State Farm Variable Product Trust

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State Farm VP Management Corp.

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

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

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

A prospectus for the State Farm Variable Product Trust (the “Trust”) is available through State Farm VP Management Corp., One State Farm Plaza, Bloomington, Illinois 61710, 1-888-702-2307. Please read the prospectus and consider the investment objectives, risks, charges and expenses, and other information it contains about the Funds carefully before investing.

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

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

Any website referenced in this report is an inactive textual reference only, and information contained in or otherwise accessible through that website does not form a part of, and is not incorporated by reference into, this report.

Thank you for purchasing a State Farm^® Variable Product. Enclosed is the Annual Report for the 12-month period ended December 31, 2010 for the State Farm Variable Product Trust (“the Trust”). For Funds offered by the Trust, you will find management’s discussion of investment philosophy and process, market and Fund-specific factors that affected a Fund’s performance over the 12-month period, and benchmark index comparisons to help put a Fund’s performance into context. This Annual Report also includes the Trust’s 2010 fiscal year-end audited financial statements and a list of portfolio holdings for each Fund to help you further understand the Fund(s) you own. We encourage your review and consideration of this entire report.

During 2010, the financial markets experienced significant price volatility. However, by December 31, the major equity markets and the major fixed income markets generated positive total returns for the year.

In the U.S., equity markets climbed higher and posted positive total returns for 2010, influenced by many positive factors, including generally subdued inflation, improving corporate earnings, and modest positive growth in Gross Domestic Product (GDP). In addition, the Federal Reserve maintained an accommodative monetary policy by leaving the Fed Funds Rate unchanged in a range of 0% to 0.25% throughout 2010. However, the market environment was not without its challenges throughout the year. During the summer months, May through August, equity markets were especially volatile on concerns about ongoing sovereign debt issues in several European countries, including Portugal, Italy, Ireland, Greece and Spain. In addition, high levels of unemployment in the U.S. persisted throughout the entire year, bringing into question the strength and sustainability of a budding economic recovery. For the year ended December 31, 2010, large cap stocks (as represented by the S&P 500^® Index¹) and small cap stocks (as represented by the Russell 2000^® Index²) posted total returns of 15.06% and 26.86%, respectively.

International equities markets, as represented by the MSCI EAFE Free^® Index and the MSCI All Country World Index (ACWI) ex-U.S. Index, also posted positive total returns of 7.75% and 11.15%, respectively, for the year in U.S. dollar terms. Within the MSCI EAFE Free Index, developed European markets like Sweden and Denmark were among the strongest performing markets, gaining 33.75% and 30.73%, respectively, in U.S. dollar terms. Conversely, the developed European countries that were among the weakest performing markets included Greece, Spain and Ireland, losing – 44.87%, – 21.95%, and – 18.12%, respectively, in U.S. dollar terms. Meanwhile, Japan –the largest country weighting in the Index at 22.1% – was also among the better performing countries in the Index for the year, gaining

15.44% in U.S. dollar terms. Stock market performance in emerging market countries also climbed higher during the period with the MSCI Emerging Markets Index posting a total return of 18.88% in U.S. dollar terms³.

Within the bond markets, U.S. Treasuries gained ground during the 12-month period ended December 31, 2010 with yields declining across all maturities of 6-months or greater. The yield on 10-year U.S. Treasuries declined from 3.85% on January 1, 2010, to 3.30% on December 31, 2010. Short-term yields remained low, with 3-month U.S. Treasury yields ranging between 0.04% and 0.18% during the year⁴. Interest rates were affected by ongoing concerns over the European debt crisis, which helped lift the demand for the relatively safe haven of U.S. Treasuries. In addition, in early November 2010, the Federal Reserve announced that it would purchase an additional $600 billion of U.S. Treasuries by the middle of 2011 in an effort to help stimulate the economy (a policy known as “quantitative easing”). Among major fixed income indices, the Barclays Capital Government/Credit Intermediate Index provided a total return of 5.89% for the year ended December 31, 2010⁵.

While dramatic changes in the markets, either positive or negative, are part of investing, State Farm Investment Management Corp. has consistently maintained a long-term, disciplined approach to managing investment risk.

We believe individuals increase their chance for investment success by remaining focused on their long-term goals and maintaining an appropriate asset allocation mix⁶. As always, your registered State Farm agent is available to discuss your financial needs and risk tolerance.

On behalf of the entire State Farm Variable Products team, thank you for your continued business and allowing us to serve your investment needs.

The Large Cap Equity Fund (the “Fund”) is sub-advised by Bridgeway Capital Management, Inc. (“Bridgeway”) and Westwood Management Corp. (“Westwood”). Bridgeway and Westwood each manage approximately one-half of the Fund’s assets. State Farm Investment Management Corp. monitors the performance of the sub-advisers and the split of the Fund’s portfolio between the sub-advisers. The benchmark for the Fund is the S&P 500 Index (the “Index”).

The Fund seeks long-term growth of capital. In doing so, the Fund invests primarily in large capitalization stock issued by U.S. companies. Bridgeway defines “large stocks” as the largest 500 U.S. companies as measured by market capitalization (stock market worth). Westwood defines large capitalization companies as those companies with market capitalizations greater than $5 billion at the time of purchase.

Bridgeway selects stocks using its proprietary, quantitative investment models to identify stocks within the large-cap growth category for the Fund. Growth stocks are those that Bridgeway believes have above average prospects for economic growth. Westwood invests in a portfolio of seasoned companies utilizing a value style of investing in which it chooses those stocks that Westwood believes have earnings prospects that are currently undervalued by the market relative to some financial measure of worth, such as the ratio of price to earnings, price to sales or price to cash flow. Westwood defines seasoned companies as those that generally have been operating for at least three years.

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

The market environment was influenced by many positive factors including: generally subdued inflation, improving corporate earnings, and modest positive growth in Gross Domestic Product (GDP). In addition, the Federal Reserve maintained an accommodative monetary policy by leaving the Fed Funds Rate unchanged in a target range of 0% to 0.25% throughout 2010. In late-November, the Federal Reserve also announced that it would purchase an additional $600 billion of U.S. Treasuries by the middle of 2011 in an effort to help stimulate the economy (a policy known as “quantitative easing”). However, the market environment was not without its challenges throughout the year. During the summer months, May through August, equity markets were especially volatile on concerns about ongoing sovereign debt issues in several European countries, including Portugal, Italy, Ireland, Greece and Spain. In addition, high levels of unemployment in the U.S. persisted throughout the entire year, bringing into question the strength and sustainability of a budding economic recovery.

During the year, both oil and gold prices rose. Oil prices began the period at around $79/barrel and rose to over $91/barrel by the end of December 2010, an increase of over 15% for the 12-month period. Gold prices began the period at around $1,095 per troy ounce and increased to over $1,421/oz. by the end of December 2010, an increase of over 29% for the 12-month period.

The U.S. dollar rose against the 16-nation Euro (€) during the period as concerns of the sovereign debt crisis in Europe led investors to seek the relative safety of the U.S. dollar. During calendar year 2010, the U.S. dollar rose by approximately 7% to $1.34/€. Versus the British pound (£), the U.S. dollar rose by approximately 4% during the period to $1.56/£.

The 12-month total return for the S&P 500 Index was 15.06% for the period ended December 31, 2010. The total return for the period reflected an increase in corporate earnings per share for the S&P 500 Index companies of approximately 47%, a contraction of the price/earnings valuation of the S&P 500 Index of approximately – 23%, and a dividend return of approximately 2.0%.

Growth stocks, as represented by the Russell 1000^® Growth Index, produced a total return of 16.71%, which outperformed value stocks, as represented by the Russell 1000^® Value Index, which experienced a total return of 15.51%¹.

For the 1-year period ended December 31, 2010, the Large Cap Equity Fund had a total return of 13.55% compared to a 15.06% return for the S&P 500 Index. The line graph and table below provide additional perspective on the Fund’s long term results.

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

During the 1-year period ended December 31, 2010, Bridgeway and Westwood generated portfolio returns (before fees and expenses) of 15.11% and 13.59%, respectively, compared to a 15.06% return for the S&P 500 Index over the same time period.

There were 119 equity holdings in the Fund totaling approximately $35.8 million in assets at end of the reporting period compared to 122 holdings and approximately $31.2 million in assets one year earlier.

Below are discussions concerning the individual investments made by Bridgeway and Westwood during the course of the reporting period.

Among the largest contributions to Bridgeway’s performance during the year were holdings within the Consumer Discretionary (18.14% of Bridgeway’s total assets), Industrials (11.76% of Bridgeway’s total assets) and Consumer Staples (9.62% of Bridgeway’s total assets) sectors. Within the Consumer Discretionary sector, TRW Automotive Holdings Corp. (1.29% of Bridgeway’s total assets) was among the largest contributors to Bridgeway’s performance, posting a triple-digit gain during the period. Likewise, several discount retailers, including Ross Stores Inc. (1.55% of Bridgeway’s total assets) and TJX Companies Inc. (1.89% of Bridgeway’s total assets), were among the largest contributors to Bridgeway’s performance with both posting double-digit gains. Dollar Tree Inc. and Family Dollar Stores were also among major contributors to Bridgeway’s performance during the year before both being completely sold from Bridgeway’s portion of the Fund’s portfolio. Within the Industrials sector, Union Pacific Corp. (2.38% of Bridgeway’s total assets), WW Grainger Inc. (1.21% of Bridgeway’s total assets) and Cummins Inc. (1.14% of Bridgeway’s total assets) were among large contributors to Bridgeway’s performance with each posting double-digit gains. Union Pacific Corp. (2.28% of the Fund’s total net assets) is also the Fund’s overall largest holding. Within the Consumer Staples sector, Estee Lauder Companies Inc. (2.07% of Bridgeway’s total assets) and Green Mountain Coffee Roasters Inc. (0.77% of Bridgeway’s total assets) were among large contributors to Bridgeway’s performance with both posting double-digit gains.

Also contributing to Bridgeway’s positive performance were several holdings in the Information Technology sector (27.48% of Bridgeway’s total assets), including Cognizant Technology Solutions Corp. (1.84% of Bridgeway’s total assets), F5 Networks Inc. (2.42% of Bridgeway’s total assets), Atmel Corp. (1.39% of Bridgeway’s total assets) and Apple Inc. (2.47% of Bridgeway’s total assets) with each posting double-digit gains.

Although the Information Technology sector was an overall contributor to Bridgeway’s performance, the largest individual detractor to Bridgeway’s performance during the year was Micron Technology Inc. before being completely sold from Bridgeway’s portion of the Fund’s portfolio. Additional major detractors to Bridgeway’s performance within the Information Technology sector included Seagate Technology, Western Digital Corp. and Equinix Inc. before all three holdings being completely sold from Bridgeway’s portion of the Fund’s portfolio.

Additional major detractors to Bridgeway’s performance came from a broad range of sectors, including Health Care (11.49% of Bridgeway’s total assets), Energy (7.39% of Bridgeway’s total assets) and Consumer Discretionary (18.14% of Bridgeway’s total assets). Within the Health Care sector, Intuitive Surgical Inc. (1.27% of Bridgeway’s total assets) and Gilead Sciences Inc. (0.93% of Bridgeway’s total assets) both posted double-digit declines. Within the Energy sector, Diamond Offshore Drilling and Transocean Ltd. were major detractors to Bridgeway’s performance before both being completely sold from Bridgeway’s portion of the Fund’s portfolio. Likewise, Southwestern Energy Co. (1.16% of Bridgeway’s total assets) weighed negatively on Bridgeway’s performance and posted a double-digit loss. Within the Consumer Discretionary sector, ITT Educational Services Inc. (0.49% of Bridgeway’s total assets) and Priceline.com Inc. (1.31% of Bridgeway’s total assets) were major detractors to Bridgeway’s performance with both posting double-digit losses.

Among the largest contributions to Westwood’s performance during the year were holdings within the Industrials (11.28% of Westwood’s total assets), Energy (14.75% of Westwood’s total assets), and Financials (20.27% of Westwood’s total assets) sectors. Within the Industrials sector, Cummins Inc. was the overall largest contributor to Westwood’s performance before being completely sold from Westwood’s portion of the Fund’s portfolio. Also within Industrials, Honeywell International Inc. (2.16% of Westwood’s total assets), Union Pacific Corp. (2.19% of Westwood’s total assets), Deere & Co. (1.05% of Westwood’s total assets), and Caterpillar Inc. (1.18% of Westwood’s total assets) were among large contributors to Westwood’s performance with each posting double-digit gains. Union Pacific Corp. (2.28% of the Fund’s total net assets) is also the Fund’s overall largest holding. Within the Energy sector, Anadarko Petroleum Corp. (2.09% of Westwood’s total assets), National-Oilwell Varco Inc. (1.04% of Westwood’s total assets) and Occidental Petroleum Corp. (2.21% of Westwood’s total assets) were among the largest contributors to Westwood’s performance with each posting double-digit gains. Chevron Corp. (3.01% of Westwood’s total assets) and Exxon Mobil Corp. (2.09% of Westwood’s total assets) were also among large contributors to Westwood’s performance posting double-digit gains and single-digit gains, respectively.

Chevron Corp. (2.00% of the Fund’s total net assets) and Exxon Mobil Corp. (1.56% of the Fund’s total net assets) are also the Fund’s second largest and eighth largest holdings, respectively. Within the Financials sector, Ameriprise Financial Inc. (2.06% of Westwood’s total assets), MetLife Inc. (2.08% of Westwood’s total assets), Wells Fargo & Co. (3.03% of Westwood’s total assets) and ACE Ltd. (1.92% of Westwood’s total assets) were among the largest contributors to Westwood’s performance with each posting double-digit gains. Wells Fargo & Co. (1.81% of the Fund’s total net assets) is also the Fund’s fourth largest holding.

Also contributing to Westwood’s positive performance were several holdings in the Consumer Discretionary sector (9.96% of Westwood’s total assets), including Comcast Corp. (1.97% of Westwood’s total assets), DIRECTV (1.76% of Westwood’s total assets) and The Walt Disney Co. (2.04% of Westwood’s total assets) with each posting double-digit gains.

Although the Information Technology (12.95% of Westwood’s totals assets) sector was an overall contributor to Westwood’s performance, Western Digital Corp. was the largest individual detractor to Westwood’s performance before being completely sold from the Fund’s portfolio. Also within the Information Technology sector, Cisco Systems Inc. (1.88% of Westwood’s total assets) and Microsoft Corp. (2.00% of Westwood’s total assets) were also among large detractors to Westwood’s performance posting double-digit and single-digit losses, respectively.

Additional major detractors to Westwood’s performance came from a broad range of sectors, including Financials (20.27% of Westwood’s totals assets) and Health Care (12.66% of Westwood’s total assets). Within the Financials sector, BlackRock Inc. was among the largest detractors to Westwood’s performance before being completely sold from the Fund’s portfolio. Likewise, within the Financials sector, Bank of America Corp. (2.19% of Westwood’s total assets) was a major detractor and posted a double-digit loss. Within the Health Care sector, Baxter International Inc. was a major detractor to Westwood’s performance before being completely sold from Westwood’s portion of the Fund’s portfolio. Abbott Laboratories (1.92% of Westwood’s total assets) and Teva Pharmaceutical Industries Inc. (1.00% of Westwood’s total assets) were other Health Care holdings that detracted from Westwood’s performance with both posting single-digit losses during the year.

The Small/Mid Cap Equity Fund (the “Fund”) is sub-advised by Bridgeway Capital Management, Inc. (“Bridgeway”) and Rainier Investment Management, Inc. (“Rainier”). Bridgeway and Rainier each manage approximately one-half of the Fund’s assets. State Farm Investment Management Corp. monitors the performance of the sub-advisers and the split of the Fund’s portfolio between the sub-advisers. The benchmark for the Fund is the Russell 2500^® Index (the “Index”).

The Fund seeks long-term growth of capital. In doing so, the Fund invests primarily in small- and mid-capitalization stocks issued by U.S. companies. An allocation to small- and mid-cap stocks allows for investment exposure to some companies in the earlier stages of development relative to more mature, larger capitalization companies. Bridgeway invests in those companies that are smaller than the largest 500 U.S. companies as measured by market capitalization. Rainier invests in U.S. companies with market capitalizations within the range of companies included in the Russell Midcap^® Index¹.

Bridgeway selects stocks using its proprietary, quantitative investment models to identify small- and mid-cap “value” stocks. Bridgeway defines a “value” stock as one that it believes is priced cheaply relative to some financial measures of worth, such as the ratio of price to earnings, price to sales, or price to cash flow. Rainier utilizes fundamental analysis to invest its segment of the Fund in companies it believes have prospects of strong earnings growth and attractive overall business fundamentals, selling at what it believes to be reasonable valuations.

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

For the year ended December 31, 2010, the Index posted a total return of 26.71%.

Growth stocks, as represented by the Russell 2500^® Growth Index, produced a total return of 28.86%, which outperformed value stocks, as represented by the Russell 2500^® Value Index, which experienced a total return of 24.82%².

For the twelve months ended December 31, 2010, the Small/Mid Cap Equity Fund finished with a total return of 23.89%. The Fund underperformed the 26.71% total return of the Russell 2500 Index over the same time period. The line graph and table below provide additional perspective on the Fund’s long term results.

During the 1-year period ended December 31, 2010, Bridgeway and Rainier generated portfolio returns (before fees and expenses) of 21.31% and 28.29%, respectively, compared to a 26.71% return for the Index over the same time period.

There were 213 equity holdings in the Fund totaling approximately $39.9 million in assets at the end of the reporting period compared to 204 holdings and approximately $32.1 million in assets one-year earlier.

Below are discussions concerning the performance and individual investments made by Bridgeway and Rainier during the course of the reporting period.

Among the largest contributions to Bridgeway’s performance during the year were holdings within the Financials (34.52% of Bridgeway’s total assets), Consumer Discretionary (9.03% of Bridgeway’s total assets), and Health Care (5.94% of Bridgeway’s total assets) sectors. Within the Financials sector, World Acceptance Corp. (1.59% of Bridgeway’s total assets), EZCORP Inc. (1.28% of Bridgeway’s total assets), and Nelnet Inc. (0.97% of Bridgeway’s total assets) were among large contributors to Bridgeway’s performance with each posting double-digit gains. Likewise, One Liberty Properties, Inc. (1.80% of Bridgeway’s total assets), a part of the Financials sector, was also a large contributor, posting a triple-digit gain. One Liberty Properties, Inc. (0.86% of the Fund’s total net assets) is also the Fund’s seventh-largest holding. Within the Consumer Discretionary sector, Pier 1 Imports Inc. (1.16% of Bridgeway’s total assets) was among the largest contributors to Bridgeway’s performance, posting a double-digit gain. Likewise, Belo Corp. and Jo-Ann Stores Inc. were also among major contributors to Bridgeway’s performance before both holdings were completely sold from Bridgeway’s portion of the Fund’s portfolio. Within Health Care, ev3 Inc. was among the largest contributors to Bridgeway’s performance before being completely sold from Bridgeway’s portion of the Fund’s portfolio. Healthspring, Inc. (1.86% of Bridgeway’s total assets) and Par Pharmaceutical Companies Inc. (1.20% of Bridgeway’s total assets) both posted double-digit gains and were among the largest contributors to Bridgeway’s performance. Healthspring, Inc. (0.88% of the Fund’s total net assets) is also the Fund’s sixth-largest holding.

Within the Telecommunication Services (3.57% of Bridgeway’s total assets), Vonage Holdings Corp. (0.90% of Bridgeway’s total assets) was also a major contributor to Bridgeway’s performance, posting double-digit gains. Likewise, Polypore International Inc. within the Industrials (12.98% of Bridgeway’s total assets) sector, was among the largest contributors to Bridgeway’s performance before being completely sold from the Fund.

Among the largest detractors to Bridgeway’s performance during the year were holdings within the Information Technology (9.85% of Bridgeway’s total assets), Energy (8.02% of Bridgeway’s total assets) and Industrials (12.98% of Bridgeway’s total assets) sectors. Within Information Technology, Unisys Corp (1.23% of Bridgeway’s total assets) was among the largest detractors to Bridgeway’s performance, declining by double digits. Within Information Technology, Agilysys Inc., Wave Systems Corp., and Super Micro Computer Inc. were also major detractors to Bridgeway’s performance before all three holdings were sold completely from the Fund.

Although the Energy sector was an overall contributor to Bridgeway’s performance, major individual detractors to Bridgeway’s performance during the year were Callon Petroleum Co., Newpark Resources Inc., and Natural Gas Services Group before all three holdings were completely sold from the Fund.

Within Industrials, M & F Worldwide Corp. (0.74% of Bridgeway’s total assets) and International Shipholding Corp. (0.63% of Bridgeway’s total assets) were major detractors to Bridgeway’s performance with both posting double-digit declines. Likewise, Insteel Industries Inc. was a major detractor before being completely sold from the Fund.

Among the largest contributions to Rainer’s performance during the year were holdings within the Industrials (20.04% of Rainier’s total assets), Energy (8.55% of Rainier’s total assets), and Financials (16.95% of Rainier’s total assets) sectors. Within Industrials, Cummins Inc. (1.38% of Rainier’s total assets) was the largest overall contributor to Rainier’s performance for the year, posting a triple-digit return. Likewise, Kennametal Inc. (1.42% of Rainier’s total assets), Chicago Bridge & Iron Co. (1.61% of Rainier’s total assets) and MSC Industrial Direct Company Inc. (1.37% of Rainier’s total assets) were also among the largest contributors to Rainier’s performance with each posting double-digit gains. Chicago Bridge & Iron Co. (0.84% of the Fund’s total net assets) was also the Fund’s eighth-largest holding. Within the Energy sector, Whiting Petroleum Corp. (2.19% of Rainier’s total assets) posted a triple-digit gain during the year while Concho Resources Inc. (1.46% of Rainier’s total assets) and Oceaneering International Inc. (1.14% of Rainier’s total assets) both posted double-digit gains. Whiting Petroleum Corp. (1.13% of the Fund’s total net assets) is also the Fund’s second-largest holding. Within Financials, Ameriprise Financial Inc. (2.07% of Rainier’s total assets) and Affiliated Managers Group Inc. (1.48% of Rainier’s total assets) were major contributors to Rainier’s performance with both posting double-digit gains. Ameriprise Financial Inc. (1.07% of the Fund’s total net assets) is also the Fund’s third-largest holding.

Also contributing to Rainier’s positive performance was Materials holding Walter Energy Inc. (1.22% of Rainier’s total assets) which posted a double-digit gain.

Although the Materials sector was an overall contributor to Rainier’s performance, the largest individual detractor to Rainier’s performance during the year was Cliffs Natural Resources Inc., before being completely sold from the Fund.

Additional major detractors to Rainier’s performance came from a broad range of sectors, including Information Technology (17.20% of Rainier’s total assets), Industrials (20.04% of Rainier’s total assets) and Consumer Discretionary (14.84% of Rainier’s total assets). Within Information Technology, Palm Inc. and NVIDIA Corp. were major detractors before both were completely sold from Rainier’s portion of the Fund’s portfolio. Within Industrials, AMR Corp., Avery Dennison Corp., and FTI Consulting Inc. were major detractors before all three holdings were completely sold from Rainier’s portion of the Fund’s portfolio. Within the Consumer Discretionary sector, DeVry Inc. was a major detractor to Rainier’s performance before being completely sold from Rainier’s portion of the Fund’s portfolio.

Within Utilities (2.93% of Rainier’s total assets), AES Corp. (1.45% of Rainer’s total assets) was also a major detractor to Rainier’s performance, posting a single-digit decline.

The International Equity Fund (the “Fund”) is sub-advised by Marsico Capital Management, LLC (“Marsico”) and Northern Cross, LLC (“Northern Cross”). Marsico and Northern Cross each manage approximately one-half of the Fund’s assets. State Farm Investment Management Corp. monitors the performance of the sub-advisers and the split of the Fund’s portfolio between the sub-advisers. The benchmark for the Fund is the MSCI All Country World Index (ACWI) ex-U.S Index (the “Index”).

The Fund seeks long-term growth of capital and invests primarily in large cap stocks in developed international markets. Marsico invests its portion of the Fund primarily in foreign equity securities issued by companies that it selects for their long-term growth potential. Northern Cross invests its portion of the Fund primarily in foreign equity securities issued by companies that it believes have the potential for long-term margin expansion.

Marsico may invest its portion of the Fund in an unlimited number of companies of any size throughout the world, and normally invests in the securities of issuers that are economically tied to at least four different foreign countries. In selecting investments for the Fund, Marsico uses an approach that combines ‘top-down’ macroeconomic analysis with ‘bottom-up’ stock selection. Northern Cross focuses on equities priced cheaply relative to some financial measure of worth, such as ratios of price to earnings, price to sales or price to cash flow. Under normal market conditions Northern Cross will invest its portion of the Fund in 70-90 companies with a diversified representation of sectors. In selecting securities for the Fund, Northern Cross gives careful consideration to currency, political stability and other effects of international investing. The Fund allows investments in emerging or developing markets. As of December 31, 2010, the Fund had 19.30% of total net assets invested in emerging markets.

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

International equity markets, as represented by the Index, had a total return of 11.15% for the reporting period, underperforming U.S. equity markets. Several factors, including a sovereign debt crisis in parts of Europe and resulting bailouts for Greece and Ireland by the European Union (EU) and International Monetary Fund (IMF), helped to push down the returns of overseas markets below the returns of the U.S. markets. All performance information included in this discussion is quoted in U.S. dollars.

The U.S. market environment was influenced by many positive factors including: generally subdued inflation, improving corporate earnings, and modest positive growth in Gross Domestic Product (GDP). In addition, the Federal Reserve maintained an accommodative monetary policy by leaving the Fed Funds Rate unchanged in a target range of 0% to 0.25% throughout 2010. In late November, the Federal Reserve also announced that it would purchase an additional $600 billion of U.S. Treasuries by the middle of 2011 in an effort to help stimulate the economy (a policy known as “quantitative easing”). However, the market environment was not without its challenges throughout the year. During the summer months, May through August, equity markets were especially volatile on concerns about ongoing sovereign debt issues in several European countries, including Portugal, Italy, Ireland, Greece and Spain. In addition, high levels of unemployment in the U.S. persisted throughout the entire year, bringing into question the strength and sustainability of a budding U.S. economic recovery.

In addition to the bailouts of Greece and Ireland, the EU and IMF created a €750 billion European Financial Stability Facility to help prevent defaults by other highly indebted countries in the euro zone. The funds did help calm European markets for awhile, but by the end of the year, the creation of a permanent bailout fund was being planned.

Pacific stocks lagged other regions following a year of appreciating currencies and fears of a slowdown in global economic growth. Prime Ministers in Japan and Australia resigned in 2010, contributing to unsettling political changes in the region.

For the 1-year ended December 31, 2010, the International Equity Fund had a total return of 12.52% compared to an 11.15% total return for the MSCI ACWI ex-U.S. The line graph and table below provide additional perspective on the Fund’s long term results.

During the 1-year period ended December 31, 2010, Marsico and Northern Cross each individually generated positive double-digit returns, with Marsico’s portion of the Fund slightly outperforming Northern Cross’ portion of the Fund. Below are discussions concerning individual investments made by Marsico and Northern Cross during the course of the reporting period.

Marsico achieved the greatest contribution to returns from holdings in Germany, Brazil, and Japan. As of December 31, 2010, these countries represented 10.90%, 8.17%, and 11.78% of Marsico’s total assets, respectively. From a sector perspective, the leading contributors to Marsico’s returns for the reporting period were holdings in Consumer Discretionary, Industrials, and Energy. These sectors represented 24.04%, 15.19%, and 6.68% of Marsico’s total assets, respectively, as of year-end.

The Fund’s holdings from Ireland, Italy, and Spain detracted the most from the Fund’s returns during the year. As of December 31, 2010, Spain represented 2.43% of Marsico’s total assets. Meanwhile, Covidien PLC and Fiat SpA, the only Ireland-based and Italy-based companies respectively held by Marsico, were sold during the year.

The largest contributor to Marsico’s performance came from The Swatch Group AG (2.80% of Marsico’s total assets), which had a double-digit gain. The Swatch Group AG was purchased by Marsico during the year. The next two largest contributors were Novo Nordisk A/S Class B (2.24% of Marsico’s total assets) and ICICI Bank Ltd. Sponsored ADR (3.09% of Marsico’s total assets), which each posted double-digit gains, respectively. Among the remaining top 5 contributors to Marsico’s performance were Industria de Diseno Textil SA (2.43% of Marsico’s total assets) and OGX Petroleo e Gas Participacoes SA (3.68% of Marsico’s total assets), which were both up double-digits.

The largest detractors from Marsico’s performance were Research In Motion Ltd., Telefonica SA, Banco Bilbao Vizcaya Argentaria SA, Syngenta AG Reg., and AXA SA, which all posted double-digit declines before being sold by Marsico during the year.

Northern Cross achieved the greatest contribution to returns from holdings in Sweden, Denmark, and Switzerland. As of December 31, 2010, these countries represented 7.33%, 4.58%, and 13.18% of Northern Cross’ total assets, respectively. From a sector perspective, the leading contributors to Northern Cross’ returns for the reporting period were holdings in Industrials, Consumer Discretionary, and Materials. These sectors represented 16.15%, 6.54%, and 16.28% of Northern Cross’ total assets, respectively, as of year-end. Holdings in Energy detracted from returns during the year. As of December 31, 2010, Energy represented 10.41% of Northern Cross’ total assets.

The largest contributor to Northern Cross’ performance came from Novo Nordisk A/S Class B (3.53% of Northern Cross’ total assets), which posted a double-digit gain. The next two largest contributors were Atlas Copco AB Class A (2.66% of Northern Cross’ total assets) and Fanuc Corp. (2.95% of Northern Cross’ total assets), which each posted double-digit gains. Among the remaining top 5 contributors to Northern Cross’ performance were Compagnie Financiere Richemont SA Class A (2.12% of Northern Cross’ total assets) and Genting Berhad (1.80% of Northern Cross’ total assets), which each posted double-digit gains.

The largest detractor from Northern Cross’ performance came from BP PLC, which had a double-digit decline before being sold by Northern Cross during the year. The next two largest detractors were Petroleo Brasileiro SA Pfd. (2.60% of Northern Cross’ total assets) and BNP Paribas (2.28% of Northern Cross’ total assets), which each posted double-digit declines. Among the other top five detractors, respectively, were AXA SA (1.24% of Northern Cross’ total assets) and Compagnie de Saint Gobain (0.83% of Northern Cross’ total assets), which declined double-digits and single-digits, respectively, during the year.

The Large Cap Equity Index Fund (the “Fund”) seeks to approximate as closely as possible, before fees and expenses, the capitalization-weighted total rate of return of the Standard & Poor’s 500 Stock Index¹ (the “Index”). The Index tracks the common stock performance of 500 selected large U.S. companies in leading industries, and most of the common stocks in the Index are listed on the New York Stock Exchange. The weightings of stocks in the Index are based on each stock’s relative total float-adjusted market capitalization (stock price multiplied by the number of investable shares outstanding). The percentage of the Fund’s assets invested in a given stock is approximately the same as the percentage such stock represents in the Index.

BlackRock Fund Advisors (BlackRock) serves as the investment sub-adviser to the Fund. State Farm Investment Management Corp. monitors the investment performance of BlackRock in sub-advising the Fund.

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

The market environment was influenced by many positive factors including: generally subdued inflation, improving corporate earnings, and modest positive growth in Gross Domestic Product (GDP). In addition, the Federal Reserve maintained an accommodative monetary policy by leaving the Fed Funds Rate unchanged in a target range of 0% to 0.25% throughout 2010. In late November, the Federal Reserve also announced that it would purchase an additional $600 billion of U.S. Treasuries by the middle of 2011 in an effort to help stimulate the economy (a policy known as “quantitative easing”). However, the market environment was not without its challenges throughout the year. During the summer months, May through August, equity markets were especially volatile on concerns about ongoing sovereign debt issues in several European countries, including Portugal, Italy, Ireland, Greece and Spain. In addition, high levels of unemployment in the U.S. persisted throughout the entire year, bringing into question the strength and sustainability of a budding economic recovery.

For the 1-year period ended December 31, 2010, the Large Cap Equity Index Fund had a total return of 14.73% compared to a 15.06% total return for the S&P 500 Index. The line graph and table below provide additional perspective on the Fund’s long term results.

The Fund satisfactorily tracked the total return of the Index in 2010, before fees and expenses that are not found within the Index. The Index finished the year with a total return of 15.06%. All ten of the Index’s sectors posted gains for the year.

The Fund’s top ten holdings largely had a positive year, with eight of the ten finishing the year with a gain.

The largest gain among the top ten holdings belonged to number two holding Apple, Inc. (2.57% of total net assets), part of the Information Technology sector, up double-digits. Other fund top ten holdings that were part of the Information Technology sector had mixed performance. Number three holding Microsoft Corp. (1.83% of total net assets) declined for the year, while number six holding International Business Machines Corp. (1.59% of total net assets) finished the year with a double-digit gain.

Number one holding Exxon Mobil Corp. (3.21% of total net assets) and number five holding Chevron Corp. (1.60% of total net assets) were part of the Energy sector. Both ended 2010 in positive territory, with Chevron up double-digits while Exxon finished with a gain in the single-digits.

Performance of the Fund’s remaining top ten holdings includes number four holding General Electric Co. (1.69% of total net assets) with a double-digit gain; number seven holding Procter & Gamble Co. (1.57% of total net assets), number eight holding AT&T, Inc. (1.51% of total net assets), and number ten holding JP Morgan Chase & Co. (1.44% of total net assets) with gains in the single-digits; and number nine holding Johnson & Johnson (1.48% of total net assets) finished the year with a price decline.

The Small Cap Equity Index Fund (the “Fund”) seeks to approximate as closely as possible, before fees and expenses, the capitalization-weighted total rate of return of the Russell 2000^® Index¹ (the “Index”). The Index measures the performance of the small-capitalization sector of the U.S. equity market and consists of the smallest 2,000 companies in the Russell 3000 Index. The weightings of stocks in the Index are based on each stock’s relative total market capitalization (stock price multiplied by the number of shares outstanding).

BlackRock Fund Advisors (BlackRock) serves as the investment sub-adviser to the Fund. State Farm Investment Management Corp. monitors the investment performance of BlackRock in sub-advising the Fund.

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

Major U.S. equity market indexes had a strong year during 2010 as small capitalization stocks, as represented by the Index, finished the reporting period with a total return of 26.86%. In comparison, large capitalization stocks, as represented by the Russell 1000^® Index², had a total return of 16.10% for the year.

The market environment was influenced by many positive factors including: generally subdued inflation, improving corporate earnings, and modest positive growth in Gross Domestic Product (GDP). In addition, the Federal Reserve maintained an accommodative monetary policy by leaving the Fed Funds Rate unchanged in a target range of 0% to 0.25% throughout 2010. In late November, the Federal Reserve also announced that it would purchase an additional $600 billion of U.S. Treasuries by the middle of 2011 in an effort to help stimulate the economy (a policy known as “quantitative easing”). However, the market environment was not without its challenges throughout the year. During the summer months, May through August, equity markets were especially volatile on concerns about ongoing sovereign debt issues in several European countries, including Portugal, Italy, Ireland, Greece and Spain. In addition, high levels of unemployment in the U.S. persisted throughout the entire year, bringing into question the strength and sustainability of a budding economic recovery.

For the 1-year ended December 31, 2010, the Small Cap Equity Index Fund had a total return of 26.12% compared to a 26.86% total return for the Russell 2000 Index. The line graph and table below provide additional perspective on the Fund’s long term results.

The Fund’s return satisfactorily tracked the return of the Index in 2010, before fees and expenses that are not found within the Index.

Within the Index, all ten industry sectors delivered positive performance results for the period. The Information Technology sector (18.49% Index weighting), Materials sector (5.67% Index weighting), and Energy sector (6.40% Index weighting) led the way, with gains of 34%, 33%, and 33%, respectively. The Consumer Discretionary sector (13.69% Index weighting) was close behind, with a gain of 32%.

Four of the top ten holdings this year were part of the Information Technology Sector. Number one holding Riverbed Technology Inc. (0.37% of total net assets), number two holding VeriFone Systems Inc. (0.28% of total net assets), and number three holding TIBCO Software Inc. (0.27% of total net assets) all posted triple-digit gains for 2010. Number seven holding Rackspace Hosting Inc. (0.26% of total net assets) finished 2010 with a double-digit gain.

Two of the top ten holdings were from the Consumer Discretionary sector. Number five holding Deckers Outdoor Corp. (0.26% of total net assets) and number eight holding Sotheby’s (0.25% of total net assets) both had triple-digit gains for 2010.

Performance of the Fund’s remaining top ten holdings includes number four holding Brigham Exploration Co. (0.27% of total net assets) and number nine holding Baldor Electric Co. (0.25% of total net assets), both with triple-digit gains. Number six holding Nordson Corp. (0.26% of total net assets) and number ten holding Solutia Inc. (0.24% of total net assets) ended 2010 with double-digit gains.

The annual reconstitution of holdings within the Russell indices occurred on June 25, 2010. For the Index, the one-time 2010 reconstitution resulted in 255 companies being added to the Index while 227 companies were removed from the Index, a turnover of 9.50%.

The International Equity Index Fund (the “Fund”) seeks investment results that approximate as closely as possible the price and yield performance, before fees and expenses, of the Morgan Stanley Capital International EAFE^® Free Index¹ (the “Index”). The Index is a capitalization-weighted index that currently includes stocks of companies located in 16 European countries, Australia, New Zealand, Hong Kong, Japan and Singapore. The Fund invests primarily in a representative sample of the stocks found in the Index.

BlackRock Fund Advisors (BlackRock) serves as the investment sub-adviser to the Fund. State Farm Investment Management Corp. monitors the investment performance of BlackRock in sub-advising the Fund.

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

International equity markets, as represented by the Index, finished the reporting period up with a total return of 7.75%, underperforming U.S. equity markets. Several factors, including a sovereign debt crisis in parts of Europe and resulting bailouts for Greece and Ireland by the European Union (EU) and International Monetary Fund (IMF), helped to push down the returns of overseas markets below the returns of the U.S. markets. All performance information included in this discussion is quoted in U.S. dollars.

In addition to the bailouts of Greece and Ireland, the EU and IMF created a €750 billion European Financial Stability Facility to help prevent defaults by other highly indebted countries in the euro zone. The funds did help calm European markets for a while, but by the end of the year the creation of a permanent bailout fund was being planned.

Pacific stocks lagged other regions, following a year of appreciating currencies and fears of a slowdown in global economic growth. Prime Ministers in Japan and Australia resigned in 2010, contributing to unsettling political changes in the region.

For the 1-year period ended December 31, 2010, the International Equity Index Fund had a total return of 7.18% compared to a 7.75% total return for the MSCI EAFE Free Index. The line graph and table below provide additional perspective on the Fund’s long term results.

Within the Index, eight of the ten industry sectors advanced during the reporting period. The Industrials sector (12.73% Index weighting) had a gain of 21% for 2010, while the Consumer Discretionary sector (10.53% Index weighting) was close behind with a 20% gain. At the other end of the spectrum, the Utilities sector (5.03% Index weighting) lost –4%; the largest sector, Financials (23.76% Index weighting) finished down –1% for the year.

The Pacific region of the Index had a stronger year when compared to the Index’s European region, posting gains of 16% versus 4%. Performance within Europe was mixed – of the top ten countries within the Index, both the largest gain and the smallest gain were found in Europe. Sweden, the eighth largest-weighted country (3.24% Index weighting), had a 34% gain during 2010. Meanwhile Spain, the seventh largest-weighted country (3.27% Index weighting), lost –22% for the year.

Among the Fund’s ten largest holdings as of December 31, 2010, performance was mixed for the reporting period, with only five of the ten posting positive returns. Three of the top ten holdings were from Switzerland: number one holding Nestle SA (1.83% of total net assets) had a double-digit gain, number six holding Novartis AG (1.12% of total net assets) had a single-digit gain, and number ten holding Roche Holding AG (0.93% of total net assets) had a double-digit loss. The UK had four of the top ten holdings: number five holding Vodafone Group PLC (1.23% of total net assets) and number seven holding Royal Dutch Shell PLC Class A (1.06% of total net assets) both had double-digit gains, but number two holding HSBC Holdings PLC (1.61% of total net assets) and number four holding BP PLC (1.23% of total net assets) both finished with double-digit losses for 2010.

Rounding out the rest of the top ten holdings are number three holding BHP Billiton Ltd. (1.40% of total net assets) with a double-digit gain in 2010, number eight holding Total SA (1.01% of total net assets) with a double-digit loss, and number nine holding Toyota Motor Corp. (0.98% of total net assets), with a single-digit loss.

