp.		7,428		244,307
US BioEnergy Corp. (a)		2,500		28,400
VeraSun Energy (a)		6,731		97,465
Westar Energy Inc.		18,280		443,838
WGL Holdings Inc.		10,457		341,316
				8,943,789
Total Common Stocks (cost $231,397,695)				292,199,672
Short-term Investments (4.22%)
U.S. Treasury Bills,
4.500%, 09/27/2007 (b)	$	13,001,000		12,853,959
Total Short-term Investments (cost $12,856,018)				12,853,959
TOTAL INVESTMENTS (100.08%) (cost $244,253,713)				305,053,631
LIABILITIES, NET OF OTHER ASSETS (-0.08%)				(251,543	)
NET ASSETS (100.00%)			$	304,802,088

(a) Non-income producing security.

(b) At June 30, 2007, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

See accompanying notes to financial statements.

44

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (98.80%) (a)
Australia (6.10%)
ABC Learning Centres Ltd.	10,075	$	58,952
AGL Energy Ltd.	12,931		166,159
Alinta Ltd.	15,187		195,872
Alumina Ltd.	31,914		211,360
Amcor Ltd.	25,724		162,895
AMP Ltd.	54,047		462,744
Ansell Ltd.	5,217		53,898
APN News & Media Ltd.	7,974		39,506
Aristocrat Leisure Ltd.	9,841		119,661
Asciano Group (b)	15,292		131,331
Australia & New Zealand Banking Group Ltd.	52,280		1,284,055
Australian Stock Exchange	4,863		200,264
AXA Asia Pacific Holdings	24,556		154,394
Babcock & Brown Ltd.	6,588		178,591
BHP Billiton Ltd.	99,443		2,971,421
Billabong International Ltd.	4,111		62,419
Bluescope Steel	21,227		185,781
Boral Ltd.	17,910		132,948
Brambles Ltd. (b)	44,118		454,829
Caltex Australian Ltd.	4,281		85,724
Centro Properties Group	22,727		163,428
CFS Retail Property Trust	42,893		77,925
Challenger Financial Service	13,847		68,218
Coca-Cola Amatil Ltd.	14,114		113,953
Cochlear Ltd.	1,423		73,476
Coles Group Ltd.	33,239		453,823
Commonwealth Bank of Australia	36,762		1,719,819
Commonwealth Property Office	35,774		50,750
Computershare Ltd.	14,478		138,145
CSL Ltd.	5,276		392,731
CSR Ltd.	27,982		82,356
DB RREEF Trust	71,145		118,110
Downer Edi Ltd.	7,006		43,660
Fairfax Media Ltd.	31,836		126,658
Fortescue Metals Group Ltd. (b)	3,382		96,616
Foster’s Group Ltd.	59,741		322,381
Futuris Corp. Ltd.	14,491		34,131
Goodman Fielder Ltd.	29,539		60,789
GPT Group	54,468		214,695
Harvey Norman Holdings Ltd.	13,901		62,178
Iluka Resources Ltd.	6,645		34,635
ING Industrial Fund	20,392		40,382
Insurance Australia Group Ltd.	49,809		240,256
Investa Property Group	40,599		100,231
James Hardie Industries Ltd.	14,248		105,143
Leighton Holdings Ltd.	3,950		137,682
Lend Lease Corp. Ltd.	10,206		160,206
Lion Nathan Ltd.	7,514		58,971
Macquarie Airports	20,130		68,789
Macquarie Bank Ltd.	7,217		518,361
Macquarie Communications Infrastructure Group	11,555		61,836
Macquarie Goodman Group	38,958		221,099
Macquarie Infrastructure Group	71,850		218,848
Macquarie Office Trust	54,067		76,460
Mirvac Group	28,118		135,626
Multiplex Group	20,140		83,842
National Australia Bank Ltd.	45,956		1,597,087
Newcrest Mining Ltd.	9,618		185,628
Onesteel Ltd.	18,539		100,845
Orica Ltd.	9,036		227,689
Origin Energy Ltd.	23,183		194,937
Pacific Brands Ltd.	15,740		45,963
Paladin Resources Ltd. (b)	15,743		109,392
Paperlinx Ltd.	12,720		40,037
Perpetual Trustees Australia	1,149		76,363
Publishing & Broadcasting	12,695		210,377
Qantas Airways Ltd.	25,282		119,952
QBE Insurance Group Ltd.	23,974		632,552
Rio Tinto Ltd.	8,044		671,010
Santos Ltd.	17,611		207,942
Sonic Healthcare Ltd.	6,818		86,899
Stockland	38,517		265,346
Suncorp-Metway Ltd.	26,062		445,118
Symbion Health Ltd.	18,392		63,565
Tabcorp Holding Ltd.	15,578		226,344
Tattersall’s Ltd.	30,108		119,745
Telstra Corp. Ltd.	84,473		328,652
Telstra Corp. Ltd. Installment Receipts	46,126		121,342
Toll Holdings Ltd.	15,292		187,391
Transurban Group	29,505		200,045
Wesfarmers Ltd.	10,678		413,453
Westfield Group Rights (b)	3,972		1,549
Westfield Group	45,688		770,904
Westpac Banking Corp.	52,210		1,133,725
Woodside Petroleum Ltd.	13,254		512,368
Woolworths Ltd.	33,741		771,078
WorleyParsons Ltd.	4,530		130,306
Zinifex Ltd.	14,229		225,652
			24,412,269
Austria (0.64%)
Andritz AG	1,140		75,077
BWIN Interactive Entertainment AG (b)	614		20,229
Erste Bank Der Oester Spark	5,376		419,009
Flughafen Wien AG	288		28,404
IMMOEAST Immobilien Anlagen AG (b)	11,849		167,210
Immofinanz Immobilien Anlagen AG (b)	12,797		186,365
Mayr-Melnhof Karton AG	179		40,600
Meinl European Land Ltd. (b)	8,545		244,925
Oest Elektrizatswirts AG Class A	2,180		111,475
OMV AG	4,698		313,381
Raiffeisen International Bank Holding AG	991		156,527

See accompanying notes to financial statements.

45

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Austria (Cont.)
RHI AG (b)	901	$	49,180
Telekom Austria AG	10,442		260,034
VoestAlpine AG	3,151		264,874
Wiener Staedtische Allgemeine Versicherung AG	1,135		80,886
Wienerberger AG	1,992		146,472
			2,564,648
Belgium (1.24%)
Agfa Gevaert NV	3,663		94,488
Barco NV	307		28,498
Bekaert NV	405		59,397
Belgacom SA	4,835		213,989
Cofinimmo	189		35,990
Colruyt SA	497		103,738
Compagnie Maritime Belge SA	530		36,996
D’Ieteren NV	84		37,550
Delhaize Group	2,234		219,426
Dexia	14,903		465,511
Euronav SA	636		23,135
Fortis	35,183		1,491,185
Groupe Bruxelles Lambert SA	2,303		286,262
InBev NV	5,187		410,839
KBC GROEP NV	5,169		696,615
Mobistar SA	948		80,752
Omega Pharma SA	599		51,854
Solvay SA	1,760		277,048
UCB SA	3,212		189,973
Umicore	655		142,017
			4,945,263
Denmark (0.84%)
A P Moller-Maersk A/S	31		372,866
Bang & Olufsen Class B	395		47,232
Carlsberg A/S Class B	899		108,669
Coloplast Class B	708		57,360
Dampskibsselskabet Torm A/S	900		33,582
Danisco A/S	1,180		87,978
Danske Bank	12,964		530,126
DSV A/S	5,800		113,604
East Asiatic Co. Ltd. A/S	700		38,498
FLSmidth & Co. A/S (b)	1,512		118,398
GN Store Nord (b)	6,110		72,118
H. Lundbeck A/S	1,542		39,068
Jyske Bank A/S (b)	1,743		125,600
NKT Holding A/S	538		53,406
Novo Nordisk A/S	6,860		746,198
Novozymes A/S Class B	1,418		164,349
Sydbank A/S	1,850		88,460
Topdanmark A/S (b)	514		87,646
Trygvesta A/S	700		55,004
Vestas Wind Systems A/S (b)	5,315		348,782
William DeMant Holding (b)	774		76,659
			3,365,603
Finland (1.63%)
Amer Sports OYJ Class A	2,082		51,387
Cargotec Corp.	1,028		63,218
Elisa Corp. Class A	4,593		125,202
Fortum OYJ	12,443		388,811
Kesko OYJ	1,987		131,825
Kone Corp. OYJ Class B	2,056		129,235
Konecranes OYJ	1,622		67,783
Metso OYJ	3,638		214,102
Neste Oil OYJ	3,731		146,204
Nokia OYJ	116,674		3,276,811
Nokian Renkaat OYJ	3,035		106,327
OKO Bank	2,696		49,956
Orion OYJ Class B	2,451		61,339
Outokumpu OYJ	2,996		100,767
Rautaruukki OYJ	2,314		147,821
Sampo Insurance Co.	12,454		358,586
SanomaWSOY OYJ	1,789		56,531
Stora Enso OYJ R Shares	17,225		324,093
Tietoenator Corp. OYJ	2,312		74,285
UPM-Kymmene OYJ	14,893		366,519
Uponor OYJ	1,644		63,916
Wartsila OYJ Class B	1,724		113,368
YIT OYJ	3,407		106,924
			6,525,010
France (9.86%)
Accor SA	5,132		453,671
Aeroports de Paris (ADP)	984		114,191
Air France	3,523		163,923
Air Liquide SA	6,894		904,645
Alcatel-Lucent	65,933		922,245
Alstom (b)	2,960		493,586
Atos Origin (b)	1,969		123,060
AXA	44,711		1,921,925
BIC SA	856		63,041
BNP Paribas	23,861		2,834,286
Bouygues	6,304		528,181
Business Objects SA (b)	2,599		101,522
Cap Gemini	3,892		284,538
Carrefour SA	17,116		1,202,118
Casino Guichard Perrachon	1,199		121,238
CNP Assurances	1,273		162,662
Compagnie De Saint-Gobain	9,426		1,055,922
Credit Agricole SA	18,720		759,618
Dassault Systemes SA	1,552		97,846
Essilor International	2,805		334,091
European Aeronautic Defense	8,972		291,174
France Telecom SA	48,324		1,325,350

See accompanying notes to financial statements.

46

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
France (Cont.)
Gaz de France	5,689	$	286,981
Gecina SA	342		57,156
Groupe Danone	12,626		1,019,750
Hermes International SCA	1,859		210,151
Icade	931		71,713
Imerys SA	948		95,967
Klepierre	656		111,085
L’Oreal SA	7,086		837,567
Lafarge SA	4,261		776,577
Lagardere SCA	3,419		296,524
LVMH Moet Hennessy Louis Vuitton SA	6,940		798,547
M6 Metropole Television	1,858		60,396
Michelin Class B	4,088		571,272
Neopost SA	924		135,199
PagesJaunes SA	3,355		70,623
Pernod-Ricard	2,574		568,305
Peugeot SA	4,351		350,518
PPR SA	2,189		381,837
Publicis Groupe SA	3,766		166,420
Renault SA	5,263		844,125
Safran SA	4,878		124,745
Sanofi-Aventis	28,830		2,329,090
Schneider Electric SA	6,136		859,701
SCOR Regroupe	3,503		95,089
Societe des Autoroutes Paris	809		82,209
Societe Generale Class A	10,491		1,943,749
Societe Television Francaise 1	3,413		117,966
Sodexho Alliance	2,848		203,651
STMicroelectronics NV	19,301		371,970
Suez SA	29,046		1,660,508
Technip SA	2,907		240,270
Thales SA	2,430		148,490
Thomson SA	7,396		141,443
Total SA	61,071		4,951,511
Unibail	2,113		540,365
Valeo	2,176		116,754
Vallourec SA	1,356		433,547
Veolia Environnement	9,850		773,626
Vinci SA	11,346		846,829
Vivendi	32,959		1,417,816
Zodiac SA	1,102		84,664
			39,453,539
Germany (8.02%)
Adidas AG	5,800		366,585
Allianz SE Reg.	12,916		3,029,243
Altana AG	1,971		47,607
BASF AG	14,241		1,870,466
Bayer AG	20,591		1,559,098
Beiersdorf AG	2,512		179,172
Bilfinger Berger AG	1,074		95,463
Celesio AG	2,376		154,398
Commerzbank AG	17,666		848,326
Continental AG	3,712		524,038
DaimlerChrysler AG	26,324		2,435,278
Depfa Bank PLC	9,853		174,483
Deutsche Bank AG	14,723		2,142,943
Deutsche Boerse AG	5,782		655,067
Deutsche Lufthansa	6,549		183,727
Deutsche Post AG	21,994		714,642
Deutsche Postbank AG	2,343		206,195
Deutsche Telekom AG	80,926		1,495,914
Douglas Holding AG	835		54,417
E.On AG	17,668		2,966,594
Fresenius Medical Care	5,352		246,715
Heidelberger Druckmaschinen	1,592		77,226
Hochtief AG	1,190		129,730
Hypo Real Estate Holding	3,803		246,560
Infineon Technologies AG (b)	21,306		353,888
IVG Immobilien AG	2,488		96,971
Karstadtquelle AG (b)	1,592		53,904
Linde AG	3,345		403,716
MAN AG	3,211		462,122
Merck KGaA	1,830		252,233
Metro AG	4,590		381,105
MLP AG	1,705		32,717
Muenchener Rueckvers AG	6,253		1,150,881
Premiere AG (b)	2,377		56,292
Puma AG	334		148,960
QIAGEN NV (b)	4,066		73,050
Rheinmetall AG	969		90,219
RWE AG	12,617		1,346,592
Salzgitter AG	1,164		225,263
SAP AG	25,236		1,297,396
Siemens AG	24,191		3,481,166
Solarworld AG	2,428		112,085
Suedzucker AG	1,184		26,302
ThyssenKrupp AG	10,318		614,547
TUI AG (b)	6,201		171,854
Volkswagen AG	4,867		776,900
Wincor Nixdorf AG	938		86,560
			32,098,610
Greece (0.67%)
Alpha Bank AE	10,829		339,490
Bank of Piraeus	7,297		265,905
Coca-Cola Hellenic Bottling	2,970		136,671
Cosmote Mobile Telecommunication	3,670		113,223
EFG Eurobank Ergasias	8,078		263,174
Folli-Follie SA	400		16,191
Greek Org of Football Prognostics SA	6,370		225,072
Hellenic Exchanges SA	1,570		40,972
Hellenic Petroleum SA	3,019		48,560
Hellenic Technodomiki Tev SA	3,096		40,488
Hellenic Telecommunications Org.	9,479		293,792
Motor Oil (Hellas) Corinth Refineries SA	1,010		26,462

See accompanying notes to financial statements.