The Stock and Bond Balanced Fund (the “Fund”) is managed with a combination of stocks and bonds in the pursuit of long-term growth of principal while providing some current income.

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

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

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

Within the bond markets, U.S. Treasuries posted mid-single digit gains during the 12-month period ended December 31, 2010. Given the uncertainty surrounding the financial markets in Europe during the year, investors sought the relative safety of U.S. Treasuries, which generally contributed to rising prices and falling yields on U.S. Treasuries. The yield on 10-year U.S. Treasuries declined from 3.85% on January 1, 2010, to 3.30% on December 31, 2010. Short-term yields, however, remained low with 3-month U.S. Treasury yields rising only slightly from 0.06% on January 1, 2010 to 0.12% on December 31, 2010.

Overall, for the year ended December 31, 2010, corporate bonds outperformed U.S. Treasuries. For the 1-year period, the total return on corporate bonds in the Barclays Capital Government/Credit Intermediate Index was 8.27% compared to a total return of 5.29% on U.S. Treasuries in the Barclays Capital Government/Credit Intermediate Index. Among corporate bond sectors within the Barclays Capital Government/Credit Intermediate Index, financial institution bonds and utility bonds generated total returns of 8.85% and 8.60%, respectively, while industrial bonds had a total return of 7.75% for the year.

From a credit quality standpoint, the range of total returns between lower credit quality bonds and higher credit quality bonds was relatively narrow for the year. Among corporate bonds within the Barclays Capital Government/Credit Intermediate Index, Aaa-rated securities generated a total return of 7.06% compared to Aa-rated and A-rated securities, which had total returns of 6.29% and 8.19%, respectively, for the year. The best performing credit sector within the Barclays Capital Government/Credit Intermediate Index was Baa-rated securities, which provided a total return of 9.44% as of December 31, 2010¹.

For the 1-year period ended December 31, 2010, the Stock and Bond Balanced Fund had a total return of 11.46%. Because of the nature of the Fund (it invests solely in shares of two Underlying Funds), a blended benchmark is used for comparison purposes. The blended benchmark is a combination of 60% S&P 500 Index and 40% Barclays Capital Government/Credit Intermediate Index (rebalanced on a monthly basis). The total return of the blended benchmark was 11.83% for the 1-year period ended December 31, 2010. The line graph and table below provide additional perspective on the Fund’s long term results.

As discussed above, the Stock and Bond Balanced Fund invests solely in shares of the Underlying Funds – the Large Cap Equity Index Fund and the Bond Fund. Generally, the Stock and Bond Balanced Fund attempts to maintain approximately 60% of its net assets in shares of the Large Cap Equity Index Fund and approximately 40% of its net assets in shares of the Bond Fund. For the 1-year period ended December 31, 2010, the Large Cap Equity Index Fund and the Bond Fund returned 14.73% and 5.54% (after expenses), respectively.

The Large Cap Equity Index Fund satisfactorily tracked the total return of the S&P 500 Index in 2010, before fees and expenses that are not found within the Index. The S&P 500 Index finished the year with a total return of 15.06%. All ten of the S&P 500 Index’s sectors posted gains for the year.

The Large Cap Equity Index Fund’s top ten holdings largely had a positive year, with eight of the ten finishing the year with a gain.

The largest gain among the top ten holdings belonged to number two holding Apple, Inc. (2.57% of the Large Cap Equity Index Fund’s total net assets), part of the Information Technology sector, up double-digits. Other fund top ten holdings that were part of the Information Technology sector had mixed performance. Number three holding Microsoft Corp. (1.83% of the Large Cap Equity Index Fund’s total net assets) declined for the year, while number six holding International Business Machines Corp. (1.59% of the Large Cap Equity Index Fund’s total net assets) finished the year with a double-digit gain.

Number one holding Exxon Mobil Corp. (3.21% of the Large Cap Equity Index Fund’s total net assets) and number five holding Chevron Corp. (1.60% of the Large Cap Equity Index Fund’s total net assets) were part of the Energy sector. Both ended 2010 in positive territory, with Chevron up double-digits while Exxon finished with a gain in the single-digits.

Performance of the Fund’s remaining top ten holdings includes number four holding General Electric Co. (1.69% of the Large Cap Equity Index Fund’s total net assets) with a double-digit gain; number seven holding Procter & Gamble Co. (1.57% of the Large Cap Equity Index Fund’s total net assets), number eight holding AT&T, Inc. (1.51% of the Large Cap Equity Index Fund’s total net assets), and number ten holding JP Morgan Chase & Co. (1.44% of the Large Cap Equity Index Fund’s total net assets) with gains in the single-digits; and number nine holding Johnson & Johnson (1.48% of the Large Cap Equity Index Fund’s total net assets) finished the year with a price decline.

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

The Bond Fund’s allocation to corporate bonds combined with positive mid-single digit total returns from the corporate bonds the Bond Fund held helped performance during the year. As of December 31, 2010, the Bond Fund had 68.17% of its total net assets invested in corporate bonds versus the Barclays Capital Government/Credit Intermediate Index, which had 28.91% in corporate bonds.

The Bond Fund’s holdings of U.S. Treasuries posted a mid-single digit total return during the year. As of December, 31, 2010, the Bond Fund had 24.49% of its total net assets invested in U.S. Treasuries versus the Barclays Capital Government/Credit Intermediate Index, which had 49.93% in U.S. Treasuries.

The Bond Fund’s overweight position in corporate bonds relative to the Barclays Capital Government/Credit Intermediate Index helped the relative performance of the Bond Fund versus the Barclays Capital Government/Credit Intermediate Index for the 1-year reporting period. Meanwhile, the Bond Fund’s underweight position in U.S. Treasuries relative to the Barclays Capital Government/Credit Intermediate Index hindered the relative performance of the Bond Fund versus the Barclays Capital Government/Credit Intermediate Index.

The Bond Fund’s high credit quality orientation within corporate bonds also somewhat hindered performance relative to the Barclays Capital Government/Credit Intermediate Index as lower credit quality securities generally outperformed higher credit quality securities during the year.

The option-adjusted duration of the Bond Fund stood at approximately 3.51 years at the end of 2010, up slightly from 3.41 years at the beginning of the year. Duration is a statistical calculation that measures a bond’s (or in this case, a bond fund’s) price sensitivity relative to general movements in interest rates. Option-adjusted duration attempts to incorporate prepayment possibilities into the duration statistic. As interest rates decline, prepayments typically increase as companies seek to refinance their bonds at lower rates, which results in downward pressure on duration.

We manage the Bond Fund (the “Fund”) in a manner that seeks to achieve over a period of years the highest yield possible that is consistent with investing in high quality, investment grade bonds. In managing the Fund, we generally are buy-and-hold investors who focus primarily on U.S. Government obligations, government agency securities, and high quality corporate bonds.

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

Overall, for the year ended December 31, 2010, corporate bonds outperformed U.S. Treasuries. For the 1-year period, the total return on corporate bonds in the Barclays Capital Government/Credit Intermediate Index (the “Index”) was 8.27% compared to a total return of 5.29% on U.S. Treasuries in the Index. Among corporate bond sectors within the Index, financial institution bonds and utility bonds generated total returns of 8.85% and 8.60%, respectively, while industrial bonds had a total return of 7.75% for the year.

From a credit quality standpoint, the range of total returns between lower credit quality bonds and higher credit quality bonds was relatively narrow for the year. Among corporate bonds within the Index, Aaa-rated securities generated a total return of 7.06% compared to Aa-rated and A-rated securities, which had total returns of 6.29% and 8.19%, respectively, for the year. The best performing credit sector within the Index was Baa-rated securities, which provided a total return of 9.44% as of December 31, 2010¹.

For the 1-year period ended December 31, 2010, the Bond Fund had a total return of 5.54% compared to a return of 5.89% for the Barclays Capital Government/Credit Intermediate Index. The line graph and table below provide additional perspective on the Fund’s long term results.

The Fund’s allocation to corporate bonds combined with positive mid-single digit total returns from the corporate bonds the Fund held helped performance during the year. As of December 31, 2010, the Fund had 68.17% of total net assets invested in corporate bonds versus the Index, which had 28.91% in corporate bonds.

The Fund’s holdings of U.S. Treasuries posted a mid-single digit total return during the year. As of December, 31, 2010, the Fund had 24.49% of total net assets invested in U.S. Treasuries versus the Index, which had 49.93% in U.S. Treasuries.

The Fund’s overweight position in corporate bonds relative to the Index helped the relative performance of the Fund versus the Index for the 1-year reporting period. Meanwhile, the Fund’s underweight position in U.S. Treasuries relative to the Index hindered the relative performance of the Fund versus the Index.

The Fund’s high credit quality orientation within corporate bonds also somewhat hindered performance relative to the Index as lower credit quality securities generally outperformed higher credit quality securities during the year.

The option-adjusted duration of the Fund stood at approximately 3.51 years at the end of 2010, up slightly from 3.41 years at the beginning of the year. Duration is a statistical calculation that measures a bond’s (or in this case, a bond fund’s) price sensitivity relative to general movements in interest rates. Option-adjusted duration attempts to incorporate prepayment possibilities into the duration statistic. As interest rates decline, prepayments typically increase as companies seek to refinance their bonds at lower rates, which results in downward pressure on duration.

The Money Market Fund (the “Fund”) seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. The Fund pursues this objective by investing in high quality commercial paper and other short-term debt securities. It is managed by State Farm Investment Management Corp. (SFIMC). An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The performance figures for the Funds on the preceding pages reflect the reinvestment of all dividends and capital gains, and the deduction of investment management fees and fund-level expenses, but not contract-level charges. If contract-level charges were reflected, the performance quoted would be significantly lower than shown.

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as stated in the table for each fund.

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.

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.


	Shares		Value
Common Stocks (98.03%)
Consumer Discretionary (14.06%)
Advance Auto Parts Inc.		3,100	$	205,065
AutoZone Inc. (a)		800		218,072
Coach Inc.		4,500		248,895
Comcast Corp. Class A		16,300		358,111
DIRECTV Class A (a)		8,000		319,440
GAP Inc., The		26,400		584,496
General Motors Co. (a)		5,000		184,300
Hasbro Inc.		3,700		174,566
ITT Educational Services Inc. (a)		1,400		89,166
McDonald’s Corp.		4,200		322,392
Netflix Inc. (a)		1,500		263,550
Priceline.com Inc. (a)		600		239,730
Ross Stores Inc.		4,500		284,625
Starbucks Corp.		9,800		314,874
TJX Companies Inc.		12,000		532,680
TRW Automotive Holdings Corp. (a)		4,500		237,150
Viacom Inc. Class B		4,700		186,167
Walt Disney Co., The		9,900		371,349

				5,134,628

Consumer Staples (7.31%)
Brown-Forman Corp. Class B		2,800		194,936
Colgate-Palmolive Co.		2,100		168,777
CVS Caremark Corp.		15,400		535,458
Dr. Pepper Snapple Group Inc.		4,600		161,736
Estee Lauder Companies Inc. Class A, The		4,700		379,290
General Mills Inc.		4,400		156,596
Green Mountain Coffee Roasters Inc. (a)		4,300		141,298
Philip Morris International Inc.		6,300		368,739
Procter & Gamble Co., The		2,800		180,124
Sysco Corp.		5,300		155,820
Wal-Mart Stores Inc.		4,200		226,506

				2,669,280

Energy (11.05%)
Anadarko Petroleum Corp.		5,000		380,800
Apache Corp.		3,300		393,459
Atwood Oceanics Inc. (a)		5,000		186,850
Chevron Corp.		8,000		730,000
El Paso Corp.		13,500		185,760
EQT Corp.		8,700		390,108
Exxon Mobil Corp.		7,800		570,336
Halliburton Co.		5,100		208,233
National-Oilwell Varco Inc.		2,800		188,300
Occidental Petroleum Corp.		4,100		402,210
Southwestern Energy Co. (a)		5,700		213,351
Ultra Petroleum Corp. (a)		3,900		186,303

				4,035,710

Financials (12.48%)
ACE Ltd.		5,600		348,600
Affiliated Managers Group Inc. (a)		2,200		218,284
Aflac Inc.		9,700		547,371
Ameriprise Financial Inc.		6,500		374,075


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Bank of America Corp.		29,900	$	398,866
Franklin Resources Inc.		4,800		533,808
JPMorgan Chase & Co.		13,500		572,670
MetLife Inc.		8,500		377,740
Travelers Companies Inc., The		9,400		523,674
Wells Fargo & Co.		21,300		660,087

				4,555,175

Health Care (12.07%)
Abbott Laboratories		7,300		349,743
Allergan Inc.		2,800		192,276
AmerisourceBergen Corp.		5,700		194,484
Baxter International Inc.		2,200		111,364
Bristol-Myers Squibb Co.		12,071		319,640
Covidien PLC		8,200		374,412
CR Bard Inc.		2,100		192,717
Gilead Sciences Inc. (a)		4,700		170,328
Intuitive Surgical Inc. (a)		900		231,975
Johnson & Johnson		11,000		680,350
Life Technologies Corp. (a)		3,100		172,050
Medtronic Inc.		4,100		152,069
Merck & Co. Inc.		6,200		223,448
Mylan Inc. (a)		8,800		185,944
Pfizer Inc.		28,600		500,786
Quest Diagnostics Inc.		3,200		172,704
Teva Pharmaceutical Industries Ltd. Sponsored ADR		3,500		182,455

				4,406,745

Industrials (11.51%)
3M Co.		1,700		146,710
Boeing Co., The		7,900		515,554
Caterpillar Inc.		2,300		215,418
Cummins Inc.		1,900		209,019
Deere & Co.		2,300		191,015
General Electric Co.		10,400		190,216
Honeywell International Inc.		7,400		393,384
ITT Corp.		6,800		354,348
Lockheed Martin Corp.		3,500		244,685
Northrop Grumman Corp.		2,700		174,906
Raytheon Co.		6,800		315,112
Thomas & Betts Corp. (a)		4,100		198,030
Union Pacific Corp.		9,000		833,940
WW Grainger Inc.		1,600		220,976

				4,203,313

Information Technology (20.23%)
Akamai Technologies Inc. (a)		6,200		291,710
Apple Inc. (a)		1,400		451,584
Arrow Electronics Inc. (a)		6,700		229,475
Atmel Corp. (a)		20,700		255,024
Cisco Systems Inc. (a)		25,400		513,842
Cognizant Technology Solutions Corp. Class A (a)		4,600		337,134
Corning Inc.		9,600		185,472
EMC Corp. (a)		15,800		361,820


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
F5 Networks Inc. (a)		3,400	$	442,544
First Solar Inc. (a)		1,400		182,196
Google Inc. Class A (a)		450		267,286
Hewlett-Packard Co.		3,800		159,980
Intel Corp.		17,500		368,025
International Business Machines Corp.		4,300		631,068
MasterCard Inc. Class A		800		179,288
Microsoft Corp.		19,200		536,064
Motorola Inc. (a)		20,100		182,307
NetApp Inc. (a)		3,300		181,368
Oracle Corp.		12,400		388,120
Red Hat Inc. (a)		4,100		187,165
SanDisk Corp. (a)		5,600		279,216
Visa Inc. Class A		2,100		147,798
VMware Inc. Class A (a)		2,900		257,839
Xerox Corp.		16,500		190,080
Xilinx Inc.		6,200		179,676

				7,386,081

Materials (4.61%)
Ashland Inc.		3,200		162,752
Dow Chemical Co., The		5,300		180,942
E.I. du Pont de Nemours & Co.		7,800		389,064
Freeport-McMoRan Copper & Gold Inc.		2,500		300,225
Lubrizol Corp., The		2,700		288,576
Newmont Mining Corp.		2,600		159,718
Sherwin-Williams Co., The		2,400		201,000

				1,682,277

Telecommunication Services (1.98%)
AT&T Inc.		17,100		502,399
MetroPCS Communications Inc. (a)		17,500		221,025

				723,424

Utilities (2.73%)
American Electric Power Company Inc.		8,800		316,624
Dominion Resources Inc.		7,600		324,672
Sempra Energy		6,800		356,864

				998,160

Total Common Stocks
(cost $31,059,317)				35,794,793


	Shares		Value
Short-term Investments (1.93%)
JPMorgan U.S. Government Money Market Fund		702,795	$	702,795

Total Short-term Investments (cost $702,795)				702,795

TOTAL INVESTMENTS (99.96%) (cost $31,762,112)				36,497,588

OTHER ASSETS, NET OF LIABILITIES (0.04%)				16,185

NET ASSETS (100.00%)			$	36,513,773

(a) Non-income producing security.

ADR – American Depository Receipt


	Shares		Value
Common Stocks (97.55%)
Consumer Discretionary (11.98%)
Bally Technologies Inc. (a)		2,355	$	99,357
Blyth Inc.		3,400		117,232
Chipotle Mexican Grill Inc. (a)		510		108,457
Cinemark Holdings Inc.		16,400		282,736
Darden Restaurants Inc.		2,960		137,462
Dick’s Sporting Goods Inc. (a)		2,830		106,125
Discovery Communications Inc. Class A (a)		6,190		258,123
Fossil Inc. (a)		1,810		127,569
Gannett Co. Inc.		7,490		113,024
Gentex Corp.		2,810		83,064
Jarden Corp.		5,610		173,181
Kohl’s Corp. (a)		2,610		141,827
MarineMax Inc. (a)		16,100		150,535
Marriott International Inc. Class A		7,280		302,411
Nordstrom Inc.		4,510		191,134
Pier 1 Imports Inc. (a)		21,400		224,700
Priceline.com Inc. (a)		310		123,860
Saga Communications Inc. Class A (a)		12,400		326,368
Sally Beauty Holdings Inc. (a)		15,800		229,574
Scripps Networks Interactive Class A		3,850		199,238
Sinclair Broadcast Group Inc. Class A		25,900		211,862
Stage Stores Inc.		1,900		32,946
Tiffany & Co.		2,800		174,356
Tractor Supply Co.		2,880		139,651
TRW Automotive Holdings Corp. (a)		3,580		188,666
Urban Outfitters Inc. (a)		5,370		192,300
Valassis Communications Inc. (a)		5,100		164,985
Warnaco Group Inc., The (a)		2,000		110,140
Whirlpool Corp.		1,650		146,570

				4,857,453

Consumer Staples (1.76%)
Church & Dwight Co. Inc.		1,900		131,138
Coca-Cola Enterprises Inc.		3,890		97,367
Craft Brewers Alliance Inc. (a)		16,300		120,620
Hansen Natural Corp. (a)		3,500		182,980
Ruddick Corp.		4,900		180,516

				712,621

Energy (8.24%)
Complete Production Services Inc. (a)		13,000		384,150
Concho Resources Inc. (a)		3,495		306,407
Continental Resources Inc. (a)		2,870		168,900
Dresser-Rand Group Inc. (a)		5,870		250,003
Halliburton Co.		3,520		143,722
Hercules Offshore Inc. (a)		71,500		247,390
International Coal Group Inc. (a)		23,500		181,890
Knightsbridge Tankers Ltd.		9,100		202,657
Oceaneering International Inc. (a)		3,260		240,034
Petroleum Development Corp. (a)		6,500		274,365
Pioneer Drilling Co. (a)		29,000		255,490
SandRidge Energy Inc. (a)		10,080		73,786


	Shares		Value
Common Stocks (Cont.)
Energy (cont.)
Unit Corp. (a)		3,290	$	152,919
Whiting Petroleum Corp. (a)		3,920		459,385

				3,341,098

Financials (24.33%)
Advance America Cash Advance Centers Inc.		36,100		203,604
Affiliated Managers Group Inc. (a)		3,140		311,551
Alliance Financial Corp.		5,500		177,925
Ameriprise Financial Inc.		7,540		433,927
AmTrust Financial Services Inc.		11,300		197,750
BioMed Realty Trust Inc.		10,930		203,844
California First National Bancorp		10,748		155,094
Cardinal Financial Corp.		16,400		190,732
CB Richard Ellis Group Inc. Class A (a)		9,340		191,283
Charles Schwab Corp., The		6,590		112,755
City Holding Co.		5,900		213,757
Comerica Inc.		3,080		130,099
Danvers Bancorp Inc.		12,500		220,875
Digital Realty Trust Inc.		5,175		266,720
Discover Financial Services		12,570		232,922
Employers Holdings Inc.		14,100		246,468
ESSA Bancorp Inc.		13,100		173,182
EZCORP Inc. Class A (a)		9,100		246,883
First Industrial Realty Trust Inc. (a)		33,700		295,212
First Niagara Financial Group Inc.		11,440		159,931
Flagstar Bancorp Inc. (a)		90,200		147,026
Franklin Resources Inc.		2,270		252,447
Harleysville Group Inc.		5,800		213,092
Host Hotels & Resorts Inc.		9,840		175,841
Infinity Property & Casualty Corp.		3,600		222,480
IntercontinentalExchange Inc. (a)		1,110		132,256
Jones Lang LaSalle Inc.		1,590		133,433
Meadowbrook Insurance Group Inc.		15,900		162,975
MPG Office Trust Inc. (a)		57,200		157,300
MSCI Inc. Class A (a)		1,310		51,038
Nelnet Inc. Class A		7,900		187,151
Newcastle Investment Corp. (a)		31,500		211,050
One Liberty Properties Inc.		20,763		346,742
PNC Financial Services Group Inc.		3,040		184,589
Raymond James Financial Inc.		5,010		163,827
Retail Opportunity Investments Corp.		18,400		182,344
Safety Insurance Group Inc.		6,000		285,420
SEI Investments Co.		3,360		79,934
Signature Bank (a)		3,020		151,000
Southside Bancshares Inc.		8,610		181,413
Southwest Bancorp Inc. (a)		11,600		143,840
T Rowe Price Group Inc.		6,140		396,276
United Financial Bancorp Inc.		11,700		178,659
United Fire & Casualty Co.		7,900		176,328
Unitrin Inc.		7,300		179,142
Weingarten Realty Investors		5,021		119,299
Winthrop Realty Trust		13,000		166,270
World Acceptance Corp. (a)		5,800		306,240


	Shares		Value
Common Stocks (Cont.)
Financials (cont.)
WSFS Financial Corp.		4,500	$	213,480

				9,865,406

Health Care (7.72%)
Agilent Technologies Inc. (a)		2,550		105,646
Alexion Pharmaceuticals Inc. (a)		1,310		105,520
Allscripts Healthcare Solutions Inc. (a)		6,720		129,494
AmerisourceBergen Corp.		3,680		125,562
Analogic Corp.		4,100		202,991
Celgene Corp. (a)		2,360		139,570
Emergency Medical Services Corp. Class A (a)		1,780		115,006
Healthspring Inc. (a)		13,500		358,155
Hill-Rom Holdings Inc.		2,580		101,573
Invacare Corp.		6,200		186,992
Life Technologies Corp. (a)		2,440		135,420
Medicines Co., The (a)		11,800		166,734
Mylan Inc. (a)		5,680		120,018
Par Pharmaceutical Companies Inc. (a)		6,000		231,060
Perrigo Co.		2,470		156,425
ResMed Inc. (a)		3,400		117,776
Salix Pharmaceuticals Ltd. (a)		2,340		109,886
Shire PLC ADR		1,570		113,637
SXC Health Solutions Corp. (a)		3,610		154,725
United Therapeutics Corp. (a)		2,920		184,602
Varian Medical Systems Inc. (a)		1,030		71,358

				3,132,150

Industrials (16.55%)
Alaska Air Group Inc. (a)		5,440		308,394
AMERCO (a)		2,300		220,892
AMETEK Inc.		3,097		121,557
BE Aerospace Inc. (a)		7,740		286,612
Ceradyne Inc. (a)		8,100		255,393
Chicago Bridge & Iron Co. N.V. NY Reg. Shares (a)		10,310		339,199
Cummins Inc.		2,640		290,426
Dover Corp.		3,990		233,216
Expeditors International of Washington Inc.		3,720		203,112
Flowserve Corp.		1,230		146,641
Great Lakes Dredge & Dock Co.		25,200		185,724
International Shipholding Corp.		4,800		121,920
J.B. Hunt Transport Services Inc.		5,410		220,782
Kansas City Southern (a)		2,860		136,880
Kennametal Inc.		7,570		298,712
Layne Christensen Co. (a)		5,700		196,194
M & F Worldwide Corp. (a)		6,200		143,220
Manpower Inc.		2,610		163,804
MasTec Inc. (a)		13,000		189,670
MSC Industrial Direct Company Inc. Class A		4,460		288,517
Mueller Industries Inc.		6,200		202,740
Nordson Corp.		2,880		264,614
PACCAR Inc.		2,160		124,027
Precision Castparts Corp.		1,275		177,493


	Shares		Value
Common Stocks (Cont.)
Industrials (cont.)
Republic Airways Holdings Inc. (a)		24,500	$	179,340
Rockwell Automation Inc.		2,440		174,972
Timken Co., The		3,240		154,645
UniFirst Corp.		3,700		203,685
United Rentals Inc. (a)		9,700		220,675
US Airways Group Inc. (a)		32,980		330,130
WABCO Holdings Inc. (a)		2,860		174,260
Woodward Governor Co.		4,170		156,625

				6,714,071

Information Technology (13.61%)
Alliance Data Systems Corp. (a)		6,490		460,985
Amphenol Corp. Class A		1,915		101,074
ANSYS Inc. (a)		3,455		179,902
Aruba Networks Inc. (a)		2,690		56,167
Atheros Communications (a)		3,000		107,760
Autodesk Inc. (a)		5,030		192,146
Broadcom Corp. Class A		4,705		204,903
Check Point Software Technologies Ltd. (a)		5,065		234,307
Citrix Systems Inc. (a)		2,410		164,868
Cognizant Technology Solutions Corp. Class A (a)		2,200		161,238
Cypress Semiconductor Corp. (a)		5,550		103,119
F5 Networks Inc. (a)		510		66,382
Insight Enterprises Inc. (a)		10,900		143,444
Intuit Inc. (a)		1,750		86,275
JDS Uniphase Corp. (a)		16,930		245,146
Juniper Networks Inc. (a)		5,330		196,784
Lattice Semiconductor Corp. (a)		32,600		197,556
Marvell Technology Group Ltd. (a)		8,545		158,510
Mercury Computer Systems Inc. (a)		14,000		257,320
MICROS Systems Inc. (a)		3,310		145,177
NetApp Inc. (a)		2,380		130,805
Netlogic Microsystems Inc. (a)		3,220		101,140
OSI Systems Inc. (a)		5,300		192,708
Photronics Inc. (a)		35,700		210,987
Polycom Inc. (a)		2,150		83,807
Power-One Inc. (a)		22,900		233,580
Red Hat Inc. (a)		1,790		81,714
Richardson Electronics Ltd.		26,000		303,940
Teradata Corp. (a)		3,350		137,886
TIBCO Software Inc. (a)		6,940		136,787
Trimble Navigation Ltd. (a)		2,080		83,054
Unisys Corp. (a)		9,200		238,188
UTStarcom Inc. (a)		58,800		121,128

				5,518,787

Materials (7.30%)
Albemarle Corp.		4,560		254,357
Arch Chemicals Inc.		5,200		197,236
Ferro Corp. (a)		13,200		193,248
FMC Corp.		780		62,314
Kaiser Aluminum Corp.		4,800		240,432
Nalco Holding Co.		3,950		126,163


	Shares		Value
Common Stocks (Cont.)
Materials (cont.)
P. H. Glatfelter Co.		12,100	$	148,467
PolyOne Corp. (a)		19,600		244,804
Quaker Chemical Corp.		4,900		204,183
Rock-Tenn Co. Class A		3,500		188,825
TPC Group Inc. (a)		6,500		197,080
Valspar Corp.		4,300		148,264
Walter Energy Inc.		2,010		256,958
Westlake Chemical Corp.		4,700		204,309
Yamana Gold Inc.		22,920		293,376

				2,960,016

Telecommunication Services (2.56%)
American Tower Corp. Class A (a)		3,620		186,937
General Communication Inc. Class A (a)		18,800		238,008
IDT Corp. Class B		10,800		277,020
SBA Communications Corp. Class A (a)		4,000		163,760
Vonage Holdings Corp. (a)		77,500		173,600

				1,039,325

Utilities (3.50%)
AES Corp., The (a)		24,930		303,647
Aqua America Inc.		2,830		63,618
CH Energy Group Inc.		2,900		141,781
Chesapeake Utilities Corp.		3,800		157,776
Cleco Corp.		9,800		301,448
El Paso Electric Co. (a)		7,300		200,969
ITC Holdings Corp.		4,015		248,850

				1,418,089

Total Common Stocks
(cost $32,167,641)				39,559,016


Registered Investment Companies (0.87%)
Financials (0.87%)
Arlington Asset Investment Corp. Class A		6,100		146,339
BlackRock Kelso Capital Corp.		8,300		91,798
Prospect Capital Corp.		10,600		114,480

				352,617

Total Registered Investment Companies
(cost $325,736)				352,617


	Shares		Value
Common Stocks (94.29%)
Argentina (0.54%)
MercadoLibre Inc. (a)		3,240	$	215,946

Australia (1.06%)
BHP Billiton PLC		10,678		424,692

Austria (0.74%)
Erste Group Bank AG		6,340		297,711

Belgium (1.82%)
Anheuser-Busch InBev NV		12,754		729,448

Brazil (5.46%)
Anhanguera Educacional
Participacoes SA		5,100		122,892
Banco Bradesco SA Rights (a)		402		2,080
BR Malls Participacoes SA		38,500		396,596
Itau Unibanco Holding SA ADR		18,920		454,269
OGX Petroleo e Gas Participacoes SA (a)		61,700		743,374
PDG Realty SA Empreendimentos e Participacoes		63,100		386,202
Redecard SA		6,094		77,276

				2,182,689

Canada (2.62%)
Cameco Corp.		8,051		325,099
Canadian National Railway Co.		6,602		438,835
Teck Resources Ltd. Class B		4,570		283,999

				1,047,933

China (3.47%)
Baidu Inc. Sponsored ADR (a)		1,611		155,510
China Life Insurance Co. Ltd. H		54,000		220,577
China Mobile Ltd.		31,000		307,894
China Pacific Insurance (Group)
Company Ltd. H		8,200		34,023
PetroChina Company Ltd. H		166,000		216,128
Ping An Insurance (Group) Company of China Ltd.		40,500		451,748

				1,385,880

Denmark (4.40%)
A P Moller-Maersk A/S Class B		23		208,268
Novo Nordisk A/S Class B		10,216		1,151,991
Novozymes A/S B Shares		1,301		181,224
Pandora A/S (a)		3,573		215,224

				1,756,707

France (11.32%)
Accor SA		10,504		467,415
AXA SA		14,732		245,095
BNP Paribas		10,366		659,498
Compagnie de Saint-Gobain		3,212		165,250
DANONE SA		4,916		308,886
JC Decaux SA (a)		6,500		199,994


	Shares		Value
Common Stocks (Cont.)
France (Cont.)
L’Oreal SA		2,200	$	244,244
Pernod Ricard SA		6,658		625,999
Publicis Groupe		6,279		327,234
Safran SA		2,692		95,329
Schneider Electric SA		5,741		859,230
Societe Generale		1,500		80,619
Unibail-Rodamco SE		1,242		245,633

				4,524,426

Germany (7.81%)
Adidas AG		2,989		195,277
Allianz SE Reg.		1,775		210,936
BASF SE		7,374		588,276
Daimler AG Registered Shares (a)		7,217		489,244
Infineon Technologies AG (a)		11,819		109,972
Linde AG		3,400		515,905
Metro AG		4,166		299,951
Siemens AG Reg.		3,282		406,558
ThyssenKrupp AG		7,383		305,695

				3,121,814

Hong Kong (3.69%)
Cheung Kong Holdings Ltd.		23,000		354,788
CNOOC Ltd.		87,000		206,397
Hang Lung Properties Ltd.		55,000		257,211
Li & Fung Ltd.		112,000		654,899

				1,473,295

India (1.56%)
ICICI Bank Ltd. Sponsored ADR		12,317		623,733

Indonesia (0.27%)
PT Astra International Tbk		17,500		105,952

Ireland (0.13%)
CRH PLC		2,550		53,328

Israel (1.28%)
Teva Pharmaceutical Industries Ltd. Sponsored ADR		9,802		510,978

Italy (0.44%)
Eni SpA		8,000		174,681

Japan (9.07%)
Canon Inc.		11,600		601,503
Daikin Industries Ltd.		3,500		124,153
DeNA Co. Ltd.		6,200		222,372
FamilyMart Co. Ltd.		6,800		256,288
Fanuc Corp.		4,900		752,593
Honda Motor Co. Ltd.		10,000		395,985
Japan Tobacco Inc.		79		292,394
Komatsu Ltd.		19,600		593,142
Marubeni Corp.		43,000		302,414


	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Mizuho Financial Group Inc.		45,400	$	85,555

				3,626,399

Luxembourg (0.73%)
Millicom International Cellular S.A.		3,034		290,050

Malaysia (1.88%)
Genting Berhad		130,600		473,523
Sime Darby Berhad		98,000		279,682

				753,205

Netherlands (1.73%)
Core Laboratories N.V.		963		85,755
LyondellBasell Industries NV Class A (a)		3,056		105,126
Royal Dutch Shell PLC Class A		8,931		295,140
Sensata Technologies Holding NV (a)		6,830		205,651

				691,672

Norway (0.58%)
Statoil ASA		9,800		232,780

Russia (0.22%)
Mail.ru Group Ltd. GDR 144A (a) (b) (c)		2,466		88,776

Singapore (2.10%)
Capitaland Ltd.		83,500		241,388
DBS Group Holdings Ltd.		25,991		290,015
Keppel Corp. Ltd.		7,000		61,745
United Overseas Bank Ltd.		17,489		248,023

				841,171

South Africa (1.76%)
AngloGold Ashanti Ltd. Sponsored ADR		3,400		167,382
MTN Group Ltd.		16,081		328,138
Naspers Ltd. N Shares		3,526		207,653

				703,173

Spain (2.24%)
Banco Santander SA (Madrid)		16,825		178,247
Industria de Diseno Textil SA		6,546		490,118
Telefonica SA		9,963		225,864

				894,229

Sweden (4.11%)
Assa Abloy AB Class B		6,779		191,003
Atlas Copco AB Class A		20,900		527,344
Investor AB B Shares		9,000		192,561
Sandvik AB		17,098		333,283
Telefonaktiebolaget LM Ericsson B Shares		16,073		186,763
Volvo AB B Shares (a)		12,000		211,429

				1,642,383


	Shares		Value
Common Stocks (Cont.)
Switzerland (9.99%)
ABB Ltd. Reg. (a)		13,723	$	305,722
Compagnie Financiere Richemont SA Class A		7,151		420,647
Holcim Ltd. Reg.		4,123		311,540
Julius Baer Group Ltd.		6,596		308,989
Nestle SA Reg.		16,870		987,842
Novartis AG		2,097		123,241
Roche Holding AG		2,187		320,448
Swatch Group AG, The		1,268		565,243
Syngenta AG Reg.		1,016		297,194
UBS AG Reg. (a)		17,300		284,016
Zurich Financial Services AG		261		67,609

				3,992,491

Taiwan (0.24%)
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		7,764		97,361

United Kingdom (13.03%)
Anglo American PLC		8,003		416,186
ARM Holdings PLC		15,870		104,737
Barclays PLC		70,899		289,224
BG Group PLC		14,994		302,968
British American Tobacco PLC		9,918		380,935
Compass Group PLC		22,809		206,612
Diageo PLC		18,486		341,535
HSBC Holdings PLC		28,888		293,251
Imperial Tobacco Group PLC		9,038		277,314
Reckitt Benckiser Group PLC		6,055		332,772
Rolls-Royce Group PLC (a)		20,927		203,268
Standard Chartered PLC		26,549		714,228
Tesco PLC		51,034		338,160
Tullow Oil PLC		15,856		311,733
Xstrata PLC		29,565		693,957

				5,206,880

Total Common Stocks (cost $31,962,089)				37,689,783

Preferred Stocks (3.89%)
Brazil (3.89%)
Banco Bradesco SA Pfd.		24,266		477,281
Petroleo Brasileiro SA Pfd.		31,300		514,564
Suzano Papel e Celulose SA		27,250		242,623
Vale SA Pfd. Class A		11,000		321,386

				1,555,854

Total Preferred Stocks (cost $1,607,991)				1,555,854


	Principal amount		Value
Repurchase Agreement (1.84%)
State Street Bank & Trust Repurchase Agreement, (d) 0.010%, agreement date 12/31/2010, to be repurchased at $732,695 on 01/03/2011	$	732,695	$	732,695

Total Repurchase Agreement (cost $732,695)				732,695

TOTAL INVESTMENTS (100.02%) (cost $34,302,775)				39,978,332

LIABILITIES, NET OF CASH AND OTHER ASSETS (-0.02%)				(7,211	)

NET ASSETS (100.00%)			$	39,971,121

(a) Non-income producing security. (b) These shares may only be resold to qualified institutional buyers in transactions exempt from registration. (c) In accordance with the Trust’s Valuation Procedures, State Farm Investment Management Corp. (“SFIMC”) determined the fair value for the security considering the facts and circumstances related to the particular security. (d) Repurchase agreement is fully collateralized by a U.S. Government Agency security with a coupon rate of 4.00%, a maturity date of September 25, 2039 and a market value of $749,377 as of December 31, 2010. ADR – American Depository Receipt GDR – Global Depository Receipt INTERNATIONAL EQUITY FUND FOREIGN CURRENCY DENOMINATIONS
Currency	Value		%
Euro	$	10,090,777		25.24
British Pound		5,631,572		14.09
United States Dollar		4,497,166		11.25
Swiss Franc		3,992,491		9.99
Japanese Yen		3,626,399		9.07
Brazilian Real		3,284,274		8.22
Hong Kong Dollar		2,703,665		6.76
Danish Krone		1,756,707		4.39
Swedish Krona		1,642,383		4.11
Singapore Dollar		841,171		2.10
Malaysian Ringgit		753,205		1.88
South African Rand		535,791		1.34
Canadian Dollar		283,999		0.71
Norwegian Krone		232,780		0.58
Indonesian Rupiah		105,952		0.27

Total Investments	$	39,978,332		100.00	%


INTERNATIONAL EQUITY FUND SECTOR CLASSIFICATIONS
Sector	Value			%
Financials	$	8,204,904			20.53
Industrials		6,264,899			15.67
Consumer Discretionary		6,146,486			15.38
Consumer Staples		5,415,768			13.55
Materials		4,908,513			12.28
Energy		3,408,619			8.53
Health Care		2,106,658			5.27
Information Technology		1,637,844			4.10
Telecommunication Services		1,151,946			2.88

Total Stocks		39,245,637			98.19
Repurchase Agreement		732,695			1.83
Liabilities, Net of Cash and Other Assets		(7,211	)		(0.02	)

Net Assets	$	39,971,121			100.00	%


	Shares		Value
Common Stocks (99.36%)
Consumer Discretionary (10.57%)
Abercrombie & Fitch Co. Class A		3,645	$	210,061
Amazon.com Inc. (a)		14,747		2,654,460
Apollo Group Inc. Class A (a)		5,332		210,561
AutoNation Inc. (a)		2,648		74,674
AutoZone Inc. (a)		1,136		309,662
Bed Bath & Beyond Inc. (a)		10,718		526,790
Best Buy Company Inc.		13,723		470,562
Big Lots Inc. (a)		3,178		96,802
Cablevision Systems Corp. Class A		9,983		337,825
CarMax Inc. (a)		9,352		298,142
Carnival Corp.		17,903		825,507
CBS Corp. Class B		28,319		539,477
Coach Inc.		12,319		681,364
Comcast Corp. Class A		116,024		2,549,047
Darden Restaurants Inc.		5,757		267,355
DeVry Inc.		2,481		119,038
DIRECTV Class A (a)		34,666		1,384,213
Discovery Communications Inc. Class A (a)		11,890		495,813
DR Horton Inc.		12,005		143,220
Expedia Inc.		8,253		207,068
Family Dollar Stores Inc.		5,252		261,077
Ford Motor Co. (a)		155,712		2,614,404
Fortune Brands Inc.		6,271		377,828
GameStop Corp. Class A (a)		6,296		144,052
Gannett Co. Inc.		9,858		148,757
GAP Inc., The		18,485		409,258
Genuine Parts Co.		6,518		334,634
Goodyear Tire & Rubber Co., The (a)		10,450		123,832
H&R Block Inc.		12,978		154,568
Harley-Davidson Inc.		9,931		344,308
Harman International Industries Inc. (a)		2,803		129,779
Hasbro Inc.		5,657		266,897
Home Depot Inc.		68,149		2,389,304
International Game Technology		12,421		219,727
Interpublic Group of Companies Inc., The (a)		20,472		217,413
J.C. Penney Company Inc.		9,703		313,504
Johnson Controls Inc.		28,048		1,071,434
Kohl’s Corp. (a)		12,719		691,150
Leggett & Platt Inc.		6,139		139,724
Lennar Corp.		6,691		125,456
Limited Brands Inc.		11,134		342,148
Lowe’s Companies Inc.		57,380		1,439,090
Macy’s Inc.		17,613		445,609
Marriott International Inc. Class A		12,051		500,599
Mattel Inc.		14,737		374,762
McDonald’s Corp.		43,936		3,372,527
McGraw-Hill Companies Inc., The		12,728		463,426
Meredith Corp.		1,577		54,643
Netflix Inc. (a)		1,804		316,963
Newell Rubbermaid Inc.		12,074		219,505
News Corp. Class A		95,179		1,385,806
NIKE Inc. Class B		15,896		1,357,836
Nordstrom Inc.		6,940		294,117
Omnicom Group Inc.		12,459		570,622
O’Reilly Automotive Inc. (a)		5,805		350,738