47

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Greece (Cont.)
National Bank of Greece	11,483	$	653,834
Public Power Corp.	3,059		86,212
Titan Cement Co. SA	1,660		95,698
Viohalco, Hellenic Copper and Aluminum Industry SA	2,850		44,122
			2,689,866
Hong Kong (1.73%)
ASM Pacific Technology	6,000		43,463
Bank of East Asia Ltd.	42,005		236,226
Belle International Holdings Ltd. (b)	58,000		64,014
BOC Hong Kong Holdings Ltd.	105,000		249,993
Cathay Pacific Airways Ltd.	39,000		96,991
Cheung Kong Holdings Ltd.	43,000		563,454
Cheung Kong Infrastructure	12,000		44,277
CLP Holdings Ltd.	37,283		250,271
Esprit Holdings Ltd.	29,500		374,811
Foxconn International Holdings Ltd. (b)	61,000		174,769
Giordano International Ltd.	44,000		21,695
Hang Lung Properties Ltd.	65,000		224,440
Hang Seng Bank Ltd.	21,774		294,636
Henderson Land Development Co. Ltd.	25,000		170,423
Hong Kong & China Gas Co. Ltd.	104,187		219,548
Hong Kong Electric	40,000		201,773
Hong Kong Exchange & Clearing	30,000		423,510
Hopewell Holdings	16,000		65,298
Hutchison Telecommunications International Ltd.	38,000		48,944
Hutchison Whampoa Ltd.	61,210		607,635
Hysan Development Co.	17,000		45,280
Johnson Electric Holdings	44,716		24,833
Kerry Properties Ltd.	16,000		100,489
Kingboard Chemicals Holdings Co. Ltd.	16,000		73,639
Li & Fung Ltd.	63,000		226,765
Link REIT	60,000		132,806
Melco International Development Ltd.	21,000		31,222
MTR Corp.	40,000		94,774
New World Development Co. Ltd.	70,800		177,182
New World Development Co. Ltd. Rights (b)	389		—
Orient Overseas International Ltd.	6,600		64,527
PCCW Ltd.	106,000		65,254
Shangri-La Asia Ltd.	38,271		92,506
Shui On Land Ltd.	53,500		48,001
Shun Tak Holdings Ltd.	26,000		38,266
Sino Land Co. Ltd.	42,000		87,443
Sun Hung Kai Properties Ltd.	39,000		469,273
Swire Pacific Ltd. Class A	24,000		267,132
Techtronic Industries	33,500		44,730
Television Broadcasts Ltd.	8,000		56,290
Tencent Holdings Ltd.	25,000		100,499
Tingyi (Cayman Isln) Holding Corp.	48,000		55,844
Wharf Holdings Ltd.	35,114		140,242
Wing Hang Bank Ltd.	5,500		60,731
Yue Yuen Industrial Holdings	19,000		58,898
			6,932,797
Ireland (0.84%)
Allied Irish Bank PLC	25,032		683,795
Bank of Ireland	27,794		561,450
C&C Group PLC	9,445		127,146
CRH PLC	15,344		758,285
DCC PLC	2,156		72,747
Elan Corp. PLC (b)	13,286		289,189
Grafton Group PLC (b)	6,064		86,539
Greencore Group PLC	4,782		36,195
IAWS Group PLC	3,599		75,459
Independent News & Media PLC	16,318		82,711
Irish Life & Permanent PLC	7,589		191,585
Kerry Group PLC Class A	3,805		106,496
Kingspan Group PLC	3,636		101,983
Paddy Power PLC	1,406		43,831
Ryanair Holdings PLC (b)	18,704		125,562
			3,342,973
Italy (3.79%)
Alleanza Assicurazioni	12,056		157,593
Arnoldo Mondadori Editore	3,562		34,868
Assicurazione Generali Itl	29,865		1,197,426
Autogrill SpA	3,779		79,953
Autostrade SpA	8,046		267,214
Banca Monte Dei Paschi Siena SpA	32,096		217,073
Banca Popolare di Milano Scarl	11,828		180,397
Banca Popolare di Verona SpA	19,017		546,784
Bulgari SpA	4,232		67,874
Capitalia SpA	48,740		483,499
Enel SpA	122,358		1,315,226
ENI SpA	73,636		2,669,841
Fiat SpA	20,177		599,313
Finmeccanica SpA	8,476		260,414
Fondiaria-Sai SpA	2,180		105,394
Intesa Sanpaolo	218,887		1,631,959
Intesa Sanpaolo RNC	26,794		187,659
Italcementi SpA	2,020		62,366
Lottomatica SpA	1,528		60,624
Luxottica Group SpA	3,880		150,727
Mediaset SpA	22,348		230,852
Mediobanca SpA	13,878		315,236
Mediolanum SpA	7,055		58,725
Parmalat SpA	44,332		187,376
Pirelli & Co. SpA (b)	76,738		91,271
Seat Pagine Gaille	118,660		71,124

See accompanying notes to financial statements.

48

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Italy (Cont.)
Snam Rete Gas	26,949	$	159,352
Telecom Italia RNC SpA	174,119		385,889
Telecom Italia SpA	308,185		843,746
Terna SpA	34,180		117,874
UniCredito Italiano SpA	221,765		1,980,710
Unione di Banche Italiane Scpa	17,199		437,158
			15,155,517
Japan (21.04%)
77 Bank Ltd.	10,000		64,900
ACCESS Co. Ltd. (b)	6		18,097
Acom Co. Ltd.	2,080		74,618
Aderans Co. Ltd.	900		18,951
Advantest Corp.	4,580		199,413
Aeon Co. Ltd.	18,200		337,824
Aeon Credit Service Co. Ltd.	2,400		38,081
Aeon Mall Co. Ltd.	1,500		46,120
Aiful Corp.	2,300		66,040
Aisin Seiki Co. Ltd.	5,500		201,795
Ajinomoto Co. Inc.	17,000		195,810
Alfresa Holdings Corp.	800		55,846
All Nippon Airways Co. Ltd.	19,000		72,285
Alps Electric Co. Ltd.	5,000		49,957
Amada Co. Ltd.	10,000		125,063
Aoyama Trading Co. Ltd.	1,600		49,218
Asahi Breweries Ltd.	11,100		172,142
Asahi Glass Co. Ltd.	27,000		364,053
Asahi Kasei Corp.	35,000		229,948
Asatsu DK Inc.	800		27,116
ASICS Corp.	4,000		49,423
Astellas Pharma Inc.	15,451		672,078
Autobacs Seven Co. Ltd.	600		18,721
Bank of Kyoto	7,000		83,854
Bank of Yokohama Ltd.	34,000		238,128
Benesse Corp.	1,900		55,045
Bridgestone Corp.	17,400		373,005
Canon Inc.	30,300		1,776,884
Canon Sales Co. Inc.	2,000		40,914
Casio Computer Co. Ltd.	6,200		96,670
Central Glass Co. Ltd.	6,000		33,529
Central Japan Railway Co.	44		464,224
Chiba Bank Ltd.	21,000		186,141
Chiyoda Corp.	4,000		76,219
Chubu Electric Power Co. Inc.	19,000		504,129
Chugai Pharmaceutical Co. Ltd.	8,000		143,750
Circle K Sunkus Co. Ltd.	1,100		19,197
Citizen Holdings Co. Ltd.	10,300		92,886
Coca-Cola West Japan Co. Ltd.	1,200		27,873
Comsys Holdings Corp.	3,000		34,746
Credit Saison Co. Ltd.	4,600		119,727
CSK Corp.	1,900		66,910
Dai Nippon Printing Co. Ltd.	18,000		268,618
Daicel Chemical Industries	8,000		52,065
Daido Steel Co. Ltd.	10,000		68,072
DAIFUKU Co. Ltd.	2,000		27,570
Daiichi Sanyko Co. Ltd.	19,713		523,037
Daikin Industries Ltd.	7,000		254,961
Dainippon Ink & Chemical Inc.	18,000		69,453
Dainippon Screen Manufacturing Co. Ltd.	7,000		52,827
Daito Trust Construction Co. Ltd.	2,600		123,806
Daiwa House Industry Co. Ltd.	15,000		214,395
Daiwa Securities Group Inc.	37,000		393,370
Denki Kagaku Kogyo KK	14,000		63,011
Denso Corp.	13,600		531,905
Dentsu Inc.	52		147,416
Dowa Mining Co. Ltd.	6,000		63,923
eAccess Ltd.	34		20,286
East Japan Railway Co.	97		747,405
Ebara Corp.	9,000		41,284
EDION Corp.	1,900		24,678
Eisai Co. Ltd.	7,200		314,404
Electric Power Development	4,680		185,974
Elpida Memory Inc. (b)	2,700		118,564
Familymart Co. Ltd.	1,900		50,075
Fanuc Ltd.	5,500		567,673
Fast Retailing	1,500		106,763
Fuji Electric Holdings Co. Ltd.	15,000		76,085
Fuji Soft Inc.	800		18,818
Fuji Television Network Inc.	15		30,185
FUJIFILM Holdings Corp.	13,900		621,267
Fujikura Ltd.	11,000		81,697
Fujitsu Ltd.	54,000		397,777
Fukuoka Financial Group Inc. (b)	17,000		112,390
Furukawa Electric Co. Ltd.	18,000		99,409
Glory Ltd.	1,600		35,019
Goodwill Group Inc. (b)	36		12,395
Gunma Bank Ltd.	11,000		73,946
Gunze Ltd.	5,000		29,201
Hakuhodo DY Holdings Inc.	760		50,181
Hankyu Department Stores	5,000		53,232
Hankyu Hanshin Holdings Inc.	34,000		179,538
HASEKO Corp. (b)	29,500		87,237
Hikari Tsushin Inc.	600		25,201
Hino Motors Ltd.	8,000		47,826
Hirose Electric Co. Ltd.	900		118,352
Hitachi Cable Ltd.	4,000		23,434
Hitachi Capital Corp.	1,400		21,342
Hitachi Chemical Co. Ltd.	3,100		70,105
Hitachi Construction Machine	3,000		104,238
Hitachi High-Technologies Corp.	2,000		51,886
Hitachi Ltd.	95,000		672,268
Hokkaido Electric Power	4,900		106,370
Hokuhoku Financial Group Inc.	36,000		116,378
Honda Motor Co. Ltd.	44,300		1,608,633
House Foods Corp.	2,200		33,767

See accompanying notes to financial statements.

49

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Hoya Corp.	11,700	$	388,125
Ibiden Co. Ltd.	3,800		245,189
Idemitsu Kosan Co. Ltd.	600		67,144
INPEX Holdings Inc.	23		214,923
Isetan Co. Ltd.	5,000		82,148
Ishikawajima-Harima Heavy Industries Co. Ltd.	35,000		127,649
Ito En Ltd.	1,600		52,568
Itochu Corp.	43,000		497,915
Itochu Techno-Science Corp.	900		35,293
JAFCO Co. Ltd.	1,000		45,979
Japan Airlines Corp. (b)	23,000		43,266
Japan Petroleum Exploration Co.	700		49,426
Japan Prime Investment Corp.	16		62,404
Japan Real Estate Investment	11		129,275
Japan Retail Fund Investment	10		86,673
Japan Steel Works Ltd.	10,000		152,163
Japan Tobacco Inc.	127		626,014
JFE Holdings Inc.	15,800		982,067
JGC Corp.	6,000		112,431
Joyo Bank Ltd.	21,000		130,488
JS Group Corp.	7,500		152,055
JSR Corp.	5,000		120,650
JTEKT Corp.	5,100		92,109
Jupiter Telecommunications Co. Ltd. (b)	64		52,874
Kajima Corp.	25,000		104,489
Kamigumi Co. Ltd.	7,000		60,648
Kaneka Corp.	8,000		66,999
Kansai Electric Power Co.	21,700		513,205
Kansai Paint Co. Ltd.	5,000		43,706
Kao Corp.	15,000		388,371
Kawasaki Heavy Industries Ltd.	37,000		150,947
Kawasaki Kisen Kaisha Ltd.	15,000		182,936
KDDI Corp.	71		525,971
Keihin Electric Express Railway	12,000		79,223
Keio Corp.	15,000		99,873
Keisei Electric Co.	8,000		46,834
Keyence Corp.	1,068		233,317
Kikkoman Corp.	4,000		59,417
Kinden Corp.	4,000		34,730
Kintetsu Corp.	45,000		135,542
Kirin Brewery Co. Ltd.	22,000		329,085
KK DaVinci Advisors (b)	31		27,063
Kobe Steel Ltd.	78,000		295,834
Kokuyo Co. Ltd.	2,100		24,633
Komatsu Ltd.	26,000		753,561
Komori Corp.	2,000		46,875
Konami Corp.	2,600		59,713
Konica Minolta Holdings Inc.	14,000		206,340
Kose Corp.	880		24,912
Kubota Corp.	31,000		250,585
Kuraray Co. Ltd.	10,000		117,219
Kurita Water Industries Ltd.	3,000		94,188
Kyocera Corp.	4,600		488,689
Kyowa Hakko Kogyo Co. Ltd.	10,000		94,370
Kyushu Electric Power	11,000		288,303
Lawson Inc.	1,600		55,342
Leopalace21 Corp.	3,600		123,021
Mabuchi Motor Co. Ltd.	800		48,994
Makita Corp.	3,000		133,648
Marubeni Corp.	44,000		361,947
Marui Co. Ltd.	8,100		102,341
Matsui Securities Co. Ltd.	3,000		26,755
Matsumotokiyoshi Co. Ltd.	1,000		21,956
Matsushita Electric Industries	56,000		1,109,761
Matsushita Electric Works	11,114		142,100
Mediceo Paltac Holdings Co. Ltd.	4,900		75,042
Meiji Dairies Corp.	7,000		44,591
Meiji Seika Kaisha Ltd.	9,000		41,167
Meitec Corp.	1,000		28,647
Millea Holdings Inc.	22,800		937,360
Minebea Co. Ltd.	10,000		56,521
Mitsubishi Chemical Holdings Corp.	33,500		307,527
Mitsubishi Corp.	38,500		1,008,778
Mitsubishi Electric Corp.	55,000		509,491
Mitsubishi Estate Co. Ltd.	33,000		895,311
Mitsubishi Gas Chem Co.	11,000		100,417
Mitsubishi Heavy Industries Ltd.	92,000		589,216
Mitsubishi Logistics Corp.	3,000		49,384
Mitsubishi Materials Corp.	32,000		174,462
Mitsubishi Rayon Co. Ltd.	15,000		106,842
Mitsubishi UFJ Financial Group Inc.	229		2,523,738
Mitsubishi UFJ Lease & Finance Co. Ltd.	1,140		51,205
Mitsubishi UFJ Securities Co. Ltd.	8,000		89,638
Mitsui & Co. Ltd.	44,000		878,108
Mitsui Chemicals Inc.	19,000		144,309
Mitsui Engineering & Shipbuilding	21,000		111,975
Mitsui Fudosan Co. Ltd.	24,000		672,680
Mitsui Mining & Smelting Co.	17,000		79,319
Mitsui OSK Lines Ltd.	31,000		420,327
Mitsui Sumitomo Insurance Co.	35,000		449,041
Mitsui Trust Holding Inc.	19,000		165,309
Mitsukoshi Ltd.	12,000		60,055
Mitsumi Electric Co. Ltd.	2,000		71,670
Mizuho Financial Group Inc.	271		1,872,213
Murata Manufacturing Co. Ltd.	6,100		458,967
Namco Bandai Holdings Inc.	6,000		94,777
NEC Corp.	58,000		298,590
NEC Electronics Corp. (b)	1,000		26,263
NGK Insulators Ltd.	8,000		196,473
NGK Spark Plug Co. Ltd.	5,000		86,851
NHK Spring Co. Ltd.	4,000		38,499
Nichirei Corp.	8,000		41,162
Nidec Corp.	3,000		176,007
Nikko Cordial Corp.	11,000		143,470
Nikon Corp.	8,000		222,794

See accompanying notes to financial statements.

50

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Nintendo Co. Ltd.	2,800	$	1,021,562
Nippon Building Fund Inc.	13		180,337
Nippon Electric Glass Co. Ltd.	9,000		158,678
Nippon Express Co. Ltd.	22,000		125,061
Nippon Kayaku Co. Ltd.	3,000		23,760
Nippon Light Metal Co. Ltd.	15,000		39,139
Nippon Meat Packers Inc.	5,000		60,479
Nippon Mining Holdings Inc.	25,000		239,168
Nippon Oil Corp.	35,000		325,068
Nippon Paper Group Inc.	25		83,244
Nippon Sheet Glass Co. Ltd.	15,000		68,476
Nippon Shokubai Co. Ltd.	3,000		26,650
Nippon Steel Corp.	165,000		1,160,693
Nippon Telegraph & Telephone Corp.	150		663,798
Nippon Yusen Kabushiki Kaish	30,000		275,142
Nishi-Nippon City Bank Ltd.	19,000		69,526
Nishimatsu Construction Co.	7,000		24,716
Nissan Chemical Industries	5,000		58,831
Nissan Motor Co. Ltd.	64,100		686,248
Nisshin Seifun Group Inc.	4,500		44,511
Nisshin Steel Co. Ltd.	26,000		118,648
Nisshinbo Industries Inc.	5,000		69,838
Nissin Food Products Co. Ltd.	2,600		87,153
Nitori Co. Ltd.	900		44,930
Nitto Denko Corp.	4,700		236,896
NOK Corp.	3,100		65,430
Nomura Holdings Inc.	50,300		976,995
Nomura Real Estate Holdings Inc.	1,500		48,718
Nomura Real Estate Office Fund Inc.	7		75,464
Nomura Research Institute	3,000		88,245
NSK Ltd.	13,000		134,399
NTN Corp.	12,000		103,465
NTT Data Corp.	35		166,058
NTT DoCoMo Inc.	477		754,422
NTT Urban Development Corp.	35		67,772
Obayashi Corp.	18,000		98,058
OBIC Co. Ltd.	200		39,502
Odakyu Electric Railway Co.	18,000		110,997
Oji Paper Co. Ltd.	21,000		102,089
Oki Electric Industries Co. Ltd. (b)	16,000		29,696
OKUMA Corp.	4,000		63,193
Okumura Corp.	5,000		25,589
Olympus Corp.	7,000		273,101
Omron Corp.	6,500		170,619
Onward Kashiyama Co. Ltd.	4,000		51,057
Oracle Corp.	900		39,722
Oriental Land Co. Ltd.	1,400		73,106
Orix Corp.	2,580		680,055
Osaka Gas Co. Ltd.	57,000		211,798
OSG Corp.	2,000		27,554
OTSUKA Corp.	400		37,936
Park24 Co. Ltd.	2,400		24,094
Pioneer Corp.	4,400		59,842
Promise Co. Ltd.	2,500		77,134
QP Corp.	3,000		28,825
Rakuten Inc.	185		62,195
Resona Holdings Inc.	162		386,988
Ricoh Co. Ltd.	19,000		439,591
Rinnai Corp.	900		28,060
Rohm Co. Ltd.	3,100		275,111
Round One Corp.	12		21,787
Ryohin Keikaku Co. Ltd.	700		43,330
Sanken Electric Co. Ltd.	3,000		29,021
Sankyo Co. Ltd.	1,400		58,953
Santen Pharmaceutical Co. Ltd.	2,100		51,138
Sanwa Shutter Corp.	6,000		34,800
Sanyo Electric Co. Ltd. (b)	44,000		72,047
Sapporo Breweries	7,000		44,496
Sapporo Hokuyo Holdings Inc.	8		88,179
SBI E*Trade Securities Co. Ltd.	42		44,547
SBI Holdings Inc.	257		81,527
Secom Co. Ltd.	6,000		283,061
Sega Sammy Holdings Inc.	5,068		82,009
Seiko Epson Corp.	3,700		107,106
Seino Holdings Co. Ltd.	4,000		37,863
Sekisui Chemical	14,000		108,200
Sekisui House Ltd.	15,000		199,943
Seven & I Holdings Co. Ltd.	23,240		664,324
Sharp Corp.	29,000		549,767
Shimachu Co. Ltd.	1,500		40,333
Shimamura Co. Ltd.	600		64,100
Shimano Inc.	2,200		75,449
Shimizu Corp.	17,000		98,490
Shin-Etsu Chemical Co. Ltd.	11,700		835,352
Shinko Electric Industries Co. Ltd.	1,900		40,890
Shinko Securities Co. Ltd.	13,000		67,137
Shinsei Bank Ltd.	38,000		153,578
Shionogi & Co. Ltd.	9,000		146,701
Shiseido Co. Ltd.	10,000		213,464
Shizuoka Bank Ltd.	17,000		172,494
Showa Denko K.K.	31,000		112,110
Showa Shell Sekiyu K.K.	5,200		64,482
SMC Corp.	1,500		199,387
Softbank Corp.	21,100		454,694
Sojitz Corp.	27,600		123,362
Sompo Japan Insurance Inc.	24,000		293,537
Sony Corp.	28,400		1,457,823
Stanley Electric Co. Ltd.	4,400		95,501
SUMCO Corp.	3,300		165,347
Sumitomo Bakelite Co. Ltd.	5,000		35,007
Sumitomo Chemical Co. Ltd.	45,000		301,968
Sumitomo Corp.	30,000		546,946
Sumitomo Electric Industries	20,600		306,708
Sumitomo Heavy Industries	17,000		192,192
Sumitomo Metal Industries Ltd.	116,000		681,983
Sumitomo Metal Mining Co. Ltd.	15,000		325,181

See accompanying notes to financial statements.

51

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Japan (Cont.)
Sumitomo Mitsui Financial Group Inc.	187	$	1,743,290
Sumitomo Osaka Cement Co. Ltd.	11,000		29,139
Sumitomo Realty & Development Co. Ltd.	11,000		358,231
Sumitomo Rubber Industries	4,900		58,483
Sumitomo Titanium Corp.	600		56,020
Sumitomo Trust & Banking	36,000		342,883
Suruga Bank Ltd.	6,000		75,615
Suzuken Co. Ltd.	2,040		63,724
T&D Holdings Inc.	5,700		384,943
Taiheiyo Cement Corp.	26,000		115,003
Taisei Corp.	28,000		94,649
Taisho Pharmaceutical Co. Ltd.	5,000		99,199
Taiyo Nippon Sanso Corp.	8,000		61,857
Taiyo Yuden Co. Ltd.	3,000		69,395
Takara Holdings Inc.	5,000		33,343
Takashimaya Co. Ltd.	8,000		101,074
Takeda Pharmaceutical Co. Ltd.	24,100		1,556,895
Takefuji Corp.	3,100		104,247
Tanabe Seiyaku Co. Ltd.	6,000		71,338
TDK Corp.	3,700		358,098
Teijin Ltd.	23,000		125,798
Terumo Corp.	4,700		181,596
The Daimaru Inc.	6,000		71,662
The Hachijuni Bank Ltd.	11,000		77,473
The Hiroshima Bank Ltd.	14,000		77,527
THK Co. Ltd.	3,500		87,651
TIS Inc.	1,000		22,967
Tobu Railway Co. Ltd.	24,000		108,488
Toda Corp.	6,000		31,900
Toho Co. Ltd.	3,800		68,812
Toho Titanium Co. Ltd.	900		36,482
Tohoku Electric Power	12,300		275,908
Tokai Rika Co Ltd.	1,700		46,457
Tokuyama Corp.	7,000		90,998
Tokyo Broadcasting System	1,000		30,601
Tokyo Electric Power Co.	34,700		1,116,192
Tokyo Electron Ltd.	4,900		360,491
Tokyo Gas Co. Ltd.	64,000		303,477
Tokyo Seimitsu Co. Ltd.	900		34,781
Tokyo Steel Mfg. Co. Ltd.	3,000		46,981
Tokyo Tatemono Co. Ltd.	8,000		99,597
Tokyu Corp.	31,000		207,188
Tokyu Land Corp.	12,000		127,597
TonenGeneral Sekiyu KK	9,000		87,782
Toppan Printing Co. Ltd.	16,000		171,931
Toray Industries Inc.	38,000		280,798
Toshiba Corp.	87,000		758,013
Tosoh Corp.	14,000		77,656
Toto Ltd.	9,000		77,911
Toyo Seikan Kaisha Ltd.	4,600		88,919
Toyo Suisan Kaisha Ltd.	3,000		54,111
Toyobo Co. Ltd.	17,000		48,647
Toyoda Gosei Co. Ltd.	2,000		56,392
Toyota Boshoku Corp.	1,900		48,020
Toyota Industries Corp.	5,500		255,547
Toyota Motor Corp.	76,800		4,843,499
Toyota Tsusho Corp.	6,000		138,781
Trend Micro Inc.	3,000		96,859
UBE Industries Ltd.	25,000		76,959
Uni-Charm Corp.	1,200		68,032
UNY Co. Ltd.	5,000		59,269
Ushio Inc.	3,000		66,549
USS Co. Ltd.	710		45,204
Wacoal Corp.	3,000		36,990
West Japan Railway Co.	48		223,499
Yahoo! Japan Corp.	432		146,460
Yakult Honsha Co. Ltd.	3,200		80,916
Yamada Denki Co. Ltd.	2,390		249,605
Yamaha Corp.	5,100		105,983
Yamaha Motor Co. Ltd.	5,500		159,584
Yamato Holdings Co. Ltd.	11,000		155,497
Yamazaki Baking Co. Ltd.	3,000		25,612
Yaskawa Electric Corp.	6,000		68,200
Yokogawa Electric Corp.	6,000		80,431
Zeon Corp.	5,000		53,151
			84,222,112
Netherlands (3.87%)
ABN AMRO Holdings NV	51,827		2,376,381
Aegon NV	41,512		817,037
Akzo Nobel NV	7,693		664,052
Arcelor Mittal	25,805		1,612,864
ASML Holding NV (b)	13,963		383,637
Buhrmann NV	4,101		62,886
Corio NV	1,172		91,799
Fugro NV	1,585		100,413
Hagemeyer NV	15,589		80,329
Heineken NV	6,931		406,306
ING Groep NV	53,160		2,339,766
Koninklijke Ahold NV (b)	44,812		562,070
Koninklijke DSM NV	4,280		210,790
Koninklijke KPN NV	55,386		918,895
Koninklijke Numico NV (b)	4,932		256,293
OCE NV	2,286		44,585
Philips Electronics NV	32,619		1,382,289
Randstad Holding NV (b)	1,345		106,455
Reed Elsevier NV	20,378		387,297
SBM Offshore NV	3,900		148,745
TNT NV	12,073		545,116
Unilever NV-CVA	48,606		1,508,425
Vedior NV-CVA	4,907		146,639
Wereldhave NV	663		92,357
Wolters Kluwer - CVA	8,109		247,284
			15,492,710

See accompanying notes to financial statements.

52

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
New Zealand (0.15%)
Auckland International Airport	31,922	$	80,659
Contact Energy Ltd.	8,708		60,468
Fisher & Paykel Appliances Class H	6,917		18,550
Fisher & Paykel Healthcare Class C	13,842		35,945
Fletcher Building Ltd.	12,305		117,199
Kiwi Income Property Trust	13,307		16,929
Sky City Entertainment Group	11,467		44,911
Sky Network Television Ltd.	3,770		16,360
Telecom Corp. of New Zealand	62,027		217,566
Vector Ltd.	3,324		6,966
			615,553
Norway (1.04%)
Acergy SA	5,345		120,330
Aker Kvaerner ASA	4,060		102,768
Det Norske Oljeselskap (DNO) ASA (b)	24,000		50,177
DNB NOR ASA	20,896		268,779
Frontline Ltd.	1,500		68,947
Marine Harvest (b)	70,946		76,607
Norsk Hydro ASA	20,204		774,932
Norske Skogindustrier ASA	4,521		65,065
Ocean Rig ASA (b)	5,300		39,346
Orkla ASA	23,721		447,257
Petroleum Geo-Services (b)	4,986		124,503
Prosafe ASA	5,735		91,702
Renewable Energy Corp. AS (b)	4,900		189,769
Schibsted ASA	1,284		58,684
SeaDrill Ltd. (b)	6,663		142,940
Statoil ASA	18,814		583,719
Stolt-Nielsen SA	1,018		33,908
Storebrand ASA	6,883		106,619
Tandberg ASA	3,586		80,004
Telenor ASA (b)	23,876		466,701
TGS Nopec Geophysical Co. ASA (b)	3,031		62,016
Tomra Systems ASA	5,858		51,124
Yara International ASA	5,889		176,588
			4,182,485
Portugal (0.38%)
Banco BPI SA	6,508		57,882
Banco Comercial Portugues-R	61,545		343,945
Banco Espirito Santo	6,117		136,380
Brisa-Auto Estradas de Portugal SA	8,564		115,115
Cimpor-Cimentos De Portugal	6,758		63,833
Energias De Portugal SA	55,925		309,244
Jeronimo Martins SGPS SA	5,565		32,885
Portugal Telecom SGPS SA	22,585		312,284
PT Multimedia Servicos	2,826		45,506
Sonae Industria SGPS SA (b)	1,818		26,451
Sonae SGPS SA	26,818		76,133
			1,519,658
Singapore (1.08%)
Allgreen Properties Ltd.	21,000		28,739
Ascendas Real Estate Investment Trust	28,000		53,871
Capitacommercial Trust	28,000		53,619
Capitaland Ltd.	43,128		228,495
Capitamall Trust	23,000		63,507
Chartered Semiconductor Mfg. Ltd. (b)	30,600		26,913
City Developments Ltd.	15,031		169,919
Comfortdelgro Corp. Ltd.	46,000		65,585
Cosco Corp. Singapore Ltd.	26,000		63,501
DBS Group Holdings Ltd.	32,445		483,416
Fraser and Neave Ltd.	26,500		94,463
Haw Par Corp. Ltd.	3,374		16,875
Jardine Cycle & Carriage Ltd.	4,015		41,258
Keppel Corp. Ltd.	32,002		261,794
Keppel Land Ltd.	9,000		51,580
Neptune Orient Lines Ltd.	13,000		45,064
Noble Group Ltd.	25,000		28,162
Olam International Ltd.	19,000		38,328
Oversea-Chinese Banking Corp.	70,000		418,460
Parkway Holdings Ltd.	19,100		50,005
Sembcorp Industries Ltd.	22,200		82,746
Sembcorp Marine Ltd.	13,000		41,690
Singapore Airlines Ltd.	15,000		184,335
Singapore Exchange Ltd.	25,000		160,395
Singapore Land Ltd.	5,000		37,222
Singapore Petroleum Co. Ltd.	4,000		15,025
Singapore Post Ltd.	38,000		31,553
Singapore Press Holdings Ltd.	44,200		134,036
Singapore Technologies Engineering	34,381		80,975
Singapore Telecommunications	226,150		502,963
SMRT Corp. Ltd.	28,000		36,072
Suntec REIT	28,000		35,554
United Overseas Bank Ltd.	34,616		497,624
United Overseas Land Ltd.	12,461		47,379
Venture Corp. Ltd.	6,397		65,578
Want Want Holdings Ltd.	13,000		29,900
Wing Tai Holdings Ltd.	14,000		36,463
			4,303,064
Spain (3.97%)
Abertis Infraestructuras SA	6,713		208,190
Acciona SA	801		217,910
Acerinox SA	5,152		125,669
ACS Actividades de Cons Y Serv	5,991		380,896
Aguas de Barcelona SA	1,669		61,198
Aguas de Barcelona SA New (b)	16		582
Altadis SA	7,304		482,715
Antena 3 de Television SA	2,421		50,317
Banco Bilbao Vizcaya Argentaria SA	100,578		2,459,617
Banco Popular Espanol	24,475		455,484
Banco Santander Central Hispano SA	177,745		3,267,295
Cintra Concesiones De Infrae	5,768		91,635
Ebro Puleva SA	2,485		53,420

See accompanying notes to financial statements.