	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Polo Ralph Lauren Corp.		2,652	$	294,160
Priceline.com Inc. (a)		2,042		815,881
Pulte Group Inc. (a)		14,138		106,318
RadioShack Corp.		4,745		87,735
Ross Stores Inc.		5,010		316,882
Scripps Networks Interactive Class A		3,749		194,011
Sears Holdings Corp. (a)		1,863		137,396
Stanley Black & Decker Inc.		6,965		465,750
Staples Inc.		30,061		684,489
Starbucks Corp.		30,889		992,464
Starwood Hotels & Resorts Worldwide Inc.		7,943		482,776
Target Corp.		29,443		1,770,408
Tiffany & Co.		5,246		326,668
Time Warner Cable Inc.		14,829		979,159
Time Warner Inc.		46,124		1,483,809
TJX Companies Inc.		16,408		728,351
Urban Outfitters Inc. (a)		5,208		186,498
VF Corp.		3,635		313,264
Viacom Inc. Class B		25,262		1,000,628
Walt Disney Co., The		78,745		2,953,725
Washington Post Co., The		221		97,130
Whirlpool Corp.		3,162		280,880
Wyndham Worldwide Corp.		7,341		219,936
Wynn Resorts Ltd.		3,167		328,861
Yum! Brands Inc.		19,489		955,935

				50,570,252

Consumer Staples (10.56%)
Altria Group Inc.		86,834		2,137,853
Archer-Daniels-Midland Co.		26,682		802,595
Avon Products Inc.		17,999		523,051
Brown-Forman Corp. Class B		4,366		303,961
Campbell Soup Co.		7,847		272,683
Clorox Co.		5,844		369,808
Coca-Cola Co., The		96,575		6,351,738
Coca-Cola Enterprises Inc.		14,090		352,673
Colgate-Palmolive Co.		20,071		1,613,106
ConAgra Foods Inc.		18,288		412,943
Constellation Brands Inc. (a)		7,454		165,106
Costco Wholesale Corp.		17,976		1,298,047
CVS Caremark Corp.		56,393		1,960,785
Dean Foods Co. (a)		7,783		68,802
Dr. Pepper Snapple Group Inc.		9,435		331,735
Estee Lauder Companies Inc. Class A, The		4,675		377,272
General Mills Inc.		26,737		951,570
H.J. Heinz Co.		13,340		659,796
Hershey Co., The		6,497		306,334
Hormel Foods Corp.		2,882		147,731
J.M. Smucker Co., The		5,037		330,679
Kellogg Co.		10,560		539,405
Kimberly-Clark Corp.		16,896		1,065,124
Kraft Foods Inc. Class A		72,795		2,293,770
Kroger Co., The		26,716		597,370
Lorillard Inc.		6,178		506,967


	Shares		Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
McCormick & Co. Inc.		5,523	$	256,985
Mead Johnson Nutrition Co. Class A		8,580		534,105
Molson Coors Brewing Co. Class B		6,487		325,583
PepsiCo Inc.		65,909		4,305,835
Philip Morris International Inc.		75,455		4,416,381
Procter & Gamble Co., The		116,414		7,488,913
Reynolds American Inc.		14,003		456,778
Safeway Inc.		15,338		344,952
Sara Lee Corp.		26,563		465,118
Supervalu Inc.		8,635		83,155
Sysco Corp.		24,168		710,539
Tyson Foods Inc.		12,394		213,425
Walgreen Co.		38,493		1,499,687
Wal-Mart Stores Inc.		81,473		4,393,839
Whole Foods Market Inc. (a)		6,147		310,977

				50,547,176

Energy (11.96%)
Anadarko Petroleum Corp.		20,632		1,571,333
Apache Corp.		15,851		1,889,915
Baker Hughes Inc.		17,992		1,028,603
Cabot Oil & Gas Corp.		4,296		162,604
Cameron International Corp. (a)		10,089		511,815
Chesapeake Energy Corp.		27,229		705,503
Chevron Corp.		83,698		7,637,443
ConocoPhillips		61,100		4,160,910
CONSOL Energy Inc.		9,446		460,398
Denbury Resources Inc. (a)		16,690		318,612
Devon Energy Corp.		17,958		1,409,883
Diamond Offshore Drilling Inc.		2,936		196,330
El Paso Corp.		29,575		406,952
EOG Resources Inc.		10,565		965,747
EQT Corp.		6,266		280,967
Exxon Mobil Corp.		209,718		15,334,580
FMC Technologies Inc. (a)		4,948		439,927
Halliburton Co.		37,765		1,541,945
Helmerich & Payne Inc.		4,433		214,912
Hess Corp.		12,478		955,066
Marathon Oil Corp.		29,526		1,093,348
Massey Energy Co.		4,326		232,090
Murphy Oil Corp.		8,023		598,115
Nabors Industries Ltd. (a)		12,043		282,529
National-Oilwell Varco Inc.		17,453		1,173,714
Newfield Exploration Co. (a)		5,568		401,508
Noble Energy Inc.		7,333		631,225
Occidental Petroleum Corp.		33,792		3,314,995
Peabody Energy Corp.		11,129		712,033
Pioneer Natural Resources Co.		4,870		422,813
QEP Resources Inc.		7,330		266,152
Range Resources Corp.		6,741		303,210
Rowan Companies Inc. (a)		5,249		183,243
Schlumberger Ltd.		56,741		4,737,874
Southwestern Energy Co. (a)		14,547		544,494
Spectra Energy Corp.		26,819		670,207
Sunoco Inc.		5,081		204,815
Tesoro Corp. (a)		6,130		113,650


	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Valero Energy Corp.		23,622	$	546,141
Williams Companies Inc., The		24,102		595,801

				57,221,402

Financials (15.95%)
ACE Ltd.		14,115		878,659
Aflac Inc.		19,650		1,108,850
Allstate Corp., The		22,276		710,159
American Express Co.		43,475		1,865,947
American International Group Inc. (a)		5,824		335,579
Ameriprise Financial Inc.		10,306		593,110
Aon Corp.		13,804		635,122
Apartment Investment and Management Co.		4,765		123,128
Assurant Inc.		4,482		172,647
AvalonBay Communities Inc.		3,581		403,042
Bank of America Corp.		419,446		5,595,410
Bank of New York Mellon Corp.		51,591		1,558,048
BB&T Corp.		28,697		754,444
Berkshire Hathaway Inc. Class B (a)		71,965		5,765,116
Boston Properties Inc.		5,842		502,996
Capital One Financial Corp.		18,941		806,129
CB Richard Ellis Group Inc. Class A (a)		12,169		249,221
Charles Schwab Corp., The		41,071		702,725
Chubb Corp.		12,676		755,997
Cincinnati Financial Corp.		6,818		216,062
Citigroup Inc. (a)		1,208,211		5,714,838
CME Group Inc.		2,792		898,326
Comerica Inc.		7,364		311,055
Discover Financial Services		22,534		417,555
E*TRADE Financial Corp. (a)		8,199		131,184
Equity Residential		11,868		616,543
Federated Investors Inc. Class B		3,832		100,283
Fifth Third Bancorp		33,370		489,872
First Horizon National Corp. (a)		10,847		127,778
Franklin Resources Inc.		6,078		675,934
Genworth Financial Inc. Class A (a)		20,008		262,905
Goldman Sachs Group Inc., The		21,261		3,575,250
Hartford Financial Services Group Inc.		18,623		493,323
HCP Inc.		15,149		557,332
Healthcare Realty Trust Inc.		6,036		287,555
Host Hotels & Resorts Inc.		27,660		494,284
Hudson City Bancorp Inc.		22,132		281,962
Huntington Bancshares Inc.		35,891		246,571
IntercontinentalExchange Inc. (a)		3,023		360,190
Invesco Ltd.		19,137		460,436
Janus Capital Group Inc.		7,451		96,639
JPMorgan Chase & Co.		162,576		6,896,474
KeyCorp		35,966		318,299
Kimco Realty Corp.		17,123		308,899
Legg Mason Inc.		6,218		225,527
Leucadia National Corp.		8,285		241,756
Lincoln National Corp.		13,314		370,262
Loews Corp.		13,111		510,149
M&T Bank Corp.		5,007		435,859
Marsh & McLennan Companies Inc.		22,743		621,794


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Marshall & Ilsley Corp.		21,811	$	150,932
MetLife Inc.		37,585		1,670,277
Moody’s Corp.		8,565		227,315
Morgan Stanley		62,766		1,707,863
NASDAQ OMX Group Inc., The (a)		5,618		133,203
Northern Trust Corp.		10,155		562,689
NYSE Euronext		10,855		325,433
People’s United Financial Inc.		15,101		211,565
Plum Creek Timber Co. Inc.		6,721		251,701
PNC Financial Services Group Inc.		21,926		1,331,347
Principal Financial Group Inc.		13,324		433,829
Progressive Corp., The		27,699		550,379
ProLogis		23,666		341,737
Prudential Financial Inc.		20,186		1,185,120
Public Storage		5,764		584,585
Regions Financial Corp.		52,770		369,390
Simon Property Group Inc.		12,196		1,213,380
SLM Corp. (a)		20,488		257,944
State Street Corp.		20,879		967,533
Suntrust Banks Inc.		20,620		608,496
T Rowe Price Group Inc.		10,665		688,319
Torchmark Corp.		3,320		198,337
Travelers Companies Inc., The		19,085		1,063,225
Unum Group		13,174		319,074
US Bancorp		79,631		2,147,648
Ventas Inc.		6,615		347,155
Vornado Realty Trust		6,697		558,061
Wells Fargo & Co.		218,298		6,765,055
Weyerhaeuser Co.		22,516		426,228
XL Group PLC		13,424		292,912
Zions Bancorporation		7,363		178,405

				76,330,362

Health Care (10.86%)
Abbott Laboratories		64,291		3,080,182
Aetna Inc.		16,628		507,320
Agilent Technologies Inc. (a)		14,349		594,479
Allergan Inc.		12,777		877,397
AmerisourceBergen Corp.		11,468		391,288
Amgen Inc. (a)		39,289		2,156,966
Baxter International Inc.		24,194		1,224,700
Becton Dickinson and Co.		9,554		807,504
Biogen Idec Inc. (a)		9,906		664,197
Boston Scientific Corp. (a)		62,918		476,289
Bristol-Myers Squibb Co.		71,175		1,884,714
Cardinal Health Inc.		14,502		555,572
CareFusion Corp. (a)		9,272		238,290
Celgene Corp. (a)		19,574		1,157,606
Cephalon Inc. (a)		3,157		194,850
Cerner Corp. (a)		2,982		282,515
Cigna Corp.		11,178		409,785
Coventry Health Care Inc. (a)		6,177		163,073
CR Bard Inc.		3,867		354,875
DaVita Inc. (a)		4,038		280,601
DENTSPLY International Inc.		6,008		205,293
Eli Lilly & Co.		42,059		1,473,747


	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Express Scripts Inc. (a)		21,914	$	1,184,452
Forest Laboratories Inc. (a)		12,002		383,824
Genzyme Corp. (a)		10,772		766,966
Gilead Sciences Inc. (a)		33,756		1,223,317
Hospira Inc. (a)		6,910		384,818
Humana Inc. (a)		7,027		384,658
Intuitive Surgical Inc. (a)		1,624		418,586
Johnson & Johnson		114,212		7,064,012
King Pharmaceuticals Inc. (a)		10,702		150,363
Laboratory Corp. of America Holdings (a)		4,226		371,550
Life Technologies Corp. (a)		7,766		431,013
McKesson Corp.		10,520		740,398
Medco Health Solutions Inc. (a)		17,645		1,081,109
Medtronic Inc.		44,794		1,661,409
Merck & Co. Inc.		128,135		4,617,985
Mylan Inc. (a)		18,152		383,552
Patterson Companies Inc.		4,046		123,929
PerkinElmer Inc.		5,035		130,004
Pfizer Inc.		333,115		5,832,844
Quest Diagnostics Inc.		5,876		317,128
St. Jude Medical Inc. (a)		14,259		609,572
Stryker Corp.		14,204		762,755
Tenet Healthcare Corp. (a)		20,354		136,168
Thermo Fisher Scientific Inc. (a)		16,525		914,824
UnitedHealth Group Inc.		45,736		1,651,527
Varian Medical Systems Inc. (a)		4,943		342,451
Waters Corp. (a)		3,853		299,417
Watson Pharmaceuticals Inc. (a)		5,212		269,200
WellPoint Inc. (a)		16,364		930,457
Zimmer Holdings Inc. (a)		8,138		436,848

				51,986,379

Industrials (10.87%)
3M Co.		29,731		2,565,785
Avery Dennison Corp.		4,429		187,524
Boeing Co., The		30,510		1,991,083
Caterpillar Inc.		26,398		2,472,437
CH Robinson Worldwide Inc.		6,844		548,820
Cintas Corp.		5,244		146,622
CSX Corp.		15,557		1,005,138
Cummins Inc.		8,255		908,133
Danaher Corp.		22,303		1,052,033
Deere & Co.		17,568		1,459,022
Dover Corp.		7,784		454,975
Dun & Bradstreet Corp.		2,125		174,441
Eaton Corp.		7,043		714,935
Emerson Electric Co.		31,231		1,785,476
Equifax Inc.		5,236		186,402
Expeditors International of Washington Inc.		8,811		481,081
Fastenal Co.		6,197		371,262
FedEx Corp.		13,125		1,220,756
Flowserve Corp.		2,361		281,478
Fluor Corp.		7,470		494,962
General Dynamics Corp.		15,705		1,114,427


	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
General Electric Co.		443,113	$	8,104,537
Goodrich Corp.		5,230		460,606
Honeywell International Inc.		32,448		1,724,936
Illinois Tool Works Inc.		20,619		1,101,055
Ingersoll-Rand PLC		13,437		632,748
Iron Mountain Inc.		8,465		211,710
ITT Corp.		7,648		398,537
Jacobs Engineering Group Inc. (a)		5,257		241,033
L-3 Communications Holdings Inc.		4,689		330,528
Lockheed Martin Corp.		12,215		853,951
Masco Corp.		15,128		191,520
Norfolk Southern Corp.		15,107		949,022
Northrop Grumman Corp.		12,061		781,312
PACCAR Inc.		15,168		870,947
Pall Corp.		4,720		234,018
Parker Hannifin Corp.		6,745		582,094
Pitney Bowes Inc.		8,354		202,000
Precision Castparts Corp.		5,932		825,794
Quanta Services Inc. (a)		8,963		178,543
Raytheon Co.		15,153		702,190
Republic Services Inc.		12,889		384,866
Robert Half International Inc.		6,193		189,506
Rockwell Automation Inc.		5,827		417,854
Rockwell Collins Inc.		6,493		378,282
Roper Industries Inc.		3,941		301,211
RR Donnelley & Sons Co.		8,662		151,325
Ryder System Inc.		2,171		114,281
Snap-On Inc.		2,364		133,755
Southwest Airlines Co.		31,108		403,782
Stericycle Inc. (a)		3,559		287,994
Textron Inc.		11,549		273,018
Tyco International Ltd.		20,347		843,180
Union Pacific Corp.		20,507		1,900,179
United Parcel Service Inc. Class B		41,125		2,984,852
United Technologies Corp.		38,401		3,022,927
Waste Management Inc.		19,798		729,952
WW Grainger Inc.		2,410		332,845

				52,043,682

Information Technology (18.52%)
Adobe Systems Inc. (a)		21,144		650,812
Advanced Micro Devices Inc. (a)		23,510		192,312
Akamai Technologies Inc. (a)		7,630		358,992
Altera Corp.		13,000		462,540
Amphenol Corp. Class A		7,329		386,825
Analog Devices Inc.		12,413		467,598
Apple Inc. (a)		38,151		12,305,987
Applied Materials Inc.		55,648		781,854
Autodesk Inc. (a)		9,561		365,230
Automatic Data Processing Inc.		20,513		949,342
BMC Software Inc. (a)		7,305		344,358
Broadcom Corp. Class A		18,941		824,881
CA Inc.		16,038		391,969
Cisco Systems Inc. (a)		230,506		4,663,136
Citrix Systems Inc. (a)		7,810		534,282


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Cognizant Technology Solutions Corp. Class A (a)		12,622	$	925,066
Computer Sciences Corp.		6,514		323,094
Compuware Corp. (a)		8,870		103,513
Corning Inc.		65,023		1,256,244
Dell Inc. (a)		69,679		944,150
eBay Inc. (a)		47,703		1,327,574
Electronic Arts Inc. (a)		13,846		226,797
EMC Corp. (a)		85,693		1,962,370
F5 Networks Inc. (a)		3,363		437,728
Fidelity National Information Services Inc.		11,083		303,563
First Solar Inc. (a)		2,266		294,897
Fiserv Inc. (a)		6,177		361,725
FLIR Systems Inc. (a)		6,680		198,730
Google Inc. Class A (a)		10,374		6,161,845
Harris Corp.		5,315		240,770
Hewlett-Packard Co.		94,308		3,970,367
Intel Corp.		231,992		4,878,792
International Business Machines Corp.		51,668		7,582,796
Intuit Inc. (a)		11,619		572,817
Jabil Circuit Inc.		8,349		167,731
JDS Uniphase Corp. (a)		8,932		129,335
Juniper Networks Inc. (a)		21,760		803,379
KLA-Tencor Corp.		7,048		272,335
Lexmark International Inc. (a)		3,246		113,026
Linear Technology Corp.		9,453		326,979
LSI Corp. (a)		25,092		150,301
MasterCard Inc. Class A		4,028		902,715
McAfee Inc. (a)		6,397		296,245
MEMC Electronic Materials Inc. (a)		9,839		110,787
Microchip Technology Inc.		7,766		265,675
Micron Technology Inc. (a)		36,182		290,180
Microsoft Corp.		313,115		8,742,171
Molex Inc.		5,844		132,776
Monster Worldwide Inc. (a)		5,557		131,312
Motorola Inc. (a)		97,712		886,248
National Semiconductor Corp.		9,781		134,587
NetApp Inc. (a)		15,032		826,159
Novell Inc. (a)		14,180		83,946
Novellus Systems Inc. (a)		3,867		124,981
NVIDIA Corp. (a)		24,164		372,126
Oracle Corp.		160,979		5,038,643
Paychex Inc.		13,389		413,854
QLogic Corp. (a)		4,323		73,577
QUALCOMM Inc.		67,281		3,329,737
Red Hat Inc. (a)		7,954		363,100
SAIC Inc. (a)		11,908		188,861
Salesforce.com Inc. (a)		4,916		648,912
SanDisk Corp. (a)		9,842		490,722
Symantec Corp. (a)		32,195		538,944
Tellabs Inc.		14,974		101,524
Teradata Corp. (a)		7,003		288,243
Teradyne Inc. (a)		7,565		106,213
Texas Instruments Inc.		48,822		1,586,715


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Total System Services Inc.		6,976	$	107,291
VeriSign Inc.		7,030		229,670
Visa Inc. Class A		20,262		1,426,040
Western Digital Corp. (a)		9,415		319,168
Western Union Co.		27,227		505,605
Xerox Corp.		57,947		667,549
Xilinx Inc.		10,875		315,158
Yahoo! Inc. (a)		54,190		901,180

				88,656,656

Materials (3.71%)
Air Products & Chemicals Inc.		8,923		811,547
Airgas Inc.		3,132		195,625
AK Steel Holding Corp.		4,705		77,021
Alcoa Inc.		42,167		648,950
Allegheny Technologies Inc.		4,124		227,562
Ball Corp.		3,668		249,607
Bemis Co. Inc.		4,481		146,349
CF Industries Holdings Inc.		2,974		401,936
Cliffs Natural Resources Inc.		5,597		436,622
Dow Chemical Co., The		48,410		1,652,717
E.I. du Pont de Nemours & Co.		37,968		1,893,844
Eastman Chemical Co.		2,939		247,111
Ecolab Inc.		9,577		482,872
FMC Corp.		3,043		243,105
Freeport-McMoRan Copper & Gold Inc.		19,545		2,347,159
International Flavors & Fragrances Inc.		3,325		184,837
International Paper Co.		18,347		499,772
MeadWestvaco Corp.		7,114		186,102
Monsanto Co.		22,303		1,553,181
Newmont Mining Corp.		20,551		1,262,448
Nucor Corp.		13,011		570,142
Owens-Illinois Inc. (a)		6,860		210,602
PPG Industries Inc.		6,719		564,866
Praxair Inc.		12,745		1,216,765
Sealed Air Corp.		6,584		167,563
Sherwin-Williams Co., The		3,674		307,698
Sigma-Aldrich Corp.		5,045		335,795
Titanium Metals Corp. (a)		3,782		64,975
United States Steel Corp.		5,908		345,145
Vulcan Materials Co.		5,305		235,330

				17,767,248

Telecommunication Services (3.09%)
American Tower Corp. Class A (a)		16,542		854,229
AT&T Inc.		245,786		7,221,193
CenturyLink Inc.		12,612		582,296
Frontier Communications Corp.		41,520		403,990
MetroPCS Communications Inc. (a)		10,827		136,745
Qwest Communications International Inc.		71,790		546,322
Sprint Nextel Corp. (a)		125,261		529,854
Verizon Communications Inc.		117,557		4,206,189


	Shares		Value
Common Stocks (Cont.)
Telecommunication Services (Cont.)
Windstream Corp.		20,117	$	280,431

				14,761,249

Utilities (3.27%)
AES Corp., The (a)		27,796		338,555
Allegheny Energy Inc.		7,072		171,425
Ameren Corp.		9,951		280,519
American Electric Power Company Inc.		19,841		713,879
CenterPoint Energy Inc.		17,662		277,647
CMS Energy Corp.		10,172		189,199
Consolidated Edison Inc.		12,084		599,004
Constellation Energy Group Inc.		8,153		249,726
Dominion Resources Inc.		24,135		1,031,047
DTE Energy Co.		7,032		318,690
Duke Energy Corp.		55,089		981,135
Edison International		13,662		527,353
Entergy Corp.		7,519		532,571
Exelon Corp.		27,508		1,145,433
FirstEnergy Corp.		12,530		463,861
Integrys Energy Group Inc.		3,293		159,743
NextEra Energy Inc.		17,356		902,338
Nicor Inc.		1,964		98,043
NiSource Inc.		11,598		204,357
Northeast Utilities		7,404		236,040
NRG Energy Inc. (a)		10,344		202,122
ONEOK Inc.		4,423		245,344
Pepco Holdings Inc.		9,280		169,360
PG&E Corp.		16,306		780,079
Pinnacle West Capital Corp.		4,626		191,748
PPL Corp.		19,902		523,821
Progress Energy Inc.		12,073		524,934
Public Service Enterprise Group Inc.		20,938		666,038
SCANA Corp.		4,709		191,185
Sempra Energy		9,977		523,593
Southern Co.		34,881		1,333,501
TECO Energy Inc.		8,813		156,871
Wisconsin Energy Corp.		4,931		290,239
Xcel Energy Inc.		19,045		448,510

				15,667,910

Total Common Stocks (cost $483,366,175)				475,552,316


	Principal amount		Value
Short-term Investments (0.55%)
U.S. Treasury Bill (b)
0.107%, 02/03/2011	$	2,634,000	$	2,633,802

Total Short-term Investments (cost $2,633,767)				2,633,802

TOTAL INVESTMENTS (99.91%) (cost $485,999,942)				478,186,118
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.09%)				454,105

NET ASSETS (100.00%)			$	478,640,223

(a)	Non-income producing security.

(b)	At December 31, 2010, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.


	Shares		Value
Common Stocks (97.34%)
Consumer Discretionary (13.51%)
1-800-FLOWERS.COM Inc. (a)		5,927		$ 15,944
99 Cents Only Stores (a)		9,375		149,438
AFC Enterprises Inc. (a)		5,200		72,280
AH Belo Corp. Class A (a)		3,621		31,503
Ambassadors Group Inc.		3,749		43,114
American Apparel Inc. (a)		7,425		12,326
American Axle & Manufacturing Holdings Inc. (a)		12,360		158,950
American Greetings Corp. Class A		8,042		178,211
American Public Education Inc. (a)		3,773		140,507
America’s Car-Mart Inc. (a)		1,997		54,079
Amerigon Inc. (a)		4,591		49,950
Ameristar Casinos Inc.		5,412		84,590
AnnTaylor Stores Corp. (a)		12,174		333,446
Arbitron Inc.		5,556		230,685
Archipelago Learning Inc. (a)		2,367		23,220
Arctic Cat Inc. (a)		2,433		35,619
Asbury Automotive Group Inc. (a)		5,995		110,788
Ascent Media Corp. Class A (a)		2,922		113,257
Audiovox Corp. (a)		3,821		32,975
Ballantyne Strong Inc. (a)		2,849		22,137
Barnes & Noble Inc.		7,907		111,884
Beazer Homes USA Inc. (a)		15,860		85,485
bebe stores inc.		6,650		39,634
Belo Corp. Class A (a)		18,697		132,375
Big 5 Sporting Goods Corp.		4,464		68,165
Biglari Holdings Inc. (a)		293		120,192
BJ’s Restaurants Inc. (a)		4,605		163,155
Blue Nile Inc. (a)		2,559		146,017
Bluegreen Corp. (a)		2,821		9,084
Blyth Inc.		1,157		39,893
Bob Evans Farms Inc.		6,060		199,738
Bon-Ton Stores Inc., The (a)		2,364		29,928
Books-A-Million Inc.		1,675		9,715
Borders Group Inc. (a)		11,312		10,183
Boyd Gaming Corp. (a)		11,048		117,109
Bridgepoint Education Inc. (a)		3,982		75,658
Brookfield Homes Corp. (a)		2,200		20,680
Brown Shoe Co. Inc.		8,907		124,075
Brunswick Corp.		18,374		344,329
Buckle Inc., The		5,351		202,107
Buffalo Wild Wings Inc. (a)		3,687		161,675
Build-A-Bear Workshop Inc. (a)		3,470		26,511
Cabela’s Inc. (a)		8,118		176,566
California Pizza Kitchen Inc. (a)		4,001		69,137
Callaway Golf Co.		13,272		107,105
Cambium Learning Group Inc. (a)		3,282		11,290
Capella Education Co. (a)		3,446		229,435
Caribou Coffee Company Inc. (a)		1,597		16,098
Carmike Cinemas Inc. (a)		2,221		17,146
Carrols Restaurant Group Inc. (a)		2,666		19,782
Carter’s Inc. (a)		12,144		358,369
Casual Male Retail Group Inc. (a)		8,418		39,901
Cato Corp. Class A		5,685		155,826
Cavco Industries Inc. (a)		1,292		60,323
CEC Entertainment Inc. (a)		4,526		175,745


	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Charming Shoppes Inc. (a)		23,319		$ 82,782
Cheesecake Factory Inc., The (a)		12,324		377,854
Cherokee Inc.		1,554		29,231
Children’s Place Retail Stores Inc., The (a)		5,657		280,813
Christopher & Banks Corp.		7,073		43,499
Churchill Downs Inc.		2,279		98,909
Cinemark Holdings Inc.		11,683		201,415
Citi Trends Inc. (a)		3,029		74,362
CKX Inc. (a)		11,841		47,719
Coinstar Inc. (a)		6,544		369,343
Coldwater Creek Inc. (a)		12,485		39,577
Collective Brands Inc. (a)		13,291		280,440
Columbia Sportswear Co.		2,223		134,047
Conn’s Inc. (a)		2,383		11,152
Cooper Tire & Rubber Co.		12,583		296,707
Core-Mark Holding Co. Inc. (a)		2,184		77,729
Corinthian Colleges Inc. (a)		18,098		94,291
CPI Corp.		988		22,279
Cracker Barrel Old Country Store Inc.		4,875		267,004
Crocs Inc. (a)		17,619		301,637
Crown Media Holdings Inc. (a)		5,164		13,530
CSS Industries Inc.		1,590		32,770
Culp Inc. (a)		1,775		18,389
Cumulus Media Inc. Class A (a)		4,334		18,680
Dana Holding Corp. (a)		28,921		497,730
Deckers Outdoor Corp. (a)		8,007		638,478
Delta Apparel Inc. (a)		1,195		16,132
Denny’s Corp. (a)		20,836		74,593
Destination Maternity Corp. (a)		948		35,958
Dex One Corp. (a)		10,276		76,659
Dillard’s Inc. Class A		8,986		340,929
DineEquity Inc. (a)		3,683		181,867
Domino’s Pizza Inc. (a)		7,622		121,571
Dorman Products Inc. (a)		2,306		83,569
Dress Barn Inc., The (a)		10,677		282,086
Drew Industries Inc.		3,916		88,972
drugstore.com Inc. (a)		18,939		41,855
DSW Inc. (a)		2,887		112,882
E.W. Scripps Co Class A (a)		6,265		63,590
Eastman Kodak Co. (a)		55,302		296,419
Einstein Noah Restaurant Group Inc. (a)		1,099		15,441
Empire Resorts Inc. (a)		4,929		5,077
Entercom Communications Corp. Class A (a)		4,788		55,445
Entravision Communications Corp. Class A (a)		9,793		25,168
Ethan Allen Interiors Inc.		5,042		100,890
Exide Technologies (a)		15,458		145,460
Express Inc.		3,255		61,194
Finish Line Inc. Class A, The		10,428		179,257
Fisher Communications Inc. (a)		1,344		29,299
Fred’s Inc. Class A		7,875		108,360
Fuel Systems Solutions Inc. (a)		2,912		85,555
Furniture Brands International Inc. (a)		9,133		46,944


	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Gaiam Inc. Class A		3,421	$	26,342
Gaylord Entertainment Co. (a)		7,221		259,523
Genesco Inc. (a)		4,898		183,626
G-III Apparel Group Ltd. (a)		3,150		110,722
Global Sources Ltd. (a)		4,695		44,696
Grand Canyon Education Inc. (a)		6,358		124,553
Gray Television Inc. (a)		9,777		18,283
Group 1 Automotive Inc.		5,030		210,053
Harte-Hanks Inc.		7,930		101,266
Haverty Furniture Companies Inc.		3,827		49,674
Helen of Troy Ltd. (a)		6,180		183,793
hhgregg Inc. (a)		2,688		56,314
Hibbett Sports Inc. (a)		5,918		218,374
Hooker Furniture Corp.		2,155		30,450
Hot Topic Inc.		9,354		58,650
Hovnanian Enterprises Inc. (a)		10,966		44,851
HSN Inc. (a)		8,046		246,529
Iconix Brand Group Inc. (a)		14,772		285,247
Interval Leisure Group Inc. (a)		8,303		134,010
iRobot Corp. (a)		4,302		107,034
Isle of Capri Casinos Inc. (a)		3,230		33,011
Jack in the Box Inc. (a)		11,006		232,557
JAKKS Pacific Inc. (a)		5,723		104,273
Jamba Inc. (a)		11,997		27,233
Jo-Ann Stores Inc. (a)		5,622		338,557
Joe’s Jeans Inc. (a)		8,464		13,204
Johnson Outdoors Inc. Class A (a)		859		10,755
Jones Group Inc., The		17,932		278,663
Jos. A. Bank Clothiers Inc. (a)		5,629		226,961
Journal Communications Inc. Class A (a)		8,512		42,986
K12 Inc. (a)		5,149		147,570
Kenneth Cole Productions Inc. (a)		1,745		21,795
Kid Brands Inc. (a)		2,507		21,435
Kirkland’s Inc. (a)		3,413		47,884
Knology Inc. (a)		6,233		97,422
Krispy Kreme Doughnuts Inc. (a)		12,312		85,938
K-Swiss Inc. Class A (a)		5,570		69,458
LaCrosse Footwear Inc.		937		15,367
La-Z-Boy Inc. (a)		10,547		95,134
Leapfrog Enterprises Inc. (a)		7,131		39,577
Learning Tree International Inc.		1,356		12,963
Lee Enterprises Inc. Class A (a)		9,053		22,270
Libbey Inc. (a)		3,287		50,850
Life Time Fitness Inc. (a)		8,557		350,751
Lifetime Brands Inc. (a)		1,868		26,227
Lin TV Corp. (a)		5,821		30,851
Lincoln Educational Services Corp.		3,358		52,083
Lions Gate Entertainment Corp. (a)		13,911		90,561
Lithia Motors Inc. Class A		4,378		62,562
Live Nation Entertainment Inc. (a)		29,082		332,116
Liz Claiborne Inc. (a)		19,682		140,923
LodgeNet Interactive Corp. (a)		5,023		21,348
Lumber Liquidators Holdings Inc. (a)		4,555		113,465
M/I Homes Inc. (a)		3,761		57,844
Mac-Gray Corp.		2,493		37,270


	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Maidenform Brands Inc. (a)		4,691	$	111,505
Marcus Corp.		3,998		53,053
Marine Products Corp. (a)		2,326		15,491
MarineMax Inc. (a)		4,465		41,748
Martha Stewart Living Omnimedia Inc. (a)		5,601		24,756
Matthews International Corp.		6,246		218,485
McClatchy Co. Class A, The (a)		12,134		56,666
McCormick & Schmick’s Seafood Restaurants Inc. (a)		3,188		28,979
Media General Inc. Class A (a)		4,484		25,918
Mediacom Communications Corp. Class A (a)		7,941		67,181
Men’s Wearhouse Inc., The		10,688		266,986
Meritage Homes Corp. (a)		6,592		146,342
Midas Inc. (a)		3,045		24,695
Modine Manufacturing Co. (a)		9,545		147,948
Monarch Casino & Resort Inc. (a)		1,635		20,438
Monro Muffler Brake Inc.		6,108		211,276
Morgans Hotel Group Co. (a)		4,605		41,767
Movado Group Inc. (a)		3,294		53,165
Multimedia Games Inc. (a)		5,221		29,133
National American University Holdings Inc.		1,548		11,362
National CineMedia Inc.		10,853		216,083
New York & Co. Inc. (a)		5,088		22,489
Nexstar Broadcasting Group Inc. Class A (a)		2,095		12,549
NutriSystem Inc.		5,686		119,577
O’Charley’s Inc. (a)		3,981		28,663
OfficeMax Inc. (a)		17,431		308,529
Orbitz Worldwide Inc. (a)		4,308		24,082
Orient-Express Hotels Ltd. Class A (a)		18,748		243,537
Outdoor Channel Holdings Inc. (a)		2,634		18,886
Overstock.com Inc. (a)		3,129		51,566
Oxford Industries Inc.		2,818		72,169
Pacific Sunwear of California Inc. (a)		13,758		74,568
Papa John’s International Inc. (a)		4,179		115,758
Peet’s Coffee & Tea Inc. (a)		2,401		100,218
Penske Automotive Group Inc. (a)		8,885		154,777
Pep Boys-Manny, Moe & Jack, The		10,741		144,252
Perry Ellis International Inc. (a)		2,043		56,121
PetMed Express Inc.		4,719		84,045
PF Chang’s China Bistro Inc.		4,764		230,863
Pier 1 Imports Inc. (a)		21,689		227,734
Pinnacle Entertainment Inc. (a)		12,281		172,180
Playboy Enterprises Inc. (a)		4,731		24,696
Polaris Industries Inc.		6,396		499,016
Pool Corp.		10,118		228,060
Pre-Paid Legal Services Inc. (a)		1,533		92,363
Primedia Inc.		3,863		16,225
Quiksilver Inc. (a)		26,926		136,515
R.G. Barry Corp.		1,689		18,782
Radio One Inc. Class D (a)		6,144		6,881
RC2 Corp. (a)		4,395		95,679
ReachLocal Inc. (a)		953		18,974


	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Red Lion Hotels Corp. (a)		2,646	$	21,115
Red Robin Gourmet Burgers Inc. (a)		3,222		69,176
Regis Corp.		11,723		194,602
Rent-A-Center Inc.		11,420		368,638
Rentrak Corp. (a)		1,904		57,425
Retail Ventures Inc. (a)		4,788		78,044
Ruby Tuesday Inc. (a)		13,062		170,590
Rue21 Inc. (a)		3,005		88,077
Ruth’s Hospitality Group Inc. (a)		6,032		27,928
Ryland Group Inc.		9,142		155,688
Saks Inc. (a)		27,806		297,524
Sally Beauty Holdings Inc. (a)		19,397		281,838
Scholastic Corp.		6,163		182,055
Scientific Games Corp. Class A (a)		13,236		131,831
Sealy Corp. (a)		10,019		29,255
Select Comfort Corp. (a)		11,189		102,156
Shiloh Industries Inc.		1,011		12,081
Shoe Carnival Inc. (a)		1,872		50,544
Shuffle Master Inc. (a)		11,037		126,374
Shutterfly Inc. (a)		5,508		192,945
Sinclair Broadcast Group Inc. Class A		9,223		75,444
Skechers U.S.A. Inc. (a)		7,112		142,240
Skyline Corp.		1,501		39,146
Smith & Wesson Holding Corp. (a)		12,378		46,294
Sonic Automotive Inc.		8,144		107,827
Sonic Corp. (a)		12,527		126,773
Sotheby’s		13,778		620,010
Spartan Motors Inc.		7,181		43,732
Speedway Motorsports Inc.		2,348		35,971
Stage Stores Inc.		7,794		135,148
Standard Motor Products Inc.		3,966		54,334
Standard Pacific Corp. (a)		21,498		98,891
Stein Mart Inc.		5,263		48,683
Steiner Leisure Ltd. (a)		3,031		141,548
Steinway Musical Instruments Inc. (a)		1,280		25,408
Steven Madden Ltd. (a)		5,045		210,477
Stewart Enterprises Inc.		16,731		111,930
Stoneridge Inc. (a)		3,207		50,639
Sturm, Ruger & Company Inc.		3,866		59,111
Summer Infant Inc. (a)		2,136		16,191
Superior Industries International Inc.		4,829		102,471
SuperMedia Inc. (a)		2,615		22,777
Systemax Inc. (a)		2,095		29,540
Talbots Inc. (a)		14,406		122,739
Tenneco Inc. (a)		12,279		505,404
Texas Roadhouse Inc. Class A (a)		11,711		201,078
Timberland Co. Class A, The (a)		8,489		208,745
True Religion Apparel Inc. (a)		5,312		118,245
Tuesday Morning Corp. (a)		5,949		31,411
Ulta Salon Cosmetics & Fragrance Inc. (a)		6,443		219,062
Under Armour Inc. Class A (a)		7,230		396,493
Unifi Inc. (a)		2,900		49,097
Universal Electronics Inc. (a)		2,778		78,812
Universal Technical Institute Inc.		4,312		94,950
US Auto Parts Network Inc. (a)		2,609		21,916


	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Vail Resorts Inc. (a)		7,402	$	385,200
Valassis Communications Inc. (a)		10,246		331,458
Vera Bradley Inc. (a)		2,569		84,777
Vitacost.com Inc. (a) (b)		2,898		4,130
Vitamin Shoppe Inc. (a)		3,263		109,767
Volcom Inc.		3,947		74,480
Warnaco Group Inc., The (a)		9,078		499,925
Warner Music Group Corp. (a)		9,097		51,216
West Marine Inc. (a)		3,082		32,608
Westwood One Inc. (a)		1,035		9,450
Wet Seal Inc. Class A (a)		20,784		76,901
Weyco Group Inc.		1,376		33,698
Winmark Corp.		477		16,046
Winnebago Industries Inc. (a)		6,083		92,462
Wolverine World Wide Inc.		10,077		321,255
World Wrestling Entertainment Inc.		4,930		70,203
Zumiez Inc. (a)		4,262		114,520