53

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Spain (Cont.)
Endesa SA	17,975	$	978,239
Fomento De Construct Y Contra	1,379		124,066
Gamesa Corp Technologica	4,907		177,515
Gas Natural SDG SA	4,473		271,758
Gestevision Telecinco SA	2,804		79,332
Grupo Ferrovial	1,726		169,674
Iberdrola SA	24,336		1,358,833
Iberia (Lineas Aer De Espana)	12,205		60,746
Inditex	6,268		368,928
Indra Sistemas SA	3,438		85,731
Mapfre SA	14,625		72,365
Promotora De Infom SA	2,292		50,286
Repsol YPF SA	22,604		894,856
Sacyr Vallehermoso SA	2,839		136,200
Sogecable (b)	1,287		53,784
Telefonica SA	127,062		2,827,637
Union Fenosa SA	3,129		167,051
Zardoya Otis SA	2,978		116,677
Zardoya Otis SA Rights (b)	2,978		11,406
Zeltia SA (b)	4,768		44,751
			15,904,763
Sweden (2.55%)
Alfa Laval AB	2,743		165,266
ASSA ABLOY AB Class B	8,948		196,902
Atlas Copco AB Class A	18,918		315,103
Atlas Copco AB Class B	12,120		189,592
Axfood AB	853		30,170
Billerud Aktiebolag	1,194		18,133
Boliden AB	8,439		174,954
Castellum AB	3,916		47,084
D. Carnegie & Co. AB	1,887		32,892
Electrolux AB Series B	7,753		183,567
Elekta AB Class B	2,505		43,340
Eniro AB	4,693		59,520
Ericsson LM Class B	420,789		1,678,482
Fabege AB	4,278		46,870
Getinge AB Class B	4,985		107,396
Hennes & Mauritz AB Class B	13,578		802,813
Hoganas AB Class B	736		21,887
Holmen AB Class B	1,165		49,214
Husqvarna AB Class B (b)	7,753		109,750
Kungsleden AB	3,900		48,535
Lundin Petroleum AB (b)	5,750		57,280
Modern Times Group MTG AB Class B	1,492		96,163
Nobia AB	4,212		52,457
Nordea Bank AB	58,941		920,593
OMX AB (b)	2,116		63,020
Oriflame Cosmetics SA	1,050		49,290
Sandvik AB	27,087		545,902
SAS AB (b)	2,285		52,550
Scania AB Class B	11,256		274,537
Securitas AB Class B	8,524		134,922
Securitas Direct AB Class B (b)	8,524		22,993
Securitas Systems AB Class B	8,524		28,954
Skandinaviska Enskilda Bank Class A	13,526		435,492
Skanska AB Class B	10,525		225,378
SKF AB Class B	11,481		240,218
SSAB Svenskt Stal AB Series A	4,584		187,324
SSAB Svenskt Stal AB Series B	1,956		74,119
Svenska Cellulosa AB B Shares	15,114		252,751
Svenska Handelsbanken	14,389		402,366
Swedish Match AB	8,415		162,325
Tele2 AB Class B	9,230		150,556
TeliaSonera AB	63,809		468,111
Trelleborg AB Class B	2,394		65,879
Volvo AB Class A	13,870		284,082
Volvo AB Class B	31,160		619,538
Wihlborgs Fastigheter AB	1,330		23,459
			10,211,729
Switzerland (6.54%)
ABB Ltd.	59,044		1,331,311
Adecco SA Reg.	3,841		297,148
Ciba Specialty Chemicals AG	1,863		121,049
Clariant AG (b)	6,575		106,429
Compagnie Financiere Richemont AG Class A	14,936		892,744
Credit Suisse Group	31,052		2,204,415
Geberit AG REG	1,120		190,834
Givaudan	178		175,526
Holcim Ltd.	5,680		613,426
Kudelski SA Bearer	1,008		35,246
Kuehne & Nagel International AG	1,535		141,378
Kuoni Reisen Holding	78		46,897
Logitech International SA (b)	4,888		130,007
Lonza Group AG	1,290		118,358
Nestle SA	11,380		4,324,099
Nobel Biocare Holding AG (b)	666		217,403
Novartis AG	65,823		3,695,342
OC Oerlikon Corp. AG (b)	184		97,511
Phonak Holding AG	1,309		117,338
PSP Swiss Property AG (b)	1,255		70,324
Rieter Holding AG	136		71,092
Roche Holding AG	19,905		3,526,899
Schindler Holding AG	1,560		103,627
SGS SA	133		157,268
Straumann Holding AG	224		62,795
Sulzer AG	83		107,280
Swiss Life Holding	960		253,102
Swiss Reinsurance	10,109		921,942
Swisscom AG	645		220,513
Syngenta AG (b)	2,988		582,513
Synthes Inc. (b)	1,686		202,135

See accompanying notes to financial statements.

54

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
Switzerland (Cont.)
The Swatch Group AG	1,683	$	95,191
The Swatch Group AG Class B	934		265,321
UBS AG	56,849		3,399,816
Zurich Financial Services	4,135		1,278,254
			26,174,533
United Kingdom (22.82%)
3I Group PLC	13,887		323,254
Aegis Group PLC	27,692		75,894
Aggreko PLC	7,557		86,541
AMEC PLC	9,756		114,317
Amvescap PLC	22,474		289,577
Anglo American PLC	42,230		2,479,383
ARM Holdings PLC	39,814		116,467
Arriva PLC	6,186		84,957
AstraZeneca PLC	43,635		2,338,423
Aviva PLC	73,630		1,093,010
BAE Systems PLC	95,821		773,222
Balfour Beatty PLC	11,946		105,355
Barclays PLC	185,273		2,577,670
Barratt Developments PLC	8,222		162,977
BBA Aviation PLC	11,914		64,669
Bellway PLC	3,184		80,158
BG Group PLC	96,921		1,588,774
BHP Billiton PLC	67,754		1,882,116
Biffa PLC	9,855		53,411
Bovis Homes Group PLC	3,401		60,690
BP PLC	552,431		6,646,981
British Airways PLC (b)	16,505		138,045
British American Tobacco PLC	44,114		1,504,519
British Energy Group PLC	29,176		314,745
British Land Co. PLC	14,703		393,440
British Sky Broadcasting PLC	33,808		433,455
Brixton PLC	6,836		59,850
BT Group PLC	238,701		1,588,675
Bunzl PLC	9,724		134,614
Burberry Group PLC	13,665		187,179
Cadbury Schweppes PLC	59,360		805,654
Capita Group PLC	17,938		260,401
Carnival PLC	4,845		231,550
Carphone Warehouse PLC	10,723		70,483
Cattles PLC	10,382		81,309
Centrica PLC	104,508		811,947
Charter PLC (b)	4,587		101,217
Close Brothers Group PLC	3,952		67,887
Cobham PLC	31,040		126,271
Compass Group PLC	60,741		419,416
Cookson Group PLC	5,722		81,040
CSR PLC (b)	3,553		55,660
Daily Mail & General Trust NV	9,036		138,180
De La Rue PLC	4,638		72,148
Diageo PLC	77,486		1,610,530
DSG International PLC	55,280		175,214
Electrocomponents PLC	13,264		69,628
EMAP PLC	6,223		102,122
EMI Group PLC	22,028		118,018
Enterprise Inns PLC	16,856		232,253
Experian Group Ltd.	29,139		366,701
First Choice Holidays PLC	15,156		96,264
FirstGroup PLC	13,422		178,291
FKI PLC	14,846		37,403
Friends Provident PLC	54,011		193,337
Galiform PLC (b)	17,686		48,148
GKN PLC	20,220		160,960
GlaxoSmithKline PLC	163,590		4,261,492
Great Portland Estates	5,352		70,991
Group 4 Securicor PLC	34,593		145,867
Hammerson PLC	8,306		237,855
Hanson PLC	21,009		453,254
Hays PLC	44,196		150,980
HBOS PLC	107,374		2,111,960
Home Retail Group	24,878		228,111
HSBC Holdings PLC	330,137		6,044,932
ICAP PLC	14,880		146,657
IMI PLC	9,589		113,578
Imperial Chemical Industries PLC	34,241		425,937
Imperial Tobacco Group PLC	19,482		898,231
Inchcape PLC	13,002		129,657
InterContinental Hotels Group PLC	8,990		223,317
International Power PLC	43,478		373,721
Intertek Group PLC	4,333		85,034
Invensys PLC (b)	22,863		174,141
Investec PLC	10,111		129,843
ITV PLC	116,811		266,590
Johnson Matthey PLC	6,371		215,395
Kelda Group ORD GBP	8,278		156,013
Kelda Group PLC Deferred Shares	10,762		—
Kesa Electricals PLC	15,494		97,223
Kingfisher PLC	66,462		301,036
Ladbrokes PLC	17,309		149,641
Land Securities Group PLC	13,452		468,471
Legal and General Group PLC	189,260		567,788
Liberty International PLC	7,551		172,730
Lloyds TSB Group PLC	160,580		1,785,053
LogicaCMG PLC	42,236		127,992
London Stock Exchange Group	4,510		121,934
Man Group PLC	51,322		624,273
Marks & Spencer Group PLC	48,662		611,148
Meggitt PLC	19,365		118,990
Michael Page International PLC	10,184		106,992
Misys PLC	15,108		70,755
National Express Group PLC	4,162		88,598
National Grid PLC	77,638		1,145,565
Next PLC	6,640		266,576
Old Mutual PLC	151,725		511,270
PartyGaming PLC (b)	42,497		26,166

See accompanying notes to financial statements.

55

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Shares	Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Pearson PLC	22,945	$	386,512
Persimmon PLC	8,238		190,498
Premier Farnell PLC	9,371		37,426
Provident Financial PLC	7,546		105,618
Prudential PLC	70,541		1,004,095
Punch Taverns PLC	7,915		194,181
Rank Group PLC	12,247		45,805
Reckitt Benckiser PLC	17,332		948,844
Reed Elsevier PLC	36,492		471,617
Rentokil Intial PLC	51,130		164,105
Resolution PLC	20,221		253,051
Reuters Group PLC	36,713		457,662
Rexam PLC	17,698		176,261
Rio Tinto PLC	28,890		2,210,181
Rolls Royce Group (b)	51,188		551,164
Royal Bank of Scotland Group	269,298		3,407,537
Royal Dutch Shell PLC Class A	105,079		4,277,838
Royal Dutch Shell PLC Class B	78,667		3,279,292
SABMiller PLC	25,720		651,182
Sage Group PLC	35,706		167,286
Sainsbury	45,029		526,372
Schroders PLC	3,763		96,135
Scottish & Newcastle PLC	22,809		292,385
Scottish & Southern Energy PLC	24,660		714,994
Serco Group PLC	14,001		126,213
Severn Trent PLC	6,570		181,443
Signet Group PLC	48,078		100,301
Slough Estates PLC	13,321		166,155
Smith & Nephew PLC	27,503		340,760
Smiths Group PLC	10,656		252,716
Smiths Group PLC Deferred Shares (b)	15,985		—
SSL International PLC	5,753		50,246
Stagecoach Group PLC	15,398		56,068
Stagecoach Group PLC Deferred Shares (b)	23,953		—
Standard Life PLC	62,004		409,246
Tate & Lyle PLC	13,646		154,857
Taylor Woodrow PLC	16,699		120,218
Tesco PLC	226,442		1,894,560
The Berkeley Group Holdings PLC (b)	2,941		104,408
The Davis Service Group PLC	4,720		58,755
Thomas Cook Group PLC (b)	13,915		90,534
TI Automotive Ltd. (b)	12,271		—
Tomkins PLC	22,763		118,240
Travis Perkins PLC	3,351		127,187
Trinity Mirror PLC	8,304		87,540
Tullett Prebon PLC	6,126		54,728
Unilever PLC	37,234		1,202,273
United Business Media PLC	7,128		112,755
United Utilities PLC	24,914		353,920
Vodafone Group PLC	1,508,559		5,054,864
Whitbread PLC	5,767		203,957
William Hill PLC	10,064		123,509
Wimpey (George) PLC	11,768		117,798
Wolseley PLC	18,802		451,240
WPP Group PLC	34,077		509,669
Xstrata PLC	17,496		1,041,582
Yell Group PLC	22,560		208,390
			91,354,330
Total Common Stocks (cost $258,215,535)			395,467,032
Preferred Stocks (0.33%) (a)
Germany (0.31%)
Henkel KGaA	5,109		269,636
Porsche AG PFD	249		444,091
ProSiebenSat.1 Media AG	2,408		95,207
RWE AG-Non Voting PFD	1,105		110,597
Volkswagen AG PFD	2,983		311,028
			1,230,559
Italy (0.02%)
Compagnia Assicuratrice Unipol Rights (b)	25,461		—
Compagnia Assicuratrice Unipol SpA	25,461		87,260
Total Preferred Stocks (cost $541,407)			1,317,819

See accompanying notes to financial statements.

56

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Principal amount		Value
Repurchase Agreement (0.21%)
Investors Bank & Trust Repurchase Agreement, (c) 4.050%, agreement date 06/29/2007, to be repurchased at $833,604 on 07/02/2007	$	833,322	$	833,322
Total Repurchase Agreement (cost $833,322)				833,322
TOTAL INVESTMENTS (99.34%) (cost $259,590,264)				397,618,173
CASH (d) AND OTHER ASSETS, NET OF LIABILITIES (0.66%)				2,634,845
NET ASSETS (100.0%)			$	400,253,018

(a) Securities valued at fair value.

(b) Non-income producing security.

(c) Repurchase agreement is fully collateralized by U.S. Treasury securities with a coupon rate of 1.875%, a maturity date of July 15, 2013, and a market value of $849,989 as of June 30, 2007.

(d) At June 30, 2007, cash has been pledged to cover, in whole or in part, initial margin requirements for open future contracts.

INTERNATIONAL EQUITY INDEX FUND FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	141,010,376	35.47
British Pound		91,354,330	22.98
Japanese Yen		84,222,112	21.18
Swiss Franc		26,174,533	6.58
Australian Dollar		24,412,269	6.14
Swedish Krona		10,211,729	2.57
Hong Kong Dollar		6,932,797	1.74
Singapore Dollar		4,273,164	1.07
Norwegian Krone		4,182,485	1.05
Danish Krone		3,365,603	0.85
United States Dollar		863,222	0.22
New Zealand Dollar		615,553	0.15
Total Investments	$	397,618,173	100.00	%

INTERNATIONAL EQUITY INDEX FUND SECTOR CLASSIFICATIONS

Sector	Value		%
Financials	$	114,316,054	28.55
Industrials		47,935,122	11.98
Consumer Discretionary		46,777,379	11.69
Materials		37,566,828	9.39
Consumer Staples		30,461,773	7.61
Energy		29,912,196	7.47
Health Care		25,154,881	6.28
Information Technology		22,128,910	5.53
Telecommunication Services		21,357,916	5.34
Utilities		21,173,792	5.29
Total Stocks		396,784,851	99.13
Repurchase Agreement		833,322	0.21
Cash and Other Assets, Net of Liabilities		2,634,845	0.66
Net Assets	$	400,253,018	100.00	%

See accompanying notes to financial statements.

57

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Shares	Value
Registered Investment Companies (99.86%)
State Farm Variable Product Trust Bond Fund (36.25%) (a)	3,699,060	$	36,324,772
State Farm Variable Product Trust Large Cap Equity Index Fund (63.61)%) (a)	4,151,990		63,733,052
Total Registered Investment Companies (cost $90,192,352)			100,057,824
TOTAL INVESTMENTS (99.86%) (cost $90,192,352)			100,057,824
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.14%)			142,545
NET ASSETS (100.00%)		$	100,200,369

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

See accompanying notes to financial statements.