				32,989,977

Consumer Staples (2.91%)
Alico Inc.		653		15,568
Alliance One International Inc. (a)		18,464		78,287
Andersons Inc., The		3,781		137,439
Arden Group Inc. Class A		240		19,800
B&G Foods Inc. Class A		9,987		137,122
Boston Beer Co. Inc. (a)		1,807		171,828
Calavo Growers Inc.		2,269		52,300
Cal-Maine Foods Inc.		2,883		91,045
Casey’s General Stores Inc.		7,713		327,880
Central Garden & Pet Co. (a)		11,753		116,120
Chiquita Brands International Inc. (a)		9,199		128,970
Coca-Cola Bottling Co. Consolidated		896		49,800
Darling International Inc. (a)		16,903		224,472
Diamond Foods Inc.		4,478		238,140
Dole Food Company Inc. (a)		7,487		101,149
Elizabeth Arden Inc. (a)		4,964		114,222
Farmer Brothers Co.		1,392		24,778
Female Health Co., The		3,747		21,320
Fresh Del Monte Produce Inc.		8,191		204,365
Fresh Market Inc., The (a)		3,077		126,772
Griffin Land & Nurseries Inc.		530		17,161
Hain Celestial Group Inc., The (a)		8,481		229,496
Harbinger Group Inc. (a)		2,137		13,228
Heckmann Corp. (a)		18,599		93,553
Imperial Sugar Co.		2,561		34,241
Ingles Markets Inc.		2,454		47,117
Inter Parfums Inc.		3,080		58,058
J&J Snack Foods Corp.		2,880		138,931
John B. Sanfilippo & Son Inc. (a)		1,589		19,767
Lancaster Colony Corp.		3,879		221,879
Lifeway Foods Inc. (a)		1,050		10,028
Limoneira Co.		1,648		47,298
Medifast Inc. (a)		2,768		79,940
MGP Ingredients Inc.		2,179		24,056
Nash Finch Co.		2,570		109,251
National Beverage Corp.		2,282		29,985


	Shares		Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
Nature’s Sunshine Products Inc. (a)		1,514	$	13,596
Nu Skin Enterprises Inc.		10,071		304,748
Nutraceutical International Corp. (a)		2,047		29,047
Oil-Dri Corporation of America		1,146		24,628
Pantry Inc., The (a)		4,637		92,091
Pilgrim’s Pride Corp. (a)		9,939		70,468
Prestige Brands Holdings Inc. (a)		8,534		101,981
PriceSmart Inc.		3,260		123,978
Revlon Inc. Class A (a)		2,370		23,321
Rite Aid Corp. (a)		114,250		100,906
Ruddick Corp.		8,878		327,066
Sanderson Farms Inc.		4,717		184,671
Schiff Nutrition International Inc.		2,295		20,839
Seneca Foods Corp. Class A (a)		1,642		44,301
Smart Balance Inc. (a)		12,899		55,853
Snyders-Lance Inc.		5,440		127,514
Spartan Stores Inc.		4,494		76,173
Spectrum Brands Holdings Inc. (a)		3,642		113,521
Star Scientific Inc. (a)		19,549		38,121
Susser Holdings Corp. (a)		1,698		23,517
Synutra International Inc. (a)		3,676		49,442
Tootsie Roll Industries Inc.		4,760		137,897
TreeHouse Foods Inc. (a)		7,153		365,447
United Natural Foods Inc. (a)		8,841		324,288
Universal Corp.		4,929		200,610
USANA Health Sciences Inc. (a)		1,226		53,270
Vector Group Ltd.		9,305		161,163
Village Super Market Inc. Class A		1,345		44,385
WD-40 Co.		3,432		138,241
Weis Markets Inc.		2,191		88,363
Winn-Dixie Stores Inc. (a)		11,289		80,942

				7,095,754

Energy (6.21%)
Abraxas Petroleum Corp. (a)		13,851		63,299
Allis-Chalmers Energy Inc. (a)		7,847		55,635
Alon USA Energy Inc.		1,265		7,565
Apco Oil and Gas International Inc.		1,970		113,275
Approach Resources Inc. (a)		2,602		60,106
ATP Oil & Gas Corp. (a)		9,108		152,468
Basic Energy Services Inc. (a)		4,897		80,703
Berry Petroleum Co.		10,562		461,559
Bill Barrett Corp. (a)		9,443		388,391
BPZ Resources Inc. (a)		19,838		94,429
Brigham Exploration Co. (a)		24,095		656,348
Bristow Group Inc. (a)		7,342		347,644
Cal Dive International Inc. (a)		19,307		109,471
Callon Petroleum Co. (a)		5,825		34,484
CAMAC Energy Inc. (a)		9,673		19,249
CARBO Ceramics Inc.		3,957		409,708
Carrizo Oil & Gas Inc. (a)		6,289		216,908
Cheniere Energy Inc. (a)		11,596		64,010
Clayton Williams Energy Inc. (a)		1,209		101,520
Clean Energy Fuels Corp. (a)		8,211		113,640
Cloud Peak Energy Inc. (a)		6,346		147,418
Complete Production Services Inc. (a)		15,971		471,943


	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Contango Oil & Gas Co. (a)		2,478	$	143,551
Crosstex Energy Inc.		8,445		74,823
CVR Energy Inc. (a)		6,168		93,630
Dawson Geophysical Co. (a)		1,697		54,134
Delek US Holdings Inc.		2,909		21,178
Delta Petroleum Corp. (a)		37,187		28,262
DHT Holdings Inc.		9,531		44,319
Dril-Quip Inc. (a)		6,982		542,641
Endeavour International Corp. (a)		4,071		56,180
Energy Partners Ltd. (a)		5,913		87,867
Energy XXI Bermuda Ltd. (a)		14,023		388,016
Evolution Petroleum Corp. (a)		2,940		19,169
FX Energy Inc. (a)		9,399		57,804
Gastar Exploration Ltd. (a)		8,841		38,016
General Maritime Corp.		16,182		52,592
GeoResources Inc. (a)		2,633		58,479
Global Geophysical Services Inc. (a)		1,478		15,342
Global Industries Ltd. (a)		20,835		144,387
GMX Resources Inc. (a)		6,628		36,587
Golar LNG Ltd.		7,431		111,539
Goodrich Petroleum Corp. (a)		4,992		88,059
Green Plains Renewable Energy Inc. (a)		3,249		36,584
GreenHunter Energy Inc. Warrants (a) (b)		94		0
Gulf Island Fabrication Inc.		2,913		82,088
GulfMark Offshore Inc. Class A (a)		4,773		145,099
Gulfport Energy Corp. (a)		5,409		117,105
Hallador Energy Co.		738		7,742
Harvest Natural Resources Inc. (a)		6,778		82,488
Helix Energy Solutions Group Inc. (a)		21,484		260,816
Hercules Offshore Inc. (a)		23,418		81,026
Hornbeck Offshore Services Inc. (a)		4,922		102,771
Houston American Energy Corp.		3,665		66,300
International Coal Group Inc. (a)		26,883		208,074
ION Geophysical Corp. (a)		26,395		223,830
Isramco Inc. (a)		253		21,328
James River Coal Co. (a)		5,718		144,837
Key Energy Services Inc. (a)		26,032		337,895
Knightsbridge Tankers Ltd.		3,577		79,660
Kodiak Oil & Gas Corp. (a)		36,045		237,897
L&L Energy Inc. (a)		3,340		36,072
Lufkin Industries Inc.		6,139		383,012
Magnum Hunter Resources Corp. (a)		9,817		70,682
Matrix Service Co. (a)		5,208		63,433
McMoRan Exploration Co. (a)		17,074		292,648
Miller Petroleum Inc. (a)		3,639		18,923
Natural Gas Services Group (a)		2,365		44,722
Newpark Resources Inc. (a)		18,166		111,903
Nordic American Tanker Shipping Ltd.		9,729		253,149
Northern Oil and Gas Inc. (a)		9,049		246,223
Oasis Petroleum Inc. (a)		9,890		268,217
Overseas Shipholding Group Inc.		5,254		186,097
OYO Geospace Corp. (a)		826		81,865
Panhandle Oil & Gas Inc.		1,548		42,446
Parker Drilling Co. (a)		24,140		110,320


	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Patriot Coal Corp. (a)		16,053	$	310,947
Penn Virginia Corp.		9,407		158,226
Petroleum Development Corp. (a)		3,944		166,476
Petroquest Energy Inc. (a)		11,288		84,999
PHI Inc. (a)		2,863		53,939
Pioneer Drilling Co. (a)		11,050		97,350
RAM Energy Resources Inc. (a)		11,149		20,514
Rentech Inc. (a)		43,853		53,501
Resolute Energy Corp. (a)		7,775		114,759
REX American Resources Corp. (a)		1,462		22,456
Rex Energy Corp. (a)		6,587		89,913
Rosetta Resources Inc. (a)		10,900		410,276
RPC Inc.		8,853		160,416
Scorpio Tankers Inc. (a)		2,619		26,478
Seahawk Drilling Inc. (a)		2,155		19,287
Ship Finance International Ltd.		9,261		199,297
Stone Energy Corp. (a)		8,864		197,579
Swift Energy Co. (a)		7,770		304,196
Syntroleum Corp. (a)		14,757		27,300
T-3 Energy Services Inc. (a)		2,741		109,174
Teekay Tankers Ltd. Class A		5,517		68,080
Tesco Corp. (a)		6,172		98,011
TETRA Technologies Inc. (a)		15,527		184,305
TransAtlantic Petroleum Ltd. (a)		30,162		100,439
Union Drilling Inc. (a)		2,948		21,461
Uranium Energy Corp. (a)		12,265		74,081
USEC Inc. (a)		23,098		139,050
VAALCO Energy Inc. (a)		10,588		75,810
Vantage Drilling Co. (a)		25,223		51,203
Venoco Inc. (a)		4,026		74,280
W&T Offshore Inc.		7,140		127,592
Warren Resources Inc. (a)		14,381		65,002
Western Refining Inc. (a)		10,458		110,646
Willbros Group Inc. (a)		8,329		81,791
World Fuel Services Corp.		14,070		508,771

				15,179,205

Financials (19.19%)
1st Source Corp.		3,262		66,023
1st United Bancorp Inc. (a)		4,439		30,673
Abington Bancorp Inc.		4,247		50,667
Acadia Realty Trust		8,338		152,085
Advance America Cash Advance Centers Inc.		11,191		63,117
Agree Realty Corp.		1,773		46,435
Alexander’s Inc.		418		172,333
Alliance Financial Corp.		962		31,121
Alterra Capital Holdings Ltd.		19,521		422,434
American Campus Communities Inc.		13,414		426,029
American Capital Agency Corp.		10,307		296,223
American Equity Investment Life Holding Co.		11,847		148,680
American National Bankshares Inc.		1,358		31,981
American Safety Insurance Holdings Ltd. (a)		2,096		44,812
Ameris Bancorp (a)		5,017		52,879


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Amerisafe Inc. (a)		3,988	$	69,790
Ames National Corp.		1,650		35,756
AmTrust Financial Services Inc.		4,586		80,255
Anworth Mortgage Asset Corp.		24,388		170,716
Apollo Commercial Real Estate Finance Inc.		2,188		35,774
Argo Group International Holdings Ltd.		6,380		238,931
Arrow Financial Corp.		1,918		52,764
Artio Global Investors Inc.		5,684		83,839
Ashford Hospitality Trust Inc. (a)		8,617		83,154
Asset Acceptance Capital Corp. (a)		3,279		19,444
Associated Estates Realty Corp.		8,457		129,308
Asta Funding Inc.		2,111		17,099
Astoria Financial Corp.		17,744		246,819
Avatar Holdings Inc. (a)		1,800		35,676
Baldwin & Lyons Inc.		1,780		41,883
BancFirst Corp.		1,429		58,861
Banco Latinoamericano de Comercio Exterior SA		5,833		107,677
Bancorp Inc. (a)		4,621		46,996
Bancorp Rhode Island Inc.		686		19,956
Bank Mutual Corp.		9,539		45,596
Bank of Marin Bancorp		1,145		40,075
Bank of the Ozarks Inc.		2,664		115,484
BankFinancial Corp.		4,171		40,667
Beneficial Mutual Bancorp Inc. (a)		7,091		62,614
Berkshire Hills Bancorp Inc.		2,860		63,206
BGC Partners Inc. Class A		11,637		96,703
BioMed Realty Trust Inc.		26,719		498,309
BofI Holding Inc. (a)		1,411		21,885
Boston Private Financial Holdings Inc.		15,390		100,804
Bridge Bancorp Inc.		1,385		34,140
Brookline Bancorp Inc.		12,378		134,300
Bryn Mawr Bank Corp.		1,723		30,066
Calamos Asset Management Inc. Class A		3,869		54,166
California First National Bancorp		556		8,023
Camden National Corp.		1,647		59,671
Campus Crest Communities Inc.		6,211		87,078
Capital City Bank Group Inc.		2,290		28,854
CapLease Inc.		11,362		66,127
Capstead Mortgage Corp.		14,391		181,183
Cardinal Financial Corp.		5,852		68,059
Cash America International Inc.		6,141		226,787
Cathay General Bancorp		16,173		270,089
CBL & Associates Properties Inc.		28,565		499,888
Cedar Shopping Centers Inc.		11,145		70,102
Center Financial Corp. (a)		7,212		54,667
Centerstate Banks Inc.		5,279		41,810
Century Bancorp Inc. Class A		607		16,262
Chatham Lodging Trust		1,736		29,946
Chemical Financial Corp.		5,122		113,452
Chesapeake Lodging Trust		1,620		30,472
Citizens & Northern Corp.		2,446		36,348
Citizens Inc. (a)		7,415		55,242


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Citizens Republic Bancorp Inc. (a)		80,576	$	49,554
City Holding Co.		3,317		120,175
Clifton Savings Bancorp Inc.		1,833		19,815
CNA Surety Corp. (a)		3,687		87,308
CNB Financial Corp.		2,504		37,084
CNO Financial Group Inc. (a)		45,744		310,144
CoBiz Financial Inc.		6,659		40,487
Cogdell Spencer Inc.		8,772		50,878
Cohen & Steers Inc.		3,684		96,152
Colonial Properties Trust		14,502		261,761
Colony Financial Inc.		2,899		58,038
Columbia Banking System Inc.		8,143		171,492
Community Bank System Inc.		6,797		188,753
Community Trust Bancorp Inc.		2,856		82,710
Compass Diversified Holdings		6,740		119,231
CompuCredit Holdings Corp. (a)		3,433		23,962
Consolidated-Tomoka Land Co.		1,176		33,986
Coresite Realty Corp.		3,992		54,451
Cousins Properties Inc.		18,597		155,099
Cowen Group Inc. Class A (a)		7,320		34,111
Crawford & Co. Class B (a)		4,811		16,357
Credit Acceptance Corp. (a)		1,155		72,499
CreXus Investment Corp.		2,624		34,374
CVB Financial Corp.		18,441		159,883
Cypress Sharpridge Investments Inc.		7,334		94,682
Danvers Bancorp Inc.		3,948		69,761
DCT Industrial Trust Inc.		43,375		230,321
Delphi Financial Group Inc. Class A		8,399		242,227
Diamond Hill Investment Group		487		35,230
DiamondRock Hospitality Co. (a)		31,717		380,604
Dime Community Bancshares		5,472		79,836
Dollar Financial Corp. (a)		4,983		142,663
Donegal Group Inc.		2,254		32,638
Doral Financial Corp. (a)		3,670		5,065
Duff & Phelps Corp. Class A		5,568		93,876
DuPont Fabros Technology Inc.		8,413		178,945
Dynex Capital Inc.		2,749		30,019
Eagle Bancorp Inc. (a)		3,389		48,903
EastGroup Properties Inc.		5,530		234,030
Education Realty Trust Inc.		11,634		90,396
eHealth Inc. (a)		4,784		67,885
EMC Insurance Group Inc.		1,078		24,406
Employers Holdings Inc.		7,377		128,950
Encore Bancshares Inc. (a)		1,599		16,406
Encore Capital Group Inc. (a)		2,844		66,692
Enstar Group Ltd. (a)		1,430		120,949
Enterprise Financial Services Corp.		3,002		31,401
Entertainment Properties Trust		9,524		440,485
Epoch Holding Corp.		2,548		39,570
Equity Lifestyle Properties Inc.		5,375		300,624
Equity One Inc.		7,523		136,768
ESB Financial Corp.		1,987		32,269
ESSA Bancorp Inc.		2,882		38,100
Evercore Partners Inc. Class A		3,209		109,106
Excel Trust Inc.		3,040		36,784


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Extra Space Storage Inc.		18,003	$	313,252
EZCORP Inc. Class A (a)		9,607		260,638
FBL Financial Group Inc.		2,676		76,721
FBR Capital Markets Corp. (a)		10,679		40,794
Federal Agricultural Mortgage Corp. Class C		1,948		31,791
FelCor Lodging Trust Inc. (a)		19,960		140,518
Financial Engines Inc. (a)		2,618		51,915
Financial Institutions Inc.		2,140		40,596
First American Financial Corp.		21,357		319,074
First Bancorp (North Carolina)		3,147		48,181
First BanCorp (Puerto Rico) (a)		19,017		8,748
First Bancorp Inc.		1,896		29,938
First Busey Corp.		10,641		50,013
First Cash Financial Services Inc. (a)		6,177		191,425
First Commonwealth Financial Corp.		17,795		125,989
First Community Bancshares Inc.		3,193		47,703
First Financial Bancorp		11,971		221,224
First Financial Bankshares Inc.		4,284		219,255
First Financial Corp. Indiana		2,323		81,630
First Financial Holdings Inc.		3,532		40,653
First Industrial Realty Trust Inc. (a)		12,927		113,241
First Interstate BancSystem Inc.		2,519		38,390
First Marblehead Corp., The (a)		11,872		25,762
First Merchants Corp.		5,189		45,975
First Mercury Financial Corp.		2,786		45,690
First Midwest Bancorp Inc.		15,096		173,906
First of Long Island Corp., The		1,264		36,542
First Potomac Realty Trust		10,142		170,588
First South Bancorp Inc.		1,527		9,880
FirstMerit Corp.		22,025		435,875
Flagstar Bancorp Inc. (a)		9,511		15,503
Flagstone Reinsurance Holdings SA.		10,675		134,505
Flushing Financial Corp.		6,370		89,180
FNB Corp. (PA)		23,496		230,731
Forestar Group Inc. (a)		7,611		146,892
Fox Chase Bancorp (a)		1,311		15,535
FPIC Insurance Group Inc. (a)		2,049		75,731
Franklin Street Properties Corp.		14,155		201,709
GAMCO Investors Inc.		1,446		69,422
German American Bancorp Inc.		2,418		44,527
Gerova Financial Group Ltd. (a)		266		7,980
Getty Realty Corp.		4,387		137,225
GFI Group Inc.		13,572		63,653
Glacier Bancorp Inc.		14,898		225,109
Gladstone Commercial Corp.		1,886		35,513
Gleacher & Co Inc. (a)		15,815		37,482
Glimcher Realty Trust		14,107		118,499
Global Indemnity PLC (a)		2,965		60,634
Government Properties Income Trust		5,663		151,712
Great Southern Bancorp Inc.		2,100		49,539
Greene Bancshares Inc. (a)		2,393		7,658
Greenlight Capital Re Ltd. Class A (a)		5,752		154,211
Hallmark Financial Services Inc. (a)		2,337		21,267
Hancock Holding Co.		5,991		208,846


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Hanmi Financial Corp. (a)		21,083	$	24,245
Harleysville Group Inc.		2,408		88,470
Hatteras Financial Corp.		9,436		285,628
Healthcare Realty Trust Inc.		12,793		270,828
Heartland Financial USA Inc.		2,573		44,925
Heritage Financial Corp. (a)		1,984		27,617
Heritage Financial Group Inc.		387		4,807
Hersha Hospitality Trust		27,522		181,645
HFF Inc. Class A (a)		3,851		37,201
Highwoods Properties Inc.		14,806		471,571
Hilltop Holdings Inc. (a)		8,327		82,604
Home Bancorp Inc. (a)		1,648		22,775
Home Bancshares Inc.		4,498		99,091
Home Federal Bancorp Inc.		3,394		41,644
Home Properties Inc.		7,677		425,997
Horace Mann Educators Corp.		8,135		146,755
Hudson Pacific Properties Inc.		3,013		45,346
Hudson Valley Holding Corp.		2,671		66,134
IBERIABANK Corp.		5,486		324,387
Independent Bank Corp. (MA)		4,339		117,370
Infinity Property & Casualty Corp.		2,738		169,208
Inland Real Estate Corp.		15,206		133,813
International Assets Holding Corp. (a)		2,585		61,006
International Bancshares Corp.		10,836		217,045
Internet Capital Group Inc. (a)		7,443		105,839
Invesco Mortgage Capital		8,138		177,734
Investment Technology Group Inc. (a)		8,942		146,381
Investors Bancorp Inc. (a)		9,860		129,363
Investors Real Estate Trust		15,390		138,048
iStar Financial Inc. (a)		19,124		149,550
JMP Group Inc.		2,779		21,204
Kaiser Federal Financial Group Inc.		412		4,771
Kansas City Life Insurance Co.		925		30,553
KBW Inc.		7,281		203,286
Kearny Financial Corp.		3,335		28,681
Kennedy-Wilson Holdings Inc. (a)		4,225		42,208
Kilroy Realty Corp.		11,169		407,333
Kite Realty Group Trust		11,038		59,716
Knight Capital Group Inc. Class A (a)		19,460		268,353
LaBranche & Co. Inc. (a)		7,896		28,426
Ladenburg Thalmann Financial Services Inc. (a)		18,428		21,561
Lakeland Bancorp Inc.		4,009		43,979
Lakeland Financial Corp.		3,414		73,264
LaSalle Hotel Properties		14,287		377,177
Lexington Realty Trust		20,250		160,988
Life Partners Holdings Inc.		1,405		26,878
LTC Properties Inc.		4,878		136,974
Maiden Holdings Ltd.		10,514		82,640
MainSource Financial Group Inc.		4,067		42,337
MarketAxess Holdings Inc.		5,764		119,949
Marlin Business Services Corp. (a)		1,721		21,771
MB Financial Inc.		10,910		188,961
Meadowbrook Insurance Group Inc.		11,278		115,600
Medical Properties Trust Inc.		22,846		247,422
Merchants Bancshares Inc.		893		24,611


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Meridian Interstate Bancorp Inc. (a)		1,963	$	23,144
Metro Bancorp Inc. (a)		2,736		30,123
MF Global Holdings Ltd. (a)		21,581		180,417
MFA Financial Inc.		57,838		471,958
MGIC Investment Corp. (a)		41,538		423,272
Mid-America Apartment Communities Inc.		6,740		427,923
MidSouth Bancorp Inc.		1,497		22,994
MidWestOne Financial Group Inc.		1,386		20,942
Mission West Properties Inc.		3,949		26,419
Monmouth Real Estate Investment Corp. Class A		5,395		45,858
Montpelier Re Holdings Ltd.		14,508		289,290
MPG Office Trust Inc. (a)		9,696		26,664
Nara Bancorp Inc. (a)		7,751		76,115
NASB Financial Inc.		797		13,358
National Bankshares Inc.		1,469		46,259
National Financial Partners Corp. (a)		8,734		117,036
National Health Investors Inc.		5,057		227,666
National Interstate Corp.		1,344		28,762
National Penn Bancshares Inc.		26,114		209,695
National Retail Properties Inc.		17,133		454,024
National Western Life Insurance Co.		448		74,691
Navigators Group Inc., The (a)		2,449		123,307
NBT Bancorp Inc.		7,002		169,098
Nelnet Inc. Class A		5,408		128,116
Netspend Holdings Inc. (a)		6,162		78,997
NewAlliance Bancshares Inc.		21,942		328,691
Newcastle Investment Corp. (a)		12,578		84,273
NewStar Financial Inc. (a)		5,660		59,826
Northfield Bancorp Inc.		3,846		51,229
NorthStar Realty Finance Corp.		15,328		72,808
Northwest Bancshares Inc.		22,753		267,575
OceanFirst Financial Corp.		2,940		37,838
Ocwen Financial Corp. (a)		15,230		145,294
Old National Bancorp		17,898		212,807
Omega Healthcare Investors Inc.		19,122		429,098
OmniAmerican Bancorp Inc. (a)		2,571		34,837
One Liberty Properties Inc.		1,699		28,373
Oppenheimer Holdings Inc. Class A		2,102		55,093
optionsXpress Holdings Inc.		8,825		138,288
Oriental Financial Group Inc.		9,799		122,390
Oritani Financial Corp.		11,388		139,389
Orrstown Financial Services Inc.		1,356		37,168
Pacific Continental Corp.		3,584		36,055
PacWest Bancorp		6,297		134,630
Park National Corp.		2,563		186,253
Parkway Properties Inc.		4,404		77,158
Peapack-Gladstone Financial Corp.		1,909		24,912
Pebblebrook Hotel Trust		7,041		143,073
Penns Woods Bancorp Inc.		855		34,029
Pennsylvania Real Estate Investment Trust		11,348		164,886
Pennymac Mortgage Investment Trust		3,411		61,910
Penson Worldwide Inc. (a)		3,880		18,973


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Peoples Bancorp Inc.		2,164	$	33,867
PHH Corp. (a)		11,416		264,280
Phoenix Companies Inc., The (a)		23,005		58,433
PICO Holdings Inc. (a)		4,720		150,096
Pinnacle Financial Partners Inc. (a)		6,814		92,534
Piper Jaffray Companies Inc. (a)		3,363		117,739
Platinum Underwriters Holdings Ltd.		8,452		380,086
PMI Group Inc., The (a)		29,724		98,089
Porter Bancorp Inc.		766		7,897
Portfolio Recovery Associates Inc. (a)		3,524		265,005
Post Properties Inc.		9,987		362,528
Potlatch Corp.		8,214		267,366
Presidential Life Corp.		4,462		44,308
Primerica Inc.		2,386		57,860
Primus Guaranty Ltd. (a)		3,613		18,354
PrivateBancorp Inc.		10,779		155,002
ProAssurance Corp. (a)		5,286		320,332
Prosperity Bancshares Inc.		8,353		328,106
Provident Financial Services Inc.		12,425		187,990
Provident New York Bancorp		7,942		83,312
PS Business Parks Inc.		3,816		212,628
Pzena Investment Management Inc. Class A		1,485		10,915
Radian Group Inc.		27,506		221,973
RAIT Financial Trust (a)		16,095		35,248
Ramco-Gershenson Properties Trust		7,757		96,575
Redwood Trust Inc.		16,109		240,507
Renasant Corp.		4,412		74,607
Republic Bancorp Inc. (Kentucky)		2,036		48,355
Resource Capital Corp.		8,953		66,073
Retail Opportunity Investments Corp.		8,551		84,740
RLI Corp.		3,736		196,402
Rockville Financial Inc.		1,779		21,739
Rodman & Renshaw Capital Group Inc. (a)		3,097		8,300
Roma Financial Corp.		1,613		17,098
S&T Bancorp Inc.		5,069		114,509
Sabra Health Care REIT Inc.		5,120		94,208
Safeguard Scientifics Inc. (a)		4,401		75,169
Safety Insurance Group Inc.		2,653		126,203
Sanders Morris Harris Group Inc.		4,259		30,878
Sandy Spring Bancorp Inc.		5,008		92,297
Saul Centers Inc.		1,289		61,034
SCBT Financial Corp.		2,612		85,543
SeaBright Holdings Inc.		4,651		42,882
Selective Insurance Group Inc.		10,878		197,436
Sierra Bancorp		1,909		20,484
Signature Bank (a)		8,367		418,350
Simmons First National Corp.		3,615		103,028
Southside Bancshares Inc.		3,223		67,909
Southwest Bancorp Inc. (a)		4,116		51,038
Sovran Self Storage Inc.		5,737		211,179
Starwood Property Trust Inc.		9,767		209,795
State Auto Financial Corp.		2,850		49,647
State Bancorp Inc.		3,363		31,108
StellarOne Corp.		4,861		70,679
Sterling Bancorp NY		5,318		55,679


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Sterling Bancshares Inc. TX		19,081	$	133,949
Stewart Information Services Corp.		3,746		43,191
Stifel Financial Corp. (a)		7,049		437,320
Strategic Hotels & Resorts Inc. (a)		29,164		154,278
Student Loan Corp., The		802		26,017
Suffolk Bancorp		1,923		47,460
Sun Communities Inc.		3,889		129,543
Sunstone Hotel Investors Inc. (a)		23,968		247,589
Susquehanna Bancshares Inc.		26,732		258,766
SVB Financial Group (a)		8,536		452,835
SWS Group Inc.		5,828		29,431
SY Bancorp Inc.		2,414		59,264
Tanger Factory Outlet Centers Inc.		8,325		426,157
Taylor Capital Group Inc. (a)		1,930		25,380
Tejon Ranch Co. (a)		2,674		73,669
Terreno Realty Corp. (a)		1,890		33,888
Territorial Bancorp Inc.		2,626		52,284
Teton Advisors Inc. Class B (a) (b)		25		187
Texas Capital Bancshares Inc. (a)		7,411		157,632
Thomas Properties Group Inc. (a)		7,099		29,958
Tompkins Financial Corp.		1,682		65,867
Tower Bancorp Inc.		1,130		24,905
Tower Group Inc.		8,328		213,030
TowneBank		4,800		76,272
TradeStation Group Inc. (a)		8,329		56,221
Trico Bancshares		2,842		45,898
Trustco Bank Corp. NY		15,504		98,295
Trustmark Corp.		11,768		292,317
Two Harbors Investment Corp.		5,302		51,907
UMB Financial Corp.		6,368		263,763
UMH Properties Inc.		2,068		21,094
Umpqua Holdings Corp.		23,515		286,413
Union First Market Bankshares Corp.		3,833		56,652
United Bankshares Inc.		7,972		232,782
United Community Banks Inc. (a)		19,268		37,573
United Financial Bancorp Inc.		3,402		51,949
United Fire & Casualty Co.		4,670		104,234
Universal Health Realty Income Trust		2,311		84,421
Universal Insurance Holdings Inc.		3,417		16,641
Univest Corp. of Pennsylvania		3,384		64,871
Urstadt Biddle Properties Inc.		3,960		77,022
U-Store-It Trust		19,248		183,433
ViewPoint Financial Group		2,749		32,136
Virginia Commerce Bancorp (a)		4,044		24,992
Virtus Investment Partners Inc. (a)		1,146		51,994
Walter Investment Management Corp.		5,260		94,364
Washington Banking Co.		2,986		40,938
Washington Real Estate Investment Trust		12,491		387,096
Washington Trust Bancorp Inc.		2,964		64,852
Waterstone Financial Inc. (a)		1,525		4,956
Webster Financial Corp.		13,500		265,950
WesBanco Inc.		4,733		89,738
West Bancorporation		3,350		26,096
West Coast Bancorp (a)		19,096		53,851
Westamerica Bancorporation		5,461		302,922


	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Western Alliance Bancorp (a)		12,038	$	88,600
Westfield Financial Inc.		6,023		55,713
Westwood Holdings Group Inc.		1,182		47,233
Whitney Holding Corp.		19,810		280,312
Wilshire Bancorp Inc.		4,217		32,134
Winthrop Realty Trust		3,640		46,556
Wintrust Financial Corp.		6,385		210,897
World Acceptance Corp. (a)		3,365		177,672
WSFS Financial Corp.		1,066		50,571

				46,859,114

Health Care (12.13%)
Abaxis Inc. (a)		4,583		123,054
Abiomed Inc. (a)		6,649		63,897
Accelrys Inc. (a)		11,659		96,770
Accretive Health Inc. (a)		2,350		38,188
Accuray Inc. (a)		10,443		70,490
Acorda Therapeutics Inc. (a)		7,957		216,908
Acura Pharmaceuticals Inc. (a)		1,778		5,885
Affymax Inc. (a)		4,150		27,598
Affymetrix Inc. (a)		14,765		74,268
Air Methods Corp. (a)		2,354		132,460
Akorn Inc. (a)		11,685		70,928
Albany Molecular Research Inc. (a)		5,087		28,589
Alexza Pharmaceuticals Inc. (a)		7,788		9,735
Align Technology Inc. (a)		12,165		237,704
Alimera Sciences Inc. (a)		1,290		13,390
Alkermes Inc. (a)		19,623		240,970
Alliance HealthCare Services Inc. (a)		5,809		24,630
Allied Healthcare International Inc. (a)		9,689		24,319
Allos Therapeutics Inc. (a)		16,098		74,212
Almost Family Inc. (a)		1,668		64,085
Alnylam Pharmaceuticals Inc. (a)		7,566		74,601
Alphatec Holdings Inc. (a)		10,345		27,932
AMAG Pharmaceuticals Inc. (a)		4,322		78,228
Amedisys Inc. (a)		5,869		196,612
America Service Group Inc.		1,934		29,281
American Dental Partners Inc. (a)		3,191		43,110
American Medical Systems Holdings Inc. (a)		15,499		292,311
AMERIGROUP Corp. (a)		10,620		466,430
AMN Healthcare Services Inc. (a)		6,676		40,991
Amsurg Corp. (a)		6,292		131,817
Analogic Corp.		2,665		131,944
Angiodynamics Inc. (a)		5,229		80,370
Antares Pharma Inc. (a)		14,185		24,114
Anthera Pharmaceuticals Inc. (a)		1,089		5,314
Aoxing Pharmaceutical Co. Inc. (a)		4,813		13,428
Ardea Biosciences Inc. (a)		2,831		73,606
Arena Pharmaceuticals Inc. (a)		23,084		39,704
Ariad Pharmaceuticals Inc. (a)		22,619		115,357
ArQule Inc. (a)		8,760		51,421
Array Biopharma Inc. (a)		10,688		31,957
ArthroCare Corp. (a)		5,534		171,886
Assisted Living Concepts Inc. Class A (a)		2,011		65,418


	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
athenahealth Inc. (a)		6,861	$	281,164
Atrion Corp.		329		59,042
Auxilium Pharmaceuticals Inc. (a)		8,670		182,937
AVANIR Pharmaceuticals Inc. Class A (a)		14,629		59,686
Aveo Pharmaceuticals Inc. (a)		1,830		26,757
AVI BioPharma Inc. (a)		22,391		47,469
BioCryst Pharmaceuticals Inc. (a)		5,847		30,229
Biodel Inc. (a)		3,332		6,098
BioMimetic Therapeutics Inc. (a)		3,701		47,003
Bio-Reference Laboratories Inc. (a)		4,909		108,882
BioSante Pharmaceuticals Inc. (a)		12,808		21,005
BioScrip Inc. (a)		8,114		42,436
BioSpecifics Technologies Corp. (a)		851		21,786
BioTime Inc. (a)		4,296		35,786
BMP Sunstone Corp. (a)		5,911		58,578
Bruker Corp. (a)		14,915		247,589
Cadence Pharmaceuticals Inc. (a)		5,030		37,976
Caliper Life Sciences Inc. (a)		9,105		57,726
Cambrex Corp. (a)		6,570		33,967
Cantel Medical Corp.		2,732		63,929
Capital Senior Living Corp. (a)		5,450		36,515
Caraco Pharmaceutical Laboratories Ltd. (a)		2,208		10,024
CardioNet Inc. (a)		5,268		24,654
Catalyst Health Solutions Inc. (a)		7,803		362,761
Celera Corp. (a)		17,154		108,070
Celldex Therapeutics Inc. (a)		6,426		26,475
Centene Corp. (a)		10,105		256,061
Cepheid Inc. (a)		12,218		277,960
Cerus Corp. (a)		7,831		19,264
Chelsea Therapeutics International Ltd. (a)		6,299		47,242
Chemed Corp.		4,650		295,322
Chindex International Inc. (a)		2,774		45,743
Clinical Data Inc. (a)		2,289		36,418
Codexis Inc. (a)		2,376		25,186
Computer Programs & Systems Inc.		2,003		93,821
Conceptus Inc. (a)		6,413		88,499
Conmed Corp. (a)		5,906		156,096
Continucare Corp. (a)		6,259		29,292
Corcept Therapeutics Inc. (a)		5,041		19,458
Cornerstone Therapeutics Inc. (a)		1,538		8,905
Corvel Corp. (a)		1,434		69,334
Cross Country Healthcare Inc. (a)		6,615		56,029
CryoLife Inc. (a)		6,105		33,089
Cubist Pharmaceuticals Inc. (a)		12,019		257,207
Cumberland Pharmaceuticals Inc. (a)		2,460		14,735
Curis Inc. (a)		14,968		29,637
Cutera Inc. (a)		2,983		24,729
Cyberonics Inc. (a)		5,803		180,009
Cynosure Inc. Class A (a)		2,094		21,422
Cypress Bioscience Inc. (a)		8,706		56,415
Cytokinetics Inc. (a)		9,338		19,516
Cytori Therapeutics Inc. (a)		8,293		43,041
CytRx Corp. (a)		21,779		21,997


	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Delcath Systems Inc. (a)		7,603	$	74,509
DepoMed Inc. (a)		10,518		66,894
Dexcom Inc. (a)		11,646		158,968
Dionex Corp. (a)		3,628		428,140
Durect Corp. (a)		18,266		63,018
Dyax Corp. (a)		19,884		42,552
Dynavax Technologies Corp. (a)		19,412		62,118
DynaVox Inc. Class A (a)		1,898		9,737
Emergent Biosolutions Inc. (a)		3,863		90,626
Emeritus Corp. (a)		4,229		83,354
Endologix Inc. (a)		10,260		73,359
Ensign Group Inc., The		2,913		72,446
Enzo Biochem Inc. (a)		7,253		38,296
Enzon Pharmaceuticals Inc. (a)		10,290		125,229
eResearch Technology Inc. (a)		9,979		73,346
Eurand NV (a)		3,710		43,889
Exact Sciences Corp. (a)		7,192		43,008
Exactech Inc. (a)		1,596		30,037
Exelixis Inc. (a)		22,210		182,344
Five Star Quality Care Inc. (a)		6,311		44,619
Furiex Pharmaceuticals Inc. (a)		1,759		25,418
Genomic Health Inc. (a)		2,995		64,063
Genoptix Inc. (a)		3,618		68,814
Gentiva Health Services Inc. (a)		5,764		153,322
Geron Corp. (a)		24,898		128,723
Greatbatch Inc. (a)		4,759		114,930
Haemonetics Corp. (a)		5,211		329,231
Halozyme Therapeutics Inc. (a)		14,655		116,068
Hanger Orthopedic Group Inc. (a)		5,336		113,070
Hansen Medical Inc. (a)		8,491		12,482
Healthsouth Corp. (a)		19,170		397,011
Healthspring Inc. (a)		11,900		315,707
Healthways Inc. (a)		7,130		79,571
HeartWare International Inc. (a)		1,918		167,959
Hi-Tech Pharmacal Co. Inc. (a)		2,022		50,449
HMS Holdings Corp. (a)		5,582		361,546
ICU Medical Inc. (a)		2,439		89,024
Idenix Pharmaceuticals Inc. (a)		7,233		36,454
Immucor Inc. (a)		14,495		287,436
ImmunoGen Inc. (a)		14,160		131,122
Immunomedics Inc. (a)		12,906		46,203
Impax Laboratories Inc. (a)		12,867		258,755
Incyte Corp. (a)		18,064		299,140
Infinity Pharmaceuticals Inc. (a)		3,155		18,709
Inhibitex Inc. (a)		9,926		25,808
Inovio Pharmaceuticals Inc. (a)		15,984		18,382
Inspire Pharmaceuticals Inc. (a)		12,138		101,959
Insulet Corp. (a)		7,777		120,544
Integra LifeSciences Holdings Corp. (a)		4,316		204,147
InterMune Inc. (a)		9,490		345,436
Invacare Corp.		5,963		179,844
IPC The Hospitalist Co. (a)		3,267		127,446
IRIS International Inc. (a)		3,443		35,222
Ironwood Pharmaceuticals Inc. (a)		3,817		39,506
Isis Pharmaceuticals Inc. (a)		19,595		198,301
Jazz Pharmaceuticals Inc. (a)		3,001		59,060