58

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Principal amount		Value
Corporate Bonds (80.93%)
Aerospace/Defense (1.03%)
TRW Inc.
6.730%, 07/11/2007	$	900,000	$	900,192
General Dynamics Corp.
3.000%, 05/15/2008		1,000,000		979,902
				1,880,094
Agriculture, Foods, & Beverage (6.03%)
Dean Foods Co.
8.150%, 08/01/2007		1,000,000		1,000,000
Sara Lee Corp.
2.750%, 06/15/2008		1,000,000		972,501
Kraft Foods Inc.
4.125%, 11/12/2009		1,000,000		968,753
Campbell Soup Co.
6.750%, 02/15/2011		1,000,000		1,040,338
PepsiAmericas Inc.
5.625%, 05/31/2011		1,000,000		997,533
HJ Heinz Co.
6.625%, 07/15/2011		1,000,000		1,028,873
Hershey Co.
5.300%, 09/01/2011		500,000		496,291
ConAgra Foods Inc.
6.750%, 09/15/2011		1,000,000		1,038,574
Kraft Foods Inc.
5.625%, 11/01/2011		1,000,000		992,174
Pepsico Inc.
5.150%, 05/15/2012		1,000,000		987,705
Hershey Co.
5.450%, 09/01/2016		500,000		488,008
General Mills Inc.
5.700%, 02/15/2017		1,000,000		974,676
				10,985,426
Automotive (1.36%)
Ford Motor Credit Co.
4.950%, 01/15/2008		1,000,000		992,512
7.375%, 02/01/2011		1,000,000		976,955
Toyota Motor Credit Corp.
5.450%, 05/18/2011		500,000		503,429
				2,472,896
Banks (6.73%)
Bank One Corp.
2.625%, 06/30/2008		1,000,000		972,900
Bank of New York
5.050%, 03/03/2009		500,000		496,048
Wells Fargo & Co.
4.200%, 01/15/2010		1,000,000		974,676
Bank of America Corp.
4.250%, 10/01/2010		1,500,000		1,449,844
Wells Fargo & Co.
4.875%, 01/12/2011		500,000		490,755
Bank of New York
4.950%, 01/14/2011		1,000,000		984,885
Wachovia Corp.
5.350%, 03/15/2011		500,000		497,394
Charter One Bank FSB
5.500%, 04/26/2011		1,000,000		1,001,664
Royal Bank of Canada
5.650%, 07/20/2011		500,000		504,831
Bank of America Corp.
5.375%, 08/15/2011		500,000		497,815
Wachovia Corp.
5.700%, 08/01/2013		500,000		502,889
Mellon Funding Corp.
5.200%, 05/15/2014		500,000		487,811
US Bank NA
4.950%, 10/30/2014		500,000		477,473
Fifth Third Bank
4.750%, 02/01/2015		500,000		465,396
Suntrust Banks Inc.
5.000%, 09/01/2015		500,000		471,816
Wachovia Bank NA
5.600%, 03/15/2016		500,000		490,861
Wells Fargo Bank NA
5.750%, 05/16/2016		500,000		499,133
Bank of America NA
6.000%, 06/15/2016		500,000		505,630
Wachovia Corp.
5.750%, 06/15/2017		500,000		493,304
				12,265,125
Building Materials & Construction (2.94%)
Lafarge SA
6.150%, 07/15/2011		500,000		508,344
CRH America Inc.
5.625%, 09/30/2011		500,000		496,151
Hanson Australia Funding
5.250%, 03/15/2013		1,000,000		977,579
Leggett & Platt Inc.
4.700%, 04/01/2013		1,000,000		941,181
Masco Corp.
4.800%, 06/15/2015		500,000		451,073
Hanson PLC
6.125%, 08/15/2016		500,000		511,871
CRH America Inc.
6.000%, 09/30/2016		1,000,000		988,744
Masco Corp.
5.850%, 03/15/2017		500,000		480,654
				5,355,597
Chemicals (3.23%)
The Dow Chemical Co.
5.750%, 12/15/2008		1,000,000		1,001,659

See accompanying notes to financial statements.

59

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Chemicals (Cont.)
Great Lakes Chemical Corp.
7.000%, 07/15/2009	$	2,000,000	$	2,030,000
Air Products & Chemicals Inc.
4.125%, 12/01/2010		1,000,000		958,303
E.I. du Pont de Nemours and Co.
4.125%, 03/06/2013		1,000,000		923,795
Praxair Inc.
5.375%, 11/01/2016		1,000,000		971,738
				5,885,495
Commercial Service/Supply (1.35%)
RR Donnelley & Sons Co.
3.750%, 04/01/2009		1,000,000		969,611
4.950%, 05/15/2010		500,000		488,847
Dun & Bradstreet Corp.
5.500%, 03/15/2011		500,000		497,702
RR Donnelley & Sons Co.
5.625%, 01/15/2012		500,000		493,426
				2,449,586
Consumer & Marketing (4.62%)
Newell Rubbermaid Inc.
4.625%, 12/15/2009		1,000,000		981,773
Unilever Capital Corp.
7.125%, 11/01/2010		1,000,000		1,048,221
Avon Products Inc.
5.125%, 01/15/2011		500,000		493,834
Clorox Co.
6.125%, 02/01/2011		1,000,000		1,015,520
Whirlpool Corp.
6.125%, 06/15/2011		1,000,000		1,008,578
Reed Elsevier Capital
4.625%, 06/15/2012		500,000		476,766
Kimberly-Clark Corp.
5.000%, 08/15/2013		1,000,000		959,869
The Procter & Gamble Co.
4.950%, 08/15/2014		1,000,000		963,463
Black & Decker Corp.
5.750%, 11/15/2016		500,000		484,846
Estee Lauder Co. Inc.
5.550%, 05/15/2017		1,000,000		974,760
				8,407,630
Electronic/Electrical Mfg. (1.62%)
Emerson Electric Co.
5.500%, 09/15/2008		500,000		499,384
5.750%, 11/01/2011		1,000,000		1,009,795
General Electric Co.
5.000%, 02/01/2013		1,000,000		969,538
Emerson Electric Co.
5.125%, 12/01/2016		500,000		477,163
				2,955,880
Financial Services (5.86%)
Household Finance Corp.
4.125%, 11/16/2009		1,000,000		971,042
Citigroup Inc.
4.125%, 02/22/2010		500,000		485,039
SLM Corp.
4.500%, 07/26/2010		1,000,000		924,614
John Deere Capital Corp.
4.875%, 10/15/2010		1,000,000		981,567
American Express Credit
5.000%, 12/02/2010		1,000,000		988,477
SLM Corp.
5.450%, 04/25/2011		500,000		462,965
HSBC Finance Corp.
5.700%, 06/01/2011		500,000		501,382
John Deere Capital Corp.
5.650%, 07/25/2011		500,000		502,597
American Express Co.
5.250%, 09/12/2011		500,000		494,657
Western Union Co.
5.400%, 11/17/2011		500,000		493,289
HSBC Finance Corp.
5.250%, 01/15/2014		500,000		482,129
JP Morgan Chase & Co.
5.375%, 01/15/2014		500,000		490,625
General Electric Capital Corp.
4.875%, 03/04/2015		500,000		473,280
Citigroup Inc.
5.300%, 01/07/2016		500,000		483,265
Western Union Co.
5.930%, 10/01/2016		500,000		487,815
General Electric Capital Corp.
5.375%, 10/20/2016		500,000		483,592
5.400%, 02/15/2017		500,000		482,083
John Deere Capital Corp.
5.500%, 04/13/2017		500,000		487,234
				10,675,652
Forest Products & Paper (0.26%)
International Paper Co.
4.000%, 04/01/2010		500,000		479,921
Health Care (7.74%)
Eli Lilly & Co.
2.900%, 03/15/2008		1,000,000		984,224
Bristol-Myers Squibb Co.
4.000%, 08/15/2008		1,000,000		984,032

See accompanying notes to financial statements.

60

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Abbott Laboratories
5.400%, 09/15/2008	$	500,000	$	499,728
3.500%, 02/17/2009		500,000		485,972
Hillenbrand Industries
4.500%, 06/15/2009		1,000,000		981,545
Amgen Inc.
4.000%, 11/18/2009		1,000,000		967,739
Baxter FinCo BV
4.750%, 10/15/2010		1,000,000		977,762
Abbott Laboratories
5.600%, 05/15/2011		500,000		502,022
Merck & Co. Inc.
4.375%, 02/15/2013		1,000,000		943,371
Becton Dickinson & Co.
4.550%, 04/15/2013		1,000,000		948,031
Schering-Plough Corp.
5.550%, 12/01/2013		500,000		501,841
AstraZeneca PLC SP
5.400%, 06/01/2014		1,000,000		982,175
Boston Scientific Corp.
5.450%, 06/15/2014		1,000,000		941,074
Merck & Co. Inc.
4.750%, 03/01/2015		500,000		470,416
Abbott Laboratories
5.875%, 05/15/2016		500,000		500,128
Baxter International Inc.
5.900%, 09/01/2016		500,000		499,954
Eli Lilly & Co.
5.200%, 03/15/2017		1,000,000		956,606
Wyeth
5.450%, 04/01/2017		500,000		483,099
Amgen Inc. (a)
5.850%, 06/01/2017		500,000		492,230
				14,101,949
Machinery & Manufacturing (7.75%)
Cooper Industries Ltd.
5.250%, 07/01/2007		1,000,000		1,000,000
Dover Corp.
6.250%, 06/01/2008		1,425,000		1,429,349
BF Goodrich Co.
6.600%, 05/15/2009		1,000,000		1,017,223
3M Co.
5.125%, 11/06/2009		2,000,000		1,996,720
Honeywell International Inc.
7.500%, 03/01/2010		1,000,000		1,050,968
United Technologies Corp.
4.375%, 05/01/2010		1,500,000		1,459,750
Johnson Controls Inc.
5.250%, 01/15/2011		1,000,000		989,738
Caterpillar Inc.
6.550%, 05/01/2011		1,000,000		1,036,104
Bemis Co. Inc.
4.875%, 04/01/2012		500,000		482,433
Johnson Controls Inc.
4.875%, 09/15/2013		750,000		713,407
Caterpillar Inc.
5.700%, 08/15/2016		500,000		496,813
Eaton Corp.
5.300%, 03/15/2017		1,000,000		957,512
Honeywell International Inc.
5.300%, 03/15/2017		500,000		480,540
Cooper U.S. Inc.
6.100%, 07/01/2017		1,000,000		1,012,605
				14,123,162
Media & Broadcasting (2.72%)
New York Times Co.
4.500%, 03/15/2010		500,000		484,845
Gannett Co.
5.750%, 06/01/2011		1,000,000		999,114
Knight-Ridder Inc.
7.125%, 06/01/2011		1,000,000		1,012,052
The Walt Disney Co.
5.700%, 07/15/2011		1,000,000		1,008,912
New York Times Co.
5.000%, 03/15/2015		500,000		463,834
The Walt Disney Co.
5.625%, 09/15/2016		1,000,000		992,481
				4,961,238
Mining & Metals (3.16%)
Rio Tinto Finance USA Ltd.
2.625%, 09/30/2008		1,000,000		965,218
Alcan Inc.
6.450%, 03/15/2011		500,000		510,834
BHP Billiton Finance
5.125%, 03/29/2012		500,000		489,894
4.800%, 04/15/2013		1,000,000		954,638
Barrick Gold Finance Inc.
4.875%, 11/15/2014		1,000,000		939,244
Alcan Inc.
5.000%, 06/01/2015		500,000		465,124
Alcoa Inc.
5.550%, 02/01/2017		1,000,000		953,542
BHP Billiton Finance
5.400%, 03/29/2017		500,000		480,656
				5,759,150
Oil & Gas (4.90%)
ChevronTexaco Capital Co.
3.500%, 09/17/2007		1,000,000		996,589
BP Capital Markets PLC
4.875%, 03/15/2010		1,000,000		989,460

See accompanying notes to financial statements.

61

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas (Cont.)
Shell International Finance
5.625%, 06/27/2011	$	1,500,000	$	1,511,380
Conoco Funding Co.
6.350%, 10/15/2011		1,000,000		1,031,137
National Fuel Gas Co.
5.250%, 03/01/2013		1,000,000		972,621
Anadarko Petroleum Corp.
5.950%, 09/15/2016		1,000,000		976,423
ConocoPhillips Canada
5.625%, 10/15/2016		500,000		491,982
Apache Corp.
5.625%, 01/15/2017		500,000		488,301
Shell International Finance
5.200%, 03/22/2017		500,000		479,166
Canadian National Resources
5.700%, 05/15/2017		500,000		483,683
Weatherford International Inc. (a)
6.350%, 06/15/2017		500,000		506,599
				8,927,341
Retailers (6.67%)
Safeway Inc.
4.125%, 11/01/2008		1,000,000		984,496
May Department Stores Co.
4.800%, 07/15/2009		1,000,000		980,905
CVS Corp.
4.000%, 09/15/2009		1,000,000		967,836
Home Depot Inc.
3.750%, 09/15/2009		1,000,000		963,340
Wal-Mart Stores Inc.
4.000%, 01/15/2010		500,000		484,356
Home Depot Inc.
4.625%, 08/15/2010		500,000		485,495
5.200%, 03/01/2011		500,000		491,432
CVS Corp.
5.750%, 08/15/2011		500,000		499,964
Costco Wholesale Corp.
5.300%, 03/15/2012		1,000,000		992,514
Lowe’s Companies Inc.
5.000%, 10/15/2015		1,000,000		946,205
Target Corp.
5.875%, 07/15/2016		1,000,000		994,108
Lowe’s Companies Inc.
5.400%, 10/15/2016		500,000		479,426
McDonald’s Corp.
5.300%, 03/15/2017		1,000,000		958,936
Wal-Mart Stores Inc.
5.375%, 04/05/2017		1,000,000		971,211
Target Corp.
5.375%, 05/01/2017		500,000		478,443
CVS Caremark Corp.
5.750%, 06/01/2017		500,000		482,411
				12,161,078
Telecom & Telecom Equipment (4.06%)
SBC Communications Inc.
5.300%, 11/15/2010		1,000,000		995,287
Verizon Communications
5.350%, 02/15/2011		1,000,000		994,117
Cisco Systems Inc.
5.250%, 02/22/2011		1,000,000		994,002
Deutsche Telekom International Finance
5.375%, 03/23/2011		500,000		495,073
Vodafone Group PLC
5.500%, 06/15/2011		1,000,000		991,944
Telefonica Emisiones SAU
5.855%, 02/04/2013		1,000,000		997,829
BellSouth Corp.
5.200%, 09/15/2014		1,000,000		959,634
Verizon Communications
5.500%, 04/01/2017		1,000,000		963,779
				7,391,665
Utilities & Energy (8.90%)
Georgia Power
4.875%, 07/15/2007		1,000,000		999,772
Pacificorp
4.300%, 09/15/2008		1,000,000		986,692
Atmos Energy Corp.
4.000%, 10/15/2009		1,000,000		966,364
Commonwealth Edison
4.740%, 08/15/2010		1,000,000		968,974
Southern California Gas
4.375%, 01/15/2011		1,000,000		963,422
Appalachian Power Co.
5.550%, 04/01/2011		500,000		497,790
Duke Energy Corp.
6.250%, 01/15/2012		500,000		513,230
MidAmerican Energy Co.
5.650%, 07/15/2012		500,000		500,423
Vectren Utility Holdings
5.250%, 08/01/2013		500,000		477,822
Union Electric Co.
5.500%, 05/15/2014		1,000,000		970,222
Carolina Power & Light
5.250%, 12/15/2015		1,000,000		962,681
Ohio Power Co.
6.000%, 06/01/2016		1,000,000		1,000,956
Commonwealth Edison
5.950%, 08/15/2016		500,000		489,490
Baltimore Gas & Electric Co. (a)
5.900%, 10/01/2016		500,000		493,481

See accompanying notes to financial statements.

62

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2007

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Consolidated Edison Co. NY
5.300%, 12/01/2016	$	1,000,000	$	959,538
Georgia Power Co.
5.700%, 06/01/2017		1,000,000		986,935
Jersey Central Power & Light (a)
5.650%, 06/01/2017		1,000,000		970,817
Atmos Energy Corp.
6.350%, 06/15/2017		500,000		504,190
Kansas City Power & Light Co.
5.850%, 06/15/2017		1,000,000		987,742
Union Electric Co.
6.400%, 06/15/2017		500,000		510,104
MidAmerican Energy Co.
5.950%, 07/15/2017		500,000		500,549
				16,211,194
Total Corporate Bonds (cost $149,792,319)				147,450,079
Taxable Municipal Bonds (0.54%)
New Jersey State Turnpike Authority Transportation
2.840%, 01/01/2008		1,000,000		988,600
Total Taxable Municipal Bonds (cost $1,000,000)				988,600
Government Agency Securities (10.87%) (b)
Federal Home Loan Mortgage Corp.
5.125%, 10/15/2008		4,000,000		3,998,640
6.625%, 09/15/2009		2,000,000		2,058,636
4.500%, 07/15/2013		1,500,000		1,434,189
5.200%, 03/05/2019		2,000,000		1,921,992
5.300%, 05/12/2020		2,000,000		1,909,896
Federal National Mortgage Association
6.625%, 10/15/2007		2,000,000		2,006,128
3.250%, 08/15/2008		1,500,000		1,467,267
6.625%, 09/15/2009		2,000,000		2,058,874
5.550%, 02/16/2017		3,000,000		2,951,277
Total Government Agency Securities (cost $19,942,125)				19,806,899
U.S. Treasury Obligations (7.49%)
U.S. Treasury Notes
6.000%, 08/15/2009		2,700,000		2,758,431
6.500%, 02/15/2010		3,000,000		3,116,016
5.000%, 08/15/2011		3,000,000		3,013,125
4.000%, 11/15/2012		2,000,000		1,917,344
3.875%, 02/15/2013		3,000,000		2,849,298
Total U.S. Treasury Obligations (cost $14,195,590)				13,654,214
TOTAL INVESTMENTS (99.83%) (cost $184,930,034)				181,899,792
OTHER ASSETS, NET OF LIABILITIES (0.17%)				314,152
NET ASSETS (100.00%)			$	182,213,944

(a) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2007, the value of these securities amounted to $2,463,127 or 1.35% of net assets.