	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Kendle International Inc. (a)		2,915	$	31,744
Kensey Nash Corp. (a)		1,624		45,196
Keryx Biopharmaceuticals Inc. (a)		10,362		47,458
Kindred Healthcare Inc. (a)		7,979		146,574
Landauer Inc.		1,951		117,001
Lannett Company Inc. (a)		2,393		13,377
LCA-Vision Inc. (a)		3,890		22,368
Lexicon Pharmaceuticals Inc. (a)		40,275		57,996
LHC Group Inc. (a)		3,199		95,970
Ligand Pharmaceuticals Inc. Class B (a)		3,969		35,403
Luminex Corp. (a)		7,840		143,315
Magellan Health Services Inc. (a)		6,449		304,909
MAKO Surgical Corp. (a)		5,215		79,372
MannKind Corp. (a)		12,601		101,564
MAP Pharmaceuticals Inc. (a)		2,797		46,822
Martek Biosciences Corp. (a)		6,837		213,998
Masimo Corp.		10,605		308,287
Maxygen Inc.		6,297		24,747
MedAssets Inc. (a)		8,840		178,480
Medcath Corp. (a)		4,154		57,948
Medical Action Industries Inc. (a)		3,037		29,094
Medicines Co., The (a)		10,917		154,257
Medicis Pharmaceutical Corp. Class A		12,451		333,562
Medidata Solutions Inc. (a)		3,836		91,604
Medivation Inc. (a)		6,942		105,310
MedQuist Inc.		2,306		19,947
MELA Sciences Inc. (a)		4,677		15,668
Merge Healthcare Inc. (a)		10,419		38,863
Meridian Bioscience Inc.		8,361		193,641
Merit Medical Systems Inc. (a)		5,856		92,700
Metabolix Inc. (a)		5,468		66,546
Metropolitan Health Networks Inc. (a)		8,066		36,055
Micromet Inc. (a)		18,462		149,911
Molina Healthcare Inc. (a)		2,684		74,749
Momenta Pharmaceuticals Inc. (a)		8,249		123,488
MWI Veterinary Supply Inc. (a)		2,516		158,885
Nabi Biopharmaceuticals (a)		8,846		51,218
Nanosphere Inc. (a)		3,396		14,807
National Healthcare Corp.		1,832		84,767
National Research Corp.		371		12,707
Natus Medical Inc. (a)		5,831		82,684
Nektar Therapeutics (a)		19,326		248,339
Neogen Corp. (a)		4,624		189,723
NeoStem Inc. (a)		5,004		7,056
Neuralstem Inc. (a)		8,527		18,077
Neurocrine Biosciences Inc. (a)		9,996		76,369
NeurogesX Inc. (a)		2,452		15,595
Novavax Inc. (a)		17,166		41,713
NPS Pharmaceuticals Inc. (a)		11,820		93,378
NuVasive Inc. (a)		8,009		205,431
NxStage Medical Inc. (a)		5,075		126,266
Nymox Pharmaceutical Corp. (a)		3,641		25,633
Obagi Medical Products Inc. (a)		3,681		42,516
Omeros Corp. (a)		3,773		31,090
Omnicell Inc. (a)		6,651		96,107


	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Onyx Pharmaceuticals Inc. (a)		12,876	$	474,738
Opko Health Inc. (a)		17,978		65,979
Optimer Pharmaceuticals Inc. (a)		6,803		76,942
OraSure Technologies Inc. (a)		9,720		55,890
Orexigen Therapeutics Inc. (a)		6,208		50,161
Orthofix International NV (a)		3,610		104,690
Orthovita Inc. (a)		14,487		29,119
Osiris Therapeutics Inc. (a)		3,677		28,644
Owens & Minor Inc.		12,976		381,884
Pain Therapeutics Inc. (a)		6,961		46,987
Palomar Medical Technologies Inc. (a)		3,767		53,529
Par Pharmaceutical Companies Inc. (a)		7,200		277,272
Parexel International Corp. (a)		12,106		257,010
PDI Inc. (a)		1,763		18,582
PDL BioPharma Inc.		24,965		155,532
Peregrine Pharmaceuticals Inc. (a)		10,383		23,881
Pharmacyclics Inc. (a)		7,737		47,041
Pharmasset Inc. (a)		6,019		261,285
PharMerica Corp. (a)		6,357		72,788
Pozen Inc. (a)		5,665		37,672
Progenics Pharmaceuticals Inc. (a)		5,845		31,914
Providence Service Corp. (a)		2,625		42,184
PSS World Medical Inc. (a)		11,866		268,172
PURE Bioscience (a)		6,973		15,480
Quality Systems Inc.		3,921		273,764
Questcor Pharmaceuticals Inc. (a)		11,521		169,704
Quidel Corp. (a)		4,610		66,614
RehabCare Group Inc. (a)		5,092		120,680
Rigel Pharmaceuticals Inc. (a)		10,621		79,976
Rochester Medical Corp. (a)		2,342		25,575
RTI Biologics Inc. (a)		11,797		31,498
Rural/Metro Corp. (a)		3,860		56,279
Salix Pharmaceuticals Ltd. (a)		11,723		550,512
Sangamo BioSciences Inc. (a)		9,556		63,452
Santarus Inc. (a)		10,670		34,891
Savient Pharmaceuticals Inc. (a)		13,749		153,164
SciClone Pharmaceuticals Inc. (a)		7,045		29,448
Seattle Genetics Inc. (a)		17,171		256,706
Select Medical Holdings Corp. (a)		10,270		75,074
Sequenom Inc. (a)		18,771		150,543
SIGA Technologies Inc. (a)		6,358		89,012
Sirona Dental Systems Inc. (a)		6,879		287,405
Skilled Healthcare Group Inc. Class A (a)		4,000		35,920
Solta Medical Inc. (a)		11,987		36,560
Somaxon Pharmaceuticals Inc. (a)		5,710		17,986
SonoSite Inc. (a)		3,077		97,233
Spectranetics Corp. (a)		7,119		36,734
Spectrum Pharmaceuticals Inc. (a)		10,048		69,030
STAAR Surgical Co. (a)		7,077		43,170
StemCells Inc. (a)		24,083		26,010
Stereotaxis Inc. (a)		6,177		23,658
STERIS Corp.		12,188		444,374
Sucampo Pharmaceuticals Inc. Class A (a)		1,995		7,661
Sun Healthcare Group Inc. (a)		5,120		64,819
Sunrise Senior Living Inc. (a)		11,327		61,732


	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
SuperGen Inc. (a)		12,021	$	31,495
SurModics Inc. (a)		3,551		42,150
Symmetry Medical Inc. (a)		7,589		70,198
Syneron Medical Ltd. (a)		7,274		74,122
Synovis Life Technologies Inc. (a)		2,291		36,908
Synta Pharmaceuticals Corp. (a)		4,417		27,032
Targacept Inc. (a)		4,883		129,400
Team Health Holdings Inc. (a)		3,013		46,822
Theravance Inc. (a)		12,943		324,481
TomoTherapy Inc. (a)		9,748		35,190
Transcend Services Inc. (a)		1,835		35,948
Transcept Pharmaceuticals Inc. (a)		1,041		7,703
Triple-S Management Corp. Class B (a)		4,167		79,506
U.S. Physical Therapy Inc. (a)		2,145		42,514
Unilife Corp. (a)		9,875		52,338
Universal American Financial Corp.		6,550		133,948
Vanda Pharmaceuticals Inc. (a)		5,657		53,515
Vascular Solutions Inc. (a)		3,402		39,871
Vical Inc. (a)		11,398		23,024
ViroPharma Inc. (a)		16,030		277,640
Vital Images Inc. (a)		3,050		42,639
VIVUS Inc. (a)		16,830		157,697
Volcano Corp. (a)		10,328		282,058
WellCare Health Plans Inc. (a)		8,755		264,576
West Pharmaceutical Services Inc.		6,835		281,602
Wright Medical Group Inc. (a)		8,095		125,715
Xenoport Inc. (a)		5,853		49,868
Young Innovations Inc.		1,235		39,532
Zalicus Inc. (a)		13,173		20,813
ZIOPHARM Oncology Inc. (a)		9,900		46,134
Zoll Medical Corp. (a)		4,443		165,413

				29,632,931

Industrials (15.54%)
3D Systems Corp. (a)		3,684		116,009
A123 Systems Inc. (a)		14,895		142,098
Aaon Inc.		2,522		71,146
AAR Corp. (a)		8,005		219,897
ABM Industries Inc.		10,564		277,833
Acacia Research - Acacia Technologies (a)		7,022		182,151
ACCO Brands Corp. (a)		11,474		97,758
Aceto Corp.		5,355		48,195
Actuant Corp. Class A		13,854		368,793
Acuity Brands Inc.		8,914		514,070
Administaff Inc.		4,459		130,649
Advanced Battery Technologies Inc. (a)		11,991		46,165
Advisory Board Co., The (a)		3,221		153,416
Aerovironment Inc. (a)		3,382		90,739
Air Transport Services Group Inc. (a)		11,185		88,362
Aircastle Ltd.		10,387		108,544
Airtran Holdings Inc. (a)		27,928		206,388
Alamo Group Inc.		1,355		37,696
Alaska Air Group Inc. (a)		7,307		414,234
Albany International Corp. Class A		5,505		130,413
Allegiant Travel Co.		3,176		156,386


	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Altra Holdings Inc. (a)		5,667	$	112,547
AMERCO (a)		1,737		166,821
American Railcar Industries Inc. (a)		2,027		44,858
American Reprographics Co. (a)		7,691		58,375
American Science & Engineering Inc.		1,881		160,318
American Superconductor Corp. (a)		9,232		263,943
American Woodmark Corp.		1,963		48,172
Ameron International Corp.		1,868		142,659
Ampco-Pittsburgh Corp.		1,816		50,939
AO Smith Corp.		7,372		280,726
APAC Customer Services Inc. (a)		6,448		39,139
Apogee Enterprises Inc.		5,724		77,102
Applied Energetics Inc. (a)		15,508		13,196
Applied Industrial Technologies Inc.		8,633		280,400
Applied Signal Technology Inc.		2,708		102,606
Argan Inc. (a)		1,741		16,139
Arkansas Best Corp.		5,113		140,198
ArvinMeritor Inc. (a)		19,510		400,345
Astec Industries Inc. (a)		4,012		130,029
Astronics Corp. (a)		1,984		41,664
Atlas Air Worldwide Holdings Inc. (a)		5,308		296,346
Avis Budget Group Inc. (a)		21,331		331,910
AZZ Inc.		2,544		101,785
Badger Meter Inc.		3,064		135,490
Baldor Electric Co.		9,591		604,617
Baltic Trading Ltd.		3,316		33,856
Barnes Group Inc.		10,009		206,886
Barrett Business Services Inc.		1,437		22,345
Beacon Roofing Supply Inc. (a)		9,390		167,799
Belden Inc.		9,607		353,730
Blount International Inc. (a)		9,797		154,401
BlueLinx Holdings Inc. (a)		2,061		7,543
Brady Corp.		9,820		320,230
Briggs & Stratton Corp.		10,190		200,641
Brink’s Co., The		9,690		260,467
Broadwind Energy Inc. (a)		18,812		43,456
Builders FirstSource Inc. (a)		9,126		17,978
CAI International Inc. (a)		2,006		39,318
Capstone Turbine Corp. (a)		48,972		47,003
Cascade Corp.		1,922		90,872
Casella Waste Systems Inc. Class A (a)		4,988		35,365
CBIZ Inc. (a)		8,991		56,104
CDI Corp.		2,546		47,330
Celadon Group Inc. (a)		4,242		62,739
Cenveo Inc. (a)		11,237		60,006
Ceradyne Inc. (a)		5,232		164,965
Chart Industries Inc. (a)		5,947		200,890
CIRCOR International Inc.		3,517		148,697
Clarcor Inc.		10,120		434,047
Clean Harbors Inc. (a)		4,743		398,780
Coleman Cable Inc. (a)		1,533		9,627
Colfax Corp. (a)		4,912		90,430
Columbus McKinnon Corp. (a)		4,008		81,443
Comfort Systems USA Inc.		7,997		105,320
Commercial Vehicle Group Inc. (a)		4,992		81,120
Consolidated Graphics Inc. (a)		1,876		90,855


	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Corporate Executive Board Co., The		7,090	$	266,230
CoStar Group Inc. (a)		4,253		244,803
Courier Corp.		2,257		35,029
CRA International Inc. (a)		2,373		55,789
Cubic Corp.		3,292		155,218
Curtiss-Wright Corp.		9,183		304,876
Deluxe Corp.		10,474		241,111
DigitalGlobe Inc. (a)		5,659		179,447
Dolan Co., The (a)		6,193		86,207
Dollar Thrifty Automotive Group Inc. (a)		5,945		280,961
Douglas Dynamics Inc.		2,319		35,133
Ducommun Inc.		2,045		44,540
DXP Enterprises Inc. (a)		1,662		39,888
Dycom Industries Inc. (a)		7,948		117,233
Dynamex Inc. (a)		2,021		50,040
Dynamic Materials Corp.		2,766		62,429
Eagle Bulk Shipping Inc. (a)		12,668		63,087
EMCOR Group Inc. (a)		13,527		392,012
Encore Wire Corp.		3,775		94,677
Ener1 Inc. (a)		12,395		46,977
Energy Recovery Inc. (a)		8,299		30,374
EnergySolutions Inc.		18,119		100,923
EnerNOC Inc. (a)		4,038		96,549
EnerSys (a)		9,844		316,189
Ennis Inc.		5,395		92,254
EnPro Industries Inc. (a)		4,215		175,175
ESCO Technologies Inc.		5,425		205,282
Esterline Technologies Corp. (a)		6,079		416,959
Excel Maritime Carriers Ltd. (a)		8,087		45,530
Exponent Inc. (a)		2,840		106,585
Federal Signal Corp.		12,491		85,688
Flow International Corp. (a)		9,426		38,552
Force Protection Inc. (a)		14,452		79,631
Forward Air Corp.		6,041		171,444
Franklin Covey Co. (a)		2,407		20,676
Franklin Electric Co. Inc.		4,712		183,391
Freightcar America Inc.		2,541		73,537
Fuel Tech Inc. (a)		3,374		32,762
FuelCell Energy Inc. (a)		19,603		45,283
Furmanite Corp. (a)		7,989		55,204
G&K Services Inc. Class A		3,787		117,056
Genco Shipping & Trading Ltd. (a)		5,833		83,995
GenCorp Inc. (a)		11,922		61,637
Generac Holdings Inc. (a)		4,051		65,505
Genesee & Wyoming Inc. (a)		7,897		418,146
Geo Group Inc., The (a)		12,372		305,094
GeoEye Inc. (a)		4,526		191,857
Gibraltar Industries Inc. (a)		6,181		83,876
Global Defense Technology & Systems Inc. (a)		1,007		16,978
Gorman-Rupp Co., The		2,585		83,547
GP Strategies Corp. (a)		3,153		32,287
GrafTech International Ltd. (a)		24,643		488,917
Graham Corp.		1,895		37,900
Granite Construction Inc.		7,162		196,454
Great Lakes Dredge & Dock Co.		11,970		88,219


	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Greenbrier Companies Inc. (a)		4,055	$	85,114
Griffon Corp. (a)		9,213		117,374
H&E Equipment Services Inc. (a)		5,632		65,162
Hawaiian Holdings Inc. (a)		10,673		83,676
Healthcare Services Group Inc.		13,479		219,303
Heartland Express Inc.		10,102		161,834
Heico Corp.		6,068		309,650
Heidrick & Struggles International Inc.		3,573		102,366
Herley Industries Inc. (a)		2,657		46,019
Herman Miller Inc.		11,554		292,316
Hexcel Corp. (a)		19,896		359,919
Higher One Holdings Inc. (a)		2,119		42,867
Hill International Inc. (a)		5,140		33,256
HNI Corp.		9,240		288,288
Hoku Corp. (a)		3,355		8,857
Horizon Lines Inc.		5,782		25,267
Houston Wire & Cable Co.		3,485		46,838
Hub Group Inc. (a)		7,707		270,824
Hudson Highland Group Inc. (a)		6,513		37,971
Huron Consulting Group Inc. (a)		4,507		119,210
ICF International Inc. (a)		3,499		89,994
II-VI Inc. (a)		5,202		241,165
Innerworkings Inc. (a)		5,037		32,992
Insituform Technologies Inc. (a)		8,068		213,883
Insteel Industries Inc.		3,705		46,275
Interface Inc.		10,346		161,915
Interline Brands Inc. (a)		6,685		152,217
International Shipholding Corp.		1,243		31,572
Jetblue Airways Corp. (a)		49,679		328,378
John Bean Technologies Corp.		5,879		118,344
Kadant Inc. (a)		2,528		59,585
Kaman Corp.		5,314		154,478
Kaydon Corp.		6,804		277,059
Kelly Services Inc. Class A (a)		5,495		103,306
Kforce Inc. (a)		6,282		101,643
Kimball International Inc. Class B		6,628		45,733
Knight Transportation Inc.		12,217		232,123
Knoll Inc.		9,706		162,381
Korn/Ferry International (a)		9,437		218,089
Kratos Defense & Security Solutions Inc. (a)		3,225		42,473
L.B. Foster Co. (a)		2,076		84,991
LaBarge Inc. (a)		2,670		41,946
Ladish Co. Inc. (a)		3,225		156,767
Lawson Products Inc.		834		20,758
Layne Christensen Co. (a)		4,065		139,917
LECG Corp. (a)		5,133		7,084
Lindsay Corp.		2,560		152,141
LMI Aerospace Inc. (a)		1,901		30,397
LSI Industries Inc.		4,226		35,752
Lydall Inc. (a)		3,442		27,708
M & F Worldwide Corp. (a)		2,224		51,374
Marten Transport Ltd.		3,265		69,806
MasTec Inc. (a)		11,116		162,182
McGrath Rentcorp		5,015		131,493
Metalico Inc. (a)		7,772		45,699


	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Met-Pro Corp.		2,805	$	33,127
Michael Baker Corp. (a)		1,657		51,533
Middleby Corp. (a)		3,402		287,197
Miller Industries Inc.		2,227		31,690
Mine Safety Appliances Co.		5,437		169,254
Mistras Group Inc. (a)		2,920		39,362
Mobile Mini Inc. (a)		7,458		146,848
Moog Inc. Class A (a)		9,244		367,911
Mueller Industries Inc.		7,743		253,196
Mueller Water Products Inc.		31,326		130,629
Multi-Color Corp.		2,151		41,858
MYR Group Inc. (a)		4,062		85,302
NACCO Industries Inc. Class A		1,184		128,310
National Presto Industries Inc.		1,008		131,050
Navigant Consulting Inc. (a)		10,603		97,548
NCI Building Systems Inc. (a)		3,501		48,979
Nordson Corp.		6,926		636,361
Northwest Pipe Co. (a)		1,955		46,979
Old Dominion Freight Line Inc. (a)		8,541		273,227
Omega Flex Inc. (a)		677		11,198
On Assignment Inc. (a)		7,768		63,309
Orbital Sciences Corp. (a)		11,775		201,706
Orion Marine Group Inc. (a)		5,492		63,707
P.A.M. Transportation Services Inc. (a)		910		10,210
Pacer International Inc. (a)		6,915		47,299
Park-Ohio Holdings Corp. (a)		1,575		32,933
Patriot Transportation Holding Inc. (a)		296		27,516
PGT Inc. (a)		3,767		9,229
Pike Electric Corp. (a)		3,168		27,181
Pinnacle Airlines Corp. (a)		3,716		29,356
PMFG Inc. (a)		2,995		49,118
Polypore International Inc. (a)		4,573		186,258
Powell Industries Inc. (a)		1,798		59,118
PowerSecure International Inc. (a)		3,699		28,778
Preformed Line Products Co.		487		28,502
Primoris Services Corp.		4,081		38,933
Quality Distribution Inc. (a)		1,735		15,771
Quanex Building Products Corp.		7,903		149,920
RailAmerica Inc. (a)		4,819		62,406
Raven Industries Inc.		3,328		158,712
RBC Bearings Inc. (a)		4,406		172,186
Republic Airways Holdings Inc. (a)		6,995		51,203
Resources Connection Inc.		9,398		174,709
Roadrunner Transportation Systems Inc. (a)		2,144		31,002
Robbins & Myers Inc.		5,493		196,540
Rollins Inc.		12,883		254,439
RSC Holdings Inc. (a)		10,293		100,254
Rush Enterprises Inc. Class A (a)		6,508		133,024
Saia Inc. (a)		3,228		53,553
SatCon Technology Corp. (a)		14,481		65,164
Sauer-Danfoss Inc. (a)		2,436		68,817
Schawk Inc.		2,412		49,639
School Specialty Inc. (a)		3,754		52,293
Seaboard Corp.		37		73,667
SFN Group Inc. (a)		10,866		106,052


	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Simpson Manufacturing Co. Inc.		7,982	$	246,724
SkyWest Inc.		10,920		170,570
Standard Parking Corp. (a)		3,159		59,674
Standard Register Co., The		3,538		12,065
Standex International Corp.		2,549		76,241
Steelcase Inc.		15,576		164,638
Sterling Construction Company Inc. (a)		3,275		42,706
Sun Hydraulics Corp.		2,550		96,390
Sykes Enterprises Inc. (a)		8,463		171,460
TAL International Group Inc.		3,424		105,699
Taser International Inc. (a)		12,757		59,958
Team Inc. (a)		3,861		93,436
Tecumseh Products Co. Class A (a)		3,757		49,029
Teledyne Technologies Inc. (a)		7,346		323,004
Tennant Co.		3,917		150,452
Tetra Tech Inc. (a)		12,684		317,861
Textainer Group Holdings Ltd.		2,034		57,949
Titan International Inc.		7,217		141,020
Titan Machinery Inc. (a)		2,829		54,600
Tredegar Corp.		5,044		97,753
Trex Co. Inc. (a)		3,229		77,367
TriMas Corp. (a)		3,035		62,096
Triumph Group Inc.		3,428		306,497
TrueBlue Inc. (a)		9,118		164,033
Tutor Perini Corp.		5,462		116,941
Twin Disc Inc.		1,842		55,002
Ultrapetrol Bahamas Ltd. (a)		4,438		28,536
UniFirst Corp.		2,856		157,223
United Capital Corp. (a)		386		12,545
United Rentals Inc. (a)		12,394		281,964
United Stationers Inc. (a)		4,921		314,009
Universal Forest Products Inc.		3,918		152,410
Universal Truckload Services Inc. (a)		1,061		16,891
UQM Technologies Inc. (a)		7,279		16,669
US Airways Group Inc. (a)		33,322		333,553
US Ecology Inc.		3,731		64,845
USA Truck Inc. (a)		1,751		23,166
Viad Corp.		4,201		106,999
Vicor Corp.		3,848		63,107
Volt Information Sciences Inc. (a)		3,021		26,132
VSE Corp.		876		28,926
Wabash National Corp. (a)		12,080		143,148
Watsco Inc.		5,660		357,033
Watts Water Technologies Inc.		5,887		215,405
Werner Enterprises Inc.		7,306		165,116
Woodward Governor Co.		12,401		465,782
Xerium Technologies Inc. (a)		1,499		23,909

				37,956,979

Information Technology (18.22%)
ACI Worldwide Inc. (a)		7,107		190,965
Acme Packet Inc. (a)		8,997		478,281
Actuate Corp. (a)		9,562		54,503
Acxiom Corp. (a)		14,118		242,124
Adtran Inc.		12,116		438,720


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Advanced Analogic Technologies Inc. (a)		9,157	$	36,720
Advanced Energy Industries Inc. (a)		7,453		101,659
Advent Software Inc. (a)		3,285		190,267
Agilysys Inc. (a)		3,531		19,880
Alpha & Omega Semiconductor Ltd. (a)		1,006		12,907
American Software Inc. Class A		4,162		28,177
Amkor Technology Inc. (a)		21,784		160,984
ANADIGICS Inc. (a)		12,980		89,951
Anaren Inc. (a)		2,988		62,300
Ancestry.com Inc. (a)		3,862		109,372
Anixter International Inc.		5,789		345,777
Applied Micro Circuits Corp. (a)		13,561		144,831
Ariba Inc. (a)		18,479		434,072
Arris Group Inc. (a)		26,064		292,438
Art Technology Group Inc. (a)		32,185		192,466
Aruba Networks Inc. (a)		15,046		314,160
Aspen Technology Inc. (a)		12,764		162,103
ATMI Inc. (a)		6,459		128,792
Aviat Networks Inc. (a)		12,557		63,664
Avid Technology Inc. (a)		5,919		103,346
Axcelis Technologies Inc. (a)		21,118		73,068
AXT Inc. (a)		6,254		65,292
Bel Fuse Inc.		2,257		53,942
Benchmark Electronics Inc. (a)		12,954		235,245
BigBand Networks Inc. (a)		10,079		28,221
Black Box Corp.		3,653		139,873
Blackbaud Inc.		9,203		238,358
Blackboard Inc. (a)		7,022		290,009
Blue Coat Systems Inc. (a)		8,562		255,747
Bottomline Technologies Inc. (a)		6,478		140,637
Brightpoint Inc. (a)		14,434		126,009
Brooks Automation Inc. (a)		13,411		121,638
Cabot Microelectronics Corp. (a)		4,806		199,209
CACI International Inc. (a)		6,166		329,264
Calix Inc. (a)		1,480		25,012
Cardtronics Inc. (a)		5,502		97,385
Cass Information Systems Inc.		1,713		64,991
Cavium Networks Inc. (a)		9,116		343,491
CDC Corp. Class A (a)		6,660		23,377
CEVA Inc. (a)		4,410		90,405
Checkpoint Systems Inc. (a)		8,237		169,270
Ciber Inc. (a)		13,483		63,100
Cirrus Logic Inc. (a)		13,577		216,960
Cognex Corp.		8,238		242,362
Coherent Inc. (a)		5,188		234,186
Cohu Inc.		4,700		77,926
Commvault Systems Inc. (a)		8,865		253,716
Compellent Technologies Inc. (a)		4,753		131,135
Computer Task Group Inc. (a)		3,181		34,609
comScore Inc. (a)		4,636		103,429
Comtech Telecommunications Corp.		5,855		162,359
Comverge Inc. (a)		5,116		35,352
Concur Technologies Inc. (a)		8,314		431,746


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Conexant Systems Inc. (a)		16,465	$	26,838
Constant Contact Inc. (a)		5,846		181,168
Convio Inc. (a)		1,151		9,530
CPI International Inc. (a)		1,404		27,167
Cray Inc. (a)		7,541		53,918
CSG Systems International Inc. (a)		7,120		134,853
CTS Corp.		6,800		75,208
Cymer Inc. (a)		6,126		276,099
Daktronics Inc.		7,201		114,640
DDi Corp.		2,851		33,528
DealerTrack Holdings Inc. (a)		8,268		165,939
Deltek Inc. (a)		4,158		30,187
DemandTec Inc. (a)		3,636		39,414
DG FastChannel Inc. (a)		5,185		149,743
Dice Holdings Inc. (a)		3,184		45,690
Digi International Inc. (a)		5,064		56,210
Digimarc Corp. (a)		1,360		40,814
Digital River Inc. (a)		8,138		280,110
Diodes Inc. (a)		6,975		188,255
DSP Group Inc. (a)		4,917		40,024
DTS Inc. (a)		3,621		177,610
EarthLink Inc.		22,111		190,155
Ebix Inc. (a)		5,499		130,161
Echelon Corp. (a)		6,799		69,282
Echo Global Logistics Inc. (a)		2,147		25,850
Electro Rent Corp.		3,402		54,976
Electro Scientific Industries Inc. (a)		5,653		90,618
Electronics for Imaging Inc. (a)		9,265		132,582
EMS Technologies Inc. (a)		3,287		65,017
Emulex Corp. (a)		16,912		197,194
Energy Conversion Devices Inc. (a)		9,533		43,852
Entegris Inc. (a)		27,021		201,847
Entropic Communications Inc. (a)		11,451		138,328
Epicor Software Corp. (a)		10,010		101,101
EPIQ Systems Inc.		6,732		92,430
ePlus Inc. (a)		878		20,756
Euronet Worldwide Inc. (a)		10,054		175,342
Evergreen Solar Inc. (a)		40,940		23,868
Exar Corp. (a)		7,349		51,296
Exlservice Holdings Inc. (a)		3,119		66,996
Extreme Networks Inc. (a)		17,814		55,045
Fair Isaac Corp.		8,541		199,603
FalconStor Software Inc. (a)		6,427		21,530
FARO Technologies Inc. (a)		3,375		110,835
FEI Co. (a)		7,796		205,892
Finisar Corp. (a)		15,477		459,512
Formfactor Inc. (a)		10,390		92,263
Forrester Research Inc.		3,069		108,305
Fortinet Inc. (a)		8,121		262,714
FSI International Inc. (a)		6,499		28,726
Gerber Scientific Inc. (a)		5,082		39,995
Global Cash Access Holdings Inc. (a)		10,313		32,898
Globecomm Systems Inc. (a)		4,418		44,180
GSI Commerce Inc. (a)		12,774		296,357
GSI Technology Inc. (a)		3,645		29,524
GT Solar International Inc. (a)		12,750		116,280


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Guidance Software Inc. (a)		2,637	$	18,960
Hackett Group Inc., The (a)		6,225		21,850
Harmonic Inc. (a)		19,859		170,192
Heartland Payment Systems Inc.		7,922		122,157
Hittite Microwave Corp. (a)		5,614		342,679
Hutchinson Technology Inc. (a)		4,684		17,378
Hypercom Corp. (a)		9,363		78,368
iGate Corp.		4,832		95,239
Ikanos Communications Inc. (a)		5,881		7,881
Imation Corp. (a)		6,344		65,407
Immersion Corp. (a)		5,670		38,046
Infinera Corp. (a)		18,026		186,209
InfoSpace Inc. (a)		7,544		62,615
Insight Enterprises Inc. (a)		9,453		124,401
Integral Systems Inc. (a)		3,724		36,905
Integrated Device Technology Inc. (a)		33,344		222,071
Integrated Silicon Solution Inc. (a)		5,266		42,286
Interactive Intelligence Inc. (a)		2,653		69,402
InterDigital Inc. (a)		9,124		379,923
Intermec Inc. (a)		10,256		129,841
Internap Network Services Corp. (a)		11,056		67,220
Intevac Inc. (a)		4,671		65,441
Intralinks Holdings Inc. (a)		2,252		42,135
IPG Photonics Corp. (a)		5,313		167,997
Ixia (a)		6,667		111,872
IXYS Corp. (a)		4,885		56,764
j2 Global Communications Inc. (a)		9,278		268,598
Jack Henry & Associates Inc.		17,421		507,822
JDA Software Group Inc. (a)		8,560		239,680
Kenexa Corp. (a)		4,605		100,343
Keynote Systems Inc.		2,536		37,076
KIT Digital Inc. (a)		4,018		64,449
Knot Inc., The (a)		6,451		63,736
Kopin Corp. (a)		14,013		58,294
Kulicke & Soffa Industries Inc. (a)		14,500		104,400
KVH Industries Inc. (a)		3,039		36,316
L-1 Identity Solutions Inc. (a)		15,751		187,594
Lattice Semiconductor Corp. (a)		23,755		143,955
Lawson Software Inc. (a)		28,705		265,521
Limelight Networks Inc. (a)		8,326		48,374
Lionbridge Technologies Inc. (a)		12,150		44,834
Liquidity Services Inc. (a)		3,064		43,049
Littelfuse Inc.		4,574		215,252
LivePerson Inc. (a)		9,087		102,683
Local.com Corp. (a)		3,215		20,865
LogMeIn Inc. (a)		3,080		136,567
LoopNet Inc. (a)		3,957		43,962
Loral Space & Communications Inc. (a)		2,208		168,912
LTX-Credence Corp. (a)		10,018		74,133
Magma Design Automation Inc. (a)		10,486		52,535
Manhattan Associates Inc. (a)		4,745		144,912
ManTech International Corp. (a)		4,485		185,365
Marchex Inc. Class B		3,513		33,514
Mattson Technology Inc. (a)		10,163		30,489
MAXIMUS Inc.		3,630		238,055
MaxLinear Inc. Class A (a)		1,501		16,151


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Maxwell Technologies Inc. (a)		5,392	$	101,855
Measurement Specialties Inc. (a)		3,091		90,721
Mentor Graphics Corp. (a)		21,921		263,052
Mercury Computer Systems Inc. (a)		4,863		89,382
Meru Networks Inc. (a)		1,067		16,453
Methode Electronics Inc.		7,610		98,702
Micrel Inc.		10,420		135,356
Microsemi Corp. (a)		16,966		388,521
MicroStrategy Inc. (a)		1,831		156,496
Microvision Inc. (a)		18,583		34,564
Mindspeed Technologies Inc. (a)		6,577		40,120
MIPS Technologies Inc. (a)		9,823		148,917
MKS Instruments Inc. (a)		10,331		253,006
ModusLink Global Solutions Inc. (a)		8,802		58,973
MoneyGram International Inc. (a)		16,917		45,845
Monolithic Power Systems Inc. (a)		6,770		111,840
Monotype Imaging Holdings Inc. (a)		4,521		50,183
MoSys Inc. (a)		5,462		31,079
Move Inc. (a)		31,851		81,857
MTS Systems Corp.		3,433		128,600
Multi-Fineline Electronix Inc. (a)		2,133		56,503
Nanometrics Inc. (a)		3,615		46,380
NCI Inc. (a)		1,424		32,738
Netgear Inc. (a)		7,305		246,032
Netlogic Microsystems Inc. (a)		12,878		404,498
NetScout Systems Inc. (a)		6,256		143,951
NetSuite Inc. (a)		3,726		93,150
Network Engines Inc. (a)		7,218		10,971
Network Equipment Technologies Inc. (a)		5,662		26,215
Newport Corp. (a)		7,771		134,982
NIC Inc.		11,412		110,811
Novatel Wireless Inc. (a)		6,612		63,145
NVE Corp. (a)		926		53,551
Occam Networks Inc. (a)		2,497		21,649
Oclaro Inc. (a)		10,127		133,170
Omnivision Technologies Inc. (a)		10,700		316,827
Online Resources Corp. (a)		5,103		23,729
OpenTable Inc. (a)		3,242		228,496
Openwave Systems Inc. (a)		17,739		37,607
Oplink Communications Inc. (a)		4,307		79,550
OPNET Technologies Inc.		2,609		69,843
OpNext Inc. (a)		8,601		15,138
OSI Systems Inc. (a)		3,318		120,642
Parametric Technology Corp. (a)		23,965		539,931
Park Electrochemical Corp.		4,317		129,510
PC Connection Inc. (a)		2,026		17,950
PC-Tel Inc. (a)		4,264		25,584
PDF Solutions Inc. (a)		4,539		21,878
Pegasystems Inc.		3,315		121,428
Perficient Inc. (a)		4,888		61,100
Pericom Semiconductor Corp. (a)		5,212		57,228
Photronics Inc. (a)		11,217		66,292
Plantronics Inc.		9,975		371,270
Plexus Corp. (a)		8,335		257,885
PLX Technology Inc. (a)		7,945		28,681


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Power Integrations Inc.		5,060	$	203,108
Power-One Inc. (a)		14,352		146,390
Powerwave Technologies Inc. (a)		25,971		65,966
Presstek Inc. (a)		5,507		12,226
Progress Software Corp. (a)		8,703		368,311
PROS Holdings Inc. (a)		4,264		48,567
Pulse Electronics Corp.		8,988		47,816
QAD Inc. Class A (a)		1,075		9,782
QAD Inc. Class B (a)		268		2,664
QLIK Technologies Inc. (a)		2,739		70,694
Quantum Corp. (a)		45,082		167,705
Quest Software Inc. (a)		12,452		345,418
QuinStreet Inc. (a)		2,160		41,494
Rackspace Hosting Inc. (a)		19,939		626,284
Radiant Systems Inc. (a)		5,922		115,894
Radisys Corp. (a)		5,036		44,820
RealD Inc. (a)		2,965		76,853
RealNetworks Inc. (a)		16,989		71,354
RealPage Inc. (a)		2,897		89,604
Renaissance Learning Inc.		2,673		31,648
RF Micro Devices Inc. (a)		55,582		408,528
Richardson Electronics Ltd.		2,916		34,088
RightNow Technologies Inc. (a)		4,421		104,645
Rimage Corp. (a)		1,837		27,390
Riverbed Technology Inc. (a)		25,936		912,169
Rofin-Sinar Technologies Inc. (a)		5,788		205,127
Rogers Corp. (a)		3,271		125,116
Rosetta Stone Inc. (a)		2,132		45,241
Rubicon Technology Inc. (a)		3,260		68,721
Rudolph Technologies Inc. (a)		6,177		50,837
S1 Corp. (a)		10,964		75,652
Saba Software Inc. (a)		5,776		35,349
Sanmina-SCI Corp. (a)		16,337		187,549
Sapient Corp.		21,170		256,157
SAVVIS Inc. (a)		7,691		196,274
ScanSource Inc. (a)		5,610		178,959
SeaChange International Inc. (a)		5,968		51,026
Semtech Corp. (a)		12,675		286,962
ShoreTel Inc. (a)		9,152		71,477
Sigma Designs Inc. (a)		6,350		89,980
Silicon Graphics International Corp. (a)		6,504		58,731
Silicon Image Inc. (a)		16,114		118,438
Smart Modular Technologies (WWH) Inc. (a)		10,730		61,805
Smith Micro Software Inc. (a)		6,214		97,808
SolarWinds Inc. (a)		7,164		137,907
Sonic Solutions (a)		8,623		129,345
Sonus Networks Inc. (a)		42,669		113,926
Sourcefire Inc. (a)		5,631		146,012
Spansion Inc. Class A (a)		2,638		54,607
Spectrum Control Inc. (a)		2,578		38,644
SPS Commerce Inc. (a)		924		14,599
SRA International Inc. (a)		8,812		180,205
SRS Labs Inc. (a)		2,206		19,435
SS&C Technologies Holdings Inc. (a)		2,535		51,993
Stamps.com Inc.		2,115		28,024


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Standard Microsystems Corp. (a)		4,605	$	132,762
STEC Inc. (a)		8,344		147,272
Stratasys Inc. (a)		4,201		137,121
SuccessFactors Inc. (a)		12,932		374,511
Super Micro Computer Inc. (a)		4,989		57,573
Supertex Inc. (a)		2,100		50,778
Support.com Inc. (a)		9,165		59,389
Sycamore Networks Inc.		4,096		84,337
Symmetricom Inc. (a)		8,655		61,364
Synaptics Inc. (a)		6,907		202,928
Synchronoss Technologies Inc. (a)		4,159		111,087
SYNNEX Corp. (a)		4,600		143,520
Syntel Inc.		2,694		128,746
Take-Two Interactive Software Inc. (a)		14,716		180,124
Taleo Corp. (a)		8,227		227,477
TechTarget (a)		3,046		24,155
Tekelec (a)		14,029		167,085
TeleCommunication Systems Inc. Class A (a)		9,214		43,029
TeleNav Inc. (a)		1,591		11,582
TeleTech Holdings Inc. (a)		6,252		128,729
Terremark Worldwide Inc. (a)		11,935		154,558
TESSCO Technologies Inc.		998		15,918
Tessera Technologies Inc. (a)		10,307		228,300
THQ Inc. (a)		13,910		84,295
TIBCO Software Inc. (a)		34,332		676,684
Tier Technologies Inc. Class B (a)		2,996		17,946
TiVo Inc. (a)		23,706		204,583
TNS Inc. (a)		5,336		110,989
Travelzoo Inc. (a)		987		40,684
Trident Microsystems Inc. (a)		14,246		25,358
TriQuint Semiconductor Inc. (a)		31,964		373,659
TTM Technologies Inc. (a)		16,693		248,893
Tyler Technologies Inc. (a)		6,496		134,857
Ultimate Software Group Inc. (a)		5,192		252,487
Ultra Clean Holdings Inc. (a)		4,391		40,880
Ultratech Inc. (a)		5,051		100,414
Unisys Corp. (a)		8,741		226,304
United Online Inc.		17,849		117,803
Universal Display Corp. (a)		6,090		186,658
UTStarcom Inc. (a)		24,256		49,967
ValueClick Inc. (a)		16,767		268,775
VASCO Data Security International Inc. (a)		5,668		46,081
Veeco Instruments Inc. (a)		8,348		358,630
VeriFone Systems Inc. (a)		17,569		677,461
ViaSat Inc. (a)		6,816		302,699
Viasystems Group Inc. (a)		850		17,119
Virnetx Holding Corp.		6,598		97,980
Virtusa Corp. (a)		3,004		49,145
Vocus Inc. (a)		3,412		94,376
Volterra Semiconductor Corp. (a)		5,112		118,394
Wave Systems Corp. Class A (a)		16,324		64,317
Websense Inc. (a)		8,948		181,197
Wright Express Corp. (a)		7,544		347,024
X-Rite Inc. (a)		6,712		30,674
Xyratex Ltd. (a)		6,169		100,616


	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Zix Corp. (a)		11,944	$	51,001
Zoran Corp. (a)		10,760		94,688
Zygo Corp. (a)		3,525		43,111

				44,489,967

Materials (5.61%)
A. Schulman Inc.		6,456		147,778
AEP Industries Inc. (a)		942		24,445
Allied Nevada Gold Corp. (a)		15,400		405,174
AM Castle & Co. (a)		3,296		60,679
AMCOL International Corp.		4,987		154,597
American Vanguard Corp.		4,113		35,125
Arch Chemicals Inc.		4,609		174,819
Balchem Corp.		5,830		197,112
Boise Inc.		14,336		113,684
Brush Engineered Materials Inc. (a)		4,150		160,356
Buckeye Technologies Inc.		8,029		168,689
Calgon Carbon Corp. (a)		11,527		174,288
Capital Gold Corp. (a)		9,845		49,914
Century Aluminum Co. (a)		13,073		203,024
Clearwater Paper Corp. (a)		2,354		184,318
Coeur d’Alene Mines Corp. (a)		18,259		498,836
Contango ORE Inc. (a)		235		2,468
Deltic Timber Corp.		2,228		125,526
Ferro Corp. (a)		17,868		261,588
General Moly Inc. (a)		13,772		89,243
Georgia Gulf Corp. (a)		6,908		166,206
Globe Specialty Metals Inc.		12,576		214,924
Golden Star Resources Ltd. (a)		52,976		243,160
Graham Packaging Co Inc. (a)		3,600		46,944
Graphic Packaging Holding Co. (a)		22,859		88,922
Hawkins Inc.		1,762		78,233
Haynes International Inc.		2,563		107,210
HB Fuller Co.		9,846		202,040
Headwaters Inc. (a)		12,246		56,087
Hecla Mining Co. (a)		49,740		560,072
Horsehead Holding Corp. (a)		8,872		115,691
Innophos Holdings Inc.		4,389		158,355
Jaguar Mining Inc. (a)		17,256		123,035
Kaiser Aluminum Corp.		2,832		141,855
Kapstone Paper and Packaging Corp. (a)		7,818		119,615
KMG Chemicals Inc.		1,221		20,232
Koppers Holdings Inc.		4,228		151,278
Kraton Performance Polymers Inc. (a)		2,216		68,585
Landec Corp. (a)		5,344		31,957
Louisiana-Pacific Corp. (a)		26,259		248,410
LSB Industries Inc. (a)		3,660		88,792
Metals USA Holdings Corp. (a)		2,319		35,342
Minerals Technologies Inc.		3,789		247,838
Molycorp Inc. (a)		5,247		261,825
Myers Industries Inc.		7,201		70,138
Neenah Paper Inc.		3,135		61,697
NewMarket Corp.		2,122		261,791
NL Industries Inc.		1,462		16,316
Noranda Aluminum Holding Corp. (a)		2,293		33,478


	Shares		Value
Common Stocks (Cont.)
Materials (Cont.)
Olin Corp.		16,162	$	331,644
Olympic Steel Inc.		1,796		51,509
OM Group Inc. (a)		6,301		242,652
Omnova Solutions Inc. (a)		9,143		76,435
P. H. Glatfelter Co.		9,248		113,473
PolyOne Corp. (a)		19,213		239,970
Quaker Chemical Corp.		2,288		95,341
Rock-Tenn Co. Class A		7,926		427,608
Rockwood Holdings Inc. (a)		10,677		417,684
RTI International Metals Inc. (a)		6,273		169,246
Schweitzer-Mauduit International Inc.		3,771		237,271
Senomyx Inc. (a)		7,805		55,650
Sensient Technologies Corp.		10,143		372,552
Silgan Holdings Inc.		10,813		387,214
Solutia Inc. (a)		24,954		575,938
Spartech Corp. (a)		6,336		59,305
Stepan Co.		1,597		121,803
Stillwater Mining Co. (a)		9,112		194,541
STR Holdings Inc. (a)		5,812		116,240
Texas Industries Inc.		4,348		199,051
Thompson Creek Metals Company Inc. (a)		33,372		491,236
TPC Group Inc. (a)		1,593		48,300
U.S. Energy Corp. (a)		5,391		32,777
United States Lime & Minerals Inc. (a)		520		21,908
Universal Stainless & Alloy Products Inc. (a)		1,469		45,950
US Gold Corp. (a)		18,247		147,253
Verso Paper Corp. (a)		2,842		9,720
Wausau Paper Corp.		10,020		86,272
Westlake Chemical Corp.		3,901		169,576
Worthington Industries Inc.		12,574		231,362
WR Grace & Co. (a)		14,938		524,772
Zep Inc.		4,585		91,150
Zoltek Companies Inc. (a)		5,928		68,468

				13,705,562

Telecommunication Services (0.99%)
AboveNet Inc.		4,626		270,436
Alaska Communications Systems Group Inc.		9,115		101,176
Atlantic Tele-Network Inc.		1,948		74,686
Cbeyond Inc. (a)		5,480		83,734
Cincinnati Bell Inc. (a)		41,735		116,858
Cogent Communications Group Inc. (a)		9,170		129,664
Consolidated Communications Holdings Inc.		5,131		99,028
FiberTower Corp. (a)		9,291		41,438
General Communication Inc. Class A (a)		9,712		122,954
Global Crossing Ltd. (a)		6,184		79,897
Globalstar Inc. (a)		14,019		20,328
Hughes Communications Inc. (a)		1,811		73,237
ICO Global Communications Holdings Ltd. New (a)		19,025		28,538
IDT Corp. Class B		2,855		73,231
Iridium Communications Inc. (a)		6,959		57,412


	Shares		Value
Common Stocks (Cont.)
Telecommunication Services (Cont.)
Neutral Tandem Inc. (a)		6,963	$	100,546
NTELOS Holdings Corp.		5,940		113,157
PAETEC Holding Corp. (a)		25,767		96,369
Premiere Global Services Inc. (a)		12,609		85,741
Shenandoah Telecommunications Co.		4,855		90,934
Syniverse Holdings Inc. (a)		14,330		442,080
USA Mobility Inc.		4,481		79,627
Vonage Holdings Corp. (a)		21,440		48,026

				2,429,097

Utilities (3.03%)
Allete Inc.		6,387		237,980
American DG Energy Inc. (a)		3,730		10,332
American States Water Co.		3,766		129,814
Artesian Resources Corp. Class A		1,186		22,475
Avista Corp.		11,410		256,953
Black Hills Corp.		8,068		242,040
Cadiz Inc. (a)		2,353		29,271
California Water Service Group		4,002		149,155
Central Vermont Public Service Corp.		2,438		53,290
CH Energy Group Inc.		3,273		160,017
Chesapeake Utilities Corp.		2,012		83,538
Cleco Corp.		12,541		385,761
Connecticut Water Service Inc.		1,843		51,383
Consolidated Water Co. Ltd.		3,081		28,253
Dynegy Inc. (a)		20,995		117,992
El Paso Electric Co. (a)		9,064		249,532
Empire District Electric Co., The		8,237		182,861
Idacorp Inc.		9,890		365,732
Laclede Group Inc., The		4,649		169,874
MGE Energy Inc.		4,816		205,932
Middlesex Water Co.		2,909		53,380
New Jersey Resources Corp.		8,314		358,417
Nicor Inc.		9,181		458,316
Northwest Natural Gas Co.		5,397		250,799
NorthWestern Corp.		7,430		214,207
Otter Tail Corp.		7,505		169,163
Piedmont Natural Gas Company Inc.		14,451		404,050
PNM Resources Inc.		18,026		234,699
Portland General Electric Co.		15,606		338,650
SJW Corp.		2,751		72,819
South Jersey Industries Inc.		6,199		327,431
Southwest Gas Corp.		9,224		338,244
UIL Holdings Corp.		10,326		309,367
Unisource Energy Corp.		7,476		267,940
Unitil Corp.		2,208		50,210
WGL Holdings Inc.		10,192		364,568
York Water Co.		2,664		46,061

				7,390,506

Total Common Stocks (cost $215,113,946)				237,729,092


	Shares		Value
Registered Investment Companies (0.94%)
Financials (0.94%)
American Capital Ltd. (a)		70,328	$	531,680
Apollo Investment Corp.		39,868		441,339
Arlington Asset Investment Corp. Class A		1,388		33,298
BlackRock Kelso Capital Corp.		13,444		148,691
Capital Southwest Corp.		610		63,318
Fifth Street Finance Corp.		11,205		136,029
Gladstone Capital Corp.		4,514		52,001
Gladstone Investment Corp.		4,835		36,988
Golub Capital BDC LLC Inc.		1,485		25,423
Harris & Harris Group Inc. (a)		6,221		27,248
Hercules Technology Growth Capital Inc.		7,246		75,069
Kayne Anderson Energy Development Co.		2,064		37,173
Main Street Capital Corp.		2,514		45,730
MCG Capital Corp.		15,652		109,094
Medallion Financial Corp.		3,251		26,658
MVC Capital Inc.		4,960		72,416
NGP Capital Resources Co.		4,191		38,557
PennantPark Investment Corp.		6,702		82,032
Prospect Capital Corp.		14,774		159,559
Solar Capital Ltd.		1,210		29,984
THL Credit Inc.		1,806		23,496
TICC Capital Corp.		5,463		61,240
Triangle Capital Corp.		2,432		46,208

				2,303,231

Total Registered Investment Companies (cost $2,327,432)				2,303,231


	Principal amount		Value
Corporate Bonds (0.00%)

Financial Services (0.00%)
GAMCO Investors Inc. (b)
0.000%, 12/31/2015	$	4,600	$	3,930

Total Corporate Bonds (cost $4,266)				3,930


	Principal amount		Value
Short-term Investments (1.64%)
U.S. Treasury Bill (c)
0.107%, 02/03/2011	$	4,016,000	$	4,015,699

Total Short-term Investments (cost $4,015,608)				4,015,699

TOTAL INVESTMENTS (99.92%) (cost $221,461,252)				244,051,952

CASH AND OTHER ASSETS, NET OF LIABILITIES (0.08%)				185,762

NET ASSETS (100.00%)			$	244,237,714

(a) Non-income producing security. (b) In accordance with the Trust’s Valuation Procedures, State Farm Investment Management Corp. (“SFIMC”) determined the fair value for the security considering the facts and circumstances related to the particular security. (c) At December 31, 2010, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.


	Shares		Value
Common Stocks (98.83%)
Australia (8.73%)
AGL Energy Ltd.		11,378	$	177,238
Alumina Ltd.		60,921		154,529
Amcor Ltd.		30,806		212,682
AMP Ltd.		52,490		284,003
Asciano Ltd. (a)		71,900		117,295
ASX Ltd.		4,376		168,647
Australia & New Zealand Banking Group Ltd.		64,586		1,542,468
AXA Asia Pacific Holdings Ltd.		26,325		169,898
Bendigo and Adelaide Bank Ltd.		9,012		91,714
BGP Holdings PLC (a) (b)		253,848		0
BHP Billiton Ltd.		84,668		3,918,580
Billabong International Ltd.		5,105		42,554
BlueScope Steel Ltd.		45,968		105,786
Boral Ltd.		18,123		89,530
Brambles Ltd.		35,863		261,166
Caltex Australia Ltd.		3,404		50,031
CFS Retail Property Trust		53,329		95,999
Coca-Cola Amatil Ltd.		14,269		158,494
Cochlear Ltd.		1,394		114,647
Commonwealth Bank of Australia		39,048		2,027,668
Computershare Ltd.		11,101		122,397
Crown Ltd.		11,139		93,992
CSL Ltd.		13,863		514,559
CSR Ltd.		38,193		65,627
Dexus Property Group		121,998		99,200
Fairfax Media Ltd.		53,524		76,642
Fortescue Metals Group Ltd. (a)		31,831		212,921
Foster’s Group Ltd.		48,668		282,737
Goodman Fielder Ltd.		35,178		48,393
Goodman Group		164,381		109,284
GPT Group		44,139		132,727
Harvey Norman Holdings Ltd.		13,901		41,801
Incitec Pivot Ltd.		41,898		169,699
Insurance Australia Group Ltd.		52,864		209,789
James Hardie Industries SE CDI (a)		11,735		81,377
Leighton Holdings Ltd.		3,469		109,210
Lend Lease Corp. Ltd.		13,545		119,559
Macarthur Coal Ltd.		4,424		57,918
Macquarie Group Ltd.		8,665		328,004
MAP Group		9,385		28,701
Metcash Ltd.		19,717		82,885
Mirvac Group		86,117		107,899
National Australia Bank Ltd.		53,952		1,307,816
Newcrest Mining Ltd.		19,274		797,212
Onesteel Ltd.		33,571		88,931
Orica Ltd.		9,114		232,113
Origin Energy Ltd.		22,388		381,488
OZ Minerals Ltd.		78,693		138,438
Paladin Energy Ltd. (a)		17,207		86,765
Qantas Airways Ltd. (a)		27,618		71,749
QBE Insurance Group Ltd.		26,338		488,934
QR National Ltd. (a)		43,061		121,118
Ramsay Health Care Ltd.		3,312		60,298
Rio Tinto Ltd.		10,986		960,382


	Shares		Value
Common Stocks (Cont.)
Australia (Cont.)
Santos Ltd.		20,990	$	282,312
Sims Metal Management Ltd.		3,988		87,982
Sonic Healthcare Ltd.		9,500		112,713
SP Ausnet		38,979		34,685
Stockland		60,079		221,216
Suncorp Group Ltd.		32,305		284,488
Tabcorp Holding Ltd.		17,309		125,873
Tatts Group Ltd.		30,108		79,450
Telstra Corp. Ltd.		109,797		313,318
Toll Holdings Ltd.		16,834		98,658
Transurban Group		32,703		171,257
Wesfarmers Ltd.		25,342		829,434
Wesfarmers Ltd. PPS		3,889		128,479
Westfield Group		54,969		538,610
Westfield Retail Trust (a)		54,969		144,491
Westpac Banking Corp.		75,360		1,711,907
Woodside Petroleum Ltd.		15,735		684,951
Woolworths Ltd.		31,040		856,236
WorleyParsons Ltd.		4,831		132,126

				24,451,680

Austria (0.33%)
Erste Group Bank AG		4,812		225,960
Immoeast Interim Shares (a) (b)		11,178		0
Immofinanz AG (a)		26,040		110,968
Immofinanz AG Interim Shares (a) (b)		9,273		0
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) Class A		1,933		72,016
OMV AG		3,817		158,630
Raiffeisen Bank International AG		1,232		67,499
Telekom Austria AG		8,376		117,749
Vienna Insurance Group AG Wiener Versicherung Gruppe		960		49,896
VoestAlpine AG		2,771		132,008

				934,726

Belgium (0.90%)
Ageas		57,820		132,123
Anheuser-Busch InBev NV		18,207		1,041,325
Bekaert NV		980		112,492
Belgacom SA		3,943		132,384
Colruyt SA		1,901		96,659
Compagnie Nationale a Portefeuille		711		34,774
Delhaize Group		2,557		188,853
Dexia SA (a)		13,821		48,019
Groupe Bruxelles Lambert SA		2,042		171,719
KBC GROEP NV (a)		3,936		134,122
Mobistar SA		634		41,098
Solvay SA		1,512		161,134
UCB SA		2,537		87,026
Umicore		2,922		151,970

				2,533,698


	Shares		Value
Common Stocks (Cont.)
Denmark (0.99%)
A P Moller-Maersk A/S Class A		14	$	123,333
A P Moller-Maersk A/S Class B		33		298,819
Carlsberg A/S Class B		2,710		271,338
Coloplast A/S Class B		574		78,001
Danske Bank A/S (a)		11,523		295,406
DSV A/S		4,999		110,500
Novo Nordisk A/S Class B		10,554		1,190,105
Novozymes A/S B Shares		1,132		157,683
Tryg A/S		621		28,667
Vestas Wind Systems A/S (a)		5,136		162,144
William Demant Holding A/S (a)		588		43,430

				2,759,426

Finland (1.11%)
Elisa OYJ		3,370		73,269
Fortum OYJ		11,198		337,136
Kesko OYJ		1,687		78,744
Kone Corp. OYJ Class B		3,962		220,248
Metso OYJ		3,222		179,972
Neste Oil OYJ		3,247		51,851
Nokia OYJ		94,415		976,531
Nokian Renkaat OYJ		2,726		99,994
Orion OYJ Class B		2,451		53,616
Outokumpu OYJ		3,375		62,599
Pohjola Bank PLC		3,269		39,184
Rautaruukki OYJ		2,314		54,144
Sampo OYJ A Shares		10,734		287,594
Sanoma OYJ		2,121		45,972
Stora Enso OYJ R Shares		14,974		153,775
UPM-Kymmene OYJ		13,109		231,582
Wartsila OYJ Class B		2,019		154,055

				3,100,266

France (9.16%)
Accor SA		3,776		168,027
Aeroports de Paris (ADP)		748		59,044
Air France-KLM (a)		3,523		64,167
Air Liquide SA		7,133		902,092
Alcatel-Lucent (a)		58,442		170,249
Alstom SA		5,223		249,936
Atos Origin SA (a)		1,125		59,893
AXA SA		43,300		720,379
bioMerieux		279		27,522
BNP Paribas		24,165		1,537,407
Bouygues SA		5,788		249,476
Bureau Veritas SA		1,231		93,304
Cap Gemini SA		3,734		174,292
Carrefour SA		15,106		622,743
Casino Guichard Perrachon SA		1,331		129,750
Christian Dior SA		1,617		230,989
Cie Generale des Etablissements Michelin Class B		4,422		317,320
CNP Assurances		3,968		71,609
Compagnie de Saint-Gobain		10,037		516,379
Compagnie Generale de Geophysique-Veritas (a)		3,660		111,389


	Shares		Value
Common Stocks (Cont.)
France (Cont.)
Credit Agricole SA		24,219	$	307,586
DANONE SA		14,701		923,705
Dassault Systemes SA		1,493		112,563
Edenred (a)		3,776		89,388
Eiffage SA		1,005		44,325
Electricite de France		6,526		267,682
Eramet		143		49,015
Essilor International SA		5,118		329,478
Eurazeo		747		55,391
European Aeronautic Defence and Space Co. NV (a)		10,288		239,763
Eutelsat Communications		2,443		89,417
Fonciere des Regions		674		65,208
France Telecom SA		46,744		974,126
GDF Suez		31,189		1,119,050
Gecina SA		482		53,016
Groupe Eurotunnel SA		11,969		105,242
Hermes International SCA		266		55,718
ICADE		551		56,217
Iliad SA		446		48,514
Imerys SA		951		63,395
JC Decaux SA (a)		1,816		55,875
Klepierre		2,296		82,825
Lafarge SA		5,074		318,136
Lagardere SCA		2,975		122,564
Legrand SA		3,981		162,121
L’Oreal SA		6,043		670,893
LVMH Moet Hennessy Louis Vuitton SA		6,174		1,015,614
M6 Metropole Television SA		1,626		39,328
Natixis (a)		22,600		105,701
Neopost SA		794		69,179
PagesJaunes Groupe		3,355		30,486
Pernod Ricard SA		5,039		473,777
Peugeot SA (a)		3,863		146,656
PPR SA		1,915		304,523
Publicis Groupe		3,114		162,288
Renault SA (a)		4,846		281,693
Safran SA		4,206		148,943
Sanofi-Aventis		26,438		1,690,497
Schneider Electric SA		6,128		917,151
SCOR SE		4,405		111,842
SES FDR		7,402		176,213
Societe BIC SA		720		61,885
Societe Generale		15,956		857,571
Societe Television Francaise 1		2,952		51,282
Sodexo		2,398		165,253
STMicroelectronics NV		16,485		170,482
Suez Environnement Co.		6,744		139,236
Technip SA		2,491		230,015
Thales SA		2,258		79,010
Total SA		53,286		2,823,321
Unibail-Rodamco SE		2,321		459,030
Vallourec SA		2,762		290,102
Veolia Environnement		8,754		255,835
Vinci SA		11,121		604,545


	Shares		Value
Common Stocks (Cont.)
France (Cont.)
Vivendi		31,173	$	841,461

				25,640,099


Germany (7.64%)
Adidas AG		5,248		342,861
Allianz SE Reg.		11,443		1,359,854
Axel Springer AG		374		60,973
BASF SE		23,156		1,847,319
Bayer AG		20,848		1,540,613
Bayerische Motoren Werke (BMW) AG		8,347		656,419
Beiersdorf AG		2,541		141,000
Brenntag AG (a)		714		72,799
Celesio AG		1,992		49,512
Commerzbank AG (a)		18,113		134,431
Continental AG (a)		1,187		93,807
Daimler AG Registered Shares (a)		22,746		1,541,963
Deutsche Bank AG Reg.		23,479		1,226,762
Deutsche Boerse AG		4,953		342,848
Deutsche Lufthansa AG Reg. (a)		5,802		126,804
Deutsche Post AG		21,453		364,079
Deutsche Telekom AG		71,470		922,104
E.On AG		45,403		1,391,513
Fraport AG		916		57,726
Fresenius Medical Care AG & Co. KGaA		4,846		279,945
Fresenius SE		745		62,470
GEA Group AG		4,266		123,305
Hannover Rueckversicherung AG Reg.		1,534		82,272
HeidelbergCement AG		3,608		226,122
Henkel AG & Co. KGaA		3,283		169,407
Hochtief AG		1,190		101,041
Infineon Technologies AG (a)		27,313		254,138
K+S Group AG		3,656		275,347
Kabel Deutschland Holding AG (a)		1,361		63,427
Lanxess AG		2,098		165,690
Linde AG		4,255		645,640
MAN AG		2,690		319,888
Merck KGaA		1,628		130,203
Metro AG		3,295		237,239
Muenchener Rueckversicherungs Gesellschaft AG Reg.		4,752		720,419
Puma AG Rudolf Dassler Sport		117		38,774
QIAGEN NV (a)		5,683		111,103
RWE AG		10,557		703,814
Salzgitter AG		1,012		78,124
SAP AG		21,637		1,101,605
Siemens AG Reg.		20,743		2,569,539
Suedzucker AG		1,409		37,516
ThyssenKrupp AG		8,529		353,145
TUI AG (a)		3,190		44,759
United Internet AG Reg.		3,089		50,215
Volkswagen AG		760		107,551
Wacker Chemie AG		394		68,761

				21,394,846


	Shares		Value
Common Stocks (Cont.)
Greece (0.24%)
Alpha Bank AE (a)		12,196	$	61,931
Bank of Cyprus Public Company Ltd.		21,468		74,014
Coca-Cola Hellenic Bottling Co. SA		4,646		120,196
EFG Eurobank Ergasias (a)		7,690		38,536
Hellenic Telecommunications Organization SA		6,229		50,858
National Bank of Greece SA (a)		24,210		195,729
OPAP SA		5,630		97,428
Public Power Corp. SA		2,789		40,176

				678,868

Hong Kong (2.82%)
AIA Group Ltd. (a)		197,354		554,779
ASM Pacific Technology Ltd.		4,500		56,881
Bank of East Asia Ltd.		38,425		160,912
BOC Hong Kong Holdings Ltd.		94,000		319,872
Cathay Pacific Airways Ltd.		29,000		80,029
Cheung Kong Holdings Ltd.		35,000		539,896
Cheung Kong Infrastructure Holdings Ltd.		12,000		54,961
CLP Holdings Ltd.		48,783		396,023
Esprit Holdings Ltd.		29,228		139,131
Foxconn International Holdings Ltd. (a)		53,000		37,025
Hang Lung Group Ltd.		20,000		131,484
Hang Lung Properties Ltd.		62,000		289,945
Hang Seng Bank Ltd.		19,274		316,902
Henderson Land Development Co. Ltd.		26,926		183,599
Hong Kong & China Gas Co. Ltd.		108,965		256,824
Hong Kong Exchanges & Clearing Ltd.		25,800		585,187
Hongkong Electric Holdings Ltd.		35,000		220,641
Hopewell Holdings Ltd.		14,500		45,518
Hutchison Whampoa Ltd.		54,210		557,946
Hysan Development Co. Ltd.		16,000		75,340
Kerry Properties Ltd.		18,000		93,789
Li & Fung Ltd.		57,000		330,730
Lifestyle International Holdings Ltd.		14,000		34,474
Link REIT, The		55,500		172,438
Mongolia Energy Corp. Ltd. (a)		75,000		22,386
MTR Corp.		36,500		132,893
New World Development Co. Ltd.		63,800		119,838
NWS Holdings Ltd.		34,500		52,375
Orient Overseas International Ltd.		5,100		49,473
PCCW Ltd.		101,000		44,699
Sands China Ltd. (a)		60,800		134,541
Shangri-La Asia Ltd.		32,271		87,603
Sino Land Co. Ltd.		42,000		78,566
SJM Holdings Ltd.		40,000		63,504
Sun Hung Kai Properties Ltd.		36,000		597,931
Swire Pacific Ltd. Class A		19,500		320,618
Wharf Holdings Ltd.		34,503		265,449
Wheelock and Co. Ltd.		22,000		89,016
Wing Hang Bank Ltd.		4,500		62,236


	Shares		Value
Common Stocks (Cont.)
Hong Kong (Cont.)
Wynn Macau Ltd.		39,200	$	87,550
Yue Yuen Industrial Holdings Ltd.		18,500		66,524

				7,909,528

Ireland (0.23%)
CRH PLC (Dublin)		17,850		369,721
Elan Corp. PLC (a)		13,286		73,679
Governor and Company of the Bank of Ireland, The (a)		88,073		44,134
Kerry Group PLC Class A		3,471		115,818
Ryanair Holdings PLC		10,018		50,469

				653,821

Israel (0.79%)
Bank Hapoalim B.M. (a)		25,304		131,708
Bank Leumi Le-Israel		30,149		154,377
Bezeq The Israeli Telecommunication Corporation Ltd.		43,805		133,569
Cellcom Israel Ltd.		1,158		37,594
Delek Group Ltd.		101		26,015
Elbit Systems Ltd.		535		28,540
Israel Chemicals Ltd.		11,310		193,881
Israel Corporation Ltd., The (a)		58		70,365
Israel Discount Bank Class A (a)		19,287		43,998
Makhteshim-Agan Industries Ltd. (a)		6,576		33,709
Mizrahi Tefahot Bank Ltd.		2,895		31,818
NICE Systems Ltd. (a)		1,480		52,135
Partner Communications Company Ltd.		2,039		41,372
Teva Pharmaceutical Industries Ltd.		23,594		1,236,715

				2,215,796

Italy (2.58%)
A2A SpA		25,263		34,738
Assicurazioni Generali SpA		29,438		558,993
Atlantia SpA		6,065		123,758
Autogrill SpA (a)		3,167		44,733
Banca Carige SpA		15,801		33,108
Banca Monte Dei Paschi di Siena SpA (a)		54,945		62,483
Banco Popolare Societa Cooperativa		16,147		73,147
Enel Green Power SpA (a)		38,059		80,407
Enel SpA		165,949		829,374
Eni SpA		65,637		1,433,193
EXOR SpA		1,697		55,967
Fiat SpA		19,472		401,495
Finmeccanica SpA		10,285		116,891
Intesa Sanpaolo		194,178		526,744
Intesa Sanpaolo RSP		23,945		57,052
Luxottica Group SpA		2,830		86,223
Mediaset SpA		17,616		106,579
Mediobanca SpA		12,206		108,630
Parmalat SpA		44,332		121,444
Pirelli & Co. SpA		5,997		48,483
Prysmian SpA		4,589		78,187


	Shares		Value
Common Stocks (Cont.)
Italy (Cont.)
Saipem SpA		6,675	$	328,606
Snam Rete Gas SpA		36,009		179,002
Telecom Italia RNC SpA		151,926		164,851
Telecom Italia SpA		237,345		306,698
Tenaris SA		11,981		293,787
Terna - Rete Elettrica Nationale SpA		32,845		138,695
UBI Banca - Unione di Banche
Italiane ScpA		14,783		129,392
UniCredit SpA		340,133		703,596

				7,226,256

Japan (21.98%)
77 Bank Ltd., The		9,000		47,777
ABC-Mart Inc.		600		21,431
Advantest Corp.		3,980		90,051
Aeon Co. Ltd.		15,100		188,959
Aeon Credit Service Co. Ltd.		2,100		29,693
Aeon Mall Co. Ltd.		1,900		51,016
Air Water Inc.		4,000		51,090
Aisin Seiki Co. Ltd.		4,700		166,315
Ajinomoto Co. Inc.		17,000		177,140
Alfresa Holdings Corp.		1,000		44,402
All Nippon Airways Co. Ltd. (a)		22,000		82,104
Amada Co. Ltd.		9,000		73,273
Aozora Bank Ltd.		12,000		24,831
Asahi Breweries Ltd.		9,800		189,868
Asahi Glass Co. Ltd.		25,000		292,216
Asahi Kasei Corp.		32,000		208,893
ASICS Corp.		4,000		51,435
Astellas Pharma Inc.		11,251		428,893
Bank of Kyoto Ltd., The		8,000		75,871
Bank of Yokohama Ltd., The		31,000		160,746
Benesse Holdings Inc.		1,700		78,310
Bridgestone Corp.		16,400		316,931
Brother Industries Ltd.		6,200		91,942
Canon Inc.		28,600		1,483,015
Canon Marketing Japan Inc.		1,500		21,357
Casio Computer Co. Ltd.		5,900		47,598
Central Japan Railway Co.		38		318,266
Chiba Bank Ltd., The		19,000		123,562
Chiyoda Corp.		4,000		39,808
Chubu Electric Power Co. Inc.		16,400		403,183
Chugai Pharmaceutical Co. Ltd.		5,600		102,771
Chugoku Bank Ltd., The		4,000		48,430
Chugoku Electric Power Company Inc., The		7,300		148,356
Chuo Mitsui Trust Holdings Inc.		25,000		103,769
Citizen Holdings Co. Ltd.		5,900		40,695
Coca-Cola West Co. Ltd.		1,400		25,365
Cosmo Oil Co. Ltd.		15,000		49,144
Credit Saison Co. Ltd.		3,800		62,483
Dai Nippon Printing Co. Ltd.		14,000		190,713
Daicel Chemical Industries Ltd.		7,000		51,127
Daido Steel Co. Ltd.		7,000		41,126
Daihatsu Motor Co. Ltd.		5,000		76,734
Dai-ichi Life Insurance Company Ltd.		202		328,166


	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Daiichi Sankyo Co. Ltd.		17,113	$	374,551
Daikin Industries Ltd.		6,000		212,834
Dainippon Sumitomo Pharma Co. Ltd.		3,700		33,632
Daito Trust Construction Co. Ltd.		1,900		130,115
Daiwa House Industry Co. Ltd.		12,000		147,506
Daiwa Securities Group Inc.		42,000		216,234
DeNA Co. Ltd.		2,000		71,733
Denki Kagaku Kogyo KK		11,000		52,297
Denso Corp.		12,300		424,493
Dentsu Inc.		4,000		124,202
Dowa Holdings Co. Ltd.		6,300		41,359
East Japan Railway Co.		8,600		559,281
Eisai Co. Ltd.		6,400		231,753
Electric Power Development Co. Ltd.		2,980		93,485
Elpida Memory Inc. (a)		4,700		54,705
FamilyMart Co. Ltd.		1,500		56,534
Fanuc Corp.		4,800		737,234
Fast Retailing Co. Ltd.		1,300		207,033
Fuji Electric Holdings Co. Ltd.		15,000		46,742
Fuji Heavy Industries Ltd.		15,000		116,394
Fuji Media Holdings Inc.		9		14,233
FUJIFILM Holdings Corp.		11,700		423,096
Fujitsu Ltd.		47,000		327,072
Fukuoka Financial Group Inc.		20,000		86,957
Furukawa Electric Co. Ltd.		15,000		67,434
Gree Inc.		2,300		29,263
GS Yuasa Corp.		9,000		62,298
Gunma Bank Ltd.		10,000		54,933
Hachijuni Bank Ltd., The		11,000		61,510
Hakuhodo DY Holdings Inc.		590		33,827
Hamamatsu Photonics K.K.		1,800		65,801
Hankyu Hanshin Holdings Inc.		28,000		130,016
Hino Motors Ltd.		6,000		32,516
Hirose Electric Co. Ltd.		800		90,159
Hiroshima Bank Ltd., The		13,000		54,760
Hisamitsu Pharmaceutical Co. Inc.		1,700		71,610
Hitachi Chemical Co. Ltd.		2,500		51,761
Hitachi Construction Machinery Co. Ltd.		2,400		57,524
Hitachi High-Technologies Corp.		1,700		39,741
Hitachi Ltd.		114,000		607,981
Hitachi Metals Ltd.		4,000		48,035
Hokkaido Electric Power Co. Inc.		4,800		98,140
Hokuhoku Financial Group Inc.		32,000		65,033
Hokuriku Electric Power Co.		4,500		110,574
Honda Motor Co. Ltd.		41,100		1,627,497
Hoya Corp.		10,800		262,318
Ibiden Co. Ltd.		3,200		100,978
Idemitsu Kosan Co. Ltd.		600		63,702
IHI Corp.		33,000		73,568
INPEX Corp.		54		316,258
Isetan Mitsukoshi Holdings Ltd.		9,080		105,574
Isuzu Motors Ltd.		30,000		136,347
Ito En Ltd.		1,600		26,604
Itochu Corp.		38,000		384,727
Itochu Techno-Solutions Corp.		800		30,004


	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Iyo Bank Ltd., The		6,000	$	48,035
J. Front Retailing Co. Ltd.		11,400		62,343
Japan Petroleum Exploration Co.		700		26,641
Japan Prime Realty Investment Corp.		16		49,267
Japan Real Estate Investment Corp.		12		124,449
Japan Retail Fund Investment Corp.		40		76,709
Japan Steel Works Ltd., The		8,000		83,557
Japan Tobacco Inc.		114		421,936
JFE Holdings Inc.		11,600		404,050
JGC Corp.		5,000		108,819
Joyo Bank Ltd., The		16,000		70,353
JS Group Corp.		6,200		136,463
JSR Corp.		4,500		83,970
JTEKT Corp.		5,100		60,177
Jupiter Telecommunications Co. Ltd.		61		64,163
JX Holdings Inc.		56,700		384,797
Kajima Corp.		20,000		53,209
Kamigumi Co. Ltd.		6,000		50,400
Kaneka Corp.		8,000		55,475
Kansai Electric Power Company Inc., The		18,900		466,506
Kansai Paint Co. Ltd.		5,000		48,405
Kao Corp.		13,600		366,508
Kawasaki Heavy Industries Ltd.		36,000		121,049
Kawasaki Kisen Kaisha Ltd.		16,000		70,353
KDDI Corp.		73		421,690
Keikyu Corp.		12,000		105,974
Keio Corp.		15,000		102,353
Keisei Electric Railway Co. Ltd.		7,000		46,730
Keyence Corp.		1,064		308,231
Kikkoman Corp.		4,000		44,833
Kinden Corp.		3,000		27,713
Kintetsu Corp.		41,000		128,267
Kirin Holdings Co. Ltd.		21,000		294,605
Kobe Steel Ltd.		63,000		159,847
Koito Manufacturing Company Ltd.		2,000		31,285
Komatsu Ltd.		23,900		723,270
Konami Corp.		2,400		51,021
Konica Minolta Holdings Inc.		12,000		124,744
Kubota Corp.		29,000		274,677
Kuraray Co. Ltd.		8,700		124,730
Kurita Water Industries Ltd.		2,800		88,218
Kyocera Corp.		4,100		418,635
Kyowa Hakko Kirin Co. Ltd.		6,000		61,781
Kyushu Electric Power Co. Inc.		9,600		215,199
Lawson Inc.		1,600		79,123
Mabuchi Motor Co. Ltd.		600		30,927
Makita Corp.		2,700		110,408
Marubeni Corp.		42,000		295,381
Marui Group Co. Ltd.		5,600		45,661
Maruichi Steel Tube Ltd.		1,100		23,371
Matsui Securities Co. Ltd.		2,700		19,222
Mazda Motor Corp.		38,000		109,053
McDonald’s Holdings Company Ltd. (Japan)		1,800		45,139
MEDIPAL HOLDINGS CORP.		3,300		36,378


	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
MEIJI Holdings Company Ltd.		1,719	$	77,703
Minebea Co. Ltd.		8,000		50,450
Miraca Holdings Inc.		1,400		56,386
Mitsubishi Chemical Holdings Corp.		32,500		220,563
Mitsubishi Corp.		34,200		925,873
Mitsubishi Electric Corp.		49,000		514,201
Mitsubishi Estate Co. Ltd.		30,000		556,472
Mitsubishi Gas Chemical Co. Inc.		9,000		63,961
Mitsubishi Heavy Industries Ltd.		76,000		285,503
Mitsubishi Logistics Corp.		3,000		39,980
Mitsubishi Materials Corp. (a)		28,000		89,321
Mitsubishi Motors Corp. (a)		99,000		143,885
Mitsubishi Tanabe Pharma Corp.		6,000		101,318
Mitsubishi UFJ Financial Group Inc.		321,060		1,735,994
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,420		56,317
Mitsui & Co. Ltd.		43,800		723,436
Mitsui Chemicals Inc.		22,000		78,852
Mitsui Engineering & Shipbuilding Co. Ltd.		17,000		45,018
Mitsui Fudosan Co. Ltd.		21,000		418,758
Mitsui Mining & Smelting Co. Ltd.		14,000		46,213
Mitsui OSK Lines Ltd.		29,000		197,882
Mitsui Sumitomo Insurance Group Holdings Inc.		13,600		340,879
Mitsumi Electric Co. Ltd.		2,000		36,803
Mizuho Financial Group Inc.		512,900		966,544
Mizuho Securities Co. Ltd.		14,000		40,177
Mizuho Trust & Banking Co. Ltd. (a)		40,000		41,384
Murata Manufacturing Co. Ltd.		5,100		357,421
Nabtesco Corp.		2,400		51,198
Namco Bandai Holdings Inc.		4,900		52,627
NEC Corp.		67,000		201,355
NGK Insulators Ltd.		6,000		97,918
NGK Spark Plug Co. Ltd.		4,000		61,387
NHK Spring Co. Ltd.		4,000		43,503
Nidec Corp.		2,700		273,026
Nikon Corp.		8,100		164,315
Nintendo Co. Ltd.		2,500		733,773
Nippon Building Fund Inc.		13		133,378
Nippon Electric Glass Co. Ltd.		9,000		129,917
Nippon Express Co. Ltd.		22,000		99,175
Nippon Meat Packers Inc.		5,000		65,341
Nippon Paper Group Inc.		2,500		65,587
Nippon Sheet Glass Co. Ltd.		22,000		59,342
Nippon Steel Corp.		129,000		463,949
Nippon Telegraph & Telephone Corp.		13,100		592,961
Nippon Yusen Kabushiki Kaish		38,000		168,494
Nishi-Nippon City Bank Ltd., The		17,000		51,718
Nissan Chemical Industries Ltd.		3,500		45,394
Nissan Motor Co. Ltd.		62,700		596,959
Nisshin Seifun Group Inc.		4,500		57,144
Nisshin Steel Co. Ltd.		18,000		40,128
Nisshinbo Holdings Inc.		3,000		32,886
Nissin Foods Holdings Co. Ltd.		1,600		57,347
Nitori Holdings Co. Ltd.		950		83,077
Nitto Denko Corp.		4,200		197,869


	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
NKSJ Holdings Inc. (a)		36,000	$	265,156
NOK Corp.		2,500		52,100
Nomura Holdings Inc.		89,100		565,174
Nomura Real Estate Holdings Inc.		2,400		43,720
Nomura Real Estate Office Fund Inc.		7		50,523
Nomura Research Institute Ltd.		2,500		55,672
NSK Ltd.		11,000		99,446
NTN Corp.		12,000		63,702
NTT Data Corp.		32		110,792
NTT DoCoMo Inc.		386		674,157
NTT Urban Development Corp.		29		28,575
Obayashi Corp.		16,000		73,704
OBIC Co. Ltd.		170		35,009
Odakyu Electric Railway Co. Ltd.		16,000		148,984
Oji Paper Co. Ltd.		21,000		101,650
Olympus Corp.		5,600		169,538
Omron Corp.		5,100		135,116
Ono Pharmaceutical Co. Ltd.		2,200		102,697
Oracle Corp. Japan		900		44,230
Oriental Land Co. Ltd.		1,200		111,147
Orix Corp.		2,640		259,805
Osaka Gas Co. Ltd.		49,000		190,110
OTSUKA Corp.		400		27,294
Otsuka Holdings Co. Ltd. (a)		6,300		155,192
Panasonic Corp.		49,500		702,962
Rakuten Inc. (a)		182		152,433
Resona Holdings Inc.		15,300		91,774
Ricoh Co. Ltd.		17,000		249,169
RINNAI Corp.		800		48,873
Rohm Co. Ltd.		2,400		156,670
Sankyo Co. Ltd.		1,400		79,061
Santen Pharmaceutical Co. Ltd.		1,800		62,520
Sapporo Hokuyo Holdings Inc.		8,000		37,443
Sapporo Holdings Ltd.		7,000		31,728
SBI Holdings Inc.		467		70,864
Secom Co. Ltd.		5,300		250,998
Sega Sammy Holdings Inc.		4,968		94,538
Seiko Epson Corp.		3,200		58,332
Sekisui Chemical Co. Ltd.		11,000		78,988
Sekisui House Ltd.		15,000		151,681
Senshu Ikeda Holdings Inc.		16,500		23,574
Seven & I Holdings Co. Ltd.		19,040		508,890
Seven Bank Ltd.		15		31,759
Sharp Corp.		25,000		257,729
Shikoku Electric Power Co. Inc.		4,500		132,356
Shimadzu Corp.		6,000		46,631
Shimamura Co. Ltd.		600		55,647
Shimano Inc.		1,700		86,476
Shimizu Corp.		14,000		59,835
Shin-Etsu Chemical Co. Ltd.		10,300		558,197
Shinko Electric Industries Co. Ltd.		1,900		21,296
Shinsei Bank Ltd. (a)		23,000		30,028
Shionogi & Co. Ltd.		7,500		148,079
Shiseido Co. Ltd.		8,600		187,910
Shizuoka Bank Ltd., The		15,000		138,379
Showa Denko K.K.		36,000		81,143