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

See accompanying notes to financial statements.

63

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

June 30, 2007

(Unaudited)

	Principal amount		Value
Short-term Investments (100.17%)
Agriculture, Foods, & Beverage (2.84%)
Coca-Cola Co. (a)
5.220%, 07/13/2007	$	1,400,000	$	1,397,361
Automotive (19.99%)
New Center Asset Trust
5.220%, 07/06/2007		2,467,000		2,464,854
Toyota Motor Credit Corp.
5.220%, 07/13/2007		2,482,000		2,477,322
American Honda Finance Corp.
5.230%, 07/26/2007		2,475,000		2,465,651
FCAR Owner Trust Series I
5.280%, 08/07/2007		2,450,000		2,436,345
				9,844,172
Computers (4.94%)
International Business Machines Corp. (a)
5.210%, 08/16/2007		2,450,000		2,433,335
Financial Services (22.63%)
Caterpillar Financial Services Corp.
5.270%, 07/02/2007		1,375,000		1,374,597
General Electric Capital Corp.
5.210%, 07/09/2007		2,400,000		2,396,874
Citigroup Funding
5.230%, 07/11/2007		2,467,000		2,463,058
Chevron Funding Corp.
5.210%, 07/25/2007		2,477,000		2,468,038
HSBC Finance Corp.
5.240%, 08/01/2007		2,450,000		2,438,588
				11,141,155
Government Agency Securities (38.94%) (b)
Federal Home Loan Bank
5.140%, 07/18/2007		1,200,000		1,196,916
Federal Home Loan Mortgage Corp.
5.124%, 07/16/2007		1,540,000		1,536,494
5.119%, 07/20/2007		1,000,000		997,156
5.120%, 08/13/2007		1,000,000		993,742
Federal National Mortgage Association
5.120%, 07/25/2007		1,500,000		1,494,662
5.150%, 08/08/2007		3,000,000		2,983,328
5.135%, 08/15/2007		2,000,000		1,986,877
5.145%, 08/22/2007		2,400,000		2,381,839
5.140%, 08/29/2007		3,000,000		2,974,300
5.150%, 09/19/2007		2,658,000		2,627,200
				19,172,514
Health Care (5.05%)
Abbott Laboratories (a)
5.240%, 07/06/2007		1,000,000		999,127
	Shares or principal amount
Short-term Investments (Cont.)
Health Care (Cont.)
Merck & Co. Inc.
5.200%, 08/24/2007		1,500,000		1,488,083
				2,487,210
Registered Investment Companies (5.78%)
JPMorgan Prime Money Market Fund		2,843,242		2,843,242
Total Short-term Investments (cost $49,318,989)				49,318,989
TOTAL INVESTMENTS (100.17%) (cost $49,318,989)				49,318,989
LIABILITIES, NET OF OTHER ASSETS (-0.17%)				(83,358	)
NET ASSETS (100.00%)			$	49,235,631

(a) Securities exempt from registration under sections 4(2) of the Securities Act of 1933. These securities are purchased as part of the normal course of business, valued at amortized cost and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2007, the value of these securities amounted to $4,829,823 or 9.81% of net assets.

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

See accompanying notes to financial statements.

64

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65

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2007

(Unaudited)

	Large Cap Equity Fund		Small/Mid Cap Equity Fund	International Equity Fund	Large Cap Equity Index Fund		Small Cap Equity Index Fund
Assets
Investments in securities at identified cost	$	39,076,243	34,281,528	36,349,171	522,136,412		244,253,713
Investments in securities at market value	$	44,114,426	39,975,842	45,391,062	634,255,680		305,053,631
Cash		—	—	—	624		—
Foreign currencies at value (cost $22,415, $2,483,647, respectively)		—	—	22,678	—		—
Receivable for:
Dividends and interest		91,584	39,304	74,027	678,374		323,057
Shares of the Fund sold		4,294	3,155	1,367	293		95
Securities sold		1,326,978	331,010	317,599	394,783		27
SFIMC		—	7,790	25,245	—		—
Unrealized gain on forward foreign currency contracts		—	—	20,546	—		—
Variation margin		—	—	—	—		—
Prepaid expenses		1,874	1,686	2,134	30,536		16,088
Total assets		45,539,156	40,358,787	45,854,658	635,360,290		305,392,898
Liabilities and Net Assets
Payable for:
Bank overdraft		—	—	—	—		178
Shares of the Fund redeemed		10	6	469	200,303		80,666
Securities purchased		1,879,689	1,160,021	405,439	948,617		—
Variation margin		—	—	—	7,475		44,584
Unrealized loss on forward foreign currency contracts		—	—	866	—		—
Due to affiliates		68,212	78,611	122,076	479,460		338,833
Accrued liabilities		15,529	17,751	32,846	105,567		126,549
Total Liabilities		1,963,440	1,256,389	561,696	1,741,422		590,810
Net assets applicable to shares outstanding of common stock	$	43,575,716	39,102,398	45,292,962	633,618,868		304,802,088
Fund shares outstanding (no par value, unlimited number of shares authorized)		3,553,210	3,059,533	3,178,349	41,281,683		22,190,083
Net asset value, offering price and redemption price per share	$	12.26	12.78	14.25	15.35		13.74
Analysis of Net Assets
Paid-in-capital	$	36,850,165	31,106,023	33,691,202	521,869,099		224,917,771
Accumulated net realized gain (loss)		1,297,888	2,270,112	2,428,721	(5,396,165	)	17,460,827
Net unrealized appreciation (depreciation)		5,038,183	5,694,314	9,063,052	112,028,627		60,557,876
Undistributed net investment income		389,480	31,949	109,987	5,117,307		1,865,614
Net assets applicable to shares outstanding	$	43,575,716	39,102,398	45,292,962	633,618,868		304,802,088

See accompanying notes to financial statements.

66

	International Equity Index Fund	Stock and Bond Balanced Fund	Bond Fund		Money Market Fund
Assets
Investments in securities at identified cost	259,590,264	90,192,352	184,930,034		49,318,989
Investments in securities at market value	397,618,173	100,057,824	181,899,792		49,318,989
Cash	—	180,373	—		—
Foreign currencies at value (cost $22,415, $2,483,647, respectively)	2,532,053	—	—		—
Receivable for:
Dividends and interest	1,214,002	—	2,512,502		5,014
Shares of the Fund sold	90	1,413	62		441
Securities sold	168,503	—	—		—
SFIMC	—	20,151	587		4,489
Unrealized gain on forward foreign currency contracts	—	—	—		—
Variation margin	22,209	—	—		—
Prepaid expenses	20,769	4,982	10,487		2,643
Total assets	401,575,799	100,266,553	184,423,430		49,331,576
Liabilities and Net Assets
Payable for:
Bank overdraft	—	—	888,910		—
Shares of the Fund redeemed	86,352	39,242	20,284		3,960
Securities purchased	434,405	—	1,000,000		—
Variation margin	—	—	—		—
Unrealized loss on forward foreign currency contracts	—	—	—		—
Due to affiliates	640,888	—	250,647		56,945
Accrued liabilities	161,136	25,132	49,645		35,040
Total Liabilities	1,322,781	64,374	2,209,486		95,945
Net assets applicable to shares outstanding of common stock	400,253,018	100,200,369	182,213,944		49,235,631
Fund shares outstanding (no par value, unlimited number of shares authorized)	22,209,045	7,379,813	18,559,749		49,236,733
Net asset value, offering price and redemption price per share	18.02	13.58	9.82		1.00
Analysis of Net Assets
Paid-in-capital	254,804,896	86,406,152	185,714,413		49,236,733
Accumulated net realized gain (loss)	5,234,260	654,698	(471,219	)	(1,102	)
Net unrealized appreciation (depreciation)	138,111,543	9,865,472	(3,030,242	)	—
Undistributed net investment income	2,102,319	3,274,047	992		—
Net assets applicable to shares outstanding	400,253,018	100,200,369	182,213,944		49,235,631

See accompanying notes to financial statements.

67

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF OPERATIONS

Six months ended June 30, 2007

(Unaudited)

	Large Cap Equity Fund			Small/Mid Cap Equity Fund		International Equity Fund		Large Cap Equity Index Fund		Small Cap Equity Index Fund
Investment Income:
Dividends	$	480,357		142,177		669,746		5,795,504		1,935,750
Interest		42,940		38,230		28,924		106,934		370,579
		523,297		180,407		698,670		5,902,438		2,306,329
Less: foreign withholding taxes		(7,595	)	(32	)	(68,278	)	—		(552	)
Total investment income		515,702		180,375		630,392		5,902,438		2,305,777
Expenses:
Investment advisory and management fees		118,479		135,998		166,050		790,378		590,193
Professional fees		13,829		17,808		15,790		30,694		26,014
Custodian fees		2,020		8,280		52,387		—		—
Errors & omissions insurance		951		844		1,052		16,476		8,275
Securities valuation fees		792		1,201		12,708		2,910		10,414
Reports to shareholders		720		740		798		50,850		55,925
Trustees’ fees and expenses		630		533		735		9,531		4,888
Regulatory fees		551		681		380		1,392		4,412
ICI dues		286		203		189		3,375		1,570
Fidelity bond expense		113		102		122		2,149		990
License index fees		—		—		—		26,571		5,000
Total expenses		138,371		166,390		250,211		934,326		707,681
Less: expense reimbursement from Manager		(145	)	(13,393	)	(42,649	)	—		—
Net expenses		138,226		152,997		207,562		934,326		707,681
Net investment income		377,476		27,378		422,830		4,968,112		1,598,096
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		1,178,053		126,681		2,228,202		2,111,453		14,463,485
Net realized gain (loss) on forward foreign currency contracts		—		—		3,083		—		—
Net realized gain (loss) on foreign currency transactions		—		—		(1,072	)	—		—
Net realized gain (loss) on futures contracts		—		—		—		242,724		578,736
Change in unrealized gain (loss) on open futures contracts		—		—		—		(85,621	)	(151,007	)
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		1,281,288		5,717,896		1,465,978		33,361,929		1,246,099
Net realized and unrealized gain (loss) on investments		2,459,341		5,844,577		3,696,191		35,630,485		16,137,313
Net change in net assets resulting from operations	$	2,836,817		5,871,955		4,119,021		40,598,597		17,735,409

See accompanying notes to financial statements.

68

	International Equity Index Fund		Stock and Bond Balanced Fund		Bond Fund		Money Market Fund
Investment Income:
Dividends	7,744,372		820,079		—		—
Interest	23,387		—		4,611,241		1,268,426
	7,767,759		820,079		4,611,241		1,268,426
Less: foreign withholding taxes	(707,105	)	—		—		—
Total investment income	7,060,654		820,079		4,611,241		1,268,426
Expenses:
Investment advisory and management fees	1,039,593		—		446,115		95,830
Professional fees	29,363		10,176		16,514		15,529
Custodian fees	127,800		60		2,328		988
Errors & omissions insurance	9,711		2,403		5,030		1,187
Securities valuation fees	51,995		—		7,306		—
Reports to shareholders	49,425		15,588		30,111		17,886
Trustees’ fees and expenses	6,675		1,567		2,988		804
Regulatory fees	580		380		380		380
ICI dues	2,044		—		1,080		389
Fidelity bond expense	685		317		598		156
License index fees	4,860		—		—		—
Total expenses	1,322,731		30,491		512,450		133,149
Less: expense reimbursement from Manager	—		(30,491	)	(587	)	(13,363	)
Net expenses	1,322,731		—		511,863		119,786
Net investment income	5,737,923		820,079		4,099,378		1,148,640
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments	4,840,158		356,734		(9,935	)	—
Net realized gain (loss) on forward foreign currency contracts	20,410		—		—		—
Net realized gain (loss) on foreign currency transactions	(14,938	)	—		—		—
Net realized gain (loss) on futures contracts	183,742		—		—		—
Change in unrealized gain (loss) on open futures contracts	(8,210	)	—		—		—
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions	27,214,799		3,363,791		(1,874,282	)	—
Net realized and unrealized gain (loss) on investments	32,235,961		3,720,525		(1,884,217	)	—
Net change in net assets resulting from operations	37,973,884		4,540,604		2,215,161		1,148,640

See accompanying notes to financial statements.

69

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Large Cap Equity Fund					Small/Mid Cap Equity Fund				International Equity Fund
Six months ended June 30, 2007 (Unaudited) and the Year ended December 31, 2006	2007			2006		2007		2006		2007			2006
From operations:
Net investment income	$	377,476		568,349		27,378		208		$	422,830		501,961
Net realized gain		1,178,053		1,184,582		126,681		2,632,606			2,230,213		1,997,625
Change in net unrealized appreciation		1,281,288		2,974,359		5,717,896		1,088,897			1,465,978		3,503,358
Net change in net assets resulting from operations		2,836,817		4,727,290		5,871,955		3,721,711			4,119,021		6,002,944
Distributions to shareholders from:
Net investment income		—		(559,259	)	—		(2	)		—		(743,085	)
Net realized gain		—		(1,109,182	)	—		(707,065	)		—		(1,885,322	)
Total distributions to shareholders		—		(1,668,441	)	—		(707,067	)		—		(2,628,407	)
From Fund share transactions:
Proceeds from shares sold		4,404,939		5,313,407		3,044,959		2,322,417			2,647,641		3,456,249
Reinvestment of distributions		—		1,668,442		—		707,067			—		2,628,408
		4,404,939		6,981,849		3,044,959		3,029,484			2,647,641		6,084,657
Less payments for shares redeemed		(242,596	)	(342,449	)	(183,365	)	(267,307	)		(340,674	)	(386,104	)
Net increase (decrease) in net assets from Fund share transactions		4,162,343		6,639,400		2,861,594		2,762,177			2,306,967		5,698,553
Total increase in net assets		6,999,160		9,698,249		8,733,549		5,776,821			6,425,988		9,073,090
Net assets:
Beginning of year		36,576,556		26,878,307		30,368,849		24,592,028			38,866,974		29,793,884
End of year*	$	43,575,716		36,576,556		39,102,398		30,368,849			45,292,962		38,866,974
*   Including undistributed (distribution in excess of) net investment income	$	389,480		12,004		31,949		4,571			109,987		(312,843	)
Share Information
Sold		374,567		481,575		259,220		226,895			195,743		273,575
Issued in reinvestment of distributions		—		145,082		—		65,107			—		202,966
Redeemed		(20,095	)	(30,618	)	(15,142	)	(26,513	)		(24,503	)	(30,483	)
Net increase (decrease)		354,472		596,039		244,078		265,489			171,240		446,058

See accompanying notes to financial statements.