	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Showa Shell Sekiyu K.K.		5,200	$	47,651
SMC Corp.		1,400		239,857
Softbank Corp.		20,400		706,299
Sojitz Corp.		33,000		72,349
Sony Corp.		25,400		915,701
Sony Financial Holdings Inc.		21		84,967
Square Enix Holdings Co. Ltd.		1,400		24,831
Stanley Electric Co. Ltd.		3,500		65,396
SUMCO Corp. (a)		2,900		41,434
Sumitomo Chemical Co. Ltd.		40,000		197,069
Sumitomo Corp.		28,500		403,332
Sumitomo Electric Industries Ltd.		19,100		265,363
Sumitomo Heavy Industries Ltd.		14,000		90,011
Sumitomo Metal Industries Ltd.		85,000		209,385
Sumitomo Metal Mining Co. Ltd.		13,000		227,208
Sumitomo Mitsui Financial Group Inc.		33,900		1,207,523
Sumitomo Realty & Development Co. Ltd.		9,000		214,940
Sumitomo Rubber Industries Ltd.		4,300		44,912
Sumitomo Trust & Banking Co. Ltd.		36,000		227,023
Suruga Bank Ltd.		5,000		46,557
Suzuken Co. Ltd.		1,640		50,095
Suzuki Motor Corp.		8,400		206,922
Sysmex Corp.		900		62,409
T&D Holdings Inc.		7,000		177,608
Taisei Corp.		26,000		60,845
Taisho Pharmaceutical Co. Ltd.		3,000		65,661
Taiyo Nippon Sanso Corp.		6,000		52,987
Takashimaya Co. Ltd.		6,000		51,435
Takeda Pharmaceutical Co. Ltd.		18,900		929,985
TDK Corp.		3,100		215,729
Teijin Ltd.		23,000		98,300
Terumo Corp.		4,300		242,037
THK Co. Ltd.		2,900		66,687
Tobu Railway Co. Ltd.		21,000		117,946
Toho Co. Ltd.		2,700		43,365
Toho Gas Co. Ltd.		11,000		55,007
Tohoku Electric Power Co. Inc.		10,800		240,769
Tokio Marine Holdings Inc.		18,300		547,039
Tokuyama Corp.		8,000		41,384
Tokyo Electric Power Company Inc., The		35,900		876,828
Tokyo Electron Ltd.		4,300		272,226
Tokyo Gas Co. Ltd.		64,000		283,779
Tokyo Steel Manufacturing Co. Ltd.		2,500		27,282
Tokyo Tatemono Co. Ltd.		10,000		46,311
Tokyu Corp.		28,000		128,292
Tokyu Land Corp.		12,000		60,303
TonenGeneral Sekiyu KK		7,000		76,561
Toppan Printing Co. Ltd.		14,000		127,947
Toray Industries Inc.		37,000		221,025
Toshiba Corp.		102,000		555,290
Tosoh Corp.		14,000		45,523
Toto Ltd.		7,000		50,782
Toyo Seikan Kaisha Ltd.		3,800		72,312
Toyo Suisan Kaisha Ltd.		2,000		44,513
Toyoda Gosei Co. Ltd.		1,600		37,581


	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Toyota Boshoku Corp.		1,700	$	30,005
Toyota Industries Corp.		4,600		142,833
Toyota Motor Corp.		69,500		2,756,374
Toyota Tsusho Corp.		5,200		91,588
Trend Micro Inc. (a)		2,500		82,553
Tsumura & Co.		1,500		48,571
UBE Industries Ltd.		23,000		69,122
Unicharm Corp.		3,100		123,328
UNY Co. Ltd.		5,000		50,560
Ushio Inc.		2,600		49,573
USS Co. Ltd.		520		42,527
West Japan Railway Co.		42		157,002
Yahoo Japan Corp.		373		144,716
Yakult Honsha Co. Ltd.		2,400		69,142
Yamada Denki Co. Ltd.		2,130		145,341
Yamaguchi Financial Group Inc.		5,000		50,622
Yamaha Corp.		4,200		52,144
Yamaha Motor Co. Ltd. (a)		6,700		109,177
Yamato Holdings Co. Ltd.		9,700		138,111
Yamato Kogyo Co. Ltd.		1,200		36,285
Yamazaki Baking Co. Ltd.		3,000		36,174
Yaskawa Electric Corp.		6,000		56,756
Yokogawa Electric Corp.		5,400		42,966

				61,569,484

Netherlands (2.78%)
Aegon NV (a)		39,607		242,192
Akzo Nobel NV		5,858		363,887
ArcelorMittal		21,644		820,831
ASML Holding NV - NY Reg.		10,924		421,875
Corio NV		1,491		95,666
Delta Lloyd NV		1,891		38,119
Fugro NV		1,643		135,026
Heineken Holding NV		2,905		126,260
Heineken NV		6,535		320,404
ING Groep NV (a)		96,574		939,497
Koninklijke Ahold NV		30,049		396,566
Koninklijke Boskalis Westminster NV CVA		1,782		85,012
Koninklijke DSM NV		3,877		220,729
Koninklijke KPN NV		39,647		578,545
Koninklijke Philips Electronics NV		24,860		761,412
Koninklijke Vopak NV		1,674		79,077
Randstad Holding NV (a)		2,743		144,786
Reed Elsevier NV		17,334		214,424
SBM Offshore NV		4,013		89,904
TNT NV		9,488		250,407
Unilever NV CVA		41,069		1,278,716
Wolters Kluwer - CVA		7,669		168,069

				7,771,404

New Zealand (0.10%)
Auckland International Airport Ltd.		22,515		38,245
Contact Energy Ltd. (a)		7,814		37,932
Fletcher Building Ltd.		15,410		91,977
Sky City Entertainment Group Ltd.		12,916		32,608


	Shares		Value
Common Stocks (Cont.)
New Zealand (Cont.)
Telecom Corp. of New Zealand Ltd.		49,904	$	84,381

				285,143

Norway (0.83%)
Aker Solutions ASA		3,887		66,115
DnB NOR ASA		24,631		345,718
Norsk Hydro ASA		22,479		164,151
Orkla ASA		19,359		188,114
Renewable Energy Corp. AS (a)		13,308		40,574
Seadrill Ltd.		6,985		236,063
Statoil ASA		28,136		668,315
Telenor ASA		21,141		343,470
Yara International ASA		4,797		277,459

				2,329,979

Portugal (0.26%)
Banco Comercial Portugues SA - R		71,014		55,229
Banco Espirito Santo SA Reg.		13,236		50,939
Brisa Auto-Estradas de Portugal SA		4,686		32,681
CIMPOR-Cimentos de Portugal SGPS SA		5,105		34,587
EDP Renovaveis SA (a)		5,727		33,191
Energias de Portugal SA		48,117		160,168
Galp Energia SGPS SA B Shares		5,833		111,775
Jeronimo Martins SGPS SA		5,577		84,959
Portugal Telecom SGPS SA		14,751		165,185

				728,714

Singapore (1.72%)
Ascendas Real Estate Investment Trust		38,000		61,293
Capitaland Ltd.		65,692		189,907
Capitamall Trust		57,000		86,609
CapitaMalls Asia Ltd.		34,000		51,397
City Developments Ltd.		14,031		137,320
Comfortdelgro Corp. Ltd.		47,000		56,765
Cosco Corp. Singapore Ltd.		22,000		36,685
DBS Group Holdings Ltd.		43,667		487,249
Fraser and Neave Ltd.		23,500		117,376
Genting Singapore PLC (a)		154,400		263,479
Global Logistic Properties Ltd. (a)		40,000		67,324
Golden Agri-Resources Ltd.		166,702		103,917
Jardine Cycle & Carriage Ltd.		3,015		85,985
Keppel Corp. Ltd.		32,002		282,279
Keppel Land Ltd.		18,000		67,324
Neptune Orient Lines Ltd. (a)		22,750		38,645
Noble Group Ltd.		76,654		129,613
Olam International Ltd.		30,900		75,604
Oversea-Chinese Banking Corporation Ltd.		62,000		477,313
Sembcorp Industries Ltd.		25,200		100,930
Sembcorp Marine Ltd.		21,200		88,708
Singapore Airlines Ltd.		14,000		166,907
Singapore Exchange Ltd.		21,000		137,780
Singapore Press Holdings Ltd.		40,200		124,671
Singapore Technologies Engineering Ltd.		43,381		115,606


	Shares		Value
Common Stocks (Cont.)
Singapore (Cont.)
Singapore Telecommunications Ltd.		201,150	$	478,052
StarHub Ltd.		15,000		30,740
United Overseas Bank Ltd.		30,616		434,185
UOL Group Ltd.		12,461		46,121
Wilmar International Ltd.		48,000		210,574
Yangzijiang Shipbuilding Holdings Ltd.		36,000		53,579

				4,803,937

Spain (3.24%)
Abertis Infraestructuras SA		7,373		132,566
Acciona SA		637		45,115
Acerinox SA		2,419		42,427
ACS Actividades de Construccion y Servicios SA		3,570		167,328
Amadeus IT Holding SA A Shares (a)		5,078		106,400
Banco Bilbao Vizcaya Argentaria SA		107,719		1,088,223
Banco de Sabadell SA		26,091		102,853
Banco de Valencia SA		5,792		25,387
Banco Popular Espanol SA		21,655		111,120
Banco Santander SA (London)		1,352		14,450
Banco Santander SA (Madrid)		206,106		2,183,525
Bankinter SA		7,641		42,436
Criteria Caixacorp SA		20,830		110,839
Enagas		4,514		89,968
Ferrovial SA		11,373		112,995
Fomento de Construcciones y Contratas SA		1,284		33,733
Gas Natural SDG SA		8,134		124,890
Gestevision Telecinco SA		2,804		30,838
Grifols SA		3,546		48,333
Iberdrola Renovables SA		21,393		75,928
Iberdrola SA		102,162		787,442
Iberia Lineas Aereas de Espana SA (a)		12,205		52,109
Indra Sistemas SA		2,184		37,313
Industria de Diseno Textil SA		5,500		411,801
Mapfre SA		19,111		53,068
Red Electrica Corporacion SA		2,728		128,319
Repsol YPF SA		18,437		513,689
Telefonica SA		103,557		2,347,671
Zardoya Otis SA		3,524		49,634

				9,070,400

Sweden (3.23%)
Alfa Laval AB		8,487		178,809
Assa Abloy AB Class B		7,841		220,926
Atlas Copco AB Class A		16,930		427,174
Atlas Copco AB Class B		9,838		222,486
Boliden AB		6,896		140,162
Electrolux AB Series B		6,176		175,391
Getinge AB B Shares		5,002		104,790
Hennes & Mauritz AB (H&M) B Shares		25,778		858,545
Hexagon AB B Shares		5,102		109,388
Hexagon AB New (a) (b)		1,700		36,449
Holmen AB Class B		1,331		43,815
Husqvarna AB B Shares		10,537		87,970
Industrivarden AB C Shares		2,968		52,073


	Shares		Value
Common Stocks (Cont.)
Sweden (Cont.)
Investor AB B Shares		11,483	$	245,687
Kinnevik Investment AB B Shares		5,473		111,484
Millicom International Cellular SA SDR		1,961		188,354
Modern Times Group B Shares		1,273		84,228
Nordea Bank AB		81,534		886,786
Ratos AB B Shares		2,566		95,000
Sandvik AB		25,607		499,145
Scania AB Class B		8,093		186,151
Securitas AB Class B		7,894		92,313
Skandinaviska Enskilda Banken AB Class A		35,561		296,621
Skanska AB Class B		10,108		200,337
SKF AB B Shares		9,811		279,495
SSAB Svenskt Stal AB Series A		4,561		76,631
Svenska Cellulosa AB B Shares		14,596		230,475
Svenska Handelsbanken AB A Shares		12,462		398,190
Swedbank AB - A Shares (a)		18,007		251,137
Swedish Match AB		5,780		167,324
Tele2 AB Class B		8,000		166,051
Telefonaktiebolaget LM Ericsson B Shares		75,926		882,237
TeliaSonera AB		56,605		448,588
Volvo AB B Shares (a)		34,748		612,229

				9,056,441

Switzerland (7.98%)
ABB Ltd. Reg. (a)		55,246		1,230,775
Actelion Ltd. Reg. (a)		2,570		140,786
Adecco SA Reg.		3,102		203,206
Aryzta AG (a)		2,151		99,268
Baloise Holding AG Reg.		1,240		120,684
Compagnie Financiere Richemont SA Class A		13,160		774,118
Credit Suisse Group AG Reg.		28,399		1,144,161
GAM Holding AG (a)		5,209		86,074
Geberit AG Reg.		982		227,068
Givaudan SA Reg.		210		226,620
Holcim Ltd. Reg.		6,241		471,579
Julius Baer Group Ltd.		5,231		245,046
Kuehne & Nagel International AG Reg.		1,363		189,508
Lindt & Spruengli AG		22		66,494
Lindt & Spruengli AG Reg.		3		96,578
Logitech International SA (a)		4,589		87,363
Lonza Group AG Reg.		1,147		91,944
Nestle SA Reg.		87,357		5,115,290
Novartis AG		53,198		3,126,449
Pargesa Holding SA		681		57,830
Roche Holding AG		17,712		2,595,234
Schindler Holding AG		1,226		145,022
Schindler Holding AG Reg.		543		64,986
SGS SA Reg		138		231,574
Sika AG		54		118,453
Sonova Holding AG Reg.		1,163		150,133
Straumann Holding AG Reg.		197		45,089
Swatch Group AG Reg., The		1,093		88,141


	Shares		Value
Common Stocks (Cont.)
Switzerland (Cont.)
Swatch Group AG, The		781	$	348,151
Swiss Life Holding AG Reg. (a)		777		112,353
Swiss Reinsurance Company Ltd. Reg.		8,879		477,662
Swisscom AG		593		260,730
Syngenta AG Reg.		2,387		698,229
Synthes Inc.		1,453		196,272
Transocean Ltd. (a)		8,066		552,543
UBS AG Reg. (a)		91,750		1,506,270
Zurich Financial Services AG		3,672		951,185

				22,342,868

United Kingdom (21.19%)
3i Group PLC		24,468		125,316
Admiral Group PLC		5,073		119,826
Aggreko PLC		6,565		151,690
AMEC PLC		8,246		147,848
Anglo American PLC		33,260		1,729,645
Antofagasta PLC		10,013		251,654
ARM Holdings PLC		33,246		219,413
Associated British Foods PLC		9,194		169,289
AstraZeneca PLC		36,133		1,646,107
Autonomy Corp. PLC (a)		5,440		127,647
Aviva PLC		70,734		433,406
Babcock International Group PLC		9,324		83,006
BAE Systems PLC		85,909		442,004
Balfour Beatty PLC		17,065		83,250
Barclays PLC		288,534		1,177,041
BG Group PLC		85,265		1,722,858
BHP Billiton PLC		55,641		2,212,988
BP PLC		473,740		3,438,588
British Airways PLC (a)		13,416		56,998
British American Tobacco PLC		50,341		1,933,518
British Land Co. PLC		22,169		181,286
British Sky Broadcasting Group PLC		28,724		329,607
BT Group PLC		196,319		553,394
Bunzl PLC		8,646		96,921
Burberry Group PLC		10,958		192,031
Cable & Wireless Worldwide PLC		69,125		70,807
Cairn Energy PLC (a)		35,275		230,988
Capita Group PLC		15,659		170,043
Capital Shopping Centres Group PLC		11,331		73,774
Carnival PLC		4,528		210,517
Centrica PLC		129,451		669,258
Cobham PLC		29,099		92,324
Compass Group PLC		47,512		430,381
Diageo PLC		63,168		1,167,049
Essar Energy Ltd. PLC (a)		8,215		74,286
Eurasian Natural Resources Corp.		6,649		108,640
Experian PLC		25,953		322,897
FirstGroup PLC		12,742		79,126
Fresnillo PLC		4,520		117,546
G4S PLC		35,563		141,166
GlaxoSmithKline PLC		130,917		2,530,996
Hammerson PLC		18,328		119,216
Home Retail Group PLC		20,989		61,685


	Shares		Value
Common Stocks (Cont.)
United Kingdom (Cont.)
HSBC Holdings PLC		443,926	$	4,506,424
ICAP PLC		13,524		112,806
Imperial Tobacco Group PLC		25,719		789,138
Inmarsat PLC		11,000		115,506
InterContinental Hotels Group PLC		7,280		141,084
International Power PLC		38,650		263,694
Intertek Group PLC		4,020		111,250
Invensys PLC		20,825		115,003
Investec PLC		12,188		100,142
ITV PLC (a)		93,147		101,730
J Sainsbury PLC		30,567		179,333
Johnson Matthey PLC		5,436		172,726
Kazakhmys PLC		5,398		135,835
Kingfisher PLC		59,546		244,536
Land Securities Group PLC		19,258		202,369
Legal & General Group PLC		148,146		223,468
Lloyds Banking Group PLC (a)		1,029,735		1,054,787
London Stock Exchange Group PLC		3,704		48,394
Lonmin PLC (a)		3,966		121,565
Man Group PLC		44,885		207,141
Marks & Spencer Group PLC		40,026		230,273
National Grid PLC		88,192		760,375
Next PLC		4,730		145,647
Old Mutual PLC		137,204		263,329
Pearson PLC		20,609		323,885
Petrofac Ltd.		6,369		157,588
Prudential PLC		64,017		666,723
Randgold Resources Ltd.		2,278		187,348
Reckitt Benckiser Group PLC		15,543		854,216
Reed Elsevier PLC		30,833		260,308
Resolution Ltd.		36,579		133,508
Rexam PLC		22,159		114,941
Rio Tinto PLC		36,548		2,556,496
Rolls-Royce Group PLC (a)		46,746		454,053
Royal Bank of Scotland Group PLC (a)		436,069		265,627
Royal Dutch Shell PLC Class A		89,390		2,980,382
Royal Dutch Shell PLC Class B		67,965		2,241,142
RSA Insurance Group PLC		86,965		169,755
SABMiller PLC		23,958		842,868
Sage Group PLC, The		33,245		141,709
Schroders PLC		2,872		83,062
Scottish & Southern Energy PLC		23,273		444,490
SEGRO PLC		19,511		87,122
Serco Group PLC		12,777		110,659
Severn Trent PLC		5,910		136,187
Shire Ltd.		14,173		340,958
Smith & Nephew PLC		22,586		238,221
Smiths Group PLC		9,834		190,886
Standard Chartered PLC		58,600		1,576,472
Standard Life PLC		57,413		193,347
Tesco PLC		202,351		1,340,812
Thomas Cook Group PLC		21,639		64,000
Tui Travel PLC		14,474		55,558
Tullow Oil PLC		22,450		441,372
Unilever PLC		32,358		990,320
United Utilities Group PLC		17,374		160,360


	Shares		Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Vedanta Resources PLC		3,007	$	118,002
Vodafone Group PLC		1,329,829		3,437,590
Weir Group PLC, The		5,313		147,446
Whitbread PLC		4,390		122,516
William Morrison Supermarkets PLC		53,620		223,711
Wolseley PLC (a)		7,170		228,717
WPP PLC		31,954		393,325
Xstrata PLC		51,867		1,217,435

				59,335,702

Total Common Stocks (cost $259,223,154)				276,793,082


Preferred Stocks (0.55%)
Germany (0.55%)
Bayerische Moteren Werke (BMW) AG PFD		1,396		71,821
Fresenius SE PFD		2,060		176,370
Henkel AG & Co. KGaA PFD		4,492		279,334
Porsche Automobil Holding SE PFD		2,245		178,980
ProSiebenSat.1 Media AG PFD (a)		1,931		58,059
RWE AG-Non Voting PFD		986		63,231
Volkswagen AG PFD		4,290		695,953

				1,523,748

Total Preferred Stocks (cost $828,724)				1,523,748


	Principal amount		Value
Repurchase Agreement (0.06%)
State Street Bank & Trust Repurchase Agreement, (c) 0.010%, agreement date 12/31/2010, to be repurchased at $167,786 on 01/03/2011	$	167,786	$	167,786

Total Repurchase Agreement (cost $167,786)				167,786

TOTAL INVESTMENTS (99.44%) (cost $260,219,664)				278,484,616
CASH (d) AND OTHER ASSETS, NET OF LIABILITIES (0.56%)				1,576,302

NET ASSETS (100.00%)			$	280,060,918

(a)	Non-income producing security.

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

(c)	Repurchase agreement is fully collateralized by a U.S. Government Agency security with a coupon rate of 4.00%, a maturity date of September 25, 2039 and a market value of $174,725 as of December 31, 2010.

(d)	At December 31, 2010, cash in the amount of $497,826 has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

FDR – Fiduciary Depository Receipt

SDR – Swedish Depository Receipt


INTERNATIONAL EQUITY INDEX FUND FOREIGN CURRENCY DENOMINATIONS
Currency	Value		%
Euro	$	81,242,396		29.17
Japanese Yen		61,569,484		22.11
British Pound		59,350,152		21.31
Australian Dollar		24,451,680		8.78
Swiss Franc		22,342,868		8.02
Swedish Krona		9,056,441		3.25
Hong Kong Dollar		7,909,528		2.84
Singapore Dollar		4,803,937		1.73
Danish Krone		2,759,426		0.99
Norwegian Krone		2,329,979		0.84
Israeli Shekel		2,215,796		0.80
New Zealand Dollar		285,143		0.10
United States Dollar		167,786		0.06

Total Investments	$	278,484,616		100.00	%


INTERNATIONAL EQUITY INDEX FUND SECTOR CLASSIFICATIONS
Sector	Value		%
Financials	$	66,057,674		23.59
Industrials		35,428,903		12.65
Materials		31,936,515		11.40
Consumer Discretionary		29,293,907		10.46
Consumer Staples		27,919,862		9.97
Health Care		22,798,073		8.14
Energy		21,844,087		7.80
Telecommunication Services		15,066,374		5.38
Utilities		14,023,886		5.01
Information Technology		13,947,549		4.98

Total Stocks		278,316,830		99.38
Repurchase Agreement		167,786		0.06
Cash and Other Assets, Net of Liabilities		1,576,302		0.56

Net Assets	$	280,060,918		100.00	%


	Principal amount		Value
Corporate Bonds (68.17%)
Agriculture, Foods, & Beverage (6.97%)
Campbell Soup Co.
6.750%, 02/15/2011	$	1,000,000	$	1,007,341
PepsiAmericas Inc.
5.625%, 05/31/2011		1,000,000		1,020,251
HJ Heinz Co.
6.625%, 07/15/2011		1,000,000		1,031,090
Hershey Co.
5.300%, 09/01/2011		500,000		515,582
ConAgra Foods Inc.
6.750%, 09/15/2011		106,000		110,311
Kraft Foods Inc.
5.625%, 11/01/2011		129,000		134,016
Pepsico Inc.
5.150%, 05/15/2012		1,000,000		1,057,037
PepsiAmericas Inc.
5.750%, 07/31/2012		500,000		538,074
General Mills Inc.
5.650%, 09/10/2012		500,000		538,210
HJ Heinz Co.
5.350%, 07/15/2013		500,000		548,206
Coca-Cola Enterprises Inc.
5.000%, 08/15/2013		500,000		548,282
Hershey Co.
5.450%, 09/01/2016		500,000		569,052
General Mills Inc.
5.700%, 02/15/2017		1,000,000		1,124,644
Coca-Cola Co.
5.350%, 11/15/2017		2,000,000		2,262,838
Pepsico Inc.
5.000%, 06/01/2018		1,000,000		1,103,897

				12,108,831

Automotive (0.29%)
Toyota Motor Credit Corp.
5.450%, 05/18/2011		500,000		509,734

Banks (4.86%)
Wells Fargo & Co.
4.875%, 01/12/2011		500,000		500,374
Bank of New York Mellon Corp.
4.950%, 01/14/2011		1,000,000		1,001,013
Wachovia Corp.
5.350%, 03/15/2011		500,000		504,784
Royal Bank of Canada
5.650%, 07/20/2011		500,000		512,620
Bank of America Corp.
5.375%, 08/15/2011		500,000		513,982
Barclays Bank PLC
5.450%, 09/12/2012		1,000,000		1,071,673
Wachovia Corp.
5.700%, 08/01/2013		500,000		546,878
Mellon Funding Corp.
5.200%, 05/15/2014		500,000		549,148
US Bank NA
4.950%, 10/30/2014		500,000		544,910


	Principal amount		Value
Corporate Bonds (Cont.)
Banks (Cont.)
Fifth Third Bank
4.750%, 02/01/2015	$	500,000	$	518,552
Wachovia Bank NA
5.600%, 03/15/2016		500,000		544,049
Wells Fargo Bank NA
5.750%, 05/16/2016		500,000		551,685
Bank of America NA
6.000%, 06/15/2016		500,000		525,044
Wachovia Corp.
5.750%, 06/15/2017		500,000		553,522

				8,438,234

Building Materials & Construction (2.28%)
Lafarge SA
6.150%, 07/15/2011		500,000		513,042
CRH America Inc.
5.625%, 09/30/2011		327,000		337,310
Leggett & Platt Inc.
4.700%, 04/01/2013		1,000,000		1,056,919
Masco Corp.
4.800%, 06/15/2015		500,000		492,266
CRH America Inc.
6.000%, 09/30/2016		1,000,000		1,067,057
Masco Corp.
5.850%, 03/15/2017		500,000		498,278

				3,964,872

Chemicals (2.22%)
E.I. du Pont de Nemours and Co.
4.125%, 03/06/2013		1,000,000		1,060,726
Rohm & Haas Co.
5.600%, 03/15/2013		500,000		534,594
Praxair Inc.
5.375%, 11/01/2016		1,000,000		1,133,416
Rohm & Haas Co.
6.000%, 09/15/2017		500,000		547,220
E.I. du Pont de Nemours and Co.
6.000%, 07/15/2018		500,000		574,898

				3,850,854

Commercial Service/Supply (0.61%)
Pitney Bowes Inc.
5.750%, 09/15/2017		1,000,000		1,052,783

Computers (0.66%)
International Business Machines Corp.
5.700%, 09/14/2017		1,000,000		1,147,754

Consumer & Marketing (3.99%)
Avon Products Inc.
5.125%, 01/15/2011		500,000		500,612
Clorox Co.
6.125%, 02/01/2011		1,000,000		1,003,961


	Principal amount		Value
Corporate Bonds (Cont.)
Consumer & Marketing (Cont.)
Whirlpool Corp.
6.125%, 06/15/2011	$	1,000,000	$	1,022,803
Reed Elsevier Capital
4.625%, 06/15/2012		500,000		519,992
Kimberly-Clark Corp.
5.000%, 08/15/2013		1,000,000		1,093,318
Procter & Gamble Co., The
4.950%, 08/15/2014		1,000,000		1,110,833
Estee Lauder Co. Inc.
5.550%, 05/15/2017		1,000,000		1,092,737
Kimberly-Clark Corp.
6.125%, 08/01/2017		500,000		583,536

				6,927,792

Electronic/Electrical Manufacturing (1.54%)
Emerson Electric Co.
5.750%, 11/01/2011		1,000,000		1,042,099
General Electric Co.
5.000%, 02/01/2013		1,000,000		1,068,973
Emerson Electric Co.
5.125%, 12/01/2016		500,000		559,986

				2,671,058

Financial Services (3.75%)
John Deere Capital Corp.
5.650%, 07/25/2011		500,000		514,625
American Express Co.
5.250%, 09/12/2011		500,000		515,559
AMB Property L.P.
6.300%, 06/01/2013		1,000,000		1,079,897
JPMorgan Chase & Co.
5.375%, 01/15/2014		500,000		543,976
General Electric Capital Corp.
4.875%, 03/04/2015		500,000		533,544
5.375%, 10/20/2016		500,000		542,388
5.400%, 02/15/2017		500,000		535,218
John Deere Capital Corp.
5.500%, 04/13/2017		500,000		557,470
Caterpillar Financial Services Corp.
5.850%, 09/01/2017		500,000		563,662
Simon Property Group Inc.
6.125%, 05/30/2018		1,000,000		1,123,947

				6,510,286

Health Care (7.98%)
Abbott Laboratories
5.600%, 05/15/2011		500,000		509,846
Johnson & Johnson
5.150%, 08/15/2012		500,000		536,276
AstraZeneca PLC
5.400%, 09/15/2012		500,000		539,174
Merck & Co. Inc.
4.375%, 02/15/2013		1,000,000		1,067,282
Becton Dickinson & Co.
4.550%, 04/15/2013		1,000,000		1,078,307


	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Schering-Plough Corp.
5.300%, 12/01/2013	$	500,000	$	555,400
AstraZeneca PLC
5.400%, 06/01/2014		1,000,000		1,112,039
Boston Scientific Corp.
5.450%, 06/15/2014		1,000,000		1,061,316
Merck & Co. Inc.
4.750%, 03/01/2015		500,000		550,601
Abbott Laboratories
5.875%, 05/15/2016		500,000		577,202
Baxter International Inc.
5.900%, 09/01/2016		500,000		579,607
Eli Lilly & Co.
5.200%, 03/15/2017		1,000,000		1,108,439
Wyeth
5.450%, 04/01/2017		500,000		564,922
Amgen Inc.
5.850%, 06/01/2017		500,000		570,749
Johnson & Johnson
5.550%, 08/15/2017		500,000		587,378
AstraZeneca PLC
5.900%, 09/15/2017		500,000		579,016
Schering-Plough Corp.
6.000%, 09/15/2017		500,000		584,294
Bristol-Myers Squibb Co.
5.450%, 05/01/2018		500,000		566,734
GlaxoSmithKline Capital Inc.
5.650%, 05/15/2018		1,000,000		1,143,429

				13,872,011

Machinery & Manufacturing (3.86%)
Johnson Controls Inc.
5.250%, 01/15/2011		1,000,000		1,001,156
Caterpillar Inc.
6.550%, 05/01/2011		1,000,000		1,020,730
Bemis Co. Inc.
4.875%, 04/01/2012		500,000		520,428
Johnson Controls Inc.
4.875%, 09/15/2013		750,000		805,892
Caterpillar Inc.
5.700%, 08/15/2016		500,000		576,632
Eaton Corp.
5.300%, 03/15/2017		1,000,000		1,092,661
Honeywell International Inc.
5.300%, 03/15/2017		500,000		551,579
Cooper U.S. Inc.
6.100%, 07/01/2017		1,000,000		1,138,511

				6,707,589

Media & Broadcasting (1.89%)
Walt Disney Co., The
5.700%, 07/15/2011		1,000,000		1,028,200
Thomson Reuters Corp.
5.950%, 07/15/2013		1,000,000		1,110,102


	Principal amount		Value
Corporate Bonds (Cont.)
Media & Broadcasting (Cont.)
Walt Disney Co., The
5.625%, 09/15/2016	$	1,000,000	$	1,151,822

				3,290,124

Mining & Metals (3.42%)
Alcan Inc.
6.450%, 03/15/2011		500,000		505,688
BHP Billiton Finance USA Ltd.
5.125%, 03/29/2012		500,000		525,900
BHP Finance USA
4.800%, 04/15/2013		1,000,000		1,083,539
Barrick Gold Finance Inc.
4.875%, 11/15/2014		1,000,000		1,098,952
Alcan Inc.
5.000%, 06/01/2015		500,000		544,604
Alcoa Inc.
5.550%, 02/01/2017		1,000,000		1,038,596
BHP Billiton Finance USA Ltd.
5.400%, 03/29/2017		500,000		553,412
Rio Tinto Finance USA Ltd.
6.500%, 07/15/2018		500,000		582,922

				5,933,613

Oil & Gas (4.08%)
Shell International Finance
5.625%, 06/27/2011		1,500,000		1,536,219
National Fuel Gas Co.
5.250%, 03/01/2013		1,000,000		1,060,289
ConocoPhillips Canada
5.625%, 10/15/2016		500,000		568,290
Apache Corp.
5.625%, 01/15/2017		500,000		570,264
Shell International Finance
5.200%, 03/22/2017		500,000		554,436
Canadian National Resources
5.700%, 05/15/2017		500,000		570,080
Weatherford International Inc.
6.350%, 06/15/2017		500,000		554,872
EOG Resources Inc.
5.875%, 09/15/2017		500,000		567,009
Husky Energy Inc.
6.200%, 09/15/2017		500,000		556,561
ConocoPhillips
5.200%, 05/15/2018		500,000		553,081

				7,091,101

Retailers (5.71%)
Home Depot Inc.
5.200%, 03/01/2011		500,000		503,635
CVS Corp.
5.750%, 08/15/2011		500,000		515,506
Costco Wholesale Corp.
5.300%, 03/15/2012		1,000,000		1,052,040
Lowe’s Companies Inc.
5.600%, 09/15/2012		500,000		539,468


	Principal amount		Value
Corporate Bonds (Cont.)
Retailers (Cont.)
Walgreen Co.
4.875%, 08/01/2013	$	500,000	$	546,121
Lowe’s Companies Inc.
5.000%, 10/15/2015		1,000,000		1,109,726
Target Corp.
5.875%, 07/15/2016		1,000,000		1,155,784
Lowe’s Companies Inc.
5.400%, 10/15/2016		500,000		568,569
McDonald’s Corp.
5.300%, 03/15/2017		1,000,000		1,114,006
Wal-Mart Stores Inc.
5.375%, 04/05/2017		1,000,000		1,130,461
Target Corp.
5.375%, 05/01/2017		500,000		560,340
CVS Caremark Corp.
5.750%, 06/01/2017		500,000		556,325
Wal-Mart Stores Inc.
5.800%, 02/15/2018		500,000		574,518

				9,926,499

Telecom & Telecom Equipment (3.92%)
Verizon Communications
5.350%, 02/15/2011		1,000,000		1,005,440
Cisco Systems Inc.
5.250%, 02/22/2011		1,000,000		1,006,266
Deutsche Telekom International Finance
5.375%, 03/23/2011		500,000		505,058
Vodafone Group PLC
5.500%, 06/15/2011		1,000,000		1,021,771
Telefonica Emisiones SAU
5.855%, 02/04/2013		1,000,000		1,067,688
BellSouth Corp.
5.200%, 09/15/2014		1,000,000		1,091,685
Verizon Communications
5.500%, 04/01/2017		1,000,000		1,105,089

				6,802,997

Utilities & Energy (10.14%)
Southern California Gas
4.375%, 01/15/2011		1,000,000		1,000,896
Appalachian Power Co.
5.550%, 04/01/2011		500,000		505,664
Duke Energy Corp.
6.250%, 01/15/2012		500,000		527,846
MidAmerican Energy Co.
5.650%, 07/15/2012		500,000		534,228
Appalachian Power Co.
5.650%, 08/15/2012		500,000		533,164
Vectren Utility Holdings
5.250%, 08/01/2013		500,000		537,991
Union Electric Co.
5.500%, 05/15/2014		1,000,000		1,071,677
Carolina Power & Light
5.250%, 12/15/2015		1,000,000		1,121,160


	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Ohio Power Co.
6.000%, 06/01/2016	$	1,000,000	$	1,125,733
Commonwealth Edison Co.
5.950%, 08/15/2016		500,000		570,616
Baltimore Gas & Electric Co.
5.900%, 10/01/2016		500,000		561,844
Consolidated Edison Co. NY
5.300%, 12/01/2016		1,000,000		1,122,967
Georgia Power Co.
5.700%, 06/01/2017		1,000,000		1,129,329
Jersey Central Power & Light
5.650%, 06/01/2017		1,000,000		1,092,977
Atmos Energy Corp.
6.350%, 06/15/2017		500,000		551,145
Kansas City Power & Light Co.
5.850%, 06/15/2017		1,000,000		1,089,167
Union Electric Co.
6.400%, 06/15/2017		500,000		565,957
MidAmerican Energy Co.
5.950%, 07/15/2017		500,000		570,836
Commonwealth Edison Co.
6.150%, 09/15/2017		500,000		570,334
Florida Power Corp.
5.800%, 09/15/2017		500,000		567,979
Virginia Electric & Power
5.950%, 09/15/2017		500,000		574,735
Public Service Electric and Gas Co.
5.300%, 05/01/2018		500,000		559,275
Florida Power Corp.
5.650%, 06/15/2018		500,000		564,558
Pacificorp
5.650%, 07/15/2018		500,000		572,269

				17,622,347

Total Corporate Bonds (cost $109,174,317)				118,428,479

Government Agency Securities (a) (0.94%)
Federal Home Loan Mortgage Corp.
4.500%, 07/15/2013		1,500,000		1,634,232

Total Government Agency Securities (cost $1,476,349)				1,634,232

U.S. Treasury Obligations (24.49%)
U.S. Treasury Notes
3.875%, 02/15/2013		1,500,000		1,602,774
4.250%, 08/15/2014		5,000,000		5,515,625
4.000%, 02/15/2015		5,000,000		5,477,735
4.250%, 08/15/2015		10,000,000		11,072,660
3.250%, 03/31/2017		8,000,000		8,355,000
3.500%, 02/15/2018		10,000,000		10,519,530

Total U.S. Treasury Obligations (cost $41,727,655)				42,543,324


	Shares		Value
Short-term Investments (5.24%)
JPMorgan U.S. Government Money Market Fund		9,098,746	$	9,098,746

Total Short-term Investments (cost $9,098,746)				9,098,746

TOTAL INVESTMENTS (98.84%) (cost $161,477,067)				171,704,781
OTHER ASSETS, NET OF LIABILITIES (1.16%)				2,015,725

NET ASSETS (100.00%)			$	173,720,506

(a)

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


	Principal amount		Value
Short-term Investments (100.08%)
Automotive (12.84%)
American Honda Finance Corp.
0.230%, 02/22/2011	$	2,100,000	$	2,099,302
PACCAR Financial Corp.
0.250%, 01/20/2011		1,250,000		1,249,835
Toyota Motor Credit Corp.
0.250%, 01/21/2011		2,150,000		2,149,701

				5,498,838

Financial Services (5.02%)
General Electric Capital Corp.
0.180%, 02/08/2011		2,150,000		2,149,593

Government Agency Securities (a) (54.88%)
Federal Home Loan Bank
0.130%, 01/18/2011		2,500,000		2,499,847
0.170%, 01/26/2011		3,500,000		3,499,587
0.150%, 01/31/2011		3,000,000		2,999,625
0.040%, 02/14/2011		2,000,000		1,999,902
0.160%, 02/18/2011		1,000,000		999,787
0.180%, 02/24/2011		3,500,000		3,499,055
0.160%, 03/25/2011		4,000,000		3,998,524
Federal Home Loan Mortgage Corp.
0.165%, 01/10/2011		2,000,000		1,999,918
0.160%, 03/07/2011		2,000,000		1,999,422

				23,495,667

Machinery & Manufacturing (7.59%)
Caterpillar Finance
0.190%, 02/23/2011		1,500,000		1,499,580
John Deere Capital Corp. (b)
0.220%, 01/26/2011		1,750,000		1,749,733

				3,249,313


	Shares		Value
Registered Investment Companies (3.40%)
JPMorgan U.S. Government Money Market Fund		1,457,471		$ 1,457,471


	Principal amount		Value
U.S. Government Obligations (16.35%)
U.S. Treasury Bill
0.138%, 02/17/2011		$ 1,000,000		999,820
0.115%, 04/07/2011		6,000,000		5,998,160

				6,997,980

Total Short-term Investments (cost $42,848,862)				42,848,862

TOTAL INVESTMENTS (100.08%) (cost $42,848,862)				42,848,862
LIABILITIES, NET OF OTHER ASSETS (-0.08%)				(34,513	)

NET ASSETS (100.00%)				$42,814,349

(a)

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

(b)

Security is exempt from registration under Section 4(2) of the Securities Act of 1933. This security was purchased as part of the normal course of business, valued at amortized cost and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2010, the value of this security was $1,749,733 or 4.09% of net assets.