70

	Large Cap Equity Index Fund				Small Cap Equity Index Fund
Six months ended June 30, 2007 (Unaudited) and the Year ended December 31, 2006	2007		2006		2007		2006
From operations:
Net investment income	4,968,112		9,073,677		1,598,096		2,230,446
Net realized gain	2,354,177		1,546,817		15,042,221		22,776,752
Change in net unrealized appreciation	33,276,308		69,810,728		1,095,092		19,461,964
Net change in net assets resulting from operations	40,598,597		80,431,222		17,735,409		44,469,162
Distributions to shareholders from:
Net investment income	—		(8,912,394	)	—		(2,067,374	)
Net realized gain	—		—		—		(21,629,382	)
Total distributions to shareholders	—		(8,912,394	)	—		(23,696,756	)
From Fund share transactions:
Proceeds from shares sold	7,809,772		17,869,871		3,420,023		7,464,234
Reinvestment of distributions	—		8,912,394		—		23,696,756
	7,809,772		26,782,265		3,420,023		31,160,990
Less payments for shares redeemed	(14,003,655	)	(21,052,581	)	(8,509,718	)	(12,849,847	)
Net increase (decrease) in net assets from Fund share transactions	(6,193,883	)	5,729,684		(5,089,695	)	18,311,143
Total increase in net assets	34,404,714		77,248,512		12,645,714		39,083,549
Net assets:
Beginning of year	599,214,154		521,965,642		292,156,374		253,072,825
End of year*	633,618,868		599,214,154		304,802,088		292,156,374
*   Including undistributed (distribution in excess of) net investment income	5,117,307		149,195		1,865,614		267,518
Share Information
Sold	524,940		1,343,684		255,702		570,701
Issued in reinvestment of distributions	—		618,058		—		1,814,453
Redeemed	(940,636	)	(1,576,621	)	(637,200	)	(991,126	)
Net increase (decrease)	(415,696	)	385,121		(381,498	)	1,394,028

See accompanying notes to financial statements.

71

STATE FARM VARIABLE PRODUCT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	International Equity Index Fund					Stock and Bond Balanced Fund
Six months ended June 30, 2007 (Unaudited) and the Year ended December 31, 2006	2007			2006		2007		2006
From operations:
Net investment income	$	5,737,923		7,078,338		820,079		2,453,971
Net realized gain		5,029,372		5,277,303		356,734		298,028
Change in net unrealized appreciation		27,206,589		61,516,700		3,363,791		7,000,562
Net change in net assets resulting from operations		37,973,884		73,872,341		4,540,604		9,752,561
Distributions to shareholders from:
Net investment income		—		(8,884,260	)	—		(2,266,245	)
Net realized gain		—		(5,596,690	)	—		—
Total distributions to shareholders		—		(14,480,950	)	—		(2,266,245	)
From Fund share transactions:
Proceeds from shares sold		3,573,741		8,092,387		1,927,989		4,013,175
Reinvestment of distributions		—		14,480,951		—		2,266,245
		3,573,741		22,573,338		1,927,989		6,279,420
Less payments for shares redeemed		(7,882,846	)	(7,926,075	)	(2,775,812	)	(6,319,425	)
Net increase (decrease) in net assets from Fund share transactions		(4,309,105	)	14,647,263		(847,823	)	(40,005	)
Total increase in net assets		33,664,779		74,038,654		3,692,781		7,446,311
Net assets:
Beginning of year		366,588,239		292,549,585		96,507,588		89,061,277
End of year*	$	400,253,018		366,588,239		100,200,369		96,507,588
*  Including undistributed (distribution in excess of) net investment income	$	2,102,319		(3,635,604	)	3,274,047		2,453,968
Share Information
Sold		206,640		538,876		144,937		325,277
Issued in reinvestment of distributions		—		885,685		—		180,290
Redeemed		(459,380	)	(523,049	)	(209,338	)	(510,946	)
Net increase (decrease)		(252,740	)	901,512		(64,401	)	(5,379	)

See accompanying notes to financial statements.

72

	Bond Fund				Money Market Fund
Six months ended June 30, 2007 (Unaudited) and the Year ended December 31, 2006	2007		2006		2007		2006
From operations:
Net investment income	4,099,378		7,716,465		1,148,640		2,068,780
Net realized gain	(9,935	)	218,085		—		—
Change in net unrealized appreciation	(1,874,282	)	(457,001	)	—		—
Net change in net assets resulting from operations	2,215,161		7,477,549		1,148,640		2,068,780
Distributions to shareholders from:
Net investment income	(4,098,386	)	(7,716,465	)	(1,148,640	)	(2,068,780	)
Net realized gain	—		—		—		—
Total distributions to shareholders	(4,098,386	)	(7,716,465	)	(1,148,640	)	(2,068,780	)
From Fund share transactions:
Proceeds from shares sold	4,674,771		8,157,301		4,577,358		8,951,387
Reinvestment of distributions	4,098,386		7,716,465		1,148,640		2,068,780
	8,773,157		15,873,766		5,725,998		11,020,167
Less payments for shares redeemed	(3,132,059	)	(6,992,862	)	(4,583,295	)	(6,832,865	)
Net increase (decrease) in net assets from Fund share transactions	5,641,098		8,880,904		1,142,703		4,187,302
Total increase in net assets	3,757,873		8,641,988		1,142,703		4,187,302
Net assets:
Beginning of year	178,456,071		169,814,083		48,092,928		43,905,626
End of year*	182,213,944		178,456,071		49,235,631		48,092,928
*  Including undistributed (distribution in excess of) net investment income	992		—		—		—
Share Information
Sold	471,547		827,650		4,577,358		8,951,387
Issued in reinvestment of distributions	413,294		783,005		1,148,640		2,068,780
Redeemed	(315,788	)	(710,588	)	(4,583,295	)	(6,832,865	)
Net increase (decrease)	569,053		900,067		1,142,703		4,187,302

See accompanying notes to financial statements.

73

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, 2007. Shares of each Fund are offered exclusively in connection with variable deferred annuity and variable universal life insurance policies issued by State Farm Life Insurance Company and State Farm Life and Accident Assurance Company. Each Fund is a separate investment portfolio with its own investment objective, investment policies, restrictions and attendant risks.

The Large Cap Equity Fund seeks long-term growth of capital. The Fund invests under normal circumstances at least 80% of its net assets plus any borrowing in common stocks and other equity securities of U.S. companies with market capitalizations of at least $1.5 billion.

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

The International Equity Fund seeks long-term growth of capital. The Fund invests primarily in common stocks of companies located in Europe, Canada, Australia and the Far East. The Fund may also invest in companies located in other countries. There is no restriction on the size of the companies in which the Fund invests.

The Large Cap Equity Index Fund (the “Large Cap Index Fund”) seeks to match the performance of the Standard and Poor’s Composite Index of 500 Stocks^® (the “S&P 500”)¹ by investing in the securities that make up the S&P 500. The S&P 500 tracks the common stock performance of 500 large U.S. companies.

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

The International Equity Index Fund (the “International Index Fund”) seeks to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Free Index^® (the “EAFE Free”)³. The International Index Fund invests primarily in some of the stocks found in the EAFE Free. The EAFE Free is a capitalization-weighted index that currently includes stocks of companies in 16 European countries, Australia, New Zealand, Hong Kong, Japan and Singapore.

The Stock and Bond Balanced Fund (the “Balanced Fund”) seeks long-term growth of capital, balanced with current income. The Balanced Fund invests in the Large Cap Index and Bond Funds of the Trust.

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

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

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

(2) The Russell 2000^® Index is a trademark/service mark, and Russell ^® is a trademark of the Frank Russell Company, doing business as Russell Investment Group (‘Russell’). The Small Cap Equity Index Fund is not sponsored, endorsed, sold or promoted by, nor in any way affiliated with 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 Prospectus contains a more detailed description of the limited relationship MSCI has with the Trust and the Fund.

74

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

2. Significant accounting policies

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

Securities valuation

Investments are stated at market value. Stocks traded on securities exchanges, or in an over-the-counter market in which transaction prices are reported, are valued at the last sales price on the day of valuation or, if there are no reported sales on that day, at the last reported bid price for the day. Stocks traded on NASDAQ are valued at the NASDAQ Official Closing Price. Long-term debt securities and U.S. Treasury bills are generally valued using quotations provided by an independent pricing service. All of the securities and assets of the Money Market Fund and short-term debt securities with remaining maturities of 60 days or less (other than U.S. Treasury bills) held by any of the other Funds are generally valued on an amortized cost basis, which approximates market value. Investments in open-end investment companies are valued each day based on the closing net asset value of the respective fund. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using quoted forward exchange rates. Short sales are valued at market value.

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

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

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

Repurchase Agreements

The Funds may enter into repurchase agreements with banks, brokers, dealers, and other financial institutions in accordance with a Fund’s investment restrictions. Repurchase agreements involve the purchase of securities with a simultaneous commitment to resell the securities to the seller at an agreed-upon price and date. A Fund will invest only in repurchase agreements collateralized in an amount at least equal to the repurchase price plus accrued interest. To the extent that the proceeds from any sale of such collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution which is the party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the ability to sell the collateral and the Fund could suffer a loss. Each Fund’s Schedule of Investments reflects the repurchase agreements, if any, entered into as of June 30, 2007.

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.

75

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Fund share valuation

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

Federal income taxes, dividends and distributions to shareholders

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

As of June 30, 2007, the Funds’ aggregate unrealized gains and losses on securities based on cost for federal income tax purposes were as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Large Cap Equity Fund	$	39,076,243	$	5,769,227	$	(731,044	)	$	5,038,183
Small/Mid Cap Equity Fund		34,284,707		6,348,574		(657,439	)		5,691,135
International Equity Fund		36,700,997		9,230,969		(540,904	)		8,690,065
Large Cap Index Fund		522,612,546		163,992,902		(52,349,768	)		111,643,134
Small Cap Index Fund		244,341,994		80,204,723		(19,493,086	)		60,711,637
International Index Fund		264,221,111		153,339,126		(19,942,064	)		133,397,062
Balanced Fund		90,192,352		10,875,406		(1,009,934	)		9,865,472
Bond Fund		184,930,034		737,458		(3,767,700	)		(3,030,242	)
Money Market Fund		49,318,989		—		—			—

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

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

At December 31, 2006, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

Expiration year	Large Cap Index Fund		Bond Fund	Money Market Fund
2010	$	5,267,019	—	—
2011		—	294,740	—
2012		—	—	—
2013		—	166,544	1,102
Total:	$	5,267,019	461,284	1,102

The Large Cap Index Fund, Balanced Fund and Bond Fund utilized $3,682,478, $64 and $218,085 respectively, of capital loss carryforwards to offset realized capital gains in 2006.

76

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

As of December 31, 2006, 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	$	38,229	$	86,385	$	3,764,120		$	—		$	3,888,734
Small/Mid Cap Equity Fund		1,708,117		444,315		(28,012	)		—			2,124,420
International Equity Fund		78,163		159,923		7,252,733			(8,080	)		7,482,739
Large Cap Index Fund		126,760		—		78,300,961			(7,276,549	)		71,151,172
Small Cap Index Fund		271,072		2,213,460		59,664,376			—			62,148,908
International Index Fund		917,209		326,728		106,230,301			—			107,474,238

Differences between these amounts and the undistributed net investment income reported on the Statements of Assets and Liabilities as of December 31, 2006 relate to current year estimates for return of capital from Real Estate Investment Trusts (“REITs”), accumulated capital losses, post-October loss deferrals, short term capital gains and mark-to-market of PFICs, and/or forward foreign currency and futures contract adjustments. The tax character of undistributed net investment income and capital gain for the remaining Funds was the same as reflected in the Analysis of Net Assets as of December 31, 2006.

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

As of December 31, 2006, these reclassifications were as follows:

Fund	Paid in Capital		Accumulated Net Realized Gain (Loss)			Undistributed (Accumulated) Net Investment Income (Loss)
Large Cap Equity Fund	$	—	$	543		$	(543	)
Small/Mid Cap Equity Fund		—		(1,091	)		1,091
International Equity Fund		—		(9,155	)		9,155
Large Cap Index Fund		—		117,714			(117,714	)
Small Cap Index Fund		2,914		175,813			(178,727	)
International Index Fund		—		(222,819	)		222,819

77

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The tax character of distributions for certain Funds was as follows for the year ended December 31, 2006:

2006	Ordinary Income		Long-term Capital Gain		Total
Large Cap Equity Fund	$	1,465,027	$	203,414	$	1,668,441
Small/Mid Cap Equity Fund		705,611		1,456		707,067
International Equity Fund		1,941,940		686,467		2,628,407
Small Cap Index Fund		3,206,090		20,490,666		23,696,756
International Index Fund		9,182,677		5,298,273		14,480,950

For the remaining Funds, the tax distributions of ordinary income were the same as the distributions from net investment income reflected in the Statements of Changes in Net Assets for the year ended December 31, 2006. The tax character of distributions made during the six months ended June 30, 2007 were the same as the composition of distributions reflected in the Statement of Changes in Net Assets as of June 30, 2007.

The International Equity Fund and International Index Fund have elected to mark-to-market their investments in Passive Foreign Investment Companies (“PFICs”) for federal income tax purposes. In accordance with this election, the International Equity Fund recognized unrealized appreciation of $166,974 during 2006 and realized gains of $411 during 2006 as ordinary income for federal income tax purposes. The International Index Fund recognized unrealized appreciation of $1,695,511 during 2006 and realized gains of $75,377 during 2006 as ordinary income for federal income tax purposes. The cumulative amount of mark-to-market adjustments recognized on PFICs at December 31, 2006, was $351,801 for the International Equity Fund and $4,552,813 for the International Index Fund.

From November 1, 2006 through December 31, 2006, the International Equity Fund incurred $8,080 in foreign exchange losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising on January 1, 2007.

From November 1, 2006 through December 31, 2006, the Large Cap Index Fund incurred $2,009,530 in net realized losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising on January 1, 2007.

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, 2007. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the prevailing foreign exchange rates on the respective dates of transactions. That portion of realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with realized and unrealized gains and losses on investment securities.

Expenses

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

Use of estimates

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

Commitments and contingencies

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

Financial instruments

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

78

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

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

New accounting pronouncements

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. The Trust’s management has completed a review of FIN 48 and has determined that no tax liability is required and no additional disclosures are needed as of June 30, 2007.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value, and expands disclosure about fair value measurements. At this time, the Trust’s management is evaluating the implications of SFAS 157 and its impact in the financial statements has not yet been determined.

3. Transactions with affiliates

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

Large Cap Equity Fund	0.60% of average daily net assets
Small/Mid Cap Equity Fund	0.80% of average daily net assets
International Equity Fund	0.80% of average daily net assets
Large Cap Index Fund	0.26% of average daily net assets
Small Cap Index Fund	0.40% of average daily net assets
International Index Fund	0.55% of average daily net assets
Balanced Fund	None
Bond Fund	0.50% of average daily net assets
Money Market Fund	0.40% of average daily net assets

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

With respect to each 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, 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, that exceed 0.20% of the Fund’s average daily net assets. These expense limitation arrangements are voluntary and may be eliminated by SFIMC at any time.

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

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

79

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

For the six months ended June 30, 2007, the following fees were earned by Capital Guardian, Barclays, Bridgeway and Rainier for sub-advisory services (not all amounts earned were paid during the period):

	Capital Guardian		Barclays		Bridgeway		Rainier
Large Cap Equity Fund	$	55,128	$	—	$	—	$	—
Small/Mid Cap Equity Fund		—		—		51,236		51,526
International Equity Fund		79,040		—		—		—
Large Cap Index Fund		—		239,058		—		—
Small Cap Index Fund		—		188,868		—		—
International Index Fund		—		345,703		—		—
Total Sub-Advisory Fees	$	134,168	$	773,629	$	51,236	$	51,526

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, 2007 (Unaudited)
	Purchases		Sales
Large Cap Equity Fund	$	12,731,228	$	8,065,528
Small/Mid Cap Equity Fund		20,664,354		16,381,122
International Equity Fund		11,709,363		8,513,856
Large Cap Index Fund		9,927,132		9,857,979
Small Cap Index Fund		40,202,663		48,061,159
International Index Fund		7,967,411		8,192,673
Balanced Fund		820,077		850,000
Bond Fund		29,918,781		13,788,913

80

STATE FARM VARIABLE PRODUCT TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

5. Futures and foreign currency contracts

The International Equity Index Fund had no open forward foreign currency contracts at June 30, 2007.