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

The Large Cap Equity Fund seeks long-term growth of capital. The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowing) in common stocks and other equity securities of U.S. large capitalization companies.

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

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

The Large Cap Equity Index Fund (the “Large Cap Index Fund”) seeks to match the performance of the Standard and Poor’s Composite Index of 500 Stocks^® (the “S&P 500”) 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”) by investing in some of the stocks found in the Russell 2000. The Russell 2000 tracks the common stock performance of about 2,000 small U.S. companies. The International Equity Index Fund (the “International Index Fund”) seeks to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Free Index^® (the “EAFE Free”) by investing in some of the stocks found in the EAFE Free. The EAFE Free is a capitalization-weighted index that currently includes stocks of companies in 16 European countries, Australia, New Zealand, Israel, Hong Kong, Japan and Singapore.

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

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

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

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”).

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

Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in three broad levels as follows:

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

Portfolio securities that are primarily traded on foreign securities exchanges (“foreign securities”) are valued at the closing values of such securities on the respective exchange where each security is primarily traded. SFIMC may determine that a market quotation for a foreign security held by a Fund is not reliable because of events or circumstances that have occurred between the time of the market quotation and the time the net asset value of the Fund is calculated. Such events might include company-specific developments, a development that might affect an entire market or region, a potentially global development or a significant change in one or more U.S. securities indexes. If SFIMC determines that the market quotation for a foreign security is not reliable, SFIMC may use an independent statistical fair value service to assist in determining value, or SFIMC may determine the foreign security’s value in SFIMC’s reasonable judgment.

For securities other than foreign securities, for which market prices are not readily available or are considered unreliable, SFIMC is required to obtain bid price quotations from brokers or dealers in the securities. If SFIMC cannot obtain a quotation for the security or if SFIMC believes the quotation does not represent the security’s fair value, then SFIMC will determine the security’s value in SFIMC’s reasonable judgment.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ assets as of December 31, 2010:

On December 31, 2009, substantially all of the common stocks and preferred stocks in the International Equity Fund and International Index Fund were fair valued using an independent statistical fair value service in accordance with valuation procedures approved by the Trust’s Board of Trustees, and were therefore valued using Level 2 inputs. On December 31, 2010, substantially all of the common stocks and preferred stocks in these Funds were valued at last traded price (except as noted on the Schedules of Investments), because the Trust’s valuation procedures did not require the use of the independent statistical fair value service. Accordingly, using the end of the reporting period method for determining when transfers between levels are recognized, common stocks and preferred stocks valued on December 31, 2010 at $39,156,861 were transferred from Level 2 to Level 1 in the International Equity Fund and $278,280,381 of common stocks and preferred stocks were transferred from Level 2 to Level 1 in the International Index Fund. For the remaining Funds, there were no significant transfers of securities between Level 1 and Level 2 as of December 31, 2010 as compared to December 31, 2009.

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

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

The International Equity Fund and International Index Fund did not hold any Level 3 securities valued at other than zero as of December 31, 2009 or for the period ended December 31, 2010. The remaining Funds did not hold any Level 3 securities as of December 31, 2009, or for the period ended December 31, 2010.

The Funds may enter into repurchase agreements with banks, brokers, dealers and other financial institutions in accordance with a Fund’s investment restrictions. Repurchase agreements involve the purchase of securities with a simultaneous commitment to resell the securities to the seller at an agreed-upon price and date. A Fund will invest only in repurchase agreements collateralized in an amount at least equal to the repurchase price plus accrued interest. To the extent that the proceeds from any sale of such collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution which is the party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the ability to sell the collateral and the Fund could suffer a loss. Each Fund’s Schedule of Investments reflects the repurchase agreements, if any, entered into as of December 31, 2010.

For financial reporting purposes, security transactions are accounted for on trade date (date the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Interest income is recorded on the accrual basis and includes amortization of discounts and premiums on money market instruments and long-term debt instruments. Realized gains and losses from security transactions are reported on an identified cost basis.

Fund 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.

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

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

As of December 31, 2010, each Fund’s aggregate unrealized gains and losses on securities based on cost for federal income tax purposes were as follows:

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

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

The Large Cap Equity Fund utilized $1,457,906 of capital loss carryforward to offset realized capital gains in 2010. The Small/Mid Cap Equity Fund utilized $4,859,540 of capital loss carryforward to offset realized capital gains in 2010. The Large Cap Index Fund utilized $2,808,281 of capital loss

carryforward to offset realized capital gains in 2010. The Small Cap Index Fund utilized $5,886,086 of capital loss carryforward to offset realized capital gains in 2010. The International Index Fund utilized $3,154,836 of capital loss carryforward to offset realized capital gains in 2010. The Bond Fund utilized $332,535 of capital loss carryforward to offset realized capital gains in 2010.

As of December 31, 2010, in accordance with federal tax regulations, the components of distributable earnings on a tax basis were as follows:

Differences between these amounts and the undistributed net investment income reported on the Statements of Assets and Liabilities as of December 31, 2010 relate to current year estimates for return of capital transactions, accumulated capital losses, post-October loss deferrals, short term capital gains and mark-to-market of Passive Foreign Investment Companies (“PFICs”), and/or forward foreign currency and futures contract adjustments.

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

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

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

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

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

For all the Funds, the tax distributions of ordinary income and long-term capital gains were the same as the distributions from net investment income and capital gains reflected in the Statements of Changes in Net Assets for the year ended December 31, 2009.

The International Equity Fund, Small Cap Index Fund, and International Index Fund have elected to mark-to-market their investments in PFICs for federal income tax purposes. In accordance with this election, the International Equity Fund recognized unrealized appreciation (depreciation) of $205,787 and $246,834 during 2010 and 2009, respectively, and realized gains of $146,991 and $126,198 during 2010 and 2009, respectively, as ordinary income for federal income tax purposes. The Small Cap Index Fund recognized unrealized appreciation (depreciation) of $(206) and $206 during 2010 and 2009, respectively, and realized gains of $665 and $972 during 2010 and 2009, respectively, as ordinary income for federal income tax purposes. The International Index Fund recognized unrealized appreciation (depreciation) of $117,674 and $935,820 during 2010 and 2009, respectively, and realized gains of $116,603 and $127,186 during 2010 and 2009, respectively, as ordinary income for federal income tax purposes. The cumulative amount of mark-to-market adjustments recognized on PFICs at December 31, 2010, was $455,386 for the International Equity Fund and $1,938,038 for the International Index Fund.

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

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 December 31, 2010. 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 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.

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.

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.

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

The International Equity and International Index Funds are subject to foreign currency exchange risk in the normal course of pursuing their investment objectives. These Funds entered into forward foreign currency contracts to decrease exposure to a given currency between trade date and settlement date on security transactions. Realized and unrealized gains and losses on forward foreign currency contracts are reflected in the Statement of Operations. Unrealized gains and losses on forward foreign currency contracts are reflected as a component of net unrealized appreciation (depreciation) in the Statements of Assets and Liabilities, and in other assets in the Schedule of Investments. These Funds bore the market risk that arises from changes in foreign currency rates and the credit risk should a counterparty fail to perform under such contracts, and as a result, might realize a loss.

The Large Cap Index, Small Cap Index, International Index Funds, and indirectly, the Balanced Fund, may enter into covered short sale transactions to dispose of certain securities received as part of involuntary corporate actions (e.g., corporate mergers, spin-offs, distributions) that are no longer included

in the respective benchmark indices. These transactions are designed to help minimize the impact these non-index securities have on the overall performance of the Funds.

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

As of December 31, 2010, the fair value of derivative instruments, which are also disclosed in Note 5 under Futures and foreign currency contracts, were as follows:

As of December 31, 2010, the effect of derivative instruments on the Statement of Operations were as follows:

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

SFIMC has agreed not to be paid an investment advisory and management services fee for performing its services for the Balanced Fund and has agreed to reimburse any other expenses incurred by that Fund. However, SFIMC receives investment advisory fees from managing the underlying Funds in which the Balanced Fund invests.

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

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

These expense reductions are voluntary and may be eliminated by SFIMC at any time.

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

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

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

For the year ended December 31, 2010, the following fees were earned by BlackRock, Bridgeway, Rainier, Westwood, Marisco, and Northern Cross for sub-advisory services (not all amounts earned were paid during the period):

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.

As of December 31, 2010, the International Equity Fund had the following open forward foreign currency contracts. See Note 2 under Financial Instruments:

The International Index Fund had no open forward foreign currency contracts at December 31, 2010.

The Large Cap Index, Small Cap Index and International Index Funds had the following open futures contracts at December 31, 2010:

The financial highlights table is intended to help you understand the financial performance of each Fund for the past five years, or if performance information is not available for these periods, since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Large Cap Equity Fund, Small/Mid Cap Equity Fund, International Equity Fund, Large Cap Equity Index Fund, Small Cap Equity Index Fund, International Equity Index Fund, Stock and Bond Balanced Fund, Bond Fund and Money Market Fund (the “Funds”), comprising the State Farm Variable Product Trust, as of December 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian, brokers, and transfer agent of affiliated investment companies, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds at December 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

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

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees of the Trust, and the SAI is available without charge upon request. Call toll-free 1-888-702-2307 to request a copy of the SAI.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants’ principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (each a “covered person”). During the period covered by this Form N-CSR, registrant did not make any amendment to any provisions of such code of ethics that applies to a covered person and that relates to any element of such code set forth in paragraph (b) of Item 2 of Form N-CSR, and registrant did not grant any waiver from such code of ethics provisions. Registrant hereby undertakes to provide a copy of such code of ethics to any person upon request, without charge. To request a copy of the code of ethics, contact the registrant at 1-888-702-2307.

Registrant’s board of trustees has determined that Alan Latshaw and Anita Nagler, members of the registrant’s Committee of Independent Trustees, each have all of the attributes to be deemed an “audit committee financial expert,” as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Mr. Latshaw and Ms. Nagler are “independent” as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

As indicated in Instruction 2(d) to Item 3 of Form N-CSR, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item 3 of Form N-CSR. The designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the Committee of Independent Trustees and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of
Form N-CSR does not affect the duties, obligations, or liability of any other member of the Committee of Independent Trustees or board of trustees.

The audit fees for December 31, 2010 are based on amounts billed and expected to be billed to registrant by the registrant’s independent registered public accountant and include an estimated amount from the registrant’s independent registered public accountant for the out-of-pocket expenses it expects to bill to registrant for that time period.

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

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

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

Includes fees for reviewing the registrant’s compliance with tax qualification tests relating to asset diversification, gross income, and distribution requirements to maintain the registrant’s status as a Regulated Investment Company under current provisions of the Internal Revenue Code. Also includes fees for reviewing the registrant’s tax returns (federal, state, and excise) and for the period ending December 31, 2009, a review of income tax and excise tax positions, issues and tax accounting methods with respect to the registrant.

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

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

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

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

The fees for the period ending December 31, 2009 that were approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Reg. S-X were billed to registrant’s transfer agent, State Farm Investment Management Corp., by the registrant’s independent registered public accountant. These fees related to the performance of an internal control review of the internal controls of the registrant’s transfer agent and issuance of a report in accordance with Rule 17Ad-13 under the Securities Exchange Act of 1934 by the registrant’s independent registered public accountant.

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

- the Committee shall be directly responsible for the appointment, compensation and oversight of the independent registered public accountants; and

- the independent registered public accountants shall report directly to the Committee.

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

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

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

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

(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.

(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.

(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.

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.

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.


		Michael L. Tipsord		Alan Goldberg
		One State Farm Plaza		K&L Gates LLP
		Bloomington, Illinois 61710-0001		Three First National Plaza
				70 West Madison St., Suite 3100
				Chicago, Illinois 60602


	Beginning Account Value July 1, 2010	Ending Account Value December 31, 2010	Annualized Expense Ratio Based on the Period July 1, 2010 to December 31, 2010	Expenses Paid During Period July 1, 2010 to December 31, 2010²

Large Cap Equity Fund

Actual	1,000.00	1,230.41	0.70%	3.94

Hypothetical (5% return before expenses)	1,000.00	1,021.68	0.70%	3.57

Small/Mid Cap Equity Fund

Actual	1,000.00	1,276.54	0.90%	5.16

Hypothetical (5% return before expenses)	1,000.00	1,020.67	0.90%	4.58

International Equity Fund

Actual	1,000.00	1,280.51	1.00%	5.75

Hypothetical (5% return before expenses)	1,000.00	1,020.16	1.00%	5.09

Large Cap Equity Index Fund

Actual	1,000.00	1,230.85	0.31%	1.74

Hypothetical (5% return before expenses)	1,000.00	1,023.64	0.31%	1.58

Small Cap Equity Index Fund

Actual	1,000.00	1,289.60	0.50%	2.89

Hypothetical (5% return before expenses)	1,000.00	1,022.68	0.50%	2.55

International Equity Index Fund

Actual	1,000.00	1,247.00	0.67%	3.79

Hypothetical (5% return before expenses)	1,000.00	1,021.83	0.67%	3.41

Stock and Bond Balanced Fund³

Actual	1,000.00	1,137.59	0.41%	2.21

Hypothetical (5% return before expenses)	1,000.00	1,023.14	0.41%	2.09


	Beginning Account Value July 1, 2010		Ending Account Value December 31, 2010		Annualized Expense Ratio Based on the Period July 1, 2010 to December 31, 2010		Expenses Paid During Period July 1, 2010 to December 31, 2010²

Bond Fund

Actual		1,000.00		1,012.19		0.57%		2.89

Hypothetical (5% return before expenses)		1,000.00		1,022.33		0.57%		2.91

Money Market Fund

Actual		1,000.00		1,000.00		0.19%		0.96

Hypothetical (5% return before expenses)		1,000.00		1,024.25		0.19%		0.97


	Shares		Value
Short-term Investments (0.94%)
JPMorgan U.S. Government Money Market Fund		381,593	$	381,593

Total Short-term Investments (cost $381,593)				381,593

TOTAL INVESTMENTS (99.36%)
(cost $32,874,970)				40,293,226

OTHER ASSETS, NET OF LIABILITIES (0.64%)				261,129

NET ASSETS (100.00%)			$	40,554,355


(a) Non-income producing security.

ADR – American Depository Receipt


Table of Contents

Message to Variable Product Customers			1

Management’s Discussions
Large Cap Equity Fund			3
Small/Mid Cap Equity Fund			7
International Equity Fund			11
Large Cap Equity Index Fund			14
Small Cap Equity Index Fund			17
International Equity Index Fund			20
Stock and Bond Balanced Fund			23
Bond Fund			27
Money Market Fund			29
Expense Example (unaudited)			30
Schedule of Investments
Large Cap Equity Fund			32
Small/Mid Cap Equity Fund			34
International Equity Fund			37
Large Cap Equity Index Fund			40
Small Cap Equity Index Fund			46
International Equity Index Fund			65
Stock and Bond Balanced Fund			76
Bond Fund			77
Money Market Fund			81
Financial Statements
Statements of Assets and Liabilities			82
Statements of Operations			84
Statements of Changes in Net Assets			86
Notes to Financial Statements			90
Financial Highlights			100
Report of Independent Registered Public Accounting Firm			109
Management Information			110


Sector	Index Weighting (as of December 31, 2010)	Gain for Year
Information Technology	18.65%	9%
Financials	16.06%	11%
Energy	12.03%	18%
Industrials	10.95%	24%
Health Care	10.91%	1%
Consumer Staples	10.63%	11%
Consumer Discretionary	10.63%	26%
Materials	3.74%	20%
Utilities	3.30%	1%
Telecommunication Services	3.11%	12%


Country	2010 Index Weighting	2010 Gain/(Loss)
Japan	22.12%	15%
United Kingdom	21.34%	9%
France	9.51%	-4%
Australia	8.90%	15%
Germany	8.24%	8%
Switzerland	8.02%	12%
Hong Kong	2.85%	23%
Italy	2.59%	-15%


Sector	S&P 500 Index Weighting (as of December 31, 2010)	Gain for Year
Information Technology	18.65%	9%
Financials	16.06%	11%
Energy	12.03%	18%
Industrials	10.95%	24%
Health Care	10.91%	1%
Consumer Staples	10.63%	11%
Consumer Discretionary	10.63%	26%
Materials	3.74%	20%
Utilities	3.30%	1%
Telecommunication Services	3.11%	12%


	Shares		Value
Registered Investment Companies (99.74%)
State Farm Variable Product Trust Bond Fund (a)		2,881,425	$	30,571,921
State Farm Variable Product Trust Large Cap Equity Index Fund (a)		4,019,885		50,248,556

Total Registered Investment Companies (cost $79,159,717)				80,820,477

TOTAL INVESTMENTS (99.74%) (cost $79,159,717)				80,820,477
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.26%)				211,875

NET ASSETS (100.00%)			$	81,032,352


	Large Cap Equity Fund			Small/Mid Cap Equity Fund			International Equity Fund
Assets
Investments in securities at identified cost	$	31,762,112			32,874,970			34,302,775

Investments in securities at market value	$	36,497,588			40,293,226			39,978,332
Cash		—			—			—
Foreign currencies at value (cost $3,168 and $1,330,888, respectively)		—			—			3,205
Receivable for:
Dividends and interest		29,734			35,208			104,351
Shares of the Fund sold		11,986			18,945			7,868
Securities sold		23,114			531,517			122,359
SFIMC		—			—			16,039
Unrealized gain on forward foreign currency contracts		—			—			74
Prepaid expenses		1,019			1,082			1,101

Total assets		36,563,441			40,879,978			40,233,329

Liabilities and Net Assets
Payable for:
Shares of the Fund redeemed		—			3			—
Securities purchased		—			262,652			140,577
Variation margin		—			—			—
Unrealized loss on forward foreign currency contracts		—			—			102
Due to affiliates		25,952			34,847			67,405
Accrued liabilities		23,716			28,121			54,124

Total liabilities		49,668			325,623			262,208

Net assets applicable to shares outstanding of common stock	$	36,513,773			40,554,355			39,971,121

Fund shares outstanding (no par value, unlimited number of shares authorized)		4,812,689			4,205,629			4,100,758
Net asset value, offering price and redemption price per share	$	7.59			9.64			9.75

Analysis of Net Assets
Paid-in-capital	$	47,648,215			42,299,800			43,881,113
Accumulated net realized gain (loss)		(16,107,985	)		(9,299,739	)		(9,817,528	)
Net unrealized appreciation (depreciation)		4,735,476			7,418,256			5,682,961
Accumulated undistributed net investment income (loss)		238,067			136,038			224,575

Net assets applicable to shares outstanding	$	36,513,773			40,554,355			39,971,121


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

485,999,942		221,461,252			260,219,664			79,159,717	(a)		161,477,067			42,848,862

478,186,118		244,051,952			278,484,616			80,820,477	(a)		171,704,781			42,848,862
5,087		109			—			168,116			—			—
—		—			1,341,211			—			—			—

558,902		251,753			568,425			—			2,134,625			6
190,812		164,398			143,788			43,758			16,288			7,739
1		228			4,712			—			—			—
726		—			—			18,126			—			12,797
—		—			—			—			—			—
13,228		6,858			11,351			1,607			4,622			1,429

478,954,874		244,475,298			280,554,103			81,052,084			173,860,316			42,870,833



92,778		—			—			—			—			5,050
—		—			160,043			—			—			—
4,033		25,466			580			—			—			—
—		—			—			—			—			—
144,881		127,428			203,978			—			95,544			25,563
72,959		84,690			128,584			19,732			44,266			25,871

314,651		237,584			493,185			19,732			139,810			56,484

478,640,223		244,237,714			280,060,918			81,032,352			173,720,506			42,814,349

38,277,040		22,565,216			22,887,079			6,557,139			16,369,560			42,815,451
12.50		10.82			12.24			12.36			10.61			1.00


484,874,903		225,938,531			263,698,933			76,921,120			164,591,297			42,815,451
1,399,382		(4,627,463	)		(406,298	)		503,443			(1,098,505	)		(1,102	)
(7,772,166)		22,666,352			18,314,859			1,660,760			10,227,714			—
138,104		260,294			(1,546,576	)		1,947,029			—			—

478,640,223		244,237,714			280,060,918			81,032,352			173,720,506			42,814,349


	Large Cap Equity Fund			Small/Mid Cap Equity Fund			International Equity Fund
Investment Income:
Dividends	$	518,847			439,273			801,801
Interest		117			96			105

		518,964			439,369			801,906
Less: foreign withholding taxes		(640	)		(217	)		(81,641	)

Total investment income		518,324			439,152			720,265

Expenses:
Investment advisory and management fees		195,956			278,569			280,551
Professional fees		32,480			39,153			35,755
Reports to shareholders		6,180			7,215			9,343
Custodian fees		4,236			10,306			136,605
Errors and omissions insurance		2,651			2,669			2,670
Securities valuation fees		2,216			3,085			10,598
Trustees’ fees and expenses		1,567			1,674			1,682
Regulatory fees		393			393			393
ICI dues		358			292			432
Fidelity bond expense		176			169			144
License index fees		—			—			—

Total expenses		246,213			343,525			478,173
Less: expense reimbursement from SFIMC (b)		(17,598	)		(30,135	)		(127,485	)

Net expenses		228,615			313,390			350,688

Net investment income		289,709			125,762			369,577

Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		1,524,765			4,928,287			(446,097	)
Net realized gain received from affiliated investment companies		—			—			—
Net realized gain (loss) on forward foreign currency contracts		—			—			(16,526	)
Net realized gain (loss) on foreign currency transactions		—			—			(24,992	)
Net realized gain (loss) on futures contracts		—			—			—
Change in unrealized gain (loss) on open futures contracts		—			—			—
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		2,512,004			2,785,290			4,555,050


Net realized and unrealized gain (loss) on investments		4,036,769			7,713,577			4,067,435


Net change in net assets resulting from operations	$	4,326,478			7,839,339			4,437,012


	Large Cap Equity Fund
Years ended December 31,	2010			2009
From operations:
Net investment income	$	289,709			332,545
Net realized gain (loss)		1,524,765			(4,843,647	)
Change in net unrealized appreciation or depreciation		2,512,004			10,146,713

Net change in net assets resulting from operations		4,326,478			5,635,611
Distributions to shareholders from and in excess of:
Net investment income		(300,761	)		(328,368	)
Net realized gain		—			—

Total distributions to shareholders		(300,761	)		(328,368	)
From Fund share transactions:
Proceeds from shares sold		1,777,059			1,820,087
Reinvestment of distributions		300,761			328,369

		2,077,820			2,148,456
Less payments for shares redeemed		(1,091,897	)		(1,055,774	)

Net increase (decrease) in net assets from Fund share transactions		985,923			1,092,682

Total increase (decrease) in net assets		5,011,640			6,399,925

Net assets:
Beginning of period		31,502,133			25,102,208

End of period*	$	36,513,773			31,502,133

*Including accumulated undistributed net investment income (loss)	$	238,067			249,119

Share Information
Sold		257,110			316,498
Issued in reinvestment of distributions		39,626			48,719
Redeemed		(158,338	)		(180,208	)

Net increase (decrease)		138,398			185,009


Small/Mid Cap Equity Fund				International Equity Fund						Large Cap Equity Index Fund						Small Cap Equity Index Fund
2010	2009			2010			2009			2010			2009			2010			2009

125,762		111,079			369,577			340,841			7,734,984			7,754,134			1,802,863			1,662,659
4,928,287		(6,923,801	)		(487,615	)		(3,049,463	)		10,153,123			(1,789,276	)		5,734,251			(8,644,528	)
2,785,290		14,240,384			4,555,050			12,155,771			44,504,119			87,647,080			44,398,206			50,795,199

7,839,339		7,427,662			4,437,012			9,447,149			62,392,226			93,611,938			51,935,320			43,813,330

(98,981)		(28,632	)		(700,700	)		(692,597	)		(7,799,384	)		(7,597,274	)		(1,749,078	)		(1,515,313	)
—		—			—			—			(5,133,943	)		—			—			(134,357	)

(98,981)		(28,632	)		(700,700	)		(692,597	)		(12,933,327	)		(7,597,274	)		(1,749,078	)		(1,649,670	)

1,694,128		2,063,702			1,175,275			1,205,653			5,808,968			8,583,151			2,255,081			4,093,336
98,981		28,632			700,700			692,597			12,933,327			7,597,274			1,749,078			1,649,670

1,793,109		2,092,334			1,875,975			1,898,250			18,742,295			16,180,425			4,004,159			5,743,006
(1,338,076)		(1,131,783	)		(811,398	)		(606,997	)		(34,988,978	)		(24,935,688	)		(17,965,921	)		(12,011,580	)

455,033		960,551			1,064,577			1,291,253			(16,246,683	)		(8,755,263	)		(13,961,762	)		(6,268,574	)

8,195,391		8,359,581			4,800,889			10,045,805			33,212,216			77,259,401			36,224,480			35,895,086


32,358,964		23,999,383			35,170,232			25,124,427			445,428,007			368,168,606			208,013,234			172,118,148

40,554,355		32,358,964			39,971,121			35,170,232			478,640,223			445,428,007			244,237,714			208,013,234

136,038		105,450			224,575			450,225			138,104			212,910			260,294			286,774


205,398		321,684			133,502			155,822			502,442			947,158			242,671			602,514
10,183		3,666			71,867			78,259			1,043,852			686,294			159,879			188,534
(160,199)		(176,054	)		(92,789	)		(83,372	)		(3,028,571	)		(2,620,951	)		(1,924,648	)		(1,682,976	)

55,382		149,296			112,580			150,709			(1,482,277	)		(987,499	)		(1,522,098	)		(891,928	)


Stock and Bond Balanced Fund				Bond Fund						Money Market Fund
2010	2009			2010			2009			2010			2009

1,947,114		2,036,294			6,482,881			7,364,181			—			15,515
539,487		33,871			332,535			(897,757	)		—			—
5,952,984		11,376,134			2,618,323			12,859,342			—			—

8,439,585		13,446,299			9,433,739			19,325,766			—			15,515

(2,036,325)		(2,688,621	)		(6,482,881	)		(7,364,181	)		—			(15,515	)
(38,149)		(21,503	)		—			—			—			—

(2,074,474)		(2,710,124	)		(6,482,881	)		(7,364,181	)		—			(15,515	)

2,057,552		2,054,962			7,365,655			1,947,299			4,387,253			4,141,366
2,074,474		2,710,124			6,482,881			7,364,181			—			15,515

4,132,026		4,765,086			13,848,536			9,311,480			4,387,253			4,156,881
(6,152,149)		(7,160,680	)		(13,459,035	)		(17,593,244	)		(7,941,839	)		(8,663,257	)

(2,020,123)		(2,395,594	)		389,501			(8,281,764	)		(3,554,586	)		(4,506,376	)

4,344,988		8,340,581			3,340,359			3,679,821			(3,554,586	)		(4,506,376	)


76,687,364		68,346,783			170,380,147			166,700,326			46,368,935			50,875,311

81,032,352		76,687,364			173,720,506			170,380,147			42,814,349			46,368,935

1,947,029		2,036,240			—			—			—			—


174,950		198,370			695,449			189,702			4,387,253			4,141,366
174,619		246,599			607,607			724,440			—			15,515
(524,783)		(712,376	)		(1,261,371	)		(1,762,397	)		(7,941,839	)		(8,663,257	)

(175,214)		(267,407	)		41,685			(848,255	)		(3,554,586	)		(4,506,376	)


			Investments in Securities									Other Financial Instruments
Fund	Level 1		Level 2		Level 3		Total		Level 1			Level 2			Level 3		Total
Large Cap Equity Fund									$	—		$	—		$	—	$	—
Common Stocks (a)	$	35,794,793	$	—	$	—	$	35,794,793
Short-term Investments		702,795		—		—		702,795
Small/Mid Cap Equity Fund										—			—			—		—
Common Stocks (a)		39,559,016		—		—		39,559,016
Registered Investment Companies		352,617		—		—		352,617
Short-term Investments		381,593		—		—		381,593
International Equity Fund										—			(28	)		—		(28	)
Common Stocks (a)		37,601,007		88,776		—		37,689,783
Preferred Stocks (a)		1,555,854		—		—		1,555,854
Repurchase Agreement		—		732,695		—		732,695
Large Cap Index Fund										41,658			—			—		41,658
Common Stocks (a)		475,552,316		—		—		475,552,316
Short-term Investments		—		2,633,802		—		2,633,802
Small Cap Index Fund										75,652			—			—		75,652
Common Stocks (a)		237,724,775		187		4,130		237,729,092
Registered Investment Companies		2,303,231		—		—		2,303,231
Corporate Bonds		—		3,930		—		3,930
Short-term Investments		—		4,015,699		—		4,015,699
International Index Fund										(580	)		—			—		(580	)
Common Stocks (a)		276,756,633		36,449		0		276,793,082
Preferred Stocks (a)		1,523,748		—		—		1,523,748
Repurchase Agreement		—		167,786		—		167,786
Balanced Fund										—			—			—		—
Registered Investment Companies		80,820,477		—		—		80,820,477


	Small Cap Index Fund Investments in Securities
Balance as of December 31, 2009		$ 0
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in (a)		4,130
Transfers out (a)		—

Balance as of December 31, 2010		$4,130

(a) Using the end of the reporting period method for determining when transfers between levels are recognized


Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Large Cap Equity Fund		$ 31,805,540		$ 5,566,229		$ (874,181)		$ 4,692,048
Small/Mid Cap Equity Fund		32,920,143		7,905,242		(532,159)		7,373,083
International Equity Fund		34,880,240		6,506,341		(1,408,249)		5,098,092
Large Cap Index Fund		486,437,815		113,380,225		(121,631,922)		(8,251,697)
Small Cap Index Fund		221,404,378		62,088,897		(39,441,323)		22,647,574
International Index Fund		262,256,709		74,882,067		(58,654,160)		16,227,907
Balanced Fund		79,177,994		1,642,483		—		1,642,483
Bond Fund		161,477,067		10,260,030		(32,316)		10,227,714
Money Market Fund		42,848,862		—		—		—


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

Total:		$16,064,557		$9,238,061		$9,614,879		$4,362,975		$300,651		$1,098,505		$1,102


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


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


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


Fund		Amount of Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Derivatives not accounted for as hedging instruments	Futures	Forward Currency Contracts	Futures	Forward Currency Contracts
International Equity Fund	Forward Foreign Currency Contracts	$ —	$(16,526)	$ —	$(122)
Large Cap Index Fund	Stock Index Futures Contracts	(284,256)	—	29,305	—
Small Cap Index Fund	Stock Index Futures Contracts	870,999	—	(44,429)	—
International Index Fund	Forward Foreign Currency Contracts	—	(21,950)	—	—
International Index Fund	Stock Index Futures Contracts	96,553	—	(44,251)	—


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


	BlackRock		Bridgeway		Rainier		Westwood		Marsico		Northern Cross
Large Cap Equity Fund	$	—	$	74,197	$	—	$	60,967	$	—	$	—
Small Mid/Cap Equity Fund		—		103,787		105,032		—		—		—
International Equity Fund		—		—		—		—		86,857		106,343
Large Cap Index Fund		221,463		—		—		—		—		—
Small Cap Index Fund		215,964		—		—		—		—		—
International Index Fund		261,379		—		—		—		—		—

Total Sub-Advisory Fees	$	698,806	$	177,984	$	105,032	$	60,967	$	86,857	$	106,343


	Year Ended December 31, 2010
	Purchases	Sales
Large Cap Equity Fund	$18,731,365	$18,199,188
Small/Mid Cap Equity Fund	37,072,664	36,940,110
International Equity Fund	23,341,044	22,443,740
Large Cap Index Fund	20,254,272	43,131,674
Small Cap Index Fund	27,750,586	41,558,847
International Index Fund	10,566,467	15,881,754
Balanced Fund	6,309,238	8,053,432
Bond Fund	29,720,112	28,814,406


International Equity Fund			Counterparty	Settlement Date	U.S. Dollar Amount Purchased (Sold)	Unrealized Gain	Unrealized (Loss)
Foreign Amount Purchased (Sold)	Currency		Counterparty	Settlement Date	U.S. Dollar Amount Purchased (Sold)	Unrealized Gain	Unrealized (Loss)
9,003		Euro	State Street Bank and Trust Company	01/04/2011	(11,964)	$68	$—
103,528		Japanese Yen	State Street Bank and Trust Company	01/06/2011	(1,270)	6	—
(272,597)		Japanese Yen	JPMorgan Chase Bank N.A	01/04/2011	3,319	—	(39)
(833,210)		Japanese Yen	JPMorgan Chase Bank N.A	01/05/2011	10,200	—	(63)

					Total	$74	$(102)


Fund	Type	Number of contracts	Notional Value		Market Value		Position	Expiration Month		Unrealized Gain (Loss)
Large Cap Index Fund	S&P 500 Index Mini	51	$	3,153,492	$	3,195,150	Long		March ‘11	$	41,658

Small Cap Index Fund	Russell 2000 Index Mini	50		3,835,848		3,911,500	Long		March ‘11	$	75,652

International Index Fund	TOPIX Index	3		325,680		331,075	Long		March ‘11		5,395
International Index Fund	DJ Euro Stoxx 50	17		647,331		634,716	Long		March ‘11		(12,615	)
International Index Fund	FTSE 100 Index	5		454,634		459,389	Long		March ‘11		4,755
International Index Fund	E-Mini MSCI EAFE Index	1		81,165		83,050	Long		March ‘11		1,885

Total										$	(580	)


	Year ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period	$	6.74			5.59			9.82			11.43			10.33

Income from Investment Operations
Net investment income (a)		0.06			0.07			0.18			0.26			0.20
Net gain (loss) on investments (both realized and unrealized)		0.85			1.15			(4.22	)		(1.00	)		1.45

Total from investment operations		0.91			1.22			(4.04	)		(0.74	)		1.65

Less Distributions
Net investment income		(0.06	)		(0.07	)		(0.13	)		(0.24	)		(0.18	)
Net realized gain		—			—			(0.06	)		(0.63	)		(0.37	)

Total distributions		(0.06	)		(0.07	)		(0.19	)		(0.87	)		(0.55	)

Net asset value, end of period	$	7.59			6.74			5.59			9.82			11.43


Total Return		13.55	%		21.84	%		(41.12	)%		(6.55	)%		15.91	%

Net assets, end of period (millions)	$	36.5			31.5			25.1			40.2			36.6

Ratios to average net assets assuming expense reductions
Expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.89	%		1.24	%		2.30	%		2.24	%		1.83	%

Ratios to average net assets absent expense reductions
Expenses		0.75	%		0.78	%		0.74	%		0.70	%		0.71	%
Net investment income		0.84	%		1.16	%		2.26	%		2.24	%		1.82	%

Portfolio turnover rate		57	%		70	%		144	%		40	%		34	%


(For a share outstanding throughout each period)

	Year ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of period	$	8.82			6.55			12.84			12.93			11.63

Income from Investment Operations
Net investment income (a)		0.09			0.09			0.21			0.17			0.19
Net gain (loss) on investments (both realized and unrealized)		1.01			2.36			(6.26	)		1.30			2.05

Total from investment operations		1.10			2.45			(6.05	)		1.47			2.24

Less Distributions
Net investment income (b)		(0.17	)		(0.18	)		—			(0.22	)		(0.27	)
Net realized gain		—			—			(0.24	)		(1.34	)		(0.67	)

Total distributions		(0.17	)		(0.18	)		(0.24	)		(1.56	)		(0.94	)

Net asset value, end of period	$	9.75			8.82			6.55			12.84			12.93


Total Return		12.52	%		37.35	%		(47.03	)%		11.10	%		19.23	%(c)

Net assets, end of period (millions)	$	40.0			35.2			25.1			47.2			38.9

Ratios to average net assets assuming expense reductions
Expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		1.05	%		1.19	%		2.08	%		1.23	%		1.48	%

Ratios to average net assets absent expense reductions
Expenses		1.36	%		1.53	%		1.38	%		1.23	%		1.22	%
Net investment income		0.69	%		0.66	%		1.70	%		1.00	%		1.26	%

Portfolio turnover rate		66	%		65	%		157	%		49	%		30	%


Name, Address, and Age	Position(s) Held with Fund	Length of Time Served and Term of Office	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
Thomas M. Mengler One State Farm Plaza Bloomington, Illinois 61710 Age 57	Trustee	Began service in 1998 and serves until successor is elected or appointed.	DEAN and PROFESSOR OF LAW – University of St. Thomas School of Law; TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	None
James A. Shirk One State Farm Plaza Bloomington, Illinois 61710 Age 66	Trustee	Began service in 1997 and serves until successor is elected or appointed.	DIRECTOR and PRESIDENT – Beer Nuts, Inc. (manufacturer of snack foods); PRESIDENT/OWNER - Tiehack Development Corp. (land developer); TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	None
Victor J. Boschini One State Farm Plaza Bloomington, Illinois 61710 Age 54	Trustee	Began service in 2001 and serves until successor is elected or appointed.	CHANCELLOR – Texas Christian University; TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	None
David L. Vance One State Farm Plaza Bloomington, Illinois 61710 Age 58	Trustee	Began service in 2001 and serves until successor is elected or appointed.	PRESIDENT/OWNER (since 7/2010) - Poudre River Press LLC (book publisher); CONSULTANT/ PRESIDENT (since 2/2007) – Manage Learning LLC (consults with organizations on learning strategy, governance, measurement, and evaluation); PRESIDENT (1/2001-1/2007) – Caterpillar University; CHIEF ECONOMIST AND MANAGER of the Business Intelligence Group (12/1994-1/2007) – Caterpillar, Inc. (manufacturer of heavy equipment and earth-moving machinery); TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	None
Donald A. Altorfer One State Farm Plaza Bloomington, Illinois 61710 Age 67	Trustee	Began service in 2001 and serves until successor is elected or appointed.	CHAIRMAN – Altorfer, Inc. (dealer in heavy machinery and equipment); TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	None
Alan R. Latshaw One State Farm Plaza Bloomington, Illinois 61710 Age 59	Trustee	Began service in 2005 and serves until successor is elected or appointed.	RETIRED; TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	TRUSTEE –MainStay Funds (65 portfolios) TRUSTEE –(10/2005- 8/2007) Utopia Funds (4 portfolios)
Anita M. Nagler One State Farm Plaza Bloomington, Illinois 61710 Age 54	Trustee	Began service in 2006 and serves until successor is elected or appointed.	PRIVATE INVESTOR; CHIEF EXECUTIVE OFFICER and CHAIRMAN (through 12/2005) – Harris Alternatives, L.L.C. (investment adviser to funds of hedge funds); TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	None


Name, Address, and Age	Position(s) Held with Fund	Length of Time Served and Term of Office	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
Edward B. Rust, Jr.* One State Farm Plaza Bloomington, Illinois 61710 Age 60	Trustee and President	Began service in 1997 and serves until successor is elected or appointed.	CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE OFFICER, PRESIDENT (since 1/2007) and DIRECTOR – State Farm Mutual Automobile Insurance Company; PRESIDENT and DIRECTOR – State Farm VP Management Corp., State Farm Investment Management Corp.; PRESIDENT and TRUSTEE – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	DIRECTOR – McGraw-Hill Corporation (publishing Company); DIRECTOR – Caterpillar, Inc.; DIRECTOR – Helmerich & Payne, Inc. (energy exploration and production company)
Michael L. Tipsord* One State Farm Plaza Bloomington, Illinois 61710 Age 51	Trustee, Senior Vice President and Treasurer	Began service in 2002 and serves until successor is elected or appointed.	VICE CHAIRMAN, CHIEF OPERATING OFFICER (since 12/2010), CHIEF FINANCIAL OFFICER (through 12/2010), TREASURER (through 6/2009), and DIRECTOR (since 6/2007) – State Farm Mutual Automobile Insurance Company; DIRECTOR, SENIOR VICE PRESIDENT and TREASURER – State Farm Investment Management Corp., State Farm VP Management Corp.; TRUSTEE, SENIOR VICE PRESIDENT and TREASURER – State Farm Mutual Fund Trust, State Farm Associates’ Funds Trust.	28	DIRECTOR – Navigant Consulting, Inc. (international consulting firm)


State Farm VP Management Corp
(Underwriter and Distributor of Securities Products)
One State Farm Plaza
Bloomington, IL 61710-0001
FORWARDING SERVICE REQUESTED


State Farm Life Insurance Company (Not licensed in MA, NY, or WI) State Farm Life and Accident Assurance Company (Licensed in NY and WI) Home Office, Bloomington, Illinois
	Not FDIC Insured	• May Lose Value • No Bank Guarantee