The International Equity Fund had the following open forward foreign currency contracts at June 30, 2007:

Foreign amount	Currency	Contracts	Settlement Date	U.S. Dollar	Unrealized Gain (Loss)
128,189	Euro	5	07/02/2007-07/05/2007	173,502	$	(479	)
313,735	British Pound	6	07/02/2007-07/18/2007	629,919		3,393
65,052,071	Japanese Yen	7	07/02/2007-07/18/2007	529,250		16,766
				Total	$	19,680

The Large Cap Equity Index, Small Cap Equity Index and International Equity Index Funds had the following open futures contracts at June 30, 2007:

Fund	Type	Number of contracts	Notional Value		Market Value		Position	Expiration Month	Unrealized Gain (Loss)
Large Cap Equity Index Fund	S&P 500 Index Mini	58	$	4,485,301	$	4,394,660	Long	September ‘07	$	(90,641	)
Small Cap Equity Index Fund	Russell 2000 Index Mini	154		13,210,382		12,968,340	Long	September ‘07	$	(242,042	)
International Equity Index Fund	TOPIX Index	3		432,041		431,191	Long	September ‘07		(850	)
International Equity Index Fund	DJ Euro Stoxx 50	8		478,865		487,819	Long	September ‘07		8,954
International Equity Index Fund	EMINI MSCI EAFE Index	18		2,038,545		2,049,480	Long	September ‘07		10,935
International Equity Index Fund	FTSE 100 Index	3		396,375		399,545	Long	September ‘07		3,170
Total									$	22,209

81

FINANCIAL HIGHLIGHTS

The following financial highlights tables are intended to help you understand the financial performance of each Fund. Certain information reflects financial results for a single Fund share. The total returns within each table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31, 2006		From commencement of investment operations July 26, 2005 to December 31, 2005
Net asset value, beginning of period	$	11.43		10.33		10.00
Income from Investment Operations
Net investment income (a)		0.10		0.20		0.07
Net gain (loss) on investments (both realized and unrealized)		0.73		1.45		0.34
Total from investment operations		0.83		1.65		0.41
Less Distributions
Net investment income		—		(0.18	)	(0.07	)
Net realized gain		—		(0.37	)	(0.01	)
Total distributions		—		(0.55	)	(0.08	)
Net asset value, end of period	$	12.26		11.43		10.33
Total Return (b)		7.26	%	15.91	%	4.14	%
Net assets, end of period (millions)	$	43.6		36.6		26.9
Ratios to average net assets assuming expense reductions
Expenses		0.70	%(c)	0.70	%	0.70	%(c)
Net investment income		1.91	%(c)	1.83	%	1.71	%(c)
Ratios to average net assets absent expense reductions
Expenses		0.70	%(c)	0.71	%	0.85	%(c)
Net investment income		1.91	%(c)	1.82	%	1.56	%(c)
Portfolio turnover rate		43	%(c)	34	%	15	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

(c) Determined on an annualized basis.

See accompanying notes to financial statements.

82

STATE FARM VARIABLE PRODUCT TRUST SMALL/MID CAP EQUITY FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31, 2006		From commencement of investment operations July 26, 2005 to December 31, 2005
Net asset value, beginning of period	$	10.79		9.64		10.00
Income from Investment Operations
Net investment income (a) (b)		0.01		—		0.01
Net gain (loss) on investments (both realized and unrealized)		1.98		1.41		(0.32	)
Total from investment operations		1.99		1.41		(0.31	)
Less Distributions
Net investment income (b)		—		—		(0.01	)
Net realized gain		—		(0.26	)	(0.04	)
Total distributions		—		(0.26	)	(0.05	)
Net asset value, end of period	$	12.78		10.79		9.64
Total Return (c)		18.44	%	14.58	%	(3.14	)%
Net assets, end of period (millions)	$	39.1		30.4		24.6
Ratios to average net assets assuming expense reductions
Expenses		0.90	%(d)	0.90	%	0.90	%(d)
Net investment income		0.16	%(d)	0.00	%	0.21	%(d)
Ratios to average net assets absent expense reductions
Expenses		0.98	%(d)	0.95	%	1.11	%(d)
Net investment income		0.08	%(d)	(0.05	)%	0.00	%(d)
Portfolio turnover rate		100	%(d)	161	%	22	%

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

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

(c) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

83

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31, 2006		From commencement of investment operations July 26, 2005 to December 31, 2005
Net asset value, beginning of period	$	12.93		11.63		10.00
Income from Investment Operations
Net investment income (a)		0.14		0.19		0.02
Net gain (loss) on investments (both realized and unrealized)		1.18		2.05		1.70
Total from investment operations		1.32		2.24		1.72
Less Distributions
Net investment income		—		(0.27	)	(0.06	)
Net realized gain		—		(0.67	)	(0.03	)
Total distributions		—		(0.94	)	(0.09	)
Net asset value, end of period	$	14.25		12.93		11.63
Total Return (c)		10.04	%	19.23	%(b)	17.25	%
Net assets, end of period (millions)	$	45.3		38.9		29.8
Ratios to average net assets assuming expense reductions
Expenses		1.00	%(d)	1.00	%	1.00	%(d)
Net investment income		2.04	%(d)	1.48	%	0.50	%(d)
Ratios to average net assets absent expense reductions
Expenses		1.21	%(d)	1.22	%	1.35	%(d)
Net investment income		1.83	%(d)	1.26	%	0.15	%(d)
Portfolio turnover rate		42	%(d)	30	%	10	%

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

(b) 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%.

(c) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

84

STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31,
				2006		2005		2004		2003		2002
Net asset value, beginning of period	$	14.37		12.63		12.26		11.27		8.89		11.62
Income from Investment Operations
Net investment income (a)		0.12		0.22		0.19		0.20		0.14		0.13
Net gain (loss) on investments (both realized and unrealized)		0.86		1.74		0.37		0.98		2.38		(2.73	)
Total from investment operations		0.98		1.96		0.56		1.18		2.52		(2.60	)
Less Distributions
Net investment income		—		(0.22	)	(0.19	)	(0.19	)	(0.14	)	(0.13	)
Total distributions		—		(0.22	)	(0.19	)	(0.19	)	(0.14	)	(0.13	)
Net asset value, end of period	$	15.35		14.37		12.63		12.26		11.27		8.89
Total Return (b)		6.82	%	15.49	%	4.57	%	10.46	%	28.31	%	(22.41	)%
Net assets, end of period (millions)	$	633.6		599.2		522.0		497.4		395.8		284.1
Ratios to average net assets
Expenses		0.31	%(c)	0.31	%	0.32	%	0.30	%	0.31	%	0.31	%
Net investment income		1.63	%(c)	1.64	%	1.57	%	1.73	%	1.47	%	1.31	%
Portfolio turnover rate		3	%(c)	3	%	4	%	3	%	1	%	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. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

(c) Determined on an annualized basis.

See accompanying notes to financial statements.

85

STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31,
				2006		2005		2004		2003		2002
Net asset value, beginning of period	$	12.94		11.95		12.31		10.79		7.43		9.46
Income from Investment Operations
Net investment income (a)		0.07		0.11		0.08		0.08		0.06		0.08
Net gain (loss) on investments (both realized and unrealized)		0.73		2.02		0.45		1.85		3.36		(2.03	)
Total from investment operations		0.80		2.13		0.53		1.93		3.42		(1.95	)
Less Distributions
Net investment income		—		(0.10	)	(0.08	)	(0.06	)	(0.06	)	(0.08	)
Net realized gain		—		(1.04	)	(0.81	)	(0.35	)	—		—
Total distributions		—		(1.14	)	(0.89	)	(0.41	)	(0.06	)	(0.08	)
Net asset value, end of period	$	13.74		12.94		11.95		12.31		10.79		7.43
Total Return (b)		6.18	%	17.75	%	4.25	%	17.89	%	45.96	%	(20.66	)%
Net assets, end of period (millions)	$	304.8		292.2		253.1		264.0		208.0		134.2
Ratios to average net assets assuming expense reductions
Expenses		0.48	%(c)	0.49	%	0.50	%	0.48	%	0.50	%	0.50	%
Net investment income		1.08	%(c)	0.81	%	0.64	%	0.71	%	0.71	%	0.93	%
Ratios to average net assets absent expense reductions
Expenses		0.48	%(c)	0.49	%	0.50	%	0.48	%	0.51	%	0.50	%
Net investment income		1.08	%(c)	0.81	%	0.64	%	0.71	%	0.70	%	0.93	%
Portfolio turnover rate		28	%(c)	23	%	17	%	20	%	22	%	29	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

(c) Determined on an annualized basis.

See accompanying notes to financial statements.

86

STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31,
				2006		2005		2004		2003		2002
Net asset value, beginning of period	$	16.32		13.57		12.28		10.50		7.75		9.40
Income from Investment Operations
Net investment income (a)		0.26		0.33		0.25		0.19		0.15		0.12
Net gain (loss) on investments (both realized and unrealized)		1.44		3.09		1.40		1.83		2.78		(1.65	)
Total from investment operations		1.70		3.42		1.65		2.02		2.93		(1.53	)
Less Distributions
Net investment income		—		(0.41	)	(0.28	)	(0.24	)	(0.18	)	(0.12	)
Net realized gain		—		(0.26	)	(0.08	)	—		—		—
Total distributions		—		(0.67	)	(0.36	)	(0.24	)	(0.18	)	(0.12	)
Net asset value, end of period	$	18.02		16.32		13.57		12.28		10.50		7.75
Total Return (b)		10.21	%	25.20	%(c)	13.44	%	19.26	%	37.84	%	(16.26	)%
Net assets, end of period (millions)	$	400.3		366.6		292.6		253.6		203.7		144.2
Ratios to average net assets assuming expense reductions
Expenses		0.70	%(d)	0.72	%	0.74	%	0.75	%	0.75	%	0.75	%
Net investment income		3.04	%(d)	2.16	%	1.98	%	1.76	%	1.75	%	1.40	%
Ratios to average net assets absent expense reductions
Expenses		0.70	%(d)	0.72	%	0.74	%	0.77	%	0.77	%	0.78	%
Net investment income		3.04	%(d)	2.16	%	1.98	%	1.74	%	1.73	%	1.37	%
Portfolio turnover rate		4	%(d)	3	%	3	%	4	%	5	%	9	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

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

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

87

STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31,
				2006		2005		2004		2003		2002
Net asset value, beginning of period	$	12.96		11.96		11.87		11.30		9.82		11.34
Income from Investment Operations
Net investment income (a)		0.11		0.33		0.31		0.31		0.27		0.30
Net gain (loss) on investments (both realized and unrealized)		0.51		0.98		0.06		0.50		1.51		(1.49	)
Total from investment operations		0.62		1.31		0.37		0.81		1.78		(1.19	)
Less Distributions
Net investment income		—		(0.31	)	(0.28	)	(0.23	)	(0.27	)	(0.29	)
Net realized gain		—		—		—		(0.01	)	(0.03	)	(0.04	)
Total distributions		—		(0.31	)	(0.28	)	(0.24	)	(0.30	)	(0.33	)
Net asset value, end of period	$	13.58		12.96		11.96		11.87		11.30		9.82
Total Return (b)		4.78	%	11.03	%	3.22	%	7.26	%	18.30	%	(10.51	)%
Net assets, end of period (millions)	$	100.2		96.5		89.1		84.0		70.3		55.1
Ratios to average net assets assuming expense reductions
Expenses (c)		0.00	%(d)	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
Net investment income		1.69	%(d)	2.68	%	2.63	%	2.69	%	2.55	%	2.84	%
Ratios to average net assets absent expense reductions
Expenses (c)		0.06	%(d)	0.06	%	0.08	%	0.05	%	0.06	%	0.05	%
Net investment income		1.63	%(d)	2.62	%	2.55	%	2.64	%	2.49	%	2.78	%
Portfolio turnover rate		2	%(d)	3	%	1	%	0	%	1	%	9	%

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

(b) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

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

(d) Determined on an annualized basis.

See accompanying notes to financial statements.

88

STATE FARM VARIABLE PRODUCT TRUST BOND FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31,
				2006		2005		2004		2003		2002
Net asset value, beginning of period	$	9.92		9.94		10.27		10.46		10.50		10.16
Income from Investment Operations
Net investment income		0.22		0.44		0.43		0.44		0.46		0.52
Net gain (loss) on investments (both realized and unrealized)		(0.10	)	(0.02	)	(0.33	)	(0.19	)	(0.03	)	0.37
Total from investment operations		0.12		0.42		0.10		0.25		0.43		0.89
Less Distributions
Net investment income		(0.22	)	(0.44	)	(0.43	)	(0.44	)	(0.46	)	(0.52	)
Net realized gain		—		—		—		—		(0.01	)	(0.03	)
Total distributions		(0.22	)	(0.44	)	(0.43	)	(0.44	)	(0.47	)	(0.55	)
Net asset value, end of period	$	9.82		9.92		9.94		10.27		10.46		10.50
Total Return (a)		1.26	%	4.34	%	1.02	%	2.40	%	4.08	%	9.01	%
Net assets, end of period (millions)	$	182.2		178.5		169.8		176.9		162.2		148.1
Ratios to average net assets
Expenses		0.57	%(b)(c)	0.57	%	0.57	%	0.55	%	0.56	%	0.55	%
Net investment income		4.59	%(b)(c)	4.46	%	4.28	%	4.22	%	4.35	%	5.05	%
Portfolio turnover rate		16	%(b)	19	%	16	%	10	%	9	%	17	%

(a) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

(b) Determined on an annualized basis.

(c) For the six months ended June 30, 2007, the Bond Fund incurred $587 in bank overdraft fees that were reimbursed by the Manager. The amount of this reimbursement was not large enough to change the expense ratio of 0.57% or the net investment income ratio of 4.59%.

See accompanying notes to financial statements.

89

STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended June 30, 2007 (Unaudited)			Year ended December 31,
				2006		2005		2004		2003		2002
Net asset value, beginning of period	$	1.00		1.00		1.00		1.00		1.00		1.00
Income from Investment Operations
Net investment income		0.02		0.04		0.03		0.01		0.01		0.01
Total from investment operations		0.02		0.04		0.03		0.01		0.01		0.01
Less Distributions
Net investment income		(0.02	)	(0.04	)	(0.03	)	(0.01	)	(0.01	)	(0.01	)
Total distributions		(0.02	)	(0.04	)	(0.03	)	(0.01	)	(0.01	)	(0.01	)
Net asset value, end of period	$	1.00		1.00		1.00		1.00		1.00		1.00
Total Return (a)		2.39	%	4.59	%	2.74	%	0.87	%	0.67	%	1.28	%
Net assets, end of period (millions)	$	49.2		48.1		43.9		55.9		55.1		56.2
Ratios to average net assets assuming expense reductions
Expenses		0.50	%(b)	0.50	%	0.50	%	0.48	%	0.48	%	0.47	%
Net investment income		4.79	%(b)	4.51	%	2.66	%	0.87	%	0.67	%	1.27	%
Ratios to average net assets absent expense reductions
Expenses		0.56	%(b)	0.54	%	0.54	%	0.48	%	0.48	%	0.47	%
Net investment income		4.73	%(b)	4.47	%	2.62	%	0.87	%	0.67	%	1.27	%

(a) Total return is not annualized for periods that are less than a full year. Effective for the six months ended June 30, 2007, total return was calculated based upon net asset values used for shareholder purchases and redemptions at the beginning and end of the period. Total return for periods prior to the six months ended June 30, 2007 used net asset values as calculated for financial reporting purposes.

(b) Determined on an annualized basis.

See accompanying notes to financial statements.

90

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer evaluated the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report (the “Evaluation Date”), and based on their evaluation as of the Evaluation Date of these controls and procedures as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (as applicable), concluded that the registrant’s disclosure controls and procedures are effective.

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

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(b) Certification of principal executive officer and principal financial officer required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-14(b) or 240.15d-14(b))(as applicable), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350): Attached hereto as EX-99.906CERT.

SIGNATURES

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

State Farm Variable Product Trust

By	/s/ Edward B. Rust, Jr.
	Edward B. Rust, Jr.
	President

Date 8/24/2007

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

By	/s/ Edward B. Rust, Jr.
	Edward B. Rust, Jr.
	President

Date 8/24/2007

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

Date 8/24/2007